Lower power bills for thousands in GB after Electricity Act reforms
By FAY SIMMONS Tribune Business Reporter
MORE than 17,000 Grand Bahama households and 1,500 small and medium-sized businesses are set to beneft from lower electricity costs following reforms to the Electricity Act
Speaking during her contribution to the 2026-2027
Budget debate, Energy Minister Jobeth Coleby-Davis said electricity bill reductions will begin appearing on Grand Bahama Power Company bills issued this week as a result of the Government's eforts to bring the island's utility sector under the same regulatory framework as the rest of The Bahamas.
"The uneven cost of electricity was also one of the reasons the Davis administration amended the Electricity Act and made it clear that
electricity regulation, including pricing, must fall within a national statutory framework and under URCA, the
independent regulator," she said.
"By acquiring Grand Bahama Power Company, Freeport, Madam Speaker, is for the frst time being brought in line with the rest of the country on electricity oversight and pricing. For Grand Bahama's more than 17,000 households and over 1,500 small and medium-sized businesses, this is signifcant."
She said customers will begin seeing the impact of the changes on bills issued June 11.
"The new bills will refect the elimination of the base
rate for the frst 200 kilowatt hours of electricity, fuel charge tiers aligned to consumption tiers, and the elimination of the Storm Recovery Charge," said Mrs Coleby-Davis.
She argued that the changes demonstrate that promised relief for Grand Bahama electricity consumers has already arrived.
"As I highlight these changes, I wish to point out that a residential consumer on Grand Bahama will move from paying 22 cents for the
Taxi call-up for Arawak under discussion
By ANNELIA NIXON Tribune Business Reporter
TAXI operators could be incorporated into Arawak Cay’s redevelopment plans through a formal call-up system as the government seek discussions with industry representatives over transportation arrangements at the popular tourism hub.
Golden Yolk’s quality justi es price, says minister
Minister touts Golden Yolk’s quality and local bene ts
Egg initiative sales grow as o cials push food security goals
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
AGRICULTURE and Marine Resources
Minister Jomo Campbell yesterday defended the pricing and packaging of the government’s Golden Yolk eggs, arguing that the quality of the locally produced product more than justifes the cost over imported alternatives. His comments came after criticism arose over the product’s packaging and concerns that imported eggs remain cheaper than Golden Yolk eggs.
Neil Campbell, permanent secretary in the Ministry of Agriculture and Marine Resources, said discussions are ongoing regarding a dedicated taxi system for the site.
“I am advised that we are still in discussion to have the Taxi Call Up System implemented at the Western Entrance Parking Lot Area,” Mr Campbell said.
“[We] just need the input from the Taxi Union and the Road Trafc Department.”
The comments appear to address concerns raised by
The update comes as the Ministry of Agriculture and Marine Resources moves ahead with extensive upgrades and expansion projects at Arawak Cay, including new souvenir stalls, cultural spaces and additional attractions aimed at strengthening the destination’s appeal to both tourists and residents.
Tari fears trigger sheries action team
By ANNELIA NIXON Tribune Business
Reporter anixon@tribunemedia.net
THE Ministry of Agriculture and Marine Resources has established a special task force to address potential US tarifs on Bahamian seafood exports, as growing concerns mount over the impact it could have on the country’s lucrative spiny lobster industry.
Agriculture and Marine Resources Minister Jomo Campbell said the government has moved proactively to create a task force led by Chief Consultant Gregory Bethel to address potential threats to marine exports arising from
ongoing international trade discussions and proposed US tarifs.
“We are also monitoring international developments afecting fsheries with global trade discussions around tarifs and market access,” Mr Campbell said. The move comes as Bahamian fsheries stakeholders warn that proposed US tarifs could signifcantly undermine the competitiveness of the country’s seafood exports, particularly spiny lobster, one of The Bahamas’ most valuable exports.
Recent Tribune Business articles highlighted industry concerns over a proposed 12.5 percent tarif that
Bahamas Taxicab Union president Tyrone Butler, who earlier said taxi operators had not been consulted about the redevelopment plans despite the potential impact on drivers who service the area.
“Well, we haven’t had any discussion with Minister Campbell or the Minister Transport Mr Lundy, so we don’t know what they’re thinking is, and they haven’t reached out to us to discuss the layout and the parking space for taxis,” Mr Butler said.
“I have been waiting to meet with this minister now for a couple of weeks.”
Mr Butler argued that transportation stakeholders are too often excluded from development planning.
“Taxis have never been factored in none of the plans that the government seems to have,” he said.
“Those kind of plans are taking place, and there’s nobody from the taxi union being involved in terms of the planning and layout. And that’s why you have so much chaos in the transportation business as it is.”
The prospect of a formal taxi call-up system aligns with recommendations from
“That may be the case, but the quality that we put into our locally produced eggs more than adequately justifes the cost,” Mr Campbell said. “We can assure the general public that our Golden Yolk eggs are 100 percent organic. Our chickens are raised on 100 percent organic feed. They’re not sitting on the dock for two weeks, there’s no chemicals involved and it’s all 100 percent Bahamian labour.”
Responding to criticism about the appearance of the packaging, Mr Campbell said the focus should be on the quality of the product rather than its presentation.
“It’s not the packaging or even the shells that make a diference,” he said. “It’s actually what’s inside, what benefts the Bahamian people, what goes towards health and wellness.
“The packaging can always be repackaged, can always be recoloured, reshaped. But what we wanted to do was actually get the produce out to the people in time. We had chicks that were laying. We didn’t want to hold them back, and so we put them on the shelves.”
Reporter jsimmons@tribunemedia.net
ENERGY Minister
Jobeth Coleby-Davis said Bahamas Power & Light's fuel hedging strategy has saved Bahamian consumers approximately $21.7m in just four months by shielding them from rising global oil prices.
Mrs Coleby-Davis revealed during her contribution to the 2026-2027 Budget debate the fuel price protection arrangement was executed in 2025
as part of broader eforts to stabilise electricity costs and reduce consumers' exposure to volatile international energy markets.
"In 2025, BPL executed a fuel price protection arrangement to safeguard our customers from market volatility and keep the price of fuel fxed," she said.
