12272023 BUSINESS by tribune242

business@tribunemedia.net

WEDNESDAY, DECEMBER 27, 2023

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Flat revenues and spending increase see rise in deficit FLAT revenues and a $47m increase in total spending resulted in a near-tripling of the government’s first quarter fiscal deficit year-over-year. The Ministry of Finance, releasing August and September’s monthly fiscal numbers last Friday just as Bahamians were heading home for Christmas, disclosed that the deficit for the three months to end-September 2023 hit $58m as compared to just $20.5m during the same period in the prior fiscal year.

This means the amount by which the Government’s total new spending exceeds its revenue income increased during the first quarter of the current 20232024 fiscal year, as expenditure growth outpaced modest revenue improvements. Total revenues for the 20232024 first quarter rose by just $9.2m, or 1.4 percent, year-overyear to strike $663.7m as opposed to $654.5m during the prior year period. While tax revenues were up by slightly more, rising by $29.2m or

5 percent to hit $603.7m as compared to $574.5m in 2022-2023, VAT collections improved by just $7.4m or 2.2 percent to reach $337.9m. VAT, which is the Government’s main revenue source, accounting for almost 48 percent or nearly half its recurrent income, has to increase by a much greater 27 percent or $339m over the $1.252bn collected in 2022-2023 to hit this year’s target of $1.591bn. And, to hit its full-year total revenue and tax targets of $3.319bn and $2.918bn, respectively, the

Davis administration needs to increase its income by 16 percent and 15 percent compared to what it generated in 2022-2023. This means that, to achieve the $462m increase in total revenues and $381m jump in tax income it has projected for the 20232024 full-year, the Government will have to grow its income at a much faster pace over the remaining nine months than it achieved during the first quarter.

‘Rebound is welcome but there’s work to do’

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FORMER Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman said the government is “not grasping at straws” with its new enhanced Business Licence audit verification process. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business the government wanting certified audits by April 2024 from all companies who gross over $5m was always a requirement and it is unfair to misrepresent it as going after businesses. The requirement, passed in the 2023 budget, will require companies with turnover above $5m to produce audited accounts by April 2024. Critics, including the BCCEC, say the April deadline is too aggressive for most of the impacted businesses. Mr Bowe said: “Those businesses now have to have their revenue number certified and what the government is doing now is increasing the level of attestation and that is to be determined on if its necessary and should the Department of Inland Revenue (DIR) be able to more independently verify, and to be honest, target those, who may be seen as misrepresenting their revenues.” There are more details that need to be discussed over the deadline impasse, but businesses must “render unto Caesar what is Caesar’s”. Mr Bowe also said: “The government certainly should be collecting all revenues that it’s entitled to, and persons that may have benefiting from deficiencies in the tax collection system should not have seen that as windfall because they were effectively stealing from the wider society.” That notwithstanding, the government may be “overly optimistic” on what they might generate in revenue, but they are “not grasping at straws” on this new process. Mr Bowe, chiding the government, said: “But they need to demonstrate that same level of overoptimism in what they can reduce in expenditure because it’s two sides. You can’t say, well, I’m going to grow revenue by what a number of persons have indicated as very optimistic targets, but not demonstrated you’re taking the very hard actions to reduce expenditure.” He also said: “Sometimes those hard actions mean a reduction in the social services provided, it may mean a reduction in some of the government services that are provided, because we simply are not able to afford them. “So we have to be careful about giving the impression that we can be the provider of all things, without persons having to pay their fair share of taxes, because we don’t have the money tree that you can shake.”

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SunCash leading the way on transactions of Sand Dollars By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A DIGITAL payments provider is proud to tout they are processing 80 percent of all Sand Dollar transactions as it leads the way to more business accounts for 2024. Shawn Smith, SunCash’s business development manager, told Tribune Business that out of approximately $1.7m in Sand Dollars in circulation, SunCash accounts for over 80 percent of those transactions and only sees that number increasing when it rolls out its full suite of business support tools for merchants. Mr Smith said: “The reason why I say that is because you know you have a little over 2,500 businesses that are on

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Govt ‘not grasping at straws’ with business licence process

A TOP financial expert said while the economic rebound was significant, there is still a lot of work left to do to get the country back on a pre-pandemic growth path. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business there are a number of positive things that point to growth in the economy, such as new hotel rooms and the increase in employment across the board - although the number of persons employed has “decreased” since 2019. “Whilst we had a tremendous amount of ailments and

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SHAWN SMITH when you have more than 68,000 now active customers, and we have more than 120,000 unique customers and we have all the methods where people are able to interact with us, we’re connected to all of the utilities we’re connected with most of the government systems you can pay through us.”

SEE PAGE B3

need to invest, and put aside for what could be a rainy day,” he said. The country has withstood major hurricanes and a global pandemic along with other social shocks, but it should not take this resilience to mean we are immune from anything. Mr Bowe said: “We should take the good, meaning the increase in tourist numbers, and exploit it to where we

GOWON BOWE get stopover because we don’t want large cruise ship tourists who have been reported as spending less even though the cruise port will ideally start to get more spend out of them. We want to take those numbers and them into greater revenue, we want to take the buoyancy in the economy and turn that into savings, investment and independence financially as opposed to just sovereign independence.” While the debt to GDP improving is a “significant number”, overall GDP improvement is the more

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PAGE 2, Wednesday, December 27, 2023

THE TRIBUNE

ECONOMIC AFFAIRS MINISTER LEADS HISTORIC CARIFORUM-UK JOINT COUNCIL SESSION AN inaugural flight by hop-on jet service JSX was welcomed to Marsh Harbour, Abaco, last week. The award-winning service was welcomed by the Ministry of Tourism, Investments and Aviation on Thursday. Visitors can travel from Dallas, Miami/Opa-locka or Westchester County in New York and can take advantage of the air carrier’s new seasonal international flight to the Abacos . New JSX flights will operate up to five days per week on Sunday, Monday, Thursday, Friday, and Saturday, offering the following itineraries: non-stop service between Miami/Opa-locka (OPF) and Marsh Harbour (MHH); same plane through flights between Westchester County (HPN), New York and Marsh Harbour (MHH) and one-stop flights between Dallas

