The officials, speaking on condition of anonymity, said that they viewed it is unlikely that Iran would agree to U.S. demands in any new round of negotiations
International News via Reuters:
U.S. President Donald Trump appears to be determined to reach a deal with Iran aimed at ending hostilities in the Middle East, three senior Israeli officials said on Tuesday.
The officials, speaking on condition of anonymity, said that they viewed it is unlikely that Iran would agree to U.S. demands in any new round of negotiations, which broke down on February 28 with the launch of the U.S.-Israeli war on Iran.
Those U.S. demands were likely to include curbs on Iran’s nuclear and ballistic missile programmes.
Trump wrote on social media on Monday that the U.S. and Iran had held “very good and productive” conversations about a “complete and total resolution of hostilities in the Middle East”.
Iran said after Trump’s post that no negotiations had taken place.
Israeli Prime Minister Benjamin Netanyahu said on Monday that Trump believed there was a possibility of “leveraging the mighty achievements obtained by the IDF (Israel Defence Forces) and the U.S. military, in order to realize the goals of the war in a deal – a deal that will preserve our vital interests.”
Reporting by Jerusalem bureau; editing by Rami Ayyub
With oil prices up by two-thirds since the start of the year and shipping held up in a key transport corridor, euro zone inflation is already rising and economic growth is set to take a hit
International News via Reuters:
Euro zone private sector growth nearly stalled this month as inflation expectations surged and delivery times soared, adding to mounting evidence that the bloc is already suffering a tangible drag from the U.S. and Israeli war with Iran.
With oil prices up by two-thirds since the start of the year and shipping held up in a key transport corridor, euro zone inflation is already rising and economic growth is set to take a hit as expensive fuel saps household purchasing power, lowers corporate profit margins and hits confidence.
The S&P Global flash euro zone Composite Purchasing Managers’ Index fell to a 10-month low of 50.5 in March from 51.9 in February, as the war drove input costs to their highest in more than three years and triggered the worst supply chain disruptions since mid-2022.
Underlying figures are perhaps more concerning. The index for manufacturing prices jumped to 68.6 from 58.0 while the delivery times index plunged to 40.9 from 47.3, suggesting that firms anticipate massive delays and a surge in prices.
“The flash euro zone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said.
German figures held up relatively well, with other major economies taking a bigger hit, including France, where business confidence tumbled.
Separate data a day earlier showed consumer confidence in the bloc falling to its lowest level since late 2023 in one of the biggest falls on record, tumbling deep below its long-term average as the economic pain takes its toll on households.
Separate trade data released last week showed sharp falls in European exports at the start of 2026 after being buffeted by U.S. President Donald Trump’s erratic tariffs announcements.
EU exports to the United States fell 27.8% year-on-year in January, with a 4.7% drop in exports to China, and falls of 1.5% and 10.2% to the UK and Japan respectively.
RATES RISE, DISPOSABLE INCOME HIT
“The Iran War starts to take its tolls,” Commerzbank economist Vincent Stamer said. “The uncertainty is hitting the services sector particularly hard.”
Interest rates are rising as banks anticipate hikes from the European Central Bank to curb inflation, and this has already pushed some mortgage rates higher to dent disposable incomes.
Meanwhile petrol prices have risen by more than 10% across the EU and diesel is up over 20%. Even if the war is ended relatively soon, these prices are unlikely to fall quickly as some energy infrastructure is damaged and fuel bottlenecks may take several months to resolve.
This is why the ECB already said that inflation, at its 2% target for the past year, will surge to at least 2.6% under its more benign scenario. Risks are skewed to much higher readings.
“The euro zone’s vulnerabilities are once again laid bare,” ING economist Bert Colijn said. “For energy-intensive industry, this means that a recovery will be harder to achieve, which matters significantly for overall production.”
Central banks normally look past such energy-driven inflation shocks but markets are betting on quick rate hikes this time, not least because a similar shock in 2021/22 proved to be lasting and central banks reacted late.
Tuesday’s PMI data pointed to euro zone gross domestic product growth slowing to a quarterly rate of just below 0.1% in March, with forward-looking indicators suggesting a heightened risk of a downturn in coming months, S&P Global said.
Reporting by Jonathan Cable and Balazs Koranyi; Editing by Hugh Lawson and Peter Graff
The Confederation of British Industry’s said its monthly gauge of retailers’ annual change in sales volumes sank to -52 in March from an already weak -43 in February
International News via Reuters:
British retail sales have tumbled this month by the most since April 2020 when most non-food shops were closed at the start of the COVID-19 pandemic, a survey showed on Tuesday.
