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Sterling set for fourth monthly rise against a weakened dollar

Bermuda Broadcasting Newsdesk
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Sterling set for fourth monthly rise against a weakened dollar

Sterling rose around 0.25% to 84.06 pence per euro

A two Euro coin is pictured next to a one Pound coin on top of a portrait of Britain’s Queen Elizabeth in this file photo illustration shot March 16, 2016. REUTERS/Phil Noble/Illustration/Files

International news via Reuters:

Sterling held steady on Friday, set for its fourth month in a row of gains against the dollar, as recent favourable economic data support Britain’s currency just as worries over U.S. tariffs and high debt weigh on the greenback.

“Sterling looks well supported,” said Kit Juckes, chief FX strategist at Societe Generale, pointing to “reasonably good” data trends.

Sterling was last trading at $1.3472, little changed on the day and down around 0.5% on the week after gaining about 2% last week.

That leaves the pound set to end May with a gain of around 1%, which would mark a fourth straight month of increases against a weakened greenback.

It last recorded four consecutive monthly gains against the dollar in 2022.

The dollar, meanwhile, was en route to its fifth-straight monthly decline on Friday, as further uncertainty around trade policy and U.S. fiscal health weighed.

Sterling rose around 0.25% to 84.06 pence per euro.

Still, it was set for its first week of declines after six weeks of increases as gains seen after UK retail sales and inflation numbers last week and optimism around Britain’s trade deals with the U.S. and India faded.

Last week’s stronger than expected UK inflation print caused markets to do away with bets for a rate cut at the Bank of England’s policy meeting in June, with about 97% of traders now anticipating that the central bank will hold rates after a cut by 0.25 percentage points to 4.25% in May.

“The economy has not got the legs to justify a significant strengthening (of the pound) from here,” Juckes said. “I just think it’s going to frustrate all the bears, left, right, and centre.”

Further out, traders looked ahead to a multi-year spending review by finance minister Rachel Reeves on June 11, with the government facing the challenging task of boosting economic growth while limiting spending and tax increases as it has pledged.

Reporting by Linda Pasquini. Editing by Dhara Ranasinghe and Mark Potter

UK man appears in court over Liverpool parade incident that hurt dozens

Bermuda Broadcasting Newsdesk
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UK man appears in court over Liverpool parade incident that hurt dozens

During the appearance the 53-year-old confirmed his name, address and date of birth

Police officers stand outside the entrance of the Liverpool Magistrates’ Court, on the day Paul Doyle, the 53-year old charged with multiple offences including dangerous driving and causing grievous bodily harm after a car drove into a crowd at Liverpool FC’s trophy parade, appears at court, in Liverpool, Britain, May 30, 2025. REUTERS/Phil Noble

International news via Reuters:

A British man appeared in court on Friday charged with causing grievous bodily harm after a car ploughed into a crowd of Liverpool soccer fans injuring almost 80 during this week’s Premier League title victory parade.

Paul Doyle, from the West Derby area of Liverpool, is charged with seven offences including dangerous driving and two counts of causing grievous bodily harm with intent.

The 53-year-old appeared at Liverpool Magistrates’ Court on Friday morning and confirmed his name, address and date of birth.

Prosecutor Philip Astbury told the court: “These charges arise from events around about 6 p.m. on May 26 … in the city centre.

“As significant crowds left the waterfront after the parade for the local football team, this defendant, say the crown (prosecution), drove deliberately at people amongst the crowd as they tried to leave the area.”

Doyle was remanded into custody ahead of a further hearing at Liverpool Crown Court later on Friday. He was not asked to enter a plea to any of the seven charges.

The incident took place in Liverpool’s packed city centre on Monday evening, as about a million people had come out to celebrate Liverpool’s title win and watch an open-top bus parade featuring the team and its staff with the trophy.

Police have said the incident, which left a total of 79 people injured, was isolated and not an act of terrorism. Seven people remained in hospital in a stable condition as of Thursday evening.

Reporting by Phil Noble in Liverpool and Sam Tobin and Sam Tabahriti in London; editing by William James and Michael Holden

Portugal’s first-quarter contraction confirmed, exports fall

Bermuda Broadcasting Newsdesk
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Portugal’s first-quarter contraction confirmed, exports fall

Exports of goods and services, and tourism fell 0.4% from the previous three months

FILE PHOTO: General view of Praca da Figueira in Lisbon, Portugal, May 11, 2021. REUTERS/Pedro Nunes/File Photo

International news via Reuters:

Portugal’s economy shrank 0.5% in the first quarter from the previous three months, when it grew 1.4%, as exports fell and imports rose in anticipation of higher tariffs amid global trade tensions, official data showed on Friday, confirming the flash estimate.

