Trump has also lambasted his allies for being unwilling to actively join operations to secure the Strait of Hormuz
International News via Reuters:
France’s army chief said on Tuesday that the United States had become an unpredictable ally that was impacting France’s interests and security.
“We were surprised by an American ally, who remains an ally, but who is becoming increasingly unpredictable and doesn’t even bother to inform us when they decide to launch military operations,” Fabien Mandon told a security and defence forum in Paris.
“It has an impact on our security and it has an impact on our interests.”
France and the United States are close NATO allies, but there has been a growing frustration in Paris over Washington’s decision to launch its war on Iran in the Middle East after U.S. President Donald Trump already angered European allies over his designs on Greenland.
Trump has also lambasted his allies for being unwilling to actively join operations to secure the Strait of Hormuz, a strategic chokepoint that carries about a fifth of global oil supplies and underpins Gulf economies.
“We intervened in Afghanistan at the request of the Americans, who invoked Article 5 of NATO, and they chose to withdraw without informing us,” Mandon said.
“They have now decided to intervene in the Middle East without informing us. However, the immediate concern of the French armed forces has been to find solutions for France to protect citizens who were in transit in the region.”
Reporting by John Irish; Editing by Sudip Kar-Gupta
The S&P Global Purchasing Managers’ Index is the first major survey to show the impact on British businesses from the U.S.-Israeli war on Iran which is expected to slow already weak growth and push up inflation
International News via Reuters:
British business activity has grown at the slowest pace in six months and manufacturers’ input costs accelerated at the fastest rate since 1992, according to a survey that underscores the risks to the government’s economic agenda from the Iran conflict.
The S&P Global Purchasing Managers’ Index is the first major survey to show the impact on British businesses from the U.S.-Israeli war on Iran which is expected to slow already weak growth and push up inflation.
The preliminary composite Purchasing Managers’ Index, covering manufacturers and non-retail services businesses, sank to 51.0 in March from 53.7 in February which was the joint-highest since August 2024.
“March’s flash PMIs show that the conflict in the Middle East is already going a long way to boosting inflation and extinguishing GDP growth. And this is just the start,” Paul Dales, chief UK economist at Capital Economics, said.
S&P Global’s gauge of input prices for British manufacturers – which measures how fast costs are rising – jumped to 70.2 in March from 56.0 in February, the biggest leap from one month to the next since sterling tumbled out of Europe’s Exchange Rate Mechanism in 1992.
Higher prices for fuel, transport and energy-intensive raw materials were the main reasons for the increase, S&P said.
“It’s no surprise that the surge in energy prices triggered by the Middle East conflict has weakened activity and raised prices – that’s textbook. But we are a bit struck by how rapid the moves have been,” Dales said.
The survey’s headline reading was below all forecasts in a Reuters poll of economists, though above the 50-level that divides growth from contraction.
It was also higher than it was in some of the run-up to finance minister Rachel Reeves’ budget in November when many businesses feared they would be hit with higher taxes.
The equivalent PMI for the euro zone fell much less sharply, dropping to 50.5 in March from 51.0 in February.
Although President Donald Trump paused some attacks on Iran on Monday and said there had been productive talks, British Prime Minister Keir Starmer said the government needed to plan on the basis that the conflict could continue for some time, and on Tuesday Iran launched waves of missiles at Israel.
Reeves was due to address parliament on Tuesday on the impact of the war on the economy, which she had promised to boost before an election in 2024, and on possible support measures for energy users.
FACTORIES’ RAISE PRICES AT FASTEST PACE IN ALMOST A YEAR
Businesses said they raised their prices at the fastest rate since April 2025 – sharpening the dilemma for the Bank of England on whether it needs to raise interest rates to tame inflation risks at a time when the economy is slowing.
Last week the BoE kept rates on hold and said it was ready to take further action if needed as it forecast inflation would rise toward 3.5% in the middle of this year. Previously, the BoE had forecast inflation would fall to around 2% in April.
Jake Finney, senior economist at PwC, said the pickup in inflation pressures alongside weaker demand showed the conundrum facing the BoE.
“The key judgment for Monetary Policy Committee members will be how long the conflict is likely to last and whether higher energy prices will trigger a broader resurgence in inflation pressures,” Finney said.
The PMI survey showed British businesses’ expectations for future output were the weakest since June 2025. Employment fell for the 18th month in a row, the longest unbroken run of declines since 2010.
“Companies blamed lost business directly on the events in the Middle East, whether through heightened risk aversion among customers, surging price pressures, higher interest rates, or via travel and supply chain disruptions,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said.