"For clarity, BPL secured a fxed strike price of US$65 per barrel for one year. When international oil prices rise above that level, as they sharply have, our fuel costs remain constant."
JOBETH COLEBY-DAVIS
JOMO CAMPBELL
‘$130m in savings’ thanks to water reduction programme, claims Minister
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Water & Sewerage Corporation is selling 60 percent more water than it did in 2012 while producing roughly the same volume, a transformation that has generated more than $130m in savings and reduced water losses by more than 16bn imperial gallons, it was claimed yesterday.
During her contribution to the 2026-2027 Budget debate, Energy Minister JoBeth Coleby-Davis pointed to the corporation's non-revenue water reduction programme as one of the most successful utility
Water & Sewage Corp. selling 60% more water than in 2012
reform initiatives undertaken in The Bahamas. "In 2012, Water and Sewerage signed a 10-year non-revenue water performance-based contract that delivered one of the largest non-revenue water reductions achieved by a utility in our region," she said. "The programme has been recognised internationally for its success and has already saved more than 16bn imperial gallons of water, translating into more than $130m in savings from water purchases alone.
MICAL residents
"Every gallon we save is water we do not have to purchase."
The programme was implemented through a partnership with MIYA Bahamas, a specialist water management company that has worked with the corporation since 2012 to identify leaks, improve network efciency and reduce water losses. The contract was extended through December 31, 2026, to facilitate the transition of those responsibilities back to the corporation.
‘know the meaning of neglect,’ says MP
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
MICAL MP James Ferguson yesterday said residents of the southern Bahamas "know the meaning of neglect", warning that too many projects promised in successive budgets remain unfnished or have never started.
Making his contribution to the 2026-2027 Budget debate in the House of Assembly, Mr Ferguson welcomed several infrastructure commitments for his constituency but cautioned that residents are looking for results rather than additional promises.
"The people of MICAL, thank you. I thank you, but there is an old saying that promises are comfort to a fool," Mr Ferguson said.
"Projects such as the Inagua Administrative
Building, the Inagua Comprehensive School, the Crooked Island roads and the Acklins clinic have been mentioned in previous budgets. However, they remain incomplete or never began.
"So, on behalf of the people of MICAL, no empty promises."
The MICAL MP said the constituency's challenges stem in part from its geography, with communities spread across Inagua, Mayaguana, Crooked Island, Acklins and Long Cay facing high transportation costs, unreliable utilities and limited economic opportunities.
He argued that Family Island residents frequently feel overlooked despite their contribution to the country.
"We, the people of MICAL, know the meaning of neglect. We have faced
times of desperation, but we survive.
"Today is the day that change comes. We want to be part of the Bahamian dream, where hard work pays of, where consistency equals prosperity and where opportunity results in generational wealth."
Mr Ferguson pointed to a series of projects included in the 2026-2027 Budget that he said could help transform the constituency if completed.
Among them are roadworks in Inagua and Crooked Island valued at $2.89m, drainage works in Inagua costing $3.09m, an initial $500,000 investment toward a marine dock in Crooked Island that is projected to total $5m over three years, and a similar initial investment toward renovations to the Inagua Administration Building.
He also highlighted airport upgrades for Crooked
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Mrs Coleby-Davis said the Government's objective is to build a fully Bahamian team capable of managing non-revenue water programmes locally and eventually marketing those services abroad.
"It is this Government's vision that the corporation will develop an all-Bahamian NRW team that will serve as a centre of excellence, providing world-class non-revenue water services frst for the corporation, then nationally and ultimately internationally," she said.
As part of that efort, the corporation is constructing a new $1.5m ofce facility behind its University Drive headquarters, with
Island and Acklins, plans for a public-private partnership airport development in Inagua, and funding for healthcare facilities throughout the constituency.
Mr Ferguson said residents have heard similar commitments before and will be watching closely to ensure projects move forward.
"I will be holding the Government accountable to the people of MICAL," he said.
He also pressed for additional measures including reinstating ports of entry status for communities in the constituency, improving telecommunications services, constructing sea walls and hurricane shelters, addressing delayed payments to local government vendors and deploying additional teachers, including
occupancy expected later this summer.
She also highlighted what she described as another major development for the water sector: the acquisition of desalination plants previously operated by Aqua Design and their transfer into a new entity known as WSCDesalCo.
"Eforts are currently underway for the full operation and maintenance of these plants under WSCDesalCo Limited," Mrs Coleby-Davis said.
The Government has been pursuing ownership of multiple Aqua Design facilities in Eleuthera, Exuma, San Salvador and Inagua for several years amid
special-needs educators, to Family Island schools. Energy costs emerged as another major concern during his contribution.
Mr Ferguson welcomed the Government's plans for solar microgrids throughout the Family Islands but questioned how quickly residents would see the benefts.
"Our current status of daily power cuts and power bills that make a small family choose necessity over comfort has to be resolved," he said.
"MICAL is on the list, but my question is: How long before we see results?"
He argued that lower electricity costs could provide a signifcant boost to economic activity throughout the southern Bahamas, particularly for tourism operators, fshermen and small businesses.
disputes over contracts and water supply arrangements. Tribune Business previously reported that WSCDesalCo was created to hold and operate the acquired desalination assets as part of a broader strategy to increase Bahamian ownership of critical water infrastructure.
Mrs Coleby-Davis said WSCDesalCo is expected to expand beyond government operations.
"In the future, WSCDesalCo will expand to ofer services in the private sector, both locally and regionally, positioning The Bahamas as a leader in desalination innovation in the Caribbean."
The comments signal the Government's intention not only to improve domestic water security but also to leverage expertise developed through leak reduction and desalination operations into potential commercial opportunities beyond The Bahamas.
The Opposition MP also called for greater support for ecotourism, fsheries and vocational training programmes aimed at reducing outmigration among young people.
While acknowledging recent government investments in the constituency, Mr Ferguson said MICAL's future depends on sustained attention to infrastructure, connectivity and economic development.
"You live at the edge of the map, but you are not at the edge of what matters," he said.
"You are the southern anchor of The Bahamas."
He added: "The future of The Bahamas is not in Nassau. It is in Landrail Point, Colonel Hill, Abraham's Bay, Hard Hill, Snug Corner, Matthew Town and every settlement across MICAL."
