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New Chairman at The Berkeley Institute

Mr. Kyle Masters has been appointed the new Chairman following retirement of Mr. Craig Bridgewater

Update via press release:

In adherence to its Constitution and Bye-laws, and in recognition of its 146-year history since its incorporation in 1879, The Berkeley Educational Society held its Annual General Meeting on Monday, February 24, 2025.

Among the agenda items were receiving a report from the Governing Body of The Berkeley Institute and electing a new Chairperson to oversee the operations of this aided school, under the educational leadership of Principal Ms. Keisha L. Douglas.

As a prelude to the elections, Society Chairperson Ms. Anika M. DeShields praised the dedicated service of outgoing Chairman Mr. Craig Bridgewater, who, after 15 years of distinguished leadership as chairman in addition to three years as a Board member, chose not to seek re-election and therefore retire from the role.

Under his stewardship, the Governing Body of The Berkeley Institute has remained steadfast in upholding the School’s mission of academic excellence, teacher excellence, student empowerment, preservation of The Berkeley legacy and community engagement.

His leadership leaves a strong foundation upon which future progress can be built. Mr. Bridgewater now passes the torch on to Mr. Kyle Masters, who was formerly Deputy Chairman and becomes the 15th chairperson since the enactment of The Berkeley Institute Act of 1933.

Comments from Ms. Anika M. DeShields:

“On behalf of the Management Board of The Berkley Educational Society, we extend our heartfelt gratitude to Mr. Bridgwater for his outstanding leadership as Chairman of the Governing Body.

His dedication, vision, and unwavering commitment have greatly contributed to the continued success and growth of The Berkeley Institute. Mr. Bridgewater’s guidance and leadership have been invaluable, and we are deeply appreciative of all your efforts in advancing The Berkley Institute’s mission.

Thank you Mr. Bridgewater for your remarkable service!”

“We are excited to welcome Mr. Kyle Masters as the new Chairman of the Governing Body of The Berkley Institute.

We look forward to the fresh perspectives, energy, and leadership that Mr. Masters will bring to the table. With his experience and dedication, we are confident that he will continue the great work begun by his predecessor and guide The Berkeley Institute toward even greater achievements. Mr. Masters, we are eager to embark on this new chapter with you!”

Comments from retiring Chairman Mr. Craig Bridgewater:

“It has been an immense privilege to have been the caretaker and protector of the legacy of The Berkeley Institute and to oversee the building of its most recent chapter – standing on the shoulders of our Founding Fathers and the previous 13 chairs of the Board. The Berkeley Institute has always prioritised student success. The ingredients in this recipe are teacher excellence, programme excellence, excellent student conduct, preservation of our legacy, and preservation of our self-governance.

“It has been a pleasure to serve the students, faculty, staff, Principals and leaders, the Management Board of The Berkeley Educational Society, and Bermuda in this capacity.”

Mr. Masters, a member of the Class of 2000, reflected on The Berkeley Institute’s legacy and his commitment to its continued progress:

“The Berkeley Institute has always stood as a pillar of excellence, resilience, and empowerment. While my journey took me beyond these walls before graduating, the values instilled in me here remain foundational in my life. I am grateful for the work Mr. Bridgewater has done over the past 15 years, ensuring that our school remains strong and forward-thinking. It is an honour to now serve in this capacity, building on that legacy and working alongside a dedicated team to advance our mission and provide our students with the best possible opportunities.”

Mr. Masters will lead the Governing Body alongside Deputy Chair Ms. Garita Coddington, Treasurer Mr. William Usher Jr., and members Mr. Sean Tucker, Mr. Scott Pearman, Mrs. Meisha Medford, Mr. Nadir Wade, and Dr. Merate-Kristos Place.

Additionally, Dr. June Hill and Mr. Andre Carr will serve as ex-officio members, representing The Berkeley Educational Society and the Parent-Teacher-Student Association, respectively.

