Tuesday, October 27, 2026
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Dollar rises against major peers after better-than-expected US economic data

The euro added to losses against the dollar immediately after the jobs data and was down 0.28%

FILE PHOTO: An employee holds U.S. dollar bank notes at a money changer in Jakarta, Indonesia, April 9, 2025. REUTERS/Willy Kurniawan/ File Photo

International news via Reuters:

The dollar rose against major currencies on Friday after data showed better-than-expected U.S. jobs growth in May despite a slowdown from the previous month, suggesting the Federal Reserve might wait longer to cut interest rates.

Labor Department data showed that employers added 139,000 jobs in May, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists.

The dollar was up 0.84% to 144.72 against the Japanese yen and added 0.33% to 0.823 against the Swiss franc. The greenback had extended gains against both safe-haven currencies following the data.

The U.S. currency was headed for a second straight weekly gain against both the yen and franc, but it was still down about 8% year-to-date and about 9% year-to-date, respectively, against both currencies.

The dollar has been weighed down by uncertainty from President Donald Trump’s tariff policies and the prospects of negotiations with trading partners, the deficit spending and tax bill being considered in the Senate after it passed the House, and the trajectory of recent economic data, said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey.

But the market is starting to reverse some of its short positioning against the dollar in the wake of stronger-than-expected economic data, including the jobs data, Epstein said.

“Every bank is forecasting a weaker dollar, which I think is probably the right call long-term. But now you have this stretched positioning and suddenly reversing everything since you have stronger jobs numbers and stronger hourly earnings. The numbers are stronger overall and now good news is bad news because the 10-year yields went up so the cuts are not going to come,” Epstein said.

The euro added to losses against the dollar immediately after the jobs data and was down 0.28% at $1.1413.

The single currency, which is headed for a weekly gain against the greenback, had hit a six-week high of $1.14950 on Thursday following comments by European Central Bank President Christine Lagarde that the central bank was nearing the end of the monetary policy easing cycle. 

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.38% to 99.05 on the session, but it is on track to notch a weekly loss.

Trump and Chinese leader Xi Jinping held a rare leader-to-leader call on Thursday, as tensions over tit-for-tat tariffs appearing to be easing. The dollar strengthened 0.22% to 7.190 versus the offshore Chinese yuan.

Bitcoin gained 4.10% to $104,632.06. Ethereum rose 4.67% to $2,510.82.

Reporting by Chibuike Oguh in New York; Additional reporting by Rae Wee and Johann M Cherian; Editing by Chizu Nomiyama and Andrea Ricci

South Korea’s Lee, Trump agree to work towards swift trade deal, Lee’s office says

Trump and Lee also talked of their golf skills and agreed to play golf when possible

FILE PHOTO: South Korean President Lee Jae-myung speaks during a ceremony to mark the 70th Memorial Day at the Seoul National Cemetery in Seoul, South Korea, 06 June 2025. JEON HEON-KYUN/Pool via REUTERS/File Photo

International news via Reuters:

U.S. President Donald Trump and South Korea’s new president Lee Jae-myung agreed to work toward a swift trade deal in their first phone call since Lee was elected, Lee’s office said on Friday. 

“The two presidents resolved to make an effort to reach a satisfactory agreement on tariff consultations as soon as possible, that both countries can be satisfied with. To this end, they decided to encourage working-level negotiations to yield tangible results,” Lee’s office said in a statement. 

Trump spoke with Lee, invited Lee to a summit in the U.S., and they plan to meet soon, according to a White House official.

The two leaders also swapped stories from the campaign trail, including sharing stories of assassination attempts and political difficulties, and agreed that strong leadership will emerge as they overcome difficulties, Lee’s office said. 

Lee survived a knife attack and underwent surgery when he was stabbed in the neck by a man during an event last year. 

Trump and Lee also talked of their golf skills and agreed to play golf when possible, Lee’s office said, while Lee mentioned that he was gifted a hat with Trump’s signature on it. 

Lee was elected on June 3 after the U.S. ally’s former leader, Yoon Suk Yeol, was impeached and ousted. Lee’s term began on Wednesday. 

The future of South Korea’s export-oriented economy will hinge on what kind of deal he can strike, with all of his country’s key sectors from chips to autos and shipbuilding heavily exposed to global trade.

