Minister of Housing and Municipalities Zane DeSilva said the renovations represent a “significant” addition to the Bermuda Housing Corporations housing stock
304 famillies are currently on the waitlist for affordable homes in Bermuda as the Bermuda Housing Corporation continues to source new housing inventory.
Minister of Housing Zane Desilva today announced four two-bedroom units at Browne House on Middle Town Lane in Pembroke will be ready for tenants by January.
The renovations which include new electrical and flooring has cost the Minsitry $775,000 which is expected to be completed on budget.
LSEG, whose stock price has fallen by more than 15% this year, has responded by expanding its offerings to meet demand
International News via Reuters:
London Stock Exchange Group said on Thursday it would sell 20% of its post-trade services business and announced a surprise 1 billion pound ($1.34 billion) buyback as it reported better-than-expected third-quarter results.
LSEG shares rose as much as 9% following the announcements by the London Stock Exchange operator, which also provides data and analytics and has been battling concerns that rising competition and artificial intelligence will squeeze its income.
LSEG, whose stock price has fallen by more than 15% this year, has responded by expanding its offerings to meet demand.
“For those who think AI models can scoop up so-called public data from the internet and displace us, that just does not reflect how this industry works, and fundamentally ignores the non-replicable nature of the vast majority of our data,” LSEG CEO David Schwimmer said on an investor call.
BANKS TAKE POST TRADE SOLUTIONS STAKE
A group of 11 banks, which are also among the founding members of LSEG’s SwapClear, are buying 20% of Post Trade Solutions for 170 million pounds and will also nominate three directors to the unit’s board.
The deal values the whole of Post Trade Solutions, which supports risk management and efficiency for uncleared derivatives, at 850 million pounds, LSEG said in a statement.
LSEG said it will also receive more surplus cash from SwapClear, which it jointly operates with the 11 banks to provide clearing services for interest rate swaps.
The share of SwapClear income going to the banks will be cut this year to 15% from 30%, and then to 10% from 2026, LSEG said.
RESULTS BEAT EXPECTATIONS
Meanwhile, LSEG’s third-quarter income and recurring revenue beat market expectations as it raised its 2025 margin forecasts.
LSEG said growth in its closely watched annual subscription value (ASV) would accelerate into the end of the year, after slowing slightly to 5.6% at the end of the third quarter, on an organic constant currency basis, from 5.8% at the end of June.
Its third quarter total income grew by 6.4%, excluding recoveries, better than the 5.2% forecast in a company poll.
RBC Capital Markets analysts said LSEG’s management was “being active in deploying capital and opportunistic in acquiring shares” after the announcements, with shares on track for their biggest one-day gain in more than three years.
Reuters provides news for LSEG’s news and data terminal Workspace.
($1 = 0.7451 pounds)
Reporting by Pushkala Aripaka in Bengaluru; Editing by Tommy Reggiori Wilkes, Susan Fenton and Alexander Smith
Dhingra also said excessively high interest rates could cause longer-term inflation problems by limiting investment in new production capacity and improvements in productivity
International News via Reuters:
Higher U.S. tariffs on imports are weighing on growth in Britain and are likely to lead to downward pressures on British inflation over the medium term, Bank of England policymaker Swati Dhingra said on Thursday.
“In my view, the primary transmission channel of tariffs to the UK in 2025 come through weaker demand, as tariffs act as a drag on global growth,” Dhingra said in a speech to a research conference hosted by Ireland’s central bank.
The disruption to trade from tariffs “means lower overall growth – and some downward pressure on prices in the medium term,” she added.
Dhingra – who has voted for a faster pace of BoE rate cuts – also said excessively high interest rates could cause longer-term inflation problems by limiting investment in new production capacity and improvements in productivity.
Reporting by David Milliken; editing by Suban Abdulla
This year’s snowfall came two weeks earlier than 2024, when snow settled on the 3,776-metre (12,388-ft) mountain only on November 7, the latest since records began
International News via Reuters:
The peak of Japan’s Mount Fuji was capped with snow for the first time this winter on Thursday, reaching the milestone 21 days later than the average since records began in 1894, the meteorological agency said.
This year’s snowfall came two weeks earlier than 2024, when snow settled on the 3,776-metre (12,388-ft) mountain only on November 7, the latest since records began.
