The Ministry of Home Affairs is reminding eligible Bermudian students to apply for the Department of Energy’s Bursary Programme before the deadline of Friday, July 31, 2026.
The public will recall the Ministry launched a second Energy Award valued at $20,000, aimed at supporting Bermudian students pursuing studies in energy related and technical disciplines.
This latest scholarship builds on the Ministry’s inaugural $25,000 Energy Bursary programme, for which recipients were recently announced.
This continued investment in Bermuda’s young people reflects the Government’s commitment to developing local talent and strengthening Bermuda’s capacity in the evolving energy sector.
The Energy Bursary is a key initiative outlined in the Throne Speech, underscoring the importance of cultivating a skilled workforce to support Bermuda’s transition to a more sustainable and resilient energy future.
Eligible Bermudian students are encouraged to take advantage of this opportunity to further their education while contributing to Bermuda’s energy future.
As Bermuda prepares to observe Emancipation Day and Mary Prince Day, the Department of Parks is reminding residents and visitors to help preserve the Island’s parks and beaches throughout the busy Cup Match holiday period. To support a safe and enjoyable experience for all, the Department encourages the public to follow the guidelines below regarding camping, park use, and beach activities.
Cupmatch Camping Period and Guidelines
The Cup Match holiday is traditionally one of the busiest periods for outdoor activity across Government parks and beaches. In addition to the designated sites, camping will be allowed in general park areas from Wednesday, 29 July to Sunday, 2 August 2026.
To manage demand and ensure safety, the Department of Parks and the Ministry of Public Works and Environment are reminding the public of these guidelines:
No camping is permitted at Coney Island (which remains open for picnicking only), Blue Hole Park, Cooper’s Island Nature Reserve, or the dune area directly behind Jobson’s Cove, where sensitive vegetation must be protected.
Absolutely no graffiti or markings (e.g. spray paint or markers) may be used to claim camping spots or mark trees.
Tents and ropes must not be erected before Wednesday, 29 July. Any found in place on Monday, 27 July will be removed by Parks personnel.
Park gates will be open throughout the day on Wednesday, 29 July for setup. Park Rangers will be on site until 10:00 AM and begin locking gates from 9:30 PM.
All vehicles must be removed from within parks and placed in the designated car parks to maintain clear and safe pedestrian areas.
Horseshoe Bay Beach Notice
On Thursday, 30 July 2026, Horseshoe Bay Beach will be open to the public from 8:00 AM to 8:00 PM. At closing time, the Bermuda Police Service will assist the park ranger service in ushering people off the beach to begin clean up.
Park Services and Staffing
Park Rangers will be stationed at various sites to assist the public during the following times:
Thursday, 30 July – 8:00 AM to 9:00 PM
Friday, 31 July – 8:00 AM to 7:00 PM
Saturday, 1 August & Sunday, 2 August – 9:30 AM to 6:00 PM
Lifeguards
Lifeguards will be on duty at Clearwater Beach, John Smith’s Bay, Horseshoe Bay Beach and Turtle Bay, from 9:00 a.m. to 7:00 p.m. on Thursday 30 July and Friday 31 July 2026. Lifeguards will be on duty at these beaches Monday through Wednesday, between 10 a.m. and 6 p.m.
Additional Reminders
Beach Restrictions for Horses and Dogs: From 1 April to 31 October, dogs are not permitted on public beaches, and owners are reminded to observe all posted signs and restrictions. From 1 May to 31 October, horses are also prohibited from public beaches, including those at South Shore Park, John Smith’s Bay, Elbow Beach, and Shelly Bay. Horses may continue to access designated dune areas and the Railway Trail.
Bonfires & Special Events Groups or individuals planning bonfires and organised events on public parks land must contact the Parks Office to apply for special permission ahead of time. Bonfires and events in national parks must comply with the regulations prescribed under the Bermuda National Parks Act 1986.
The Department of Parks is committed to maintaining a safe and enjoyable environment for all park users. Park Rangers and authorised officers will be on hand throughout the weekend to assist visitors and support compliance with park regulations.
For further details about camping, rules, or enforcement, visit www.gov.bm/department/parks or call 236-5902.
