Bermuda’s athletes in action both locally and overseas
In sports, high-octane action and a close call in the waters off Dockyard, “OVERPROOF” tops the leaderboard with a massive catch as the Billfish Blast gets underway and Bermuda’s track and field athletes shine on the international stage.
The growth was driven by a surge in pharmaceutical exports to the U.S. ahead of threatened tariffs
International News via Reuters:
Rapid growth in Ireland’s gross domestic product (GDP) during the first three months of the year was revised down on Tuesday to 7.4% quarter-on-quarter from 9.7% previously.
The growth was driven by a surge in pharmaceutical exports to the U.S. ahead of threatened tariffs, officials have said.
With Ireland’s large multinational sector often distorting GDP, officials prefer to use modified domestic demand (MDD) to gauge the strength of the domestic economy.
Quarter-on-quarter MDD growth was revised sharply up to 2.0% from a provisional 0.8%, Central Statistics Office (CSO) data showed.
Revisions to previous quarters meant MDD grew by a slower 1.8% in 2024 compared to the 2.7% initially reported.
GDP, which is still used to calculate Ireland’s share of activity across the euro zone, grew by 2.6% in 2024 versus an initial estimate of +1.2%.
Modified gross national income (GNI*), an annual measure that also strips out the distorting impacts of multinationals to give a more accurate picture of the total size of the Irish economy, suggested it grew by 4.8% in 2024 compared to 2023.
Reporting by Padraic Halpin; Editing by Conor Humphries
Britain and Vietnam remain the only nations to have struck a deal and avoid the new levies
International News via Reuters:
London’s main indexes were little changed on Tuesday, with investors focusing on the latest tariff updates and a mixed bag of corporate news.
Both the blue-chip FTSE 100 and the domestically focussed mid-cap index were flat by 1000 GMT U.S. President Donald Trump told 14 nations on Monday, including Japan and South Korea, that they face 25% tariffs from the new deadline of August 1, but also hinted at opportunities for further negotiations.
Britain and Vietnam remain the only nations to have struck a deal and avoid the new levies, which are separate from existing tariffs on autos, steel and aluminium.
Sectoral gains were led by precious metal mining stocks, which rose 2.3% as gold prices remained steady, with Hochschild adding 4.1%, while Fresnillo and Endeavour Mining gained 2.5% and 1.6%, respectively.
Industrial metals also rose with copper prices edging higher. Glencore was up 2.9%, while Anglo American and Antofagasta were marginally up.
On the flipside, personal goods index fell 1.5%, weighed down by luxury brand Burberry dropping over 2%.
Among individual stocks, Victrex was the bottom performer on the midcap index. The polymer manufacturer’s shares fell 8.7% after it appointed a new CEO and gave a tepid second-half profit outlook.
Meanwhile, mining giant Rio Tinto’s yet-to-be-named CEO should be open to merger and acquisition deals along with sharpening productivity and cost cuts, sources told Reuters. The news gave mining shares a marginal boost.
Fast fashion retailer Shein has filed for an IPO in Hong Kong to accelerate its listing process and pressure Britain’s regulators to approve its London debut, the Financial Times reported on Tuesday.
The UK stock market has lost out on major IPOs in recent months as companies have changed their plans amid investor pushback on market valuations.
UK GDP data is expected later this week.
Reporting by Twesha Dikshit; Editing by Vijay Kishore
At least 18 people are missing in Nepal while 11 people were unaccounted for on the Chinese side of the mountainous border region
International News via Reuters:
Over two dozen people were missing after torrential rain in China’s Tibet region triggered a deluge in the Bhote Koshi River, washing away the “Friendship Bridge” that links China and Nepal, officials said on Tuesday.
Weather forecasting experts said the flood might have been the result of an overflowing glacial lake in Tibet since there had been no heavy rainfall in the immediate catchment area of the river in the preceding 24 hours.
At least 18 people are missing in Nepal while China’s official Xinhua news agency said 11 people were unaccounted for on the Chinese side of the mountainous border region.
In Nepal, the missing included six Chinese workers and three police personnel, the National Disaster Risk Reduction and Management Authority (NDRRMA) said on X.
It added that eight electric cars were also washed away and a small hydroelectric plant was damaged in the flood.
Trade between Nepal and China was disrupted because of the bridge’s destruction, officials said.