In its second reading of gross domestic product, the National Institute of Statistics (INE) also confirmed its year-on-year growth figure of 1.6% released at the beginning of the month. In the fourth quarter, Portugal’s economy grew 2.8%.

INE said the contribution of net external demand to the quarter-on-quarter GDP was minus 0.7 percentage points, while in the fourth quarter it had contributed positively with 0.7 pp, “reflecting a decline in exports and an increase in imports”.

Exports of goods and services, including the key tourism sector, fell 0.4% from the previous three months. 

Meanwhile, imports increased 1% anticipating the tariffs announced by U.S. President Donald Trump – most of which have been temporarily suspended – and a potential response from the European Union.

INE said the positive contribution of domestic demand also decreased to 0.1 pp, from 0.7 pp in the fourth quarter, “with a reduction in private consumption”, which fell 1.1% in the first three months after growing 2.8%.

Total investment increased by 3.8% with the help of European Union funds, after it fell 5.0% in the previous quarter.

The Bank of Portugal has forecast the economy should grow 2.3% this year in an acceleration from last year’s 1.9%, but it said a tariff war could reduce that projected growth by 0.9 percentage points.

Reporting by Sergio Goncalves and Andrei Khalip; editing by Giles Elgood

Regulatory Authority newsletter emphasises renewable energy

Bermuda Broadcasting Newsdesk
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Regulatory Authority newsletter emphasises renewable energy

Document highlights community engagement and stakeholder consultation endeavours

Data from the Regulatory Authority of Bermuda says that the regulator has saved consumers approximately 90 million dollars from revenue allowance sought by BELCO between 2020 and 20204. Their newsletter, released earlier this week, affirming their “unwavering dedication to safeguarding Bermuda’s regulated sectors.”

The 6 page document details current movements in the energy sector, including progress being made in renewable energy—specifically wind and solar.

BBC Radio News: Friday Morning – 30 May 2025

Bermuda Broadcasting Newsdesk
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BBC Radio News: Friday Morning – 30 May 2025

Radio news with host Julie Matthews-Borchardt and sports reporter Earl Basden

Bermuda BroadcastingFriday Morning Radio Newscast 30.5.25
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  1. Friday Morning Radio Newscast 30.5.256:13
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Economist: ‘Stop investing all our savings overseas’

Gary Foster Skelton
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Economist: ‘Stop investing all our savings overseas’

Craig Simmons says a portion of pension funds and other savings should provide investment capital for local businesses

Would you risk a little less cashback on your savings – if it could increase the number and diversity of locally-owned businesses?

That’s a question lingering behind Economist Craig Simmons’ proposition – that a portion of Bermudians’ savings should be invested locally.

Citing the need to promote small and medium size business, and even to finance Government debt, Mr Simmons says we need to stop sending local capital overseas.

“In any given year, Bermuda residents save in excess of $3 billion”, Mr Simmons told Bermuda Broadcasting.

“The problem is that just about all of that capital goes overseas to finance the growth of Microsoft, of NVIDEA, of overseas enterprises.”

“[A] difficult decision needs to be made, requiring Bermuda pension funds, insurance companies, local insurance companies to keep a portion of their savings, $3 billion, on island so that we can funnel that toward small and medium sized enterprises.”

Up until the early 1990s, there was a limit on the amount of money Bermudians could invest overseas, plus a local 10% tax on those investments.

Mr Simmons is not suggesting a tax on savings, but he does say the loss of the Overseas Investment Tax meant there was less incentive to keep money on island.

“As a result”, he says, “all the money, including that which is in my pension fund, ends up in going into someone else’s pot to grow someone else’s economy.”

“What I’m suggesting is that Bermuda produces, or has enough savings, to finance its debt. I don’t understand why the $3.2 billion in debt is all denominated in foreign currency.”

Government debt is almost entirely made-up of borrowing from the international capital markets, save $50 million in local financing that was repaid from the Sinking Fund in 2023.

Mr Simmons says, “one suggestion would be for more of our Bermuda government debt to be denominated in Bermuda dollars, given that Bermuda is flush with savings.”

Mr Simmons also cites large Bermuda companies that are now-foreign owned…

“Digicel and Cellular One, and even BELCO… Bermuda companies that are no longer owned by Bermudians.”

