The S&P Global UK Composite Purchasing Managers’ Index rose to 53.9 in a preliminary report for February from 53.7 in January
International News via Reuters:
British businesses have extended their early 2026 rebound into a second month, but jobs are still being sharply cut among services firms partly as a result of higher taxes imposed on them by the Labour government, a survey showed on Friday.
The S&P Global UK Composite Purchasing Managers’ Index rose to 53.9 in a preliminary report for February from 53.7 in January, the highest level since April 2024, before Prime Minister Keir Starmer’s government took office.
“The early PMI data for February bring further signs of an encouraging start to the year for the UK economy,” said Chris Williamson, S&P Global chief business economist.
PMI readings above 50.0 indicate growth in activity, while those below that level point to a contraction.
The surveys for January and February – which echoed other signs of a pickup among businesses and consumers after uncertainty in the run-up to finance minister Rachel Reeves’ budget in late November – were consistent with economic growth of about 0.3% in the first quarter of 2026, Williamson said.
That would be stronger than an expansion of just 0.1% in the last quarter of 2025.
“Bank of England policymakers will be encouraged by the indications of stronger economic growth,” Williamson said. “But the relatively modest price pressures being signalled and ongoing worrying labour market weakness will likely result in a growing call for further rate cuts.”
Investors are largely expecting the BoE to resume its cuts to borrowing costs in March as the central bank takes comfort from signs of slowing inflation and shifts its focus towards weakness in the jobs market.
Prices charged by businesses rose at the fastest pace since last April but their cost burdens, while still high, increased at the slowest pace in three months.
Staffing levels fell particularly sharply among services firms with some companies reporting redundancies or hiring freezes as employers faced higher social security payments which were introduced by Reeves in April 2025.
Some firms said they were investing in technology to grow without additional recruitment.
The PMI for the services sector edged down to 53.9 from 54.0 in January, while the survey for the smaller manufacturing sector hit an 18-month high of 52.0, up from 51.8.
Total new work increased at the strongest pace since September 2024 with the rise in new work for manufacturers from abroad at its fastest pace in four-and-a-half years.
Writing by William Schomberg; Editing by Joe Bavier
The dollar index, which measures the greenback against a basket of currencies, nudged slightly higher on Friday and was last set for a weekly rise of about 1.1%
International News via Reuters:
The dollar was on track for its largest weekly gain since October on Friday, buoyed by a run of better-than-expected economic data and a more hawkish Federal Reserve outlook, as tensions rose between the U.S. and Iran.
The dollar index, which measures the greenback against a basket of currencies, nudged slightly higher on Friday and was last set for a weekly rise of about 1.1% .
Jobs data lifted the dollar in the previous session, with the number of Americans filing new applications for unemployment benefits falling more than expected last week – underscoring labour market stability.
Earlier in the week, minutes from the Fed’s most recent meeting showed policymakers were divided on the outlook for rates, given the persistence of inflation.
“(Between) relatively solid data and a slightly less dovish Fed in terms of the minutes, some of this tension in the Middle East and … a little bit of a positioning lining up, you can sort of see why the dollar’s managed to bounce,” said Dominic Bunning, head of G10 FX strategy at Nomura.
Investors often buy dollars when geopolitical tensions escalate.
MARKETS ‘POSITIONING FOR RISK’
U.S. President Donald Trump warned Iran on Thursday it must make a deal over its nuclear programme or “really bad things” would happen, and set Tehran a deadline of 10 to 15 days to cooperate. Iran said it would retaliate against U.S. bases in the region if attacked.
“Given the build-up of military presence in the Middle East and the comments from Trump, I think markets will certainly be positioning for the risk of something happening over the weekend,” said Derek Halpenny, MUFG’s head of research – global markets EMEA.
A jump in crude oil prices could leave various currencies, including the euro, Japanese yen and British pound vulnerable, Halpenny said.
“Those are the currencies where you could get some bigger moves,” he added.
Sterling last languished near a one-month low at $1.3455 and was heading for a weekly drop of 1.4%, its biggest since January 2025.
The euro was down 0.1% at $1.1760 and set to lose nearly 0.9% for the week, with the common currency also weighed down by uncertainty over European Central Bank President Christine Lagarde’s tenure.
RATES, RATES, RATES
Markets on Friday also awaited the release of the U.S. core PCE price index and advance fourth quarter GDP figures later in the day, which could drive the next move in currencies.
Investors continue to price in roughly two Fed rate cuts this year, though expectations for such a move in June have dipped to a roughly 58% chance from 62% a week ago, according to the CME FedWatch tool.
