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Dancing robots bring support, company to Barcelona elderly

Bermuda Broadcasting Newsdesk
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Dancing robots bring support, company to Barcelona elderly

Like many countries, Spain faces rising life expectancy and falling birth rates, increasing pressure on its care sector to support an ageing population

International News via Reuters:

Barcelona resident Irene Veglison had not danced for more than two decades until a robot moved into her home three months ago.

The 67-year-old received the 1.35-metre-tall device in November as part of a government project to support people in the early stages of cognitive decline.

“We’re developing this pilot project to improve tele-assistance,” said Marta Villanueva Cendán, a councillor for Barcelona’s municipal council.

Like many countries, Spain faces rising life expectancy and falling birth rates, increasing pressure on its care sector to support an ageing population.

“In the future, we want the robots to detect risk and alert professionals, like if the person has fallen and cannot respond,” the councillor added.

Barcelona has deployed 600 such bots to private homes and care centres, under a programme backed by a 3.8 million euro ($4.47 million) grant from the European Union’s COVID recovery funds.

The devices are built by U.S.-based Misty Robotics and distributed in Europe by Catalan firm Grup Saltó.

Veglison, who lives with her two cats, has named her bot Sandi.

It reminds her to take her medication at 9 a.m., tells her when her doctor appointments are, wakes her up in the morning and bids her goodnight at the end of each day.

Nearly 2 million people over 65 live alone in Spain, three-quarters of them women, according to official data.

Studies estimate the country will need to double its long-term care workforce by 2030. Yet, pay about 10,000 euros below the national average has deterred younger workers and more than half of current staff are over 45, according to think-tank Funcas.

In an emergency, Veglison can call a social worker through the device, which has a camera that can be activated remotely to assess the situation and offer help.

Scrolling through YouTube on its built-in screen, she selected a French chanson and swayed with Sandi as the screen tilted back and forth with her movements.

The devices are fitted with screens offering entertainment apps, a calendar, maps, and a selection of cartoon-like faces to set when it is on standby, with expressions like “surprised”, “loving” or “asleep”.

“It’s not just a trinket: there are lots of people behind it who are looking out for you, checking whether you’ve fallen down, whether you’re okay,” Veglison said.

($1 = 0.8492 euros)

Reporting by Alba Ferrer, Victoria Waldersee; Writing by Victoria Waldersee; Editing by Nivedita Bhattacharjee

Greens directly challenge UK’s ailing Labour Party with vote win

Bermuda Broadcasting Newsdesk
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Greens directly challenge UK’s ailing Labour Party with vote win

It was a direct challenge to the governing Labour Party of British Prime Minister Keir Starmer

International News via Reuters:

Hannah Spencer’s victory speech on becoming the Greens’ fifth lawmaker on Friday barely touched on the environmental issues that have defined the party, instead attacking “billionaires” profiting from Britain’s working class.

It was a direct challenge to the governing Labour Party of British Prime Minister Keir Starmer, criticised by some on the left of his movement for abandoning the party’s traditional socialist values to fight a threat from the populist Reform UK.

The landslide victory of the Greens in a so-called by-election in northwest England’s Greater Manchester has emboldened the voices calling for Starmer to abandon a strategy of tracking to the right on issues such as tackling illegal immigration to fight Brexit veteran Nigel Farage’s Reform.

And while governing parties almost always lose by-elections when voters often air their anger, the thumping defeat could empower those on the left to again challenge Starmer after an attempt earlier this month to force his resignation failed.

STARMER STRATEGY NEEDS TO CHANGE, UNION SAYS

The head of UNISON, Britain’s biggest trade union which is a large Labour donor, said Starmer was “reaping the electoral consequences” of his strategy in the election for a lawmaker to represent the voting area of Gorton and Denton in parliament.

“A Labour government should be standing up for workers, defending migrants and refugees, and taking the fight to Nigel Farage rather than letting him set the agenda,” UNISON general secretary Andrea Egan said in a statement.

“Under Keir Starmer the party is failing on every count, leaving the Greens to fill the vacuum. Cosying up to the rich and powerful, and protecting their interests whilst attacking ordinary working people and the left has singularly failed.”

