Often dubbed the central bankers’ central bank, the BIS has been looking to fill the role since former Swedish central banker Cecilia Skingsley left in May
International News via Reuters:
The Bank for International Settlements, the umbrella body for central banks, on Tuesday named a new head of its Innovation Hub that oversees its influential work on digital currencies, artificial intelligence and other up-and-coming technologies.
Tommaso Mancini-Griffoli, assistant director for payments, currencies and infrastructure at the International Monetary Fund (IMF), will join the Switzerland-based BIS at the start of March, BIS said in a statement.
Often dubbed the central bankers’ central bank, the BIS has been looking to fill the role since former Swedish central banker Cecilia Skingsley left in May, two years before her term was due to end.
The BIS innovation unit was set up in 2019 to identify and develop new technologies and rapidly expanded to seven financial centres from London to Hong Kong, though reports this year said it was set to be pared back.
Central bank digital currencies in particular have become a geopolitical hot topic and late last year the BIS suddenly quit a flagship project it had been collaborating on with China and a number of other Asian central banks.
It has also issued increasingly stark warnings about stablecoins – a type of cryptocurrency usually pegged 1:1 to the dollar – and urged countries to move rapidly towards the tokenisation of their currencies.
Mancini-Griffoli will lead its efforts to foster international collaboration among central banks on innovative financial technology, BIS said.
Under EU rules, governments cannot run budget deficits of more than 3% of national output
International News via Reuters:
The European Commission on Tuesday proposed disciplinary action against Finland for running too high a budget deficit that cannot be fully explained by higher defence spending.
Under EU rules, governments cannot run budget deficits of more than 3% of national output. If they do, finance ministers, on a recommendation from the Commission, set a deadline for its reduction. Repeated failure to comply could result in fines.
Because of the perceived threat of a Russian attack, the Commission has allowed all European Union member states to spend an extra 1.5% of GDP on defence without it being included in the excessive deficit calculation.
Despite what the EU calls the national escape clause, Finland’s 2025 deficit was still too high, the Commission said.
“Therefore … the Commission will consider proposing to open an excessive deficit procedure for Finland,” it added.
Finland, which is grappling with economic stagnation, rising joblessness and strained public finances, had a budget gap of 4.4% of GDP in 2024. This is expected to rise to 4.5% of GDP this year, remain at 4.0% next year and ease only to 3.9% in 2027, unless policies change.
“The Commission’s assessment did not come as a surprise, as Finland’s public finances have continued to deteriorate,” the country’s finance minister Riikka Purra said in a statement, adding that the work to adjust public finances would continue over several parliamentary terms.
Finnish Prime Minister Petteri Orpo said on X the economy is sluggish mainly as a result of Russia’s war in Ukraine.
The export-dependent economy has struggled since the phone business of Nokia, once Europe’s most valuable company, collapsed in 2014. More recently, sanctions on neighbouring Russia have hit exports and tourism, while global trade uncertainty is also having an impact.
Germany, which is set to have a deficit of 3.1% this year, 4.0% in 2026 and 3.8% in 2027, is also above the 3% limit, but the Commission said all of the excess was explained by increased defence spending, so no disciplinary steps would follow.
Reporting by Jan Strupczewski and Essi Lehto, editing by Anna Ringstrom and Alexander Smith
Japan’s U.N. ambassador, Kazuyuki Yamazaki, was responding on Monday to a letter China’s U.N. Ambassador Fu Cong wrote on Friday to U.N. Secretary-General Antonio Guterres
International News via Reuters:
Japan has dismissed a Chinese letter to the United Nations accusing Tokyo of threatening armed intervention over Taiwan as “inconsistent with the facts and unsubstantiated”.
Japan’s U.N. ambassador, Kazuyuki Yamazaki, was responding on Monday to a letter China’s U.N. Ambassador Fu Cong wrote on Friday to U.N. Secretary-General Antonio Guterres.
Fu accused Japanese Prime Minister Sanae Takaichi of “a grave violation of international law” and diplomatic norms when she said in parliament this month that a Chinese attack on Taiwan could trigger a military response from Tokyo.
Yamazaki, in his letter, also addressed to Guterres, said Japan’s fundamental policy was of “passive defense.”
“Therefore, China’s assertion that Japan would exercise the right of self-defense even in the absence of an armed attack is erroneous,” he said.
Fu’s letter was the strongest Chinese criticism yet of Takaichi, a conservative nationalist who took office last month, pointing to the worst bilateral tensions between China and Japan in years.
