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
Will take a one-time impairment charge exceeding $200 million
FILE PHOTO: A keyboard and a shopping cart are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
International news via Reuters:
Britain’s ASOS on Wednesday laid out a plan to restructure its business by merging its commercial and customer functions as the retailer navigates a tough business environment.
To boost growth, the online fashion retailer has launched a dedicated cross-functional team to ensure its brands, Topshop and Topman, could operate standalone, it said in a statement.
ASOS, founded in 2000, said it has “significantly” reduced its stock levels, improved its product and refinanced debt.
Over the last couple of years, ASOS has been working to transform its business after losing popularity among its target audience of young customers and dealing with an inventory surplus.
In January, the company said it would take a one-time impairment charge exceeding $200 million in fiscal 2025 due to the “mothballing” of its Atlanta distribution centre.
ASOS also said it would consolidate its people experience, and corporate affairs and strategy team to streamline decision-making and enhance communication.
The retailer, which currently has 20 million active customers in more than 200 markets, said the changes were expected to take affect from April.
Reporting by Radhika Anilkumar and Chandini Monnappa in Bengaluru; Editing by Shilpi Majumdar
Construction boss sees his appointment as Minister of Housing as “a huge advantage” for the role
Zane DeSilva has returned to the Cabinet as the new Minister of Housing & Municipalities.
The appointment was made today, as Premier David Burt rolled out his new Ministers, Junior Ministers and Senators following last week’s General Election win.
The Premier said, “Government will dedicate a full ministry to housing, emphasizing how critical affordable housing solutions are to Bermuda’s future.”
Mr DeSilva’s ministry will be responsible for housing policy, the Bermuda Housing Corporation and the Bermuda Land Management Corporation. He will also hold responsibilities concerning the municipalities of Hamilton and St George’s.
Mr DeSilva is President & CEO of Island Construction, one of Bermuda’s largest construction businesses.
When asked to address any perceived conflict-of-interest concerns, Mr DeSilva said “In Bermuda, if you don’t have a conflict, something’s wrong.”
“We’re small. There are a lot of business people in government. History will show that. Future will show that. But I look at it as being a huge advantage.”
Another addition to Cabinet in this reshuffle is first-time MP Alexa Lightbourne, who takes on a consolidated Ministry of Home Affairs that has a cost of living focus – with BELCO and grocery stores in its crosshairs.
Premier David Burt said, “We have decided to consolidate energy, telecommunications Regulatory Authority and consumer affairs into a single ministry… directly responsible to address the high cost of essential utilities, ensuring that energy providers cannot indiscriminately pass along fees, and guaranteeing that any duty reductions on essentials actually benefit the consumers.”
Jache Adams, the only PLP MP who flipped an OBA seat in the 2020 and retained it in 2025, will be the newly styled Minister of Public Works and Environment.
Premier David Burt said of his Ministry, “This newly aligned ministry will lead infrastructure development, waste management and environmental transition, recognizing that a modern, efficient Bermuda must also be a greener, more climate resilient one.”
Win-less Bermuda finish at the bottom of Group E in World Cup qualifying in Trinidad
After being trounced by Canada 22 nil – the second-largest victory margin in Concacaf U20 qualifying history, Dominica bounced back to beat Bermuda 2-1 on Tuesday.
Having lost their matches against Trinidad and Canada, neither Dominica nor Bermuda were in qualifying contention going into the final match. With this third straight loss, Bermuda finished in last place in Group E.
In the final round of qualifying for the U17 Women FIFA World Cup Bermuda’s nemesis lands in Group B
The draw is out for the U17 women’s final round of qualifiers for the FIFA World Cup in Morocco. Team Bermuda, who have been drawn in Group A, earned their spot in the Mexico tournament last month. And there’s good news for our young Lady Gombey Warriors. Bermuda’s nemesis, Canada, is in Group B! BFA President Mark Wade:
Team Bermuda will have their work cut out for them when the tournament kicks off on March 31st. Not only will they have to punch well above their weight when they take on the powerhouses of the region, but they’ll have to navigate some tricky conditions as well.
Group A: Mexico, Haiti, Costa Rica, Bermuda (hosted by Mexico)
Group B: Canada, Puerto Rico, Panama, Nicaragua (hosted by Panama)
Group C: United States, El Salvador, Honduras, Trinidad & Tobago (hosted by Trinidad & Tobago)
The final round of qualifying concludes on April 6th. The top team from each of the 3 groups will go through to the World Cup as will the best 2nd place finisher.
The fake ad is in circulation on social media site, Facebook
Residents are urged to be aware of a new scam attempting to defraud people using a fake RUBiS Gift Card offer.
According to a news release issued today, RUBiS Energy Bermuda Limited said the fraudulent ad is circulating on social media platform, Facebook.
The ad they said, appear legitimate featuring an image of a local RUBiS service station however, they have confirmed it is a scam.
They warned users not to click on the link associated with the ad.
