Efforts to limit climate-damaging fossil fuels have not been enough and the world is on course to miss its climate goals
International News via Reuters:
Ten years after the Paris Agreement took effect, newly released climate datasets show the world warming at an accelerating pace, with 2025 ranking among the three hottest years ever recorded, and sea‑ice, ocean heat and sea levels crossing new thresholds.
Efforts to limit climate-damaging fossil fuels have not been enough and the world is on course to miss its climate goals. Data from some of the world’s leading scientific agencies show global warming has sped up markedly since the mid‑2010s.
EMISSIONS: A WIDENING GAP
The World Meteorological Organization’s Global Atmosphere Watch network shows concentrations of carbon dioxide, methane and nitrous oxide climbing to record highs, driving the temperature spike observed from 2023 to 2025, scientists say.
Global fossil fuel carbon dioxide emissions were projected to climb to a record 38.1 billion tonnes in 2025, driven by rising coal, oil and gas use despite rapid growth in renewable energy, according to the latest Global Carbon Budget report.
The report – produced by an international team of more than 130 scientists – estimated global fossil fuel CO₂ emissions would rise 1.1% in 2025, pushing atmospheric CO₂ concentrations to roughly 52% above pre‑industrial levels.
Researchers warn there is only room for about 170 billion more tonnes of CO₂ – equivalent to roughly four years of emissions at current rates – if the world wants to cap global warming at 1.5° Celsius above the pre-industrial average.
Regional trends are mixed: emissions were projected to increase in 2025 in China, India, the United States and the European Union, while falling in Japan.
TEMPERATURES: A DECADE OF ACCELERATION
NASA’s Goddard Institute for Space Studies said the Earth’s surface in 2025 was 1.19°C above the 1951–1980 average, effectively tying with 2023 as one of the warmest years ever measured.
The WMO’s consolidated dataset places 2025 at 1.44°C above pre‑industrial levels, ranking it among the top-three warmest years over the 176 years of recorded temperatures. [nasa.gov] [wmo.int] [berkeleyearth.org]
ARCTIC: RAPID COLLAPSE OF SEA ICE
The U.S. National Oceanic and Atmospheric Administration’s 2025 Arctic Report Card confirmed that October 2024–September 2025 was the warmest period since 1900, and the region continues to warm more than twice as fast as the global average.
Sea‑ice extent reached the lowest winter maximum ever recorded in March 2025, at about 14.47 million square kilometers, according to the U.S. National Ice Center.
OCEANS: HEAT AND RISING SEAS
The oceans absorbed record amounts of heat in 2025, setting a new global high for upper‑ocean heat content, according to NOAA and Berkeley Earth.
Sea levels, measured by tide gauges and satellites, continue to rise. The Intergovernmental Panel on Climate Change projects a 0.20–0.29 meter rise by 2050 relative to 1995–2014.
Reporting by Canan Sevgili, Vera Dvorakova, Lucie Barbier and Alessandro Parodi; Editing by Simon Jessop and David Holmes
Tarik Bean-Darrell recognised with Public Service Excellence Award
Images and media release supplied by the Government of Bermuda.
The Government of Bermuda is pleased to congratulate Mr. Tarik Bean-Darrell of the Department of Workforce Development as the recipient of the January Public Service Excellence Award (PSEA).
Mr. Bean-Darrell, in his role as Career Development Officer, is recognised for his standout leadership, which has directly strengthened internal operations within the department and contributed meaningfully to the advancement of the Government’s Youth Employment Strategy.
Recently, while much of the office was on leave, Mr. Bean-Darrell supported the Director in evaluating new client assessment tools and helped to formulate improved assessment strategies. His willingness to contribute during this time ensured the department continued advancing key service improvements without interruption.
He has also supported colleagues through his commitment to professional development, assisting team members in achieving their Global Career Development Facilitator (GCDF) Certification. This contribution has strengthened departmental capacity and reinforced a culture of learning and excellence.
