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‘Pink Beach will help fund our Elbow Beach plans’

Loren Group CEO tells us unusual tax concessions allow them to develop the iconic site – without any loan guarantees from Government

Stephen King, The Loren Group #1: Two Hotels, One Resort

(Chapter 1 above, scroll down for additional chapters)

The Loren at Elbow Beach will look very different from the present, decaying hotel.

The iconic building atop the hill will be gone, replaced by a smaller 75-room clubhouse much closer to the water, complete with rooftop dining, along with 27 combined tourism and residential units across the landscape.

Mickey’s beachfront restaurant will return, and the developer expects to create more than 150 new job opportunities when the hotel opens in 2029.

The deal making all this possible is also distinct from what has been offered to other developers. However, it potentially places less risk on the taxpayer.

In an extended interview, Stephen King, CEO and founder of The Loren Group, elaborates on the background of the unique deal, merging their existing Pink Beach hotel with their development at Elbow Beach, giving both sites 15 years of tax concessions usually reserved only for new developments.

The Loren at Pink Beach, Bermuda’s first new hotel in nearly half-a-century, opened in 2017 with five years of tax and duty concessions. Some concessions were extended for a further five years in 2022.

Mr King says reducing the tax burden at Pink Beach enables his team to channel increased revenues from their operational hotel into the development at Elbow Beach – and he emphasised that he is not asking for more than that.

“Pink Beach is going to take its profits and it is going to invest them in Elbow”, Mr King says.

“The more profits there are, the more we can invest in Elbow… getting our cost of capital, our cost of construction, everything to be as optimal and efficient as possible is what enables projects like Elbow to come into existence. Otherwise, that could sit fallow for many, many years more while somebody tries to raise debt and equity…”

“…in return for that, I was very clear with Premier Burt that I wasn’t going to ask for other things… we’re not getting any government guarantees. We haven’t asked for anything else… can we just please have a tax concession that allows us to operate Pink and Elbow as a single entity, and apply the returns from one to help fund the development of the other.”

In an extended interview with Gary Foster Skelton, Mr King gives us more detail about The Loren Group’s plans for the Elbow Beach site, and their efforts in sustainability.

The former investment banker also talks about what made him change careers just over a decade ago, and how he believes the awareness of Bermuda as a tourism destination is growing – giving him confidence to double down on his local commitment.


‘MY DAUGHTER CAME UP WITH THE NAME’

Stephen King talks about his transition from investment banking to luxury hotel development – and how some people questioned his decision.

He adds that, when he started The Loren Group, it was his daughter who came up with the name.

Stephen King, The Loren Group #2: ‘My daughter came up with the name’

DOING BUSINESS IN BERMUDA

We reflect on the impact of the COVID-19 pandemic on Bermuda’s tourism industry, employment in accommodation services in particular.

Mr King also believes Bermuda has changed since they first opened The Loren at Pink Beach, and we are far more visible to the US East Coast – our most important source of tourism.

Stephen King, The Loren Group #3: Doing business in Bermuda

DEAL OF THE DECADE?

Mr King responds to our questions about the substantial tax relief the company is receiving, and he explains how it allows them to channel revenues from Pink Beach into the new development at Elbow Beach.

He also affirms The Loren Group’s commitment to employing locals. He says, “the bedrock really needs to be as many Bermudians as possible…many of our staff here have been with us since the very inception of this hotel [Pink Beach].”

Stephen King, The Loren Group #3: Deal of the Decade?

UK delays Chinese embassy ruling for a second time

China’s plans to build a new embassy on the site of a two-century-old building near the Tower of London have stalled for the past three years because of opposition from local residents

International News via Reuters:

Britain delayed a decision on whether to approve China’s plans to build the largest embassy in Europe in London for a second time on Thursday, as ministers faced pressure over the collapse of a trial of men accused of spying for Beijing.

China’s plans to build a new embassy on the site of a two-century-old building near the Tower of London have stalled for the past three years because of opposition from local residents, lawmakers and Hong Kong pro-democracy campaigners in Britain.

Concerns that the new embassy could be used as a base for spying have prompted some politicians in Britain and the U.S. to urge the government to block Beijing’s plans.