“The big argument within the Fed is whether or not to proactively lower rates to support the job market, or to keep rates higher for longer in order to fight inflation,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management.
Friday’s PCE report will “add to the debate”, Zaccarelli added.
In Japan, data on Friday showed the country’s annual core consumer inflation hit 2.0% in January, the slowest pace in two years.
“Today’s data won’t exactly instil a sense of urgency in the (Bank of Japan) to resume its tightening cycle, especially given the lacklustre rebound in activity last quarter,” said Abhijit Surya, senior APAC economist at Capital Economics.
The yen fell more than 0.4% and was last at 155.53 per dollar.
The currency hardly reacted to a speech on Friday by Japanese Prime Minister Sanae Takaichi, who underlined her administration’s commitment to revitalising the economy.
Elsewhere, the New Zealand dollar headed for a weekly fall of 1.3%, affected by a dovish outlook on rates from the Reserve Bank of New Zealand.
Reporting by Sophie Kiderlin and Rae Wee;Editing by Shri Navaratnam, Kate Mayberry and Helen Popper
Pickleball: The open elite team national squad has been announced for next month’s Championships at the W.E.R. Joell Tennis Stadium
The countdown is on for the 2026 Caribbean Pickleball Championships — and this time, Bermuda will defend its crown on home soil.
After lifting the inaugural title in Cayman last year, the pressure is now on the hosts to repeat. With a familiar core, some key changes, and regional rivals closing in, expectations are high.
The 2026 Caribbean Pickleball Championships will be held March 16th-21st at the W.E.R. Joell Tennis Stadium.
At the Fairmont Southampton construction site, material covered in plastic sheeting and asbestos warning labels has become a source of concern
Concerns have been raised over asbestos storage at the Fairmont Southampton Construction site.
Mounds of material sit covered in plastic sheeting at the lot just below the Boundary sports bar and grille, and can be seen through the trees by anyone heading up Harbour View Drive en route to the golf course.
A warning label for asbestos can be seen on the plastic sheeting, and a sign at the entrance to the lot also has ‘Asbestos! Beware’ scribbled in marker pen.
Whether the concerns that reached out newsroom have any validity depends on how the asbestos has been removed and stored.
We understand that material has been stored at the site since at least mid-December.
Images shared with Bermuda Broadcasting (included in the report above) indicate that there are bags under the plastic sheets that have asbestos warning labels, and that they have been uncovered at times.
In an effort to assuage the concerns of nearby residents or sports club users, we have reached out to both Fairmont Southampton and Environmental Health to find out if inspections have been performed at the site – and if all passed.
An M.O.U. should ensure Bermudians claim 50% of Fairmont Southampton jobs upon reopening – but it could cause turbulence for hospitality employers
Half of the Fairmont Southampton Hotel’s staff must be Bermudian when it’s doors reopen…that’s the agreement Government is set to sign with the iconic resort.
…but the total impact on the local jobs market could exceed, or possibly fail to reach, any thresholds set by Government.
It is also likely to create some disturbance among employers.
As already reported, the hotel’s reopening comes at a time when our unemployment rate is low, potentially creating competition between hospitality employers to secure local talent… or even to lure Bermudians back home from overseas.
Furthermore, Fairmont Southampton is already looking to outsource certain services and – outside of statutory Immigration requirements – those external partners will not be subject to the hotel owners’ obligations regarding the proportion of Bermudian staff.
This is also the case regarding a future tax rebate promised to this and another hotel, in exchange for employing Bermudians.
This week, Gary Foster Skelton spoke this week with Labour and Economy Minister Jason Hayward about the opportunities at the Fairmont Southampton.
The Bermuda Police Service advised motorists to use alternative routes
Bermuda Police Service media release:
Around 5:35 p.m. on Thursday, February 19, 2026, police were dispatched to a single vehicle road traffic collision involving a motorcycle, in the area of Chancery Lane, Reid Street, in the City of Hamilton.
It was reported that the male motorcycle rider was exiting the garage of a nearby building when when he appeared to have lost control of the motorcycle.
EMTs, who attended the scene attended to the motorcyclist who appeared to have sustained head injuries.
He was attended to at the scene and subsequently transported via ambulance to King Edward VII Memorial Hospital for further treatment of his injuries, the extent of which is unknown at this time.
Reid Street, is currently closed to between Burnaby Street and Parliament Street is currently closed to vehicular traffic.
It is anticipated the roadway will remain closed off an extended period while the collision scene is processed.
