08222025 BUSINESS

By FAY SIMMONS

Business Reporter

BAHAMAS Power and Light (BPL) will give a 50 percent rebate on the base rate to residents in Eleuthera, Long Island, and Cat Island in the next billing cycle, as compensation for repeated power outages experienced this summer.

BPL’s CEO Toni Seymour made the announcement during the Office of the Prime Minister’s weekly press briefing, stating that the utility is “working diligently” to stabilise power generation across the Family Islands.

“I would like to apologise once again to all of our Family Island customers who have been experiencing extended out due to power disruptions, generation shortfalls or whatever the case may be, and to advise that we have we are offering a 50 percent

Island outages

rebate on the base rate for the next billing cycle to the residents of Eleuthera, Long Island and Cat Island,” said Ms Seymour. She added that BPL allocated $30m for upgrades across the Family Islands in preparation for the peak summer demand, though she noted the funding is only part of the broader investment required.

“We had put a budget in place for what it would have cost us to get the Family Islands prepared for summer

— that was around $30m, roughly,” she said.

“And that’s not all of the upgrades that would be required to get it to the level of service that we would want it to be at.”

On Cat Island, residents are currently experiencing fourhour load shedding intervals, but BPL teams are actively working to address the shortfall with both repairs and new generation capacity.

“We have teams on the ground who are currently working to install a brandnew unit in the power station

at Cat Island. So initially, we had a failure on one of the units. Cat Island Power Station has four engines installed- we had a failure on one of the units, and about a week later we had a failure on a second unit, which has now reduced us to only two units available at the power station,” said Ms Seymour.

‘Use St George’s Cay to solve Eleuthera power’

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

AN ELEUTHERA resident questioned what “conditions” BPL would agree to in order for St George’s Cay Power Company (SGCPC) to act as a temporary solution to electricity woes.

When asked if they had contemplated allowing SGCPC, the energy provider for Spanish Wells, Russell Island, West End Cay, Charles Cay and Royal Island to provide generation to parts of Eleuthera, Toni Seymour,

BPL’s chief operating officer, yesterday said they hadn’t considered it. She added: “That would have to be some discussions between BPL, St George’s Cay Power, URCA and the government of The Bahamas.

Leatendore Percentie, an Eleutheran frustrated with the state of electricity on Eleuthera and Harbour Island and a supporter of SGCPC, argued that when plans were being made years ago for SGCPC to be involved in power generation in other parts of Eleuthera, BPL was the challenge that thwarted the scheme. He said at the

Dredging for Clifton LNG terminal starts this month

By FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE government will begin dredging works for the country’s first liquefied natural gas (LNG) terminal at Clifton Pier before the end of the month, Energy and Transport Minister JoBeth Coleby-Davis confirmed yesterday. Speaking at the Office of the Prime Minister’s weekly press briefing, Mrs ColebyDavis said The Bahamas is transitioning away from its “old, unreliable” energy system to a cleaner, more affordable energy grid—and work is already

underway to integrate solar and LNG into the energy mix for New Providence.

“Work has already started on utility scale, solar at Blue Hills power station,

meetings he attended, it was explained it was a matter of who would conduct the billing process.

“Number one, they’re [SGCPC] willing,” Mr Percentie added. “Number two, they have the capacity. And number three, the obstacle was that the government of The Bahamas, BPL, they do not want St George’s Power to directly bill. That is the obstacle.

“In the meetings that we were there for us to go out and promote the idea of St George’s Power coming here, that was what they had told us - that the only way that

they will do it is if they were allowed to do the direct billing. In other words, they do not trust BPL. That’s the bottom line. Don’t worry about the dressing up and all that stuff. We’ve had enough of this nonsense going on here in Eleuthera - long enough and it’s got to end. Somebody has got to come to their senses somewhere, somehow, and give this area some kind of darn priority, because what is going on here, it’s utter nonsense. Nothing more, nothing less.

Residents unhappy with BPL despite rebate

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A 50 percent rebate on the base rate for the next billing cycle offered to residents of several Family Islands experiencing power woes isn’t satisfactory, according to some. With power woes hitting multiple Family Islands, Bahamas Power and Light (BPL) announced yesterday that a 50 percent rebate on the base rate would be provided to residents of Long Island, Cat Island and Eleuthera for the next billing cycle. While some residents have expressed appreciation for the gesture, they are still not pleased with the state of service BPL provides and some have argued that the rebate isn’t sufficient.

“If those people feel that giving us a discount on a one-month or whatever electricity bill, they better think again,” Annette Young, who resides in Eleuthera, said. “It’s absolutely ridiculous. They have no clue of the position we are in here. Every day somewhere on this damn island is out of power. Those people down south are suffering. No power in the morning, no power at night, the clinics, the schools, everybody is out of power at any time, any day. And for them to think that giving us a rebate...Yeah, sure, fine and dandy, some people will really be happy with that, because they could use the funding towards the appliances that have been all burnt to hell.

“I can’t even consider the rebate as a happy means to anything. What is it that they’re doing? They’re just giving us pennies on a bill? For what? Yeah, fine and dandy. It’s a great gesture. But for what, if they’re not going to give a better gesture in terms of getting the damn equipment updated. Wouldn’t it be better to keep the bills low until you can get the generators in here?”

By FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

Protection Bill, which is intended to replace the existing Data Protection (Privacy of Personal Information) Act, 2003 The Office of the Data Protection Commissioner (ODPC) said yesterday the new draft law will bring the country in line with international best practices and address gaps exposed by the fast-changing technological landscape. “That Act, which was largely based on the OECD Guidelines of 1980, provided an important foundation for protecting personal information across the public and private sectors. However, over the past two decades, the rapid evolution of technology, the emergence of new categories of data, and the increasing risks to personal privacy have made it clear that a comprehensive

BPL questioned on using St George’s Cay Power Company

ST George - from page B1

“They need to find out what conditions will BPL accept from St George’s Cay to participate with St George’s Cay. That’s what I would like to know. Honestly to God, Eleuthera is sick of tired, of the garbage treatment that we’ve been getting from from BPL. They have enough money derived particularly from Harbour Island. I understand some months it’s several million dollars. So they can do whatever they want. And for whatever reason, it’s nothing but excuses after excuses after excuses. That’s the long and short of it. Anything outside of that, they may as well just shut up, because all they doing is talking nonsense.”

Noting that she’d need to conduct some more research, Annette Young, who resides in Eleuthera, questioned “why would they not consider that?”

“Why would they not consider that, if it would help them and their load of customers have a better, normal life with power?

Why would they not consider that,” Ms Young challenged.

“I would obviously have to read in more detail as to what it would incur. But if you have BPL, who cannot provide the power necessary for their customers, they can’t afford to keep their own people on, why

would they refuse the help or the joining of another company that can alleviate some of the issues that they’re having so that everybody could stay on with power?”

Kelly Lash, another Eleuthera resident, however, said he doesn’t believe involving another energy provider will help, adding that old infrastructure is the root of the problem.

“I don’t think that’s going to make any difference, because the big problem is infrastructure,” Mr Lash said. “The wires are just shot. The 40, 50-year-old wires, and everything’s just breaking every which way. So that’s the biggest problem. And then we are obviously exceeding our ability to generate by our demand, and that’s causing the generators on either end of the island to overheat, and when that happens, everything shuts down. It’s just a big mess. Mr Percentie added: “We’ve heard enough stories. I don’t want to hear no more stories from BPL. They got to come here and do what they got to do. I understand that there is another company who’s trying to get into North Eleuthera - whatever it’s called. And these folks, they already collected money, they already sold shares, and it’s an insult, because now they’re coming to the Harbour Island Commonage to ask for land to do their business after the deal has already been done. So tell them to stop talking foolishness. We’re not stupid island people.”

'Absolutely ridiculous' problems with power

UNHAPPY - from page B1

Another Eleutheran, Kelly Lash, added that he prefer the money go toward “some decent equipment”.

“Having 50 bucks off my bill for next month is not going to help [that I’m] working in the dark. I think a lot of the people in Eleuthera appreciate at least the effort to drop their bills, but we’d much rather see them get everything fixed.”

Jill Smith, owner and operator of Stella Maris, questioned if the rebate

also applied to businesses, adding that residents in Long Island deserve any discount BPL is offering. However, she argued that 50 percent off the base rate would be “okay if they had normal fuel surcharges.”

“I think a 50 percent discount on the base rate is okay if they had normal fuel surcharges,” she said. “But it doesn’t reflect fairly on our electricity bills. My electricity bill is $220 and my fuel surcharge is $350. How? Where are they getting these fuel surcharge prices from? Where in the world has fuel gone up?

50% cut on base rate after outages

REBATE - from page B1

“So while we’re conducting repairs on one of the failed units, we’re also installing a brand-new unit to shore up generation on

that island, and we expect to have those completed by mid-next month.”

For Long Island, Ms Seymour said customers can expect more stable generation within the next 48 hours. She explained that

Oil has not changed. Oil in America right now, wherever the frig we get our oil from has not gone up.

“I was reading something the other day where the minister was saying that in the summertime, we revert to a more crude oil version, I guess, to supply the generators, because the demand is more, obviously, because more people are using appliances during the summer, AC, what have you. Whereas in the winter months, we can revert, because the consumption is not so high, they can revert back to different generators

one of the island’s three units was damaged by severe weather linked to Tropical Storm Erin, which passed near the southern Bahamas last week.

“We have technicians on the ground that are addressing the generation issues at the Long Island Power Station. We have three units installed, at the plant at Millers and one of the units lost the surge suppressor. We had some heavy

Nation moving from ‘old, unreliable’ energy - minister

LNG - from page B1

with the land cleared and construction moving ahead and before the end of this month, dredging will begin for our LNG project. This will allow us to switch to cleaner burning natural gas, a major step in cutting costs, reducing pollution and keeping pace with global energy standards,” said Mrs Coleby-Davis. Mrs Coleby-Davis also announced that Eleuthera, Bimini, and Abaco will be the first Family Islands to have renewable energy

integrated into their power grids via power purchase agreements, with work expected to be completed by the third quarter of next year.

“Through the new power purchase agreements, we are bringing in modern, reliable and cleaning power for the Family Islands. The first three islands to benefit will be Eleuthera, Bimini and Abaco, all to be completed by the third quarter of 2026,” said Mrs Coleby-Davis.

In support of modernisation efforts, the government plans to launch a pilot project for smart metering in Eleuthera, with an RFP for the national rollout of advanced metering infrastructure expected by the third quarter.

The new smart meters will automatically notify BPL about power outages.

“These are like smart meters. Instead of waiting for customers to call, the system itself will tell BPL when a home or business loses power. This will help us find problems faster and fix them quicker. A full RFP for the national rollout will be released by the third

quarter of 2025,” said Mrs Coleby Davis.

Addressing ongoing public concern about high summer electricity bills, BPL CEO Toni Seymour said that surcharges rise during the peak season due to increased reliance on diesel-powered generators at Blue Hills, rather than the more cost-effective heavy fuel oil (HFO) units at Clifton Pier.

She said she expects the cost of electricity during summer months to be reduced over time due to the addition of renewable energy sources.

