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Thousands rally again in Bulgaria to demand government’s resignation

The protests in the capital Sofia and dozens of other towns and cities across the Black Sea nation are the latest in a series of rolling demonstrations and come as Bulgaria prepares to adopt the euro on January 1

International News via Reuters:

Thousands of Bulgarians rallied on Wednesday evening against the country’s minority government and what they say is its failure to tackle endemic corruption in the European Union’s poorest member state.

The protests in the capital Sofia and dozens of other towns and cities across the Black Sea nation are the latest in a series of rolling demonstrations and come as Bulgaria prepares to adopt the euro on January 1.

Protesters used lasers to project the words “Resignation”, “Mafia Out”, and “For Fair Elections” on the parliament building in central Sofia.

“I think the energy of the people will gradually force them (the government) to step down because many reforms are needed,” said Dobri Lakov, 64, a Sofia resident.

“First and foremost, judicial reform. If the judicial system is fixed, everything else will fall into place, absolutely everything.”

Bulgaria’s parliament will hold a vote of no-confidence on Thursday in the government of Prime Minister Rosen Zhelyazkov , the sixth such vote since it took power on January 15 this year. 

Last week, the government withdrew its 2026 budget plan, the first drafted in euros, due to the mass protests. Opposition parties and other organisations said they were protesting against plans to hike social security contributions and taxes on dividends to finance higher state spending.

Despite the government’s retreat over the budget plan, the protests have continued unabated in a country which has held seven national elections in the past four years – most recently in October 2024 – amid deep political and social divisions.  

“It is finally time for normality to come to Bulgaria and for us to free ourselves from the oligarchy, the mafia, and the forces that represent them,” said Angelin Bahchevanov, an IT specialist.

Bulgarian news agency BTA reported on Wednesday that Boyko Borissov, a former prime minister and leader of the ruling GERB party, said the ruling coalition partners had agreed not to resign before Bulgaria joins the euro zone on January 1. 

However, Assen Vassilev of the reformist opposition party “We Continue the Change”, which was among the organisers of Wednesday’s protest, said: “We will enter the euro zone, even if the government has resigned.”

Reporting by Fedja Grulovic; Writing by Ivana SekularacEditing by Gareth Jones

Dollar choppy as risk-off mood, dovish Fed unsettle markets

Investors dumped risk assets like stocks and cryptocurrencies after disappointing earnings from U.S. cloud computing giant Oracle reignited fears that surging AI infrastructure costs could outpace profitability

International News via Reuters:

The dollar found some support on Thursday from a broad risk-off mood in markets, but failed to recoup most of its losses after the Federal Reserve delivered a less hawkish outlook than some had anticipated.

Investors dumped risk assets like stocks and cryptocurrencies after disappointing earnings from U.S. cloud computing giant Oracle reignited fears that surging AI infrastructure costs could outpace profitability.

That helped stem the safe-haven dollar’s slide, which initially faced selling pressure after remarks from Fed Chair Jerome Powell surprised some who had been positioned for a more hawkish tone.

The Australian dollar meanwhile got caught in the flight from risk and fell 0.7% to $0.6629, while the New Zealand dollar lost 0.44% to trade at $0.5791.

Bitcoin, often viewed as a barometer of risk appetite, slid back below the $90,000 level, while ether was down more than 4% at $3,197.15.

“Even with a softer Fed outlook, the market is still working through the excess leverage from October, so reactions to macro signals are slower than usual,” Gracie Lin, OKX’s Singapore CEO, said of the fall in crypto prices.

“The 25-basis-point cut was already priced in, short-term traders are taking profit into thin liquidity, and the wider macro and geopolitical backdrop is still uncertain. All of that keeps the immediate response muted.”

DOLLAR FALLS OUT OF FAVOUR

At the conclusion of its two-day policy meeting on Wednesday, the Fed lowered rates by 25 basis points as expected.

“For us, the big takeaway was a dovish tilt to the accompanying commentary, and at Fed Chair Powell’s press conference,” said Nick Rees, head of macro research at Monex Europe.

That gave investors confidence to short the dollar as they bet on two more rate cuts next year, going against policymakers’ median expectation for a single quarter-percentage-point reduction.

The euro rose above the key $1.17 level and close to a two-month high of $1.1707 in the early Asian session, before paring some of those gains to trade 0.08% lower at $1.1686.

Sterling touched a 1-1/2-month peak of $1.3391, though was last down 0.17% at $1.3360. The yen was little changed at 156.07 per dollar.

