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BIU denies intimidation in lead-up to overtime ban

The BIU pushes back against claims of division and unfair process following a recent vote by dock workers to implement an overtime ban

The Bermuda Industrial Union Executive Board issued the following statement.

We will not revisit the specific discussions that took place during the union meeting in which the vote occurred.
However, we categorically deny any allegations of intimidation or procedural flaws in the voting process. The
union is made up of members who attend meetings and exercise their democratic right to vote. While a secret
ballot is not required under the union’s constitution except for specific types of meetings, the option was still
presented to members during the meeting. It was clearly stated that a secret ballot would be held if even a
single member requested it. No such request was made at this meeting.

To clarify, of the 35 dock workers, 33 are unionized and were eligible to participate in the union meeting. All
eligible members were notified and given the opportunity to attend. To prevent service disruption, the union
agreed that 5 workers would remain on the dock during the meeting. At least 3 other members were known to
be on vacation, meaning 25 members had the opportunity to attend.

24 members were present at the start of the meeting. When the vote took place, 21 members (approximately
65% of eligible unionized members) remained and participated. A clear majority voted in favor of the overtime
ban and there were none against.

We recognize that some dock workers disagree with the decision made by the division, which is a natural part
of any democratic process. However, those voicing concerns may include non-members, members who chose
not to attend the meeting, or individuals who are simply dissatisfied with the outcome. While we respect
differing opinions, it is equally important to uphold and respect the democratic processes that govern our
union. Dismissing the outcome of a majority vote or suggesting the process lacked legitimacy undermines the
integrity of that process and the collective strength of our membership.

Regarding the emergency request for overtime, this should have been directed to the union committee for
consideration, rather than the employer approaching individual members directly. Doing so bypasses
established processes and creates a divide-and-conquer dynamic that undermines solidarity.

Lastly, the Port Workers Division has previously implemented overtime bans not only in support of its members
but also in defense of managers who were unjustly terminated. In those instances, the Division actively
advocated for their reinstatement.

We respectfully ask that any member with concerns or differing views use the internal union channels available
to them. This ensures that issues are addressed constructively and in a manner that upholds the values and
principles of trade unionism.

Nvidia briefly on track to become world’s most valuable company ever

Nvidia now accounts for 7% of the S&P 500

International News via Reuters:

Nvidia hit a market value of $3.92 trillion on Thursday, briefly putting it on track to become the most valuable company in history, as Wall Street doubled down on optimism about AI.

Shares of the leading designer of high-end AI chips rose as much as 2.4% to $160.98 in morning trading, giving the company a higher market capitalization than Apple’s record closing value of $3.915 trillion on December 26, 2024.

The shares were last up 1.5% at $159.60, leaving Nvidia’s stock market value at $3.89 trillion, just short of Apple’s record.

Nvidia’s newest chips have made gains in training the largest artificial-intelligence models, fueling demand for products by the Santa Clara, California, company. 

Microsoft is currently the second-most valuable company on Wall Street, with a market capitalization of $3.7 trillion as its shares rose 1.7% to $499.56. 

Apple rose 0.8%, giving it a market value of $3.19 trillion, in third place.

A race among Microsoft, Amazon.com, Meta Platforms, Alphabet and Tesla to build AI data centers and dominate the emerging technology has fueled insatiable demand for Nvidia’s high-end processors.

“When the first company crossed a trillion dollars, it was amazing. And now you’re talking four trillion, which is just incredible. It tells you that there’s this huge rush with AI spending and everybody’s chasing it right now,” said Joe Saluzzi, co-manager of trading at Themis Trading.

The stock market value of Nvidia, whose core technology was developed to power video games, has increased nearly eight-fold over the past four years, from $500 billion in 2021 to now near $4 trillion.

Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. 

Nvidia recently traded at about 32 times analysts’ expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia’s sizable stock gains.

The company’s stock has now rebounded more than 68% from its recent closing low on April 4, when Wall Street was reeling from President Donald Trump’s global tariff announcements. U.S. stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump’s tariffs.

Nvidia’s swelling market capitalization underscores Wall Street’s big bets on the proliferation of generative AI technology, with the chipmaker’s hardware serving as the foundation. 

The sharp increases in the shares of Nvidia and other Wall Street heavyweights have left people who save for their retirements through widely used S&P 500 index funds heavily exposed to the future of AI technology.

