The BoE said that firms with less than 100 billion pounds ($134 billion) of retail deposits would in future be exempt from its Resolution Assessment Framework, up from 50 billion pounds currently
International News via Reuters:
The Bank of England said on Thursday that it would exempt more small lenders from its requirements to set out detailed plans on how they would be broken up in case of failure.
The BoE said that firms with less than 100 billion pounds ($134 billion) of retail deposits would in future be exempt from its Resolution Assessment Framework, up from 50 billion pounds currently.
“A credible resolution regime needs to be robust, but it also needs to be responsive and proportionate. These changes reflect the reduced risks that smaller and less complex firms pose to UK financial stability, while ensuring that the largest firms remain resolvable,” BoE Deputy Governor Dave Ramsden said.
($1 = 0.7491 pounds)
Reporting by David Milliken, editing by Andy Bruce
Since last year, the group has been streamlining brands and engineering operations to cut costs as fierce price competition erodes margins in China’s EV market
International News via Reuters:
China’s Geely Auto Group said on Thursday its European technology hub plans to double the number of vehicle projects it manages by next year, as the carmaker intensifies efforts to compete in the region.
Since last year, the group has been streamlining brands and engineering operations to cut costs as fierce price competition erodes margins in China’s EV market.* Geely Auto Group said the unit will provide engineeringsupport across the Zeekr, Lynk & Co, and Geely brands, to shrinkthe gap between China and overseas product launches to less thansix months * Geely Auto has maintained a European R&D presence since2013, with its Gothenburg centre operating under successivebanners including China Euro Vehicle Technology (CEVT) and ZeekrTechnology Europe, alongside a smaller Frankfurt unit that willall now be under the Geely Tech Europe name * Its parent Geely Holding Group said in January it plans by2030 to rank among the world’s top five automakers and haveglobal sales of over 6.5 million cars, with one-third of thatbeing abroad, where Europe is a key part * Reuters and others have previously reported that Geely hasheld talks with automakers including Mercedes-Benz and Ford onpotential manufacturing and technology partnerships * Geely Auto is a sister brand to Sweden’s Volvo Cars andPolestar, which have announced cost cuts and deeper integrationwithin the wider Geely group
Reporting by Marie MannesEditing by Bernadette Baum
The Paris-based international body cut its 2026 forecast for British economic growth by half a percentage point to 0.7%
International News via Reuters:
Britain’s economic growth prospects this year received the sharpest downgrade of any major economy in the OECD’s interim forecast update on Thursday following the U.S.-Israeli war on Iran, while inflation is set to rise faster too.
The Paris-based international body cut its 2026 forecast for British economic growth by half a percentage point to 0.7%, compared with a 0.4 percentage point downgrade for the euro zone and a 0.3 percentage point upgrade for the United States.
“Planned fiscal tightening and higher energy prices are anticipated to keep growth subdued in the United Kingdom, though the impact will be attenuated by lower policy rates next year,” the OECD said in its report.
Following are further highlights from the report and other context:* Britain’s growth forecast for 2027 is unchanged at 1.3% * Britain’s inflation forecast for 2026 is revised up by 1.5percentage points from December to 4.0%, the biggest upwardrevision of any large, advanced economy * UK inflation in 2027 is forecast to be 2.6%, 0.5percentage points higher than in December and above the Bank ofEngland’s 2% target * Poorer UK households spend more on gas and electricitythan in other rich countries, though total energy spending makesup a smaller share of UK inflation than elsewhere * The OECD expects the BoE to keep interest rates unchangedthis year then cut in Q1 2027 as inflation eases * Britain’s Office for Budget Responsibility, in forecastsfinalised just before the start of the conflict, predicted GDPgrowth of 1.1% this year and 1.6% in 2027 * The BoE this month forecast inflation would rise to3.0-3.5% over the next couple of quarters * Prime Minister Keir Starmer has made boosting growth andreducing the cost of living top goals for his government * Finance minister Rachel Reeves said the forecasts showedthe war in the Middle East was affecting Britain but she wouldstill focus on “regional growth, embracing AI and innovation,and establishing a closer relationship with the EU”
Reporting by David Milliken; editing by Suban Abdulla and Andy Bruce
Orange route adds more sailings and aligns with cruise ship arrivals
The Ministry of Tourism, Transport, Culture & Sport, in partnership with the Bermuda Tourism Authority (BTA), Marine & Ports and St. George’s stakeholders, has announced significant transportation enhancements to support the Town of St. George during the 2026 tourism season.
