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DHL to save $1.1 billion by 2027 with 8,000 job cuts, shares rise

Bermuda Broadcasting Newsdesk
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DHL to save $1.1 billion by 2027 with 8,000 job cuts, shares rise

Logistics companies seeing slower profit growth due to softer demand and easing supply-chain disruptions

International news via Reuters:

DHL announced plans on Thursday to cut about 8,000 jobs in Germany this year as part of a strategy to save more than 1 billion euros ($1.08 billion) by 2027, after the logistics group reported a 7% fall in annual operating profit.

Shares jumped by around 10% to their highest in three years by 1026 GMT

The Verdi union criticised the planned job cuts and urged politicians to act, denying that its wage agreement on March 4 prompted the layoffs. The union blamed regulations and insufficient stamp price increases.

Earlier DHL CEO Tobias Meyer told Reuters the agreement, costing the group 360 million euros by 2026, was behind the job cuts.

The company does not expect any conflict with Verdi, DHL CFO Melanie Kreis said during an analyst call.

Logistics companies are likely to see slower profit growth this year due to softer demand and easing supply-chain disruptions, Parash Jain, HSBC’s global head of transport and logistics research, said ahead of the results.

Jain expects transportation companies to cut costs, with growth in global container trade and air freight tonnes expected to halve in 2025.

A woman with dogs walk past a Deutsche Post DHL letter bicycle in Berlin, Germany March 6, 2025. REUTERS/Annegret Hilse

The company does not have much exposure to U.S. President Donald Trump’s pause on the decision to scrap “de minimis”, duty exemption for low-value packages, Meyer said on the call.

DHL shares underperformed the wider logistics sector over the past year, falling nearly 11% by Tuesday.

Meyer said there were no plans to separate the P&P business, although it has struggled for years with cost inflation and declining letter volumes.

DHL logged 5.89 billion euros in 2024 earnings before interest and tax, surpassing analysts’ expectations of 5.81 billion euros in a company-provided consensus.

For 2025, the group expects an operating profit of more than 6 billion euros, which is below analysts’ expectations of 6.29 billion euros. The forecast does not account for potential impacts from changes in tariff or trade policies.

DHL maintained a 1.85 euro dividend per share for 2024 and increased its share buyback program by 2 billion euros to 6 billion euros, extending it until 2026.

($1 = 0.9258 euros)

Reporting by Matthias Inverardi, Tom Sims and Amir Orusov, additional reporting by Anastasiia Kozlova; Editing by Subhranshu Sahu and Louise Heavens

Bermuda Tonight – 5 March 2025

Bermuda Broadcasting Newsdesk
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Bermuda Tonight – 5 March 2025

‘Bermuda Treasures’ shine on the tennis court

Julie Matthews-Borchardt
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‘Bermuda Treasures’ shine on the tennis court

Free weekly coaching sessions for seniors at the W.E.R. Joell Tennis Stadium

They say it’s never too late to learn. And when it comes to tennis, veteran coach David Lambert couldn’t agree more. Participation in the free weekly coaching sessions has nearly doubled since the programme’s return last fall.

The Bermuda Treasures Tennis Program takes place every Wednesday from 10-11am at the W.E.R. Joell Tennis Stadium. For more information contact Coach David Lambert on 505-2618

Opposition calls for investigation into Savvy Entertainment loan  

Bermuda Broadcasting Newsdesk
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Opposition calls for investigation into Savvy Entertainment loan  

“This is not about political games—it’s about integrity and responsible governance,” says OBA Leader 

The Opposition has pledged to provide answers to the public as it pushes for a full investigation into an $800,000 government loan granted to Savvy Entertainment in 2018. 

When Parliament reconvenes next Friday, the OBA has vowed to ensure that the Public Accounts Committee launches a formal probe into the loan, which was apparently never re-paid. Savvy’s alleged connection to PLP MP Zane DeSilva has been extensively reported by The Royal Gazette this week. 

