The Bermuda Football Association’s Competitions Committee has announced the removal of Hamilton Parish Workmen’s Club (HPWC) from further participation in the BFA 2025/26 First Division season.
In accordance with section 7 of the General Rules for Divisional Competitions — Failure to Play and Abandonment — a team that defaults three matches within a season will be prohibited from participating in any additional competitions related to that division for the remainder of the season.
Additionally, Section 4, subsection E, of the General Rules for Divisional Competitions specifies that if a membership organization does not complete at least 75 percent of its fixtures for the season, all points earned by or recorded against that club must be expunged from the league table. Consequently, the standings will be revised to reflect the expulsion of Hamilton Parish Workmen’s Club (HPWC).
Section 5 of the General Rules for Divisional Competitions states that membership organizations may not withdraw any teams from the League after the publication of current fixtures. Any organization violating this rule is subject to a fine and other actions as determined by the Executive Council.
For the remainder of the season, any team scheduled to compete against HPWC in the First Division will be granted a BYE during that respective match week.
The Competitions Committee extends its sincere apologies to the remaining seven teams in the First Division and looks forward to welcoming a renewed and strengthened HPWC team in the future.
OBA says the government’s land tax exemptions mask the underlying problem of probate delays
Statement by Douglas De Couto, Shadow Minster of Finance:
Recently, the Government announced that land tax exemptions for surviving spouses of a deceased senior citizen (65+) may be continued for up to two years while probate is completed. The One Bermuda Alliance recognizes that lengthy probate delays are causing financial hardship and unnecessary distress on many Bermudian families, and we welcome this policy change.
However there are several caveats the public should be aware of.
First, the land tax exemption can only be continued if the spouse is also 65 years or older. This policy will not help, for example, when a senior citizen passes away without a spouse, leaving their estate with children who are not also seniors. Examples like this were highlighted by questions in Parliament from my fellow OBA MPs on Friday.
Second, while the land tax exemption for seniors can apply to any property which is their primary residence, it only applies on the amount of ARV up to $45,500 ($1,941 of land tax). Land tax must be paid for all the ARV above that.
Thirdly, and perhaps most importantly, this policy change is a band-aid on the underlying problem: unreasonably lengthy probate delays that impact all Bermudian families.
Unfortunately, Government has not seemed to make any progress on actually reforming probate delays. For example, are the courts supplied with enough staff and proper resources to handle probate applications? Is the Land Valuation Office set up to handle the volume, given that they often assess property valuations in probate applications?
Like most other announcements from the Government, this is yet another piece of window dressing that pretends to offer meaningful change Bermudians. Meanwhile, the real problems remain unaddressed while Government pats itself on the back.
Immigration – both legal and illegal – has dominated political debate in Britain for over a decade
International News via Reuters:
Long-term net migration to Britain fell by more than two-thirds in the year to June, official data showed on Thursday, extending a downward trend fuelled by tougher government policies to curb arrivals.
Immigration – both legal and illegal – has dominated political debate in Britain for over a decade, with successive governments imposing stricter visa rules and higher salary thresholds, and the current government promising more.
The Office for National Statistics said net migration had fallen to 204,000 from 649,000 in the 12 months to the end of June due to fewer non-EU nationals arriving for work and study and a continued, gradual rise in emigration levels.
Immigration by non-EU nationals for work fell 61%, while study-related immigration dropped 25%, the ONS said.
The falls come after a ban on most international students bringing dependants, which took effect in January last year, while salary thresholds for skilled worker visas rose in April. Both were enacted by the previous Conservative government.
The current Labour government has been tightening policies to counter Nigel Farage’s populist Reform UK party, which campaigns on an anti-migration platform and holds a double-digit lead in opinion polls.
A policy effectively ending immigration by care workers, the single biggest driver of work migration in recent years, and an even higher salary threshold of 41,700 pounds for skilled worker visas took effect in July.
“We are going further because the pace and scale of migration has placed immense pressure on local communities,” interior minister Shabana Mahmood said following the release of the ONS data.
