Minister says shipment is pending but offers no firm production date
File image.
Months after a reported shipment delay, Government’s new $5.2 million asphalt plant remains in the United States.
Responding to questions in the House of Assembly today from OBA MP Linda Smith, Public Works and Environment Minister Jache Adams said the plant is currently located in Chattanooga, Tennessee, and is expected to be shipped to Bermuda “shortly” … but he could not commit to a date for when it will become operational once here.
“While we are hopeful that the plant will be operational at some point this year, I cannot provide a precise production date at this time,” said Minister Adams. “Shipping timelines, installation, logistics and commissioning requirements must first be completed and once those processes are finalised, the House will be updated accordingly.”
It was reported back in November that the shipment of the new asphalt plant had been delayed by approximately three months to allow an independent assessment to be completed regarding the potential relocation of the Government Quarry’s operations. That delay would have placed the expected arrival in the first quarter of this year.
MP Smith, who is also Shadow Minister of Public Works & Environment, further asked what increase in road paving output the Ministry expects once the new plant comes online.
Minister Adams said initial production will mirror current levels, with the capacity to increase output over time.
“Once operational, we intend to begin production at approximately 100 tonnes of asphalt per day, which is roughly what we’re doing currently with the capacity to triple that output over time, as efficiencies are realised.”
“The key improvement in the first 12 months will be greater consistency and increased output. You see, the existing plant is prone to breakdowns which disrupt paving schedules. The new plant will significantly reduce downtime and allow us to accelerate resurfacing in a sustained way. This means more reliable paving schedules, faster rehabilitation of major corridors, and smoother, more durable roads for the public.”
Barclays, Santander, Wells Fargo, Jefferies and Apollo Global Management-owned Atlas SP Partners are among the lenders to MFS, which had borrowed more than 2 billion pounds ($2.69 billion)
International News via Reuters:
Barclays and Jefferies shares fell sharply on Friday after media reports they and other banks face potential losses related to the collapse of UK mortgage provider Market Financial Solutions Ltd, amid wider concerns about lending standards and the fast-growing market for private credit.
London-based MFS specialised in complex property-backed loans. It had applied for administration, a form of UK insolvency protection, after it ran into difficulties, according to previous media reports and court documents seen by Reuters. Creditors who successfully applied to have the company put into administration on Wednesday cited financial irregularities and mismanagement in court documents.
Barclays, Santander, Wells Fargo, Jefferies and Apollo Global Management-owned Atlas SP Partners are among the lenders to MFS, which had borrowed more than 2 billion pounds ($2.69 billion), Bloomberg reported on Thursday.
Creditors warned there may be a shortfall of 930 million pounds in collateral backing their loans, Bloomberg reported on Friday.
The banks declined to comment.
Atlas SP Partners, the structured credit arm of Apollo Global Management, said it has roughly 400 million pounds of exposure to the mortgage provider, or about 1% of its balance sheet. Atlas is one of the senior creditors to MFS, alongside other bank lenders.
“Following a breach of contractual terms by Market Financial Solutions, Atlas proactively put two warehouses into default last week and is pursuing all legal avenues to maximize recoveries,” a spokesperson for Atlas said in a statement to Reuters.
Shares of Apollo and other asset managers were down on Friday on broader investor concerns around stress in the private credit industry.
Investors are on the alert for any sign of deteriorating lending standards and cracks appearing in credit markets, with some of those fears centred on a boom in private credit, in which specialist funds lend directly to companies.
The collapse last year of U.S. auto parts supplier First Brands and subprime auto lender Tricolor heightened those concerns, although traditional banks were among the most exposed.
Shares in Jefferies fell nearly 8% in early U.S. trading, adding to Thursday’s 3.5% decline, as reports of the New York-based bank’s exposure to MFS rattled investors.
Jefferies disclosed last year that its Leucadia Asset Management division, through its credit fund Point Bonita, held about $715 million in receivables linked to First Brands, although it later said its exposure was limited.
Barclays shares were down 5% by 1500 GMT, underperforming the broader FTSE 100 index, which rose 0.5%. Santander shares dropped 3%.
‘REAL AND SERIOUS CONCERNS’
MFS, based in London’s Mayfair, described itself as a specialist provider of buy-to-let mortgage lending and bridging finance, with net assets of 15.9 million pounds and 149 employees as of December 31, 2024, according to its most recently filed accounts.
The company, founded by CEO Paresh Raja, said it had a loan book of 2.4 billion pounds at the end of 2024, the accounts show.
MFS did not respond to a request for comment.
