New system to support businesses to innovate with help from the Regulatory Innovation Office
FILE PHOTO: Chancellor of the Exchequer Rachel Reeves ahead of a meeting at the European Bank for Reconstruction and Development (EBRD) in Canary Wharf, London, Britain February 20, 2025. Jordan Pettitt/Pool via REUTERS/File Photo
International news via Reuters:
British finance minister Rachel Reeves will meet financial, environmental and health regulators on Monday to unveil an “action plan” to cut red tape by reducing the number of bodies overseeing sectors seen as crucial to boosting economic growth.
Days after Prime Minister Keir Starmer said his government would abolish a body which oversees the state-funded health system in England to cut bureaucracy, Reeves will pledge to cut the administrative cost of regulation on business by a quarter.
“Today we are taking further action to free businesses from the shackles of regulation,” Reeves said in a statement.
“By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”
Faced with tight public finances, Starmer and Reeves are trying to find savings but also unlock new ways to try to boost sluggish economic growth, which contracted in January.
At Monday’s meeting with eight regulators, including the Financial Conduct Authority, Reeves will say environmental guidance will be looked at to end cases when infrastructure projects are delayed by demands such as protecting bat habitats.
The finance ministry said work would begin with major regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, to have their legal duties slimmed down “so that they do not waste time satisfying redundant duties”.
It said the new system would also support businesses to innovate with help from the Regulatory Innovation Office, which is looking at ways to bring new technologies to market more quickly.
Reporting by Elizabeth Piper; Editing by Helen Popper
Russia’s Dmitry Peskov confirmed on Monday that Putin would speak with Trump by phone
International news via Reuters:
U.S. President Donald Trump said he plans to speak to Russian President Vladimir Putin on Tuesday and discuss ending the war in Ukraine, after positive talks between U.S. and Russian officials in Moscow.
“We want to see if we can bring that war to an end,” Trump told reporters on Air Force One during a flight back to the Washington area from Florida. “Maybe we can, maybe we can’t, but I think we have a very good chance.
“I’ll be speaking to President Putin on Tuesday. A lot of work’s been done over the weekend.”
Trump is trying to win Putin’s support for a 30-day ceasefire proposal that Ukraine accepted last week, as both sides continued trading heavy aerial strikes through the weekend and Russia moved closer to ejecting Ukrainian forces from their months-old foothold in the western Russian region of Kursk.
Russia’s President Vladimir Putin and U.S. President Donald Trump shake hands during a bilateral meeting at the G20 leaders summit in Osaka, Japan, June 28, 2019. REUTERS/Kevin Lamarque/File PhotoFILE PHOTO: U.S. President Donald Trump meets with Ukrainian President Volodymyr Zelenskiy at the White House in Washington, D.C., U.S., February 28, 2025. REUTERS/Brian Snyder/File Photo
When asked about what concessions are being considered in ceasefire negotiations, Trump said: “We’ll be talking about land. We’ll be talking about power plants…We’re already talking about that, dividing up certain assets.”
Trump did not elaborate but was most likely referring to the Russian-occupied Zaporizhzhia facility in Ukraine, Europe’s largest nuclear plant. Russia and Ukraine have accused each other of risking an accident at the plant with their actions.
Kremlin spokesman Dmitry Peskov confirmed on Monday that Putin would speak with Trump by phone but declined to comment on Trump’s remarks about land and power plants.
The Kremlin said on Friday that Putin had sent Trump a message about his ceasefire plan via U.S. envoy Steve Witkoff, who held talks in Moscow, expressing “cautious optimism” that a deal could be reached to end the three-year conflict.
A Russian service member walks past destroyed buildings in the town of Sudzha, which was recently retaken by Russia’s armed forces in the course of Russia-Ukraine conflict in the Kursk region, Russia, in this still image from video released March 15, 2025. Russian Defence Ministry/Handout via REUTERS
In separate appearances on Sunday TV shows in the United States, Witkoff, Secretary of State Marco Rubio, and Trump’s national security adviser, Mike Waltz, emphasized that there were still challenges to be worked out before Russia agrees to a ceasefire, much less a final peaceful resolution to the war.