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Grand Bahama joins national energy framework
351 to 800 kilowatt-hour band to 11 cents.
“A commercial consumer will move from paying 18 cents for the 20,000 to 100,000 kilowatt-hour band to 14 cents.
“I point out these shifts because I want to demonstrate clearly that relief is not on the way in Grand Bahama. Relief is here.”
In a statement, Grand Bahama Power Company said a recently approved Equity Rate Adjustment will deliver substantial
reductions in electricity costs for residential customers beginning with the June billing cycle, which refects electricity consumed during May and early June. The utility said residential customers are expected to see monthly bills reduced by at least 35 percent, while lower-consuming households could realize even greater savings. Illustrative examples provided by the company show customers using 200 kilowatt hours per month seeing bills fall from $78 to $40, a reduction of almost 49 percent.
Redevelopment reshapes Fish Fry experience
- from page B1
Arawak Cay Business Association president Lillian Laramore Smith, who said the redevelopment presents an opportunity to establish a more organised transportation arrangement similar to the system used near the cruise port welcome centre.
“Many years ago the Arawak Cay Association was in partnership with the government where they had a designated area for taxi drivers,” she said.
“Over the last maybe 12 years or so, they haven’t used it. And now they won’t have any access to that particular area across from Twin Brothers. They have come to gravitate to that
area, and that’s going to be taken from them.”
Ms Laramore Smith said a structured dispatch operation would help improve trafc fow and management at the site.
“This is an opportunity to put a system in place, a call-up system, like the one that is downtown by the welcome centre by the port where people drop of, pick up, and you would put your number on the board and have the proper authorities there to maintain and control that area,” she said.
Mr Butler welcomed the idea of a call-up taxi system and suggested that someone should be held responsible to liaise with Arawak Cay vendors and taxi drivers.
“We welcome, anything that would be an
GB Power also said nearly 90 percent of residential customers are projected to fall within the VAT-free category under the revised structure, eliminating VAT charges on their monthly electricity bills.
The company said every residential customer will beneft from the changes, with the frst 200 kilowatt hours of consumption carrying no base tarif. Approximately one-quarter of residential customers consume 200 kilowatt hours or less each month, allowing them to beneft from
improvement to what is out there now, but what we are disappointed in is that they decided to build on the site where the taxis would normally park and not have a discussion with the taxi union [beforehand], or at least make us aware of what they’re doing and show us their plans, so we could see how they would ft into our vision of what we would like taxis to be.
“We need to identify key personnel who would be held responsible for communicating to us, and the vendors association. Now I understand the vendors association for Arawak Cay may be a part of our afliate member leadership with the trade union (Trade Union Congress). I’ll try and reach out to that individual. I believe I would have seen her at a meeting once. And I will see what their plans are
the zero-base-rate threshold while paying only fuel charges, the minimum monthly charge and other approved fees.
Among the changes approved under the new tarif structure are the elimination of the Storm Recovery Charge, substantial reductions in residential base tarifs and a revised fuel charge structure intended to encourage energy conservation.
Nikita Mullings, Grand Bahama Power Company’s chief operating ofcer, said the changes are intended to provide
Mr Butler added, that the Government should also implement more enforcement as Arawak Cay is an area where some taxi operators do not follow dress code and behaviour policies.
“[Arawak Cay] is almost like a hangout for some taxi drivers, particularly the ones who are not necessarily the best of the best,” he said. “So you get a lot of drivers who go down there, sometimes they’re not properly dressed, they’re drinking alcohol beverages. So that area needs a lot of work. So it’s something the government needs to focus on.
The transportation discussions are unfolding as the government invests heavily in modernising the Fish Fry destination.
During his budget contribution, Minister of Agriculture and Marine Resources Jomo Campbell described public markets and fsh fry areas as critical components of The Bahamas’ economy and cultural identity.
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meaningful fnancial relief for customers.
“Every family deserves access to afordable electricity. These changes are designed to make a meaningful diference in the daily lives of our customers by lowering bills, expanding VAT relief and rewarding energy efciency,” she said.
“We are proud to work alongside the Government to deliver on the national energy goals, afordability, and a more sustainable electricity system for Grand Bahama.”
Mrs Coleby-Davis also sought to reassure Grand
“Public markets across The Bahamas remain vital to the nation’s food distribution system, cultural heritage, and micro enterprise economy,” he said.
“Markets and fsh fry areas connect farmers, fshers, artisans, food vendors, and small-scale entrepreneurs with residents, restaurants, and the tourism sector.”
Mr Campbell said ongoing works at Arawak Cay include restroom repairs, storage improvements, painting, rail repairs, plumbing rehabilitation, roof repairs, waterproofng, structural repairs, lighting improvements, fence repairs, gate works and general refurbishment.
He also announced that approval has been granted for an area designated for new souvenir stalls and cultural activities.
“When we invest in public markets, we invest in small business, culture, food, tourism, and community pride,” he said.
Bahama Power employees amid concerns surrounding the utility’s ongoing transition.
“To the staf at GB Power, be assured that you remain our greatest asset,” she said.
She said she plans to return to Grand Bahama in the coming weeks with company executives and newly appointed chairman, Parkco Deal to meet with employees, answer questions and provide additional details on the island’s role in the country’s broader energy transformation.
Ms Laramore Smith welcomed the broader redevelopment, noting that construction of souvenir stalls is already under way and that ten vendors have been approved to operate in the new space.
She added that Goldie’s is being built with concrete, which “says permanency.”
“They’re also adding a rum cake factory, an ice cream outlet, a tea and cofee outlet. So it adds favour to what Arawak Cay is about.”
She added that authorities are also working to accommodate existing souvenir vendors by providing them with stalls of equal size within the redeveloped area.
While supporting the upgrades, Ms Laramore Smith said preserving Arawak Cay’s accessibility and character should remain a priority.
“We wouldn’t want a village-like type setting,” she said. “We want our downhome feeling to remain the same.”
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Gov’t takes calm approach to tari threat
could be imposed on Bahamian exports to the United States. Industry representatives have warned that such a measure would place Bahamian lobster at a competitive disadvantage and threaten a sector that generates a signifcant revenue annually.