This month the government announced further sweeping reforms, including making refugee status temporary, speeding up deportation of those arriving illegally, and doubling the qualifying period for some workers to obtain settled status to ten years.
Revised ONS data last week showed that net immigration peaked earlier and at a higher level than previously thought – 944,000 in the 12 months to March 2023 – and fell to 345,000 in 2024.
Despite recent drops, polls show voters still view immigration as the country’s main issue, in part due to highly visible arrivals on small boats from France to seek asylum.
“Those who most want lower immigration are the least aware of the falling numbers,” the British Future think tank said.
($1 = 0.7563 pounds)
Reporting by Muvija M; Editing by Andrew MacAskill and Conor Humphries
Thailand’s government said 55 people died during severe floods from a week of heavy rain that has devastated nine southern provinces
International News via Reuters:
Flood rescue teams in Thailand readied drones to deliver aid and helicopters dropped supplies to people marooned on rooftops on Thursday, as the death toll from its worst floods in years rose and the number killed by a cyclone in Indonesia climbed to 61.
Thailand’s government said 55 people died during severe floods from a week of heavy rain that has devastated nine southern provinces, while on the Indonesian island of Sumatra, rescue teams battled to reach communities cut off by landslides and floods that wreaked chaos in three provinces.
Thailand has pushed relief efforts into high gear after the military brought in an aircraft carrier, 20 helicopters and convoys of trucks to deliver food, medicine and dinghies, and issued a public appeal for boats and jet skis to reach people stranded for days by waters up to 2 metres (7 feet) high.
Floodwaters had receded on Thursday in Thailand’s worst-hit city of Hat Yai and authorities were optimistic that access could increase and allow basic services to be restored.
“Efforts to assist the public are continuing, but the flooding situation will be a long fight,” Thai government spokesperson Siripong Angkasakulkiat said.
Nearly 3 million people have been affected by floods in southern Thailand, with thousands of people huddling in evacuation centres, while in neighbouring Malaysia, similar flooding in seven states killed two people and forced more than 34,000 into shelters.
TROPICAL CYCLONE DEVASTATES INDONESIAN ISLAND
On Sumatra, an Indonesian island of 60 million people, a tropical cyclone unleashed deadly floods and landslides, with at least 100 people missing and power outages and damaged infrastructure hampering rescue efforts.
Kompas TV showed images of earth sliding down a hillside to pile up in front of homes, while gushing waters higher than 1 metre (3.5 feet) swept along debris and the branches of trees.
People were carried out of their homes through fast-flowing water and helped onto orange rubber boats in the teeming rain, video from the search and rescue agency showed.
Verified images from West Sumatra showed rescue teams carrying bodies through deep mud and cars displaced and on top of each other after being carried away by a tide of floodwater.
Meteorologists say current extremes of weather in Southeast Asia could stem from the interaction of two active systems, Typhoon Koto in the Philippines and the unusual formation of Cyclone Senyar in the Malacca Strait.
Global warming can bring more frequent extreme events as higher sea surface temperatures supercharge tropical storms.
The most recent floods follow a series of deadly typhoons and heavy monsoon rains that have lashed the Philippines and Vietnam and swelled floods elsewhere.
ARMY REINFORCEMENTS ARRIVE
Thailand’s army engineering corps with specialist vehicles and 2,000 members of the civil defence corps arrived on Thursday in Hat Yai, the fifth-largest city, where helicopters were delivering food to hospitals and victims still stuck on rooftops.
In Hat Yai, thousands have been stranded by the heaviest rainfall in 15 years, with 335 mm (13 inches) recorded on Friday, the city’s highest in a single day for 300 years.
Aerial footage under grey skies over Hat Yai showed miles of roads engulfed by brown water, with heavy-duty trucks crawling along wide thoroughfares past abandoned cars and lorries, as groups of people waded slowly through knee-deep water.
“I’m walking back to my grandmother because she hadn’t had food for two or three days. I heard she finally received some food, but I’m still worried,” said Natawat Chermmontri, 18, moments before diving into the water to swim across a road.
TROPICAL STORM WARNING
Waters were receding in Malaysia, where authorities issued new warnings on Thursday of a tropical storm until the weekend that could bring strong winds, rough seas and heavy, continuous rain affecting seven states.
