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How did NewPrinces grow from a small milk business to buying Carrefour Italy

Bermuda Broadcasting Newsdesk
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How did NewPrinces grow from a small milk business to buying Carrefour Italy

Its main markets are the United Kingdom, Italy and Germany

International News via Reuters:

Carrefour, Europe’s biggest food retailer, has agreed to sell its Italian business to local company NewPrinces.

WHAT DOES NEWPRINCES DO?

NewPrinces, formerly known as Newlat, manufactures products such as pasta, milk, bakery and dairy products, and canned foods.

They are sold under NewPrinces’ own brands, such as Giglio and Delverde, or produced for third parties and the private label market.

Its main markets are the United Kingdom, Italy and Germany.

HOW DID IT GROW?

The company was founded by Italian entrepreneur Angelo Mastrolia, who started out with a small milk business in the southern city of Salerno.

It has grown mainly through acquisitions, often buying troubled assets from large multinational groups.

The initial jump in size came with the acquisition of Newlat from bankrupt Italian food and dairy group Parmalat for a token 1 euro.

In 2019 it listed in Milan. Less than a year later it bought Italian dairy group Centrale del Latte d’Italia.

The next big jump was last year’s acquisition of UK food company Princes from Mitsubishi for 700 million pounds ($941 million), which led to a rebranding of the group as NewPrinces.

Earlier this year, it reached an agreement to buy a plant in northern Italy from spirits group Diageo.

This month, NewPrinces agreed to buy Kraft Heinz’s Italian infant and speciality businesses, including the Plasmon brand, for an enterprise value of 120 million euros.

The company has plans for more acquisitions and a potential UK listing of its food manufacturing division, though analysts have raised concerns about its debt levels and the challenges of integrating the different businesses.

WHO OWNS NEWPRINCES?

Angelo Mastrolia controls the company with a 68% of voting rights, according to Italian market watchdog Consob’s website.

Angelo’s son Giuseppe Mastrolia is chief executive and his daughter Benedetta is head of investor relations.

HOW BIG IS IT?

The Princes acquisition lifted 2024 group revenue to 2.8 billion euros, from 793 million euros in 2023, for an adjusted core profit of 195 million euros.

Carrefour Italia, which counts 1,027 stores in Italy, reported net sales of 3.74 billion euros last year, according to slides published on the NewPrinces website.

NewPrinces management expects the group to surpass 7 billion euros in revenue by the end of 2026.

($1 = 0.7442 pounds)

Reporting by Elisa Anzolin. Editing by Valentina Za and Mark Potter

Marley Fragrance Now Available at Brown & Co

Kendal Trott
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Marley Fragrance Now Available at Brown & Co

It’s a scent that carries the soul of a legend — and now, made it way to store shelves in Bermuda.The Marley Fragrance, inspired by the life and spirit of reggae music legend Bob Marley, has officially launched exclusively at Brown & Co. Kendal Trott spoke with Nicole Warren, General Manager of Brown & Co, to find out why bringing this fragrance to Bermuda carries a deeper meaning.

So how did this scent make its way to the shores of Bermuda? To understand the story behind the fragrance and the unique partnership that made this possible, we spoke with Itay I Mizrahi, Director of Operations at IMH Fragrances.

Cruise giant eyes Daniel’s Head for potential redevelopment

Alisa Bernardo
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Cruise giant eyes Daniel’s Head for potential redevelopment

Government pledges public consultation as NCLH explores vision for the long-vacant site

The site of a defunct west-end resort could soon see new life under a potential partnership with Norwegian Cruise Line Holdings.

The government says any development at Daniel’s Head must benefit Bermudians – and the public will have a say.

WATCH the full report above.

Opinion: Supporting Bermudians with cancer – every step of the way 

Bermuda Broadcasting Newsdesk
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Opinion: Supporting Bermudians with cancer – every step of the way 

NAB Third Sector Spotlight: P.A.L.S.

Images supplied

By Colleen English DeGrilla, Executive Director, P.A.L.S. Cancer Care 

Walking into the office of P.A.L.S. is like a hug. 

For many cancer patients in Bermuda, it’s the warm embrace they need – not just at the end of life but from the very beginning of their diagnosis. For more than four decades, P.A.L.S. has been known for its compassionate end-of-life care. But today, thanks to advancements in treatment and a growing focus on wellness, our message is a little different: cancer care is about helping people live well – physically and emotionally – throughout their cancer journey. 

P.A.L.S. was founded in 1980 by nursing volunteers and has grown into Bermuda’s leading home-based cancer care organisation. Our mission is to provide personalised care in a home setting, free of charge, from diagnosis through end-of-life. We believe everyone deserves access to high-quality cancer care, regardless of age, income, or background. 

