Replying to the Budget, Dr De Couto claims to ‘debunk’ Government’s financial performance
An OBA portrayal of the economy, and a PLP portrayal of the economy… are they different?
Very much so, the Shadow Finance Minister would argue.
Dr Douglas De Couto used his reply to the 2025/26 Budget to present his party’s own economic report, and suggests that overall GDP growth and the low unemployment rate hide ‘troubling trends’ – that growth is driven ‘almost solely by International Business and Financial Services’. (ABOVE: Highlights from Dr De Couto’s economic comments in the Budget Reply; BELOW: OBA’s full Reply to the Budget)
Dr. De Couto told the House today that Bermuda’s economic growth from 2017 to 2023, at 8.7% GDP adjusted for inflation, lagged behind the US (13.9%) and the world (16.8%), only beating the Euro area (6.7%).
He adds that more than three-quarters (76.1%) of Bermuda’s GDP growth over the period was driven by International Business, rising to seven-eighths (87.4%) after adding in other Financial and Insurance activities.
Dr De Couto says that the local economy – or everything apart from IB and Financial Services – only grew by 2% – far below the overall 8.7% GDP growth.
“That is essentially no growth at all”, he said.
“Fewer people and fewer jobs”
Saying that Government loves to cite the low unemployment rate, Dr De Couto suggests this is driven by “fewer people and fewer jobs”.
Citing the November 2023 Labour Force Survey, he says youth unemployment was four-times the national average at 13.5%.
“The reality is that the number of people has shrunk faster than the number of jobs”, Dr De Couto suggests. “Government has outsourced our unemployment, as people who can’t find work have been emigrating.”
According to Employment statistics, Dr De Couto says that while overall employment in Bermuda fell by 793 jobs from 2017 to 2023, Bermudian jobs fell by 1,438, while the non-Bermudian share grew by 787 jobs.
“All those missing jobs are for workers under 55 – who should be the backbone of our workforce”, he said.
“The largest increase in jobs is for workers over 65, presumably they have been unable to retire due to the cost of living.”
Dr De Couto adds that IB and Financial Services pay had risen by 6%, while all other jobs combined had risen by 1.8% – all while the overall cost of living had risen by 2.4%.
Immigration
Citing the “critical underlying issue’ of the number of people living and working in Bermuda, Dr De Couto said, “we should consider it an urgent national priority to make it more attractive for young Bermudians to return home, for Bermudians and people working here to stay here, and for new people to come to Bermuda.”
He says immigration is ‘understandably a controversial and emotional topic’, and that it has been ‘cynically manipulated’ as a political tool by the current Government.
Dr De Couto called for a ‘good-faith engagement’ over our population issues. “It’s easy for Government to say what they won’t do” he said, “but we’re more interested in hearing what they can and will do to solve this problem.”
Tax Cuts
The OBA is disappointed that Government has not scrapped the sugar tax, Dr De Couto says, and suggests Government should also cut or target the Foreign Currency Purchase Tax.
“Since all of our goods are purchased from overseas” he said, “this adds 1.25% to the cost of all goods, including essential goods, purchased by Bermudians.”
“The FCPT disproportionately impacts those who earn the least, and pay a higher fraction of their income on necessities.”
“In general, the One Bermuda Alliance would adjust tax reductions to be targeted to those most in need.”
Local Economy
After spending most of the Budget reply criticising the current Government’s management of the economy, the Shadow Finance Minister said the One Bermuda Alliance would put primary focus on improving the local economy.
He stated, “in areas ranging from the Office of the Tax Commissioner, Planning, Immigration, and numerous other departments that businesses work with, businesses need a responsive and friendly Government that provides the required services efficiently.
“Now that the Public Service has received a pay rise, the public will be looking for the promised increase in morale, performance, and effectiveness from Government departments.”
Dr De Couto said the OBA hoped to see duty breaks for retailers, but Government is instead encouraging more overseas purchases by raising the duty-free allowance for individuals.
Citing tourism as a sector with a variety of job and entrepreneurial opportunities, Dr De Couto said the OBA would “ensure that the Bermuda Tourism Authority is working well, and independently of political interference”.