Container lorries were used to bring some Malaysians back over the border from Thailand, the foreign minister said, as smaller vehicles were unable to traverse the floodwaters. Authorities said about 500 nationals were still stranded in Hat Yai, a city popular with Malaysian tourists.
At an evacuation centre in the state of Perlis, Gon Qasim said rising waters trapped her in her home in the middle of a paddy field.
“The water was like the ocean,” the 73-year-old said.
In Thailand, police said they were assisting 1,000 stranded foreigners, moving them to shelters at a university.
At an indoor basketball arena that was turned into an evacuation centre, a tearful Kritchawat Sothiananthakul, 70, described the inexorable rise of waters in his Hat Yai home, as he waited with his dog to be rescued.
“We had to climb down from the roof, get into the boat,” he said. “I needed to carry it and then get onto a truck… We had to leave everything because everything was submerged.”
Reporting by Thomas Suen in Hat Yai, Thailand, Mandy Leong and Hasnoor Hussein in Kuala Perlis, Malaysia and Stanley Widianto in Jakarta; additional reporting by Panarat Thepgumpanat and Chayut Setboonsarng in Bangkok, Danial Azhar and Rozanna Latiff in Kuala Lumpur; writing by Martin Petty; editing by Mark Heinrich and Alex Richardson
Community support and volunteers needed to meet rising demand
Residents were encouraged today to support the vital work of the Salvation Army as the organisation officially launched its Christmas Kettle Campaign on the steps of City Hall.
Tinee Furbert, Minister of Youth, Social Development, and Seniors, said the well-loved tradition not only signals the start of the Christmas season, but also reminds us of the generosity and community spirit that defines us as Bermudians.
The organisation stresses that without volunteers and community support, it cannot meet the growing demand for its services.
Contributions, no matter how small, will help the Salvation Army “fill the gap” for those who are struggling, explained Captain Dennis Maybury, the Bermuda Regional Public Relations Officer.
Authorities have not determined the cause of the blaze, but images from the scene showed the fire spreading rapidly across green netting covering the scaffolding
International News via Reuters:
Hong Kong’s deadliest fire in three decades has highlighted its risky use of flammable bamboo scaffolding and mesh for building work in a tradition dating back centuries to mainland China.
Authorities have not determined the cause of the blaze, but images from the scene showed the fire spreading rapidly across green netting covering the scaffolding erected around the housing complex.
Some of the bamboo lattices crashed to the ground in flames.
For decades in the skyscraper-strewn former British colony, bamboo has been the material of choice for scaffolding – cheap, abundant and flexible – bound together with nylon cords.
The craft originated on mainland China where bamboo, viewed as symbolising grace and moral fortitude, has since ancient times been a cornerstone of architecture, even reputedly used for scaffolding and tools in the building of the Great Wall.
METAL SCAFFOLDING BECOMING MORE PROMINENT
Now, though, it has largely been phased out in Mainland China for sturdier metal scaffolding and clamps. But Hong Kong, despite its modernity, still has around 2,500 registered bamboo scaffolding masters, according to official figures.
The number of metal scaffolders is around triple that.
Small teams of scaffolders scrambling up vertiginous gleaming facades to sheathe a building in a matter of weeks is a familiar sight in the global financial hub.
The bamboo lattices are also often used alongside green construction mesh to prevent debris from injuring passers-by, as was the case in the tower blocks at the Wang Fuk Court housing complex in Hong Kong’s northern Tai Po district.
SCAFFOLDING CHECKS PROMISED
The fire that began Wednesday afternoon killed at least 55 people with nearly 300 missing. Hong Kong police said on Thursday that “the building’s exterior walls had protective nets, membranes, waterproof tarpaulins, and plastic sheets suspected of not meeting fire safety standards.”
The city’s Independent Commission Against Corruption (ICAC) said it had launched an investigation, while Hong Kong’s Chief Executive John Lee said a task force had been set up to investigate the cause of the blaze.
