The Financial Conduct Authority said it has proposed removing foreign exchange derivatives from reporting requirements and reducing the period for for correcting historic reporting errors
International News via Reuters:
Britain’s financial regulator on Friday set out proposals to streamline transaction reporting requirements, which help detect financial crime and monitor market resilience, to reduce costs and help firms save more than 100 million pounds ($130.59 million) annually.
The Financial Conduct Authority said it has proposed removing foreign exchange derivatives from reporting requirements and reducing the period for for correcting historic reporting errors to 3 years from 5.
It is also proposing to remove reporting requirements for financial instruments including equities and bonds that are only traded on European Union trading venues.
($1 = 0.7658 pounds)
Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri
The authority opened an investigation as the request Google sent its users for consent to connect to its services “could constitute a misleading and aggressive commercial practice”
International News via Reuters:
Italy’s competition authority said on Friday it had closed a probe it had launched last year over Google’s alleged unfair commercial practices in the use of personal data after the online search giant adopted remedies.
In July 2024 the authority opened an investigation as the request Google sent its users for consent to connect to its services “could constitute a misleading and aggressive commercial practice”, and that the information it provided was “incomplete and misleading”.
After the regulator’s probe, Google will change its consent request “by providing clearer and more accurate information on the implications of consent for the use of personal data”, as well as on the range and volume of its services where consent may involve the “combination” and “cross-use” of personal data, the Antitrust said in statement.
Reporting by Gianluca Semeraro, editing by Giulia Segreti
Govt follows EY-recommended rents to service debt as Opposition questions empty units
The Opposition is questioning low Bermudian occupancy at the Bermudiana Beach Residences, while Government says the priority is reducing the burden on taxpayers.
Michael Fahy, Shadow Housing Minister recently claimed that the South Shore complex is failing to ease the housing crisis.
In a statement he said: “Of over 90 units at the complex only five have been rented to Bermudians to date.
“With over 300 people on waiting lists at BHC and 1100 people homeless or facing homelessness as identified by the charity HOME, this is unacceptable.”
MP Fahy also questioned why Government will place families in modular housing next spring while “perfectly good units sit empty on South Shore.”
Housing Minister Zane DeSilva has defended the site’s current model – with more than 60% of units rented to persons such as working professionals – stressing the need to relieve taxpayers.
U.S. retail coffee prices rose an annual 40% in September and rising food prices are a major factor behind Trump’s approval ratings falling to their lowest since his return to power
International News via Reuters:
Global coffee prices plunged on Friday after U.S. President Donald Trump removed 40% tariffs on imports of Brazilian agricultural products including coffee and cocoa in the face of growing angst from American consumers about high food costs.
U.S. retail coffee prices rose an annual 40% in September, due in part to tariffs, and rising food prices are a major factor behind Trump’s approval ratings falling to their lowest since his return to power, a Reuters/Ipsos poll found.
Trump’s overnight tariff removal on Brazil follows a similar order announced last Friday to roll back duties on coffee and scores of other agricultural products from producing countries.
Top coffee grower Brazil supplies the U.S., the world’s largest coffee consumer, with about a third of its beans.
At 1017 GMT, arabica coffee futures on the ICE exchange, used as a benchmark to price physical coffee around the world, were down 4.6% to $3.5925 per lb, having earlier plunged more than 6% to two-month lows.
Futures prices for robusta coffee beans, typically used in instant coffee rather than in the roast and ground blends where arabica dominates, were down 5% to $4,400 a metric ton, having earlier sunk 8%.
“(We) need the market to digest this. More downside? Maybe, but I do not believe we’ll go below $3/lb. If anything I would be a buyer into whatever market dip comes from this news,” said a Europe-based trader at a top global coffee trade house.
He explained that the arabica crop was still in deficit, exchange certified and industry stocks were low, the industry was short on supply and needed to buy, and there were still weather risks due to the La Nina phenomenon.
Reporting by May Angel; Editing by David Goodman and Alex Richardson
Aid budgets are facing an unprecedented shortfall as donors shift their focus towards defence
International News via Reuters:
The International Committee of the Red Cross will reduce its 2026 budget by 17% to 1.8 billion Swiss francs ($2.23 billion)and cut 2,900 jobs, it said in a statement on Friday.
Aid budgets are facing an unprecedented shortfall as donors shift their focus towards defence, forcing humanitarians to make difficult decisions about whom to help amid multiple conflicts and record displacement.
At the same time, the top global aid contributor, the United States, is overhauling its foreign assistance programmes under President Donald Trump as he prioritises ‘America First’ policies.
“The ICRC remains committed to working on the front lines of conflict, where few others can operate,” said President Mirjana Spoljaric after a meeting of its assembly.
“But the financial reality is forcing us to make difficult decisions to ensure we can continue to deliver critical humanitarian assistance to those who need it most.”