While the OBA did not support the scope of concessions and guarantees given to the Fairmont Southampton, “the horse has left the stable”, he says, and the OBA would “ensure that tourism concessions are awarded consistently and with accountability for targets such as numbers of Bermudian staff hired, or amounts invested.”
‘Hollow claims of fairness’
In closing, Dr DeCouto said the OBA’s reply to the Budget “shows just how hollow the Government’s claims of fairness really are, as businesses and Bermudians in the local economy continue to struggle, and cost of living outstrips whatever small pay increases people are getting.”
“We’ve shown how Bermuda’s biggest challenge is our shrinking and emigrating population, which the Government continues to ignore.”
“We’ve debunked the Government’s financial performance – the parts of it that have been good are riding solely on IB.”
Dr De Couto said the approach and ideas of the One Bermuda Alliance would allow youth to “dream of their future here at home in Bermuda”.
“A Bermuda where the pie grows to feed us all, not a Bermuda where we are fighting over a shrinking one.”
At least 10 more foster care families are needed by the DCFS
“We need more foster care parents.”
That’s the urgent message from Tinée Furbert, Minister of Youth, Social Development, and Seniors.
Speaking today, she revealed that the Department of Child and Family Services (DCFS) currently has 56 foster care families, but there is a need for 10 to 12 more. These families would need to be able to care for children of all ages, from birth to teenagers, including those with special needs.
Minister Furbert stated, “While we are pleased and thankful for the current pool of foster care parents who are to be commended for the role that they play in providing stability to our foster children, we must vehemently express our plea – We Need More Foster Care Parents!”
“Foster Care Parents open their hearts and their homes by taking in children who need nurturing, guidance and love. These children have different experiences and need care for a variety of reasons,” she continued. “Foster Care Parents fill that gap with the ongoing support of the Department of Child & Family Services.”
This plea comes during Foster Care Month, a time dedicated to honouring Bermuda’s foster care parents through events such as the Annual Foster Parents Appreciation Tea, held this past weekend.
The month-long observation also involves recruitment activities organised by the DCFS’ Foster Care Team.
During this morning’s sitting of the House of Assembly, Minister Furbert took the opportunity to thank the current foster parents, acknowledging their selfless contributions and encouraged others in the community to consider stepping forward.
“Mr. Speaker, I close by stating that our children, vulnerable for many reasons, need us. The Ministry of Youth, Social Development & Seniors takes this time on behalf of all of the children in foster care to thank those individuals and families who have opened their homes and have given of themselves to make a difference in the lives of children. We encourage more people within our community to become foster care parents. This will help the Department of Child & Family Services in its efforts to provide caring, safe, nurturing homes for children when their families are unable to care for them.”
Jillian Terceira competed at the prestigious Longines EEF Series event in Lier, Belgium, participating in international show jumping classes.
Riding La Tamerina, Terceira took part in the CSI1* 1.30m Two Phases Special Class. Despite incurring penalty points in the first phase, they recovered with a clear second phase, finishing 24th.
Terceira and La Tamerina also competed in the CSI1* 1.30m Against the Clock Class. In this event, the Bermudian rider guided her mount to a clear round, successfully navigating the course without any faults. Their time of 68.98 seconds placed them 15th in a competitive field. Terceira’s continued participation in European events like the Longines EEF Series provides valuable experience on the international stage.
Dennico Hollis was the star of the show as his LOC Hire Stenhousemuir Cricket Club secured a dominant 57-run victory over Tunnuck’s Uddingston in their T20 league opener in Scotland.
Stenhousemuir posted a strong 175 for 5, with Hollis contributing 14 runs. However, it was with the ball that Hollis truly shone. He spearheaded the bowling attack with an exceptional two-over spell, taking three wickets for just five runs. In a dramatic first over, Hollis claimed a hat-trick, effectively dismantling Uddingston’s batting order.
Uddingston were ultimately restricted to 118 for 9, handing Stenhousemuir a comprehensive victory to start their T20 campaign in style, thanks in no small part to Hollis’s heroics with both bat and ball.
