Wednesday, November 11, 2026
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New York Mayor Mamdani vows to enact democratic socialist agenda

Mamdani, a member of his party’s left-wing democratic socialist faction, was elected last November in a prominent victory that could influence this year’s midterm elections

International News via Reuters:

Democrat Zohran Mamdani became New York City’s mayor on Thursday, vowing during a public swearing-in ceremony on the steps of City Hall to enact an aggressive agenda aimed at making the nation’s largest city more affordable for working people.

Mamdani, a member of his party’s left-wing democratic socialist faction, was elected last November in a prominent victory that could influence this year’s midterm elections that will determine control of the U.S. Congress. Some Democrats have embraced his style while Republicans portray him as a foil on the national political stage.

The 34-year-old campaigned heavily on cost-of-living issues and was sharply critical of Republican President Donald Trump, whose approval rating has fallen over the past year amid economic concerns.

Many of New York’s 8 million residents – some with hope, some with trepidation – expect him to be a disruptive political force. In a speech following his public swearing-in, Mamdani promoted core campaign promises of universal childcare, affordable rents and free bus service.

“We will answer to all New Yorkers, not to any billionaire or oligarch who thinks they can buy our democracy,” he said. “I was elected as a democratic socialist and I will govern as a democratic socialist.”

CROWD CHANTS ‘TAX THE RICH’

The program for Mamdani’s inauguration included remarks by U.S. Senator Bernie Sanders and U.S. Representative Alexandria Ocasio-Cortez, fellow democratic socialists at the vanguard of the Democratic Party’s liberal wing.

Sanders, whom Mamdani calls his inspiration, defended Mamdani’s agenda.

“Making sure that people can live in affordable housing is not radical,” Sanders said. “It is the right and decent thing to do.”

The crowd of several thousand cheered loudly when Sanders called on America’s millionaires and billionaires to pay more in taxes, breaking into a chant of “tax the rich.”

Even with temperatures well below freezing, the city set up a viewing area along Broadway to allow thousands more to watch a livestream of the ceremony, which included musical performances.

Mae Hardman-Hill, 27, volunteered for Mamdani’s campaign and said it felt like his political momentum was growing.

“I’m a native New Yorker. I’ve watched the city like you just become less and less affordable, less and less livable,” Hardman-Hill said. “I’m really excited for … regular people to get some power back again.”

Prior to the public ceremony, Mamdani was privately sworn in as New York City’s mayor in the first minutes of the New Year on Thursday at the historic City Hall subway station, which was decommissioned decades ago and is accessible only a few times a year through guided tours.

Reflecting his Muslim faith, he used a Quran, Islam’s holiest book, for his swearing-in, a first for a New York City mayor.

REPUBLICANS BLAST MAMDANI

Hours after Mamdani took office, the lead group tasked with electing Republicans to the U.S. House of Representatives sought to portray him as a “radical socialist.”

“Every time Mamdani opens his mouth or swipes his pen, he tattoos the Democrat Party’s failures onto every House Democrat facing voters in 2026,” spokesperson Mike Marinella said in a statement that signaled the sizable role Mamdani is likely to play on the national campaign stage.

Mamdani, a former state lawmaker, promised a freeze on rents and free buses and childcare, building a campaign around affordability issues that some have seen as a path forward for the Democratic Party around the country ahead of November midterm elections.

Dean Fuleihan, the incoming deputy mayor, told the Financial Times that Mamdani will move ahead with plans to increase taxes on millionaires to pay for his campaign promises and balance New York’s budget. He added that he doesn’t expect rich people to leave the city as a result of potentially higher taxes.

New York Governor Kathy Hochul has said she opposes raising personal income taxes but is considering raising corporate taxes to pay for a potential budget shortfall amid federal cuts.

In one early reversal, Mamdani said on Wednesday that he would no longer seek to end mayoral control of New York City’s public school system, the largest in the U.S., naming veteran educator Kamar Samuels as chancellor.

Mamdani inspired a record-breaking turnout of more than 2 million voters and took 50% of the vote in November, nearly 10 points ahead of Andrew Cuomo running as an independent and well ahead of Republican Curtis Sliwa.

