Sterling, which has lost nearly 1% in value against the dollar this month, was last down 0.1% on the day at $1.336
International News via Reuters:
The pound fell against the dollar for a third day on Thursday, as investors favoured the U.S. currency above most other assets in the face of a rising oil price and no end in sight for the war in the Middle East.
Sterling, which has lost nearly 1% in value against the dollar this month, was last down 0.1% on the day at $1.336. The pound was a touch stronger against the euro, which traded down 0.1% at 86.44 pence, bringing its losses for the month to 1.4%. This is the euro’s worst monthly performance against the pound since November 2024, when it fell 1.6%.
For markets, the main focus is the oil price, which has risen by around 45% since the war started in late February. As a result, investors expect central banks, including the Bank of England, to have to shift to raising rates to combat the risk of a damaging spike in inflation.
The BoE, which prior to the conflict had been expected to cut rates twice this year, is now expected to raise rates at least twice before the end of the year, as is the European Central Bank, according to money markets. Traders are attaching a roughly 40% chance of the Federal Reserve raising rates once this year.
This mismatch would ordinarily boost the pound, but given Britain’s dependence on energy imports, as well as its more fragile government finances and higher borrowing rates, sterling has come under fire over the last month.
BoE Deputy Governor Sarah Breeden said on Thursday she saw less risk of second-round inflation effects from rising energy prices caused by the Iran war than from Russia’s full-scale invasion of Ukraine in 2022, due to a softer labour market.
“Where we are now is very different to 2022 when we had the last energy shock,” she told an event hosted by the Resolution Foundation think tank.
A number of strategists have said they feel the BoE has far less room to raise rates this year and, as such, some of those bets on successive rate hikes could be unwound, which would leave sterling vulnerable to a pullback.
“We still see some upside risks for euro/sterling due to the larger room for dovish repricing in a de-escalation scenario for the sterling curve. A move past 87.0 in the coming weeks remains our baseline,” ING strategist Francesco Pesole said.
Reporting by Amanda Cooper; Editing by Tomasz Janowski
The war that began with U.S.-Israeli strikes on Iran last month, followed by Iranian attacks across the region and the closing of the Strait of Hormuz, has brought shipping in the Gulf to a near standstill
International News via Reuters:
Shipping giant Maersk is maintaining food and medicine supply lines via alternative land-bridge routes in the Gulf that still have some spare capacity despite the Iran war, its regional head told Reuters on Thursday.
The war that began with U.S.-Israeli strikes on Iran last month, followed by Iranian attacks across the region and the closing of the Strait of Hormuz, has brought shipping in the Gulf to a near standstill, rippling across global supply chains.
Danish container shipping group A.P. Moller-Maersk is using a “land-bridge” system via ports in Jeddah in Saudi Arabia, Salalah and Sohar in Oman and Khor Fakkan in the United Arab Emirates, to funnel in cargo before moving it by land to destinations across the Gulf region.
Charles van der Steene, Dubai-based regional managing director for the Middle East, said Maersk was ramping up the network and coordinating with Gulf governments, which have introduced faster procedures to speed deliveries.
While it is prioritising critical goods, namely food and medicines, there is still capacity to spare on these alternative routes, he added.
Cargo volumes into the port in Jeddah have jumped 40% since the conflict began, van der Steene said.
Before the conflict, Maersk moved about 35,000 containers a week in and out of the Gulf, he said. Its land-bridge network is now absorbing those volumes. In the initial weeks of the war, Maersk worked with customers and Gulf governments to prioritise medicines and food, including chilled and frozen cargo, and other critical shipments.
Maersk’s board chair said on Wednesday that the Middle East region has a “pressing need” for food imports disrupted by the war. Gulf Cooperation Council (GCC) countries import up to 85% of their food, according to the World Economic Forum.
RISING LOGISTICS COSTS
Some of the alternative routes, such as via Saudi Arabia, were already in place given previous disruptions like in the Red Sea two years ago, but Maersk has ramped up its land-bridge system across the Gulf over the last several weeks, van der Steene added.
The fluid security situation could still force changes to routes, he said. Rising costs for fuel, insurance and transport were pushing up overall logistics prices, he said, declining to say by how much.
Van der Steene said Maersk was coordinating with GCC governments on border, customs and terminal handling procedures, including fast-track “green lane” arrangements to move goods more quickly.