Absences, disputes mar G20 meet on global poverty

Meeting follows Trump administration’s plans to gut USAID

Lesetja Kganyago, Governor of the South African Reserve Bank speaks during an interview on the sidelines of the G20 Finance Ministers meeting at the Cape Town International Convention Centre, Cape Town, South Africa, February 25, 2025. REUTERS/Nic Bothma

South Africa sought to salvage international talks on tackling global poverty on Wednesday as finance chiefs of several leading economies skipped a gathering of Group of 20 nations in Cape Town held against a backdrop of foreign aid cuts.

The two-day meeting comes after the Trump administration announced plans to gut its USAID arm and Britain slashed its aid budget by 40% to divert funds towards defence spending.

Disputes over trade, the Ukraine war and how to tackle climate change have long made it hard for the G20 grouping to make serious progress on global challenges, but the latest no-shows risk further undermining its credibility.

After U.S. Treasury Secretary Scott Bessent confirmed he would not attend, finance ministers from Japan, India and Canada also pulled out. Others cut short their presence and the European Union’s top economic official chose to stay away.

“It is now more important than ever that the members of the G20 work together,” South African President Cyril Ramaphosa said in opening remarks appealing for multilateral cooperation.

“It is vital to ensuring that the rights and interests of the vulnerable are not trampled beneath the ambitions of the powerful,” he said.

The high-profile absences further reduce chances of agreement on a meaningful communique at the end of the meeting.

There also seemed little hope of major progress on issues that Ramaphosa as host wanted to target: scant climate finance from rich nations and reform of a financial system that penalises poor countries, as well as widening inequalities.

South Africa’s central bank governor, Lesetja Kganyago, noted that a number of recent G20 meetings had finished without agreement on a communique and that the fact that some countries were being represented by deputy ministers was not a problem.

“There is no one in the room then saying … ‘I’m going to make this point, but I think I am too junior so they might ignore it’,” he told Reuters.

British finance minister Rachel Reeves defended her country’s diversion of foreign aid funds towards greater defence spending.

“It’s clear we are facing a more dangerous world, and I will not hide from this reality,” she said in a statement, adding that investment, free trade and reforms were the best ways of achieving sustainable growth.

Alex van den Heever, political scientist at the University of Witwatersrand in Johannesburg, said the absence of the United States from G20 talks – it also declined to send its top diplomat to a meeting of G20 foreign ministers last week – “makes it very difficult to see how people will move forward”.

CLIMATE WOES

South Africa had hoped to make the G20 a platform for putting pressure on rich countries to do more to tackle climate change, and to give more towards poorer countries’ transitions to green energy and adaptation to worsening weather.

Energy Minister Kgosientsho Ramokgopa told Reuters the climate change scepticism of U.S. President Donald Trump would “reconfigure the conversation” on green energy.

“Where it leads is anyone’s guess,” he said, adding that some countries might reconsider the scale and pace of their transition from fossil fuels to green energy as a result.

Some analysts said the retreat of the G20’s biggest economy from the discussions raised questions about its relevance. Others saw an opportunity for moving ahead without the United States.

“There could very well be synergies between large portions of what’s left by excluding the U.S. on particular issues,” said Daniel Silke, director of the Political Futures Consultancy.

“It’s an opportunity for South Africa to take its leadership role.”

Additional reporting by Wendell Roelf, Duncan Miriri and Tim Cocks, Writing by Tim Cocks and Mark John; Editing by Bernadette Baum, Timothy Heritage and Emelia Sithole-Matarise

Musk to attend Trump cabinet meet as workers brace for more uncertainty

Musk said federal workers must list five accomplishments in 48 hours or risk termination

Elon Musk gestures onstage as he attends the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, U.S., February 20, 2025. REUTERS/Nathan Howard

International news via Reuters:

Elon Musk, the billionaire adviser tasked with radically downsizing the U.S. government, will attend President Donald Trump’s first cabinet meeting on Wednesday as turmoil continues to swirl around his plans to fire federal workers.

The meeting comes amid a tug-of-war between Musk and Trump, and officials in the U.S. government in what has become an early test of Musk’s authority.

Musk is not a cabinet officer, but no one in the president’s circle has wielded more influence in Trump’s early weeks.

Musk’s email directive that all federal workers detail their accomplishments or face losing their jobs plunged the government into chaos after some agencies told their employees to comply with his demand and others said they could ignore it.

