In this episode of Second Look, Dr. Doug DeCuto explores Bermuda’s complex financial system, government accountability, and the importance of civic engagement. It offers insights into Bermuda’s economic challenges, government policies, and ways to empower Bermudians through education and participation.
Airlines urge EU to step in as Iran war chokes jet fuel supply
The aviation sector has been hit by airspace closures since the U.S.-Israeli war on Iran began on February 28
International News via Reuters:
European airlines have urged the European Union to step in with emergency measures to tackle repercussions from the Iran war, including widespread airspace closures and mounting concerns over jet fuel shortages, a document seen by Reuters showed.
Industry group Airlines for Europe (A4E) has requested that the EU introduce a raft of crisis response measures, including EU-level monitoring of jet fuel supplies, a temporary suspension of the EU’s carbon market for aviation, and scrapping certain aviation taxes, it said in the document.
The aviation sector has been hit by airspace closures since the U.S.-Israeli war on Iran began on February 28, with the European Union Aviation Safety Agency banning European airlines from operating in the airspace of several Gulf countries, including the UAE and Qatar until April 24.
The sector is also staring at a jet fuel crunch after the closure of the Strait of Hormuz. Last week, industry group Airports Council International Europe (ACI) warned that Europe could face a systemic jet fuel shortage in three weeks.
The A4E document urged Brussels to consider joint EU purchasing of kerosene, which is a form of jet fuel.
The EU introduced joint natural gas buying to attempt to shore up supplies, after Russia slashed gas deliveries to Europe in 2022. However, the model has not been applied to oil or kerosene so far.
A4E, whose members include Lufthansa, Air France-KLM and easyJet, also urged the EU to amend its legal requirement for countries to maintain 90 days of emergency oil reserves as this currently does not include a specific requirement on jet fuel.
The document also asked for clarification on existing legislation, including confirmation that airspace closures due to conflict and resulting operational effects will be considered as justified non-use of slots.
The European Commission has said it will propose a package of measures on April 22 to attempt to offset the fallout of the Iran war in energy markets, but has not confirmed if this will include specific measures on jet fuel.
Reporting by Kate Abnett; Editing by Janane Venkatraman
Hungarian election winner Magyar vows democratic shift with eye on EU funds
The two-thirds supermajority that Magyar’s centre-right Tisza party secured in Sunday’s election means it will have a free hand to strengthen the rule of law and potentially unlock billions in European Union funding
International News via Reuters:
Hungarian election winner Peter Magyar promised on Monday to restore democratic standards and unblock European Union funds, following a landslide victory over a MAGA- and Moscow-aligned incumbent that will likely anchor Budapest in the EU mainstream.
The two-thirds supermajority that Magyar’s centre-right Tisza party secured in Sunday’s election means it will have a free hand to strengthen the rule of law and potentially unlock billions in European Union funding, but analysts say it will have to really deliver on reforms to reap the benefits.
The result came as a relief to Ukraine. Outgoing Prime Minister Viktor Orban, in power for 16 years, had maintained warm relations with Russia and blocked a 90-billion-euro ($105 billion) loan for Kyiv.
Orban, admired by U.S. President Donald Trump and his ‘Make America Great Again’ (MAGA) movement, often clashed with the EU over the rule of law and human rights, resulting in the freezing of billions of euros in funds.
Magyar told a news conference he hoped for a quick decision on unblocking the EU cash, which is subject to tight deadlines, and that he wanted to speak with European Commission President Ursula von der Leyen later on Monday.
“I hope that… we can prepare an agreement,” he said, adding that his government would swiftly implement anti-corruption measures, restore the independence of the judiciary and ensure freedom of the press.
The Hungarian forint surged over 3% to a more than four-year high against the euro, while the Budapest stock exchange gained almost 5% in anticipation of EU funds starting to flow.
Magyar said his government would amend the constitution to limit the number of terms anyone can serve as prime minister to two.
“We will do everything to restore the rule of law, plural democracy, and the system of checks and balances,” he said.
Magyar said the constitutional amendment would apply to Orban, meaning he cannot become prime minister again.
