Speaking in Turin, Elkann said the industry as a whole had drawn up a package of proposals for the European Commission to give automakers more flexibility on emissions targets
International News via Reuters:
Stellantis Chairman John Elkann on Tuesday warned that the European auto industry risks an “irreversible decline”.
Speaking in Turin, Elkann said the industry as a whole had drawn up a package of proposals for the European Commission to give automakers more flexibility on emissions targets and that this would allow the sector to avoid such decline.
Reporting by Giulio Piovaccari, writing by Giulia Segreti, editing by Alvise Armellini
Leo, the first U.S. pope, will give his first speeches to foreign governments and visit some sensitive cultural sites as part of a crowded itinerary during the November 27 to December 2 trip
International News via Reuters:
Pope Leo will embark on his first trip outside Italy as the leader of the Catholic Church on Thursday, travelling to Turkey and Lebanon, where he is expected to make appeals for peace in the region and urge unity among long-divided Christian churches.
Leo, the first U.S. pope, will give his first speeches to foreign governments and visit some sensitive cultural sites as part of a crowded itinerary during the November 27 to December 2 trip.
His predecessor Pope Francis had planned to visit both countries but was unable to because of his worsening health. Francis died on April 21 and Leo, originally from Chicago, was elected pope on May 8 by the world’s cardinals.
“A pope’s first foreign trip is an opportunity to capture and hold the world’s attention,” said John Thavis, a retired Vatican correspondent who covered three papacies.
“What’s at stake for Pope Leo is his ability to connect with a wider audience, in a region where war and peace, humanitarian needs and interfaith dialogue are crucial issues,” said Thavis.
PAPAL VISITS DRAW WORLD ATTENTION
Leo goes first to Turkey, from November 27 to 30, where he has several joint events with Patriarch Bartholomew, spiritual leader of the world’s 260 million Orthodox Christians, who is based in Istanbul.
Peace is expected to be a key theme of Leo’s visit to Lebanon, which has the largest percentage of Christians in the Middle East.
On Sunday, Israel killed the Iran-backed militant group Hezbollah’s top military official in an airstrike on a southern suburb of Beirut, despite a U.S.-brokered truce a year ago.
Leaders in Lebanon, which is also host to one million Syrian and Palestinian refugees and is struggling to recover after years of economic crisis, hope the papal visit might bring global attention to the country.
An off-the-cuff moment in October raised possible security concerns about Leo’s visit in Lebanon. Queen Rania of Jordan, visiting Leo at the Vatican, asked the pope if he thought it was safe to go to the country. “Well, we’re going,” Leo responded.
Travelling abroad has become a major part of the modern papacy, with popes attracting international attention as they lead events with crowds sometimes in the millions, give foreign policy speeches and conduct international diplomacy.
Francis, who made 47 foreign visits over his 12-year tenure, often grabbed headlines during his trips with surprise comments.
The late pope was also known for giving unusually frank answers during traditional in-flight press conferences with his travelling press corps, one of the few times the leader of the Church interacts at length with journalists.
Leo has a more reserved style and tends to speak from prepared texts. He has only given one exclusive interview in his six months as pope.
“What we’ve seen so far is a pope who’s very careful when he speaks,” Rev. Thomas Reese, a Jesuit priest and commentator, said. “But every trip is a risk. There can always be mistakes or fumbles.”
In Turkey, Leo and Bartholomew will celebrate the 1,700th anniversary of a major early Church council, which took place in Nicaea, now Iznik, and created a creed that most of the world’s 2.6 billion Christians still pray today.
Orthodox and Catholic Christians split in the East-West Schism of 1054, but have generally strengthened their ties in recent decades.
Rev. John Chryssavgis, an adviser to Bartholomew, said the event is “especially meaningful as a sign and pledge of unity in an otherwise fragmented and conflicted world”.
Several other Orthodox Christian leaders are expected to attend the anniversary, but the Vatican has not said which.
The Moscow Patriarchate, an Orthodox community closely allied with Russian President Vladimir Putin that severed ties with Bartholomew in 2018, is not expected to take part.