The sacred mountain is among Japan’s most enduring symbols – its snow-capped summit has inspired some of Japan’s greatest works of art, such as Katsushika Hokusai’s “Great Wave Off Kanagawa,” which now features on the back of the 1,000-yen note.
While the first snowfall on Fuji has arrived later in recent years, the cause was uncertain, Mamoru Matsumoto of the Kofu observatory office of the meteorological agency told Reuters last year.
Japan recorded its highest-ever temperature in August when it reached 41.8 degrees Celsius (107.2 Fahrenheit) in the city of Isesaki to the northwest of Tokyo.
Fuji’s “first” snowfall is defined as the first point after summer at which all or part of the mountain is visibly covered in snow or “white-looking solid precipitation” when observed from below, according to the Kofu observatory office of the meteorological agency.
Reporting by Anton Bridge; Editing by Kate Mayberry
The CBI’s monthly order book index sank to -38 in October from -27 in September, well below its long-run average of -14 and its lowest since the end of last year
International News via Reuters:
British manufacturers see the weakest prospects for orders since 2020 and current orders are down by the most since December, the Confederation of British Industry said on Thursday, blaming high energy costs and tax worries before next month’s annual government budget.
The CBI’s monthly order book index sank to -38 in October from -27 in September, well below its long-run average of -14 and its lowest since the end of last year, with export orders down particularly sharply.
Quarterly orders data showed the biggest declines in domestic and export orders since July 2020, and expectations for export orders over the next 12 months were the lowest since April 2020 at the start of the COVID-19 pandemic.
“Order books are weakening, cost pressures remain stubbornly high, and uncertainty is rising ahead of the Budget. This is making businesses increasingly reluctant to commit to new hiring and investment,” CBI lead economist Ben Jones said.
Finance minister Rachel Reeves is due to deliver her second annual budget on November 26 and some businesses fear they will be the main target for the roughly 25 billion pounds ($33.55 billion) of tax rises or spending cuts which economists expect Reeves to make.
Jones said manufacturers wanted government action to reduce their energy bills, which he described as “a significant factor crippling the sector’s competitiveness”.
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Reporting by David Milliken; editing by Suban Abdulla
In the third quarter, the company’s costs rose sharply, including more than $400 million in tariffs on auto parts due to Trump’s trade policies, said CFO Vaibhav Taneja
International News via Reuters:
Tesla shares fell 3.2% in premarket trading on Thursday after the Elon Musk-led electric vehicle maker extended its streak of profit misses to a fourth quarter due to pressure from rising costs, even as sales hit record highs.
Declining revenue from highly profitable regulatory credits also strained the company’s margins, showing that even Tesla is not immune to the cost pressures affecting the auto industry as President Donald Trump continues to overhaul U.S. policy.
In the third quarter, the company’s costs rose sharply, including more than $400 million in tariffs on auto parts due to Trump’s trade policies, said CFO Vaibhav Taneja.
“The margin compression is the real concern. Higher operating expenses, increased tariffs and lower regulatory credit revenue all hit at once,” said Farhan Badami, market analyst at eToro.
“Tesla is navigating near-term headwinds by cutting costs and managing inventory, but the long-term value story hinges on products that are still some time away from commercial payoff.”
Musk’s ongoing pivot to position Tesla as a company focused on robotics and self-driving technology has helped restore some investor optimism.
The company’s valuation now largely hinges on the promise of future growth from robotics and AI, even though vehicle sales account for the vast majority of its revenue.
The company is set to lose more than $45 billion of its $1.47 trillion valuation, the largest for an automaker globally, if the losses hold.
The stock was trading at more than 200 times the company’s profit expectations, significantly higher than Big Tech and other megacap stocks.
Tesla’s stock has experienced sharp swings in 2025. The shares dropped as much as 39% through March amid weak demand and political backlash tied to Musk’s ties with the Trump administration, which led to boycott calls.
The stock turned positive this year after Tesla’s board laid out a $1 trillion CEO compensation plan last month for shareholder approval, hoping to incentivize Musk to focus on the company’s growth.
The shares have gained nearly 9% so far this year, although it remains one of the weaker performers among the “Magnificent 7”, a group of megacap technology companies.