Asked on ABC whether the U.S. would accept a peace deal in which Russia was allowed to keep stretches of eastern Ukraine that it has seized, Waltz replied, “Are we going to drive every Russian off of every inch of Ukrainian soil?” He added that the negotiations had to be grounded in “reality.”
Rubio told CBS a final peace deal would involve “concessions from both Russia and Ukraine,” and that it would be difficult to even begin those negotiations “as long as they’re shooting at each other”.
An overnight Ukrainian drone attack targeted energy facilities in Russia’s southern Astrakhan region, injuring one person and sparking a fire, the regional governor said. Kyiv’s mayor said on Monday Russia had carried out an overnight drone attack on the Ukrainian capital.
‘IRONCLAD’ GUARANTEES
Ukraine’s President Volodymyr Zelenskiy said on Friday that he saw a good chance to end the Russian war after Kyiv accepted the U.S. proposal for a 30-day interim ceasefire.
However, Zelenskiy has consistently said the sovereignty of his country is not negotiable and that Russia must surrender the territory it has seized. Russia seized the Crimea peninsula in 2014 and now controls most of four eastern Ukrainian regions since it invaded the country in 2022.
Firefighters work at the site of an apartment building hit by a Russian drone strike, amid Russia’s attack on Ukraine, in Chernihiv, Ukraine March 16, 2025. REUTERS/Maksym Kishka
Russia will seek “ironclad” guarantees in any peace deal that NATO nations exclude Kyiv from membership and that Ukraine will remain neutral, a Russian deputy foreign minister said in remarks published on Monday.
In an interview with the Russian media outlet Izvestia that made no reference to the ceasefire proposal, Deputy Foreign Minister Alexander Grushko said that any long-lasting peace treaty on Ukraine must meet Moscow’s demands.
“We will demand that ironclad security guarantees become part of this agreement,” Izvestia cited Grushko as saying.
“Part of these guarantees should be the neutral status of Ukraine, the refusal of NATO countries to accept it into the alliance.”
Putin has said his military incursion into Ukraine was because NATO’s creeping expansion threatened Russia’s security. He has demanded that Ukraine drop its NATO ambitions, that Russia keeps control of all Ukrainian territory seized, and that the size of the Ukrainian army be limited. He also wants Western sanctions eased and a presidential election in Ukraine, which Kyiv says is premature while martial law is in force.
The European Union’s foreign policy chief, Kaja Kallas, said on Monday that the conditions demanded by Russia to agree to a ceasefire showed that Moscow does not really want peace.
PEACEKEEPERS
Trump, who has upended U.S. policy by shifting closer to Moscow, berated Zelenskiy in a meeting in Washington last month that ended with the Ukrainian leader leaving the White House early.
But Ukraine’s acceptance of a proposed ceasefire has now put the onus on Russia to cede to Trump’s demands and will test the U.S. president’s more positive view of Putin.
British Prime Minister Keir Starmer said on Saturday that Western allies other than the U.S. were stepping up preparations to support Ukraine in the event of a ceasefire with Russia, with defence chiefs set to firm up “robust plans” next week.
Britain and France both have said that they are willing to send a peacekeeping force to monitor any ceasefire in Ukraine.
Russia has ruled out peacekeepers until the war has ended.
“If they appear there, it means that they are deployed in the conflict zone with all the consequences for these contingents as parties to the conflict,” Russia’s Grushko said.
“We can talk about unarmed observers, a civilian mission that would monitor the implementation of individual aspects of this agreement, or guarantee mechanisms. In the meantime, it’s just hot air.”