Mr Campbell stressed that the ministry has already engaged key stakeholders and is maintaining close communication with the fshing industry as it monitors the situation. He added that Mr Bethel has been meeting continuously with industry representatives as
ofcials work to safeguard market access for Bahamian fshermen.
“We’ve met with relevant stakeholders,” he said. “The market is an ever-evolving market, and we have to always stay fexible and stay on the move.”
Mr Campbell said the government’s response extends beyond trade discussions and includes broader eforts to strengthen the fsheries sector through enhanced enforcement and regulatory reforms.
“That also involves a wide range of initiatives that we are rolling out: tackling illegal, unreported
Minister dismisses packaging criticism
QUALITY - from page B1
Mr Campbell said the programme has already recorded strong sales, noting that more than 8,000 cases of Golden Yolk eggs have been sold since production began.
Addressing concerns about afordability amid the country’s rising cost of living, he argued that locally produced eggs ofer consumers confdence in both quality and origin.
“What better product to buy than a product that you’re absolutely sure about?” he said. “You’re sure about the people who helped to produce them. You’re sure about the chickens that laid them. You’re sure about the facility that is housing them.”
He added: “Nothing good is ever really cheap. But what we can all honestly say is that we’ve reduced the price of eggs. If you all remember, at one point in time a dozen eggs was almost $15. And now we are selling quality Bahamian produce for under $5 a dozen.”
Mr Campbell said consumer demand has expanded distribution beyond a single retail outlet, with additional food stores also carrying the product.
“We’ve started from one Super Value outlet to now all other smaller businesses and other food stores who are actually calling for it,” he said. “Why? Because Bahamians are calling for Bahamian-grown products.” His remarks came as he provided an update on the Golden Yolk Project, which he described as a cornerstone of eforts to strengthen domestic poultry production and reduce The Bahamas’ dependence on imported eggs.
“This project has been a centerpiece of The Bahamas Agricultural and Industrial Corporation’s agenda and a major component of the national push to strengthen poultry production and reduce our dependence on imported eggs,” he said.
Mr Campbell said the Ministry of Agriculture and Marine Resources has completed its direct responsibilities for the
and unregulated fshing, poaching, etcetera, and also bringing into efect fshing regulations to help to tighten and strengthen up all of the ambits that concern the fshing industry,” he said.
Mr Campbell described the spiny lobster fshery as the country’s largest fshery, employing thousands of Bahamians and serving as one of the nation’s most signifcant edible export industries.
“This is especially important because the spiny lobster fshery is our largest fshery,” he said. “It employs thousands of Bahamians and remains one of the
current phase of the initiative, including the construction of two poultry houses, establishment of an egg processing facility and the acquisition of 10,000 laying hens. The ministry has also procured feed, equipment and other supplies needed to support operations as production ramps up.
As of the end of May, the project had supplied approximately 8,000 eggs to the local market, according to Mr Campbell, who said the initiative is expected to create between 30 and 40 jobs. He added that the project’s broader objective extends beyond egg production.
“This is not just about eggs,” he said. “It is about rebuilding productivity capacity, it is about strengthening a poultry industry that can create jobs, support local suppliers, expand agribusiness opportunities, and keep more Bahamian dollars circulating inside the Bahamian economy.”
The Golden Yolk programme forms part of the government’s National
country’s most signifcant edible export commodities.”
The minister’s comments came as he outlined broader eforts by the Department of Marine Resources to strengthen fsheries management and enforcement. He pointed to major operations, including Red Dawn I and II and the more recent Operation Dragnet, which resulted in signifcant seizures and enforcement actions against illegal fshing activities.
“The Bahamas is serious about protecting its marine resource sector,” Mr Campbell said.
He noted that Operation Dragnet involved
Layer Programme, which Mr Campbell said supports schools, Family Island communities and urban neighbourhoods while ensuring “100 percent Bahamian ownership.”
collaboration among the Department of Marine Resources, WildAid, The Nature Conservancy, the Royal Bahamas Police Force, Customs, Immigration and other agencies, resulting in the seizure of a 65-foot sport fshing vessel, illegal fshing equipment, illegally caught fsh, drugs, a frearm and ammunition.
“Madam Speaker, this is not only a fsheries matter,” he said. “It is a border protection matter, and it is also a national security matter. It is economic justice for Bahamian fshermen who follow the law and depend on these resources for their livelihoods.”
He argued that food security requires long-term investment in agricultural infrastructure and production capacity.
While acknowledging concerns surrounding the tarif threat, the minister sought to reassure industry stakeholders that the government is taking a measured approach.
“Anytime there’s a threat to our local industry, there’s always a concern,” he said. “But concern doesn’t automatically mean panic. It means a steady, smooth, cool hand. It means consultation. It means getting the necessary data and fnding the opportunities.”
He added: “In every problem, there’s always an opportunity for success, and that is what the Ministry and the Department of Marine Resources are seeking to fnd on behalf of Bahamian fshermen.”
“Food security cannot be achieved by speeches alone,” he said. “It requires infrastructure, it requires livestock, feed processing, distribution, trained people, sustained investment, and the Golden Yolk Project represents exactly that kind of practical investment. The government has positioned the initiative as a key component of its strategy to expand domestic food production, create jobs and reduce the country’s vulnerability to external supply disruptions.
Global oil swings kept o power bills
COST - from page B1
Mrs Coleby-Davis said the arrangement has already begun producing measurable savings for electricity consumers.
“Since the fuel arrangement began generating savings in February 2026, approximately $21.7m in savings have been realised.
“This is money that has stayed in the pockets of Bahamian families and businesses rather than being absorbed by rising energy costs.”
She argued that the benefts extend beyond residential consumers, providing greater certainty for businesses seeking to manage operating expenses.
“Not only are residential consumers protected from
price spikes, but commercial consumers are able to efectively budget their energy costs and reliably predict annual energy expenditures,” she said. The disclosure comes as governments and utilities worldwide continue to grapple with energy price volatility driven by geopolitical tensions and fuctuations in global oil markets.
US households, businesses stung by higher energy prices
that have pushed in ation above 4%
By CHRISTOPHER RUGABER AP Economics Writer
RISING gas prices pushed infation to its highest level in three years last month, a headache for the Federal Reserve and a potential political challenge for the Trump administration as midterm elections near.