Even after the U.S. Office of Personnel Management, the agency that oversees the federal bureaucracy, told workers they need not respond to Musk’s email, Trump and his allies seemed to suggest workers may be better off if they complied with Musk’s wishes.

Musk on Saturday said federal workers must list five things they did during the week or risk termination and gave them a 48-hour deadline to respond via email.

On Tuesday, Musk continued to press on social media for workers to respond. He was seemingly aided in that effort by Trump, who told reporters on Tuesday that the email request was “somewhat voluntary, but it’s also if you don’t answer, I guess you get fired.”

When asked on Tuesday whether Musk’s threat would be carried out, White House press secretary Karoline Leavitt said Trump would defer to cabinet secretaries’ guidance for their individual workforces.

Some cabinet officers such as Kelly Loeffler, the head of the Small Business Administration, backed Musk’s demand.

“We just want to know: Are there people there doing their jobs? And again, the bar is so low it’s laughable,” Loeffler told Fox News in an interview on Tuesday.

But others, including Trump loyalists such as Kash Patel, the new FBI chief, told their employees to hold off on replying.

DOUBTING DOGE

As the back-and-forth played out, 21 workers resigned from Musk’s so-called Department of Government Efficiency in protest on Tuesday.

“We will not use our skills as technologists to compromise core government systems, jeopardize Americans’ sensitive data, or dismantle critical public services,” the employees wrote in a resignation posted online.

Musk’s downsizing initiative has laid off more than 20,000 workers, with another 75,000 accepting buyouts, and the effort continued to accelerate on Tuesday. There are about 2.3 million civilian federal employees.

The vast majority of fired workers were in their jobs for less than a year, making them easier to lay off under civil service rules. But there were signs that DOGE was turning its attention to long-term career staff.

Internal Revenue Service executives have been told to brace for another round of job cuts beyond the nearly 12,000 employees already slated to be terminated, two people familiar with the matter said, referring to the roughly 7,000 probationary employees set to be fired and 5,000 employees taking a buyout. The cuts so far amount to more than 10% of the service’s workforce.

The Interior Department on Tuesday received a directive from OPM saying that bureaus such as the U.S. Fish and Wildlife Service and the Bureau of Indian Affairs should prepare plans for reductions in their workforce ranging from 10% to 40%, an Interior source told Reuters.

Musk spent much of Tuesday railing against federal judges who have stepped in to block his team from accessing sensitive systems and data at the Treasury Department, Education Department and the Office of Personnel Management and to order the administration to release frozen foreign-aid funds.

“The only way to restore rule of the people in America is to impeach judges,” Musk wrote on X. “No one is above the law, including judges.”

Reporting by James Oliphant. Editing by Noeleen Walderm and Lincoln Feast

‘Where is Mr. Musk in all of this?’ Judges question secrecy of DOGE’s activities

Questions around Musk’s role and the activities of the team are at the heart of multiple lawsuits

FILE PHOTO: Elon Musk listens to U.S. President Donald Trump speak in the Oval Office of the White House in Washington, D.C., U.S., February 11, 2025. REUTERS/Kevin Lamarque/File Photo

International news via Reuters:

 On social media and at political rallies, Elon Musk has taken credit for leading the team that is cutting allegedly wasteful U.S. government spending, even waving a chain saw on stage at a conference.

In court, it’s a different story.

During a hearing on Monday in a case trying to block access by the DOGE cost-cutting team to Treasury Department systems, a federal judge repeatedly pressed a government lawyer to clarify who is running things. “Where is Mr. Musk in all of this?” asked U.S. District Judge Colleen Kollar-Kotelly. 

“I don’t have any information beyond close adviser to the president,” responded Bradley Humphreys, an attorney for the Department of Justice.

“You can’t tell me what role he has?” the judge persisted.

Kollar-Kotelly did not say if she would block DOGE and Musk from the Treasury Department information systems as requested.

Questions about Musk’s role and the activities of the team, known as the Department of Government Efficiency, are at the heart of multiple lawsuits seeking to block them from accessing government systems and slashing programs.

