Dr. Cheria Morgan of Spine & Sport Bermuda speaks to the importance of regular screenings
Dr. Cheria Morgan
Back pain is one of the leading causes of disability worldwide, affecting up to 80% of people at some point in their lives.
And it’s not just older adults. In today’s fast-paced, tech-heavy world, even young professionals are feeling the strain — quite literally.
But there’s more to chiropractic care than just cracking backs after a long week. Preventative chiropractic treatment is becoming a proactive choice for those looking to stay mobile, improve posture, and avoid chronic pain altogether.
Here in Bermuda, one young chiropractor is redefining what spine health means for the next generation. Dr. Cheria Morgan providing practical tools and tips for ensuring your spine, and overall health, remain in alignment.
The vessel capsized on Saturday afternoon carrying 48 tourists and five crew members
International News via Reuters:
The death toll from a tourist boat accident in Vietnam’s Halong Bay climbed to at least 38 with several people still missing, the government said, as rescuers continued to search for survivors while bracing for the approach of Typhoon Wipha.
The vessel capsized on Saturday afternoon carrying 48 tourists and five crew members in one of the worst boating accidents in recent years in the popular tourist area.
“At least 38 of those on board have been confirmed dead and 10 rescued,” the government said in a statement.
The official Vietnam News Agency reported that all the tourists were Vietnamese, including several children.
Dozens of rescuers, including border guards, navy personnel, police and professional divers, have been deployed. Although the sea had calmed, weather conditions limited visibility, making rescue operations difficult.
Rescuers managed to retrieve the sunken boat, the government said.
The accident took place around 2 p.m. local time (0700 GMT) on Saturday, soon after Typhoon Wipha entered the South China Sea.
Authorities reported strong winds, heavy rainfall and lightning in the area at the time of the incident, adding that these conditions were not yet influenced by the approaching typhoon but were due to wind patterns over the northern region.
Halong Bay, about 200 km (125 miles) northeast of Hanoi, attracts tens of thousands of visitors every year. Boat tours are particularly popular.
In 2011, the sinking of a tour boat in Halong Bay killed 12 people, including foreign tourists.
Typhoon Wipha, the third to hit the South China Sea this year, is projected to make landfall along Vietnam’s northern coast early next week.
Reporting by Phuong Nguyen; Editing by Edmund Klamann
Millions of people who were promised clean drinking water and reliable sanitation facilities have been left to fend for themselves
International News via Reuters:
The Trump administration’s decision to slash nearly all U.S. foreign aid has left dozens of water and sanitation projects half-finished across the globe, creating new hazards for some of the people they were designed to benefit, Reuters has found.
Reuters has identified 21 unfinished projects in 16 countries after speaking to 17 sources familiar with the infrastructure plans. Most of these projects have not previously been reported.
With hundreds of millions of dollars in funding cancelled since January, workers have put down their shovels and left holes half dug and building supplies unguarded, according to interviews with U.S. and local officials and internal documents seen by Reuters.
As a result, millions of people who were promised clean drinking water and reliable sanitation facilities by the United States have been left to fend for themselves.
Water towers intended to serve schools and health clinics in Mali have been abandoned, according to two U.S. officials who spoke on condition of anonymity. In Nepal, construction was halted on more than 100 drinking water systems, leaving plumbing supplies and 6,500 bags of cement in local communities. The Himalayan nation will use its own funds to finish the job, according to the country’s water minister Pradeep Yadav.
In Lebanon, a project to provide cheap solar power to water utilities was scrapped, costing some 70 people their jobs and halting plans to improve regional services. The utilities are now relying on diesel and other sources to power their services, said Suzy Hoayek, an adviser to Lebanon’s energy ministry.
In Kenya, residents of Taita Taveta County say they are now more vulnerable to flooding than they had been before, as half-finished irrigation canals could collapse and sweep away crops. Community leaders say it will cost $2,000 to lower the risk – twice the average annual income in the area.
“I have no protection from the flooding that the canal will now cause, the floods will definitely get worse,” said farmer Mary Kibachia, 74.