They said, “It does not lead to an official RUBiS website and may be designed to steal your personal or financial information. We want to emphasize that this scam has NO AFFILIATION with RUBiS Energy Bermuda Ltd. or any of the independently operated RUBiS Service Stations.”
Anyone who encounters the fake ad is encouraged to report it to police via their online community reporting portal.
Emily Siggins touches down in commercial jet on her home runway
Credit: Skyport
Bermudian pilot Emily Siggins was at the helm when JetBlue flight B6 203 from Boston landed at the airport on Saturday.
It was a dream fulfilling moment for her and a first for the island.
She was welcomed with a water curtain by the airport fire service and greeted in person by her proud parents, Jeannie and Herbie Siggins, alongside family, friends, and Bermuda Airport Authority CEO Lester Nelson.
According to a Skyport press release, Emily’s passion for aviation began in her youth during Saturday morning aviation classes at the airport with Bermudian pilot and instructor Pete Wilson. She went on to earn a Bachelor’s degree in Airport Management and a Master’s degree in Aviation Safety from the Florida Institute of Technology, along with commercial pilot and flight instructor certifications.
In 2016, Emily joined Cape Air as a Cessna 402 captain before joining JetBlue Airways as a First Officer six years later. Now based in Orlando, she flies throughout the United States, as well as between Mexico and the Caribbean.
At 33, Ms Siggins is proud to be breaking ground in what has been viewed as a traditionally male-dominated industry. She noted that while some passengers still comment “not bad for a girl” or assume she is a flight attendant, the overall response to having a female pilot, she says, has been largely positive.
Veteran Zane DeSilva, seat-flipper Jache Adams and newcomer Alexa Lightbourne in the reshuffle
Premier David Burt has announced his new Cabinet – one week after taking power with 25 out of 36 seats, losing only four to the OBA, amid the lowest voter turnout in modern history. (SCROLL DOWN FOR FULL LIVE BROADCAST)
Governor Andrew Murdoch conducted a swearing-in ceremony at a packed Camden House in Paget this morning.
Nine ministers retained their titles; however, some saw changes to their briefs.
Premier David Burt will remain Minister of Finance, with responsibilities remaining largely unchanged apart from taking on land valuation, which had previously fallen under the Ministry of Home Affairs.
Kim Wilson will continue to serve as Minister of Health.
Tinee Furbert will retain her role as Minister of Youth, Social Development and Seniors.
Michael Weeks continues serving as Minister of National Security.
Jason Haward will retain his role as Minister of Economy and Labour, with his ministry assuming additional responsibilities for the Registry General and intellectual property, previously under the Ministry of Home Affairs.
Owen Darrell will continue to serve as Minister under the newly styled Ministry of Tourism, Transport, Culture and Sport.
Minister Diallo Rabain will continue to serve in Cabinet; however, instead of remaining as Education Minister, he will lead the Cabinet Office and Digital Innovation.
Crystal Ceaser, formerly Minister for the Cabinet Office, will be Bermuda’s new Minister of Education, as well as continue her role as a member of the Senate.
Attorney General Kim Wilkerson retains her role as leader of the government Senate team and as Minister of Justice.
“Through a reconfiguration, each ministry now has a clearer mandate, ensuring fewer overlaps and faster action,” explained Premier Burt.
During his address, he also thanked Wayne Furbert for his service as Transport Minister and said he will continue serving as Junior Minister of Finance.
Meanwhile, three new ministers were unveiled.
Acknowledging the pressing issue of housing, the government has dedicated a full ministry responsible for housing policy and oversight, including the Bermuda Housing Corporation and the Bermuda Land Management Corporation.
Zane Desilva returns to the cabinet and has been appointed as Minister of Housing and Municipalities.
On the cost-of-living theme, Premier Burt announced that energy, telecommunications, the Regulatory Authority, and consumer affairs will be consolidated into a single ministry.
The Ministry of Home Affairs will take on the task of addressing the high cost of utilities. Newly elected MP Alexa Lightbourne will head this Ministry.
The Ministry of Public Works has been restructured to include a greater focus on climate resilience.
Jache Adams takes up the helm of the newly styled Ministry of Public Works and Environment – leading infrastructure development, waste management and green transitions.
As for the Senate team, Premier Burt asked the following people to continue serving:
Lindsay Simmons will serve as a senator and Junior Minister for Youth, Social Development and Seniors, Home Affairs and National Security.
Mischa Fubler will serve as a senator and Junior Minister for the Cabinet Office and Digital Innovation, and Public Works and Environment.
The newest member of the Senate team is Lauren Hayward Bell, who will serve as a senator and Junior Minister for Health, Economy and Labour, and Housing and Municipalities.
Meanwhile, MP Dennis Lister the Third will serve as Junior Minister for Justice.
Before new Ministers and Senators swore an oath to remain committed to their duties in accordance with the Ministerial Code of Conduct, Governor Murdoch wished each member the best of luck in their respective work.
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