The Confederation of British Industry’s said its monthly gauge of retailers’ annual change in sales volumes sank to -52 in March from an already weak -43 in February, and businesses expected only a marginal improvement to -49 in April.
“Retailers report that weak economic conditions continue to weigh on household spending, with subdued activity also evident across the broader distribution sector,” CBI Lead Economist Martin Sartorius said.
The survey of 50 retail chains took place between February 25 and March 13, mostly falling after the start of the U.S.-Israeli war on Iran.
The conflict has pushed up petrol prices in Britain and the Bank of England expects it will increase broader inflation later this year.
The survey did not directly attribute the fall in sales to the conflict. The CBI said it increased the necessity for the government to ease the cost impact to businesses from new employment rights and tax.
“The conflict in the Middle East – which risks fuelling price pressures and squeezing household budgets – underscores the need for the government to take further action to lower the cost of doing business for distribution firms,” Sartorius said.
Events include alumni social, tea, fun day and gala
Francis Patton School is proud to announce its 75th Anniversary Celebration, marking decades of excellence in education, community impact, and generational legacy.
This milestone celebration invites all alumni, past and present educators, principals, families, and supporters to come together for a powerful series of events from March through June 2026. Whether you graduated 75 years ago or just started, this is your moment to reconnect, celebrate, and be part of history.
Francis Patton has long stood as a pillar in Bermuda’s educational landscape—known not only for shaping young minds, but for producing exceptional individuals who continue to impact Bermuda and beyond. The school proudly declares what so many already know:
Francis Patton School values its alumni and its role within Bermuda’s school community.
A truly special highlight of this historic 75th Anniversary celebration is the recognition of two of Francis Patton’s very first students, Ms. Esme Williams, & Mr. Delano Ingham (who we will do a follow up alumni feature) who was part of the school’s inaugural class 75 years ago.
As a former Principal and educator in our school system, her presence stands as a living bridge between the school’s rich beginnings and its vibrant future—embodying the legacy, resilience, and excellence that define the Francis Patton community today. As Francis Patton School celebrates 75 years of excellence, few stories capture its legacy more powerfully than that of Ms. Esmee Williams, a proud member of the school’s very first class in 1951 and a current member of the 75th Anniversary Committee.
Reflecting on her early days, Ms. Williams shares a vivid memory of what it meant to be part of the beginning:
“I am so excited about the 75th anniversary of Francis Patton because it takes me right back to being one of the first students in 1951. We walked to school from Holy
Trinity Road, and I remember standing across the street lined up with my classmates, waiting to be assigned to our teachers. I was right at the front of the line.”
Her recollections paint a picture of a strong academic and values-based foundation. Subjects included arithmetic, geography, English, Bible studies—where students memorized scripture—along with music and physical education. She fondly remembers influential educators such as Mrs. Woolridge (4th grade) and Mrs. Stowe, as well as physical education teachers Nelda Reid and Mr. Augustus, noting that sports and physical activity were a major part of school life.
“Sports was a big focus back then. There was a strong emphasis on staying active—I don’t recall having the obesity challenges we see now. I remember my PE uniform and the pride we had in representing our school.”
She also recalls the competitive academic and cultural environment, including recitations and performances such as the Highland Fling, where students proudly wore traditional plaid kilts.
Ms. Williams was among the students selected to prepare for the ‘Eleven Plus Examination’, a pathway to The Berkeley Institute. Although she began preparing, her journey took her overseas in 1954, where she continued her education and went on to earn multiple degrees.
Her professional career would come full circle in education. After serving as an Elementary School Principal in Sacramento, California, she returned to Bermuda in 1985. Despite initial regulatory barriers, she continued to serve with distinction—first as a counselor at Prospect School for Girls, then as Principal of Southampton Glebe School and later Victor Scott Primary School, where she led for several years.
When asked what inspired her path in education, Ms. Williams credits her family:
“Education was in my blood. Many of my family members were educators—my Aunt Esmee Swan was a principal, Aunt Cecily Caisey ran a nursery, and my Aunt Agatha Burgess taught right here at Francis Patton.”
Beyond education, Ms. Williams continued her impact through leadership roles in Big Brothers Big Sisters and hospitality at Grotto Bay Hotel. She is known for her various community, political, and disability advocacy initiatives including as a member of the Hamilton Parish Council. Today, she remains actively involved, continuing to support Francis Patton with her wisdom, experience, and passion.
