Eutelsat CEO Jean‑François Fallacher told reporters that comments made by Orange and Deutsche Telekom reflected what he was hearing across the market
International News via Reuters:
Eutelsat said on Friday that Europe’s planned IRIS2 satellite network must meet customer expectations in terms of pricing and performance to attract buyers, following remarks from major telecoms companies about the project’s commercial appeal.
Eutelsat CEO Jean‑François Fallacher told reporters that comments made by Orange and Deutsche Telekom reflected what he was hearing across the market.
“In my opinion, customers are expecting competitive services and competitive prices,” he said.
Executives from Orange and Telekom, subcontractors in the consortium building IRIS2, said at an industry event in January that the European Union programme would have to deliver performances close to Elon Musk’s Starlink and Amazon’s LEO.
Both operators told Reuters they fully support the IRIS2 constellation, which is expected to start operating around 2029.
Orange said a European system must be competitive with Starlink and Amazon’s planned low Earth orbit network, and that Europe should avoid fragmentation by aligning efforts behind a single solution.
Telekom said customers would ultimately choose based on performance, security and cost, and that IRIS2 was being developed to meet those expectations.
Fallacher said the IRIS2 project, which has a budget of about 10.6 billion euros ($12.6 billion), was being designed to deliver competitive services. He described the cost as significant but appropriate for a system of that scale.
Eutelsat plans to launch its next-generation OneWeb satellites along with IRIS2 after 2030, Fallacher added.
OneWeb’s second‑generation satellites are meant to be far more advanced than the current network, set to be replenished with slightly updated versions.
But despite an early lead in serving polar regions, the first‑generation fleet of 600 currently in service is based on technology designed a decade ago.
U.S. rivals Starlink – whose network already reaches 9,000 satellites – and Amazon are moving ahead with plans to deploy thousands of newer satellites.
($1 = 0.8430 euros)
Reporting by Gianluca Lo Nostro in Paris and Maria Rugamer in Gdansk; Editing by Milla Nissi-Prussak
The MSCI all-country index slipped 0.2%, while Europe’s STOXX 600 was flat in early trading
International News via Reuters:
Global shares retreated from record highs on Friday ahead of key U.S. inflation data, while worries about shrinking margins for major tech companies and AI disruption fears simmered beneath the surface after a week of selling.
The MSCI all-country index slipped 0.2%, while Europe’s STOXX 600 was flat in early trading. U.S. futures were also flat, following steep losses on Thursday that saw the technology-heavy Nasdaq Composite post its biggest daily drop in three weeks, tumbling 2%.
The selloff spilled over to Asia, where Japan’s Nikkei fell 1.2%. U.S. transportation companies were the latest sector to get caught up in worries about AI disruption on Thursday.
Against a more stable market backdrop on Friday, market watchers pointed to a broader rotation towards more defensive parts of the market and a refocus on macroeconomics ahead of Friday’s U.S. consumer inflation data.
“Markets have had a healthy correction, they’ve skimmed some of the froth,” Arun Sai, senior multi-asset strategist at Pictet Asset Management, said. He noted that more speculative areas of the market like meme stocks, high retail sentiment stocks, crypto and non-profitable tech had taken a hit.
“The focus goes back to macro. We had a strong labour market print. If we get a reasonable inflation print today, that would then go back to my narrative that global macro isn’t in a bad place,” he said.
But turbulence from AI-related worries remains in focus. Worries over capital spending have hit shares in some of the world’s biggest companies, including Apple, which fell 5% on Thursday, while sectors from software to wealth management have come under pressure from concerns about AI disruption.
“It is clear that investors are viewing developments in AI and AGI through a new lens, attempting to price a future that feels more uncertain and structurally disruptive than before,” said Chris Weston, head of research at Pepperstone.
Elsewhere, The Financial Times reported on Friday that U.S. President Donald Trump plans to scale back some tariffs on steel and aluminium goods, citing people familiar with the matter.
TRADERS AWAIT U.S. INFLATION TEST
The yield on benchmark 10-year U.S. Treasuries rose 2 basis points to 4.12% after falling 7 basis points overnight, its biggest drop since October 10.