BIPARTISAN SUPPORT
Trump’s dismantling of the U.S. Agency for International Development has left life-saving food and medical aid rotting in warehouses and thrown humanitarian efforts around the world into turmoil. The cuts may cause an additional 14 million deaths by 2030, according to research published in The Lancet medical journal.
The Trump administration and its supporters argue that the United States should spend its money to benefit Americans at home rather than sending it abroad, and say USAID had strayed from its original mission by funding projects like LGBT rights in Serbia.
With an annual budget of $450 million, the U.S. water projects accounted for a small fraction of the $61 billion in foreign aid distributed by the United States last year.
Before Trump’s reelection in November, the water projects had not been controversial in Washington. A 2014 law that doubled funding passed both chambers of Congress unanimously.
Advocates say the United States has over the years improved the lives of tens of millions of people by building pumps, irrigation canals, toilets and other water and sanitation projects. That means children are less likely to die of water-borne diseases like diarrhea, girls are more likely to stay in school, and young men are less likely to be recruited by extremist groups, said John Oldfield, a consultant and lobbyist for water infrastructure projects.
“Do we want girls carrying water on their heads for their families? Or do you want them carrying school books?” he said.
The U.S. State Department, which has taken over foreign aid from USAID, did not respond to a request for comment about the impact of halting the water projects.
The agency has restored some funding for life-saving projects, but Secretary of State Marco Rubio has said American assistance will be more limited going forward.
At least one water project has been restarted. Funding for a $6 billion desalination plant in Jordan was restored after a diplomatic push by King Abdullah.
But funding has not resumed for projects in other countries including Ethiopia, Tanzania, and the Democratic Republic of the Congo, say people familiar with those programs who spoke on condition of anonymity.
That means women in those areas will have to walk for hours to collect unsafe water, children will face increased disease risk and health facilities will be shuttered, said Tjada D’Oyen McKenna, CEO of Mercy Corps, a nonprofit that worked with USAID on water projects in Congo, Nigeria and Afghanistan that were intended to benefit 1.7 million people.
“This isn’t just the loss of aid — it’s the unraveling of progress, stability, and human dignity,” she said.
THE PERILS OF FETCHING WATER
In eastern Congo, where fighting between Congolese forces and M23 rebels has claimed thousands of lives, defunct USAID water kiosks now serve as play areas for children.
Evelyne Mbaswa, 38, told Reuters her 16-year-old son went to fetch water in June and never came home – a familiar reality to families in the violence-wracked region.
“When we send young girls, they are raped, young boys are kidnapped…. All this is because of the lack of water,” the mother of nine said.
A spokesperson for the Congolese government did not respond to requests for comment.
In Kenya, USAID was in the midst of a five-year, $100 million project that aimed to provide drinking water and irrigation systems for 150,000 people when contractors and staffers were told in January to stop their work, according to internal documents seen by Reuters. Only 15% of the work had been completed at that point, according to a May 15 memo by DAI Global LLC, the contractor on the project.
That has left open trenches and deep holes that pose acute risks for children and livestock and left $100,000 worth of pipes, fencing and other materials exposed at construction sites, where they could degrade or be looted, according to other correspondence seen by Reuters. USAID signage at those sites makes clear who is responsible for the half-finished work, several memos say.
That could hurt the United States’ reputation and potentially give a boost to extremist groups seeking fresh recruits in the region, according to a draft memo from the U.S. embassy in Nairobi to the State Department seen by Reuters.
The al Qaeda-linked al Shabaab group based in Somalia has been responsible for a string of high-profile attacks in Kenya, including an assault on a university in 2015 that killed at least 147 people.
“The reputational risk of not finishing these projects could turn into a security risk,” the memo said.
DAMAGING FLOODS
In Kenya’s Taita Taveta, a largely rural county that has endured cyclical drought and flooding, workers had only managed to build brick walls along 220 metres of the 3.1-kilometre (1.9 mile) irrigation canal when they were ordered to stop, community leaders said. And those walls have not been plastered, leaving them vulnerable to erosion.
