Bermuda’s athletes in action both locally and overseas
Your guide to weekend events
Though summer is winding down, Bermuda is still buzzing with culture, music, and island traditions.
There are various events planned for this weekend, from live performances to hands-on workshops.
Here’s a look at what’s on.
UK to compensate Kenyans for 2021 fire caused by army drill
The British army conducts joint exercises with Kenya in the northern Laikipia region, where it has a base in the town of Nanyuki
International News via Reuters:
The UK has agreed to pay 2.9 million pounds ($4 million) in compensation to residents living near a Kenyan wildlife conservancy, following a fire sparked by a British military exercise in 2021, the plaintiffs’ lawyer said on Friday.
The British army conducts joint exercises with Kenya in the northern Laikipia region, where it has a base in the town of Nanyuki. The fire broke out in the nearby Lolldaiga in March 2021.
“We arrived at a settlement and have dispatched payments,” lawyer Kelvin Kubai said in a short message to Reuters. He said compensation was paid to over 7,000 residents for what he described as “smoke nuisance” caused by the fire.
Residents of Lolldaiga area accused a British army training unit of causing the wildfire that destroyed much of a nature reserve, leaving behind ordnance that injured locals.
A British soldier later seemed to claim responsibility for starting the wildfire in a social media post, prompting the British High Commissioner at the time to say she was “appalled” and to pledge an investigation by the Royal Military Police.
The British government on Friday expressed regret over the incident.
“The Lolldaiga fire was extremely regrettable, and the UK recognises the length of time it has taken to resolve this matter and the frustration that this has caused within the affected communities,” a spokesperson at the British High Commission in Nairobi said in a statement.
Reporting by Humphrey Malalo; Writing by George Obulutsa; Editing by Ammu Kannampilly and Clelia Oziel
French winemakers fear Trump tariffs will hit sales in crucial US market
Details of an EU-U.S. trade deal indicated wines and spirits will not be shielded from the baseline 15% rate applied to most European goods
International News via Reuters:
French wine and spirits producers are bracing for a 15% tariff on their exports to the United States, a crucial market, even as the European Commission pledges to keep pressing for a preferential rate for the sector.
Details of an EU-U.S. trade deal released on Thursday after months of negotiations indicated wines and spirits – a culturally and economically important industry in France – will not be shielded from the baseline 15% rate applied to most European goods.
“This is a major source of concern for our emblematic sectors,” French agriculture minister Annie Genevard wrote in a post on X, citing the lack of a tariff exemption for the sector and other agricultural goods.
The tariffs’ impact coupled with unfavourable currency exchange rates could slash annual French wine and spirits sales revenues by around 1 billion euros ($1.17 billion), according to Gabriel Picard, president of France’s federation of wines and spirits exporters.
“Our first reaction is very simple: it’s a huge disappointment,” he told Reuters.
The U.S. is the biggest market for champagne, for example, accounting for 10% of exports by volume and 15% by value.
“It’s a very important, rich market that is growing, with people who love the French art de vivre,” said Frederic Zeimett, CEO of champagne label Leclerc-Briant, using a French phrase that translates as “the art of living”.
Producers of the world-renowned sparkling wines have said the new import levies will push up prices for U.S. consumers, threatening jobs throughout the supply chain, both in France and the United States.
President Donald Trump’s tariffs come at a time when Zeimett said the sector is already grappling with a weaker dollar compared to the euro, and few other markets are in a position to quickly pick up the slack from any weakness in U.S. sales.
He estimates the price of a bottle of his label’s champagne could increase by $20 for U.S. shoppers, bringing it to around $70, but added that he was considering flexibility in order to maintain business in the United States.
“I don’t want to leave the American market,” Zeimett said. “It’s the leading export market for champagne. So let’s try to preserve this leading position, even if it means making an effort on the price of our bottles.”
($1 = 0.8537 euros)
Reporting by Manuel Ausloos; Writing by Mimosa Spencer; Editing by Joe Bavier
UK competition watchdog begins probe into Getty Images-Shutterstock deal
The Competition and Markets Authority said it set October 20 as the deadline for its phase 1 decision on the investigation
International News via Reuters:
Britain’s antitrust watchdog on Friday said it has launched an investigation into U.S.-listed Getty Images’ $3.7 billion merger with rival Shutterstock.