Fed funds futures also rallied to reverse most of the losses after the payrolls data that led markets to pare back the chance of a rate cut in June. A move in June is now back in play, with the chance priced at 70%, and a total easing of 60 basis points expected this year.
Much attention will be on the U.S. inflation data due later in the day. Forecasts are centred on a monthly rise of 0.3% in the core measure, which would be enough to see the annual rate slow to 2.5% from 2.7% previously.
“Even an in-line result would reflect a meaningful deceleration from December and that could bolster animal spirits and spark energy back into the cyclical trade,” Jose Torres, a senior economist at Interactive Brokers, said.
Currency markets were stable ahead of the inflation report, with the euro down 0.1% against the dollar to $1.186. The yen shed 0.5% against the dollar to trade at 153.49, but remained on track for its strongest weekly gain in more than a year after Japanese Prime Minister Sanae Takaichi’s historic election win last weekend.
The risk-sensitive Australian dollar took a step back, slipping 0.3% to $0.707, but was still headed for a weekly rise of almost 1%.
Precious metals attempted to recover from heavy losses. Gold rose 1.1% to $4,973.66 an ounce, after losing over 3% on Thursday, while silver climbed 4.6% to $78.6 an ounce, having plunged 10% overnight.
Oil prices also rose after a 3% slide on Thursday. AP reported that a U.S. aircraft carrier is being sent from the Caribbean to the Middle East as tensions with Iran persist. [O/R]
U.S. West Texas Intermediate crude rose 0.3% to $63.03 a barrel, while Brent crude futures rose 0.24% to $67.7.
Editing by Kim Coghill, Amanda Cooper and Mark Potter
The Grow, Eat, $ave Workshop, a free nine‑week programme, begins on February 19
The Ministry of Health is excited to welcome residents to the Grow, Eat, $ave Workshop, a free nine‑week programme that teaches you how to grow your own food, eat healthier, and save money.
The 2026 series start Thursday February 19 and ends April 29, led by Chaplain Kevin Santucci.
This year, two cohorts are available:
Ministry of Home Affairs -Devonshire Cohort – for Devonshire residents
Ministry of Health-Island wide Cohort – available to participants from across the island
Participants will gain practical, beginner‑friendly skills including soil preparation, seed planting, composting, natural pest remedies, and other techniques to support successful home gardening.
Minister of Health Kim Wilson, JP, MP, shared: Grow Eat Save offers a positive and practical solution to rising food prices and the growing concern around food affordability. It empowers residents to grow their own food, reduce grocery costs, and improve their health. The Grow, Eat, $ave workshop goes beyond gardening. It equips families with the skills and confidence to strengthen food security across our community.”
This programme continues the Ministry’s commitment to supporting healthier lifestyles, reducing household food costs, and strengthening Bermuda’s resilience through community education.
Spaces are limited; register here by February 18th by 12pm.
Keep Bermuda Beautiful and the Lions Club of Bermuda host a litter clean-up from Swizzle Inn to Blue Hole Park on Sunday 15 February at 10:00 a.m., with support from Swizzle Inn staff
Keep Bermuda Beautiful (KBB) is proud to announce a joint community cleanup with the Lions Club of Bermuda and visiting international Lions members on Sunday, February 15, 2026, at 10:00 a.m. between Swizzle Inn and Blue Hole Park. This collaborative effort reflects a shared commitment to environmental stewardship, community service, and protecting Bermuda’s natural spaces.
Lion Lana Woods expressed the Lions’ enthusiasm for the project, stating: “We would be delighted to partner with KBB to host an environmental cleanup starting at Swizzle Inn on Sunday, February 15, 2026, at 10:00 a.m.
KBB also extends heartfelt thanks to Jay Correia, owner of the Swizzle Inn, for generously sponsoring the cleanup supplies. Jay shared his support for the initiative, noting that “KBB and the Lions are two great organizations, and we are happy to be associated with this cleanup.” Swizzle Inn is also expecting to have some of their staff members join the cleanup team on the 15th, contributing to the important mission of caring for Bermuda’s environment.