“It’s not because we don’t have the money to own them… We seem to prefer to own overseas companies.”

“Why aren’t Bermuda residents interested in investing in their own economy? That’s a good question to put to your viewers.”

Mr Simmons is not suggesting that all of the local savings and pension fund monies, possibly invested in overseas stock markets, should instead be invested in Bermuda.

He says, “I’m not in any way, shape or form suggesting that all of those moneys be prevented from going overseas, but a portion.”

“That doesn’t seem to be unreasonable – to sit down with pension funds, sit down with insurance companies and have this negotiation, because it’s in our mutual interest to have some of those monies kept on the island. But again, it’s about convincing people of the efficacy of that kind of move.”

Gary Foster Skelton asked Mr Simmons how one might expect an investor to potentially risk a lower rate of return, without it seeming punitive.

Mr Simmons responded, “if you have a garden and you want it to produce crops, you need to put fertilizer, put stuff back into the garden so that you get another crop… I would argue that we Bermudians have not been doing that.”

“We have not been putting enough resources back into our economy… ensuring that the infrastructure of Bermuda is what it needs to be to grow our economy.”

“I would argue the same logic would apply with respect to the private sector. The private sector needs infrastructure. We seem to be totally reliant on the rest of the world for our capital.”

Bermuda Tonight – 29 May 2025

Bermuda Broadcasting Newsdesk
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Bermuda Tonight – 29 May 2025

In tonight’s news at 7pm…

  • Latest Police stats suggest overall crime on downward trend since 2020
  • Economist says a portion of residents’ savings should be invested locally
  • B.I.O.S. to celebrate change in leadership
  • New golf academy established in Bermuda

VP of Experiences out of BTA

Jasmine Patterson
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VP of Experiences out of BTA

Acting CEO Erin Wright sent a letter to BTA staff notifying them of Tashae Thompson’s departure

The Bermuda Tourism Authority has confirmed a high-level executive within the organisation is no longer employed with the marketing quango subsequent to being placed on leave in March.

In a letter seen by Bermuda Broadcasting, Acting CEO Erin Wright told BTA staff today about departure of Tashae Thompson.

Ms Wright stated, “Please be advised that with immediate effect, our VP of Experiences, Tashae Thompson, is no longer with the BTA.

“Tashae has been a member of the BTA since 2014 and through the years, developed many close relationships with team members both here and in NYC, as well as with our stakeholders and visitors.”

Ms. Thompson was one of two staff members suspended late March this year, along with Tracey Berkeley, the CEO of the BTA. No details on the reason for their suspension was provided by the organisation.

The suspension followed the publication of an independent culture review conducted following a slew of high profile departures from the BTA, including Olympian Hazel Clarke. The former Director of Sports and Global Business Development resigned in December 2024, after six years at the organisation.

The culture review highlighted concerns from staff critical of the leadership style, gossip and lack of accountability stemming from an underserved human resources department.

Responding to our queries today, a spokesperson for the BTA said, “We can confirm that Tashae Thompson is no longer with the Bermuda Tourism Authority.

“Ms Thompson joined the organisation in 2014 and made valued contributions during her tenure.

“We are grateful for the contributions she made during her time with the BTA and wish her all the best in her future endeavours,” they continued.

“As this is a personnel matter, we will not be providing further comment.”

Chair of the Board, Wayne Caines resigned from his post in February 2025.

BBC Radio News: Thursday Evening – 29 May 2025

Bermuda Broadcasting Newsdesk
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BBC Radio News: Thursday Evening – 29 May 2025

BBC evening radio newscast with reporter Grae Minors and sports reporter Earl Basden

Bermuda BroadcastingThursday Evening Radio Newscast 29.05.2025
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  1. Thursday Evening Radio Newscast 29.05.20259:01
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Former ‘Dragon’ to speak at women’s event

Bermuda Broadcasting Newsdesk
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Former ‘Dragon’ to speak at women’s event

Keynote speaker is Jenny Campbell, who appeared in the hit TV investment show Dragon’s Den in the U.K.