Nvidia now accounts for 7% of the S&P 500. Nvidia, Microsoft, Apple, Amazon and Alphabet together make up 28% of the index.

“I strongly believe that AI is a greatly productive tool, but I am fairly sure that the current delivery of AI via large language models and large reasoning models are unlikely to live up to the hype,” cautioned Kim Forrest, chief investment officer at Bokeh Capital Partners.  

Co-founded in 1993 by CEO Jensen Huang, Nvidia has evolved from a niche company popular among video game enthusiasts into Wall Street’s barometer for the AI industry.

The stock’s recent rally comes after a slow first half of the year, when investor optimism about AI took a back seat to worries about tariffs and Trump’s trade dispute with Beijing. 

Chinese startup DeepSeek in January triggered a selloff in global equities markets with a cut-price AI model that outperformed many Western competitors and sparked speculation that companies might spend less on high-end processors.

In November of last year, Nvidia took over the spot on the Dow Jones Industrial Average formerly occupied by chipmaker Intel, reflecting a major shift in the semiconductor industry toward AI-linked development and the graphics processing hardware pioneered by Nvidia. 

Reporting by Noel Randewich in Oakland, California; Arsheeya Bajwa and Shashwat Chauhan in Bengaluru, and Carolina Mandl and Sinead Carew in New York; Editing by Dawn Kopecki, Matthew Lewis and Nick Zieminski

Hospital warns of lab test result delays

Equipment issues prompt use of alternate labs during repairs

A spokesperson for the Bermuda Hospitals Board issued the following statement.

“Bermuda Hospitals Board advises the public that due to technical problems with some of its lab equipment, there may be delays in obtaining some test results. Alternate local labs are completing a number of the tests while our equipment is being repaired.”

City unveils travelling hourglass

The latest public art installation, LAPS: Pink Sand, will rotate between key locations in Hamilton

Image supplied

The City of Hamilton issued the following media release regarding its latest public art installation.

The City of Hamilton’s newest public art installation, LAPS: Pink Sand, is on the move. After its much-anticipated unveiling in Queen Elizabeth Park yesterday, the interactive sculpture has now been relocated to City Hall—bringing its vibrant energy to the heart of Hamilton.

Originally designed to rotate between key locations in Hamilton as part of the City’s commitment to keeping the experience fresh and engaging, LAPS: Pink Sand was always envisioned as a dynamic installation—activating new spaces and offering residents and visitors fresh perspectives each time.

While Queen Elizabeth Park provided a beautiful backdrop for its launch, the sculpture has been relocated to the grounds of City Hall a little sooner than planned after officials observed antisocial activity in the park that could compromise the piece’s safety and future enjoyment. Moving it to City Hall helps to ensure the artwork remains protected and available for everyone to experience.

“This is the beauty of LAPS—it’s designed to travel, to transform every space it touches, and to create moments of connection wherever it goes,” said Jessica Astwood, the City’s Director of Marketing and Communications. “By placing it at City Hall, we’re ensuring even more people can engage with it in a safe, central, and highly visible setting. This installation invites interaction—it’s meant to be touched, explored, and enjoyed by the community. City Hall provides the perfect stage for the next chapter of LAPS: Pink Sand’s journey, and we look forward to seeing it inspire even more moments of reflection and joy.”

LAPS: Pink Sand will remain at City Hall for the coming weeks before continuing its rotation through Hamilton’s streets and parks.

Created by Olivier Landreville in collaboration with visual artist RiverJune (Julia Derdour), LAPS: Pink Sand is a modern reimagining of the hourglass, allowing visitors to control the flow of vibrant pink balls—a nod to Bermuda’s iconic pink sand—through its transparent columns.

The work forms part of the City’s VIVID Public Art Initiative and is included in the City Art Tour, a self-guided walking tour that celebrates Hamilton’s growing collection of public art.

Tour brochures are available free at City Hall or online at www.cityofhamilton.bm.

The public is encouraged to visit LAPS: Pink Sand in its new location and experience this one-of-a-kind celebration of time, art, and place.

Warren Legacy Lives On: Bermuda Unveils First Home-Designed Football Boot

A landmark achievement in Bermudian sports and design has been unveiled with the launch of the “Bermuda National Memorial Boot” – the island’s first football boot designed by a Bermudian. This initiative proudly honours the enduring legacy of the late national footballer, talented graphic designer, and beloved educator, Marco Warren. 