INAUGURATION OF A NEW ERA

The Uganda-born Mamdani has been a sharp critic of Trump on issues such as immigration and said his differences with the president were numerous after a warm White House meeting.

Mamdani raised $2.6 million for the transition and celebrations from nearly 30,000 contributors, more than other mayors on record this century, both by the total and single donations, according to official campaign data that presents disclosures of inaugural expenses beginning with Michael Bloomberg’s first term in 2001.

As mayor, Mamdani will move from his one-bedroom Astoria apartment, protected from sharp price hikes by the city rent-stabilization program, to Gracie Mansion, the official residence of New York City mayors on Manhattan’s upscale Upper East Side.

Bankers and others in New York, the nation’s financial capital, had expressed concern about Mamdani, but since his election many have explored how to work with him.

Reporting by Maria Tsvetkova, additional reporting by Christine Kiernan; Writing by Ted Hesson; Editing by Scott Malone, Donna Bryson, Nick Zieminski and Frances Kerry

UK house price growth weakest since April 2024 after surprise December drop

Economists polled by Reuters had forecast a 0.1% monthly rise to leave prices 1.2% higher than in December 2024, slowing from a 1.8% annual price rise in November

International News via Reuters:

British house prices unexpectedly fell by 0.4% in December to finish 2025 just 0.6% higher than the year before, the weakest annual growth since April 2024, monthly figures from mortgage lender Nationwide Building Society showed on Friday.

Economists polled by Reuters had forecast a 0.1% monthly rise to leave prices 1.2% higher than in December 2024, slowing from a 1.8% annual price rise in November.

Nationwide Chief Economist Robert Gardner said the slowdown in the year-on-year growth rate partly reflected strong price gains in December 2024 as well as the December 2025 price fall, and that the number of mortgages approved remained similar to levels before the COVID-19 pandemic.

“With price growth well below the rate of earnings growth and a steady decline in mortgage rates, affordability constraints eased somewhat, helping to underpin buyer demand,” he added.

Nationwide expected annual house price growth of 2-4% in 2026, he added.

Elliott Jordan-Doak, an economist at Pantheon Macroeconomics, said he too expected house prices to pick up as property tax rises in finance minister Rachel Reeves’ November 26 budget were limited to the most expensive homes, rather than being more widespread as some buyers had feared in the run-up.

“Moreover, the improvement in affordability from the Bank of England’s cut to interest rates in December will also be more fully reflected in January’s data,” he said.

The BoE cut its main interest rate to 3.75% from 4% on December 18, and financial markets expect one or two more quarter-point cuts in 2026.

The average property price in the fourth quarter of last year was 273,077 pounds ($367,561), but ranged widely from 168,317 pounds in much of northern England to 529,372 pounds in London, where they rose 0.7% over the past year.

Northern Ireland saw the fastest price growth last year with 9.7% growth – reflecting price gains in areas across the border in Ireland – while the weakest performance was in eastern England where prices fell 0.8%.

($1 = 0.7429 pounds)

Reporting by David Milliken, Editing by Paul Sandle

Britain’s FTSE 100 hits 10,000 mark in strong start to 2026

The benchmark crossed the milestone early on the first trading day of 2026

International News via Reuters:

London’s blue-chip FTSE 100 index hit the symbolic 10,000 points mark for the first time on Friday, reflecting a wider surge in global equities and providing a strong start to 2026 for a stock market that had lagged behind peers for years. 

The benchmark crossed the milestone early on the first trading day of 2026. It gained nearly 22% in 2025, its best year since 2009, outperforming Europe’s broad STOXX 600 index and the S&P 500,.

“It’s nice to be going into 2026 with a good news story,” said Danni Hewson, head of financial analysis at AJ Bell. 

“We’ve been talking down UK stocks for an awfully long time so to begin the year on the front foot, and for the momentum of 2025 to continue into 2026, psychologically that is going to have an impact.”  

The FTSE 100 was last trading a fraction shy of the 10,000 level, up 0.4% on the day. 