Entrepreneur Jenny Campbell will speak at Women Mean Business: Level Up on June 6.   Photo supplied

Press release:
Bermuda’s leading female executives will take the spotlight alongside UK business powerhouse Jenny Campbell at Women Mean Business: Level Up, a dynamic afternoon event designed to support and inspire women at all stages of their careers. The event takes place on Friday, June 6th, hosted at HSBC’s 6th Floor event space on Front Street.
Launched in 2024, Women Mean Business was created to champion female leadership across the island. Its second event—Level Up—offers a rare opportunity to hear directly from women at the helm of Bermuda’s financial and business sectors, alongside global voices with real entrepreneurial firepower.
Bermuda Leadership in Focus
A major highlight of the event will be the Bermuda Female Leadership Panel, featuring some of the island’s most respected professionals.
Moderated by Hazel Clark, former Director of Global Business Development and Partnerships, BTA, Hazel will deep dive into what it takes to lead with impact on the island.
Panelists include:

  • Jennifer Woods, CEO, Bermuda Chamber of Commerce
  • Rachelle Frisby, CEO, Interpath Advisory
  • Charmaine Smith-Tucker, EVP, Lombard Odier Trust (Bermuda) Limited
  • Tanya Bule, Head of International Wealth & Premier Banking, HSBC
  • Erica Smith, Executive Director, BEDC

    In this session, panelists will share authentic stories of how they rose to leadership, overcame challenges, and carved out influence in Bermuda’s professional world.

    Keynote Speaker: Jenny Campbell

    The event will be headlined by former Dragon’s Den investor and CEO Jenny Campbell flying over from the UK.  Jenny brings decades of financial services and entrepreneurial expertise. Jenny successfully turned around and sold YourCash Europe for £50M and invested in five businesses during her time on Dragon’s Den. She is also a member of the Bermuda Society, and a regular island visitor having fallen in love with Bermuda over ten years ago and buying property here.

    Jenny will answer questions on:
  • Climbing the Career Ladder
  • Entrepreneurship and Investment
  • Supporting and Scaling Startups
    This is your chance to ask a business Powerhouse those burning questions on entrepreneurship, investment and how to turn a side business into a full time reality.

    Interactive Workshop: “Success Rewritten” for all attendees
    Led by Executive Coach Lorene Phillips, CEO of Clarendon Wallace, this dynamic coaching session will guide participants through workplace change and personal growth. Entitled “Success Rewritten”, the workshop will help attendees design their own leadership success script, with group breakout sessions and collaborative reflection.
Loren Phillips, founder of Clarendon Wallace, the professional development firm, will lead an interactive workshop.   Photo supplied
  • Who Should Attend?
    This event is for women across all career stages—from entry-level professionals and career-changers to business owners and executives. Entrepreneur’s will also benefit from attending and hearing Jennys advice on seeking investment and scaling your start up.
    It’s also ideal for companies seeking to invest in and retain female talent.
    Event Organiser Joanne Horton said. “Whether you’re running a business, climbing the ladder, or figuring out your next move, this is the launchpad for your next level.”
  • Event Partners include HSBC and BEDC.
    Erica Smith, CEO BEDC said said “I am extremely excited and feel privileged to be invited to be on the same stage with such brilliant female leaders at the upcoming Women Mean Business Level Up event!  I look forward to sharing my experiences, learning from others, and networking in a room full of exceptional women!
    Jenny Campbell shared, ““It’s an honour to speak at Women Mean Business Bermuda—an inspiring platform where bold ideas meet fearless ambition. As a passionate advocate for women in leadership and entrepreneurship, I believe we must live by corporate standards—but breathe like entrepreneurs. That’s where real innovation and impact begin.”

    Remaining tickets are limited and selling quickly. To register or learn more, visit PTIX.com or connect with Joanne Horton on LinkedIn.

    About Women Mean Business Bermuda
  • Founded in 2024, Women Mean Business is a Bermuda-based event series created to support female leadership, provide tools for professional growth, and promote evolving business insight. It’s inaugural event, CEO Connect, featured Google advisor Fiona Beck and brought together 38 CEOs from across the island.

EVENT DETAILS
Date: Friday, 6th June
Time: 3:00 PM – 6:30 PM
Venue: HSBC, 6th Floor, Front Street, Hamilton
Includes: Refreshments & Networking Drinks and canapes
Tickets: PTIX

ABOUT JENNY CAMPBELL
Jenny was formerly Chief Operating Officer at Hanco ATM Systems Ltd, an RBS subsidiary managing 5,000 ATMs across the UK and Netherlands with a £30M turnover and 150 employees. In 2008, she became CEO and launched a successful turnaround programme, returning the business to profitability.
In 2010, she led a Management Buyout, rebranding the company as YourCash Europe Ltd. Under her leadership, the business expanded into Belgium and Ireland and continued strong growth in the UK and Dutch markets. The business, which had been losing £7M annually in 2006, sold in 2016 for £50M with an EBITDA of £7M.
Jenny joined Dragon’s Den in 2017, investing in five businesses over two series. From 2019 to 2022, she served as Vice Chair of the Prince’s Trust Enterprise Fellowship Programme. She is a passionate advocate for young entrepreneurs and business education.

