Growth in property prices slowed sharply after hitting a two-year high in March when buyers rushed to complete sales before an expiry of a tax break on many house purchases
International News via Reuters:
Average house prices in the United Kingdom in July were 2.8% higher than a year earlier, down from a 3.6% rise in the year to June, the Office for National Statistics said on Wednesday.
Growth in property prices slowed sharply after hitting a two-year high in March when buyers rushed to complete sales before an expiry of a tax break on many house purchases.
Private-sector rental growth slowed to 5.7% in the 12 months to August from 5.9% in July, the ONS added, and the smallest annual increase since December 2022.
The pound was little changed at around $1.3638, having hit its highest level since early July on Tuesday against a broadly weaker dollar
International News via Reuters:
Sterling held steady against the dollar as UK inflation data reinforced expectations that the Bank of England will keep rates unchanged this week, in contrast to the U.S. Federal Reserve, which is expected to cut rates later on Wednesday.
The pound was little changed at around $1.3638, having hit its highest level since early July on Tuesday against a broadly weaker dollar.
The BoE is widely anticipated to keep interest rates at 4% when it meets on Thursday. Official figures on Wednesday showed inflation at an annual 3.8% in August, in line with a Reuters poll, reinforcing market expectations that further rate cuts are unlikely soon.
“In line inflation print is unlikely to move the needle on the BoE’s interest rates decision tomorrow,” said Emma Mogford, fund manager at Premier Miton Monthly Income Fund.
“Consumers and businesses will have to wait a bit longer for an interest rate cut.”
Economists polled by Reuters expect one more rate cut by the end of the year.
High inflation remains a challenge for Britain’s government as well as the BoE. Finance minister Rachel Reeves said last week that fellow ministers should focus on helping the central bank to slow price growth, as well as boosting economic growth.
Sterling edged up against the euro, which slipped 0.07% to 86.89 pence.
“The good news is that August inflation data has corrected some of the upside surprise seen last month, but the bad news is that CPI may have a little further to go before hitting its peak,” said Deutsche Bank chief UK economist Sanjay Raja.
Focus meanwhile turned to the U.S. Federal Reserve, which is expected to lower its benchmark interest rate by 25 basis points to a 4.00%-4.25% range later on Wednesday.
The European Central Bank kept rates unchanged last week, highlighting that big central banks are moving in different directions.
Reporting by Canan Sevgili; Editing by Dhara Ranasinghe and Sharon Singleton
Rider sustains a serious leg injury after a car and motorcycle collide, traffic diversions in place
Police Statement:
There has been a serious two vehicle road traffic collision involving a motorcar and a motorcycle, on Middle Road, Paget, just west of the junction of Manse Road.
Details are limited but it appears the motorcycle rider sustained a leg injury.
Traffic diversions are in place at Middle Road and Cobbs Hill as well as at Middle Road and Manse Road.
Police Commissioner assures public that woman’s murder is being treated with ‘utmost urgency’
Police Commissioner Darrin Simons issued this statement following today’s shooting:
Today, our community has been shaken by a brazen yet senseless act of gun violence. A woman was shot just a little more than a month after two men tragically lost their lives in similar fashion, less than fifty metres from the scene of this latest incident.
I want to assure the people of Bermuda that the Bermuda Police Service is treating this matter with the utmost seriousness and urgency.
This afternoon I met with His Excellency, The Premier, Minister of National Security as well as government representatives to discuss the ongoing challenge of gun violence. I can attest that we are united in our determination to confront this threat and pursue every possible avenue to keep our community safe.
Many of you will feel frustrated, apprehensive and angry at these events. I share those emotions. It is against the backdrop of our mostly peaceful community, that a small group chooses senseless violence that undermines our way of life. We, the community, must prevail.
Let me stress that the Bermuda Police Service remains steadfast to doing everything in our lawful power to bring those responsible to justice and to prevent further violence. We are working closely with our community partners and making full use of intelligence-led policing, to identify and apprehend offenders.
