It was one of South Africa’s strongest responses yet to an onslaught of U.S. criticism this year, although Lamola underlined that he remained open to dialogue
International News via Reuters:
South Africa will not bow to U.S. pressure to change its policies on race, Foreign Minister Ronald Lamola said on Thursday, after Washington confirmed that Pretoria would be excluded from the G20 under its presidency.
U.S. Secretary of State Marco Rubio issued a statement on Wednesday accusing South Africa’s government of “racism” against its white citizens, an allegation that President Donald Trump has also made and which has been widely discredited.
He said South Africa would not be invited to participate in G20 meetings while the United States leads the forum for the next year.
“Secretary Rubio, the world is watching. It is growing weary of double standards,” Lamola wrote in an open letter to Rubio.
“We do not seek your approval for our path.”
It was one of South Africa’s strongest responses yet to an onslaught of U.S. criticism this year, although Lamola underlined that he remained open to dialogue.
TRUMP’S COMMENTS HAVE ERODED US, SOUTH AFRICA TIES
Relations between Washington and Pretoria have reached a low in recent months as Trump has repeatedly made false claims about a “white genocide” in South Africa and criticized the country for its policies aimed at addressing racial inequality.
White people make up only about 7% of South Africa’s population but still hold the vast majority of land and wealth three decades after the end of apartheid, an explicitly racist system of white minority rule.
The government now has policies that reward companies for hiring and promoting Black people, in an attempt to address the imbalance. It also passed a law this year allowing the state to expropriate land in certain circumstances, although no white land has been “seized” as Trump claims.
“Our policies of redress are not a political invention. They are the fulfilment of a promise made to all South Africans as we emerged from the darkness of apartheid,” Lamola wrote.
A spokesperson for South African President Cyril Ramaphosa responded to Rubio’s statement earlier on social media, saying that South Africa would take a break from the G20 while the U.S. is at the helm.
“About this time next year, the UK will be taking over the G20 presidency. We will be able to engage meaningfully and substantively over what really matters to the rest of the world,” said Ramaphosa’s spokesperson Vincent Magwenya.
“For now, we will take a commercial break until we resume normal programming,” he wrote.
Reporting by Nellie Peyton and Alexander Winning; Editing by Alexandra Hudson
As BTA prepares to move out of its Third Avenue office, it states that all services and market operations will continue without interruption
Screenshot
(New York, NY – November 27, 2025) – Bermuda Tourism Authority (BTA), today announced that it will transition its New York–based team to a remote operating model as part of a broader strategic initiative to enhance organisational resilience and operational flexibility. “With the recent sale of the building at 675 Third Avenue in Manhattan, and a shift by the new owners to a residential model, the timing aligned nicely with our longer-term objectives,” said Erin Wright, Acting CEO, BTA
The transition, which will occur through a phased approach between December and January, includes the planned closure of BTA’s New York physical office, with the final in-office workday scheduled for January 16. Employees will begin a phased transition to remote working, starting December 15, in alignment with the company’s structured transition plan.
“This shift reflects BTA’s commitment to building a modern, flexible operating model that supports both our team and the evolving needs of our stakeholders,” said Erin Wright, Acting CEO, BTA “Our New York employees remain a vital part of our U.S. presence, and this transition enables us to continue delivering high-quality service while strengthening our long-term agility.”
BTA emphasized that the transition is not a departure from its U.S. market activity. The organisation will continue to maintain an active presence and engagement with their local team members, partners, and industry stakeholders. Since its formation in 2014, the BTA has operated its New York office in Midtown Manhattan occupying the space previously held by the Bermuda Department of Tourism. As the organisation prepares for its next chapter, this transition represents an important milestone. “We are confident this is the right strategic move for the organisation, while recognising the depth of our long-standing connection to our primary market,” said Jamari Douglas, VP of Marketing, PR & Communications.
BTA confirmed that all services, programmes, initiatives and market operations will continue without interruption.