Our services include skilled nursing care, psychosocial support, pain and symptom management, medical equipment loans, counselling, financial assistance in some cases and bereavement support. Last year, we supported over 400 cancer patients and their families with services delivered island-wide. In 2024, our clinical team made over 4000 patient visits. We are proud to partner with Bermuda Cancer and Health Centre, Bermuda Hospitals Board, and other healthcare providers to ensure patients experience coordinated care. 

A unique feature of our approach is early intervention. By encouraging referrals at the time of diagnosis – not just at end-of-life – we can provide care that eases physical discomfort, reduces anxiety, and empowers families. Patients and families have consistently shared that P.A.L.S. care “significantly reduces stress,” “increases their peace of mind,” and “allows families to focus on quality time together.” 

This kind of impact is only possible through the power of community. P.A.L.S. relies on the generosity of donors, corporate sponsors, and volunteers to sustain our services. Our annual budget is approximately $2.3 million, all of which comes from you – the community. 

In the long run, we envision a wellness centre – a dedicated space to support living well with cancer. This centre would offer holistic programmes that address emotional well-being, nutrition, physical therapy, peer support, and survivorship. Our goal is to shift Bermuda’s approach to cancer care from isolated treatments to community-centred, continuous support, improving the quality of life for patients and families alike. 

If you or someone you know is living with cancer, we encourage you to contact us early – the sooner a patient is referred, the more we can improve their quality of life. P.A.L.S. is here to walk alongside you from day one through every chapter of the journey. 

If you are looking for a way to make a difference, we welcome your support. Volunteer. Donate. Partner. Spread the word. Help us ensure that no one in Bermuda faces cancer alone. 

Because when you walk through our door, you don’t just get a hug—you get the care and support you need. 

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

Nonprofit Alliance launches new web resource

Bermuda Broadcasting Newsdesk
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Nonprofit Alliance launches new web resource

It aims to support Bermuda’s nonprofit and social service sectors in pursuing national accreditation or certification

Press release:

The Nonprofit Alliance of Bermuda (NAB) is proud to announce the launch of a new, dedicated section of its website to support Bermuda’s nonprofit and social service sectors in pursuing national accreditation or certification.

This new web resource is designed to guide organisations through every stage of the review process – whether exploring designation, preparing for it, or maintaining accreditation/certification. Visitors will now find curated web pages including:

  • Why Pursue A Designation
  • The Process
  • Certification
  • Accreditation
  • Accreditation Standards and Checklists
  • Certification Standards and Checklists
  • Donor toolkit

Nonprofit Alliance Executive Director Dr Nicola Paugh stated, “we are thrilled with the launch of the new section of our website to bring clear, easy to understand information on the accreditation and certification process. We encourage nonprofits to explore these resources, as well as prospective donors.” NAB’s Accreditation and Certification services will be overseen by NAB’s new Director of Operations, Dr. Aria Bean.

Submit Your Expression of Interest

Organisations whose Boards have reviewed the appropriate standards and confirmed their intent to pursue a designation can now submit an online Expression of Interest. This form includes a readiness checklist to assess preparation levels. Once an organisation’s cohort placement is confirmed, they will be listed as having BNSC Pipeline Status, which may be shared with funders and other stakeholders. For more information and to access the Expression of Interest form, visit: BNSC Accreditation and Certification

BNSC History

Founded in 2005, BNSC began as a collaborative effort among the government, nonprofits, donors and community members dedicated to upholding internationally recognised standards providing certification and accreditation based on the Bermuda National Standards of Excellence, through a partnership with the US Council on Accreditation, to assess and designate internationally recognised standards of excellence. In April 2025, the management of the BNSC certification and accreditation process transitioned to the Nonprofit Alliance of Bermuda.

About the Nonprofit Alliance of Bermuda

The Nonprofit Alliance of Bermuda strengthens and unifies nonprofits to meet the needs of Bermuda’s communities. Through training, collaboration, and advocacy, the Alliance works to ensure a just, equitable and thriving Bermuda with a strong and connected nonprofit sector.

EU, US could reach framework trade deal this weekend, EU officials say

Bermuda Broadcasting Newsdesk
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EU, US could reach framework trade deal this weekend, EU officials say

The deal would likely include a 15% baseline tariff on all EU goods entering the United States and probably a 50% tariff on European steel and aluminium

International News via Reuters:

The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said on Friday.

The deal would likely include a 15% baseline tariff on all EU goods entering the United States and probably a 50% tariff on European steel and aluminium, the officials and diplomats said.