Richard Burgon, a leftist Labour lawmaker who is a member of the Socialist Campaign Group in parliament, said on X the result “means ditching the approach of trying to ape Reform and kicking the left”, adding the strategy had “alienated so many people who have voted Labour previously”.

Labour was forced into third place in the election, which saw the Greens win with 40.7% of the vote and Reform take second place with 28.7%.

One centre-left Labour lawmaker described the Greens’ victory as “ultimately the worst possible outcome”.

“Now we can’t say we’re the best placed to beat Reform,” the lawmaker said on condition of anonymity.

GREENS CHALLENGING LABOUR ON THE LEFT

The sentiment was not lost on the Green Party, whose origins were in environmental campaigning but which has widened its policy offer to directly challenge Labour on the left.

Spencer’s victory speech was aimed directly at “people here … who feel left behind and isolated”, those who “instead of working for a nice life, we’re working to line the pockets of billionaires”.

She also criticised the “divisive figures who constantly scapegoat and blame our communities for all the problems in society”, promising to fight for “my Muslim friends”, a large population in the area which the Greens appeared to win over with a promise to better support Palestinians in Gaza.

Some Labour lawmakers said the Gaza message had led to abuse on the campaign trail over the party’s stance on the war, with some accusing them of being complicit in what the Greens say is the genocide of Palestinians.

The government says it is up to the international courts to determine whether genocide has occurred in Gaza, instead calling the situation a “humanitarian catastrophe”. Israel has strongly denied allegations of genocide.

Zack Polanski, leader of the Greens, denied that his party had played to racism during the campaign, telling BBC radio it was “calling out the bad decisions of this prime minister”.

Sharon Graham, head of the powerful Unite trade union, said the result was a “wake up call”.

“Labour need to now ditch the gimmicks and get back to being Labour – not new, not one that plays games, but real Labour,” she said on X.

Reporting by Elizabeth Piper; Additional reporting by William James and Sarah Young; Editing by Alison Williams

Munich Airport, Lufthansa pledge to overhaul emergency protocols after snowstorm mishap

Bermuda Broadcasting Newsdesk
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Munich Airport, Lufthansa pledge to overhaul emergency protocols after snowstorm mishap

The airport and airline apologised for what they deemed an “unacceptable” incident and announced new measures to prevent a recurrence

International News via Reuters:

Munich Airport and Lufthansa on Friday vowed to revamp emergency protocols following the stranding of around 600 passengers on six planes during a snowstorm last week.

“We, Munich Airport and Lufthansa, made mistakes that night and together we take responsibility,” Lufthansa’s Hub Manager for the Munich Airport Heiko Reitz said at a joint press conference in Munich.

The airport and airline apologised for what they deemed an “unacceptable” incident and announced new measures to prevent a recurrence.

Operational shortfalls on Feb. 19, including lack of terminal space, stretched bus capacity, and staff shortages amid a strict night curfew, were cited as key factors that delayed passenger transfer.

Passengers spent hours aboard aircrafts with limited food or blankets, facing sparse updates from crews. Lufthansa said it began contacting affected travellers the following day to handle compensation claims.

The response drew criticism from pilot and firefighter unions, while local politicians demanded accountability, warning the event could harm Munich’s reputation as a transit hub.

Lufthansa and Munich Airport pledged to improve coordination and readiness in future disruptions.

Reporting by Christina Amann, Kirsti KnolleEditing by Linda Pasquini

Britain’s FTSE 100 hits new peak on miners strength, on track for eighth monthly gain

Bermuda Broadcasting Newsdesk
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Britain’s FTSE 100 hits new peak on miners strength, on track for eighth monthly gain

The blue‑chip FTSE 100 rose 0.5% to 10,900 points as of 1022 GMT, while the mid‑cap FTSE 250 was up 0.2%, less than 2% from its 2021 peak

International News via Reuters:

London’s FTSE 100 climbed to a fresh record high on Friday and was set for its eighth straight monthly rise, boosted by heavyweight miners as lingering tariff concerns fuelled safe-haven demand in some commodities.

The blue‑chip FTSE 100 rose 0.5% to 10,900 points as of 1022 GMT, while the mid‑cap FTSE 250 was up 0.2%, less than 2% from its 2021 peak.

