Sterling gained more than 1% last week, marking its largest weekly gain since early August
International News via Reuters:
The pound edged lower on Monday, as investors took some profits on November’s modest gains ahead of a widely expected interest rate cut later this month.
Sterling gained more than 1% last week, marking its largest weekly gain since early August, lifted by a relief rally after finance minister Rachel Reeves’ long-awaited budget soothed some concern about Britain’s long-term finances.
The pound was last down 0.13% against the dollar at $1.3226, while dropping against the euro, which rose 0.3% to 87.89 pence.
Seasonally, December tends to be a stronger month for sterling. On average, over the last 25 years, December tends to be the second-strongest month of the year for the pound, with a gain of 0.28%, behind top month April, when the pound has, on average gained 1%, according to LSEG data.
Money markets show traders are placing a 90% chance of a cut from the Bank of England later in December that would take the base rate to 3.75%, where they expect it to remain for the coming few months.
This erodes some of the pound’s appeal for overseas investors, but by the end of the year, the UK would still boast some of the highest interest rates within the Group of 10 wealthiest nations, which offers sterling some support.
“The removal of some policy and political uncertainty removes some of the headwinds to the UK pound. It has strengthened a little since Reeves’s speech. But we think it is likely to weaken a little over the coming months — especially against the euro — as policy rates and bond yields come lower,” Graham Hook, head of EMEA government relations and public policy, and Benjamin Jones, global head of research at Invesco, said in a note late last week.
Anecdotally, Simon Phillips, managing director of travel currency specialist No1 Currency, said the pound’s performance in November had offered a boon to British consumers looking to go abroad, as what he called the “Rachel rally” lifted sterling last month against most of the currencies of popular tourist destinations, such as the Turkish lira and Icelandic crown.
Reporting by Amanda Cooper; Editing by Kirsten Donovan
Brent crude futures climbed 94 cents, or 1.51%, to $63.32 a barrel by 2327 GMT. U.S. West Texas Intermediate crude was at $59.45 a barrel, up 90 cents, or 1.54%
International News via Reuters:
Oil prices rose more than 1.5% on Monday after the OPEC+ meeting on Sunday decided against earlier planned production rises in the first quarter of next year.
Brent crude futures climbed 94 cents, or 1.51%, to $63.32 a barrel by 2327 GMT. U.S. West Texas Intermediate crude was at $59.45 a barrel, up 90 cents, or 1.54%.
OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meeting as the group slows its push to regain market share amid fears of a looming supply glut.
The Chinese declines contrast with strong revenue growth globally for big arms and military-services companies
International News via Reuters:
Revenues at China’s giant military firms fell last year as corruption purges slowed arms contracts and procurement, according to a study released on Monday by a leading conflict think tank.
The Chinese declines contrast with strong revenue growth globally for big arms and military-services companies, fuelled by wars in Ukraine and Gaza, and global and regional tensions, the research by the Stockholm International Peace Research Institute found.
“A host of corruption allegations in Chinese arms procurement led to major arms contracts being postponed or cancelled in 2024,” said Nan Tian, director of SIPRI’s Military Expenditure and Arms Production Programme.
“This deepens uncertainty around the status of China’s military modernisation efforts and when new capabilities will materialise.”
CHINA’S REVENUES DOWN 10%, JAPAN’S UP 40%
The People’s Liberation Army was one of the main targets of a broader corruption crackdown ordered by President Xi Jinping in 2012, reaching the upper levels of the military in 2023 when its Rocket Force was targeted.
Eight top generals were expelled from the ruling Communist Party on graft charges in October, including the country’s number two general, He Weidong. He had served under Xi on the Central Military Commission, China’s supreme military command organisation.
Asian and Western diplomats say they are still trying to gauge the impact of the crackdown on China’s ongoing military rise and how far down it reaches through the command chain.
Revenues of China’s top military firms fell 10% last year, while those in Japan surged 40%, Germany 36% and U.S. revenues rose 3.8%, SIPRI data shows.
Revenues of the world’s 100 largest arms firms rose 5.9% to a record $679 billion, the report said, while China’s fall was enough to make Asia-Oceania the only region to post a revenue decline among its top arms firms.
China’s weapons revenue fell despite three decades of rising defence budgets in Beijing’s growing strategic rivalry with the United States, Asia’s traditional military power, and tensions over Taiwan and the hotly disputed South China Sea.