He said on the eve of the elections that “the most pressing matter is trade negotiations with the United States.”

Reporting by Joyce Lee and Hyunjoo Jin; Additional reporting by Trevor Hunnicutt in Washington; Editing by Timothy Heritage and Philippa Fletcher

Next Gen Productions aims to inspire young people on school tour

Next Gen Productions Bermuda is a collective of Bermudian creatives dedicated to inspiring and educating the island’s youth about career opportunities in the performing and visual arts. 

They focus on community engagement and youth empowerment through artistic expression. 

Founder Dezjuan Thomad Jere shares more about his school tour, which involves 13 local schools. 

https://vimeo.com/1091227119/c585fe7daf

On the school tour, Next Gen will be aiming to inspire and educate students toshowcase their talents.


Reis Canputten – aka Ponaflex – told us how he plans to encourage the youth. 

https://vimeo.com/1091227439/add98e426c

Opinion: Customs bill is half-baked

Cannonier: “This labour Government failed to consult enough relevant stakeholders.”

Craig Cannonier          Photo: OBA

Statement by Craig Cannonier, Shadow Minister for Public Works & Environment

Not too long ago I listened to a statement by economist Craig Simmons concerning price control in Bermuda.  He said it would make more sense working with the business community on these matters.
Why am I mentioning this? We just debated the Customs Tariff Amendment Act in the House of Assembly, which was to provide relief for everyday Bermudians and the working community.   
Upon reviewing the Bill presented on May 26th it was evident that more information was required to fully understand what items were being targeted.  After several attempts for clarity and additional information it was only provided the same day the Bill was to be debated. 
That’s unfortunate and not worthy of healthy debate especially knowing it was over 450 items to review.  
Additionally it is vexing to find out the same information we were requesting and only received the day of the Debate was provided to others the day they tabled the Bill.
Now let’s circle back to the intent of this Bill.  To reduce the cost of building houses and reduction of car parts etc …
This labour Government failed to consult enough relevant stakeholders and presented an half-baked Bill.
Plumbers and electricians have been left without tool for their sites. No house passes planning requirements without plumbers and electricians but this is the house that our Government has built. 
– Craig Cannonier is the OBA MP for Constituency 12, Devonshire South Central

Sterling set to end week higher with spending plans in focus

The pound fell 0.2% to $1.3544 on Friday after touching its highest level since February 2022

FILE PHOTO: British Pound Sterling banknotes are seen at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo

International news via Reuters:

Sterling was on track to finish the week higher on Friday, supported by a UK economy largely resilient in the face of global turbulence, although investors will be monitoring the government’s spending plans.

The pound has gained about 0.6% this week, strengthened by data that showed UK services sector activity expanded more than expected.

The currency was also boosted by relief Britain was spared from further U.S. tariffs on steel and aluminium following its deal with Washington last month.

The pound slipped 0.2% to $1.3544 on Friday after touching its highest level since February 2022 the previous day. Against the euro, it was steady at 84.38 pence. 

Traders are still concerned, however, about the sustainability of growing debt loads in developed markets. 

A gilt auction this week indicated healthy demand for UK debt, but finance minister Rachel Reeves’ spending plans on Wednesday could be the next test.

The plans will set government departments’ budgets up to 2029, with the focus on public investment in infrastructure and taxation plans, when analysts say sources of funding are diminishing and the benchmark gilt yield is among the highest in developed markets.

“Wednesday’s spending review will epitomise just how tight things look for UK government departments,” said James Smith, an economist at ING.

“And life is only going to get harder for the Treasury in the autumn. We think the government’s ‘headroom’ will fully evaporate and that tax rises look increasingly inevitable later this year.”

Many of sterling’s gains this year have resulted from a broadly weak U.S. dollar as investors price in the risk that President Donald Trump’s erratic policymaking could result in a U.S. recession that could spill over to the rest of the world.

Against this backdrop, Bank of England policymakers have urged a gradual and cautious approach to monetary policy decision-making.

Interest rate futures point to the central bank leaving interest rates unchanged at its upcoming policy meeting, according to data compiled by LSEG.

