FAR drops to 13.784 cents per kWh following fixed-price fuel purchases and regulator approval
Bermuda Electric Light Company Limited (BELCO) today advised that following approval by the Regulatory Authority of Bermuda, the Fuel Adjustment Rate (FAR) will decrease effective April 1, 2026.
As of April 1, the FAR will decrease from 13.799 cents per kilowatt-hour for the period January 1 to March 31, 2026, to 13.784 cents per kilowatt-hour for the period April 1 to June 30, 2026. This reduction is driven by BELCO’s fuel procurement strategy, which has allowed the company to offset a portion of the current rise in global oil prices and the elimination of the government tax on fuel in the 2026/27 Budget.
To manage fuel price volatility, BELCO systematically purchases a meaningful portion of its future fuel needs at fixed prices, timed to coincide with expected deliveries. These fixed-price fuel contracts are central to BELCO’s rate stabilisation efforts and provide customers with real protection from market volatility. When oil prices spike sharply, as they have in recent weeks due to the conflict in the Middle East, the impact on customer bills is cushioned and delayed rather than immediate.
BELCO President Wayne Caines said: “Keeping energy costs as affordable as possible for our customers is a priority, and reducing the FAR is one part of that broader commitment. The FAR is a pass-through rate and BELCO recovers what it spends on fuel and nothing more, so our focus is on managing what we can control, which is how and when we purchase that fuel. Our procurement strategy is designed specifically to protect customers from the kind of sharp price movements we are seeing in global oil markets right now, and it is working. We are also pleased that the government’s decision to eliminate the fuel tax has provided further relief. We will continue to do everything we can to keep the FAR as stable as possible for our customers.”
BELCO customers can learn more about the FAR and ways to reduce their bill at www.belco.bm
The two peacekeepers with the UNIFIL force were killed on Monday near Bani Hayyan in south Lebanon and two other soldiers were wounded
International News via Reuters:
A roadside explosion appears to have struck the convoy of two Indonesian peacekeepers killed in southern Lebanon, the U.N. peacekeeping chief said on Tuesday, citing initial findings of an investigation.
The two peacekeepers with the UNIFIL force were killed on Monday near Bani Hayyan in south Lebanon and two other soldiers were wounded. Another Indonesian soldier was killed overnight Sunday into Monday when a projectile exploded near one of the group’s positions.
“UNIFIL is conducting investigations to determine the circumstances of these reprehensible developments,” Jean-Pierre Lacroix, the head of U.N. peacekeeping, told a U.N. Security Council meeting on Lebanon, where a new war between Israel and Lebanese armed group Hezbollah erupted on March 2.
Israel’s U.N. ambassador, Danny Danon, blamed the deaths of the three peacekeepers on Hezbollah. He charged that the group launches rockets from villages next to U.N. positions, “putting peacekeepers directly in the line of fire.”
Asked about Danon’s statement, UNIFIL spokesperson Kandice Ardiel said: “We invite them to share their evidence with our investigative team.”
U.N. spokesperson Stephane Dujarric told a briefing a “roadside bomb, most likely an IED,” or improvised explosive device, was to blame for the Bani Hayyan incident.
U.N. Secretary-General Antonio Guterres strongly condemned the killing of the peacekeepers, saying that such attacks were “grave violations of international humanitarian law… and may amount to war crimes.”
“There will need to be accountability,” he added in a statement.
Indonesia’s foreign ministry on Tuesday condemned the attacks “in the strongest terms”, adding that they reflected the deteriorating security environment in the region. It said that ongoing Israeli military operations have placed U.N. peacekeepers in Lebanon at grave risk.
U.S. envoy to the U.N. Mike Waltz told the Security Council meeting that since 1978, more than 300 UNIFIL peacekeepers had been killed, showing that the council “must think very carefully about the effectiveness of this effort.”
“We can help refocus international efforts on supporting Lebanese state institutions, reducing risk to peacekeepers, and pressing Hezbollah and Iran to cease their destabilizing activities,” he said.
In line with a Security Council decision, UNIFIL will cease operations at the end of 2026 and withdraw in 2027. As of March, UNIFIL had 7,505 peacekeepers from 47 nations.