The Bermuda Tourism Authority (BTA) is a quasi-autonomous, award-winning destination marketing organisation that promotes Bermuda globally and supports the island’s tourism industry. Guided by the Bermuda National Tourism Plan, the BTA drives sustainable growth and enhances Bermuda’s competitiveness as a premier destination. Learn more at www.BermudaNTP.com.
Parts of Southeast Asia, including the border areas between Thailand, Myanmar and Cambodia, have become hubs for online fraud
International News via Reuters:
Thailand has seized assets worth more than $300 million, including shares in a major regional energy company, and issued arrest warrants for 42 people in a high-profile push against regional scam networks, officials said on Wednesday.
Parts of Southeast Asia, including the border areas between Thailand, Myanmar and Cambodia, have become hubs for online fraud, with criminal networks earning billions from illegal compounds where trafficking victims are often forced to work.
The seizures and warrants involve Chinese-Cambodian tycoon Chen Zhi, who heads the U.S.-sanctioned Prince Group, and Cambodian nationals Kok An and Yim Leak, who authorities said were all linked to transnational online scam operations.
Prince Group did not immediately respond to a request for comment. Chen, who is also facing indictment by the U.S., could not be reached for comment. Last month, Prince Group denied the company or Chen were involved in any illegal activity.
Reuters was unable to contact Kok An or Yim Leak.
SCAM CENTRES HAVE DEFRAUDED PEOPLE ACROSS THE WORLD
Although hundreds of people in the region have been detained for alleged involvement in scam centres that have defrauded people across the world, law enforcement agencies have yet to arrest the suspected masterminds of the lucrative networks.
“We have seized assets worth 10,157 million baht ($318 million). Arrest warrants have been issued by the Criminal Court for 42 individuals,” Sophon Saraphat, Deputy Commissioner of the Thai Central Investigation Bureau, told a press conference.
“As of yesterday, 29 individuals have been arrested.”
Some of the assets seized were tied to Prince Group head Chen. Thailand’s Anti-Money Laundering Office said in a statement that investigators had found “information on networks of online fraud, human trafficking, and money-laundering” that were linked to Chen and his associates. They did not give further details.
Chen’s whereabouts were unknown and it was not immediately clear if he was one of the people subject to a Thai arrest warrant.
In the past two months authorities in Hong Kong and Singapore froze or seized assets linked to the Prince Group worth $354 million and $116 million respectively, after Britain and the United States sanctioned the Southeast Asia-based multinational network over accusations it was involved in running scam centres.
In October, the U.S. Justice Department indicted Chen for wire fraud conspiracy and money-laundering conspiracy for allegedly directing Prince Group’s operation of forced-labour scam compounds across Cambodia.
Prince Group rejected those allegations as baseless in a statement, saying neither the company nor Chen had engaged in unlawful activity.
ENERGY COMPANY SHARES SEIZED
Another alleged scam operation involved Yim Leak, who Thai authorities described as “the heir of an influential network in Cambodia” that conducted fraudulent transactions, including domestic and international money transfers, the statement said.
The Anti-Money Laundering Office said it had seized trading accounts connected to Yim Leak as part of the probe, including shares in energy major Bangchak Corporation worth 6 billion baht ($188 million).
Bangchak said the actions taken by Thai authorities concerned an individual shareholder, adding it would cooperate with authorities and was committed to transparency.
“This matter is separate from Bangchak’s business operations and management, which continue as normal and remain fully stable,” it said in a statement.
Bangchak’s shares closed up 1.87% on Wednesday.
Thai authorities said they have also identified a criminal group operating out of facilities in Cambodia owned by another Cambodian, Kok An, that used illicit earnings to acquire assets in Thailand.
Reuters was unable to reach Kok An, Yim Leak or their representatives. They have not publicly commented on the allegations.
Cambodia’s government and foreign ministry did not immediately respond to requests for comment on Thai authorities implicating Cambodian nationals in online fraud.
