Amazon’s Prime Video retained the first pick of Tuesday matches in Britain and two other European markets
International News via Reuters:
U.S. media company Paramount+ will show the majority of Champions League soccer matches in Britain from 2027 to 2031 after it beat the current main broadcaster TNT Sports in an auction, UC3 said on Friday.
Amazon’s Prime Video retained the first pick of Tuesday matches in Britain and two other European markets, said UC3, a joint venture between UEFA and European Football Clubs, which sells the rights for the competition.
TNT Sports, previously known as BT Sport, has shown Champions League matches since the 2015-16 season.
The joint venture between British broadband company BT Group and Warner Bros Discovery Inc said it would still have a strong soccer offer, including English Premier League, as well as an extensive portfolio of other premium sports.
On losing the Champions League rights, it said: “Ultimately we remained committed to the approach that made financial sense for our business, and for our customers.”
Bitcoin fell to $80,553, and ether hit a four-month low, as cryptocurrencies led a broad flight from riskier assets
International News via Reuters:
Bitcoin dropped to a seven-month low on Friday, closing in on the $80,000 level below which some analysts say much heavier losses are likely for the world’s largest cryptocurrency.
Bitcoin fell to $80,553, and ether hit a four-month low, as cryptocurrencies led a broad flight from riskier assets, spurred by investor worries over lofty tech valuations and uncertainty over near-term U.S. interest rate cuts.
Cryptocurrencies are often viewed as a barometer of risk appetite and their slide highlights how fragile the mood in markets has turned in recent days, with high-flying artificial intelligence stocks tumbling and volatility spiking.
Bitcoin is down 12% for the week. Its slide follows a stellar run this year that propelled it to a record high above $120,000 in October, buoyed by favourable regulatory changes towards crypto assets globally.
But analysts say the market remains scarred by a record single-day slump last month that saw more than $19 billion of positions liquidated.
As it plunged through $100,000 last week and headed for $80,000 on Friday, some analysts said bitcoin was reaching levels that corporate and institutional investors on average paid for their tokens, and where they might have to sell to prevent losses.
Bitcoin has erased all its year-to-date gains and is now down 12% for the year, while ether has lost close to 19%.
“If it’s telling a story about risk sentiment as a whole, then things could start to get really, really ugly, and that’s the concern now,” Tony Sycamore, a market analyst at IG, said of the fall in bitcoin.
CRYPTO TREASURIES
The plunge on Friday will compound problems for so-called crypto treasury companies, which have been big buyers of bitcoin and other cryptocurrencies this year.
These companies hold the crypto on their balance sheets in the hope the price rises. Standard Chartered has estimated that a drop below $90,000 for bitcoin could leave half of these companies’ holdings “underwater” – a term which typically refers to holding assets worth less than what was paid for them.
Analysts say the companies could be forced to raise new funds or sell down their crypto holdings, putting further downward pressure on prices.
Listed companies collectively hold 4% of all the bitcoin in circulation, and 3.1% of ether, Standard Chartered estimates.
“The procyclical nature of bitcoin treasury companies is fully obvious now, if it wasn’t obvious six months ago,” Brent Donnelly, president at analytics firm Spectra Markets, said in a note.
“They buy high and now some of them are selling low.”
Citi analyst Alex Saunders said $80,000 would be an important level as it is around the average level of bitcoin holdings in exchange-traded funds.
About $1.2 trillion has been wiped off the market value of all cryptocurrencies in the past six weeks, according to market tracker CoinGecko.
Shares in the bitcoin buyers soared earlier this year but have fallen sharply in recent months. Strategy, the biggest of the treasury firms, has seen its shares tank 61% since a July peak, leaving them down nearly 40% year-to-date.
JP Morgan said in a note this week that Strategy could be excluded from some MSCI equity indexes, which could spark forced selling by funds that track them.
Japanese peer Metaplanet has tumbled about 80% from a June peak.
Donnelly notes that bitcoin selloffs in 2018 and 2022 saw prices drop around 75% to 80%, which if repeated could see a plunge to as low as $25,000.
“I am not saying we are in crypto winter. Just offering a reminder that 75%/80% drawdowns have been part of the game in bitcoin,” he wrote.
Reporting by Rae Wee, Niket Nishant and Vidya Ranganathan. Editing by Kevin Buckland and Mark Potter
Somersfield Academy are the Bermuda School Sports Federation’s Middle School Open Netball Champions, defeating Warwick Academy 12-7 in the final at Bernard Park.
Somersfield secured the title thanks to the sharp shooting of Anya-Aeleisha Pearman, who led all scorers with an impressive eight goals. Cali Atcheson provided the rest of the winners’ scoring with four goals. Warwick Academy’s efforts were led by Victoria Smatt (four goals) and Sayla Williams (three goals).
Somersfield reached the final after a 6-3 semi-final win over BHS, with Pearman and Atcheson each netting three times.
