Monday, November 2, 2026
Home Blog Page 342

Carney vows to tackle cost of living in Canada with new majority government, suspends fuel tax 

The first Liberal majority government in Canada since 2019 should allow Carney more freedom to pass the legislation he says is needed for the country to thrive in “a more divided and dangerous world,”

International News via Reuters:

Prime Minister Mark Carney said he would prioritize lowering the cost of living in Canada, tackling a housing shortage, and building major infrastructure projects to help make Canada’s economy more independent with his Liberal Party’s new parliamentary majority.

After his party swept three special elections on Monday, capping off an extraordinary few months in Canada when several opposition members joined him, Carney said he accepts the country’s support “with humility, determination and a clear understanding of what this moment demands.”

The first Liberal majority government in Canada since 2019 should allow Carney more freedom to pass the legislation he says is needed for the country to thrive in “a more divided and dangerous world,” including the uncertainty caused by U.S. President Donald Trump and the ongoing war in the Middle East.  

Carney has sought to make Canada less dependent on the United States.

“We have to change fundamentally our economy to be stronger, more independent, more prosperous,” he said at a Tuesday press briefing to announce a temporary suspension of a fuel tax. He said the measure would reduce Canadians’ bills at the gas station by 10 cents per litre on regular gasoline and 4 cents on diesel. 

“Canada’s new government has been relentlessly focused on making life more affordable for Canadians,” he said.

Carney’s Liberals won  three special elections in Ontario and Quebec, giving him a 174 seat majority in the 343-seat House of Commons.  

Carney said he had no plans to shuffle his cabinet before Parliament’s summer recess or to call an early election, following criticism from political opponents that five recent defections of legislators to Carney’s Liberals undermine the credibility of his majority government. 

Conservative leader Pierre Poilievre took to X to express his dissatisfaction at both the process and the result: “The Carney Liberals did not win a majority government through a general election or today’s by-elections. Instead, it was won through backroom deals with politicians who betrayed the people who voted for them.” 

Carney said in response that Canada was a parliamentary democracy and Canadians elect their local representatives. 

Elizabeth McCallion, an assistant professor of  political science at the University of Toronto, said Carney’s decision to cut the fuel tax comes days after the Conservatives argued for a cut and parties were becoming surprisingly aligned on some policies.

“This will make it more difficult for the opposition parties to actually be adversarial and challenge the government,” she said. 

Reporting by Maria ChengEditing by Alexandra Hudson

UK hit with big IMF growth downgrade as Iran war fuels inflation

The IMF said on Tuesday that Britain’s economy was now on course to grow by only 0.8% in 2026, down from a previous projection of 1.3%

International News via Reuters:

Britain suffered the sharpest cut to economic growth forecasts for large rich economies by the International Monetary Fund due largely to the Iran war, and finance minister Rachel Reeves slammed the “folly” of the U.S. strategy for the conflict.

The IMF said on Tuesday that Britain’s economy was now on course to grow by only 0.8% in 2026, down from a previous projection of 1.3%.

It was the biggest downgrade made by the Fund for any Group of Seven economy, leaving Britain with the same growth forecast as Germany and just below France – but bottom of the G7 on a per capita basis.

The IMF linked the weaker outlook to the U.S.-Israeli war with Iran, which initially doubled the price of natural gas that Britain relies on heavily, and on the likelihood of slower Bank of England interest rate cuts due to the energy price shock. 

It said its global growth forecasts could be cut further if the war drags on.

Speaking ahead of the publication of the forecasts, Reeves said she was “very frustrated and angry” over what she described as the United States’ failure to have a clear exit plan or objectives for the war in Iran.

“That is a folly and it is one that is affecting families here in the UK but also families in the U.S. and around the world,” she said in an interview with The Mirror newspaper.

The effects of the energy price jump will set back promises made to voters by Prime Minister Keir Starmer and Reeves that they said would speed up the economy to improve living standards.