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(DAL) and Marsh Harbour (MHH). With introductory fares, including at least two checked bags (weight/size restrictions apply), customers can enjoy the 30-seat jets equipped with business class legroom, free inflight Wi-Fi, and gourmet inflight snacks and beverages. Central and South Abaco MP John Pinder, who is also the parliamentary secretary for the ministry of tourism, said: “With the launch of JSX’s new route to Marsh Harbour, ease of travel, time and overall comfort add to the luxury experience we want to offer our visitors. The Abacos are a world-class paradise vacation destination, and it is only fitting that we have new and exciting options for getting here. “I look forward to a continued partnership and growth with JSX and welcome this award-winning public charter jet service to The Bahamas.” Dr Kenneth Romer, deputy director general and acting director of aviation, touted the inaugural JSX flight as a testament to the strong partnership between BMOTIA and industry partners. “Aggressively growing air stop over arrivals, while continually engaging new source markets continue to rank high among our key organisational priorities,” Romer said. “Abaco’s post-Dorian tourism recovery is impressive,

STEERING diplomatic discussions, the Economic Affairs Minister played a central role in the first meeting of the CARIFORUM-UK Joint Council, a corporate milestone fostering economic dialogue and collaborative efforts among participating nations. and we are fully committed to not only increasing airlift but also leveraging ownership opportunities for local stakeholders and entrepreneurs.” JSX has amassed a reputation for hassle-free and reliable air travel by championing a category of flying it calls “hop-on jet service” for all. For booking information, visit www.jsx.com.

Dilly Club named bar of the year THE Dilly Club, a fusion of a craft cocktail bar and specialty coffee shop in the heart of Atlantis’ Marina Village, has been crowned the Caribbean Bar of the Year by Caribbean Journal as part of the publication’s 10th annual Caribbean Travel Awards. A sister bar to the TOTC Spirited Awards-nominated Bon Vivants and Yellowbell at the Island House, the Dilly Club first opened on Paradise Island in early 2023 and quickly became a favourite with locals and tourists alike. With its maximalist “jungalow” aesthetic and range of unique craft

cocktails, including “Mama Maggie”, inspired by Exuma’s swimming pigs and served in a ceramic pig mug, and the Zephyr, an elevated gin and tonic named after the trade winds that swirl across The Bahamas, the Dilly Club is a distinctive and welcome addition to the Nassau and Paradise Island cocktail scene. “We are incredibly honoured to be recognised as the Bar of The Year for not only The Bahamas, but the entire Caribbean!” said Kyle Jones, managing director and co-founder of the Dilly Club. “Our team works so hard to make each

and every guest experience something magical, and for that to be acknowledged on an international level is very special and humbling, particularly coming less than a year after we opened our doors.” The Caribbean Journal’s Caribbean Travel Awards celebrates the people and places contributing to the Caribbean’s astonishing success as selected by the publication’s editorial team, the world’s leading experts on Caribbean travel and tourism. In addition to Bar of the Year for the Dilly Club, The Bahamas also received the awards for Caribbean Destination of the Year for Nassau and Paradise Island, for Dive Resort of the Year for Small Hope Bay Lodge in Andros, and for Sustainable Destination of the Year.

THE TRIBUNE

Wednesday, December 27, 2023, PAGE 3

FLAT REVENUES AND SPENDING INCREASE SEE RISE IN DEFICIT FROM PAGE B1 But, while the Opposition will likely seize on the year-to-date data, one quarter does not make a full fiscal year and is not necessarily an indicator of how the 12-month outcome will look. The $38m year-overyear increase in the deficit is not a material sum, and can easily be clawed back by the Government over 2023-2024’s remaining nine months. And then there is the cyclical nature of the annual Budget. The first quarter in every fiscal year is traditionally the weakest as it coincides with the slowest part of the tourism season and therefore less economic activity. It is typically the second half of the Budget cycle that is key in determining the Government’s financial performance. This is when it traditionally collects the bulk of its revenues, as the early part of the calendar year coincides with the peak winter tourism season and high point of economic activity. It is also when the Government collects its Business Licence fees, bulk of real property taxes and benefits from commercial vehicle licensing month. Simon Wilson, the Ministry of Finance’s financial secretary, previously said the 2023-2024 second half will be vital to determining the full-year performance given that it is when a number of fee increases – cruise passenger departure

levies and boat registration fees – kick-in. However, the other key determinant of the fiscal year is the size of June’s monthly deficit, which is typically far larger than any of the preceding 11 months. This is because multiple government ministries, agencies and departments deluge the Ministry of Finance with bills it knew nothing about in a bid to have them paid before the financial year-end. And the 1.4 percent revenue growth for the 2023-2024 first quarter was outpaced by the near-7 percent jump in total spending, which rose year-over-year from $674.8m to $721.7m. Recurrent spending, accounting for the Government’s fixed costs such as public service salaries and rents, increased by more than $37m to $657.7m compared to $620.6m in 2022-2023. Total civil servant emoluments rose by $15.6m, growing from $192.8m to $208.4m. The Ministry of Finance, in a statement on September’s performance, said: “During the review month, revenue receipts totaled $195.7m, a 0.4 percent decline from the prior year. Tax revenue accounted for $176.6m, dominated by VAT collections of $92m and international trade and transactions of $55.4m. “Non-tax revenue collections totalled $19.1m with $18.2m obtained from the sale of goods and services. Public spending amounted to $240.5m, represented by $222.5m in recurrent

outlays and $18.1m in capital expenditure. “Key areas of spending include personal emoluments ($70.6m), the purchase of goods and services ($43m), interest ($34.8m), subsidies ($29.8m) and the acquisition of non-financial assets ($16.9m). “The Government’s fiscal position for the month of [September] resulted in a deficit of $44.8m. Based on financing activities, central government’s outstanding debt decreased by $55m.” The publication of the latest fiscal deficit comes as the likes of the International Monetary Fund (IMF) and Inter-American Development Bank (IDB) raise questions over whether the Government will hit its $131.1m, or 0.9 percent of GDP, deficit target for the current 2023-2024 fiscal year that closes at end-June. The IMF, in its statement on the annual Article IV consultation with The Bahamas, estimated that the current fiscal year’s deficit will be “considerably larger than that expected in the Budget” at a sum equal to 2.6 percent of gross domestic product (GDP). #This is almost triple the Davis administration’s forecast of a deficit equivalent to 0.9 percent of GDP or total Bahamian economic output. The IMF’s prediction, if accurate, would mean that the GFS deficit - which measures by how much government spending exceeds its revenue income - would balloon to around $378.73m compared to the