Reporting by Nathan Layne, Jeff Mason, David Ljunggren, Julia Harte, Lidia Kelly, Additional reporting by Bart Meijer in Brussels, Writing by Michael Perry and Gareth Jones, Editing by Raju Gopalakrishnan and Angus MacSwan
Global growth on course to slow slightly from 3.2% in 2024 to 3.1% in 2025
FILE PHOTO: People cross the intersection of SW 8th Steet and Brickell Ave. at the Brickell neighborhood, known as the financial district, in Miami, Florida, U.S., February 23, 2023. REUTERS/Marco Bello/File Photo
International news via Reuters:
President Donald Trump’s tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast on Monday, cutting its global economic outlook and warning that a broader trade war would sap growth further.
In the case of a generalised trade shock, not only will U.S. households pay a high direct price, but the likely economic slowdown will cost the United States more than the extra income the tariffs are supposed to generate, the Organisation for Economic Cooperation and Development estimated in its interim outlook.
Global growth is on course to slow slightly from 3.2% in 2024 to 3.1% in 2025 and 3.0% in 2026, the Paris-based policy forum said, cutting its projections from 3.3% for both this year and next in its previous economic outlook, issued in December.
But the global picture masked divergences among major economies with resilience in some big emerging markets like China helping to make up for a marked slowdown in North America.
The proliferation of tariff hikes would weigh on global business investment and boost inflation, leaving central banks little choice but to keep interest rates higher for longer than previously expected, the OECD said.
The organisation updated its forecasts assuming tariffs between the United States and its neighbours are raised an extra 25 percentage points on almost all goods imports from April.
As a result, U.S. economic growth was seen slowing this year to 2.2% before losing more steam next year to only 1.6%, the OECD said, cutting its forecasts from 2.4% and 2.1% previously.
But the Mexican economy would be hit hardest by the tariff hikes, contracting 1.3% this year and a further 0.6% next year instead of growing 1.2% and 1.6% as previously expected.
Canada’s growth rate would slow to 0.7% this year and next, well below the 2% previously forecast for both years.
TRADE WAR FALLOUT
With less direct exposure to the trade war for now, the euro area economy was seen gaining momentum this year with 1.0% growth and reaching 1.2% next year, although that was down from previous forecasts for 1.3% and 1.5% respectively.
Stronger government support for Chinese growth would help offset the impact of higher tariffs in the world’s second-biggest economy, the OECD said, forecasting 4.8% growth in 2025 – up from 4.7% – before slowing to 4.4% in 2026 – unchanged from the previous estimate.
However, the OECD said the global outlook would be much worse if Washington escalates the trade war by raising tariffs on all non-commodity imports and its trade partners do the same.
It estimated an increase in bilateral tariffs permanently by 10 percentage points would shave around 0.3 percentage points off global growth by the second and third years of the shock, while global inflation would be on average 0.4 percentage points higher over the first three years.
In such a scenario, the U.S. economy would suffer a significant hit, with growth 0.7 percentage points lower than what it otherwise would have been by the third year. The direct cost to U.S. households could be as much as $1,600 each.
The financial cost from the economic drag from tariffs would also offset any extra income they generate for the public coffers, which means they would be insufficient to pay for lowering other taxes as the U.S. administration has planned.
Male victim transported to hospital with head injury
Bermuda Police Service update via press release:
Around 5:15 p.m. on Sunday, March 16, 2025, police received reports of a disturbance at the Hamilton Parish Workmen’s Club.
Upon arrival, officers were informed that a male had been injured when he was attacked by a group of individuals wearing face masks and helmets with dark tinted visors.
The injured male was reportedly transported by private vehicle to King Edward VII Memorial Hospital.
Checks at the hospital confirmed the victim was alert and receiving treatment for a head injury.
An investigation into this matter is now underway and anyone who may have witnessed or, who has any information about the incident is asked to call the main police number, 295-0011.
You may also call the independent and confidential Crime Stoppers number 800-8477.
If you’d prefer, you are urged to share the information with a police officer you’re comfortable speaking with or via the police community reporting portal at https://portal.police.bm
Minister of National Security praising the young artist’s achievement
Bermuda Government update via press release: The Bermuda Fire and Rescue Service (BFRS) is proud to congratulate 9-year-old Isabella Brielle Daniels, a student at BHS, for producing the winning entry in the 2024 Fire Safety Awareness Poster Contest.