The meeting in Washington came amid a broader push by Trump to build a reputation as a peacemaker
International News via Reuters:
U.S. President Donald Trump told the first meeting of his Board of Peace on Thursday that nations had contributed $7 billion to a Gaza reconstruction fund that aims to rebuild the enclave once Hamas disarms, an objective that is far from becoming a reality.
The disarmament of Hamas militants and accompanying withdrawal of Israeli troops, the size of the reconstruction fund and the flow of humanitarian aid to the war-battered populace of Gaza are among the major questions likely to test the effectiveness of the board in the months ahead.
The meeting in Washington came amid a broader push by Trump to build a reputation as a peacemaker. It also took place as the United States threatens war against Iran and has embarked on a massive military buildup in the region in case Tehran refuses to give up its nuclear program.
The Board’s founding membership does not include some key U.S. Western allies concerned about the scope of the initiative.
In a flurry of announcements at the end of a long, winding speech to representatives from 47 nations, Trump said the United States will contribute $10 billion to the Board of Peace. He did not say where the money would come from or whether he would seek it from the U.S. Congress.
MOSTLY MIDDLE EASTERN MEMBERSHIP
Trump said contributing nations had raised $7 billion as an initial down payment for Gaza reconstruction. Contributors included Kazakhstan, Azerbaijan, United Arab Emirates, Morocco, Bahrain, Qatar, Saudi Arabia, Uzbekistan, and Kuwait, he said. The membership is mostly made up of Middle Eastern countries, plus leaders from outside the region who may be looking to gain favor with Trump.
Estimates for rebuilding Gaza, which was reduced to rubble after two years of war, range up to $70 billion.
Trump proposed the board in September when he announced his plan to end Israel’s war in Gaza. He later made clear the board’s remit would expand beyond Gaza to tackle other conflicts worldwide, a point he reiterated on Wednesday by saying it would look into “hotspots” around the world.
Trump said FIFA will raise $75 million for soccer-related projects in Gaza and that the United Nations will chip in $2 billion for humanitarian assistance.
The Board of Peace includes Israel but not Palestinian representatives. Trump’s suggestion that the Board could eventually address challenges beyond Gaza has stirred anxiety that it could undermine the U.N.’s role as the main platform for global diplomacy and conflict resolution.
“We’re going to strengthen the United Nations,” Trump said, trying to assuage his critics, even though the United States is in arrears on making payments.
Trump said Norway would host a Board of Peace event, but Norway clarified it was not joining the board.
IRAN SABER-RATTLING
Even as he talked up himself as a man of peace, Trump rattled sabers against Iran.
Trump said he should know in 10 days whether a deal is possible to end a standoff with Tehran. “We have to have a meaningful deal,” he said.
Trump said several nations are planning to send thousands of troops to participate in an International Stabilization Force that will help keep the peace in Gaza when it eventually deploys.
Indonesian President Prabowo Subianto announced his country would contribute up to 8,000 troops to the force.
The plan for the force is to begin working in areas Israel controls in the absence of Hamas disarmament. The force, led by a U.S. general with an Indonesian deputy, will start in Israeli-controlled Rafah, an area that Israeli forces depopulated and demolished during the war. The aim is to train 12,000 police and have 20,000 troops.
HAMAS DISARMAMENT A KEY ISSUE
Hamas, fearful of Israeli reprisals, has been reluctant to hand over weaponry as part of Trump’s 20-point Gaza plan that brought about a fragile ceasefire last October in the two-year Gaza war.
Trump said he hoped the use of force to disarm Hamas would be unnecessary. He said Hamas had promised to disarm and it “looks like they’re going to be doing that, but we’ll have to find out.”
Israeli Prime Minister Benjamin Netanyahu said in Israel that Hamas will be disarmed one way or the other. “Very soon, Hamas will face a dilemma – to disarm peacefully or disarmed forcefully,” he said.
In Gaza, Hamas spokesperson Hazem Qassem said in a statement that the real test of the Board of Peace “lies in their ability to compel the occupation to halt its violations of the ceasefire, to oblige it to meet its obligations, and to initiate a genuine relief effort and launch the reconstruction process.”
The Board of Peace event had the feel of a Trump campaign rally, with music blaring from his eclectic playlist that included Elvis Presley and the Beach Boys. Participants received red Trump hats.
Hamas, which has resumed administration of the ruined enclave, says it is ready to hand over to a U.S.-backed committee of Palestinian technocrats led by Ali Shaath, but that Israel has not allowed the group into Gaza. Israel has yet to comment on those assertions.