“We don’t expect that [bills] are going to be higher as the years go by, because as we transition to more renewable sources of energy, solar, battery, LNG, etc. It reduces our reliance on fossil fuels, where the price kind of fluctuates,” said Ms Seymour.

“We have to pass those costs on to the customer. So the more energy we can produce from renewable sources, it reduces the amount of fuel that we have to use to produce that to meet that same demand. So

that goes with a different fuel.

“But to me, it’s flipsy flopsy. You already know the consumption is more in the summer, but still, there’s no reflection on these fuel surcharges. So a 50 percent reduction on my base rate would be okay if they stop charging us these outrageous fuel surcharges. And that’s what’s pissing Bahamian people off. It’s like I said, these outrageous fuel surcharges that are higher than your electricity bill. Nobody would mind if your bill was $200 and they tell you, ‘Okay, your fuel surcharge is $50. Everybody pitch in $50.’ But you can’t have an electricity bill of $220 and your fuel surcharge is $350. No. Make it make sense. And this is what’s outraging people.”

winds with the outer bands of Tropical Storm Erin that was passing, and we experienced a number of surges at the power plant,” said Ms Seymour

“The two units can carry the entire load on the island. However, if we lose one of those two, we’re in a load shedding situation. We should have the third unit back up in the next 48 hours or so.”

over time, we expect to see the cost come down.”

The Davis administration signed an agreement in March to facilitate the development of an LNG terminal at Clifton Pier.

The terminal will be a joint venture between FOCOL and Shell, with construction of the first and second phase to amount to just under $200m.

Attorney General Ryan Pinder previously stated the construction and capitalisation of the terminal will be a joint venture between FOCOL and Shell and will include the regassification and storage facility.

He said the government will purchase the fuel via a special purpose vehicle (SPV) and it will then be resold to other power generators.

The terminal is expected to be producing enough natural gas to cover BPL’s base load within the next 18 months and will be constructed in phases, with the first phase expected to be completed and receiving the first shipment of natural gas by November 1.

For the pipeline, Mr Pinder said there will be a small pipeline at Clifton Pier to supply the gas from the vessels to the storage facility and the existing diesel pipeline between Clifton and Blue Hills will be replaced.

Data protection law

‘to address gaps’

DATA - from page B1

reform is necessary,” said the statement.

The OPDC said the new Bill will significantly expand the rights of individuals and

introduce broader rights for individuals to access, correct, and control their personal information.

The Bill also includes provisions specifically designed to address modern technologies and industries and will be designed to anticipate and accommodate future innovations and industry shifts.

“The draft Bill significantly expands the rights of individuals by giving data subjects greater control over their personal information, while also imposing stronger responsibilities on data controllers and processors to ensure transparency, accountability, and the secure management of personal data,” said the statement.

“Unlike the existing Act, which was narrowly framed and difficult to adapt to technological changes, the new Bill has been carefully structured to anticipate emerging industries and innovations, including financial technology, digital assets, e-commerce, biometrics, artificial intelligence, cloud computing, and other areas that rely heavily on the responsible use of data.”

The ODPC is encouraging residents, businesses, civil society organisations, and other stakeholders to review the draft Bill and submit feedback as part of the consultation process. A public forum is scheduled for early September to facilitate further engagement and discussion.

Tesla is slow in reporting crashes and the feds have launched an investigation to find out why

By BERNARD CONDON

AP Business Writer

FEDERAL auto safety

regulators are investigating why Tesla has repeatedly broken rules requiring it to quickly tell them about crashes involving its selfdriving technology, a potentially significant development given the company's plans to put hundreds of thousands of driverless cars on U.S. roads over the next year.

The National Highway Traffic Safety Administration said in a filing on Thursday that Tesla's reports on "numerous" incidents involving

its driver assistance and self-driving features were submitted far too late — several months after the crashes instead of within five days as required.

The probe comes two months after the electric vehicle maker run by Elon Musk started a self-driving taxi service in Austin, Texas, with hopes of soon offering it nationwide.

The company also hopes to send over-the-air software updates to millions of Teslas already on the road that will allow them to drive themselves.

Investors enthusiastic about such plans have kept Tesla stock aloft despite

plunging sales and profits due to boycotts over Musk's support for U.S. President Donald Trump and far-right politicians in Europe.

The safety agency said the probe will focus on why Tesla took so long to report the crashes, whether the reports included all the necessary data and details and if there are crashes that the agency still doesn't know about.

Tesla did not respond to a request for comment, but the agency noted that the company has told it the delays were "due to an issue with Tesla's data collection," which Tesla says has now been fixed.

FTC sues LA Fitness operators for ‘exceedingly difficult’ gym cancellation policies

By WYATTE GRANTHAM-PHILIPS AP Business Writer

The U.S. Federal Trade Commission is suing the operators of LA Fitness, over allegations that they make it "exceedingly difficult" for consumers to cancel gym memberships and other related services offered in their clubs nationwide.

In a Wednesday complaint, the FTC accused Fitness International and its subsidiary Fitness & Sports Clubs of illegally charging consumers "hundreds of millions of dollars in unwanted recurring fees" as a result of cumbersome cancellation processes.

The agency said that tens of thousands of customers have reported difficulties with these policies to date.

"The FTC's complaint describes a scenario that too many Americans have experienced — a gym membership that seems impossible to cancel," Christopher Mufarrige, director of the agency's Bureau of Consumer Protection, said in a statement.

Beyond LA Fitness, California-based Fitness International operates brands like Esporta Fitness, City Sports Club, and Club Studio — spanning across more than 600 locations with over 3.7 million members nationwide. And the FTC pointed to two "unfair and unlawful" cancellation processes that it says these gyms have used for years: in-person cancellation or cancellation by mail.