MUSK’S ‘SPECIAL’ STATUS 

Many of the suits allege that Musk and DOGE are violating the Constitution by wielding the kind of vast power that only comes from agencies created through the U.S. Congress or appointments made with confirmation by the U.S. Senate. 

Despite Musk’s public assertions to the contrary, the Department of Government Efficiency operates in great secrecy.

The initial executive orders signed by President Donald Trump setting up DOGE described it primarily as an outfit to modernize software, not an agency. The Trump administration designated Musk a “special government employee.” 

Musk has been the face of DOGE since its inception, but White House Office of Administration Director Joshua Fisher said in a February 17 court filing that Musk is not the outfit’s administrator or even a DOGE employee. 

On Tuesday, the White House identified Amy Gleason as DOGE’s “acting administrator.” She did not immediately respond to a request for comment made to the Trump administration.

‘DELIBERATE OR NOT’

The scant information presented in court about who is ordering the cost-cutting and how it is working has led some judges to rule in favor of Musk and DOGE, at least for now. 

To block Musk’s efforts with a temporary restraining order, or TRO, plaintiffs must show they will suffer imminent, irreparable harm without one, a high legal bar to clear.

At a hearing last week in a case brought by unions and Democratic state attorneys general, U.S. District Judge Tanya Chutkan in Washington said DOGE’s lack of transparency made it difficult to show it was on the verge of causing irreparable harm.

“I don’t know if that’s deliberate or not, but I will concede that it is difficult to see what’s happening next and to predict that and come in with a concrete harm,” Chutkan said at the February 17 hearing. 

The states presented her with extensive news reporting about DOGE and Musk shuttering programs, accessing confidential data, slashing funding and firing personnel. 

“It’s an understatement to say there’s a lot of news reports out there,” said Chutkan. “But the courts can’t act based on the media reports.”  

She denied a temporary restraining order to prevent DOGE from accessing sensitive information at seven agencies. The case will continue and the attorneys general will seek evidence to support a more permanent injunction.

THE GOLDILOCKS AGENCY

In some cases, however, despite noting concerns about DOGE’s opacity, judges have found there is sufficient evidence to pause its activities. 

U.S. District Judge Jeannette Vargas on Friday temporarily blocked DOGE from accessing Treasury systems responsible for trillions of dollars of payments because she found there was a realistic danger that confidential information was going to be disclosed. 

She was particularly troubled that the government did not know what information was accessed by Marko Elez, a former software engineer for Musk’s companies who resigned from DOGE on February 6.

“Even now, weeks after his departure, the Treasury Department is still reviewing his logs to determine what precisely he accessed and what he did with his access,” Vargas wrote in her Friday ruling.

Government lawyers have even used shifting definitions for DOGE, which in one instance worked in their favor.

U.S. District Judge John Bates in Washington denied a request by the unions for a temporary restraining order against Musk and DOGE. 

In doing so, Bates noted that the Trump administration argued DOGE was an agency in order to comply with a law known as the Economy Act that allowed DOGE to detail its staff to various government agencies. 

But Trump created DOGE as part of the Executive Office of the President and therefore not as an agency that is subject to the Freedom of Information Act, an open records law known as FOIA.  

The judge described DOGE in fairytale terms: “A Goldilocks entity: not an agency when it is burdensome but an agency when it is convenient.” 

Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Jack Queen in New York; Editing by Noeleen Walder, Amy Stevens and Sandra Maler

Hollywood fights to keep its role as the world’s film capital

Movie and TV production heading to locations with tax incentives that make filming cheaper

A large billboard sign featuring this years Oscar host Conan O’Brien towers over Hollywood blvd as workers prepare for the 97th Academy Awards in Los Angeles, California, U.S., February 25, 2025. REUTERS/MIKE BLAKE

International news via Reuters:

Behind the glitz of the movie awards season that culminates with the Oscars on Sunday, Hollywood is fighting a battle to keep its place at the center of the global film business.

None of the 10 best picture contenders to be celebrated at Hollywood’s Dolby Theatre were filmed in Los Angeles, home to most major film companies for more than a century. Nominee “Wicked,” for example – a prequel to the classic movie “The Wizard of Oz” – was filmed in Britain.