The Ministry of Public Works advises the public of traffic and parking restrictions that will be in effect in Sandys Parish for the 2026 Annual Cup Match Classic. The restrictions will apply from 6:00 a.m. on Thursday, July 30, 2026, until midnight, and from 6:00 a.m. to 9:00 p.m. on Friday, July 31, 2026. Motorists should expect parking restrictions, temporary road closures, and traffic flow changes in the vicinity of the Somerset Cricket Club and surrounding roads. Designated public service vehicle locations will remain available throughout the event.
Key Traffic Arrangements
No Parking: Portions of Somerset Road, Boaz Island Road, Cricket Lane, Hook ‘N Ladder Lane, Long Bay Lane, Railway Trail, Scott’s Hill Road and other listed roads.
One-Way Traffic: Clyde Best Lane (from Railway Trail towards Scott’s Hill Road).
Two-Way Traffic: Gilbert Lane.
Road Closure: Clyde Best Lane closed to through traffic except residents and emergency vehicles.
Public Service Vehicle Locations: Scott’s Hill Road, Boaz Island Road, Gilbert Lane, and opposite the former ESSO Service Station on Somerset Road.
These traffic measures are being implemented to support the safe movement of vehicles and pedestrians during the Annual Cup Match Classic. Motorists are encouraged to plan their journeys accordingly, follow all posted signs and directions from traffic controllers, and allow extra travel time when travelling through the area.
Please see attached notice for additional details.
The Director of Public Prosecutions, Cindy Clarke, intends to enter a nolle prosequi today in the criminal trial of Devon Hewey, who had been charged for the 2011 murder of Randy Robinson. A nolle prosequi is a document signed by the Director of Public Prosecutions which formally brings criminal proceedings to an end.
Mr. Robinson was 22 years old when he was fatally shot on 31 March 2011. Mr. Hewey was convicted for that fatal shooting by a jury in 2013. He successfully appealed to the Privy Council, and in 2022, though the case against him was described as strong, the Judicial Committee of the Privy Council set aside the conviction against him because of deficiencies in the trial judge’s directions concerning gunshot-residue evidence.
The Court of Appeal subsequently ordered a retrial.
Due to various delays, including the settlement of his legal representation, the retrial did not commence until May 2026; but, on 1 July 2026, the jury was discharged after multiple interruptions during the retrial made it unviable to complete the proceedings with the jury.
Ms. Clarke stated: “Following the discharge of the jury, I carefully reviewed whether the public interest would be served by commencing yet another trial.
“I considered the gravity of the allegation, the interests of the victim’s family and the community, the passage of more than 15 years, the cumulative delays, and the practical and evidential difficulties associated with presenting a case of this age fairly and effectively.
“Having weighed all of those matters, I concluded that it was not in the public interest for the prosecution to continue.”
The Director paid tribute to the victim’s mother, Roydelle Robinson, whose patience, steadfastness and strength have remained evident throughout the original trial, the appeals and the lengthy retrial process.
Ms. Clarke added: “Ms. Robinson has conducted herself with extraordinary courage and dignity throughout a process that no mother should ever have been required to endure. This decision does not diminish her son’s life, the profound loss suffered by his family or the seriousness of the allegation.”
A nolle prosequi is not an acquittal by a jury and is not a judicial declaration of innocence. Equally, it is not a finding of guilt. It brings the present proceedings to an end without a verdict determining the merits of the case.
In Spain, weather agency AEMET said temperatures were expected to reach 40 degrees Celsius (104 degrees Fahrenheit) on Wednesday in at least six regions on orange alert, the second-highest level
International News via Reuters:
Temperatures were set to soar again in France and Spain on Wednesday in a fourth heatwave of the summer, increasing the threat from wildfires that have forced large-scale evacuations of people, scorched through forests and killed wildlife.
In Spain, weather agency AEMET said temperatures were expected to reach 40 degrees Celsius (104 degrees Fahrenheit) on Wednesday in at least six regions on orange alert, the second-highest level.
In France, temperatures in the southwest, hit by devastating fires, were expected to rise from around 33 C on Tuesday to peak at 42 C, according to Meteo France, while dry winds from the southwest in the morning and from the west in the afternoon were likely to stoke flames.