The job cuts amount to about 15% of the ICRC’s global staff of 18,500 and follows previous belt-tightening measures in 2023.
A third of them will be made through voluntary redundancies and leaving vacant posts open, the statement said.
The Geneva-based humanitarian body is present in more than 90 countries and its activities range from providing basic humanitarian aid to visiting prisoners of war.
It acts as a neutral intermediary in conflicts and transferred hostages from Gaza as well as Palestinian prisoners under the terms of the October 10 ceasefire.
($1 = 0.8054 Swiss francs)
Reporting by Emma FargeEditing by Ludwig Burger and Miranda Murray
Tremors were felt in eastern states in neighbouring India that border Bangladesh, but there were no immediate reports of major damage there, authorities said
International News via Reuters:
At least five people, including a child, were killed and around 100 injured when a magnitude 5.7 earthquake struck Bangladesh on Friday, the government said, with buildings damaged in many areas including the densely populated capital Dhaka.
Tremors were felt in eastern states in neighbouring India that border Bangladesh, but there were no immediate reports of major damage there, authorities said.
Muhammad Yunus, the head of Bangladesh’s interim government, said the injured included students from Dhaka university, factory workers in the city of Gazipur and residents of Narsingdi, the epicenter of the earthquake.
His statement gave no details of how the five died. Police said earlier three people had been killed when the railing of a six-storey building collapsed during the earthquake.
Several of the injured taken to hospital from Narsingdi, about 40 km (25 miles) east of Dhaka, were in a critical condition, health adviser Nurjahan Begum told reporters.
Dhaka residents rushed out of their homes as buildings shook and some makeshift structures collapsed, Reuters witnesses said.
“We felt a strong jolt and buildings were shaking like trees,” said resident Suman Rahman. “Staircases were jammed as people rushed down. Everyone was terrified, children were crying.”
The fire department said some people had been injured when bricks and loose cement fell from buildings that were under construction.
“I have never felt such a tremor in my life. We were at the office when furniture started shaking. We rushed down the stairs on the street and saw other people on the road already,” said Sadman Sakib, who works in Dhaka.
The government was closely monitoring the situation and had directed departments to intensify rescue operations in affected areas, Yunus’ office said in the statement.
Reporting by Nilutpal Timsina in Bengaluru, Ruma Paul in Dhaka, Sam Jahan and Tora Aggarwala; Writing by Shilpa Jamkhandikar and Tanvi Mehta, Editing by Clarence Fernandez, Raju Gopalakrishnan and Kate Mayberry and Alison Williams
U.S. jobs data presented a mixed picture, adding to traders’ uncertainty and diminishing hopes that the Federal Reserve will cut rates again this year
International News via Reuters:
European shares fell on Friday, extending a selloff after Wall Street dropped overnight as traders continued to worry about tech stock valuations.
U.S. jobs data presented a mixed picture, adding to traders’ uncertainty and diminishing hopes that the Federal Reserve will cut rates again this year.
Technology stocks led Wall Street sharply lower on Thursday with a positive earnings report from chipmaker Nvidia not enough to dispel fears about an AI-fuelled market bubble. The downturn continued during Friday’s Asian trading, as investors dumped riskier assets.
At 1007 GMT, the MSCI World Equity Index was down 0.5% and on track for a 3.2% weekly drop, its biggest drop since March.
The pan-European STOXX 600 was down 1% and London’s FTSE 100 was down 0.6%.
“HIGHLY COUNTERINTUITIVE” MOVES
Already under pressure from the wider downturn, European defence shares fell to their lowest since early September, after Ukraine’s president said he was ready for “honest” work on a U.S.-backed plan to end the war.
Thursday’s delayed U.S. jobs data showed that employment growth accelerated in September but the jobless rate was at its highest in four years.
Hani Redha, a portfolio manager at PineBridge Investments, called the market reaction to the jobs data and Nvidia earnings “highly counterintuitive”.
“I would primarily put this down to stretched positioning and heightened sensitivity to this AI bubble talk, which I think is overblown,” he said, adding that there are parts of the market which are justifiably under pressure and not supported by fundamentals.
“It may be that Nvidia was a kind of an ATM machine yesterday – people selling what they can, to book gains, to cover for speculative losses elsewhere.”
Global markets have been driven to record highs by an AI investment frenzy, but some market participants are becoming concerned about the risk of massive spending not translating into meaningful progress. Alphabet’s CEO Sundar Pichai earlier this week said that no company would be unaffected if the AI boom collapses.
Others are still expecting further AI-driven gains.
“AI remains a key driver of equity markets. We expect rising capex and accelerating adoption to push AI-linked stocks higher in the year ahead,” said UBS’s chief investment officer Mark Haefele in a monthly note.
