Carney, speaking to reporters ahead of a cabinet retreat in Toronto, also said a senior team of Canadian officials was in Washington for the latest round of talks
International News via Reuters:
Canadian Prime Minister Mark Carney on Wednesday said he had a lengthy and productive conversation with U.S. President Donald Trump on Monday, covering trade issues and other topics.
Carney, speaking to reporters ahead of a cabinet retreat in Toronto, also said a senior team of Canadian officials was in Washington for the latest round of talks on a new trade and economic relationship with the United States.
Last month the Monetary Policy Committee voted by the narrowest of margins – 5 to 4 – to cut Bank Rate to 4% from 4.25% after an unprecedented two rounds of voting
International News via Reuters:
Bank of England Governor Andrew Bailey said markets had understood his message that BoE interest rates would continue to move “downwards gradually over time” but that there was now less certainty about the speed of cuts.
“There is now considerably more doubt about exactly when and how quickly we can make those further steps,” Bailey told a hearing of the House of Commons’ Treasury Committee, echoing the message he gave at a press conference after August’s rate cut.
“That’s the message I wanted to get across. Now, I think actually, judging by what’s happened, certainly to market pricing since then, I think that message has been understood.”
Bailey also said he was “very concerned” about political pressure being put on the U.S. Federal Reserve.
Last month the Monetary Policy Committee voted by the narrowest of margins – 5 to 4 – to cut Bank Rate to 4% from 4.25% after an unprecedented two rounds of voting, its fifth quarter-point rate cut since starting to reduce borrowing costs in August 2024.
Financial markets currently see only a one in three chance of another rate cut by the end of the year and do not fully price in a next quarter-point rate cut until April 2026, according to LSEG data.
A Reuters poll of economists last month still showed a median expectation for a further rate cut before the end of this year and another one in the first quarter of 2026.
Since then, inflation has picked up to 3.8% – nearly double its target and the highest in the Group of Seven advanced economies – and the BoE expects it to reach 4% in September and not return to target until the second quarter of 2027.
SPLIT COMMITTEE
Speaking alongside Bailey at the parliamentary hearing were Deputy Governor Clare Lombardelli and external MPC member Megan Greene – who voted against cutting rates last month – and MPC member Alan Taylor who initially voted for a half-point cut before switching to support a quarter-point reduction.
Taylor said his preference would be to see rates cut at a pace of four or five cuts a year as he thought incoming wage deals were in line with inflation returning to its 2% target and did not see warning signs from what he viewed as a modest rise in household inflation expectations.
By contrast, Lombardelli and Greene said they were concerned by the rise in expectations and did not think interest rates were still at a level that placed significant downward pressure on inflation.
“I am not predicting that we are already at neutral, but nor am I confident that if we reduce restrictiveness much further we will still be sufficiently restrictive to return inflation to target sustainably,” Lombardelli said in a written report to the committee at the start of the hearing.
Earlier on Wednesday, British 30-year gilt yields rose to their highest since 1998 at 5.75%.
Bailey said it was “important not to over-focus” on this as the government no longer raised significant finance from debt of this maturity and that he viewed the move as reflecting a global trend rather than UK-specific problems.
Additional reporting by Sarah Young, William James, Yoruk Bahceli and Sachin Ravikumar; Editing by Hugh Lawson
Spot gold hit an all-time high of $3,557 as the rush out of long-term government debt, traditionally considered low-risk, sparked a hunt for alternative safe-haven assets
International News via Reuters:
Wall Street stocks recovered on Wednesday after Alphabet gained on a favorable antitrust ruling and investors awaited labor market data that could influence the central bank’s upcoming interest-rate decision.
Alphabet jumped around 8% in early trading, while Apple also gained about 2% as the ruling allowed Google to continue lucrative payments to the iPhone maker. Broadly, the Dow Jones Industrial Average was little changed, the S&P 500 rose 0.4%, and the Nasdaq Composite added 0.73%.
At the same time, a sell-off in global long-dated bonds sent Japan’s government borrowing costs to record highs on Wednesday, as mounting concerns over government debt sustainability and long-term inflation also rattled investors in Europe.
Spot gold hit an all-time high of $3,557 as the rush out of long-term government debt, traditionally considered low-risk, sparked a hunt for alternative safe-haven assets.
The 30-year Japanese government bond yield hit an unprecedented 3.28% on Wednesday, following a sell-off in similarly dated British gilts, U.S. Treasuries and Canadian bonds in the prior session.
“The economic reforms needed to really cover increasing debt are lacking, and the capital market sees that,” Deutsche Bank chief executive Christian Sewing said about the long-dated debt sell-off in comments at a conference on Wednesday morning.