STOCKS AROUND THE WORLD RALLIED IN 2025

Stocks around the world surged in 2025, driven in part by a rally in companies connected with artificial intelligence, though British stock markets are little exposed to the sector. 

Instead, its biggest gainers in 2025 included miners such as Fresnillo, boosted by record precious metal prices, and gains in defence companies, such as Babcock and Rolls-Royce as Europe increased defence spending. Banks, including Lloyds, were also strong, boosted by elevated interest rates alongside decent economic growth.     

AN ARBITRARY NUMBER THAT COULD SPUR INTEREST

British markets have suffered from a lack of initial public offerings in recent years, while companies have left the market, through being bought, delisting or moving their primary listings away from London. 

Political instability, bond market volatility and post-Brexit uncertainty added to negativity, and with relatively few tech and AI-connected companies listed in London, British-focused fund managers have struggled to ward off sentiment that the greatest excitement is elsewhere.

“This (10,000) is an arbitrary number, but it is something that could get international investors more interested in the FTSE – so it is quite a big deal,” said Rory McPherson, CIO at financial planning firm Wren Sterling.

“The FTSE has a wide sectoral base and appealing valuations.” 

Investors also say the UK could offer diversification from high-flying tech stocks, as concerns about an AI bubble persist.

Dealmakers anticipate London could attract more IPOs this year, notably from Norwegian software company Visma, although higher share prices could make London-listed stocks less attractive to acquirers after cheap valuations helped to make them the second most targeted globally last year. 

British finance minister Rachel Reeves posted on social media platform X: “The FTSE 100 breaking through 10,000 points for the first time is a vote of confidence in Britain’s economy and a strong start to 2026.”

Still, the blue-chip index in 2025 trailed other markets such as Japan, Hong Kong, South Korea, Spain and Italy. 

And while the FTSE 100, weighted heavily towards internationally focused companies, has outperformed, the domestically focused mid-cap FTSE 250 has lagged, rising roughly 9% in 2025.

Reporting by Alun John and Dhara Ranasinghe; editing by Philippa Fletcher and Barbara Lewis

Car overturns in single-vehicle crash in Sandys

No serious injuries, female driver arrested on suspicion of impaired driving

Police Statement:

Around 8:45 p.m. on Thursday, January 1, 2026, police and other first responders were dispatched to a report of an overturned vehicle just east of White Hill, Sandys.

Details remain limited at this time; however, it is believed a female motorist mounted the curb in the eastbound lane before the car overturned. The woman is not believed to have suffered any serious injuries and has been arrested on suspicion of impaired driving.

 Traffic is currently being diverted around the scene while the scene is being cleared.

Traffic diversions after crash in Devonshire 

There has been a road traffic collision involving a motorcycle just east of Barker’s Hill on the North Shore Road in Devonshire.

The male motorcycle rider was attended to at the scene by Emergency Medical Services personnel.

He has since been transported by ambulance to King Edward VII Memorial Hospital for further treatment of his injuries, the extent of which is unknown at this time.

The roadway is currently closed to vehicular traffic with vehicle diversions in place at Barker’s Hill and Store Hill at their junctions with North Shore Road.

Motorists are urged to approach these areas with caution and to expect minor delays.

Update from BPS at 3.54pm:

The collision scene has now been cleared and the roadway reopened to regular traffic flow.

Two arrested as island rings in the New Year

One arrest was made prior to midnight during island-wide police operations

Images: Bermuda Police Service

Two people were arrested as the island rang in the New Year, with one of the arrests made prior to the stroke of midnight.

The Bermuda Police Service provided updates via its social media channels, outlining island-wide activity that included 315F operations, roadside sobriety checks, and engagements at liquor-licensed premises.

Police said both individuals were in custody after each being found in possession of a knife.

Several speeding tickets were also issued overnight, including one vehicle clocked at 73km/h.

Police urged members of the public to slow down on the roads and not to drive while impaired, encouraging those who had been drinking during celebrations to find a safe way home.

Opinion: We deserve a future where we all thrive 

Nonprofit Alliance of Bermuda Third Sector Spotlight: OUTBermuda

Images supplied.