French firefighters kept a major blaze west of Bordeaux stable overnight, but officials warned it was far from over yet.
“As we speak, the situation is stable but the fire is still not under control,” firefighter commander Matthieu Jomain told reporters. “We remain vigilant of course today, considering the forecast weather conditions, with a new rise in temperatures and higher wind speeds in the afternoon.”
DEER KILLED BY FIRE IN SPANISH FOREST
Europe, the world’s fastest warming continent, has endured record-breaking heatwaves this year, as human-driven climate change is intensifying the heat and drought that allow wildfires to spread faster.
More frequent and intense heatwaves are causing thousands of excess deaths and increasingly disrupting everyday life, from snarling road and rail travel to hindering river shipping.
Highlighting the devastation of the wildfire on the countryside and wildlife, Reuters drone footage from El Tiemblo, in Spain’s Avila province, near Madrid, showed charred deer carcasses in a forest burnt to ashes.
A Madrid resident who gave her name as Cintia was horrified by the scene in El Tiemblo, a place she has often visited.
“We love this, the wildlife, everything around us. We used to bring food up for the animals because they’re from here. They belong to this land,” she said. “And look where it is today.”
VILLAGERS TRY TO PROTECT THEIR HOMES
The impact on the forests has been widespread. The wildfire in the Landes area west of Bordeaux, a popular tourist destination, has devastated 42,000 hectares (104,000 acres) of mainly pine trees.
Authorities have evacuated about 220,000 people, including holidaymakers and local residents, as the fire threatened the Cap Ferret peninsula on the Atlantic coast, only accessible by one road. Hundreds left on specially chartered ferries.
Several companies on the outskirts of the historic city of Bordeaux closed their operations preventively as the flames went as close as 15 km (9 miles) from the metropolitan area.
In Lanton, also in the southwestern area of France ravaged by wildfires, volunteers carrying buckets of water have been trying to help protect their village.
“It’s hard, really, very hard, because we don’t have many resources. We try to help people however we can, with the little we have,” local pastry chef Jonathan Segalas-Talous, 29, said on Tuesday.
“We’ve lived here for years, and we want to stay. So, we do everything we can, whatever means we have to help, we use. We help.”
From Thursday onwards, danger levels in southwestern France appear likely to decrease thanks to some thunderstorms, lower temperatures and increased humidity, Meteo France said.
FIRE IN SPAIN’S CASTELLON RAGES FOR FIFTH DAY
In Spain, authorities said the situation had improved in the central provinces of Avila and Madrid, but the blaze in eastern Castellon remained out of control after burning over 10,000 hectares as weather conditions triggered several flare-ups.
Around 10,000 evacuated residents were still unable to return to their homes in Castellon. The fire’s perimeter is currently estimated at 75.5 km (47 miles), regional authorities said as the fire entered its fifth day on Wednesday.
Meanwhile, Madrid’s emergency services said on X that the wildfire in the capital region had not spread overnight. Firefighting crews kept attempting to consolidate the fire’s perimeter and extinguish remaining hot spots to prevent it from reigniting, they added.
Evacuees from 15 towns in Madrid and Avila were beginning to return to their homes, Interior Minister Fernando Grande-Marlaska said late on Tuesday.
Additional reporting by Leonardo Benassatto in La Vilavella, Yves Herman in Bordeaux, David Latona and Emma Pinedo in Madrid, Inti Landauro, Kate Abnett and Sudip Kar-Gupta in Brussels, Janis Laizans in Bordeaux; Writing by Ingrid Melander; Editing by Alison Williams
Eight people were pulled from the rubble of a partially collapsed shopping mall near the city of Kumamoto that was torn apart by an explosion just over an hour after Tuesday’s earthquake
International News via Reuters:
Rescuers frantically searched for survivors on Wednesday, a day after a 7.1-magnitude earthquake shook southern Japan, killing at least 13 people, knocking out power to thousands of homes and rupturing roads across the region.