Nickolay Mladenov, a Bulgarian with a senior role in the Board of Peace, said at the meeting that 2,000 Palestinians have applied to join a new transitional Palestinian police force.
“We have to get this right. There is no plan B for Gaza. Plan B is going back to war. No one here wants that,” said U.S. Secretary of State Marco Rubio.
Reporting By Trevor Hunnicutt, Steve Holland, Simon Lewis, Samia Nakhoul, and Nidal al-Mughrabi; additional reporting by Steven Scheer and Omri Taasan in Jerusalem and Matt Spetalnick; Editing by Don Durfee, Ross Colvin, Philippa Fletcher, Rod Nickel
Indigenous protesters have been blocking truck traffic at the entrance of Cargill’s Santarem grain terminal in northern Brazil for several days, protesting against plans to dredge the Tapajos river
International News via Reuters:
A Brazilian court reinstated late on Wednesday an order to free up access to the Santarem river port terminal where U.S. grain trader Cargill operates, according to a ruling signed by federal judge Shamyl Cipriano and seen by Reuters.
Indigenous protesters have been blocking truck traffic at the entrance of Cargill’s Santarem grain terminal in northern Brazil for several days, protesting against plans to dredge the Tapajos river.
Last Friday, a federal court issued a decision obligating the government to adopt measures in 48 hours to remove protesters and restore access to Cargill’s facility in Para state.
Federal prosecutors told Reuters they appealed that decision, arguing the ruling ignored norms of the National Council of Justice, which requires the direct participation of indigenous peoples and the holding of mediation hearings before any removal.
That led to the ruling being overturned on Sunday, prosecutors said, before Wednesday’s reinstatement offered a win for Cargill.
The prosecutors are analyzing the latest court decision.
Cargill declined to comment.
Reporting by Ana Mano, Editing by Franklin Paul, Kirsten Donovan
The blue-chip index fell 0.5% after closing at a record high for two straight sessions
International News via Reuters:
London’s FTSE 100 dipped from record highs on Thursday as Rio Tinto’s shares fell after the global miner’s annual earnings missed expectations, while simmering U.S.-Iran tensions kept investors cautious.
The blue-chip index fell 0.5% after closing at a record high for two straight sessions. The domestically focused mid-cap FTSE 250 was down 0.4%.
Rio Tinto fell 3.6% after the miner reported flat annual earnings as lower prices at its mainstay iron ore business were offset by a strong performance in its copper division.
Other London-listed miners also fell after copper prices were hit by a firmer dollar, rising inventories and reduced demand because of the Lunar New Year holiday in China, the world’s biggest metals consumer. [MET/L]
“A stronger US dollar – at one-month highs amid flight-to-safety flows – added pressure on precious and base metals, weighing on UK mining stocks, putting a dent in the FTSE 100’s stellar performance,” said Axel Rudolph, senior financial analyst at IG.
Investors around the globe have been unnerved by U.S.-Iran tensions over Tehran’s nuclear program, with oil prices rising by more than 2%. [O/R]
UK stocks have been finding broad support from upbeat corporate earnings, expectations of monetary policy easing as well as inflows from investors looking to diversify away from U.S. stocks that have been pressured by AI-disruption concerns.
On Thursday, British Gas owner Centrica was down 5.1%, the biggest faller on the blue-chip index, after warning that 2026 profit at its energy trading arm would miss forecasts and pausing its share buyback programme after reporting a 39% drop in annual profit.
Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Mrigank Dhaniwala, Kirsten Donovan
Mountbatten-Windsor, who turned 66 on Thursday, had been questioned all day by detectives from Thames Valley Police
International News via Reuters:
King Charles’ younger brother Andrew Mountbatten-Windsor was released from police custody on Thursday evening after being arrested on suspicion of misconduct in public office over allegations he sent confidential government documents to Jeffrey Epstein.
Mountbatten-Windsor, who turned 66 on Thursday, had been questioned all day by detectives from Thames Valley Police. Earlier this month, the police force said it was looking into allegations that he had passed documents to the late convicted sex offender while working as a trade envoy.
The arrest of the senior royal, eighth in line to the throne, is unprecedented in modern times.
“I have learned with the deepest concern the news about Andrew Mountbatten-Windsor and suspicion of misconduct in public office,” King Charles said in a statement.
A Reuters witness saw Prince Andrew leaving a police station in Aylsham, eastern England, where he was met by a small group of photographers and television crews, just after 1900 GMT.