Reporting by David Brunnstrom; Additional reporting by Maya Gebeily in Beirut; Editing by David Ljunggren, Bill Berkrot and Cynthia Osterman
Ahead of the royal visit, we take a brief look at the life of Bermuda’s de facto head of state
The King is coming to Bermuda.
…but who is the man, and the monarch, that we are going to welcome?
77 year-old Charles III, King of the United Kingdom and the Commonwealth realms, has spent most of his life as heir to the throne.
His 64 years as Prince of Wales, the traditional title given to the male heir-apparent, is the longest any heir has held the title.
Upon the death of his mother Queen Elizabeth II in September 2022, he was also the oldest person to accede to the British throne, aged 73.
Throughout his life, King Charles has been an advocate for environmental issues, a critic of modern architecture, and a proponent of inter-faith dialogue.
However, for decades media attention was primarily on his marriage to Diana, Princess of Wales, and its breakdown through the 1990s.
Charles’ public image was severely damaged after his admission of infidelity in 1994, and his divorce from Diana in 1996.
Princess Diana died in a Paris car crash in 1997.
In 2005, Charles married Camilla Parker Bowles, who he had courted in the early 1970s before he had met Diana, and they rekindled the relationship in the later part of his first marriage.
In the 21st Century, Charles has been extremely active in representing the Crown, completing nearly 11-thousand engagements between 2002 and 2022.
Since his coronation in 2022, he and Queen Camilla have continued their international engagements, postponed at times following his cancer diagnosis.
Perhaps King Charles’ most notable action over the last year is the stripping of his brother Andrew’s titles, including his princeship, following investigations into the latter’s connection with sex offender Jeffrey Epstein.
King Charles’ upcoming visit to the United States is not without its critics.
After US President Donald Trump criticised the UK Government for its unwillingness to actively support his war against Iran, Ed Davey, Leader of the UK’s Liberal Democrat party, said a state visit should not be “given to someone who repeatedly insults and damages our country”.
Nevertheless, King Charles and Queen Camilla are scheduled to be in the US late April, after which the King will continue to Bermuda – his first visit to the island since 1970, the first Sovereign visit since Queen Elizabeth in 2009, and the first ever visit to Bermuda by a reigning King.
The report said that a joint statement will be issued by the two leaders, which will express concern over export restrictions on critical minerals
International News via Reuters:
Japanese Prime Minister Sanae Takaichi and French President Emmanuel Macron are set to agree to create a roadmap for diversifying supplies of rare earths and other critical minerals, the Nikkei reported on Wednesday.
The report said that a joint statement will be issued by the two leaders, which will express concern over export restrictions on critical minerals.
The Japanese and French governments aim to start a public-private project in southwestern France at year-end to refine heavy rare earths used in electric vehicle motors and other technologies, the Nikkei report said.
The countries will also seek cooperation in space, with Japanese and French companies expected to sign memorandums of understanding on 12 joint projects, including space debris removal and rocket launches.
Reporting by Nichiket Sunil in Bengaluru; Editing by Shailesh Kuber
In total, Mercedes-Benz said it plans to invest more than $7 billion in U.S. operations in the coming years
International News via Reuters:
German automaker Mercedes-Benz said on Tuesday it will invest $4 billion at its Alabama plant through 2030 to boost SUV production as it seeks to address significant U.S. auto tariffs.
In total, Mercedes-Benz said it plans to invest more than $7 billion in U.S. operations in the coming years. The company is moving up to 500 jobs from various locations across the country into a new, state-of-the-art research and development hub in Atlanta.
Reporting by David Shepardson; Editing by Chris Reese
The White House has been pushing to lower the cost of prescription drugs in the United States, which has traditionally paid significantly more than other wealthy countries
International News via Reuters:
Drugmakers are delaying launches of some new medicines in Europe as the industry grapples with U.S. pressure and pricing policy shifts from President Donald Trump, according to executives, an industry trade group and data shared with Reuters.
The White House has been pushing to lower the cost of prescription drugs in the United States, which has traditionally paid significantly more than other wealthy countries. Trump says the industry has been unfair to U.S. consumers and has sought to tie the cost for Americans to what is paid elsewhere, including in Europe, known as most-favoured-nation pricing.