Awards & Recognition:

  • Ernst & Young Entrepreneur of the Year Regional Finalist (2011 & 2013)
  • Great British Entrepreneur Silver Award – Turnaround Category (2013)
  • Businesswoman of the Year (2014)
  • Freeman of the Guild of Entrepreneurs (2015)

You can read more about Jenny via her website https://www.jennybcampbell.com

Golfzon Leadbetter Academy opens at Five Forts

Alisa Bernardo
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Golfzon Leadbetter Academy opens at Five Forts

The world-class facility, led by Bermudian golfer, Quinton Sherlock brings elite-level golf training to the island

A golf academy with a global network that has produced champion golfers has now established a presence in Bermuda.

In true St. Regis style, a champagne toast marked the beginning of the exciting new partnership between the Five Forts Golf Club and Golfzon Leadbetter Academy.

The goal? To bring world-class golf instruction right here to Bermuda.

Named after its founder David Leadbetter, one of the most influential and successful golf coaches, the GLA brand aims to help students “Build a Lifelong Game” through proven teaching methods.

Mr Leslie Praya, General Manager of the St. Regis Bermuda Resort opened the ceremony stating, “A respected leader in the sport, Mr. David Leadbetter has developed champions for generations. We are honoured to bring his vision to Bermuda and to our guests.”

GLA Bermuda becomes the brand’s 34th location worldwide, and the Director of Instruction for the new site is non-other than Bermudian pro golfer Quinton Sherlock Jr.

“Together, we’ll be creating a destination where instruction meets inspiration, where every golfer, irrespective of their skill level, will find a space where they can thrive,” explained Mr Sherlock.

“I’m passionate about working with people. I’m passionate about helping to build a stronger, more connected golf community here in Bermuda. We will be launching clinics, junior programmes, community events – all designed to make golf more inclusive, more fun, and more rewarding for everyone.”

Another objective of the academy is to foster a love for the game among Bermudian youth.

GLA’s curriculum for kids blends education with fitness, movement, and technical skill.

Ben Riches, CEO of Golfzon Leadbetter, hopes the academy will become a catalyst for youth sport opportunities.

Mr Riches stated: “There’s hundreds of kids on this island that don’t play golf today that could, given the right inspiration and the right motivation, become golfers. And what we want to give them is a pathway, through Quinton and through the Five Forts resort here with St. Regis, to allow children to start to play the game. And if they can start with a smile on their face, then they’re likely to keep playing. Where they go from there is up to them … who knows: U.S. college, Tour … we just want these kids to dream. And if they have a dream, and they have an opportunity, and they have good education, then who knows where this could take us.”

Beyond education, the potential tourism benefits of the new partnership were also highlighted by Owen Darrell, Minister of Tourism, Culture, and Sport.

He said, “The Five Forts Golf Club is already a jewel in Bermuda’s crown. With the addition of Quinton and the Golfzon Leadbetter Academy, it becomes a beacon of golf development in the region. This partnership elevates the course, it elevates the resort, and it elevates the entire community and tourism product on this island.”

GLA Bermuda offers mini school, private, playing, and family lesson experiences.

Part of the proceeds from lessons will go toward supporting Mr Sherlock’s NGO that he runs in Ghana, West Africa, which introduces golf to children in underprivileged communities.

Crime is down despite an uptick in 2023

Jasmine Patterson
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Crime is down despite an uptick in 2023

The Bermuda Police Service said crime remains near historic lows, with 2023 recording the second-lowest crime total since comparable records began in 2000

Crime is on a downward trend, according to statistics released by police today.

The numbers are from 2023 – the most recently available – but they show the second lowest crime total since comparable records began in 2000.

This despite an uptick in overall crime of 5.6% between 2022 and 2023.

Though the number of crimes against the community including burglaries, criminal damage, thefts and frauds were up – murders, firearms offenses and motor vehicle thefts were trending downward in 2023 compared to the previous year.

In a news release today, Commissioner of the BPS Darrin Simons said: “The 2023 statistics show that Bermuda remains one of the safest places to live, work, and visit.

“We know there are still challenges. We’ve seen increases in residential burglaries and fraud offences that we’re actively addressing. And any life lost on our roads or to violence is one too many.”

More details to follow.

BPS Official Statistics Report 2023-compressedDownload
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