Precious‑metal miners and industrial‑metal miners rose as demand for gold and copper increased, with investors flocking to safe‑haven assets amid uncertainty over U.S. tariff policies and heightened tensions between the United States and Iran. 

Mining stocks have been among the biggest contributors to the FTSE 100’s gains over the past year, supported by sustained tightness in commodity markets and firm metals pricing. [GOL/] [MET/L]

The FTSE 100 is on track for its longest monthly winning streak since 2012–2013.

The index has gained 6.6% in February, outperforming U.S. and European benchmarks as optimism around a potential Bank of England rate cut in March lifted sentiment. At times, however, gains have been tempered by worries that emerging AI tools could disrupt established business models, as well as trade-related uncertainties from U.S. President Donald Trump’s fresh tariffs earlier this month.

Among others, Rightmove rose 4.7% to the top of the benchmark index after the UK’s biggest property portal posted in‑line annual profit and announced a 90 million pounds share buyback.

Wizz Air slid 10.5% after major shareholder Indigo Partners sold 10 million shares at 1,250 pence apiece in a placement worth about 125 million pounds ($168.7 million).

Senior was up 18.2% after the engineering firm said it had received several takeover approaches in recent months and is considering two, with talks ongoing with an undisclosed bidder.

On the political front, Prime Minister Keir Starmer’s Labour Party suffered a defeat to the Green Party in a Manchester ward it had dominated for nearly a century, underscoring the fragmentation of Britain’s traditional two‑party system.

Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Leroy Leo

Sterling struggles after UK Labour Party suffers defeat in stronghold

Bermuda Broadcasting Newsdesk
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Sterling struggles after UK Labour Party suffers defeat in stronghold

Sterling was heading for a second weekly decline, having lost 0.1% and on Friday stalled against both the dollar and the euro, which traded at $1.3483 and 87.55 pence, respectively

International News via Reuters:

The pound struggled to gain traction on Friday, as mounting geopolitical tensions prompted investors to back away from more typically volatile currencies, and after an election in northern England brought a resounding defeat for Prime Minister Keir Starmer’s Labour party.

Sterling was heading for a second weekly decline, having lost 0.1% and on Friday stalled against both the dollar and the euro, which traded at $1.3483 and 87.55 pence, respectively.

Britain’s left-wing Green Party on Friday scored a landslide victory in an area of Manchester the Labour party had dominated for almost a century, piling further pressure on Starmer to prove that he should keep his job following weeks of political turmoil and calls for him to resign.

Gilts edged up modestly, pushing yields lower. Five-year bonds, which are set for their strongest monthly performance since last October, were last yielding 3.703%, down 1.4 basis points on the day, near their lowest since September 2024.

The pound is highly sensitive to national politics. Doubt over Starmer’s future and whether a more left-leaning successor might be inclined to further strain the UK’s finances with more spending, for example, has acted as a drag on sterling for several weeks.

“Anything that is seen weakening the position of Prime Minister Keir Starmer has hit the pound as of late, and the success of a more left-wing party (Greens) in this special election might increase the perceived possibility of a more leftish successor to Starmer should he leave office early,” ING strategist Francesco Pesole said.

 Prediction market Polymarket shows customers are placing a roughly 53% chance of Starmer stepping down by June, up from around 24% at the start of February.

Bank of England Chief Economist Huw Pill will address an economics panel later in the day. The BoE is widely expected to cut rates in March and deliver a second cut before the end of the year, based on money markets.  

Reporting by Amanda Cooper; Editing by Toby Chopra

Bermuda Tonight – 26 February 2026

Bermuda Broadcasting Newsdesk
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Bermuda Tonight – 26 February 2026

Smartphone market set for biggest-ever decline in 2026 on memory price surge, IDC says

Bermuda Broadcasting Newsdesk
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Smartphone market set for biggest-ever decline in 2026 on memory price surge, IDC says

Smartphone shipments are expected to drop 12.9% to 1.12 billion units, the research firm said in a report

International News via Reuters:

The global smartphone market is poised to suffer its biggest decline ever in 2026, sinking to a more than decade low in shipments, as surging memory chip prices drive up device costs, the International Data Corporation said on Thursday.

Smartphone shipments are expected to drop 12.9% to 1.12 billion units, the research firm said in a report.