Consumer prices rose 4.2% in May from a year earlier, the Labor Department said Wednesday, up from 3.8% in April and the third straight monthly increase. On a monthly basis, prices rose 0.5% last month, after big gains of 0.6% in April and 0.9% in March.
Prices have now risen faster than wages for several months, pressuring many Americans’ fnances and causing consumers to take a decidedly dim view of the economy. Families are dipping into savings to
maintain their spending, and more people are falling behind on their credit card bills. Large retailers say they have also noticed changes in customer behavior, like buying smaller amounts of gas during visits to the pump. Infation is now well above the Federal Reserve’s 2% target, which it has surpassed for more than fve years. New Fed chair Kevin Warsh will preside over his frst policy meeting next week, when the central bank is expected to keep its key interest rate unchanged. But the Fed is also likely to change the statement it issues after each meeting to remove a suggestion that its next move could be to lower rates. With infation proving stubborn, fnancial markets expect the Fed could instead raise rates by the end of the year. When the Fed lifts rates, over time it can make mortgages, auto loans, and
business borrowing more expensive.
Outside energy costs, price increases last month were not as dramatic, a sign that sharply higher infation hasn’t yet spread throughout the economy. Should the Iran war end and oil and gas prices decline, headline infation could begin to cool. Gas prices have fallen this month, though they remain elevated.
Excluding the volatile food and energy categories, core prices rose at a more modest pace. On a monthly basis, they climbed just 0.2%, down from a 0.4% gain in April. Compared with a year ago, they have rise 2.9%, up from 2.8% in April.
President Donald Trump praised the infation report in comments to reporters Wednesday, saying, “the numbers were great” and “I love it.”
He said the infation data was good because it
Mrs Coleby-Davis outlined a Ministry of Energy, Utilities and Aviation budget that she said is designed to support ongoing reforms across the country’s energy, water and aviation sectors.
The ministry has been allocated $91.9m in recurrent spending for the 2026-2027 fscal year, including $200,000
earmarked specifcally for energy reform initiatives. Other allocations include $51.1m for Water & Sewerage Corporation development projects, $610,000 for the Department of Aviation, $7.8m for the Airports Authority, $3.6m for Nassau Flight Services, $9m for Civil Aviation and $18m for the Bahamas Air Navigation Services Authority.
Mrs Coleby-Davis also noted that an additional $6m has been allocated through the Ministry of Finance’s capital budget to support energy restoration and renewable energy projects.
“Throughout the ministry and our agencies, there is a clear understanding of the signifcance of the work ahead and the urgency of achieving our goals, and this national budget is integral to our success,” she said.
showed energy prices were a huge driver of rising costs — the government said they accounted for more than 60% of the monthly increase — and he suggested infation would ease “as soon as this war is over.”
However, the U.S. launched more airstrikes against Iran on Wednesday, and Trump said more were coming, as Tehran fred back at countries in the region.
Crude prices shot back above $90 a barrel on the violent exchange of fre.
Still, many goods and services rose in price last month: Clothing costs increased 0.3% and are 4.8% more expensive than a year ago. Airline fares, pushed higher by pricier jet fuel, jumped 2.7% just in May and are nearly 27% higher than a year ago. Electricity prices rose 0.6% in May and are up 5.9% in the past year.
Grocery prices were tamer in May compared with previous months, rising just 0.1% from April. Still, they are up 2.7% from a
year ago and have risen sharply since the pandemic.
“I don’t think we’re anywhere near out of the woods yet,” Omair Sharif, chief economist at Infation Insights, said. Price increases “were stronger under the hood.”
Sharif and other economists point out that the cost of services, including child care, home health care, and dental services are still rising much more quickly than is consistent with the Fed’s 2% infation target.
Bill Adams, chief U.S. economist at Fifth Third Commercial Bank, attributed some of the gain to a crackdown on immigration, which has likely forced many employers in those industries to raise wages.
PUBLIC NOTICE
BAHAMAS TRIATHLON ASSOCIATION LTD. Company No. 80122C (in Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 218 of the Companies Act, 1992 as amended and pursuant to a Resolution of the Board of Directors of BAHAMAS TRIATHLON ASSOCIATION LTD. (“the Company”) on the 2nd day of June, A.D., 2026 whereby it was resolved that the Company be voluntarily wound up. The voluntary liquidation commenced on the 2nd day of June, A.D., 2026 and Lori Roach has been appointed Sole Liquidator of the Company.
Dated this 11th day of June, A.D., 2026 Lori Roach Liquidator
A STICKER with the image of President Donald J. Trump points to the electronically-displayed per-gallon prices for the various grades of gasoline available from a pump at a Conoco station Saturday, May 30, 2026, in Denver.
Photo:David Zalubowski/AP
Visa plugs its payment network into ChatGPT, letting AI agents shop and pay for users
By BARBARA ORTUTAY and KEN SWEET Associated Press
BETTING that people will soon grow more comfortable having artifcial intelligence agents shop for groceries, plane tickets or diapers on their behalf, payments giant Visa said Wednesday that it has embedded its payment network inside of ChatGPT, empowering the chatbot to independently shop and complete transactions.
It means AI agents can not only recommend products but complete the purchase on the user’s behalf at potentially any merchant that accepts Visa.
The payment network’s previous attempts at this technological leap were confned to a single retailer or a small set of enrolled merchants.
It is not OpenAI’s frst attempt at e-commerce.
The company late last year announced Instant Checkout, which allowed ChatGPT to scour the internet for a specifc item like a digital personal
shopper. But the process was prone to errors and was not widely adopted by merchants due to the fee that OpenAI was charging merchants. The company retired Instant Checkout in March. Visa’s collaboration is diferent from OpenAI’s previous attempts, as it will allow users to link their Visa cards to ChatGPT to shop and make it easier for merchants to accept transactions initiated by agents.
OpenAI will provide the technology to allow agents to interact, make decisions and initiate purchases through ChatGPT. Visa, the world’s largest payment network outside of China, will provide the payment authorization and fraud monitoring needed to do this at scale.
“As AI agents become active participants in the economy, Visa’s focus is to ensure transactions are trusted, secure and seamless,” said Jack Forestell, chief product and strategy ofcer at Visa.