The Competition and Markets Authority said it set October 20 as the deadline for its phase 1 decision on the investigation.
Reporting by DhanushVignesh Babu and Raechel Thankam Job in Bengaluru; Editing by Sahal Muhammed
Swiss bank Safra Sarasin fined 3.5 million francs in ‘Car Wash’ probe
In a statement, the highest Swiss prosecutors’ office said the bank had settled with Petrobras, a claimant in the case, for 16 million francs
International News via Reuters:
Switzerland’s attorney general has fined Swiss private bank J. Safra Sarasin SA 3.5 million Swiss francs ($4.3 million) under a years-long corruption and money laundering case surrounding Brazilian state oil company Petrobras, it said on Friday.
In a statement, the highest Swiss prosecutors’ office said the bank had settled with Petrobras, a claimant in the case, for 16 million francs and that no further compensation payment was therefore due.
Safra Sarasin said the prosecutors’ “ordinance does not constitute an admission of guilt or an acceptance of civil or criminal liability on the part of the bank or any of its representatives”.
A former Safra Sarasin employee was also sentenced to a suspended custodial sentence of six months for aggravated money laundering acts committed between November 2011 and July 2014 while she was working for another Swiss bank, involving a total amount of $29.2 million, the statement said.
The money laundering that Safra Sarasin failed to take measures against around that time amounted to $71 million, it added.
According to the statement, the probe covered several bank accounts with Safra Sarasin that were used for bribes going to senior executives at Petrobras to promote contracts for about 10 companies in the oil and construction sectors.
The prosecutors opened the investigation in 2019. The case against the sprawling scheme, dubbed “Operation Car Wash”, has resulted in the imprisonment of former Brazilian President Luiz Inacio Lula da Silva, among others.
More than 130 politicians and business officials have been convicted in Brazil.
The prosecutors added the fine takes into account various corrective measures that the bank has since taken and that the parties involved have declared that they will not appeal the penalty.
($1 = 0.8078 Swiss francs)
Reporting by Ludwig Burger and Oliver Hirt, editing by Thomas Seythal and Jan Harvey
Lifeguards return to duty, issue rough surf warning
The Department of Parks’ Lifeguard Service is urging beachgoers to avoid entering the rough seas in the wake of Hurricane Erin
The island’s lifeguards are back on duty today however, the government is urging beachgoers to avoid entering the sea due to rough surf.
Following Hurricane Erin, lifeguards resumed service at 10.30 this morning at Turtle Bay, Clearwater Beach, John Smith’s Bay and Horseshoe Bay – but sea conditions remain hazardous.
As a result, a spokesperson advised that high surf warning signs remain in place island-wide.
They added, “At Horseshoe Bay, the red flag is flying, indicating the presence of dangerous surf and rip current conditions.
“Beachgoers are strongly discouraged from entering the water. With seas expected to gradually abate into the weekend, it is anticipated that high surf warning signs will begin to be removed in the coming days.”
The Department encourages members of the public to review official forecasts from the Bermuda Weather Service before swimming.
European farmers facing higher costs after EU tariffs on Russian fertiliser imports
Global fertiliser prices have been rising this year in part due to the additional levies introduced on July 1 on top of import tariffs
International News via Reuters:
EU tariffs on Russian fertiliser imports that aim to cut funding for Moscow’s war in Ukraine have so far hit European farmers, raising costs and risking higher consumer prices while Russian companies say they can divert exports to other markets.
“We’re shooting ourselves in the foot,” farmer Cedric Benoist, deputy secretary general of French wheat farmers union AGPB and head of the cereals committee of EU farmer association Copa Cogeca, told Reuters, saying farmers are now faced with paying higher global prices.
Global fertiliser prices have been rising this year, World Bank data shows, in part due to the additional levies introduced on July 1 on top of import tariffs, adding to other challenges facing European farmers such high energy costs and environmental regulations.