HUNGARIAN MINORITY KEY FOR UKRAINE TIES
Orban had made the war in neighbouring Ukraine a key plank of his election campaign, arguing that a Magyar victory would see Budapest dragged into the conflict and money destined for Hungarian families spent on arming Kyiv.
Magyar dismissed these claims. While he does not share Orban’s overt hostility towards Ukraine, he also opposes fast-track EU accession for Kyiv and says its treatment of ethnic Hungarians in western Ukraine will be key to rebuilding ties.
“We will strive to build alliances with all our neighbours, but for example with Ukraine, the precondition will be to settle the rights of the Hungarian ethnic minority… language rights, cultural rights,” he said.
Ukrainian officials reacted with cautious optimism to the election result. President Volodymyr Zelenskiy congratulated Magyar on Sunday, saying Kyiv was ready for “meetings and joint constructive work”.
The Kremlin said Russia respected the choice of Hungarian voters and would continue what it called “pragmatic ties” with the new government in Budapest.
However, Russian hardliners cast Orban’s defeat as a serious blow that would unlock EU funds for Ukraine to fight on against Russia for another year.
‘CLOSER TO EUROPE’
Magyar said the election result showed that Hungary had decided to “change the regime” and choose a pro-European path.
“Hungarian people yesterday, exactly 23 years after the referendum on our EU membership, confirmed Hungary’s place in Europe,” he said.
Magyar called on President Tamas Sulyok, who is backed by Orban’s Fidesz party, to ensure that the transfer of power happened as soon as possible. He also reiterated his demand that Sulyok resign.
Hungary’s president, a largely ceremonial figure, must convene a new parliament within 30 days of an election. Lawmakers then elect a new prime minister.
Sulyok said in a Facebook post he had called leaders of parliamentary parties for talks on Wednesday.
In Budapest many residents were recovering from wild celebrations that saw the streets of the capital thronged with revellers well into the early hours.
Among those letting themselves go was Zsolt Hegedus, a leading candidate for health minister, whose dance moves on stage went viral online.
Budapest resident and street musician Henrik Beremendi Schultz, 82, said on Monday he was happy with the result.
“I’m glad it turned out this way, that we are moving not towards the East but towards the West and closer to Europe,” he said.
Reporting by Anita Komuves, Kristina Than, Gergely Szakacs, Anna Lubowicka, Marco Trujillo, Fedja Grulovic, Branko Filipovic, Claire Watson, Writing by Alan Charlish, Editing by Gareth Jones
School shooting in Turkey leaves 16 wounded, governor says
The assailant, a 19-year-old former student, used a shotgun in the attack in the Siverek district
International News via Reuters:
A teenager opened fire at a high school in Turkey’s southeastern province of Sanliurfa on Tuesday, wounding at least 16 people, including students and teachers, before killing himself, Governor Hasan Sildak said.
The assailant, a 19-year-old former student, used a shotgun in the attack in the Siverek district. The wounded were taken to hospital, with five later transferred to facilities in Sanliurfa city centre for further treatment, Sildak said.
He later told broadcaster NTV that the attacker opened fire indiscriminately, starting in the school yard before entering the building. The shooter killed himself as police attempted to apprehend him, Sildak added.
Sildak said the attacker had no prior criminal record and that the school had previously been classified as safe by police.
The Interior Ministry said 10 of the wounded were students, four were teachers, one was a police officer and another a school canteen employee.
The condition of the wounded was not immediately known.
Video footage showed students fleeing the school as ambulances and police vehicles arrived at the scene.
Reporting by Huseyin Hayatsever; Editing by Ece Toksabay and Sharon Singleton
UK’s Reeves ‘frustrated and angry’ over US Iran war strategy, Mirror reports
“This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the U.S. went into this war without a clear exit plan, without a clear idea of what they were trying to achieve,”
International News via Reuters:
British finance minister Rachel Reeves said on Tuesday she was “very frustrated and angry” over what she said was the United States’ failure to have a clear exit plan or objectives for the war in Iran, according to the Mirror newspaper.