Writing by David Milliken and William Schomberg; Editing by Hugh Lawson
Frank-Walter Steinmeier, whose largely ceremonial role allows him to speak more freely than politicians, took a far more critical line than Chancellor Friedrich Merz, who has skirted questions on the war’s legality
International News via Reuters:
The Iran war is a “disastrous mistake” that breaches international law, Germany’s president said on Tuesday in an unusually blunt rebuke of U.S. President Donald Trump’s foreign policy, which he said marked a rupture for German ties with its biggest post-war ally.
In a scathing verbal attack, Frank-Walter Steinmeier, whose largely ceremonial role allows him to speak more freely than politicians, took a far more critical line than Chancellor Friedrich Merz, who has skirted questions on the war’s legality.
“Our foreign policy does not become more convincing just because we do not call a breach of international law a breach of international law,” Steinmeier, a former foreign minister from the centre-left Social Democratic Party, said in a speech at the foreign ministry.
“We must address this with regard to the war in Iran. For, in my view, this war is contrary to international law,” he said, adding he had little doubt that the justification of the imminent nature of an attack on U.S. targets did not hold water.
Calling the war unnecessary and a “politically disastrous mistake”, Steinmeier said Trump’s second term marked a rupture in German foreign relations as profound as Russia’s invasion of Ukraine.
“Just as I believe there will be no going back in relations with Russia to before February 24, 2022, so too do I believe there will be no going back in transatlantic relations to before January 20, 2025,” said Steinmeier.
REDUCING DEPENDENCY
Germany had to apply lessons it learned in extricating itself from “excessive dependencies” on Russia and apply them to the U.S., particularly in defence and technology, which translate to power, he said.
Germany has stressed the importance of creating alternatives to U.S.-dominated technology as concerns grow over U.S. access.
China returned to being Germany’s top trading partner in the first eight months of 2025, overtaking the U.S. as higher tariffs weighed on German exports. Trade between the U.S. and Germany amounted to more than 163 billion euros ($190 billion) over that period.
The recent spat between the Pentagon and Anthropic over safety guardrails surrounding the latter’s artificial intelligence could be a wake-up call, or even an opportunity, for Europe, said Steinmeier.
“Europe as a technology hub has talent, markets, opportunities and, importantly, ethical standards. We should build on these,” he said.
Reporting by Andreas Rinke and Miranda MurrayWriting by Miranda Murray and Madeline Chambers Editing by Ludwig Burger and Aidan Lewis
The Prudential Regulation Authority fined the bank for “misleading the PRA over their capital positions, failing to act with integrity, failing to be open and cooperative with the regulator and failing to maintain adequate financial resources,”
International News via Reuters:
Britain’s banking stability watchdog fined Bank of London and its parent company Oplyse Holdings Limited 2 million pounds ($2.68 million) for failing to act with integrity and misleading the regulator over their capital position.
The Prudential Regulation Authority, part of the Bank of England, fined the bank for “misleading the PRA over their capital positions, failing to act with integrity, failing to be open and cooperative with the regulator and failing to maintain adequate financial resources,” a statement on Tuesday said.
($1 = 0.7468 pounds)
Reporting by Muvija M, writing by Sam Tabahriti; editing by Sarah Young
The blue‑chip FTSE 100, which had traded higher earlier in the session, was down 0.1% at a three‑month low, as of 1039 GMT
International News via Reuters:
The FTSE 100 ticked lower in choppy trading on Tuesday, as mixed signals from the Middle East conflict lifted oil prices and curbed risk appetite, while investors also priced in further rate‑hike expectations.
The blue‑chip FTSE 100, which had traded higher earlier in the session, was down 0.1% at a three‑month low, as of 1039 GMT.
The mid‑cap FTSE 250 fell 0.4% to a near 10‑month low as mid-caps, which are more vulnerable to domestic pressures, were hit by rising energy costs.
The benchmarks’ fall tracked global stocks, where the relief rally from U.S. President Donald Trump delaying the bombing of Iran’s power grid fizzled out, leaving investors with no clarity over the fate of the war.
UK energy stocks rose 0.8%, mirroring oil prices, which rebounded to above $100 a barrel following Iran’s statement rejecting Trump’s claim of “productive” talks with Tehran. [O/R]
Markets are now pricing in two quarter‑point Bank of England rate hikes this year, with a possibility of a third, down from four expected before Trump’s comments on Monday.
Miners and banks fell 0.4% and 0.9%, respectively, were among the biggest drags on the day. [MET/L]
Among individual stocks, Bellway fell 10% after the home builder trimmed its profit margin outlook and echoed warnings on risks to the housing market from the Middle East conflict.
S4 Capital surged 26% after the advertising group said it expects its 2026 net revenues to meet analyst expectations despite flagging a hit in the first quarter from clients spending less due to the conflict.
YouGov fell 8% after the market research firm warned of lower annual profit due to additional investments in its Shopper division.
Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Harikrishnan Nair
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.
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