Through his leadership of the Bridge to Work Programme, Mr. Bean-Darrell has directly advanced the Government’s Youth Employment Strategy. Working closely with young people as his core clients, 8 of 14 participants secured programme extensions, full-time employment, or continued traineeships under his guidance. These outcomes represent meaningful progress in supporting Bermuda’s youth into sustainable employment and enhancing the overall client experience.
In addition, Mr. Bean-Darrell continues to make a significant impact through his work with vulnerable youth via the Gang Violence Reduction Team. His efforts have supported young Bermudians in accessing training opportunities in maritime industries and the skilled trades, helping to redirect lives toward positive pathways and long-term career development.
Acting Premier, the Hon. Zane Desilva, JP, MP, congratulated Mr. Bean-Darrell on his achievements saying, “His leadership has enhanced the lives of the people of Bermuda by expanding opportunities for our young people. I commend his dedication and enthusiasm and wish him much future success within the Department.”
Head of the Public Service, Cherie-lynn Whitter, added, “Well done, Mr. Bean-Darrell, thank you for your commitment to excellence in the public service.”
As a currency managed directly by the ECB through accounts users will open with the central bank, the digital euro project has sparked fears among banks they will lose their role in handling payments
International News via Reuters:
The digital euro will be designed to ensure it protects European card schemes and keep banks at the core of the euro zone payments system, a senior European Central Bank policymaker said on Wednesday.
As a currency managed directly by the ECB through accounts users will open with the central bank, the digital euro project has sparked fears among banks they will lose their role in handling payments.
Digitalisation of payments has reduced the role of cash, the only form of central bank money currently existing, prompting the ECB to opt to issue a central bank digital currency to compete with private forms of money.
ECB Executive Board Member Piero Cipollone said that changes in the payments industry meant that banks ran that risk regardless of the digital euro, which would actually help them.
Speaking to the steering committee of Italy’s banking association ABI, Cipollone said the digital euro meant to “preserve the central position of banks in payments”.
“Banks could lose their role in payments not just because of stablecoins but also due to other private solutions,” he said.
Banks would not just lose revenues but, more importantly, access to the payments data of their customers, information which they need to offer them other more profitable services.
HIGHER FEES?
The ECB also wants to protect European payments schemes, such as Italy’s Bancomat card scheme, or Spain’s Bizum peer-to-peer scheme, Cipollone said.
To boost their role, the digital euro system will be structured in a way that it will still be cheaper for shopowners to use those networks, he added.
“The cap on the fee that merchants will pay on the digital euro network will be lower than what the international payments network, normally the costlier, charge, but higher than what domestic payments scheme, normally the cheapest, charge,” Cipollone said.
Only eight of the 21 euro zone members have a national payments scheme, with the others relying entirely on international networks.
“The digital euro will effectively favour domestic payments schemes,” he added.
Fraying transatlantic ties have prompted the ECB to brand as a strategic risk the fact that more than three quarters of transactions in Europe take place through international payments schemes such as Visa or Mastercard.
After stalling for two years the ECB’s law proposal which it needs to pass to allow the central bank to issue the digital currency, the European parliament this month gave its first major backing to the digital euro.
In December, the EU Council had done the same by declaring the project key for Europe’s economic security and it would be “available to the general public and businesses to make payments anytime and anywhere in the euro area”.
Reporting by Valentina Za, editing by Giulia Segreti and Kim Coghill
Consumer prices rose by 3.0% in annual terms in January, slowing sharply from a 3.4% increase in December as transport, food and non-alcoholic drink prices increased less quickly
International News via Reuters:
British inflation fell to its lowest since March last year, according to official data that added to expectations of an interest rate cut soon by the Bank of England, even as a measure of underlying price pressures remained strong.
Consumer prices rose by 3.0% in annual terms in January, slowing sharply from a 3.4% increase in December, the Office for National Statistics said on Wednesday, as transport, food and non-alcoholic drink prices increased less quickly.
Most economists polled by Reuters had expected Britain’s headline inflation rate – the highest among the Group of Seven nations – to drop to 3.0% in January. The BoE, which was expecting 2.9% inflation last month, has projected it will fall in April close to its 2% target.