“We are incredibly grateful for the support from both the Lions Club and Jay and his team at the Swizzle Inn,” said Angel Smith, Executive Director of KBB. “It’s inspiring to see community partners step forward with such enthusiasm. Together, we will make a meaningful impact on one of Bermuda’s treasured natural areas.”
The February 15 cleanup will unite local Lions, international Lions visitors, KBB volunteers, and Swizzle Inn staff in a shared effort to tackle litter and preserve the beauty of Hamilton Parish. This collaboration reinforces KBB’s mission of keeping Bermuda clean and green and aligns closely with the Lions’ long-standing tradition of service.
He chose the latter – believing that the underinvestment that had starved the likes of Oscar Mayer and Kraft Mac & Cheese brands could not be fixed during a separation that is projected to take several months
International News via Reuters:
Kraft Heinz’s new CEO Steve Cahillane was faced with a difficult choice. Either continue the time-consuming process of separating into two companies or revive the company’s struggling brands during a time of weak consumer sentiment. He couldn’t do both.
He chose the latter – believing that the underinvestment that had starved the likes of Oscar Mayer and Kraft Mac & Cheese brands could not be fixed during a separation that is projected to take several months.
“Separations are always best done when the business is healthy, when it’s stable, and when it’s growing,” he told Reuters, after the company’s Wednesday announcement to hit the “pause” button on the separation, first announced in September.
“It became very compelling that we ought to pause the separation and focus all of our attention, because our attention is finite, focus all of that attention (on) turning the business back to growth.”
The announcement surprised many. Industry sources noted the separation had likely already cost a considerable amount of time. Some analysts questioned whether the decision meant that core parts of the business were in worse shape than imagined, and that a spinout would doom its slower-growing businesses to a downward spiral.
“Investors will view this negatively because it indicates that the businesses are not in strong enough condition to operate on a standalone basis, and it is uncertain when they will,” said TD Cowen analyst Robert Moskow.
But investors had not responded positively to the original separation plan, which was to divide the company into a North American grocery business and a global taste elevation business. Investors, including Berkshire Hathaway, were not receptive and some were confused by the parameters, such as putting Kraft Mac & Cheese on the taste elevation side with ketchup and mayonnaise.
Last month, a regulatory filing revealed that Berkshire may shed its 27.5% stake in Kraft Heinz and exit a more than decade-old investment that did not work out for Warren Buffett.
The stock is down 13% since the split announcement, compared with a 7.5% gain in the S&P 500. It was down 1.3% at $24.66 per share on Thursday.
SALES STRUGGLES
With great fanfare, Buffett’s Berkshire Hathaway and 3G Capital merged the two food companies in 2015. But the architects of the merger slashed costs and marketing to boost margins, thinking shoppers would continue to buy their products anyway. However, starving the food brands of investment and attention backfired.
While EBITDA margins popped to the high-20% area at first, sales started to struggle. An earnings boost from consumers eating at home during the pandemic waned, with net sales falling 3% and 3.5% in 2024 and 2025, respectively. The stock has fallen almost 70% since the merger.
The company was considered slow to grasp the changing tastes of Americans, as younger brands take market share from legacy food conglomerates, accentuating the need for constant reinvestment. The growth in weight-loss drug usage adds to the challenges.
“There was a feeling that there was something called ‘forever brands’. Brands were just so strong, they didn’t need investment,” said Cahillane, who started the job on January 1. “I’ve never believed that. Brands in the consumer space need investments, or they will wither.”
MARGIN IMPLICATIONS
Cahillane has overseen a food company turnaround before: He led Kellogg from 2017 to 2023, navigating it through its separation into Kellanova and WK Kellogg. He then led Kellanova until its 2025 acquisition by Mars. He said he spotted early opportunities to turn Kraft around, too, with the help of $600 million earmarked for marketing, sales and R&D.
“There are still margin implications,” said Charles Rinehart, chief investment officer at Johnson Investment Counsel. “A lower margin base may ultimately be acceptable to investors if it leads to greater confidence in the sustainability of future growth.”
The brands that might need the most attention are in the slower-growth U.S. grocery division – including Oscar Mayer, Kraft Singles, Lunchables and Maxwell House. Kraft had unsuccessfully tried to sell off hot dogs and cold cuts business Oscar Mayer and Maxwell, according to sources familiar with the matter. The company did not comment on the divestiture attempts.
