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Ex-official describes pressure from UK PM’s office, deepening Mandelson row

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Ex-official describes pressure from UK PM’s office, deepening Mandelson row

A war of words over who should ultimately take the blame for appointing Labour veteran Peter Mandelson to Britain’s highest diplomatic post despite his history and known ties to late U.S. sex offender Jeffrey Epstein has piled pressure on Starmer

International News via Reuters:

A former top foreign ministry official said on Tuesday he had faced “constant pressure” from Prime Minister Keir Starmer’s office to speed up the appointment of his pick as the ambassador to the U.S., deepening a row that threatens the British leader.

A war of words over who should ultimately take the blame for appointing Labour veteran Peter Mandelson to Britain’s highest diplomatic post despite his history and known ties to late U.S. sex offender Jeffrey Epstein has piled pressure on Starmer, prompting calls by critics for his resignation.

Starmer has said he was “wrong” to appoint Mandelson to the role and has expressed regret, but on Monday put the blame firmly on foreign ministry officials for failing to tell him that a security vetting body had advised against his appointment – something, he said, would have stopped him from employing the new ambassador.

On Tuesday, it was the turn of Olly Robbins, the foreign ministry’s former top official who was sacked late on Thursday after Starmer and foreign minister Yvette Cooper said they had lost confidence in him, to mount his defence.

He was quick to shift the focus to Starmer’s office.

ROBBINS SAYS HE WAS UNDER ‘CONSTANT PRESSURE’

“I walked into a situation in which there was already a very, very strong expectation … that he needed to be in post and in America as quickly as humanly possible,” Robbins told a parliamentary committee.

“I think throughout January (2025), honestly, my office, the foreign secretary’s office, were under constant pressure,” Robbins said. “There was an atmosphere of constant chasing,” he said, describing “very frequent phone calls” from the private office of Starmer’s Number 10 Downing Street.

Robbins’ account is likely to increase the pressure on Starmer, who after winning the largest majority in modern history for Labour at a national election in 2024 is facing new calls to step down over a scandal which has run for months.

Labour lawmakers have said there would not be an immediate move to oust Starmer, especially as the party is expected to suffer big losses in local elections in England and regional votes in Wales and Scotland in just over two weeks.

But the return of the focus on Starmer’s Downing Street operation will do little to appease those lawmakers who have repeatedly raised concerns over what some call a bunker mentality and lack of access.

WAR OF WORDS WIDENS BETWEEN OFFICIALS AND DOWNING STREET

Robbins said that when he took office on January 20, 2025, Mandelson’s appointment had already been announced, approval had been given by King Charles, it had been agreed by the U.S. government and Mandelson was being granted access to highly classified briefings on a case-by-case basis. He said it would have damaged relations with the U.S. if the foreign office had blocked the appointment at that stage.

It was not clear whether Downing Street even wanted the foreign ministry to complete so-called developed vetting clearance – a status that allows individuals access to information regarded as top secret, Robbins said.

It was down to the foreign ministry to complete that process, he said, and officials had stuck to a system whereby reports from a unit called UK Security Vetting were never shared with ministers to protect the candidate’s confidentiality.

But he did say the unit had advised the appointment was a borderline case and they were leaning against granting clearance – a message Starmer says his government never received.

“Whilst I think the department felt under pressure, we were proud of the fact we’d not bowed to that pressure,” Robbins said.

Robbins’ defence again cranks up pressure on Starmer, who had won a brief reprieve from his critics after limiting Britain’s role in the Iran war.

Even some in top team of ministers have said they were concerned about Mandelson’s appointment.

Asked what went through his mind over the decision to appoint him, energy minister Ed Miliband told Sky News: “That it could blow up, that it could go wrong.”

“I had a conversation with David Lammy (then foreign minister and now deputy prime minister) about it before the appointment, and I said I was worried about it.”

Robbins also revealed that Starmer’s office had been pushing for an ambassadorial job to be found for Matthew Doyle, the prime minister’s former senior communications director who has been removed from the Labour Party after he campaigned for a man who was a convicted sex offender.

Doyle has apologised for his actions.

Reporting by Elizabeth Piper, additional reporting by Sarah Young, Sam Tabahriti, Muvija M, editing by Kate Holton and Tomasz Janowski

UK employers turn cautious after start of Iran war

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UK employers turn cautious after start of Iran war

There were signs of some stability in the jobs market in the run-up to the conflict with official data showing wage growth cooled by less than expected in the three months to February

International News via Reuters:

Britain’s employers showed signs of caution in March after the start of the Iran war with a measure of hiring falling during the month and the lowest number of job postings in almost five years, according to data published on Tuesday.