“This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the U.S. went into this war without a clear exit plan, without a clear idea of what they were trying to achieve,” Reeves told the newspaper.
“And as a result the Strait of Hormuz is now blocked,” she added.
Reporting by Sam Tabahriti; editing by William James
Stocks rise, dollar nears pre-war levels on hopes of US-Iran resolution
U.S. President Donald Trump said Iran wants to make a deal, but added he would not agree to any outcome that allows Tehran to have a nuclear weapon
International News via Reuters:
Global stocks edged up, oil prices slid and the dollar lost some safe-haven appeal on Tuesday, as investors bet on a resolution to the Middle East war even as the U.S. blocked Iran’s ports after the collapse of peace talks at the weekend.
Negotiating teams from the U.S. and Iran could return to Islamabad this week, four sources said, days after the highest-level talks between the two countries since the 1979 Islamic Revolution ended in the Pakistani capital without a breakthrough.
U.S. President Donald Trump said Iran wants to make a deal, but added he would not agree to any outcome that allows Tehran to have a nuclear weapon.
Hopes of a diplomatic off-ramp have helped push the S&P 500 back to pre-war levels, driven largely by gains in big tech stocks as first-quarter earnings season begins. Europe’s STOXX 600 was up 0.7% on Tuesday, but remains 2% below its pre-conflict level.
“Markets are trading hope, not resolution. The failed weekend talks did not produce a deal, but they also did not close the door on diplomacy, and that is enough for equities to keep pushing higher for now,” said Charu Chanana, Saxo’s chief investment strategist.
“The problem is that markets may be pricing the chance of de-escalation faster than the proof of it, so I would still expect a choppy, headline-driven tape rather than a clean risk-on trend,” she added.
Nasdaq futures rose 0.4% and S&P 500 futures gained 0.2% ahead of a slew of earnings later, including from JPMorgan and Wells Fargo. The dollar was heading for a seventh daily drop against a basket of major currencies, nearing pre-war levels.
Bank of America’s monthly global fund manager survey for April, conducted from April 2 to April 9 and covering 193 asset managers overseeing $563 billion, showed sentiment was the most bearish since June last year.
“Expectations for growth (are) down the most since March 2022, for inflation, the highest since May 2021. All contrarian -positive for risk assets so long as the ceasefire sends oil price below $84 a barrel, but not a ‘close-eyes-and-buy’,” strategists led by Michael Hartnett said.
The survey showed investors expect oil to be priced at $84 by the end of the year, down from about $98 currently.
The U.S. military has begun a blockade of Iran’s ports, angering Tehran and adding uncertainty around the key Strait of Hormuz, though shipping data showed a U.S.-sanctioned Chinese tanker passed through the waterway on Tuesday.
Trump has said Washington would block Iranian vessels and any ships paying tolls demanded by Tehran, and that any Iranian “fast-attack” ships that went near the blockade would be eliminated.
Oil prices slid as expectations for further dialogue to end the war outweighed concerns over supply disruptions. Brent crude futures were down 1.5% at $97.90 a barrel, while U.S. crude futures fell 2.3% to $96.78 per barrel.
In China, data on Tuesday showed exports slowed in March as demand linked to an artificial‑intelligence boom ran up against the effects of the war.
DOLLAR ON THE BACK FOOT
The euro rose 0.2% to $1.1782, while sterling climbed to a more than six-week high of $1.353, putting the pound above its pre-war level.
U.S. Treasury yields drifted lower, with the two-year yield last down 1.7 basis points at 3.7637% and the benchmark 10-year yield at 4.279%, down around 1.6 bps. [US/]
Rising energy prices have fuelled inflation concerns and prompted investors to prepare for the possibility that several major central banks tilt towards rate increases, a sharp reversal from pre-war expectations for cuts or an extended pause. As a result, two-year Treasury yields are now nearly 40 basis points above late-February levels.