The trend may continue, he added, “if we see a further increase in political instability, if we don’t see any reforms”.
British finance minister Rachel Reeves is expected to raise taxes in her autumn budget to remain in line with her fiscal targets, while in France Prime Minister Francois Bayrou looks set to lose a confidence vote as opposition parties balk at his spending cuts.
In Japan, government departments have just presented record budget requests and senior aides to Prime Minister Shigeru Ishiba, including Secretary-General Hiroshi Moriyama, have offered to resign following their party’s defeat in July’s upper house election.
On Wednesday, British 30-year gilt yields rose 6 basis points to a fresh post-1998 high of 5.752%, before recovering to last trade at 5.65%.
Germany’s 30-year yield stood at 3.37%, remaining close to its highest level in 14 years.
The global trend would likely feed on itself, some analysts said, because higher yields in Japan meant Japanese savers who had for decades looked to overseas assets for income now had fewer reasons to buy non-domestic government debt.
“Global bond markets no longer benefit from the Japanese hunt for yield,” L&G Asia head of investment strategy Ben Bennett said. “It’s a perfect storm for long-dated bonds and a headache for governments.”
RIPPLE EFFECTS
The gap between 2-year and 30-year U.S. government bond yields stands at about 130 bps, around its highest since December 2021, while the comparable measure in Britain is the highest since 2017.
The 30-year U.S. Treasury yield briefly rose above 5% during Asia trade and last stood at 4.971% and, with yields at this level, investors are starting to watch for spillovers into other asset classes.
“The 5% level is going to be impactful to equities,” said Josh Chastant, portfolio manager, public markets at GuideStone Funds. “And you are starting to see some of that pressure.”
Britain’s pound briefly fell to a four-week low of $1.343, before recovering a little. Japan’s yen was a touch softer at 148.64 per dollar after sliding 0.8% in the previous session.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.1%.
European stock markets remained unscathed as traders pinned their hopes on an anticipated U.S. rate cut later this month, with Europe’s STOXX index up 0.46%.
But Japan’s broad Topix share index closed almost 1.1% lower and MSCI’s broad index of Asia-Pacific shares outside Japan dropped 0.4%.
TARIFF TREMORS
European purchasing managers’ indexes on Wednesday, viewed as barometers of overall economic conditions, showed expansion in Germany had slowed and France remained in contractionary territory as businesses dealt with U.S. President Donald Trump’s unpredictable tariff policies.
Trump on Tuesday said his administration would ask the Supreme Court for an expedited ruling on tariffs that an appeals court found illegal last week. The court allowed for the tariffs to stay in place until October 14.
U.S. manufacturing also contracted for a sixth straight month in August as factories grappled with the impact of import tariffs, data showed on Tuesday, helping to drive Brent crude oil 1.4% lower to $68.16 a barrel on Wednesday.
Friday’s U.S. nonfarm payrolls data will be preceded by data on job openings and private payrolls, offering an update on the labor market that has become the focus of policy debate at the Fed.
Reporting by Lawrence Delevingne in Boston and Naomi Rovnick in London; Additional reporting by Tom Sims in Frankfurt, Dhara Ranasinghe in London, Rocky Swift in Tokyo and Ankur Banerjee and Rae Wee in Singapore. Editing by Alex Richardson, William Maclean
The 186 High Performance Cricket Academy, owned and operated by Bermudian cricket legend Janeiro Tucker, has announced a significant addition to its coaching staff. The academy, focused on youth development, has welcomed Mahesh Hatkar, a highly experienced Indian coach with a 30-year career.
Hatkar’s coaching journey began in Mumbai before he completed his coaching qualifications with the England and Wales Cricket Board (ECB). He has an extensive background, having worked with various national teams, including Tanzania, Uganda, and the UAE, during their camps in India.
Notably, Hatkar has prior experience in Bermuda, having coached with local clubs and the Bermuda National Team. He also coached the Americas Select team, which included players from several countries, during their time on the island.
Hatkar believes in building confident, disciplined cricketers through “fun-first training and inclusive teamwork,” a philosophy that aligns perfectly with the academy’s mission to inspire young athletes. His arrival marks a major step forward for the academy and the development of cricket in Bermuda.
A thrilling night of football at Bernard Park saw two high-scoring matches, as the rescheduled Dudley Eve double-header delivered non-stop drama and excitement. Both the Group C and Group B matches ended in draws, a testament to the fighting spirit of all four teams.