He said the government would check whether scaffolding mesh materials meet fire retardant standards and other safety standards on other projects.
Police arrested two directors of the contractor responsible for the renovation of the building and a consultant on manslaughter charges after finding materials were used in construction that did not meet safety standards.
The company, Prestige Construction & Engineering, did not answer repeated requests for comment.
In March, the government said 50% of new public works contracts would be required to use metal scaffolding going forward.
But the emphasis appeared to be more on worker safety rather than fire risks. There were 22 deaths involving bamboo scaffolders between 2019 and 2024, according to official figures.
Lee told reporters on Thursday that Hong Kong’s government was considering mandating the use of metal scaffolding in the future and had met with industry to discuss a phase-out of bamboo.
In October, a massive bamboo scaffolding caught fire at the Chinachem Tower in the Central business district. Fire consumed construction netting and bamboo poles, leaving windows burnt out and external walls badly seared.
The Association for the Rights of Industrial Accident Victims in Hong Kong said in a Facebook post that there had been at least two other fires involving bamboo scaffolding this year.
Protective nets, screens and tarpaulins or plastic sheeting installed on the face of scaffolding “should have appropriate fire retardant properties in compliance with a recognised standard,” says the Hong Kong Labour Department’s Code of Practice for Bamboo Scaffolding Safety.
WHISTLE-BLOWER POINTS TO RISKS IN OTHER HOUSING BLOCKS
Jason Poon, a whistle-blower who has previously exposed shoddy construction work in Hong Kong, said in a Facebook post on Wednesday that fire hazard risks existed in scaffolding at many housing complexes.
He said he had reached out to various government departments last year concerning the lack of fire retardant in scaffolding nets at another complex, but he was ignored.
Hong Kong’s fire and building safety regulators did not respond to a request to comment.
“Of course, in terms of material, metal scaffolding is less flammable. That’s a fact,” said Chau Sze Kit, chairman of the Hong Kong Construction Industry Employees General Union.
But he said the fire risk for bamboo scaffolding could be limited if a construction management team takes the right steps.
“Fires on scaffolding usually happen because construction debris accumulates on it – things like paper, towels, clothing, or other flammable materials,” he told Reuters. “Poor management leads to these incidents.”
Reporting by James Pomfret and Clare Jim in Hong Kong; Additional reporting by Aaron McNicholas in London; Editing by Andrew Cawthorne and Sharon Singleton
The yen edged 0.11% higher to 156.27 per dollar, helped by a hawkish turn in tone from Bank of Japan officials
International News via Reuters:
The U.S. dollar headed for its steepest weekly drop in four months on Thursday as investors bet on further monetary easing, amid pressure from President Donald Trump to cut rates.
The yen edged 0.11% higher to 156.27 per dollar, helped by a hawkish turn in tone from Bank of Japan officials.
U.S. markets are shut for Thanksgiving, leaving liquidity thin and amplifying trading moves.
“That could be an attractive environment for Japanese authorities to intervene in dollar/yen,” said Francesco Pesole, forex strategist at ING.
“However, there may still be a preference to intervene after a dollar-negative data event, and the stall in the pair may have removed some sense of urgency,” he added.
RATE OUTLOOK WEIGHS ON DOLLAR
The U.S. dollar index was up 0.1% at 99.65, having retreated from a six-month high hit a week ago to head for its largest weekly drop since July. It is currently down 0.54% on a weekly basis.
Mark Haefele, chief investment officer at UBS Global Wealth Management, urged investors to review their currency allocations as the appeal of the U.S. dollar fades, recommending the euro and Australian dollar over the greenback.
If White House economic adviser Kevin Hassett – an advocate for rate cuts – were appointed the next Federal Reserve chair, it ought to be a negative catalyst for the dollar, investors said.
Views on the dollar’s outlook remain divided.
“We’ve gone through a period where rate differentials and euro growth expectations clearly benefited Europe over the U.S.,” said Themos Fiotakis, global head of forex strategy at Barclays.
“Looking ahead, some of those assumptions are being challenged. The euro’s expensiveness is one reason, but the robustness and resilience of the U.S. economy is another,” he added.