China says Takaichi’s remark had “severely damaged” trade cooperation, while concerts of Japanese musicians in China have been abruptly canceled.
On Tuesday, Takaichi said she had spoken to U.S. President Donald Trump in what was their first phone call since the diplomatic bust-up with China, and that the U.S. leader had told her she could call him any time.
Takaichi also said Trump explained to her the recent state of U.S.-China relations, including his phone call with Chinese President Xi Jinping on Monday.
Trump has not commented publicly on the dispute between Japan – a key U.S. security ally – and rival superpower China, a silence that analysts say will be concerning to some officials in Tokyo.
China claims Taiwan, which sits just over 100 km (60 miles) from Japanese territory, and has not ruled out using force to take control of it. The island’s government rejects Beijing’s claim and says only Taiwan’s people can decide their future.
Reporting by David Brunnstrom and Jasper Ward; editing by Mark Heinrich
On Wall Street, the S&P 500 and Nasdaq were lower in the early stages of trading
International News via Reuters:
Global stocks rose on Tuesday and were on pace for a third straight session of gains, as investors remained optimistic the U.S. Federal Reserve would cut interest rates at its December meeting, while the U.S. dollar eased.
On Wall Street, the S&P 500 and Nasdaq were lower in the early stages of trading, weighed down by a drop in Nvidia, although declines were curbed somewhat by gains in Google parent Alphabet.
Investors were also sifting through a flurry of economic data, some of which was delayed due to the 43-day U.S. government shutdown.
Retail sales rose 0.2% in September after an unrevised 0.6% gain in August, the Commerce Department said, short of the 0.4% rise expected by economists polled by Reuters.
A separate report from the Labor Department showed the Producer Price Index for final demand increased 0.3% after an unrevised 0.1% drop in August, which matched expectations, as the cost of energy goods surged and producers passed on some tariffs.
“The shutdown didn’t help the trend that has been forming of softer consumer spending. The inflation picture has changed more than the consumer spending picture has,” said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.
“With tariff exemptions for a lot of food products and the détente between the U.S. and China, the adjustment of prices to the new tariff reality may not be over, but it may be closer to the end than to the beginning.”
The Dow Jones Industrial Average rose 133.69 points, or 0.29%, to 46,581.96, the S&P 500 fell 8.10 points, or 0.12%, to 6,697.02 and the Nasdaq Composite fell 120.05 points, or 0.52%, to 22,751.96.
Trading volume is likely to dwindle towards the U.S. Thanksgiving holiday on Thursday, when markets will be closed and have an abbreviated session on Friday.
Alphabet hit an intraday record high of $328.60 and was last up about 3% as it approached $4 trillion in market capitalization, which would make it only the fourth company to reach that mark. The Information reported that Meta Platforms was in talks with Google to spend billions of dollars on the Alphabet-owned company’s chips for use in its data centers starting from 2027.
Equities have been rallying since Friday after New York Fed President John Williams said interest rates can fall in the near term even as other policymakers insisted borrowing costs should remain steady for now, which boosted market expectations for a rate cut. Those expectations were further juiced on Monday after comments from San Francisco Federal Reserve Bank President Mary Daly and Fed Governor Christopher Waller in support of a December cut.
MSCI’s gauge of stocks across the globe rose 1.73 points, or 0.18%, to 984.04, while the pan-European STOXX 600 index rose 0.76%.
U.S. yields were lower after the glut of data, with the yield on benchmark U.S. 10-year notes down 2.5 basis points to 4.011%.
Markets are pricing in an 84.9% chance for a 25 basis-point cut from the Fed at its December meeting, up slightly from the 84.4% in the prior session and well above the 50.1% from a week ago.
Federal Reserve Governor Stephen Miran said in a television interview that a deteriorating job market was happening because of where the central bank has set its short-term interest rate target.
More recent data on Tuesday from ADP said U.S. private employers shed an average of 13,500 jobs during the four weeks ending Nov. 8.
In currencies, the dollar index, which measures the greenback against a basket of currencies, fell 0.41% to 99.79, with the euro up 0.45% at $1.1572.
Sterling strengthened 0.6% to $1.3182 ahead of Britain’s upcoming budget announcement on Wednesday, while traders piled into the options market seeking protection against heightened volatility.
Traders have been closely watching for signs of possible Japanese intervention in the yen, which strengthened 0.55% against the greenback to 156.05 per dollar but is down 1.3% for the month.
U.S. crude fell 2.72% to $57.24 a barrel and Brent fell to $61.78 per barrel, down 2.51% after news reports cited a U.S. official saying that Ukraine had agreed to a peace deal.