The decline will hit low-end Android manufacturers the hardest, while Apple and Samsung are positioned to gain market share as smaller rivals struggle or exit the market entirely, the report said.

“What we are witnessing is not a temporary squeeze, but a tsunami-like shock originating in the memory supply chain,” said Francisco Jeronimo, vice president for Worldwide Client Devices at IDC.

A rapid build-out of AI infrastructure by tech firms such as Meta, Google and Microsoft has captured much of the memory chips supply, lifting prices as manufacturers prioritize components for higher-margin data centers over consumer devices.

Memory chips, or DRAM, are crucial to smartphones as they allow power-hungry applications to run smoothly.

Analysts have said rising component costs will force budget-device focused companies to pass the expenses on to consumers, just as demand at higher price points is weakening.

Apple and Samsung, with stronger balance sheets and premium positioning, are better positioned, IDC said.

It expects the average selling price of smartphones to surge 14% to a record $523 this year, as manufacturers shift toward higher-margin models to offset ballooning costs.

IDC expects a modest 2% recovery in 2027 as the crisis eases, followed by a 5.2% rebound in 2028, though it said that the market was unlikely to return to previous norms.

“The memory crisis will cause more than a temporary decline; it marks a structural reset of the entire market,” said Nabila Popal, senior research director at IDC’s Mobile Phone Tracker.

She warned that the sub-$100 smartphone segment, representing 171 million devices, will become “permanently uneconomical” even after memory prices stabilize by mid-2027.

Reporting by Kritika Lamba in Bengaluru; Editing by Shinjini Ganguli

Nvidia expects gaming chips shortage to last until year-end

Bermuda Broadcasting Newsdesk
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Nvidia expects gaming chips shortage to last until year-end

Nvidia expects the supply constraints to hurt its gaming business in the current quarter and beyond even as the chip giant sees strong demand

International News via Reuters:

A global shortage of gaming chips could last until the end of this year, an Nvidia executive has said, signaling more pain for the video game industry that is already buckling under weak sales due to slowing consumer demand.

Nvidia expects the supply constraints to hurt its gaming business in the current quarter and beyond even as the chip giant sees strong demand, Nvidia finance chief Colette Kress said on the company’s quarterly earnings call on Wednesday.

“As much as we would love to have more supply, we do believe for a couple quarters it is going to be very tight,” Kress said.

“If things improve by the end of the year, there is an opportunity to think about what that is from a year-over-year growth. But it’s still too early for us to know at this time.”

With the tech industry racing to build out artificial intelligence capacity, demand for memory chips has outstripped supply, causing a spike in prices and prompting manufacturers to prioritize components for higher-margin data center chips.

That has constrained supply for consumer electronics such as smartphones and personal computers, as well as gaming consoles. Nvidia chips are widely used in PC gaming as well as in the Nintendo Switch console, while Sony’s PlayStation and Microsoft’s Xbox consoles use AMD hardware.

Forecasts for the console market have been bleak. According to projections from tech industry research firm TrendForce in December, the console market is expected to see a 4.4% decline this year, compared with its earlier forecast of a 3.5% drop.

Reporting by Deborah Sophia in Bengaluru; Editing by Maju Samuel

UK government agrees framework on publishing Mandelson vetting documents

Bermuda Broadcasting Newsdesk
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UK government agrees framework on publishing Mandelson vetting documents

Mandelson, 72, was released from custody after London’s Metropolitan Police arrested him on Monday on suspicion of misconduct in public office, following revelations over his ties to Jeffrey Epstein

International News via Reuters:

Britain’s government has agreed a framework with the police on which documents relating to the late 2024 appointment of former ambassador to the United States Peter Mandelson can be released, the committee in charge of the disclosures said on Thursday.

Mandelson, 72, was released from custody after London’s Metropolitan Police arrested him on Monday on suspicion of misconduct in public office, following revelations over his ties to Jeffrey Epstein.

Mandelson’s relationship with Epstein is at the centre of a British political scandal that has prompted calls for Prime Minister Keir Starmer to step down.

Starmer sacked Mandelson from what is considered the most prestigious posting in Britain’s diplomatic service in September, when the depth of his friendship with the convicted sex offender started to become clear.