Eight people were pulled from the rubble of a partially collapsed shopping mall near the city of Kumamoto that was torn apart by an explosion just over an hour after Tuesday’s earthquake. Of them, three died.
Another three workers at the shopping centre remain unaccounted for after checks of the roughly 2,700 staff, Akio Yoshida, president of mall operator Aeon, told a press briefing on Wednesday. Customers had been evacuated right after the initial quake.
“Even now, there are people waiting to be rescued, and this is a race against time,” Prime Minister Sanae Takaichi told reporters in Tokyo. “We will marshal all available resources on the ground to save and rescue as many people as possible.”
Overall, 13 people were killed, five were in cardiac arrest and at least eight others seriously injured, authorities said. Hospitals were reported to be treating dozens of other patients.
Authorities are investigating a possible gas explosion at the Aeon mall. Rescuers reported smelling gas inside the building but the cause of the incident was still under investigation, said Japan’s top government spokesperson, Minoru Kihara.
Emergency fire rescue teams, police and around 170 army personnel were focusing on areas of the building where calls for help had been received. More than 4,500 troops have been deployed to help with recovery efforts across the quake zone.
Five people died and another two were injured at a Nippon Paper Industries factory where the quake knocked over a chimney, public broadcaster NHK said. A local government official earlier said seven were missing in the incident.
BUILDINGS, BRIDGES COLLAPSE
Across the prefecture, which also suffered a deadly earthquake a decade ago, around 260,000 people were instructed to go to evacuation centres, authorities said. Police said they received 386 emergency calls after the quake hit, including reports of collapsed buildings and people seeking rescue.
The quake’s epicentre was about 20 km (12 miles) south of Kumamoto City, central Kyushu’s largest city with a population of around 700,000. The quake has been followed by more than 100 small aftershocks that continued through Wednesday.
In nearby Yatsushiro city — among the hardest-hit areas — many homes had damaged roofs and a handful of buildings collapsed. Roads leading to the coastal town were cracked and buckled in places, and many businesses remained shuttered.
Part of a bridge had collapsed into the Kumagawa River, drawing a steady trickle of curious residents to the site.
Local resident Masahiro Miyamoto, 40, said he was driving when the earthquake struck, and saw telephone poles and buildings topple over.
“I came straight home and have been helping with the clean-up ever since,” he told Reuters as he removed rubble from a ruined gate at a neighbourhood temple.
Authorities have warned residents in the areas that felt the biggest tremors to be on alert for further strong quakes for about a week, as well as for the risk of landslides. On Japan’s seismic intensity scale, Tuesday’s tremor measured the highest level of 7 in some areas.
With more than 36,000 homes still without power and others without water, authorities are warning about the risk of heat-related illness as temperatures hit 34 degrees Celsius (93 degrees Fahrenheit) on Wednesday.
SOME HOSPITALS OVERSTRETCHED
One hospital in Uki city, near the epicentre, said a power outage caused by the earthquake meant it was unable to function.
“It’s become like a field hospital,” the head of the administrative department told NHK. Another hospital in the city said it had suspended admissions as it could no longer handle additional emergency cases after accepting 86 injured people following the quake, including three with serious injuries.
Several passengers aboard high-speed trains at the time of the quake were also injured, operators said, adding that services were immediately suspended after the jolt.
Some major companies with plants in the area, including Renesas Electronics , Sony, Tokyo Electron and Honda, have suspended operations at their plants. Toyota Motor also said it would suspend work at three factories outside Kumamoto prefecture through Friday in consideration of the situation at suppliers.
TSMC, the world’s largest contract chipmaker, evacuated workers from its local plant as a precaution after the quake but said it had begun resuming operations late on Tuesday.
Located on the “Ring of Fire” of volcanoes and oceanic trenches partly encircling the Pacific Basin, Japan accounts for about 20% of the world’s earthquakes of magnitude 6.0 or more.
A massive earthquake in Kumamoto 10 years ago killed 275 people and injured a further 2,739, according to an official count, and damaged thousands of buildings including the walls of the city’s castle, a top tourist site.
The castle was also among several historic buildings damaged in Tuesday’s quakes alongside shrines with heavy tiled roofs that partially collapsed and a 17th-century tea house.