Reporting by Maggie Fick; Editing by Joe Bavier, Andrei Khalip and Susan Fenton
A staggering 80 runs were scored across a prolific afternoon of Bermuda Softball action, as the Solar Flares produced a statement-making offensive display at the Michael Preece Softball Diamond.
The headline of the triple-header was a clinical and relentless performance by the Solar Flares, who dismantled Sunlife in a one-sided 31-3 victory. Marcus Proctor was the undisputed star of the show, delivering a perfect afternoon at the plate by going three for three. His haul included a towering home run and three RBIs, spearheading an attack that Sunlife simply had no answer for.
Earlier in the evening, the Enforcers managed to edge out the Rainbows in a high-scoring thriller that went down to the wire. The Enforcers eventually secured a narrow 15-14 win, largely thanks to the explosive batting of Yusef Riley, who finished four for six with a double and a home run. The Rainbows played their part in the spectacle, with Angie Matteo leading their charge with a double and a triple.
The evening concluded with the PHC Zebras asserting their authority over Deloitte Two in a 14-3 victory. Zindzi Edmead was the catalyst for the Zebras, producing a disciplined and effective performance to go three for four with a double and three RBIs.
The combined run tally across the three fixtures serves as a testament to the current batting strength within the league, leaving the Solar Flares as the team to beat following their record-breaking display.
Bermuda’s rising tennis talents have faced a difficult start to their ITF World Junior Tennis campaign, with the girls’ team suffering a comprehensive opening-day defeat to Honduras.
Competing in Group B of the regional pre-qualifying event in Santa Tecla, the young Gombey Warriors found the going tough against a clinical Honduran side. The tournament serves as the primary gateway for Under-14 prospects aiming to reach the prestigious World Junior Tennis Finals later this year.
Honduras took early control of the tie through Warde Simon, who delivered a powerful baseline masterclass to defeat Bermuda’s Arianna Parra 6-1, 6-0. The dominant victory provided the perfect platform for the Central American side to build upon.
The deficit was doubled in the second singles rubber as Adriana Isabella Canahuati Bonilla squared off against Chloe McBrearty. While McBrearty showed significant resilience in a hard-fought second set, she was unable to overcome Bonilla’s consistency, eventually falling 6-1, 7-5.
Honduras maintained their momentum in the doubles, as Veronique Kafti and Warde Simon proved too coordinated for McBrearty and Parra, closing out a 6-1, 6-0 win to complete the 3-0 sweep.
Despite the setback, captain Shelby Madeiros and her team remain focused on the long-term goal of qualifying for the next stage in Canada. The squad will look to regroup quickly before facing further regional heavyweights in their bid to climb the standings.
Andre Manders played a pivotal role with both bat and ball as the Rest of the World XI secured a hard-fought 19-run victory over the USA Legends to open their 2026 Over 60 International Quad Series cricket campaign.
In a low-scoring but high-intensity encounter at Woodley Park, the USA Legends’ decision to field first initially looked inspired. David Martil’s clinical spell of two for 12 kept the international side in check, but Simon Balcombe’s resilient 32 and a vital middle-order contribution from Manders helped the Rest of the World navigate a difficult surface to post 134-6.
The hosts’ chase began with confidence, spearheaded by a commanding 65 from Mahmood Shahid. However, the Rest of the World’s bowling unit produced a disciplined second-half display to trigger a dramatic collapse.
Sivaselvanathan Harindren was the catalyst, ripping through the middle order with figures of four for 19. He was expertly supported by Andy Gregory’s four-wicket haul, while Manders maintained relentless pressure from the other end. The Bermudian finished with a tidy one for 26 from his five overs as the USA Legends were eventually bundled out for 115.
The victory provides a perfect start for the Rest of the World in the round-robin tournament. With fixtures against Canada Masters and the USA Legends Hawks still to come in Los Angeles, Manders and his teammates have established themselves as early contenders for a place in the series final.
Bermuda’s senior national football team suffered a 2-0 defeat to DR Congo at the Jalisco Stadium in Guadalajara, as the Leopards continued their preparations for the intercontinental World Cup play-offs.
In a match designed to acclimatise the African side to North American conditions, DR Congo’s physical presence and tactical discipline eventually wore down a determined Bermuda side. Maurice Lowe’s men showed impressive early organisation, with the likes of Harry Twite and Zeiko Lewis working tirelessly to frustrate their higher-ranked opponents.
However, the breakthrough arrived in the 45th minute when Fiston Mayele reacted quickest to a loose ball in the box to slot home. It was a cruel blow for the Gombey Warriors just seconds before the interval.
