The Ministry of Economy and Labour reminds the public that the updated Work Permit Policy 2025 will take effect on 1 November 2025.
The revised policy modernises Bermuda’s immigration framework to ensure transparency, fairness, and balanced opportunity. It reflects the Government’s ongoing commitment to maintaining the proper balance between employment and immigration, creating conditions that enable Bermudians to access meaningful work opportunities while supporting a fair, stable, and inclusive workforce that benefits everyone, contributing to Bermuda’s economy.
The 2025 Policy introduces several new sections designed to clarify processes and respond to emerging needs within Bermuda’s workforce, including:
Guidelines for Submitting Photos
Guidelines for Submitting Police Certificates
Family Office Work Permit
Guidelines for Amending the Dates of a Work Permit
Sponsored Dependents Residing and Working in Bermuda
Applications to Reside
Secondments
Layoffs
Among the most notable updates are new requirements for English language proficiency for standard work permit applicants, the introduction of a Family Office Permit, and updated police certificate requirements for all first-time applicants.
The new policy also strengthens expectations around hiring practices to ensure Bermudians are given priority consideration for available positions, while providing clearer guidance for employers on application timelines and processing standards.
Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, explained, “This updated policy ensures Bermuda’s work permit framework remains fair, transparent, and responsive to the realities of our economy. It balances the need to protect opportunities for Bermudians with the importance of attracting and retaining the diverse talent that helps drive Bermuda’s success. Our goal is to make the process clearer and more efficient for everyone, ensuring fairness, opportunity, and clarity for all who work and contribute to Bermuda.”
The Ministry encourages all employers, agents, and work permit holders to familiarise themselves with the updated policy, available on the Department of Immigration’s webpageatwww.gov.bm.
For further information, please contact the Department of Immigration at immigration@gov.bm or 295-5151.
As part of a cost-of-living initiative that starts today, a list of essential groceries is now available at reduced prices at Lindo’s and MarketPlace Stores
The Ministry of Home Affairs today announced the launch of the Affordable Bermuda Basket, a cost of living initiative under the Government’s Affordable Bermuda Agenda, introduced on October 9th, 2025.
The initiative will run from November 1, 2025, through July 31, 2026.
The Affordable Bermuda Basket is a curated list of everyday grocery essentials and trusted household brands that are now available at reduced prices at Lindo’s and Marketplace Stores across the island.
This initiative has been facilitated through partnership between the Government, local wholesalers, and retailers to deliver immediate savings to households.
Through this initiative, local wholesalers have agreed to apply a 10% reduction on designated brand-name products. Retailers have matched this with an additional 10% discount, resulting in savings on essentials for the consumer.
This affordability initiative reflects the Government’s steadfast commitment to lowering the cost of living and delivering tangible relief to the people of Bermuda.
Today the Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, said, “In February, the Ministry of Home Affairs was given a clear mandate to address the cost of living. Recognizing the urgency of this issue, we developed the Affordable Bermuda Agenda, grounded in feedback we received directly from the people of Bermuda.
“Food affordability emerged as one of the most pressing concerns for families, and today’s launch of the Affordable Bermuda Basket is a direct response. This 9-month initiative is designed to provide short-term relief while affordability legislation and policy is reformed and are implemented. It reflects the Ministry’s core values of action, accountability, and collaboration, bringing together stakeholders from across sectors to lead with purpose.”
“We know that lasting progress requires partnership,” Minister Lightbourne added. “This Basket reflects meaningful collaboration with community voices and retail partners. It shows what’s possible when we put Bermudians first.”
The Ministry extends its sincere thanks to the local wholesalers and retailers who made this initiative possible, including: BGA, Butterfield & Vallis, Dunkley’s, Viking Food Ltd., The Lindo’s Group of Companies and The Marketplace Stores.
A spokesperson for Lindo’s stated, “Lindo’s is committed to making groceries as affordable as possible for our customers, with nearly a thousand items on sale each month and two discount days each week. We support the Government’s efforts to ease the cost of living and will continue doing our part to provide value to the community.”