There were signs of some stability in the jobs market in the run-up to the conflict with official data showing wage growth – closely watched by the Bank of England – cooled by less than expected in the three months to February.

Britain’s unemployment rate also fell unexpectedly in the same period, although this was due in part to rising numbers of students not looking for work.

The figures that covered the month of March suggested a shift in the mood among employers.

“Big picture, we do not think today’s data will alter the BoE’s image of the labour market,” Sanjay Raja, chief UK economist at Deutsche Bank, said. “The UK labour market is not out of the woods yet.”

The BoE has said it believes the jobs market is softening but it is watching wages data carefully as it gauges inflation pressure in Britain’s economy, which investors view as highly vulnerable to the jump in energy prices caused by the Iran war.

Growth in average weekly earnings, excluding bonuses, slowed to 3.6% in annual terms over the three months to February from an increase of 3.8% in the three months to January, the Office for National Statistics said.

However, economists polled by Reuters had mostly expected a sharper slowdown in regular average weekly earnings growth to 3.5%.

Some BoE officials think rising slack in the labour market will help to contain the risk that price pressures become further embedded in the economy.

Tuesday’s data offered more signs of job market weakness.

Vacancies fell to 711,000 in the three months to March from 721,000 in the three months to February, the lowest number since the three months to April 2021.

“In contrast to the energy shock of 2022, the labour market is in a weaker state, constraining the bargaining power of workers, lowering the likelihood of a potential wage-price spiral,” Yael  Selfin, chief economist at KPMG UK, said.

Early payroll data from the tax office – which are prone to revision – showed a small fall of 11,000 in March after a revised drop of 6,000 in February.

Rob Wood, chief UK economist at consultancy Pantheon Macroeconomics, said there was a good chance that would be revised upwards, adding that the data overall suggested the labour market was not loosening by as much as feared.

UNEMPLOYMENT RATE FALLS

Economists were surprised by a big reduction in the unemployment rate to 4.9% from 5.2%. The Reuters poll had pointed to no change.

The ONS said the fall in the jobless rate reflected an increase of 169,000 in the number of people considered to be inactive – or out of work and not looking for a job – over the three months to February, with employment also rising by 24,000.

Rising numbers of students who are not looking for work accounted for more than three-quarters of the shift into inactivity among 16-64 year-olds, the data showed.

Inflation data for March on Wednesday may prove more consequential for the BoE, with the Reuters poll pointing to consumer price growth of 3.3%, up from 3.0% in February.

Investors on Tuesday priced in 36 basis points of BoE interest rate hikes this year – between one and two quarter-point increases – up from 30 basis points on Monday.

BoE Governor Andrew Bailey has said the central bank should keep a clear eye on risks to growth and jobs as well as inflation when making its next decision on rates. 

By contrast, the central bank’s chief economist Huw Pill has emphasised that keeping inflation under control is the BoE’s primary goal, and he has criticised his colleagues’ “wait-and-see” messaging.

Reporting by Andy Bruce; Editing by William Schomberg and Hugh Lawson

Governments worldwide shield households from rising energy costs

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Governments worldwide shield households from rising energy costs

Britain is looking to force older wind and solar generators onto fixed contracts in a bid to bring down consumer bills

International News via Reuters:

Governments worldwide are trying to shield consumers from soaring energy costs resulting from the U.S.-Israeli war on Iran. 

Here’s how different countries are responding:

UK

** Britain is looking to force older wind and solar generators onto fixed contracts in a bid to bring down consumer bills.

THE NETHERLANDS

** The Dutch government announced temporary tax breaks to compensate for rising fuel prices and said it would prepare further measures in case the energy crisis worsens.

SWEDEN** Sweden’s government will cut fuel taxes and hike electricity subsidies in its spring mini-budget as it strives to ease the pain for households of higher energy bills driven by the war.

INDIA

** India will review its fuel exports if needed to ensure availability in the local markets, a government official said.

** India is assessing fuel-supply requests from its neighbours and will approve exports only if it has surplus volumes, the foreign ministry said.

** The country has barred consumers with piped natural gas from retaining, obtaining or refilling domestic liquefied petroleum gas cylinders. It is also strengthening infrastructure to expedite a shift towards piped gas.