Government’s $131.1m forecast. The IMF would likely have been shown the same fiscal data for August and September that has now been released to the Bahamian public, and factored this into the modelling and calculations that produced its $379m or 2.6 percent of GDP-equivalent deficit forecast. The IDB, meanwhile, in a paper tackling the doubling of its crisis funding facility for The Bahamas to $200m, estimated that “the fiscal deficit will be at around 3 percent of GDP in fiscal year 2023 and around 2 percent in fiscal year 2024”. The latter figure would peg the deficit, based on the Government’s GDP Budget estimates, at around $290m. Michael Halkitis, minister of economic affairs, said at end-November that the Government is “betting on our ability” to hit its fiscal targets and predicted that the Opposition and other critics will “be wrong again”. He argued that the IMF, in particular, always took a far more conservative view of the revenue impact from enhanced enforcement, compliance and administration, believing such gains are effectively one-offs that are not recurring year after year, whereas the Davis administration’s view is more positive. And Mr Halkitis added that the administration “have met or exceeded all of our projections”, which contrasts with its recent June and 2023-2023 fiscal

year-end report. While the $533m deficit came in lower than the original $564m Budget projection, and first revised estimate of $575.4m, it was slightly higher than the final $520m estimate unveiled with May’s Budget. Santander, the global bank, in a November 28, 2023, update for institutional investors on The Bahamas’ fiscal status, hailed the “important progress” made by the Davis administration in achieving a 2022-2023 fiscal deficit that came in below the original $564m target to give this nation some “near-term breathing room”. However, its note warned that “the good news now might be behind us” with the Bahamian and world economy’s post-COVID reflation largely complete and this nation’s Budget lacking sufficient flexibility to make expenditure adjustments following the end to pandemic spending on subsidies and other relief. Pointing out that debt servicing costs have increased significantly post-COVID, due to the debt blowout that it and Hurricane Dorian produced, to now stand at 4.2 percent of gross domestic product (GDP) as opposed to 2.6 percent pre-pandemic, Santander asserted that “no clear plan” has been articulated as to how The Bahamas will achieve the magnitude of the correction it is targeting. Openly stating that “the next phase for fiscal consolidation is much more challenging”, its report said: “The fiscal targets are now

China approves 105 online games after draft curbs trigger massive losses By ELAINE KURTENBACH AP Business Writer

PEOPLE play online games in an internet cafe in Fuyang in central China's Anhui province Friday, March 1, 2019. China's authority in charge of press and publications has approved 105 online games, saying it fully supports the industry after newly proposed curbs caused massive losses for major game companies. The National Press and Publication Administration issued a statement on its Weibo social media account Monday, Dec. 25, 2023, saying the approvals demonstrate active support for the development of online games. Photo:Chinatopix/AP

FURNACE EXPLOSION AT CHINESE-OWNED NICKEL PLANT IN INDONESIA KILLS AT LEAST 13 AND INJURES 46 OTHERS By MOHAMMAD TAUFAN Associated Press A SMELTING furnace exploded Sunday at a Chinese-owned nickel plant on Indonesia’s Sulawesi island, killing at least 13 workers and injuring dozens of others, police and a company official said. It was the latest in a series of deadly incidents at nickel smelting plants in Indonesia that are part of China’s ambitious

transnational development program known as the Belt and Road Initiative. Nickel is a key component in global battery production for electric vehicles. At least four Chinese and nine Indonesian workers died when the furnace exploded while they were repairing it, said Central Sulawesi police chief Agus Nugroho.

The blast was so powerful it demolished the furnace and damaged parts of the side walls of the building, said Nugroho, adding that about 46 workers were injured, including 14 Chinese nationals, some in critical condition. Authorities are working to determine whether negligence by the company led to the deaths, Nugroho said.

The accident occurred at PT Indonesia Tsingshan Stainless Steel, a subsidiary of PT Indonesia Morowali Industrial Park, known as PT IMIP, in the Bahodopi neighborhood of Morowali regency. “We sincerely apologize for this incident and we are working closely with authorities to investigate what caused the accident,” said company spokesperson Deddy Kurniawan.

‘REBOUND IS WELCOME - BUT THERE’S WORK TO DO’ FROM PAGE B1 important statistic to watch for. “Why it’s sobering is if we have a contraction in GDP, that number can worsen and let us not mischaracterise the actual improvement as being an improved state of our debt.

We are still incurring new debt, even though we’re on a trajectory, hopefully, to reduce it and that should be encouraged. But let us be mindful that the the headroom that has been created is the result of higher GDP.” Mr Bowe said.

He further cautioned: “We know we reside on a hurricane belt. We know that there are things that can interrupt economic progress. So from that perspective that is all within our power to reduce actual debt. So that if there is

periodic blips in GDP that doesn’t disrupt our credit worthiness, we cannot rely solely on future economic output we need to start paying the piper and reduce some of historical data accumulation.”

SUNCASH LEADING THE WAY ON TRANSACTIONS OF SAND DOLLARS FROM PAGE B1 SunCash has also participated in every Sand Dollar event and have expanded its reach to the Family Islands as well as investing in more kiosks and automated teller machines to make the transfer to Sand Dollars easier.

Mr Smith also said the commercial business is “growing”, and that there are multiple stores on various Family Islands where you can transfer Sand Dollars using the SunCash wallet. “I see why businesses are now using our wallet because we are giving them the option of when they receive Sand

Dollar, they can send it to any commercial bank and convert that fiat currency like an off-ramp.” He also said: “We’re the only ones with ATMs and the difference between SunCash and our competitors is that we have clearly invested four or five times more in new technology and software and hardware.

“When you make that kind of investment it gives you a competitive edge. But we’re open to where persons can come with other wallets to be able to utilise our ATM if they have Sand Dollar wallets, or if they want to go to our merchants, they can still go to our ATM.”