That has led drugmakers to press pause on bringing some medicines to European markets, where health spending is lower, to avoid pulling down prices in the $700 billion U.S. market. It has also created a complex balancing act for CEOs and Europe’s healthcare policy makers.
“We’re seeing first signs of delayed introductions into Europe,” said Stefan Oelrich, president of trade body the European Federation of Pharmaceutical Industries and Associations and a senior executive at Bayer.
He said it was “a consequence of uncertainty around what that ultimately does to U.S. pricing.”
New drug launches in Europe have fallen sharply since the U.S. introduced international reference pricing in May, according to market research firm GlobalData, echoing comments from industry executives and officials.
Drug launches in EU markets fell by some 35% in the 10 months since Trump’s executive order, compared with the previous 10 months, a GlobalData analysis found. Delaying launches at lower EU prices could help secure higher U.S. prices for longer.
In Europe, governments negotiate the prices paid by their national health systems, keeping costs down. The U.S. has a complex system in which drugmakers negotiate prices with insurers, pharmacy benefit managers and others, along with offering rebates and discounts from list prices.
TRUMP’S ARRIVAL HITS PHARMA STRATEGIES
Lionel Collet, head of France’s HAS health authority, said drugmakers were increasingly deferring decisions on France’s early-access pathway, which allows patients to receive some medicines before formal approval. Applications for early access before marketing approval have fallen sharply over the last year.
“The arrival of Trump has altered companies’ strategy of how they put products on the market,” he said, adding the number of HAS early-access decisions fell to 10 last year from 25 in 2024.
France is among Europe’s lowest-priced medicines markets, with prices around a third of the United States, he said. Prices in France and Germany tend to in turn affect how other European countries set prices.
“Manufacturers all talk to me about Trump, since the autumn. It’s all about the policy in the U.S. and what it means for Europe,” Collet said.
U.S. drugmaker Insmed said in February it postponed the Germany launch of its anti-inflammatory drug Brinsupri due to uncertainty over U.S. pricing plans.
“We want clarity on the MFN policies,” CEO William Lewis said on an earnings call. “It seems to us that the prudent thing to do is to sort of put things on hold until we know what that’s going to look like.”
The drug won European approval in November but has yet to launch in the region. The company began selling it immediately in the U.S. after receiving FDA approval in August. Over 90% of drugs approved in 2025 first launched in the U.S., with most still not available elsewhere.
The European Commission was not immediately available for comment outside regular business hours.
NEW LAUNCHES LIKE ‘PLAYING CHESS’ WITH A BLINDFOLD
Executives at Swiss drugmakers Roche and Novartis and Britain’s AstraZeneca have in the last year criticized European drug pricing and incentives for innovation, calling for more spending.
AstraZeneca executive Ruud Dobber said Europe risked falling behind the U.S. and China because of governments’ approach to valuing medicines.
Europe spends some 1% of GDP on pharmaceuticals, compared with 2% in the United States and 1.8% in China. It has lost ground in research and development investment, clinical trials and launching of innovative therapies, according to lobby group EFPIA.
Some companies have even pulled their drugs from European markets. California-based Amgen withdrew its cholesterol drug Repatha from Denmark, citing prices and a “changed environment”, without directly citing MFN. Indivior pulled anti-addiction drugs Subutex and Suboxone from Sweden and other markets, also without directly citing U.S. pricing.
Boston-based healthcare lawyer Ron Lanton said the uncertainty around U.S. pricing benchmarks and enforcement was complicating things for companies with their investors.
“You have to tell your shareholders exactly how much money you expect to earn from this new launch. And none of that’s clear,” Lanton said. Launching drugs in Europe has stalled, he said, because it’s like “playing a game of chess” wearing a “blindfold”.
“I’m not surprised that things are going to be launched a lot slower,” he said.
Reporting by Maggie Fick and Bhanvi Satija in London; Editing by Adam Jourdan and Bill Berkrot
The Bermuda Police Service is renewing its appeal for assistance in identifying the person seen in the video clip below.
The man in the footage is a person of interest in the murder of Jason Mello, who was fatally shot, at approximately 7.30pm on Friday, 19th August, 2016, outside a residence on Spruce Lane, Pembroke.
