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Opinion: How the Adult Education School is rewriting futures

NAB Third Sector Spotlight: Adult Education School

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By Arlene Brock, Thaao Dill and Tim Smith 

Bermuda’s education story is often told through top-line statistics and global rankings. But beneath the surface, a quieter crisis persists—one where far too many young people are being left behind. 

The numbers speak for themselves. Seventeen per cent of Bermudians aged 25 to 64 have no high school certificate. Among them, unemployment stands at 16%. Just half of senior school students met reading goals last year. Thirty per cent of Black males aged 16 to 30 are at risk of poor literacy and limited life skills. And while our system aims to nurture local talent, only 30% of Bermudians hold university degrees, compared to 52% held by non-Bermudians. These numbers reflect real lives and real potential slipping through the cracks. 

The Adult Education School (AES) exists to change that. 

Founded in 1958, AES provides tuition-free, one-on-one, dignity-centred education for learners aged 16 and up. Some 4,000 alumni are contributing to all sectors of Bermuda. 

After closing during the COVID-19 pandemic, AES reopened in late 2022 with just nine learners. We have grown to over 65 active learners, with another 34 on pause for various reasons, preparing to return when life circumstances allow. 

80% of AES learners are Black, 40% are female and many face diagnosed learning differences or socio-economic challenges. What unites them is the determination to succeed, where traditional public and private schooling fell short the first time. 

AES is about more than academics – it’s about rebuilding confidence and creating momentum. It’s a space where second chances aren’t just given – they’re earned and celebrated. 

In the 2024-25 school year, 24 students earned their GEDs – the equivalent of a high school diploma. Others have also earned industry certifications, secured meaningful employment or won competitive scholarships. Two graduates have already stepped into leadership roles through Rotaract (Rotary Youth Club). 

At the graduation ceremony held on June 12 at Bermuda College, over 100 family members, friends and supporters came to celebrate. Seven of the graduates were in their twenties and returned to education to boost their career prospects. The remaining 17 were teenagers who have flourished after pursuing a path tailored to their needs. 

Since September 2024 AES has enrolled 13 learners in the Bermuda College and another nine are headed here this September. At the graduation, Dr. David Sam, President of Bermuda College, warmly congratulated all graduates and offered his personal support to all AES graduates currently and soon to enroll at the college. 

Educator Beverly Daniels, the keynote speaker, encouraged graduates to reflect on their personal brand—the values, strengths, and identity that define them. 

One of our graduates shared how he had been told repeatedly that high school graduation wasn’t realistic for him. But at AES, he found support, earned his GED, completed a trades certification, and landed a job in his chosen field. Now he’s planning to attend Bermuda College. “At the Adult Education School,” he said, “you’re surrounded by amazing people who will push you to make your dream come true.” 

With the support of over 20 community partnerships, AES learners receive tutoring, career guidance, assessments, and psychosocial support. When people are educated, employed, and empowered – Bermuda thrives. But when they’re left behind, we all feel the cost. AES is part of the solution. But to grow this impact, we need public awareness, policy support, and sustained funding. 

This isn’t charity – it’s an investment in our island. Every learner who gains a credential, secures a job, or finds their voice contributes to a stronger Bermuda. The ripple effects touch families, workplaces, and communities. And while AES provides the framework, it’s the learners who do the work: setting goals, overcoming doubt, and showing up for themselves – and each other – every day. 

We believe Bermuda can be a place where all people, regardless of age or background, have the opportunity to thrive. But that vision requires support. Alternative education programmes like AES deserve recognition, stable funding, and a seat at the policy table. 

Let’s challenge the stigma around non-traditional learning paths. Let’s celebrate resilience and reward effort. Let’s ensure that no one is written off because of where they started. And let’s celebrate second chances. 

Because every learner deserves the opportunity to rewrite their story. With your support, they can. 


This op-ed is part of the Third Sector Spotlight Series, a collective campaign coordinated by the Nonprofit Alliance of Bermuda. The campaign aims to raise awareness of the value, impact, and contributions of Bermuda’s nonprofit sector. 