Elsewhere, spot gold rose nearly 1% to $4,784 an ounce. [GOL/]
Additional reporting by Rae Wee in Singapore. Editing by Jamie Freed and Mark Potter
Former NATO chief targets PM Starmer, warning UK’s security in ‘peril’
Robertson, who helped draft a Strategic Defence Review commissioned by Starmer when he came to power in 2024, is expected to say in a lecture that Britain has become increasingly exposed to external threats
International News via Reuters:
Britain’s national security is “in peril” because of political complacency and under-investment in defence, former NATO chief George Robertson will say on Tuesday, in a rare public rebuke of Prime Minister Keir Starmer’s handling of military spending.
Robertson, who helped draft a Strategic Defence Review commissioned by Starmer when he came to power in 2024, is expected to say in a lecture that Britain has become increasingly exposed to external threats.
Robertson, who served in the 1990s as defence secretary from Starmer’s Labour Party, told the Financial Times there was a gap between the prime minister’s rhetoric and action on defence, and Starmer was “not willing to make the necessary investment”.
In his lecture, to be delivered later on Tuesday in Salisbury, southern England, he is expected to call out finance minister Rachel Reeves for devoting “only 40 words” to defence in a budget speech last autumn and not mentioning it at all in an update last month, the FT said.
“Britain’s national security and safety is in peril,” he is due to say, according to an excerpt reported by the FT and the BBC. “We are under-prepared. We are under-insured. We are under attack. We are not safe.”
‘CORROSIVE COMPLACENCY’
Robertson’s office did not immediately respond to a request for comment. There was no immediate response from Starmer’s office.
Starmer has blamed under-investment in the military on 14 years of rule by the rival Conservative Party, and has promised the largest sustained rise in defence spending since the Cold War, to reach 3% of national output in the next parliament.
The government has said it would publish a 10-year defence investment plan soon, aimed at meeting the ambitions set out in the 2024 review co-written by Robertson, which called for a shift towards drones, digital warfare and data-driven combat systems reflecting lessons drawn from the war in Ukraine.
Starmer said last week that the war in Iran must be a turning point for Britain, pledging to strengthen the economy and military to cope with a more “volatile and dangerous” world.
But Robertson will accuse Britain’s political leadership of a “corrosive complacency” towards defence and describe decisions made by “non-military experts in the Treasury” as “vandalism”.
“We cannot defend Britain with an ever-expanding welfare budget,” he is expected to say.
He will say the security outlook has deteriorated sharply following Russia’s invasion of Ukraine and heightened tensions in the Middle East, calling it one of the most dangerous periods in decades.
Reporting by Sam TabahritiEditing by Elizabeth Piper and Peter Graff
ECB seeks bigger say on banks’ capital requirements
The central bank argued its policymakers should take a view on the total level of capital demands facing EU banks
International News via Reuters:
The European Central Bank urged European lawmakers on Tuesday to give it a bigger say on banks’ overall capital requirements, including those set by national authorities, in a bid to identify overlaps and blind spots.
The recommendation was one of 17 submitted by the euro zone’s central bank to the European Commission as part of a consultation aimed at helping EU banks compete more effectively with rivals in the U.S. and elsewhere.
The central bank argued its policymakers should take a view on the total level of capital demands facing EU banks, including those set by ECB supervisors and others that are the purview of national authorities.
“It is proposed to make the ECB Governing Council responsible for taking a holistic view of the overall level of capital demand within and across the banking union to fulfil the need for increased coordination,” the ECB said in its recommendation.
The central bank said the assessment should be carried out by ECB policymakers and top supervisors together but left open how their findings should be implemented.
The ECB repeated other recommendations, such as whittling down macroprudential buffers to just two, clarifying the status of convertible bonds and expanding a favourable regulatory regime for small banks.
Reporting by Francesco Canepa; Editing by Kate Mayberry
Sterling back to pre-war levels amid hopes for Iran conflict resolution
Negotiating teams from the U.S. and Iran could return to Islamabad later this week, five sources said, days after the highest-level talks between the two countries in decades ended without a breakthrough
International News via Reuters:
The British pound rose against a slightly weaker U.S. dollar on Tuesday, trading at levels last seen before the Iran war as markets hoped for a resolution to the conflict.