** It has invoked emergency powers and directed refiners to maximise production of LPG, widely used for cooking. It cut sales to industry to avoid a shortage for 333 million homes with LPG connections.

SOUTH KOREA

** South Korea is easing limits on coal-fired power generation capacity and raising nuclear power plant utilisation to as high as 80%.

** It is considering additional energy vouchers to support vulnerable households.

** It has begun enforcing a ban on naphtha exports to boost domestic supplies.

CHINA

** China has banned refined fuel exports to pre-empt a potential domestic fuel shortage, four sources said.  

** It is also releasing fertiliser supplies from national commercial reserves ahead of spring planting.

AUSTRALIA

** Australia is releasing petrol/gasoline and diesel from domestic reserves to ease shortages affecting rural supply chains as well as mining and agriculture.

** Its prime minister warned the economic shocks of the war would be felt for months and encouraged citizens to take public transport.

   JAPAN

** Japan’s industry ministry said it will relax rules for one year to increase the use of coal-fired power plants in the fiscal year starting April.

** Japan called on the Group of Seven wealthy nations and the International Energy Agency to be ready to take further flexible measures to stabilise energy markets if the Iran war drags on.

** Japan has asked Australia, its biggest supplier of liquefied natural gas, to boost output. 

** The country plans to increase imports of intermediate chemical products such as plastics, as it faces tighter naphtha supplies due to the conflict.

EUROPEAN UNION

** European Union leaders called for temporary measures to mitigate the impact of a surge in energy prices, with electricity tax cuts, lower grid fees and state support put forward as possible short-term fixes.

BANGLADESH

** Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports.

SERBIA

** Serbia will cut excise duties on crude oil by a cumulative 60% to calm the local market.

** It has also extended a ban on crude oil and fuel product exports to safeguard its market from shortages and price spikes.

ITALY

** Italian Prime Minister Giorgia Meloni has said Italy is considering cutting excise duties to soften fuel prices and is ready to raise taxes on firms responsible for unduly capitalising on the energy crisis.

SPAIN

** The Spanish prime minister said parliament is expected to vote on measures proposed by the cabinet to help citizens weather the economic fallout, including lowering fuel and electricity taxes and granting fuel subsidies to sectors most exposed to energy price spikes.

ARGENTINA

** The government has issued a decree to delay the effects of scheduled increases in taxes on liquid fuels and carbon dioxide.

CAMBODIA

** Cambodia is importing more fuel from suppliers in Singapore and Malaysia to make up for supply shortfalls from Vietnam and China.

MALAYSIA

** Malaysia will raise spending on petrol subsidies to 2 billion ringgit ($510 million) from 700 million ringgit to maintain the fixed price of the fuel.

** The government said it is applying measures to shore up fertiliser supply amid a domestic supply crunch.

** The government has also announced steps to address supply disruptions – while warning that energy supplies may run out by the end of May – including central bank support for companies, efforts to diversify energy sources and secure inputs, enhanced data monitoring of vulnerable sectors, and a special access pathway for critical medicines and medical devices.

THAILAND

** Thailand has discussed with the Russian government the possibility of purchasing crude oil, a deputy prime minister said.

** The minister also said the government would try to cap domestic diesel prices at 33 baht ($1.02) per litre.

** The Thai Planning Agency said the government will freeze prices of some goods and provide support for farmers.

GREECE

** Greece will offer subsidies for fuel and fertilisers and ferry ticket discounts worth a total 300 million euros ($346 million) in April and May to shield consumers and farmers, Prime Minister Kyriakos Mitsotakis said.    

ROMANIA

** The government said it would reduce excise tax on diesel by 0.30 lei ($0.0679) per litre. 

SLOVENIA

** Slovenia temporarily limited fuel purchases to tackle shortages at the pump caused in part by cross-border fuelling and stockpiling.

PHILIPPINES

** The Philippines’ energy market regulator said it had suspended the country’s wholesale electricity spot market across all its three grids until further notice due to fuel supply risks and price volatility.

** It also plans to curb power bills as LNG prices surge by boosting coal-fired power generation and regulating electricity tariffs.

** The Philippines is working with Washington to secure waivers and exemptions that will allow it to obtain oil from U.S.-sanctioned countries and guarantee supplies. 

** The Philippine energy ministry said it was activating a 20 billion peso ($333 million) emergency fund to strengthen fuel security amid continued volatility in oil prices.