“You can expect Heinz, Kraft, Philadelphia (cream cheese), Mac & Cheese, some of our big players, to be beneficiaries. But those who come with the best ideas across our portfolio, they’ll be funded,” Cahillane said.
Reporting by Abigail Summerville in New York and Juveria Tabassum in Bengaluru; editing by David Gaffen and Nick Zieminski
With a PLP leadership contest pending, potential contender Jason Hayward is giving little away about his plans
We’ve just seen a sudden and unexpected leadership coup displace a leader of the Opposition.
A more structured transition is expected for the pending change in leadership of the governing party later this year.
With the PLP Leader and Bermuda’s Premier, David Burt ,set to step down in the Fall, there’s anticipation for the start of a party leadership and deputy leadership contest.
Deputy Premier Zane De Silva has already made it known that he intends to accede to the throne, but Minister of Economy and Labour Jason Hayward is also seen as a contender.
He remained tight-lipped when asked about his intentions by The Royal Gazette today. He gave away only a little more in a recnt interview with Bermuda Broadcasting.
Police say 18-year-old Jesse Van Rootselaar, who had suffered mental health problems, killed her mother and stepbrother on Tuesday before shooting a teacher and five young students at the local school
International News via Reuters:
Canadian Prime Minister Mark Carney will attend a vigil on Friday in the remote British Columbia town of Tumbler Ridge, where nine people died in one of the country’s worst mass shootings, his office said on Thursday.
Police say 18-year-old Jesse Van Rootselaar, who had suffered mental health problems, killed her mother and stepbrother on Tuesday before shooting a teacher and five young students at the local school.
Van Rootselaar, who police say was born a male but began identifying as a woman six years ago, then died by suicide.
“At the invitation of the Mayor of Tumbler Ridge, the Prime Minister will be traveling to the community on February 13th to attend a vigil in memory of the victims of this week’s tragic shootings,” his office said in a statement.
Carney, it added, had invited the leaders of all other political parties to join him.
Across Tumbler Ridge, a town of around 2,400 in the Canadian Rockies, flowers and stuffed animals could be seen at unofficial public memorials.
“Hold your kids tight, tell them you love them every day. You never know,” a tearful Lance Young, father of 12-year-old victim Kylie Smith, told reporters on Wednesday.
Police, who say they still do not have a motive, held a meeting with provincial officials late on Wednesday.
“They are working very hard – they recognize the public does need to hear information to fill that vacuum,” local provincial legislator Larry Neufeld told CBC News on Thursday.
Police said they had visited Van Rootselaar’s house on several occasions to address mental health issues and had twice taken her away for formal assessments. British Columbia premier David Eby said on Wednesday he had reached out to local health officials to ask for more details of the interactions.
At one point police seized guns from the house but returned them after the owner – who they did not identify – successfully appealed the decision.
British Columbia on Thursday observed an official day of mourning. Provincial lieutenant-governor Wendy Cocchia, the personal representative of King Charles, Canada’s head of state, is due to give a speech in the legislature honoring the victims.
Reporting by David Ljunggren; Editing by Nia Williams
Bermuda’s year-on-year GDP increases nearly 10% in Q3 2025, with a boost to the balance of imports and exports
Bermuda saw its largest quarterly economic growth in four years in the third quarter of 2025.
Adjusting for inflation, there was a 9.9% expansion, for a GDP of $1.75 billion dollars at constant prices.
There was a near 33 per-cent boost to the external balance of goods and services compared to the same period in 2024 – with a $75 million-dollar increase in exports, but a $42-million drop in imports.
This follows a relatively flat first two quarters last year, where 1.1% GDP growth in Q1 2025 was followed by a 1.2% contraction in Q2.
Jason Hayward, Minister of Economy and Labour, added that employment income had risen in several sectors during Q3…
This quarterly GDP update comes less than a month after the last one, which had been delayed.
The Chamber of Commerce recently called for a more predictable schedule.