The Bermuda International Invitational Race Week Regatta continued its captivating action on the Great Sound, with the elegant International One-Design Series fleet back in the spotlight. After another day of tactical battles, Canada’s Ted Murphy has moved to the top of the overall A Series standings with 19 net points after eight races, securing a win in race seven and a fifth in race eight.
Bermuda’s own Bill McNiven, who had been leading, now sits just one point behind in second place with 20 net points. He finished fourth in the day’s first race but rallied to take victory in the final race. American Courtenay Jenkins remains in contention in third place with 25 net points, having recorded a third and a fourth-place finish today.
Ted Murphy is also leading the separate B Series with 8 points. Norway’s Morten Tenvig is second in the B Series with 9 points, and Courtenay Jenkins is third with 10 points. The close standings across both series promise more thrilling racing as the regatta continues on Bermuda’s stunning waters.
Nahki Wells and Bristol City suffered a significant setback in their Championship Play-Off Semi-Final first leg, falling to a 3-0 defeat against Sheffield United at Ashton Gate.
The game turned just before half-time when Rob Dickie was sent off for a foul in the box, and Harrison Burrows converted the resulting penalty to give the Blades the lead. Despite a determined second-half effort, City couldn’t contain Sheffield United, who added two further goals through substitutes Andre Brooks and Callum O’Hare.
Liam Manning’s side now face a daunting task as they travel to Bramall Lane for the second leg on Monday, needing to overturn a three-goal deficit to keep their hopes of Premier League promotion alive.
An Italian spokesperson for Google declined to immediately comment
FILE PHOTO: A Google logo is seen at the company’s headquarters in Mountain View, California, U.S., November 1, 2018. REUTERS/ Stephen Lam/File Photo
International news via Reuters:
Italy’s Moltiply Group said on Friday it was suing Alphabet’s Google and seeking damages of 2.97 billion euros ($3.34 billion) for abuse of its dominant market position as previously recognised by the EU Court of Justice.
Moltiply operates the popular Italian price comparison website Trovaprezzi.it.
Its claim argues that Google’s actions hindered the growth of its subsidiary 7Pixel between 2010 and 2017, favouring Google Shopping instead, Moltiply said in a statement.
The claim was filed at a Milan court, Italian daily Corriere della Sera said without giving further details.
An Italian spokesperson for Google declined to immediately comment.
The European Commission fined Google, the world’s most popular internet search engine, in 2017 for using its own price comparison shopping service to gain an unfair advantage over smaller European rivals.
In September, the company lost a final appeal against the 2.42 billion euro fine.
($1 = 0.8894 euros)
Reporting by Sara Rossi, Elvira Pollina, editing by Alvise Armellini, Kirsten Donovan
Criticised the West for not denouncing what he said were escalating human rights violations
Ugandan opposition leader and singer Robert Kyagulanyi Ssentamu, known as Bobi Wine looks on after his arrival to address Ugandans living in South Africa on political issues in their home country, at the sports ground in Germiston, southeast of Johannesburg, South Africa, October 3, 2023. REUTERS/Siphiwe Sibeko/File Photo
International news via Reuters:
Ugandan opposition leader and pop singer Bobi Wine said on Friday he plans to run for president for a second time and criticised the West for not speaking out more against “gross human rights violations” in the country.
Wine, 43, whose real name is Robert Kyagulanyi, will be challenging long-serving President Yoweri Museveni, 80, who is widely expected to seek re-election.
“Yeah, I’ve expressed my availability on behalf of my team,” Wine said in an interview with Reuters when asked whether he would stand again in the east African country’s next presidential election, due in January.
Participation in the election, he said, will also be “a fighting opportunity to further undress and expose the regime and to further galvanise the people of Uganda to rise up and free themselves.”
Wine came second in the last election in 2021 but rejected the outcome, alleging ballot staffing, falsification of results, beatings and intimidation by soldiers and other irregularities.
Government and electoral officials denied the accusations.
Wine criticised Western governments for not denouncing what he said were escalating human rights violations, including abductions, illegal detention and torture of his supporters and officials. Wine did not single out any country for criticism.
“Some leaders in the West are complicit in our suffering. They are here to crack their (business) deals and they don’t care about human rights,” he said.