Reporting by Chuck Mikolajczak; additional reporting by Scott Murdoch in Sydney and Amanda Cooper in LondonEditing by Frances Kerry and Nick Zieminski
Day Two of the Caribbean Area Squash Association (CASA) Senior Championships in Guyana concluded with a dramatic evening session, as Taylor Carrick and Micah Franklin secured back-to-back five-set victories to advance in the Men’s Individual Main Draw.
Taylor Carrick delivered the upset of the evening, defeating the number two seed, Julian Jervis of the British Virgin Islands, 3-2 in a gruelling 52-minute match (4-11, 11-5, 5-11, 11-9, 11-3). Carrick showed immense composure, twice coming from behind in sets against the higher-ranked opponent. Earlier in the day, Carrick had secured a 3-1 win over Alex Stewart of Barbados.
Micah Franklin matched the resilience, winning an even longer, 55-minute battle against Darien Benn 3-2 (9-11, 11-9, 11-4, 9-11, 13-11). Franklin’s determination in the decisive fifth set ensured his advancement, following a straight-sets win earlier over Guyana’s Samuel Ince-Carvalhal.
Despite the main draw success, the Bermudian contingent faced tough opposition from the host nation. Club Champion Anaya Smith and Noah Browne both went down 3-0 to Guyanese players. In the Women’s Individual draw, Abigail Brewer was defeated 3-0 by the top seed, Megan Best. D’vario Thompson secured a 3-0 victory in the Men’s Individual Bracket 2 Division, highlighting the team’s fighting spirit across all draws.
Sixty-three archers, including Olympians and elite competitors targeting the 2026 season and the LA 2028 Olympic Games, have converged on Yucaipa, California, for the intensive five-day KSL International Archery Camp, hosted by the world-renowned coach Kisik Lee.
The camp is a premier destination for archers seeking to elevate their performance. Among the talented athletes honing their skills are Bermuda’s Camerin Pickering, Jaydon Roberts, and Elektra Smith, all training under the watchful eye of Coach Lee. The camp’s comprehensive curriculum covers both the technical and mental aspects of the sport.
Key topics being covered include the Mental Game in Archery, the Theory of the KSL Shot Cycle (Coach Lee’s internationally recognised shooting method), and Individualized Archer Assessment. The training is essential in helping archers reach their maximum potential.
Coach Ross Roberts is also attending the camp, observing the valuable coaching techniques employed by the KSL team to bring back cutting-edge training knowledge for future Bermudian archers.
[Hamilton, Bermuda – November 25, 2025] – Bermuda takes centre stage this Black Friday as BermudAir announces a 40 per cent discount on base fares, making travel easier and more affordable for Bermudians to fly abroad and for visitors to come to Bermuda.
Residents can use the discount when flying out of Bermuda to any U.S. gateway in the BermudAir network, while inbound visitors will also benefit from the same savings. From holiday travel to early spring getaways and beyond, the offer delivers meaningful value for Bermuda’s community while supporting continued visitor demand to the island.
The sale is available from November 25–30, 2025, valid for travel through May 26, 2026, and can be booked at flybermudair.com. Blackout dates applied.
In addition, BermudAir’s sub-brand AnguillAir, will launch next month, offering new access to Anguilla via its U.S. gateways in Boston (BOS), Newark (EWR) and Baltimore/Washington (BWI). While seasonal flights to Anguilla will originate from those cities, Bermuda residents can still take advantage of the 40% sale to connect through these gateways and continue onward to Anguilla, adding a fresh island option for leisure travel. It’s another step toward building thoughtful regional connectivity for Bermuda and the wider Caribbean.
“This offer is a great opportunity for Bermuda, helping our residents travel more affordably while also making it easier for visitors to come here,” said Adam Scott, Founder & CEO at BermudAir. “As we begin building regional links through AnguillAir, we remain focused on Bermuda’s needs first, strengthening access and choice for our community.”
Booking details are as follows:
Offer: 40% off base airfare on roundtrip fares to and from Bermuda Booking Period: November 25–30, 2025 Travel Window: November 26, 2025 – May 26, 2026
Bermuda’s Maldonado brothers, Manuel and Raul, delivered a highly successful outing at the USTA Level 6: Crandon Park Cup in Florida, with Manuel capturing the main title and Raul winning the consolation bracket.