VIETNAM

** Vietnam will switch fully to ethanol-blended gasoline earlier than planned as part of its efforts to curb fossil fuel use, a government document showed.

SINGAPORE

** The prime minister said the government will bring forward some support measures announced at this year’s budget to cushion the impact of the conflict on households and businesses.

INDONESIA

** President Prabowo Subianto wants to increase the country’s coal production, and the government is considering a windfall tax on exports.

** Indonesia will start implementing the B50 biodiesel programme on July 1. The implementation of B50 – a blend of 50% palm oil-based biodiesel and 50% conventional diesel – is part of a wider government programme to mitigate Iran war risks.

SOUTH AFRICA

** South Africa will reduce its fuel levy for one month to stop fuel prices rising even further in April.

BRAZIL

** Brazil is rolling out a new plan to help states subsidise diesel imports. Earlier in March, the government scrapped federal taxes on diesel and imposed a 12% tax on oil exports.

EGYPT

** Egypt has capped the price of unsubsidised bread sold in private bakeries.

** It will raise the local wheat procurement price to 2,500 pounds ($46.76) per ardeb (150 kg) for this year’s harvest, as it moves to increase stocks of strategic commodities. 

ETHIOPIA

** Ethiopia has increased fuel subsidies.

NORTH MACEDONIA

** The North Macedonian government on March 22 decided to cut VAT on fuel to stem the price hike at the pump. The VAT on gasoline and diesel will be cut from 18% to 10%, Prime Minister Hristijan Mickoski told local media. The measure will come into effect on March 23 at midnight and will be in effect for two weeks.

MAURITIUS 

** Mauritius said it would introduce energy-saving measures. Restrictions announced include curbs on grid power for non-essential uses such as decorative lighting, swimming pool heating and fountains, the government said.

NAMIBIA

** Namibia’s government will temporarily reduce fuel levies by 50% for at least three months until the end of June in a bid to protect consumers from higher pump prices.

NIGERIA

** Nigeria’s Dangote refinery, the largest in Africa, has increased exports of gasoline and the widely used chemical urea to African countries hit by supply disruptions caused by the war.

SRI LANKA

** Sri Lanka will introduce additional fuel-rationing measures to shorten queues and secure extra oil supplies, a senior official said.

POLAND

** Poland is working on a solution to lower fuel prices which may involve lowering VAT, its finance minister said.

Reporting by Katha Kalia, Ashitha Shivaprasad, and Anjana Anil in Bengaluru. Editing by Barbara Lewis, Alex Richardson, Mark Potter and Hugh Lawson

EU court says Hungary’s anti-LGBTQ rules breach law

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EU court says Hungary’s anti-LGBTQ rules breach law

The ruling could provide a test for the future of social policy under Hungary’s new leader Peter Magyar, who ended Prime Minister Viktor Orban’s 16-year rule in a landslide victory in an April 12 election

International News via Reuters:

Hungary’s outgoing government violated European law with rules prohibiting or restricting access to LGBTQ content, which stigmatise and marginalise gay and trans people, the European Court of Justice ruled on Tuesday.

The ruling could provide a test for the future of social policy under Hungary’s new leader Peter Magyar, who ended Prime Minister Viktor Orban’s 16-year rule in a landslide victory in an April 12 election.

LGBTQ rights were eroded under Orban, who last year oversaw a ban on Pride marches and let police use facial recognition cameras to identify who attended. Magyar, a former official in Orban’s right-wing Fidesz party, campaigned on support for equality but has avoided taking a clear stance on LGBTQ rights.

The European court said Hungary had acted in breach of Article 2 of the EU’s Treaty, which sets out the fundamental values of the 27-member bloc. It also found the Hungarian legislation breached the freedom to provide and receive services, as well as data protection laws.

Reporting by Suban AbdullaEditing by Peter Graff

UK stocks edge higher on hopes of US-Iran talks

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UK stocks edge higher on hopes of US-Iran talks

The U.S. voiced confidence that peace talks with Iran in Pakistan would proceed, while Tehran said it was considering joining, though uncertainty remained as the ceasefire nears its end

International News via Reuters:

UK’s main stock indexes posted modest gains on Tuesday, led by advances in financials, as hopes of possible ceasefire talks between the U.S. and Iran bolstered investor confidence.

The U.S. voiced confidence that peace talks with Iran in Pakistan would proceed, while Tehran said it was considering joining, though uncertainty remained as the ceasefire nears its end.