By Joshua Samuels, Executive Director, OUTBermuda 

In Bermuda, we often speak proudly of being a community that cares – a place where neighbours matter and where we look out for one another. Yet for many LGBTQ+ Bermudians, that promise remains unfulfilled. 

Across our island, LGBTQ+ people continue to face discrimination, stigma, bullying, and barriers to inclusive healthcare and education. Too many still feel invisible – especially Black queer Bermudians and transgender people. The impact is profound: a recent Bermuda study found that over 70% of adolescents who do not identify as male or female experience moderate to severe anxiety or depression, nearly double the national average. The global picture is equally troubling: a 2020 survey showed that nearly one-quarter of the world’s population believes being LGBTQ+ is a crime  

Behind those statistics are young people who tell us they feel unsafe at school, unseen at home, or fearful of being themselves.  That desire – to be valued, accepted, and free –  is something every human being deserves. 

At OUTBermuda, we believe community is the solution. We create spaces where LGBTQ+ people of all ages can connect, learn, and thrive. 

Through OUTLET Junior (ages 14–17) and OUTLET (ages 18–29), developed in partnership with Solstice Bermuda, we provide peer support groups that combine connection, creativity, and candid conversation. These spaces are lifelines – places where young people can share their experiences, find understanding, and build confidence. 

We also empower individuals to shape their future through our Empowerment Grants, which support community projects, training, and advocacy. And each year, we award a $10,000 education bursary to help LGBTQ+ students pursue higher education, alongside $5,000 in smaller community grants. 

With only two staff and the support of dedicated volunteers, OUTBermuda serves an estimated 4,000+ LGBTQ+ residents through programmes and advocacy that make tangible change. Our impact includes: 

  • Providing peer support for LGBTQ+ youth ages 14–29 
  • Offering subsidised counselling services (85 sessions to 19 residents last year) 
  • Hosting community events and workshops to promote inclusion 
  • Collaborating with partners like Solstice, CURB, HOME, the Human Rights Commission, The Department of Health and the Department of Education 
  • Producing Bermuda Pride, which mobilises thousands in a movement of visibility and belonging 

Each interaction – whether a counselling session, support group or Pride event – builds a stronger, more connected, more inclusive Bermuda. 

Progress takes more than goodwill. It requires systems that are fair, inclusive, and accountable. That’s why OUTBermuda released Bermuda’s first LGBTQ+ Policy Manifesto, a practical roadmap for action. It outlines policies to: 

  • Improve mental health supports 
  • Advance inclusive education 
  • Promote safety in schools and workplaces 
  • Strengthen equality under the law 

Our goal is clear: to build a Bermuda where every person can live with dignity, safety, and pride – free from discrimination and fear. 

Change does not happen by accident; it happens when people show up. Parents reach out to learn how to support their children. Businesses call to ask how they can become more inclusive. Young people arrive at OUTLET ready to listen, lead, and lift each other up. 

To everyone who has marched, donated, learned, volunteered, or simply stood beside someone who needed support – thank you. You are helping to build a future where belonging is not a privilege but a birthright. 

To LGBTQ+ people of all ages who may still be struggling: You belong. You matter. Bermuda is better with you in it. 

At OUTBermuda, we will continue to stand with you – until every person, no matter who they are or who they love, can live openly, safely, and proudly. 

Premier will ‘serve with energy’ in final year

In his New Year’s Message, David Burt says he enters 2026 with ‘deep gratitude for the opportunity to serve Bermuda’

File photos: David Burt, Premier of Bermuda / The Onion Drop in King’s Square, St George’s

Press Release from David Burt, Premier of Bermuda

As one year closes and another begins, we pause to reflect, and to renew our hope for what we know is possible. I enter this, my final year serving as your Premier, with deep gratitude for the opportunity to serve Bermuda.

Over the past year, I have had the opportunity to see firsthand the quiet but meaningful progress taking place across our Island. I have drawn inspiration from the growing number of Bermudians, young and old, stepping into training, educational, and employment opportunities across various sectors of our workforce. These small steps may not make headlines, but they point to a brighter future for Bermuda and reaffirm the importance of investing in our people.

