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BELCO shines light on summer interns

Bermuda Broadcasting Newsdesk
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BELCO shines light on summer interns

18 youngsters complete programme

Photo supplied

BELCO press release:
Bermuda Electric Light Company Limited (BELCO) proudly concluded another successful summer internship programme, welcoming 18 students who gained invaluable real-world experience across various departments within the Company. The comprehensive programme reflects BELCO’s ongoing commitment to developing local talent and investing in Bermuda’s future workforce.
This year’s cohort worked across diverse departments including Engineering, Information Technology, Human Resources, Occupational Health Safety & Environment, Transmission & Distribution, Operations, and Business Administration. The programme provided students with exposure to both traditional utility operations and cutting-edge energy transition initiatives, preparing them for the evolving energy landscape.
“The learning environment has been exceptional,” shared participating student, Amber Gibbons. “The team is supportive, knowledgeable, and always willing to teach. As a student, they understand I’m in the learning stages and take appropriate time to teach concepts and provide guidance when needed. This internship has helped me grow professionally.”
Another student, Jamin Fubler, emphasised the practical value of the experience: “I wanted to build on the knowledge I gained in my previous internship at BELCO so that I could further my development as an aspiring engineer. The TD&R department provided me with an abundance of projects that help cultivate a well-rounded skillset and I enjoyed access to a multitude of mentors that can guide me along my path to becoming an engineer.”
The programme attracts both new participants and returning students, including recipients of BELCO scholarships and educational awards. Students come from universities across North America and the UK, bringing diverse perspectives while gaining insights into Bermuda’s energy infrastructure and operations.
As a fundamental part of the fabric of Bermuda, BELCO is driven by its commitment to serve the local community and operate in the long-term public interest. The Company’s obligation to serve Bermuda extends beyond providing reliable electricity – it’s embedded in the company’s DNA and manifested through programmes like the summer internship initiative
BELCO President Wayne Caines said: “BELCO was blessed to once again have an excellent group of summer students this year including BELCO scholarship and educational award winners and some who have spent several summers at the Company. The students have all embraced the challenges presented to them and gained valuable experience to assist them with their studies and future careers. It is gratifying to hear the students say how much they enjoy working at BELCO and their praise for their instructors. I look forward to some of these students returning to Bermuda and working at BELCO once they complete their studies and helping us build a sustainable energy future.”
The summer internship programme aligns with BELCO’s broader mission of community investment and workforce development. By providing meaningful work experiences and mentorship opportunities, the Company continues to strengthen its role as a community partner while building the foundation for Bermuda’s energy future.

About BELCO
Bermuda Electric Light Company Limited (BELCO) is a wholly owned subsidiary of Liberty Group Limited. Liberty Group Limited is a Bermuda-based provider of energy and energy-related services, owned by Algonquin Power & Utilities Corp., also parent company of Liberty Power and Liberty Utilities (Liberty). BELCO was established in 1904 as Bermuda’s sole supplier of electricity and currently operates generating plant and transmission and distribution systems to service 36,000 metered connections. For further information about BELCO visit www.belco.bm 

Spotify to raise premium subscription price in select markets from September

Bermuda Broadcasting Newsdesk
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Spotify to raise premium subscription price in select markets from September

The subscription price will rise to 11.99 euros ($13.86) per month from 10.99 euros

International News via Reuters:

Spotify said on Monday it would increase the monthly price of its premium individual subscription in select markets from September, as the Swedish streaming giant looks to improve margins.

The subscription price will rise to 11.99 euros ($13.86) per month from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.

Over the next month, subscribers will receive an email explaining the price increase.

Shares of Spotify rose about 3% in premarket trading. They have risen about 40% so far this year.

Last month, the company forecast its quarterly profit below analysts’ estimates, as higher taxes related to employee salaries outweighed music streaming demand.

