The Bermuda International Long Term Insurers and Reinsurers also welcomed three new board members for the two-year term
Full press release from BILTR:
The Bermuda International Long Term Insurers and Reinsurers (BILTIR) today confirmed the election of its Chair and Vice Chair and announced the appointment of three new members to its Board of Directors for the 2025–2027 term.
Natasha Scotland Courcy, CEO and General Counsel of Athene Life Re, has been re-elected as Chair of the Board, while Jamie Schmerer, Head of Enterprise Risk Management at Fortitude Re, has been elected Vice Chair. Joining the Board are Danish Iqbal, Chief Executive Officer of Somerset Re; Tibor R. Leeuwenburgh, Country Executive for Aegon Bermuda; and Joseph Barrowclough, Chief Financial Officer of Gibraltar Reinsurance Company Ltd. and Lotus Reinsurance Company Ltd.
“BILTIR plays a vital role in advancing Bermuda’s long-term reinsurance industry, and serving on the Board reflects an intense dedication to this jurisdiction’s growth,” said Suzanne WilliamsCharles, CEO of BILTIR. “We are grateful for Natasha’s continued leadership and congratulate Jamie on his new role as Vice Chair. Danish, Tibor, and Joseph also bring unique perspectives and decades of experience that will strengthen our Board’s ability to represent and support our members.”
BILTIR recognizes its Board of Directors for their contributions over the years.
“Strong leadership from our Board members has been a cornerstone of our progress in recent years. Their guidance has helped advance BILTIR’s mission and strengthen Bermuda’s position as a leading reinsurance hub,” said Williams-Charles.
Nestle did not say why it was pulling out of the alliance but said it would continue working towards reducing greenhouse gas emissions
International News via Reuters:
Food group Nestle said on Wednesday it had withdrawn from a global alliance for cutting methane emissions that aims to reduce the impact of dairy farming on global warming.
The Dairy Methane Action Alliance was launched in December 2023, with members, which include Danone, Kraft Heinz and Starbucks, committing to publicly measure and disclose methane emissions from their dairy supply chains and publish plans to reduce those emissions over time.
Nestle did not say why it was pulling out of the alliance but said it would continue working towards reducing greenhouse gas emissions, including methane, throughout its supply chains and was sticking to its net zero commitment by 2050.
CLIMATE ALLIANCES ON THE BACK FOOT
The move is the latest blow to a corporate alliance seeking to limit the impact of global warming, and comes as U.S. President Donald Trump dismantles a range of climate protection initiatives. Several major banks, for example, have left the sector’s main group leading efforts to cut carbon emissions.
“Nestle regularly reviews its memberships of external organizations,” the Swiss company said. “As part of this process, we have decided to discontinue our membership of the Dairy Methane Action Alliance.”
By the end of 2024, Nestle had reduced methane emissions by almost 21% compared to 2018 levels, the company said in its 2024 non-financial statement.
Methane is nearly 30 times more potent than carbon dioxide, according to the U.S. Environmental Protection Agency, making it a major focus of attempts to curb global warming.
According to the Environmental Defense Fund, which launched the methane alliance, agriculture is responsible for nearly 40% of human-caused methane emissions, with the majority of those coming from livestock.
Nestle’s logo was removed from the main page of the EDF’s website, but the company’s name still appears on other pages. The EDF did not immediately respond to a request for comment.
Reporting by Alexander Marrow. Editing by Mark Potter
Unveiled on Tuesday, the $39,990 Model Y Standard and $36,990 Model 3 will join a European market already crowded with budget EVs
International News via Reuters:
Tesla’s lower-priced versions of its staple Model Y SUV and Model 3 sedan face an uphill battle in the region where Elon Musk’s company arguably needs help the most: Europe.
Unveiled on Tuesday, the $39,990 Model Y Standard and $36,990 Model 3 will join a European market already crowded with budget EVs, with European and Chinese brands offering more than a dozen models below $30,000 – and more to come.
That’s in contrast to the United States, where only one EV, the Nissan Leaf, falls into that price range.
“The competition in this market is fierce,” said Sam Fiorani, vice president at research firm AutoForecast Solutions, adding the array of EVs in Europe priced below Tesla’s cheaper Model Y and Model 3 could hamper their prospects.
LESS COMPETITION IN US, BUT LESS OPPORTUNITY
Tesla, which argues that its sometimes higher prices are justified by superior quality and features, has suffered an almost halving in its European market share to about 1.5% since 2023, when the Model Y was the region’s best-selling car.
Analysts attribute the decline partly to an ageing product lineup and to a backlash by some consumers against Musk for his support of far-right politicians.