In the Group C opener, the match between the St. George’s Colts and X-Road’s can only be described as a barnburner, with the teams sharing the points in a thrilling 4-4 draw. The Colts took a 1-0 lead in the 39th minute through Kashe Hall, but Paul Simons equalized for X-Road’s in the 43rd minute. The Colts then went ahead on the stroke of halftime with a goal from Jahron Dickinson.
The Colts seemed to have the game wrapped up in the second half, with goals from Isai Gibbons and Blaiz Hall extending their lead to 4-1. However, X-Road’s mounted a stunning comeback. Simons began the fightback in the 80th minute with his second goal of the game, and then Tymon Daniels scored in the 86th minute to make it 4-3. The comeback was complete just two minutes later when Aaron Spencer drew X-Road’s level at 4-4, and that’s how the match would end.
The nightcap in Group B was another goal feast, with the PHC Zebras and the Devonshire Cougars drawing 2-2. The Zebras took the lead in the 7th minute when Arnezha Astwood beat the offside trap and slotted the ball past the advancing goalkeeper. However, Samario Valasse-Paul equalized for the Cougars in the 43rd minute as the teams went into the break level at 1-1.
With 60 minutes gone, the PHC Zebras once again took the lead, this time through D’Andre Wainwright, who scored at the second attempt. But the Cougars refused to give in, with Domico Coddington drawing them level just six minutes later, as the teams shared the points in a fiercely contested match.
His election pledges include establishing a Youth Wing and a Women’s Commission within the OBA
Robert King, Candidate for OBA Leader, outlines his 100 day action plan below.
Trust in politics has been broken in Bermuda. Too many people feel let down by the PLP and public confidence in government has eroded. Bermudians don’t need more empty pledges – they need leadership that works full-time, rebuilds trust and delivers results.
If afforded the privilege of being elected Leader of the One Bermuda Alliance, I will serve full-time as the Leader of the Official Opposition and hold the PLP to account. I will be available, committed and focused on strengthening the OBA and preparing our party for the next election.
As OBA Leader, my immediate priorities will be:
Putting People First. Our team will begin a series of public town hall meetings across the island, with remote options available for those who cannot attend in person. I will host a monthly open house from the Opposition Leader’s Office for direct access to raise concerns, ask questions and share ideas. I will travel to meet our members directly, where they are, in their community. Our team will gather advice from policy experts, academics, and our community organisations. What we learn will shape our political strategy and the policy roadmap for the work ahead, grounded in the voices of our members and the public, and delivered to caucus by December, 2025.
Getting Our Message Heard. For too long, the OBA’s ideas have been lost before they reached the people who needed to hear them. I will establish a dedicated team to strengthen how we connect across the party, with the media and with Bermudians. Within my first 100 days, we will launch a refreshed communications strategy that ensures OBA solutions are not just announced but heard, understood and remembered – and not lost after a single day’s headlines.
Supporting Our Team. The OBA has nearly doubled its strength in the House, but the support around our team has not kept pace. I will bring together past leaders and new voices to build a system of training and support. This means mentoring for new MPs, professional development for candidates, and clear expectations of performance and responsibility. By investing in our people, we will ensure that every member of our team is effective in the House, visible in the community and ready to govern with confidence.
Securing the Resources to Win. I will ensure that the fundraising and volunteer base are in place to build the campaign machinery to win government. However, true success depends on people as much as it does on resources. That is why we will establish a Youth Wing and a Women’s Commission within the party, creating new ideas and opportunities for perspectives and engagement. We must recruit, inspire and prepare the next generation of leaders so that the entire OBA team – our candidates, staff and volunteers – are campaign-ready the moment the next election is called. With clear priorities, a strong organisation and a united team, we will be ready to lead Bermuda.
The next election will not be won with empty promises. It will be won through hard work on the doorsteps and earning the confidence of the Bermudian people. With your support, I will stand with courage, lead with conviction and deliver the determined leadership Bermuda deserves.
Bermudian cyclist Conor White, representing Muc-Off-SRCT-Storck, concluded his National Road Series season with a strong performance at the Wentworth Woodhouse Grand Prix (NAT), finishing eighth with a time of 3:40:40. He crossed the line just six seconds behind the winner, James McKay, who was clocked at 3:40:34.
White shared his thoughts on social media, reflecting on a positive day. “Final National Road Series race of the season, it was my first time racing in the Bermuda new national champs jersey,” he posted.
The Bermudian was part of a breakaway group that managed to go up the road, a move that paid off with his top-ten finish. “I was able to go up the road in the break and came away with eighth on the day,” he added.