MFS creditors Amber Bridging Limited and Zircon Bridging Limited had separately filed for an administration order against MFS, court documents dated February 24 and reviewed by Reuters show, citing “real and serious concerns about the mismanagement of the company” and entities in its wider MFS Group.
Amber Bridging and Zircon Bridging, cited as creditors of MFS in the court documents, said there were irregularities in payments due to their accounts and applied for independent administrators to be appointed.
The Times reported Barclays has a 600 million pound ($809.70 million) exposure to MFS. Bloomberg said Barclays was among the banks that arranged the loans for MFS.
Analysts from Citi said that the figure may warrant some caution, given banks typically sell on some or all of their exposure when arranging such loans.
“Arranging a loan is very different to retaining that risk on B/S (balance sheet),” Citi said.
“Also not clear if/how much could already be provisioned against (if anything).”
($1 = 0.7428 pounds)
Reporting by Samuel Indyk, Lawrence White and Sam Tobin; Additional reporting by Jesus Aguado, Lananh Nguyen and Saeed Azhar, Writing by Tommy Reggiori Wilkes; Editing by Amanda Cooper, Jane Merriman and Lisa Shumaker
In the video an official from the national police can be seen and heard reading a release order, before a technician removes an ankle monitor from Superlano
International News via Reuters:
Venezuelan politician Freddy Superlano, a leader of the opposition Voluntad Popular party, on Friday had a house arrest order lifted, a video posted on his Instagram account showed, as part of a limited amnesty bill passed this month in the South American country.
In the video an official from the national police can be seen and heard reading a release order, before a technician removes an ankle monitor from Superlano.
Superlano was released from prison on February 8 and placed under house arrest. His arrest after the 2024 presidential elections was captured on a video showing him being pushed into the back of an unmarked car surrounded by armed security agents.
The tram, one of the newest models in operation in Milan, came off the tracks in Vittorio Veneto street, close to the city’s Central Station, crashing into the window of a shop
International News via Reuters:
Two people were killed and around 40 injured when a tram derailed in central Milan on Friday, a spokesperson for local firefighters said.
The tram, one of the newest models in operation in Milan, came off the tracks in Vittorio Veneto street, close to the city’s Central Station, crashing into the window of a shop.
Local emergency services said 13 ambulances were on the scene.
Civil protection teams set up a tent to assist the injured, according to a Reuters eyewitness.
The Milan transport company, ATM, said in a statement it was “deeply shocked”, expressed its sympathy to those affected and said it was working with authorities to try to understand the cause.
Reporting by Elvira Pollina and Daniele Mascolo; editing by Gianluca Semeraro, Kevin Liffey and Gavin Jones
Last year, finance minister Rachel Reeves criticised regulators for being “a boot on the neck of businesses”
International News via Reuters:
Britain’s government on Friday appointed a former regulator and current Barclays executive, Katharine Braddick, as the Bank of England’s next deputy governor for prudential regulation to try to boost sluggish economic growth.
Last year, finance minister Rachel Reeves criticised regulators for being “a boot on the neck of businesses”, raising concerns at the Bank of England, whose governor, Andrew Bailey, has said the lessons of the 2008 global financial crisis risk being forgotten.
Braddick worked at Britain’s Financial Services Authority and the Bank of England as a bank regulator before joining the finance ministry and then moving to Barclays in 2022, where she is group head of strategic policy.
EXPERIENCED, PRO-BUSINESS LEADER, SAYS REEVES
“Katharine Braddick is an accomplished pro-business leader with the experience to keep our financial system safe while backing the investment and lending that drives growth,” Reeves said in a statement.
She added that Braddick “understands the City and regulation, and will help ensure the UK remains one of the best places in the world to do business”.
Braddick will take up the post on July 1 from Sam Woods, and will serve a five-year term.
Her appointment was welcomed by the City of London Corporation, the municipal body for London’s financial district, which typically champions the sector’s interests.
“At a time of significant regulatory reform and global competition, it’s crucial we have someone with her depth of knowledge and expertise in the role,” the Corporation’s policy chairman, Chris Hayward, said.
The BoE said that to manage any perceived conflict of interest, Braddick would immediately stop work for Barclays and that the bank would pay Braddick the deferred portion of her bonus straightaway.
Braddick would be barred from being “involved in any supervisory or enforcement decisions in relation to Barclays” for the first six months of her job, David Roberts, the chair of the BoE’s supervisory board, said in a letter to the chair of parliament’s Treasury Committee.
Due to Barclays’ central role in Britain’s financial system, it was not practical for Braddick to be recused for any longer, he added.
In 2017, the committee was critical of newly appointed deputy governor Charlotte Hogg for failing to be transparent about her brother’s work on Barclays’ strategy team, ultimately convincing her to step down.