The announcement follows a stakeholder meeting held on March 17 at the White Horse Pub & Restaurant, where approximately 20 participants — including Minister of Tourism, Transport, Culture & Sport Owen Darrell, BTA Acting CEO Erin Wright and representatives from the BTA’s stakeholder engagement and visitor experiences teams, Marine & Ports, the Corporation of St. George’s and local business owners — met to address transportation gaps affecting visitor traffic in the East End.
The March meeting builds on earlier engagement led by the BTA’s Visitor Experiences team, which convened an initial stakeholder session in February to gather feedback and identify key challenges impacting St. George’s. That groundwork helped shape the collaborative solutions now being implemented.
A key outcome of this process is the expansion of ferry services to St. George’s, including the reintroduction of a direct Dockyard-to-St. George’s route for the first time since the COVID-19 pandemic.
Marine & Ports confirmed that the enhanced ferry service will launch on April 6, 2026, delivering a 133 % increase in service to St. George’s.
Under the updated Orange Route schedule:
· Service will operate on Mondays, Wednesdays, Thursdays and Saturdays, with Saturday service newly introduced
· There will be three trips on high-demand days and two on lower-demand days
· The first departure from Dockyard will be at 9:30 a.m., with the final departure from St. George’s at 6 p.m.
· Ferry schedules have been aligned with cruise ship arrivals to improve accessibility for visitors
In addition, a Bermuda Visitor Services Centre ambassador will be stationed on the St. George’s ferry to support visitors, provide guidance and enhance the overall onboard experience.
The expanded service is intended to improve access to St. George’s for both visitors and residents, supporting increased foot traffic and economic activity for local businesses.
Darrell said the initiative reflects a coordinated effort across government and industry partners.
“This is a clear example of what can be achieved through collaboration,” he said. “By working closely with the Bermuda Tourism Authority, Marine & Ports and St. George’s stakeholders, we are ensuring that improved transportation directly benefits the community and enhances the visitor experience.”
BTA Acting CEO, Michael DeCouto said the improvements represent a positive step forward for both St. George’s and the wider tourism offering.
“One of Bermuda’s greatest strengths is its accessibility — visitors can explore the entire island safely and experience the diversity each community offers,” he said. “Enhancing connectivity to St. George’s ensures that visitors arriving in Dockyard can enjoy a full Bermuda experience, including our UNESCO World Heritage Site.”
DeCouto added that the progress is already resonating with industry partners. “This positive momentum was shared with cruise line partners last week through joint engagement by the Ministry, BTA, Bermuda Land Management Corporation and the Chamber of Commerce,” DeCouto said. “Through continued collaboration and stakeholder engagement, we are strengthening the visitor experience while supporting the local economy.”
The Government also highlighted its investment in expanded transport capacity and its commitment to encouraging both visitors and residents to utilise ferry services.
ABOUT THE BERMUDA TOURISM AUTHORITY: The Bermuda Tourism Authority (BTA) is a quasi-autonomous organisation responsible for the marketing and promotion of Bermuda as a tourism destination. Established in 2014, the Authority works in partnership with government, industry stakeholders and international partners to support sustainable tourism growth and economic development for Bermuda. The BTA operates under the oversight of a Board of Directors and is funded through a combination of Government of Bermuda funding and visitor revenues.
Minister of National Security returns to his alma mater to mark the mascot announcement and inspire pupils
The Minister of National Security, the Hon. Michael Weeks, JP, MP, this week visited Victor Scott Primary School to join students and teachers for a special assembly marking the announcement of the school’s first official mascot name, “Scotty”.
The mascot naming formed part of a school-wide effort that allowed students to help shape a new tradition for the Victor Scott Primary community.