Isabella’s imaginative and insightful interpretation of the theme, “Smoke alarms: Make them work for you!” impressed the judges and showcased the importance of fire prevention in our community.
For the first time, BFRS has reproduced the winning artwork in a unique and impactful way—displaying it on a fire engine at the Hamilton Fire Station.
This initiative not only highlights the incredible talent of young artists like Isabella but also reinforces the critical role that smoke alarms play in fire prevention and safety.
“Preventing accidental fires is always the preferred option, and smoke detectors are an essential line of defence in achieving that goal,” said Dana Lovell, Chief Fire Officer of BFRS.
“We saw this as an opportunity to convey an important fire safety message while simultaneously recognising the creativity and imagination of our poster contest participants. We are thrilled to celebrate Isabella’s achievement and hope the public enjoys her artwork as much as we do.”
Minister of National Security, Michael Weeks, praised Isabella’s achievement, stating: “It is inspiring to see young minds like Isabella’s engaging with such an important message—fire safety is something that affects us all, and this initiative helps to reinforce that message in a creative and lasting way.
“I commend Isabella for her outstanding work and thank the BFRS for their continued dedication to fire safety education. Encouraging our youth to take an active role in community safety is invaluable, and I hope this contest continues to inspire future generations.”
Congratulations to Isabella and her family on this well-deserved recognition. The BFRS remains committed to fire safety education and looks forward to continuing this important tradition in the years to come.
Photo #1 Caption: (L-R): Isabella Daniels, Chief Fire Officer Dana Lovell, and Minister Weeks.
Photo #2 Caption: (L-R): Marc Daniels (Isabella’s father), Giada Daniels (Isabella’s sister), Isabella Daniels, Minister Weeks, and Chief Fire Officer Dana Lovell.
Move comes into effect on Wednesday 19th March 2025
Bermuda Government update via press release:
The Ministry for the Cabinet Office is advising that the Department of Planning is relocating to a new office space.
Effective Wednesday, March 19, the Department of Planning will now be located on the 3rd Floor, 44 Church Street West, City of Hamilton HM 12.
While the Department remains committed to providing critical planning services to the public during this transition, there may be some unavoidable interruptions.
Members of the public can seek assistance and information about services by visiting the Department of Planning’s website at www.planning.gov.bm or the Customer Self Service (CSS) at www.planningenergov.gov.bm.
The Department appreciates the public’s patience and understanding during this transitional time and looks forward to continuing to serve the community from their new location.
Gulden Leeuw is one of the world’s biggest three-mast-topsail schooners
Photos by Tony McWilliam
The Gulden Leeuw is the latest in a growing list of Tall Ships that have graced St. George’s in recent weeks. The ship is currently moored at Penno’s Wharf and is drawing lots of attention from visitors and local alike.
The Gulden Leeuw (Dutch for ‘Golden Lion’) is one of the world’s largest three-mast-topsail schooners and is used to train students to become skilled seafarers. The vessel is 54-feet in length and climbing its 130-foot mast to unfurl the square sails is equivalent to scaling a 12-storey building.
The Gulden Leeuw was first built in 1937 under the name Dana, as an ice-class ship for the Danish government. It spent many years conducting marine biological research and was completely restored in 2010.
The Gulden Leeuw can accommodate a crew of 24 plus 60 trainees – and up to 200 passengers for day sails. The ship’s home port is Kempen in the Netherlands.
Moongate Brewing Company establishing itself as a popular new entertainment spot with a joyful St. Patrick’s Day event
Moongate was packed to the rafters last night as revellers enjoyed live Irish music and dancing. Photo: Ian Clarke
Photo by Scott Stallard
Moongate Brewing Company – the east end’s newest hospitality venue – was rocking last night as it hosted its first St. Patrick’s Day bash. Hundreds showed up at Penno’s Wharf on a gloriously sunny Saturday for a full day and evening of entertainment which included live music, Irish dancing and, of course, lots of beer. The hosts laid on a mini-bus service from Hamilton and at peak times, customers were four-deep at the bar amid a jovial atmosphere that spilled out onto a broad, waterside terrace. The St. Patrick’s Day festivities at Moongate continue today – and at other pubs and bars across the island.