The missing Chinese nationals were working at the Inland Container Depot being constructed with Chinese assistance about 80 km (50 miles) north of the capital Kathmandu, said Arjun Paudel, a senior administrative official of Rasuwa district.
“The river also swept away some containers with goods imported from China…There is a big loss (of property) and we are collecting details,” he told Reuters.
The Nepali army rescued 11 people and search and rescue operations were continuing, spokesperson Raja Ram Basnet said.
China has been increasing its investment in Nepal in recent years in domains including roads, power plants, and hospitals.
The Asian giant has been battered by heavy rain and flash floods over the last few days that have left a trail of destruction, and is bracing for a tropical storm this week.
Nepal’s weather forecasting department is working with Sentinel Asia – an international initiative that uses space-based technology to support disaster management in the Asia-Pacific region – to determine the cause of the flooding.
“We have made an Emergency Observation Request to the Sentinel Asia … for the satellite data to ascertain the possible causes of the flood and its impact,” it said.
In Pakistan, at least 79 people including 38 children have died in floods and rain-related incidents, including landslides and house collapses, since June 26, its National Disaster Management Authority said on Tuesday.
The NDMA issued fresh alerts for flash flooding and glacial lake outbursts in the northern and northwestern provinces of Gilgit-Baltistan and Khyber Pakhtunkhwa, citing “a significant rise in temperatures and…an upcoming weather system.”
Reporting by Gopal Sharma in Kathmandu; additional reporting by Asif Shahzad in Islamabad; writing by Sakshi Dayal; editing by Raju Gopalakrishnan and Mark Heinrich
Now in its 13th year, the ‘Each One Reach One’ community initiative aims to support more than 500 children
The Gina Spence Program (GSP) has officially launched its 2025 Each One Reach One (EORO) Back-to-School Fundraiser opening donations earlier than ever in response to the rising need. With over 500 children registering annually, the program continues to serve as a critical support for families across Bermuda preparing for the new school year.
Now in its 13th year, Each One Reach One is a trusted, community-based initiative that ensures no child starts school feeling less than or left behind. A $150 donation provides one child with a First Day Starter Kit, an exclusive package available only through this campaign. Each kit includes: a new backpack, school shirt, bottoms (skirt or shorts), a pair of socks, a multipack of undershirts, and a multipack of underwear. These essentials help
restore dignity and confidence for children navigating personal loss or financial hardship.
“At the core of this campaign is a child who simply wants to show up ready to learn, belong, and feel seen,” said Dr. Gina Spence, Founder and Advanced Grief Recovery Specialist. “We are committed to doing whatever it takes to make that possible because education is not a privilege, it’s a right.”
The EORO campaign serves children who are grieving the loss of a parent or loved one, experiencing financial instability, or have been referred by community partners such as PALS, Friends of Hospice, S.T.A.R., the Bermuda Road Safety Council, Family Centre, and other helping agencies. Many of these students would not otherwise have what they need for the first day of school without this initiative.
Thanks to a 13-year partnership with Gibbons Company, and ongoing support from annual partners CedarBridge Academy and MediaVille, the Each One Reach One campaign continues to expand its reach and impact. These partnerships have helped transform a grassroots idea into one of Bermuda’s most effective and compassionate back-to-school programs.
This year, GSP aims to raise $80,000 to support 500+ students across the island. Early giving is critical to meeting this goal. Donations can be made online at www.gspcharity.com via direct bank transfer, or in person at the GSP office. For more information or to request donation details, call (441) 296-0016.
Distribution is scheduled for Saturday, August 23, 2025, to pre-registered applicants only. “Our children deserve more than survival,” added Dr. Spence. “They deserve dignity, opportunity, and a fair start. To those who have supported us in the past, thank you. To those considering it, this year now is the time. Together, we can make sure every child is dressed for success.”
About the Gina Spence Program
The Gina Spence Program is Bermuda’s leading grief and loss support charity, committed to serving children and families impacted by loss, trauma, and financial hardship. Founded in 1991, GSP delivers community outreach, education, and clinical care through programs such as The Champions Program, Healing Hearts, GriefConnect, Each One Reach One and Christmas Gift of Giving.
Market reaction was muted as investors assessed the latest twist in the long-running trade saga
International News via Reuters:
Powerhouse Asian economies Japan and South Korea said on Tuesday they would try to negotiate with the U.S. to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August.
Trump ramped up his trade war again on Monday, telling 14 nations that they would face tariffs ranging from 25% for countries including Japan and South Korea, to 40% for Laos and Myanmar.