I want to thank those members of the public who have already called and provided us information on this incident. Your support is invaluable and I strongly encourage others with knowledge of this or any other crime for that matter, to please make contact with us. What you share with us may well be what is needed to bring offenders to justice.
Together, with courage, trust and cooperation, we can meet this challenge head on. My staff and I, along with Government House and our colleagues across government, remain committed to ensuring Bermuda is a place where residents can live free from the fear of violence.
Investigation underway, police appeal for witnesses
A woman has died after being shot early this evening inside a beauty shop near the Place’s Place parking lot on Dundonald Street at the junction with Court Street. A lone gunman entered the business and opened fire.
Ambulances were seen leaving the scene as media arrived. Police Commissioner Darrin Simons was on site, underscoring the seriousness of the incident. He described it as a “tragic, heinous action” – adding that he would expect some community outrage as a result. CCTV cameras are installed in the area … but are not yet operational. Today’s shooting comes just a month after the double murder of Natrae Everseley and Nakai Robinson, in the same area.
An investigation is underway and police issued this statement as they appealed for witnesses to today’s shooting:
At approximately 4:50 pm on Tuesday, September 16, 2025, Police along with Emergency Medical Services were dispatched to a report of a shooting incident at a business near the junction of Court and Dundonald Street, Pembroke, next to Place’s Place.
Upon arrival, officers and EMTs immediately commenced life saving measures on an unresponsive female found inside the business.
The victim was transported to King Edward VII Memorial Hospital (KEMH). However, she was pronounced dead a short time later.
Reports are that a male suspect dressed in a black jacket, light coloured pants and wearing gloves exited the business and rode off on a dark coloured motorcycle.
An investigation into this incident has now begun and anyone with information is asked to contactChief Inspector Derricka Burns on 717-0921 or via e-mail at dburns@bps.bm<mailto:dburns@bps.bm>.
You are also encouraged to call the independent and confidential Crime Stoppers number 800-8477or speak with a police officer you know.
The Bermuda Society of Arts recently showcased its vibrant ReFramed exhibition at the People’s Gallery, featuring a diverse array of artwork—from paintings and aerial photography to mixed media and more. Executive Director Nzingha Ming encouraged the public to visit and support local artists, as the exhibition concluded on September 17th.
CariGenetics, the sole genomic research company dedicated exclusively to people of Caribbean ancestry, is celebrating its third anniversary.
Founded in 2022 by Dr. Carika Weldon, CariGenetics is now globally recognized for precision medicine, health equity, and community-driven science.
Dr. Weldon told our Qian Dickinson that having tested 1,300 Caribbean people and discovered unique lines in cancer genetics, pharmacogenetics and more, the company plans to genetically test 250,000 Caribbean people by 2030.
Dr. Weldon is proud to have reached the three-year mark … the point at which, she says, 90% of businesses fail.
She adds that even without national funding for science currently that you might find in other jurisdictions, her team intends to keep pushing forward.
Darrin Simons, the Commissioner of Police told media the incident was a ‘tragic and heinous act’ carried out by a single gunman
A woman was shot today inside a beauty shop located near the Place’s Place parking lot on Dundonald Street, near the junction with Court Street, police Commissioner Darrin Simons confirmed. (FULL PRESS CONFERENCE BELOW)
During a news conference, Commissioner Simons said: “At approximately 4:45pm on Tuesday, a suspect approached the beautician shop on foot and opened fire on a woman in there.
“Police and emergency responders rendered life-saving efforts including CPR on the woman.”
He confirmed that an ambulance arrived shortly thereafter and transported the woman to hospital for further treatment.
The extent of her injuries are unknown.
The single shooter made their escape at first on foot and investigators believe he later fled the scene on a motorcycle.
Its also unclear if the suspect had an accomplice.
Asked by Bermuda Broadcasting whether the CCTV cameras mounted in view of the shop where the incident took place today, the Commissioner said they were just installed this week and are not currently transmitting images at this moment.
Commissioner Simons added, “Without a doubt this is a tragic heinous act by a member of our community and I would expect some community outrage.”
He pledged that the BPS would be increasing patrols in the wake of the shooting and developing a community response plan to bring a measure on the community.