Minister Hayward acknowledged the previous delay, but added that the ability to provide timely data does not only depend on the Government…
Statement by Jason Hayward, Minister of Economy & Labour:
Today, I am here to provide the results of the third quarter 2025 GDP and Economic performance. They tell a powerful story about Bermuda’s resilience, our economic acceleration, and the collective confidence driving this country forward. These results are more than numbers on a page — they reflect the strength of our people, the stability of our institutions, and the demonstration of an economy that continues to outperform expectations. During the 3rd quarter of 2025, Bermuda’s economy experienced robust growth, expanding 9.9% after adjusting for inflation. This is the largest quarterly growth experienced since the 10.2% expansion registered in Q2 2021. The strong economic expansion in the third quarter was a direct result of a strong trade balance, increased investment, and robust government and consumer spending. Consumer Spending Consumer spending in the third quarter increased 1.1 per cent year-over-year to $862.9 million. Consumption of services increased 1.0 per cent year-over-year, reflected in higher expenditure on air transport services, catering services and personal care services. Spending on non-durable and semi-durable goods rose 1.6 per cent influenced primarily by spending on fuel and power, food and non-alcoholic beverages. Spending on durable goods increased 1.1 per cent due largely to increased expenditure on jewelry, clocks and watches, and new and used cars. Employment Income Employment income in the third quarter was 4.5 per cent above 2024 levels. Employment income in the following industries increased in the third quarter of 2025: • International Business (2.7%) • Hotels & Restaurants (6.6%) • Business Services (7.6%) • Wholesale & Retail (2.2%) • Public Administration & Defence (12.6%), and • Construction (12.7%) The third quarter growth in employee remuneration in these sectors is positive, and the income levels continue to demonstrate a robust labour market. Government Expenditure Consumption by the Government increased by 5.4 per cent during the quarter, with higher expenditure on wages and salaries. Investment Gross Capital Formation grew by 11.6 per cent to $207.3 million. Investment related to construction rose 5.8 per cent, and investment in machinery and equipment increased by 17.0 per cent due to higher imports of agricultural and industrial machinery. The External Balance of Goods and Services Bermuda’s Trade Balance rose by 32.8 per cent to $473.4 million as growth in receipts for the export of goods and services expanded, while payments for importing goods and services contracted. Exports of goods and services increased by 8.7 per cent during the quarter. Imports of Goods and Services decreased 8.3 per cent driven by lower fuel imports. Business Registrations The total number of local businesses registered in Bermuda abated year-over-year, bringing the complete business register to 3,830. There were 42 new local businesses registered in Bermuda during the third quarter of 2025. Conclusion Overall, the third quarter’s performance reflects encouraging momentum across key economic indicators, including rising employee remuneration, increased government spending, robust investment activity, and a strengthened trade balance. These positive trends affirm the country’s growth trajectory. The Government will continue to execute the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure that Bermuda experiences sustainable economic growth and development. In addition, the Government will be releasing shortly a Fintech Strategy as well as a National Entrepreneurship Strategy that will further support diversified and inclusive economic growth. For more information, please review the Quarter 3, 2025 Quarterly GDP by Expenditure and Balance of Payments and International Investment Position publications available at the Department of Statistics online at gov.bm.
The acquisition, which will see the British money manager’s founding family sell up, will create a combined group with $2.5 trillion of assets under management. Schroders’ shares closed up 29%
International News via Reuters:
Britain’s Schroders is being taken over by U.S. asset manager Nuveen for 9.9 billion pounds ($13.5 billion), in one of Europe’s largest ever fund manager deals that spells the end of independence for the 222-year old London firm.
The acquisition, which will see the British money manager’s founding family sell up, will create a combined group with $2.5 trillion of assets under management. Schroders’ shares closed up 29%.
“This is a massive transformational step for both firms,” Bill Huffman, CEO of Nuveen, told Reuters, adding the deal gave it a global footprint and that Nuveen was open to further deals to grow.
The deal values Schroders at 16.5 times 2026 earnings, RBC analysts said.
COMPETITION FROM BIGGER US RIVALS
Mid-sized active stock-picking asset managers in Europe such as Schroders are confronting the need to combine to compete with larger U.S. rivals like BlackRock and Vanguard that sell cheaper index-trackers and other passive products.