The blue-chip FTSE 100 index rose 0.1% to 10,628.63 points by 1020 GMT, while the midcap FTSE 250 gained 0.9%.

• Heavyweight bank HSBC and Standard Chartered rose 1% and 1.2%, respectively, leading to a 0.6% gain in the broader banks index.

• Britain’s labour market cooled only marginally in the three months to February, with pay growth easing less than expected and unemployment falling largely due to students leaving the workforce.

• British Land Company rose 2.4% after the real estate group raised annual earnings forecast on higher demand from AI and tech companies.

• The benchmark FTSE 100 is up 4.4% so far this month, underperforming its European peers. The pan-European STOXX 600 and German’s DAX are up 7.8% and 8.3%, respectively.

• E-commerce group THG jumped 7.3% after reporting strongest first-quarter revenue since 2021.

• Miner Rio Tinto posted higher first-quarter iron ore sales, but flagged supply-chain risks in the second half, owing to the Middle East war. Its shares gained 0.4%.

• Precious metal miners Fresnillo and Hochschild fell 0.7% and 1.3%, respectively, tracking a decline in gold and silver prices.

• Associated British Foods said it would split fashion chain Primark from its foods business. Its shares fell 3.1%.

• Power generator SSE rose a further 4.2% after plunging more than 10% last week following Finance Minster Rachel Reeves’s plans to weaken the link between cost of electricity and gas prices. The utilities sector was up 1.4%.

Reporting by Utkarsh Tushar Hathi; Editing by Shilpi Majumdar

Sterling trapped in range as investors monitor Middle East tensions

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Sterling trapped in range as investors monitor Middle East tensions

British data showed the jobless rate fell unexpectedly, although that drop reflected rising numbers of students not looking for work rather than rising employment, while average weekly earnings fell

International News via Reuters:

The pound dipped on Tuesday, remaining within a recent range as investors monitored Middle East developments that could spark a fresh rush to the safe-haven dollar.

British data showed the jobless rate fell unexpectedly, although that drop reflected rising numbers of students not looking for work rather than rising employment, while average weekly earnings fell. 

Analysts argued that sterling didn’t rise because the big drop in the February unemployment rate probably overstated the health of the British labour market.

Under pressure from political opponents to step down, British Prime Minister Keir Starmer on Monday laid the blame on foreign ministry officials over the appointment of a U.S. ambassador, saying they had kept him in the dark. 

The former top official in Britain’s foreign ministry who was sacked over Peter Mandelson’s appointment as U.S. ambassador said on Tuesday he had come under a lot of pressure from the prime minister’s private office to resolve his security clearance quickly. 

 This “is perhaps one reason why sterling is not selling off more,” said Chris Turner, global head of markets at ING, after mentioning the Polymarket betting site, which gives a 40% probability of Starmer leaving office by June and a 67% chance by December.

The pound was last down 0.28% at $1.3496. The euro was 0.1% higher against the pound at 87.10 pence.

The greenback rose on Tuesday after falling a day earlier as uncertainty over the U.S.-Israeli war on Iran kept investors on the sidelines. 

Investors are also closely watching bets on future Bank of England rate hikes.

Traders are now almost fully pricing one BoE rate hike this year, while indicating two rate increases for the European Central Bank.

Some analysts flagged that the pound performed quite well against the euro while markets removed a lot of the expected Bank of England tightening this year. 

Hopes for a Middle East peace deal eased inflation fears and tempered expectations of a rapid policy tightening by central banks, including the BoE. Currencies tend to strengthen when central banks raise rates and weaken when they cut them.

ING said it expects no BoE rate hikes in 2026, adding that one tightening move may not be priced out until oil prices drop.

Reporting by Stefano Rebaudo; Editing by Thomas Derpinghaus

Bermuda Tonight – April 20

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Bermuda Tonight – April 20

Fate of Iran peace talks uncertain as deadline approaches for end of ceasefire

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Fate of Iran peace talks uncertain as deadline approaches for end of ceasefire

With a two-week ceasefire set to expire this week, the senior Iranian official said Tehran was “positively reviewing” its participation but no final decision had been made

International News via Reuters:

Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran’s ports, a major hurdle for Tehran to rejoin peace efforts.

However, the official stressed that no decision had been made.

Adding to the uncertainty, a source told Reuters that Vice President JD Vance was still in the U.S., denying reports that he was already on his way to Pakistan’s capital Islamabad for talks.