Reporting by Tim Kelly in Yatsushiro, Joseph Campbell in Kumamoto, Kaori Kaneko and Mariko Katsumura in Tokyo; Writing by John Geddie and Chang-Ran Kim; Editing by Stephen Coates, Kate Mayberry, Lincoln Feast and Raju Gopalakrishnan
The Competition and Markets Authority said on Wednesday the probe would examine Microsoft’s addition of its AI assistant Copilot to Microsoft 365 subscriptions
International News via Reuters:
Britain’s antitrust regulator said it would investigate Microsoft over whether it misled personal and family customers when marketing subscription plans for its ever-popular Microsoft 365 product, resulting in them overpaying.
The Competition and Markets Authority said on Wednesday the probe would examine Microsoft’s addition of its AI assistant Copilot to Microsoft 365 subscriptions. Personal and family customers were initially offered Copilot at no extra cost, but some later faced higher-priced subscriptions when renewing.
“The investigation will examine whether customers were given key information about the plans and the difference in cost to understand the options available to them before making a decision,” the CMA said in a statement.
The CMA said while it was supportive of AI adoption across the country, customers always needed clear and timely information.
Microsoft did not immediately respond to a request for comment.
Microsoft faces numerous competition investigations globally, targeting its business software, cloud computing and AI partnerships, and the UK’s CMA launched a probe into its dominance in business software in May.
Authorities in Australia and Italy are also investigating Microsoft over the information provided to customers when plans renewed, the CMA noted.
Reporting by Muvija M, writing by Sarah Young, editing by Sam Tabahriti
Australia’s world-first law barring accounts for under-16s took effect last December, drawing criticism from social media companies, mostly based in the United States
International News via Reuters:
Elon Musk’s X accused Australia of trying to give its internet regulator unfair information-gathering powers and undermining U.S. law with plans for tougher enforcement of a teen social media ban.
Australia’s world-first law barring accounts for under-16s took effect last December, drawing criticism from social media companies, mostly based in the United States.
But the contention by X, whose parent company is Musk’s just-listed SpaceX, amounts to one of the world’s most powerful people injecting a geopolitical element into the debate.
The plans did not give “due regard to procedural fairness, privacy, the broader impacts on online services, and Australia’s digital economy”, X told an Australian senate committee.
In its submission published on Tuesday, X took aim at plans to give the eSafety Commissioner wider rights of document discovery and double a maximum fine to A$99 million ($69 million).
The changes would “compel any person outside Australia … to provide information and documents merely because they are ‘affiliated’ with a company,” X said, a move it described as being “in clear conflict” with international legal principles.
The amendment “raises potential for a severe impact on international comity”, it added, using a phrase denoting respect for a foreign country’s legal system.
A U.S. congressional committee has already asked the eSafety Commissioner to testify, accusing her of imperiling American free speech.
The billionaire Musk himself called the Australian social media ban a “backdoor way to control access to the internet by all Australians” in an earlier post on X.
Data published by eSafety and studies since the ban have shown most Australian teenagers under 16 still have social media accounts.
eSafety has said it is preparing a potential enforcement lawsuit against five platforms but is slowed by its limited powers.
The regulator told the panel its currently-limited power to compel documents was at odds with other regulators, making it dependent on “representations from providers about their own compliance”.
eSafety also lacked power to compel documents from third-party age assurance providers hired by the platforms, establishing “significant” barriers to the progress of investigations, it added.
DIGI, an industry group representing several platforms, told the senate inquiry eSafety already had extensive enforcement powers that had not been fully tested, and urged greater clarity on whom it could demand documents from.
Google’s YouTube and TikTok said in separate submissions there was no known failsafe method to weed out and block underage users.
Parliament has yet to pass the bill for greater enforcement powers. The senate committee will deliver its findings on August 25, after holding hearings.
($1=1.4397 Australian dollars)
Reporting by Byron Kaye; Editing by Clarence Fernandez
Iran, for its part, rejected an Omani proposal to jointly manage the Strait of Hormuz and said it had fired on ships in the strait and at U.S. bases in Jordan
International News via Reuters:
The United States and Saudi Arabia jointly struck Iran-backed armed groups in Iraq on Wednesday, the first U.S. airstrikes in the Middle East since President Donald Trump suspended the U.S. bombing campaign against Iran last week.