Negotiating teams from the U.S. and Iran could return to Islamabad later this week, five sources said, days after the highest-level talks between the two countries in decades ended without a breakthrough.
Meanwhile, the U.S. blockade of Iran’s ports got underway, angering Tehran and adding uncertainty around the crucial Strait of Hormuz shipping route.
Sterling was last 0.33% higher against the dollar at $1.3548. The pound last traded at this level just before the Iran war broke out in late February.
Against the euro, the pound was last little changed at 87 pence.
Britain’s dependence on energy imports has kept the pound under pressure for much of the conflict, during which oil and gas prices have risen sharply. The dollar, meanwhile, had been broadly strengthening, although hopes the conflict will be resolved have sent the safe-haven currency lower again.
“In our view, this environment is actually quite constructive for the pound, not because anything’s actually improved. We’re just seeing traders distracted away from some really quite nasty fundamentals, political fundamentals in the UK,” Nick Rees, head of macro research at Monex Europe, said.
But sterling is still expected to underperform in the coming months, he said, as attention is set to return to domestic political issues.
“We do have those local elections coming up at the beginning of May and we don’t think markets or indeed a lot of politicians have grasped quite how bad these could be for the Labour Party,” Rees said, noting that there could be further speculation over a possible challenge to Prime Minister Keir Starmer’s leadership.
Elsewhere, several Bank of England officials are due to speak on Tuesday, including Governor Andrew Bailey.
Investors will be following the comments closely as higher energy prices have shifted market expectations away from possible rate cuts to potential rate hikes. Money markets were last pricing in at least one 25-basis-point BoE hike in 2026, with a strong chance of a second, even as most brokerages expect the central bank to keep policy steady.
Bailey said earlier this month that markets were getting ahead of themselves by pricing in rate hikes.
Reporting by Sophie Kiderlin. Editing by Mark Potter
Culinary students showcase industry-ready skills
The Premier commended the hands-on programme that prepares Bermudians for careers in tourism and hospitality
Media Release:
The Premier the Hon. David Burt, JP, MP, attended the weekly Prospect Room Dining Service at Bermuda College on Friday, April 10, where culinary students prepared and presented a four-course meal as part of their practical training.
The Premier was joined by the Minister of Education, the Hon. Crystal Caesar, JP, MP, Deputy Premier the Hon. Zane DeSilva, JP, MP, Minister of Youth, Social Development and Seniors the Hon. Tinee Furbert, JP, MP, MP Lovita Foggo, MP Kim Swan, and Senator Mischa Fubler.
Held each Friday during the academic term, the Prospect Room Dining Service allows students to apply their classroom learning in a live setting, refining culinary and service skills while serving members of the public.
Senior Culinary Lecturer Dr. Teneika Eve said the initiative is a key part of preparing students for the industry.
“The Prospect Room Dining Service gives our culinary students practical, hands-on experience in a live environment,” said Dr. Eve. “Starting this fall, Bermuda College will introduce a Certificate in Culinary Arts to expand opportunities for those entering the field.”
Premier Burt commended the students for their professionalism and execution, noting the importance of continued investment in skills development.
“Bermuda’s tourism and hospitality sector needs trained Bermudians, and programmes like this are producing them”, Premier Burt said.
“The quality of the food and the level of service on Friday spoke for itself, and it is a credit to the instructors and to the students. This Government is committed to investing in young people, and that is why this year’s Budget increased funding for Education, including programmes at Bermuda College.”
Minister of Education, the Hon. Crystal Caesar, JP, MP, said the experience reflects the work underway to strengthen pathways from school into careers in hospitality.
“Through the development of signature schools, including Sandys Secondary Middle School’s focus on hospitality, and expanded dual enrolment opportunities with Bermuda College, we are creating clearer pathways for students to gain early exposure and real experience in key industries,” said Minister Caesar.
“Experiences like this show what is possible when education and industry are aligned.”
Dr. Sam, President of Bermuda College, remarked that, “The occasion provided a wonderful opportunity to showcase our Culinary Arts students within the hospitality programmes to Government leaders. The students performed exceptionally well in the preparation and presentation of their meals, and we are confident that they are well prepared to contribute at a professional level within our hotels and other food service establishments.”