The government’s Department of Housing said in a letter seen by Reuters that it would now rule on whether the project could go ahead by December 10, rather than by October 21, because of delays in receiving responses from the interior and foreign ministries.

Asked if it was delayed for political reasons, Prime Minister Keir Starmer’s spokesperson said “the detailed nature” of the submissions meant more time was needed to consider them.

The timing of the decision is politically sensitive for Starmer’s government after officials were accused of downplaying the threat China poses following the collapse of a trial of two British men charged with spying for China.

Starmer’s Labour government has made improved relations with China a key priority despite allegations that Beijing is behind espionage and cyber-attacks in Britain.

Britain’s prosecutors unexpectedly dropped charges last month against two British men, former parliamentary researcher Christopher Cash and academic Christopher Berry, who were accused of spying for Beijing between 2021 and 2023 after the government declined to declare Beijing an enemy.

The two men deny passing politically sensitive information to China. The government says the decision to drop the case was made by prosecutors on legal grounds and that ministers did not interfere.

The Chinese government purchased the site for the new embassy, at Royal Mint Court, in 2018 but its requests for planning permission were rejected by the local council in 2022. Chinese President Xi Jinping asked Starmer last year to intervene.

Starmer’s government then took control of the planning decision. Opposition politicians have called on the government to block the plans because of the proximity to strategic fibre-optic cables that go underneath the site.

Asked if he had concerns about the location of the embassy, the head of Britain’s MI5 said on Thursday his spy agency had more than a century of experience dealing with the security risks of foreign embassies.

“You would expect us to give our best professional security advice to the government,” he said. “And you would expect us to keep that advice private.”

Reporting by Andrew MacAskill and Sam Tabahriti. Editing by Alex Richardson and Mark Potter

Two shot dead after Kenyan forces fire in air to disperse mourners at Odinga viewing

With thousands of his supporters on the streets from early morning, chaos erupted when a huge crowd breached a gate of the Nairobi sports arena, prompting soldiers to fire in the air

International News via Reuters:

At least two people were shot dead in Nairobi on Thursday after Kenyan security forces fired in the air to disperse crowds at a stadium hosting a viewing of deceased opposition leader Raila Odinga’s body, according to a police source and local media.

Odinga, a major figure for decades in Kenyan politics who was once a political prisoner and ran unsuccessfully for president five times, died on Wednesday aged 80 in India, where he had been receiving medical treatment.

With thousands of his supporters on the streets from early morning, chaos erupted when a huge crowd breached a gate of the Nairobi sports arena, prompting soldiers to fire in the air, a Reuters witness said.

A police source told Reuters that two people were shot dead at the stadium, with KTN News and Citizen TV also reporting the same death toll.

After security forces fired in the air, police lobbed tear gas to disperse thousands of mourners, the two broadcasters showed, leaving the stadium deserted.

Earlier in the day, thousands of mourners briefly stormed Nairobi’s international airport, interrupting a ceremony for President William Ruto and other officials to receive Odinga’s body with military honours.

That prompted a two-hour suspension of airport operations.

DEVOTION

Crowds also flooded nearby roads and tried to breach parliament, where the government had originally scheduled the public viewing.

Though mainly known as an opposition figure, Odinga became prime minister in 2008 and also struck a political pact with Ruto last year in a career of shifting alliances.

He commanded passionate devotion among supporters, especially in his Luo tribe based in western Kenya, many of whom believe he was cheated of the presidency by electoral fraud.

Odinga’s mourners, many of whom were not yet born in 1991 when Kenya became a multi-party democracy, paid tribute to Odinga’s efforts as an activist.

“He fought tirelessly for multi-party democracy, and we are enjoying those freedoms today because of his struggle,” university student Felix Ambani Uneck told Reuters at the stadium where thousands had gone on foot and motorbikes.

