The number of mortgages approved for house purchase – a leading indicator for home sales – rose to 63,531 in March from 62,708 in February
International News via Reuters:
British lenders approved the most mortgages in four months in March while consumer lending grew at the fastest annual rate in over two years, according to Bank of England data which showed some resilience in the economy at the start of the Iran war.
The number of mortgages approved for house purchase – a leading indicator for home sales – rose to 63,531 in March from 62,708 in February, the highest number since November and bucking economists’ expectations in a Reuters poll for a fall.
Friday’s data also showed net unsecured lending to consumers rose by 1.895 billion pounds ($2.58 billion) in March, slightly less than in February but above economists’ forecast of a 1.75 billion pound increase, and representing the fastest annual credit growth since January 2024 at 8.9%.
A drop in consumer confidence since the start of the Iran war and the prospect of higher mortgage rates have caused property surveyors and mortgage lender Halifax to report falling prices and lower buyer demand in March.
But figures from Nationwide Building Society released earlier on Friday showed house prices continuing to rise modestly in April, increasing by 3.0% from the same month in 2025.
Rob Wood, chief UK economist at Pantheon Macroeconomics, questioned how long the trend would continue.
If the BoE raised borrowing costs as markets expect, the interest rate on a new two-year fixed-rate mortgage at 75% loan-to-value looked set to rise to 4.8% in the coming months, up from 4.5% now and 3.9% at the start of the year, he said.
“Accordingly, we look for house price inflation of just 1.0% in Q4 2026,” Wood said.
On Thursday, the BoE kept interest rates unchanged at 3.75%. Governor Andrew Bailey said there was a range of possible paths for interest rates, depending on how long the Strait of Hormuz remained closed, and that he would not push back against market expectations for two quarter-point rate rises this year.
($1 = 0.7352 pounds)
Reporting by David MillikenEditing by William Schomberg
Two months into the conflict, the vital sea channel is still largely closed because of an Iranian blockade and the U.S. Navy is blocking exports of Iranian crude oil
International News via Reuters:
A senior United Arab Emirates official said on Friday Tehran could not be trusted over any unilateral arrangements it makes for the Strait of Hormuz, in a sign of deep mistrust on all sides as efforts to end the Iran war remained at an impasse.
Two months into the conflict, the vital sea channel is still largely closed because of an Iranian blockade and the U.S. Navy is blocking exports of Iranian crude oil. The blockade has choked off 20% of the world’s oil and gas supplies, pushing up global energy prices and increasing concerns that there will be an economic downturn.
A ceasefire has been in place since April 8 but reports that U.S. President Donald Trump was to be briefed on plans for new military strikes to compel Iran to negotiate pushed global oil prices up to a four-year high at one point on Thursday.
Iran has activated air defences and plans a wide response if attacked, having assessed that there will be a short, intensive U.S. strike, possibly followed by an Israeli attack, two senior Iranian sources told Reuters on condition of anonymity.
‘TREACHEROUS AGGRESSION’
Washington has not said what its next steps are. Trump said on Tuesday he was unhappy with the latest proposal from Iran, and mediator Pakistan has not set a date for new talks on ending a war that has killed thousands, mainly in Iran and Lebanon.
After U.S. and Israeli airstrikes on February 28, Iran fired at U.S. bases, infrastructure and U.S.-linked companies in Gulf states, while the Iran-backed Lebanese group Hezbollah launched missiles at Israel, which responded with strikes on Lebanon.
Underlining the concerns of the Gulf states, UAE presidential adviser Anwar Gargash said the “collective international will and provisions of international law” were the primary guarantors of freedom of navigation through the strait.
“And, of course, no unilateral Iranian arrangements can be trusted or relied upon following its treacherous aggression against all its neighbors,” Gargash wrote.
Trump faces a formal U.S. deadline on Friday to end the war or make the case to Congress for extending it under the 1973 War Powers Resolution.
The date looks set to pass without altering the course of the war after a senior administration official said that, for the purposes of the resolution, hostilities had terminated due to the April ceasefire between Tehran and Washington.