“If they were standing for the values that they profess, then they would be castigating all these gross human rights violations.”
Uganda is considered by the West as an ally in the fight against jihadists and has deployed troops in Somalia.
Uganda’s justice minister said this week that Eddie Mutwe, an activist in Wine’s National Unity Platform (NUP) party, who also doubles as his personal body guard, appeared to have been tortured while in captivity.
Museveni’s son and head of the military, Muhoozi Kainerugaba, said he had kept him in his basement and that he was using him as a punching bag.
After missing for a week Mutwe was on Monday produced in court, charged with robbery and remanded.
Wine said Mutwe told him he had been electrocuted, waterboarded and beaten.
Police spokesman Rusoke Kituma did not respond to a Reuters call for comment on the allegations. Reuters contacted a spokesperson for Uganda’s defence forces seeking comment from Kainerugaba. He did not respond.
Wine said that if was elected, his priorities would include restoration of political and civil rights and a crackdown on corruption.
Reporting by Nairobi Newsroom; Editing by George Obulutsa, Ammu Kannampilly and Timothy Heritage
Expedia and the travel industry braces for a slowdown ahead of the peak summer season
Figurines are seen in front of the Expedia logo in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/Illustration
International news via Reuters:
Shares of Expedia fell 9.2% before the bell on Friday, after the online travel-booking platform missed Wall Street estimates for quarterly revenue due to weaker than expected demand in the U.S.
Expedia joins its peers as the travel industry braces for a slowdown ahead of the peak summer season, with economic uncertainty — driven by the ongoing tariff war and elevated interest rates — weighing on consumer spending.
At the end of April, hotel operator Hilton cut its annual forecast for room revenue growth, and vacation rental company Airbnb said earlier this month that the booking window was shortening, signaling consumer uncertainty and caution in travel spending.
“It’s all just a bit more pronounced in the case of Expedia with a bigger US presence than peers,” said BTIG analyst Jake Fuller.
The Seattle-based company reported revenue of $2.98 billion for the first quarter, below analysts’ expectations of $3.01 billion, according to LSEG compiled data.
“It’s clear that US travel has downshifted and to the extent trade/macro uncertainty lingers longer, it is less likely this plays out like the summer 2024 ‘growth scare’,” Barclays analysts wrote in a note.
The U.S. travel industry experienced a “growth scare” last summer, as elevated travel costs and uncertainty surrounding the presidential election dampened demand during what is typically a busy season.
Expedia reported an adjusted profit of 40 cents per share for the quarter ended March 31, compared with analysts’ estimate of 32 cents.
At least four brokerages cut their price targets on the stock, bringing the median to $201.33, according to data compiled by LSEG.
So far this year, Expedia shares have fallen 9.3%, compared with a 3.7% fall in the S&P 500 index during the same period.
Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shailesh Kuber
Pundits say President Donald Trump’s long-term commitments to European security are in doubt
French President Emmanuel Macron welcomes Polish Prime Minister Donald Tusk as he arrives for a meeting with European leaders and Ukraine’s President Volodymyr Zelenskiy on peace and security for Ukraine, at the Elysee Palace in Paris, France, March 27, 2025. REUTERS/Sarah Meyssonnier/File Photo
International news via Reuters:
France and Poland will on Friday sign a treaty to increase cooperation on defence and energy issues, in a sign of growing security alliances among European nations amid concerns about U.S. commitment to Europe’s defence.
The signing comes just 24 hours after the 80th anniversary of the end of the Second World War, and on the day that Moscow is holding a major military parade attended by China’s President Xi Jinping.
Polish Prime Minister Donald Tusk, speaking at a press conference before heading to France to meet with President Emmanuel Macron, said the treaty will include measures for mutual assistance in case of an attack on either country.
It also opens up opportunities for cooperation on the issue of a potential extension of the French nuclear umbrella to cover Poland, he said.
“From my experience, the provisions of the treaty are groundbreaking from the point of view of our safety,” he said.
However, the pact is not an “alternative” to Poland’s relations with the United States, Tusk said: “We need both America and a strong European Union.”