The public can view the full list of items included in the Affordable Bermuda Agenda and the Affordable Bermuda Basket by visiting: www.costofliving.gov.bm
Since the City of Hamilton plan was debated and passed in Parliament, what has happened? On the face of it, not much. In fact, what should have happened was an immediate action by the Government to support initiatives identified in the said plan to beautify the City of Hamilton, in particular creating a small park at the site of the old police station at the corner of Reid and Parliament Street.
I would take it a step further and name it the Ottiwell Simmons Memorial Park. In the event that the arbitration center ever breaks ground, then the new center could still be named after Bermuda’s most influential union leader. A well-designed park with a small path, cedar trees, and benches could be used regularly by the public service workers, many of whom work within two blocks of the site. A wrought iron fence around the park much like at the Cabinet Building, could be constructed. I think this would be a fitting tribute. Yes, the Corporation of Hamilton would need to maintain the site but given their sterling work at Victoria Park and Queen Elizabeth II Park, that should be no problem.
What we have seen instead on the site in question is a planning application on a retroactive basis for a fence around the unused site. It is unacceptable. Have a look for yourself. With that in mind, it may be well worth considering making it a planning requirement that empty lots must be converted to green space upon demolition if no approved plans with a building permit are issued within a certain period after demolition. Take, for example, the empty lot on Burnaby Street. Imagine this being a small green space with trees and lunch benches? Or how about the huge empty lot at the corner of Reid Street and Court Street? Imagine that as a large green space with public artwork? Or a memorial garden on Court Street next to Jamaican Grill for the many victims of gun violence in our community? All new parks could be locked at night much like any other public space.
Now, naysayers will say this idea will simply create more space for our homeless population to occupy during the day. Or that it will increase nefarious activity from drug use to drug dealing. That is certainly a possibility, but this is where the many times floated idea of City Rangers comes into play. Such uniformed rangers could enforce City Ordinances, parking laws and antisocial behavior under the Summary Offences Act and other lower-level offences. They could be given limited powers of detention, much like UK Police Community Support Officers. Perhaps consideration could instead be given to having the BPS appoint a number of Special Constables, like Bermuda Regiment soldiers or other interested community-minded people? This is squarely within the power of the Government to make it happen.
The City of Hamilton has massive potential for building higher, especially for housing and this has been recognised by Parliament. So, let’s explore how to incentivize new builds in the City of Hamilton. Perhaps there can be a model like the Tourism Incentive Act and introduce a Hamilton Housing Incentive Act. This could include waiver of customs duty on all materials for housing projects over a certain height, waiver of CoH taxes and land taxes for a definitive period of time and other incentives, such as total relief on all green energy initiatives for such builds, with a requirement that the building is largely self-sustainable.
We could also consider a requirement that such builds are mixed housing development with units for singles, seniors and small families at different levels of income. For example, a penthouse unit could help subsidise one-bedroom units on lower floors. This is becoming more commonplace in many jurisdictions so that you have a community rather than just lower or high-income housing.
Taking it further, there could be a requirement for several lease-to-buy units. There could be units reserved strictly for Bermudians who will rent to other Bermudians at a capped rate so that two parties obtain benefit. One being an investment and another getting a guaranteed locked-in tenancy.
The fact is, there is so much scope to do things differently in the City of Hamilton and for that matter across the island. However, there is a real desire to save our few remaining green spaces, so doing whatever we can to create over 2000 new households as identified by the Chamber of Commerce and to alleviate the problem of 1,100 plus people that are homeless or facing homelessness per HOME research, will require some different thinking whilst still bringing overall benefits to Hamilton and the community at large.
With full collaboration between the CoH and the Bermuda Government, such changes can happen, and quickly.
Adidas has increased prices in the United States to offset the impact of tariffs
International News via Reuters:
Adidas expects U.S. import tariffs to have a direct impact of 120 million euros ($140 million) on its operating profit in 2025, with the largest hit coming in the fourth quarter, its CEO said on Wednesday.