Against a basket of currencies, the dollar was up 0.1% at 98.74, having earlier hit its lowest since October 21.

“We still see room for rate cuts in 2026, especially if the job market turns out to be softer than the Fed’s forecast,” said Tai Hui, APAC chief market strategist at J.P. Morgan Asset Management.

U.S. Treasuries attracted bids after the Fed announced that it would start buying short-dated government bonds beginning December 12 to help manage market liquidity levels, with an initial round totalling around $40 billion in Treasury bills.

“The earlier start and size of the T-bill purchases surprised investors,” said analysts at Societe Generale in a note.

The two-year U.S. Treasury yield fell 3.5 bps to 3.5300%. The benchmark 10-year yield was similarly down 4 bps to 4.1215%. Bond yields move inversely to prices. [US/]

Reporting by Rae WeeEditing by Shri Navaratnam

ECB proposes simpler bank capital rules

Banks have long complained the supervision has become onerous and others, particularly the United States, are now pushing to cut regulation and soften capital rules

International News via Reuters:

The European Central Bank proposed a simplification of bank capital buffer rules on Thursday, looking to prune some of the complex regulation put in place after the global financial crisis without easing the overall regulatory burden.

Banks have long complained the supervision has become onerous and others, particularly the United States, are now pushing to cut regulation and soften capital rules on the premise the supervision constrains bank activity.

But the ECB stuck to its promise that simplification cannot mean lower capital requirements and Thursday’s proposals, still subject to European Commission approval, are focused on fewer rather than lower requirements for the amount of capital lenders must hold to cushion against potential shocks.

“These proposals intend to simplify the framework, while maintaining the resilience of the European banking system,” the ECB said in a statement.

FEWER BUT NOT LOWER CAPITAL REQUIREMENTS 

The ECB’s number one recommendation is to simplify the design of banks’ capital requirements and buffers, called the capital stack, as Reuters reported earlier.

The ECB aims to merge existing layers of buffers into just two: a non-releasable and a releasable buffer which authorities can lower in bad times.

The new releasable buffer would result from merging the countercyclical capital buffer with the systemic risk buffer, which are normally built up during tranquil periods and released during downturns. 

However, the non-binding Pillar 2 guidance on capital levels would be kept separate, on top of the releasable buffer. 

The ECB also wants to reduce the leverage ratio framework from four elements to two, to include a 3% minimum requirement and a single buffer, which could be set to zero for smaller banks, the bank said in a statement. 

The ECB also proposed expanding the so-called ‘small banks regime’ so more lenders would fall under simpler supervision requirements. 

CONVERTIBLE BOND REFORM?

The ECB also argued that the loss-absorbing capacity of convertible bonds called Additional Tier 1 (AT1) instruments “has been questioned” because banks rarely use the instrument to actually absorb losses, and the security could be reformed along two possible alternatives.

Such instruments made headlines in 2023 when Credit Suisse wiped out 16.5 billion francs worth of such bonds during the state-engineered takeover by its rival UBS. The move was later ruled illegal by a Swiss court, though an appeal is still pending.

In the first alternative, AT1 instruments could be enhanced to further ensure their loss absorption capacity but the role of the instrument itself would not be modified.

Alternatively, it could be completely removed from the going-concern capital stack but that may not be compliant with Basel rules, may go against the principles of simplification and would lead to changes in the regulatory capital demand, the ECB said.

The ECB also called for a reform of the scope and methodology of EU-wide bank stress tests to make them more useful both for the bank and from a systemic perspective.

The recommendations, endorsed by the ECB’s Governing Council, will now be presented to the European Commission for consideration and any actual change could still take months if not years.

Reporting by Balazs Koranyi; Editing by Toby Chopra

Vietnam urges factories to cut output as Hanoi chokes on smog

Vietnam’s Ministry of Health earlier this week urged power, steel and chemical plants to cut output when the air quality index exceeds 200

International News via Reuters:

Industrial plants in the Vietnamese capital of Hanoi have come under renewed pressure to scale back their operations as authorities respond to a week of heavy and hazardous smog in the city.

Vietnam’s Ministry of Health earlier this week urged power, steel and chemical plants to cut output when the air quality index exceeds 200. The index gauges the volumes of hazardous small particles known as PM2.5 that are in the air.