The Commissioner of Police was joined by Detective Chief Inspector Jason Smith of the Specialists Investigations Unit, Detective Inspector Derricka Burns and Assistant Commissioner, Naaimah Astwood.
The shooting at the Beauty Monster store happened just two blocks away from the Hamilton Police Station.
Analysts speculate that the drug, orforglipron, is a viable candidate given the growing cost burden of expensive injectable weight-loss drugs
International News via Reuters:
Eli Lilly’s experimental weight-loss pill could be fast-tracked under a one- to two-month review process recently launched by the U.S. Food and Drug Administration, several Wall Street analysts said.
Analysts speculate that the drug, orforglipron, is a viable candidate given the growing cost burden of expensive injectable weight-loss drugs and the fact that Lilly is expanding its U.S. manufacturing – issues the Trump Administration has prioritized.
Lilly, based in Indianapolis, declined to comment.
The FDA is reviewing an oral version of Denmark-based rival Novo Nordisk’s GLP-1 obesity drug, with a decision expected in the fourth quarter.
Goldman Sachs recently estimated that if orforglipron were to launch one quarter earlier than expected, it would bring in another $1 billion in revenue to Lilly.
The FDA in July detailed terms of its new “Commissioner’s National Priority Voucher,” under which an experimental drug meeting certain criteria could be approved within a month or two. The agency’s standard review takes 10 months.
“FDA policymakers have tried to come up with ideas to speed important products to market. … It is in part directed to achieving some of the (Trump) Administration’s goals,” said Chad Landmon, chair of Polsinelli’s patent and FDA practice.
The program is part of the FDA’s push to streamline drug reviews and, if new competition results in lower prices, aligns with President Donald Trump’s goal of reducing pharmaceutical prices in the United States, which pays the most in the world.
Lilly’s injected weight-loss drug – with an estimated net price of nearly $8,000 a year – and similar drugs from Novo Nordisk pose a cost burden in the United States, where about 40% of adults are obese. Employers and health insurers have cited the spending as unsustainable.
“We think orforglipron is a prime candidate for this pilot program as it treats a high-burden chronic condition and can be priced at parity,” Jefferies analyst Akash Tewari said in a recent research note. He referred to the idea of a worldwide price for the drug, rather than the industry’s usual strategy of pricing at a premium in the United States.
The new FDA program is “a perfect fit” for Lilly’s pill, according to Citi Research analyst Geoffrey Meacham.
The FDA, which declined to comment, has said it would issue five of the new nontransferable vouchers in 2025.
To be eligible, the agency said applications need to support at least one of five objectives: address a U.S. public health crisis; deliver innovation; address a large unmet medical need; onshore drug development and manufacturing; or increase affordability.
Orforglipron is designed to mimic the appetite-suppressing GLP-1 hormone targeted by Lilly’s blockbuster injection tirzepatide sold under the brand names Mounjaro and Zepbound. The GLP-1 class, which includes Novo Nordisk’s Ozempic and Wegovy, has enjoyed unprecedented demand in recent years, with some analysts projecting annual global sales of $150 billion by the end of the decade.
Lilly, in an emailed statement, said the new FDA program is “a promising initiative,” but it was “too early to discuss how this submission pathway might relate to any of our specific programs.” The company has said it plans to submit the daily GLP-1 pill for regulatory review later this year. CEO Dave Ricks told CNBC in August that Lilly expects to launch the pill around the world “this time next year.”
Orforglipron was shown in a recent study to help patients lose 12.4% of their body weight. Full results from that trial will be presented this week at a meeting in Vienna of the European Association for the Study of Diabetes.
Goldman Sachs, in a recent analysis, forecast U.S. net prices for new GLP-1 obesity pills at around $400 a month. It said feedback from medical experts “points to the importance of affordability for competitive positioning” and patient access. It also said competition from new market entrants will lead to price erosion.
A recent report from the Institute for Clinical and Economic Review estimated a current U.S. net price for tirzepatide of about $664 a month. People without adequate insurance coverage can buy the drug directly from Lilly for $499 a month.