The IMF said it expected Britain’s unemployment rate to rise to 5.6% this year, from 4.9% in 2025.

TARGETED SUPPORT

The opposition Conservative Party said the scale of the growth downgrade and the expected rise in unemployment reflected Reeves’ decisions, including an increase in tax on employers.

Sam Alvis, associate director at the Institute for Public Policy Research, a think tank, said the weak outlook underlined how the UK economy remained at the mercy of global crises.

“Our dependence on volatile fossil fuels leaves households and businesses exposed to yet another wave of energy price shocks,” Alvis said.

“We will need to protect people from the effects of this now but to stop us having to do so again in the future we need to invest in electrification and clean, homegrown energy.”

The IMF said Britain’s economic growth was expected to recover to 1.3% in 2027 but that still represented a 0.2 percentage-point cut from its previous projection.

Britain’s inflation rate, the highest in the G7 for much of the last four years, was likely to peak at around 4% and average 3.2% over 2026 as a whole before falling to the BoE’s 2% target only at the end of 2027.

In its previous full set of forecasts, the IMF said Britain’s inflation rate was likely to fall to 2.5% in 2026.

The IMF’s outlook chimed with that of the Organisation for Economic Co-operation and Development which last month cut Britain’s economic growth prospects for 2026 by the most of any major economy and said inflation was set to rise faster too.

Reeves has said she will set out her approach to helping businesses struggling with high energy prices this week and has previously said the government is considering targeted support for low-income households.

IMF Chief Economist Pierre-Olivier Gourinchas said Reeves faced a “delicate exercise” in balancing support with the strain on Britain’s public finances.

Reporting by William Schomberg; Additional reporting by David Lawder; Editing by Susan Fenton and Keith Weir

Stowaway raccoon to be euthanised, says DENR

The raccoon was accidentally imported in a shipping container off the Hamilton docks, according to the Department of Enviroment and Natural Resources

A wild raccoon ended up in Bermuda as a stowaway inside a shipping container yesterday.

The mammal was discovered around 3pm after it escaped from the container opened at Addendum Lane in Pembroke, the Department of Enviroment and Natural Resources confirmed.
Animal wardens and government veterinarian responded to the incident and located the raccoon hiding under a large dumpster, sucesfully trapping it.

Due to the serious biosecurity risk, they confirmed the raccoon will be euthanised.
Officials explained raccoons can carry a range of diseases and parasites, posing a threat to local pets, people and wildlife.

They said, “These include serious zoonotic threats such as rabies and raccoon roundworm, as well as other infectious diseases and parasites that are not present in Bermuda.

“In keeping with the need to protect Bermuda’s environment, animal health, and public health, the raccoon will be humanely euthanised.”


A spokesperson said, “The Department thanks the members of the public who assisted by reporting the animal’s location and helping to partially contain it until officers arrived. Their prompt action contributed to a safe and successful response.”


Importers are reminded to remain vigilant when opening containers from the Hamilton Docks.

Any unusual animal sightings should be reported immediately to DENR by phone at 1-441-236-4201.

Parents, are you looking to explore educational avenues outside of Bermuda?

Bridgeway Education will facilitate a boarding school fair this weekend offering students and parents the chance to explore UK-based educational programs. The event will feature representative from seven boarding schools, that specialise on sport and the arts and can provide detailed overviews into pathways available abroad.

Our Kendal Trott spoke with Neil Speight, founder of Bridgeway Education, who encouraged those interested take advantage of the opportunity. 

Irish junior minister resigns in protest of government response to fuel protests

The government is still expected to survive the confidence motion the opposition put down after protesters blockaded oil infrastructure and left about a third of Ireland’s petrol stations without fuel

International News via Reuters:

An Irish junior minister resigned on Tuesday in protest over the government’s response to a wave of public demonstration against surging fuel prices last week and said he would join the opposition in voting no confidence in the coalition.