“Without plaster, the walls will collapse in heavy rain, and the flow of water will lead to the destruction of farms,” said Juma Kubo, a community leader.
The community has asked the Kenyan government and international donors to help finish the job, at a projected cost of 68 million shillings ($526,000).
In the meantime, they plan to sell the cement and steel cables left on site, Kubo said, to raise money to plaster and backfill the canal.
The county government needs to find “funds to at least finish the project to the degree we can with the materials we have, if not complete it fully,” said Stephen Kiteto Mwagoti, an irrigation officer working for the county.
The Kenyan government did not respond to a request for comment.
For Kibachia, who has lived with flooding for years, help cannot come soon enough.
Three months after work stopped on the project, her mud hut was flooded with thigh-deep water.
“It was really bad this time. I had to use soil to level the floor of my house and to patch up holes in the wall because of damage caused by the floods,” she said.
“Where can I go? This is home.”
Reporting by Ammu Kannampilly in Nairobi and Taveta, Kenya and Andy Sullivan in Washington; additional reporting by Sabiti Djaffar in Mugunga, Democratic Republic of Congo, Gopal Sharma in Kathmandu and Maya Gebeily, Joelle Kozaily and Ahmad al-Kerdi in Beirut; Editing by Don Durfee and Deepa Babington
Founded in 2017, the Bermuda National Robotics Team was created to give enthusiastic young engineers a space to design and create
Press release: The Bermuda National Robotics Team is excited to announce the launch of its 2025 season and is currently seeking sponsors to support this fast-growing, youth-centered STEM initiative. With an impressive history of international representation and local impact, the team is inviting the community to help empower Bermuda’s next generation of engineers, innovators, and global citizens. Founded in 2017, the Bermuda National Robotics Team was created to give enthusiastic young engineers a space to design, build, create, and thrive. What began as a local program quickly grew into a national movement. This rapid growth led to an invitation to participate in the globally recognized FIRST Global Challenge, an Olympics-style, worldwide robotics competition that brings together youth from over 194 countries to solve real-world challenges through robotics, innovation, and collaboration. Since then, the Bermuda National Robotics Team has become a thriving national program that develops student leaders in science, technology, engineering, and math (STEM). Each year, a travel team of high school students is selected from the larger local program, which includes students from across the island, to represent Bermuda on the international stage. Under the guidance of dedicated mentors, the full national team works together to design and build a competitive robot from scratch, gaining hands-on experience in engineering, coding, teamwork, and problem-solving right here on local soil before sending the travel team abroad to compete. The team has proudly represented Bermuda at international competitions in Dubai, Switzerland, Singapore, and most recently, Greece. Currently, Bermuda holds an impressive global ranking of 84 out of over 190 participating countries, a testament to the talent, dedication, and innovation of our students and mentors. This year’s competition will be held in Panama City, Panama, in October, where the team will once again join thousands of students from around the world to tackle global challenges through robotics, teamwork, and innovation. “This program is about much more than robotics, it’s about opportunity, empowerment, and building the future,” said Team Mentor, Za’ra Cardell. “We’re not only developing globally competitive teams, we’re also working toward having robotics officially recognized as a national sport in Bermuda, just as it is in many other countries around the world. That recognition would help validate the hard work of our students and elevate the importance of STEM education island-wide.” The 2025 FIRST Global Challenge, themed “Eco Equilibrium,” focuses on the critical issue of sustainability and biodiversity. As the team begins preparations, community and corporate support are essential to making their participation possible. The Bermuda National Robotics Team is seeking sponsors and donors to support the 2025 program. Contributions will help cover the local program, travel, equipment, training, and outreach, ensuring more young Bermudians have access to life-changing STEM opportunities.The Bermuda National Robotics Team would like to extend heartfelt thanks to all of its past sponsors and supporters. Your belief in our mission and investment in STEM-based education has helped us reach incredible milestones, both locally and on the global stage. We are deeply grateful for your continued encouragement and partnership. To learn more about how you can support the team, email info@connectechcoding.com or call 400-3678. Follow the teams 2025 journey on Instagram @teambermudafgc
About the Bermuda National Robotics Team: The Bermuda National Robotics Team empowers young Bermudians to explore STEM through hands-on innovation and international collaboration. Since 2017, the team has proudly represented Bermuda at the FIRST Global Challenge, helping to inspire a nationwide interest in robotics and technology. For more information about The Bermuda National Robotics Team and its programs, please visit www.connectech.bm
National Security Ministry leads tabletop exercise with first responders and event partners to ensure public safety during upcoming festivities
Image supplied
Government press release:
The Ministry of National Security coordinated a successful tabletop exercise at St. George’s Cricket Club last week, coordinated by the Disaster Risk Reduction and Mitigation Team (DRRM), to test emergency response plans for the 2025 Cup Match holiday.