The announcement took place on Tuesday, in time for the start of the school’s Sports Day celebrations. The occasion was especially meaningful for Minister Weeks, who attended Victor Scott Primary as a child.
Minister Weeks said, “It was an honour to return to Victor Scott Primary and share in such a proud and joyful moment for the school.
“As someone who began his own journey here as a student, it meant a great deal to come back and see the excitement and school pride on full display.”
He added, “I want to congratulate the students, teachers and staff on creating something that clearly means a great deal to this school community.
“It was wonderful to see the students so engaged in the naming process and so excited to welcome Scotty as part of their school identity.”
Minister Weeks also recognised the staff members whose efforts helped bring the mascot idea to life.
He said, “I also want to acknowledge Mr Aaron Lugo for creating the original bulldog design that helped shape this mascot, and para educator Ms Ann Williams for the work she did to build on that idea, organise the school-wide competition, and help turn it into a moment the students could truly enjoy and remember.”
Reflecting on his visit, Minister Weeks said he hoped the occasion would encourage the students to take pride in their school and in themselves.
“School experiences like this matter,” said Minister Weeks. “They help build belonging, unity and confidence among young people. I hope the students of Victor Scott Primary will always remember that they can take pride in where they come from and in what they can achieve.”
Minister Weeks added, “I am thankful to the Victor Scott Primary family for welcoming me back for this special occasion. It was a pleasure to celebrate with them, and I wish all of the students and staff a successful and spirited Sports Day.”
The Senate President flagged an error in the proceedings on Monday that brought the Municipalities Reform Act 2026 back to the Upper House for a third reading today
The Municipalities Reform Act 2026 has officially been defeated in the Senate.
Senators voted not to pass the bill by 6 votes to 5.
The bill was returned to the Upper House this Wednesday due to an oversight of the rules according to Standing Order 25. It was reported by the Royal Gazette that Senate President Joan Dillas Wright told senators on Monday that the bill faced a third reading because three senators voted against it triggering the order for Senators to vote at the next sitting.
The vote was held at 6.33pm Wednesday following the continuation of the 2026/27 Budget Debate in the Senate. No further debate on the Act was permitted during the sitting.
Government Senators including Senate Leader Attorney General Kim Wilkerson voted for the reform act, Opposition OBA senators voted no and all three independent senators voted no.
A decision on the future direction of the bill is expected to be delayed at least by another year.
Minister of Housing and Municipalities, Zane DeSilva, last week told media, the government will consider the next steps for municipal reform, including further engagement and consideration of any available legislative options.
St. George’s will see a massive seasonal increase to the daily ferry service from Dockyard – up from only 8 round trips a week last summer, to 22
In the new summer ferry schedule (below), effective April 6th, Orange Route trips from Dockyard to St George’s have doubled on Monday, Wednesday and Thursday from two round trips to four; tripled on Tuesday and Friday from one round trip to three; and an extra four round trips on Saturdays have been added.
Furthermore, the summer season will also see Bermuda’s two new 550-seat ferries carry commuters and tourists for the first time.
The JL Cecil Smith and the Warbaby Fox were christened in November last year, and Senior Ferry Master, Captain Warren Foggo, says they have been busy preparing them for service.