On the data front, British house prices fell by more than expected in May following an increase in property transaction taxes the prior month, Halifax said. The mortgage lender also said that the housing market looked “broadly stable”.

The market will also focus on a U.S. jobs report later in the day.

Reporting by Johann M Cherian; Editing by Amanda Cooper and Barbara Lewis

Three men to go on trial next year over fires linked to UK PM Starmer

Have not been charged with offences under terrorism laws or the new National Security Act

FILE PHOTO: British Prime Minister Keir Starmer leaves 10 Downing Street in London, Britain, May 14, 2025. REUTERS/Toby Melville/File Photo

International news via Reuters:

Three men all linked to Ukraine will go on trial next April accused of involvement in a series of arson attacks on houses and a vehicle in London connected to British Prime Minister Keir Starmer, a London court heard on Friday.

Over five days last month, police were called to fires at a house in north London owned by Starmer, another at a property nearby where he used to live, and to a blaze involving a car that also used to belong to the British leader.

Ukrainian Roman Lavrynovych, 21, is charged with three counts of arson with intent to endanger life. Fellow Ukrainian Petro Pochynok, 34, and Romanian national Stanislav Carpiuc, 26, who was born in Ukraine, are accused of conspiracy to commit arson.

Lavrynovych and Carpiuc appeared by video-link at London’s Old Bailey court on Friday where Judge Bobbie Cheema-Grubb set the trial for April 27 next year. Pochynok was not present for the hearing.

In earlier hearings, prosecutors said the motive for the arsons was unclear.

The men will enter formal pleas at a hearing in October, but the lawyers for Carpiuc and Pochynok said their clients denied involvement. 

Counter-terrorism police have led the investigation but none of the men have been charged with offences under terrorism laws or the new National Security Act, which was brought in to target hostile state activity. 

Police said the first fire involved a Toyota RAV4 car that Starmer used to own and sold to a neighbour. Days later, there was a blaze at a property where Starmer previously resided and the following day there was an attack on a house in north London that he still owns.

Starmer, who has lived at his official 10 Downing Street residence in central London since becoming prime minister last July, has called the incidents “an attack on all of us, on our democracy and the values we stand for”.

Earlier this week a fourth man, aged 48, who had been arrested at London Stansted Airport in connection with the arson, was released on police bail.

Reporting by Michael Holden; Editing by Sachin Ravikumar

(VIDEO) New Zealand parliament confirms unprecedented lengthy suspension of Indigenous lawmakers (June 2025)

Suspending lawmakers is rare movement in New Zealand’s parliament

FILE PHOTO: A pedestrian walks past the New Zealand Parliament Buildings in Wellington, New Zealand, June 14, 2022. REUTERS/Lucy Craymer

International news via Reuters:

New Zealand’s parliament agreed on historically lengthy suspensions for three Indigenous lawmakers who last year performed a haka, a traditional Maori dance, disrupting the reading of a controversial bill.

A parliamentary privileges committee in May recommended the suspension of the three Te Pati Maori parliamentarians for acting in “a manner that could have the effect of intimidating a member of the house.” 

The three performed the haka last November ahead of a vote on a controversial bill that would have reinterpreted a 185-year-old treaty between the British and Indigenous Maori that still guides the country’s policy and legislation.

The government voted through the suspensions, which will see Te Pati Maori co-leaders Debbie Ngarewa-Packer and Rawiri Waititi stood down from parliament for 21 days, and representative Hana-Rawhiti Maipi-Clarke for seven days.

While the members are suspended, they will not be paid or be able to vote on legislation.

Suspending lawmakers is rare in New Zealand’s parliament with only three members suspended in the past 10 years, according to New Zealand parliamentary services. Before Thursday, the longest suspension was for three days, according to New Zealand representatives who spoke earlier in the day.

Maipi-Clarke told parliament ahead of the vote that the suspension was an effort to stop Maori from making themselves heard in parliament.

“Are our voices too loud for this house? Is that the reason why we are being silenced? Are our voices shaking the core foundation of this house? The house we had no voice in building… We will never be silenced and we will never be lost,” she said. 

Judith Collins, who heads the privileges committee and serves as attorney-general, had previously told parliament that the haka forced the speaker to suspend proceedings for 30 minutes and that no permission had been sought to perform it.

