Other factors supporting the currency include an easing of domestic political uncertainty, resilient growth and record inbound takeover activity for British companies
International News via Reuters:
The British pound steadied against the dollar and held near its strongest level in over a year versus the euro on Wednesday, supported by expectations for higher interest rates.
Other factors supporting the currency include an easing of domestic political uncertainty, resilient growth and record inbound takeover activity for British companies.
Investors also remain optimistic that Britain can forge closer ties with the European Union, ahead of a summit next week.
Against the euro, the pound was flat on the day at 85.28 pence, close to its strongest level since June last year of 85.09 that was hit last week.
Sterling was also little changed against the dollar at $1.3391, having risen the day before after a soft U.S. inflation print weighed on the U.S. currency.
EYES ON BOE
The latest escalation of hostilities in the Middle East has prompted investors to add to bets for rate hikes from the Bank of England this year, given the expected impact on inflation from higher oil prices.
Money market traders are fully pricing in a hike by the November policy meeting, with a second rate hike priced in by March 2027. Prior to the U.S.-Israeli war with Iran, investors had been expecting the BoE to lower interest rates twice this year.
“Relatively high interest rates are keeping sterling supported,” said Chris Turner, head of global markets at ING.
“Maybe at the margin, the EU-UK summit can generate some modest sterling gains, so it’s hard to call sterling lower for the time being.”
POLITICS IN FOCUS
Andy Burnham is expected to be formally announced as Labour leader on Friday and officially named as prime minister on July 20, pushing focus on to his choice of finance minister given the nation’s shaky public finances.
Britain’s finance minister Rachel Reeves, who is likely to be replaced next week once Burnham becomes prime minister, has stressed the need for stability in the public finances.
Betting markets now place Foreign Secretary Yvette Cooper as the current favourite, usurping Ed Miliband, who is thought to favour more expansive fiscal policy.
Reporting by Samuel Indyk; Editing by Emelia Sithole-Matarise
Updating the public on the recent network problems, a Digicel media release states that teams are working ‘around the clock’ to restore voice services for affected customers
Digicel network problems, which temporarily shut down emergency phone lines on Monday, continue to be addressed by their technical teams.
A media statement released today says that the company will “conduct a full post-incident review to identify any opportunities to further strengthen the resilience of our network and services”.
The network outage began on Sunday (July 12), affecting portions of Digicel’s fixed line services. The police and hospital emergency phone lines, including 911, were impacted by the outage, and restored shortly before lunchtime on Monday.
Digicel states that they “recognize the importance of reliable communications for emergency and essential services.”
“We continue to work closely with affected customers and relevant stakeholders as restoration efforts progress.”
Citing how such communication disruptions can also affect businesses, the company assured affected customers that technical teams have worked “around the clock” to restore voice services “as quickly as possible while minimizing disruption to our customers’ businesses.”
Bermuda Broadcasting submitted a number of questions to Digicel as to the cause of the outage, the number of customers affected, and the risk of further outages.
We also asked whether there is any connection between this outage and the ongoing transition from a copper line phone network to a fiber network.
While Digicel did not answer our questions directly, the media statement says that “while this incident is unrelated to Digicel’s ongoing network modernization programme, we continue to encourage customers to transition to our newer voice technologies, which offers greater resiliency and enhanced functionality.”
“This programme has been underway for some time as part of our long-term investment in delivering the best possible communications experience for our customers.”
“We remain committed to keeping affected customers informed as work progresses and thank them for their continued patience and understanding.”
Full media statement below…
Media Statement by Digicel Bermuda
At Digicel, we understand that reliable communications are essential for our business customers, and we recognize the impact service disruptions can have on their operations. Our technical teams have continued to work around the clock to support affected customers and restore voice services. We remain focused on resolving the issue as quickly as possible while minimizing disruption to our customers’ businesses. We recognize the importance of reliable communications for emergency and essential services. We continue to work closely with affected customers and relevant stakeholders as restoration efforts progress. As with any service incident, we will conduct a full post-incident review to identify any opportunities to further strengthen the resilience of our network and services. While this incident is unrelated to Digicel’s ongoing network modernization programme, we continue to encourage customers to transition to our newer voice technologies, which offers greater resiliency and enhanced functionality. This programme has been underway for some time as part of our long-term investment in delivering the best possible communications experience for our customers. We remain committed to keeping affected customers informed as work progresses and thank them for their continued patience and understanding.
