Thursday, November 5, 2026
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Safe-haven franc rises as Iran war drags on; dollar dips after US payrolls drop

The dollar fell 0.4% against the Swiss franc to 0.7778, while the euro slid 0.5% to 0.9018 franc

International News via Reuters:

The safe-haven Swiss franc rallied across the board on Friday, as the continued escalation of the Middle East conflict spurred a flight to safety, while the U.S. dollar slipped in choppy trading after data showed an unexpected decline in new jobs created in the world’s largest economy last month.

The dollar fell 0.4% against the Swiss franc to 0.7778, while the euro slid 0.5% to 0.9018 franc.

The franc tends to rally in times of heightened geopolitical tension.

U.S. President Donald Trump on Friday demanded Iran’s “unconditional surrender”, viewed as a dramatic escalation of his demands a week into the war he launched alongside Israel.

He also reiterated his desire for a “great and acceptable leader” for Iran. On Thursday, Trump said he wanted to be involved in choosing Iran’s next head of state after U.S. and Israeli air strikes killed Supreme Leader Ali Khamenei in the early moments of the war.

On the U.S. economic front, the dollar’s decline after a much weaker-than-expected nonfarm payrolls number reflected a slight shift in policy stance — that the Federal Reserve could cut interest rates sooner than expected.

“Fundamentally not much has changed because oil is still trading at the highs and we don’t really have good news on Iran,” said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull in Toronto.

U.S. crude futures surged on Friday, up 11.2% at $90.16 per barrel.

He noted that the rally in other currencies against the dollar is likely technical in nature.

“U.S. stocks tried to break new weekly lows, the euro and the Canadian dollar did as well, but that failed so that’s why we’re seeing this bounce in FX against the dollar,” Bregar said. “For the bears to continue to get what they want, we need to see lows get taken out.”

Sterling was also up against the greenback, rising 0.2% to $1.3389.

POOR PAYROLLS REPORT

Earlier in the session, data showed the U.S. economy lost 92,000 jobs last month after a downwardly revised 126,000 increase in January, while the unemployment rate increased to 4.4%. Economists polled by Reuters had forecast payrolls advancing by 59,000 jobs after increasing by a previously reported 130,000 in January.

“The large downside miss in non-farm payrolls will give the doves at the Fed something to talk about,” said David Rees, head of global economics at Schroders in London.

“But at least part of the downside surprise was due to strike action in the healthcare sector that ought to reverse. Beyond that, while the employment report was soft, we doubt it will be long before continued robust growth in the U.S. economy will translate into more sustained demand for labor.”

In early afternoon trading, the dollar edged higher against the yen, up 0.1% at 157.63 yen , giving up some gains after the payrolls miss. On the week, the greenback still climbed 1.1%, its third weekly rise.

The dollar index was slightly down on the day at 99.028 . It rose 1.4% for the week, however, on track for its biggest weekly advance since mid-November 2024.

The euro slipped 0.1% to $1.1597, trimming losses from earlier in the session. On the week, Europe’s common currency fell 1.8%, on track for its largest weekly decline since mid-September 2022.

Post-payrolls, U.S. rate futures priced in a 50-50 chance that the Fed would resume rate cuts in June, when new Fed Chairman Kevin Warsh assumes office. It attached a 76% chance that the Fed cuts rates in September, earlier than the October expectations before the jobs data.

The market also sees about 44 basis points of easing this year, compared with around 39 basis points going into the payrolls report. That’s still less than two cuts of 25 bps each.

Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Rashika Singh in Bengalaru; Editing by Toby Chopra, Sharon Singleton and Diane Craft

Streamlining of financial services moves a step closer

Government tables fintech strategy

Further incorporating technology into finance is a goal of Government for the next two years, and includes the development of a digital identity framework.

In the House today, Labour and Economy Minister Jason Hayward tabled the Bermuda Fintech Strategy 2026-2028.

He calls it a “comprehensive roadmap to firmly evolve Bermuda’s financial technology ecosystem”.

“This is not a theoretical exercise”, the Minister says, “and it is not just a plan on paper.”

“We are already seeing digital onboarding become a reality in local banking, for instance. Also, the Government is already working with partners to modernise payments”

The strategy states that Bermuda’s reputation in financial services and regulation in digital assets makes it a prime location for global fintech companies.

Minister Hayward says the strategy is about attracting investment, helping Bermuda compete globally, ensuring strong data protection and providing regulatory clarity, as well as consumer protection, and compliance.