“It’s not about the haka … it is about following the rules of parliament that we are all obliged to follow and that we all pledged to follow,” Collins said.

The opposition Labour party called for a compromise and proposed censure instead of suspension.

Labour considers the suspension to be “inconsistent with the fundamental nature of this democracy,” Labour parliamentarian Duncan Webb said on Thursday. 

“This decision is wildly out of step with any other decision of the privileges committee,” said Webb.

The haka was traditionally a way for Maori to welcome visiting tribes or to invigorate warriors ahead of battle. It is now performed at important events as well as ahead of matches by New Zealand’s rugby teams.

Reporting by Lucy Craymer; Editing by Kate Mayberry

South Africa to ramp up vaccinations as foot-and-mouth disease spreads

The government has ordered over 900,000 doses of foot-and-mouth disease vaccines

FILE PHOTO: A man herds cattle on communal land in Cato Ridge, South Africa, July 28, 2019. REUTERS/Rogan Ward/File Photo

International news via Reuters:

South Africa is building up vaccine stocks and expanding inoculations to fight a worsening foot-and-mouth disease outbreak, the agriculture ministry said, as the country faces threats to beef supplies.

Foot-and-mouth disease is a highly contagious, viral infection of cloven-hoofed animals that may also affect other species. Flare-ups have been reported over the past several months in five of South Africa’s nine provinces, with KwaZulu- Natal being the worst affected. 

This week, Karan Beef, which operates the country’s largest feedlot and one of the world’s biggest, reported an outbreak at its facility in Heidelberg, about 50 kilometres southeast of Johannesburg. The quarantine imposed on the feedlot, which slaughters about 2,000 cattle daily, could impact beef supplies.

The government has ordered over 900,000 doses of foot-and-mouth disease vaccines with the first batch expected to arrive next week, the agriculture ministry said in a statement late on Thursday.

“These plans are not only about responding to outbreaks, but also about building permanent infrastructure to manage future risks,” it said.

There are growing calls by some cattle producers to declare a “state of disaster” and protect the industry from financial losses. Invoking disaster law gives the government additional powers to intervene in a crisis.

The foot-and-mouth disease outbreaks have resulted in South African beef and related products being banned in markets such as China, Namibia and Zimbabwe. 

South Africa’s livestock sector is also recovering from its worst avian flu outbreak, which destroyed a third of the national chicken flock in 2023. 

On Thursday, the government announced the first ever mass vaccination of poultry to prevent a repeat outbreak of high-pathogenic avian influenza (HPAI), a bird flu that spreads rapidly in an infected flock, causing a high death rate.

Reporting by Nelson Banya in Harare; editing by Mark Heinrich

(VIDEO) EU backs International Criminal Court after US sanctions judges

Retaliation for the issuance of an arrest warrant for Israeli Prime Minister Benjamin Netanyahu

FILE PHOTO: The International Criminal Court building is seen in The Hague, Netherlands, January 16, 2019. REUTERS/Piroschka van de Wouw/File Photo

International news via Reuters:

The EU gave its backing on Friday to the International Criminal Court after Washington imposed sanctions on four ICC judges, and EU member Slovenia said it would push Brussels to use its power to ensure the U.S. sanctions could not be enforced in Europe.

“The ICC holds perpetrators of the world’s gravest crimes to account and gives victims a voice. It must be free to act without pressure,” European Commission President Ursula Von der Leyen said on social media platform X.

Antonio Costa, president of the European Council, which represents national governments of the 27 member states, called the court “a cornerstone of international justice” and said its independence and integrity must be protected. 

U.S. President Donald Trump’s administration imposed sanctions on four judges at the ICC in retaliation for the war tribunal’s issuance of an arrest warrant for Israeli Prime Minister Benjamin Netanyahu and a past decision to open a case into alleged war crimes by U.S. troops in Afghanistan.

The U.S. order names Solomy Balungi Bossa of Uganda, Luz del Carmen Ibanez Carranza of Peru, Reine Adelaide Sophie Alapini Gansou of Benin and Beti Hohler of Slovenia.

The U.S. sanctions mean the judges are now on a list of specially designated sanctioned individuals. Any U.S. assets they have will be blocked and they are put on an automated screening service used by not only American banks but many banks worldwide, making it very difficult for sanctioned persons to hold or open bank accounts or transfer money.