NAB celebrates accredited and certified nonprofits

High standards of governance, programming and service delivery are being met by many of Bermuda’s nonprofits

Press release:

The Nonprofit Alliance of Bermuda (NAB) proudly recognises then nonprofit and government organisations that are currently accredited and certified under the Bermuda National Standards Committee (BNSC) framework. The BNSC provides certification and accreditation based on the Bermuda National Standards of Excellence, through a partnership with the US Council on Accreditation and the Nonprofit Alliance of Bermuda, to assess and designate internationally validated standards of excellence. This designation highlights an organisation’s commitment to quality, transparency and operational excellence in Bermuda’s social and human services sectors.

Founded in 2005, BNSC began as a collaborative effort among the government, nonprofits, donors and community members dedicated to upholding internationally recognised standards. In April 2025, the management of the BNSC certification and accreditation process transitioned to NAB. As a part of NAB’s roll-out of services, it is highlighting organisations with an existing BNSC designation.

The following organisations are currently BNSC-Accredited, demonstrating alignment with quality standards through a rigorous assessment of their operational, governance and programmatic procedures: Bermuda Diabetes Association, Centre Against Abuse, Child Development Programme, Coalition for the Protection of Children, EAP of Bermuda, Family Centre, Friends of Hospice, P.A.L.S. Bermuda, Packwood Home, The Office of Youth Affairs, and Westmeath, as well as the Department of Child and Family Services’ Counselling & Life Skills Department, Family Preservation Department, Foster Care Department, Happy Valley Child Care Centre, and The Mirrors Programme.

Certified Organisations: The following organisations are currently BNSC-certified, demonstrating full alignment with BNSC’s quality standards through a rigorous assessment of their operational and governance procedures: Age Concern, Bermuda Cancer and Health Centre, Bermuda Sports Anti-Doping Authority, Bermuda Underwater Exploration Institute (BUEI), Raleigh International, Saving Children and Revealing Secrets (SCARS), The Duke of
Edinburgh Award and Nonprofit Alliance of Bermuda. These organisations do not have their programmes and services assessed, just their operational and governance functions.

Nonprofit Alliance Executive Director Dr Nicola Paugh stated, “These achievements demonstrate that high standards of governance, programming and service delivery are being met by many of Bermuda’s nonprofits. We believe it is important to highlight designated organisations, to promote their leadership and commitment to excellence. We encourage others in the nonprofit sector to consider a designation.”

Having a designation is not only about demonstrating high standards and best practices, but it also a valuable tool for the donor community to consider when making funding decisions. CEO and Managing Director of the Bermuda Community Foundation Dr. Myra Virgil stated, “At the Bermuda Foundation, we view the BNSC designation as an essential marker of operational strength and public accountability. It’s a signal to donors that an organisation is invested in doing things better and right. We actively incorporate certification and accreditation into our grant making frameworks—not as a barrier, but in an effort to ensure our support is both responsible and catalytic. We’re thrilled to see the momentum behind the BNSC designations and that nonprofits will be recognised for their
commitment to quality improvement.”

Director of Philanthropy at the Centennial Bermuda Foundation Vivien Carter added , “Of the 20 BNSC-certified organisations we fund, over half have received multi-year grants— proof of our confidence in their sustainability and programme quality. In our 2024 grantee cohort, 30% are BNSC credentialed, and most of them have shown strong outcomes, steady leadership, and solid internal systems. These are key factors in our decision to award longer-term funding partnerships.”

For more information about the BNSC accreditation or certification process, interested organisations can visit BNSC Certification and Accreditation. Organisations can also express interest in the designation process online at Expression of Interest . Donors or corporate giving committees can also view our Accreditation and Certification Toolkit for guidance on how to best use the designation in funding decisions.

EU still expects turbulence in trade relations with US

The EU-U.S. agreement leaves many questions open, including tariff rates on wine and spirits

International News via Reuters:

The European Union still expects turbulence in trade relations with Washington, but it believes it has a good insurance policy thanks to a framework deal that covers most goods it exports to the U.S. by a maximum 15% tariff, an EU official said.

With the new rates set to enter into force in a couple of days, the 27-nation bloc, which is the U.S.’s biggest trading partner, is still waiting for executive orders that would bring down the tariff on some products, including cars and car parts, down to the agreed 15% rate.