CHINA'S press and publications authority has approved 105 new online games, saying it fully supports the industry after proposed curbs caused massive losses last week for investors in major games makers. The National Press and Publication Administration issued a statement on its WeChat social media account Monday saying the approvals by the Game Working Committee of China Music and Digital Association were "positive signals that support the prosperity and healthy development of the online game industry." Tencent's "Counter War: Future" and NetEase's "Firefly Assault" were among games approved. Draft guidelines for curbs on online gaming had caused share prices of video game makers like Tencent and Netease to plunge on Friday, causing losses of tens of billions of dollars and dragging Chinese benchmarks lower. The administration's guidelines said online games would be banned from offering incentives for daily log-ins or purchases. Other restrictions include limiting how much users can recharge and issuing warnings for "irrational consumption behavior." On Friday, Netease's Nasdaq-traded shares fell 16.1% while it's Hong Kong-traded shares sank

increasingly complicated on shifting a nominal -4 percent of GDP deficit to near balance this fiscal year and, still more important, consolidation to a 1.5-2 percent of GDP nominal surplus in fiscal years 2024-2025 and 2025-2026.” That amounts to a $389.5m correction, or reduction. While agreeing that the Government’s “more ambitious trajectory” would be more beneficial to The Bahamas, in terms of easing the high interest and financing burden on Bahamian taxpayers, Santander reiterated it was “not clear” how the 2023-2024 targets will be realised given the absence of tax/revenue reform and “budget rigidity” given that most spending covers fixed costs such as salaries and rents. It is now up to the Government, which is on the ground and much closer to the fiscal and economic situation, to prove that its forecast is more accurate than those of external observers. And it does not necessarily have to hit its $131.m deficit forecast dead on. A further reduction in the deficit compared to last year’s $520m, likely in the region of $250m or below, would show the rating agencies, creditors, investors, IMF, IDB and the like that the Government is maintaining its fiscal consolidation trajectory and on course for a Budget surplus – albeit more slowly than forecast.

25%. Tencent's closed 12% lower. Huya Inc., a smaller online games maker, lost 10.7% on the New York Stock Exchange. Overall, the companies lost tens of billions of dollars in market value. Hong Kong's market was closed Monday for the Christmas holiday. Share prices in Shanghai were flat. The Press and Publication Administration said that in 2023, 1,075 game version numbers had been issued, of which 977 were domestically produced and 98 were imported. It also cited a "2023 China Game Industry Report" that it said showed sales revenue for the domestic online games market exceeded 300 billion yuan ($42 billion) in 2023, with the number of people playing the games reaching 668 million. "The Game Working Committee hopes that member units will take this opportunity to launch more high-quality products, promote high-quality development of the online game industry, and contribute to promoting cultural prosperity and development and building a culturally powerful country," it said. China has taken various measures against the online games sector in recent years. In 2021, regulators limited the amount of time children could spend on games to just three hours a week, expressing concern about addiction to video gaming. Approvals of new video games were suspended for about eight months but resumed in April 2022 as a broader crackdown on the entire technology industry was eased.

NOTICE This is to inform the general public that the prvate roadways and parking areas situated in the

Harbour Bay Shopping Plaza between East Bay Street and Shirley Street will be closed on MONDAY, 1ST JANUARY 2024 in order to preserve the right of way ownership thereof. - The Owners

PAGE 4, Wednesday, December 27, 2023

THE TRIBUNE

Tis the season for giving: A guide for how to give, even a little A UTAH Food Bank volunteer carries groceries for the needy at a mobile food pantry distribution site Wednesday, Dec. 21, 2022, in Salt Lake City. The end of the calendar year is when nonprofits make appeals far and wide to attract donors — in part because of holiday traditions or, for some, tax advantages. Photo:Rick Bowmer/AP

By THALIA BEATY Associated Press CHRISTMAS is over, but giving season for nonprofits is just starting to peak. The end of the calendar year is when nonprofits make appeals far and wide to attract donors — in part because of holiday traditions or, for some, tax advantages. Nonprofits get about 30% of their annual donations in December — including 10% in the final three days of the year — according to marketing agency Nonprofits Source. "This is one of the busiest times of the year for us as we assist donors with their year-end giving," said Erin Musgrave, a spokesperson for the Silicon Valley Community Foundation. Many potential donors don't realize how much nonprofits value even small gifts, especially local organizations that meet community needs. And nonprofits and industry groups warn that donations are down this year, so gifts right now could help them a lot. Only 11% of Americans itemize their taxes, which allows them to claim significant tax deductions for charitable donations. That means most Americans don't give in December for tax reasons. "They're thinking about the organization in their community that's having an impact and digging deep and giving," said Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies.

As you watch commercial appeals and sort through donation requests, here are some things to consider: WHERE SHOULD I DONATE? Experienced donors often have a short list of criteria they use to help select nonprofits to support. It could be organizations that serve the area where they live or specific causes or issues with which they have a personal connection. A question to ask yourself is: "What are the issues or communities that are important to me and where do I want to make a difference?" A great way to find out about organizations in your area is to ask your friends, coworkers and neighbors. They may have interacted directly with a nonprofit that supports after-school programs,

sends companions to elderly residents, advocates around traffic safety or supports local artists. For any topic that is important to you, an organization in your area is likely working on it. Another potential consideration is check if your employer will match donations to the nonprofit you want to support. If so, your donation could go even further. If you feel burdened by all the urgent appeals everywhere from the checkout line to the mail or online, one tactic is to make a budget and set aside time to give to organizations important to you. Be realistic, make a plan and then, set aside the guilt. DO I HAVE TO GIVE NOW? I HAVE LOTS OF EXPENSES. No, simply put.

First, there's no obligation to give to nonprofits. Many people make a difference in their communities — donating blood, volunteering with their fire department, caring for neighbors and myriad other ways. Second, many nonprofits actually prefer for donors to set up automatic monthly donations, even in very small amounts, rather than giving a lump sum at the end of the year. The automatic donation from your bank account or credit card means they can plan for how to spend those funds in advance, which often helps them save money and resources. HOW DO I EVEN KNOW MY MONEY IS MAKING A DIFFERENCE? Some donors say they want their dollars to go

directly to the nonprofit's work and not to pay for rent or salaries. This perennial view of wasteful " overhead " spending has some draw backs, though to be clear, donors have good reason to assess the organizations they support carefully. But a useful data point comes from the nonprofit ratings agencies themselves. Starting ten years ago, the agencies like BBB Wise Giving Alliance and GuideStar, now part of Candid, teamed up to challenge the idea that the best way to measure the value of a nonprofit was the portion of its funds spent on administrative costs and fundraising. Michael Thatcher, the president and CEO of Charity Navigator, which overhauled its rating methodology in September, advises that donors consider the organization's impact and whether it's achieving its mission. "What does the money do? Not where was the money spent?," he told The Associated Press earlier this year. WHAT IF I DON'T HAVE A LOT TO GIVE? People who study philanthropy and advise donors like Vanessa Lee, a program officer who coordinates giving circles at the Chicago Foundation for Women, emphasize that giving back is not the purview of the ultrawealthy.