($1 = 31.9100 baht)
Reporting by Reuters staff; Editing by Alex Richardson
Following the decision by the Bermuda Athletic Association (BAA) to withdraw their field as a venue for Bermuda Football Association (BFA) matches this season, three of the affected clubs have now confirmed their new home grounds for the remainder of the 2025/26 campaign.
The withdrawal of the BAA field, a previously popular and centrally located venue, necessitated a swift relocation for the clubs that had registered it as their home ground. The Bermuda Football Association and the affected clubs moved quickly to secure new pitches, providing stability for the rest of the season.
The Dandy Town Hornets, currently Premier Division leaders, have relocated their home fixtures to White Hill Field.
Robin Hood, who are currently neck-and-neck at the top of the First Division, have secured PHC Stadium as their new home pitch.
Vasco, who compete in the First Division, have confirmed their new home base will be the Police Field.
The successful confirmation of these venues means teams and fans will now adjust to the new logistical arrangements.
Police said that while Mohammad Asim Bashir had not committed an offence in relation to the attack itself, their investigation led to him being charged with other terrorism offences
International News via Reuters:
British police said they had charged a 31-year-old man with terrorism offences, following his arrest in connection with an attack on a Manchester synagogue in October which left two Jewish worshippers dead.
Police said that while Mohammad Asim Bashir had not committed an offence in relation to the attack itself, their investigation led to him being charged with other terrorism offences, including sharing terrorist publications with the perpetrator of the attack, Jihad Al-Shamie.
Al-Shamie, a 35-year old British citizen of Syrian descent, began stabbing people outside the synagogue on October 2, telling police he was acting for Islamic State before officers shot him dead.
Bashir was arrested on November 27 at Manchester Airport and was on Thursday charged with preparation for acts of terrorism and three counts of dissemination of terrorist publications. He has been remanded in custody and will appear at Westminster Magistrates Court on Friday.
Police described him as a British national whose self-defined ethnicity is British Pakistani.
Hamilton, Bermuda, 4 December 2025 – The Bermuda Economic Development Corporation (BEDC) wrapped up Global Entrepreneurship Week (GEW) 2025 with a full schedule of events that brought together entrepreneurs, creatives, and community members for discussions, learning, and meaningful engagement. Held from November 17 to 23 under the theme “Together We Build,” the week supported collaboration and highlighted the ongoing growth of Bermuda’s entrepreneurial community.
The week opened with the Wave of Opportunity Pitch Competition in partnership with Global Atlantic. Nine entrepreneurs presented their business ideas, with five receiving $25,000 dollar grants. The Hon. Jason Hayward, Minister of Economy and Labour, awarded an additional $5,000 dollars to each of the remaining finalists in recognition of their strong presentations.
On Tuesday, hundreds of community members visited BEDC headquarters for the Fuel the Future Coffee and Pastries Giveaway. Attendees met with BEDC team members, learned about available business support services, and took part in a fun spin to win prize draws.
Women’s Entrepreneurship Day on Wednesday featured Fore the Ladies, a networking golf clinic at Port Royal Golf Course. Thirty women entrepreneurs and professionals participated in coaching sessions, light competition, and a shared lunch that encouraged relationship-building.
Creative entrepreneurship took center stage on Thursday during The Business of Art: A Fireside Chat with actor and entrepreneur Tristan “Mack” Wilds at the Bermuda Society of Arts. The conversation, moderated by Nhuri Bashir of Burnt House Productions, offered practical insight for artists and innovators and drew an audience of more than 50 people
Friday’s signature event, Together We Build: Experiential Full Day Conference, welcomed approximately 140 attendees to Grotto Bay Resort. Keynotes were delivered by actor & singer/songwriter Tristan Mack Wilds and breakout food entrepreneur Pinky Cole, owner of Slutty Vegan, with breakout sessions led by more than 25 local entrepreneurs and two international guests. Session topics included digital innovation, funding, leadership, the creator economy, and women’s entrepreneurship. The Business to Business Resource Market included sponsors Cox Hallett Wilkinson, Butterfield, Chameleon Print Solutions, and Brava. The evening closed at the Panorama Lounge with Cocktails with Creators, a networking mixer where entrepreneurs and conference participants were treated to a 360 view of the Island backlit by the awarded LF Wade International Airport.
