Rider injured in serious crash on Palmetto Road
2 motorcycles collide, one rider in hospital with serious head injury
Police statement:
There has been a serious road traffic collision involving two motorcycles at the junction of Bishop Spencer and Palmetto roads, Pembroke.
It is understood that one of the bike riders has been transported by ambulance to King Edward VII Memorial Hospital, for what is said to be a serious but head injury.
The roadway is currently blocked with eastbound traffic being diverted along St. Monica’s Road and west bound traffic is being diverted onto Roberts Avenue.
Motorists are advised to approach these diversion points with caution and follow the instructions of officers at those locations.
A battle for the PLP’s soul?
Is the PLP’s core identity being tested by its internal leadership election?
Is the PLP’s core identity being tested by its internal leadership election?
An apparent influx of OBA converts triggered moves to limit the influence of all newcomers and vet others.
PLP Leader David Burt broke his silence on the matter last week – and raised further questions about the attempts to amend membership rules.
Gary Foster Skelton presents a political overview of the situation.
WATCH the report above. Transcription below…
Just how much influence could former OBA members or supporters of other parties have on the PLP’s internal leadership election?
This is clearly an area of concern amongst the party faithful – resulting in efforts to amend membership rules.
As we’ve reported previously, the PLP Central Committee passed two amendments on August 24th – the first seeks to vet new members coming from other parties; the second requires new members to wait a year before they are eligible to become delegates – and only delegates can vote for the next party leader at the Annual General Conference.
Both amendments are currently blocked by a court injunction acquired by leadership contender Curtis Dickinson.
Regarding the first amendment, comments from PLP Leader David Burt last week suggest the risk of alleged political interlopers is proportionately small…
He said, “let’s pretend there’s about 4000 members of the Progressive Labor Party. This might apply to ten people in total. We’re not talking about – exactly, we’re not talking about a large amount of people…
“Most people who were candidates for the One Bermuda Alliance aren’t joining the Progressive Labor Party. But there were a few instances that were reported.”
Other sources have told us that there may be more than a hundred new members who have come from other parties.
Is there a risk that such a number could alter the DNA of the PLP, and affect the result of this leadership election?
…And are there some who believe that all new members in this election carry the risk of being OBA or FDM trespassers – or at least of not being in sync with the PLP’s core goals?
Last week, we asked the PLP Leader about the other change that had been put forward…
GFS: “…there was a Second Amendment proposed as well that will require new party members to wait a year before they could become a delegate, which was one of the things a delegate can do is vote in a leadership election.”
David Burt, PLP Leader: “Well, vote in any election inside the party, because delegates are the ones who are responsible for selecting the party executive… This was not to say that new members could not vote… This was saying that new members are not eligible to be elected as a delegate for a year, or in the party executive position.”
GFS: “So, they could vote in the branch?”
David Burt, PLP Leader: “Absolutely…”
Limiting the influence of new members is not uncommon in political parties across the world. The PLP LEader added that, in most parties, there’s a period of service before you can vote at all.
…but the Central Committee tried to change these rules in the middle of an election campaign – moving the stumps as the bowler makes his run-up, if you will.
In fact, the rule changes were voted on and backed by the C.C. not once, but twice, in two separate meetings.
The message from party HQ is clear – ‘we don’t want former OBA members or those from other political entities automatically joining our party’.
…but only the first amendment specifically targets such individuals.
The second amendment affects all new members, and could significantly impact any leadership candidate who has successfully brought in new PLP members during his or her election campaign.
We’ve asked the campaign offices of both Jason Hayward and Curtis Dickinson to tell us how many new PLP memberships each of their camps has brought in. Mr Hayward couldn’t give us a number, and Mr Dickinson’s office had not responded as of news time.
Sources tell us that Mr. Dickinson may have brought in between 1,500 and 2,000. Critics of the Dickinson camp suggest the numbers have been inflated – and that the number is no higher than 500 new members.