However, with the start date pushed back to August 1, those countries were focusing on the new three-week window to press for an easier ride.
Japan wants concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday.
Akazawa said he held a 40-minute phone call with U.S. Commerce Secretary Howard Lutnick in which the two agreed to actively continue negotiations. However, he said he would not sacrifice Japan’s agriculture sector – a powerful political lobby domestically – for the sake of an early deal.
South Korea said it planned to intensify trade talks over the coming weeks “to reach a mutually beneficial result.”
Asked if the latest deadline was firm, Trump replied on Monday: “I would say firm but not 100% firm. If they call up and they say we’d like to do something a different way, we’re going to be open to that.”
Market reaction was muted as investors assessed the latest twist in the long-running trade saga.
EUROPEAN UNION EYES DEAL
The European Union, which is the largest bilateral trade partner of the U.S., aims to strike a deal before August 1 with negotiations focused on “rebalancing” and concessions for certain key export industries, a European source familiar with the negotiations said.
Some EU sources had said late on Monday that the bloc was close to an agreement with the Trump administration.
This could involve limited concessions to U.S. baseline tariffs of 10% for aircraft and parts, some medical equipment and spirits.
Only two deals have been struck so far, with Britain and Vietnam. Washington and Beijing agreed to a trade framework in June, but with many details still unclear, traders and investors are watching to see if it unravels or leads to a lasting detente.
Trump’s trade tactics are making it hard for nations and businesses to plan with any certainty, the executive director of the United Nations trade agency said on Tuesday.
“This move actually extends the period of uncertainty, undermining long-term investment and business contracts, and creating further uncertainty and instability,” Pamela Coke-Hamilton, executive director of the International Trade Centre, told reporters in Geneva.
SPREADING THE PAIN
Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30% on South Africa, Bosnia and Herzegovina, climbing to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand and 40% on Laos and Myanmar.
A Bangladesh team in Washington was scheduled to have further trade talks on Wednesday, an official said.
The U.S. is the main export market for Bangladesh’s ready-made garments industry, which accounts for more than 80% of its export earnings and employs 4 million people.
“This is absolutely shocking news for us,” Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday.
“We were really hoping the tariffs would be somewhere between 10-20%. This will hurt our industry badly.”
Reporting by Jack Kim, Ju-min Park, Jihoon Lee, Joyce Lee, Philip Blenkinsop, Julia Payne, Olivia Le Poidevin and Emma Farge Writing by Keith Weir; Editing by Hugh Lawson
A United Nations report said current climate policies would result in global warming of more than 3 degrees Celsius
International News via Reuters:
A rise in global temperatures to almost 3 degrees Celsius (5.4 degrees Fahrenheit) above pre-industrial levels would likely hurt Britain’s economy by much more than previously assumed, the Office for Budget Responsibility projected on Tuesday.
“Taken together, in the 3 degrees central scenario the combined fiscal impacts of climate damage and mitigation could add 74% of GDP to government debt by the early 2070s, relative to our latest long-term projection,” the OBR said in its annual Fiscal Risks and Sustainability Report.
A United Nations report published in October last year said current climate policies would result in global warming of more than 3 degrees Celsius by the end of the century.
While the OBR reduced its estimate for the cost of transitioning to a net zero economy to 21% of economic output, from 30% in 2021, it bumped up its estimates of the hit to output from climate change.
The scenario of an almost 3 degrees increase in global temperatures would reduce the level of GDP by 8% in the early 2070s, the OBR said, compared with a previous estimate of 5%.
It would also increase primary government borrowing – which excludes debt interest payments – by around 2% of GDP, compared with a previous estimate of 1.3%.
Reporting by Andy Bruce; Editing by William Schomberg and Susan Fenton
The government has called the planned legislation the biggest upgrade to workers’ rights in a generation.
International News via Reuters:
Britain plans to ban non-disclosure agreements (NDAs) that are used by employers to silence those who are subject to harassment or discrimination, as part of a broader bill to protect workers’ rights, the government said on Monday.
The government is due to table amendments to its employment rights bill, which is passing through parliament, to void NDAs which are used by employers against employees who have been subjected to harassment, including sexual harassment or discrimination in the workplace, it said in a statement.
If passed, any confidentiality clauses in settlement agreements or other agreements that seek to prevent a worker speaking about an allegation of harassment or discrimination would be null and void, allowing victims to speak freely about their experiences.