The exercise, part of the 2025 Cup Match Emergency Plan, brought together key government agencies and private sector partners involved in event safety and coordination.
Participants included the Bermuda Police Service, Bermuda Fire and Rescue Service, Bermuda Hospitals Board, St John Ambulance, the Royal Bermuda Regiment, and SAS Protection Services. Participants worked through a series of realistic scenarios to assess coordination, communication, and readiness in the event of an incident.
A key focus of the exercise was the Joint Agency Command Centre (JACC), which will operate on-site during Cup Match to coordinate all emergency response functions.
Serving as the leadership hub, the JACC will monitor real-time developments and enable swift, informed decision-making when needed.
Cup Match is one of Bermuda’s most celebrated national events, drawing thousands of spectators to the two-day cricket classic. With this year’s match hosted at St. George’s Cricket Club, the Ministry emphasised the importance of thorough emergency preparedness.
Minister of National Security, the Hon. Michael Weeks, JP, MP, praised the exercise and the ongoing collaboration among agencies. “This training is another example of our commitment to putting safety first.
Cup Match is a cherished holiday that brings the entire country together. Our preparedness efforts will help ensure the celebrations remain safe, enjoyable, and secure for everyone in attendance. I thank all participating agencies for their continued professionalism and teamwork.”
The DRRM team remains at the forefront of national emergency planning, working closely with stakeholders to uphold safety standards at large public events. Cup Match 2025 will take place on Thursday, July 31, and Friday, August 1.
“He was out canvasing. I sat him down and grilled him… What’s the plan for this? What’s the plan for that?”
…and then he turned and says, ‘you ever thought about helping out?’ And I went, ‘nope, get out of my house!’”
However, Mr Richardson said the conversation stirred something in him…
“I thought about it. If a country is in trouble, if a person’s in trouble, you don’t just turn your back and walk away.”
I just started attending one or two meetings, you know, joining one or two working groups. And next thing I knew… I was running in the general election for 2020.”
Mr Richardson represented the OBA in the senate from February 2020, before comfortably claiming Paget West in the following October’s general election, even as most the rest of the party were trounced in the mid-pandemic polls.
With only six Opposition MPs in the House, he loaded up on shadow portfolios for the Ministries of Labour, Home Affairs, and the Cabinet Office.
Less than two years after becoming an MP, he became the Deputy Opposition Leader.
Another year on, in the summer of 2023, then-OBA Leader Cole Simons stepped away from politics, and Jarion Richardson took the helm.
“Why is it dead wrong? I’m here. I wasn’t here five years ago”, Mr Richardson said.
He also said that Premier David Burt is perhaps a savvy politician, but a “horrible civil leader”, citing the low turnout in the mid-pandemic general election of 2020.
“The voter franchise is a sacred thing”, he said, “and almost half of the people with that power decided they wouldn’t exercise it.”
“The PLP won a victory… yeah, of the ashes.”
“That’s nothing to be proud of.”
Over the following year, Mr Richardson led the party as they held on to two traditional OBA seats in Smith’s by-elections – although they failed to claim a historical PLP seat in Sandy’s.