The government is still expected to survive the confidence motion the opposition put down after protesters blockaded oil infrastructure and left about a third of Ireland’s petrol stations without fuel. The disruption ended on Monday.

However, the resignation of Michael Healy-Rae during the debate came as an unexpected blow to the government. Healy-Rae is one of a number of independent lawmakers whose support the centre-right-led coalition relies on for its majority.

“The leader of the country should have listened and because of the fact that I believe this government has let the people of Ireland down, I will be voting no confidence in the leader of the country and I will be tendering my resignation as a Minister of State from now,” Healy-Rae told parliament.

He added that his constituents in rural county Kerry did not want to see him “or any Healy-Rae” to back the government. That suggested his brother and fellow independent lawmaker, Danny, would also withdraw his support, further cutting the government’s majority.

In a bid to ease the discontent, the government announced 500 million euros ($586 million) worth of spending increases and tax cuts to soften the impact on consumers and businesses on Sunday. That was on top of a 250 million euro package introduced three weeks ago.

Reporting by Padraic Halpin; Editing by Muvija M

ECB has not made its mind up on rates, Lagarde says

Investors have been speculating on ECB rate hikes as soon as this month as the closure of the Strait of Hormuz pushes up fuel prices in the energy-importing euro zone

International News via Reuters:

The European Central Bank has not made its mind up on whether to raise interest rates as the fallout of the Iran war on the euro zone’s economy is still unclear, ECB President Christine Lagarde said on Bloomberg TV on Tuesday.

Investors have been speculating on ECB rate hikes as soon as this month as the closure of the Strait of Hormuz pushes up fuel prices in the energy-importing euro zone, threatening to trigger another surge in inflation.

But Lagarde said it was still too early to draw conclusions and appeared to rein in colleagues who have ventured predictions about possible rate increases.

“It doesn’t predicate that we’ll go in one direction or the other and it certainly does not determine a rate path that I can confirm today,” Lagarde said of the situation in Iran.

“Any of the colleagues who are confident that it’s going to be one way or the other don’t know, honestly.”

The ECB published baseline projections last month under which the hit from the Iran war would be short-lived.

But it added an adverse scenario that assumes a much sharper increase in energy prices, greater uncertainty and international spillover, and a severe one in which inflation rises to 4.8% next year.

Lagarde said the economy was “between the baseline and the adverse” scenario — comments that traders may take as suggesting a rate hike was not imminent.

Asked about the prospect of resigning early, Lagarde likened herself to a captain who won’t abandon the ship when there are clouds on the horizon.

“This captain is not going to leave the ship, because I see clouds,” she said.

Reporting by Francesco Canepa; Editing by Alison Williams and Keith Weir

Portugal aims to cap any deficit at 0.5% to protect investor confidence

The government had forecast that the budget surplus would narrow to 0.1% of GDP this year from about 0.3% of GDP in 2025, marking Portugal’s fourth consecutive surplus

International News via Reuters:

Portugal may incur a budget deficit due to support measures after devastating winter storms and the energy price shock from the Iran war, its finance minister said on Tuesday.

Any gap should be capped at 0.5% of GDP to protect investor confidence, Joaquim Miranda Sarmento told Antena 1 radio, adding that the central scenario was to keep the budget balanced but “there is a risk of a small deficit” due to higher spending. 

The government had forecast that the budget surplus would narrow to 0.1% of GDP this year from about 0.3% of GDP in 2025, marking Portugal’s fourth consecutive surplus — a relatively rare feat in the euro zone, where deficits are common.

“To protect the country and preserve the country’s good image, which allows us to attract investment and cheap financing, I believe it is important that this 0.5% threshold is never exceeded,” he said, adding that Portugal will continue to reduce public debt in any case and “once those one-off effects have passed, it would return to budgetary balance”.

He has previously said 2026 would be a “very difficult year” as 2.5 billion euros in EU recovery loans will hit the budget as expenditure, unlike last year when only grants were used.