($1 = 0.8650 euros)

Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar

Pets end up in LA shelters after owners detained in immigration raids

Bermuda Broadcasting Newsdesk
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Pets end up in LA shelters after owners detained in immigration raids

From June 10, the county has taken in 28 animals, 22 of whom are dogs. Eleven dogs and two cats have been placed with homes since then

International News via Reuters:

Los Angeles County has a new task taking care of dogs and cats after their owners were detained or deported in immigration raids that picked up this summer under the Trump administration.

From June 10, the county has taken in 28 animals, 22 of whom are dogs. Eleven dogs and two cats have been placed with homes since then.

In the Downey shelter, two cats come in together in a carrier and some dogs come in boxes and plastic bins. Then they are placed in cages waiting for adoption, and the barking and meowing can get loud.

“The animals have become sort of a victim in this situation because, to no fault of their own, they’re finding themselves in the care centers,” said Christopher Valles, public information officer for the Los Angeles County Department of Animal Care and Control.

“But that’s why it’s important for this message to go out so that to have a family who has an animal, if they think that they’re gonna be in a situation where they may self-deport or be deported or detained, whatever it may be: Get that plan in place so that your animal can be cared for by a close friend or a family member.”

While the dogs and cats wait to be placed in homes, the county will give pets a health check and have them groomed if that is needed, Valles said.

“So the only approach that we changed on how we operate when it comes to the deportation operations in our region is how can we better assist the community, because this is something that we have never seen before,” Valles said.

Valles gives advice to families that believe they might be detained or deported.

“During these challenging times, with the deportation operations that are going on, we are monitoring it closely, but have a plan. Create a bio for your dog, reach out to your neighbor, your family, who can be an alternative to surrendering your pet at the care center,” Valles said.

“We know these are challenging times, but if we can keep that animal with the owner or with the family or out of the care center, that’s our goal.”

Reporting by Jorge Garcia in Lancaster and Mike Blake in Downey; Writing by Mary Milliken; Editing by Andrea Ricci

British equities recover from Friday’s selloff as banks rally

Bermuda Broadcasting Newsdesk
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British equities recover from Friday’s selloff as banks rally

The domestically focused midcap FTSE 250 gained 0.6%

International News via Reuters:

Bank shares led British equities higher on Monday, rebounding from a sharp selloff on Friday, while investors looked ahead to the prospect of interest rate cuts by the Bank of England later this week.

The blue-chip FTSE 100 rose 0.5% as of 0925 GMT, after logging its biggest percentage drop in almost four months on Friday.

The domestically focused midcap FTSE 250 gained 0.6%.

Shares in British banks surged 2.1% on Monday after the UK’s Supreme Court overturned a ruling on motor finance commissions, easing fears of a redress scheme that some analysts had warned could cost tens of billions of pounds.

Lloyds Banking Group shares jumped 7.4%, on track for its biggest daily gain in over nine years.

Close Brothers surged nearly 20%, while Barclays rose 2.3%.

Aerospace and defence gained 2.2%.

Rolls-Royce and BAE Systems were among the top gainers in the FTSE 100, up 2.7% and 1.8%, respectively.

BP rose 1.3% after the energy heavyweight said it has made its largest oil and gas discovery in 25 years in Brazil’s Santos basin.

Conversely, Convatec Group fell nearly 2% after the British medical equipment maker said CEO Karim Bitar would take a medical leave of absence.

Auction Technology Group’s plunged 19.6% and was the top loser on the FTSE 250, after the online auction operator cut its annual profit margin forecast.

On the radar this week, the Bank of England is widely expected to cut its key interest rate to 4% from 4.25% on Thursday and to lower it once more before the end of the year, despite consumer price inflation rising to close to double the central bank’s 2% target in June.

Meanwhile, a sharp downward revision to past U.S. jobs data on Friday, followed by President Donald Trump’s decision to fire the head of Labor Statistics added an extra layer of nervousness among investors over the credibility of U.S. economic data.