MID-, LONG-TERM INVESTMENT, MODERNISATION TO CONTINUE
The buildup is bearing fruit as China deploys the world’s largest naval and coast guard fleets – including a potentially advanced new aircraft carrier – a host of new hypersonic missiles, nuclear weapons and air and sea drones.
Revenue fell at AVIC, China’s largest arms maker, land-systems producer Norinco and aerospace and missile manufacturer CASC, all state-owned, according to the SIPRI research. Norinco experienced the steepest revenue decline, falling 31% to $14 billion.
Corruption-related personnel changes at the top of Norinco and CASC sparked government reviews and project delays, while deliveries of AVIC’s military aircraft slowed, the research found.
The timeline of advanced systems for the People’s Liberation Army’s Rocket Force, which handles its growing arsenal of ballistic, hypersonic and cruise missiles, could be exposed, along with aerospace and cyber programmes, said SIPRI researcher Xiao Liang.
This adds to uncertainties over the PLA’s target of getting key capabilities and war-fighting readiness in place for its 100th anniversary, Liang said. The PLA’s forerunner, Mao Zedong’s Red Army, was founded in 1927.
“However, in the medium and longer term, sustained investment in defence budgets and political commitment behind modernisation will continue, albeit with some programme delays, higher costs and tighter control of procurement,” Liang said.
Reporting by Greg Torode in Hong Kong; Editing by William Mallard
Starmer’s centre-left Labour Party trails behind the right-wing Reform UK in opinion polls
International News via Reuters:
British Prime Minister Keir Starmer will set out on Monday his economic vision for the rest of the Labour government’s parliamentary term in a speech that builds on last week’s budget, his office said.
He will present the “broader mission” of his government’s drive to boost economic growth, Downing Street said, following finance minister Rachel Reeves’ budget last week, which raised 26 billion pounds ($34.41 billion) of taxes.
Starmer’s centre-left Labour Party trails behind the right-wing Reform UK in opinion polls. The next national election is due to be held by mid-2029 at the latest.
Despite winning a historic landslide election last year, Starmer is under pressure from his own lawmakers to regain the initiative after a tough first year in charge, marked by U-turns over key policies and continued angst over the public finances.
Starmer will talk about removing “unnecessary regulation”, his office said.
“Rooting out excessive costs in every corner of the economy is an essential step to lower the cost of living for good, as well as promoting more dynamic markets for business,” Starmer will say, according to excerpts of his speech published by Downing Street.
His speech will also focus on helping more people into work – by raising access to apprenticeships and training, and removing barriers to employment for people who have been “written off” because of neurodivergence, disability or mental health problems.
The cause of the blaze at a high-rise apartment complex, remains under investigation, amid public anger over missed fire risk warnings and evidence of unsafe construction practices
International News via Reuters:
Thousands turned out on Sunday to pay tribute to the victims of Hong Kong’s deadliest fire in more than 75 years, as Beijing warned it would crack down on any “anti-China” protest in the wake of the blaze.
The cause of the blaze at a high-rise apartment complex, remains under investigation, amid public anger over missed fire risk warnings and evidence of unsafe construction practices.
Police said on Sunday the confirmed death toll had risen to 146 after they completed a sweep of five of the burnt-out towers. Some bodies had been found in stairwells and on rooftops where residents had tried to flee. More than 40 people are still missing, police said.
Mourners queued for more than a kilometre along the banks of a canal near the burnt-out Wang Fuk Court housing complex to lay white flowers for those who died, with people still arriving late in the evening. Some attached notes addressed to the victims and laid flowers including chrysanthemums, which symbolise grief in Chinese culture.
The smell of smoke still hung in the air four days after the fast-moving blaze fanned across the exterior of seven residential towers under renovation in Hong Kong’s northern Tai Po district.
Joey Yeung, 28, whose grandmother’s apartment burned in the fire, said she had come with her family to mourn the victims and with feelings of anger at those responsible.
“I can’t accept it. So today I came with my father and my family to lay flowers,” Yeung told Reuters. “I’m not asking to get anything back but at least give some justice to the families of the deceased – to those who are still alive.”
Seven Indonesian domestic workers and one Filipino helper were among the dead and dozens of migrant workers remain missing. Hundreds attended outdoor prayers in central Hong Kong for the city’s Filipino community on Sunday morning.