Trump’s initial order announcing sanctions on the ICC also said that U.S. citizens who provide services for the benefit of sanctioned individuals could face civil and criminal penalties.

Slovenia urged the EU to use its blocking statute, which lets the EU ban European companies from complying with U.S. sanctions that Brussels deems unlawful. The power has been used in the past to prevent Washington from banning European trade with Cuba and Iran.

“Due to the inclusion of a citizen of an EU member state on the sanctions list, Slovenia will propose the immediate activation of the blocking act,” Slovenia’s foreign ministry said in a post on social media site X late on Thursday.

ICC president Judge Tomoko Akane had urged the EU already in March this year to bring the ICC into the scope of the blocking statute.

The new sanctions have been imposed at a difficult time for the ICC, which is already reeling from earlier U.S. sanctions against its chief prosecutor, Karim Khan, who last month stepped aside temporarily amid a United Nations investigation into alleged sexual misconduct.

The court’s governing body, which represents its 125 member states, on Friday condemned the U.S. government’s decision to retaliate against judges. 

“These … are regrettable attempts to impede the Court and its personnel in the exercise of their independent judicial functions”, the Presidency of the Assembly of States Parties said.

Reporting by Stephanie van den Berg in The Hague and Charlotte Van Campenhout, Editing by Benoit Van Overstraeten, William Maclean

London stocks steady with eyes on US employment report

British government bond yields eased across the curve, mirroring eurozone counterparts

FILE PHOTO: Branding is seen inside the LSEG (London Stock Exchange Group) headquarters in Paternoster Square, London, Britain, April 25, 2025. REUTERS/Toby Melville/File Photo

International news via Reuters:

London shares remained nearly flat on Friday as investors adopted a wait-and-see approach ahead of crucial U.S. jobs data.

As of 0950 GMT, the blue-chip FTSE 100 was up 0.05%, poised for its fourth consecutive weekly gain.

The domestically focused FTSE 250 was up 0.03% on the day, heading toward its second straight weekly advance.

The upcoming US non-farm payrolls report will likely set the market tone, offering insights into how U.S. President Donald Trump’s trade policies are affecting the labor market and how the Federal Reserve might navigate the uncertain trade environment. 

British government bond yields eased across the curve, mirroring eurozone counterparts ahead of the data release.

Earlier this week, Trump doubled tariffs on steel and aluminum imports, though the UK received an exemption following a limited trade deal signed in early May that established a framework for future negotiations.

Global attention also remained fixed on trade negotiations, with potential easing in U.S.-China trade tensions following Trump’s phone call with Chinese President Xi Jinping on Thursday.

On the stock indexes, homebuilders were leading the way with a gain of 0.9%.

Life insurers were up 0.5% after Deutsche Bank upgraded Phoenix and Prudential to “buy”, with both stocks climbing nearly 1%.

On the flip side, industrial metal miners dropped 1.1%. 

The heavy-weight aerospace and defence index shed 0.8% with Babcock International Group sliding 3.4%, making it the biggest decliner on the blue-chip index.

In other major developments, Finance Minister Rachel Reeves said on Thursday that upbeat business surveys and strong first-quarter GDP indicate the British economy is recovering from its weak end to 2024, though the public remains concerned about slow improvements in living standards.

Purchasing managers’ indexes released this week have shown a recovery in activity after a sharp fall in April due to the shock of Trump’s tariffs.

Investors will closely monitor next week’s employment figures and April GDP estimates for further insights into the country’s economic health.

Reporting by Ragini Mathur in Bengaluru; Editing by Shailesh Kuber

China demonstrates coast guard capability to Pacific nations, step towards high seas patrols

China is also the largest fisheries partner to some Pacific Island countries

FILE PHOTO: A U.S. Coast Guard Cutter Harriet Lane (WMEC 903) boarding team alongside Vanuatu Fishery Department and Police Maritime Wing officers start a fishery boarding on a fishing vessel in the Vanuatu Exclusive Economic Zone in the South Pacific Ocean, February 26, 2024. Senior Chief Petty Officer Charly Tautfest/U.S. Coast Guard/Handout via REUTERS/File Photo

International news via Reuters:

China is taking further steps towards high seas boarding of fishing boats in the Pacific for the first time, risking tensions with Taiwanese fleets and U.S. Coast Guard vessels that ply the region, Pacific Islands officials told Reuters.