They also reclaimed one seat they lost in 2020 when Vance Campbell crossed the floor from the PLP.
Through 2024, Jarion Richardson criticised the PLP Government’s lack of transparency around the 2023 cyber attack.
When asked why, he said, “because there’s 800 plus homeless people in Bermuda. Because people are getting treated in the hospitals in the corridors, and sleeping in the corridors. Because our housing crisis. Because we have Bermudians fleeing the island for economic reasons…”
“That’s not how leadership works. You don’t get a pay rise when everything’s going wrong for everybody else.”
When asked if he thinks there should be performance indicators for MPs, he said “there’s already a performance indicator – it’s called a general election… anyone who’s happy with the performance of the governing party, can vote in the governing party again. Anyone who’s not, votes them out.”
In February 2025, the PLP decisively won a third term in office in the face of the lowest voter turnout in modern history – 1,295 fewer voters than the 2020 snap election that took place in the middle of the COVID-19 pandemic.
An unprecedented 109 election candidates, with 26 independents, saw the vote spread widely. The PLP just missed out on the majority of the popular vote, but was well ahead of every challenger.
One of the PLP’s first actions when returned to Government was a massive pay hike for MPs and Ministers, with the Premier, Deputy Premier, Speaker and Cabinet Ministers all seeing tens of thousands added to their pay packets.
The Aftermath…
Many political observers believe the surge of independent candidates hurt the OBA more than the PLP, but they managed to claw back four of the seats they lost in 2020.
“This has been a vindication of five years of incredible work… this is the end of the beginning for us.”
“The One Bermuda Alliance has survived the fury, the fire of being in a tiny minority in a super majority – whilst rebuilding.”
“I am so, so excited for the next five years.”
Mr Richardson said at the time that stepping down as leader was not on his radar, although he added that “it’s been a long five years…”
“…that whole reformation project has taught me the value of the folks who were willing to [rebuild the OBA]… I will never abandon them, even if I’m not the leader, even if I’m not a member of Parliament.”
OBA leader calls resignation a “deliberate handover” as party prepares for next phase; Richardson to remain MP for Paget West
The One Bermuda Alliance issued the following media release.
Effective September 6, 2025, The Honourable Jarion C. Richardson, JP, MP, will be stepping down as Leader of the Opposition and Leader of the One Bermuda Alliance (OBA).
However, he will continue to be the Member of Parliament for Constituency 23, Paget West.
Mr. Richardson reflects on his time in office and says it’s time to pass the baton.
“Leadership is not a reward – it is a commitment, an action and a responsibility,” Mr. Richardson says. “And I’m happy and proud to have served in those ways. This resignation is a deliberate handover, giving an aspiring new leadership team the time to form and build on what I built, and what was built before me.”
Since becoming Opposition and One Bermuda Alliance leader in August 2023, Mr. Richardson has led the party through a process of strategic renewal, including the launch of a national platform, internal reform, and the expansion of civic engagement efforts. His tenure saw the revival of the party’s policy framework, organizational infrastructure, and outreach across the island.
Mr. Richardson frames his departure as a carefully chosen transition:
“The next phase of this party’s growth—execution, energy, endurance—requires new leadership. I leave not in protest, but with peace. My work in public service continues, and I remain committed to governance, accountability, and the people of Paget West.”
The OBA will host its Annual General Meeting on Saturday, September 6, 2025, at which time new leadership will be elected. Mr. Richardson has pledged full support for the transition.
The One Bermuda Alliance thanks Mr. Richardson for his service, leadership, and lasting contributions to the institution of Opposition and to Bermuda’s democratic process.
Government says the trip reinforced Bermuda’s regional leadership and commitment to sustainable development
Images supplied
Government press release:
The Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, concluded a successful and productive visit to Jamaica, reinforcing Bermuda’s regional leadership and commitment to sustainable development.