Western countries did not impose sanctions on food or fertiliser exports over Moscow’s February 2022 invasion of Ukraine. But fertiliser export tariffs are now being imposed gradually over three years by Europe as it looks to further reduce dependence on Russian supplies.
Russia produces more than 20% of the world’s fertiliser and supplies around 25% of the EU’s fertiliser imports.
The EU said it will be monitoring the impact of tariffs closely to ensure that the EU’s fertiliser industry and farmers are protected.
Tariffs kicked off at 40 euros per metric ton for urea and nitrogen in July and are set to reach 315 euros per ton from July 2028. Average prices for urea, a nitrogen-based fertiliser, rose 26.5% to $496 per metric ton from May to July, World Bank data showed.
The EU does not yet have data to evaluate the impact of its tariffs, but an official said the tariffs can be postponed if the result is that prices rise too high.
“Due to…hesitancy around Russian purchases, European suppliers are pricing their products higher than in other regions,” independent fertiliser market analyst Swati Kushwaha told Reuters, referring to prices of fertiliser products. “Consequently, buyers are turning to more expensive sources, like Canada.”
Farmers are concerned, particularly as wheat prices have hit five-year lows.
Benoist said lots of farmers were holding off buying, hoping fertiliser prices would fall.
“It can’t last at this price, given the price of wheat,” Benoist said. “But right now, in terms of profitability for farmers, it’s completely unsustainable.”
Rising prices for fertilisers such as diammonium phosphate (DAP) and urea contributed to soaring consumer prices after Russia’s invasion of Ukraine. Prices eased in early 2023, but are once again rising.
Average annual DAP prices, down to $550 per metric ton in 2023 from $772.2 per metric ton in 2022, according to World Bank data, were back up to $736 per metric ton in July on average, rising 10% since May when the tariffs won parliamentary backing.
Farmers across Europe protested throughout 2024 against excessive regulation, free-trade deals and efforts to bring down food inflation that left many producers unable to cover high costs for energy, fertiliser and transport.
GLOBAL SUPPLY SHIFTS
Dmitry Tatyanin, chairman of Russia’s Uralchem, told the RIA news agency in June that the fertiliser producer would redirect European exports to other markets if necessary.
Reuters could not determine whether Russian producers had started diverting supplies. Major producers Acron, PhosAgro and EuroChem did not respond to requests for comment.
Russian producers are major suppliers of potash, urea and phosphate to markets such as Brazil, India and the United States, a report from Canadian fertiliser producer Nutrien showed.
Billionaire Dmitry Mazepin, who resigned as CEO of Uralchem and reduced his stake to 48% from 100% after being added to an EU sanctions list in March 2022, said sanctions on Russia had created problems and raised prices.
African, Indian, and Chinese farmers ultimately buy fertiliser at higher prices because Russian fertilisers have longer distances to travel, Mazepin told Reuters.
“In the end, European farmers will pay extra for these tariffs,” Mazepin said.
Uralchem, which declined to comment, is not under sanctions and Mazepin no longer has any operational involvement.
General sanctions on Russia have made it harder for traders to process Russian payments or to obtain vessels and insurance.
However, Norwegian fertiliser producer Yara International said Russian fertiliser imports to Europe significantly increased since Moscow’s 2022 invasion, with urea imports 48% higher in the 2023-24 season, compared to the average of five seasons before the war.
EU countries sharply increased imports of Russian fertilisers in anticipation of the import duties, Yara added.
“We fully understand that tariffs can cause concern amongst European farmers, but the tariff measures have been designed by EU policymakers with farmers’ long-term stability and resilience in mind,” Yara said, adding that the tariffs were important in levelling the playing field for European fertiliser producers.
Antoine Hoxha, director general of industry lobby Fertilizers Europe, said it was too early to assess the tariffs’ impact, but said EU countries have ample stocks and that tariffs would ultimately benefit Europe’s strategic autonomy.
Reuters could not determine how long those stocks would last before any potential pressure on consumer prices begins to filter through.