A senior EU official said he expected that to happen “very soon”.

“We do expect further turbulence, but we have a clear insurance policy – the 15% tariff across the board. If the U.S. administration does not stick to that, we have the means to react to that,” the official told reporters.

“The situation requires management, we have not solved everything in one go, but we have a solid foundation, we have changed fundamentally the approach with the U.S. Others are in a far worse position,” the official said.

The EU-U.S. agreement leaves many questions open, including tariff rates on wine and spirits.

Talks on a joint statement with the U.S. that will spell out more details are very advanced, with the text broadly ready and the EU waiting for a response from Washington to finalise things, the official said. He declined to give a timeline for its release.

The 15% tariff that European Union goods face when entering the United States is all-inclusive, unlike the deals some other countries have struck with Washington, the EU official said.

For instance, while cheese exported to the U.S. from the EU will face a 15% tariff, UK cheese, once all tariffs are included, will face a tariff of more than 24%, he said.

‘BEST AVAILABLE’

“What we have obtained in our deal is the best available treatment,” the EU official told reporters, while adding that the 27-nation bloc was not celebrating the 15% rate, but that it considered it was a very good deal compared to others.

Tariffs on pharmaceuticals and semiconductors are currently zero, but if they rise as a result of a U.S. probe into imports of those products, they will not exceed the 15% ceiling.

Discussions on steel are taking longer due to the need to address volume-related issues, he said.

The EU is also working to finalise a list of essential products that will be exempt from U.S. tariffs, a process the official said will take some time. The EU is trying to get as many products as possible into the list of tariffs exemption, at a zero-for-zero rate.

The head of France’s wine and spirits exporters federation said he was still hoping for a U.S. tariffs exemption on those products.

“We are 48 hours away from a decision, and we have not lost hope that wines and spirits can be exempted,” Gabriel Picard, head of the FEVS wines and spirits exporters federation, told France Inter radio on Tuesday.

Investor sentiment in the euro zone unexpectedly tumbled in August in one of the first indications that the business community is unimpressed with the EU’s trade deal, a survey showed on Monday.

Meanwhile, German engineering orders fell 5% in June compared with a year earlier, with dips in both domestic and foreign demand reflecting uncertainty caused by the trade tensions, engineering association VDMA said.

France and Germany are among EU countries that have said the bloc had been too weak during trade negotiations with the United States and it should become stronger.

Reporting by Jan Strupczewski, Julia Payne, Sudip Kar-Gupta; Writing by Ingrid Melander; Editing by Alison Williams

Small public companies snap up ether in new crypto gold rush, even as risks linger

Corporate treasuries held at least 966,304 ether tokens on their balance sheets at the end of July

International News via Reuters:

Some companies are favoring ether over bitcoin as an inflation hedge as the cryptocurrency hits a sweet spot between affordability and credibility, while being underpinned by a strong blockchain backbone.

Corporate treasuries held at least 966,304 ether tokens on their balance sheets at the end of July, worth nearly $3.5 billion, according to a Reuters analysis of regulatory filings and disclosures. That compares with just under 116,000 at the end of 2024.

The second-largest cryptocurrency has become the token of choice for those looking for more active returns. Unlike bitcoin, which solely relies on price appreciation, ether can be used in staking, a practice where holders lock up their tokens to support the ethereum network in exchange for rewards.

Staking can offer yields of about 3% to 4%.

“Ether balances growth potential with the legitimacy of a blue-chip asset. It is large enough to be institutional-grade, yet early enough in adoption to benefit from future upside,” said Sam Tabar, CEO of Bit Digital, which has ether on its balance sheet.

The cryptocurrency also powers the ethereum blockchain, which supports a wide range of applications including lending platforms, trading protocols and stablecoins, making it a core component of the crypto financial system.

“Holding ether is more like owning oil, whereas bitcoin is more one-dimensional, like gold. Ether is the foundation of decentralized finance, not just a pure store of value,” said Anthony Georgiades, general partner at VC firm Innovating Capital.

Still, challenges such as regulatory uncertainty and price volatility, which affect the assets’ fair value, continue to hinder adoption.