Grocery stores & BELCO in crosshairs, reducing hospital wait times, and more in the PLP’s legislative plans
Grocery Stores, wholesalers and BELCO were in the fiscal crosshairs of the PLP Government at the opening of the March 2025 Speech from the Throne (Watch in full HERE, or scroll to bottom for the PDF).
The stated aim is to reduce the cost of living…
COST OF LIVING
With the implication that duty relief on certain food items is not sufficiently reducing prices on the shop shelves, Governor Andrew Murdoch relayed that Government intends to “implement fair pricing control and pricing transparency measures”, while expanding the categories of essential goods that have no import duty.
…but it doesn’t stop there. A magnifying glass will hover over business practices in the food sector:
“Government will amend the Cost of Living Commission Act 1974 to expand the investigatory powers of the Cost of Living Commission to examine the books and records of all businesses involved in the supply of food and other essential goods. For far too long business has profited at the expense of everyday Bermudians and the sunshine of public scrutiny cannot just apply to the Government, it must also apply to those on whom Bermudians rely to purchase the goods to sustain themselves.”
Government will look to amend the Electricity Act, and limit the expenses that BELCO can pass on to consumers, and also review the the requirement for a mandatory connection to the monopoly power supplier.
The Regulatory Authority is set to get more power to implement fair pricing on retail electricity tariffs, and to oversee both regulated and and unregulated sectors – to ensure transparent pricing and fair competition.
How effective these cost-of-living measures will be remains to be seen.
EDUCATION, SENIORS…
The Throne Speech reiterated the PLP’s pre-election promise to support the ‘sandwich generation’ that is both raising children and caring for aging parents, and the construction of at least one new senior daycare facility.
“This will reduce the expenses of these families as they seek care for their loved ones during the workweek… Additionally, the government will make parental leave available to a legal guardian or adoptive parent, and amendments to the existing regime of paternity and maternity leave will be made to provide increased flexibility for parents in the critical early time of a child’s life.”
The development of Signature Schools will continue, plus expanded access to funding to pursue tertiary education, including government-supported partnerships with the private sector. Measures to protect public funds will be implemented in this instance:
“The Government will reintroduce a guaranteed loan programme, with additional legislation that will allow for the immediate garnishment of wages should persons not repay their guaranteed loan.”
HOUSING
The Government promises to leave “no stone unturned” in the effort to increase the housing supply, by partnering with the private sector to offer rent-to-own programmes and completing the amendments to the Landlord and Tenant Act to support mutually positive rental relationships.
“…during this Session, the Government will advance amendments to the Acquisition of Land Act 1970 and the Bermuda Housing Act 1980 to provide for a more efficient, streamlined means by which to address vacant and derelict properties. These units will be returned to the housing stock, providing additional housing for Bermudians.”
TAX REVENUE, DEBT & LIABILITIES
On the expected windfall of monies from the Corporate Income Tax in the next few years, Government promises to reduce the national debt, invest to upgrade infrastructure and public services, and set up a Sovereign Wealth Fund to invest for the future.
The eye-opening projection from November’s Throne Speech – that we could clear National Debt in 10 years – was not repeated.
Government will introduce amendments to eliminate the growing underfunded liability of the Contributory Pension Fund, and restore the annual cost of living increase for public sector retirees, which has been suspended for the last ten years.
LOCAL ECONOMY
The Throne Speech acknowledges that record growth in the international business sector has undergirded the local economy, but Government will also seek to foster growth of local business:
“Government will… Continue the implementation of Bermuda’s Economic Development Strategy… Complete the implementation of cooperative legislation and establish a Registrar for Cooperatives, supported by a dedicated Government department to administer and promote the sector… Develop and implement a National Entrepreneurship Strategy and a Digital Entrepreneurship Strategy that will support an expansion of small and medium-sized business ownership focusing on women, youth, and Bermudian business owners… Advance Bermuda’s position as a digital finance hub… Cut red-tape by streamlining business setup and operation processes…”
B.O.P.P… STOPPED?