The Chinese Coast Guard demonstrated the capabilities of one of its largest ships, used to enforce maritime law in the Taiwan Strait, to Pacific Island ministers last week. It is also actively involved in debates on the rules of high seas boarding, according to documents and interviews with Pacific fisheries officials.

The fisheries officials said it was anticipated China will soon begin patrols in a “crowded” fisheries surveillance space. 

“Hosting the leaders, demonstrating their capabilities in terms of maritime operations, those kind of things are indications they want to step into that space,” said Allan Rahari, director of fisheries operations for the Forum Fisheries Agency, in an interview with Reuters.

The agency runs enforcement against illegal fishing for a group of 18 Pacific Island countries, with assistance from navy and air force patrols by Australia, the United States, France and New Zealand. 

The biggest fishing fleets in the Pacific, attracting the most infringement notices by inspectors, are Chinese and Taiwanese.

But China is also the largest fisheries partner to some Pacific Island countries, and Rahari said agreements for Chinese coast guard patrols in coastal waters could be struck under security deals with these countries. 

China registered 26 coast guard vessels with the Western & Central Pacific Fisheries Commission (WCPFC) in 2024 for high seas boarding and inspections in a vast region where the U.S. and Australia have the biggest inspection fleets. 

The commission has not received a notification from China that it has conducted any inspection, but Chinese officials have become active in debate over the rules on boardings, WCPFC executive director Rhea Moss-Christian told Reuters.

China last year called for a review of the guidelines, and in March, Chinese officials attended a video meeting about an Australian-led effort to strengthen voluntary rules, she said.

WCPFC inspectors in international waters need to gain permission for each inspection from the suspected vessel’s flag state before boarding.

Rahari said it could be “very complicated” diplomatically if a Chinese coast guard vessel sought to board a Taiwanese fishing boat. Beijing does not recognise Taiwan as a separate country. 

Chinese officials and the Chinese Coast Guard did not respond to Reuters requests for comment. Australia declined to comment, while Taiwan and the U.S. Coast Guard did not respond to requests for comment.

SHIP TOUR

Foreign ministers from 10 Pacific Island nations visited the coastal Chinese city of Xiamen and toured Haixun 06, which can travel 18,500 km (11,470 miles or 10,000 nautical miles) or 60 days without resupply. 

Papua New Guinea (PNG) foreign minister Justin Tkatchenko said 10 Pacific Island ministers saw the Chinese coast guard demonstrate a maritime emergency drill, but told Reuters they did not discuss Pacific patrols.

    PNG is negotiating a new defence treaty with Australia, and struck a 2023 security deal with the United States allowing the U.S. Coast Guard to patrol PNG’s 2.7 million square kilometre exclusive economic zone.

Fiji said it had approved a new maritime security agreement with Australia this week. 

 Nauru’s government broadcaster posted photographs on social media of the Haixun 06 drill, which it said “reaffirmed the importance of maritime cooperation between China and Pacific Island nations”. Under a security treaty struck in December, Nauru must notify Australia before the Chinese navy comes to port.

The U.S. Coast Guard has maritime law enforcement agreements with a dozen Pacific Island nations allowing it to enter nations’ exclusive economic zones, and increased its patrols last year.

“The key considerations for China is stepping into that space without stepping on other partners toes, because that will then create conflicts within the region and that is something we don’t want,” Rahari said.

Reuters previously reported the first U.S. Coast Guard patrol in Vanuatu’s waters saw local officials board several Chinese fishing boats in 2024, finding infringements, which Beijing criticised.

Since 2008, Chinese fishing vessels were issued with 158 infringements, or 46% of Chinese boardings by WCPFC inspectors including the U.S., France and Australia, WCPFC data shows. Taiwanese fishing boats were issued 233 infringements.

Reporting by Kirsty Needham in Sydney; Additional reporting by Liz Lee and Xiuhao Chen in Beijing, and Ben Blanchard in Taipei; Editing by Raju Gopalakrishnan