POPE TO COMMEMORATE BEIRUT PORT EXPLOSION
Leo will also visit Istanbul’s Blue Mosque, his first visit as pope to a Muslim place of worship, and will celebrate a Catholic Mass at Istanbul’s Volkswagen Arena.
Rev. Nicola Masedu, pastor of Istanbul’s Catholic Cathedral of the Holy Spirit, said interest in the new pope’s visit led organizers to move the Mass from the cathedral to the arena, which can hold around 5,000 people.
Turkey, a Muslim-majority nation, has about 36,000 Catholics out of a population of around 85 million, according to Vatican statistics.
Leo’s schedule in Lebanon includes a prayer at the site of the 2020 chemical explosion at the Beirut port that killed 200 people and caused billions of dollars’ worth of damage.
The pope will also host an inter-religious meeting and lead an outdoor Mass on the Beirut waterfront. But Leo, visiting five towns and cities in the country, will not travel to the south, the target of Israeli strikes.
Rev. Michel Abboud, who leads the Catholic Church’s charity network in Lebanon, told the Vatican’s media outlet the pope’s visit was one of “solidarity.”
“The people will know that, despite all the difficult situations they have gone through, they must not feel abandoned,” he said.
Reporting by Joshua McElwee; additional reporting by Daren Butler in Istanbul and Maya Gebeily in Beirut; Editing by Janet Lawrence
The Confederation of British Industry said its gauge of how retail sales compared with a year earlier worsened to -32 from -27 in October
International News via Reuters:
British retailers have reported the sharpest drop in confidence in 17 years and their sales fell again ahead of Wednesday’s budget which is likely to include tax increases, according to a survey published on Tuesday.
The Confederation of British Industry said its gauge of how retail sales compared with a year earlier worsened to -32 from -27 in October. The CBI’s gauge of expected sales for the month ahead improved to -24 from -39.
But a quarterly measure of firms’ business sentiment for the next three months tumbled to -35 from -10 in August, marking the weakest reading since late 2008 when global financial crisis peaked.
“Retailers continue to grapple with a long spell of weak demand, as households remain cautious around day-to-day spending,” Alpesh Paleja, the CBI’s deputy chief economist, said.
“With all eyes on the forthcoming budget, uncertainty in the run-up has meant that businesses are holding back on plans for investment and hiring,” Paleja said.
A measure of inflation in prices charged by retailers fell closer to its long-run average, slowing sharply from August.
The CBI’s survey was conducted between October 28 and November 13. Of the 177 respondents, 66 were retailers and 95 were wholesalers.
Shein has already disabled its marketplace – where third-party sellers offer their products to shoppers around the world – in France since November 5
International News via Reuters:
The French government will ask a Paris judge on Wednesday to order the suspension of Chinese online platform Shein in the country for three months over sales of childlike sex dolls and banned weapons, a finance ministry official said on Tuesday.
Shein has already disabled its marketplace – where third-party sellers offer their products to shoppers around the world – in France since November 5, after the government found the dolls and weapons for sale on the site, but the part of its website offering Shein’s own clothing range is still accessible.
The government aims to secure a three-month suspension of Shein’s website as a whole, under an extraordinary judicial procedure, as it pushes the company to tighten controls over the products it sells.
RULING EXPECTED IN THE COMING WEEKS
The court of Paris is set to hold a hearing on Wednesday on the accelerated judicial procedure the government has started, summoning Infinite Styles Services Co Ltd, the Dublin-based company behind Shein’s business in Europe, with lawyers for the company also expected to attend.
France’s case rests on Article 6.3 of the digital economy law, which gives a judge powers to prescribe measures with the aim of preventing or halting harm caused by online content.
The court will have to decide whether a suspension is warranted, and whether it is in line with European Union law. Under EU law, online marketplaces, as intermediaries, are not directly liable for products sold by third parties, but have an obligation to remove illegal products as soon as they become aware of them.
“We know how powerful Shein is from a technical standpoint, and even, I would say, in terms of its use of artificial intelligence for production, so we can assume that it has the technical, technological and financial means to carry out these checks. The fact is that it does not do so,” the finance ministry official said in a press briefing.
A ruling is not expected on Wednesday, but in the coming weeks, the official said.