Saturday’s Beyond the Plate event, hosted by Bacardi at its headquarters and the 1862 Cocktail Bar, highlighted culinary entrepreneurship. More than 90 guests attended to sample plant-based dishes and hear five local chefs, Pitch it to Pinky including: Doreen Williams James of Wild Herbs N Plants of Bermuda, Earlena Ingham of Natural Mystic Hub, Trevor Johnston of Plant Based Fuel, Jeff Sousa of Sousa’s Spring Rolls, and Kris Furbert of Bermuda Pie Company. A judging panel that included Pinky Cole, Marico Thomas, Christina Hammond-Wilds, Phil Barnett, and Dr. Teneika Eve selected Trevor Johnston for the top award sponsored by BGA.
Attendees voted, and Kris Furbert was chosen as the People’s Choice Award winner. Pinky Cole also shared guidance on scaling food businesses into new markets.
The week closed on Sunday with Entrepreneurial Truths at the Ruth Seaton James Auditorium. More than 130 attendees took part in Spark Sessions led by BEDC directors, designed to support reflection on business development and growth. The evening continued with a Fireside Chat featuring Pinky Cole, moderated by Deshay Caines of the Hustle Her Podcast and Chelsea Warren of BEDC.
“Global Entrepreneurship Week is our opportunity to highlight the strength and creativity of Bermuda’s entrepreneurs,” said Erica Smith, Executive Director of BEDC.
“Each event reflected the value of working together and investing in our business community. We appreciate the support of our partners, sponsors, speakers, and attendees who helped make GEW 2025 a success.”
David Esler, Head of Brava, had this to say about sponsoring GEW this year: “Global Entrepreneurship Week remains one of the most important platforms for inspiring innovation and connecting people with opportunity. Brava chose to support GEW because we believe strong economies are built when entrepreneurs have access to knowledge, networks, technology, and encouragement. This year’s experience reinforced that belief. The conversations and energy showed that the entrepreneurial spirit is alive and growing among MSMEs in Bermuda. Our biggest takeaway is that when we invest in people, we strengthen the future of our region. Brava is proud to walk alongside GEW as we build that future together. Congratulations to the BEDC team and all participants on a successful initiative.”
Maryem Biadillah, Acting Director of the Economic Development Department, said as a GEW sponsor: “The EDD is proud to continue our support of Global Entrepreneurship Week, which celebrates the creativity and drive of Bermuda’s entrepreneurs. Our partnership with the BEDC reflects a shared commitment to fostering innovation, strengthening e-entrepreneurship, and building a resilient, future-ready economy.”
BEDC extends a huge thank you to this year’s major sponsors: Bermuda Tourism Authority, Economic Development Department, Brava, and BGA. Special appreciation also goes to event sponsors Bacardi and Grotto Bay Beach Hotel and Resort, with recognition to contributor CJ Rentals and Productions.
Additional appreciation goes to supporters Cox Hallett Wilkinson, Butterfield, Driven Society, the Department of Culture, and the Ministry of Youth, Social Development and Seniors.
BEDC also acknowledges the generosity of community sponsors who supported student attendance on Sunday, including Leggo Bermuda, the Ministry of Education, Heel Sew Quik Group of Companies, Western Stars Sports Club, Baileys Bay Cricket Club, St. David’s Cricket Club, Warwick Workmen’s Club, Electronic Services, Major League Barbershop, The Emperial Group, Fit 4 Life, and Salon Pink.
For more information on BEDC programs, business support services, and upcoming events, visit www.bedc.bm.
About BEDC
Bermuda Economic Development Corporation (BEDC) is Bermuda’s premier source of free confidential business advice for entrepreneurs. The mission is to serve Bermuda’s local business community with the highest degree of professionalism by providing, authoritative business advice; counsel and loan guarantee support.