Movie and TV production has been exiting Hollywood for years, heading to locations with tax incentives that make filming cheaper.

Crew members were hoping for a rebound in Los Angeles after strikes by writers and actors in 2023, but statistics show the comeback has been slow.

The wildfires that destroyed sections of Los Angeles in January accelerated concerns that producers may look elsewhere, and that camera operators, costume designers, sound technicians and other behind-the-scenes workers may move out of town rather than try to rebuild in their neighborhoods.

“There are a lot of people that haven’t worked in a while because of the strikes and everything, and now the fires,” said Samantha Quan, producer of Oscar best picture nominee “Anora,” filmed in Brooklyn, New York, and Las Vegas. “I think it’s been a good wake-up call for everyone to push for production to go back to Los Angeles.”

Advocates have launched a “Stay in LA” campaign, hoping to capitalize on the goodwill toward Angelenos following the fires. A petition calls for politicians to lift the cap on tax incentives for filming in the city for the next three years as part of the wildfire recovery effort.

They also are urging studios to commit to increasing production in LA by at least 10% over the next three years.

Gavin Newsom, California’s Democratic governor, has proposed boosting the state’s film and TV tax credits to $750 million a year, up from $330 million annually.

Filmmaker Sarah Adina Smith, an organizer of the “Stay in LA” campaign, said she backed that increase but called on the state to do even more, including making permitting easier.

“We’re not saying that everything should be shot in LA, but it’s almost never an option anymore,” she said.

Smith said she had developed a show in which “the entire culture of it was LA and Malibu.”

“When it came time to budget that show, they had us choose between South Africa and Australia,” she said. “LA was never a contender.”

“That’s the kind of thing that needs to change, because I think it’s really short-sighted of us to lose this absolutely amazing industry and legacy we have here,” she added.

More than 21,000 people have signed the “Stay in LA” petition, including big names such as Kevin Bacon, Zooey Deschanel, Bette Midler, Keanu Reeves and Olivia Wilde.

“I hope people realize how important it is to bring jobs to LA,” said Susan Sprung, CEO of the Producers Guild of America. “We have the best crews in the world. We have the best producers in the world. Most people live here. They want to work at home.”

PREFERRED FILMING LOCATIONS OUTSIDE U.S.

Permitting data shows production in Los Angeles in 2024 fell to the second-lowest level on record, ahead of only the COVID-19 year of 2020. Production dropped 5.6% from 2023 to 2024 to 23,480 shoot days, according to FilmLA.

A survey of executives by ProdPro found California was the sixth most preferred place to film in the next two years, behind Toronto, Britain, Vancouver, Central Europe and Australia.

While studios including Walt Disney and Netflix are still based in Los Angeles, that could change, said writer Alexandra Pechman, a “Stay in LA” organizer.

“If they don’t commit to shooting projects here, where their offices are, why are the studios here? Those jobs might pick up and leave too,” Pechman said.

Duncan Crabtree-Ireland, national executive director of the SAG-AFTRA actors union, said he was optimistic after talks with Hollywood CEOs. One executive told him they had committed to shooting 60 projects in Los Angeles this year.

“I think that we’re going to see this rebuild, but it can’t be fast enough for me,” Crabtree-Ireland said. “I wish it was immediate.”

Sunday’s Oscars will acknowledge the fires and celebrate the resiliency of Los Angeles, according to organizers. Some speakers may try to rally support for keeping production in Hollywood, as they have at other awards shows.

At February’s Critics Choice Awards, “Hacks” co-creator Paul W. Downs urged power players in the business to insist on filming in the city.

“The more we tell people that we shoot in Los Angeles, the more we hear, ‘you are so lucky,'” Downs said. “That shouldn’t be the case because this is an industry town, and we should have more productions in LA.”

“I feel like the people in this room have the power to make that happen,” he added, “so we need to ask to shoot our shows here in LA.”