CAUTION AMID HYPE

After disclosing plans to accumulate ether earlier this year, shares of Peter Thiel-backed BitMine and gaming media network GameSquare jumped as much as 3,679% and 123%, respectively, underscoring how eager investors are to chase crypto-linked momentum.

But analysts have cautioned against unfettered optimism.

“The share price response has the hallmarks of the meme craze,” said Dan Coatsworth, investment analyst at AJ Bell.

The inherent volatility of crypto tokens also makes it a poor fit for boards with a low risk appetite, which could curb ether’s appeal beyond core industry players.

“Most CFOs would not swap liquid cash for ether. It remains a niche tool best left to ‘tech-forward’ treasuries that can tolerate swings and complexity,” said Anuj Karnik, founder and managing director at Straitsberg, a Singapore-based treasury advisory firm.

“Treasury best-practice values liquidity, predictability and regulatory certainty above all. Most corporate leaders view crypto holdings today as experimental ‘alternative’ allocations, not mainstream policy.”

Also, while the Securities and Exchange Commission has softened its stance on staking activities, the regulatory framework around the practice is still evolving.

Key questions include whether rewards should be taxed as income, how to treat locked tokens on balance sheets and whether offering staking services could trigger custodial obligations.

“Every staking reward could be landing in a compliance gray zone,” said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors.

Still, despite the risks, some companies continue to double down, raising capital through share sales or debt offerings to fund their ether purchases.

BitMine sold a $182 million stake to Cathie Wood’s ARK Invest in July. GameSquare CEO Justin Kenna also told Reuters his company might sell stock to invest in ether.

“We’re not in the business of being overly dilutive. But we’ll continue to be opportunistic,” Kenna said.

Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Anil D’Silva

China to waive or reduce tuition fees for pre-school children

The measures came after China unveiled last week a childcare subsidy until the age of three

International News via Reuters:

China will waive tuition fees for children in their final year at public kindergartens, and reduce them for eligible private schools from the next term, the government said on Tuesday, in a phased roll-out of free pre-school education.

The measures came after China unveiled last week a childcare subsidy until the age of three, in an effort to spur a flagging birth rate, as fewer young people choose to have children.

Guidelines from the State Council, or cabinet, said the government would provide subsidies to offset the financial impact of the measures on kindergartens.

It urged local governments to strengthen fund allocation and oversight to ensure kindergartens’ normal operation and prevent wage arrears.

Salaries of public kindergarten teachers should be included in fiscal guarantees to ensure timely and full payment, it added.

High costs of childcare and education, in addition to rising anxieties about jobs, have discouraged many young Chinese from getting married and starting a family.

In 2024, the population fell for a third consecutive year, with experts warning the situation could worsen, after decades of falling birth rates in the wake of a one-child policy enforced from 1980 to 2015, coupled with rapid urbanisation.

Reporting by Ethan Wang and Ryan Woo; Editing by Andrew Heavens and Clarence Fernandez

London stocks rise on strong earnings; eyes on upcoming BoE rate decision

The blue-chip FTSE 100 rose 0.3% as of 0935 GMT, while the domestically focused midcap FTSE 250 gained 0.6%

International News via Reuters:

British equities rose on Tuesday, as investor confidence was lifted by upbeat results from Diageo and Smith+Nephew, while expectations of a Bank of England rate cut later this week added further support.

The blue-chip FTSE 100 rose 0.3% as of 0935 GMT, while the domestically focused midcap FTSE 250 gained 0.6%.

Diageo climbed 6.6% and was among the top gainers in the FTSE 100, after the world’s largest spirits maker forecast stable 2026 sales despite tariff impacts and upped its cost-savings target.

The medical equipment and services subindex led sectoral gains, up 11.1%, reaching its highest since November 2021, after Smith+Nephew’s rise in first-half profit and announcement of a new $500 million share buyback.

The British medical products gained the most in the FTSE 100, up nearly 15%.

BP added 2.6% after the oil giant said it would review assets and costs in order to improve profitability, with second-quarter profit beating expectations.