YEN BOOSTED BY VERBAL INTERVENTION
Japan’s finance minister, Satsuki Katayama, said that intervention in the yen was a possibility, in his strongest comments so far about the currency, which has fallen around 6% since Prime Minister Sanae Takaichi was elected leader of her party.
The yen found some support after the comments, and was at 156.55 per dollar, still within reach of Thursday’s 10-month low of 157.9.
Japan’s cabinet approved an economic stimulus package worth around $135 billion.
The euro was steady at $1.1516 and the dollar index also little changed at 100.23, set for a 0.8% weekly gain.
Euro zone bond yields fell, with the benchmark 10-year German Bund yield retreating from a six-week high, down 5 basis points at 2.6726%.
Oil prices fell for the third day running, as the U.S. push for a Russia-Ukraine deal to end the war raised the possibility of more oil supplies being brought onto the market.
Bitcoin fell to its lowest in seven months, at $82,013.57.
Gold was down 0.9% at $4,040.59 per ounce.
Reporting by Elizabeth Howcroft; Editing by Kirsten Donovan
Germany’s Lufthansa said on Thursday it had filed its interest for a minority stake, while Air France-KLM is also a suitor
International News via Reuters:
British Airways-owner IAG said it had submitted a statement of interest to buy a stake in Portuguese carrier TAP as part of the government’s part-privisation plan, but said some issues would need to be addressed before it would be willing to invest.
Germany’s Lufthansa said on Thursday it had filed its interest for a minority stake, while Air France-KLM is also a suitor.
“IAG confirms it has submitted a statement of interest to Parpública, in line with the government’s process for the part-privatisation of TAP,” an IAG spokesperson said on Friday.
“However, several terms would need to be addressed before IAG could propose an investment.”
Business growth almost ground to a halt this month, retail sales tumbled in October, and a closely watched gauge of household sentiment fell
International News via Reuters:
Sterling was little changed on Friday as investors awaited Britain’s upcoming budget, with data showing the economy struggled before next week’s major test for the currency and bond market.
The pound was last down less than 0.1% against the dollar at $1.3063. It was set to lose 0.8% for the week.
The last major economic releases before the budget next Wednesday painted a sombre picture, with borrowing hitting the highest on record outside of the COVID-19 pandemic in the first seven months of the year.
Business growth almost ground to a halt this month, retail sales tumbled in October, and a closely watched gauge of household sentiment fell.
“The data highlights the challenging position that the government is currently in ahead of the budget,” Lee Hardman, senior currency economist at MUFG, said.
“The government borrowing figure is obviously worse than anticipated, but that won’t feed into the government’s budget proposals. It is too late for that.”
British finance minister Rachel Reeves is expected to need to raise tens of billions of pounds to stay on track to meet her self-imposed fiscal targets.
Media reports last week that she would not raise income tax roiled British assets. Just days before she had appeared to prime the market that tax hikes were coming.
MUFG’s Hardman said the timing of the budget will dampen the growth outlook heading into next year, putting pressure on the Bank of England to keep lowering interest rates.
“We think they’ll cut rates in December and then deliver two more cuts by the summer,” Hardman added.
The BoE kept interest rates unchanged in November in a tight 5-4 vote, but markets expect the central bank will resume its rate-cutting cycle when it convenes next month.
Money market traders are currently pricing in a more than 80% chance of a rate cut from the BoE in December.
Elsewhere, the pound was flat at 88.21 pence per euro, but declined against a strengthening yen after the Japanese currency found some support as officials stepped up their verbal intervention to stem the currency’s decline.
Sterling was last down 0.5% at 204.71 yen, after rising to its highest since July last year on Thursday.
Reporting by Ozan Ergenay in London, editing by Samuel Indyk and Andrew Heavens
Garden Market joins Lindo’s and MarketPlace in offering reduced prices on key grocery staples
Government press release:
As part of the Government’s broader Affordable Bermuda Agenda, the Ministry of Home Affairs is announcing the addition of The Garden Market in the Affordable Bermuda Basket initiative, an effort designed to bring direct, everyday savings to Bermuda’s working families.
The Affordable Bermuda Basket offers residents reduced prices on a core selection of commonly purchased grocery items in brands that are consumer favourites, including staples such as rice, dairy, toiletries, and cleaning supplies.
The initiative is supported by both wholesalers and retailers who are sharing in the cost reductions to ensure tangible savings are passed directly on to consumers.
The Garden Market, located on 13 Serpentine Road, Pembroke, now joins The Lindo’s Group and The MarketPlace in this island-wide effort.
These businesses are helping to ease the financial pressures faced by households across the island.
Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, said, “The Ministry is extremely encouraged by the outreach and willingness of new vendors, such as The Garden Market, to participate in the Affordable Bermuda Basket initiative. Their engagement underscores the importance of private-sector collaboration in support of Bermudians, their customers.