Food inflation – which the BoE sees as key for shaping public expectations about prices more broadly – was the weakest since April last year. Airline fares fell sharply on the month after jumping in December.
Core inflation, excluding energy, food, alcoholic beverages and tobacco, rose by 3.1% in January, the least since 2021.
“Today’s figures mean the Bank of England will likely cut Bank Rate in the spring. We expect a further cut later this year as inflation dissipates and unemployment continues to climb gradually,” Nicolas Crittenden, an associate economist with the National Institute of Economic and Social Research, said.
Interest rate futures put an almost 90% chance on a March rate cut by the BoE – up from around 80% before the data – followed by another in late 2026. Sterling was little changed against the U.S. dollar.
UNDERLYING PRICE PRESSURES PERSIST
Some lingering price pressures remained in Wednesday’s data, which could reinforce the more hawkish members of the BoE’s Monetary Policy Committee.
Inflation for services – closely watched as a gauge of domestic price pressures – slowed only marginally to 4.4% from 4.5% in December, above the Reuters poll expectations of 4.3%.
BoE Chief Economist Huw Pill last week said underlying inflation was settling above target at about 2.5% and that interest rates are still “a little bit too low.”
“The big drop in headline UK inflation in January is a welcome development, but under the hood the data wasn’t quite as convincing as hoped,” said Adam Hoyes, senior asset allocation analyst at Rathbones, a wealth and asset management group.
British inflation – which surpassed 11% in 2022 – has continued to run higher than in the United States and the euro zone where it stood at 2.4% and 1.7% respectively in January.
However, it is expected to slow sharply in April as last year’s rises in utility costs and other government-controlled tariffs fall out of the annual comparison.
Furthermore, Britain’s economy barely grew at the end of 2025. Figures showed on Tuesday that the labour market was still losing jobs although there were some signs of a stabilisation.
Separate data released by the ONS on Wednesday showed factory gate prices rose by 2.5% in the 12 months to January, the slowest increase since June last year and down from 3.1% in December.
Reporting by Suban Abdulla; Editing by William Schomberg and Toby Chopra
Four départements are under red alert – the highest level – with nine more under orange alert, meaning major to significant flooding is occurring or expected within the next 24 hours
International News via Reuters:
A man trying to navigate the swollen river Loire has been swept away, officials said on Wednesday, as much of western France was placed under high alert for floods, with yet more heavy rain expected.
Four départements are under red alert – the highest level – with nine more under orange alert, meaning major to significant flooding is occurring or expected within the next 24 hours.
The 53-year-old man fell off a small boat or a kayak south of the city of Angers, BFM TV reported.
Search operations were underway but considering the flow and speed of the Loire after such heavy rains “there is objectively little chance of finding that person,” senior official Francois Pesneau told BFM TV and other local media.
In the nearby town of Denee, residents are moving around by boat as the river submerged streets and flooded houses.
“There’s no access anymore (to Denee), the roads are not functional due to the floods. And so the only way to come to the village is by boat,” municipal worker Jason Garnier said on Tuesday. “People who want to go to work, well, they leave by boat in the morning, and they go home in the evening by boat.”
French Environment Minister Monique Barbut said the level of humidity in soils in France was unseen since 1959, after more than 30 days of bad weather.
Spain, Portugal and Britain are among other European countries badly hit by flooding this year due to unusually heavy rain.
Reporting by Stephane Mahé and Ingrid Melander; editing by Philippa Fletcher
Annual consumer prices rose 3% last month, slowing from 3.4% in December, according to official figures
International News via Reuters:
The pound was little changed against the dollar as easing British inflation strengthened the case for a near-term rate cut from the Bank of England, even as underlying price pressures remained strong.
Annual consumer prices rose 3% last month, slowing from 3.4% in December, according to official figures. Most economists polled by Reuters had expected headline inflation to drop to 3% in January.
But inflation for services – closely watched as a gauge of domestic price pressures – slowed only marginally to 4.4% from 4.5% in December, above the Reuters poll expectations for a fall to 4.3%.