Tesla hopes the cheaper cars will revive sales after global deliveries fell in 2024 for the first time and are forecast to drop another 10% this year, according to Visible Alpha estimates.
In the United States, the Model Y Standard’s sub-$40,000 price tag will match or undercut rivals including Hyundai Motor’s Ioniq 5 SUV, General Motors’ Chevrolet Blazer, and Volkswagen’s ID.4.
Still, the U.S. EV market is expected to contract in coming quarters following the September 30 expiry of a longstanding $7,500 tax credit for buyers. Even if Tesla’s cheaper cars can claw back some market share, Musk has said it could face a “few rough quarters” if overall U.S. demand stalls, as expected.
In China, Tesla’s new releases remain significantly more expensive than domestic rivals such as BYD Co’s Yuan Plus and SAIC-GM-Wuling’s mini EVs, which dominate the world’s biggest EV market.
DOZENS OF EVS DESCEND ON EUROPEAN SHOWROOMS
In Europe, Tesla is up against many cheaper rivals, including the BYD Dolphin Surf that starts at 23,000 euros ($26,830), the Dacia Spring at 16,800 euros and the Citroen e-C3 SUV at 23,300 euros. And more are coming.
Last month, Volkswagen said it planned an ID.Polo compact hatchback EV for under 25,000 euros next year.
However, Pedro Pacheco, vice president of research at consultancy Gartner, said the Model Y Standard would probably be cheaper than BYD’s best-selling Seal plug-in hybrid SUV.
Tesla halted sales declines in some European markets in September after refreshing its Model Y with interior and exterior upgrades, helping deliver record third-quarter global deliveries.
Still, analysts say its limited lineup is ageing. The Model Y, launched in 2020, remains its last mass-market new model.
CHEAPER MODEL Y ‘ISN’T GOING TO BREAK THE MARKET OPEN’
Schmidt Automotive analyst Matthias Schmidt said the cheaper Teslas should “add more momentum” from next year, but warned that Europe’s EV market is about to get much more crowded.
AutoForecast Solutions projects more than 25 new EVs launching in Europe next year, with roughly a dozen more by 2027.
Fiorani forecast the Model Y Standard could sustain Tesla’s European sales based on current pricing information.
But “it isn’t going to break the market open in a way that a 30,000 euro vehicle would,” he said.
Additional reporting by Abhirup Roy. Editing by Mike Colias, Nick Carey and Mark Potter
Brent crude futures rose 82 cents, or 1.3%, to $66.27 a barrel by 0945 GMT. U.S. West Texas Intermediate crude climbed 85 cents, or 1.4%, to $62.58
International News via Reuters:
Oil prices climbed by over 1% on Wednesday, helped by a smaller than expected output hike from producer group OPEC+ next month, though concerns about oversupply capped further gains.
Brent crude futures rose 82 cents, or 1.3%, to $66.27 a barrel by 0945 GMT. U.S. West Texas Intermediate crude climbed 85 cents, or 1.4%, to $62.58.
The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+.
“The bare minimum that OPEC+ decided to get away with on Sunday still provided some support,” PVM oil analyst Tamas Varga said in a note on Wednesday.
OPEC+ agreed to raise its output targets for November by 137,000 barrels per day (bpd) for November on growing concerns about a looming glut in the oil market, sources from the group told Reuters.
Goldman Sachs said it saw an inventory build of 1.5 million bpd in the last quarter despite strong seasonal demand. The bank expects a surplus of 2 million bpd over the period from Q4 2025 to Q4 2026.
But it sees an upside risk for prices from declines to Russian production.
Investors are also awaiting U.S. inventory data from the Energy Information Administration later on Wednesday.
On Tuesday, sources citing American Petroleum Institute figures said U.S. crude stocks rose by 2.78 million barrels in the week ended October 3.
Conversely, gasoline and distillate inventories fell, the sources said, citing the API data.
Meanwhile, U.S. oil production is likely to set a larger record this year than previously expected, the EIA said on Tuesday.
Additional reporting by Jeslyn Lerh in Singapore Editing by William Maclean
The BoE said share price valuations on U.S. stock markets were similar to those seen near the peak of the dotcom bubble on some measures
International News via Reuters:
Global financial markets could tumble if investors’ mood sours on the prospects for artificial intelligence or the independence of the U.S. Federal Reserve, the Bank of England warned on Wednesday.
The BoE said share price valuations on U.S. stock markets were similar to those seen near the peak of the dotcom bubble on some measures and noted that U.S. government bonds were vulnerable to any weakening in the Fed’s credibility.