Reporting by David Milliken and William James; editing by Barbara Lewis
In its Reply to the Budget, the Opposition says the PLP Government’s failure to make meaningful progress has squeezed Bermudians’ wallets and disturbed their peace of mind
Temporary Band-Aids for short-term political wins.
This is how the Opposition today framed Government’s financial plans, in its formal Reply to the Budget. (SCROLL down for full reply, HIGHLIGHTS above)
The One Bermuda Alliance has warned that Bermuda’s improving revenue outlook masks deeper economic weaknesses.
Shadow Finance Minister Dr. Douglas De Couto said the introduction of Corporate Income Tax (CIT) has significantly boosted government projections, with $753 million expected in the next fiscal year — roughly one-third of total revenue. However, he cautioned that the island has become heavily dependent on a small group of international insurance companies, leaving public finances vulnerable to global market shifts.
Without the windfall provided by the Corporate Income Tax, the PLP Government’s performance would have driven Bermuda into a “massive fiscal crisis, once again,” the OBA argues.
Dr. De Couto claims that under the PLP Government, the economy shrank and then flatlined: “It gives me no pleasure to say that since the last Budget, very little progress has been made. “After years of financial strain under the PLP Government, years marked by rising debt, mounting pressures on families, and declining trust, the introduction of the Corporate Income Tax allows Bermuda to course-correct, to stabilize Bermuda’s financial foundations, and support Bermudians in need.
“The CIT presents the chance to stimulate real growth in our economy, and to finally create new opportunities for Bermudians to enjoy the quality of life they desire and deserve.”
Opportunity, however, does not equal execution, the OBA argues.
The success of the PLP Government’s Budget must be measured by results delivered for our people, not just abstract numbers: “For many Bermudians, their struggles have not eased, despite the years of headlines and promises. Payroll tax reductions, electricity relief, and other measures provide temporary relief but do not create a sustainable economy.
“… Most Bermudians have heard very little of what the Premier has referred to as ‘quiet but meaningful progress’. Whatever progress that may be, it is too little, too late. Bermudians need real change, and real progress.”
Dr. De Couto said an OBA government would target support where it is most needed, protect our revenue base, create growth and opportunities, and build long-term stability – “instead of chasing short-term political applause”.
Fleshing out his criticism of the PLP’s handling of the economy, Dr. De Couto said GDP remained flat until Covid in 2019, and has barely recovered since.
“Local GDP has grown only 4.1% since 2017, an average of 0.6% per year. Payroll tax reductions, electricity relief, and other measures provide temporary relief but do not create a sustainable economy.
“In contrast, International Business has grown 30% over the same period, or 3.8% per year – over six and a half times as much.”
On the issue of jobs, the Opposition points to a decline in Bermudian employment and continued population shrinkage, warning that fewer workers mean higher per-person costs for healthcare and pensions.
The Shadow Finance Minister cited the latest Employment Briefs data, which showed that through the end of 2024:
There are 208 fewer jobs than in 2017;
There are 1,436 fewer jobs for Bermudians and their spouses than in 2017, a decline of 5.6%;
And, while jobs in International Business have grown by 1,040 since 2017, there has been a loss of 1,248 non-IB jobs.
“What does that mean for Bermudians who aren’t on the IB train? Fewer opportunities, fewer pathways, and a diminishing role in their own economy … The One Bermuda Alliance applauds and welcomes IB’s success, but Bermuda cannot be sustained by one sector alone.”
Given Bermuda’s “over-reliance” on International Business, Dr. De Couto argues, we must diversify where we can, including regrowing tourism.
He cited data that “raises serious concerns”.
In 2025:
Total vacation and business visitors remain 17% below 2019 levels and 11% below 2024;
Total air arrivals remain 30% below 2019 and 3.4% below 2024;
Airline load factors, or the number of seats filled is only at 68% of 535,400 total seats, versus 75% of 580,000 seats in 2019.
Bermuda “used to have more planes with more passengers,” Dr. De Couto said, adding: “Under this PLP Government, tourism has flatlined with far lower numbers than before Covid.
“We are hopeful that the Fairmont Southampton will eventually re-open, and look forward to the new Loren at Elbow Beach. But these projects are largely driven by investors already in Bermuda, some of whom came here under the OBA.
“What is the PLP doing to bring new investors to our shores? In over eight years, this PLP Government has failed to bring any new hotel investors to our shores.
This is not diversification. This is stagnation.”
While acknowledging lower inflation in recent months, Dr. De Couto said cumulative price increases since 2018 have outpaced wage growth for many workers, eroding purchasing power. Bermuda also remains ranked among the world’s most expensive places to live.