Prior to the murder, the suspect is captured on CCTV, thought to be waiting for Jason to arrive at the residence before committing the murder.
The Bermuda Police Service is appealing for anyone with information on the identity of the person in the video clip or any other information that they believe could assist with the investigation to please call the Serious Crime Department, on (441) 247-1739 or, the independent and confidential Crime Stoppers number, 800-8477.
The decisions came against a backdrop of tensions between Washington and key partners over the war
International News via Reuters:
France and Italy have pushed back against some U.S.-Israeli military operations, sources said on Tuesday, as U.S. President Donald Trump criticised NATO allies in Europe as unhelpful in the month-long war in Iran, highlighting divisions.
The decisions came against a backdrop of tensions between Washington and key partners over the war. Earlier this month, Trump called longtime NATO allies “cowards” over their lack of support. On Tuesday, he slammed countries that did not help in the U.S.-Israeli strikes.
FRANCE SAYS NO
“The Country of France wouldn’t let planes headed to Israel, loaded up with military supplies, fly over French territory. France has been VERY UNHELPFUL with respect to the ‘Butcher of Iran,’ who has been successfully eliminated! The U.S.A. will REMEMBER!!!,” he wrote on Truth Social.
The French presidency said it was surprised by Trump’s social media post and said its decision was in line with France’s policy from the start of the conflict.
A Western diplomat and two sources familiar with the matter told Reuters earlier that the refusal, which happened at the weekend, was the first time France had done this since the start of the conflict on February 28. The sources said Israel had wanted to use France’s airspace to transport American weapons to be used in the war against Iran.
ITALY DENIES PERMISSION
Italy last week denied permission for U.S. military aircraft to land at the Sigonella air base in Sicily before heading to the Middle East, sources said.
According to the Corriere della Sera daily, which first reported the news, “some U.S. bombers” had been due to land at the base in eastern Sicily before flying on to the Middle East.
Italy’s Defence Minister Guido Crosetto later denied any tensions with Washington or any change in policy. He posted a message on X to say that U.S. airbases remained active, but that Washington needed special permission if it wants to use them for purposes not established in previous pacts.
SPAIN IS MOST VOCAL AGAINST WAR
Meanwhile, highlighting divisions within Europe, Spain defended its decision to fully close its airspace to U.S. planes involved in attacks on Iran.
Prime Minister Pedro Sanchez has been among the most vocal critics of the U.S. and Israeli strikes.
Spain will only allow for the use of its bases for the collective defence of NATO allies, Spanish Defence Minister Margarita Robles said.
Spain was not concerned about any reprisals, Foreign Minister Jose Manuel Albares told state broadcaster TVE.
“We fear absolutely nothing. How could a country possibly fear anything for upholding international law, world peace and the United Nations Charter?” he said.
SINGLING OUT BRITAIN
Trump also singled out Britain as being unhelpful, just as Buckingham Palace confirmed King Charles and Queen Camilla will pay a state visit to the U.S. in late April.
He wrote on Truth Social: “All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT.”
The United States, France, Italy, Spain and Britain are all NATO members, as is Germany, which hosts Ramstein, the largest U.S. base in Europe.
Germany has said early in the war that there were no restrictions on the U.S. using the base. But there has been debate about that, particularly since President Frank-Walter Steinmeier, said that in his opinion the war was illegal.
Reporting by John Irish in Paris, Angelo Amante, Giselda Vagnoni, Crispian Balmer in Rome, Charlie Devereux and Emma Pinedo in Madrid, James Mackenzie in Berlin; Writing by Ingrid Melander; Editing by Sharon Singleton and Keith Weir
The remarks by Hegseth at a Pentagon briefing were extraordinary, given that collective defense lies at the heart of the NATO alliance
International News via Reuters:
Defense Secretary Pete Hegseth declined on Tuesday to reaffirm the U.S. commitment to NATO’s collective defense, saying that would be up to President Donald Trump after key European allies refused to stand with the United States in the war against Iran.
The remarks by Hegseth at a Pentagon briefing were extraordinary, given that collective defense lies at the heart of the NATO alliance, which was formed in 1949 with the primary aim of countering the risk of Soviet attack on allied territory.