Iran, for its part, rejected an Omani proposal to jointly manage the Strait of Hormuz and said it had fired on ships in the strait and at U.S. bases in Jordan.
The renewed combat and diplomatic setbacks pushed oil prices up for the first time since last week, signalling no quick end to the war the United States and Israel started in February.
Iraqi men shouted Shi’ite sectarian slogans and “Death to America!” as they carried the bodies of slain fighters in body bags out of a hospital in Mosul in northern Iraq, footage from Iraq’s Al-Ahad television showed.
Washington and Riyadh said they had jointly struck the Iran-backed armed groups in Iraq in retaliation for drone attacks on Saudi oil targets launched from Iraq.
Iraq’s Popular Mobilisation Forces, powerful Iran-backed paramilitary groups incorporated into the formal Iraqi security forces, said at least 20 members were killed and 32 wounded in U.S.-Saudi strikes targeting several bases across Iraq.
It was the first major U.S. military action in the Middle East since last Friday, when Trump abruptly suspended an intensive bombing campaign after 13 days, having been advised by commanders that the strategy had run its course.
It was also the first time during the war that Saudi Arabia had publicly declared its participation in joint strikes alongside the United States. The joint strikes potentially widen the conflict by drawing Sunni Muslim Saudi Arabia into combat against Shi’ite proxies of Iran on a new front.
Iraq’s Shi’ite-led government, one of the few in the world to maintain close military and diplomatic ties with both Tehran and Washington, called an emergency meeting.
Washington has long called on the Baghdad government to crack down on Iran-backed paramilitaries, but efforts to do so in the past have provoked domestic unrest.
The deep ties between Iran and Iraq, the two biggest Shi’ite-majority countries, have been on display this week as hundreds of thousands of Iranian religious pilgrims visit shrines in Iraq for an annual holiday, crossing the border over land. Some carried portraits of Iran’s slain supreme leader Ayatollah Ali Khamenei, revered as a high-ranking cleric in both countries.
Saudi Arabia has also been drawn into the conflict on another front, with the Iran-aligned Houthi movement in Yemen announcing a blockade of Saudi oil exports in the Red Sea last week and firing on ships and oil facilities.
Hours before launching the joint attacks with Saudi Arabia on Iraq, the U.S. military said its air defences had averted a surprise Iranian attack on U.S. troops in the region.
Jordan’s military said its air defences had intercepted and shot down five Iranian missiles. Three of the four U.S. service members killed this month were killed in Jordan, where U.S. bases have become primary Iranian targets.
Iran’s Revolutionary Guards said they had fired several ballistic missiles at U.S. military installations in Jordan, and had struck three tankers that were attempting to transit through the Strait of Hormuz along an unauthorised route.
TEHRAN REJECTS OMANI PROPOSAL
Fighting had first resumed this month after a U.S.-Iran deal reached in June on a framework to end the war collapsed over the fate of the strait, the world’s most important energy shipping route, which Iran says it controls and where it aims to collect fees.
Oman proposed a plan for joint regional control of the strait this week, with the backing of Gulf states, that would allow the payment of voluntary service charges. But a senior Iranian official told Reuters on Wednesday that Iran had rejected the Omani proposal as “unreasonable”.
The official said a 50-50 joint control arrangement with Oman would not serve Iran’s interests, though Tehran considers Oman a valuable neighbour. Iran wants sole control over the inbound route and partial control over the outbound route.
The United States has been telling ships to use a route near the Omani shore rather than sailing close to Iran. The Revolutionary Guards Navy said in a statement it continued to maintain full control over the strait and would respond to “unlawful U.S. military interference”.
The renewed fighting sent oil prices rising 4.6%, with Brent crude futures trading at almost $88 a barrel at 1030 GMT. The price, which had briefly spiked above $100 last week for the first time since May, had tumbled into the mid-80s this week after it emerged over the weekend that Trump had called off the bombing.