“The indirect impact of the tariffs, we don’t know. We do not know how the consumer will react in the U.S. when these higher prices come to effect,” CEO Bjorn Gulden said during a media call.
Adidas has increased prices in the United States to offset the impact of tariffs.
($1 = 0.8575 euros)
Reporting by Linda Pasquini in Gdansk and Helen Reid in London, editing by Milla Nissi-Prussak
The FTSE 100 was up 0.8% to 9,779.32 points, as of 1205 GMT, also helped by a weaker pound that enhances the revenue for internationally-focused companies
International News via Reuters:
London stocks gained on Wednesday, with the blue-chip FTSE 100 advancing to a record high for a second consecutive session, on the back of strong forecasts from drugmaker GSK and retailer Next.
The FTSE 100 was up 0.8% to 9,779.32 points, as of 1205 GMT, also helped by a weaker pound that enhances the revenue for internationally-focused companies. The domestically-focused FTSE 250 edged up 0.2%.
Healthcare stocks gained 2% and gave the biggest boost to the FTSE 100. GSK gained 3.3% after raising its 2025 sales and earnings forecasts on strong sales of its speciality HIV and cancer medicines.
Next’s shares surged 7.5% to a record high after raising its full-year profit guidance for the fourth time in eight months. The broader retail sector surged 3%.
“Next is benefitting from a virtuous circle in its international business – strong sales are enabling more spending on digital marketing which in turn drives higher profitable sales, enabling a higher digital marketing budget, pushing sales further ahead,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.
The focus will now shift to the U.S. Federal Reserve’s monetary policy meeting. Traders are expecting a 25-basis-point interest rate cut and will parse comments from Chair Jerome Powell for guidance on future policy path.
Among other stocks, Glencore gained 6.2% after the miner’s third-quarter production report showed copper output surged 36% quarter-on-quarter.
Gold miner Fresnillo advanced 6.5%, as brokerage Peel Hunt raised its target price to 1,954 pence from 1,493 pence.
Precious metal miners rose 4.5% and led sectoral gains, tracking a bounce in gold prices. [GOL]
Meanwhile, Bank of England data showed lenders approved more mortgages in September than in any month so far in 2025, which could help counter recent signs of wariness in the housing market ahead of Finance Minister Rachel Reeves’ budget next month.
Reporting by Avinash P in Bengaluru; Editing by Harikrishnan Nair
The Tata Group-owned carrier has been facing intense scrutiny ever since the crash
International News via Reuters:
Air India’s CEO vowed on Wednesday to improve internal practices after a plane crash in June killed 260 people, in his first public comments about the accident that he said would contribute to a “challenging” year for the airline.
The Tata Group-owned carrier has been facing intense scrutiny ever since the crash, from warning notices for running planes without checking emergency equipment to not changing engine parts in time and forging records, along with other lapses related to crew fatigue management.
“We’re always looking at how we can keep improving,” CEO Campbell Wilson said at an Aviation India event in India’s capital city, speaking publicly for the first time since the crash of the Boeing Dreamliner in India’s Ahmedabad city.
“This year will be quite challenging from a business perspective … We’re also working with the investigators,” he added.
AIRSPACE CONSTRAINTS
India’s air accidents investigating agency published an interim report earlier this year saying the plane’s fuel engine switches had almost simultaneously flipped from run to cutoff just after takeoff.
Air India also faces delayed jet deliveries and airspace closures due to geopolitical tensions, which have weighed on its performance as it strives to recover from the crash.
India and Pakistan fought their fiercest military conflict in decades in May, sparked by an attack on Hindu tourists in Indian Kashmir that killed 26 people. New Delhi alleged Islamabad backed the attack, which Pakistan denied.
The two nuclear-armed neighbours have since closed their airspaces to each other’s airlines.
“Airspace constraints are a challenge to on-time performance,” Wilson said.