Dean Ann Parsons, of the Division of Business, Hospitality and Technical Education, noted that Bermuda College is expanding its offerings in Culinary Arts and Hospitality and Tourism, including new certificate programmes launching in Fall 2026. These programmes provide flexible pathways into diploma and associate degree qualifications.
Bermuda College’s Culinary Programmes are accredited by the American Culinary Federation (ACF), meeting recognised industry standards for culinary training.
Bermuda College continues to prepare Bermudians for careers in one of the island’s key industries, equipping students with the skills and experience needed to succeed.
For more information, visit www.college.bm
North Village celebrates FA Cup win
Premier David Burt hosted the team at the Cabinet Office to recognise their penalty shootout win and record 12th FA Cup
Media Release:
Premier David Burt, JP, MP, earlier today welcomed the North Village Community Club to the Cabinet Office to recognise their FA Cup victory, following their win over Devonshire Colts in Sunday’s final.
North Village secured the title after a closely contested match that was decided on penalties, earning the club its second consecutive FA Cup and a record-setting twelfth title in the competition’s history.
He was joined by the Acting Minister of Sport, the Hon. Tinee Furbert, JP, MP.
In his remarks, Premier Burt congratulated the team on both the result and what it represents for the club’s continued legacy.
“It was a demanding and closely contested final, and the manner in which you came through it spoke to your preparation and the standard you continue to uphold as a team,” said Premier Burt.
He added, “With twelve FA Cup titles, North Village now stands as the most successful club in the history of the competition. That is built over time through leadership, discipline, and a clear sense of identity.”
Acting Minister of Sport, the Hon. Tinee Furbert, JP, MP, also offered her congratulations, noting her personal connection to the club. She said, “I extend my congratulations to North Village on their FA Cup victory. My son played for the club from the pee-wee programme, and I have a personal connection to the club. It is good to see the team’s continued success. Keep up the good work and continue to keep the standard of football in Bermuda high.”
Vice President of the Bermuda Football Association, Mr. Shannon Burgess, said, “The Bermuda Football Association extends its warmest congratulations to North Village on securing their historic 12th FA Cup title. This remarkable achievement reflects the club’s enduring excellence, dedication, and proud legacy within local football. North Village’s continued success serves as an inspiration to current and past players, along with its supporters across the island. We commend everyone involved for this outstanding accomplishment.”
President of the North Village Community Club, Mr. DeVrae Tankard, who has been at the club since the age of six, paid homage to past presidents whom he credits for laying the foundation on which the current generation now builds. He said, “We extend our gratitude to the past presidents of our community club, whose dedication, vision and leadership laid the foundation we continue to build on today. Their commitment to service and unity has shaped the spirit of this club and continues to guide future generations.”
Head Coach Calvin Dill Jr. also reflected on the achievement and the team effort behind the club’s continued success.
“I would like to thank my team and the coaching staff, who I could not have done any of this without,” said Coach Dill. “I would encourage the team to continue making history for North Village, who have now won the most FA Cups among teams in Bermuda.”
Harrington Sound Road closed after single-vehicle motorcycle crash
Drivers are asked to use North Shore Road or South Road while diversions remain in place
Media Release:
There has been a serious single vehicle road traffic collision involving a motorcycle, just east of the junction of Harrington Sound Road and Lolly’s Well Road, Smith’s.
The bike was travelling east along Harrington Sound Road when the rider, a male, appears to have lost control of the vehicle before he struck embankment and was ejected from the bike.
Police and other first responders attended the scene where the motorcycle rider was attended to by EMTs, before he was transported by Ambulance to King Edward VII Memorial Hospital, for further treatment of what are described as serious head injuries.
Harrington Sound Road is currently closed in the area of the collision and traffic diversions are now in place at the junction of Middle Road and Harrington Sound Road, Flatts and Harrington Sound Road and Harrington Hundreds, Smith’s.
Motorists are advised to use North Shore Road or South Road to get to their destinations, while the collision scene is being processed.