Police on Saturday detained Miles Kwan, 24, part of a group that launched a petition demanding an independent probe into possible corruption and a review of construction oversight, two people familiar with the matter said. Reuters could not establish whether he had been arrested.
Hong Kong police did not immediately respond to a request for comment.
The online petition promoted by the group drew over 10,000 signatures by Saturday afternoon before it was closed.
A second petition with similar demands was launched soon after by a Tai Po resident living overseas. That had more than 2,700 signatures as of Sunday. “The government owes Hongkongers genuine, explicit accountability,” it said.
The blaze that ripped through seven residential towers near the border with mainland China has stunned Hong Kong and authorities have launched criminal and corruption investigations.
China’s national security authorities on Saturday warned individuals against using the disaster to “plunge Hong Kong back into the chaos” of 2019, when massive pro-democracy protests challenged Beijing and triggered a political crisis.
“We sternly warn the anti-China disruptors who attempt to ‘disrupt Hong Kong through disaster’. No matter what methods you use, you will certainly be held accountable and strictly punished.”
ALARMS NOT WORKING PROPERLY
Authorities have arrested 11 people in connection with the blaze, as they investigate possible corruption and the use of unsafe materials during the renovations.
Rescue operations concluded on Friday, though police say they may find more bodies as they comb through the hazardous, burnt-out buildings, which could take three or four weeks.
The fire started on Wednesday afternoon and rapidly engulfed seven of the eight 32-storey blocks at the complex, which were wrapped in green mesh and bamboo scaffolding, and layered with foam insulation for the renovations.
Authorities have said the fire alarms at the complex, home to over 4,600 people, were not working properly.
The fire is Hong Kong’s deadliest since 1948, when 176 people died in a warehouse blaze.
Residents of Wang Fuk Court were told by authorities last year they faced “relatively low fire risks” after complaining about fire hazards posed by the renovations, the city’s Labour Department said.
The residents raised concerns in September 2024, including about the potential flammability of the mesh contractors used to cover the scaffolding, a department spokesperson said.
Reporting by Jessie Pang, James Pomfret, Writing by Kevin Krolicki; Editing by Michael Perry and Giles Elgood
Bermuda delegation was in London last week to participate in the annual Joint Ministerial Council (JMC)
Premier Burt with King Charles and Governor Andrew Murdoch. Photo supplied
Government of Bermuda Press Release (photos supplied):
A Government of Bermuda delegation led by the Premier and Minister of Finance, the Hon. E. David Burt, JP, MP, travelled to London last week to participate in the annual Joint Ministerial Council (JMC), the highest political forum between the UK Government and the Governments of the British Overseas Territories.
Additional engagements included a meeting with the Foreign Secretary, the Rt. Hon. Yvette Cooper, MP; a Leaders Dinner hosted by the Speaker of the House of Commons, the Rt Hon. Sir Lindsay Hoyle, MP; and a private audience with His Majesty King Charles III alongside His Excellency the Governor, Andrew Murdoch CMG, and Leaders and Governors of the other Overseas Territories.
The Premier was accompanied during this visit by the Attorney General and Minister of Justice, Sen. the Hon. Kim Wilkerson, JP; Cabinet Secretary Marc Telemaque; UK Representative, Kimberley Durrant; and Deputy UK Representative, Brandon Sousa.
Engagements began with the Attorney General attending the United Kingdom Overseas Territories Association (UKOTA) Political Council, which provides leaders of the Overseas Territories an opportunity to discuss shared priorities and strategies ahead of the JMC.
Continuing engagements, Minister Wilkerson participated in the UKOTA Overseas Territories Conference and joined a panel discussion on Modern Democracy alongside the Premier of British Virgin Islands, the Hon. Natalio Wheatley; the Premier of Turks and Caicos Islands, the Hon. C. Washington Misick; and the Premier of Anguilla, the Hon. Cora Richardson-Hodge.
The Attorney General emphasised the importance of collaboration among Overseas Territories to strengthen democratic practices and public administration.The conference also featured keynote addresses from the Speaker of the House of Commons, the Rt Hon. Sir Lindsay Hoyle, MP; Minister for the Overseas Territories, Stephen Doughty MP; and Shadow Minister for the Overseas Territories, Andrew Rosindell MP.
While the Attorney General attended the OT conference, the Premier held a bilateral meeting with the Minister for the Overseas Territories, Stephen Doughty MP to discuss matters of mutual importance to Bermuda and the UK.