ChatGPT as a personal shopper
Speaking at a company event Wednesday in San Francisco, Forestell gave an example of a customer telling ChatGPT they’re looking for a pair of wireless headphones under $150. The chatbot would fnd a pair for sale under those parameters and buy it on behalf of the customer.
“I think we’re generally at a place where most people are very comfortable with the shopping aspects of it and have discovered this as a superior discovery experience,” Forestell said in an interview. But, he added, making the leap from having AI agents recommend what to buy to doing the purchasing “just requires a whole diferent level of trust.”
“But that all comes from the underlying infrastructure, the process, the security that we build into it and the rules,” he said.
Visa and OpenAI did not disclose the fnancial terms of the collaboration and did not give details on the fees merchants or customers would have to pay.
Instant Checkout charged merchants 4% of the transaction’s value, which merchants saw as being too expensive.
Guardrails include spending limits, approvals Allowing AI agents to buy products on behalf of a consumer raises concerns for both banks and retailers. A customer could overspend, or the agent buys the wrong item, or the customer claims they did not authorize that transaction. Banks have been concerned about potential fraud claims that could occur when an agent uses a bank customer’s credit or debit card.
Visa says the feature will have guardrails like spending limits, required approval steps and approved merchants for shopping in order to protect consumers and minimize fraud.
Forestell said Visa will handle disputes with the same essential rules it uses for any other transaction: Did the consumer really intend to make the purchase and did the merchant process it the correct way? Where it might change, he added, is if both the consumer intent and the
merchant processing were done the right way, but “something happened in the middle that caused a problem.”
“And that’s why we’re modifying our whole token framework and data capture process with Visa Intelligent Commerce to make sure that problem doesn’t happen,” Forestell said. Retailers have introduced shopping assistants powered by AI that can recommend products and
personalize the customer’s shopping experience, with the earliest iterations of those experiments being Amazon’s Alexa. But Alexa could only shop on Amazon, and OpenAI’s Instant Checkout feature was limited to select merchants.
Visa’s biggest competitor, Mastercard, has also been introducing its own AI-shopping features to its payment network on a smaller scale.
JACK FORESTELL, Visa’s chief product and strategy officer, speaks at the Visa Payments Forum in San Francisco on Wednesday, June 10, 2026. Photo:Barbara Ortutay/AP
Trump has a new, surprising take on the higher cost of living: ‘I love the in ation’
By JOSH BOAK Associated Press
PRESIDENT Donald Trump on Wednesday showed how he had learned to stop worrying about infation and simply, in his own words, “love” it.
Asked about the new report that the consumer price index in May had jumped 4.2% over the last year, the president took a surprisingly optimistic tack with the challenging news. Trump didn’t dismiss the afordability issue as a “hoax” that was started by Democrats, as he has done previously. Nor did he claim that he was bringing down the cost of living.
Instead, after the government said that infation spiked to the highest level since April 2023, Trump praised the numbers.
“You know what I really love?” Trump said. “I love the infation.” It was an unexpected take given that voters ahead of the November midterm elections have ranked the economy as a top concern — and have given Trump low marks on that issue. Within minutes of his on-camera comment, Democrats quickly rushed to promote it on social media. Trump had pledged in his 2024 campaign to quickly vanquish infation, but his argument now is that higher prices are solely a function of the Iran war raising energy costs. On Wednesday, he claimed that relief is already on its way because of a secret military operation that had ferried what he said was 100 million barrels of oil through the Strait of Hormuz, the primary
shipping channel for 20% of the world’s global oil supply that has been efectively closed by the war since late February.
“Trump really said, ‘I love the infation.’ On camera. For all of America to hear,”
Senate Democratic Leader Chuck Schumer quickly posted on X. “His contempt for you knows no bounds.”
House Democratic Leader Hakeem Jefries said on X that with Trump’s stated love of infation, “We fnally found something that Donald Trump loves as much as he loves himself.”
Rep. Emilia Sykes, D-Ohio, quickly pressed Energy Secretary Chris Wright at a hearing about whether he, too, loved infation.
“Do you love infation?” Sykes asked.
China car exports jump 73% in May as high fuel prices raise interest in EVs
By CHAN HO-HIM AP Business Writer
CHINA’S passenger car exports jumped 73% year-on-year in May to around 809,000 vehicles, an industry group reported Wednesday, as higher gasoline and diesel prices due to the war in Iran raised interest in electric vehicles.
That’s up from about 796,000 passenger cars exported in April, data from the China Association of Automobile Manufacturers showed.
Exports of new energy vehicles, including pure EVs and plug-in hybrids, more than doubled in May from a year earlier to about
NOTICE
NOTICE is hereby given that I, LANDIE DAYANA UTILE of Pink Meadows, Faith Avenue, Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4rd day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
435,000 passenger cars, or more than half the total.
Chinese automakers such as BYD have been stepping up their overseas expansions, targeting markets including in Latin America, Asia and Europe at a time when domestic demand is coming under pressure, partly due to scaled-back
“I love ending Iran’s ability to have a nuclear weapon,” Wright answered. He only conceded after being pressed: “No, I would prefer lower infation.”
When asked about Trump’s specifc comments, Wright said, “He’s an entertaining, hyperbolic guy who’s done tremendous leadership.”
Trump claimed the secretive shipments were why oil prices had fallen below $90 a barrel, after surpassing $110 at the start of April.
“I’m just announcing today for the frst time, but we’ve been taking out millions of barrels of oil, millions of barrels every night,” Trump said.
On social media, the president said the mission began last month and had “resulted in more than 100 MILLION Barrels of Oil
government incentives for drivers to switch to EVs.
Domestic passenger car sales in May fell 23.4% from a year earlier to 1.44 million vehicles, the CAAM said, the seventh straight month of year-onyear declines. Sales of cars with internal combustion engines — including gasoline and diesel vehicles — fell almost 42% from the year before as the share of EVs grew.