“The risk of a sharp market correction has increased,” the BoE’s Financial Policy Committee said in a quarterly update, in its sharpest warning to date of the dangers of an AI-triggered market slump, adding that the risk of spillovers to Britain’s financial system from such a shock was “material”.
The FPC is chaired by BoE Governor Andrew Bailey and focuses on financial stability risks. Bailey told Britain’s parliament last month about his concerns over Fed independence.
President Donald Trump has repeatedly urged the U.S. central bank to slash interest rates and has sought to remove one of its policymakers.
“A sudden or significant change in perceptions of Federal Reserve credibility could result in a sharp repricing of U.S. dollar assets, including in U.S. sovereign debt markets, with the potential for increased volatility, risk premia and global spillovers,” the BoE said.
British government borrowing costs are closely correlated with U.S. Treasury yields, and a fall in U.S. bond prices would probably push up the cost of servicing new British public debt.
Thirty-year gilt yields hit their highest since 1998 last month and yields for shorter maturities – where most British borrowing is concentrated – have risen too.
The BoE said this increase reflected concerns about the difficulty reining in high borrowing across advanced economies, amplified by political uncertainty in France and Japan.
On AI, the BoE said that 30% of the U.S. S&P 500’s valuation was made up by the five largest companies, the greatest concentration in 50 years.
Share valuations based on past earnings were the most stretched since the dotcom bubble 25 years ago, though looked less so based on investors’ expectations for future profits.
“This, when combined with increasing concentration within market indices, leaves markets particularly exposed should expectations around the impact of AI become less optimistic,” the BoE said.
The central bank saw little change in domestic financial stability risks, as households and businesses continued to cope with rising inflation – forecast to have hit 4% in September – and increased borrowing costs compared with past years.
Risk managers surveyed by the BoE were more confident in the stability of the British financial system than six months ago, and viewed the main dangers as coming from cyberattacks and geopolitical factors.
The BoE left unchanged its main tools for regulating banks. It kept the countercyclical capital buffer (CCyB) steady at 2% and after an annual review left the minimum leverage ratio at 3.25%.
The airline operates routes to 13 Brazilian cities and 14 destinations in Africa, including Portuguese-speaking countries such as Angola and Mozambique
International News via Reuters:
Portugal’s soon-to-be-privatised airline TAP is well-positioned to tap into strong growth potential in Brazil and Africa, Chief Executive Luis Rodrigues said on Wednesday.
The airline operates routes to 13 Brazilian cities and 14 destinations in Africa, including Portuguese-speaking countries such as Angola and Mozambique.
“We are fortunate to be well-positioned to tackle both of them (Brazil and Africa),” he said at the World Aviation Festival in Lisbon.
“Brazil is a promising country, and there’s still a huge opportunity there,” he added, pointing to data showing tourism in Brazil only representing about 6% of gross domestic product, while in Portugal it accounts for about 16%.
“In a country that is 20 times as big as Portugal, the opportunity is huge,” Rodrigues said, adding though that while “Africa is bigger than that”, countries there still had more structural constraints.
According to the CEO, TAP has “a good geographical balance” between North America, South America, Europe, and Africa, which allows for flexibility because “not all routes look good or bad at the same time”.
He also saw good prospects for TAP to grow in non-passenger businesses, such as maintenance and engineering.
Portugal relaunched the long-delayed privatisation of TAP in July, aiming to sell a 44.9% stake to an airline that could bring global scale and competitiveness, with an additional 5% to be offered to TAP employees.
“The time of (TAP) being proudly alone is gone, there was a time when it was possible, but not anymore and I’d be happy to be integrated into a larger group,” Rodrigues said.
The government wants the new partner, which will take over TAP’s day-to-day management, to strengthen the airline’s position as a global operator.
Reporting by Sergio Goncalves; Editing by Andrei Khalip and Emelia Sithole-Matarise
The common currency and the yen were on track for a third straight day of losses against the dollar on Wednesday
International News via Reuters:
Sterling slipped against a strong dollar but rose versus the euro and the yen on Wednesday, while concerns over the British economy and next month’s budget kept investors on edge.
The common currency and the yen were on track for a third straight day of losses against the dollar on Wednesday, pressured by political turmoil in France and expectations of increased fiscal spending in Japan.
On the British economic front, analysts expect modest growth for the rest of the year, while inflation is seen rising to 4% — double the Bank of England’s target — after data last week showed the economy lost momentum following a strong start to 2025.
The British currency showed a quite muted reaction to recent data, but investors feared that potential tax hikes to meet fiscal rules in next month’s budget could have a negative impact on the pound.