Financial and energy markets remained on edge because of concerns about the impasse over negotiations and worries that there could be a prolonged closure of the Strait of Hormuz.
Global oil benchmark Brent crude futures rose again on Friday, up slightly at over $111 a barrel and poised for a 5.7% gain over the week after hitting $126 a barrel on Thursday, the highest level since March 2022.
IRAN SAYS NOT TO EXPECT QUICK RESULTS FROM TALKS
Iranian Foreign Ministry spokesman Esmaeil Baghaei cautioned on Thursday against expecting quick results from talks.
A senior official of Iran’s Revolutionary Guards said any new U.S. attack on Iran, even if limited, would usher in “long and painful strikes” on U.S. regional positions, while Aerospace Force Commander Majid Mousavi was quoted by Iranian media as saying: “We’ve seen what happened to your regional bases, we will see the same thing happen to your warships.”
Trump repeated on Thursday that Iran would not be allowed to have a nuclear weapon, and said the price of gasoline – an important concern for his Republican Party before midterm elections in November – would “drop like a rock” as soon as the war ended.
Iran says its nuclear programme is solely for civilian purposes.
Trump said on Thursday that Iran’s economy was “a disaster”, but analysts said that if he expects Iran to blink first in a game of economic chicken, he may be waiting a while.
The conflict has aggravated Iran’s dire economic problems, risking calamity after the war, but it looks able to survive a standoff in the Gulf for now, despite the U.S. blockade that has cut off its energy exports.
Axios news site reported that one plan to be shared with Trump during a briefing by top U.S. military leaders that was scheduled for Thursday involved using ground forces to take over part of the strait to reopen it to commercial shipping. Trump is also considering extending the U.S. blockade or declaring a unilateral victory, officials have said.
Washington did not immediately announce any details of its plans.
In a sign that the U.S. was also envisaging a scenario where hostilities cease, a State Department cable due to be delivered orally to partner nations by May 1 invited them to join a new coalition, called the Maritime Freedom Construct, to enable ships to navigate the strait.
France, Britain and others have held talks on contributing to such a coalition but said they would help to open the Strait only when the conflict ends.
Reporting by Reuters bureaus, Writing by Timothy Heritage, Editing by Gareth Jones
Browne’s Labour Party increased its majority by winning 15 seats in the 17-seat parliament, according to preliminary official data
International News via Reuters:
Antigua and Barbuda Prime Minister Gaston Browne won a landslide election victory late on Thursday, securing a fourth term after a campaign dominated by the economy and concerns over U.S. visa restrictions.
Browne’s Labour Party increased its majority by winning 15 seats in the 17-seat parliament, according to preliminary official data. The opposition United Progressive Party, seen as its main challenger, won only one seat.
“We are humbled and honored by your support and confidence,” the Antigua and Barbuda Labour Party said on social media.
Browne, a 59-year-old former banker and businessman who has led the Labour Party since 2014, campaigned on economic stability and investment-led growth, pointing to a post-pandemic recovery in tourism and to infrastructure expansion.
The political debate was mostly dominated by Washington’s decision in January to suspend visa processing for Antigua and Barbuda nationals – a major blow for locals who regularly travel to the United States for work.
Washington raised concerns over a program where foreigners can secure citizenship in the Eastern Caribbean twin-island state through investment. It argued that criminals could exploit the scheme to get into the United States.
Browne’s administration said it was working with the U.S. and that it has already brought in reforms to make the Citizenship by Investment Program more robust and transparent.
The Labour Party called the general election last month, two years ahead of schedule, saying it needed a new mandate at a time of international crisis. It had a nine-seat majority in the last parliament.
There will be a second vote count on Friday to confirm the results of the general election that has been monitored by international observers.
Reporting by Sarah Peter; Additional reporting by Aida Pelaez-Fernandez; Editing by Kevin Liffey and Andrew Heavens
The Republican president said in a post on Truth Social that he would soon be removing tariffs and restrictions related to Scotland’s ability to work with Kentucky on whisky and bourbon
International News via Reuters:
U.S. President Donald Trump said on Thursday that he was lifting tariffs on whisky from Britain, in a nod to King Charles on the final day of a royal visit celebrating a former colony’s impending 250th anniversary of independence.