Both of these options require consumers to print out a form on the gym's website, which includes logging in with credentials that the agency says

some customers don't have or remember. And if a customer opts for inperson cancellation, there's limited hours and often difficulty finding a manager to process the forms, the complaint notes — while mailing the form comes with additional costs.

"Each of these cancellation methods is opaque, complicated, and demanding — far from simple," the FTC writes in its complaint. It also alleges that the company doesn't adequately disclose cancellation offerings when consumers sign up for memberships, and that some will be signed up for additional services with recurring charges without realizing there may be different cancellation requirements.

According to the FTC, Fitness International now offers website cancellations for subscriptions "with stand-alone agreements" — but the agency said the process "still imposes unnecessary burdens" on customers and claims that that option is buried online. It's also still not possible to cancel memberships on the company's mobile apps, the FTC added.

Jill Hill, president of club operations at Fitness International, expressed disappointment in the FTC's decision to pursue litigation — and said that the allegations were "without merit" and that the company was confident that it would prevail in court. In a statement, Hill noted that the statute that the FTC relied "was designed to address only online retail transactions, does not require any specific method of cancellation, and has never before been applied to the health club industry."

The new investigation follows another probe that began in October into potential problems with Tesla's self-driving technology in foggy weather and other low visibility conditions, which has been linked to several accidents including one death. That probe involves 2.4 million Tesla vehicles.

The crash reporting rule for vehicles using Level 2 driver-assistance software, or those that require drivers to pay full attention to the road, was implemented in 2021. Since then Tesla has reported 2,308 crashes when the software was used, the vast majority

of the more than 2,600 reported by all automakers, according to agency data. The numbers are skewed by the fact that Tesla is by far the dominant maker of partial self-driving vehicles in the U.S.

The company has been offering robotaxi rides in Austin to only a select group of riders, but said it will allow any paying customer to hail its cabs starting sometime in September, according to a Musk post on X earlier this month. Tesla has also begun allowing limited robotaxi service in San Francisco with a driver behind the wheel as a safety check to

conform with California rules. Investors in Tesla were initially cheered after Trump won the presidency in hopes he would reward his biggest financial backer, Musk, by getting safety regulators to go easier on the company. Now that isn't so certain given Musk's falling out with the president in recent months after Musk called Trump's budget bill an "abomination" that would add to U.S. debt and threatened to form a new political party. Tesla stock fell less than 1% in afternoon trading Thursday to $321.

She added that Fitness International "proactively launched" its online cancellation process 18 months before the FTC's "click to cancel rule" was set to take effect.

"With just a few clicks, members may cancel online — a step we voluntarily implemented well ahead of regulatory deadlines," Hill said, adding that the company chose to keep this offering in effect "to provide members with yet another simple way to cancel."

This isn't the first time that federal regulators have accused gym operators — and other companies with

subscription services — of making their cancellation processes too difficult for consumers.

Under the Biden administration, the FTC adopted a "click to cancel" rule, which would have made

it easier for consumers to end unwanted subscriptions. But last month, days before that rule was poised to go into effect, a federal appeals court blocked the proposed changes. In its litigation against Fitness International, the

FTC says it's seeking a court order prohibiting the allegedly unfair conduct and money back for consumers who were harmed by difficult cancellation processes.

THREE PRINCIPLES TO INVEST BY, WHATEVER COMES NEXT

Dan Lefkovitz Associated Press

I RECENTLY opened a second-quarter investment account statement, not to euphoria—but relief.

Let's not forget, US equities flirted with a bear market earlier this year. There were concerns that China's DeepSeek artificial intelligence would bring down US technology titans. There were the tariffs.

Yet, here we sit in the third quarter of 2025 with the Morningstar US Market Index up nearly 8% for the year and the Morningstar US Core Bond Index having returned more than 3%. Ahead of us lie multiple pathways. Economic data and earnings announcements will provide direction, but there are also

"unknown unknowns" that could alter our course. Here are three investment principles to keep in mind.

Principle 1: Where the market goes, nobody knows Coming into the year, how many pundits talked about AI out of China challenging US tech stocks? Did anyone expect tariffs to be such a factor?

Though 2025 has had its plot twists, changes in market direction are hardly unusual.

Consider thatstocks came into summer 2024 on a tear, beforesentiment turned. A series of releases—jobs, inflation, and earnings— compounded fears of a narrow and pricey market. Somehow, both an unexpected interest rate hike

by the Bank of Japan and an expected rate cut by the Fed triggered selloffs.

But markets recovered. Election results in November sparked a powerful rally. So, w here we go from here is anyone's guess. But I'll cite a story about how dead investors outperform living ones because they don't trade. Buy-and-hold has been a great strategy for long-term investors.

Principle 2: Global investing can pay off

Some think you don't need to own anything other than US equities. But I'llnote that the Morningstar Global Markets ex-US Index has trounced its US equivalent so far in 2025.

What's behind the turnaround? The dollar weakening against many

Why the Federal Reserve has historically been independent of the White House

By CHRISTOPHER RUGABER AP Economics Writer

PRESIDENT Donald Trump this week called on a Federal Reserve governor to resign over an accusation of mortgage fraud, the latest effort by his administration to exert greater control over one of the few remaining independent agencies in Washington.

Federal Reserve governor Lisa Cook says she won't leave her post.

Trump has repeatedly attacked the Fed's chair, Jerome Powell, for not cutting its short-term interest rate, and even threatened to fire him. Powell, who will speak Friday at an economic symposium in Jackson Hole, Wyoming, says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation.

Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. Trump has also accused Powell of mismanaging the U.S. central bank's $2.5 billion building renovation project.

Firing the Fed chair or forcing out a governor

would threaten the Fed's venerated independence, which has long been supported by most economists and Wall Street investors. Here's what to know about the Fed: Why the Fed's independence matters

The Fed wields extensive power over the U.S. economy. By cutting the short-term interest rate it controls — which it typically does when the economy falters — the Fed can make borrowing cheaper and encourage more spending, accelerating growth and hiring. When it raises the rate — which it does to cool the economy and combat inflation — it can weaken the economy and cause job losses.

Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation, such as raise interest rates, which makes borrowing to buy a home, car, or appliance more expensive.

The importance of an independent Fed was cemented for most economists after the extended inflation spike of the 1970s and early 1980s. Former Fed Chair Arthur Burns has been widely blamed for allowing the painful inflation of that era to

other currencies is part of the story. But markets in many regions—Europe, Latin America, and India— have roared to life this year. To me, global investing is about casting the net as widely as possible. So, just as some argue that US-based multinationals provide American investors with global exposure, you could also argue that they're not fully exposed to the US, from a revenue perspective, with a purely domestic portfolio.

Principle 3: Bonds aren't broken

The equity market's extreme volatility in 2025 makes bonds look like steady-Eddies.

While US stocks were in free fall from late February through early April, the Morningstar US Core Bond

Index gained 1.3%. Bonds diversified equities, serving as portfolio ballast. Bonds face a lot of "headline risk." There are debt and deficit concerns. And the shadow of 2022's " worst bond market ever " lingers. While the risks are undeniable, fixed income is also the victim of fearmongering. Not only have bonds diversified stocks, they're also providing aboveinflation income streams. Thanks to the painful interest rate hikes of 2022-23, yields on fixed income are at levels not seen since the mid-2000s.

The road ahead

We're likely to see more twists before 2025 is out.

Short-term asset-price fluctuations are driven by a complex interplay

of variables—macro and micro, fundamental and technical. Longer term, valuation can be a useful guide. According to my Morningstar Equity Research colleagues, the US stock market looked a bit pricey coming into the second half of 2025—not in dangerous bubble territory, but "trading at a slight premium." The bargains cluster on the value side of the market and in smaller-cap stocks. Meanwhile, my colleagues in Morningstar Investment Management continue to see upside in bonds and international equities. As always, a buyand-hold mindset and a diversified portfolio remain sensible investment tactics.

accelerate by succumbing to pressure from President Richard Nixon to keep rates low heading into the 1972 election. Nixon feared higher rates would cost him the election, which he won in a landslide.

Paul Volcker was eventually appointed chair of the Fed in 1979 by President Jimmy Carter, and he pushed the Fed's shortterm rate to the stunningly high level of nearly 20%. (It is currently 4.3%). The eye-popping rates triggered a sharp recession, pushed unemployment to nearly 11%, and spurred widespread protests.

Yet Volcker didn't flinch.

By the mid-1980s, inflation had fallen back into the low single digits. Volcker's willingness to inflict pain on the economy to throttle inflation is seen by most economists as a key example of the value of an independent Fed.

Investors are watching closely

An effort to fire Powell would almost certainly cause stock prices to fall and bond yields to spike higher, pushing up interest rates on government debt and raising borrowing costs for mortgages, auto loans, and credit card debt. The interest rate on the 10-year

Treasury is a benchmark for mortgage rates. Most investors prefer an independent Fed, partly because it typically manages inflation better without being influenced by politics but also because its decisions are more predictable. Fed officials often publicly discuss how they would alter interest rate policies if economic conditions changed. If the Fed was more swayed by politics, it would be harder for financial markets to anticipate — or understand — its decisions. The Fed's independence doesn't mean it's unaccountable Fed chairs like Powell are appointed by the president

International Business Companies Act No.45 Of 2000

to serve four-year terms, and have to be confirmed by the Senate. The president also appoints the six other members of the Fed's governing board, who can serve staggered terms of up to 14 years. Those appointments can allow a president over time to significantly alter the Fed's policies. Former president Joe Biden appointed four of the current seven members: Powell, Cook, Philip Jefferson, and Michael Barr. A fifth Biden appointee, Adriana Kugler, stepped down unexpectedly on Aug. 1, about five months before the end of her term. Trump has already nominated his top economist, Stephen Miran, as a potential replacement,

though he will require Senate approval. Cook's term ends in 2038, so forcing her out would allow Trump to appoint a loyalist sooner.

Trump will be able to replace Powell as Fed chair in May 2026, when Powell's term expires. Yet 12 members of the Fed's interest-rate setting committee have a vote on whether to raise or lower interest rates, so even replacing the Chair doesn't guarantee that Fed policy will shift the way Trump wants. Congress, meanwhile, can set the Fed's goals through legislation. In 1977, for example, Congress gave the Fed a "dual mandate" to keep prices stable and seek maximum employment.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of PETIT MASON LTD. has been completed and the company was struck from the Register on the 25th day of July, 2025.

Tariffs aren’t keeping Walmart from attracting shoppers and outpacing Target

By ANNE D'INNOCENZIO AP Retail Writer

WALMART Inc. powered through an uncertain economic environment and tariff concerns to deliver solid second-quarter financial results Thursday, showing it keeps pulling in shoppers and outpacing peers like Target.

The nation's largest retailer reported a 4.6% quarterly increase in comparable sales — those coming from established stores and online channels. Company executives said Walmart was attracting customers, particularly higher-income shoppers who may have avoided its stores in the past, with fast deliveries, grocery discounts and trendier clothes.