Her message to today’s students and educators is one rooted in faith, perseverance, and purpose:
“I trust in the Lord for all things—whether in school or in life. Give everything to God. There will be trials and storms, but when we take it to Him, He will guide us through. Scripture says, ‘Faith without works is dead,’ so trust Him—and do the work.”
A Celebration of Legacy, Pride, and Community
This anniversary is more than a celebration—it is a movement to strengthen alumni engagement, school pride, and long-term support for future generations.
Alumni are encouraged to proudly represent their house—Red, Blue, or Gold—as friendly rivalry returns in full force. The call is out:
“Let’s see which house truly stands the test of time!”
In addition, sponsors and community partners are warmly welcomed to support this initiative, as all events contribute toward fundraising efforts for Francis Patton students and school development.
A key legacy outcome of this campaign will be the launch of the Francis Patton Alumni Committee, ensuring continued engagement, support, and pride well beyond the 75th celebrations.
Attend each event and learn about the other 75th Anniversary events that are upcoming. Plus, order Alumni Merchandise for our school fundraiser and sign up to join our alumni database!
Signature 75th Anniversary Events
Event #1: Alumni Social – Launch Event
📍 Bailey’s Bay Cricket Club 📅 Friday, March 27, 2026 🕕 6:00 PM – 8:00 PM
Kick off the celebrations with an evening of connection and energy:
Networking with classmates and educators
Learn about upcoming anniversary events
Alumni database sign-up opportunities
Giveaway prizes
Exclusive Francis Patton Alumni merchandise by Distinct Apparel
Event #2: 75th Anniversary Tea Social
📍 Francis Patton School Hall 📅 April 9, 2026 🕑 2:00 PM – 4:00 PM
An elegant afternoon of nostalgia and celebration:
Performances by the School Choir and student poetry
Open mic memory sharing by alumni
Sandwiches, teas, and desserts
Alumni networking and engagement
Dress Code: Smart Casual (Tea hats optional)
COMP Event | Donations welcomed
Event #3: Alumni & Community Fun Day
📍 Francis Patton School Field & Lower School 📅 Saturday, May 16, 2026 🕙 10:00 AM – 6:00 PM
A vibrant day of school pride and family fun:
Performances by Francis Patton Cheerleaders
Hamilton Parish Community Majorettes
DJ Dez Thomas (FPS Educator)
House cheer competitions
Alumni vs. student sports, games and activity challenges
Vendor Village (food, entertainment, and family-friendly activities welcomed)
CALLING ALL VENDORS: FPS Alumni and family vendors first preference but open to all.
For vendor cost and more details, Contact Mrs Steede 478-3303 by deadline April 24th or email francispattonalumni@gmail.com
Event #4: 75th Anniversary Gala
📅 Saturday, June 6, 2026
A grand closing celebration featuring:
Cocktail reception
Historical reflections and tributes
Recognition of alumni, educators, and community supporters
The trip is aimed at deepening cooperation on financial services and international regulation
The Premier and Minister of Finance, the Hon. David Burt, JP, MP, is travelling to London from March 23 – 26 for a series of engagements aimed at strengthening Bermuda’s engagement with Westminster, as well as enhancing international partnerships and cooperation in financial services, including meetings in Luxembourg.
The visit begins in London, where Premier Burt will co-host a dinner with Alicia Kearns MP introducing the new Bermuda All-Party Parliamentary Group (APPG) at the Palace of Westminster on Monday, March 23.
The dinner will be attended by ten Members of Parliament across both Houses, with cross-party representation including former Ministers and Chief Whips. Ms. Kearns, who was elected the youngest ever and first female Chair of the Foreign Affairs Committee, will serve as Chair of the re-established Group.
The APPG will provide a dedicated forum to ensure Bermuda’s interests are supported in Westminster and can be utilised by Government, industry, civil society, and the public to engage with Parliament.
Also in attendance will be the Minister of Public Works and Environment, the Hon. Jache Adams, JP, MP, who is in London attending an infrastructure programme coordinated with the London Office and the Foreign, Commonwealth and Development Office.
On Tuesday, March 24, the Premier will travel to Luxembourg for a series of high level meetings with the Government of Luxembourg and the leadership of the Luxembourg Insurance and Reinsurance Association (ACA).
Luxembourg and Bermuda share significant common ground as leading international financial centres. This visit reflects the Government’s ongoing efforts to build and maintain relationships with key European partners amid evolving global regulation in financial services and taxation.
Returning to London on March 25, Premier Burt and members of the delegation will attend the premiere screening of Transforming the Beautiful Game: The Clyde Best Story at Sadler’s Wells East in the Queen Elizabeth Olympic Park.