OBA Leader Jarion Richardson stated, “Bermudians deserve to know why public funds were handed over with little oversight and why the Premier continued to support an individual now at the centre of serious allegations. This is not just one bad deal—it reflects a pattern of reckless decision-making at the highest levels of government. The time has come to expose just how deep this problem runs.” 

The PAC is tasked with reviewing government spending and financial governance. 

Mr Richardson added: “This investigation will scrutinize decision-making processes, contractual agreements, and risks to public funds. Our priority is protecting taxpayers, strengthening oversight, and preventing future abuses.” 

“This is not about political games—it’s about integrity and responsible governance. Bermudians deserve confidence that public funds are managed transparently and effectively. The Opposition is committed to using every tool available, especially the PAC, to ensure full accountability.” 

The Government has questioned the timing of the Opposition’s actions, arguing that the PAC has been “virtually defunct” for much of the time under the OBA’s chairmanship. 

A spokesperson added: “While the Opposition have finally decided to use the power of the PAC, one must question whether they are motivated by accountability or just chasing headlines.” 

The Government emphasized that it had initially reported the Savvy Entertainment matter to the authorities who have since made “considerable efforts” to recover the funds and hold Savvy founder Anthony Blakey accountable. 

With the case still under active police investigation, the Government stated, “it would be inappropriate to comment on specific details at this time.” 

A spokesperson concluded: “Despite the Opposition highlighting this issue in a political context, our focus remains on the broader responsibility of governing, ensuring financial stewardship, strengthening oversight, and working in the best interests of all Bermudians.” 

The Free Democratic Movement calling for the dismantling of the BTA

Grae Minors
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The Free Democratic Movement calling for the dismantling of the BTA

The political party pointing to their Economic Policy for an alternative

The Free Democratic Movement (FDM) taking the Bermuda Tourism Authority (BTA) to task, calling the organisation ‘bloated’ and ‘ineffective’. This after the BTA released their 2024 Fourth Quarter tourism numbers.

According to the executive summary, leisure air visitors for the year topped-out at 139,546, up 15.2% from 2023. Those leisure air visitors spent a total of $300.13 million dollars in that same period, a year-over-year increase of 27% from 2023.

The FDM believes that they offer an alternative, as outlined in their Economic Policy: “We will make it easier for local entrepreneurs to conduct business on government-owned land such as Dockyard and other under-utilised spaces. This includes simplifying the process for vendors allowed in popular tourist locations.”

The Bermuda Tourism Authority declined to comment on the FDM’s criticisms.

New York City, Boston, Philadelphia, Canada, the United Kingdom and Washington DC were listed in the BTA’s report as Bermuda’s top travel markets for leisure air visitors. The FDM took issue with Bermuda’s tourism industry relying heavily on the United States East Coast:

“Bermuda’s over reliance on the U.S. East Coast market remains a glaring weakness, marking long-term growth unsustainable. The BTA touts digital marketing campaigns and airline partnerships, yet these efforts have failed to expand Bermuda’s visitor base or diversify its tourism product. The BTA remains a bloated and ineffective entity that does not justify its budget.”

The FDM calling on the dismantling of the tourism organisation, replacing it with “a privately led Tourism Stakeholders’ Council, ensuring marketing and innovation efforts are industry driven and financially sustainable.”

Following Premier David Burt’s meeting with FDM leader Marc Bean last week, it’s yet to be seen if the Government will consider the political party’s proposals.

Britain’s M&S gives store workers 5% pay rise

Bermuda Broadcasting Newsdesk
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Britain’s M&S gives store workers 5% pay rise

Pay for UK customer assistants will increase to at least 12.60 pounds an hour

FILE PHOTO: Shoppers walk past at a branch of the British clothing and food retailer Marks and Spencer on Oxford Street in London, Britain, January 3, 2019. REUTERS/Toby Melville/File Photo

International news via Reuters:

British clothing and food group Marks & Spencer said its 50,000 retail workers will get a 5% pay rise from April 1, an investment of 95 million pounds ($122 million).