The public will be aware that last week, Minister Lightbourne attended the 49th CARICOM Heads of Government meeting in Montego Bay from July 6-8, alongside Premier the Hon. David Burt, JP, MP, and MP Christopher Famous. The delegation engaged with regional leaders, including outgoing CARICOM Chair, Prime Minister Mia Mottley of Barbados, Premier of the British Virgin Islands, Dr. the Hon. Natalio D. Wheatley, Prime Minister Gaston Alfonso Browne of Antigua and Barbuda, Prime Minister Terrance Drew of Saint Kitts and Nevis, Minister of Foreign Affairs Kamina Johnson Smith of Jamaica, and CARICOM Secretary-General Dr. Carla Barnett, among others.
One of the highlights of Minister Lightbourne’s visit was an extensive tour of the Mulberry Valley Estate in St. Mary, a unique 20-acre agro-ecotourism destination founded by Jamaican artist Jeffrey Campbell (“Agent Sasco”). The estate, scheduled to open in 2026, is inspired by a commitment to sustainability, integrates agriculture and tourism, emphasising community-driven development and food security.
Minister Lightbourne shared, “Mulberry Valley Estate exemplifies purposeful and sustainable land use. Its commitment to regenerative agriculture, eco-conscious construction, and community empowerment demonstrates viable pathways to reducing living costs. As Bermuda addresses rising costs and deepens our focus on food security, Mulberry inspires us to reimagine our approach to land use, transforming vacant lots into thriving community assets.”
The Minister highlighted the importance of Bermuda leveraging these insights to support local efforts, including shared gardens, cooperative kitchens, and land-based education.
And Mr. Campbell said, “Having government officials from Bermuda visit the Valley in their professional capacity feels like one of those full-circle, law of attraction moments. When I first visited Bermuda over 20 years ago, I was immediately struck by its unique landscape; the white roofs, colorful buildings, volcanic rock walls, and of course, the iconic Bermuda grass.
“I later learned that the white roofs weren’t just for aesthetics; they were designed for rainwater harvesting. That discovery left a lasting impression on me, and I’ve been an advocate for water harvesting ever since. In many ways, Bermuda helped to shape the vision for what would become Mulberry Valley Estate.”
During her visit, Minister Lightbourne also engaged with media outlets in Jamaica and the British Virgin Islands, amplifying Bermuda’s role and vision within CARICOM.
Minister Lightbourne concluded, “These relationships, strengthened through both formal sessions and informal discussions, position Bermuda as a collaborative partner in regional development. I extend heartfelt gratitude to Prime Minister Andrew Holness, Minister Kamina Johnson Smith, and the people of Jamaica for their warm hospitality and partnership.”
The government said 26 people sought treatment in public hospitals, while 253 flocked to its shelters, and 471 fallen trees were reported
International News via Reuters:
Rain pounded Hong Kong on Sunday as Typhoon Wipha skirted southwards, packing winds exceeding 167 kph (103 mph), disrupting 400 flights and public transport, felling hundreds of trees, and damaging a construction site.
Just after 4 p.m. on Sunday, weather authorities lowered the typhoon signal in the Asian financial hub to 8 from the maximum of 10, which had been hoisted for nearly seven hours, while more than 110 mm (4 inches) of rain fell within three hours.
Much of the rain concentrated on the northern region neighbouring the mainland, the city’s observatory said, warning of more to come.
In a statement, the government said 26 people sought treatment in public hospitals, while 253 flocked to its shelters, and 471 fallen trees were reported.
In North Point near the city’s harbour, large swathes of scaffolding were swept off a residential building and onto the road.
As Wipha tracks westward across the South China Sea it is expected to make landfall later on Sunday between Zhuhai and Zhanjiang in the southern province of Guangdong, state-run broadcaster CCTV said.
Authorities in neighbouring Macau, the world’s biggest gambling hub, also downgraded the typhoon signal to 8 from 10, warning of flooding in its inner harbour area and urging residents to stay safe, public broadcaster TDM said.
Hong Kong’s airport authority said 80,000 travellers were hit by the rescheduling of 400 flights forced by the typhoon.