Either way, Mr Dickinson appears to be the candidate who has the most to lose from any changes to membership rules – hence the legal fight.
He is seen as being on the centre-right – or fiscally conservative wing – of the PLP, and is therefore more appealing to erstwhile OBA supporters than Jason Hayward, who comes from a union background.
The PLP has always been tight-lipped about internal party matters, and we know little about the discussions within the Central Committee or the nature of any debate that might have followed.
What we do know is that the two amendments were proposed and voted on separately. Whether the first amendment – the headline-grabbing, politically pungent one that blocks former OBA members – was pushed harder than the second, more consequential amendment – which effectively limits the influence of all new party members… this, we just don’t know.
We do know that they were both presented at the same meetings, and one might wonder if the two issues were perceived as two sides of the same coin… but this is conjecture.
It remains fair to ask – why now? Why amend the rules after a leadership campaign has already started?
They didn’t change the rules for previous PLP leadership elections – including when David Burt beat Dennis Lister, when Marc Bean beat Walton Brown, when Paula Cox beat Terry Lister, when Dr Ewart Brown beat Alex Scott…
…any of those candidates who brought in new members, building up the grass roots of the party per se, could do so while drawing support for their campaign.
Outgoing PLP leader David Burt actually called for a membership drive at last year’s Annual General Conference, saying that “we must be ready to invite first time voters, returning students, young professionals, and those who have never joined any political party before.”
Is this a case of, ‘be careful what you wish for’?
For the time being at least, leadership contender Curtis Dickinson has successfully acquired a court injunction against the two new amendments.
His lawyers argued that the process used to implement the changes was against the PLP Constitution.
In broader terms, the battle lines are fairly clear; Curtis Dickinson believes it’s wrong to move the goalposts mid-game, and the PLP’s Central Committee doesn’t want political outsiders lacing up for the home team.
With the leadership election just over a month away, it’s all to play for.
World Investor Week to mark 10th anniversary
The tenth anniversary celebration of World Investor Week will commence on Monday, 5 October 2026,
with a public education campaign dedicated to raising awareness of the importance of financial literacy, investor awareness and informed decision-making. The Bermuda Monetary Authority (Authority or BMA) will launch the week-long campaign, under the theme ‘Invest in Your Future, Protect It Today, from 5–9 October 2026. The BMA invites all members of the public, investors and financial services professionals to join us in celebrating World Investor Week.
To mark this milestone anniversary, the Authority will host a special webinar, available to the general public, entitled ‘Future Proofing Finance: Skills, Technology and Opportunity for Tomorrow’ on Thursday, 8 October 2026, from 2:00 to 4:00 pm. Financial services professionals and subject-matter experts from the BMA will share insights on long-term financial decision-making in an evolving digital environment. Members of the public can register for this free event until 1 October. The webinar will also feature educational content that equips next-generation investors with practical skills and approaches to financial literacy and investor protection.
This year’s overall focus is supporting investors in making informed, fact-based decisions amid evolving market conditions. Key themes are investor resilience, digital deception and fraud prevention. This year’s event offers an opportunity to review smart investor habits and tips featured on the Authority’s website and social media channels.
The BMA’s participation in World Investor Week is led by the International Organization of Securities Commissions (IOSCO). Each year, IOSCO brings together organisations from over 100 jurisdictions to drive awareness around trending issues for investors. Last year’s event brought together 137 participants from 118 jurisdictions, with activities reaching millions of individuals globally.