Reporting by Abhijith Ganaparavam. Writing by Hritam Mukherjee. Editing by Aditya Kalra and Mark Potter
Police say the bloodshed was the local result of a national phenomenon in Ecuador: the fracturing of dangerous criminal groups
International News via Reuters:
The death toll of the March shoot-out in several houses in Nueva Prosperina, one of Guayaquil’s most violent neighborhoods, was 22.
Police say the bloodshed was the local result of a national phenomenon in Ecuador: the fracturing of dangerous criminal groups that have been thrown into chaos as the government takes down major gang leaders.
Nueva Prosperina, in Guayaquil’s northwest, was previously controlled by the Los Tiguerones gang, but the capture of the group’s leader in Spain in late 2024 has sparked competition to control its activities. Police blame the March deaths on a war between two factions.
William Alcivar Bautista, known as ‘Black Willy’, the Los Tiguerones leader apprehended last year, is wanted in Ecuador for ordering a January 2024 armed attack on a Guayaquil television station that was broadcast live. His extradition is pending.
The television station attack, among other incidents, led President Daniel Noboa to declare war on 22 gangs and their leadership. A militarization strategy that sent soldiers into prisons and onto the streets, along with an early reduction in violent death figures, helped Noboa win a full presidential term this year.
But the splintering of criminal groups as leaders are killed or captured has sent murder figures soaring, as remaining members fight to fill power vacuums and diversify their income, the interior minister, several police officials and three security experts told Reuters.
The phenomenon is similar to what occurred in Mexico during former President Felipe Calderon’s bloody campaign against drug cartels starting two decades ago and in Colombia more recently as leftist rebel groups have fractured.
Noboa estimates crime in Ecuador generates some $30 billion annually in illicit earnings, roughly a quarter of the country’s GDP.
In Duran, a key trafficking area near Guayaquil’s ports, police said five factions that previously belonged to the Chone Killers gang are fighting to divvy up lucrative territory after the death of their leader Antonio Camacho, who went by ‘Ben 10’ and was killed by unknown assailants in Colombia in December. Reuters could not establish whether Camacho left Ecuador before or after Noboa’s crackdown began, but he was listed by the president as a major gang leader.
The turf war in Duran has increased contract killings, as gangs hire smaller criminal groups to take out their enemies, police added.
“These splits are dangerous because of the level of internal confrontation, which drives spikes in violence,” said Santiago Gavilanes, Duran’s police chief.
HOMICIDES RISE IN ECUADOR
Despite ongoing military operations and states of emergency, Duran remains a key corridor for traffickers moving cocaine produced mostly in Colombia through Ecuador to the United States and Europe.
The small city ranks among the most dangerous in the world, with a homicide rate of 146 per 100,000 residents in 2024, according to the Ecuador Observatory for Organized Crime. That puts it well ahead of cities like Mexico City, which last year had a murder rate of 10 per 100,000 residents, while Rio de Janeiro state had a rate of 22.
Ecuador, once one of the region’s safest countries, became a drug transit hub during the last half decade as criminal groups moved their shipping south, away from increased seizure operations along Colombia’s Pacific coast, and as the COVID-19 pandemic battered already-indebted Ecuador economically.
Government officials say their strategy is systematically diminishing criminal groups, however, and has cut their revenues by $4 billion so far this year.
“We’ve managed to weaken structures that were growing unchecked,” Interior Minister John Reimberg told Reuters. “It’s not that the strategy doesn’t work — it’s that we’re taking increasingly forceful steps to attack them.”
Noboa says 16 major gang leaders, out of the 18 on his list, along with 125 mid-level members, were captured or killed in the first nine months of the year.
That includes Jose Adolfo Macias, alias Fito, the once-fugitive leader of the Los Choneros gang, who was extradited to the United States in July to face drug and weapons trafficking charges.
The government says Macias’ extradition hurt Los Choneros, that no one has taken over leadership of the group out of fear of government action and that there are no signs of the gang fragmenting.
However, since Macias’ July capture, murders in the port city of Manta, his main criminal stronghold, increased nearly 59% through September to 116, according to the interior ministry. Reimberg said rival gang Los Lobos is attempting to seize Los Choneros territory.