The JMC sessions, held from the 26 – 27 November, brought together UK Ministers and Overseas Territory leaders to address key priorities, including resetting the UK – OT relationship, cybersecurity, climate resilience, combating illicit finance, economic growth, and business engagement. Although not part of the JMC delegation, the Minister for Economy and Labour, the Hon. Jason Hayward, JP, MP, participated in sessions focused on economic development.
During the business engagement segment, the Premier served as a panellist, showcasing Bermuda’s economic diversity and resilience. These sessions facilitated direct dialogue with UK Ministers and stakeholders to strengthen collaboration.
Outside of JMC activities, the Premier delivered opening remarks at the Bermuda Business Development Agency’s event “A London Forum: The Bermuda Advantage.”
Bermuda’s overseas players had a successful day across England and Spain
Bermuda’s overseas players had a successful day across England and Spain, highlighted by a massive goal haul for Aaliyah Nolan’s Bradford City and a victory that propelled Brighton Morrison’s Benamocarra FC to the top of their Spanish division.
In the North East Regional Women’s Football League Premier Division, forward Aaliyah Nolan was in devastating form, helping her Bradford City Women’s teammates secure a crushing 8-2 victory over Brunsmeer Athletic Women & Girls FC at the Horsfall Community Stadium.
Nolan, who has been consistently scoring this season, contributed twice to the huge scoreline. Bradford City are currently top of the table in the North East Regional Premier League.
Defender Brighton Morrison was part of a crucial win for his Benamocarra FC teammates in Spain. Playing at full-back, Morrison helped his side defeat CD Algaidas 4-2 at the Campo Municipal Stadium.
The win was significant as it moved Benamocarra FC to the top of the Spanish 9th Division standings.
In the East Midlands Women’s Regional Football League Division One South, Jasmine Spence and her Newport Pagnell Town Women’s teammates secured a hard-fought 1-0 victory over New Bradwell at the New Bradwell Recreation Ground.
Newport Pagnell Town Women have demonstrated strong form this season and are currently third or fourth in the East Midlands Regional Division One South standings.
National Security Minister Michael Weeks says his door is always open to those who are genuinely committed to reducing violence
Minister Weeks meets with the Emperial Group. *Photo Supplied
Statement from Michael Weeks, Minister of National Security:
On Tuesday, I met with Mr Gladwyn Simmons and members of The Emperial Group for a productive and open discussion. We spoke clearly, shared concerns, and explored real opportunities to continue strengthening our collective response to violence in Bermuda. I appreciated their honesty and their willingness to work together with the Ministry of National Security and other agencies.
For that reason, I must address recent public commentary that suggests the Government is not listening, not engaging, or not meeting with community partners. That narrative does not reflect the reality. Engagement has been continuous, genuine, and ongoing. The meeting held this week is only one example of the partnerships that are already in motion.
I understand the frustration that many in our community feel. People want to see change, and they want to see it quickly. I share that urgency. But frustration should not replace facts, nor should it erase the work already being done by community groups, agencies, and individuals who are committed to being part of the solution.
The three town hall meetings recently held with residents were not just symbolic exercises. They were intentional conversations designed to ensure that members of the public could speak frankly and openly challenge directly, and offer a contribution. These sessions are part of a wider framework of collaboration that will continue.
Here are the facts:
We have been meeting with and listening to sporting clubs, youth organizations and the wider community.
We have been collaborating with numerous agencies.
And we will continue to work with any person or organisation willing to contribute constructively.
This is not the time for divided narratives or incomplete accounts of what is taking place. This is the moment for clarity, partnership, and collective effort. My door has been open from the beginning, and it remains open. The work is active, the partnerships are real, and Bermuda is strongest when we work together towards a common goal. In this case, safety and security in our country is the priority.
Anyone who is genuinely committed to reducing violence in our community is welcome to walk through my door.
Art’s council grants ‘champion the work of Bermudians who are telling our stories, preserving our heritage’
The Bermuda Arts Council (BAC), the Government’s official arts funding body, operating under the Department of Culture, is pleased to announce the recipients of its latest round of arts funding, recognising Bermudian artists and organisations for their creativity, cultural contribution, and artistic excellence.
Minister of Tourism & Transport, Culture & Sport, the Hon. Owen Darrell, JP, MP, said, “The Bermuda Arts Council continues to play a vital role in nurturing the island’s vibrant creative community. These grants not only support individual artists and organisations, but also strengthen the cultural fabric of Bermuda. We are proud to champion the work of Bermudians who are telling our stories, preserving our heritage, and pushing the boundaries of artistic expression.”