Directed by award-winning filmmaker Dan Egan, the documentary traces Clyde Best’s journey from Bermuda to the topflight of English football. Rising to prominence with West Ham United, Clyde Best became one of the first black football heroes of the English First Division, breaking barriers and excelling at the highest level despite facing the open racism of the day.
The Premier will be accompanied on this trip by Chidozie Ofoego, Financial Secretary; and supported by the Government of Bermuda’s London and Brussels Offices.
Premier Burt said, “This visit is about strengthening Bermuda’s key relationships in the United Kingdom and enhancing cooperation in financial services. Re-establishing the All-Party Parliamentary Group ensures Bermuda has a strong and consistent voice in Westminster, and our meetings in Luxembourg aim to deepen ties in financial services at an important time for global regulation. I am also pleased to be invited to attend the premiere of the Clyde Best documentary to celebrate the remarkable legacy of one of Bermuda’s greatest sporting icons.”
Defending their Caribbean Pickleball Championship title, this time on home soil, in a tournament packed with drama, momentum swings, and even a little weather chaos.
And all of the key action aired by Bermuda Broadcasting. Julie Matthews-Borchardt reports.
With a dominant 4 – zero win over Cayman on Saturday night, Bermuda captured gold for the second straight year.
Cayman settled for silver, while Jamaica beat Trinidad and Tobago to take bronze.
BELCO declined an interview on the findings of the Caribbean Energy Price Index, and instead sent a video response acknowledging Bermuda’s high electricity costs
BELCO President Wayne Caines has responded to the figures highlighted in Marla Dukharan’s Caribbean Energy Price Index.
BELCO declined a television interview and instead sent a video response in which Mr Caines acknowledges that the cost of electricity in Bermuda is expensive.
He says that BELCO’s customers deserve to understand why, and what is being done about it.
A first-of-its-kind energy price index shows Bermuda’s electricity costs surging above most of the Caribbean
We know Bermuda’s electricity costs a lot.
…but did you know just how much more we pay, compared to our neighbours to the south?
Economist Marla Dukharan has published the Caribbean Energy Price Index – a first of its kind comparison of energy costs across the 34 Caribbean jurisdictions and Bermuda.
Her data shows that our power costs surge above most of the Caribbean.
WATCH the report above. BELCO provided a response HERE.
Trump said he had asked the Department of Defense to postpone “any and all” military strikes against Iranian power plants and energy infrastructure for five days
International News via Reuters:
The dollar fell against most major currencies on Monday after U.S. President Donald Trump delayed striking Iran’s energy infrastructure following what he called productive talks between the two countries, easing near-term concerns about further supply shocks and slightly boosting risk assets.
Trump said he had asked the Department of Defense to postpone “any and all” military strikes against Iranian power plants and energy infrastructure for five days.
He made the announcement on Truth Social just hours before a deadline he had set for Tehran to “fully open” the Strait of Hormuz, threatening to destroy Iranian power plants in a further escalation in a conflict now in its fourth week.
Iran’s foreign ministry denied the talks shortly thereafter, adding that the country’s conditions to end the war had not changed.
“Everything seems so fleshed out that I think the market is having a hard time believing it’s complete fiction,” said Steven Englander, head of global G10 FX research and North America macro strategy at Standard Chartered in New York.
“Whether they are close to a deal as Trump laid out is a different story, but I think the market is going with the idea that there has been some sort of communication going on.”
DOLLAR FALLS AGAINST EURO, YEN AND STERLING
The dollar remained weak in afternoon trading, with the euro rising 0.4% to $1.1616. Earlier, it hit its highest since March 11.
The buck was 0.6% weaker against the yen at 158.30 yen, retreating slightly from the key 160 yen level that puts traders on alert for potential intervention from the Bank of Japan.
Meanwhile, sterling rose 0.71% to $1.3436, after hitting its highest level since March 10.
That left the dollar index, which measures the U.S. currency against a basket of peers, down 0.4% at 99.08.
On Friday, the index had notched its first weekly decline since the start of the war, as the inflationary effects of surging oil prices prompted central banks to turn hawkish, supporting other currencies.
Global stock [MKTS/GLOB] and energy markets also recovered sharply after Trump’s comments. [O/R] U.S. Treasury yields also retreated from multi‑month highs.
A reporter for the U.S. news outlet Axios said Turkey, Egypt and Pakistan had met Trump’s special envoy Steve Witkoff and, separately, Iranian Foreign Minister Abbas Araghchi.