A filing on Tuesday showed that Saba has raised its stake in Workspace to 29.1% from 28.2%
International News via Reuters:
Saba Capital Management has become the largest shareholder in Workspace Group, strengthening the activist investor’s campaign for strategic reforms at the office-space provider.
A filing on Tuesday showed that Saba has raised its stake in Workspace to 29.1% from 28.2%. It has steadily built its position in the company this year, more than doubling from a 13.5% holding in January.
In June, the firm sought to replace Workspace’s non-executive directors, arguing that the company’s roughly 50% discount to net asset value reflected years of underperformance and strategic missteps. It also said it had identified a disposal roadmap, covering 56 properties.
Workspace last week urged its shareholders to vote against Saba’s proposals at its annual general meeting later this month, adding that the investor’s plan was “high-risk, short-sighted and not suitable for the company.”
Last month, Workspace unveiled a “transformation to an earnings-focused business” strategy, aiming to reinvest proceeds from asset disposals into property upgrades to boost rental income and drive long-term value creation.
Saba’s latest stake increase leaves it just below the 30% threshold that would trigger a mandatory takeover offer for Workspace under UK takeover rules.
Saba Capital declined to comment on any potential offers for Workspace, while Workspace did not immediately respond to a Reuters request for comment.
Reporting by Sri Hari N S in Bengaluru; Additional reporting by Rishab Shaju; Editing by Joyjeet Das
Starmer, who is due to step down on July 20 having lost the confidence of his Labour Party, has worked closely with Macron during the war in Ukraine
International News via Reuters:
British Prime Minister Keir Starmer has been awarded the Legion of Honour, France’s highest national honour, by President Emmanuel Macron in Paris in recognition of his work on European security in the wake of Russia’s 2022 invasion of Ukraine.
Starmer, who is due to step down on July 20 having lost the confidence of his Labour Party, has worked closely with Macron during the war in Ukraine, including establishing the Coalition of the Willing group of countries supporting Ukraine.
The British leader was presented with the honour on Monday after attending his final meeting of that coalition.
On Tuesday he attended Bastille Day celebrations, which saw British armed forces joining their French counterparts in the parade for the first time in more than 20 years.
“Prime minister, dear Keir, I wanted to reiterate my gratitude and the gratitude of the French people, obviously for your years as a prime minister,” Macron said, according to a statement released by Starmer’s office. “But I have to say, beyond that, for your personal leadership and your commitments for obviously your country, but the security of our Europe, Ukraine, the bilateral relationship, your decency.”
Reporting by Elizabeth Piper; Writing by William James; Editing by Mark Porter
A U.S. State Department official said in a brief statement that the Rome talks were positive and would continue on Wednesday, adding that both sides were eager to move forward
International News via Reuters:
Lebanon and Israel resumed talks on Tuesday in the Italian capital, with Beirut hoping for progress towards securing an Israeli withdrawal from south Lebanon under a U.S.-brokered agreement, although expectations for swift progress were low.
A U.S. State Department official said in a brief statement that the Rome talks were positive and would continue on Wednesday, adding that both sides were eager to move forward.
U.S.-led diplomacy started after Hezbollah and Israel returned to war on March 2 amid the wider regional conflict, moving forward despite strong objections from the Iran-backed group, which believes only Iranian pressure on Washington can secure an end to the war and Israeli withdrawal.
Iran demanded an end to the war in Lebanon as part of its interim deal with Washington signed last month, but the agreement has been strained over the last week by renewed U.S.-Iranian hostilities in the Gulf.
Israel’s military is occupying what it describes as a “buffer zone” about 10 km (6 miles) into Lebanon along the entire length of the Israeli border. Israeli officials say the zone is necessary to protect northern Israeli communities from attacks launched by Hezbollah.
A June 26 meeting in Washington resulted in an agreement calling for an end to the Lebanon conflict, the disarmament of militant groups — an apparent reference to Hezbollah — as well as the deployment of Lebanese troops to the south and the progressive withdrawal of Israeli forces.
But deadly Israeli strikes have continued and Hezbollah has rejected the agreement, as well as efforts to disarm it. Israel, meanwhile, has said its troops would remain in southern Lebanon as long as Hezbollah remained armed.
The talks, set to last two days at the U.S. embassy in Rome, will aim to set out how to implement the framework deal, Lebanese officials told Reuters. One of the officials said holding the talks in Italy would make it easier for both countries’ delegations to consult their governments for guidance as they negotiate.