Shein did not immediately reply to a request for comment.
France has also summoned major internet service providers Bouygues Telecom, Free, Orange and SFR to the hearing, requesting they block Shein’s website.
The government started the process to block Shein in France on the day the fast-fashion retailer opened its first physical shop in a Paris department store.
It has also been cracking down on other online platforms, with consumer watchdog DGCCRF finding that AliExpress and Joom were also selling childlike sex dolls, while Wish, Temu, and Amazon failed to filter underage shoppers from adult content.
France is also taking its fight to the EU, pushing for the European Commission to open a formal investigation into Shein over illicit products.
Reporting by Helen Reid and Alessandro Parodi. Additional reporting by Juliette Jabkhiro. Editing by Tomasz Janowski and Mark Potter
A study by University of Liverpool economist Costas Milas suggests that the BoE’s quantitative tightening programme has raised the 10-year gilt yield by an average of 25 to 30 basis points
International News via Reuters:
The Bank of England’s unwinding of its vast stockpile of British government bonds has likely raised gilt yields by more than the central bank previously estimated, according to new research.
A study by University of Liverpool economist Costas Milas suggests that the BoE’s quantitative tightening programme has raised the 10-year gilt yield by an average of 25 to 30 basis points, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
That estimate rises to 31 to 34 basis points, based on the median findings of the study.
British 10-year bond yields are the highest among the Group of Seven advanced economies.
The study helps to explain at least a small chunk of that underperformance – a constraint for the borrowing plans of finance minister Rachel Reeves who is due to announce her annual budget on Wednesday.
An analysis published by the BoE in August pointed to a smaller impact. Staff at the central bank estimated the total increase in 10-year gilt rates from cumulative quantitative tightening to date of 15–25 basis points.
The BoE says the economic effects of QT are small but it is monitoring for signs this is changing.
Its stockpile of gilts peaked at 875 billion pounds ($1.15 trillion) during the COVID-19 pandemic as it sought to stimulate the economy. The bond-buying was funded by the creation of reserves held by commercial banks at the central bank on which the BoE pays its standard interest rate.
With interest rates much higher and bond prices lower than foreseen at the time of the purchases, the BoE’s Asset Purchase Facility is now recording large losses – a hot political issue because the government is ultimately responsible for them.
Capital transfers from the government to the APF have averaged around 40 billion pounds for the last two financial years.
The BoE’s move to shrink its holdings by actively selling gilts – something other central banks do not do – as well as letting them mature has brought some of those losses forward.
Milas’ paper differed from the BoE’s research as it modelled the impact of the size and path of the stock of asset purchases against counterfactual examples of a slower unwind – rather than measuring the impact of QT announcements and auctions held by the BoE.
Despite the larger estimate of the impact of QT on yields, Milas found that it had not been large enough to have forced policymakers to reduce interest rates as a result.
Earlier this month the BoE said wider benefits from its past government bond purchases mostly offset the large losses accruing on its bond purchase portfolio.
($1 = 0.7635 pounds)
Reporting by Naomi Rovnick, writing by Andy Bruce, Editing by Alex Richardson
Salvation Army begins its annual Christmas fundraiser after reporting significant growth in demand for essential services
Press release:
The Salvation Army’s Annual Christmas Kettle Campaign—Bermuda’s largest public fundraiser supporting vulnerable families—kicks off this Wednesday, November 26, 2025, at 12 p.m. on the steps of City Hall in Hamilton. The public is invited to attend the event, which will feature His Excellency the Deputy Governor, government and city dignitaries, The Towne Crier, Northlands Primary School Choir, The Salvation Army Band, and local Army leaders.
This year’s Kettle Campaign comes at a time when growing numbers of locals are turning to The Salvation Army for support.
60,191 visits were made to The Salvation Army for assistance last year—an increase of 20.4%
29,200 meals were served through community feeding programs and shelters—up 41.4%.
9,125 seniors and local families received Christmas hampers and toys—up 12.9%.
“These increases reflect a community under serious pressure,” says Captain Dennis Maybury, Bermuda Regional Public Relations Officer. “The reality is simple: without volunteers and community support, we cannot meet the growing demand. To sustain our island-wide services, we rely on raising a minimum of one million dollars through kettles and public donations each year.”