EURO, SWISS FRANC AFFECTED BY UKRAINE PEACE TALKS
The euro dropped 0.13% to $1.1581, after hitting a 1 1/2-week high earlier in the session at $1.1613.
Markets are watching negotiations over a possible Ukraine peace deal, which could lift the single currency.
U.S. envoy Steve Witkoff is expected to travel to Moscow next week for talks with Russian leaders, but a senior Russian diplomat said on Wednesday Moscow will make no big concessions.
An agreement would instead weigh on the Swiss franc given its role as a geopolitical safe haven, but analysts say there is little sign of a ‘peace dividend’ yet as uncertainty remains high.
The dollar hit a one-week low against the Swiss franc at 0.8028, and was last up 0.20% at 0.8060.
AUSSIE AND KIWI ON THE RISE
A resurgent New Zealand dollar skipped out to a three-week peak of $0.5728 and has gained about 2% since a hawkish shift at the central bank a day earlier.
The Reserve Bank of New Zealand cut rates on Wednesday but said a hold was discussed and flagged that the easing cycle was likely over. Helped by some strong economic data on Thursday, markets see rates rising and price in a hike by December 2026.
That contrasts with more than 90 basis points of cuts priced for the U.S. Federal Reserve between now and the end of next year.
The Australian dollar has also been gaining after a hotter-than-expected inflation reading on Wednesday added to the case that the easing cycle there is also finished.
Australia’s 3-year and 10-year rates of 3.86% and 4.5%, respectively, are the highest in the G10, which analysts said makes the currency look cheap. [AUD/]
At $0.6536 the Aussie is in the middle of a channel where it has traded for about 18 months.
Pushback from China’s central bank fixing mechanism steadied the yuan at 7.08 per dollar on Thursday. [CNY/]
Reporting by Stefano Rebaudo, additional reporting by Tom Westbrook; Editing by Shri Navaratnam, Sam Holmes, Ros Russell and Alexander Smith
The Autorite de la Concurrence, as the watchdog is known, said Qwant failed to bring elements sufficiently convincing to sustain its claims
International News via Reuters:
French antitrust watchdog on Thursday dismissed a complaint filed against Microsoft by local search engine Qwant which accused the U.S. company of abusing its dominant position.
The Autorite de la Concurrence, as the watchdog is known, said Qwant failed to bring elements sufficiently convincing to sustain its claims and also declined to enforce the interim action against Microsoft requested by Qwant.
Qwant, which has historically relied on Microsoft’s Bing platform to deliver search and news results, last month said that it expected its complaint to be dismissed and that it would challenge it in court or take it to other authorities.
The U.S. tech company welcomed the ruling. “We agree with the decision and remain committed to providing high-quality search services and fostering innovation for consumers and partners in France and across Europe,” a Microsoft spokesperson said.
Qwant had alleged Microsoft imposed exclusivity restrictions on Qwant in search results and search advertising, hampering the latter’s ability to develop its own search engine and its own artificial intelligence. The French company also alleged Microsoft favoured itself in allocating search advertising.
Microsoft is a major player in the search-engine syndication sector, where it provides search results to smaller European rivals besides Qwant, such as Ecosia, DuckDuckGo and Lilo.
Qwant did not immediately respond to a request for comment.
Reporting by Inti Landauro and Foo Yun CheeEditing by Tomasz Janowski
The euro zone economy has proven unexpectedly resilient to trade shocks and uncertainty this year but growth remains unspectacular
International News via Reuters:
Bank lending to euro zone firms held steady last month while a key EU economic sentiment indicator edged up in November, adding to evidence that the currency bloc continues to grow steadily, even if only at a modest pace, latest data showed on Thursday.
The euro zone economy has proven unexpectedly resilient to trade shocks and uncertainty this year but growth remains unspectacular and the bloc keeps falling further and further behind global peers.
While the domestic economy keeps humming along on steady consumption, exports, the engine of growth in the past decade, continue to struggle as industry is losing its competitiveness, China is crowding out Europe in key markets and U.S. tariffs bite.