M&S said on Wednesday the pay for UK customer assistants will increase to at least 12.60 pounds an hour, with workers in London paid 13.85 pounds an hour.

The new rates come ahead of the UK government’s 6.7% hike in the national minimum wage to 12.21 pounds for most adults that will kick in from next month.

They will be noted by the Bank of England, which is keeping a close eye on wage settlements as it assesses further moves in interest rates after cutting by a quarter-point last month.

British pay growth accelerated in late 2024, according to official data published last month that suggested the jobs market was holding up and underscored why the Bank of England has been cautious about cutting interest rates despite a weak overall economy.

“Following the government’s recent increases in tax and national insurance contributions, it’s no secret that M&S and indeed the entire retail sector has some significant cost headwinds to face in the new financial year,” M&S CEO Stuart Machin said.

“However, I have always believed that we should not allow these headwinds to impact our hourly paid colleagues.”

Several retailers, including Sainsbury’s and Costa Coffee, have also recently announced above inflation pay rises.

UK inflation hit a 10-month high of 3% in January, according to official data.

($1 = 0.7789 pounds)

Reporting by James Davey; editing by Sarah Young and Louise Heavens

60th annual schools art exhibition opens

Bermuda Broadcasting Newsdesk
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60th annual schools art exhibition opens

Under the theme, ‘Expressions from Our Heart,’ the show features the creative talents of students from public and private schools

(Left to right) Levyette Robinson, Kate Kenny, Margot Harvey, Nicole Ratteray, Louisa Tannock, Dan DeSilva, Riki Teteina, Shannon Rose-Robinson,Thérèse Bean, Ani Douglas, Jake Commandeur, Tenisha Dill, Steven Masters, Louisa Bermingham, Rajeev Goonewardeen, Marvin Pringle, Nzingha Ming

The following statement was issued by the Bermuda Government:

“The Department of Education proudly opened the 60th Annual Middle and Senior School Art Exhibition at the Bermuda Society of Arts (BSOA), City Hall. The exhibition, which runs until March 11, 2025, features an impressive collection of 2D and 3D artwork created by students from both public and private schools.

Acting Arts Education Officer, Dr. Shannon Rose-Robinson, highlighted the significance of the exhibition, stating: “The event was attended by passionate and dedicated Visual Arts teachers, who carefully curated the masterful displays representing their respective schools.

“This impressive collection is truly a celebration of student artistry and excellence! Each year, we witness the profound impact our outstanding visual arts teachers have on Bermuda’s young creatives. Without their vision, commitment, and expertise, an exhibition of this caliber would not be possible.”

Commissioner of Education, Mrs. Kalmar Richards, also shared her enthusiasm for the showcase, praising both students and educators: “I am always excited about the Annual Art Exhibits. This year’s theme, ‘Expressions from Our Heart,’ beautifully captures what art is all about – a reflection of students’ authentic thoughts, ideas, and emotions. Our teachers have fostered the environments and experiences that allow students to share their creativity so openly. I deeply appreciate their dedication and applaud them for nurturing Bermuda’s young artists.

“To our student artists: Be proud of what you have created! Your artwork represents your unique perspective and talent. I commend you for your courage and skill in sharing your inner world with us. I look forward to visiting the exhibit and savoring each piece on display.”

Minister of Education, Crystal Caesar shared her support for the Exhibition, “As a passionate advocate and active participant in the arts, I am pleased to see educators nurturing a remarkable platform for student creativity. Such efforts undoubtedly enrich Bermuda’s vibrant cultural tapestry. I wholeheartedly support the continuation of these initiatives and eagerly anticipate more in the future.”

Awards and Special Recognitions

To honor their artistic contributions, every participating student will receive a Certificate of Appreciation from the Department of Education. Additionally, the highly anticipated People’s Choice Awards will recognize the middle and senior school students who receive the most votes from visitors during the exhibition. Exciting prizes are being provided by the Department of Education, the Department of Cultural Affairs, and this year’s newest sponsor, Mailboxes Unlimited.