How You Can Help Donate: at a Salvation Army Christmas Kettle or Visit SalvationArmy.bm to donate online or call 292-0601
One Hour Can Change Someone’s Christmas
The Salvation Army is issuing an urgent call for businesses, schools, community groups, churches, and families to adopt a kettle for a day. Just one hour of volunteering helps secure a full day of fundraising—and directly supports programs that provide food, clothing, toys, shelter, street outreach, and emergency relief all year long. Every dollar raised stays in Bermuda —helping Bermudian residents not just at Christmas but 365 days a year.
Volunteer at a Christmas Kettle: Sign up at SalvationArmy.bm/volunteer or contact:
Central: Cheryl Jones – 532-3360
West: Joanne Fubler – 703-3454
East: Lt. Almeta Ward – 297-0267
Additional seasonal initiatives include:
Anonymous Santa – Fulfill a child’s Christmas wish by calling the Santa Anonymous Help Line at 537-6455 before December 14, 2025. Santa’s helper will assist you in pledging your gift. Do not wrap the gifts, label it with your assigned Elf number, gender and age, drop the gift off to one of the participating Gift Deposit Centers – The Phoenix Annex Toys, HSBC Harbourview Centre – Front Street, People’s Pharmacy, and Bermuda Commercial Bank.
Fill the Truck of HOPE – In partnership with Inter-Island Communications, The Salvation Army invites the public to donate non-perishable food, gift cards, and new unwrapped toys. Join us on Friday, December 12, from 7 a.m. to 2 p.m. at 49 Union Square to drop off donations and share a Christmas shout-out live on the radio.
Food donations for Christmas Hampers – The Salvation Army is accepting non-perishable canned, tin, or boxed food supplies for our Christmas Hampers. Place non-perishable goods in the bins located at Lindo’s Devonshire and Lindo’s Warwick
The Salvation Army encourages everyone across Bermuda to get involved. By showing up, volunteering, and giving generously, we can ensure that no one is left behind during this season of hope
Shares of the company were up 4.1% at $331.7 in premarket trading, putting the company on course to breach the key milestone at the open
International News via Reuters:
Alphabet was on track to hit a historic $4 trillion market valuation on Tuesday, powered by an impressive year-long rally fueled by the Google parent’s sharpened focus on artificial intelligence tools.
Shares of the company were up 4.1% at $331.7 in premarket trading, putting the company on course to breach the key milestone at the open.
The search and ad tech giant joins an elite club of Big Tech companies racing to dominate the booming technology as AI continues to captivate Wall Street this year.
Reporting by Shashwat Chauhan and Zaheer Kachwala in Bengaluru; Editing by Sriraj Kalluvila
The blue-chip FTSE 100 edged higher 0.2% as of 10:50 GMT, while the FTSE 250 index of domestically oriented UK firms rose 0.1%
International News via Reuters:
UK stocks edged higher in choppy trading on Tuesday as investors awaited a highly anticipated budget this week which is expected to include significant tax measures, while key U.S. economic data was also in focus.
The blue-chip FTSE 100 edged higher 0.2% as of 10:50 GMT, while the FTSE 250 index of domestically oriented UK firms rose 0.1%.
Among sectors, non-life insurers fell 3.3% after speciality insurer Beazley plunged 9.4% after the company cut its annual insurance written premiums forecast.
The travel and leisure sector lost 1% with cruise operator Carnival falling 5.5%.
Banks gained 0.3% after a Goldman Sachs note referred to a Financial Times article that the sector would be spared from taxes. Lloyds Banking rose 1.8%, Barclays added 1.1% and NatWest Group climbed 1.4%.
Industrial metal miners gained the most, rising 1.1%, after copper and iron ore prices increased. Antofagasta rose 2.7%, while Anglo American added 2.2%.
Personal goods added 1.1% with Burberry up 1.6%.
Retailers added 1%, with Kingfisher climbing 4.7% after the home improvement retailer raised its annual profit forecast.
Among other moves, food catering firm Compass Group shares fell 2.7% after the company forecast profit growth and organic revenue growth for 2026 roughly in line with expectations.