The company, based in Bentonville, Arkansas, also raised its annual profit and sales outlook.

Walmart's results differed notably from those of rival Target, which on Wednesday reported another quarter of comparable sales declines. The Minneapolis-based company has struggled to find its footing as customers defect to Walmart and other stores where they think they will find greater bargains and increasingly, the same or better merchandise.

Target's board of directors named a 20-year company veteran on Wednesday to succeed CEO Brian Cornell when

he steps down after 11 years in early 2026. Walmart said its profitable e-commerce operations, advertising revenue and selection of products with high profit margins have given it flexibility to absorb extra costs from the range of tariffs President Donald Trump has put on foreign products.

Walmart CEO Doug McMillon told investors Thursday that the impact of tariffs also has been gradual enough to mute changes in consumer spending behavior. When the discounter raised prices on certain items, it's observed lower- and middle-income customers trading down to lower-priced options or foregoing purchases, he said.

PASSENGERS SUE UNITED AND DELTA FOR SELLING 'WINDOW' SEATS NEXT TO BLANK WALLS

NEW YORK Associated Press

A PAIR of federal lawsuits filed in San Francisco and New York this week accuse Delta Air Lines and United Airlines of misleading passengers by charging premium fees for window seats next to blank walls.

A New York law firm brought the cases as proposed class actions on behalf of any passengers who say they wouldn't have selected or paid more for their reserved places if they had known the seats did not include a window.

"We have received a flood of interest from passengers who feel they have been harmed by this practice and who wish to join the lawsuits," the Greenbaum Olbrantz firm said in a statement. "It makes sense that people are upset.

The majority of Americans fly on one of these airlines at some point and a large proportion of them want or need a window, and they

pay good money for the privilege."

Both Delta and United declined to comment, citing pending litigation.

The lawsuit against Delta Air Lines states that when New York resident Nicholas Meyer arrived at row No. 23 for a flight to California earlier this month, he discovered the seat he bought was next to a blank wall.

At no point during the seat selection process did Delta warn him that 23F was a windowless window seat, according to Meyer, one of the lead plaintiffs.

Alaska Airlines and American Airlines also sell such seats but disclose the information when customers choose their seats, the lawsuits assert.

The lawsuits allege that United and Delta long have been aware of consumer complaints posted on social media about the windowless seats yet continued charging extra for window seats without windows.

NOTICE

NOTICE is hereby given that THE’RRA SHYHANNA JOHNSON of #16 Spruce Street, Nassau Village, Nassau, The Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LEON BLAIWESS of #878 West Ba ee , Nassau, Bahamas,  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The company will continue to see its costs increase as it replenishes inventory at post-tariff price levels, McMillion said.

"We're doing what we said we would do," he said.

"We're keeping our prices as low as we can for as long as we can. Our merchants have been creative and acted with urgency to avoid what would have been additional pressure for our customers and members."

A growing list of companies, including Procter & Gamble, E.lf. Cosmetics, Black & Decker and Ralph Lauren, told investors in recent weeks that they planned to or already had raised prices because of tariffs, though modestly.

None of that has derailed consumer spending.

Shoppers spent at a healthy pace in July, particularly at the nation's auto dealerships, as signs emerged that President Donald Trump's trade policies were taking a toll on jobs.

Some of that spending may have been shoppers buying furniture and other imported items to get ahead of expected price increases, analysts said.

On Tuesday, Home Depot, the nation's largest home improvement retailer, reported improved sales during its latest quarter as consumers remained focused on smaller projects. Like Walmart, Home Depot's performance missed Wall Street's expectations.

The Atlanta-based company also said shoppers should expect modest price increases in some categories as a result of additional costs from tariffs, which are taxes on imports. Home Depot reported comparable sales increase of 1.4% in line with what home improvement rival Lowe's reported on Wednesday.

But it's Walmart that serves as a barometer of spending given its outsized power in American retailing. The company maintains that 90% of U.S. households rely on Walmart for a range of products, and more than 150 million customers shop on its website or in its stores every week.

Walmart said in May that prices had started to increase in late April and got higher in May. But it said Thursday that it had introduced 7,400 price rollbacks, or temporary discounts, across the aisles in the latest quarter.

The company said it earned $7.03 billion, or 88 cents per share, for the three-month period that ended July 31. That compares with $4.50 billion, or 56 cents per share, a year ago.

Sales rose nearly 5% to $177.4 billion. Walmart's 4.6% growth in U.S. comparable sales during the second quarter was slightly higher than its first-quarter gain of 4.5%. Groceries and

UNITED and Delta Airlines jetliners taxi down a runway for take off at Denver International Airport, Dec. 24, 2024, in Denver.

David Zalubowski/ AP

health and wellness items fueled the growth, the company said.

Global e-commerce sales rose 25%, above the 22% growth in the first quarter. The retailer said roughly one-third of deliveries from its U.S. stores in recent weeks were orders requesting delivery in three hours or less, and 20% of those orders made it to customers in a half-hour or under.

Despite Walmart's solid quarter, its stock price was down 5% in early afternoon trading as its earnings per share came in below what analysts had expected. Analysts were expecting 73 cents per share on sales of $175.93 billion for the quarter, according to FactSet. Per share results, excluding effects of charges related to certain legal matters and from business restructuring, was 68 cents, Walmart said.

One $450 million expense was tied to settlements over worker and shopper injury claims, Walmart said. A company spokesperson said the cost per claim was increasing but not the total number.

For the year, Walmart raised its per-share estimates to a range of $2.52 to $2.62, up from a previous estimate of $2.50 to $2.60. It said 2025 sales are anticipated to increase 3.75% to 4.75%, more than it projected in May.