The AQI hit 243 midday on Thursday, putting Hanoi fourth on the list of the world’s most-polluted cities, according to AirVisual, which provides independent global air pollution information via a phone app.

The city has topped the list on a number of occasions this week, according to the app, a position it also held in January.

The Southeast Asian country, a regional manufacturing hub which is urbanising rapidly, has been suffering from severe air pollution for years, especially in Hanoi.

“My eyes are itchy, and there’s always a blanket of smog that blocks my vision,” said Hanoi resident Pham Thu Giang, 30. “I have to wear a mask all the time.”

The authorities have identified transportation, industrial production, construction activities and the burning of garbage and agricultural residue as the main sources of air pollution in the city.

“Gasoline-powered motorbikes are used widely in Hanoi, making them a major source of air pollution,” Le Thanh Thuy, an official of the city’s department of agriculture and environment, told local media on Thursday.

The city will impose partial bans on gasoline-powered motorbikes in downtown areas from mid-2026 and will gradually expand the ban thereafter to fossil-fuel-powered cars.

“The current air conditions are very dangerous for the capital Hanoi,” said 75-year old resident Luong Van Toi. “I feel very tired.”

If Hanoi’s AQI is converted into actual PM2.5 concentrations, the pollution this week could be as much as 50 times the 5-microgram/cu m level recommended by the World Health Organization.

Reporting by Thinh Nguyen; Writing by Khanh Vu; Editing by David Stanway

First climate migrants arrive in Australia from sinking Tuvalu in South Pacific

More than one-third of Tuvalu’s 11,000 population applied for a climate visa to migrate to Australia, under a deal struck between the two countries two years ago

International News via Reuters:

The first climate migrants to leave the remote Pacific island nation of Tuvalu have arrived in Australia, hoping to preserve links to their sinking island home, foreign affairs officials said on Thursday.

More than one-third of Tuvalu’s 11,000 population applied for a climate visa to migrate to Australia, under a deal struck between the two countries two years ago.

The intake is capped at 280 visas annually to prevent a brain drain in the small island nation.

Among the islanders selected in the initial intake of climate migrants is Tuvalu’s first female forklift driver, a dentist, and a pastor focused on preserving their spiritual life thousands of kilometres (miles) from home, Australian government officials said.

Tuvalu, one of the countries at greatest risk from climate change because of rising sea levels, is a group of low-lying atolls scattered across the Pacific between Australia and Hawaii.

Manipua Puafolau, from Tuvalu’s main island of Funafuti, arrived in Australia a fortnight ago. A trainee pastor with the most prominent church in Tuvalu, he plans to live in the small town of Naracoorte in the state of South Australia, where several hundred Pacific Islanders work in seasonal agriculture and meat processing jobs.

“For the people moving to Australia, it is not only for their physical and economic well-being, but also calls for spiritual guidance,” he said in a video released by Australia’s foreign affairs department.

Tuvalu Prime Minister Feleti Teo visited the Tuvaluan community in Melton, Melbourne, last month to emphasise the importance of maintaining strong ties and cultural bonds across borders as citizens migrate, Tuvalu officials said.

On Tuvalu’s main atoll of Funafuti, the land is barely wider than the road in many stretches. Families live under thatched roofs, and children play football on the airport runway due to space constraints.

By 2050, NASA scientists project daily tides will submerge half of Funafuti atoll, home to 60% of Tuvalu’s residents, where villagers cling to a strip of land as narrow as 20 metres (65 feet). The forecast assumes a one-metre rise in sea levels, while the worst case, double that, would put 90% of the country’s main atoll under water.

CLIMATE VISAS OFFER ‘MOBILITY WITH DIGNITY’

Australia’s Foreign Minister Penny Wong said the climate migrants would contribute to Australian society.

The visa offered “mobility with dignity, by providing Tuvaluans the opportunity to live, study and work in Australia as climate impacts worsen”, Wong said in a statement to Reuters.

Support services are being established by Australia to help Tuvaluan families set up in the east coast city of Melbourne, Adelaide in South Australia and in the northern state of Queensland.

Kitai Haulapi, the first female forklift driver in Tuvalu, recently married and will relocate to Melbourne, population five million. In a video released by Australia’s foreign affairs department she says that she hopes to find a job in Australia and continue to contribute to Tuvalu by sending money back to her family.

Dentist Masina Matolu, who has three school-aged children and a seafarer husband, will move with her family to the northern Australian city of Darwin. She plans to work with indigenous communities.