Domino’s Pizza Group lost 3.6% after CEO Andrew Rennie stepped down, marking another senior departure as the company shifts strategy to tackle weak sales and rising costs.
AO World rose 5.9% after the company raised its annual profit forecast for the second time in three months.
Investors are awaiting Wednesday’s UK budget announcement from Finance Minister Rachel Reeves, following mixed signals on potential tax hikes.
The government now appears unlikely to raise income tax but is expected to target increases in several other levies.
Markets also await the release of a producer inflation report and retail sales figures in the U.S., among the first major datasets to be released following the longest-ever government shutdown.
Reporting by Utkarsh Tushar Hathi; Editing by Shreya Biswas
Organisation urges community action as domestic abuse risks rise during the festive season
Image of CAA executive director, Laurie Shiell supplied.
The Centre Against Abuse issued the following media release.
As Bermuda enters the festive period, Centre Against Abuse (CAA) is calling on the community to join us in marking the 16 Days of Activism Against Gender-Based Abuse, observed globally from November 25th (International Day for the Elimination of Violence Against Women) to December 10th (Human Rights Day).
This annual campaign comes at a meaningful moment each year when families begin preparing for Christmas and the holiday season. While this is traditionally a time of joy, connection, and celebration, it is also a period when domestic abuse often increases due to heightened stress, financial pressure, and close-quarters family dynamics.
This year, CAA is using the 16 Days of Activism as the official kick-off to a season focused on safety, compassion, and community responsibility.
The Centre Against Abuse is a service supported by trained, qualified professionals who specialize in domestic abuse and sexual assault response. Our team brings years of experience in crisis intervention, counselling, court advocacy, safe housing coordination, and survivor support. Every individual who reaches out to CAA is met with empathetic, confidential, and expert care, grounded in best practices for supporting survivors and reducing harm.
During these 16 days, CAA encourages every resident to reflect on the role each of us plays in creating a Bermuda where all people, women, men, and children, can live free from abuse and fear. Gender-based abuse remains a serious issue in our community, cutting across age, race, background, and parish lines.
“The holidays should never be a time of dread or danger,” said the executive director, Laurie Shiell. “Our message this season is simple: everyone deserves safety. Everyone deserves peace. And everyone deserves to be treated with dignity during the holidays and every day of the year.”
As the island prepares for Christmas lights, festive gatherings, and the spirit of giving, CAA invites the public to extend that spirit to those who may be silently suffering. Acts of activism can be large or small:
Checking in on a friend or neighbour
Sharing CAA’s online resources
Supporting a survivor in confidence and directing them to CAA’s services
Wearing orange, the colour of the 16 Days of Activism campaign
Donating or volunteering with CAA
Even one act of kindness can change the course of someone’s life.
The Centre Against Abuse reminds the public that its 24-hour confidential hotline (297-8278) remains fully operational throughout the holiday period. Crisis intervention, safety planning, and guidance will continue uninterrupted.
For many, the holidays can feel overwhelming. CAA encourages anyone who feels unsafe, unsure, or in need of support to reach out, day or night.
This holiday season, Centre Against Abuse urges the community to stand united in rejecting abuse in all forms. Let us light our homes and our hearts not only with festive cheer, but with commitment to ending the cycle of abuse.
“As we begin this season of celebration, let us also begin a season of change,” Mrs Shiell noted. “We have the power, individually and collectively, to make Bermuda a safer place. Together, we can ensure that peace, goodwill, and hope are not just holiday sentiments, but everyday realities.”
Centre Against Abuse is Bermuda’s nonprofit organization dedicated to supporting adult survivors of intimate partner abuse and sexual assault. Through crisis intervention, counselling, safe housing assistance, court advocacy, and community education, CAA works year-round to build a safer, healthier Bermuda for all.
For more information on our services and programmes go to our website at www.centreagainstabuse.bm and like our Facebook and Instagram pages. You can contact CAA on 441-292-4366, or info@centreagainstabuse.bm or 292-4366, or 24 hotline 297-8278. For donations to support our services, you can give via our HSBC bank account 001 284636 001
Plans to build up to 250 new units on Fairmont Southampton grounds include the designation of Protected Conservation Areas – but how protected is that law?