The lead was doubled shortly after the restart. Newcastle United forward Yoane Wissa, returning to international action after injury, calmly converted a 51st-minute penalty to make it 2-0.
Bermuda introduced several substitutes late on, including Roger Lee and Ne-Jai Tucker, in an attempt to find a way back into the contest. Yet, the Congolese defensive line, anchored by Chancel Mbemba, remained largely untroubled.
While the result marks another difficult night for the islanders, the experience of competing against World Cup-calibre opposition in Mexico provides vital lessons as they look to rebuild following their elimination from the 2026 qualifying groups.
In California, a Los Angeles jury on Wednesday found Meta and Google liable for a young woman’s depression and suicidal thoughts after she said she became addicted to Instagram and YouTube at a young age
International News via Reuters:
Jurors in the first two trials in the U.S. from a growing wave of lawsuits targeting social media firms over harm to children have found Meta and Alphabet’s Google liable, potentially teeing up an appeals fight that could reshape how U.S. law shields tech companies from lawsuits.
In California, a Los Angeles jury on Wednesday found Meta and Google liable for a young woman’s depression and suicidal thoughts after she said she became addicted to Instagram and YouTube at a young age, ordering them to pay a combined $6 million in damages. In a separate New Mexico case, jurors on Tuesday ordered Meta to pay $375 million after finding the company misled users about the safety of its products for young users and enabled the sexual exploitation of children on its platforms.
The verdicts pierce a legal shield that plaintiffs suing tech companies have long struggled to overcome: Section 230 of the Communications Decency Act, a 1996 federal law that generally protects online platforms from liability over user-generated content. In both cases, the plaintiffs sidestepped that hurdle by arguing the companies harmed young users through decisions they made about the platforms’ design rather than the content itself.
“Courts are increasingly trying to distinguish claims about platform functionality or platform conduct from claims that would really just impose liability for third-party speech,” said Gregory Dickinson, an assistant professor at University of Nebraska College of Law who studies the intersection of tech and the law.
Meta and Google have denied the claims, arguing they have taken actions to protect young people.
META, GOOGLE CLAIMED LIABILITY SHIELD
In both cases, Meta urged the judge to dismiss the lawsuit, as did Google in the Los Angeles case, claiming they were shielded from liability by Section 230. The judges rejected the argument, saying the cases could move to trial.
A Meta spokesperson declined to comment beyond noting that Meta plans to appeal in both cases. Google has said it plans to appeal in the Los Angeles case, but did not immediately respond to a request for comment.
Those appeals are almost certain to center on Section 230 – and they could have broad implications.
Meta, Google, Snapchat parent Snap Inc, and TikTok parent ByteDance are facing thousands of lawsuits in both state and federal court over claims their design choices have led to a mental health crisis for teens and young people. More than 2,400 cases have been centralized before a single judge in California federal court, while thousands of cases are consolidated in California state court.
Legal experts say courts have been moving toward a narrower view of Section 230’s liability shield. Several lower courts have ruled that companies’ platform design choices are not protected by the law, but no appellate court has weighed in. Appellate courts, not trial judges, are the ones whose rulings bind other courts.
IMPLICATIONS BEYOND SOCIAL MEDIA
An appellate ruling on Section 230 could have implications beyond social media, legal experts say, shaping lawsuits against other online platforms that host content used by children. More than 130 lawsuits are pending in federal court against Roblox Corporation, for example, accusing the popular gaming site of failing to protect users from sexual exploitation. Roblox denies the claims.
“I think the internet is on trial, not social media,” said Eric Goldman, co-director of the High Tech Law Institute at Santa Clara University School of Law. “If the theories work, they will be deployed elsewhere.”
Appeals in both cases would be heard first by appeals courts at the state level. But they could go to higher courts after that.
The U.S. Supreme Court has shown a willingness to potentially decide the scope of Section 230. In 2023, the court heard a challenge involving Google’s video-sharing platform YouTube, but ultimately sidestepped a ruling on the legal protections for internet companies.
In 2024, the high court declined to hear a Texas teen’s bid to revive his lawsuit accusing Snapchat owner Snap of failing to protect underage users of its social media platform from sexual predators. Two conservative justices – Clarence Thomas and Neil Gorsuch – dissented from that decision, however, warning of further delays in addressing the issue. “Social-media platforms have increasingly used (Section) 230 as a get-out-of-jail free card,” they wrote in a dissent.