“We have heard the calls from victims of harassment and discrimination to end the misuse of NDAs. It is time we stamped this practice out … The Employment Rights Bill will ban any NDA used for this purpose, so that no one is forced to suffer in silence,” Deputy Prime Minister Angela Rayner said in the statement.
The government has called the planned legislation, which was set out in October, the biggest upgrade to workers’ rights in a generation.
Reporting by Muvija M, Editing by Nick Zieminski
Chery launched its Omoda brand in Britain last August, followed by its Jaecoo brand in January
International News via Reuters:
Chery said on Tuesday it will launch sales of its Chery brand in Britain in the coming weeks with two new SUV models, joining a growing number of Chinese automakers and brands competing for share in one of Europe’s most competitive car markets.
Chery launched its Omoda brand in Britain last August, followed by its Jaecoo brand in January.
The company did not provide details of the two models, but said they would be “optimised for the local market” and would go on sale at its dealerships across the country.
Gary Lan, who heads the Chery, Omoda and Jaecoo brands in Britain said the launch “reflects our confidence in the UK automotive sector, and the appeal of our vehicles to local buyers”.
Chinese rival Geely said last week it will launch its Geely brand in Britain with its electric EX5 SUV due to go on sale in the fourth quarter.
Britain is Europe’s biggest market for electric vehicles and, unlike the European Union, has not imposed tariffs on Chinese-made electric cars.
Changan will also start selling its electric Deepal S07 SUV to British consumers this year, with deliveries starting in September.
BYD, Xpeng and SAIC’s MG brand are already selling cars in Britain, as is Leapmotor via a joint venture with world No. 4 automaker Stellantis.
Last year, Chery’s global sales jumped 38% to 2.6 million vehicles, making it the world’s 12th largest automaker.
Reporting by Nick Carey, Editing by Louise Heavens
Sterling rose 0.3% to $1.3645, bringing gains for the year so far to 9.1%
International News via Reuters:
The pound rose on Tuesday, gaining against the likes of the yen after the U.S. announced 25% tariffs on imports from Japan and South Korea, as investors gravitated towards markets that are at less risk of being hit by hefty duties.
U.S. President Donald Trump on Monday wrote to 14 countries, from major suppliers like Japan and South Korea to minor trade players, warning they face sharply higher tariffs from a new deadline of August 1 unless they strike fresh trade deals.
Sterling rose 0.3% to $1.3645, bringing gains for the year so far to 9.1% as it heads for its strongest yearly performance against the dollar since 2017.
Against the yen the pound was up 0.3% at nearly 199.14 yen, around its highest since last November. The Korean won rose by 0.35% to 1,863 to the pound, recovering from the previous day’s selloff.
Britain is the only major economy so far with a U.S. trade deal in the bag, albeit limited in scope, which means the focus for investors is squarely on the UK’s economic and fiscal backdrop.
The pound and UK government bonds have regained some stability from last week’s aggressive sell-off, but have not managed to recover those losses.
Investors hit sterling and gilts hard on July 2, when the government ditched key parts of a major reform to welfare benefits that puts finance minister Rachel Reeves at risk of breaking her own borrowing rules.
“Our view remains negative on the growth and fiscal picture in the UK,” Jefferies strategist Mohit Kumar said.
“The government will have no choice but to increase taxes, but we (are) reaching a point where further tax rises can be counterproductive,” he said.
In its annual report on fiscal risks and sustainability, the Office for Budget Responsibility said on Tuesday the British government deficit stood at 5.7% of gross domestic product at the end of last year – around 4 percentage points above the average among advanced economies.
With 10-year gilt yields around 4.5% right now, the UK has the third-highest borrowing costs of any developed economy, behind only New Zealand and Iceland, the OBR said.
Reporting by Amanda Cooper; editing by Mark Heinrich
23-year-old male suspect caught after a short foot chase
An armed police presence and an arrest on Court Street last night following a report of a firearm incident.
Shortly after 5pm on Sunday, police received a report that a male had brandished a firearm during a dispute with a female, in the area of Spanish Point Park.
Officers were told the suspect had left the location on a motorcycle, in the company of another male.
The 23-year-old suspect was subsequently located on Court Street.
He attempted to flee, but was caught after a short foot chase, arrested and taken into custody.
No firearm was recovered.
Anyone with information should call the main police number 295-0011.