White’s team, Muc-Off-SRCT-Storck, also had a highly successful day, with the team taking home the overall team classification, as well as first and second overall and the U23 title, marking a fantastic end to the season for the squad.
Two Bermudian footballers took to the pitch in England, with a hat-trick hero returning to the pitch and another player helping his team advance in the prestigious FA Cup.
Just weeks after announcing her retirement at the end of last season, Aaliyah Nolan has returned to the pitch with a bang. The striker, who was expected to continue her role as a coach, showed she still has plenty to offer, scoring a hat-trick in Bradford City AFC Women’s commanding 7-1 victory over Alnwick Town Juniors First Women’s team. Her performance came in a North East Regional Women’s Football League match and was a stunning reminder of her goalscoring prowess.
In the Emirates FA Cup First Round Replay, Milan Butterfield and his Halesowen Town teammates put on a glorious display to defeat Stratford Town FC 3-1 at The Arden Garages Stadium. The win, which was a decisive one for Halesowen, sets up a tie with Grimsby Borough in the Second Qualifying Round. The result is a major boost for the team as they look to make a run in the world’s most famous knockout competition.
By D. Cyril Butterfield, President & Managing Director, Peak Potential
Education is the foundation of a strong community. But in Bermuda, too many of our young people are falling behind. According to the Nonprofit Alliance’s 2024 White Paper, only 50% of students in our primary, middle, and high schools are meeting expected outcomes in reading, writing, and maths. These aren’t just numbers – they are Bermuda’s children being left without the tools they need to thrive.
At Peak Potential, we believe education is not a privilege – it’s a right. And every young person, regardless of background or learning style, deserves the opportunity to succeed.
Too often, students with learning differences or those from lower-income households fall further behind. Less than 37% of students with learning and thinking differences in Bermuda receive the support they need. This lack of resources creates an environment where many students feel lost, leading to disengagement and anti-social behaviour. For children in low-income households, the situation is more dire – with many lagging behind an average of five to six months in essential subjects. Our programmes are designed to close that gap – with a blend of academic reinforcement, mentorship and hands-on activities that engage students both in and out of the classroom.
STEM Students launching their air-pressured soda bottle rocket
As we begin the 2025/26 school year, we’re proud to launch the Back on Track programme in partnership with the YMCAs of Quebec (Canada). Originally called the “YMCA Alternative Suspension” this program was designed for students aged 12 to 17 who face academic or behavioural challenges. The initiative offers a constructive, supportive alternative to suspensions. Instead of being pushed out of school, students will receive personalised academic help, life skills coaching, and social-emotional support. Treating suspensions as opportunities for growth rather than punishment will enable students to learn from their mistakes and stay on the path to success.
This work builds on the success of our Scholars of Bermuda tutoring programme, which delivers targeted, evidence-based support. After just 40 hours of individualised tutoring, students consistently show significant improvements in reading, writing and maths. But it’s not just about grades – it’s about building confidence, resilience and a sense of belonging.
We’ve seen what works. We’ve built strong partnerships with community groups and families. And we’re ready to scale our impact.
But we can’t do it alone.
We’re calling on middle and high schools to partner with us. We’re actively seeking collaboration with the Ministry of Education and Ministry of National Security to support this as a national priority. And we’re inviting Bermuda’s corporate community to step forward – because investing in our children is investing in our island’s future.
We’ll also be hosting info sessions for parents and caregivers, helping them understand how to access the support their children need. Parents are powerful advocates, and we want to support them every step of the way.
The Back on Track programme is more than an initiative – it’s a commitment to our youth. Every student deserves the supports to learn. Every student deserves a pathway to reach their peak potential.
To learn more visit https://peakpotentialbda.org/
This op-ed is part of the Third Sector Spotlight Series, a collective media campaign coordinated by the Nonprofit Alliance of Bermuda. This campaign aims to raise awareness of the value, impact and contributions of Bermuda’s nonprofit sector.
The Caribbean Visa cashback programme is available to new and existing Clarien Visa customers from September 2, 2025.
Ian Truran, CEO of Clarien Bank. Photo: Clarien Bank
Full press release from Clarien Bank:
Clarien Bank has partnered with Visa to launch Bermuda’s first Visa Cash Back Program giving customers access to exclusive rebates on hotels, car rentals, retailers, and restaurants across the United States.
The partnership makes Clarien the first Bermudian bank to bring Visa’s popular international cashback programme to local cardholders, delivering more value and choice on everyday spending.