Homicides in Ecuador overall were up more than 36% in the first nine months of the year to 6,797, compared to the same period in 2024, the interior ministry says. Reimberg says more than 84% were linked to gang violence.
“Eliminating high-level members doesn’t necessarily bring relief — it leads to the atomization of these groups,” said Tiziano Breda, an analyst with conflict-monitoring organization ACLED. “As the number of groups to confront increases, it becomes harder to prioritize and dismantle them.”
In Duran, 30% of the dead are between 12 and 24 years old, according to government figures. Fighting between gangs especially exposes small-time drug dealers, who tend to be young, police chief Gavilanes said.
CRIMINAL DIVERSIFICATION
In an echo of what’s happened in Mexico, Brazil and other countries with wide narcotrafficking networks, many criminals in Ecuador are diversifying into other illicit activities, which has also fueled rivalries and stoked violence.
Multiple groups have now moved beyond drugs into selling weapons, extorting residents and running land-buying scams, all within the same territory, Gavilanes said.
Smaller criminal groups are offering services such as contract killings, drug and weapons storage and protection for larger gangs. They are also recruiting minors to sell drugs on the streets or act as informants, said security researcher Katherine Herrera.
“It seems the state is focused solely on organized crime, instead of targeting disorganized crime,” Herrera said. “Disorganized crime — including gangs, individual actors and these splinter groups — has a greater impact on violence.”
Amid the chaos, the gangs are reshuffling and forming new alliances. The rival Los Tiguerones factions in Guayaquil have respectively joined Los Choneros and Los Lobos, while two factions of the Chone Killers allied with Los Lobos.
Los Choneros and Los Lobos were designated as terrorist organizations by the United States in September. That allows the U.S. to go after the groups’ assets and facilitates intelligence sharing, U.S. Secretary of State Marco Rubio said during a recent visit to Quito.
Tensions have been high between Washington and Bogota, with the U.S. accusing Colombia of failing to stop the flow of cocaine north, but the U.S. remains friendly with the Noboa administration.
Reporting by Yury Garcia in Guayaquil and Duran and Alexandra Valencia in Quito; Editing by Julia Symmes Cobb, Christian Plumb and Rosalba O’Brien
Shares of the Santa Clara, California-based company rose 3.6% in premarket trade after a string of recent announcements reinforced its lead in the AI race
International News via Reuters:
Nvidia was set to make history on Wednesday as the first company to reach $5 trillion in market value, extending a powerful rally that has cemented its place at the center of the global artificial intelligence boom.
Shares of the Santa Clara, California-based company rose 3.6% in premarket trade after a string of recent announcements reinforced its lead in the AI race.
CEO Jensen Huang unveiled $500 billion in AI chip orders on Tuesday and said he plans to build seven supercomputers for the U.S. government.
Moreover, President Donald Trump is expected to discuss Nvidia’s Blackwell chip with Chinese President Xi Jinping on Thursday, reflecting the company’s growing clout in an escalating U.S.-China tech rivalry.
Nvidia’s $5 trillion valuation, coming just over three months after it crossed $4 trillion, would complete the company’s transformation from a niche graphics-chip designer into the backbone of the global AI industry, helping it outpace rivals and turning Huang into a Silicon Valley icon.
That valuation would also surpass the entire cryptocurrency market and equal roughly half the value of the pan-European Stoxx 600 index.
Nvidia’s shares have jumped nearly twelve-fold since OpenAI’s ChatGPT launched nearly three years ago, massively outperforming the benchmark S&P 500 index’s 69% gains over the same period.
“In the long run, we expect tech titans to strive to find second-sources or in-house solutions to diversify away from Nvidia in AI, but these efforts will, at best, only chip away at, but not supplant, Nvidia’s AI dominance,” said Brian Colello, senior equity analyst at Morningstar.
At current prices, CEO Huang’s stake in Nvidia would be worth about $177.4 billion, according to regulatory filings and Reuters calculations, making him the world’s eighth-richest person, per Forbes.