U.S. President Donald Trump on Friday said there was a 50-50 chance or perhaps less that the United States would reach a trade agreement with the European Union, adding that Brussels wanted to “make a deal very badly”.

One of the sources said a weekend deal seemed likely as the “agreement is basically in the hands of Trump now.”

A source familiar with the negotiations said there was a “good chance” European Commission President Ursula von der Leyen would meet Trump in Scotland over the weekend.

A spokesperson for the Commission did not respond to multiple requests for comment on a possible meeting.

Trump will visit his golf course on Scotland’s west coast and is set to meet British Prime Minister Keir Starmer on Monday.

Combining goods, services and investment, the EU and the United States are each other’s largest trading partners by far. The American Chamber of Commerce to the EU warned in March that any conflict jeopardised $9.5 trillion of business in the world’s most important commercial relationship.

The EU is facing U.S. tariffs on more than 70% of its exports – 50% on steel and aluminium, 25% on cars and car parts and a 10% levy on most other EU goods, which U.S. President Donald Trump has said he would hike to 30% on August 1, a level EU officials said would wipe out whole chunks of transatlantic commerce.

Further tariffs on copper and pharmaceuticals are looming.

The EU has prepared countermeasures that could enter into force on August 7 in the event that talks collapse.

Reporting by Julia Payne and Jan Strupczewski; Editing by David Holmes

Wall Street, dollar firms ahead of a big week for market risk

Bermuda Broadcasting Newsdesk
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Wall Street, dollar firms ahead of a big week for market risk

All three indexes were modestly green in early trading, and were on course for weekly gains

International News via Reuters:

Wall Street and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and U.S. President Donald Trump’s August 1 deadline for negotiating trade deals. 

“Some deals will be done and talks will continue, and Trump may push out the deadline further,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. “Trump’s process is to shock and then be reasonable in terms of tariffs.”

All three indexes were modestly green in early trading, and were on course for weekly gains. 

Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal.

With Trump’s negotiating deadline just a week away, the U.S. and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday.

Intel’s shares INTC.O dropped 8.8% after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the U.S. and Europe.

More than a third of the companies in the S&P 500 have posted results, 80% of which have beaten estimates, according to LSEG data.

Analysts now expect year-on-year second-quarter earnings growth of 7.7%, compared with the 5.8% estimate as of July 1. 

Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks – Amazon, Apple, Meta and Microsoft are on next week’s earnings docket, and market participants will scrutinize the companies’ conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance.

U.S. economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks.

The Fed is expected to convene next week for its two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25% to 4.50% range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates.

“I don’t expect Powell to change what he does, nor should he,” Ghriskey added. “The idea of lower interest rates should scare us because Fed has had this huge job of bringing down inflation, and to ease rates at this point is clearly going to be inflationary.”

The Dow Jones Industrial Average rose 113.54 points, or 0.25%, to 44,806.30, the S&P 500 rose 16.19 points, or 0.26%, to 6,379.67 and the Nasdaq Composite rose 44.40 points, or 0.21%, to 21,102.36.

European shares gave back some of the previous session’s gains as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. 

MSCI’s gauge of stocks across the globe  fell 1.01 points, or 0.11%, to 940.34.

The pan-European STOXX 600 index fell 0.29%, while Europe’s broad FTSEurofirst 300 index fell 5.34 points, or 0.24%.

Emerging market stocks  fell 10.36 points, or 0.82%, to 1,256.93. MSCI’s broadest index of Asia-Pacific shares outside Japan closed lower by 0.95%,  to 661.07, while Japan’s Nikkei  fell 370.11 points, or 0.88%, to 41,456.23.

U.S. Treasury yields drifted higher in a subdued trading as investors braced for a data-heavy week, updates on U.S. trade talks, and a Federal Reserve policy meeting.

The yield on benchmark U.S. 10-year notes rose 0.2 basis points to 4.41%, from 4.408% late on Thursday.

The 30-year bond yield  rose 0.5 basis points to 4.9543% from 4.949% late on Thursday.

The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 0.6 basis points to 3.919%, from 3.925% late on Thursday.

The dollar gained strength but remained on course for its biggest drop in a month as investors focused on tariff negotiations and central bank meetings on the calendar for next week. 

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.28% to 97.72, with the euro down 0.2% at $1.173.

Against the Japanese yen, the dollar strengthened 0.4% to 147.57.

In cryptocurrencies, bitcoin fell 3.08% to $115,133.22. Ethereum declined 2.63% to $3,641.43.

Oil prices softened as investors mulled the global demand outlook and a potential supply increase from Venezuela.