Fishermen have won a battle, it seems, as the PLP have followed through on their platform promise to pause the implementation of new marine protected areas until an agreement is reached on, quote: “ better enforcement and fairer data collection rules” end quote.
TOURISM
In tourism, smaller guest houses and health and medical tourism sites could be included for concessions under the Tourism Investment Act.
HEALTHCARE
Long-awaited Universal Healthcare will continue to tarry, but in the meantime Government will expand HIP to include an annual preventative doctor’s visit, and look to expand specialist cover under FutureCare.
Government will seek to reduce pressure on Hospital resources and wait times, with measures to facilitate the timely discharge of patients who no longer need acute care, and support their care in the community.
“To support this transition requires affordable long-term community care, designed to ensure that support is directed to those who need it most… The power to discharge may free up space in the hospital, but if persons have nowhere to go that will only increase stress on families. There are currently 4 care homes that are in various phases of development, and the Government is committed to expanding the interest free loan scheme for home modifications for seniors and the disabled.”
Other Healthcare-related measures to be considered are:
Enforcing a ban on industrially produced trans fats;
Restrictions on flavoured vaping products
Allowing abortions without committee approval
A legislative review to ensure rights of accessibility and opportunities for individuals with disabilities
LAW, CRIME
Law reform will also be brought forward in this legislative session.
The age of criminal responsibility will be increased from 8 to 14, a statutory regime will be developed for for the compensation of persons wrongfully imprisoned and convicted, and access to Legal Aid will be reviewed.
Implementation of the National Violence Strategy, rolled out at the end of last year, will continue.
CONSTITUTION
Matters involving the Bermuda Regiment and Electoral practice will also be addressed, in collaboration with the UK:
“Government House and the Government have agreed that the 2014 Security and Defence Review must be refreshed, and how to accomplish this critical task will be the subject of discussions on those areas reserved to the Governor and those delegated to the Government of Bermuda”
“Our 1968 Constitution that was intended to be a bridge to independence within five years is approaching its own 60th anniversary. There is bipartisan agreement that reform of the 1968 Order is required. This, taken with the fresh call for voting reform, sets the stage for the commencement of a fulsome consultative process to discuss these matters, including reducing the number of seats in the House of Assembly, belonger status, and absentee voting for residents and students overseas.”
PUBLIC SECTOR
Government acknowledged the difficulty of retaining technical officers in the public sector due to enticing salaries in the private sector. A scholarship programme will therefore provide university support in exchange for a 5-year commitment to public service or public healthcare.
The digitisation of Government services will also continue.
Previous Throne Speech promises will roll over into this session, including amendments to Clean Air regulations, Cybercrime legislation, plus access to banking and over-the-limit fee regulations.
In closing his first Speech from the Throne in Bermuda, Governor Andrew Murdoch added a few words of his own…
“The importance of fairness, good governance and accountability are at the heart of the Constitution. I therefore welcome the Government’s commitment to serve every Bermudian with fairness and accountability… Madame President and Members of the Senate, Mr. Speaker and Members of the House of Assembly, I declare this Session open and may God guide you in your deliberations.”
Charity’s 2024 Annual Report shows year-over-year increase in homelessness
Local charity HOME shedding light on the rising number of individuals suffering homelessness in Bermuda.
In their recently released 2024 Annual Report, HOME says that “the headline number of people experiencing homelessness has increased from just over 800 at the end of 2023 to over 1,100 at the end of 2024.”
Cross-collaboration between government, non-profits, and the private sector sees stakeholders attempting to address the issue.
The report states that “The shortage of homes and high rents in Bermuda cause homelessness. They also make it difficult for people to move on from homelessness. Accommodation for a minimum of 1,300 people is needed today (1,100 identified people experiencing homelessness and 200 applicants for Bermuda Housing Corporation housing).”
“There needs to be a steep change in the provision of secure, decent and affordable housing.”
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