“I can always bring whatever I learn new from Australia back to my home culture, just to help,” she said in a video statement.

Reporting by Kirsty Needham; Editing by Michael Perry

Many UK firms say volatile pound triggered losses in 2025, need to hedge grows

The report surveyed over 250 chief financial officers and treasurers at UK companies in October about their hedging plans and costs

International News via Reuters:

Nearly half of UK businesses surveyed by FX and cash management solutions provider MillTech say that they have lost money due to a volatile pound and plan to hedge more of their currency risk, and for longer, a report released on Thursday showed.

The report surveyed over 250 chief financial officers and treasurers at UK companies in October about their hedging plans and costs. It showed 48% of those polled said they had lost money as a result of the big swings in sterling’s value.

WHY IT’S IMPORTANT 

Currency volatility has accelerated this year, as geopolitical uncertainty has picked up and global trade relations have become more unpredictable since U.S. President Donald Trump has pushed to enact his “America First” agenda.

Hedging rates by UK corporates have risen for their third consecutive year to 78%, up from 76% in 2024 and 70% in 2023. Among firms not currently hedging, 68% are now considering doing so in response to market conditions, MillTech’s survey showed.

KEY QUOTE

“Most CFOs treat FX like a slow-dripping tap. It’s something they can put off fixing while it’s only a nuisance. But this year, that drip turned into a full-on leak, and many UK firms have been scrambling with towels and buckets,” Eric Huttman, chief executive of MillTech, said.

CONTEXT

Sterling hit four-year highs above $1.37 in July against a broadly weak dollar, then fell back as UK fiscal worries weighed on sentiment. It is set for its most volatile year since 2022, LSEG data shows.

BY THE NUMBERS

The mean hedge ratio, or the percentage of companies’ foreign exchange exposure that they protect, is at 53%, up from 45% in 2024. Hedges in 2025 cover an average period of 5.52 months, versus 5.55 months in 2024, but well above the 4.04 months in 2023. 

Reporting by Amanda Cooper. Editing by Dhara Ranasinghe and Mark Potter

Jingle bell race will close roads on Sunday

Stock photo

The Ministry of Public Works and Environment advises the public that the Bermuda Red Cross Jingle Bell 5K will take place on Sunday, 14 December 2025.

The race is scheduled to occur between 8.30 a.m. and 10.00 a.m., and members of the public should expect traffic restrictions in the Pembroke area.

Motorists are urged to follow the directions of Police Officers and Race Marshals stationed along the route and to exercise caution in the area during the event.

Please refer to the attached Road Traffic Notice for full details on the race route, traffic controls, and road closures that will be in place for this event.

Sizzling pans and the buzz of inspiration

Healthy eating event features celebrity chef Willie Wallace

Today, we stepped into the heart of the Bermuda Diabetes Association’s Two Weeks of Magic culinary experience — where sizzling pans, fresh ingredients and inspired conversation filled the room. 

Guests learned how diabetes-friendly cooking can be both nourishing and delicious. 

In the midst of the action, we spoke to celebrity chef Willie Wallace and Bermudian chef Richard Zuill. 

With live demonstrations of simple techniques that elevate everyday meals, today’s session captured the purpose of this series: Empowering islanders with hands-on guidance and the confidence to make healthier choices at home.

Tobacco industry links with EU officials underreported, campaigners say

The report, by anti-tobacco organisations STOP and Contre-Feu, identified at least eight meetings between tobacco industry representatives and EU officials that were not disclosed in 2023 and 2024

International News via Reuters:

European Union officials have held multiple, undisclosed meetings with the tobacco industry, which uses political connections to try to influence policy in the bloc and beyond, a report by campaign groups published on Wednesday found.

The report, by anti-tobacco organisations STOP and Contre-Feu, identified at least eight meetings between tobacco industry representatives and EU officials that were not disclosed in 2023 and 2024, citing documents obtained by Contre-Feu.

Further documents revealed a “close working relationship, including exchanges of information and advice, multiple emails, ongoing multi-year monitoring of issues and telephone calls”, the report said, adding the findings demonstrate flaws in the EU’s transparency framework. 

The report does not say the tobacco industry broke any rules, but it accuses the European Commission of failing to implement a global treaty which, among other things, pledges to protect public health policies from tobacco-industry influence.

The Commission did not respond to requests for comment. 

The exchanges included representatives from companies such as Philip Morris International and British American Tobacco requesting the Commission push back on policies in other countries, including Singapore, Saudi Arabia and Mexico. 