The pound was flat after the figures at $1.3566. It fell 0.5% on Tuesday after soft labour market figures boosted rate cut expectations.
“Most people sold sterling quite hard yesterday and thought there was going to be some follow-through today with softer inflation numbers but they didn’t come in weaker across the board,” said ING global head of research Chris Turner.
“Services CPI was a little bit higher than expected so I think sterling has got a little bit of reprieve on that,” Turner added.
Investors are assigning a roughly 85% chance of a 25-basis-point rate cut from the BoE next month, up slightly from Tuesday. Money market traders are fully pricing in two quarter-point rate cuts by the end of the year.
EYES ON POLITICS
The uncertain political situation in Britain remains in focus for pound traders.
Last week Prime Minister Keir Starmer brushed off challenges to quit from within his governing centre-left Labour Party over his appointment of Peter Mandelson as ambassador to Washington.
A by-election – a mid-term local election to fill a vacant parliamentary seat – due next week in Greater Manchester, Northwest England, could reignite questions over Starmer’s leadership if Labour were to lose the seat, which it won with more than 50% of the vote in the 2024 national election.
“A big Labour loss would put the focus back on Starmer and sterling and gilts come under a bit more pressure,” ING’s Turner said.
Against the euro, the pound was up 0.2% at 87.2 pence.
Ahead of his first Budget as Opposition Leader, Ben Smith says the PLP must be clear on its priorities, and questions if a lack of Gov’t funding led to the poor state of roads and low police numbers
Paramount informally broached an even higher per-share price of $31, Warner Bros said, apparently enticing the board to the table
International News via Reuters:
Warner Bros Discovery on Tuesday rejected Paramount Skydance’s latest $30-a-share hostile bid, but gave the rival Hollywood studio seven days to submit a “best and final” offer to top an existing agreement to sell its businesses including HBO Max and “Harry Potter” franchise to Netflix.
Paramount informally broached an even higher per-share price of $31, Warner Bros said, apparently enticing the board to the table. But its response to Paramount indicates Warner Bros prefers its deal with Netflix, and the odds of a switch are long.
Warner Bros Discovery’s shares were up 3.4% at $28.93, while Paramount rose nearly 5%. Netflix shares were largely flat in afternoon trading.
Paramount has until February 23 to make a new offer, which Netflix is allowed to match under the terms of the merger agreement, Warner Bros said.
“Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger,” Warner Bros Chairman Samuel DiPiazza Jr. and CEO David Zaslav said in a letter sent to the Paramount board on Tuesday.
“We continue to recommend and remain fully committed to our transaction with Netflix.”
The two media giants have been vying for control of Warner Bros, its flagship film and TV studios and deep content library, in a contest that highlights the high stakes of a rapidly shifting entertainment landscape.
Paramount later on Tuesday acknowledged the seven-day offer, even as it called Warner Bros’ board actions “unusual.”
The CBS-parent said it would continue to advance the tender offer, oppose the “inferior” Netflix merger and still plans to nominate directors for the upcoming Warner Bros annual meeting.
A successful deal will give the suitor ownership of Warner Bros’ extensive film and television library, which includes classics ranging from “Casablanca” and “Citizen Kane” to wildly popular favorites like “Friends” and “Batman.”
Warner Bros said in its letter it expects a bid above $31 per share, more so because a Paramount financial adviser had orally informed if Warner Bros reopens deal talks, Paramount would agree to this price, which is not its best offer.
“Time is running out for Paramount with this saga wrangling on, for way too long, which is in no one’s interest,” PP Foresight analyst Paolo Pescatore said. “For now the ball is in Paramount’s court.”
Paramount’s current offer for the whole company comes to $108.4 billion, while Netflix is offering $27.75 a share, or $82.7 billion, just for its studio and streaming businesses.
SHAREHOLDER VOTE ON NETFLIX DEAL SET FOR MARCH 20
Warner Bros, which has rejected Paramount’s offers to buy the entire company, is moving forward with a vote on Netflix’s bid on March 20.
The merger, if approved, would take place after Warner Bros spins off its Discovery Global cable operations, which include CNN, TLC, Food Network and HGTV, into a separate, publicly traded company.