PILOT ZONES ON THE TABLE
Israeli Foreign Minister Gideon Saar told reporters in Tel Aviv on Tuesday that implementing the framework agreement was “the only way forward” and said Israel would “demonstrate goodwill in Rome.”
He said Israel was ready to move forward in implementing two “pilot zones” — patches of territory in southern Lebanon where the agreement foresees Hezbollah’s disarmament, the withdrawal of Israeli forces and the deployment of Lebanese troops.
In comments published by his office on Monday night, Lebanese President Joseph Aoun said he had asked the Lebanese delegation to demand the “immediate start” of Israel’s withdrawal from the two pilot zones “before any other discussion.”
A U.S. official said last week that the first pilot zone would launch within “days.” The official said the U.S. military’s Central Command was coordinating with both Lebanon and Israel to launch the zones. A U.S. military delegation was in Lebanon at the weekend to discuss the plan in detail with Lebanon’s army, sources told Reuters.
The zone occupied by Israeli troops in southern Lebanon is off-limits to all Lebanese, including Lebanese army soldiers.
Israel’s military has forced the local Lebanese population from their homes and carried out controlled explosions of entire villages. It says it is destroying infrastructure, including underground tunnels, used by Hezbollah.
More than 4,000 Lebanese have been killed and more than a million displaced by Israel’s campaign in Lebanon since March, according to Lebanon’s health ministry. The toll does not say how many combatants may be among the dead and Hezbollah has not disclosed figures on its war dead. Reuters reported on May 3 that several thousand Hezbollah fighters had been killed.
At least 32 Israeli soldiers and four Israeli civilians have been killed by Hezbollah, most of them in southern Lebanon since the latest fighting erupted.
Reporting by Maya Gebeily in Beirut, Alvise Armellini in Rome, Steven Scheer and Emily Rose in Jerusalem; Additional reporting by Daphne Psaledakis in Washington; Editing by Ros Russell and David Gaffen
Bermuda’s Under-20 Beach Volleyball teams received a warm welcome home today following their performances at the ECVA Under-20 Beach Volleyball Championships in St. Kitts and Nevis.
The spotlight was on Bermuda’s Under-20 Women’s Team, who returned as champions after capturing the gold medal at the regional tournament yesterday, marking a significant achievement for the island’s beach volleyball programme.
Also arriving home was Bermuda’s Under-20 Men’s Team, who secured a ninth-place finish in the competition.
The teams were greeted at the airport by the Minister of Justice, Senator the Hon. Kim Wilkerson, JP, who was serving as the Acting Minister of Tourism & Transport, Culture &Sport, as family members, friends and supporters celebrated the athletes’ efforts on the regional stage.
The women’s gold medal victory represents a major milestone for Bermuda and highlights the continued development of the island’s young volleyball talent.
Sen. The Hon. Kim Wilkerson, JP, Olivia Gazzard, Coach Meagan McPeek, Isabella Sousa, Carter Lamb, Daniel Morris
Also returning was Bermuda’s Under-20 Men’s Beach Volleyball Team, who finished ninth at the championships.
The Bermuda Police Service (BPS) is commending the heroic actions of Police Constable Julian Brassington, whose rapid response and life-saving first aid were instrumental in saving the life of a stabbing victim.
Shortly before 2:00 p.m. on Sunday, May 31, 2026, officers responded to a reported altercation in the City of Hamilton. Upon arrival, they discovered two male victims suffering from stab wounds, on the sidewalk opposite the Number One Carpark on Front Street.
Recognizing the injuries sustained by one of the victims to be life threatening, PC Brassington immediately rendered emergency assistance, transferring his body-weight to apply direct, constant pressure to the wound, even as the victim was being moved. PC Brassington remained on the gurney with the victim while he was conveyed by ambulance to King Edward VII Memorial Hospital,
ensuring the wound remained compressed and blood loss was minimized.
It was noted that, given the severity of the wound, PC Brassington’s immediate and sustained intervention to prevent further blood loss ultimately saved the man’s life.
Deputy Commissioner of Police Na’imah Astwood commended the officer for his life saving efforts. “The actions of Constable Brassington represent the very best of the Bermuda Police Service. His quick thinking, composure under pressure, and dedication to preserving life exemplify the commitment our officers have to the safety and well-being of the Bermuda community.”