“The European Union must commit to safeguarding its diplomatic influence … from being exploited by the industry to challenge or undermine tobacco control measures implemented by other countries,” said Cassandre Bigaignon, International and European Advocacy Officer at Contre-Feu.

PMI and BAT did not immediately provide comments. 

In the documents, PMI and BAT asked the Commission to raise concerns about or push for the removal of policies affecting their products, arguing these violated trade agreements or discriminated against them while benefitting local rivals. 

PMI asked the Commission to intervene on bans of heated tobacco products or plans to tax them at the same rate as cigarettes. 

BAT, meanwhile, asked the EU to challenge a Saudi Arabian plan to raise tariffs on e-cigarettes to 100%. A Commission official ultimately refused because BAT’s e-cigarettes are not made in the EU, though they noted the company had signalled it planned some EU production, emails show. 

The report also flagged 257 meetings between tobacco industry lobbyists and members of the European Parliament between 2023 and 2025. It said 49 organisations linked to the industry were actively lobbying EU rule makers, with collective spending of 14 million euros ($16 million) per year.

The European Ombudsman in 2023 criticised the Commission for its handling of interactions with the tobacco industry.

($1 = 0.8601 euros)

Reporting by Emma Rumney. Editing by Mark Potter

Switzerland says lower US tariffs to be applied retroactively from November 14

On November 14, the United States and Switzerland sealed a preliminary agreement under which Washington would cut the tariffs on Swiss goods

International News via Reuters:

The lowering of U.S. tariffs on Switzerland to 15% from 39% will be effective retroactively from November 14, the Swiss government said on Wednesday, delivering relief to businesses that had been saddled with the highest U.S. duties in Europe.

On November 14, the United States and Switzerland sealed a preliminary agreement under which Washington would cut the tariffs on Swiss goods, while Swiss companies pledged to invest $200 billion in the U.S. by the end of 2028.

The trade-weighted U.S. tariff burden on Swiss goods will now be some 10 percentage points lower than under the 39% rate at an estimated 7% to 9%, the Swiss government said.

Last month, the two sides agreed any additional U.S. tariffs on pharmaceutical products, which account for much of Swiss exports, would not exceed 15% under so-called section 232 investigations that probe possible threats to national security.

Still, Swiss Economy Minister Guy Parmelin, who led the tariff negotiations with the United States, noted the Trump administration had previously floated the possibility of higher tariffs for prescription drugs, making the future uncertain.

“You never know what could happen,” Parmelin told a press conference on the tariffs, shortly after parliament voted to confirm he would serve as president next year under Switzerland’s rotating one-year system.

U.S. President Donald Trump imposed the 39% duties on Switzerland in August, saying they were justified by the U.S. trade deficit with the Alpine country.

The tariffs, the highest the Trump administration put on any European country, stunned the Swiss business community.

Swiss companies have welcomed the tariff reduction, which puts them on a level playing field with EU competitors.

The two countries must still finalize their agreement in negotiations they hope to conclude by the first quarter of 2026. Parmelin said the United States understood the process of formalizing the agreement in Switzerland could take time.

Many businesses have held back on sending goods while waiting for lower tariffs to come into force.

Swiss army knife manufacturer Victorinox said it was relieved about tariff reductions for its biggest export market.

“This step creates a significantly more manageable framework for our exports to the United States,” said CEO Carl Elsener.

The lower tariffs would boost Swiss economic growth by 0.3 to 0.5 percentage points next year, said Hans Gersbach, an economist at the KOF Institute at ETH in Zurich.

Reporting by John Revill and Dave Graham; editing by Thomas Seythal and Bill Berkrot

Canada lists four extremist, insurgent groups as foreign terrorist entities

In a statement, the government said was adding 764, Maniac Murder Cult and Terrorgram Collective, calling them “transnational ideologically motivated violent extremist networks”

International News via Reuters:

Canada has added four transnational extremist and insurgent groups to its list of foreign terrorist entities, Canada’s Public Safety Minister Gary Anandasangaree said in a statement on Wednesday.

In a statement, the government said was adding 764, Maniac Murder Cult and Terrorgram Collective, calling them “transnational ideologically motivated violent extremist networks” that target young people in particular. It also added Islamic State-Mozambique, an affiliate of the Islamic State of Iraq and Syria.

Reporting by Ryan Patrick Jones in Toronto; editing by Susan Heavey