Principal themes and smart investor habits featured in the 2026 campaign include, but are not limited to, the following:
Investor Resilience – Equip investors with long-term behavioural discipline and portfolio resilience
Key Takeaways
- Recognises that market volatility is normal; maintains a disciplined long-term strategy and resists reactive decisions
- Establishes an emergency fund and manages debt prudently before committing funds to market investment
- Recognises behavioural bias, loss aversion, herd mentality, overconfidence and recency bias distort decisions
- Regularly reviews and rebalances portfolios to ensure continued alignment with long-term goals as circumstances evolve
Digital Deception – Build investors’ critical capacity to evaluate, question and identify misleading or deceptive online content
- Understands that AI tools, including robo-advisors and algorithmic platforms, can support investment decisions but are not a substitute for independent research and sound judgement
- Stays alert to deepfakes, fabricated video endorsements, synthetic influencer content, and cloned voice fraud, which are increasingly being used to deceive investors
- Understands that AI platforms may be designed to maximise user engagement and trading frequency, which may not be aligned with long-term investor goals
Scam Alert – Equip investors to recognise, test and report investment fraud and scam tactics
- Verify the registration and regulatory authorisation of any investment professional or platform before committing any funds
- Understand that any promise of high returns with little or no risk is a universal and unambiguous red flag for investment funds with no exceptions
- Recognise relationship investment scams (pig butchering) where online relationships are used to gradually introduce fraudulent investments
- Report suspected fraud to the relevant authority immediately to help protect yourself and other investors
For more information, please visit IOCO’s global World Investor Week 2026 campaign website.
To register for the public webinar visit: https://bma.zoom.us/webinar/register/7217890615048/WN_6h-eOVY1Rdakc_k41WxCaQ
Firm provides tax guidance for people on the move
Vantara Relocation (“Vantara Relocation”), Bermuda’s specialist relocation services provider, has entered into a new agreement with Tax Advisory Partnership to provide UK and US tax compliance and advisory services to clients relocating to or from Bermuda.
The agreement strengthens Vantara Relocation’s ability to provide clients with a comprehensive relocation experience by connecting them with specialist tax professionals as part of their broader move. Tax Advisory Partnership will provide advice and compliance support for eligible clients with UK and US tax considerations, helping individuals and families understand and manage their tax obligations when relocating across jurisdictions.
“Tax is an important consideration for anyone making an international move, particularly executives and families relocating between the UK or the US and Bermuda,” said Elizabeth Sloan, Co-Founder & COO of Vantara Relocation. “Our clients want a seamless experience and access to trusted specialists who understand the complexities that can arise when moving internationally. This agreement with Tax Advisory Partnership allows us to connect our clients with experienced UK and US tax advisers while Vantara remains focused on delivering the practical, personal support that makes a relocation successful.”
Jamie Favell, Partner, Tax Advisory Partnership, said: “We are delighted to work with Vantara Relocation. International relocation can create significant tax considerations, and early advice can make a meaningful difference to the outcome for individuals and families. Our collaboration with Vantara provides clients with access to specialist UK and US tax compliance and advisory expertise at an important stage of their relocation journey.”
Under the agreement, Vantara Relocation will introduce clients requiring UK or US tax advice to Tax Advisory Partnership, subject to the client’s consent. Canadian clients will be referred to a specialist third-party provider for appropriate Canadian tax compliance and advisory services.
The collaboration forms part of Vantara Relocation’s growing network of trusted professional partners, designed to give relocating executives, families and corporate clients access to the specialist services they need before, during and after a move to Bermuda.
Vantara Relocation provides fixed-fee relocation services including immigration and work permits, home search and lease negotiation, school search, banking and utilities, orientation, household setup, lifestyle introductions, domestic staffing and pet relocation.
Service of remembrance honours slaves
This evening, beneath the historic Rubber Tree in Warwick, the community gathered for a Service of Remembrance, Lament, and Dedication, marking the lives of seventy-seven men, women, and children of African descent buried at the site. Many were free and enslaved people whose graves were unmarked and then later destroyed during the construction of the Warwick Post Office by the government of the day.
The service formed part of St. Mary the Virgin Church’s 400th Anniversary observances under the theme, “Generations of Faith: Honouring Our Past, Celebrating Our Present and Glorifying Our Future.”