He adds that the three strategic pillars of the Fintech Strategy are a progressive and agile regulatory environment, innovation growth and capacity building, and international collaboration and market access.

Insuretech will be a focus, building on Bermuda’s established global reputation in the space, along with a digital identity framework.

Digital ID is touted to ensure secure and efficient identity verification for claims processes.

It is stated that the Bermuda Monetary Authority is finalising regulation for Digital Identity Service Providers.

Timelines for implementation of the Strategy are not included, and Benchmarks are to be identified during the first steps.

View the Strategy and the Minister’s statement below.



US issues warning over Iran-aligned militias in Iraq amid efforts to help stranded citizens

The Trump administration has faced criticism over its planning and initial assistance to U.S. citizens trying to leave the region since U.S.-Israeli strikes began on Saturday and Iran responded with attacks on its neighbors

International News via Reuters:

The State Department on Friday warned U.S. citizens that Iran-aligned militias in Iraq may seek to target hotels frequented by foreigners in Iraq’s Kurdistan region, as the U.S. scrambled to help thousands of Americans stranded in the Middle East.

The Trump administration has faced criticism over its planning and initial assistance to U.S. citizens trying to leave the region since U.S.-Israeli strikes began on Saturday and Iran responded with attacks on its neighbors, sparking airspace closures. 

“U.S. citizens in Iraq are strongly encouraged to depart as soon as they are safely able to do so,” an alert from the U.S. embassy in Baghdad said. “Americans choosing not to depart should be prepared to shelter in place in a secure location for extended periods. Have a supply of food, water, medications, and other essential items.”

The alert said that commercial flights were currently not operating out of Iraq, suggesting overland routes for those willing to leave the country.

President Donald Trump on Friday said the U.S. is moving thousands of people out of countries throughout the Middle East amid the military conflict between the U.S., Israel and Iran. 

“It is being done quietly, but seamlessly,” Trump said in a social media post without providing further details. 

The State Department said later on Friday that it was continuing to contact Americans in the Middle East to offer charter flights or ground travel assistance. 

“Several flights have safely returned hundreds of Americans to the United States with additional flights scheduled to take place over the coming days, as security conditions allow,” Assistant Secretary of State for Global Public Affairs Dylan Johnson said in a statement. 

Johnson said a task force has “directly assisted nearly 13,000 Americans abroad, offering security guidance and travel assistance.”

Reporting by Katharine Jackson and Ryan Patrick Jones, editing by Michelle Nichols and Cynthia Osterman

Roadworks will close part of Cedar Avenue

A heads-up for motorists – part of Cedar Avenue will close on Monday, while road re-surfacing takes place.
The section between Dundonald Street South and Victoria Street will be closed from 7am and remain off limits to vehicles for about a week.
We spoke to Patrick Cooper and Allan Sumner from the City of Hamilton, who shared more details about the project and what motorists can expect during the closure.

Special awards to mark International Women’s Day

The Women’s Resource Centre marked International Women’s Day with a celebration honouring women of all ages and their contributions to the community. The event, hosted by Patrina O’Connor-Paynter, also recognized two outstanding women with special awards. We spoke with the teen award recipient, Callahj Simons, Head Girl at The Berkeley Institute, who shared her thoughts on receiving the honour.

The celebration also recognized this year’s International Woman of the Year, an award presented to Latisha Lister-Burgess for her contributions and leadership within the community. During the event hosted by the Women’s Resource Centre, Ms Lister-Burgess expressed her appreciation for the recognition and reflected on the importance of uplifting and empowering women.

More than 200 gather to honour road victims

Grief and Loss Awareness Day event supports grieving families

The island came together today to honour those lost and the many experiences of grief, with a special focus on lives lost on our roads.

More than 200 people gathered outside City Hall, including members of the public, government officials, emergency responders and charities.

The Grief and Loss Awareness Day event was hosted by the Gina Spence Program.

Executive Director Mykie Jones spoke about the importance of creating a public space to honour victims of road traffic fatalities and support grieving families.

Turkey asks Britain’s MI6 to step up protection of Syria’s Sharaa, sources say; Ankara denies report

It was unclear what specifically Turkey’s National Intelligence Organization, or MIT, had asked of MI6, or what new role, if any, MI6 had taken up

International News via Reuters:

Turkey’s intelligence agency asked its British counterpart MI6 last month to take a larger role in protecting Syrian President Ahmed al-Sharaa after recent assassination plots, according to five people familiar with the matter.

After this story was published, Turkey denied that its intelligence agency MIT had made any such request to MI6.