Reporting by Sanchayaita Roy in Bengaluru; Editing by Vijay Kishore

Italian regulator hits Shein with 1 million euro greenwashing fine

Bermuda Broadcasting Newsdesk
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Italian regulator hits Shein with 1 million euro greenwashing fine

It is Shein’s second financial sanction by a European competition authority in little more than a month

International News via Reuters:

Italy’s competition authority (AGCM) imposed a 1 million euro ($1.16 million) fine on China-founded online fast fashion retailer Shein on Monday for misleading customers about the environmental impact of its products.

It is Shein’s second financial sanction by a European competition authority in little more than a month, after France fined the company 40 million euros on July 3 over fake discounts and misleading environmental claims.

The Italian fine was imposed on Infinite Styles Services Co. Limited, a Dublin-based company that operates Shein’s website in Europe, following an investigation by AGCM launched last September.

In a statement, Shein said it has cooperated fully with AGCM and took immediate action to address the concerns raised.

AGCM said the environmental sustainability and social responsibility messages on Shein’s website “were sometimes vague, generic, and/or overly emphatic, and in other cases omitted and misleading.”

Shein’s claims on circular system design and product recyclability “were found to be false or at the very least confusing”, and the green credentials of its ‘evoluSHEIN by design’ collection were overstated, the regulator said.

Shein promotes the ‘evoluSHEIN by design’ collection as clothes made using more sustainable and responsible manufacturing.

AGCM said consumers could be misled to think that the collection was made with materials that are fully recyclable, “a fact that, considering the fibres used and currently existing recycling systems, is untrue”.

Shein, in its statement, said: “We have strengthened our internal review processes and improved our website to ensure that all environmental claims are clear, verifiable, and compliant with regulations.”

AGCM also took issue with Shein’s “vague and generic” commitments to cut greenhouse emissions by 25% by 2030 and to net zero by 2050, noting that Shein’s emissions increased in 2023 and 2024.

The Italian regulator said its overall assessment was influenced by an “increased duty of care” falling on Shein, “because it operates in a highly polluting sector and with highly polluting methods”.

AGCM is in charge of consumer protection as well as competition.

($1 = 0.8642 euros)

Reporting by Alvise Armellini, additional reporting by Helen Reid in London, editing by Cristina Carlevaro and Susan Fenton

Oil falls as OPEC+ proceeds with September output hike

Bermuda Broadcasting Newsdesk
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Oil falls as OPEC+ proceeds with September output hike

The move, in line with market expectations, marks a full and early reversal of OPEC+’s largest tranche of output cuts

International News via Reuters:

Oil prices dropped on Monday after OPEC+ agreed to another large output hike in September, though traders remained wary of further sanctions on Russia.

Brent crude futures fell 85 cents, or 1.2%, to $68.82 a barrel by 0846 GMT, and U.S. West Texas Intermediate crude declined 82 cents, or 1.2%, to $66.51 a barrel. Both contracts closed about $2 lower on Friday.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share.

The move, in line with market expectations, marks a full and early reversal of OPEC+’s largest tranche of output cuts, amounting to about 2.5 million bpd, or about 2.4% of world demand.

Analysts at Goldman Sachs expect that the actual increase in supply from the eight OPEC+ countries that have raised output since March will be 1.7 million bpd, because other members of the group have cut output after previously overproducing.

Investors also continued to digest the impact of the latest U.S. tariffs on exports from dozens of trading partners.

Still, investors remain wary of further U.S. sanctions on Russia, as Trump has threatened to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine.

“In the medium term, oil prices will be shaped by a mix of tariffs and geopolitics. Any price jump triggered by energy sanctions is expected to be ephemeral,” PVM analyst Tamas Varga said.

At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said on Friday and LSEG trade flows showed.

This puts about 1.7 million bpd of crude supply at risk if Indian refiners stop buying Russian oil, ING analysts said in a note.

However, two Indian government sources told Reuters on Saturday the country will keep purchasing oil from Russia despite Trump’s threats.