Meetali Jain, director of the Tech Justice Law Project, which brings litigation against tech companies, said she thinks the U.S. Supreme Court may now be open to weighing in on the scope of Section 230.
“I personally think that the Supreme Court is even ready for a case like this, for the right case,” Jain said.
Reporting by Diana Novak Jones in Chicago, additional reporting by Andrew Chung in New York, Editing by Alexia Garamfalvi and Rod Nickel
Conflicting signals over the scope of contact, plus reports of thousands of U.S. troops being sent to the region, snapped a three-day rebound in world stocks and reignited selling in global debt markets
International News via Reuters:
Stock markets fell on Thursday as oil jumped to $105 a barrel, with Iran’s denial of any talks with the U.S. deepening doubts over a quick ceasefire in the near one-month-long Middle East war.
Conflicting signals over the scope of contact, plus reports of thousands of U.S. troops being sent to the region, snapped a three-day rebound in world stocks and reignited selling in global debt markets.
After falls in Asia – where the Philippines held an unscheduled central bank meeting due to the turmoil – European stocks and government bond prices dropped as Germany’s central bank head said an ECB rate hike next month was “an option”.
Oil and European natural gas jumped more than 3%, with Brent just over $106 a barrel and gas at 54.5 euros per megawatt hour, lifting their respective gains for the month to 45% and 70%.
“I think we’ll have enough data by April to determine whether we need to take action or whether we can wait and see,” Germany’s central bank chief Joachim Nagel said during an interview with Reuters regarding a possible ECB rate hike.
“But we shouldn’t shy away from it now just because we think it’s still too early.”
U.S. President Donald Trump repeated on Thursday that Iran was “begging” to make a deal to end the war. Iran’s Foreign Minister Abbas Araqchi had earlier countered that Tehran was reviewing a U.S. proposal but had no intention of holding talks.
The war, triggered by U.S.–Israeli strikes on Iran in late February, has rattled global markets and effectively shut the Strait of Hormuz, a conduit for a fifth of global oil and liquefied natural gas flows.
Germany’s two-year bond yield, sensitive to European Central Bank rate expectations, rose 6 basis points to 2.67%, after falling 4 bps on Wednesday. Bond yields move inversely to prices.
The U.S. two-year yield was nearing 4%, while Japan’s hit its highest level in 30 years at 1.33%, as traders cemented bets on another Bank of Japan rate hike as early as next month. [JP/]
Prolonged disruption in the Strait could keep energy prices and inflation elevated, forcing central banks to tighten, said Pascal Koeppel, chief investment officer at Vontobel SFA.
“If we saw (U.S.) ground troops in action, that would make me much more nervous,” Koeppel added. If that happened, “we would trim risk… and go more into short-term government bonds and gold, of course”.
STRUCTURAL SHIFTS
Wall Street futures pointed to a lower open, and Asian markets fell overnight.
Japan’s Nikkei ended down 0.3%, while worries over rising energy costs hammered South Korea’s KOSPI, which slumped 3.2%.
Hong Kong’s Hang Seng fell 1.9% and China’s blue chips dropped 1.3%, leaving MSCI’s index of Asia‑Pacific shares outside Japan on track for a 9.5% monthly fall, its biggest since October 2022. [.SS]
In currencies, the dollar held near recent highs and is heading for a 2% gain this month, reviving its safe-haven appeal after last year’s more than 9% slide. [/FRX]
Fears of a 2022-style inflation shock have seen traders fully price out any chance of a Federal Reserve rate cut this year, further supporting the dollar.
Gold, another traditional safety play, has dropped more than 16% this month – on course for its steepest fall since October 2008. It was down 2% at $4,421 per ounce on Thursday, though still almost 50% higher than a year ago.
“If you look at what the U.S. wants to achieve, what Israel wants to achieve, and what Tehran wants to achieve, it will be very hard to reconcile all these points,” said Matthias Scheiber, senior portfolio manager and the head of the multi-asset team at Allspring Global Investments.
“We still think there is a case to make for structurally higher energy prices for the moment.”
Prosecutors had asked for a combined total of more than 28 years in prison for Ko, who is 66, saying he had accepted T$17.1 million ($535,563) in bribes over a major property development in the city
International News via Reuters:
A Taipei court on Thursday sentenced former city mayor and one-time presidential candidate Ko Wen-je to 17 years in jail after finding him guilty of corruption and misuse of political donations, the official Central News Agency said.