The request highlights efforts by foreign allies to shore up a country still shaken by sporadic violence 15 months after the overthrow of President Bashar al-Assad, with the U.S.-Israeli war on Iran now rattling the wider region. 

Those allies see Sharaa as crucial to preventing a relapse into sectarian fighting or civil war, after 14 years of civil conflict drove millions of refugees abroad and allowed Islamic State to control swathes of Syria.

The militants last month stepped up attacks on military and security personnel across Syria and declared Sharaa, a former rebel, their “number one foe”. 

It was unclear what specifically Turkey’s National Intelligence Organization, or MIT, had asked of MI6, or what new role, if any, MI6 had taken up.

The Turkish presidency said in a statement issued by its communications directorate that MIT maintains effective cooperation in the fight against terrorism with the international intelligence community and security units in Syria, but that this story did not reflect the truth.

“Contrary to what is claimed in the report in question, it is not true that MIT has made any request to MI6 regarding the protection of the Syrian President or sought to assume such a role,” it said.

ANXIETY RISES IN SYRIA OVER ISLAMIC STATE

Turkey, Britain and the U.S. last year threw their backing behind Sharaa to try to reunite and rebuild his country of 26 million. London and Washington have scrapped most sanctions on Syria and on Hayat Tahrir al-Sham (HTS), the Islamist group he once led. 

The sources who spoke to Reuters requested anonymity owing to the sensitivity of the matter. 

MIT, the Turkish foreign ministry, Britain’s foreign office and Syria’s defence and interior ministries did not comment when contacted ahead of publication. 

The sources, including Syrian and foreign officials, all cited rising anxiety over a series of reported Islamic State plots to kill Sharaa. 

A Turkish source said that MIT, which has played a key role in helping the new government to establish itself, appealed to MI6 for more support after one such incident last month. A senior Syrian security source said the request came after a “high-risk assassination plot”, adding that MIT, MI6 and Syrian authorities were constantly sharing intelligence. 

Details of the plot were unclear.

A separate Western intelligence source briefed on the matter believed Turkey wanted to introduce a Western presence in Damascus to provide something of a buffer between the agencies of Turkey and Israel, currently at loggerheads.

REPORTED ASSASSINATION ATTEMPTS AGAINST SHARAA

Last year, Sharaa and two senior cabinet ministers were targeted by Islamic State in five foiled assassination attempts, according to the U.N. Office of Counter-Terrorism. In November, Reuters reported that Syrian authorities had foiled two of the attempts.

Describing Sharaa as a “watchdog” of the global anti-Islamic State coalition, the group mounted six attacks on Syrian authorities last month in what it called a “new phase”.

On Thursday, Damascus openly acknowledged for the first time that it coordinates with MIT, saying they had cooperated to foil an Islamic State attack in the capital.

Turkish security sources said MIT had identified a team of three preparing remote bomb attacks, enabling Syrian counterparts to prevent an “imminent assault”. 

A U.S. diplomat briefed on the matter said MIT’s request to MI6 had been prompted by the Islamic State resurgence. 

The Western intelligence source said the two agencies could intensify joint planning and technical operations, but that no decision had been made on whether to send British personnel to Damascus.

A Syrian security source said a physical British presence would be “highly risky”. They said MI6 had been discussed at a meeting in Damascus on February 26 between a delegation headed by Britain’s special envoy for Syria, Ann Snow, and Syria’s deputy interior minister, Major General Abdulqader Tahan.

Sharaa was a commander of Al Qaeda’s Nusra Front in Syria before cutting ties with the group in 2016, then led a coalition of Islamist rebel factions in late 2024 to topple Assad. 

Reporting by Jonathan Spicer, Feras Dalatey and Jonathan Saul; Additional reporting by Michael Holden; Editing by Kevin Liffey and Daren Butler

Bank of England scrutinizes lenders’ ties to collapsed mortgage provider MFS, FT reports

MFS was placed into administration last week following allegations of financial irregularities and mismanagement, prompting concerns over banks’ and private credit funds’ exposure to the lender

International News via Reuters:

The Bank of England is questioning lenders including Barclays about their exposure to collapsed UK-based mortgage lender Market Financial Solutions (MFS), the Financial Times reported on Friday, citing people familiar with the matter.

Officials at the central bank’s Prudential Regulation Authority (PRA) have requested information from lenders about funds they extended to the Mayfair-based bridging loan provider, and are concerned banks may not have carried out sufficient due diligence, the report said.

MFS was placed into administration last week following allegations of financial irregularities and mismanagement, prompting concerns over banks’ and private credit funds’ exposure to the lender.