Bermuda Business Starts Here! For more information, visit www.bedc.bm.
About GEW
During one week in November, the world spotlights how young people’s ideas can contribute to global economic development. GEW Global, which started in 2008 with the Kauffman Foundation and the UK’s Make Your Mark organization, has grown to include Host Committees in over 200 countries. With the help of governments and non-government organizations, Host Countries coordinate events ranging from invention competitions to local entrepreneurship summits designed to stimulate creative solutions, jumpstart innovation and celebrate the entrepreneurial spirit, especially among young people.
The BEDC is the registered Bermuda Host with support from the Youth Entrepreneurship Initiative of Bermuda (registered charity no. 616), and the Economic Development Department working towards the common goal of inspiring the new generation of entrepreneurs and creative thinkers.
Ben Smith: ‘Sending your child overseas for sport and education can be one of the best decisions you ever take’
Statement by Ben Smith, Shadow Minister of Sport:
Irrespective of sport, Bermuda is brimming with talented, young athletes. The early mornings, the late evenings, the endless practices, meets and matches are norms when our are pursuing their dream of taking their sports to another level outside of Bermuda’s shores.
Every year, many young, local athletes are offered opportunities to trial with professional academies or attend boarding schools which can offer wider exposure, and that can be overwhelming for parents.
It’s an incredible moment, and I don’t doubt for a second how much this means to families when they see their child’s abilities recognised internationally.
But then there’s the next vital step—deciding whether or not to pursue the opportunity, and what level of sacrifice will be required of the family in order to turn dreams into reality.
Conversations around this topic need to be spoken about openly, in a community setting. After all, it takes a village, the the stakes can be high and the road ahead will demand both optimism and caution.
The idea of sending your child overseas for sport and education can be one of the best decisions you ever take. A strong academic programme, new training facilities, broader cultural and life experiences—all of that is real.
You can see a world of growth opening up for your young person with new friends, new perspectives and new possibilities.
We also live here, on a small island with its own realities, and it’s worth recognising that the dream of becoming a professional athlete is precious but extremely rare. In larger nations, even among thousands of young players, only a tiny fraction ever reach the top. In England around 1.5 million boys are playing organised youth football. Only about 180 are estimated to play a single minute in the Premier League.
When you add in the reality of coming from a small island fewer local resources, less exposure, and the challenge of adapting to a completely new culture, those odds become even lower.
Studies on athletes migrating from small islands show that the transition itself can be tough with isolation, homesickness, and high expectations can quickly turn opportunity into pressure.
So when that overseas offer arrives, I implore you to take a moment to measure all possible outcomes. This isn’t about discouraging the dream, but about making sure your young person is set up to benefit from the opportunity, whether they become a household name in sport or not.
The truth is, if the sporting dream doesn’t pan out (and often it doesn’t), you’ll want your child to walk away with something lasting. A solid education, confidence, resilience, a sense of direction, and the ability to build a future.
You, the parent, must remain the most powerful person in that child’s life. You are their moral compass, emotional anchor, and safe place. If you choose to send them away, you have to ask yourself whether you’re ready to hand over part of that role and how you’ll build the support they’ll still need.
I encourage you to look closely at what’s being offered. What kind of people does the programme produce? Are they well-rounded, healthy, and ready for life beyond sport? What happens when the dream shifts or the opportunity doesn’t last? Research shows that early specialisation and high-intensity sport can increase the risk of burnout and injury and that many young athletes eventually quit their sport entirely if the experience becomes too narrow or pressured.
I want to hear from parents who have already walked this path. I particularly want to hear from parents or athletes whose journeys didn’t unfold as expected. The success stories are always front and centre, and we celebrate them. The quieter stories of struggle and disappointment are just as valuable for another sporting family.
Sharing experiences might help another young person avoid the same pitfalls.
When your child leaves, you remain the steady hand behind them. The voice that says, “I believe in you, but I’m here to help you make good choices.”
That presence, even from afar, can make all the difference.