The professionally crafted football boot is now available globally, with a particular focus on making high-quality gear accessible to players who often struggle to find smaller sizes. The boots range from kids’ size 2 to adult size 11, with plans for future expansion. 

The project, spearheaded by Marco’s mother and his sister, Chelsea Warren, ensures his dream of creating an impactful football boot lives on. Marco, a three-time Premier Division MVP and former PHC Zebras captain, had meticulously worked on the design for three years before his tragic passing in May 2023. He even wore prototypes in his final games, winning his last MVP award in them. Chelsea, a designer in her own right and the driving force behind the Uptimum Bodied brand, passionately took on the task to bring his vision to fruition. 

This deeply personal venture serves as a powerful tribute to Marco’s passion for inspiring children and caring for his community. It also aims to create a lasting legacy for his two-year-old son, Vega. 

Fans and supporters wishing to commemorate Marco’s remarkable life, sponsor a child, or simply support the dream and Marco’s son Vega, can purchase the “Bermuda National Memorial Boot” by visiting the Uptimum Bodied website: uptimumbodiedbda.com. This launch stands as a poignant and powerful testament to Marco Warren’s enduring impact on Bermuda, both on and off the pitch.

Bermuda Exit Team Racing as Spain Crowned Optimist World Champions

Under a pleasant sea breeze of around 10 knots and on a beautiful, sunny, and warm summer day, race officials successfully concluded the second day of team racing at the 2025 Optimist World Championship in Portorož. The day saw thrilling duels and culminated in a new world champion being crowned. 

Team Bermuda, comprising Emma Brown, Harry Brown, Thomas McBain, Heath Meyers, and Jesse Savage, took to the water to participate in the competitive team racing format. Despite their best efforts, the Bermudian quintet faced a tough challenge against eventual finalists Spain, going down to the formidable European squad. 

The top 16 teams advanced to the day’s decisive races. Utilizing the double elimination system, all scheduled races were completed, and the young sailors demonstrated impressive sailing and tactical skills throughout. 

In the semi-finals, Singapore defeated a strong USA team, earning their spot in the gold medal match against Spain. The final duel proved to be a dominant display from the Spanish team. Spain won both races against Singapore, securing the championship title with a decisive 2-0 victory to be crowned the 2025 Optimist Team Racing World Champions. 

While Bermuda’s team racing journey concluded earlier in the day, the experience of competing against the world’s best, including the champions and finalists, provides invaluable lessons for the island’s promising young sailors.

Bermudian Junior Golfers Conclude Pinehurst Challenge

Bermudian junior golfers Oliver Betschart and Sienna Mosquera have concluded their campaigns at the prestigious North & South Junior Amateur Championship at Pinehurst, North Carolina. Both young talents gained invaluable experience competing against a strong international field, even with golf legend Tiger Woods present to watch his son Charlie compete in a separate USGA qualifier at the same venue. 

In the Girls’ Field, Sienna Mosquera finished her third and final round tied for 59th position overall, at twenty-five-over par. Her final round of twelve-over-par 84 featured nine pars, alongside six bogeys and three double bogeys, highlighting the challenging nature of the course. 

In the Boy’s Field, Oliver Betschart showed notable improvement in his final round, carding an even-par 72. This strong performance saw him remain at 11-over-par for the tournament, placing him in a tie for 50th position. His final round scorecard included two birdies and fourteen pars, with just two bogeys, demonstrating his ability to produce a solid round under pressure. 

While neither golfer advanced to the match play portion of the tournament, their participation in one of junior golf’s most significant events provides crucial experience for their continued development on the international stage.

Bermudian Footballers Feature in European Pre-Season Action

Edinburgh, Scotland / Valkeakoski, Finland – Bermudian footballers are making their mark as European club teams ramp up their preparations for the upcoming 2025/26 season, with Logan Jimenez featuring for Hibernian FC and Djair Parfitt helping FC Haka to a vital win. 

Young Bermudian Logan Jimenez had an opportunity to impress, coming off the bench for Hibernian FC in their pre-season friendly against German Bundesliga 3 side MSV Duisburg in the Netherlands. The two sides played to a 0-0 draw in what was described as a competitive contest, held in challenging 30-degree heat. 