Clarien Visa Platinum, Clarien Visa Infinite Corporate, and Clarien Visa Infinite Private cardholders can now enjoy cash back rates of up to 35% on hotel stays, up to 30% on car rentals, and up to 5% at participating restaurants and retailers. The programme is completely free to join, and rebates are credited directly to the customer’s card within 48–72 hours of purchase.
“Our customers have told us they want banking that gives them more value and rewards them for their everyday spending – and we’re delivering on that,” said Ian Truran, Chief Executive Officer of Clarien Bank.
“Being the first bank in Bermuda to launch a Visa cash-back card reflects our focus on listening to our customers and bringing them the kinds of innovative products they expect from a modern bank. This is just the beginning – we are committed to making everyday banking better, easier, and more rewarding for everyone who banks with us.”
“Visa is proud to partner with Clarien Bank to bring Bermuda’s first Visa Cash Back Program to life,” said Frank Gandarillas, Country Manager for the Caribbean at Visa.
“This launch gives Bermudian cardholders access to world-class rewards and benefits enjoyed by millions of Visa customers around the globe. Together with Clarien, we are committed to delivering innovative payment solutions that enhance the everyday experiences of our customers.”
To access the programme, customers simply register their eligible Clarien Visa card online.
They can track rewards and view participating merchants – which currently include 122 major brands and over 10,000 restaurants across the US – through the Visa Cashback website.
The Caribbean Visa cashback programme is available to new and existing Clarien Visa customers from September 2, 2025.
For more information, please contact Clarien Client Services on 296-6969.
The shallow midnight tremor, Afghanistan’s deadliest quake in years, killed more than 1,400 people and destroyed more than 5,000 houses
International News via Reuters:
Mir Salam Khan mourns the loss of his wife and three children in Afghanistan’s mountainous eastern province of Kunar, hit by an earthquake of magnitude 6 that crumbled thousands of homes.
“We buried them with wooden planks and plastic sheets so the soil would not fall directly on the bodies,” said the 65-year-old resident of the village of Mazar Dara. “That was all we could do.”
The shallow midnight tremor, Afghanistan’s deadliest quake in years, killed more than 1,400 people and destroyed more than 5,000 houses, officials of the Taliban administration have said, but harsh weather and rugged terrain have hampered rescue work.
Here the dead are usually wrapped in shrouds and placed in graves topped with cement slabs. With supplies scarce and many destroyed homes, however, survivors said they were forced to improvise, with wood and plastic picked out of the wreckage.
“We have never witnessed such an earthquake in history,” said Yunus Khan, 45, seated amid the rubble of his mud-brick home that traps two of his children, while three more were among the 12 of his family who died.
“All belongings were lost, the children were martyred,” he added, surrounded by homes with crumbling walls, their wooden beams sticking out of rubble where children sat silently.
“It was such a quake that it gave no one a chance,” said Khan. “With one jolt, the entire village was destroyed.”
Most survivors remain stranded among the ruins, burying their dead in graveyards filling with freshly dug plots for children and adults.
Aid workers are just reaching the remote hamlets. A single tent, shared by half a dozen families, sagged in the rain as helicopters circled overhead to ferry the wounded to hospital.
“Last night it rained and we had no shelter,” Yunus said. “Five or six families are in one tent, there are no supplies. Even the bodies lay out in the rain, waiting to be buried.”
Farmer and livestock owner Namirullah, 30 joined about 50 neighbours in digging through rubble with their bare hands.
“The martyrs are still trapped and the injured are so many,” said the volunteer from the nearby village of Chapa Dara. “People have abandoned their homes and are living in cornfields and orchards, terrified as aftershocks come every few minutes.”
The defence ministry said the Afghan air force moved more than 1,900 people in 155 flights over two days, hundreds of wounded among them, as well as delivering 10,000 kg (22,000 lb)of supplies across the region.
Hemmed in by mountains where the Indian and Eurasian tectonic plates meet, Afghanistan is no stranger to such devastation.
A quake in 2022 killed about 1,000 people, and successive shocks in 2023 flattened villages in Herat. Four smaller tremors rattled the country this year.
Each new disaster strikes a nation crippled by poverty, war and shrinking aid, with the United Nations estimating that half the population of more than 40 million needed assistance even before Sunday’s quake.
Two days later, Salam was still waiting for the bodies of his son and daughter to be pulled from the ruins of his home. He and his neighbours used shovels and their hands in an effort made painfully slow without earthmoving machinery.
“Two of my children are still under the rubble,” he said. “We can do nothing.”
Reporting by Sayed Hassib in Mazar Dara, Kunar Province and Mohammad Yunus Yawar in Kabul; Writing by Ariba Shahid; Editing by Clarence Fernandez
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