With a two-week ceasefire set to expire this week, the senior Iranian official said Tehran was “positively reviewing” its participation but no final decision had been made. The comments conveyed a clear change of tone from earlier statements ruling out attendance and pledging to retaliate for U.S. aggression.

The Iranian official said mediator Pakistan was making positive efforts to end the U.S. blockade and ensure Iran’s participation.

BLOCKADE POSES A PROBLEM

The ceasefire had appeared in jeopardy after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.

A Pakistani security source said Pakistan’s key mediator, Field Marshal Asim Munir, had told U.S. President Donald Trump the blockade was an obstacle to talks, and that Trump had promised to consider ending it.

The U.S. was hoping to start negotiations in Pakistan shortly before the ceasefire expires, with sweeping security preparations under way in Islamabad.

However, Iran’s President Masoud Pezeshkian said that “unconstructive & contradictory signals from American officials carry a bitter message; they seek Iran’s surrender.”

“Iranians do not submit to force,” he added on X.

U.S.-IRAN CEASEFIRE SET TO EXPIRE

Trump announced the two-week ceasefire with Iran on April 7, and has not specified when precisely it ends.

A Pakistani source involved in the talks said it would expire at 8 p.m. ET on Wednesday, which would be midnight GMT or 3:30 a.m. Thursday in Iran.

The U.S. has maintained its blockade of Iranian ports, while Iran lifted and then reimposed its own blockade of the Strait of Hormuz, which typically handles roughly one-fifth of the world’s oil and liquefied gas supply.

Oil prices rose around 5% as traders remained fearful that the ceasefire would collapse. Traffic through the Strait of Hormuz was at a virtual standstill with just three crossings in the space of 12 hours, according to shipping data. [O/R]

U.S. MARINES BOARD IRANIAN VESSEL

The U.S. military said it had fired on an Iranian-flagged cargo ship headed towards Iran’s Bandar Abbas port on Sunday after a six-hour standoff, disabling its engines. U.S. Central Command released video showing

Marines descending ropes from helicopters onto the vessel.

The vessel is likely to have been carrying what Washington deems dual-use items that could be used by the military, maritime security sources said on Monday.

Iran’s military said the ship had been travelling from China and accused the U.S. of “armed piracy”, according to state media. They said they were ready to confront U.S. forces over the “blatant aggression”, but were constrained by the presence of crew members’ families on board.

China, the main buyer of Iranian crude, expressed concern over the “forced interception”, and Chinese President Xi Jinping called for ships to resume passage through the strait as normal and for the conflict to be resolved through political and diplomatic channels, state news agency Xinhua reported.

Trump warned on Sunday that the U.S. would destroy every bridge and power plant in Iran if it rejected his terms, continuing a recent pattern of such threats.

Iran has said that if the United States were to attack its civilian infrastructure, it would strike power stations and desalination plants in its Gulf Arab neighbours.

PREPARING FOR TALKS THAT MIGHT NOT HAPPEN

Pakistan geared up to host the talks despite uncertainty over whether they would go ahead. Nearly 20,000 security personnel have been deployed across the capital Islamabad, a government official and a security official said.

Thousands of people have been killed by U.S.-Israeli strikes on Iran and in an Israeli invasion of Lebanon conducted in parallel since the war began on February 28, where a truce is also currently in place. Washington will host a second round of ambassador-level talks between Lebanon and Israel on Thursday as part of efforts to protect a fragile ceasefire.

Reporting Reuters bureaus; Writing by Andy Sullivan, John Geddie, Alexandra Hudson and Keith Weir; Editing by Lincoln Feast, Kevin Liffey and Alison Williams

Oil prices rise 5% on fears of US-Iran ceasefire collapse

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Oil prices rise 5% on fears of US-Iran ceasefire collapse

Brent crude futures advanced $5.08, or 5.62%, to $95.46 a barrel by 1:19 p.m. ET (1719 GMT) and U.S. West Texas Intermediate was up $5.04, or 6.01%, at $88.89

International News via Reuters:

Oil prices jumped more than 5% in Monday trading on fears that a fragile ceasefire between the U.S. and Iran could break down after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.

Brent crude futures advanced $5.08, or 5.62%, to $95.46 a barrel by 1:19 p.m. ET (1719 GMT) and U.S. West Texas Intermediate was up $5.04, or 6.01%, at $88.89.

Both contracts had tumbled by 9% on Friday for their largest daily declines since April 18 after Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of the ceasefire. 