Fresnillo surged 6% after the miner reported positive first-half results. Precious metal miners rose 2.6% as gold prices hovered near a two-week high. [GOL/]

Travis Perkins was the top gainer on the FTSE 250, rising 7.7%, after the British building materials supplier said it expects to deliver full-year adjusted operating profit, including property gains, broadly in line with market expectations.

Spectris rose 1.9% after the British scientific instruments maker agreed to a £41.75-per-share takeover offer from U.S. private equity firm KKR.

Conversely, Domino’s Pizza Group fell 13.6% after it cut its annual core profit forecast.

Data showed on Tuesday that Britain’s services sector reported the biggest drop in new orders since November 2022 and cut jobs at the fastest pace in six months, adding to the Bank of England’s growth concerns.

The BoE is widely expected to cut interest rates to 4% on Thursday from 4.25%, its fifth cut in the current cycle, though some policymakers may vote to keep rates on hold due to inflation climbing above its 2% target.

Reporting by Sanchayaita Roy in Bengaluru; Editing by Vijay Kishore

Analysis-US companies spending record amounts to protect executives as threats rise

Corporations have doubled the number of plain-clothed security teams outside buildings in New York City

International News via Reuters:

U.S. companies are spending record amounts to keep their executives safe in response to rising threats and the killings of two high-profile corporate officials in separate attacks in Manhattan over the last eight months. 

Corporations have doubled the number of plain-clothed security teams outside buildings in New York City since a shooting last week in which four people were killed, said Glen Kucera, president of the enhanced protection services unit at Allied Universal, a security and facilities services firm.

“It’s unspeakable. I never knew anyone who was murdered,” said Rich Friedman, chairman of Goldman Sachs Asset Management, who previously worked with one of the victims, Blackstone executive Wesley LePatner. Her death shook Wall Street, even though authorities believe her killing was a random event. Police said the shooter was targeting the headquarters of the National Football League, which is housed in the same building in the Midtown area of Manhattan where LePatner worked. The shooter also killed a New York City police officer, building security guard and employee at real estate company Rudin before turning the gun on himself.

The attack was “shocking and hits very close to home,” Citigroup spokesperson Ed Skyler said in a note to employees a day after the July 28 killings in Midtown. “Understandably, yesterday has also left many of us feeling uneasy,” he said, assuring employees that the bank has beefed up security at its Manhattan headquarters over the last year.

Threats against executives “have massively ramped up since 2020,” said Chris Pierson, the CEO of cybersecurity firm BlackCloak. He noted how the man charged with murdering a Minnesota lawmaker and her husband near Minneapolis in June allegedly kept a target list of mostly other politicians and used online people-search services to find their addresses.

Ben Joelson, head of security risk and resilience for the Chertoff Group, a security advisory firm, said threats against executives are higher than at any time in the decade he has worked in the field, with social media posts magnifying complaints against institutional leaders. Artificial intelligence is compounding the problem, leading to an “exponential rise” in realistic phishing attempts, Joelson was cited as saying in a report by research firm Equilar. 

When UnitedHealthcare CEO Brian Thompson was shot to death in New York in December, it seemed to be a very rare “black swan event,” Joelson told Reuters in an interview. But targeted attacks have continued, including the killings in Minnesota and the shooting deaths of two employees of the Israeli embassy in Washington in May. “It’s increasingly acceptable for some bad actors or adversaries to address grievances through violence,” which has led many companies to put a new focus on security, Joelson said.

Matthew Dumpert, global leader of enterprise security risk management at financial and risk advisory firm Kroll, said a lot of existing and new clients reached out last week following the deadly attack in Midtown. 

“Several of the outreaches directly to me have been by the executive committees … whoever owns risk. It’s chief legal officers, admin officers, compliance officers, security officers,” Dumpert said. He added that several clients that had emergency response projects slated to start later this year have asked him to “put those on the front burner. Start immediately, and let’s move forward.”

‘TREND IS UNSURPRISING’     

Median spending on executive security for top officers including chief executives, chief financial officers and others rose 16% to a record $106,530 last year, according to new data from Equilar, which reviewed financial filings for the 500 largest U.S. public companies by revenue.

Security spending includes surveillance and alarm systems for executives’ homes, personal guards and cybersecurity protections. Equilar analysts said the trend is likely to continue as firms grapple with the growing threats to their executives and employees.