“Shared responsibility has been a central theme of the Affordable Bermuda Agenda, recognizing that true affordability cannot be achieved by Government efforts alone. I extend my thanks to The Garden Market’s management team for their partnership and commitment to delivering meaningful relief where it matters most: at the register.”
The Garden Market shared their support for the initiative, emphasising the value of collaboration in meeting the needs of Bermudian families.
A Garden Market spokesperson said, “We’re pleased to join the Ministry of Home Affairs and other wholesalers and retailers in doing what we can to support the community.
“As a neighbourhood grocer, we know these are challenging times for many, and this initiative is a practical way to help ease the burden. Every bit of savings makes a difference, and we’re committed to working together to make groceries more affordable for Bermudians.”
The Affordable Bermuda Basket is a nine-month initiative, running through July 31, 2026. Items included in the programme are clearly marked in each participating store. Updated lists of items and retailers can be found at: www.costofliving.gov.bm
Health Minister urges families and public to ease pressure as discharge delays and ED congestion strain the hospital
Government press release:
The Ministry of Health today issued an urgent appeal to the public as King Edward VII Memorial Hospital continues to experience significant pressure. Patients who need to be admitted for inpatient care are waiting for beds in the Emergency Department, while many individuals who are medically fit for discharge remain in acute care units.
Minister of Health, the Hon. Kim Wilson, JP, MP, stated: “Our hospital is under tremendous pressure. At this time, we have patients in the Emergency Department waiting for admission, while more than half of the beds are occupied by individuals who are medically fit for discharge. This situation is unsustainable and impacts the ability of our healthcare professionals to provide timely care to those in urgent need.
Minister Wilson emphasised that the hospital’s Emergency Department should be reserved for true emergencies: “The Emergency Department is not the place for routine care. If you are experiencing minor illnesses or injuries, please visit your primary care physician or the urgent care clinic if it is on Saturday or Sunday between 9am and 9pm. Hospital beds must remain available for those in critical need. We all have a role to play in ensuring the system functions effectively.”
With Bermuda now in the midst of the cold and flu season, the Minister reminded the public to take proactive steps to protect their health. Practice good hygiene, including frequent handwashing; stay home if you are unwell to prevent spreading illness; get vaccinated; and seek advice from your primary care physician for non-emergency conditions.
The Ministry of Health and the Bermuda Hospitals Board are actively working to ease the strain on the hospital system by expanding nursing home capacity to provide more long-term care placements, strengthening home care services so families can manage discharged patients at home with professional support, partnering with private care providers to increase options for community-based care, and improving discharge coordination to ensure medically fit patients leave the hospital promptly.
Minister Wilson also reminded families of their responsibility to support loved ones who are medically fit for discharge: “The KEMH Acute Care Wing is not intended or appropriate for long-term accommodation. Families must step forward to care for relatives once they are medically fit for discharge. By doing so, you are helping ensure that beds are available for those who truly need them.”
KEMH CEO, Mr. Scott Pearman, added: “BHB has activated a response to release the acute beds for the patients waiting in the emergency. This is being achieved by opening surge spaces in the General Wing, or doubling up rooms in the Acute Care Wing, into which medically fit for discharge patients will be transferred.
“This means medically fit for discharge patients will be in communal rooms, enabling us to focus the acute resources on those who are most in need. These additional beds very clearly increase the need for additional staffing, and we would like to thank all the BHB clinical and support staff who are making this happen with additional shifts. This work has helped us reduce the number of patients waiting for an acute care bed in the Emergency Department from a high of 30 on Tuesday.
Mr. Pearman also acknowledged the dedication of emergency staff and the patience of those waiting: “We need to appreciate emergency staff and patients in the Emergency Department who have been experiencing a high level of overcrowding. Our excellent emergency staff have been ensuring all patients with emergency needs get seen despite this pressure. People with true emergencies, whether a suspected stroke, chest pains or unexplained bleeding, will be seen in good time and must attend as needed.
”To help reduce the number of people in the Emergency Department itself, we have been running our additional Fast Track system for lower acuity cases. However, we implore people who are only experiencing minor issues to book a visit with their primary care physician. We have noticed that there is a significant number of people who do not have a primary care physician of record who come to the Emergency Department. It is incredibly important that they sign up with a primary care physician and not use emergency services for all their medical issues. This is not just to reduce emergency pressure. Your primary care physician is your community partner in managing your health, knowing your history, ensuring you are on top of regular tests and screening, and managing any chronic issues you may have.”
The Ministry of Health continues to work with the Bermuda Hospitals Board to expand community care options and relieve pressure on acute care services.
Minister Wilson concluded: “We must act together. By taking care of ourselves, using the healthcare system responsibly, and supporting our families, we can ease the strain on our hospital and ensure that care is available for those who need it most.”
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