Reporting by Enes Tunagur and Florence Tan; Editing by Jamie Freed, Tom Hogue and Emelia Sithole-Matarise

British bank shares jump after Supreme Court ruling on car loan claims

Bermuda Broadcasting Newsdesk
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British bank shares jump after Supreme Court ruling on car loan claims

Britain’s Financial Conduct Authority (FCA) said on Sunday it would consult on a redress scheme for motorists claiming to have been overcharged

International News via Reuters:

Shares in British lenders surged on Monday after a Supreme Court ruling on motor finance claims last week went largely in their favour, although it still left banks facing billions of pounds of potential compensation claims collectively.

Lloyds Banking Group shares jumped 7%, on track for its biggest daily gain in three years, while specialist Close Brothers’ stock was up 21%.

Barclays, a smaller player in the market, gained 2.3%, while Bank of Ireland and Santander – both exposed through their UK arms, gained 3% and 2.3% respectively.

Britain’s Financial Conduct Authority (FCA) said on Sunday it would consult on a redress scheme for motorists claiming to have been overcharged, estimating the total bill could hit between 9 billion and 18 billion pounds ($12-24 billion).

However, that cost is likely to be substantially lower than analysts’ early estimates of more than 30 billion pounds, after the Supreme Court on Friday overturned an earlier Court of Appeal judgment that had widened the scope of valid claims.

Banking analysts at RBC said they expected the cost to come in at 11.5 billion pounds, leaving several banks under-provisioned and potentially needing to set aside more cash, but less than the market had expected.

Lloyds said on Monday it would keep under review its 1.2 billion pound ($1.6 billion) provision for motor finance claims, and that any change was “unlikely to be material.”

Close Brothers, which had previously set aside 165 million pounds, made no mention of its provision on Monday but said it would engage with the FCA on its consultation.

South African bank FirstRand, which mounted the Supreme Court appeal alongside Close Brothers, said it may need to update its own provision following the judgment.

“(The judgment) has taken the worst case scenario off the table,” said Gary Greenwood, analyst at Shore Capital.

He said lenders would likely still face some claims if consumers could prove they had been treated unfairly.

Lloyds, Close Brothers, Barclays, Santander and Bank of Ireland had previously set aside nearly 2 billion pounds between them.

“We expect this move to accelerate M&A activity due to some lenders having decreased risk appetite but also because of (some) unused provision amounts,” said Hyder Jumabhoy, partner at law firm White & Case.

The FCA said on Sunday it would launch a consultation on its redress scheme by early October. Car loans dating back to 2007 would possibly qualify for redress.

($1 = 0.7534 pounds)

Reporting by Iain Withers, Additional reporting by Charlie Conchie and Danilo Masoni; Editing by Kirsten Donovan and Bernadette Baum

Key Asian fuel exporters boost jet fuel sales to Europe in July, sources say

Bermuda Broadcasting Newsdesk
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Key Asian fuel exporters boost jet fuel sales to Europe in July, sources say

The Asian exporters are set to ship 600,000-775,000 metric tons (4.728-6.107 million barrels) of the aviation fuel to Europe this month

International News via Reuters:

Jet fuel exports from South Korea, China and Southeast Asia to Europe likely hit a multi-year high in July as traders shipped out excess regional supply to cash in on higher European prices, according to shiptracking data and industry sources.

The Asian exporters are set to ship 600,000-775,000 metric tons (4.728-6.107 million barrels) of the aviation fuel to Europe this month, data from Vortexa, three trade and shipping sources showed, mostly from China and South Korea.

Vortexa puts the volume at nearly a three-year high while trade sources said it’s the highest in five years.

Last month, northeast Asian exports to Europe were at nearly 500,000 tons.

Elevated exports to the west will continue to ease Asia’s supply glut and limit regional price weakness here.