The percentage of executives at those companies with such protection rose to 33.8% from 23.3% over the 2020-2024 period, Equilar said. Nearly a third of CEOs in the group, 32.4%, received security services last year, up from 21.9% in 2020; the value of those CEOs’ security perks reached a median $77,976 last year, up from $40,052 in 2020.

Tech companies had the biggest growth in implementing security measures for executives, with a 73.5% jump in those receiving the benefits from 2020 to 2024, but communications companies spent the most, at a median value of $1.2 million a year, Equilar found.

Blue-chip companies such as Walmart, General Motors, American Express, and chipmaker Broadcom, previously disclosed new or increased security expenses from previous years following Thompson’s killing.

“The trend is unsurprising considering the broader concerns about executive safety amid geopolitical instability, increasing cyber threats and the high public visibility of top leadership roles,” Equilar said in its report.

Reporting by Ross Kerber in Boston and Isla Binnie, Lananh Nguyen and Tatiana Bautzer in New York; Editing by Dawn Kopecki and Paul Simao

UK pay body estimates minimum wage will need to rise 4.1% in 2026

Britain’s minimum wage has risen steeply in recent years – increasing by 6.7% in April to 12.21 pounds an hour

International News via Reuters:

Britain’s main minimum wage rate will probably need to rise 4.1% next year to 12.71 pounds ($16.88) an hour to keep up with the government’s goal for it to match two thirds of median earnings, the body which effectively sets the rate said on Tuesday.

Britain’s minimum wage has risen steeply in recent years – increasing by 6.7% in April to 12.21 pounds an hour – and last year it was the second-highest in Europe after France, as a percentage of median earnings, according to OECD data.

Rising wage costs across the whole economy are seen by the Bank of England as one reason why British inflation has been higher than elsewhere in Europe, though it expects pressure to ease as the job market is slowing.

Britain’s minimum wage is set by the government each year based on a recommendation from the Low Pay Commission, a government appointed body that includes representatives from employers, trade unions and academia.

Around 6.5% of British workers receive the minimum wage and a significant number – especially in sectors such as retail, hospitality and cleaning – are paid only slightly more.

Earlier on Tuesday Britain’s government gave guidelines to the commission on the factors it should consider which were little changed from 2024. They include keeping minimum pay no lower than two thirds of the median while taking into account economic competitiveness and employment.

In May, the commission made an initial prediction that the minimum wage for employees aged 21 and over, which the government calls the National Living Wage, would rise by 3.6% next year.

The commission said Tuesday’s higher estimate reflected faster growth in average wages in the past three months and higher expected wage growth over the coming year. The final figure could range between 12.55 pounds and 12.86 pounds an hour, it added.

“Our recommendations are not purely formulaic and we are required to take economic conditions into account, so these figures should be taken as indicative only,” it said.

The central estimate was based on a prediction that annual wage growth for the average worker would slow from 5.1% in May 2025 to 3.9% at the end of this year and 3% by the end of 2026.

The government has also asked the Low Pay Commission to continue to work towards eliminating the lower minimum wage rate paid to workers aged 18-20 – which currently stands at 10 pounds an hour – while avoiding hurting employment in that age group.

($1 = 0.7532 pounds)

Writing by David Milliken; editing by Giles Elgood

Britain fines Neil Woodford, his management firm over $61 million

The parties are appealing the FCA’s decision

International News via Reuters:

Britain’s financial watchdog said it would fine Neil Woodford, a former star stockpicker, and his investment firm nearly 46 million pounds ($61.08 million) over their failure to manage their now collapsed flagship fund.

The Financial Conduct Authority (FCA) said Neil Woodford would be fined 5.9 million pounds and banned from holding senior manager roles and managing funds for retail investors, and Woodford Investment Management 40 million pounds.

The parties are appealing the FCA’s decision.

The FCA said Woodford and Woodford Investment Management made unreasonable and inappropriate investment decisions between July 2018 and June 2019.

The Woodford Equity Investment Fund (WEIF), the flagship fund, was suspended in 2019 following outsized bets on illiquid assets that left it unable to meet investor redemption requests within a stipulated four-day-period.