Harking back to the economy’s reliance on International Business. Dr. De Couto said: “The Government must no longer sit by as spectators to the IB economy, content to skim the cream off the top, while the rest of the economy stagnates.”
The OBA is proposing strict fiscal guardrails for managing CIT revenue, including legislating a stability fund, capping spending growth, and prioritizing debt reduction.
Budgets are about more than numbers, Dr. De Couto says. “They are about whether families can build a life here, whether seniors can age with dignity. Whether young Bermudians see real opportunity, or more empty promises.
“It’s time for transparency. It’s time for responsibility, and it’s time for this PLP Government to be accountable to all Bermudians.”P Government to be accountable to all Bermudians.”
The Bermuda Volleyball Association is set for a major international showcase as it dispatches six junior teams to the prestigious Nike Boston National Qualifier. The tournament, held at the Boston Convention and Exhibition Center, spans the next two weekends, with the first wave of action spiking off today, Friday, February 27th.
The opening weekend features four squads from the island. Under the banner of the Paradise Hitters Volleyball Club, Bermuda is represented in the 13 and Under and 15 and Under girls’ divisions. On the boys’ side, the Big Wave Riders compete in the 15 and Under and 16 and Under brackets.
For the Paradise Hitters Under-13 squad, the trip is a critical barometer of their development. Led by Head Coach Kamryn Martins, the team features athletes as young as 11. “This is an opportunity to test their development in a higher-level environment,” said Martins.
Meanwhile, the Under-15 Paradise Hitters arrive in Massachusetts with significant momentum following a top-five finish at the Florida Holiday Challenge in December. Head Coach Sean Tucker believes the group is primed to showcase their refined skills on the national stage.
The following weekend, starting March 6th, the elder athletes take their turn. Paradise Hitters will field an Under-17 team—fresh from a local Winter League final victory—while the Big Wave Riders will send an Under-18 boys’ squad.
U17 Head Coach Mike Gazzard highlighted the squad’s motivation for their final travel event of the year, emphasizing their drive to “represent Bermuda with pride” against top-tier opposition.
Jake Brislane and his Tonbridge Athletic Club teammates produced a tactical masterclass to secure the English National Cross Country Championships in Sedgefield, County Durham. Competing against a formidable field representing sixty-eight different clubs, Tonbridge overcame the odds to lift the title in a race defined by endurance and grit.
Defending champions Bristol and West AC entered as overwhelming favourites, and early on, it looked as though they would cruise to victory. After the first of three laps, Bristol held a commanding lead of 130 points to Tonbridge’s 190.
The tide turned dramatically during the second lap of the 12km course. James Kingston spearheaded the resurgence, while Tee Higgins—fresh off a bronze medal at the UK Indoor Championships—climbed from 12th place to finish an incredible 5th overall in 38:34.
The victory was anchored by perfectly paced runs across the scoring six:
Alex Howard: 16th (39:25)
Jamie Macdonald: 30th (39:54)
Jake Brislane: 33rd (40:04)
Ben Cole: 38th (40:11)
Tonbridge finished with 124 points, comfortably eclipsing Bristol’s 159. The historic win saw the club lead a top five that included northern powerhouses Salford, Leeds, and Newark.
Bermuda’s junior Davis Cup stars have secured a vital victory in Guatemala City, overcoming a stubborn Jamaica side 2–1 in their Under-16 classification play-off. After a series of testing group fixtures on the red clay, the young Gombey Warriors showed immense mental fortitude to clinch the tie and advance to the 13th and 14th place play-off.
The tie ignited with a grueling three-set battle in the opening singles rubber. Jaden Jones provided the perfect start, claiming a tight first set 6-4 before Laksh Khemani roared back to take the second 7-5. With the match on the line, Jones rediscovered his clinical edge in the decider, outlasting his opponent 10-5 in the tie-break to hand Bermuda the lead.
The second singles match was a showcase of fine margins as Michael Collins faced Michael Nickle. In a mirror image of the opener, Nickle took the first 6-4 before Collins fought back with a 6-4 win of his own. However, Nickle held his nerve in the third, claiming a 10-7 victory to level the tie at one apiece.
With the pressure at its peak, the pairing of Collins and Jones took to the court for the winner-takes-all doubles rubber. Facing Matthew Heavan and Nickle, the Bermudian duo delivered their most clinical performance of the tournament. Demonstrating exceptional chemistry at the net, they swept aside their opponents 6-0, 6-3.
The victory ensures Bermuda will compete for 13th place in their final classification match as they look to end their Guatemalan campaign on a high note.