Any signal by the United States that it might not be willing to defend NATO allies in the event of attack by Russia or another adversary could severely weaken the alliance even if Trump opts against withdrawing from it altogether, something that may require consent by Congress.
Asked by Reuters at a news briefing if the United States is still committed to NATO’s collective defense, Hegseth said: “As far as NATO is concerned, that’s a decision that will be left to the president. But I’ll just say a lot has been laid bare.”
In apparent reference to tensions with NATO allies France, Italy, Spain and Britain, Hegseth said “when we ask for additional assistance or simple access, basing and overflight, we get questions or roadblocks or hesitations.”
“You don’t have much of an alliance if you have countries that are not willing to stand with you when you need them. (Trump is) simply pointing that out, and ultimately, it’ll be his decision of what that looks like,” Hegseth said.
Experts have long warned that remarks suggesting that the United States might not honor its NATO commitments could encourage Russia to test NATO members’ readiness to enforce the alliance’s Article 5, which states an armed attack against one member state is an attack on all.
The Iran war has exacerbated tensions between the United States and Europe that have mounted since the start of Trump’s second term in office last year over everything from Trump’s review of their $2 trillion trading relationship to his demands for ownership of Greenland, an autonomous territory of NATO ally Denmark.
Europe is also nervously watching Trump’s efforts to broker an end to the war between Russia and Ukraine, with some senior European officials concerned Trump appears to support an agreement in Moscow’s favor.
France has refused to allow Israel to use its airspace for a resupply flight carrying American weapons being used in the war against Iran, and Italy denied permission for U.S. military aircraft to land at the Sigonella air base in Sicily before heading to the Middle East, sources told Reuters. Spain said publicly on Monday it had closed its airspace to U.S. planes involved in attacks on Iran.
Trump has also repeatedly blasted Britain, America’s closest European ally, for not joining the United States when it launched the war. On Tuesday, he singled out Britain in a social media post where he said securing the Strait of Hormuz, now blocked by Iran, would be left to countries who needed Middle Eastern oil.
“You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore, just like you weren’t there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil!”
Reporting by Phil Stewart; Editing by Alistair Bell and Don Durfee
Trump, a frequent critic of Khan whom he has called a “terrible mayor”, has made a series of claims about London, including assertions that crime is “through the roof” and that the city wants to “go sharia law”
International News via Reuters:
London’s mayor Sadiq Khan called on British diplomats stationed around the world on Tuesday to help counter what he described as “disinformation and lies” about the capital amplified by U.S. President Donald Trump.
Trump, a frequent critic of Khan whom he has called a “terrible mayor”, has made a series of claims about London, including assertions that crime is “through the roof” and that the city wants to “go sharia law”.
Khan, in an interview with Reuters following a meeting with British diplomats, ambassadors and high commissioners, said that London was not perfect but that it remained a safe city – safer than major U.S. cities.
Khan, who represents Prime Minister Starmer’s centre-left Labour Party, in 2016 became the first Muslim to be elected mayor of London. He has since won two more mayoral elections and has the largest personal mandate of any British politician.
Khan pointed to data showing that, last year, London recorded its lowest number of homicides per capita since records began, along with a recent decline in phone snatching incidents.
“A lot of this misinformation, disinformation and lies comes from the United States of America,” Khan said. “It’s really important to counter the propaganda coming from President Trump.”
The White House did not immediately reply to a request for comment.
“One of the things that we’ve got to do better is to rebut these lies that exist across the globe,” Khan said, adding that British diplomatic staff must be equipped with facts to challenge false claims about London and educate people.
The mayor warned that exposure to such claims on social media could deter people from travelling to, investing in, living in, or studying in London, potentially harming the capital’s prospects.
The meeting, attended by British diplomats from countries including the U.S., the United Arab Emirates and Japan, also included representatives from London’s Metropolitan Police.
The long-standing public feud between Trump and Khan dates back to at least 2017, when Khan condemned Trump’s pledge to impose a travel ban on several majority-Muslim countries.
Reporting by Catarina Demony and Marissa Davison; Editing by Alison Williams
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