As the Hibs’ first pre-season friendly, minutes were shared amongst First Team and Academy players, including Jimenez, who travelled with the squad to the training camp. Only Warren O’Hora, Lewis Gillie, Jacob MacIntyre, and Dean Cleland completed the full 90 minutes. Hibs, sporting their brand-new 2025/26 kit, created some half-decent chances but couldn’t break the deadlock, resulting in a stalemate. 

In Finland, Djair Parfitt and his FC Haka teammates returned to winning ways, securing a valuable 2-1 victory over Vaasa on Wednesday in a Veikkausliiga match. The win came after initially being down by a goal, showcasing Haka’s resilience. The home team took an early lead after just six minutes when former Haka player Maissa Fall headed in Alfie Cicale’s low cross. 

However, Haka, playing in blue, did not give up and equalized just seven minutes later. Captain Niklas Friberg intercepted a pass, setting up Eetu Mömmö, who cut inside and unleashed a left-footed shot into the top left corner – a contender for goal of the season. Haka, who dominated the first half, took the lead in the 33rd minute. Mömmö’s short corner found Jean-Pierre Da Sylva in the penalty area, whose right-footed placement deflected off Pedro Justiniano and past goalkeeper Rasmus Leislahti, securing the 2-1 lead which they held to claim the victory.

Intern helps deliver new affordable homes

Housing Minister praises Dimitrius Richardson’s contributions to Harmony Hall redevelopment project

A young aspiring architect played a key role in an affordable housing project that added a dozen new units this week at Harmony Hall in Paget.

The re-development of the former hotel is being led by the Bermuda Housing Corporation (BHC), with support from the Government.

At a ribbon-cutting ceremony yesterday, Minister of Housing and Municipalities Zane DeSilva praised the contribution of intern architectural student Dimitrius Richardson, who joined the BHC in October 2024.

“Working closely with our Project Lead, Blake Lambert, Dimitrius has made valuable contributions to the success of this redevelopment, “said Mr DeSilva. “His involvement reflects BHC’s commitment to investing in Bermuda’s future by mentoring and providing hands-on opportunities for our young people.

Working together, you effectively carry out the organisation’s daily mandate with purpose and care.”

Mr Richardson, a certified carpenter and graduate of The Berkeley Institute, is currently pursuing architectural studies.

He spoke to Bermuda Broadcasting about his experience as an intern with BHC and his role in the development of Harmony East Terrace.

“I joined in October as a Project Manager Intern, where I would help with certain tasks and actually designing some of these units,” he said. “I did a lot of liaising with the contractors, sorting out the bathrooms and kitchens, and also making sure that we met the timeline as well.”

Reflecting on the project’s completion, Mr Richardson said, “It’s great seeing the final product, especially getting to see the space being accepted by everyone and making sure that the space is suitable, cleanly and overall amazing because we did make sure that it was a modern part of our housing infrastructure. It’s even better to see how we use existing houses in Bermuda to renovate them for our needs and for our people.”

Ground stops lifted at Ottawa and Montreal airports after threat reported

Employees at affected locations were safely evacuated

International News via Reuters:

Ground stops were lifted at international airports in Ottawa and Montreal after a bomb threat on Thursday briefly halted departing flights, Transport Canada and the U.S. Federal Aviation Administration said.

The Ottawa Macdonald–Cartier International Airport said on X that the security incident had been resolved and operations were returning to normal. Officials at Montreal’s Pierre Elliott Trudeau International airport were not immediately available for comment.

Air traffic control manager NAV Canada said in a statement that it was made aware of bomb threats affecting several of its facilities.

Employees at affected locations were safely evacuated.

The FAA said the security incident arose from a bomb threat.

Transport Canada said in a statement it was working with airport authorities, NAV Canada and local law enforcement “to fully assess the situation and ensure the safety of passengers, employees and our airport infrastructures”.

The agency said that “as a result of this morning’s events, some flights may still be delayed over the next hours.”

Ottawa is currently experiencing departure delays averaging 65 minutes, FlightAware said.

The Ottawa Police Service also said on X that it was investigating a security incident at the Ottawa airport.