Reporting by Lisa Richwine; Additional reporting by Rollo Ross in Los Angeles and Sarah Mills in London; Editing by Mary Milliken and Howard Goller

EU proposes cutting back sustainability laws for companies

Companies with over 1,000 employees would be obliged to report on their environmental and human rights impact

FILE PHOTO: A European Union flag flutters outside the EU Commission headquarters, in Brussels, Belgium, February 1, 2023 REUTERS/Yves Herman/File Photo

International news via Reuters:

The European Commission on Wednesday proposed sweeping changes to EU green rules, scrapping sustainability reporting requirements for thousands of companies and delaying its due diligence policy by a year.

Under the proposals, only companies with over 1,000 employees would be obliged to report on their environmental and human rights impact.

The rules currently target firms with over 250 employees, and the commission said the change would exempt 40,000 companies – or 80% of all firms the policy was originally designed to apply to.

The proposals will need to be negotiated and approved by the European Parliament and EU member states.

Reporting by Kate Abnett, editing by Bart Meijer

UK’s Heathrow Airport says slowing growth shows need for new runway

Government will on Thursday decide whether to allow the expansion of Gatwick

FILE PHOTO: A passenger plane flies over horses feeding as it makes its landing approach to Heathrow Airport in west London, Britain, January 28, 2025. REUTERS/Toby Melville/File Photo

International news via Reuters:

Britain’s Heathrow Airport forecast slower passenger growth in 2025, highlighting the need for a new runway weeks after the government threw its weight behind expansion at the hub as it seeks to boost trade and economic growth.

Chief Executive Thomas Woldbye said Heathrow also needed government backing in terms of faster planning approvals, airspace modernisation and funding structures.

Last year 83.9 million people travelled through Heathrow, Europe’s busiest airport, beating the pre-COVID record set in 2019 by 3 million. It forecast passenger numbers would rise more slowly this year to 84.2 million.

The airport’s two runways are full and it can only add passengers when airlines fly larger planes. European competitors Paris and Amsterdam have four and six runways, respectively.

British governments have dithered for decades over Heathrow expansion, caught between the desire for growth and environmental concerns, but finance minister Rachel Reeves said in January the case for the runway was stronger than ever.

The government will on Thursday decide whether to allow the expansion of Gatwick, Britain’s second-biggest airport.

“There’s a need for both,” Woldbye said in an interview on Wednesday.

Questions remain over how to fund the Heathrow expansion, likely to be many billions more than the 14 billion pounds ($17.7 billion) estimated in 2014. Woldbye said Heathrow would make clear its preferences when it makes a submission to the government this summer.

“How that can be structured and split over time is what we’re looking at,” he said, adding that he would hold talks with airlines.

Heathrow’s biggest airline British Airways and Virgin Atlantic have long complained that the airport is the most expensive in the world.

For 2024, Heathrow posted pretax profit of 917 million pounds, up 31% on the previous year.

The airport said it would pay its owners, which include Ardian, Qatar Investment Authority, and Saudi Arabia’s Public Investment Fund, a dividend of 250 million pounds, the first payout for five years.

($1 = 0.7904 pounds)

($1 = 0.7903 pounds)

(Reporting by Sarah Young, Editing by Paul Sandle and Louise Heavens)

Apple shareholders vote to keep its diversity policies

Shareholders previously rejected proposals requiring Apple to disclose racial and gender pay gap data

International news via Reuters:

Apple shareholders voted to keep the tech giant’s diversity, equity and inclusion policies on Tuesday, a win for management which had opposed efforts by a conservative group to scrap the program.

The vote at the iPhone maker’s annual meeting was seen as a test of shareholder views about the value of DEI programs, which many companies added or beefed up starting in 2020 amid the Black Lives Matter movement.

A growing conservative backlash has pushed major U.S. companies, including Meta and Alphabet, to drop DEI initiatives ahead of and following Donald Trump’s return to the U.S. presidency.

Trump has criticized corporate DEI programs as discriminatory and suggested the U.S. Department of Justice could investigate whether such efforts violate the law.

The National Center for Public Policy Research, which describes itself as a free-market think-tank, had submitted the proposal titled “Request to Cease DEI Efforts” to the shareholder meeting. The proposal was defeated, with 210.45 million votes for it and 8.84 billion votes against it.