“The arbitrage economics has been favourable till mid-July,” said Vortexa’s head of APAC analysis Ivan Mathews, although he expects exports to ease in August as arbitrage margins have narrowed.

Physical jet fuel prices in Northwest Europe were on average $65 per ton higher than in Asia, compared with $50 per ton last month, LSEG data showed.

Meanwhile, the cost to ship 90,000 tons of jet fuel on LR2 tankers fell to an average $3.75 million in July from $4.4 million in June, data from shipbroker SSY showed, after the Iran-Israel conflict ended.

In Europe, the average number of daily flights for July so far is up 4% year-on-year and 1% higher than 2019 levels, data from Eurocontrol showed, underscoring robust demand.

Stockpiles of aviation fuel independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were at 745,000 tons last week, the lowest since February this year, data from Dutch consultancy Insights Global showed.

That level is below this year’s average at 846,000 tons and 2024 weekly average of 881,000 tons.

Robust exports from China also helped. The world’s top refiner is expected to ship out more than 2.3 million tons of aviation fuel for August, similar to July, industry estimates showed.

China’s overall jet fuel and kerosene exports should remain elevated in the coming months as its top refiner Sinopec is increasing output while demand from domestic flights is plateauing, analysts from consultancy FGE said in a note.

Jet fuel exports remained the most profitable for Chinese refiners compared with other products, two China-based trade sources said.

Reporting by Trixie Yap; Editing by Florence Tan and Ronojoy Mazumdar

Sterling advances against dollar, euro ahead of BoE policy announcement

Bermuda Broadcasting Newsdesk
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Sterling advances against dollar, euro ahead of BoE policy announcement

The pound was last at $1.3306 against the dollar, up 0.2% after a 0.6% gain on Friday

International News via Reuters:

The British pound climbed against the dollar on Monday, adding to gains from Friday as the U.S. currency dropped following a weak U.S. jobs report, with the focus on the Bank of England’s impending policy announcement later this week.

The pound was last at $1.3306 against the dollar, up 0.2% after a 0.6% gain on Friday.

But the currency slid 3.8% last month, its biggest monthly drop since September 2022, on concerns over Britain’s fiscal position and softening economic data.

“Narratives are often hard to shake and the mood music around GBP has been glum for some time,” said Kamal Sharma, senior FX strategist at Bank of America.

The pound was last up 0.3% at 87 pence per euro. It fell to 87.69 pence last week, its weakest against the single currency since May 2023.

Sharma believes the pound will strengthen into year-end against the euro as he expects euro area data to soften, prompting more rate cuts from the European Central Bank.

Danske Bank FX strategist Mohamad Al-Saraf held a more bearish view on the pound, expecting the currency to fall to 89 pence per euro in 12 months.

“We think the British economy has shown more pronounced signs of weakness, particularly the labour market,” Al-Saraf said.

“The relative growth outlook between the UK and the euro area are becoming pound negative.”

Attention was turning to the BoE policy announcement on Thursday, with markets pricing in around a 90% chance of a quarter-point rate cut. Traders are pricing in 50 basis points of easing by year-end.

With a rate cut almost fully priced, focus for currency traders will be on the outlook for interest rates and whether the central bank could slow the pace at which it shrinks its holdings of government bonds, known as quantitative tightening.

“There could be a positive surprise for sterling were the BoE to announce that a lower pace of quantitative tightening … was accompanied by fewer sales of longer-dated Gilts,” said ING head of research Chris Turner.

Reporting by Samuel Indyk; Editing by Bernadette Baum

Pope Leo exhorts crowd of million Catholic youth to spread their faith

Bermuda Broadcasting Newsdesk
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Pope Leo exhorts crowd of million Catholic youth to spread their faith

Many of the youths attending the event spent the night outside in the field, to be ready for the pope’s arrival at 7:45 a.m. (0545 GMT)

International News via Reuters:

Pope Leo celebrated the largest event yet of his nearly three-month tenure on Sunday, encouraging a crowd of more than a million Catholic young people gathered in a field on the outskirts of Rome to spread their faith.