Recent multi-billion dollar deals include BNP Paribas’s 2025 purchase of AXA’s fund arm, although other European merger negotiations have broken down.
Analysts raised the possibility of some Schroders shareholders pushing for a higher price.
“Despite board support, only 41% of shareholders have given irrevocable backing, suggesting significant room for holdouts to push for a higher price. With the fundamentals improving and shareholder alignment far from locked, this story is unlikely to end at the current terms,” said Johann Scholtz at Morningstar.
Schroders CEO Richard Oldfield said he believed an “interloper” bid was unlikely and that executives had begun to contact other shareholders to persuade them of the merits of the deal.
IMPLICATIONS FOR THE REST OF THE SECTOR
Schroders grew from financing transatlantic trade in the 19th Century to becoming Britain’s biggest standalone asset manager. Its shares have sunk 30% over the past five years, though they have clawed back some ground under CEO Oldfield.
The founding family – which still has two seats on the board – will sell their 41% stake as part of the sale, Oldfield told Reuters.
Bankers and analysts say mid-sized asset managers such as Aberdeen, are vulnerable to bigger suitors, especially cash-rich U.S. businesses.
“The deal also has a positive readacross for the rest of the sector, as it acts as a statement in the value of traditional asset management,” RBC analysts said.
Asset management deals have a chequered history, with several struggling over integration issues.
Aberdeen Asset Management and Standard Life agreed to combine in 2017 but since then, the shares are down about 50%.
The deal, which ends the independence of a centuries-old London finance name, also highlights the appeal of UK stocks trading at a discount to European and U.S. companies.
AMONG THE BIGGEST ASSET MANAGERS
The combined group’s $2.5 trillion in assets under management puts it slightly below Europe’s biggest fund manager, Amundi, but way below U.S. behemoths BlackRock, Vanguard and State Street.
Schroders’ shareholders will receive 590 pence per share in cash plus permitted dividends of up to 22 pence, valuing the company at 612 pence per share – a 34% premium to Wednesday’s closing price, according to LSEG data.
BNP Paribas was sole financial adviser to Nuveen, with Wells Fargo and Barclays advising Schroders.
Separately, Schroders reported adjusted operating profit of 756.6 million pounds for 2025, up 25% from a year earlier.
Oldfield will continue to lead Schroders after the deal closes and London will remain its biggest office.
($1 = 0.7334 pounds)
Reporting by Iain Withers and Tommy Reggiori Wilkes; Additional reporting by Raechel Thankam Job and Anousha Sakoui; Graphics by Lawrence White; Editing by Harikrishnan Nair, Louise Heavens, Bernadette Baum and Nick Zieminski
Von der Leyen also said the EU executive arm would push on with the long delayed capital markets union that would allow to invest more productively some 10 trillion euros of savings now languishing on bank accounts
International News via Reuters:
The European Commission will present in March a plan to deepen the European Union’s single market of 450 million consumers and make it easier for companies to operate across the EU, the Commission’s head Ursula von der Leyen said.
Speaking at a news conference after a meeting with EU leaders on how to mare the EU economy more competitive, von der Leyen also said the EU executive arm would push on with the long delayed capital markets union that would allow to invest more productively some 10 trillion euros of savings now languishing on bank accounts.
“We agreed that we want to be done with phase one of the Savings and Investment Union, that includes market integration, supervision and securitization by June,” von der Leyen said.
If it is impossible to move forward quickly with all 27 EU countries at the same time, the EU would push on with the project in a smaller group, she said.
“If there is not sufficient progress by then, we will consider enhanced cooperation, that is that at least 9 Member States if they want to move forward faster,” she said.
Reporting by Phil Blenknsop and Julia Payne, writing by Jan Strupczewski
The Logos Hope has officially opened its floating bookstore and café, following a seven-day voyage from Trinidad. With crew members representing more than 60 nations, the vessel carries over 5,000 book titles and shares a mission of spreading knowledge and cultural exchange.
The ship is docked on Front Street and its bookstore will be open to the public Tuesday through Sunday, through March 4th. Kendal Trott spoke to the ship’s captain, Matt Stephens, about his mission in Bermuda.
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