U.S. President Donald Trump, meanwhile, said that Iran had agreed never again to close the strait through which about a fifth of the world’s oil supply passed before the war began almost two months ago.

“The strait remains under a double blockade,” said Nikos Tzabouras, market analyst at Tradu, noting a looming ceasefire deadline and uncertainty over any agreement being reached. “These factors can push crude even higher and, even if a resolution is achieved, it will be hard for prices to return to pre-war levels as supply is unlikely to be restored overnight.”

The United States said on Sunday that it had seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.

Iran is considering attending the peace talks, a senior Iranian official told Reuters on Monday, but no decision had been made.

Trump, asked over the weekend about the chance of an extension, said: “I don’t know. Maybe not. Maybe I won’t extend it. But the blockade is going to remain.”

“The volatility is going to continue, but even with the increased tensions, WTI is below $100 a barrel and gasoline prices are trending lower,” said Phil Flynn, senior analyst with Price Futures Group. “We’re starting to see that the market is starting to adjust. High prices start to cure high prices.”

Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday, with only three crossings in the past 12 hours, shipping data showed.

More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilisers, Kpler data showed. That was the highest number of vessels crossing the waterway since March 1.

Elsewhere, China is curtailing refined fuel exports rather than banning them, with countries including Malaysia and Australia receiving supplies even after Beijing extended last month’s restriction into April, according to shipping data and traders.

Reporting by Nicole Jao in New York, Stephanie Kelly in London, Florence Tan and Siyi Liu in SingaporeEditing by David Goodman and Nick Zieminski

Bermuda joins law officers in BVI for legal summit

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Bermuda joins law officers in BVI for legal summit

Attorney-General and Minister of Justice Senator Kim Wilkerson attended the 2026 Overseas Territories Attorneys General Conference in Tortola last week

(L-R): David Edwards, British Indian Ocean Territory, Andrew Duncan, Saint Helena, Samuel Bulgin KC, Cayman Islands, Rachel Spearing KC, Anguilla, Dawn J Smith, British Virgin Islands, Minister Wilkerson, Sheree Jemmotte-Rodney, Montserrat, Rondalee Braithwaite-Knowles KC, Turks and Caicos Islands and Hilary Pullum KC, Guernsey.

The Attorney-General and Minister of Justice, Senator the Hon. Kim Wilkerson, JP, represented Bermuda last week at the 2026 Overseas Territories Attorneys General Conference in Tortola, British Virgin Islands.

The conference, which took place from 13 to 17 April, brought together Attorneys General and senior law officers from the United Kingdom, the Overseas Territories and the Crown Dependencies to discuss issues of direct relevance to their jurisdictions, including legislative developments, governance, maritime, border enforcement, and financial crime and regulation.

For Bermuda, the conference provided an important opportunity to exchange legal and policy perspectives with jurisdictions facing many of the same modern challenges, particularly in areas such as cross-border crime, sanctions implementation, disaster preparedness, digital justice, and maritime security.

As a small island jurisdiction with significant maritime interests, Bermuda has a clear interest in discussions on legal frameworks for maritime enforcement, joint operations, interdictions, search and rescue, and cooperation between agencies operating across territorial boundaries.

The conference also provided a useful setting to consider how legal systems in Overseas Territories can continue to respond to increasingly complex threats while maintaining fairness, accountability and public confidence.

Minister Wilkerson stated: “It is an honour to represent Bermuda at this important conference of Overseas Territories Attorneys General and senior law officers.

“Bermuda is a jurisdiction that takes its human rights obligations seriously and that reality requires legal and policy frameworks that are responsive to emerging challenges, consistent in their application and capable of upholding the rights of all within our community.”

The Attorney-General emphasised the importance of Overseas Territories benefitting from one another’s experience.

“No territory operates in isolation,” she noted. “Although each jurisdiction has its own constitutional, legal and operational context, there is much to be gained from candid discussion on issues such as justice delivery, the use of technology in legal systems, sanctions enforcement, disaster response, safeguarding and the handling of serious and organised criminal activity.

“Cooperation across the Overseas Territories can improve decision-making, inform legislative development and support better outcomes for the communities we serve.”

The conference agenda included sessions on constitutional reform, human rights, governance and integrity, sanctions implementation, disaster preparedness and recovery, judicial modernisation and digital justice systems, safeguarding and child protection in the digital age, migration and cross-border crime and maritime security cooperation.