The service was attended by His Excellency the Governor, Mr. Andrew Murdoch, CMG, CVO, followed in order of precedence by the Honorable Joan Dillas-Wright, JP, President of the Senate; Members of the Senate and the House of Assembly; the Honorable Neville Tyrrell, JP, MP, Chairman of the Warwick Parish Council; MP Paul Wilmot; the Hon. Douglas DeCouto, JP, MP; former Members of Parliament Dale Butler and Terry Lister; C25 PLP candidate Joanne Ball-Burgess, C27 OBA candidate Dion Smith; and other invited guests.
Participating clergy included Canon Dr. Sharon Prentis, Dr. Evroyd Weeks, the Venerable Archdeacon John Stow, and members of the Warwick Ministerial Alliance, along with clergy and congregations from churches across the island.
Present were members of St. Mary’s Church; Ed Christopher, Town Crier; and the Cedar Hill Salvation Army Band, under the direction of Bandmaster Warren Jones, who provided the evening’s musical offerings.
Representatives from Purvis Parish School, Warwick Academy, Warwick Preschool, CURB, the Human Rights Commission, the African Diaspora Trail Committee, Warwick Workmen’s Club, the PHC Zebras, the Irish Lodges in Bermuda, the Progressive Labour Party, the Bahá’ís of Bermuda, and other community organizations attended the service.
During the service, wreaths were laid at the Rubber Tree Memorial by His Excellency the Governor, Mr. Andrew Murdoch, CMG, CVO; the Hon. Neville Tyrrell, JP, MP; the Hon. Douglas DeCouto, JP, MP; the Ministerial Alliance of Warwick; the African Diaspora Trail Committee; CURB; the Irish Lodges in Bermuda; PHC Zebras; Warwick Workmen’s Club; the Progressive Labour Party; and the Bahá’ís of Bermuda.
At the unmarked grave in St. Mary’s Cemetery, wreaths were laid by the Right Reverend Nicholas Dill, Bishop of Bermuda, who presided at the service, and by the Reverend Carl W. O. Williams, Priest-in-Charge of St. Mary the Virgin, Warwick, who assisted throughout the liturgy and offered prayers at the grave.
During the service, the recovered names of those interred at the Rubber Tree were read aloud. Through the research of historian Andrew Bermingham and Janet Bento, these individuals have been identified and their names documented.
The recovered names identified thus far are:
1. Adams, Clifford Wellington, aged 5 years, 4 months
2. Astwood, Phoebe, aged 60
3. Baptiste, Joseph, aged 63
4. Bascome, John, aged 45
5. Bascome, Edward, aged 20
6. Basden, Peter, aged 70
7. Basset, John, aged 23
8. Bean, Elizabeth, aged 65
9. Bean, Arthur Picott, aged 11 months
10. Beek, Joseph, aged 70
11. Bond, James, aged 70
12. Brangman, Richard, aged 3
13. Butterfield, Ann, aged 17
14. Caisey, Jane, aged 35
15. Conyers, Benjamin, aged 56
16. Conyers, James, aged 50
17. Conyers, Dinah, aged 65
18. Darrell, Robert Benjamin, aged 5
19. DeShield, William Henry, aged 7 months
20. Dickinson, Caesar, aged 78
21. Dilworth, Cecilia, aged 1
22. Facey, William Stanley, aged 32
23. Francis, Anthony, aged 75
24. Fubler, Edward, aged 2
25. Fubler, Sarah, aged 72
26. Fubler, Jane, aged 27
27. Geary, Nancy, aged 66
28. Geary, Rose Ann, aged 55
29. Gilbert, no name recorded, aged 5 months
30. Green, Joanna Susan, aged 3 months
31. Jennings, Ellen, aged 5
32. Jones, Venus, aged 45
33. Jones, William, aged 1 day
34. Lovell, Brown Beresford, aged 15 weeks
35. Matson, Lewis, aged 70
36. Mills, Maria Ann, aged 1
37. Morgan, Frances, aged 32
38. Morgan, Sarah Ann, aged 15 years, 11 months
39. Morgan, Susannah Catherine, aged 11
40. Nelmes, Sarah, aged 71
41. Parker, Nathaniel, aged 18 months