Amid shouts of “Viva il Papa” (Long live the Pope) from young people dressed in colourful t-shirts and waving national flags at the Tor Vergata field, Leo led a Mass that capped a special week of events meant to energise Catholic youth.

“Dear young people … spread your enthusiasm and the witness of your faith to everyone you meet,” the pope said during his sermon for the event.

Leo also lamented the ongoing wars in Gaza and Ukraine in an appeal at the end of the Mass, and called on the youths to help create a better world.

“We are with the young people of Gaza, we are with the young people of Ukraine,” the pontiff said.

“My young brothers and sisters, you are the sign that a different world is possible,” he said. “A world of fraternity and friendship, where conflicts are not resolved with weapons but with dialogue.”

Many of the youths attending the event spent the night outside in the field, to be ready for the pope’s arrival at 7:45 a.m. (0545 GMT) in advance of heat expected to reach 30 degrees Celsius (86 degrees Fahrenheit) later on Sunday.

“It’s amazing to see just how big the world church is, and how many people are here … and (are) on fire to see the pope,” said Rita Piendl, 19, who came from Germany.

“We want to truly spread hope and love to the world and we really want to make a difference for the better.”

The Catholic Church, which numbers more than 1.4 billion members globally, has grown slightly in recent years but has experienced sliding adherence in Europe.

Sunday’s Mass was part of a week-long series of events in Rome for Catholic youth, tied to the ongoing Catholic Holy Year.

Leo, the first U.S.-born pope, was elected on May 8 by the world’s cardinals to replace the late Pope Francis.

Reporting by Joshua McElwee; Additional reporting by Veronica Altimari and Roberto Mignucci;Editing by Helen Popper

UK threatens jail for people smugglers who advertise on social media

Bermuda Broadcasting Newsdesk
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UK threatens jail for people smugglers who advertise on social media

Analysis by the Interior Ministry showed around 80% of migrants arriving on small boats had used social media during their journey to find or communicate with people smugglers

International News via Reuters:

People smugglers who use social media to promote their services to migrants seeking to enter Britain illegally could face five years in prison under plans announced by the government.

Prime Minister Keir Starmer’s Labour government is under huge political and public pressure to cut the number of migrants arriving illegally in small boats from France. More than 25,000 people have made the crossing so far this year.

Analysis by the Interior Ministry showed around 80% of migrants arriving on small boats had used social media during their journey to find or communicate with people smugglers.

Under a new offence, which will be added to legislation already passing through parliament, individuals who post online to advertise services that facilitate a breach of immigration laws will face fines and prison sentences of up to five years.

It is already an offence to facilitate illegal immigration to Britain, but the government said its latest plan would give law enforcement agencies another option to disrupt the criminal gangs that profit from organising the crossings.

Last month, the government launched a new sanctions regime allowing it to freeze assets, impose travel bans and block access to the country’s financial system for individuals and entities involved in enabling irregular migration.

Reporting by William James; Editing by Lincoln Feast.

Financial risks probed at top-level roundtable

Bermuda Broadcasting Newsdesk
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Financial risks probed at top-level roundtable

BMA hosts meeting exploring geopolitical and cyber risks, with the aim of bolstering Bermuda’s resilience