Upcoming Primary School Exhibition

The second installment of the 60th Annual Schools Art Exhibition will feature artwork from primary students across the island. Their work will be on display from March 21 to April 7, 2025.

The Bermuda Society of Arts is open Monday through Friday from 10:00 AM to 4:00 PM and Saturdays from 10:00 AM to 2:00 PM. Admission is free.

For more information, contact BSOA AT 292-3824 or visit www.bsoa.bm.”

YouTube brings cheaper subscription tier to US with no ads, except for music

Bermuda Broadcasting Newsdesk
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YouTube brings cheaper subscription tier to US with no ads, except for music

The company began testing Premium Lite last year in Australia, Germany and Thailand

Silhouettes of laptop and mobile device users are seen next to a screen projection of Youtube logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

International news via Reuters:

Alphabet’s YouTube on Wednesday rolled out a $7.99 monthly subscription service that is ad-free for most videos, except music, to create a plan to compete more directly with offerings from Netflix and Disney.

The “Premium Lite” plan is aimed at customers who rarely watch music videos or listen to music. YouTube is a major player in the streaming music world, but the online video company has a substantial number of watchers who rarely use that function and may gravitate to the new service.

YouTube’s existing $13.99 Premium plan has no ads, including for music, while a separate $10.99 plan offers ad-free music videos and other videos with ads, essentially the reverse of the new plan.

The new option fills a demand YouTube has been noticing for several years among users who already pay for other music streaming subscriptions. That dynamic is particularly apparent in the United States, where the market is led by Spotify and streaming offerings from Apple and Amazon.

John Harding, a vice president of engineering, said the main focus of the new plan is to tap into a “much larger set of people” who otherwise might not consider paying for YouTube. 

“We didn’t feel that we really got it matching the tier for users that don’t need the music content, and so that’s where this revision comes in,” said Jack Greenberg, the product director for YouTube Premium.

The company began testing Premium Lite last year in Australia, Germany and Thailand. The preliminary data showed a new user base of first-time subscribers paying for Premium Lite, Harding said, with some later upgrading to Premium. More people upgraded than the amount downgrading to the cheaper plan.

YouTube announced Wednesday that it had eclipsed 125 million paying subscribers, up from 100 million in January 2024, though those figures include users who are signed up for temporary free trials.

Ads comprise the majority of YouTube’s revenue, accounting for $36 billion of Alphabet’s $350 billion in overall 2024 revenue. But subscriptions are increasingly contributing to sales.

Alphabet is secretive about sharing YouTube’s subscription-based revenue, but CEO Sundar Pichai stated during an October call about the company’s third-quarter results that YouTube’s combined ad and subscription revenue surpassed $50 billion over the previous four quarters.

Chief business officer Philipp Schindler also stated last year that subscriptions were boosting the bottom line for both YouTube and its content creators.

Some details regarding the U.S. launch of Premium Lite were first reported by Bloomberg in February.

YouTube in 2023 hiked the price of Premium and Music Premium by $2 and $1, respectively.

Reporting by Kenrick Cai in San Francisco; editing by Peter Henderson and Stephen Coates

UK new car sales dip in February, Tesla rebounds, industry data shows

Bermuda Broadcasting Newsdesk
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UK new car sales dip in February, Tesla rebounds, industry data shows

Tesla sales dropped by 42% in Sweden, 48% in both Norway and Denmark, 45% in France and 55% in Italy

FILE PHOTO: Cars at a dealership in London, Britain, May 5, 2020. REUTERS/Toby Melville/file photo

International news via Reuters:

New car registrations in the UK fell 1% in February, offsetting a rise in private and business buyer volumes and despite growing electric vehicle demand a jump in Tesla sales, industry data showed on Wednesday.

The Society of Motor Manufacturers and Traders (SMMT) reported volumes of battery electric vehicles (BEV) rose 41.7% year-on-year, now accounting for one in four new cars sold in the month.