Manuel Maldonado secured the Boy’s 12 & Under Singles title in dominant fashion, running through the tournament without dropping a set. In the final, Manuel overpowered the number one seed, Pierre Le Bona from Florida, winning in straight, commanding sets: 6-1, 6-0. He had set the tone for his flawless run by defeating Bruce Butler 6-1, 6-1 in the semi-final.
Older brother Raul Maldonado showed immense fighting spirit in the Boy’s 14 & Under Singles. After a tough three-set loss in his opening main draw match (6-2, 2-6, 10-2 tie-breaker) to Brazil’s Pedro Lima, Raul bounced back to dominate the consolation bracket. He ultimately won the Consolation final, defeating Simon Porru from Florida with a decisive score of 8-1, capping a successful tournament for the Bermudian siblings.
Ralph Scott and his IMG Academy Men’s Basketball teammates secured a decisive 57-45 victory over The Villages Charter Varsity Boys Basketball team in their latest outing.
IMG Academy dictated the pace of the game, ultimately defeating The Villages Charter by a 12-point margin. The win was a concerted effort, with multiple players contributing strong statistical lines.
Chase Foster led the way for IMG Academy, putting up a team-high 15 points and grabbing 6 rebounds.
Bermudian forward Ralph Scott was a key contributor to the winning effort, scoring 12 points and pulling down 7 rebounds, ensuring a significant presence on both ends of the court.
The victory will be an important boost for IMG Academy as they continue their season schedule.
Stocks run low; donors and potential donors urged to make an appointment
Bermuda Hospitals Board (BHB) is asking people with O negative blood to donate as stocks of this blood type are running low. Donors and potential donors are asked to call 236-5067 to make an appointment.
If you are unsure about your blood type but are willing to donate, please contact the Bermuda Blood Donor Centre at (441) 236-5067 or blood.donor@bhb.bm, or by WhatsApp at (441) 533-9553.
Appointments are preferred, although walk-ins are accepted.
The Bermuda Blood Donor Centre is located at King Edward VII Memorial Hospital and is open Monday through Thursday from 8:30am to 2:30pm, and on Friday from 8:30am to 1pm. It is closed on weekends and public holidays.
The Bermuda Blood Donor Centre team thanks the community for their kind assistance in ensuring they can continue to save lives.
The decision follows finance minister Rachel Reeves’ pledge in January to build a third runway at Heathrow
International News via Reuters:
Britain has backed Heathrow Airport’s 49 billion pound ($64 billion) expansion and upgrade plan as the basis for adding a new runway, choosing it over a cheaper rival proposal, the government said on Tuesday.
The decision follows finance minister Rachel Reeves’ pledge in January to build a third runway at Heathrow, aiming to boost economic growth and end decades of uncertainty over the airport’s future.
The headline figure includes around 15 billion pounds of upgrade work already planned and the cost of building the runway, re-routing London’s orbital motorway and adding a new terminal is about 33 billion pounds.
The government has thrown its weight behind airport projects this year, giving the green light for a runway at the country’s second-biggest airport Gatwick to be brought into regular use in September and backing a new terminal at Luton in April.
Heathrow’s plan was weighed against an alternative from Arora Group, which owns land and hotels near the airport. Arora estimated its proposal at under 25 billion pounds, although that figure excluded some costs.
GOVERNMENT SETS 2035 TARGET
Flights from Heathrow’s new runway are targeted for 2035, with planning consent required by 2029. The government said it chose Heathrow’s full-length runway plan as the “most deliverable option” to meet those deadlines.
A “swift and robust” policy review on Heathrow expansion will help shape plans in line with Britain’s climate obligations, the government said, as it aims to see off potential legal challenges over air quality and emissions which have thwarted it in the past.
Heathrow, owned by owned by France’s Ardian, the Qatar Investment Authority, Saudi Arabia’s Public Investment Fund and others, said it welcomed the government’s decision but needed the aviation regulator and the government to provide clarity on the regulatory framework by mid-December to avoid delays.
Arora said it was encouraged that no single promoter had been chosen and would revisit its plans.
AIRLINES WORRY OVER COST
Airlines, such as British Airways-owner IAG and Virgin Atlantic, have long worried that Heathrow’s high charges could rise further to fund expansion.
Located west of London, Heathrow is Europe’s busiest airport and operates at full capacity. Its two runways compare with four each in Paris’s Charles de Gaulle and Frankfurt Airport, and six at Amsterdam’s Schiphol.
The government statement said exact details such as the length of the runway, layout and associated infrastructure implications will be considered as part of a review.
($1 = 0.7612 pounds)
Reporting by Sarah Young, editing by Andy Bruce, James Davey and Louise Heavens
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