42. Pitt, Joe, aged 60
43. Raynor, Robert Benjamin, aged 14 years, 2 months
44. Reed, Benjamin, aged 80
45. Richardson, Jane, aged 10 months
46. Robinson, Matt, aged 75
47. Rolling, Sarah, aged 68
48. Sherlock, Eveleen, aged 14 years, 2 months
49. Simons, Sophia, aged 12
50. Simons, Caroline, aged 20
51. Simons, Peter, aged 70
52. Simons, Frances Adelaide, aged 14 months
53. Smith, Sarah Frances, aged 6 months
54. Smith, Margaret, aged 2
55. Smith, Betty, aged 90
56. Smith, Grace, aged 72
57. Stovell, Hannah, aged 73
58. Tacklyn, Merriman, aged 57
59. Talbot, Deborah, aged 70
60. Taylor, Sarah, aged 75
61. Tucker, Susannah Catherine, aged 21
62. Tucker, Mariah, aged 39
63. Tucker, Richard, aged 17
64. Tucker, Thomas, aged 76
65. Tucker, Joseph, aged 8 days
66. Tucker, James, aged 8 days
67. Walburn, Bessett, aged 60
68. Waldron, Joseph, aged 70
69. Waldron, Betty, aged 26
70. Waldron, Elizabeth, aged 2 months
71. Waldron, Luel Winifred, aged 8 months
72. White, Robert Benjamin, aged 65
73. Williams, Nancy, aged 22 or 25 days
74. Wilson, Dabby, aged 70
75. Wilson, Joseph, aged 4
76. Wilson, Benjamin, aged 2
77. Wilson, Israel, aged 60
78. Wilson, Harriett, aged 65 (please check as this list has more than 77)
Research into those buried at the site continues.
Through prayer, music, reflection, and wreath-laying, those in attendance commemorated the site’s history and the lives of those buried there.
Rev Carl Williams
Priest-in-Charge
St. Mary the Virgin, Warwick
Price control amendments defeated in the Senate
Changes under the Cost-of-Living Commission Amendment (No.2) Bill 2026 were rejected in the Upper House today by a tie 4-4 vote
Senators were split, 50-50 on changes to laws under the Cost of Living Commission Amendment (No.2) Bill 2026, that would see greater price transparency and monitoring mechanisms implemented for local grocers.
The bill received criticism from the Opposition and some stakeholders who argued the bill was flawed in its current form.
Reacting to the news, Opposition Senator and Shadow Home Affairs Minister Dwayne Robinsons said the bill would have negatively impacted consumer choice, market competition, and Bermudian employment.
He said: ” My recommendation is that the Minister take the time to truly consult with industry stakeholders and work on a plan to address the high shipping costs for our local businesses providing essential commodities.
“I would encourage her to reflect on the effectiveness of her strategy of attempting to pressure or shame independent senators in the public domain to influence their vote.”
Government Senators Ryan Robinson Perinchief, Mischa Fubler, AG and Minister Kim Wilkerson and independent senator Kiernan Bell voted in favour of passing the bill.
Opposition Senators Victoria Cunningham, Minister Dwayne Robinson, David Rogers and Independent Senator John White voted against the amendments.
Independent Senator Tawana Tannock was absent from today’s proceedings.
Zach Moniz, General Manager of the Lindo’s Group of Companies said in a statement: “We acknowledge and appreciate the Senate’s decision regarding Amendment No. 2 and the resulting one-year delay before the measure comes into effect.
“Lindo’s remains committed to working constructively with the Government to identify practical solutions to the cost-of-living challenges facing consumers and businesses alike. Throughout this process, we have complied with every request made of us by the Government, and we intend to continue doing so in a transparent and cooperative manner.