COMMITTEE TO PUBLISH DOCUMENTS INDEPENDENTLY

Material about the vetting and appointment of Mandelson is currently being received by the Cabinet Office from across government, and it is hoped some of it will be published shortly, the Intelligence and Security Committee said.

It added that the committee had the final say on which documents can be made public, not Starmer’s office or anyone else in government.

“With that fundamental point now agreed, the committee now expects officials to revert to the committee on the practicalities around how documents will be referred to the committee and to inform the committee as to when we can expect to receive the first tranche of documents and how many there will be,” it said.

A government spokesperson said in a separate statement that it was working closely with the committee and had made progress on a number of requests.

“We are proceeding at pace to publish the first tranche of documents in early March,” the spokesperson said.

EU ANTI-FRAUD OFFICE ALSO REVIEWING CONDUCT

The European Union’s anti-fraud office OLAF said on Thursday that it was looking into Mandelson’s actions while he was serving in Brussels as British commissioner for trade between 2004 and 2008, following a request from the European Commission.

OLAF stressed that examining the matter did not mean a formal investigation had been opened and that it respected the presumption of innocence.

Mandelson’s lawyers did not immediately respond to a request for comment.

His arrest in Britain means police suspect a crime has been committed but it does not imply any guilt. His homes in London and west England were searched by police earlier this month.

Emails between Mandelson and Epstein, released by the U.S. Department of Justice in late January, showed the two men had a closer relationship than had been publicly known, and Mandelson had shared information with the financier when he was a minister in former Prime Minister Gordon Brown’s government in 2009.

Mandelson – key to the Labour Party’s success when Tony Blair was prime minister – has previously said he very deeply regretted his association with Epstein. But he has not commented publicly or responded to messages seeking comment on the latest revelations.

Following his arrest, his lawyers released a statement saying his apprehension stemmed from a “baseless suggestion” that he intended to leave the country and settle abroad.

Last week, King Charles’ younger brother Andrew Mountbatten-Windsor was also arrested on suspicion of misconduct in public office over separate allegations he sent confidential government documents to Epstein. He has always denied any wrongdoing.

Reporting by Sam Tabahriti in London and Sudip Kar-Gupta in Brussels; Editing by Hugh Lawson and Toby Chopra

LSEG investors welcome $4.1 billion buyback, eye more share-boosting moves

Bermuda Broadcasting Newsdesk
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LSEG investors welcome $4.1 billion buyback, eye more share-boosting moves

The buyback plan helped LSEG shares end the day up more than 9%, their highest since late January and almost erasing this month’s AI-related selloff

International News via Reuters:

London Stock Exchange Group investors are eyeing the potential for more share-boosting moves from the company after welcoming its plan to launch a 3 billion pound ($4.1 billion) share buyback, amid pressure from activist investor Elliott Management.

The buyback plan helped LSEG shares end the day up more than 9%, their highest since late January and almost erasing this month’s AI-related selloff. The share repurchase plan is the company’s biggest ever and the group also raised its profitability forecasts.

New York-based Elliott, which recently emerged as an LSEG shareholder, is pressing CEO David Schwimmer to review LSEG’s portfolio, lift margins that trail rivals, and better communicate its resilience to AI threats, a person familiar with the matter has told Reuters.

Shares in LSEG, home to the London Stock Exchange, had lost around 30% of their value in the past year as of Wednesday as the data and exchanges group was hit by concerns that AI will impact its business.

LSEG executives said the buyback was not a response to Elliott and the group had no plans for asset sales.

Frederick Kerr-Smiley, analyst at Ninety One, a top-20 LSEG shareholder, welcomed the buyback and more combative tone from Schwimmer towards the threat posed by AI.

“We were definitely keen for them to do a chunky buyback,” he said. “I love it when an activist comes in, it’s really helpful,” he added. 

Analysts welcomed the news, which included a boost in guidance on earnings and revenue and declining capital expenditure.

Some shareholders want to see more from LSEG.

“We welcome the buyback but you don’t invest in LSEG because you hope for buybacks and a dividend. We want growth,” said Stephen Yiu, chief investment officer of the Blue Whale growth fund, an LSEG shareholder.