Reporting by Monicah Mwangi, Vincent Mumo, Edwin Waita, Humphrey Malalo and George ObulutsaEditing by Ammu Kannampilly and Andrew Cawthorne

EIB chief backs ‘bold’ European reform to bolster local startups

The so-called “28th regime” reform would make it easier to raise money and invest across European Union by harmonising financial, legal and taxation rules to create a simpler framework

International News via Reuters:

European Investment Bank President Nadia Calvino urged the European Commission to be bold with new rules allowing startup firms to easily operate across the bloc, a move aimed at keeping fledgling companies in the region.

The so-called “28th regime” reform would make it easier to raise money and invest across European Union by harmonising financial, legal and taxation rules to create a simpler framework.

That could make it easier to raise capital and grow a business in the EU, boosting Europe’s attractiveness and helping it close the gap to the United States, where startups have grown into some of the world’s biggest, most influential companies. 

The Commission, the EU’s executive, is due to issue a proposal on the 28th regime reform in January.

“I really hope that the Commission will be bold in their proposal,” Calvino told Reuters on the sidelines of the annual IMF and World Bank meetings in Washington on Wednesday.

EU CAPITAL MARKET INTEGRATION A TOP PRIORITY

“Reinforcing the integration of Europe’s capital markets, building an integrated capital market is undoubtedly one of our top priorities right now for Europe,” Calvino said.

The European Investment Bank, owned by EU governments, is one of the bloc’s key institutions, borrowing to finance priority projects.

This year, it committed 3.5% of its 100 billion-euro ($117 billion) lending volume to defence and security, triple what it invested in the sector last year, a figure Calvino said she expected will rise further in 2026.

Europe needs “successful innovators to grow and stay in Europe and to finance the necessary investments to maintain our leadership in key technologies for the future,” Calvino said.

The 28th regime has been under discussion, including in a report on how to improve the EU’s single market by former Italian Prime Minister Enrico Letta. But it requires the backing of member state governments and the European Parliament, making the final outcome of reforms uncertain.

Calvino also backed plans to create a single EU financial supervisor, saying it would be “a very important step in the right direction.” 

Europe has grappled with divisions as it seeks to forge a common front on reforms to make it stronger in the face of an increasingly dominant United States. Many countries are reluctant to surrender their power to central authorities.

The region’s economic woes have added to the problem with political infighting in France over critical economic reforms such as pensions further underscoring the difficulties.

($1 = 0.8576 euros)

Reporting by Elisa Martinuzzi; Editing by Joe Bavier

Greece adopts law extending working hours despite protests

The bill, which allows employers to enforce 13-hour work days, up from the current eight hours, aims to make the labour market more flexible and effective, the conservative government says

International News via Reuters:

Greece’s parliament approved a bill on Thursday allowing private sector employers to extend working hours despite protests from workers already struggling from a cost-of-living crisis.

The bill, which allows employers to enforce 13-hour work days, up from the current eight hours, aims to make the labour market more flexible and effective, the conservative government says.

But the proposal has triggered two general strikes this month by workers who see it as a move to undermine their rights just as they are struggling with stagnating wages and the rising costs of food and rent.

“When the rest of Europe is in discussions to reduce working hours, in Greece we increase them,” said 41-year-old barman Themis Lytras, who said his rent had doubled over the past two years.

Greece already has among the longest working weeks in Europe at around 40 hours, EU data shows, against an average 34 hours worked in Germany or 32 in the Netherlands.

GREEKS STRUGGLE DESPITE ECONOMIC REBOUND

Greece is recovering from a debilitating 2009-2018 debt crisis, marked by years of belt-tightening, that wiped out a quarter of national output. 

Strong economic growth in recent years has opened up room for tax cuts and pay increases. But wages remain below pre-crisis levels and Greeks’ purchasing power is among the lowest in the European Union, Eurostat data shows.

Prime Minister Kyriakos Mitsotakis’ government has seen its popularity wane in opinion polls partly due to disappointment over the failure of the economic recovery to generate higher living standards.

“After the crisis, we expected a return to normality,” said George Koutroumanis, a former labour minister who called the new law “absurd”.

The extended work shift can only be applied three days a month and up to 37 days a year. The bill protects people from being fired if they refuse to work overtime, but unions say it strips workers of negotiating power in a country where there is undeclared work and where average wages remain relatively low.