Araghchi’s ministry said there were “initiatives” to reduce tensions, the Mehr News Agency reported.
The price of the benchmark Brent blend crude oil was down around 12% at $98.65 a barrel, after earlier falling to $96.
Elias Haddad, global head of markets strategy at Brown Brothers Harriman in London, said until there is further clarity, it is too early to call peak fear or de-escalation in the Iran conflict.
“But the market is starting to sniff out the more encouraging outlook,” Haddad said. “Assuming that we still haven’t reached de-escalation, the big risk that I see is that this energy shock morphs into a fiscal shock.”
Reporting by Laura Matthews in New York; Additional reporting by Harry Robertson in London, and Rocky Swift in Tokyo; Editing by Andrei Khalip, Aidan Lewis, Kevin Liffey and Andrea Ricci
The push to revive the deal comes amid conflict in the Middle East and heightened global trade tension as the EU looks to strengthen its position vis-a-vis the United States and China, following a deal struck with India in January
International News via Reuters:
European Commission President Ursula von der Leyen will meet Australian Prime Minister Anthony Albanese in Canberra on Tuesday as both sides seek to clinch a long-delayed free trade deal following negotiations launched in 2018.
The push to revive the deal comes amid conflict in the Middle East and heightened global trade tension as the EU looks to strengthen its position vis-a-vis the United States and China, following a deal struck with India in January.
The talks collapsed in 2023 largely over disagreements on EU quotas for meat imports and protections for the agricultural sector. But recent signals suggest renewed momentum, fuelling hopes that a deal could be finalised during the visit.
“We look forward to welcoming President von der Leyen tomorrow,” Albanese told parliament on Monday, adding that a free trade deal with the EU would further strengthen the Australian economy and boost jobs.
“I’m sure it will be a great success.”
Von der Leyen is set to address parliament on Tuesday.
This month Trade Minister Don Farrell said he was confident an agreement could be reached in the national interest, while EU trade chief Maros Sefcovic said talks had been moving in the right direction.
Australia wants bigger quotas on meat exports to Europe, while the EU is pushing for lower tariffs on manufactured goods, particularly cars, and better access to Australia’s critical minerals to reduce dependence on China.
Australian media say the pact would scrap the current import tariff of 5% on European cars, potentially lowering the prices of offerings from BMW and Mercedes in Australia.
Trade between the two is substantial, with total goods trade of 47.2 billion euros ($54.5 billion) in 2025, and a surplus of 26.5 billion euros for the EU.
Services trade was 38.1 billion euros in 2023, with a surplus of 17.9 billion euros also in favour of the bloc.
($1=0.8662 euros)
Reporting by Renju Jose in Sydney; Editing by Clarence Fernandez
While the ECB’s immediate focus is the conflict in the Middle East and what it may mean for inflation, Lane highlighted AI as a key long-term driver for the bloc’s economic fortunes
International News via Reuters:
Artificial intelligence could lift euro zone productivity growth by more than 4 percentage points over the next decade, although a prolonged energy shock could slow progress, European Central Bank chief economist Philip Lane said on Monday.
While the ECB’s immediate focus is the conflict in the Middle East and what it may mean for inflation, Lane highlighted AI as a key long-term driver for the bloc’s economic fortunes.
He told an ECB conference the potential payoff from AI adoption would vary widely depending on how fast the technology spread.
A take-up rate in line with previous innovations such as the internet would deliver at least 1.5 percentage points of extra productivity growth in 10 years, Lane said. But if adoption continued at today’s pace and reached at least half the economy, the gain could exceed 4 percentage points.
“The greatest impact will be achieved if AI materially boosts the pace of innovation, as rather than just boosting the level of productivity, this could increase the long-run potential growth rate,” Lane said.
He warned, however, that persistently high fuel costs curb progress in building new AI models and curtail the adoption rate too, given the technology’s high energy use.
EUROPE IS BEHIND
Europe is starting from behind, Lane noted. Only about 3% of euro-area patents relate to AI, compared with 9% in the United States.
And euro zone residents are spending nearly 250 billion euros ($290 billion) a year on royalties to foreign patent-holders — mostly U.S.-based — underscoring the bloc’s dependence on imported technology.
Lane partly blamed Europe’s shallower capital markets, which he said constrain the investment needed to scale up innovation.
“Ensuring broad access to finance, supporting diffusion among smaller firms and investing in skills and complementary intangible assets will be central to realising AI’s potential while limiting adjustment costs,” he said.
($1 = 0.8617 euros)
Reporting by Francesco Canepa, editing by Andrei Khalip
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