Unlike orforglipron, which is a synthetic drug, Novo’s experimental obesity pill is a more difficult-to-manufacture peptide, which analysts say could give Lilly more leeway on price.
Reporting By Deena Beasley; editing by Caroline Humer and Richard Chang
The agreement requires TikTok’s American assets to be transferred to U.S. owners from China’s ByteDance, potentially resolving a saga that has lingered for nearly a year
International News via Reuters:
President Donald Trump on Tuesday announced an agreement between the U.S. and China to keep TikTok operating in the United States, with three sources familiar with the matter saying the deal was similar to one discussed earlier this year.
The agreement requires TikTok’s American assets to be transferred to U.S. owners from China’s ByteDance, potentially resolving a saga that has lingered for nearly a year.
A deal for the popular social media app, which counts 170 million U.S. users, would represent a breakthrough in months-long talks between the two biggest economies as they seek to defuse a wide-ranging trade war that has unnerved global markets.
“We have a deal on TikTok … We have a group of very big companies that want to buy it,” Trump said at a White House briefing, without providing further details. The announcement comes a day before a September 17 deadline to sell or shut down the short video app.
The basics of the new deal, also similar to April, include that ByteDance will keep the single largest ownership stake at 19.9%, just under the law’s 20% threshold, two of the sources said.
While the broad terms are expected to remain the same, the sources did say they do not know what the final deal would exactly look like, given the potential for last-minute changes.
U.S. Treasury Secretary Scott Bessent told CNBC on Tuesday the commercial terms of the deal had, in essence, been done since around March with just a few details left to be ironed out.
“This deal wouldn’t be done without proper safeguards for U.S. national security,” Bessent said. “It seems as though we were also able to meet the Chinese interest.”
CNBC reported Tuesday that the deal is expected to be closed within the next 30 to 45 days, and that the agreement will include existing investors in TikTok’s China-based parent, ByteDance, and new investors.
The details are in line with Reuters’ reporting in April that the deal would spin off TikTok’s U.S. operations into a new company based in the U.S. and majority-owned and operated by U.S. investors.
Any agreement may require approval by the Republican-controlled Congress, which passed a law in 2024 during the Biden Administration that required TikTok’s divestiture due to fears that its U.S. user data could be accessed by the Chinese government, allowing Beijing to spy on Americans or conduct influence operations through the app.
The Trump administration has declined to enforce the law due to worries it would anger TikTok’s huge user base and disrupt political communications, instead extending the divestiture deadline on three separate occasions.
Trump, who has credited TikTok with helping him win re-election last year and has 15 million followers on his personal account, was expected to extend the deadline for the fourth time. The White House also launched an official TikTok account last month.
TARIFFS AND TIKTOK
A deal for TikTok, which had been in the works in the spring, was put on hold after China indicated it would not approve it following Trump’s announcements of tariffs on Chinese goods.
Washington has said that TikTok’s ownership by ByteDance makes it beholden to the Chinese government.
But the company has said U.S. officials have misstated its ties to China, arguing its content recommendation engine and user data are stored in the U.S. on cloud servers operated by Oracle, while content moderation decisions that affect American users are also made in the U.S.
CNBC reported on Tuesday that Oracle will keep its cloud deal with TikTok. Reuters reported earlier this year that the White House was working on a plan to tap Oracle, along with a group of outside investors, to control the app’s operations.
As part of the plan, Oracle would have been responsible for addressing national security issues, Reuters had reported.
Oracle shares pared some gains on Tuesday following the news and were last up 1%.
A framework agreement was reached by officials from both countries on Monday. A final confirmation on the deal is expected on Friday in a call between Trump and Chinese President Xi Jinping.
Trump said in March that his administration was in touch with four different groups on TikTok’s sale. Microsoft, Amazon, billionaire Frank McCourt and a consortium led by OnlyFans founder have been among the bidders, according to reports.
Reporting By Andrea Shalal and Jarrett Renshaw, Deborah Sophia, David Shepardson, Jaspreet Singh; Editing by Anil D’Silva
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