The government has estimated more than 4 billion euros ($4.72 billion) in direct reconstruction costs and rolled out 2.5 billion euros in loans and incentives after Storm Kristin in late January.

Lisbon also proposed a diesel fuel subsidy for key sectors such as agriculture and transport to ease fuel cost rises linked to the war in Iran, a measure expected to cost up to 450 million euros over three months.

($1 = 0.8474 euros)     

Reporting by Sergio Goncalves; editing by Andrei Khalip and Alexander Smith

Pope Leo issues warning on democracy after Trump criticism

The first U.S. pope, writing to participants of a Vatican meeting about the use of power in democratic societies, said democracies remained healthy only when they were rooted in moral values

International News via Reuters:

Pope Leo warned of the risk of democracies sliding into “majoritarian tyranny” on Tuesday, in a letter issued by the Vatican two days after U.S. President Donald Trump attacked the pontiff on social media.

The first U.S. pope, writing to participants of a Vatican meeting about the use of power in democratic societies, said democracies remained healthy only when they were rooted in moral values.

“Lacking this foundation, (democracy) risks becoming either a majoritarian tyranny or a mask for the dominance of economic and technological elites,” said Leo in the letter.

The text, released as the pope was undertaking an ambitious, 10-day tour of four African countries, did not directly address the U.S. or name any specific democracies.

Trump sharply criticized Leo as “terrible” on Sunday night, after the pope had emerged in recent weeks as a growing critic of the U.S.-Israeli war on Iran.

Leo told Reuters on Monday that he planned to keep criticizing the war, despite Trump’s comments.

In Tuesday’s letter, the pope said the Catholic Church taught that power could not be seen as an end in itself “but as a means ordered toward the common good”.

“This implies that the legitimacy of authority depends not on the accumulation of economic or technological strength, but on the wisdom and virtue with which it is exercised,” said Leo.

The pope also urged leaders in democratic societies to avoid any temptation to hoard power.

“Temperance … proves essential for the legitimate use of authority, for true temperance restrains inordinate self-exaltation and acts as a guardrail against the abuse of power,” he said.

Reporting by Joshua McElwee; Editing by Alex Richardson

Narraway Holds Fast as Redlands Classic Enters Final Act

Bermuda’s Nicholas Narraway remains firmly in contention for a top-ten finish at the 2026 Redlands Bicycle Classic after navigating a chaotic and high-speed Downtown Criterium.

The fourth stage of the prestigious Californian race saw the peloton descend on a technical one-mile circuit, where ninety minutes of relentless racing tested the nerve and positioning of the general classification contenders. In a discipline often defined by high-speed crashes and tactical maneuvering, Narraway showed impressive maturity to keep his podium ambitions alive.

Representing Competitive Edge Racing, Narraway was tasked with staying toward the front of a bunch that refused to let any breakaways stick. The pace was unforgiving from the starting gun, yet the Bermudian managed to stay out of trouble as the laps ticked down. By the time the pack entered the final sprint, Narraway was part of a massive lead group of 94 riders who all recorded the same time as stage winner Jim Brown.

While Narraway was officially ruled across the line in 67th place, the collective timing proved vital. Brown took the stage victory in 1:30:54, but the lack of time gaps among the main field means the top of the leaderboard remains unchanged heading into the final stages.

In the general classification, Narraway maintains his impressive ninth-place position with a combined time of 6:07:27. He currently sits just 59 seconds behind the overall leader, Eric Brunner.

With less than a minute separating Narraway from the summit, the pressure now shifts to the final day of racing. The Bermudian will be looking to capitalize on any tactical openings to move up the order after what has already been a standout performance on the international stage.

Poise and Precision: Carreiro Leads the Way at Bermuda Dressage Challenge

Bermuda’s National Equestrian Center was the backdrop for a weekend of technical excellence as the island hosted the Regional Caribbean Dressage Challenge alongside a local Mini Dressage fixture.