UBS bank expects China’s annual passenger car
NOTICE
NOTICE is hereby given that I MANNUR VENKATRAM REDDY of P.O.Box SS-19987, #21 Cable Beach, New Providence, 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 twentyeight days from the 11th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait.” There was no immediate data available to back up that total, and it was not immediately clear what role the U.S. military had played. To put that fgure into context, a daily average of 20 million barrels of oil had gone through the strait before the war, which would mean that Trump’s mission had resulted in
exports to rise about 40% in 2026 from a year earlier, with EV exports possibly up about 80%.
“The high oil price certainly has translated into further higher interest on the EV,” said Paul Gong, head of UBS’s China automotive industry research.
China’s car exports were stronger than expected in the frst few months of this year, Gong said, while domestic car sales were weaker than expected.
Claire Yuan, an auto analyst at S&P Global Ratings, expects China’s passenger car exports to maintain strong momentum in 2026 and forecasts a year-onyear growth of 30% to 50%.
the equivalent of fve days’ worth of normal oil shipments. Responding to the new infation report, the White House pointed out that some expenses had dropped in May relative to the previous month: the price of new vehicles, prescription drugs and auto insurance, for example. But when the overall infation number is paired with the change in hourly wages, there is a bleak sign that people’s spending power relative to their earnings has declined.
Roughly one in four new cars sold globally last year was electric, the International Energy Agency said in its latest annual global EV outlook, released in May, and that’s going to grow further this year despite a more sluggish start of the year. EV sales could reach 23 million and make up nearly 30% of all cars sold in 2026, the IEA said.
China is the world’s largest producer of EVs, supplying the majority of EVs sold worldwide.
BYD, China’s largest EV maker, sold over 160,000 vehicles abroad in May, up 80% from the year before. It aims to sell 1.5 million vehicles overseas this year,
PUBLIC NOTICE
The public is hereby advised that I, ALEX ALMONOR of Freeport, Grand Bahama, Bahamas intend to change my name to ALEX WEECH. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
NOTICE
NOTICE is hereby given that I, SHANEIKA TASHALEE BURRELL of Seaview Circle, Monastery Park, 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 4th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that I ROSE TIEMA CASIMIR of Coconut Grove Avenue, New Providence, 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 4th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that I ELDEKA ROSE MARIE STRACHAN of P.O.Box N231 Rita Pugh Estate, New Providence, 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 twentyeight days from the 4th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PRESIDENT Donald Trump speaks in the Oval Office of the White House, Wednesday, June 10, 2026, in Washington. Photo:Julia Demaree Nikhinson/AP
SpaceX wants regular investors to help its stock launch. Here’s
By STAN CHOE AP Business Writer
WHEN SpaceX makes its debut on the U.S. stock market, it wants smaller-pocketed, mom-and-pop investors to play a big role in what may be the biggest IPO ever.
Elon Musk’s rocket company, formally known as Space Exploration Technologies Corp., is steering some of its initial public ofering of stock directly to what are called “retail” investors. These are people who buy stocks in a brokerage account on their phone, not pension funds or other big “institutional” investors routing orders to their professional trading desks.
Here are some things to keep in mind as the IPO approaches:
A chunk of SpaceX stock will go to regular investors
Most IPOs ofer only 5% to 10% of the total ofering to retail investors, according to Fidelity. In this case, though, it could be up to 30%. SpaceX expects retail investors to participate in its IPO through Charles Schwab, Fidelity, Robinhood, SoFi and E-Trade by Morgan Stanley.
At Fidelity, investors with as little as $2,000 in their accounts could potentially snag SpaceX shares in the IPO. That’s down from account minimums of $100,000 or even $500,000 that Fidelity has for other equity oferings. Demand from investors may be so high in this IPO
what to know before clicking
‘buy’
that not everyone indicating interest will actually get a share.
Trying for a shortterm fip has risks
Given all the hype around SpaceX, temptation could be high to grab shares in the IPO and sell them quickly if a frenzy sends its price spiking. But brokerages have policies to block investors from future oferings if they dump shares bought in an IPO quickly, like within a couple weeks.
Big swings in price may be possible
Potentially high interest from retail investors following the IPO is one reason SpaceX is warning that its stock price could
Legal Notice
International Business Companies Act (No. 45 of 2000)
ASG INVESTMENT LTD. (the “Company”)
In Voluntary Liquidation
Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), ASG INVESTMENT LTD. (the “Company”) is in Dissolution. e date of commencement of the Dissolution is the 9th June, 2026. Gustavo Dos Santos Vaz is the Liquidator and can be contacted at Av General Leite de Castro, Bl 2 Ap 71, Jardim Santa Cruz, CEP 04182-020, São Paulo – SP, Brazil All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 9th July, 2026.
Gustavo Dos Santos Vaz Liquidator
INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)
In Voluntary Liquidation
Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), YESS SECURITIES LIMITED (the “Company”) is in dissolution. e date of commencement of the dissolution is 1st June 2026. is the Liquidator and can be contacted at Residencial La Fontana, Anzio Street, House No. 46, Panama, Republic of Panama. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 1st July 2026.
be volatile. These investors aren’t known for moving as meticulously as a pension fund, which is trying to build money for payments it must make years or decades in the future.
It’s retail investors, after all, who helped drive GameStop and other “meme stocks” to market-bending heights in 2021 that professional investors called irrational.
IPOs can see a big frstday bounce, but that may not last
The typical IPO has seen a 7% jump in its frst day of trading, from 1980 through 2025, according to Jay Ritter, an IPO expert and a professor at the University of Florida’s Warrington College of Business.
But IPOs tend to lag similar-sized peers in the ensuing fve years, not including their frst day of trading. They do so by an average of 3.6% per year, according to Ritter.
SpaceX has debt and has been losing money
It’s very expensive to launch things out of the earth’s atmosphere and to construct huge AI data centers, and SpaceX has built up $29.1 billion in debt, as of the end of March.
The company also lost $4.9 billion last year and another $4.3 billion through the frst three months of 2026. It acknowledges that it “may not achieve proftability in the future.”
Over the long term, a stock’s price tends to track with how much proft the company is making.
You don’t have to buy SpaceX to own it
You could end up owning some of SpaceX even if you never intended to. Consider the many people who own shares of the popular QQQ exchange-traded fund, which tracks the Nasdaq 100 index and has roughly $460 billion in total assets.