Image and media release supplied by the Government of Bermuda, Department of Communications.

ECB needs more data before firm policy conclusions, Lagarde says

Bermuda Broadcasting Newsdesk
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ECB needs more data before firm policy conclusions, Lagarde says

Energy prices soared last month as a result of the war, but policymakers so far say they have no firm evidence at hand this is leading to second-round price impacts, a key condition for raising interest rates

International News via Reuters:

The economic implications of the war in Iran have yet to reach levels corresponding to the European Central Bank’s adverse scenario, and the bank needs more information before drawing firm policy conclusions, ECB President Christine Lagarde said.

Energy prices soared last month as a result of the war, but policymakers so far say they have no firm evidence at hand this is leading to second-round price impacts, a key condition for raising interest rates.

Comments from Lagarde, coming less than two weeks before the April 30 policy meeting, will likely reinforce market bets that even if a rate hike may become necessary, April is too early for such a move.

“So far, we have not seen energy prices rise far enough to push us squarely into our adverse scenario,” Lagarde said in a speech in Berlin on Monday.

“This … uncertainty about the duration of the shock and the breadth of pass-through argues for gathering more information before drawing firm conclusions for our monetary policy,” she added.

While oil spot and futures prices are above what the bank assumed in its baseline projections, natural gas prices are below it, partly because some Asian gas buyers are switching to coal, Lagarde added.

The ECB is now facing two opposing forces. Firms and households vividly remember the 2022 inflation shock, so they may start adjusting wage and price demands more quickly due to the memory effect of the last shock.

But higher energy prices also weigh on disposable incomes, limiting firms’ ability to raise prices.

Lagarde added that there have been limited signs of supply chain disruptions so far – both globally and in the euro zone.

“But local tensions are visible: jet fuel prices have roughly doubled since the outbreak of the conflict, and rationing has been imposed at some individual airports since early April,” she said.

Reporting by Balazs KoranyiEditing by Peter Graff

Bermuda strengthens cruise ties at Seatrade Global 2026

Bermuda Broadcasting Newsdesk
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Bermuda strengthens cruise ties at Seatrade Global 2026

Minister of Tourism & Transport, Culture & Sport Owen Darrell led a Bermuda delegation at this year’s Seatrade Cruise Global conference in Miami, securing meetings with major cruise lines and advancing the island’s cruise tourism strategy

Bermuda’s delegation has concluded its participation at Seatrade Cruise Global 2026, held from April 13–15 at the Miami Beach Convention Center in Florida.

The delegation was led by Minister of Tourism & Transport, Culture & Sport The Hon. Owen K. Darrell, JP, MP, and included Deputy Permanent Secretary Carlita O’Brien and Stacey Evans of the Ministry of Tourism & Transport, Culture & Sport.

Over three days, the group held meetings with senior executives from Royal Caribbean Group, Carnival Corporation plc, Disney Cruise Line, Norwegian Cruise Line, and Explora Journeys Cruise Line — described in the release as a new entrant to the Bermuda market.

Minister Darrell said: “We look forward to this event every year, and Seatrade Cruise Global 2026 once again proved to be an important and valuable opportunity for Bermuda. Over the three days, we held productive meetings, strengthened key industry relationships, and gained useful insight into the future direction of global cruise tourism.”

On the conference’s opening day, the Minister was introduced to John W. Chidsey, recently appointed President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. Discussions were also held with the Port of Baltimore and the Maryland Port Administration to explore opportunities to grow cruise business from the U.S. East Coast homeport.

The delegation also met with the NYC Economic Development Corporation, which represents both the Manhattan and Brooklyn cruise homeports, as well as officials from the Taiwan International Ports Corporation and the Taiwan Tourism Administration.

Minister Darrell also engaged with regional colleagues from the Caribbean Tourism Organisation (CTO), including representatives from Antigua & Barbuda, The Bahamas, Barbados, the British Virgin Islands, the Cayman Islands, Saint Lucia, and St. Vincent and the Grenadines.

Bermuda’s 2026 cruise season began with 194 scheduled cruise calls, which increased by one additional call. Despite four weather-related diversions, 191 calls currently remain on the schedule. Looking ahead, 210 cruise calls are scheduled for 2027, and deployment schedules for 2028 have now been received from contract partners.

Minister Darrell added: “I am very pleased with these strong numbers and the positive economic outlook for Bermuda, both today and in the coming years.”

Media release and images supplied by the Government of Bermuda, Department of Communications.

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