Under the bright skies at Vesey Street, the discipline of dressage—often described as horse ballet—took center stage. Competitors navigated the rigorous demands of the regional event, where the partnership between horse and rider is scrutinized for rhythm, suppleness, and accuracy.

In the Junior division of the regional event, Lila Readdy emerged as the standout talent. Riding Edelweiss, Readdy demonstrated a composed performance that earned the pair a winning score of 57.8%. Her victory underscores the growing depth of youth talent within the Bermudian equestrian community.

The Adult division saw an equally impressive display from Vee McKey. Partnered with Happy Dance, McKey produced a fluid and harmonious test that was reflected in the judges’ cards. Their score of 67.4% was enough to claim the top spot in the adult category, showcasing years of elite preparation.

However, the headline performance of the weekend came from the local ranks during the Mini Dressage Challenge. Kelsie Carreiro, riding Sunrise Surprise, delivered a masterclass in precision that captivated those in attendance. Carreiro’s performance was not only the peak of the local competition but also represented the highest mark across the entire weekend of action.

By recording an overall high score of 68.85%, Carreiro and Sunrise Surprise claimed the ultimate honors between the two challenges. The result served as a perfect conclusion to a weekend that celebrated the meticulous nature of the sport and the enduring strength of Bermuda’s equestrian programs.

Lumina Festival bridges wealth gap with free programme

The Lumina Festival has announced The Playbook, a free financial literacy and wellness programme targeting Black men aged 18 to 45, beginning Monday, April 20

The Lumina Festival has launched a free, 10-week financial education programme — called The Playbook — aimed at Black men aged 18 to 45. The programme is supported by the Centennial Foundation and covers financial literacy, investing, budgeting, and holistic wellness.

Sessions run weekly from 6 to 8.30pm, with locations rotating between Warwick Workmen’s Club on Mondays, Southampton Rangers Sports Club on Tuesdays, and North Village Community Club on Wednesdays. A total of 45 spots are available, with 15 seats at each venue.

Each session is divided into two one-hour blocks. The first is an investing workshop — called The Trading Floor — led by full-time professional trader and CEO of Signature FX Mandela Fubler. The second alternates between budgeting and personal finance instruction from qualified accountant Sylvia Taylor, and holistic wellness guidance from fitness trainer Cervio Cox.

Zach Wilson, CEO and Founder of The Lumina Festival, said: “Our mission at Lumina Festival is to bridge the gap between financial literacy, culture, and community. Bermuda is considered one of the wealthiest countries on paper, yet our young, Black men are the ones most often impacted by the economic, social, and cultural challenges we’ve been facing as a country.”

Mr. Wilson added: “We recognise that you can’t just build wealth without being taught how, and the financial moves you make between the ages of 18 to 45 can make or break your financial future.”

Fubler, who was born in Bermuda and is now based in London, practised law for seven years before transitioning into financial markets. He said the programme would cover how financial markets function, the basics of stocks and commodities, asset correlations, and risk management.

“Financial literacy shouldn’t be a privilege,” Fubler said. “I’ve spent more than 20 years learning and building my understanding of how global financial markets operate. I realised most people around me never had access to that knowledge — not because they couldn’t handle it, but because no one made it accessible to them.”

Taylor, who will lead the Budgeting 101 component, said: “Everyone should have access to clear, practical information that empowers them to build stronger financial habits and improve their overall financial well-being.”

Cox, who is spearheading the wellness segment — titled Built Different — said: “I do not doubt that this event will empower our Black men and will introduce or reintroduce each of them to the possibilities within reach.”

Kian Butterfield, President of Warwick Workmen’s Club, said the club was proud to be partnering with The Lumina Festival. “We believe the course is a great opportunity for young men to gain knowledge needed to navigate today’s world,” he said.

Interested participants should register via the form at luminafest.com/playbook. Those wishing to volunteer can also apply through the same page. For further information, contact info@luminafest.com.

Media release supplied by The Lumina Festival.