Born in Taiwan and raised in the United States from age nine, Huang has led Nvidia since founding it in 1993. Under his leadership, the company’s H100 and Blackwell processors have become the engines behind large-language models powering tools like ChatGPT and Elon Musk’s xAI.
While Nvidia remains the clear front runner in the AI race, peers such as Apple and Microsoft have also crossed $4 trillion in market value in recent months.
Analysts say the rally reflects investor confidence in unrelenting AI spending, though some warn valuations may be running hot.
The companies’ heavy weightings in the S&P 500 and Nasdaq 100 gives them broad influence over global markets.
Nvidia is due to report quarterly results on November 19.
GEOPOLITICAL BARGAINING CHIP
The company’s dominance has drawn global regulatory scrutiny, with U.S. export curbs on advanced chips making it a key pawn in Washington’s strategy to limit China’s access to AI technology.
“Nvidia clearly brought their story to D.C. to both educate and gain favor with the U.S. government,” said Bob O’Donnell of TECHnalysis Research. “They managed to hit most of the hottest and most influential topics in tech.”
The developer conference on Tuesday also served as a platform for Huang to walk a geopolitical tightrope.
He praised Trump’s “America First” policies for accelerating domestic tech investment, while warning that excluding China from Nvidia’s ecosystem could limit U.S. access to half of the world’s AI developers.
Rivals including Advanced Micro Devices and several well-funded startups are seeking to challenge Nvidia’s dominance in high-end AI chips, but it remains the industry’s top choice.
Reporting by Niket Nishant, Rashika Singh and Johann M Cherian in Bengaluru; Additional reporting by Arsheeya Bajwa and Shashwat Chauhan; Editing by Nivedita Bhattacharjee
Around 2:35 a.m. on Wednesday, October 29, 2025, officers on mobile patrol along Parsons Road, Pembroke, came upon two males lying next to a motorcycle in the westbound lane, just east of the Roberts Avenue junction.
Details are limited, but initial indications are that the rider lost control, resulting in a single-vehicle collision. Both men received on-scene care before being transported by ambulance to King Edward VII Memorial Hospital with head injuries. Their conditions were not immediately known.
The roadway was closed for approximately two and a half hours while a Traffic Collision Investigator and Forensic Support processed the scene.
Anyone with information is asked to contact the main police number at 295-0011, or the non-emergency reporting line at 211.
Wall Street closed at a record high on Tuesday after Nvidia announced it would build seven supercomputers for the U.S. Department of Energy
International News via Reuters:
European stocks edged higher and Wall Street futures were at new record highs on Wednesday ahead of earnings announcements from major U.S. tech companies and a U.S. Federal Reserve meeting that is expected to deliver a 25-basis-point rate cut.
Wall Street closed at a record high on Tuesday after Nvidia announced it would build seven supercomputers for the U.S. Department of Energy, and after Microsoft reached a deal allowing OpenAI to restructure.
Japanese and South Korean stocks also hit new records during Asian trading.
At 1131 GMT, the MSCI World Equity Index was up by 0.1% on the day. Europe’s STOXX 600 was up 0.2% , Germany’s DAX was down 0.1%, France’s CAC 40 was unchanged and London’s FTSE 100 was up 0.6% having hit a new record high.
Wall Street futures hit fresh record highs, with S&P 500 e-minis up 0.3% on the day and Nasdaq e-minis up 0.5%.
American technology companies Microsoft, Alphabet and Meta are due to report earnings later on Wednesday.
“Investors want to see not just solid numbers but evidence of sustained AI monetisation and broadening demand beyond the initial boom,” said Charu Chanana, chief investment strategist at Saxo.
Nvidia, the world’s most highly-valued company, was on track to surpass $5 trillion in market value.
TRUMP EXPECTED TO REDUCE U.S. TARIFFS ON CHINA
U.S. President Donald Trump, in South Korea on the final leg of his Asia trip, said he was optimistic about advancing an unresolved tariff deal with South Korea’s President Lee Jae Myung.