The investigation into the incident is ongoing. The Bermuda Police Service once again encourages anyone who may have information regarding the circumstances involved to contact Detective Inspector, Tiffany Caisey on, 717-2294 or, via e-mail at tcaisey@bps.bm
You may also call the main police number, 295-0011 or the independent and confidential Crime Stoppers number 800-8477.
Gates, 70, has seen his reputation tarnished following the U.S. Department of Justice’s release of files about Epstein in February
International News via Reuters:
Warren Buffett has stopped donating to the Gates Foundation, ending a two-decade philanthropic partnership following revelations about interactions between Microsoft co-founder and philanthropist Bill Gates and the late sex offender Jeffrey Epstein.
Buffett said on Tuesday he is donating about $6 billion of Berkshire Hathaway stock, comprising 12 million Class B shares, in his annual mid-year donation to four family foundations overseen by his daughter Susie and sons Howard and Peter.
The announcement by the 95-year-old Berkshire chairman did not mention the Gates Foundation, which has received more than $47 billion of the conglomerate’s stock since Buffett said in a 2006 letter he was “irrevocably committing” to donate shares throughout his life. Buffett donated more than $17 billion of stock to the four family foundations in the same period.
“Of course, mortality is unpredictable, but my remaining shares will be donated to the four foundations one way or the other by December 31, 2034,” Buffett said in a statement.
Gates, 70, has seen his reputation tarnished following the U.S. Department of Justice’s release of files about Epstein in February. He has not been accused of crimes.
GATES FOUNDATION GRATEFUL TO BUFFETT
Buffett and Gates had been longtime friends, and were often seen together at Berkshire’s annual shareholder weekends in Omaha, Nebraska.
But in March, Buffett told CNBC they had not spoken since the Epstein files were released.
Buffett’s 2025 donations totaled more than $4.5 billion to the Gates Foundation and about $2.8 billion to the family foundations.
“The Gates Foundation is grateful to Warren Buffett for his decades of support for our work,” the foundation said in a statement.
It also said it operates from a “position of financial strength,” supported by a $200 billion commitment from Bill Gates, to advance its work until its planned sunset in 2045.
Berkshire did not respond to requests for additional comment.
In his 2006 letter, Buffett directed the Gates Foundation to spend his donations, and said it could rely on his pledge to “immediately and permanently expand its activities.”
Ray Madoff, a Boston College law professor who discussed Buffett’s giving in her book “The Second Estate: How the Tax Code Made an American Aristocracy,” said it was unclear if Buffett was legally bound to his pledge.
“A promise to make a gift in the future is not legally binding unless you get consideration,” she said. “The one thing that makes Buffett’s letter different is him saying, you can rely on my gift to expand operations. That could create a claim for the Gates Foundation, if it relied on Buffett’s promise to its detriment.”
Buffett has said that after his death, his children would oversee a charitable trust containing about 99.5% of his remaining wealth.
GATES REGRETS EPSTEIN TIES
The Justice Department’s Epstein files included photos of Gates posing with the financier and with women whose faces were redacted. Emails showed communications between Epstein and the foundation’s staff.
Epstein died in a Manhattan jail in August 2019, one month after being arrested on sex trafficking charges. New York City’s medical examiner called the death a suicide.
Last month, Gates told Congress he was introduced to Epstein in 2011, three years after Epstein pleaded guilty in Florida to soliciting a minor for prostitution, and four years after Epstein reached a controversial non-prosecution agreement with federal prosecutors.
Gates said subsequent meetings with Epstein focused on possible philanthropy but proved fruitless, and the relationship ended by December 2014.
He said he later discovered that Epstein learned of his marital infidelity, and Epstein tried using that knowledge to unsuccessfully blackmail him into reengaging.
Gates has repeatedly expressed regret for having anything to do with Epstein, has denied spending time with victims of Epstein’s sexual abuse, and has said he never witnessed criminal conduct by Epstein.
The Wall Street Journal reported last month that Buffett was awaiting law firm WilmerHale’s review of the Gates Foundation’s ties with Epstein before deciding whether to continue his donations. WilmerHale did not comment.
DONATIONS TO FAMILY CHARITIES
Buffett has donated well over half his Berkshire stock since he began giving away his fortune.
He owned close to 14% of Berkshire’s stock before the latest donations, and was worth $147 billion according to Forbes magazine.
The latest donations include 9 million Class B shares of Berkshire to the Susan Thompson Buffett Foundation; and 1 million shares to each of the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.
Susie Buffett leads the Susan Thompson Buffett Foundation, which funds reproductive health. It is named for her mother, who was Warren Buffett’s first wife.