Reporting by Timour Azhari, Parisa Hafezi, Doina Chiacu, Ahmed Tolba, Kanishka Singh and Reuters bureaux; Writing by Peter Graff, editing by Andrei Khalip
Net consumer lending rose by £1.807 billion ($2.40 billion) on the month, up from a £1.723 billion rise in May and above economists’ median forecast of £1.7 billion in a Reuters poll
International News via Reuters:
British households increased their borrowing at the fastest annual pace in almost eight years last month, adding to signs that consumers were in a more free-spending mood just before new Prime Minister Andy Burnham took office.
Net consumer lending rose by £1.807 billion ($2.40 billion) on the month, up from a £1.723 billion rise in May and above economists’ median forecast of £1.7 billion in a Reuters poll, Bank of England data showed on Wednesday. That pushed annual growth to 9.1%, the fastest since July 2018.
Official data released last week showed retail sales volumes grew by a faster-than-expected 4.2% in the 12 months to June — partly due to hot weather and the soccer World Cup bolstering demand for fans, summer clothing and alcohol and snacks.
“That momentum will likely carry through to July as the sunshine and the World Cup gave consumers a welcome distraction from economic realities. June’s rise in borrowing suggests many turned to credit to foot the bill,” said Karim Haji, global head of financial services at accountants KPMG.
Market researcher GfK’s long-running consumer confidence survey strengthened to a six-month high this month, helped by hopes that the U.S.-Iran conflict would stabilise and bring down energy costs.
Paul Dales, chief UK economist at Capital Economics, said the BoE data suggested households might be funding higher spending by dipping into their savings.
British lenders approved 58,200 mortgages for house purchase in June up from 56,565 in May, while net mortgage lending — which lags approvals by at least a month — rose by £7.7 billion, the most since March 2025. Economists polled by Reuters had forecast a median 57,100 approvals and £3.95 billion of lending.
The BoE is widely expected to keep interest rates unchanged at 3.75% when it announces its July rate decision on Thursday. Most economists do not expect rates to rise for the rest of the year, although financial markets think a quarter-point increase is likely by November.
Mortgage lender Nationwide Building Society previously reported a 2.2% annual rise in house prices for June while rival Lloyds reported a more modest 0.6% increase.
Reporting by David MillikenEditing by William Schomberg
Expectations have become so lofty that even a sixfold jump in SK Hynix’s quarterly profit fell short, leading to a 9.61% drop in shares
International News via Reuters:
Global shares struggled to push higher on Wednesday, as modest gains in Europe and the U.S. did little to soothe investors spooked by a punishing selloff in Asia, where unease over AI valuations has frayed nerves.
With sentiment towards AI-linked chipmakers turning sharply negative amid mounting fears over competition from China, investors now await earnings from tech heavyweights Microsoft and Meta, which will need to clear a high bar when they report later in the day.
Expectations have become so lofty that even a sixfold jump in SK Hynix’s quarterly profit fell short, leading to a 9.61% drop in shares.
“The selloff in chip stocks looks overdone, but volatility should be expected whenever the market finds reasons to question the durability of the AI cycle,” said Jake Seltz, portfolio manager for the Empiric LT Equity team at Allspring Global Investments.
“Expectations were so high that good numbers have not always been enough.”
South Korea’s KOSPI, which has become emblematic of the sharp swings in AI sentiment, fell nearly 6% a day after sinking more than 10% to a three-month low.
Finance minister Koo Yun-cheol apologised on Wednesday that single-stock leveraged exchange-traded funds were introduced without careful consideration. The approval of these ETFs has been criticised as having led to increased volatility in the South Korean market.
The pan-European STOXX 600 benchmark rose 0.13%, helped by gains in oil and gas shares. On Wall Street, futures tracking the tech-heavy Nasdaq 100 were up 0.09%.
The MSCI All Country World Price index dipped 0.11%, hovering close to its lowest level in a month.
A rate decision from the Federal Reserve is also coming up later in the day.
Traders largely expect the U.S. central bank to hold rates steady, but are pricing in at least one hike by the end of the year. Several of the central bank’s policymakers have openly expressed their concern about inflation.