“It will have bought them time with Elliott but the clock is ticking and you can expect Elliott will come through more forcefully if LSEG doesn’t deliver in the next few quarters.”

The company could increase the buyback if they have not bought anything by the third quarter, Kerr-Smiley said.

Schwimmer has dismissed the risk that AI models will replace its data business, arguing LSEG’s datasets are proprietary.

He told journalists on Thursday that it was “verging on impossible” for AI to replicate them, and said LSEG expected to sign more AI partnerships this year and beyond.

It has already struck deals with OpenAI and Anthropic that allow their users to access and interrogate its data. 

GROWTH IN SUBSCRIPTION VALUE SLOWS

LSEG said total income grew 7.1% in 2025 on an organic basis, excluding recoveries, in line with expectations in a company-compiled poll.

It forecast 2026 total income growth of between 6.5% and 7.5% on the same basis. Analysts had expected about 6.7% growth on average, according to the poll.

Annual subscription value (ASV), a closely watched metric, rose 5.9%, slightly ahead of expectations but down from 6.3% last year.

“The positive message around momentum within the business should also help sentiment, and perhaps clear some of the fears of AI disruption that have impacted the stock over the previous months,” JPMorgan analysts said.

Schwimmer said in a statement that LSEG was “very well positioned for continued growth”.

Reuters provides news for LSEG’s news and data terminal, Workspace, and other products.

LSEG also raised its dividend by 15%. 

($1 = 0.7436 pounds)

Reporting by Charlie Conchie in London and Yadarisa Shabong in Bengaluru. Writing by Anousha Sakoui. Editing by Tommy Reggiori Wilkes, Mark Potter and Jane Merriman

Bartender no longer among closed jobs

Gary Foster Skelton
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Bartender no longer among closed jobs

Minister of Economy and Labour, Jason Hayward, expanded on changes to job categories today, that are being made in the face of low unemployment

Overseas stock photo

Bartenders and Room Attendants will no longer be closed job categories for Bermudians – at least for the next year.

They are being moved to the restricted category, along with certain aviation jobs such as aviation security guard, ramp agent and GSE Licensed Mechanic.

Minister of Economy and Labour, Jason Hayward, expanded on the changes today, saying that “Bermuda has reached a point of statistical full employment, which, with an ageing workforce and an expanding economy, is causing unavoidable labour shortages in some sectors.”

The following changes are being made, effective March 1st…

Within hospitality (for a one-year period):

* Bartender will move from the Closed to the Restricted Job category for restaurants and hotels only, and

* Room Attendants will move from the Closed to the Restricted Job category

For Aviation (maximum work permit duration two years):

* Aviation Security Guard, Ramp Agent, Ramp Senior Operator, GSE Apprentice Mechanic, GSE Licensed Mechanic, and GSE Body & Paint Tech will be in the Restricted Job category. (Airline Ground Agent, Passenger Service Agent, Aircraft Licensed Mechanic and Cabin Services Agent will be in the Closed Job category)

Minister Hayward added that, to safeguard the availability of jobs for Bermudians, “employers in the hospitality and aviation sectors must monitor the number of work permit holders they hire and report to the Ministry annually when employment levels reach a 50% Bermudian threshold.”

“All positions will be required to be advertised, to ensure that suitably qualified Bermudians are given the first opportunity. Additionally, the hospitality sector will be required to hold a career fair.”

Responding to questions, Minister Hayward advised that there had been several other requests from stakeholders, particularly in hospitality, to open up job categories.

However, in those cases, Government determined other measures could be taken to try to secure Bermudian employment (WATCH the clip below…)

Labour Tribunal to get ‘more teeth’

Gary Foster Skelton
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Labour Tribunal to get ‘more teeth’

More revenue potential from trademark laws, and more teeth for labour tribunals… that’s how some of the budgeted $29M will be put to work in the Ministry of Economy & Labour this year

Statement by Jason Hayward, Minister of Economy & Labour

The Ministry of Economy and Labour plays a central role in shaping the future well-being of our country. Over the past twelve months, we have strengthened systems, advanced reforms, and focused deliberately on execution. I am proud of the progress we have made.

The latest annual GDP figures from the Department of Statistics are for 2024, and they show that the economy grew for a fourth consecutive year, expanding by 1.9 per cent. That growth reflects the progress we’ve made as a country.