Minister Jache Adams tables new strategy to modernise laws, strengthen coordination and sharpen enforcement across Bermuda’s waters
Government has unveiled a new strategy aimed at strengthening enforcement across Bermuda’s vast maritime waters.
Earlier today in the House of Assembly, Minister of Public Works and Environment Jache Adams tabled the Marine Resources Enforcement Strategy, a plan designed to modernise how Bermuda monitors and protects its ocean.
The Minister acknowledged that while most fishermen and boaters follow the rules, marine enforcement has at times been limited by outdated legislation and inconsistent follow-through.
He says this new strategy marks a significant shift.
“… this Strategy moves Bermuda from a reactive and sometimes fragmented enforcement model to one that is modern, coordinated, and intelligence-led,” said Minister Adams.
“It means using better data to identify high-risk areas, improving coordination between agencies, modernizing laws so officers are not required to “catch someone in the act” in order to prosecute, investing in the right tools and training, ensuring that when violations occur, they are followed through properly.
“In short, it means making sure that enforcement leads to real consequences when necessary, and real deterrence overall. Because enforcement that is inconsistent is enforcement that is ineffective.”
The strategy outlines five key priorities, including updating decades-old marine legislation, investing in officer training and surveillance technology, strengthening partnerships with regional agencies, and promoting voluntary compliance through education.
Minister Adams also addressed concerns that marine violations have not always resulted in meaningful consequences.
“Too often, cases did not reach what experts call “legal finish.” This Strategy supports a cultural shift. When serious violations occur, there must be credible consequences. Not to punish for punishment’s sake but to maintain deterrence and protect fairness.”
“At the same time, proportional tools, including administrative penalties where appropriate, will allow enforcement to be efficient and practical.
“This is about balance.”
Minister Adams says that fishers, enforcement officers, environmental groups and members of the public contributed to the strategy through consultations held last fall.
While some measures can be implemented immediately, he noted that more resource-intensive initiatives will be rolled out as funding and capacity allow.
Transport Minister Owen Darrell tabled rideshare legislation of Friday, saying its not about replacing taxis but improving product
Government is moving forward with introducing ridesharing to Bermuda.
Owen Darrell, Minister of Tourism and Transport, says this is not about replacing taxis, but reducing wait times and strengthening our competitiveness as a destination.
He adds that transporatation reliability and availability remain the largest service gap in our tourism product.
“If we are serious about protecting Bermuda’s brand, strengthening repeat visitation, and safeguarding the livelihoods that depend on tourism, we must act where the gap is greatest.”
“Visitors consistently report difficulty securing transportation outside Hamilton and major hotel zones, particularly during peak demand and cruise ship arrivals. Introducing ridesharing provides complementary lift during high-demand periods and in underserved areas.”
The amendment to the Motor Car Act will introduce “a regulated, cashless ridesharing model through approved digital dispatch platforms.”
Minister Darrell stressed that licensed taxi drivers will be prioritised…
“Taxis will receive first preference within the approved dispatching application when a ridesharing service is requested… Only those licensed to operate a Public Service Vehicle may apply… There will be no street hailing, and all trips must be digitally dispatched… Operators must connect to an approved digital dispatch network…”
The Minister adds that Bermuda cannot stagnate, and must evolve in step with global standards – while still protecting the integrity of local industries.
FULL statement and draft legislation below …
Ministerial Statement by Minister of Tourism & Transport, Culture & Sport, Owen Darrell
The Bermuda Comet Class delivered a masterclass at the Royal Hamilton Amateur Dinghy Club’s Inter Club Winter Series, sweeping the honours on the second day of racing. In a display of tactical brilliance across five races in the RS21 fleet, the Comet squad proved to be the class of the field, despite having missed the opening day of competition.
The crew—featuring Allan Frith, Dale Brangman, Greg Wade, and Sarah Frith—ignited their campaign with back-to-back victories. Even with a tactical rotation that saw Maxwell Curtis step in for the middle races, the team remained consistent before Brangman returned to the helm to secure a final-race win.
The Comet Class finished the session with a remarkable five Net points, holding off stiff competition:
1st: Bermuda Comet Class (5 Net Points)
2nd: David Leech, RHADC (7 Net Points)
3rd: Miguel Power, Sandys Boat Club (11 Net Points)
While the day belonged to the newcomers, the overall standings remain on a knife-edge after ten races. Miguel Power retains the overall lead with 20 Net points, but his advantage has been slashed to just a single point over Sebastian Round.
With the Comet Class boat now firmly in the mix and Maxwell Curtis sitting in third overall, the pressure is on the leaders to maintain their composure as the series reaches its climax.
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