The European Commission’s Economic Sentiment indicators rose to 97.0 in November from 96.8 a month earlier, a marginal improvement that masks the diverging fortunes of key sectors.
The industrial confidence indicator fell again after a small improvement a month earlier and consumer confidence was steady.
Construction, however, jumped and there was also a notable rise in the services indicator, leaving the overall index in slightly positive territory.
Meanwhile, credit growth to businesses was unchanged at 2.9% in October compared to the previous month and loan growth to households accelerated to a 2-1/2-year high of 2.8% from 2.6%.
The M3 measure of money circulating in the euro zone, often an indicator of future activity, was also steady at 2.8%, in line with expectations in a Reuters poll of analysts.
Reporting by Balazs KoranyiEditing by Alexandra Hudson and Tomasz Janowski
The first U.S. pope chose mainly Muslim Turkey as his first overseas destination to mark the 1,700th anniversary of a landmark early Church council there that produced the Nicene Creed
International News via Reuters:
Pope Leo arrived in Turkey on his first trip outside Italy as leader of the Catholic Church on Thursday and was expected to make appeals for peace in the Middle East and urge unity among long-divided Christian churches.
The first U.S. pope chose mainly Muslim Turkey as his first overseas destination to mark the 1,700th anniversary of a landmark early Church council there that produced the Nicene Creed, still used by most of the world’s Christians today.
Leo landed in the capital Ankara shortly after midday (0900 GMT) for what is a crowded three-day itinerary in Turkey before heading on to Lebanon. It will be closely watched as he makes his first speeches overseas and visits sensitive cultural sites.
PAPAL TRIPS ABROAD DRAW GLOBAL ATTENTION
The Turkish and Vatican flags flew above the cockpit as Leo disembarked from the plane, to be greeted by a Turkish delegation led by the country’s culture and tourism minister.
Speaking to journalists aboard the papal flight from Rome, Leo said he wanted to use his first overseas trip to urge peace for the world, and to encourage people of different backgrounds to live together in harmony.
“We hope to… announce, transmit, proclaim how important peace is throughout the world,” the pope said at the beginning of the three-hour flight. “And to invite all people to come together, to search for greater unity, greater harmony.”
Foreign travel has become a major part of the modern papacy, with popes attracting international attention as they lead events with crowds sometimes in the millions, give foreign policy speeches and conduct international diplomacy.
“It’s a very important trip because we do not know much yet about Leo’s geopolitical views, and this is the first big chance for him to make them clear,” Massimo Faggioli, an Italian academic who follows the Vatican, told Reuters.
LEO TO MEET TURKISH PRESIDENT AND ORTHODOX PATRIARCH
Leo was elected in May by the world’s Catholic cardinals to succeed the late Pope Francis. A relative unknown on the world stage before his election, Leo spent decades as a missionary in Peru and only became a Vatican official in 2023.
Francis had been planning to visit Turkey and Lebanon but was unable to go because of his worsening health.
Leo, 70, was scheduled to meet President Tayyip Erdogan and address political leaders in the Turkish capital.
He will fly on Thursday evening to Istanbul, home to Patriarch Bartholomew, spiritual leader of the world’s 260 million Orthodox Christians.
Orthodox and Catholic Christians split in the East-West Schism of 1054, but have generally sought in recent decades to build closer ties.
Leo and Bartholomew travel on Friday to Iznik, 140 km (90 miles) southeast of Istanbul and once called Nicaea, where early churchmen formulated the Nicene Creed, which lays out what remain the core beliefs of most Christians today.
In a departure from normal practice – popes usually speak Italian on foreign trips – Leo is expected to speak English in his speeches in Turkey.
On the flight to Ankara, two journalists presented the American pope with pumpkin pies, a staple of the U.S. Thanksgiving holiday that was also taking place on Thursday.
PEACE WILL BE KEY THEME OF LEBANESE LEG
Peace is expected to be a key theme of the pope’s visit to Lebanon, which starts on Sunday.
Lebanon, which has the largest percentage of Christians in the Middle East, has been rocked by the spillover of the Gaza conflict as Israel and the Lebanese Shi’ite Muslim militant group Hezbollah went to war, culminating in a devastating Israeli offensive.