Even with global uncertainty, employment grew for a fourth year, core indicators remained stable, and incomes continued to improve.

More recently, the third quarter results released by the Department of Statistics underline that momentum. In the third quarter of 2025, the economy grew by 9.9 per cent in real terms, the strongest quarterly performance since 2021.

Taken together, these results show an economy that is not only growing but strengthening. However, our work is not finished.

There is more to do to ensure that Bermuda remains competitive, that opportunity expands for our people, and that economic growth translates into lasting benefits for Bermudians.

Today, I am pleased to present the 2026/27 Budget overview for the Ministry of Economy and Labour under the theme, Responsible Choices… Lasting Benefits for Bermudians.

This Budget reflects discipline, execution, and measurable progress. It strengthens Bermuda’s economic foundations while investing in the systems that drive long-term competitiveness, workforce resilience, and regulatory integrity.

Our mandate remains clear. We are building a modern, competitive economy that creates opportunity for Bermudians, supports business growth and protects the stability of our labour market.

This year’s Budget advances that mandate across six strategic pillars:

  1. Investment attraction and economic diversification;
  2. Local business growth and entrepreneurship;
  3. Workforce development and labour market stability;
  4. Data-driven policy and national statistics;
  5. Regulatory modernisation and institutional strengthening; and
  6. Immigration services

Investment Promotion and Economic Competitiveness

In 2025, the Bermuda Business Development Agency (BDA) completed its transition to a performance-led investment promotion agency. With $4.3 million allocated, the BDA is now operating with structured pipeline management, economic impact modelling, and disciplined sector engagement.

The BDA has strengthened international engagement in key markets while simultaneously deepening structured aftercare.

Supporting Bermudian Businesses, BEDC

The Bermuda Economic Development Corporation (BEDC) continues to serve as a critical partner to Bermudian entrepreneurs and small and medium-sized enterprises. It has a grant allocation of $2.2 million.

Through financial assistance, advisory services and targeted programmes, BEDC supports business formation, expansion and resilience.

A priority for the BEDC in 2026/27 is the implementation of the National Entrepreneurship Strategy for Bermuda. Entrepreneurship is one of the most important drivers of job creation and economic growth. It is crucial for the development of a vibrant formal, small and medium-sized business sector. The proactive role of any government in supporting entrepreneurship requires a systemic approach, which this Strategy will ensure. Strengthening local enterprise strengthens economic sovereignty.

Economic Development

The Economic Development Department, with a budget allocation of $1.4 million, seeks to make Bermuda more business-friendly and supportive of those who wish to invest. It links with activities of the BDA and BEDC, advancing sector strategy, entrepreneurship and economic reform initiatives.

A primary focus for the Department in 2026/27 is the development of a Digital Economy Strategy for Bermuda. This will set a vision to establish the island as a globally recognised, innovation-driven digital economy that empowers its people, attracts strategic investment, and enables sustainable, inclusive growth.

These are initiatives that will enhance Bermuda’s global competitiveness and unlock the next wave of strategic investment.

Workforce Development

A resilient economy requires a prepared workforce.

The Department of Workforce Development has been allocated $4.7 million to enhance structured workforce integration and skills alignment.

The modernised Bermuda Job Connect platform represents a significant advancement in labour market intelligence. For the first time, we are capturing real-time data on job seeker activity, employer demand, and student pipelines. This allows proactive workforce planning rather than a reactive response.

By the end of March 2026, the Career Development Section is expected to exceed performance targets in expanding youth engagement and strengthening employer partnerships. Structured programmes such as Bridge to Work, the Graduate Apprenticeship Programme and On-the-Job Training have delivered measurable placement outcomes.

National certification and apprenticeship programming continue to advance industry-aligned training, including renewable energy and high-demand technical occupations.

Of particular focus for the coming year are:

  • expanding apprenticeship opportunities and placements available to Bermudians; and,
  • strengthening the hospitality workforce through training and development.

The Department will also relocate to the Bermuda College campus, strengthening alignment between education and employment pathways.

Labour Market Stability

A stable labour environment is fundamental to investor confidence and social cohesion.