Stock photo

Government press release:
The Financial Policy Council (FPC) held its twenty ninth meeting on 24 July 2025.  All FPC Members participated in the meeting in person at the Bermuda Monetary Authority.
The meeting hosted the First Roundtable with the Bermuda-based international commercial property and casualty insurance sector, which benefitted from the participation of senior members of Bermuda International Association of Bermuda Insurers and Reinsurers (ABIR), the formal association representing the sector in Bermuda.
The purpose of the Roundtables is to address specific sectoral risks and opportunities facing Bermuda in a complex and fast-moving international context, and to foster mutual understanding on issues of concern to both insurers and government.
At the Roundtable, participants discussed a wide range of matters, including the role played by Bermuda-based insurers in addressing the protection gap in both developed and emerging economies, developments in critical lines of business like cyber risk and political risk cover and the expected impact of new technologies.
The Roundtable also discussed how the uncertainties emerging from the current geopolitical environment affect the sector. ABIR and FPC members agreed on the value of maintaining open and fluid dialogue and looked forward to holding more Roundtables in the future.
FPC members discussed the island-wide impact of the current geopolitical environment, examining potential financial stability risks faced by Bermuda, and focusing on strengthening the overall island’s resilience.
FPC Members also discussed recent regulatory and supervisory developments in Bermuda’s international (re)insurance sector. FPC members assessed the impact of recent enhancements to Bermuda’s framework for life reinsurers, including the current sector-wide stress test exercise being carried out by BMA. Members examined the role played by Bermuda-based long-term insurers in addressing the protection gap brought about by demographic and socio-economic developments, as well as the risks faced by the sector in the current uncertain economic and geopolitical environment.
FPC Members also addressed Bermuda’s plans for crisis management, recovery and resolution in the banking and insurance sectors. Particular attention was paid to strengthening collaboration and coordination among key stakeholders in this regard i.e. Ministry of Finance, BMA and Bermuda Deposit Insurance Corporation (BDIC). FPC Members’ advice included ensuring effective preparedness in order to move quickly to contain a crisis.
FPC Members reviewed key risks to Bermuda’s financial stability. They discussed a wide range of issues, including recent developments in the area of international tax.
The next formal meeting of the FPC, its 30th, is scheduled to take place on Thursday 4th December 2025.

About the FPC:
The FPC is an advisory body supported by the Ministry of Finance and the BMA. FPC’s role is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats. FPC also advises the Government on the development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial well-being of the country. FPC was established under a Memorandum of Understanding (MoU) between the Ministry of Finance and the BMA, signed by the Minister of Finance and the CEO of the BMA in August 2015. The MoU was revised in 2017 and in 2024. Since its first meeting in December 2015, the FPC has been meeting three to five times per year.
Under the MoU, the Ministry of Finance and the BMA are responsible for appointing FPC members. Current members of FPC are: ex officio the Minister of Finance Hon. David Burt (Chair), Craig Swan [CEO of BMA] and Chidozie Ofoego [Financial Secretary]. External members are Jill May (Deputy Chair), Dame Amelia Fawcett, Stephen Catlin, Gil Tucker, and DeLisle Worrell.
Deputy Chair Jill May is a former member of the Prudential Regulation Committee of the Bank of England, and a former non-executive director (NED) of the UK Competition and Markets Authority (CMA). She is a Council member of the Duchy of Lancaster, responsible for historic estates of the King of England. Jill has also served as NED on Boards including Alpha FMC, Ruffer Investment Company and Sirius Real Estate. Jill was honoured with the British Empire Medal in 2019 for her services to Cancer Research UK.
Dame Amelia Fawcett has over 30 years of experience in the banking industry and has been Chair of Kinnevik AB since 2018, Chair of the Standards Board for Alternative Investments since 2011 and is the Lead Independent Director for State Street Corporation. Stephen Catlin has an extensive career in the global insurance industry spanning for over 50 years. He is currently Executive Chair of Convex and held executive positions in XL and Catlin among others. Stephen served as Chairman of the Lloyd’s Market Association and as Visiting Fellow at the Oxford University Centre for Corporate Reputation. Gil Tucker is a chartered accountant who worked at accounting firm Ernst & Young for 35 years, latterly as Bermuda Managing Partner and is currently on the Board of HSBC Bermuda. Dr DeLisle Worrell is a former Governor of the Central Bank of Barbados, and now a member of the Bretton Woods Committee. Dr Worrell also worked with the International Monetary Fund, focusing on monetary policy, financial stability and stress testing 

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