Historically, the Nasdaq 100 index would wait until each December to add new members in an annual reconstitution to make sure it includes the 100 largest non-fnancial companies on the Nasdaq. But Nasdaq recently made changes to allow some big companies to enter the Nasdaq 100 index after just 15 trading days.
That means if SpaceX’s IPO is as successful as expected, it could quickly join both the Nasdaq 100 and QQQ fund, all while QQQ holders do nothing on their own.
The company behind the more popular S&P 500 index, though, is not making changes that would allow SpaceX faster entry.
Any shares bought would take a back seat to Musk’s in infuence
In its IPO, SpaceX is ofering 555.6 million shares of its “Class A” stock. Each of these shares gives an investor one vote on matters that shareholders decide. That includes such weighty things as who is on the board of directors overseeing the CEO.
This IPO is not ofering what are called “Class B” shares, each of which give its holder 10 votes. Musk, meanwhile, owns so many of those shares that he by himself could control more than 82% of all the stock’s voting power following the IPO.
In flings with U.S. securities regulators, SpaceX acknowledges the potential for conficts of interest between it and Musk, along with other companies he owns, such as Tesla.
Some big investors really disagree with the ownership structure
Ofcials from pension funds for frefghters, teachers and other workers in California and New York sent a letter to SpaceX last month decrying some of the provisions in its IPO, including “super voting shares,” mandatory arbitration of shareholder claims instead of the possibility of lawsuits and how much power Musk will hold over the company. They said they could become owners of SpaceX stock because they hold index funds, which automatically buy stocks after they get included in certain indexes.
If Musk is able to control so much of the voting power on the board of directors, it would make him tremendously powerful atop SpaceX, “essentially making him unfreable without his own consent,” the CEO of California Public Employees’ Retirement System, the New York state comptroller and the New York City comptroller wrote in their letter.
“This level of insulation from accountability is virtually unheard of among any other large U.S. issuer whose governing documents foreclose accountability to public owners on these terms.”
Don’t confuse SpaceX with other companies with similar names
SpaceX plans to trade under the ticker symbol “SPCX.” That’s very close to “SPCE,” which is the symbol for Richard Branson’s Virgin Galactic Holdings.
A FALCON 9 SpaceX heavy rocket lifts off from pad 39A at the Kennedy Space Center in Cape Canaveral, Fla., Tuesday, Feb. 6, 2018.
Photo:John Raoux/AP
Anthropic pledges $200 million to research AI’s economic impact as CEO suggests job loss solutions
By KAITLYN HUAMANI AP Technology Writer
ANTHROPIC on Wednesday joined growing calls for the artifcial intelligence industry to fnd ways to cushion people from the technology’s disruptions, announcing an initial $200 million investment to research AI’s impact on jobs and the economy.
Alongside new policy proposals from the maker of the Claude chatbot, Anthropic CEO and co-founder Dario Amodei published an essay on his personal website that expanded on his position that the government should promise economic support for those fnancially impacted by AI. The technology could produce much larger disruptions to the labor market than previous technological advancements, Amodei wrote, and those disruptions could last longer.
“The key challenge in such a world won’t be incentivizing growth, but fnding a way for everyone to share in the benefts,” Amodei wrote.
The announcement comes on the heels of Anthropic rival OpenAI on Monday outlining goals that included ensuring gains from the technology are
“ e key challenge in such a world won’t be incentivizing growth, but nding a way for everyone to share in the bene ts.”
“widely shared.” OpenAI CEO Sam Altman recently met with Sen. Bernie Sanders to discuss a plan for the public to take an ownership stake in artifcial intelligence companies like OpenAI, using their stock to create a public wealth fund that would spread the fortune generated by AI behemoths.
In the Oval Ofce on Wednesday, President Donald Trump told reporters that he will soon meet with executives from several leading AI companies to discuss “giving back” to the public.
“We’re talking about giving back something to the public, and if we do that, the public will become very rich,” Trump said. “I think they’ll do that, and I think it’ll make it very popular.”
In his essay, Amodei said he has warned of job displacement not because he is “trying to be a ‘prophet of doom’” but because he wants “both policymakers and the private sector to have the best chance
Dario
Amodei
to adapt and respond.” He proposed better data collection to track AI job displacement, pro-employment policy incentives to slow or reduce displacement and “mechanisms such as universal basic income” if job displacement more permanently drives down labor demand.
That universal basic income could be fnanced through taxes on “relevant companies” or by raising the capital gains tax, Amodei wrote.
Scant details were available Wednesday about the $200 million commitment from Anthropic, but the company said it will go to what it calls an Economic Futures Research Fund that will back research trials and “program evaluation” on public policies it deems promising. The company is also establishing a $150 million national fellowship program it says will help early-career professionals “extend the benefts of AI to communities across America.”
Anthropic and OpenAI each recently announced they were moving toward initial public oferings of shares, following Elon Musk’s rocket company SpaceX, which is pitching itself as an AI-focused space company as it prepares to go public.
The economic policy framework Anthropic proposed Wednesday set recommendations for how the U.S. government could respond to three levels of economic disruption caused by AI: one in which the national unemployment rate reaches 5%, 10% and an unspecifed, “unprecedented” level. The latest unemployment rate, reported last week, was 4.3%.
In the “unprecedented” scenario, the company wrote that more permanent support will be necessary, and it listed several ways to generate and share revenue broadly, including basic income, sovereign wealth models and equity-sharing mechanisms. This would be “novel economic territory,” the company wrote.
The company’s proposals also outlined several suggestions for mitigating safety and security risks.
Anthropic is known for its emphasis on safety and building reliable, “steerable” AI systems, with Amodei and its co-founders splitting of from OpenAI to form the new company in 2021.
The proposals add that the government should be able to “block or deter” the rollout of AI models that “pose a signifcant risk of catastrophic harms.”
Amodei wrote that AI regulations should match the rigor of Federal Aviation Administration regulations in that AI models would be required to go through technical testing and auditing like airplanes. They wouldn’t be released if they didn’t meet high safety standards.
Last week, Trump signed an executive order on AI oversight that established a framework for the government to vet the national security risks of the most advanced AI systems for up to a month before their public release.
Amodei added existing regulations for aircraft, automobiles and drugs should serve as models for regulating AI.