“Although February’s figures show a subdued overall market, the good news is that electric car uptake is increasing, albeit at huge cost to manufacturers in terms of market support,” said SMMT Chief Mike Hawes.

Tesla sales were up 20.7% in the month, helped by the overall strong growth of BEV registrations and more than compensating for a weak January.

Elsewhere in Europe, Elon Musk’s electric brand saw in February a continuation of the dramatic drop seen in January, which market analysts see as a brand loyalty test amid Musk’s role in U.S. President Donald Trump’s administration.

Tesla sales dropped by 42% in Sweden, 48% in both Norway and Denmark, 45% in France and 55% in Italy, official data shows.

Worldwide sales of the brand’s China-made cars were down 49.2% in February as it faced intense pressure from Chinese rivals.

Among Chinese automakers, newcomer Chery – which launched the Omoda 5 in September and the Jaecoo 7 in January – sold 1,244 cars, more than BYD’s 1,177.

Overall, new car registrations dropped for the fifth consecutive month in February to 84,054 units.

SMMT said it expects EV sales in March to rise as buyers take advantage of the March number plate change to avoid an extra 2,125 pounds ($2,728.71) charge on BEVs with a list price above 40,000 pounds.

Global automakers continue to struggle with rising costs, sluggish demand and stiff competition from Chinese rivals, as well as stringent carbon regulation amidst the looming threat of tariffs under Trump’s second presidency term.

Private registrations grew by 4.6% last month, resulting in a slight increase in the overall market share to 35.6%, the report added.

($1 = 0.7788 pounds)

Reporting by DhanushVignesh Babu and Anandita Mehrotra in Bengaluru, Alessandro Parodi in Gdansk; Editing by Shilpi Majumdar, Janane Venkatraman, Nick Carey and Louise Heavens

Government applauds success of Skyport Magic Mile

Bermuda Broadcasting Newsdesk
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Government applauds success of Skyport Magic Mile

The event is recognised as a highlight on the island’s sporting calendar

The following statement was issued by the Bermuda Government:

“The Flora Duffy Stadium was a hive of excitement this past weekend as 700 young runners took to the track for the highly anticipated Skyport Magic Mile. With great racing conditions, the annual event once again proved to be a celebration of Bermuda’s budding athletic talent, drawing a lively crowd of family members, friends, and supporters. The event kicked off in spectacular fashion, with the PHC Majorettes and Drum Corps energising the spectators before the first races got underway.

Among those in attendance was the Minister of Tourism & Transport, Culture & Sport, the Hon. Owen Darrell, JP, MP, who watched from the stands and applauded the competitors’ efforts. Reflecting on the event, he said, “It is truly inspiring to see so many young athletes giving their all on the track. Their dedication and enthusiasm are a testament to the bright future of Bermudian sport. Events like these play a vital role in encouraging our youth to stay active, build confidence, and strive for excellence.”

From the youngest competitors in the four-year-old division to the fast-paced showdowns in the 12-to-15 category, each race delivered thrilling action and a glimpse of the island’s future track stars. The atmosphere was electric as runners pushed themselves to the finish line, cheered on by an enthusiastic crowd.

With another successful Skyport Magic Mile in the books, the event continues to stand as a highlight on the island’s sporting calendar. As young runners celebrated their achievements, it was clear that the spirit of competition, community, and athleticism remains strong, ensuring the future of Bermuda’s track and field scene is as bright as ever.”

China to adopt policies for aging population, try to boost birth rates

Bermuda Broadcasting Newsdesk
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China to adopt policies for aging population, try to boost birth rates

China’s population fell for a third consecutive year in 2024, as marriages plummeted by one-fifth

FILE PHOTO: Elderly people rest at a park on a summer day in Beijing, China May 22, 2024. REUTERS/Tingshu Wang/File Photo

International news via Reuters:

China will “actively” respond to population aging with policies for its rapidly growing elderly and its young people, including providing childcare subsidies and making preschool education free, as it tries to boost the country’s declining population.