“Our objective has always been to support policies that achieve their intended outcomes while minimizing unintended consequences for consumers, businesses and the broader economy.
“We are hopeful that over the coming year we can work together to find a balanced path forward that provides the Government with confidence that its policy goals are being met, without unnecessarily increasing the cost of doing business for Bermudian businesses.”
The bill is now deferred.
Minister of Home Affairs Alexa Lightbourne explained why the bill sought further pricing details from the food and import sector. She also lamented lack of participation from stores that are required by law to submit price points.
Oil prices continue surge, rising 3% amid Saudi pipeline outage after attack
Brent crude futures climbed $3.00, or 2.9%, to $107.61 per barrel by 1112 GMT, having earlier hit a session high of $108.65
International News via Reuters:
Oil prices continued their surge, rising more than 3% on Monday, after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded supply concerns.
Brent crude futures climbed $3.00, or 2.9%, to $107.61 per barrel by 1112 GMT, having earlier hit a session high of $108.65. WTI futures gained $2.48, or 2.5%, to $102.53 per barrel.
Oil prices surged around 9% higher last week as attacks in the Middle East escalated, with Brent rising above $100 a barrel for the first time since July and hitting its highest since May at around $110. The rally pushed U.S. diesel prices above $6 a gallon for the first time ever, triggering a plea from U.S. President Donald Trump to Ukraine to stop attacking Russian diesel infrastructure.
Global bond markets have come under pressure from higher energy prices feeding inflation and higher interest rates, with yields repeatedly climbing to fresh multi-year highs.
Saudi Arabia’s East-West Pipeline was temporarily shut following a drone attack, according to Saudi officials. The shutdown of the pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports through the Bab el-Mandeb strait, threatens up to 4% of global oil supply.
With the pipeline out of service, the port of Yanbu on the Red Sea has enough inventory to cover just five to seven days of exports, according to three industry sources.
“The relatively contained price reaction suggests the market still expects Saudi inventories to cushion exports in the near term, but if the disruption extends beyond the five-to-seven-day inventory cushion, that could change quickly,” said Janiv Shah, oil markets analyst at Rystad.
Moving to tighten their control over Bab el-Mandeb, meanwhile, Yemen’s Iran-aligned Houthis reached the strategic island of Perim on Friday.
In the Strait of Hormuz a vessel was struck by a projectile, causing a fire and forcing the crew to evacuate, the British maritime security agency UKMTO said on Sunday.
Iran said one person was killed and four crew wounded aboard an Iranian commercial vessel struck off its coast.
A scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed, Oman’s Foreign Minister said, dampening hopes of improved shipping.
Meanwhile, Iran issued a list of 77 ships it said had violated its protocols for operating in Hormuz.
“Short of stopping both oil price affecting wars and curing the global refinery (capacity) problem, our fraternity is wondering where an inoculation against $120 Brent can be found,” said PVM analyst John Evans, pointing to Russian refinery outages and falling stockpiles.
Reporting by Shadia NasrallaAdditional reporting by Colleen Howe in Beijing and Jeslyn Lerh in SingaporeEditing by Joe Bavier, Susan Fenton and Louise Heavens
UK’s FTSE 100 rises as oil stocks gain; key announcements in focus
The blue-chip FTSE 100 index rose 0.55% to 10,708.76 points by 0959 GMT. The midcap FTSE 250 slipped 0.4% to 23,878.45, its lowest intraday level in more than a month
International News via Reuters:
London’s FTSE 100 index rose on Monday, as investors flocked to defensive sectors such as healthcare and consumer staples, with oil prices and bond yields resuming their advance in a week packed with central bank decisions.
The blue-chip FTSE 100 index rose 0.55% to 10,708.76 points by 0959 GMT. The midcap FTSE 250 slipped 0.4% to 23,878.45, its lowest intraday level in more than a month.