($1 = 0.7531 pounds)

Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli

Sterling firms against dollar as markets look to BoE rate guidance

The BoE 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

International News via Reuters:

Sterling edged higher against the dollar and fell versus the euro on Tuesday, as traders expect the Bank of England to maintain its rate guidance at this week’s policy meeting.

The BoE 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.

Traders priced in over a 90% chance of an easing move this week and 86 bps of rate cuts by December 2026.

The pound was up 0.05% at $1.3290 against the dollar.

The greenback rose against the euro and the yen, but remained within striking distance of Friday’s lows.

“Given the stagflationary character of the data, we expect ‘gradual and careful’ to stay as the main forward guidance, with a highly uncertain vote split,” said Citi.

“We expect this situation to remain until the autumn budget, after which contractionary tax increases, in our base case, should pave the way for sequential rate cuts.”

Britain borrowed more than expected in June, adding to speculation about the need for new tax hikes by finance minister Rachel Reeves later this year.

“We suspect that it (the BoE) will (maintain its gradual and careful rate guidance), although any change here would almost certainly be greeted by a bout of pound weakness,” said Enrique Diaz-Alvarez, chief economist at Ebury.

The British currency was last up 0.3% at 86.85 pence per euro. It fell to 87.69 pence last week, its weakest against the single currency since May 2023.

Yields on UK gilts snapped a 5-day losing streak on Tuesday, with the 10-year up 2.5 bps at 4.53%.

“Risks are two-sided: a faster or more pronounced loosening of the labour market could warrant cumulative or larger cuts, whereas sticky underlying (services) inflation and only gradual signs of labour-market slack could extend the pause between cuts beyond current expectations,” said Nikolay Markov economist at Pictet Asset Management.

Reporting by Stefano Rebaudo; Editing by Bernadette Baum

Bermuda Goes Real-Time with Buses and Ferries

Phase 2 of the Government’s Digital Fare Media Project comes into effect today.

Starting tomorrow (August 5), commuters and visitors can track their ride in real time using the Shorelink App

Statement from the Ministry of Tourism and Transport, Culture and Sport:

Bermuda, Say Hello to Real-Time Travel

The Ministry of Tourism & Transport, Culture & Sport is proud to announce the launch of Phase 2 of the Digital Fare Media Project, Real-Time Passenger Information for buses and ferries across the island.

Starting tomorrow (August 5), commuters and visitors can track their ride in real time using the Shorelink App, available for download on iOS and Android devices.

“This innovative upgrade brings greater convenience, reliability, and confidence to Bermuda’s public transport experience,” explained Minister of Tourism & Transport, Culture & Sport, Owen Darrell. “By introducing real-time tracking through the Shorelink App, we are empowering commuters and visitors alike with the tools to plan their journeys with precision and ease.

“This marks a significant step forward in modernizing our transportation network, one that reflects our commitment to service excellence, technological advancement, and the everyday needs of our people. Whether you’re heading to work, school, or exploring our beautiful island, Bermuda’s buses and ferries are now more accessible and dependable than ever before.”

With 11 bus routes and 4 ferry routes operating 7 days a week, including public holidays, the Shorelink App ensures that passengers can plan their journeys, purchase fares and track the position of their bus and ferry with ease.

Minister Darrell concluded: “This milestone builds on the success of Phase 1, which introduced digital fare purchasing. Phase 2 now empowers users with real-time location data, making Bermuda’s transport system more connected and user-friendly than ever before.”

To download the app and view current schedules, visit the Shorelink portal.

Cricket: More accountability needed for bad behaviour

BCB Executive Director weighs in on incidents on the pitch at the 2025 Cup Match Classic

For some, the on-field prowess at the 2025 edition of the annual Cup Match Classic was overshadowed by instances of questionable sportsmanship that extended beyond the traditional banter between rivals. Cal Blankendal, Executive Director of the Bermuda Cricket Board, described the behaviour of certain players and spectators as “disturbing,” adding that it’s time to stop making excuses and introduce greater accountability in the sport.

Mr Blankendal added that beyond performance and commitment, deportment is also taken into account when it comes to national team selection and poor behaviour could impact a player’s place on the team in the future.