The Delta lawsuit includes screenshots of some of those complaints. "Your seat map should not consider this premium, nor should it call it a window seat ... There is actually LESS leg room and no perks," one Delta customer said in a post on Reddit.

The proposed class actions are seeking millions of dollars in damages from each carrier.

WALMART HELPS PULL WALL STREET TO ITS 5TH STRAIGHT LOSS

By STAN CHOE AP Business Writer

WALL Street fell to a fifth straight loss on Thursday, hurt by a drop for Walmart and dampened hopes for coming cuts to interest rates.

The S&P 500 slipped 0.4%. All its losses have been relatively modest, but it has not risen since setting an all-time high last Thursday. The Dow Jones Industrial Average dropped 152 points, or 0.3%, and the Nasdaq composite fell 0.3%.

Walmart was one of the market's heaviest weights and dropped 4.5% after reporting a profit for the spring that came up short of analysts' expectations, while Nvidia and other Big Tech stocks held a bit steadier following two days of sharp swings.

The moves were stronger in the bond market, where Treasury yields rose after a report forced Wall Street to scale back hopes that the Federal Reserve may soon deliver relief by cutting interest rates.

The report suggested growth in U.S. business activity is accelerating and hit its fastest rate so far this year. That's good news for the economy, but the preliminary data from S&P Global also said tariffs helped push up average selling prices at the fastest rate in three years. That's a discouraging sign for inflation.

Taken all together, such data has historically aligned more with the Federal Reserve considering a hike in interest rates, rather than a cut, according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

No one expects a rate hike to happen, but the overwhelming expectation on Wall Street has been for coming cuts. Traders are betting on a nearly three-in-four chance that the Fed will lower its main interest rate at its next meeting in September, according to data from CME Group. The hope on Wall Street has been that Fed Chair Jerome Powell may give

hints on Friday that easier rates may be coming.

He will be speaking in Jackson Hole, Wyoming, at an annual conference of central bankers that's been home to big policy announcements in the past.

A cut in interest rates would be the first of the year, and it would give investment prices and the economy a boost by potentially making it cheaper to borrow to buy cars or equipment. But it could also risk worsening inflation.

The Fed has been hesitant to cut interest rates this year out of fear that President Donald

Trump's tariffs could push inflation higher, but a surprisingly weak report on job growth earlier this month suddenly made the job market a bigger worry. Trump, meanwhile, has angrily pushed for cuts to interest rates, often insulting Powell while doing so.

The yield on the 10-year Treasury, which helps set rates for mortgages, rose to 4.32% from 4.29%. The two-year Treasury, which moves more on expectations for what the Federal Reserve will do with short-term interest rates, climbed to 3.78% from 3.74%.

On Wall Street, Walmart dropped even though it reported encouraging growth in revenue during the latest quarter and raised its forecast for profit over its full fiscal year.

Analysts said the market's expectations were high coming into the report. The Bentonville, Arkansas, company's stock came into the day with a gain of 13.5% for the year so far, more than the rest of the market.

Big Tech stocks are under even more pressure to deliver bigger profits amid criticism that their stock prices ran too high, too fast and have become too expensive because of the frenzy around artificial-intelligence technology.

Several AI superstar stocks have swung sharply this week, taking some shine off their skyscraping surges for the year,

because of such criticism. But they held a bit steadier on Thursday. Palantir Technologies, which at one point on Wednesday was on track to fall more than 9% for a second straight day before paring its loss, rose 0.1%. Nvidia, the chip company that's become the poster child of the AI boom, edged down 0.2%.

Coty tumbled 21.6% after the beauty products company reported a loss for the latest quarter, when analysts expected a slight profit. The company, whose brands include CoverGirl and Joop!, said uncertainty about tariffs and the economy are making retailers cautious in their orders. On the winning side of Wall Street was Nordson, which makes products and systems used for precision dispensing and other things. It delivered profit and revenue for the latest quarter that topped analysts' expectations, and its stock rose 3%.

All told, the S&P 500 slipped 25.61 points to 6,370.17. The Dow Jones Industrial Average fell 152.81 to 44,785.50, and the Nasdaq composite sank 72.55 to 21,100.31. In stock markets abroad, indexes were mixed across much of Europe and Asia. Germany, Europe's largest economy, saw its DAX return 0.1% after U.S. and European Union officials offered a framework for their trade deal.

US flight attendants are fed up like their Air Canada peers. Here’s why they are unlikely to strike

By RIO YAMAT AP Airlines Writer

AT THE end of work trips, Nathan Miller goes home to a makeshift bedroom in his parents' house in Virginia. The 29-year-old flight attendant is part of a PSA Airlines crew based in Philadelphia, but he can't afford to live there.

Miller says he makes about $24,000 a year staffing multiple flights a day as a full-time attendant for the American Airlines subsidiary. To get to work, he commutes by plane between Virginia Beach and Philadelphia International Airport, a distance of about 215 miles.

"I've considered finding a whole new job. It's not something that I want to do," Miller, who joined PSA two years ago, said. "But it's not sustainable."

His situation isn't unique.

Frustrations among flight attendants at both regional and legacy airlines have been building for years over paychecks that many of them say don't match the weight of what their jobs demand.

Compounding the discontent over hourly wages is a long-standing airline practice of not paying attendants for the work they perform on the ground, like getting passengers on and off planes.

Air Canada's flight attendants put a public spotlight on these simmering issues when about 10,000 of them walked off the job last weekend, leading the airline to cancel more than 3,100 flights. The strike ended Tuesday with a tentative deal that includes wage increases and, for the first time, pay for boarding passengers.