While the Fed meeting is widely expected to be a “non-event,” higher funding costs pose a key risk to equities this year, with many tech giants relying increasingly on public markets to fund their expansion, said David Waddell, chief investment strategist at Coastal Bridge Advisors.
OIL PRICES CLOUD INFLATION OUTLOOK
In addition to the twin tests of earnings and central bank policy, investors are also contending with uncertainty in the Middle East, where diplomatic efforts to end the war have proceeded in fits and starts, and durable peace remains elusive.
“That sort of rapid flipping and flopping has made the signal and the noise a lot harder to separate,” said Edward Acton, rates strategist at GMO.
Fresh strikes in the region lifted Brent crude futures up 3.29% to $86.86 a barrel, putting the contract on track to snap a three-day losing streak.
“Oil volatility, not just the level, can be inflationary if some prices go up with oil but are reluctant to come back down,” BofA Securities strategists wrote.
The prospect of oil-driven inflation has kept pressure on Treasuries. The yield on the benchmark 10-year U.S. Treasury note rose 1.04 basis points to 4.6103%, on course to end a three-day decline.
The 30-year U.S. Treasury yield was at 5.0948%. It has stayed above 5% for 17 consecutive sessions.
Reporting by Niket Nishant in Bengaluru and Ankur Banerjee in Singapore; Editing by Shri Navaratnam, Kate Mayberry, Amanda Cooper and Mrigank Dhaniwala
Burnham became prime minister last week, and has enjoyed a bounce in the governing Labour Party’s poll ratings after announcing steps to reduce the cost of living
International News via Reuters:
British Prime Minister Andy Burnham will on Wednesday pledge to overhaul the adult social care system, offering to work with other parties to better fund a service that can cost families hundreds of thousands of pounds.
Burnham became prime minister last week, and has enjoyed a bounce in the governing Labour Party’s poll ratings after announcing steps to reduce the cost of living.
But his pledge to “grasp the nettle” on reforming the system for caring for older and disabled adults carries political risk, as he will need to set out how he plans to pay for any changes while sticking to his fiscal rules.
Successive governments have failed to reform adult social care, with previous proposals defeated by opposition parties who dubbed them a “dementia tax” or “death tax”, leaving the system underfunded.
Care homes are run by a range of providers, from private equity-owned chains to smaller family-owned businesses and charities.
Depending on the level of medical need and location, residents pay around £1,400 ($1,900) a week privately, while local authorities are charged around £1,000 for similar care. How much the resident pays, and how much the state contributes, is determined by their level of wealth.
Burnham has said that unless the care sector is reformed, the state-run National Health Service could collapse because of how many people who could be cared for elsewhere end up in hospitals.
“For decades, governments have kicked this issue down the road because they’ve seen it as too risky, too difficult, and too complicated,” Burnham said in a statement ahead of a speech he was due to give on Wednesday.
“We have to find common ground and listen to others to find a way forward.”
INVITE TO LEADERS OF OTHER PARTIES
Burnham first tried to reform social care funding when he was health minister under Gordon Brown’s premiership but faced political difficulties and ran out of time before Labour’s election loss in 2010.
The Times newspaper said on Wednesday he wanted to stop private companies, especially those financed by private equity, from making large profits from social care. Private equity firms owned about one in eight for-profit care home beds in 2022.
Burnham’s office said he had invited the leaders of the opposition Conservative and Liberal Democrat parties to discuss the issue.
Unlike the NHS, social care in Britain is not free for most people. Access to state-funded social care for older people in England is means-tested and generally requires a high level of need.
Britain’s Institute for Fiscal Studies said in 2024 that due to tighter eligibility criteria, the number of older people receiving state-funded social care in England had fallen by 10% over the past decade, despite an ageing population.
Around one in seven older people were likely to incur lifetime care costs of more than £100,000, it added.
The King’s Fund, a health think-tank, said English local authorities spent £34.5 billion on social care for disabled adults and older people in the 2024/25 financial year, up about 8% from the year before and split roughly evenly between working-age adults and older people.
($1 = 0.7518 pounds)
Reporting by Alistair Smout and David Milliken; Editing by Alex Richardson and Andrei Khalip
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