The Republican president, who has wielded tariffs as a foreign policy tool, said in a post on Truth Social that he would soon be removing tariffs and restrictions related to Scotland’s ability to work with Kentucky on whisky and bourbon.
Trump said the move was “In Honor of the King and Queen of the United Kingdom.” He heavily praised Charles during his four-day state visit, saying he was the “greatest king”.
While the official reason for the trip was the anniversary, it was also designed to mend the bond between the two countries, which has lately been strained by Britain, alongside other European allies, declining to join the two-month-old U.S.-Israeli war against Iran.
“People have wanted to do this for a long time, in that there had been great Inter-Country Trade, especially having to do with the Wooden Barrels used,” Trump said in the post.
“The King and Queen got me to do something that nobody else was able to do, without hardly even asking! A wonderful Honor to have them both in the U.S.A.”
BRITAIN’S SCOTCH WHISKY INDUSTRY RAISES A TOAST
British trade minister Peter Kyle welcomed the move. “This is great news for our Scotch whisky industry, which is worth almost 1 billion pounds in exports and supports thousands of jobs across the UK,” Kyle said.
The world’s top spirits maker and owner of the Johnnie Walker brand, Diageo, said on Friday it “warmly” welcomed the news that the U.S. and Britain have agreed to restore tariff-free trade for Scotch whisky.
London-listed shares of Diageo, which has been struggling with U.S. tariffs and subdued sales, rose as much as 3% in early trade on Friday, in a boost for the British firm that counts North America as its largest market.
“We would like to thank all those who have worked so hard to secure this deal and support our industry,” a Diageo spokesperson added.
A spokesperson for Buckingham Palace said Charles “sends his sincere gratitude” for the decision, adding that it would make an important difference to the British whisky industry.
“His Majesty will be raising a dram to the President’s thoughtfulness and generous hospitality as he departs the U.S. after a most enjoyable state visit for both Their Majesties in this special anniversary year,” the spokesperson said.
Reporting by Ismail Shakil, Sam Tabahriti and Ryan Patrick Jones, additonal reporting by Yadarisa Shabong and Simone Lobo; Writing by Christian Martinez and Daphne Psaledakis; Editing by Michelle Nichols, Scott Malone and Alex Richardson
Brent crude futures for July were up $1.13, or 1%, at $111.53 a barrel by 1103 GMT
International News via Reuters:
Oil prices rose on Friday as efforts to halt the Iran war remained at an impasse, with Tehran still blocking the Strait of Hormuz and the U.S. Navy blocking exports of Iranian crude.
Brent crude futures for July were up $1.13, or 1%, at $111.53 a barrel by 1103 GMT. West Texas Intermediate futures rose 58 cents, or 0.6%, to $105.65.
The Brent benchmark was poised for a 5.8% gain over the week while WTI was on track to finish the week up 11.8%. Brent’s June contract hit $126.41 a barrel before its expiry on Thursday, marking the highest level since March 2022.
Oil prices have been on the rise since the U.S. and Israel attacked Iran at the end of February, resulting in the closure of the Strait of Hormuz and disruption of shipments of about a fifth of the world’s oil and liquefied natural gas supply.
A ceasefire has been in place since April 8, but on Thursday evening Iranian Foreign Ministry spokesman Esmaeil Baghaei said it was unreasonable to expect quick results from U.S. talks, the official IRNA news agency reported.
“Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very realistic,” he was quoted as saying.
UAE presidential adviser Anwar Gargash said on Friday in a post on X that no unilateral Iranian arrangements can be trusted or relied upon regarding freedom of navigation through the Strait of Hormuz after its “treacherous aggression” against its neighbours.
A senior official of Iran’s Revolutionary Guards had threatened on Thursday “long and painful strikes” on U.S. positions if Washington renewed attacks on Iran, pushing oil prices to intraday peaks before retreating.