"It's not like you have to have millions of dollars to be a philanthropist," said Lee. "You can do this at $10 a month." Additionally, donations from low- and middleincome people, who give smaller amounts, usually go directly to nonprofit organizations, in contrast to many of the wealthiest donors, Collins of the Institute for Policy Studies said. His organization has researched the giving behaviors of billionaires and found that a growing portion of the overall dollars donated each year goes to donor-advised funds and foundations, not directly to nonprofits. In one recent example, the CEO of Dell Technologies, Michael Dell, donated stocks valued at $1.7 billion in October and December to the Michael & Susan Dell Foundation and to donor-advised funds for future charitable donations. Private foundations are obligated to grant out at least 5% of their assets each year but there is no minimum granting requirement for DAFs. "The very wealthy are giving it to intermediaries they control and parking the money indefinitely," Collins said. "So there's a more of a tax advantage goal, whereas most people are giving, regardless of the tax consequence."

Toyota small car maker Daihatsu shuts down Japan factories during probe of bogus safety tests By MARI YAMAGUCHI Associated Press DAIHATSU, a unit of Japanese automaker Toyota Motor Corp., has shut down production lines at all its four factories in Japan while transport ministry officials investigate improper tests for safety certifications. The shutdown as of Tuesday comes a week after Daihatsu Motor Co. announced it was suspending all vehicle shipments in and outside Japan after finding improper testing involving 64 models. That led transport ministry officials to launch a deeper probe into problems that apparently persisted for decades.

The stoppage is expected to affect thousands of auto parts makers and their employees in a potential blow to local economies. The safety test irregularities earlier this year triggered an independent panel investigation, which found widespread and systematic problems at Daihatsu. It is the latest of safety or other violations found at at least five of Japan's major automakers in recent years. So far, there have been no reports of accidents or deaths due to the falsified tests. Daihatsu, maker of Hijet trucks and vans and Mira hatchbacks, said it started shutting down some lines Monday and

production stopped at all four plants in Shiga, Kyoto and Oita prefectures as well as at its headquarters in Osaka on Tuesday. The company declined to say when production will resume, while media reports said lines will be suspended at least through January. Daihatsu is Toyota's unit specializing in small cars and trucks that are popular in Japan. The company assembled some 870,000 vehicles at the four plants in fiscal 2022. According to market research company Teikoku Databank, Daihatsu factories have supply chains including 8,136 companies across Japan, with sales totaling 2.2 trillion sales ($15.53 billion).

"The longer the shipment suspension, the greater the concern about its impact on company earnings, employment and the local economy," it said in a report. The problems were found in 64 models and three vehicle engines, including 22 models and an engine sold by Toyota. The problems also affected some models of Mazda Motor Corp. and Subaru Corp. sold in Japan, and Toyota and Daihatsu models sold abroad. Daihatsu's probe found 174 new cases of irregularities in safety tests and other procedures in 25 test categories, on top of problems reported earlier.

THE HEADQUARTERS of Daihatsu Motor Co. stands in Ikeda, Osaka prefecture, western Japan Tuesday, Dec. 26, 2023. Toyota Motor Corp. subsidiary Daihatsu has shut down production lines at all its four factories Tuesday as transport ministry officials investigate the company’s improper tests for safety certification. Photo:Kyodo News/AP The issue emerged in April when Daihatsu reported improper testing on door linings. Problems in side collision testing surfaced in May, officials said. The also found data falsifications and use of unauthorized testing procedures. Speaking to reporters last week, Daihatsu President

Soichiro Okudaira acknowledged the cheating on safety testing and procedures, saying it was tantamount to neglect of safety certificates. He attributed the problems to pressure on workers to meet ambitious demands for tight development deadlines.

NOTICE

NOTICE is hereby given that EXANTE CHERELUS, P.O Box SB52580 Rudby Drive, Yamacraw, Nassau, The Bahamas 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 20th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that WESLEY SINEUS of Montrose Avenue & Peach Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that CLAUD OWEN CLARKE, #48 Winton Highway Nassau, The Bahamas 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 18th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that YVENET ALCIME of Hope Twon, 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 twentyeight days from the 20th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that CHIDEL DURANT, Yamacraw Hill Road, Colony Village, Nassau, The Bahamas 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 20th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that NIXON ANESTOR, #10 Cowpen Road, Nassau, The Bahamas 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 20th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, December 27, 2023, PAGE 5

AMERICANS RAMPED UP SPENDING DURING THE HOLIDAYS DESPITE SOME FINANCIAL ANXIETY AND HIGHER COSTS By ANNE D’INNOCENZIO and HALELUYA HADERO AP Business Writers HOLIDAY sales rose this year and spending remained resilient during the shopping season even with Americans wrestling with higher prices in some areas and other financial worries, according to the latest measure. Holiday sales from the beginning of November through Christmas Eve climbed 3.1%, a slower pace than the 7.6% increase from a year earlier, according to Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards. This year’s sales are more in line with what is typical during the holiday season, however, after a surge in spending last year during the same period. “This holiday season, the consumer showed up, spending in a deliberate manner” said Michelle Meyer, Chief Economist, Mastercard Economics Institute. “The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.” The number of people seeking unemployment benefits has remained very low by historical standards and employers are still having a hard time finding enough workers. Still, sales growth was a bit lower than the 3.7% increase Mastercard SpendingPulse had projected in September. The data released Tuesday excludes the automotive industry and is not adjusted for inflation. Clothing sales rose 2.4%, though jewelry sales fell 2% and electronics dipped roughly 0.4%. Online sales jumped 6.3 % from a year ago and in-person spending rose a modest 2.2%. Consumer spending accounts for nearly 70% of U.S. economic activity and economists carefully monitor how Americans spend, particularly during the holidays, to gauge how they’re feeling financially. There had been rising concern leading up to the holiday about the