Reporting by Alexander Marrow in London, Gus Trompiz in Paris and Tristan Veyet in Gdansk; Editing by Elaine Hardcastle
Moody’s cuts Spirit Airlines’ credit rating further into junk territory
In a report accompanying the downgrade on Friday, analysts from the ratings agency highlighted Dania Beach, Florida-based Spirit’s “higher than expected cash burn”
International News via Reuters:
U.S. airline operator Spirit Airlines took another hit to its credit rating on Friday after Moody’s Ratings downgraded it two notches deeper into junk territory.
In a report accompanying the downgrade on Friday, analysts from the ratings agency highlighted Dania Beach, Florida-based Spirit’s “higher than expected cash burn” compared to its previous forecast when Spirit emerged from bankruptcy in March.
“We forecast Spirit will burn more than $500 million of cash in 2025 due to weak domestic leisure demand, elevated domestic capacity and a challenging pricing environment,” the analysts wrote.
The downgrade follows a similar ratings hit last week from Fitch Ratings, which cited a high likelihood of near-term default in its own one-notch downgrade.
Moody’s and Fitch’s ratings actions follow Spirit’s public warning last week after its quarterly earnings report about “going concern” risks facing the company, just months after the carrier emerged from bankruptcy.
Analysts at Moody’s noted on Friday how Spirit had just $408 million in unrestricted cash at the end of the second quarter and how it had fully tapped out its $275 million revolver, which matures in March 2028.
Reporting by Matt Tracy; Editing by Mark Porter
Dollar drops as Powell signals possible September rate cut
The dollar index was last down 0.77% on the day at 97.85, after trading around 98.7 before Powell’s comments
International News via Reuters:
The dollar fell on Friday after Federal Reserve Chair Jerome Powell pointed to a possible rate cut at the central bank’s September meeting but stopped short of committing to such a move.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was last down 0.77% on the day at 97.85, after trading around 98.7 before Powell’s comments.
The euro gained 0.85% to $1.1704. Against the Japanese yen, the dollar weakened 0.96% to 146.92.
“While the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are rising,” Powell said.
“And if those risks materialize, they can do so quickly,” he told an audience of international economists and policymakers at the Fed’s annual conference in Jackson Hole, Wyoming.
Karl Schamotta, chief market strategist at Corpay in Toronto, said Powell’s message was far more dovish than markets had anticipated.
“The dollar is plunging, odds on a September rate cut are rising and market participants are clearly bracing for more easing to come,” he said.
Traders are now pricing in 91% odds of an interest rate cut at the Fed’s September 16-17 policy meeting, up from 72% earlier on Friday, according to the CME Group’s FedWatch Tool. They are also pricing in 56 basis points of cuts by year-end, up from 48 basis points.
Traders had been raising their expectations for a cut in September after an unexpectedly weak jobs report for July. Consumer price data showing limited inflation increases from tariffs so far added to the view.
But hotter than expected producer price inflation and some other economic releases, including a strong business activity survey for August, had led them to temper their view.
Now, labor market data is expected to be the main driver of Fed policy going forward.
“What he’s really saying there is that they are bracing for a pivot in labor market conditions and that the second half of the Fed’s mandate has suddenly become much, much more important in terms of defining policy settings,” said Schamotta.
Reporting by Karen Brettell; Editing by Chizu Nomiyama and Clelia Oziel
Butterfield’s Delaware State secures long-awaited victory
Bermuda’s Marli Butterfield and her Delaware State University women’s soccer teammates have broken a two-year winless streak, clinching a narrow 1-0 victory in their season opener.
The Hornets, playing in their home opener at Drass Field, defeated Southwestern Athletic Conference opponents Alabama A&M on Sunday. The win marked their first since October 9, 2022, a significant milestone for the program.
The match remained a tense, scoreless affair through a well-fought first half. The breakthrough came when Frederika Kibassa Maliba Ntumbia provided an excellent assist to Nicole Cargill, who finished coolly for what would prove to be the Hornets’ decisive goal.
While Delaware State registered 11 shots, five of which were on target, it was goalkeeper Johoanna Hornyak who was particularly busy, making seven crucial saves to deny an Alabama A&M side that managed 16 shots throughout the match.
With the victory, Delaware State now holds a 1-0-0 record and will look to build on this positive start as the season progresses.