Discovery Global could fetch between $1.33 per share and $6.86 a share, according to Warner Bros estimates.
Warner Bros’ decision to engage with Paramount marks a shift for the studio.
Paramount has said the board “never meaningfully engaged” with them on six different offers that executives made in the 12 weeks before Warner Bros announced the merger agreement with Netflix on December 5. A hostile bid that Paramount launched days later was rejected later that month.
ACTIVIST PRESSURE INTENSIFIES
Paramount’s revised offer, which included a personal guarantee on $40 billion in equity from Oracle founder Larry Ellison, father to Paramount CEO David Ellison, was turned down in early January.
The move to open talks with a rival bidder also comes as Warner Bros faces mounting pressure from activist investor Ancora Holdings, which has built a stake in the company and plans to oppose the Netflix transaction.
Paramount is also pressing to add directors to Warner Bros’ board, eyeing Pentwater Capital Management CEO Matt Halbower as a potential nominee, Halbower said last week. Pentwater, which owns about 50 million shares of Warner Bros, has backed Paramount’s bid.
“Every substantive complaint that the Warner Bros board had with Paramount’s previous offer has been addressed,” Halbower said in an interview last week.
To start talks with Paramount, Warner Bros’ board secured a special waiver from Netflix. Under their agreement, Warner Bros can engage with a rival bidder only if the board believes the offer could be superior, triggering a legal loophole that allows limited negotiations despite restrictions on talks.
Netflix issued a statement saying the deal has reached a milestone, with Warner Bros shareholders set to vote next month on the merger.
“While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics,” Netflix said.
FINANCING CONCERNS CLOUD PARAMOUNT’S PROPOSAL
Last week, Paramount made a new attempt to win over Warner Bros shareholders by enhancing its previous bid without raising its offer of $30 per share.
Instead, Paramount has offered WBD’s shareholders extra cash for each quarter the deal fails to close after this year and agreed to cover the $2.8 billion breakup fee the HBO owner would owe Netflix if it walked away.
Warner Bros said the amended merger agreement with Paramount still falls short of what its board would consider a superior proposal.
The Paramount offer still leaves key issues unresolved, including who would cover a potential $1.5 billion junior lien financing fee, what happens if debt financing falls through, and whether equity funding, backed by lead sponsor Larry Ellison, is fully certain, the Warner board wrote.
The letter said while Paramount has argued financing concerns are “not serious” given the “personal wealth of your lead equity sponsor and the credibility of your lending banks,” the draft agreements require that if debt financing becomes unavailable, additional equity must be funded to ensure the transaction can still close.
Ancora, which has a stake worth nearly $200 million, said last week Warner Bros’ board did not adequately engage in talks with Paramount Skydance over a rival offer for the whole company, including cable assets such as CNN and TNT.
The deal is also expected to face tough regulatory scrutiny on concerns over price increases for consumers and potential harm for creatives.
Paramount and Netflix have said they were engaging with competition authorities across the world, including the U.S. Department of Justice.
Reporting by Milana Vinn and Dawn Kopecki in New York and Dawn Chmielewski in Los Angeles; Additional reporting by Harshita Mary Varghese in Bengaluru; Editing by Kim Coghill, Arun Koyyur and Alan Barona
Quentin Deranque, 23, died on Saturday after he was beaten to death by hard-left activists outside a conference in Lyon given by Rima Hassan, a far-left member of the European Parliament
International News via Reuters:
Four people, including an aide to a French hard-left lawmaker, have been arrested on suspicion of involvement in the killing of a far-right activist that has jolted the country’s political class, a police source said on Tuesday.
Quentin Deranque, 23, died on Saturday after he was beaten to death by hard-left activists outside a conference in Lyon given by Rima Hassan, a far-left member of the European Parliament. Videos of the deadly fight were widely shared on social media.
France Unbowed (LFI) lawmaker Raphael Arnault confirmed on Tuesday that his parliamentary assistant was among those detained, adding that the aide had “stopped all parliamentary work”
“It is now up to the investigation to determine responsibility”, he said in a statement on social media platform X.