The measures were announced in two official government documents on Wednesday, prepared for the annual meeting of the National People’s Congress, China’s rubber-stamp parliament.

China’s population fell for a third consecutive year in 2024, as marriages plummeted by one-fifth, the biggest drop on record, despite efforts by authorities to encourage young couples to wed and have children.

Rapid aging has become a growing concern in the world’s second-largest economy with the number of those aged 60 and older expected to rise at least 40% to more than 400 million by 2035, equal to the populations of Britain and the United States combined.

China said it would raise minimum basic old age benefits for rural and non-working urban residents by 20 yuan and make an “appropriate increase” in the basic pension benefits for retirees, without giving other details.

It will also expand ‘public interest’ elderly care services, particularly in rural areas and for seniors with physical disabilities.

Authorities will ‘prudently advance the reform to gradually raise’ the statutory retirement age, said Premier Li Qiang’s official work report, without giving further details.

China raised its retirement age for men to 63 years from 60, while for women in white collar work it was raised to 58 years from 55. For women in blue collar work it was increased to 55 from 50. The changes came into effect on January 1 and are to be implemented over a 15 year period.

CHILDCARE

China will provide childcare subsidies, the government reports said without giving further details, and formulate “sound plans” for a childcare service system, including progressively making preschool education free.

Care and services for children in rural areas and those who live with migrant worker parents would also be strengthened, authorities said.

Women in early stages of pregnancy would also be offered more services, the documents said, without giving further details.

Much of China’s demographic downturn is the result of its one-child policy imposed between 1980 and 2015. Couples have been allowed to have up to three children since 2021.

However a rising number of young Chinese are opting to not have children, put off by the high cost of childcare or an unwillingness to marry or put their careers on hold, while gender discrimination persists.

Authorities have tried to roll out incentives and measures to encourage couples to have babies, including expanding maternity leave, financial and tax benefits for having children as well as housing subsidies.

But China is one of the world’s most expensive places to bring up a child, relative to its GDP per capita, a prominent Chinese think tank said last year, detailing the time and opportunity cost for women who give birth.

Reporting by Farah Master in Hong Kong and the Beijing newsroom; Editing by Sandra Maler

Greenland PM rebuffs Trump: We do not want to be Americans

Bermuda Broadcasting Newsdesk
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Greenland PM rebuffs Trump: We do not want to be Americans

Opinion polls suggest that most Greenlanders oppose joining the United States

International news via Reuters:

Greenland’s Prime Minister Mute Egede said on Wednesday that the Greenlandic people will determine their own future and do not want to be Danes nor Americans.

Egede made his comments in reaction to U.S. President Donald Trump, who on Tuesday reiterated his desire to make Greenland, currently a semi-autonomous territory of the kingdom of Denmark, part of the United States.

“We do not want to be Americans, nor Danes, we are Kalaallit (Greenlanders). The Americans and their leader must understand that,” Egede said in a post on Facebook.

“We are not for sale and cannot be taken. Our future is determined by us in Greenland,” he added.

FILE PHOTO: A view shows Old Nuuk in Greenland, February 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

The Greenland government is currently in a caretaker period leading up to an election scheduled for March 11. The campaign is centered primarily on the island’s independence aspirations in light of Trump’s interest.

Denmark’s foreign minister said earlier on Wednesday that it was significant that Trump had recognised Greenland’s right to self-determination in his address to Congress.

Opinion polls suggest that most Greenlanders oppose joining the United States, although a majority favour eventual independence from Denmark. The Danish government has said the Arctic island must decide its own future and is not for sale.

“(Trump) said (they) respect the right to Greenlandic self-determination, and that I think was the most important part of that speech,” Danish foreign minister Lars Lokke Rasmussen told a press conference in Helsinki on Wednesday.

Reporting by Louise Breusch Rasmussen and Stine Jacobsen, editing by Terje Solsvik and Angus MacSwan

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