As U.S. President Donald Trump’s long-term commitments to European security are increasingly in doubt, the pro-European government in Warsaw is keen to diversify its security partnerships beyond traditional links with Washington.
The treaty is testament to fast-growing Poland’s increasingly pivotal role on the European stage, thanks to its strategic position on the continent’s eastern flank. A NATO member, Poland spends 4.12% of its economic output on defence, the highest percentage in the alliance.
The new bilateral treaty, the first one France has signed with a Central European country after a series of pacts with Italy, Spain and Germany, is seen by French officials as key to boost military cooperation and further French influence.
It comes after Macron said in March he was open to extending French nuclear capabilities to other European nations.
French officials said the treaty will include language meant to facilitate talks with Poland on France’s “vital interests” – code for nuclear deterrence. They said France’s nuclear umbrella won’t replace the U.S. security guarantee, but would complement Poland’s defence if faced with threats.
The treaty is being signed in the eastern French city of Nancy, where the former Polish King Stanislaw Leszczynski lived in the late 18th century, becoming the Duke of Lorraine after losing the Polish throne.
Reporting by Anna Koper, Pawel Florkiewicz, Michel Rose and Elizabeth Pineau; Editing by Gabriel Stargardter, Hugh Lawson, Timothy Heritage and Sharon Singleton
The rapper has pleaded not guilty to multiple felony charges, including sex trafficking
Sean “Diddy” Combs’ attends his sex trafficking trial as jury selection continues in New York City, New York, U.S., May 7, 2025 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo
International news via Reuters:
A jury of 12 New Yorkers is due to be chosen on Friday in the racketeering and sex trafficking trial of hip-hop mogul Sean “Diddy” Combs, who could face decades or even life in prison if convicted.
The rapper has pleaded not guilty to one count of racketeering conspiracy, two counts of sex trafficking and two counts of transportation for prostitution – all felonies.
Over three days this week, the judge overseeing the case questioned nearly 100 prospective jurors on subjects including what they had heard about Combs’ case and any experiences they had had with sexual assault.
With input from defense lawyers and prosecutors, U.S. District Judge Arun Subramanian in Manhattan dismissed the jurors he deemed unfit to serve and settled on 45 candidates qualified to serve fairly and impartially.
On Friday, lawyers for each side will take turns striking candidates until a panel of 12 jurors and six alternates is chosen – a chess match with potentially decisive implications in the outcome of the trial.
Combs, a Harlem native who founded the pioneering record label Bad Boy Records and discovered iconic rappers including the Notorious B.I.G., was arrested last September and has been held in a Brooklyn federal lockup since then.
The charges marked the stunning downfall of a titan of the music industry who once held a ceremonial key to the city of New York and was known for throwing lavish parties for A-list celebrities.
Prosecutors with the Manhattan U.S. Attorney’s office say that for two decades Combs used his business empire to lure women into his orbit with promises of romantic relationships or financial support, then violently coerced them to take part in days-long, drug-fueled sexual performances known as “Freak Offs.”
In court papers, prosecutors allege Combs kept his victims obedient by drugging and blackmailing them. He is accused of kidnapping a person at gunpoint, dropping a Molotov cocktail into a car and hitting, choking and dragging victims in acts of violence dating back to the 1990s.
Combs’ lawyers have said prosecutors are improperly seeking to criminalize Combs’ “swinger lifestyle.” They have signaled they plan to attack the credibility of the alleged victims who will testify by seeking to show they had financial incentives to accuse Combs. They have said the women gave inconsistent accounts of the alleged assaults to investigators.
Subramanian has said the trial will last around eight weeks, with the alternate jurors serving as backups in case jurors are unable to finish. Any verdict must be unanimous.
The trial is expected to feature testimony from three, or possibly four, accusers including Combs’ ex-girlfriend Casandra Ventura, a rhythm and blues singer known professionally as Cassie.
Combs faces more than 50 civil lawsuits accusing him of sexual assault, including one by a plaintiff who says he was 10 years old at the time of the alleged attack.
Combs has denied wrongdoing in those cases and claimed his accusers are seeking a payday.
Reporting by Jack Queen and Luc Cohen in New York; Editing by Howard Goller
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