The aide and three other people have been arrested, said the police source, who spoke on condition of anonymity.
Although conflicts between the hard left and far right are common in France, Deranque’s killing has laid bare some of the broader political tensions in a country reeling from nearly two years of institutional crises.
It has also hardened views towards the extreme-left France Unbowed (LFI) party, while allowing the far right to portray itself as a victim of political violence
Speaking on social media, LFI leader Jean-Luc Mélenchon called for calm. “Let’s not fuel the incitement to take the law into one’s own hands,” he said.
On Monday, Lyon prosecutor Thierry Dran said a murder probe had been opened into Deranque’s killing, which has led to widespread condemnation of the LFI.
Jordan Bardella, party president of the far-right National Rally, said Mélenchon had “opened the doors of the National Assembly to presumed murderers.”
After Deranque’s killing, French President Emmanuel Macron also appealed for calm.
Reporting by Sophie Louet and Gabriel Stargardter in Paris, Charlotte Van Campenhout in Amsterdam, Editing by Jonathan Oatis
There were 75 lawmakers who voted in favor of removing Jeri, while 24 voted against and three abstained
International News via Reuters:
Peru’s Congress ousted President Jose Jeri on Tuesday after just four months in office following a scandal over undisclosed meetings with a Chinese businessman, continuing the country’s revolving door of leaders.
There were 75 lawmakers who voted in favor of removing Jeri, while 24 voted against and three abstained.
Legislators will now elect a new head of Congress who will also assume Peru’s presidency, becoming the Andean nation’s eighth president in as many years. Jeri is Peru’s third consecutive president to be removed from office.
Ruth Luque, one of the lawmakers who backed the censure measures, said she wanted to replace Jeri with a leader who would put public interest and security first, ahead of a new president coming into office. Elections are due to take place on April 12.
“We ask to end this agony so we can truly create the transition citizens are hoping for,” she said. “Not a transition with hidden interests, influence-peddling, secret meetings and hooded figures. We don’t want that sort of transition.”
The scandal that was dubbed “Chifagate” – after a local name for Chinese restaurants – began last month when Jeri was filmed arriving at a restaurant late at night wearing a hood to meet with Chinese businessman Zhihua Yang, who owns stores and a concession for an energy project. The meeting was not publicly disclosed.
Jeri became president in October after Peru’s unpopular Congress voted unanimously to remove his predecessor Dina Boluarte, as the right-wing parties that had backed her dropped their support amid corruption scandals and growing anger over rising crime.
Boluarte had no vice president and Jeri, who was the head of Congress at the time, was next in the line of succession.
This interim status was used to remove him from the presidency on Tuesday. Unlike impeachment, which requires a supermajority of 87 in the 130-member legislature, Congress voted to censure Jeri, which strips him of his title as head of Congress with a simple majority.
Jeri has said he would respect the outcome of the vote.
VOTING ON NEW PRESIDENT ON WEDNESDAY
While the current head of Congress, Fernando Rospigliosi, would be constitutionally next in the line of succession, he has declined to assume the presidency. As such, legislators will have to elect a new head of Congress who will then automatically assume the presidency.
Rospigliosi said parties have until 6 p.m. local time to present their candidates and the legislature would vote on a new president on Wednesday.
This would be similar to Francisco Sagasti’s ascent to the presidency in 2020 after he was chosen by Congress amid a sharp political crisis and protests following former President Manuel Merino’s five-day presidency.
The field for the April election is crowded, with dozens of candidates expected to participate. According to a recent Ipsos poll, large portions of the electorate are undecided about who to vote for.
Reporting by Sarah Morland and Alexander Villegas, Editing by Rosalba O’Brien
Street survey reveals strong consensus on where government’s spending priorities should lie on Budget Day this Friday
Friday is Budget Day, when the government sets out its spending plans for the year ahead. Islanders will be on the look-out for any tax changes, commitments on national debt – and whether funding will increase for police, roadworks and seniors. So what should Government’s financial priorities be? Kendal Trott went into Hamilton to find out.
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