The other semi-final was a thrilling affair, with Warwick Academy edging out Saltus Grammar School 5-4 in sudden death to secure their spot in the championship match.
The telecom equipment maker said that $3.5 billion of the investment will be allocated to R&D efforts
International News via Reuters:
Finland’s Nokia said on Friday it plans to invest $4 billion in the United States, targeting research, development, and production to drive advancements in artificial intelligence-driven network connectivity.
The telecom equipment maker said that $3.5 billion of the investment will be allocated to R&D efforts. It added $500 million will be spent on manufacturing and capital expenditures in states including Texas, New Jersey, and Pennsylvania.
Nokia, which operates over a dozen sites in North America and owns Bell Labs in New Jersey, introduced a new strategy on Wednesday aimed at streamlining operations with an emphasis on AI.
Finnish President Alexander Stubb said earlier in October Nokia was one of the topics discussed with U.S. President Donald Trump at a White House meeting.
Friday’s announcement follows a profit warning in July tied to tariffs and a weakening dollar, as some non-US firms shift production there to mitigate trade risks.
The U.S. lacks a major domestic maker of telecom equipment, leaving Nokia, Ericsson and Samsung as the main options.
Chief executive Justin Hotard, who joined Nokia from Intel earlier this year, told Reuters on Wednesday that Nokia’s focus for networks is on countries that value Western technology.
Reporting by Anna Ringstrom and Gianluca Lo Nostro, editing by Terje Solsvik and Matt Scuffham
Saltus Grammar School are the new champions of the Bermuda School Sports Federation’s Under 13 Boys Six-A-Side Football Tournament, defeating the Whitney Institute 2-0 in the final at Shelly Bay field.
The championship was secured by goals from Roman Gaglio and Lagan Slator, capping off a high-energy tournament.
Saltus’s path to the final required penalty shootout heroics against Warwick Academy in the Semi-Final after the match ended goalless.
The Whitney Institute earned their final spot by overcoming Somersfield Academy 2-1. Julian Simmons proved the difference-maker for Whitney, scoring both goals, despite Shiloh Stevens netting for Somersfield.
The exciting tournament demonstrated the depth of talent emerging in middle school football across Bermuda.
Spain’s CCOO union is coordinating the planned November 28 protests with unions in Belgium, France, Germany, Italy, Luxembourg, and Portugal
International News via Reuters:
Workers at Zara plan to protest outside stores in seven European countries on Black Friday, a key sales day, to demand a profit-sharing scheme be reinstated, the European Works Council for parent company Inditex said on Friday.
Spain’s CCOO union is coordinating the planned November 28 protests with unions in Belgium, France, Germany, Italy, Luxembourg, and Portugal, set to take place in front of Zara stores in major cities.
Rosa Galan, representative for CCOO at Inditex, told Reuters that Inditex previously had a profit-sharing scheme, but that it was removed after the pandemic.
“We are once again asking that a company that has huge profits, which are the result of the work of its staff, distribute those profits fairly,” said Galan.
Inditex did not respond to a request for comment. It was not clear how many workers were expected to participate in the protests.
The world’s biggest listed fast-fashion retailer has enjoyed strong sales growth in the years since the coronavirus pandemic ended, and its shares have doubled in value since three years ago.
Black Friday – the last Friday of November – and the weeks around it are a key sales period that retailers use to lure shoppers into stores and clear old stock before bringing in new holiday collections. Retail workers worldwide also use the day to spotlight their demands through strikes and protests.
On the eve of Black Friday in 2022, workers in Spain protested to demand higher pay, and three months later Inditex agreed a 20% increase in average wages for store workers in its home country.
A behind-the-scenes look at what makes things tick at Miles Market
What’s the ‘special sauce’ that makes a business successful? We spoke to William Cox, President of Miles Market, which has weathered generations of change and challenge and yet managed to thrive. He tells us about the trend towards wellness and organic food, the challenge of importing produce from all parts of the world while supporting local sustainability – and the sugar tax. We started out by asking Mr. Cox about how he nurtures loyalty among his staff.
Richard Scott has retained his role as President of the Somerset Cricket Club, successfully seeing off a challenge from Dennis Lister III at the club’s Annual General Meeting (AGM) held last night.
Scott secured the membership’s mandate and is now confirmed to lead the historic club as it prepares to host the prestigious Cup Match Classic in 2026.
The AGM also saw several key executive positions confirmed: Terrence Bean was elected unopposed as the new Treasurer, while Tracee Seymour was re-elected unopposed as Assistant Secretary. Trenton Fubler and Charlotte Tucker retain their positions as Vice President and Assistant Treasurer, respectively.
The management team welcomes several new members, including Maria Darby, Mohammed Aden, Jibri Smith, and Seon Tatem, who join the Management Committee. Dennis Lister III will also serve on the Management Committee.
Scott’s focus now turns to consolidating his executive team and commencing the extensive preparations required to host the highly anticipated 2026 Classic.
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.
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