• Oil prices rose about 3%, after new strikes on Saudi Arabian infrastructure and Gulf shipping. Oil majors Shell and BP gained about 1.1% respectively, with energy stocks up 1.1%. [O/R]
• They outperformed peers last week, helping limit declines on the FTSE 100, which registered its biggest weekly fall in over a month.
• British government bond yields ground higher once again on Monday, hitting new multi-year highs across maturities.
• Investors flocked to sectors considered traditionally defensive. Pharma stocks rose 2.7%, with GSK rising 3.7% after it announced positive results for two lung cancer drugs – Jideytro and Ris-Rez.
• Consumer-facing personal care, drug and grocery and beverages sectors added 2.6% and 2.8% respectively.
• Meanwhile, CEOs of top AI labs including OpenAI and Anthropic called for slower development of the technology, hammering AI-linked stocks globally.
• Futures tied to the tech-heavy U.S. Nasdaq slipped 1.8%. However, the FTSE 350 tech sector was up 3.9%.
• Industrial and precious metal miners were the biggest percentage losers as metal prices slid. [GOL] [MET/L]
• This week, investors will watch employment and inflation reports in the UK, ahead of the Bank of England’s interest rate decision, where it widely expected to hold rates.
• The U.S. Federal Reserve will announce its decision on Wednesday, with markets pricing in a 88.5% chance of a 25-basis-point hike, per CME’s FedWatch Tool.
• Prime Minister Andy Burnham is set to meet executives from banks, oil majors, and a telecom firm, to discuss his economic growth plans on Monday.
• GlobalData bottomed the FTSE 250 with a 22% slide. The data analytics and consulting company expects its annual revenue growth to be more muted than expected.
Reporting by Anand Gopal and Purvi Agarwal in Bengaluru; Editing by Leroy Leo
Germany says halting AI development not viable, calls for US, China involvement
The comments came after Anthropic Chief Executive Dario Amodei published an essay over the weekend calling on AI companies to slow the pace at which they improve model capabilities and proposing stronger safeguards
International News via Reuters:
Germany does not see stopping the development of AI as a viable option for Europe, the digital affairs ministry said on Monday, responding to calls from leading developers for safeguards for increasingly powerful systems.
“We do not consider halting development to be a viable option for Europe,” a ministry spokesperson said, adding that strengthening Europe’s digital sovereignty required further AI development and innovation.
The comments came after Anthropic Chief Executive Dario Amodei published an essay over the weekend calling on AI companies to slow the pace at which they improve model capabilities and proposing stronger safeguards, including independent evaluators embedded within AI firms.
The German ministry said it was monitoring global AI developments very closely and took public warnings from leading AI developers seriously.
The spokesperson, however, said AI systems capable of breaking out of test environments and accessing other systems on their own would represent “an entirely new threat scenario” requiring a new policy response.
The spokesperson also endorsed international coordination on AI governance, saying effective oversight would require both the United States and China to be involved.
The government is raising the issue at the G7 level, the spokesperson added.
Reporting by Friederike HeineEditing by Ludwig Burger
ECB’s attention shifting to natural gas as prices soar
The ECB raised some of its inflation projections last week when it lifted interest rates but oil and gas prices are already well above the “baseline” levels in those forecasts, suggesting that high price growth could prove more persistent than feared
International News via Reuters:
Euro zone inflation could turn out higher than already elevated projections and recent energy price developments are concerning, particularly the surge in natural gas costs, European Central Bank policymakers said on Monday.
The ECB raised some of its inflation projections last week when it lifted interest rates but oil and gas prices are already well above the “baseline” levels in those forecasts, suggesting that high price growth could prove more persistent than feared.
“The most recent energy price developments have been quite concerning,” ECB board member Isabel Schnabel said in Berlin.
“It’s actually not just oil,” said Schnabel, an outspoken policy hawk. “It’s also refined products, like diesel… and of course, what also matters greatly for Europe is gas, which has also reached very high levels.”