Record electric vehicle deliveries helped Tesla beat third-quarter revenue forecasts, driven by a rush among U.S. buyers to secure tax incentives before they expire. However, demand for EVs is expected to fall in the coming quarters as key credits phase out.
To stimulate sales, Tesla recently introduced lower-cost “Standard” versions of its Model Y and Model 3, which cost up to $5,500 less than the “Premium” versions.
Reporting by Joel Jose in Bengaluru; additional reporting by Danilo Masoni in London; Editing by Amanda Cooper, Mrigank Dhaniwala and Shinjini Ganguli
The EU is trying to pass a new target to cut net greenhouse gas emissions 90% by 2040 to put the bloc on track for net zero emissions by 2050
International News via Reuters:
European Union leaders will seek to unlock a deal on a new 2040 emissions target on Thursday in time for next month’s global climate talks despite growing pushback on green measures from some member states.
The EU is trying to pass a new target to cut net greenhouse gas emissions 90% by 2040 to put the bloc on track for net zero emissions by 2050 – seen by scientists as an essential step to avert the worst impacts of global warming.
The 2040 target aims to keep the EU on track between its existing legally-binding commitment to cut emissions 55% by 2030, and the 2050 target. But the new goal has met pushback from some capitals over how to finance the low-carbon transition alongside priorities like defence against Russian aggression and revitalising businesses.
“None of us are questioning the goal of climate protection. All of us are of the opinion that we must combine this with the competitiveness of European industry,” said German Chancellor Friedrich Merz.
TALKS TO FOCUS ON FINANCING AND FLEXIBILITY
Despite worsening extreme weather worldwide, ambitious efforts to fight climate change are flagging – with President Donald Trump dismantling U.S. emissions-cutting measures and promoting fossil fuels.
Leaders will focus their talks on the so-called “enabling conditions” – financing and supportive policies – needed to avoid higher energy bills for citizens and support businesses already grappling with cheap Chinese imports and U.S. tariffs.
Dutch Prime Minister Dick Schoof said he expected the EU to stick to its climate goals – which, for 2030 at least, official data suggest the bloc is largely on track to meet. “But we will have to take a good look at how we keep them feasible for citizens and corporations,” he added.
Draft conclusions for the EU summit, seen by Reuters, said leaders would agree to proceed with the 2040 emissions target, but leave the details for their ministers to approve at a November 4 meeting, just in time for the U.N.’s COP30 climate summit, where world leaders will gather on November 6-7.
The EU summit conclusions would also impose conditions reflecting leaders’ concerns – including that the 2040 target includes a “revision clause” to potentially weaken it in future.
Countries including Poland have argued this is needed in case green technologies do not develop as planned, or economic conditions hamper the investments needed to achieve the climate target.
Wealthier western and northern countries – whose uptake of electric vehicles and renewable energy has surpassed that of many poorer EU states – are more confident. But they, too, want more flexible targets, reflecting concerns including that their forests are struggling to absorb CO2 emissions because of problems including wildfires.
“We have to take care of our climate goals, but we need flexibility,” Finland’s Prime Minister Petteri Orpo said.
EU LEADER PROMISES AMENDMENTS
The draft summit conclusions said leaders would demand that if forests underperform on absorbing CO2 emissions, other industries will not be forced to cut emissions faster to deliver the 2040 goal.
Brussels has already scaled back numerous sustainability policies this year, in an attempt to contain political pushback, both from EU governments and trade partners including the U.S. and Qatar.
European Commission President Ursula von der Leyen told leaders the shift to a clean economy was Europe’s chance to revitalise industries and cut reliance on imports from China, which is investing heavily in renewable energy.
“This is a major business opportunity for Europe. Seizing it requires steadfastness and an unrelenting drive to face off our competitors, starting with China,” von der Leyen said in a letter seen by Reuters and dated October 20.
She also promised some amendments – including controlling prices in an upcoming carbon market for transport fuels, and strengthening the EU’s carbon border levy – a key demand of France. Brussels is also considering weakening its 2035 combustion engine ban after pressure from Germany and Italy.
Reporting by Kate Abnett, Philip Blenkinsop, Andrew Gray, Julia Payne, Charlotte Van Campenhout, Alessandro Parodi, Bart Meijer, Miranda Murray; Editing by Nia Williams and Philippa Fletcher
The annual increase was down from a 7.0% rise in 2024 and the smallest since 2021 when wages were depressed by many workers being on reduced furlough pay during the pandemic
International News via Reuters:
The median full-time salary in Britain rose to 39,039 pounds before tax ($52,394) this year, up 4.3% from a year earlier, annual official figures showed on Thursday.