The Sherwood Foundation supports Nebraska nonprofits and early childhood education. The Howard G. Buffett Foundation focuses on global hunger, combating human trafficking and mitigating conflicts. The NoVo Foundation has initiatives focused on marginalized girls and women, and on indigenous communities.
In 2020, Gates stepped down from Berkshire’s board of directors after 16 years. Buffett stepped down as a Gates Foundation trustee in 2021, soon after Bill and Melinda French Gates announced divorce plans, and in 2024 he said his donations would end when he dies.
Berkshire is a $1.07 trillion conglomerate that owns Geico car insurance, the BNSF railroad, Dairy Queen, Fruit of the Loom, and stocks including Apple, American Express and Google parent Alphabet.
Reporting by Jonathan Stempel in New York; Editing by Andrew Heavens, Chizu Nomiyama, Louise Heavens and David Gaffen
The Ministry of Health is advising the public not to use the following products, which are known to have been sold in Bermuda. These items are marketed to men experiencing erectile dysfunction or seeking enhanced sexual performance and claim to contain natural ingredients.
Affected Products
Butterfield’s 100% Organic Men’s All Night Pill (4 film‑coated tablets)
Butterfield’s 100% Organic Men’s Black Leopard Male Enhancer Honey (20 g × 10 sachets)
Butterfield’s 100% Organic Electrifying Royal Energy Honey (15 g × 10 sachets)
Butterfield’s 100% Organic Feel Good Electrifying Gummies (10 gummies)
Testing conducted by the Government Laboratory has confirmed that these products contain one or more prescription‑only drugs that are not declared on the product labels.
“Our priority is to protect the health and safety of our community,” said Minister of Health, the Hon. Kim Wilson, JP, MP. “These products are being marketed as natural remedies, but they contain undisclosed prescription‑only drugs that can cause serious harm, especially for people with underlying conditions or those taking other medications. I urge anyone who has purchased these items to stop using them immediately and to speak with their doctor if they have experienced any side effects. If you still have these products at home, please take them to a pharmacy for safe disposal.”
Possible Side Effects Include:
Prolonged or painful erections requiring urgent medical attention (priapism)
Sudden loss of vision
Sudden hearing loss or ringing in the ear
Severe hypotension, especially when combined with nitrates
Anyone who has experienced side effects after using these products should seek medical advice from their doctor. In a medical emergency, call 911 immediately.
Government Environmental Health Officers continue to monitor this matter and urge members of the public to exercise caution when purchasing products that claim to treat erectile dysfunction or enhance sexual performance, particularly those marketed as “natural” or “herbal” remedies. Other products labelled as “Royal Honey” have also been found to be adulterated.
Local police arrested a white British man late on Saturday on suspicion of her murder
International News via Reuters:
British counter-terrorism police said on Tuesday that former government minister Ann Widdecombe, who was found murdered at her home last week, was clearly targeted, adding that officers were still working to establish the motive.
“It is clear that this was a targeted attack. We are still working to understand the extent of any planning or preparation and the motivation that sits behind that attack,” Assistant Commissioner Laurence Taylor, head of Britain’s counter terrorism policing, told reporters.
Taylor declined to comment on the attacker’s motive, saying: “It is a complex investigation. It would be wrong for me to try and ascribe either an ideology (to the attacker) or what that motivation might be at this stage.”
Local police arrested a white British man late on Saturday on suspicion of her murder. Counter-terrorism officers, who took over the investigation on Monday, have since rearrested him on suspicion of the commission, preparation or instigation of acts of terrorism.
Taylor said the terrorism investigation was running in parallel to the investigation into Widdecombe’s murder.
Widdecombe, 78, who was a prominent member of Nigel Farage’s populist Reform UK, was found dead at her home in rural southwest England last Thursday with what police described as “serious injuries”. She stood down from parliament in 2010.
The case has raised further concerns about the security of politicians in the country after two serving British members of parliament have been murdered in the last decade.
Taylor was asked whether other Reform politicians had been targeted by the suspect, but did not directly answer.
“Clearly, part of our responsibility when investigating offences of this nature is to assure ourselves and therefore the public and others of any extant threat,” Taylor said.
“That will form a line of investigation to ensure that we are putting all appropriate measures in place to mitigate any threat should it become apparent. I am not saying there is or there isn’t … but of course that will be a line of inquiry.”
Reporting by Sam Tobin; writing by Muvija M; editing by William James
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