Proponents of the proposal argued that recent legal changes meant Apple would see an increase in discrimination cases if it continued DEI policies. Apple said it had an active oversight effort to avoid legal risks and that the proposal inappropriately restricted management.

While Apple discloses diversity data about its employee base, the company did not set targets or quotas. Many of its DEI efforts are in the form of programs such as a racial justice initiative under which it has provided support to historically Black colleges and universities in the U.S.

Apple also carries out DEI efforts outside of the U.S., such support for teaching coding skills to indigenous populations in Mexico and working with an Aboriginal community–led nonprofit pursuing criminal justice reform in Australia.

Apple shareholders have in the past rejected proposals that would have required the company to disclose more about racial and gender pay gaps.

Apple CEO Tim Cook said at Tuesday’s meeting the company’s “strength has always come from hiring the very best people and then providing a culture of collaboration, one where people with diverse backgrounds and perspectives come together to innovate.”

But Cook added that “as the legal landscape around these issues evolves, we may need to make some changes to comply, but our North Star of dignity and respect for everyone and our work to that end will never waver.”

The same group had asked Costco Wholesale to report on the risks of maintaining its DEI initiatives. The membership-only retailer’s shareholders voted strongly against the proposal at a meeting in January.

On Monday, Apple highlighted its spending in the United States, saying it planned $500 billion in investments in the next four years, drawing praise from Trump days after media reported that Cook had met with the president.

Apple shareholders also voted against a proposal asking the company to prepare a report assessing the risks of its work with AI, though the proposal got the most votes of any shareholder effort. It received 1.04 billion “for” votes and 7.96 billion “against” votes.

All Apple management proposals, including a “say on pay” provision, were approved.

Cook said on Tuesday that Apple would be the biggest customer of a Taiwan Semiconductor Manufacturing Co factory in Arizona that Trump helped bring to the United States during his first term.

Reporting by Aditya Soni in Bengaluru and Stephen Nellis in San Francisco; Editing by Shilpi Majumdar, Emelia Sithole-Matarise and Cynthia Osterman

Amazon eyes new direction for Alexa with AI overhaul

New Alexa AI service will be able to respond to multiple prompts in sequence

The logo of Amazon is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo

International news via Reuters:

Amazon on Wednesday is set to host an event showcasing new capabilities for Alexa that will bring the service into the age of generative artificial intelligence, more than a decade after it ushered in a wave of investment in voice assistants.

The firm has been short on details beyond confirming an event it is hosting with its head of devices in New York is Alexa-focused. However, people familiar with the matter told Reuters the event will see the unveiling of a secret project known internally as “Banyan” aimed at making Alexa more conversational.

The effort carries significant weight at Amazon, which has plowed billions of dollars into Alexa since its launch in 2014 in the hope of putting the service into a range of devices and ultimately driving sales on its main e-commerce website.

Alexa is voice-controlled software installed in products such as smart speakers that can provide answers to user questions, play music, set timers and serve as a hub for home automation, by linking internet-connected devices so that, for instance, a light can be turned on with just voice prompts.

The new Alexa AI service will be able to respond to multiple prompts in sequence and, company executives have said, even act as an “agent” by taking actions for users without their direct involvement. That contrasts with the current iteration which generally handles only a single request at a time.

Executives have debated charging as much as $10 per month for the new service, people have told Reuters, to recoup some of the investment sunk into the money-losing business.

At least initially, Amazon will also continue to offer what it is now calling “Classic Alexa,” the version broadly available today for free, as it rolls out the new service to a limited group of consumers in the coming weeks and months. 

Amazon has said there are some 500 million Alexa-capable devices in consumer hands already, meaning the revamp is at once a huge money-making opportunity for the Seattle retailer – and a big financial risk if it does not live up to expectations.

The company earlier this month sent reporters invites to an event to be held later today at a space in New York’s Tribeca neighborhood.

Reporting by Greg Bensinger; Editing by Christopher Cushing

Sterling edges lower versus dollar, eyes on military spending

Sterling was down 0.1% to $1.2653

FILE PHOTO: Pound banknotes are seen in this illustration taken March 1, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

International news via Reuters:

Sterling edged lower against a strengthening dollar and held steady versus the euro a day after the British government’s pledge to increase military spending.