U.S. crude fell 0.56% to $65.63 a barrel and Brent fell to $68.91 per barrel, down 0.39% on the day. [O/R]

Gold prices dropped in opposition to the firming dollar, amid growing optimism surrounding U.S.-EU trade talks.

Spot gold fell 0.93% to $3,336.52 an ounce. U.S. gold futures fell 0.85% to $3,342.50 an ounce.

Reporting by Stephen Culp; Additional Reporting by Kevin BucklandEditing by Marguerita Choy

U15 boys set for CONCACAF Championship challenge

Bermuda Broadcasting Newsdesk
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U15 boys set for CONCACAF Championship challenge

Football: Team Bermuda to face regional rivals August 2nd to 10th in Aruba

Bermuda’s young footballing talent is preparing for a significant regional test at the 2025 CONCACAF Boys’ Under 15 Championship, running from August 2nd to 10th. This fifth edition features a record 38 CONCACAF nations, plus guest Saudi Arabia, across three host countries.

Matches will be split, with League A in Costa Rica, and Leagues B and C in Aruba and Curacao respectively. The format includes a group stage followed by direct elimination knockout rounds, with each league crowning a champion. Team placement is based on the CONCACAF Men’s Under 17 Ranking.

Bermuda, ranked 12th, has been drawn into League B, Group E. This sets up intriguing clashes against regional rivals Trinidad and Tobago, Barbados, and Antigua and Barbuda. This crucial platform offers Bermuda’s Under 15 squad invaluable international experience and a chance to test their mettle against competitive opposition.

Sarepta fails to win EU backing for muscle disorder gene therapy

Bermuda Broadcasting Newsdesk
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Sarepta fails to win EU backing for muscle disorder gene therapy

The EU committee’s negative opinion for Elevidys is yet another major setback for the company

International News via Reuters:

Sarepta Therapeutics failed to win the European drug regulator’s backing for its muscle disorder gene therapy on Friday, as the company faces intense regulatory scrutiny after two recent patient deaths tied to the treatment.

Shares of the Cambridge, Massachusetts-based company slumped 11%. They have lost 88.8% so far this year.

The EU committee’s negative opinion for Elevidys is yet another major setback for the company, which was directed by the U.S. health regulator earlier this month to stop all shipments of the gene therapy — the only one approved by it for treating Duchenne muscular dystrophy (DMD).

Sarepta had already halted dosing in non-ambulatory patients, meaning those unable to walk independently, and later complied with the U.S. Food and Drug Administration’s request to pause all shipments, along with Roche — its partner outside the U.S.

“While we are disappointed by CHMP’s (Committee for Medicinal Products for Human Use) negative opinion, we understand the urgent need for continued dialogue and collaboration to bring transformative therapies to people with Duchenne,” said Sarepta’s research and development head, Louise Rodino-Klapac.

DMD is primarily seen in males, affecting 1 in 5,000 boys born worldwide. The average life expectancy for someone with the disorder is 22 years.

William Blair analyst Sami Corwin said the fall in Sarepta shares reflected the reduced revenue from potential future milestone and royalty payments from Roche.

“While we believe there is a possibility the pause on Elevidys shipments in the U.S. is lifted before year-end specifically for young and ambulatory patients… the uncertainty will continue to pressure stock.”

Roche said on Friday it would continue its dialogue with the European Medicines Agency to explore a potential path forward to make Elevidys available in the EU.

The benefit-risk profile remains positive in the ambulatory patients, the Swiss drugmaker said.

Sarepta said it continues to work with the FDA in the U.S. to address recent safety concerns related to Elevidys.

Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi Majumdar

AXA wins $908 million UK court ruling against Santander over protection insurance

Bermuda Broadcasting Newsdesk
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AXA wins $908 million UK court ruling against Santander over protection insurance

The dispute between AXA and Santander centred on PPI policies sold before 2005 by GE Capital Bank

International News via Reuters:

French insurer AXA won a London court ruling on Friday worth nearly 675 million pounds ($908 million) against Santander over the mis-selling of payment protection insurance more than two decades ago.

The dispute between AXA and Santander centred on PPI policies sold before 2005 by GE Capital Bank, formerly part of General Electric Co’s GE Capital and which was acquired by Santander in 2009.

AXA sued at London’s High Court in 2021 over losses related to over 650,000 individual customer complaints about PPI policies, one of Britain’s costliest retail financial scandals, with banks paying out around 40 billion pounds in compensation.

The insurer, which inherited liabilities for the policies in its 2015 acquisition of two Genworth units, paid out almost 500 million pounds in redress to consumers and over 70 million pounds relating to complaints, Judge Julia Dias said in Friday’s judgment.