“We are constantly monitoring the financial system and wider markets and stay in close contact with firms. It is the responsibility of firms to manage the risks to which they are exposed,” a spokesperson for the BoE said in an email to Reuters.

The central bank in the email also said it regularly stress tests banks and insurers and had launched a system-wide exercise examining how riskier forms of non-bank lending behave under stress and the potential knock-on effects for UK financial stability.

Barclays is owed 495 million pounds ($662.61 million) from its exposure to MFS, Reuters reported on Wednesday, citing a source familiar with the matter.

The PRA has not yet launched a formal investigation, though it has the power to impose fines and restrictions on banks that breach its rules, the FT reported.

Barclays did not immediately respond to a Reuters request for comment.

($1 = 0.7470 pounds)

Reporting by DhanushVignesh Babu in Bengaluru; Editing by Sahal Muhammed and Maju Samuel

Germany’s Merz warns against spread of war in Middle East

Merz said Germany shared the aims of the United States and Israel to stop Tehran’s nuclear and missile programme

German Chancellor Friedrich Merz speaks during a press conference following his White House meeting with U.S. President Donald Trump, in Washington, D.C., U.S., March 3, 2026. REUTERS/Kylie Cooper

International News via Reuters:

German Chancellor Friedrich Merz said on Friday Berlin was working with partners to find an approach to end the fighting with Iran as he warned against allowing the country to fall into chaos as the war widens across the Middle East.

Merz said Germany shared the aims of the United States and Israel to stop Tehran’s nuclear and missile programme, its threats to Israel and its support for proxy groups and he said the Iranian people had the right to decide their own future.

“However, as the fighting continues and spreads, we also see growing risks,” he said in a statement. “An endless war is not in our interest.”

He said Germany was working with partners to formulate a common perspective on ending the conflict. “These considerations are ongoing,” he said, without giving details.

Merz’s comments reflect the unease felt in Europe at the war unleashed by the U.S. and Israeli operation that killed Iran’s Supreme Leader Ali Khamenei a week ago and which has since spread into Lebanon with no clear sign of an end in sight.

As American and Israeli jets have continued to pound targets across Iran and Iranian missiles and drones have hit cities in the Gulf and Israel, the economic risks have risen with global air transport in chaos and the Strait of Hormuz, one of the world’s key oil shipping lanes, shut down.

Iran has not yet named a successor to Khamenei, who held power for 37 years, and Merz said the collapse of Iranian statehood or proxy conflicts fought on Iranian soil would not be in anyone’s interest.

“Such scenarios could have far-reaching consequences for Europe,” he said, including uncontrolled migration by Iranians fleeing across the border if the country fell into chaos.

“The Iranian state must remain functional, and public order and basic services must be maintained. The Iranian economy must not collapse,” Merz said.

Merz said a political process of dialogue and trust building in the region would have to begin once fighting ends. Iran’s nuclear and ballistic missile programmes would have to end and be subject to verification. Iran would have to stop supporting proxy groups and all nuclear material would have to be secured.

If that happened sanctions might be lifted and aid could be provided.

Reporting by Joern Poltz, Writing by Miranda Murray and James Mackenzie, Editing by William Maclean

Axel Springer buys UK’s Telegraph for $766 million, ending ownership limbo

The deal gatecrashed Daily Mail owner DMGT’s attempt to buy its broadsheet rival, which had been facing regulatory probes in Britain amid concerns about media plurality

International News via Reuters:

German media group Axel Springer said on Friday it had agreed to buy Britain’s Telegraph Media Group for 575 million pounds ($766.3 million) in cash, bringing to an end a prolonged period of uncertainty over the newspaper’s ownership.

The deal gatecrashed Daily Mail owner DMGT’s attempt to buy its broadsheet rival, which had been facing regulatory probes in Britain amid concerns about media plurality.

Axel Springer said it would preserve the Telegraph’s legacy while providing a platform for expansion, including in the U.S., and reaffirmed its commitment to “high-quality, independent journalism” and media plurality in Britain.

After buying Politico in a deal valued at around $1 billion in 2021, the Telegraph purchase becomes Axel Springer’s second-largest investment since its founding in 1946, following an earlier failed attempt to acquire the paper in 2004.

‘SWIFT AND EFFICIENT’ NEGOTIATIONS

Mathias Dopfner, Axel Springer’s CEO, said owning the Telegraph was “a privilege and a duty”.