Sterling <GBP=> was down 0.1% against the dollar at $1.3409.
“Sterling will be a barometer of Rachel Reeves’s ability to balance the need for fiscal prudence, economic growth and honouring political pledges,” said Robert Farago, head of strategic asset allocation at Hargreaves Lansdown.
“Today, the U.S. dollar is overvalued against sterling, the euro and the yen. But this is a minor ingredient in the recent weakness of the dollar, which has largely been driven by the significant shifts in U.S. policies,” he added.
Against the euro <EURGBP=> the pound rose 0.20% to 86.61 pence per euro, its highest level since September 16.
It hit a fresh 15-month high versus the yen <GBPJPY=> at 204.97, and was last up 0.50% at 204.85.
BoE officials Huw Pill and Catherine Mann are speaking this week, with Pill due later on Wednesday and Mann on Thursday. Both backed the decision to hold rates at the September meeting.
Global financial markets could tumble if investors’ mood sours on the prospects for artificial intelligence or the independence of the U.S. Federal Reserve, the BoE warned on Wednesday.
Reporting by Stefano Rebaudo; editing by Gareth Jones
While large corporations are steadily adopting AI software and scaling up investments, small businesses across Europe often lack relevant expertise and digital infrastructure
International News via Reuters:
Most European small and mid-sized enterprises are prioritizing artificial intelligence systems over basic digital tools across their businesses, losing ground to bigger firms investing in core digital systems, a study published on Wednesday showed.
WHY IT’S IMPORTANT
While large corporations are steadily adopting AI software and scaling up investments, small businesses across Europe often lack relevant expertise and digital infrastructure.
Companies are turning to this technology to automate tasks and reduce costs across the board, resulting in job cuts which are shaking up entire industries.
The survey, conducted by French fintech Qonto, found that 46% of European SMEs use AI tools like ChatGPT daily but only a fraction of them implement digital accounting, video conferencing, data analytics or digital document management.
This inconsistency is causing a striking paradox that could threaten the future of Europe’s economic backbone, Qonto says.
BY THE NUMBERS
The report was conducted alongside research firm Appinio after interviewing 1,600 senior decision makers in France, Germany, Italy and Spain.
Two out of every five businesses feel unprepared for digital transformation, representing 10 million companies across Europe, according to the report.
Germany stands out with 76% of businesses feeling well prepared while France struggles with nearly half feeling inadequately equipped for the digital shift.
KEY QUOTE
“While AI offers exciting opportunities, we believe European businesses will have to build strong digital foundations that can support their long-term growth and innovation goals,” said Qonto’s Chief executive, Alexandre Prot.
WHAT’S NEXT
The survey suggests targeted interventions could help close Europe’s digital gap.
Reducing regulatory burdens in Germany, addressing skills shortages in Spain, and overcoming cultural resistance in France could strengthen competitiveness against better-equipped rivals increasingly using AI to slash costs and streamline operations.
Reporting by Gianluca Lo Nostro; Editing by Matt Scuffham
Assistant Commissioner says police mechanisms seek to get between rival factions
Continuing our coverage now of Operation Sentinel, a targeted police initiative to stem violent crime.
Assistant Commissioner Antoine Daniels provided an update for the media yesterday, and Qian Dickinson asked if retaliation to recent shootings was likely – and if so, what could be done to help prevent it?
A recent town hall meeting amplified persistent calls from the community for the violence to end. But how much is the community assisting police in their efforts to prevent serious crimes and/or arrest perpetrators?
Read full Police Statement on Operation Sentinel below:
Assistant Commissioner of Police Antoine Daniels – Good afternoon members of the media. Thank you for attending this press conference.
I have called you here today to provide a brief but important update on the Bermuda Police Service’s response to the recent surge in firearms-related violence, which has tragically resulted in five murders, along with six attempted murders or firearm-related injuries, since 1st May, 2025.
In summary:
Legends Bar Shooting
Occurred about 10:30pm on Thursday, 1st May 2025.
32-year-old Jasmin Smith and 29-year-old Shaquan Williams were fatally shot.
3 others were shot and injured.
Court Street Shooting
Occurred shortly before 4:40pm on Tuesday, 12th August 2025.
23-year-old Natrae Eversley and 18-year-old Nakai Robinson were fatally shot.
A third man was shot and injured.
Dundonald Street/Court Street Shooting
The most recent murder being that of 37-year-old Janae Minors, who was fatally shot shortly before 5pm on Tuesday, 16th September 2025. A 24-year-old man was today charged before the courts (Monday, 6th October 2025).