Statement by Owen Darrell, Minister of Tourism & Transport, Culture & Sport
St. George’s, the Bermuda Tourism Authority, and local business and community leaders, I shared the 2026 Summer Ferry Schedule. The new schedule will start on April 6, 2026, and reflects the Ministry’s commitment to provide consistent, reliable and safe transportation to meet the needs of residents and visitors. And most important to the St. George’s community, I am pleased to announce that the summer ferry will run directly from Dockyard to St George’s, Monday through Saturday. The Monday to Saturday service will increase round-trip ferry capacity to St George’s by 133%, giving both visitors and residents better access to the East End during the 2026 summer season. The Ministry has listened to residents, businesses, and stakeholders across the island. We heard a clear message: St. George’s needs more ferry service to boost economic activity, provide regular access for cruise visitors, and keep the Old Town lively. I am pleased to announce that the new summer ferry schedule meets these needs. As cruise arrivals continue to grow, it is essential that our transportation network keeps pace. This year, weather permitting, we expect 194 cruise calls from March through November. The expanded lift on this route will help manage increased passenger volumes, reduce congestion, and support the continued success of our tourism industry, as noted by the increase in weekend cruise ship visits. The arrival of two new 550‑passenger ferries marked a significant milestone in Bermuda’s ongoing commitment to modernising our public transportation infrastructure and strengthening the experience for both residents and visitors. These ferries offer enhanced accessibility, modern comforts, Wi-Fi, and are designed to reduce emissions and operational costs. These new ferries will provide reliable, on‑time ferry service, a key component of Bermuda’s transportation, especially for our tourism sector, which supports our strategic goal of providing a world‑class experience that is efficient, enjoyable, and dependable. Whether for daily commuting or exploring our island’s natural beauty, the upgraded fleet reinforces our commitment to service excellence for visitors and locals alike. The new ferries represent an investment not only in transportation, but in Bermuda’s future—supporting our economy, our tourism product, and the quality of life for our residents as outlined in the 2025 Throne Speech initiative. Bermuda faces a long‑standing challenge: traffic congestion on our roads, particularly during peak morning and afternoon commute times. I will take this opportunity to offer a solution, especially for residents in the west who commute to Hamilton. One of the most effective and immediate solutions available to us is already in place: the Rockaway–Hamilton commuter ferry service. This route remains one of the safest, fastest, and most scenic ways to travel into the City of Hamilton. It consistently reduces travel time, avoids road congestion entirely, and provides a calm, predictable start and end to the workday. Most importantly, increased use of ferry service directly supports the Ministry’s policies to adopt zero-emission vehicles (ZEVs), which aim to lower carbon emissions and protect our island’s natural environment for future generations. Commuters in Southampton and Sandys: make the Rockaway–Hamilton ferry your daily choice. It’s reliable, comfortable, and faster than peak-hour driving. The route is still underutilised, with room for 112 more passengers—about 45% of capacity. Taking the ferry not only offers convenience but also helps make Bermuda greener. This Government remains committed to a modern, efficient, and responsive public ferry system. The 2026 Summer Ferry Schedule is a direct result of listening to the public and investing in the infrastructure needed to meet Bermuda’s evolving transportation demands. In closing, I remind the public of the government’s commitment to building a cleaner, more efficient, and more sustainable transportation future for our island. We remain dedicated to continuous improvement and modernisation of Bermuda’s transportation infrastructure to enhance the delivery of public service.
The U.S. sent a 15-point ceasefire proposal to Iran reportedly delivered via Pakistan that was originally brushed aside by Iranian officials
International News via Reuters:
Global equity markets rose while oil prices fell on Wednesday, as traders welcomed news of discussions to de-escalate the ongoing conflict in the Middle East.
The U.S. sent a 15-point ceasefire proposal to Iran reportedly delivered via Pakistan that was originally brushed aside by Iranian officials. But an Iranian official told Reuters that the country is still reviewing the offer, suggesting Tehran had not rejected the idea outright.
Markets have been whipsawed by the unclear signals sent by the White House in recent days, with President Donald Trump making overtures towards de-escalation even as the U.S. sends thousands of additional troops to the Middle East. Investors are hoping for an end to a war that has disrupted global energy supplies and risks fuelling inflation.
Oil prices, which have risen sharply since the joint U.S.-Israeli strikes on Iran, eased slightly. Brent crude futures pared some earlier losses, but were still down 2.35% at $102.03 a barrel while U.S. West Texas Intermediate crude futures fell 2.4% to $90.10 a barrel.
“The faster we get a resolution the better,” said Mark Hackett, chief market strategist at Nationwide Financial in Philadelphia. “That said, there is some negotiating in public involved, and the market is susceptible to whipsaws around the news cycle.”
On Wall Street, the Dow Jones Industrial Average rose 0.8%, the S&P 500 rose 0.7% and the Nasdaq Composite rose 0.9%.
In Europe, the STOXX 600 index and London’s FTSE 100 both rose 1.42%.