So yes, pursue the opportunity if it feels right. Make sure it’s built on solid ground. Do the homework. Understand the environment. Speak to past athletes. Visit the place if you can. Recognise that the dream is big, but it needs to rest on a foundation of education, wellbeing, and realistic goals.
Our role as parents, coaches, and mentors isn’t just to help young people chase their dreams, it’s to make sure they’re strong enough to thrive whether the dream comes true or not.
We all want to see our young Bermudians succeed, not just in sport, but in life. Let’s keep having these conversations, and let’s make sure every decision we make for our children comes from the place it always should. Love, care, and preparation for the future.
I would love to hear about your family’s experience with overseas sports. Email me at bsmith@oba.bm.
Effective December 1st, 2025, the Ministry of Economy and Labour advises the public that the moratorium on new work permits issued for the following Closed job categories is extended for three months, ending February 28th, 2026.
The following list of Closed job categories is unchanged from the prior three-month period ending November 30th, 2025:
1. Administrative Assistant
2. Airline Ground Agent
3. Bank Teller
4. Carpet Installer
5. Cashier
6. Childcare Assistant
7. Courier
8. Customer Care/ Service Rep
9. Debt Collector
10. Deckhand
11. Dispatcher Road Transport
12. Entertainer/ Musician
13. Executive Secretary/Assistant
14. Fisherman
15. General Bartender
16. General Labourer
17. Golf Instructors
18. Grocery Packer
19. Guest Service Agent
20. Handyman
21. HR Officer/ Manager
22. Intern
23. Laundry Attendant
24. Legal Clerk
25. Librarian
26. Office Receptionist
27. Painter
28. Para-Professional
29. Photographer
30. Pool/Beach Attendant
31. Public Relations Officer
32. Real Estate Agent
33. Retail Floor Supervisor
34. Room Attendant
35. Salesperson
36. Seasonal Work Permits
37. Security Guard
38. Senior Clerk
39. Taxi Driver
40. Teaching Aide
41. Technician salesperson
42. Telephone Switchboard Operator
43. Tourist Retail Salesperson
44. Travel Agent/ Consultant
45. Wallpaper Technician
46. Warehouse Clerk
The following list of restricted job categories included under the Work Permit Policy is unchanged from the prior three-month period ending November 30th, 2025:
1. Dish/ Pot Washer
2. Electrician
3. General Carpenter
4. Kitchen Assistant
5. Kitchen Porter
6. Landscape Gardener (Entry Level)
7. Plumber
8. Residential/ Commercial Cleaner
9. Tennis instructor
10. Waiter/ Server
According to the Work Permit Policy, Section 3.9, the application process for jobs in the Restricted job categories is the same as that for the Open category, except the employer must:
Apply for a maximum term of one (1) year; and
Submit evidence that any candidates screened and recommended by the Department of Workforce Development (“DWD”) have been appropriately considered. DWD is expected to respond to enquiries by employers within ten (10) working days. Should no response be forthcoming from DWD, the employer may submit the application with written evidence that they made enquiries.
As a reminder, the partner of a Bermudian, Permanent Resident Certificate holder, non-Bermudian on a work permit, or other legal residents of Bermuda who have already received permission to reside may apply to seek employment. Partners who do not have permission to reside may apply to reside and seek employment. The policy relating to partners was updated in September 2025. Further details on Partner Residence Application Guidelines are available online at gov.bm.
The Ministry of Economy and Labour remains focused on ensuring that our policies create meaningful job opportunities for Bermudians. The Closed and Restricted Job Categories are designed to encourage employers to prioritise Bermudian talent and invest in their development. As Bermuda’s employment landscape evolves, the Ministry will continue to adjust these policies to reflect changing workforce needs and ensure that Bermudians remain at the centre of our economic progress.
Individuals looking to increase their skillsets and employability are always encouraged to register with the Department of Workforce Development at dwd.bm and explore more options for further education through Bermuda College at www.college.bm.