We also know that many challenges remain. The cost of living continues to affect families across our Island, and meeting these pressures remains a priority. We are working every day to deliver on a more stable and affordable Bermuda, the future Bermudians voted for in February.

That is why our focus has been on building an economy that grows with people, investing in affordable housing, restoring our infrastructure, improving access to affordable healthcare, and supporting the community institutions that play vital roles in our everyday lives.

As we look to the year ahead, I remain hopeful. Hopeful because over the last eight years, I have seen Bermudians rise time and again to the challenges placed before us. My commitment to you is to continue serving with energy and focus right through my final day in office.

As you spend time with family and friends this New Year, I wish you and your loved ones happiness, good health, and every success in 2026.

Happy New Year, Bermuda.

Macron: allies will make commitments on protecting Ukraine at Jan 6 meeting

Macron has convened a meeting of the so-called ‘Coalition of the Willing’ next Tuesday

International News via Reuters:

European leaders meeting in Paris on January 6 will make firm commitments towards protecting Ukraine after any peace deal with Russia is brokered, French President Emmanuel Macron said on Wednesday during his New Year Eve’s speech.

Macron has convened a meeting of the so-called ‘Coalition of the Willing’ next Tuesday. The Coalition grouping led by Britain and France includes more than 30 nations.

“On January 6 in Paris, many European states and allies will make concrete commitments to protect Ukraine and ensure a just and lasting peace on our European continent,” Macron said.

U.S. special envoy Steve Witkoff earlier said that ways to strength security guarantees for Ukraine were discussed during Wednesday talks between U.S. officials, Ukraine’s president Volodymyr Zelenskiy and national security advisers from the UK, France and Germany.

In mid December, the leaders of several European countries including Germany, France and Britain, said there had been “strong convergence” with the U.S. after talks in Berlin and stated a list of goals for both sides to work towards.

These included commitments to supporting Ukraine’s armed forces, a European-led peacekeeping force and guarantees to use force if Ukraine came under attack again.

Kyiv has come under intense pressure from the Trump administration to make concessions to Russia to enable a deal. Ukraine’s European allies say any peace accord must ensure robust security guarantees backed by U.S. support.

Reporting by Benoit Van Overstraeten; Editing by Richard Lough

US issues fresh sanctions targeting Venezuela’s oil sector

The sanctions mark the latest action in Trump’s pressure campaign against Maduro, which has included a ramped-up U.S. military presence in the region

International News via Reuters:

The United States on Wednesday imposed sanctions on four companies it said were operating in Venezuela’s oil sector as well as associated oil tankers, as President Donald Trump’s administration increases pressure on Venezuelan President Nicolas Maduro.

The sanctions mark the latest action in Trump’s pressure campaign against Maduro, which has included a ramped-up U.S. military presence in the region and more than two dozen strikes on vessels allegedly involved in trafficking drugs in the Pacific Ocean and Caribbean Sea.

Earlier this month, Trump announced a blockade of all sanctioned vessels going in or out of Venezuelan waters as part of a strategy to pressure Maduro, a move that has helped knock down Venezuela’s oil exports this month to about half of their November levels.

The U.S. Treasury Department said in a statement it imposed sanctions on oil traders engaged in sanctions evasion for Maduro’s government. Among the targets were four tankers, some of which the Treasury accused of being part of the so-called “shadow fleet”.

The “shadow fleet” refers to ships that carry oil that is under sanctions. They are typically old, their ownership opaque and they sail without top-tier insurance cover to meet international standards for oil majors and many ports.

“Today’s action further signals that those involved in the Venezuelan oil trade continue to face significant sanctions risks,” the Treasury said in the statement.

The Venezuelan communications ministry, which handles all press queries for the government, did not immediately respond to a request for comment.

Panama-flagged Nord Star, Guinea-flagged Lunar Tide and Hong Kong-flagged Della – all hit with sanctions on Wednesday – have transported Venezuelan crude or fuel this year to destinations in Asia and the Caribbean, according to internal documents from Venezuela’s state energy company PDVSA and ship tracking information.