willingness of Americans to spend because of elevated prices for daily necessities at a time that savings have fallen and credit card delinquencies have ticked higher. In response, retailers pushed discounts on holiday merchandise earlier in October compared with a year ago. They also took a cautious approach on how much inventory to order after getting stung with overstuffed warehouses last year. The latest report on the Federal Reserve’s favored inflation gauge, issued Friday, shows prices are easing. But costs remain still higher at restaurants, car shops, or for things like rent. Americans, however, unexpectedly picked up their spending from October to November as the holiday season kicked off, underscoring their spending power in the face of higher costs. A broader picture of how Americans spent their money arrives next month when the National Retail Federation, the nation’s largest retail trade group, releases its combined twomonth statistics based on November-December sales figures from the Commerce Department. The trade group expects holiday expects U.S. holiday sales will rise 3% to 4%. That’s lower than last year’s 5.4% growth but again, more consistent with typical holiday spending, which rose 3.6% between 2010 and 2019 before the pandemic skewered numbers. Industry analysts will dissect the fourth-quarter financial performance from major retailers when they release that data in February. The big concern: whether shoppers will pull back sharply after they get their bills in January. Nikki Baird, vice president of Aptos, a retail technology firm, noted customers, already weighed down by still high inflation and high interest rates, might pull back more because of the resumption of student loan payments that kicked in Oct. 1. “I am worried about January,” she said. “I can see a bit of a last hurrah.”

NOTICE NOTICE is hereby given that BASELAIS CAMEUS of Cowpen Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 27th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that PORTIA JUANITA NICHOLSON, #48 Winton Highway Nassau, The Bahamas 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 18th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

CROSSWORD PUZZLE Tuesday, December 26th, 2023

THE TRIBUNE

Wednesday, December 27, 2023, PAGE 7

STOCK MARKET TODAY

Wall Street ends higher at the start of a holiday-shortened week By ALEX VEIGA AP Business Writer STOCKS notched more gains Tuesday as Wall Street kicked off what's expected to be a quiet, holiday-shortened week of trading. The S&P 500 rose 0.4%, finishing less than 0.5% below its all-time high set nearly two years ago. The benchmark index is coming off eight straight weekly gains, its longest winning streak since 2017. The Dow Jones Industrial Average rose 0.4%, while the Nasdaq composite ended 0.5% higher. Trading was relatively light as U.S. markets reopened following the Christmas Day holiday. Still, the latest gains were widespread, with advancers outnumbering decliners by nearly 3 to 1 on the New York Stock Exchange. Technology and industrial stocks accounted for a

big share of the gains. Intel climbed 5.2% for the biggest gain among S&P 500 stocks. Caterpillar added 1.8%. Energy stocks climbed as the price of U.S. crude oil rose 2.7%. Hess closed 1.4% higher. Solid gains by smaller company stocks also helped lift the market, pushing the Russell 2000 index 1.2% higher. Treasury yields were mixed. The yield on the 10-year Treasury held steady at 3.90%. Some stocks surged on company deal news. Drugmaker Bristol-Myers Squibb said Tuesday that it will acquire RayzeBio in a $4.1 billion deal, just days after buying Karuna Therapeutics for $14 billion. Bristol-Myers shares fell 1.6%, while RayzeBio doubled to $61.40, close to the $62.50 that each share will fetch in its acquisition.

Shares in HollySys Automation Technologies jumped 5.2% after the company received an updated buyout offer from a consortium led by Dazheng Group Acquisition. Stratasys vaulted 13% to $14.82 per share after Nano Dimension announced it has offered to pay $16.50 per share in cash for the buy the maker of 3D printers. Stratasys rejected an earlier buyout bid from Nano Dimension in April. Gracell Biotechnologies surged 60.3% after the Shanghai-based biopharmaceutical company agreed to be acquired by AztraZeneca. All told, the S&P 500 rose 20.12 points to 4,774.75. The Dow gained 159.36 points to 37,545.33, and the Nasdaq added 81.60 points to 15,074.57. With less than a week to go in 2024, the S&P 500 is now up more than 24% for

the year, while the Nasdaq is up 44%. Investors have been encouraged by reports showing inflation is on the decline even as the economy appears stronger than expected. The Federal Reserve is walking a tightrope, seeking to slow the economy enough through elevated interest rates to cool inflation, but not so much that it tips the nation into recession. Traders are still largely betting the Federal Reserve will cut its main interest rate by at least 1.50 percentage points by the end of next year, according to data from CME Group. The federal funds rate is currently sitting within a range of 5.25% to 5.50% at its highest level in more than two decades. The Federal Reserve released projections earlier this month showing its typical policymaker expects to

cut the federal funds rate several times next year, but likely by only half as much as what Wall Street is expecting. But many see too much optimism over the pace of interest rate cuts early in the year, and that the big run for stocks since late October on anticipation of such support may be overdone. This week is light on economic reports. The Federal Reserve Bank of Richmond issues its monthly manufacturing activity index Wednesday. On Thursday, the Labor Department releases its weekly tally of unemployment benefit claims and the Commerce Department delivers its preliminary November snapshot of wholesale inventories. European markets remained closed Tuesday. Shanghai's benchmark led losses in Asia on heavy selling of technology and

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 71° F/22° C Low: 56° F/13° C

TAMPA

TONIGHT

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Sunny to partly cloudy and pleasant

A shower early, then thunderstorms

Cloudy, downpours in the afternoon

Mainly cloudy

Cloudy and less humid

Partly sunny and nice

High: 80°

Low: 65°

High: 75° Low: 67°

High: 75° Low: 64°

High: 70° Low: 61°

High: 72° Low: 59°

AccuWeather RealFeel

85° F

66° F

78°-66° F

75°-63° F

68°-57° F

73°-60° F

ABACO

High: 76° F/24° C Low: 69° F/21° C

7-14 knots

WEST PALM BEACH High: 75° F/24° C Low: 59° F/15° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 77° F/25° C Low: 62° F/17° C

N E S

High: 76° F/24° C Low: 64° F/18° C

MIAMI

High: 78° F/26° C Low: 62° F/17° C

4-8 knots

NASSAU

Today

7:49 a.m. 8:06 p.m.

3.0 2.2

1:22 a.m. -0.4 2:21 p.m. -0.1

ALMANAC

Thursday

8:31 a.m. 8:49 p.m.