“The mood is on the positive side,” said Amelie Derambure, senior multi-asset manager at Amundi. “(The) market is trading now the idea that peace talks or a ceasefire could be on the way.”
Derambure said traders were positioning themselves to avoid missing a possible “relief rally,” when markets rise on positive news, although she added that more convincing news will be needed for the move to be sustained.
MSCI’s gauge of stocks across the globe rose 0.9%.
Overnight, MSCI’s broadest index of Asia-Pacific shares outside Japan closed up 1.8%.
BOND YIELDS FALL
Iran has said that “non-hostile vessels” may cross the Strait of Hormuz if they coordinate with Iranian authorities, but the waterway, which typically carries about one-fifth of the world’s gas and crude supply, remains effectively closed.
U.S. bond yields were lower across the board. The yield on benchmark U.S. 10-year notes fell 7 basis points to 4.32%.
European government bond yields also fell, led by Italian bonds, which have been particularly hard-hit since the war started due to Italy’s dependence on fossil fuel imports.
The benchmark 10-year German yield fell 5.1 basis points to 2.96%.
The U.S. dollar gained against its peers including the Japanese yen, Swiss franc and the euro.
The euro fell 0.2% to $1.1579. The Japanese yen weakened 0.3% against the greenback to 159.26 per dollar. The Swiss franc was down 0.3% to 0.791 against the dollar.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.3% to 99.49.
Spot gold prices rose 1.8% to $4,554.85 an ounce.
Reporting by Chibuike Oguh in New York and Elizabeth Howcroft in London; Editing by Matthew Lewis and David Gaffen
Frederiksen earlier handed in her centrist coalition government’s resignation after a massive election defeat but she could still emerge as the leader of a new Danish government
International News via Reuters:
Denmark’s king asked Prime Minister Mette Frederiksen and her Social Democrats on Wednesday to explore the formation of a new government with two left-wing parties, kicking off what could be weeks of talks to build a working parliamentary majority.
Frederiksen earlier handed in her centrist coalition government’s resignation after a massive election defeat but she could still emerge as the leader of a new Danish government.
Analysts say Tuesday’s election result marked a voter revolt over the outgoing government’s broken economic promises and a sign that the electorate has grown tired of Frederiksen as a leader after seven years in power.
Her Social Democratic Party suffered its worst election result since 1903, winning just 38 seats in the 179-seat parliament – down from 50 – but it remains the largest party in parliament.
Voters’ concerns over domestic issues such as the environment, the cost-of-living crisis and welfare outweighed any support Frederiksen garnered with her defiant stance towards U.S. President Donald Trump’s repeated ambitions to acquire Denmark’s semi-autonomous territory of Greenland, analysts said.
“This loss was larger than you could explain just by the cost of ruling,” said Rune Stubager, a political scientist at Aarhus University.
POLARISED ELECTORATE SHIFTS TOWARDS MARGINS
Stubager attributed the defeat to polarising economic decisions, such as the controversial scrapping of a public holiday, tax cuts for high earners, and a last-minute proposal to introduce a wealth tax, which failed to resonate with voters.
King Frederik X tasked Frederiksen with exploring a coalition of her Social Democrats with the Green Left, which won 20 seats, and the Social Liberal Party, which secured 10 seats.
But while other left-wing parties may support this constellation, Frederiksen would also need support from the centrist Moderates party or right-wing parties to form a working majority for her policies in parliament.
If she fails to build a new coalition, the king would have to invite another person to explore options for forming a new government.
The election reflected a broader trend of voters moving away from centrist parties. Right-wing nationalist parties increased their share of the vote to 17%, from 14.4% in 2022, while the Green Left Party also gained ground.
The anti-immigration Danish People’s Party also capitalised on concerns over inflation and living costs, promising to cut fuel taxes and staging campaign events offering discounted petrol to motorists, Stubager said.
While Frederiksen’s tough immigration policies remained broadly in line with public sentiment, the domestic economic agenda carried more weight in this election, analysts said.