The annual increase was down from a 7.0% rise in 2024 and the smallest since 2021 when wages were depressed by many workers being on reduced furlough pay during the pandemic.
Nevertheless, the 2025 increase is above the rates that were typical in the years after the global financial crisis.
Adjusted for higher inflation, the median salary this year is up 1.1%, the Office for National Statistics said, using its preferred CPIH measure of price increases.
Faster pay growth came for workers in the care and leisure sectors who benefited from a 6.7% rise in the minimum wage which took effect in April.
The data comes from the ONS’ Annual Survey of Hours and Earnings, its most comprehensive study of pay and earnings, and is based on earnings in April each year.
The survey showed a declining proportion of low-paid jobs – those paying under two thirds of median earnings, which the increased minimum wage was designed to eliminate. These fell to a record-low 2.5% of the workforce, down from 3.4% in 2024.
What the ONS defines as high-paid jobs – those paying 50% more per hour than the median – rose to 23.2% of the total after accounting for a record-low 22.7% of the workforce last year.
A full-time employee would need to earn 1,473.50 pounds a week – just under 77,000 pounds a year – to be in the top 10% of full-time employees in Britain.
The ONS said the gender pay gap – the difference in median hourly earnings for men and women, which does not adjust for differences in skills, experience, education or occupation – fell to 6.7% in 2025 for full-time employees from 7.1% in 2024.
The gender pay gap has been declining steadily since the ONS data began in 1997.
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Reporting by David Milliken; editing by William James
The Ministry of National Security, through the Department for National Drug Control (DNDC), advises the public that the 2025 National Household Survey on Drug Use and Health will take place from 28 October to 28 November 2025.
The telephone-based survey is conducted every four years to gather accurate information about the use and misuse of alcohol, tobacco, and other drugs in Bermuda.
The data collected helps the Government understand trends, measure the impact of existing programmes, and guide future policy decisions.
Approximately 1,200 households have been randomly selected to participate. Only one household member aged 16 or older will be interviewed. Questions will cover topics such as demographics, access to drugs, experiences and perceptions of substance use, and attitudes towards prevention and treatment.
Minister of National Security, the Hon. Michael Weeks, JP, MP, said: “The National Household Survey is one of the most important tools we have to understand the realities of substance use in Bermuda.
“Reliable data allows us to shape evidence-based policies, direct resources where they are most needed, and strengthen prevention, treatment, and rehabilitation services.
“I understand that some people may be hesitant to take part, but I want to assure the public that every response is confidential. No individual information is shared.
“The data is used only in aggregate form to help the Department for National Drug Control better serve our community. If your household is selected, I strongly encourage you to participate. Your honest feedback will make a real difference.”
The DNDC reminds the public that all responses remain confidential and will be reported only as summary statistics. The telephone numbers contacted will be selected randomly, and all surveyors will identify themselves as representatives of the Department for National Drug Control.
Minister Weeks added: “Our aim is to ensure that national drug policy continues to be guided by facts, not assumptions. Each household that participates plays a vital role in helping Bermuda address substance use with fairness, compassion, and effectiveness.”
The Ministry urges members of the public who receive a call to take part in the survey and contribute to this important national effort.
For further information, please contact the Department for National Drug Control at 292-3049.
The countdown is on to the 3rd Annual Pickleball World Cup, set to get underway in less than a week in Fort Lauderdale, Florida.
Team Bermuda is aiming to build on last year’s impressive performance as they prepare to compete against more than 60 nations in both the Open Elite and Seniors divisions.
At a press conference earlier today, National Director and Elite Team Captain Gavin Manders revealed Bermuda’s tournament draw, while George Thomas, President of the Pickleball Association of Bermuda, expressed confidence in the team’s readiness to once again take on nations many times our size.
Mr. Thomas, who also serves as Captain of the Seniors Team, says the over-50s squad will face a smaller pool of nations than the Open Elites this year. And while their draw includes some of the world’s largest countries, he says Team Bermuda is no stranger to punching above its weight.
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