3.0 2.1

2:06 a.m. -0.3 3:03 p.m. -0.1

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 72° F/22° C Normal high ....................................... 78° F/26° C Normal low ........................................ 66° F/19° C Last year’s high .................................. 79° F/26° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ................................................ 53.60” Normal year to date ................................... 39.40”

Friday

9:12 a.m. 9:32 p.m.

2.9 2.1

2:48 a.m. -0.1 3:44 p.m. 0.0

Saturday

9:52 a.m. 10:14 p.m.

2.8 2.1

3:30 a.m. 4:24 p.m.

0.0 0.1

Sunday

10:32 a.m. 10:58 p.m.

2.6 2.1

4:13 a.m. 5:03 p.m.

0.2 0.2

Monday

11:11 a.m. 11:44 p.m.

2.5 2.1

4:58 a.m. 5:41 p.m.

0.4 0.2

Tuesday

11:53 a.m. -----

2.3 -----

5:46 a.m. 6:22 p.m.

0.5 0.3

High: 78° F/26° C Low: 71° F/22° C

KEY WEST

High: 73° F/23° C Low: 65° F/18° C

6-12 knots

6:53 a.m. Moonrise 5:29 p.m. Moonset

6:06 p.m. 7:35 a.m.

Last

New

First

Full

Jan. 3

Jan. 11

Jan. 17

Jan. 25

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 70° F/21° C

High: 80° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 68° F/20° C

W S

LONG ISLAND

TRACKING MAP

High: 81° F/27° C Low: 73° F/23° C

Ht.(ft.)

SUN AND MOON Sunrise Sunset

High: 81° F/27° C Low: 69° F/21° C

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

Low

CAT ISLAND

TIDES FOR NASSAU Ht.(ft.)

ELEUTHERA

High: 80° F/27° C Low: 65° F/18° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

High

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

UV INDEX TODAY

TODAY

High: 67° F/19° C Low: 57° F/14° C

computer chip-related shares as worries revived over trade tensions with the U.S. and other western countries. A number of video gaming companies announced share buybacks to shore up prices after Chinese regulators issued draft guidelines on Friday that caused shares in game makers like Tencent and Netease to plunge. Hong Kong markets were closed Tuesday, so the impact of an effort by Beijing on Monday to cushion the impact of the new rules by voicing support for the industry and announcing the approval of more than 100 games was unclear. The Shanghai Composite index sank 0.7%. In Shenzhen, where relatively more high-tech companies are listed, the A-share index lost 1.2%.

6-12 knots

MAYAGUANA High: 82° F/28° C Low: 75° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 75° F/24° C

High: 80° F/27° C Low: 75° F/24° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

4-8 knots

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

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

WINDS W at 7-14 Knots NNW at 7-14 Knots NW at 6-12 Knots E at 6-12 Knots WSW at 6-12 Knots SSW at 4-8 Knots SSE at 6-12 Knots S at 6-12 Knots WSW at 7-14 Knots SW at 4-8 Knots WNW at 7-14 Knots NNW at 7-14 Knots W at 6-12 Knots SSW at 6-12 Knots S at 4-8 Knots SSE at 4-8 Knots SW at 6-12 Knots S at 6-12 Knots SSE at 6-12 Knots S at 6-12 Knots W at 6-12 Knots SW at 4-8 Knots W at 4-8 Knots S at 4-8 Knots SW at 6-12 Knots SW at 6-12 Knots

WAVES 3-6 Feet 3-6 Feet 0-1 Feet 0-1 Feet 3-5 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 0-1 Feet 0-1 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-5 Feet 1-2 Feet 0-1 Feet 1-2 Feet 1-2 Feet 1-2 Feet 0-1 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 75° F 75° F 76° F 76° F 79° F 79° F 79° F 79° F 78° F 78° F 75° F 77° F 77° F 77° F 81° F 82° F 80° F 80° F 80° F 80° F 77° F 77° F 79° F 80° F 79° F 79° F

PAGE 8, Wednesday, December 27, 2023

THE TRIBUNE

After recalls and infections, experts say safer eyedrops will require new FDA powers By MATTHEW PERRONE AP Health Writer WHEN you buy eyedrops at a U.S. store, you might assume you're getting a product made in a clean, well-maintained factory that's passed muster with health regulators. But repeated recalls involving over-the-counter drops are drawing new attention to just how little U.S. officials know about the conditions at some manufacturing plants on the other side of the world — and the limited tools they have to intervene when there's a problem. The Food and Drug Administration is asking Congress for new powers, including the ability to mandate drug recalls and require eyedrop makers to undergo inspections before shipping products to the U.S. But experts say those capabilities will do little without more staff and resources for foreign inspections, which were a challenge even before the COVID-19 pandemic forced regulators to skip thousands of visits. "The FDA is not getting its job done in terms of drug quality assurance inspections abroad," said David Ridley of Duke University and co-author of a recent paper tracking the downturn in inspections. "Very few foreign drugmakers have been inspected in the past four years." In 2022, FDA foreign inspections were down 79% from 2019, according to agency records collected by Ridley's group. Inspections increased this year but are

still far below pre-pandemic levels. FDA spokesman Jeremy Kahn said: "The FDA works to inspect as many facilities possible, but ultimately industry is responsible for the quality of their products." An October recall of two dozen eyedrop brands came after FDA staff found cracked floors, barefoot workers and other unsanitary conditions at a Mumbai plant that supplied products to CVS, Walmart and other major retailers. It was the first time FDA staff had visited the site. That inspection was prompted by an earlier recall of tainted eyedrops from a different Indian plant that's been linked to four deaths and more than a dozen cases of vision loss. That plant had also never been previously inspected. "These are very rare instances, but what we've seen is that these products can cause real harm," said Dr. Timothy Janetos, an ophthalmologist at Northwestern University. "Something needs to change." Experts point to three possible changes: EARLIER INSPECTIONS Prescription medicines are highly regulated. Before a drugmaker can sell one in the U.S., it must undergo FDA review to establish its safety and effectiveness. As part of the process, the FDA typically inspects the factory where the drug will be made. But eyedrops and other over-the-counter

lacks the same authority for drugs and instead must ask companies to voluntarily take action. The FDA recently asked Congress for mandatory recall authority over drugs. FUNDING FOREIGN INSPECTORS

A SELECTION of eye drops line a shelf at a pharmacy in Los Angeles on Tuesday, Dec. 12, 2023. Repeated recalls of eyedrops are drawing new attention to the limited powers U.S. regulators have to oversee medical products made overseas. Unlike prescription drugs, eyedrops and other overthe-counter products don’t get preliminary review by the Food and Drug Administration. Photo:Richard Vogel/AP products don't undergo preliminary review or inspections. Instead, they are governed by a different system called a monograph, essentially a generic recipe for all medicines in a particular class. So long as drugmakers attest that they are using the standard recipe, they can launch a product within days of filing with the FDA. "It's nothing more than electronic paperwork," said Dr. Sandra Brown of the Dry Eye Foundation, a nonprofit advocating for increased regulation. "There's no requirement for the facility to be inspected prior to shipping for sale."