U.S. President Donald Trump was scheduled to receive a briefing on Thursday on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict, a U.S. official told Reuters.
Reporting by Stephanie Kelly in London and Helen Clark in MelbourneEditing by David Goodman
Sterling was little changed at $1.3606 and a touch softer against the euro at 86.32 pence, after jumping sharply against both on Thursday
International News via Reuters:
TheMR pound held near a 10-week high against the dollar on Friday as traders digested a week of central bank meetings in which the Bank of England kept interest rates steady and warned of inflation risks stemming from the Iran war.
Sterling was little changed at $1.3606 and a touch softer against the euro at 86.32 pence, after jumping sharply against both on Thursday.
ING analysts said the previous session’s unusual rally “may have been a function of month-end flows, where equity portfolio managers were rebalancing into UK asset markets after their underperformance in April.”
Fund managers typically target fixed allocations across regions and periodically buy or sell assets to restore those weightings after market moves.
Liquidity on Friday was thin due to holidays across much of Europe, while the bigger medium-term focus for the pound was Thursday’s BoE meeting.
The bank outlined a wide range of possible economic impacts from the Iran war, from scenarios that might require “forceful” rate rises to others that may warrant no increase at all.
Governor Andrew Bailey said policymakers faced a “difficult judgement call” over coming months, warning that waiting for clear evidence of inflationary pressures could leave the BoE acting too late.
He said he did not want to push back against market expectations for at least two rate rises this year and described policy as being on an “active hold”.
Markets see a June rate hike as roughly a coin toss and price in two 25-basis-point increases across the BoE’s three meetings through September.
But analysts say uncertainty is high.
“A world where the supply of commodities out of the Middle East starts to normalise in the coming weeks would mean very little chance of policy tightening this year, we think – and no chance of a June hike,” said Morgan Stanley analysts.
“In a scenario where the current level of disruptions in the supply of oil and gas persist for months, and commodity prices readjust higher, hikes become likely.”
The European Central Bank, Federal Reserve and Bank of Japan also all left rates steady this week.
U.S. Ambassador to the U.K., Warren Stephens, says King Charles’ State Visit to the U.S. was a success, and that President Donald Trump has a “genuine affection” for the Royal Family
Warren Stephens, U.S. Ambassador to the U.K, has been in Bermuda for the past day and a half.
Yesterday, he met with the Premier and the Governor, and visited St. George’s where he learned about the gunpowder plot and the island’s connection with the American Revolution.
He also met with local insurers and reinsurers today to talk about the strength of the sector, and he says Bermuda helps keep the world economy running.
Mr. Stephens’ arrived a day before King Charles, who has just completed a U.S. State visit.
He spoke to Bermuda Broadcasting about the success of the King’s time in America, saying U.S. President Donald Trump has a “genuine affection” for the Royal Family.
He also said some leaked comments by his U.K. counterpart, Ambassador to the U.S. Christian Turner, were “unfortunate”.
Today marks International Jazz Day, a celebration of jazz music recognized around the world each April 30th. The initiative, supported by legendary musician Herbie Hancock, has brought countries together to honour the impact of jazz on culture and creativity.
Here in Bermuda, the day is being celebrated with a live-streamed concert, along with a local event titled “Me and My Music,” celebrating 22 of Bermuda’s greatest artists. The event gets underway at 6 p.m. at the T. N. Tatem Auditorium, hosted by Nadanja and curated by Shine Hayward.
BUEI fundraiser to feature SailGP film and next-gen panel discussion
The Bermuda Underwater Exploration Institute (BUEI) invites you to an action-packed evening where cutting-edge sport meets ocean innovation! BUEI has collaborated with SailGP and Endeavour to host a special fundraising event “Racing For The Future: SailGP SPEED” film screening and panel discussion at BUEI on Thursday, May 7th at 6:00pm. All proceeds will be shared equally between registered charities BUEI and Endeavour in support of each organisation’s ocean education and youth development programmes.