New laws created in 2021 to preserve certain areas of land are being utilised in the Special Development Order for the Fairmont Southampton Hotel.
About 7.5 acres of the site will become Protected Conservation Areas – the majority of which is already zoned as Coastal, Open Space or Woodland Reserves. Only 1.2 acres is currently zoned Tourism.
It appears that none of the proposed PCAs are areas where Westend Properties had applied to build, either in the original or revised SDO.
Protected Conservation Areas can be designated following the addition of Section 25A to the Developement and Planning Act in 2021. Such an area can be added, changed or removed by agreement between the land owner and the Minister responsible for planning.
The plans for the Fairmont Southampton redevelopment have faced some public opposition.
The SDO was recommended for rejection by the Development Planning Board, although former Minister of Home Affairs Walter Roban overruled the DAB because the project was seen to be in the national interest.
The closure of the Fairmont Southampton in 2020 led to the loss of 700 jobs, and 593 rooms – about a quarter of Bermuda’s hotel rooms.
Before the COVID-19 pandemic, it was the island’s principal host for conferences – a massive boom for group tourism.
Given that legislators essentially make the rules when it comes to planning, especially if a development is seen to be in the national interest, Gary Foster Skelton asked Diallo Rabain, Minister for the Cabinet Office and Digital Innovation, if the creation of ‘protected areas’ really means anything…
“It absolutely does mean something”, Minister Rabain said, “but… we have to strike a balance in development in the national interest of the country…”
“I understand fully what some people feel about developments like this. However, we also have to understand – we have to make that balance.”
“And this is the reopening of the most iconic hotel here in Bermuda – 500-plus beds. We need to get this open for the general health of our country. And so, yes, we’re going to have to make a few decisions that may not sit well with people, but… if you want to make an omelet, you do have to break a few eggs, unfortunately.”
Click HERE to watch out extended interview abut the SDO with Diallo Rabain, Minister for the Cabinet Office and Digital Innovation.
Special Development Order for Fairmont Southampton places environmental requirements on developer ahead of final planning permission
Planning permission in principal is granted for the addition of up to 250 additional tourism and residential units on the Fairmont Southampton Hotel grounds, built over an expected 16-year period.
Under the now finalised Special Development Order, Westend Properties must still apply for planning permission for the four phases of development, with full details of the proposed construction and changes to the site.
The planning application must include the new units’ appearance and access, details of the planned realignment of South Road and related traffic control, plans for wastewater management, and a strategy demonstrating how the development will incorporate renewable energy.
Prior to the first planning application, the developer must agree to designate certain areas as Protected Conservation Areas, and outline a Conservation Management Plan.
The current plans will see about an eighth of land currently zoned as recreational lost to the construction of the new units – approximately 5.2 acres of the site’s 40.95 acres of Recreational zoning.
Prior to the SDO going public, Gary Foster Skelton discussed the development with Diallo Rabain, Minister for the Cabinet Office and Digital Innovation.
The planning stage will also allow for public scrutiny, comment and objection to any proposed development, as was the case with the controversial SDO.
However, Minister Rabain hopes there won’t be as much tension as there was over the SDO. (WATCH highlight above, or the extended interview below)
SCROLL down for more detail on the proposed development at the Fairmont Southampton, and the final Special Development Order.
Details of Westend Properties’ SDO application, based on the accompanying Environmental Impact Assessment performed by Bermuda Environmental Consulting:
Of the 93.58 acre site, the total proposed building parcels is 21.3 acres – 10.7 acres on land zoned Tourism; 5.6 acres on land zoned Residential 2; and 5 acres on land zoned Recreation.
The plan is double the maximum allowed development from the [2009 SDO] approved 304,050 gross square feet to 619,129 gross square feet, built over about 16 years.
A total of up to 250 additional units are to be built, at a maximum height of 4 storeys, with 159 tourism units, and 91 residential units.
About an eighth of land currently zoned as recreational will be lost to the construction – approximately 5.2 acres of the site’s 40.95 acres of Recreational zoning. 3.7 acres of this is from the golf course.
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