He said the group aimed to grow the title while preserving its character and helping it become “the most read and intellectually inspiring centre-right media outlet in the English-speaking world”.

He acknowledged Telegraph staff had faced a prolonged period of uncertainty and said that the publisher intended to “bring that uncertainty to an end”. 

The company credited New York Sun publisher Dovid Efune for his support in the deal. 

Efune led a consortium with Axel Springer to bid for the titles last month, but Axel Springer concluded the deal alone. 

RedBird IMI said it was pleased to have reached agreement following “swift and efficient” negotiations. 

“With the strength of their commercial offer and a straightforward regulatory path to ownership, we believe that Axel Springer is well placed to take the Telegraph forward into its next chapter,” RedBird said in a statement.

The companies said they were now working with the British government to obtain the necessary approvals.

Culture minister Lisa Nandy intervened last month to send DMGT’s deal to regulators to examine the implications for media plurality and competition. Nandy’s office did not respond to a request for comment.

DMGT said on Friday it had worked hard to complete the deal. “We believe that the protracted and out-of-date regulatory framework guarantees that UK-based national newspaper groups are at a huge competitive disadvantage in any merger process,” a spokesperson said.

LONG-RUNNING OWNERSHIP DISPUTE

The deal brings an end to a saga that began in June 2023, when Lloyds Banking Group effectively repossessed the Telegraph after longtime owners the Barclay family fell into arrears on 1.2 billion pounds of debts secured against the newspaper group.

RedBird IMI took control after paying off a 600 million pound loan owed to Lloyds, but the titles remained in limbo as Britain moved to block foreign state involvement in national newspapers, forcing it to reverse course.

U.S. investment firm RedBird Capital Partners then tried to buy the group, with Abu Dhabi-backed IMI taking a minority position, but the deal collapsed in November 2025. 

The bid had been restructured to comply with new rules capping foreign state ownership at 15%, but was withdrawn after a slower-than-expected regulatory process and internal opposition from senior Telegraph newsroom figures.

Boutique investment bank LionTree advised Axel Springer.

($1 = 0.7504 pounds)

Reporting by Sam Tabahriti and Amy-Jo Crowley in London, Klaus Lauer in Berlin; additional reporting by Prerna Bedi in Bengaluru; writing by Sam Tabahriti; Editing by Krishna Chandra Eluri, Paul Sandle and Jan Harvey

Elite match-ups confirmed as Gnosis National Squash Championships reach final stage

The stage is set for a weekend of high-octane squash at the Bermuda Squash Club in Devonshire after a dramatic night of semi-final action defined by clinical efficiency at the top and grueling endurance in the lower brackets. In the blue-riband Men’s Open division, the final will see Taylor Carrick face off against Micah Franklin in a clash of the island’s premier talents. Both players navigated their semi-final hurdles with impressive poise, securing straight-sets victories to ensure they head into the championship match with plenty of fuel left in the tank.

The Women’s Open final promises to be equally captivating as Rachel Barnes and Melina Turk prepare to battle for the national title. While both finalists progressed without dropping a set, their victories were far from straightforward, requiring tactical discipline to overcome high-pressure rallies.

While the Open categories were decided with relative speed, the evening was otherwise defined by a series of five-set marathons that pushed athletes to their physical limits. Perhaps the most grueling encounter occurred in the Men’s Vets Over 40 semi-final, where Chris Dawson edged out Hadleigh Farrer in a forty-minute thriller. After trailing two sets to one, Dawson showcased remarkable grit to claim the final two sets, eventually sealing a thirteen-eleven victory in the decider to keep his title hopes alive.

Lau & Eiselt set for Puerto Rico challenge

Bermuda’s burgeoning triathlon talent will be on full display this weekend as Jasper Lau and Dylan Eiselt prepare to represent the island at the 2026 World Triathlon Development Regional Cup Salinas in Puerto Rico. The two-day event, scheduled for March 7th and 8th, will see the pair compete in the Elite Men’s field at the scenic Playa Punta Salinas.

Both athletes arrive in San Juan with strong momentum from recent international campaigns. Dylan Eiselt has been a standout performer, recently securing a bronze medal in the Youth Elite Male race at the Clermont Challenge and helping Bermuda clinch silver in the Mixed Team Relays at the Carifta Triathlon Championships.

Jasper Lau, a consistent top-ten finisher regionally, also showcased his pedigree with a seventh-place finish at Carifta and remains a vital part of Bermuda’s developmental pathway. As they step up to the elite level this weekend, the focus will be on gaining valuable continental ranking points in the sprint-distance event.