The bill, which also gives employers more flexibility on short-term hirings and allows staff to work four days a week through the entire year upon prior agreement, was approved by a majority of lawmakers in the 300-seat parliament.

Additional reporting by Mark John and Lefteris PapadimasEditing by Ed Osmond, Edward McAllister and Gareth Jones

Sea Cadets march into history

Six senior cadets set to represent the island in the prestigious National Trafalgar Parade in London for the first time

Bermuda’s Sea Cadets are set to make their historic debut in the prestigious National Trafalgar Parade in London this week.

WATCH below as Bermuda Broadcasting caught up with the unit during their final days of preparation.

Press statement:

The Bermuda Sea Cadet Corps is proud to announce that six Senior Cadets will represent Bermuda at the prestigious National Trafalgar Parade in London on 19 October. Held annually in Trafalgar Square, this flagship ceremonial event showcases the excellence of the Sea Cadet Corps and brings together over four hundred participants, including Sea Cadets, Royal Navy Volunteer Cadets, Air Cadets, and Army Cadets.

This marks a historic milestone for Bermuda, as it is the first time the island’s Sea Cadets have been invited to participate in this parade. For the Bermuda Cadets, marching alongside their counterparts from the UK is not only a privilege but also a unique opportunity to demonstrate the discipline, skill, and dedication of their island on an international platform.

The Cadets representing Bermuda were selected following a series of intensive drill and ceremonial training sessions led by Sub-Lieutenant (SCC) Sam Bennett RNR, Development Officer, with the assistance of Petty Officer (SCC) Kevin Sunga, Senior Drill & Ceremonial Instructor. The Cadets devoted hours to mastering the precision and discipline essential for performing at such an elite level. Their efforts and resolve reflect not only their individual commitment but also the overall strength of the Bermuda Sea Cadet Corps.

S/Lt (SCC) Bennett expressed his pride in the Cadets ’effort and commitment, saying, “The standard of drill required for this parade is extremely high, and our Cadets made the commitment to meet it. They have absolutely done that and have earned the right to march in this event. I could not be more proud of them!”

The Cadets selected for the event include:

· Petty Officer Cadet Laura Frith

· Able Cadets Oca-Ray Brown, Nathan Cassidy and Xavier Vezina, and

· Ordinary Cadets A’lia German Pitcher, Lexie Taylor, Christian Fox (reserve) and Samuel Valles (reserve)

S/Lt (SCC) Bennett will lead the contingent overseas, assisted by Petty Officer (SCC) Ani Douglas.

In addition to the parade, the Cadets will travel to Edinburgh to take advantage of training opportunities at the state-of-the-art training centre, Sea Cadet Port Edgar Boat Station, at the foot of the Clyde Bridge. They will also have the opportunity to visit a Royal Naval vessel and train with other Cadets in the region.

The Bermuda Sea Cadet Corps extends its gratitude to the volunteers, families, and community members whose support has been instrumental in making this achievement possible. To learn more about the Bermuda Sea Cadet Corps, email bermudaseacadets@gmail.com

Hamilton jeweller targeted in daytime smash and grab

E.R. Aubrey Jewellers Limited was the victim of a burglary on Thursday morning.

CCTV image from inside the jewellry store showing a suspect entering. Photo: Supplied

A Hamilton jeweller was the victim of a burglary around 10.30 this morning.


The owner E.R Aubrey Jewellry Limited store located on Queen Street declined to comment however, told us staff members were safe and unharmed.


Police said the first suspect entered the premises wearing a black bubble jacket, light grey pants, black gloves and Adidas shoes.

He concealed a large sledgehammer under his jacket, which he used to smash display cases before seizing a quantity of gold chains, bracelets and 14/18 karar gold jewellery. He then fled the scene with a getaway rider.


A second suspect dressed entirely in black, remained on a red and black getaway motorcycle during the robbery.

E.R. Aubrey Jewellers Limited located on Queen Street, the City of Hamilton.


Police are urging anyone who was in the area of Queen Street around the time of the incident and may have witnessed suspicious activity to call the main police number 295-0011.


Should anyone be approached to purchase jewellry below their true value, police are asking residents to exercise caution and contact police if you witness suspicious activity.