Cathay Pacific Airways cancelled all flights with Hong Kong airport between 5 a.m. and 6 p.m. on Sunday. It waived ticket change fees and arranged for rebooking.
Most public transport in Hong Kong was suspended, including ferries amid high sea swells.
Reporting by Colleen Howe, Farah Master, Joyce Zhou and Amy Lv; Editing by Christopher Cushing and Clarence Fernandez
As the leading currency for global trade and capital flows, the U.S. dollar is the lifeblood of global finance
International News via Reuters:
The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources said, the latest sign of how the Trump administration’s policies are eroding trust in the U.S. as a bedrock of financial stability.
As the leading currency for global trade and capital flows, the U.S. dollar is the lifeblood of global finance.
However, President Donald Trump’s break from long-standing U.S. policy in areas such as free trade and defence has forced policymakers to consider whether the emergency provision of dollars in times of financial stress can still be relied on.
While the U.S. Federal Reserve has said that the central bank wants to continue to make dollars available in the financial system, Trump’s policy shifts have prompted European allies to reexamine their dependence on Washington.
Following similar demands from European supervisors, the Bank of England, which oversees banks in the City of London financial hub, has requested that some lenders assess their dollar funding plans and the degree to which they depend on the U.S. currency, including for short-term needs, one of the people with direct knowledge told Reuters.
In one instance, a global bank based in Britain was asked in recent weeks to run stress tests internally, including scenarios where the U.S.-dollar swap market could dry up entirely, another of the sources said.
“In a global dollar funding crisis, the Fed might hesitate to offer swaps for fear of strong Trump reaction – its priority is monetary policy independence, after all,” said Richard Portes, professor of economics at London Business School and former Chair of the European Systemic Risk Board’s Advisory Scientific Committee.
“Foreign bank supervisors should urgently push their banks to limit dollar exposures severely,” he said.
The BoE’s supervisory arm, the Prudential Regulation Authority, made the requests individually to some of the banks, the person with knowledge of the matter added.
All of the people familiar with the supervisor’s requests asked to remain anonymous because the discussions with the BoE are private.
A spokesperson for the BoE declined to comment for this article. Representatives for the biggest UK banks with international businesses including Barclays, HSBC and Standard Chartered also declined to comment.
“Stock and bond rallies as well as trillions in historic investment commitments since Election Day are all indicative of the fact that markets and investors have resoundingly reaffirmed their confidence in the U.S. dollar and U.S. economy under President Trump,” a White House spokesman told Reuters by email.
A spokesperson for the Fed did not respond to a request for comment.
No bank could withstand a major shock to dollar supply for more than a few days, according to one of the sources, given the dominance of the currency in the global financial system and lenders’ dependence on it.
Should dollar borrowing become harder to obtain and more expensive for banks, it could hamper their ability to carry on meeting demands for cash. Ultimately, a bank that struggles to gain access to dollars could fail to meet depositor requests, undermining confidence and triggering further outflows.
While this scenario is seen as extreme and unlikely, regulators and banks are no longer taking dollar access for granted.
DOLLAR FUNDING VULNERABILITY
Global banks have significant dollar exposure in their balance sheets, making them vulnerable to potential funding shocks.
Trump’s repeated criticism of Fed chair Jerome Powell and reports the central bank chief may get fired are raising concerns of a loss of independence at the Fed and the repercussions on the dollar.
The multi-trillion-dollar swap market is a critical part of the international financial system used by firms including banks to exchange other currencies for dollars to manage liquidity needs across their global networks.
According to a study by the Bank for International Settlements, at the end of 2024 the notional value of currency derivatives globally was $130 trillion, 90% of which involved the U.S. dollar. A typical day sees almost $4 trillion in new FX swap contracts, according to BIS.
Global banks can tap U.S. dollar deposits to withstand temporary shortfalls, one of the sources said. But regulators worry that international banks remain exposed to dollar risk, one of the people said.
The 2008 financial crisis highlighted to British authorities the extent to which banks needed to roll over hundreds of billions of dollars of short-term financial obligations every week, said Robert McCauley, former senior adviser at the Bank of International Settlements and before that an official at the Federal Reserve Bank of New York.