After this most recent murder, the Bermuda Police Service put together an Operation named Sentinel, geared towards a more targeted approach on the key players involved in organised crime.
Main components included:
Increased use of our lawful powers.
Strategic surging of police numbers at certain times/days/locations.
Stop and search in various areas in anticipation of violence.
High visibility foot patrols, particularly on Court Street and the surrounding areas.
Execution of multiple search warrants at residences and businesses alike, under:
Misuse of Drugs Act.
Firearms Act.
Criminal Code.
Police & Criminal Evidence Act.
Some of the data I can share:
In 2024, we experienced 19 confirmed firearms incidents resulting in 4 fatalities & 9 injuries. However in 2025, although we have basically had half the amount of confirmed firearms incidents, we have experienced an increase of an additional fatality which is concerning – 10 confirmed firearms incidents resulting in five murders, so far.
I have made this correlation previously that the accuracy and intent of the firearms suspects has unfortunately increased and improved, as we see from the data. For some perspective, in 2020, 25 confirmed firearms incidents resulted in two murders.
In terms of Operation Sentinel results to date:
We have already surpassed our stop and search results to date over 2024 – just under 1,400 (1,394) vs. 1,077 last year, averaging 8 or 9 per day.
We have seized 6 firearms so far this year, including two from a private residence in Smith’s parish last Thursday, 2nd October 2025 and two the Thursday before that, 25th September 2025, from a Court Street business.
Three persons were arrested in total, two from Court Street and one from the Smith’s residence – he will be attending court imminently.
As I stated above, a 24-year-old man was charged before the courts today (6th October 2025) for the murder of 37-year-old Janae Minors.
Two men are currently remanded in custody awaiting trial for the Legends Bar murders.
Two men remain on police bail in relation to the 12th August murders on Court Street.
There have been 80 arrests for bladed articles to date, with 19 incidents involving persons injured by bladed weapons, a reduction from last year’s total of 34, the highest on record.
Community and Officer Appreciation
I would like to thank the public for your continued support. Your assistance and cooperation are essential to our efforts – without your help, our recent successes would not be possible.
If you have information on any of these matters, call the Bermuda Police Service, or the independent and confidential Crime Stoppers Bermuda hotline 800-8477, or speak with a police officer you know.
I also want to take this opportunity to recognise and commend the dedication of our officers. Your commitment to making our community a safer place to live and work is evident in these results. You have my sincere appreciation.
Press release: The Bermuda Police Service (BPS) can now confirm the identity of the male whose body was recovered from the water just off of Ducking Stool Park, Devonshire, as 62-year-old Carlos Tavares.
Mr. Tavares had reportedly entered the water at the foot of the cliff near the car park at Ducking Stool Park around 4:50 p.m. on Friday, October 3, 2025, but did not resurface.
A search for Mr. Tavares was conducted by Police and personnel from the Royal Bermuda Regiment Coast Guard (RBRCG) that evening, but had to be called off due to the onset of darkness and increasingly poor ocean conditions.
The search was resumed by Police officers and the RBRCG, at first light the next day, Saturday, October 4. A passer-by alerted the search party to the body of a male floating in the water near where Mr. Tavares had gone missing.
His body was recovered and transported by the RBRCG and transported on board their vessel to Albuoy’s Point, where death was certified by an on-call Doctor.
The BPS extends our sincere condolences to the family and friends of the deceased.
A BPS Family Liaison Officer is providing relevant assistance to his family.
The investigation regarding this incident is ongoing and the BPS are appealing for anyone with any information, to please contact the Investigating Officer, Sergeant Andy Beaupierre on 717-2166, or via e-mail, abeaupierre@bps.bm
Information can also be provided by calling 211 or, through the BPS online community reporting portal, https://portal.police.bm/.
France’s deepening political crisis is disrupting the 2026 budget process
International News via Reuters:
EU institutions monitoring political developments in France hope France will be able to deliver a budget in time, European Central Bank President Christine Lagarde said on Tuesday in Paris.
France’s deepening political crisis is disrupting the 2026 budget process, raising the likelihood that emergency legislation will be needed to keep the government running from the start of next year.
It also means that France will also likely not be able to present updated plans to Paris’ EU partners in the coming weeks for reducing what is the euro zone’s biggest budget deficit.
“I think all European bodies are closely watching the current developments and strongly hope that ways will be found to meet international commitments, particularly regarding submission of the budget within the deadlines,” Lagarde told a business conference in Paris.
Reporting by Leigh Thomas; Editing by Makini Brice
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