Dias ruled that AXA “has a valid claim for an indemnity” against Santander Insurance Services UK Limited in relation to redress payments and ombudsman fees.

AXA’s lawyers at Quinn Emanuel said the ruling was worth around 675 million pounds, though an AXA spokesperson said it will “only be entitled to a minority of the final amount awarded by the court as Genworth has already reimbursed AXA for a substantial portion of the mis-selling losses”.

Genworth Financial said in a statement that it expected to receive approximately $750 million, depending on the applicable exchange rate.

A Santander spokesperson said in a statement: “We disagree with the outcome and are seeking to appeal.

“We do not expect the net impact of the judgment to be material for Santander given provisions already made and the potential legal actions available.

“No customers have suffered loss as a consequence of the claim brought by AXA France or the judgment, nor does it impact upon past redress paid to customers for PPI complaints.”

Reporting by Sam Tobin; Editing by Emelia Sithole-Matarise

Tennis: Mixed results for U12 teams in Dominican Republic

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Tennis: Mixed results for U12 teams in Dominican Republic

Bermuda’s U12 boys team advances to the semis, girls bow out

Bermuda’s Under 12 Girls’ and Boys’ tennis teams continued their campaigns in the 2025 International Tennis Federation (ITF)/COTECC Sub Region 3 competition in the Dominican Republic, experiencing a day of mixed fortunes against strong regional opponents.

Girls’ Team Battles Hard in Loss to Dominican Republic

In their latest match, the Bermudian Girls’ squad went down 2-1 to the Dominican Republic.

Arianna Parra Delgado, playing in the No.1 Singles spot, faced a tough challenge, falling in straight sets, 6-0, 6-1, to Kyara Khayyat. In the No.2 Singles match, Chloe McBrearty also went down in straight sets, 6-0, 6-1, to Ana Paula Vega.

However, Bermuda refused to be swept. The doubles pairing of Lee Terciera and Chloe McBrearty delivered a thrilling comeback. After losing the first set 7-6 to Vega and Elaine Martinez, they fought back valiantly to level the match by taking the second set 6-4. The Bermudian duo then clinched the decisive third-set tie-breaker 10-5, securing a crucial point for their team.

Boys’ Team Sees Maldonado Advance to Semi-Finals

The Bermudian Boys’ squad, led by captain Evan Heyliger, shifted to a singles event format, with Manuel Maldonado making a strong run to the semi-finals.

Oliver Anderson started well, winning his first-round match in straight sets, 4-1, 4-1, against Michael Almeida from the Dominican Republic. However, Anderson’s journey ended in the Quarter-Finals, where he fell to Francisco Perez from Puerto Rico in a tough three-set tie-breaker, 4-1, 4-5, 10-4.

Manuel Maldonado delivered two commanding performances to reach the semi-finals. He defeated Derek Javier Diclo from the Dominican Republic in straight sets, 4-0, 4-0, in the first round. Maldonado then continued his strong form, winning his Quarter-Final match against Matias Rosario from Puerto Rico in straight sets, 4-0, 4-1.

Trystan Thompson also had a solid start, defeating Jose Ureña from the Dominican Republic in straight sets, 4-0, 4-0, in his first-round match. However, Thompson’s run was halted in the Quarter-Finals, where he went down in straight sets, 4-0, 4-2, to Jose Juan Betancourt from Puerto Rico.

The performances of both the Girls’ and Boys’ teams highlight their competitive spirit and the valuable international experience they are gaining in the Dominican Republic.

Waldron continues winning form at Hoosier Park

Bermuda Broadcasting Newsdesk
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Waldron continues winning form at Hoosier Park

Harness Racing: Bermudian driver Kiwon Waldron back in the winner’s circle in Indiana

Bermudian harness racing driver Kiwon Waldron enjoyed another memorable night at Harrah’s Hoosier Park in Indiana, securing a win and a second-place finish across a busy three-race card.

The highlight came in RACE 10, a Pace Class event, where Waldron expertly guided Firing Onall Fours to victory, clocking a winning time of 1 minute, 54 and two-fifths seconds (1:54&2).

Waldron then competed in RACE 12 in the Trot Class, piloting First Responder to a strong second-place finish with a time of 1 minute, 57 and four-fifths seconds (1:57&4).

In his final outing of the night, RACE 14 in the Pace Class, Waldron and Friendly’s Scooter finished seventh, stopping the clock in 1 minute, 56 and two-fifths seconds (1:56&2).

Waldron’s win and consistent top placings across both Pace and Trot disciplines underscore his growing form and skill on the competitive Indiana circuit.

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