In the United States, however, the nearly century-old Railway Labor Act makes it far more difficult for union flight attendants like Miller, a member of the Association of Flight Attendants, to strike than most other American workers. Unlike the Boeing factory workers and Hollywood writers and actors who collectively stopped work in recent years, U.S. airline workers can only strike if federal mediators declare an impasse — and even then, the president or Congress can intervene.

For that reason, airline strikes are exceedingly rare. The last major one in the U.S. was over a decade ago by Spirit Airlines pilots, and most attempts since then have failed. American Airlines flight attendants tried

in 2023 but were blocked by mediators.

Without the ultimate bargaining chip, airline labor unions have seen their power eroded in contract talks that now stretch far beyond historical norms, according to Sara Nelson, the international president of the AFA. Negotiations that once took between a year and 18 months now drag on for three years, sometimes more.

"The right to strike is fundamental to collective bargaining, but it has been chipped away," Nelson said. Her union represents 50,000 attendants, including the ones at United Airlines, Alaska Airlines and PSA Airlines.

On Monday, she joined PSA flight attendants in protest outside Ronald Reagan Washington National Airport, near where an airliner operated by PSA crashed into the Potomac River in January after colliding with an Army helicopter. All 67 people on the two aircraft were killed, including the plane's pilot, co-pilot and two flight attendants.

The airline's flight attendants also demonstrated outside airports in Philadelphia, Dallas, Charlotte and Dayton, Ohio. In a statement, PSA called the demonstrations "one of the important ways flight attendants express their desire to get a deal done — and we share the same goal."

Flight attendants say their jobs have become more demanding in recent years. Planes are fuller, and faster turnaround times between flights are expected. Customers may see them mostly as uniforms that serve food and beverages, but the many hats attendants juggle include handling in-flight

CRACKER BARREL UNVEILS A NEW LOGO AS PART OF WIDER REBRAND EFFORTS, SPARKING IRE AMONG SOME ONLINE

CRACKER Barrel is marching forward with an ongoing makeover. And to the dismay of some fans, the chain's new logo now ditches the barrel itself.

Or rather, the drawing many have associated with Cracker Barrel over the years. The man leaning on that barrel is also gone, as are the words "Old Country Store." Instead, the new emblem features a simpler design with just "Cracker Barrel" written on a gold background, which also has a semi-updated shape.

"Anchored in Cracker Barrel's signature gold and brown tones, the updated visuals will appear across menus and marketing collateral," the Tennesseebased company wrote in a Tuesday announcement.

Cracker Barrel added that its logo is "now rooted even more closely to the iconic barrel shape and word mark that started it all."

According to Cracker Barrel, this latest look marks the brand's "fifth evolution" of its logo to date. It was unveiled as part of a campaign from the company called "All the More," which also advertises some new fall menu items.

Cracker Barrel has been working on a wider rebrand for some time. Beyond a new logo, that's included remodeling its countrystyle restaurants and retail stores. The company began ramping up this overhaul last year by swapping out older, more antique-filled designs with lighter paint and modern furniture. Founded in 1969, Cracker Barrel operates nearly 660 locations across the U.S. today. Those attached to the chain's previous look have been quick to express ire about both the new logo and restaurant remodels online. "Our values haven't changed, and the heart and soul of Cracker Barrel haven't changed," Cracker Barrel said in a statement sent to The Associated Press on Thursday. The company added that the man on its former logo, known as Uncle Herschel, "remains front and center in our restaurants and on our menu," as he represents "The Herschel Way," which is "the foundation of how our 70,000 plus employees provide the country hospitality for which we are known."

Shares of Cracker Barrel Old Country Store fell more than 7% by market close Thursday.

emergencies, deescalating conflicts and managing unruly passengers.

"We have to know how to put out a lithium battery fire while at 30,000 feet, or perform CPR on a passenger who's had a heart attack. We're trained to evacuate a plane in 90 seconds, and we're always the last ones off," said Becky Black, a PSA flight attendant in Dayton, Ohio, who

is part of the union's negotiating team.

And yet, Black says, their pay hasn't kept pace.

PSA flight attendants have been bargaining for over two years for better wages and boarding pay. Alaska flight attendants spent just as long in talks before reaching a deal in February. At American, flight attendants began negotiations on a new

PSA Airlines flight attendants hold placards during a demonstration at Ronald Reagan Washington National Airport, Monday, August 18, 2025, in Washington.

contract in 2020 but didn't get one until 2024.

Southwest Airlines attendants pushed even longer — over five years — before securing a new deal last year that delivered an immediate 22% wage hike and annual 3% increases through 2027.

"It was a great relief,"

Alison Head, a longtime Southwest flight attendant based in Atlanta, said.

"Coming out of COVID, where you saw prices were high and individuals struggling, it really meant something."

The contract didn't include boarding pay but secured the industry's first paid maternity and parental leave, a historic win for the largely female workforce.

A mother of two, Head said she returned to work "fairly quickly" after having her first child because she couldn't afford to stay home.

"Now, new parents don't have to make that same hard decision," she said.

Many of her peers at other airlines are still waiting for their new contracts. At United, attendants rejected a tentative agreement last month, with 71% voting no. The union is now surveying its members to understand why and plans to return to the bargaining table in December.

One major sticking point: boarding pay. While Delta became the first U.S. airline to offer it in 2022 — followed by American and Alaska — many flight attendants still aren't compensated during what they call the busiest part of their shift.

Back in Virginia Beach, Miller is still trying to make it work. To report for duty at the Philadelphia airport on time, Miller says he wakes up at around 4 a.m. Once his commuter flight lands, it could be hours still before he is officially on the clock and getting paid. His work day sometimes ends at 2 a.m. the next morning.