Last Sunday, Israel killed the top military official in Iran-backed Hezbollah in an airstrike on a southern suburb of the Lebanese capital Beirut despite a year-long, U.S.-brokered truce.
Vatican spokesman Matteo Bruni said on Monday that necessary security precautions were being taken to ensure the pope’s safety in Lebanon, but he would not comment on specifics.
Leaders in Lebanon, which hosts 1 million Syrian and Palestinian refugees and is also struggling to recover after years of economic crisis, are worried Israel will dramatically escalate its strikes in the coming months and hope the papal visit might bring global attention to the country.
Reporting by Joshua McElwee; Additional reporting by Daren Butler in Istanbul; Editing by Gareth Jones, Alvise Armellini, Jonathan Spicer and Alex Richardson
The greenback edged up against its major peers on Thursday, pausing in what is set to be its biggest weekly decline since July
International News via Reuters:
Sterling snapped a five-day rally on Thursday as investor focus shifted back to economic fundamentals, with analysts questioning whether the fiscal tightening announced in the budget on Wednesday will actually be implemented.
The greenback edged up against its major peers on Thursday, pausing in what is set to be its biggest weekly decline since July.
The pound was down 0.15% at $1.3219, after hitting a new one-month high earlier in the session at $1.3269.
Analysts said lingering concerns over growth and the Bank of England’s easing path were likely to keep the pound under pressure.
“Fears about slow growth, weak productivity and sticky inflation are not reflective of an attractive investment backdrop,” said Jane Foley, senior forex strategist at Rabobank, confirming the view that the euro will creep higher versus the British currency into 2026.
The single currency hit a fresh one-month high at 87.46 pence and was last roughly unchanged at 87.59 pence.
Sterling and UK bond prices edged up in volatile trade on Wednesday after British finance minister Rachel Reeves delivered a larger fiscal buffer than previously expected in a closely anticipated budget.
GILTS MARKET TAKES COMFORT
However, the gilts market took comfort from Reeves’ reassurances that she would keep a tight grip on public finances, and from the news of an increase in fiscal headroom.
Yields on 30-year gilts, more sensitive to long-term fiscal concerns, dropped more than 10 basis points on Wednesday and were last up 2 bps at 5.228% on Thursday.
However, analysts are still worried about the UK fiscal trajectory.
“Sterling is not out of the woods yet,” said Dominic Bunning, head of G10 forex strategy at Nomura International.
“Backloading the tightening, until largely the next election, still risks credibility and cyclical momentum is soft but we will look for better levels to re-engage with the British pound underperformance trades,” he added.
Under current law, a nationwide vote is due by August 2029, though the prime minister can call an early election at any time.
“Most of the planned tax rises do not kick in until 2029 and beyond,” said David Zahn, Head of European Fixed Income at Franklin Templeton.
“This approach effectively kicks the can down the road until the next parliamentary election to deal with the spending gap,” he added.
Reporting by Stefano Rebaudo; editing by Ed Osmond
On Monday, December 1, Bermuda will join the global community in observing World AIDS Day. The Ministry of Health invites the public to commemorate this important occasion at Victoria Park from 1:00 pm to 2:00 pm.
This year’s theme, “Overcoming Disruption – Transforming the AIDS Response”, serves as a reminder that the fight against HIV/AIDS is not over.
The Hon. Kim Wilson, JP, MP, Minister of Health, stated: “World AIDS Day is a time for us to stand together in solidarity, honour those we have lost, and renew our commitment to ending HIV/AIDS. I encourage everyone to come out, show support, and wear red as a symbol of awareness and unity.”
Minister Wilson will deliver remarks and attendees will also hear from key advocates, including Joshua Samuels, Executive Director of OUTBermuda, and Carolyn Armstrong, Executive Director of STAR. The event will also feature the unveiling of The AIDS Memorial Quilt, a powerful tribute to lives impacted by HIV/AIDS.
Minister Wilson continued: “Join us as we reaffirm that AIDS is not over. Together, we can transform the response and build a healthier Bermuda.”
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