A Reuters photograph taken after his release shows him seated inside a car, appearing visibly shaken.
Thames Valley Police said later on Thursday that “the arrested man” had been “released under investigation.”
‘THE LAW MUST TAKE ITS COURSE’
Although Buckingham Palace was not informed in advance about the arrest, Charles said the authorities had the family’s “full and wholehearted support and cooperation”.
“Let me state clearly: the law must take its course,” the monarch said in his statement.
“Meanwhile, my family and I will continue in our duty and service to you all.”
The king visited a fashion show in London on Thursday, making no further public comment.
Mountbatten-Windsor, the second son of the late Queen Elizabeth, has always denied any wrongdoing in relation to Epstein, and said he regrets their friendship.
His office did not respond to a request for comment and he has not spoken publicly since the release of more than 3 million pages of documents by the U.S. government relating to Epstein, who was convicted of soliciting prostitution from a minor in 2008.
Those files suggested Mountbatten-Windsor had in 2010 forwarded to Epstein reports about Vietnam, Singapore and other places he had visited on official trips as the government’s Special Representative for Trade and Investment.
He was forced to step down from that role in 2011 after his close links to Epstein first emerged.
“Following a thorough assessment, we have now opened an investigation into this allegation of misconduct in public office,” Thames Valley’s Assistant Chief Constable Oliver Wright said in a statement.
“We understand the significant public interest in this case, and we will provide updates at the appropriate time.”
The arrest marks a new low for the former prince, who was forced to quit all official royal duties in 2019 over his ties with Epstein and was then stripped by his older brother of his titles and honours last October amid further revelations about their relationship.
UNMARKED POLICE CARS
Earlier, six unmarked police cars and around eight plain-clothed officers were pictured at Wood Farm on the Sandringham estate in eastern England where Mountbatten-Windsor now resides.
Thames Valley Police officers were also searching the mansion on the king’s Windsor estate where Mountbatten-Windsor lived until he was forced out amid anger at the Epstein revelations.
While being arrested means that police have reasonable suspicion that a crime has been committed and that the royal is suspected of involvement in an offence, it does not imply guilt.
A conviction for misconduct in a public office carries a maximum sentence of life imprisonment, and cases must be dealt with in a Crown Court, which deal with the most serious criminal offences.
Police have previously said misconduct in public office, which is a ‘Common Law’ offence and is not covered by written statute legislation, involved “particular complexities”.
GIUFFRE LAWSUIT
In 2022, the king’s brother settled a civil lawsuit brought in the United States by the late Virginia Giuffre who accused him of sexually abusing her when she was a teenager at properties owned by Epstein or his associates.
The current police investigation is not related to this or any other allegation of sexual impropriety.
“Today, our broken hearts have been lifted at the news that no one is above the law, not even royalty,” the family of Giuffre, who died by suicide last year, said in a statement.
In response to Mountbatten-Windsor’s earlier arrest, U.S. President Donald Trump said it was a “shame.”
“I think it’s very sad. I think it’s so bad for the royal family,” Trump told reporters. “It’s very, very sad to me… to see what’s going on with his (King Charles’) brother.”
Were Mountbatten-Windsor to ultimately face criminal charges, he would join a very small group of senior British royals who have formally been accused of offences.
His elder sister Princess Anne was fined for speeding in 2001, and the following year became the first royal to be convicted of a criminal offence in 350 years when she appeared in court to plead guilty to failing to stop one of her dogs, named Dotty, biting two children.
King Charles I was tried for treason in 1649 towards the end of the English Civil War, found guilty and beheaded.
The misconduct investigation is not the only accusation against Mountbatten-Windsor into which police are looking.
Anti-monarchy campaign group Republic has reported him over allegations he was involved in the trafficking of a woman to Britain for sex in 2010. Thames Valley Police said it was assessing allegations that a woman had been taken to an address in Windsor, where the former prince lived until recently.
U.S. lawmakers have also said he should testify before committees in the United States over what he knew about Epstein.
Meanwhile former British Prime Minister Gordon Brown has also called for a police investigation into the extent of Epstein trafficking women without proper checks by the authorities through London’s Stansted Airport, saying this had been overlooked by previous inquiries into Mountbatten-Windsor.
Essex Police said on Wednesday it was looking into the issue.
Reporting by Phil Noble and Sam Tabahriti and Michael Holden in London; Additional reporting by Catarina Demony and Muvija M in London, and Trevor Hunnicutt in Washington; Editing by Janet Lawrence, Jon Boyle and Rosalba O’Brien
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