Prosecutors had asked for a combined total of more than 28 years in prison for Ko, who is 66, saying he had accepted T$17.1 million ($535,563) in bribes over a major property development in the city. He also embezzled tens of millions in political donations, prosecutors said.
Ko, who was mayor from 2014 to 2022 and came third in 2024’s presidential election, was arrested in 2024. He has been out on bail since September and has consistently denied wrongdoing, saying he is the target of a politically motivated investigation.
He is the founder of the Taiwan People’s Party (TPP), whose current chairman, Huang Kuo-chang, decried the verdict in a post on his Facebook page.
“At this moment, we must pull ourselves together even more, because this road ahead is still very, very long. As long as Ko does not give up, we will not give up,” Huang wrote from the courthouse, where he was accompanying Ko.
Ko also lost his citizenship rights for six years, meaning he cannot run for office, although he can appeal the verdict, the Central News Agency said.
The TPP only has eight seats in parliament, but generally votes with the largest opposition party, the Kuomintang. Together they have more seats than the ruling Democratic Progressive Party.
The opposition have used their majority to stymie government plans and push their own legislative agenda.
Ko has attracted an impassioned fan base in Taiwan of mostly young people by focusing on issues such as the high cost of housing.
Some of those supporters protested outside the courthouse in central Taipei, proclaiming Ko’s innocence.
($1 = 31.9290 Taiwan dollars)
Reporting by Ben Blanchard; Editing by Kevin Buckland
The blue-chip FTSE 100 index fell 1.1% by 1013 GMT, snapping a two‑day winning streak, while the midcap FTSE 250 fell 1.2%
International News via Reuters:
London’s FTSE indexes dropped more than 1% on Thursday, as lingering uncertainty about a potential end to the Middle East conflict weighed on sentiment.
U.S. President Donald Trump said Iran was desperate to reach a deal to end nearly four weeks of fighting, contradicting Iran’s foreign minister, who said Tehran was reviewing a U.S. proposal but had no plans to enter talks aimed at winding down the conflict.
The blue-chip FTSE 100 index fell 1.1% by 1013 GMT, snapping a two‑day winning streak, while the midcap FTSE 250 fell 1.2%.* Most FTSE 350 sub-indexes traded in the red, except theenergy index, which gained 0.6% as oil prices clawed back lossesfrom the previous session on worries that prolonged fighting inthe Middle East could further disrupt energy flows. * Precious metal miners fell 4.4% as gold prices weakenedamid uncertainty surrounding the conflict. * Britain’s economic growth prospects this year received thesharpest downgrade of any major economy in the OECD’s interimforecast update following the U.S.-Israeli war on Iran, whileinflation is set to rise faster too. * Markets have priced in two or three quarter-point hikesfrom the Bank of England this year, a sharp reversal fromearlier this year when investors were expecting rate cuts. * Next rose 5.1% to the top of the benchmark after CEO SimonWolfson said that the clothing retailer has not seen anoticeable drop off in UK sales since the U.S.-Israeli war onIran started at the end of February. * Currys fell 8.4% after the electrical retailer said CEOAlex Baldock will step down, ending a tenure that delivered aturnaround in profit and margins for the company. * 3i Group fell 7.6% after the private equity firm said thatits discount retailer Action expects like-for-like sales growthbetween 4% and 5% in 2026, broadly similar to the 4.9% growth itrecorded in 2025.
Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Sahal Muhammed
The EU assembly voted by 417 to 154 and 71 abstentions in favour of the legislation
International News via Reuters:
The European Parliament advanced legislation on Thursday to fulfil the European Union’s side of its trade agreement with the United States after months of uncertainty over U.S. President Donald Trump’s tariff threats and new import levy.
The EU assembly voted by 417 to 154 and 71 abstentions in favour of the legislation, although with multiple added safeguards, reflecting concerns that the Washington may not stick to the deal struck in Turnberrry, Scotland, last July.
The parliament has been debating proposals to remove EU import duties on U.S. industrial goods and improve access for U.S. agricultural produce, a key part of the deal, as well as to continue zero duties for U.S. lobsters, initially agreed with Trump in 2020.
Parliament’s vote on Thursday is not the end of the process. Representatives of parliament and EU governments will negotiate final texts before a final vote of approval by EU lawmakers not expected before April or May.
Reporting by Philip Blenkinsop, editing by Inti Landauro
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