This one-night only event launches into action with “SPEED”, an exciting short film from SailGP, the global championship that’s redefining sailing, featuring international teams racing high-tech F50 foiling catamarans at breathtaking speeds on iconic waterfronts around the world. The exhilarating twenty-five minute documentary explores the F50 Catamaran’s evolution, a marvel of design and technology that has transformed sailing into one of the fastest and most thrilling sports on the planet. From foiling flight to data-driven performance, “SPEED” showcases how innovation is redefining what’s possible on the water.
After the film, guests can engage in a dynamic panel discussion with SailGP team members alongside local youth sailors and students participating in SailGP’s Next Gen Challenge, delivered in partnership with Endeavour. The Next Gen Challenge engages approximately 1,800 local students aged 11–14 from 15 schools across Bermuda and pairs them with SailGP’s international teams during the Apex Group Bermuda SailGP Grand Prix. Through hands-on, team-based learning, students are challenged to design and build model F50 catamarans using repurposed materials, applying principles of sustainability, engineering, and innovation.
Panelists will share insights into high-performance racing, ocean health and community impact. The interactive discussion, including a Q&A session with the audience, will highlight how youth in Bermuda are helping to shape the future of sailing and impact the wider marine industry.
A suggested minimum donation of $40 per person secures your seat and funds vital youth education and ocean programmes delivered by BUEI and supports youth scholarships for Endeavour graduates at local sailing clubs. Your support is empowering and inspiring future generations of ocean advocates, leaders and changemakers.
Space is limited and seats are going fast! Visit www.BUEI.org/events or visit BUEI’s Oceans Gift Shop to confirm your attendance at this very special event!
Guests can also enjoy 15% off an early dinner at the award-winning Harbourfront Restaurant when you dine before the event! Reservations are required. Please call 295- 4207 to book.
City Hall to host health fair and EV showcase on May 4
Bermuda Electric Light Company Limited (BELCO or the Company) today announced a partnership with the City of Hamilton to Celebrate Health and Safety Day.
The 2026 Occupational Health and Safety Day theme is ‘Building Safety into What We Do’, and an event will be held on May 4th between 11:00 am and 2:00 pm at City Hall, Hamilton.
Between 11:00 AM and 2:00 PM there will be a Health Fair on the front steps and lawn of City Hall. There will also be an Electric Vehicle (EV) Car Show located at Nellie’s Walk, also at City Hall.
At 3:00 PM there will be a Fire Marshall Public Awareness Training course that will be held at BELCO headquarters at 27 Serpentine Road, Pembroke. The deadline for registration for the course is May 1 and registration can be completed online at www.belco.bm.
BELCO President Wayne Caines said: “Every year our team at BELCO participates in Health and Safety Day and we are thrilled this year to partner with the Corporation of Hamilton to provide several exciting events and important information and training for the public. We will have something for everybody including an Electric Vehicle (EV) car show so that members of the public can learn more about the benefits of EVs, as well as a health fair to offer free testing, advice and information to improve personal health. We will also host a Fire Marshall Public Awareness Training course at the BELCO campus which can benefit every business in Bermuda. All these initiatives are geared towards Building Safety Into What We Do, and I look forward to welcoming the public at City Hall and building a safer, healthier Bermuda.”
BELCO Director, Operational Support Services, Mark Pacheco said: “Health and Safety is at the core of everything we do at BELCO. We have a dedicated OHSE team at BELCO that are happy to share their knowledge and expertise with members of the public who may benefit from training for any potential safety issues they may face, such as fire. I encourage members of the public to attend and participate in Health and Safety Day to gain valuable experience in keeping themselves, their family and the community healthy and safe.”
CEO & City Secretary Dwayne Caines said: “The City is pleased to partner with BELCO in support of Health and Safety Day 2026 and this year’s important theme, Building Safety into What We Do. Creating a culture of health and safety is not limited to one organisation; it is a shared responsibility that strengthens workplaces, public spaces, and communities alike. Having hosted staff wellness fairs in recent years, we recognise the positive impact these initiatives can have in encouraging healthier choices and greater awareness. We are proud to support BELCO’s leadership in this space by making City Hall available as a central gathering place for education, engagement, and community connection.”
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