Trump is also due to hold talks with Chinese President Xi Jinping in the South Korean port city of Busan on Thursday.
Trump said he expects to reduce U.S. tariffs on Chinese goods in exchange for Beijing’s commitment to curb exports of fentanyl precursor chemicals.
While the talks could ease market worries about an escalating trade war, analysts said the bar for a market reaction was high.
“With Wall Street futures at record highs and bullish momentum already waning, it’s difficult to see how much of the excitement isn’t already priced in,” said Matt Simpson, a senior market analyst at City Index in Brisbane.
“So unless Trump and Xi deliver a joint statement with actual details, appetite for risk may need another source to extend the current moves.”
MARKETS WAIT FOR FED MEETING
Market-watchers were waiting for the Fed meeting later in the session, at which a 25-basis-point cut is almost fully priced in.
With the ongoing U.S. government shutdown having led to a shortage of economic data, traders will be looking for any comments hinting that the Fed will continue to cut rates in December.
The Fed could also announce that it is stopping its so-called quantitative tightening (QT) programme.
The prospect of lower U.S. rates kept U.S. Treasuries supported, with the 10-year yield at 3.9948%.
European government bond yields were steady, with the benchmark German 10-year yield at 2.6227%.
In currencies, the Japanese yen strengthened earlier in the session after U.S. Treasury Secretary Scott Bessent stepped up his criticism of Tokyo’s prolonged low rates.
The euro was steady at $1.1635 and the dollar index was up 0.2% on the day at 98.885 .
“For short-term rates and FX post-decision reaction will likely come down to Powell’s interpretation of the inflation risks,” MUFG’s head of research for global markets, David Halpenny, wrote in a research note.
Oil prices rose as traders were optimistic about the U.S.-China meeting. Brent crude futures were up 0.6% at $64.78 a barrel, while U.S. crude was up 0.6% at $60.49 a barrel. [O/R]
Safe-haven gold traded at $4,016.31 an ounce. [GOL/]
Reporting by Elizabeth Howcroft in Paris and Ankur Banerjee in Singapore, Additional reporting by Rae Wee in Singapore; Editing by Sharon Singleton and Gareth Jones
Conservation groups say the law could help curb organised crime networks which have made Nigeria a major hub for illegal wildlife trade
International News via Reuters:
Nigeria will impose fines of up to 12 million naira ($8,200) and jail terms of up to 10 years on traffickers of ivory, pangolin scales and other wildlife in a sweeping new bill passed by its Senate on Tuesday.
Conservation groups say the law could help curb organised crime networks which have made Nigeria a major hub for illegal wildlife trade. The networks have been linked with more than 30 tonnes of ivory since 2015 and over half of global pangolin scale trafficking between 2016 and 2019.
The Endangered Species Conservation and Protection Bill, passed by the lower parliament in May, updates decades-old laws that allow offenders to spend three months to five years in jail or pay fines as low as 100,000 naira ($68) for trafficking.
The Bill grants the Nigerian Customs investigators powers to track financial flows, and search and detain aircraft and vessels transporting prohibited wildlife. Judges will be allowed to fast-track cases and seize assets.
The law, which also prohibits pollution of wildlife habitat and the eating of endangered wildlife, aligns Nigeria with global treaties and enables extradition of offenders.
“This is a huge win for Nigeria and shows, without any doubt, that we remain committed to stamping out wildlife trafficking and protecting our unique fauna and flora,” said Terseer Ugbor, the lawmaker who sponsored the bill.
Environmental groups welcomed the move, saying it will help protect wildlife.
“For too long, traffickers have used Nigeria as a transit country for the illegal wildlife trade, bringing endangered wildlife from all over Africa through our porous borders, ports and airports to export them illegally to Europe and Asia,” said Tunde Morakinyo, Executive Director, Africa Nature Investors Foundation (ANI).
They urged swift presidential assent before the UN Convention on International Trade in Endangered Species of Wild Fauna and Flora, a UN-affiliated international agreement summit in Uzbekistan in November.
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