LEAVING ADVERSE, MOVING TOWARDS SEVERE
The ECB’s projections foresaw December gas futures at €60.1 per megawatt hour under the baseline, with the adverse scenario putting it at €77. The current market price is over €83.
A similar trend is happening with oil: Brent crude is now trading at $107 a barrel, well above the price assumed in the ECB’s adverse scenario.
“Inflation risks are clearly tilted to the upside,” Slovakia’s central bank chief Peter Kazimir said on Monday.
“My attention is now focused less on oil and fuel prices, but increasingly on gas and electricity prices. Food inflation, so important for perceptions and expectations, is also expected to pick up.”
This deterioration in the inflation outlook could herald more rate hikes, which would put the ECB’s key rate, now at 2.5%, into a territory that restricts economic growth.
“The case is building up for more tightening,” Latvian central bank chief Martins Kazaks told Reuters.
“Interest rates may need to wade into restrictive territory,” Kazaks said. “There’s no unobservable threshold, or some higher bar to reach, for the rates to move above 2.50%.”
Other policymakers were more cautious, however, and argued that the ECB should stick to its meeting-by-meeting approach and signal higher rates once more evidence is amassed.
European countries that rely on natural gas for heating hesitated to fill storage facilities over the summer in the hope that the Iran conflict would end and prices fall sharply.
With storage levels far below historic norms, they are now rushing to store gas, helping push natural gas prices to a four-year high. That in turn is likely to push up heating and electricity costs for households and businesses and fuel inflation more broadly.
Some economists argue, however, that the sharp increase in renewable energy production since Russia’s invasion of Ukraine and a slowdown in energy-intensive sectors like heavy industry makes the bloc less sensitive to natural gas prices.
Food price growth has meanwhile been unexpectedly low, although a perfect storm of factors, including a European drought, the broader El Nino weather phenomenon and soaring diesel and fertiliser prices, key inputs in agriculture, is expected to push up prices in the coming months.
ECB policymakers will next meet on October 29. Financial markets see a roughly 60% chance of a rate hike then, while a move by the end of the year is fully priced in.
Reporting by Balazs Koranyi, Francesco Canepa and Miranda Murray, Editing by Louise Heavens and Catherine Evans
UK financial regulator seeks views on tokenising gold
The Financial Conduct Authority said it will seek views on whether tokenising gold could boost efficiency and competitiveness, while maintaining market integrity and protecting consumers until its October 23 deadline
International News via Reuters:
Britain’s financial regulator on Monday said it was seeking views on whether tokenising gold could improve how it is traded, transferred, pledged and held in the UK markets.
• The Financial Conduct Authority said it will seek views on whether tokenising gold could boost efficiency and competitiveness, while maintaining market integrity and protecting consumers until its October 23 deadline.
• The FCA said it was exploring gold tokenisation in line with its wider work on the future of tokenisation in UK wholesale financial markets and was looking at the potential for distributed ledger technology (DLT) to support new growth opportunities.
• In May 2026, the FCA published a joint call for input with the Bank of England on the future of tokenisation in UK wholesale markets. Respondents raised gold specifically, reflecting London’s position as the world’s largest centre for spot gold trading. The FCA said this feedback prompted it to explore tokenised gold in greater detail.
• Gold tokenisation could make gold easier to transfer and use across digital markets, particularly as wholesale collateral, the FCA said, adding that it could also support new forms of retail investment and product innovation.
• London is home to the world’s largest over-the-counter gold trading hub, where participants trade directly with one another rather than via an exchange.
• “We want to understand whether tokenisation could strengthen the efficiency and competitiveness of UK wholesale markets while preserving the strengths of London’s existing gold-market infrastructure,” the FCA added.
Reporting by Prerna Bedi in Bengaluru and Polina Devitt in London;Editing by Nivedita Bhattacharjee amd Toby Chopra