Traffic diversions in effect on South Road as police process the scene
Image credit: Bermuda Police Service
Statement from the Bermuda Police Service:
Around 9:30am today, Thursday 4th December 2025, a reported two vehicle collision occurred on South Road in Paget, in the vicinity of the Bermuda College.
Apparently a car and a motorcycle were involved, with the 44-year-old male rider sustaining a leg injury.
He has been transported to King Edward VII Memorial Hospital via ambulance for treatment.
Eastbound traffic along the nearest section of South Road is being diverted on to Southcote Road, while westbound traffic is being diverted on to College Road.
Motorists should expect delays in the South Road, College Road Paget area, while the scene is processed and are advised to take alternative routes, if possible.
The FTSE 100 group, majority owned by Mike Ashley, did, however, reaffirm its full-year profit forecast, saying its strategy was working
International News via Reuters:
Frasers, the British sportswear and fashion retailer, said market conditions were tough, consumer confidence very subdued and excess inventory was weighing on the industry as the company reported a 2.8% fall in first-half profit.
The FTSE 100 group, majority owned by Mike Ashley, did, however, reaffirm its full-year profit forecast, saying its strategy was working.
Frasers’ shares were down 2% on Thursday, paring 2025 gains to 16.4%.
The group, whose brands include Sports Direct, House of Fraser and Flannels, said while trading had improved compared with last year’s government budget-affected period, it was still weaker than the same period in its 2023/2024 year, with excess inventory in the sector leading to increased promotional activity.
DWINDLING CONSUMER SPENDING AHEAD OF NOVEMBER BUDGET
Official data published last month showed British retail sales tumbled in October, while a closely watched gauge of household sentiment fell this month, adding to signs of waning consumer spending ahead of finance minister Rachel Reeves tax- raising budget last week.
Frasers’ chief financial officer Chris Wootton said constant speculation of various government measures in the run-up to the budget was “incredibly annoying”.
“It would be a lot more helpful if it wasn’t so chaotic,” he told Reuters.
Frasers made adjusted profit before tax of 290.9 million pounds ($388.1 million) in its first half to October 26, on revenue up 5.0% to 2.58 billion pounds.
It said Sports Direct performed well, while margins strengthened in the premium and luxury division, particularly at Flannels.
The group is pursuing what it calls an “elevation strategy”, focused on strengthening relationships with brands including Nike and Adidas, development of its own brand business and investment in flagship stores, automation, online and expansion overseas.
Frasers has also built significant stakes in a raft of other retailers, including Hugo Boss, AO World, Mulberry, ASOS and Debenhams.
For the full-year, Frasers, which has more than 1,500 UK stores, expects adjusted pretax profit of 550 million pounds to 600 million pounds, which compares with the 560 million pounds it made last year, helped by plans to offset higher costs with efficiencies.
($1 = 0.7496 pounds)
Reporting by James Davey; editing by Sarah Young, Paul Sandle and Jane Merriman
Expectations for employment over the next year weakened, falling by 0.1 percentage points to -0.2% in the three months to November
International News via Reuters:
British businesses expect to reduce staff numbers but raise prices at a similar rate to before, according to a survey of more than 2,000 firms on Thursday by the Bank of England that was conducted before finance minister Rachel Reeves’ annual budget.
The Decision Maker Panel conducted between November 7 and November 21, showed firms planned to raise prices by 3.7% percentage points over the next 12 months, 0.1 percentage points more than they had expected one month earlier.
Expectations for employment over the next year weakened, falling by 0.1 percentage points to -0.2% in the three months to November.
Companies’ expectations for consumer price inflation in the year ahead were unchanged in the same period at 3.4% in November.
British consumer price inflation fell to 3.6% in October and the BoE expects it to have peaked, strengthening its case to cut interest rates from their current 4%.
The BoE survey showed businesses expected wage growth of 3.8% over the coming year in the three months to November, 0.1 percentage points higher than in the three months to October.
Reporting by Suban Abdulla; editing by David Milliken
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