The Department of Labour plays a critical role in maintaining balance within Bermuda’s world of work.

With $1.4 million allocated, the Department continues to enforce statutory protections, conciliate employment disputes and support industrial harmony.

In the coming year, the Department of Labour will continue to monitor the effects that legislative change has on the working population and keep abreast of international best practices to ensure that our national legislation is up to date, and the protection of employee rights remains at the forefront.

In this regard, the Department has finalised a legislative proposal to strengthen the enforcement authority of the Employment and Labour Relations Tribunal.

Data and Evidence, Department of Statistics

The Department of Statistics has been allocated $4.6 million, a significant portion of which is to execute the 2026 Census of Population and Housing.

The Census is not a routine administrative exercise. It is foundational for national planning, fiscal forecasting, housing policy, healthcare capacity, and labour force analysis.

Beyond the Census, the Department continues to produce Bermuda’s core economic publications, retail sales and consumer price indices, GDP statistics, and labour force reports, all aligned with international standards.

Digital accessibility has improved, public engagement has expanded, and response rate targets continue to be actively managed.

Evidence-based policy requires credible, timely, and internationally aligned data. This Budget ensures that capacity.

Registry General and Regulatory Modernisation

The Department of Registry General has allocated $2.2 million to maintain vital records, intellectual property protections, and oversight of key legal registrations.

This year continues the modernisation of intellectual property systems, including the final phase of a new technology-based platform for the automation of administrative processes for patents, trademarks, designs, and international registrations.

The Registry’s work protects intellectual property rights, maintains public records integrity and strengthens Bermuda’s reputation as a well-regulated jurisdiction.

Immigration

The Department of Immigration plays a vital role in supporting Bermuda’s people, businesses, and community. With a budget allocation of $7.1 million, the Department remains focused on delivering efficient, fair, and timely immigration services while upholding the law and protecting the public interest.

We are also moving forward with our digitalisation initiative, which is a key priority for the Department.

A project manager is being hired to advance the modernisation of our application processes. This work will improve accessibility, transparency, and turnaround times for the public and our stakeholders.

And on the topic of immigration, I will take this opportunity to announce changes to the Closed and Restricted Job categories policy, which directly impact two key Bermuda business sectors: hospitality and aviation.

For some time now, I have engaged with various industry sectors regarding the challenge of filling certain positions. As is well known, Bermuda has reached a point of statistical full employment, which, with an ageing workforce and an expanding economy, is causing unavoidable labour shortages in some sectors.

Therefore, after discussion with business leaders and our union partners, the following changes will be made, effective 1 March:

  1. For Hospitality:
  • Bartender will move from the Closed to the Restricted Job category for restaurants and hotels only, and
  • Room Attendants will move from the Closed to the Restricted Job category

These job categories will remain in the restricted job category for a one-year period.

  1. For Aviation:
  • Airline Ground Agent, Passenger Service Agent, Aircraft Licensed Mechanic and Cabin Services Agent will be in the Closed Job category, and
  • Aviation Security Guard, Ramp Agent, Ramp Senior Operator, GSE Apprentice Mechanic, GSE Licensed Mechanic, and GSE Body & Paint Tech will be in the Restricted Job category.
  1. The maximum duration of a restricted job work permit will shift from a maximum of one year to a maximum of two years for all jobs in this category.

To safeguard the availability of jobs for Bermudians, employers in the hospitality and aviation sectors must monitor the number of work permit holders they hire and report to the Ministry annually when employment levels reach a 50% Bermudian threshold. All positions will be required to be advertised, to ensure that suitably qualified Bermudians are given the first opportunity. Additionally, the hospitality sector will be required to hold a career fair.

I would like to thank the business owners, unions, and others who worked together to develop sustainable solutions to strengthen Bermuda’s workforce.

In closing, the 2026/27 Budget for the Ministry of Economy and Labour, which totals $29.1 million, is all about structural strength.

The systems are getting stronger.
The data is more robust.
The workforce pipeline is clearer.
The investment framework is more strategic.

Economic progress is not accidental. It is built deliberately and responsibly.

Most importantly, it reflects this Ministry’s commitment to ensuring that economic growth translates into opportunity, stability, responsible choices and lasting benefits for Bermudians.

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