The FDA says it has flexibility to adjust its review process "to ensure safety." But the agency is asking Congress for the power to require manufacturers of eyedrops and other sterile products to give at least six months notice before shipping products from a new factory. That would give inspectors time to visit facilities that aren't on their radar. The proposal could face pushback from some overthe-counter drugmakers, who aren't accustomed to preapproval inspections. But Brown says the unique risks of tainted eyedrops require a different approach from pills and tablets.

"Anything you swallow is going to meet up with your stomach acid, which is going to kill most bacteria," Brown said. "It's much more dangerous to put a product in your eye." REQUIRING RECALLS The FDA warned consumers in late October not to use the eyedrops sold at CVS, Rite-Aid and other stores. But the products weren't officially recalled until Nov. 15, almost three weeks later. That's because Indian manufacturer, Kilitch Healthcare, initially declined to cooperate. The FDA can force recalls of food, medical devices and many other products, but it

Since the 1990s, drug manufacturing has increasingly moved to India, China and other lower-cost countries. The Government Accountability Office has raised concerns for years about the FDA's oversight of the global supply chain, flagging it as a "highrisk" issue for more than a decade. The FDA said in a statement it uses "all available tools" to ensure Americans get "high quality, safe and effective" medications. The agency generally prioritizes factories that have never been inspected or haven't been inspected in the last five years. It halted most routine, in-person foreign inspections in March 2020 and did not resume them until 2022. The agency didn't conduct any inspections in India during the first year of COVID-19. FDA leaders have long said it's challenging to recruit and keep overseas inspectors. Experts say Congress can and should address that. "Federal hiring is inherently slow and pay is often not competitive," said Ridley, the Duke researcher. "Congress needs to try and help FDA solve that problem and then hold them responsible for staffing inspections."

The secret life of gift cards: Here’s what happens to the billions that go unspent each year

created by a public relations executive and now backed by multiple retailers. The next one is Jan. 20, 2024.

the consumer finance company Bankrate found that 47% of U.S. adults had at least one unspent gift card or voucher. The average value of unused gift cards is $187 per person, a total of $23 billion.

If you have a gift card you don’t want, one option is to sell it on a site like CardCash or Raise. Rossman says resale sites won’t give you face value for your cards, but they will typically give 70 to 80 cents per dollar.

By DEE-ANN DURBIN AP Business Writer GIFT cards make great stocking stuffers — just as long as you don’t stuff them in a drawer and forget about them after the holidays. Americans are expected to spend nearly $30 billion on gift cards this holiday season, according to the National Retail Federation. Restaurant gift cards are the most popular, making up one-third of those sales. Most of those gift cards will be redeemed. Paytronix, which tracks restaurant gift card sales, says around 70% of gift cards are used within six months. But many cards — tens of billions of dollars’ worth — wind up forgotten or otherwise unused. That’s when the life of a gift card gets more complicated, with expiration dates or inactivity fees that can vary by state. Here’s what to know about the gift cards you’re giving — or getting: LOVED, BUT LOST After clothing, gift cards will be the most popular present this holiday season. Nearly half of Americans plan to give them, according to the National Retail Federation. But many will remain unspent. Gift cards get lost or forgotten, or recipients hang on to them for a special occasion. In a July survey,

THE GIFT OF TIME Under a federal law that went into effect in 2010, a gift card can’t expire for five years from the time it was purchased or from the last time someone added money to it. Some state laws require an even longer period. In New York, for instance, any gift card purchased after Dec. 10, 2022, can’t expire for nine years. Differing state laws are one reason many stores have stopped using expiration dates altogether, says Ted Rossman, a senior industry analyst at Bankrate. USE IT OR LOSE IT While it may take gift cards years to expire, experts say it’s still wise to spend them quickly. Some cards — especially generic cash cards from Visa or MasterCard — will start accruing inactivity fees if they’re not used for a year, which eats away at their value. Inflation also makes cards less valuable over time. And if a retail store closes or goes bankrupt, a gift card could be worthless. Perhaps consider clearing out your stash on National Use Your Gift Card Day, a five-year-old holiday

OR SELL IT

THE MONEY TRAIL What happens to the money when a gift card goes unused? It depends on the state where the retailer is incorporated. When you buy a gift card, a retailer can use that money right away. But it also becomes a liability; the retailer has to plan for the possibility that the gift card will be redeemed. Every year, big companies calculate “breakage,” which is the amount of gift card liability they believe won’t be redeemed based on historical averages. For some companies, like Seattle-based Starbucks, breakage is a huge profitdriver. Starbucks reported $212 million in revenue from breakage in 2022. But in at least 19 states — including Delaware, where many big companies are incorporated — retailers must work with state unclaimed property programs to return money from unspent gift cards to consumers. Money that isn’t recovered by individual consumers is spent on public service initiatives; in the states’ view, it shouldn’t go to companies because they haven’t provided a service to earn it. CLAIM IT

GIFT cards are displayed at a Target store, in New York, Thursday, Dec. 21, 2023. Americans are expected to spend nearly $30 billion on gift cards this holiday season, according to the National Retail Federation. Restaurant gift cards are the most popular, making up one-third of those sales. Photo:Richard Drew/AP

All 50 states and the District of Columbia have unclaimed property programs. Combined, they return around $3 billion to consumers annually, says Misha Werschkul, the executive director of the Washington State Budget and Policy Center. Werschkul says it can be tricky to find the holders of unspent gift cards, but the growing number of digital cards that name the recipient helps. State unclaimed property offices jointly run the website MissingMoney. com, where consumers can search by name for any unclaimed property they’re owed, including cash from gift cards.