“UK and Continental banks have since shrunk their dollar footprints, but their vulnerability to a breakdown in dollar funding markets remains,” he said.
One of the sources told Reuters that bank leaders are particularly concerned about whether the Fed would support a mid-sized non-U.S. bank if it were to run into dollar shortage issues, where, in the past, such backing was assumed as guaranteed.
“This reflects a new paradigm where trust in international cooperation appears to be breaking,” John Cronin, analyst at SeaPoint Insights, said.
The Fed has lending facilities with the European Central Bank, BoE and other major counterparts to alleviate shortages of the global reserve currency and to keep financial stress from spilling over into the United States.But European central banking and supervisory officials for months have been questioning whether they can still rely on the Fed, as Reuters has previously reported.
ECB supervisors have since asked some of the region’s lenders to assess their need for U.S. dollars in times of stress, while earlier in June, the Swiss National Bank warned about liquidity shortfalls in foreign currencies.
The BoE has in the past asked banks how they would ensure a supply of dollars during times of stress, such as in a 2019 system-wide check on banks’ liquidity during a crisis.
Reuters couldn’t establish whether dollar shocks would be part of the stress test for the industry which the BoE runs every other year and whose results are expected later in 2025.
Reporting by Stefania Spezzati, Jesús Aguado, Lawrence White and Elisa Martinuzzi; additional reporting by Marc Jones; editing by Elisa Martinuzzi, Toby Chopra and Andrew Heavens
City warns that the blocking of walkways could result in a hefty fine
Businesses wishing to display sandwich boards may only do so on private property (such as under a verandah or within the boundaries of their premises) and must ensure compliance with the City’s advertising guidelines. File photo
Press release: The City of Hamilton is reminding businesses that sandwich boards and other obstructions are not permitted on sidewalks and public walkways. Recent observations have highlighted a growing number of sandwich boards cropping up across the City, particularly on Queen Street. While these signs are often intended to attract customers, they can impede the flow of pedestrian traffic and, most concerningly, create serious accessibility challenges for wheelchair users and parents with strollers. Under the Advertisements Regulation Act 1911, sandwich boards and similar structures placed on public streets are prohibited. The Hamilton Traffic and Sidewalk Ordinance 1988 also prohibits placing or attaching any sign or structure on Corporation property, including sidewalks, without prior permission. Section 28 of the ordinance prohibits leaving or placing anything—whether wholly or partially—that could obstruct or endanger pedestrians. Businesses found in breach of these regulations may face penalties, including fines of $720 for an initial offence and $144 per day for continuing offences. Unlawful signs may also be removed at the owner’s expense. “Keeping Hamilton’s sidewalks safe and accessible is a shared responsibility,” said City CEO Dwayne Caines. “We value the creativity and energy our businesses bring to the City, but public spaces must remain open and welcoming for everyone. Together, we can preserve the City’s charm, safety, and accessibility for all users.” Businesses wishing to display sandwich boards may only do so on private property (such as under a verandah or within the boundaries of their premises) and must ensure compliance with the City’s advertising guidelines. The City thanks all businesses for their cooperation in helping to maintain a safe, vibrant, and accessible environment for Hamilton’s residents and visitors.
Cricket: Cupholders, Bailey’s Bay open the series with a victory over Flatt’s Victoria
It came down to the wire, but in the end, it was the Cup holders who did just enough to fend off a spirited challenge from Flatt’s Victoria.
Originally scheduled for a 10 a.m. start, the match was delayed by rain and eventually got underway at 2 p.m.
Flatt’s won the toss and elected to field — a decision that initially looked promising as the challengers bowled out Bailey’s Bay for just 107 runs.
With a historic upset within reach and a modest target to chase, Flatt’s had a golden opportunity. But they were unable to capitalise, falling agonisingly short by just 10 runs.
Final score: Bailey’s Bay 106, Flatt’s Victoria 96.
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