This cycle includes grants across multiple categories supporting Bermuda’s creative ecosystem. Jahbarri Ahmad Wilson received the Project Grant for “Meet Me in the Onion Patch”, a mixed-media examination of Bermuda’s postcolonial history. The Masterworks Museum of Bermuda Art was awarded the Organisation Grant for its ongoing exhibitions and community programming. Art Drop Bermuda, led by Michaela Antoinette, received the Professional Development Grant to expand its pop-up exhibitions and artist platforms. Liana Nanang Omodele received the Materials and Equipment Grant to support her sculptural, printmaking, and mixed-media work. Emerging singer, songwriter, and educator Shardaé Lee received the Cliff Jumper Award for artists aged 16 to 25.
Education and Experience Grants were awarded to three artists pursuing international opportunities. Aden Peets attended a specialised violin repair course at Academia Cremonensis in Italy to expand his restoration skills. Jasmine Lee travelled to Nassau, Bahamas for the FUZE Art Fair, strengthening her engagement with Caribbean contemporary art. Yasmin Eve-Townsend attended the BFI London Film Festival, connecting with global professionals and gaining insight to support her filmmaking and sound design practice.
The Council celebrates the diversity and calibre of this year’s recipients, noting the strength and commitment within Bermuda’s arts community. The Bermuda Arts Council remains dedicated to providing meaningful financial and developmental support so artists can grow, collaborate, and share Bermuda’s stories locally and abroad. Artists and organisations are encouraged to apply for upcoming grant cycles, with details available at www.artscouncil.bm.
The Office of the Privacy Commissioner has donated a storybook that helps children recognise what personal information is, and how to share it safely.
Acting Privacy Commissioner, Angie Farquharson and PrivCom staff with Kieron Hall, Youth Collection Librarian, receiving Warro Goes on an Adventure. *Photo supplied
PrivCom Press Release:
The Office of the Privacy Commissioner for Bermuda (PrivCom) has donated a copy of the children’s privacy storybook Warro Goes on an Adventure to the Florenz Webbe Maxwell Youth Library, strengthening its ongoing commitment to empower young readers to understand and protect their personal information.
Warro Goes on an Adventure, created by the Office of the Data Protection Authority in Guernsey, introduces privacy through a colourful narrative that follows Warro, a curious character, on a journey of learning, decision-making, and personal responsibility. The book helps children recognise what personal information is, why it matters, and how to share it safely.
“Privacy is a fundamental right. If children can learn this right from an early age they will have better ownership over their data. Warro is written in a fun and easy manner for children to understand. The office is pleased to make this donation to the library. This will allow greater access for the community.” – Acting Privacy Commissioner, Angie Farquharson.
The donation aligns with PrivCom’s Children’s Privacy Program, an ongoing outreach initiative designed to provide privacy knowledge for families, educators, and youth. The Bermuda Youth Library welcomed the addition to their collection and expressed support for helping young people navigate an increasingly digital world with confidence and awareness.
“The Florenz Webbe Maxwell Youth Library thanks the Privacy Commissioner for their donation of the book Warro Goes on an Adventure. It is important for children to learn about data privacy at a young age, and the addition of this book to our collection is just one of the ways the library hopes to connect with the Privacy Commissioner to protect the youth of Bermuda.” – Youth Collection Librarian, Kieron Hall.
PrivCom looks forward to continued collaboration with the Youth Library and other community partners to ensure Bermuda’s young people understand that privacy is a fundamental human right: accessible, teachable, and relevant at every age.
Vehicle was removed with a crane; No injuries reported
Photo supplied
Bermuda Police Service press release:
Around 9:35 a.m. today, Sunday, November 30, 2025, police were alerted to a single vehicle road traffic collision involving a motorcar on South Road, Paget, just east of the entrance to the Coral Beach and Tennis Club.
Details are limited at this time, however, it is understood the motorcar was traveling east along the South Shore Road, when it appears the driver lost control of the vehicle and went over an embankment and struck a tree.
There were no reported injuries.
There was extensive damage to the front of the vehicle, which had to be removed with the assistance of a crane, resulting in minor traffic delays.
An investigation into this incident has now begun and anyone with information is asked to call the main police number, 295-0011 or the non-emergency reporting number, 295-0011.
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.