NEITHER BLOC HAS A MAJORITY
Despite their losses, the Social Democrats remain Denmark’s biggest party with 21.9% support, meaning Frederiksen is widely seen as having a good shot at returning for a third term as prime minister.
“That is the paradox of the election, that the huge loser, Mette Frederiksen, the prime minister, she is the favourite to become the next prime minister as well,” political analyst Noa Redington said.
In total, Frederiksen’s left-wing bloc secured 84 seats in parliament, slightly ahead of the right-leaning bloc’s 77 seats, leaving both sides short of the 90 seats required to form a majority government. The Moderates, led by Foreign Minister Lars Lokke Rasmussen, emerged as a potential kingmaker with 14 seats.
Frederiksen acknowledged the fractured electoral landscape during a Wednesday debate, saying the result excluded the possibility of forming a traditional right- or left-wing government.
“So what is left is that we need to cooperate. That is the message here,” she said.
Since 2022, Frederiksen has led a grand coalition of the Social Democrats, the right-of-centre Liberal Party and the Moderates. The leader of the Liberal Party, Defence Minister Troels Lund Poulsen, has said he is no longer interested in coalition rule with Frederiksen.
Reporting by Tom Little, Soren Jeppesen and Louise Breusch Rasmussen in Copenhagen and Anna Ringstrom in Stockholm, writing by Stine Jacobsen, editing by Alex Richardson and Gareth Jones
Habitat for Humanity of Bermuda ReStore & Gallery is expanding with the addition of a new Fine Art Gallery, created to showcase local artists and bring more visitors into the space.
The initiative highlights local creativity while supporting the organization’s broader mission – renovating homes for those in need.
We spoke with Collin Cluett, ReStore Manager, and Sandra Christensen, Executive Director of Habitat for Humanity of Bermuda, who invited the public to attend the official opening at 5PM tomorrow, and shared a preview of additional initiatives planned for next month.
Looking to draw a line under a bruising defeat in a referendum on reforms to the judiciary, Meloni on Tuesday secured the resignation of two scandal-hit officials
International News via Reuters:
Italy’s Tourism Minister Daniela Santanche handed in her resignation on Wednesday, following a call from Prime Minister Giorgia Meloni for her to step aside over a string of legal accusations.
“Dear Giorgia, As you have officially requested, I hereby tender my resignation from the role of minister that you had wished to entrust to me, and which I believe I carried out to the best of my abilities,” Santanche wrote in a statement.
Looking to draw a line under a bruising defeat in a referendum on reforms to the judiciary, Meloni on Tuesday secured the resignation of two scandal-hit officials and also asked Santanche, long accused of financial wrongdoing, to leave her tourism post.
Santanche — a member of Meloni’s right-wing Brothers of Italy party — initially resisted the highly unusual public demand from the head of the government, who under Italy’s post-war constitution cannot directly sack ministers.
She then said she was quitting “only in response to a request (from) the leader of my party” and did not want to be the scapegoat for a referendum defeat “which was certainly not my fault.”
“Having said this, I have no difficulty saying ‘I obey’ and doing what you ask of me,” she added.
In the wake of the referendum defeat, the prime minister was quoted in the press as saying she was no longer prepared to cover for discredited allies.
OUTSPOKEN STYLE
Known for her outspoken style, Santanche has been mired in long-running court disputes but had resisted repeated calls from the opposition for her to quit.
She faces a trial on false accounting charges at the Visibilia publishing group she used to own, and prosecutors are also seeking her indictment for alleged benefit fraud at the same company during the COVID-19 pandemic.
In disputes going even further back, she is under investigation in two cases of alleged fraudulent bankruptcy in a bio-food group that she was chairwoman of.
Santanche’s decision to quit came after the centre-left opposition tabled a no-confidence motion that would have been discussed next week, creating a potential serious embarrassment for Meloni. Applause broke out in the lower house after news of her resignation.
“I will not hide from you a certain bitterness over the outcome of my ministerial path, but in my life I have grown used to paying my own debts, and often those of others as well,” Santanche said.
Reporting By Angelo Amante and Gavin Jones, editing by Alvise Armellini and Hugh Lawson
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