Hong Kong-flagged supertanker Valiant, which is also owned by one of the sanctioned companies, Aries Global Investment LTD, has not carried Venezuelan crude, according to PDVSA’s records.

The supertanker Della, which was scheduled to load crude at Venezuela’s Jose port this month, made a u-turn on December 21 after the U.S. Coast Guard tried to intercept two more Venezuela-related vessels in the Caribbean Sea, and is now on its way to Asia, the tracking data showed.

The sanctions on the four vessels come after Washington earlier this month designated six Venezuela-related tankers.

“President Trump has been clear: We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs,” Treasury Secretary Scott Bessent said in the statement.

Maduro and his government have vehemently denied involvement in criminal activity and says the U.S. is pursuing regime change to take control of Venezuela’s vast oil reserves.

The U.S. blockade stopping sanctioned tankers going in and out of Venezuela has kept the country’s exports almost paralyzed, and the accumulation of residual fuel inventories at Venezuela’s onshore tanks is forcing state company PDVSA to resort to extreme solutions to avoid the shutdown of refining units, Reuters reported earlier on Wednesday.

Reporting by Daphne Psaledakis in Washington and Marianna Parraga in Houston; Additional reporting by Christian Martinez; Editng by Doina Chiacu and Diane Craft

Bitcoin set for first yearly loss since 2022 as macro trends weigh on crypto

Despite reaching a fresh record high this year, bitcoin has struggled to regain its footing since October, and last month experienced its biggest monthly drop since mid-2021

International News via Reuters:

Bitcoin is on track to post its first annual loss since 2022, as macroeconomic pressures and fading momentum weighed on the world’s largest cryptocurrency. 

Despite reaching a fresh record high this year, bitcoin has struggled to regain its footing since October, and last month experienced its biggest monthly drop since mid-2021. Now, it is on track to end the year more than 6% lower, after posting yearly gains the previous two years. It was last trading at $87,474.2.

After soaring earlier this year with the election of crypto-friendly U.S. President Donald Trump, cryptocurrencies – along with stocks – plummeted in April on his tariff announcements. They quickly rebounded, with bitcoin hitting an all-time peak above $126,000 in early October.

But just days later, on October 10, the market plunged again when Trump announced a new tariff on Chinese imports and threatened export controls on critical software. That sparked more than $19 billion worth of liquidations across leveraged crypto market positions, the largest liquidation in crypto history.

The world’s main stock benchmarks have also had a turbulent year, repeatedly hitting record peaks and then pulling back as worries over tariffs, interest rates and a possible AI bubble whipsawed markets. 

“In 2025, the market showed that bitcoin increasingly exhibits the characteristics of a risk asset within the global financial system, with a notable correlation to the U.S. equity market during multiple periods,” said Linh Tran, a senior market analyst at XS.com. 

Analysts say bitcoin’s gyrations in 2025 increasingly tracked stock market sentiment as traditional retail and institutional investors jumped into cryptocurrencies, which next year may be even more closely tethered to factors driving stocks and other risk assets, such as monetary policy shifts and nervousness over the lofty valuations of AI-related stocks.

Historically, bitcoin and stocks did not move in tandem because crypto was seen as an alternative investment. But with broader crypto adoption by traditional retail investors and some institutions, the correlation looks to be strengthening, analysts said.

WINS IN WASHINGTON

The crypto industry notched major regulatory wins in the U.S. under the first year of the Trump administration, including the Securities and Exchange Commission’s swift move to dismiss Biden-era lawsuits against Coinbase, Binance and others, as well as the passage of a landmark law creating federal rules for dollar-pegged crypto tokens.

But crypto market structure legislation and carve-outs from SEC rules that should fix core, longstanding problems for the industry are yet to come, threatening to sap the industry’s celebratory mood, according to multiple industry executives. 

Trump courted industry cash pledging to be a “crypto president,” and his family’s own crypto ventures have helped to propel the sector into the mainstream, say executives.

Crypto companies and executives donated more than $245 million in the 2024 election cycle to promote pro-crypto candidates including Trump, according to Federal Election Commission data.

Reporting by Hannah Lang in New York; Editing by Chizu Nomiyama