The U.S. dollar edged up from its 11-week low on Wednesday as U.S. Treasury yields bounced back after recent declines.

British Prime Minister Keir Starmer said on Tuesday he would increase annual defence spending to 2.5% of gross domestic product (GDP) by 2027 and target a 3% level last seen just after the Cold War, a signal to U.S. President Donald Trump that Britain can boost Europe’s security.

Sterling was down 0.1% to $1.2653. It hit $1.2626 on Monday, its highest level since December 18.

“We think sterling can start to underperform in March,” said Chris Turner, head of forex strategy at ING.

Some analysts argued that the Bank of England could unlock more cuts in line with the recent dovish shift.

BoE policymakers do not have a consensus about how fast the central bank should cut interest rates, even though they all agreed to use the word “gradual”, Monetary Policy Committee member Swati Dhingra said on Monday.

Dhingra was one of two Monetary Policy Committee members to vote for a half-point interest rate cut on February 6, while the majority voted for a quarter-point cut to 4.5%.

Investors are closely watching developments in U.S. trade policy but expect U.S. tariffs to hurt the economy more in Europe than in the UK. However, they expect the U.S. protectionist measures to weigh on all European currencies.

The euro was down 0.05% at 82.92 pence. It hit 82.63 pence on Friday, its lowest level since January 2.

Markets expect the BoE to cut rates by 57 basis points (bps) in 2025 and the European Central Bank to ease by 80 bps.

However, recent remarks from ECB officials have cast doubt on the monetary path traders are currently pricing in.

ECB board member Isabel Schnabel said it’s no longer clear the current 2.75% rate is still holding back the euro zone economy after arguing last week the ECB had to start a discussion about when to halt rate cuts.

Reporting by Stefano Rebaudo

Trump floats $5 million ‘gold card’ as a route to US citizenship

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Trump added it is possible Russian oligarchs could qualify for the gold cards

FILE PHOTO: U.S. President Donald Trump looks on during a press conference held along with French President Emmanuel Macron (not pictured), at the White House in Washington, D.C., U.S., February 24, 2025. REUTERS/Evelyn Hockstein/File Photo

International news via Reuters:

U.S. President Donald Trump on Tuesday floated the idea of replacing a visa program for foreign investors with a so-called “gold card” that could be bought for $5 million as a route to American citizenship.

Trump told reporters he will replace the “EB-5” immigrant investor visa program, which allows foreign investors of large sums of money that create or preserve U.S. jobs to become permanent residents, with a so-called “gold card.”

The EB-5 program grants “green cards” to foreigners promising to invest in U.S. businesses.

“We are going to be selling a gold card,” Trump said. “We are going to be putting a price on that card of about $5 million,” he added.

“It’s going to give you green card privileges plus its going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” Trump said, adding that details about the scheme will come out in two weeks.

Trump added it is possible Russian oligarchs could qualify for the gold cards, when asked by a journalist if those people would be eligible. “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people,” he said.

The EB-5 Immigrant Investor Program, administered by the U.S. Citizenship and Immigration Services, was created by Congress in 1990 to “stimulate the U.S. economy through job creation and capital investment by foreign investors,” according to the USCIS website.

“The EB-5 program … it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” Commerce Secretary Howard Lutnick told reporters on Tuesday.

Reporting by Steve Holland; Writing by Kanishka Singh; Editing by Mary Milliken and Lincoln Feast.

Britain’s Metro Bank sells 584 million pounds unsecured personal loan book

Portfolio-buyer yet to be named

FILE PHOTO: People walk past a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo

International news via Reuters:

British lender Metro Bank on Wednesday said it has signed an agreement to sell a portfolio of about 584 million pounds ($738.88 million) of unsecured personal loans.

A spokesperson of the bank declined to comment on who had bought the portfolio.

The transaction is expected to result in a gain of about 11 million pounds, Metro Bank said.

($1 = 0.7904 pounds)

Reporting by Chandini Monnappa, Iain Withers and Yamini Kalia; Editing by Varun H K