Reporting by Brendan O’Brien in Chicago, David Shepardson in Washington, Allison Lampert in Montreal and Bhargav Acharya in Toronto; editing by Doina Chiacu and Mark Heinrich

Amundi warns US stablecoin policy could destabilise global payments system

Currently, 98% of all stablecoins are pegged to the dollar

International News via Reuters:

Europe’s largest asset manager has raised concerns that a boom in dollar-backed stablecoins in the wake of the United States’ GENIUS Act could cause a major shift in money flows that destabilises the global payment system.

The U.S. Senate passed the GENIUS Act a bill last month to create a regulatory framework for the U.S.-dollar-pegged cryptotokens.

It is expected to be passed by the House of Representatives and approved by President Donald Trump, leaving other countries worried about a wave of so-called ‘dollarization’ of economies if their own populations buy them.

“It could be genius, or it could be evil,” Amundi Asset Management’s chief investment officer Vincent Mortier told Reuters, voicing his concerns about the U.S. act.

JPMorgan expects the amount of stablecoins in circulation to roughly double to $500 billion in the next few years, although some estimates have put it as high as $2 trillion.

As stablecoins need be pegged to the dollar under the U.S. act, it will trigger buying of U.S. Treasury bonds. That has its benefits for the U.S. as it grapples with a gaping budget deficit, but could also pose problems for the U.S. and other countries.

“In doing so you create an alternative to the U.S. dollar and that could lead to more weakening of the dollar,” Mortier said. “Because if a country is pushing a stablecoin, it could be perceived as pushing the message that the dollar is not that strong.”

Currently, 98% of all stablecoins are pegged to the dollar, but more than 80% of stablecoin transactions happen outside the United States.

Italy’s finance minister, Giancarlo Giorgetti, warned in April that the U.S. stablecoin policies presented an “even more dangerous” threat to European financial stability than Trump’s trade war.

His argument was that access to dollars without needing a U.S. bank account would be attractive to millions of people and could undermine countries’ monetary sovereignty.

The Bank for International Settlements issued a similar warning on the risks posed by stablecoins, noting their potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies.

Mortier, who oversees the 2 trillion euros ($2.36 trillion) of assets Amundi manages – none of which are in crypto – said he still had not fully made up his mind about stablecoins, but the worry was that a mass uptake could impact financial stability.

As well as the dollarization issue, they would become “quasi-banks” he said, as people will deposit money in a coin assuming they can take it out again whenever they want. They will also be used as a direct means of payment.

“It could potentially destabilise the global payment system,” he said. “I’m not so sure it’s a good idea”.

($1 = 0.8483 euros)

Reporting by Marc Jones, Editing by Louise Heavens

Stellantis recalls diesel cars in Europe over camshaft chain issue

The company was unaware of any accidents or injuries related to the issue

International News via Reuters:

Automaker Stellantis is recalling some diesel cars in Europe that were produced between October 2017 and January 2023, due to potential camshaft chain issues, it said on Thursday.

It said 636,000 vehicles in France were affected but did not provide an overall figure for all of Europe. Belgian media reported there were an additional 117,000 cars affected in Belgium.

“Some 2017-2023 Peugeot, Citroën, Opel/Vauxhall, DS and Fiat vehicles equipped with the 1.5 BlueHDi diesel engine may face a premature wear of the camshaft chain, leading to abnormal noise and in the worst-case scenario to a breakage of the chain,” Stellantis said in a statement.

The company added that it was unaware of any accidents or injuries related to the issue.

“The rework consists of a software update and the change of the oil, if needed. In addition, a special repairer application has been developed which can detect a possible problem with the chain by analysing the noise of the engine.”

Stellantis was formed in early 2021 through the merger of France’s PSA and Italian-American group Fiat Chrysler.

The 1.5 BlueHDi diesel engine prompting the recall was developed before the merger by PSA, the maker of Peugeot, Citroen, Opel and DS brands. Stellantis added that Fiat cars were also affected by the recall.

“Under this enhanced policy, Stellantis will cover 100% of parts and labour costs for up to 10 years or 240,000 kilometres, subject to specific conditions”, it added.

“This additional policy applies to eligible repairs carried out between 1 January 2023 and 30 June 2025, provided that the vehicle’s maintenance and diagnosis meet the guidelines recommended by the relevant brand.”

Reporting by Benoit Van Overstraeten and Giulio Piovaccari; Editing by Emelia Sithole-Matarise