Kiwon Waldron Back in the Winner’s Circle at Hoosier Park

Bermudian harness driver Kiwon Waldron had a successful three-race card at Harrah’s Hoosier Park in Indiana, highlighted by a victory that saw him return to the winners’ circle.

Waldron secured the win in his final drive of the night (Race 7), expertly guiding Ponda Lambo to first place in the Pace Class with a time of 1:54&1.

The driver’s consistency was evident across his earlier Pace Class drives, where he achieved two further top-five finishes:

  • In Race 1, Waldron and Rockin The Jackpot finished in fifth place, clocking 1:55&2.

  • In Race 6, he piloted Six Sticks Of Gum to a strong third-place finish, recording his fastest time of the evening at 1:53&4.

The victory with Ponda Lambo confirms Waldron’s continued success on the competitive US harness racing circuit.

‘Road safety is everyone’s responsibility’

Road Safety Council reminds motorists to exercise extra caution and mindfulness toward pedestrians

The Bermuda Road Safety Council issued the following statement on pedestrian safety.

The Bermuda Road Safety Council (BRSC) extends its deepest condolences to the families and friends who have lost loved ones on our roads this year. Any life lost on our roads is one too many, and as a community, we collectively mourn these tragic losses. Each life holds immense value, and we stand in solidarity with all those affected during this difficult time.

As we observe the month of October, recognized globally as Pedestrian Safety Month, the BRSC would like to remind the motoring public to exercise extra caution and mindfulness toward our pedestrians — including walkers, runners, and cyclists. We also encourage parents and guardians to speak with their children about the importance of using our roads safely and responsibly.

The BRSC further reminds all pedestrians, particularly those who exercise outdoors, to wear bright or reflective clothing to ensure they are visible, especially during early morning or evening hours. We urge pedestrians to use designated crosswalks whenever possible and to avoid jaywalking, as it poses significant danger to both themselves and motorists.

Additionally, we remind all drivers to exercise extra care when traveling through school zones and when approaching crosswalks. Vigilance, patience, and attentiveness can prevent tragedy and save lives.

Road safety is everyone’s responsibility. The BRSC encourages all road users—motorists, cyclists, and pedestrians alike—to do their part in keeping our roads safe for everyone.

Cautious Drivers = Safer Roads = Safer Bermuda

Cup Dreams End for Burgess as Halesowen Fall in Derby

It was a tough night for Bermudian players in the English leagues, with midfielder Jutorre Burgess bowing out of the FA Cup and Milan Butterfield’s Halesowen Town losing a local derby.

Jutorre Burgess was an unused substitute as his Harborough Town teammates’ Emirates FA Cup journey was halted by National League side Altrincham.

The Fourth Qualifying Round Replay finished 3-0 to Altrincham after extra-time, with goals in the 98th, 107th, and 110th minutes finally breaking Harborough’s resistance after a goalless 90 minutes.

In the Southern Premier Central Division, Milan Butterfield came on as a second-half substitute but could not prevent his Halesowen Town side from losing a local derby 3-2 at home to Redditch United.

Halesowen led 1-0 at the break before Redditch fought back in the second half.

Elsewhere, Ayleal Dill and his Southwell City teammates secured a point in their United Counties League Division One fixture, playing out a 1-1 draw against Rainworth MWFC.

World Champion Imprescia Joins Team Bermuda for Key West

Fresh off winning a world title, champion throttleman Nick Imprescia has signed a deal to race alongside Bermuda’s Luis Martins in the Super Stock-class Team Bermuda Nuff Said raceboat at the Key West World Championships next month.

Imprescia, who won the APBA Factory Stock title just days ago, tested the 32-foot catamaran with driver Luis Martins yesterday on Sarasota Bay, reporting immediate chemistry.

“Luis is a great driver. It took us almost no time to get to know each other in the boat,” Imprescia said of the trial run with the boat, which is managed by Grant’s Signature Racing.

The three-race event will be a major test, but Imprescia remains focused on the process: “I can promise them I will put my best forward.

“If we don’t win, we will understand why. And if we do win, we will understand why.”