The test aims to assess firm resilience to severe but plausible events
International News via Reuters:
The Bank of England said on Monday that Britain’s largest life insurers were resilient to severe market stress, as it published the results of the first stress test conducted under a new regulatory framework implemented last year.
The test aims to assess firm resilience to severe but plausible events. The Prudential Regulation Authority (PRA) said all 11 firms taking part stayed above minimum capital requirements throughout the simulated downturn.
The test modelled a deep global recession with falling interest and inflation rates, sharp declines in equity and property values, and widening credit spreads.
The exercise, run every two years, was the first under the Solvency UK framework introduced last year. For the first time, the PRA will publish individual firm results next week.
Britain’s large life insurance sector includes Aviva, Legal & General and Phoenix, among others.
Unlike the BoE’s stress testing of the UK banking system, the PRA life insurance stress test is not used to set capital requirements or buffers.
Reporting by Yadarisa Shabong in Bengaluru and Phoebe Seers in London; Editing by Mrigank Dhaniwala and Tommy Reggiori Wilkes
Bermuda’s Olympian, Tyler Smith, marked a successful return to top-tier international competition, navigating the elite field at the 2025 World Triathlon Cup in Florianopolis, Brazil, to secure a commendable twenty-first place finish.
Smith completed the gruelling course in a time of 55 minutes flat, finishing within two minutes of the winner. The men’s title was claimed by Spain’s David Cantero Del Campo, who clocked the winning time of 53:24 after a spectacular final run leg.
For Smith, the result is significant, following a prolonged battle with injuries. He recently won the local Cambridge Beaches Triathlon, but the global stage presents a unique test. “Going from a structured training environment to basically being solo for an extended stint has definitely been a challenge,” Smith admitted.
His top-25 result demonstrates the hard work put into his rehabilitation and training back on the island, keeping him firmly in contention for future international opportunities.
Bermuda’s football contingent abroad experienced a turbulent weekend of high-stakes matches, marked by significant cup exits and hard-fought victories.
Head coach Khano Smith saw his impressive Rhode Island FC season come to a crushing end in the USL Championship Eastern Conference Final. In a tight, defensive battle, Rhode Island fell 1-0 to Pittsburgh Riverhounds SC, marking the close of their 2025 campaign just short of the title match.
In England, frustration mounted for the coaches. Assistant coach Shaun Goater watched Aston Villa Women lose 3-1 to London City Lionesses at Villa Park, while goalkeeper coach Dashun Cooper saw his QPR Women’s side draw 2-2 with Luton Town.
There was also late disappointment for Ajani Burchall, whose Wimborne Town FC exited the FA Trophy with a late 1-0 defeat to Chatham Town.
However, Bermuda celebrated success in the women’s game. Jasmine Spence helped Newport Pagnell Town Women secure a third straight road win, 3-0, and Eva Frazzoni advanced in the Suffolk Women’s FA Cup with a big win for AFC Sudbury Women. The standout defensive performance came from K’shaela Burch-Waldron, who created the winning goal in Sutton United Women’s 3-0 victory over Newhaven, sealing their progress.
Sonia Grant hailed as ‘a trailblazer in Bermuda’s civic life’
The City of Hamilton is deeply saddened to learn of the passing of former City Deputy Mayor Sonia P.E. Grant who was a trailblazer in Bermuda’s civic life and a devoted public servant whose legacy is firmly woven into the history of the City.
City Mayor Charles Gosling said, “Former City Deputy Mayor Grant built a distinguished career grounded in integrity, legal expertise, and a deep commitment to public service. Her contributions extended across Bermuda’s legal, civic, and ecclesiastical life, and she approached every role with conviction, professionalism, and a genuine belief in good governance.
“In 1993, with the support of community leaders including Dame Marjorie Bean and Dolores Darrell, she made history when she became the first female Member of the Corporation of Hamilton in its 200-year existence. She went on to serve the City with dedication for more than twelve years, as a Common Councillor, Senior Alderman and Deputy Mayor.
“Her love for the City and her commitment to its proper governance were unwavering. She was steadfast in her belief in fairness, transparency, and the rights of constituents. Whether advocating for free and fair elections, upholding human rights, or championing civic participation, she served with conviction, courage, and an unshakeable moral compass.
Today, we honour not only her remarkable achievements, but the principled spirit behind them. Bermuda has lost a fierce advocate, a thoughtful leader, and a woman whose contributions helped shape the modern City of Hamilton.
On behalf of the Council, City staff, and the residents and businesses we serve, I extend our deepest condolences to her family, friends, colleagues, and all who were touched by her remarkable life. Her work, her leadership, and her example will not be forgotten.”
Bermudian karting champion Scott Barnes concluded his run at the prestigious SKUSA SuperNationals at the Las Vegas Motor Speedway with a demonstration of resilience and speed, securing one of his strongest results of the demanding event. Competing in the highly competitive Master Shifter Class, Barnes successfully shrugged off the misfortune that had plagued his earlier races to finish the final day on a high note.
Barnes utilised the Warm Up session to dial in his kart setup, finishing nineteenth overall. Critically, he showed genuine pace, clocking his fastest lap time of 47.17 seconds on his fifth circuit of the track, indicating that the speed was present for the main event.
In the crucial Main Event, the Bermudian delivered when it mattered most. Following twenty-two laps of intense racing, Barnes crossed the finish line in a commendable twelfth position. This result stood as one of his best finishes of the week, validating the hard work put in by his team. His total race time for the twenty-two laps was 16 minutes, 57.69 seconds, a testament to his ability to manage the race and maintain focus under pressure at North America’s premier karting showdown.
Geneva-based Trafigura alleges that Gupta was the mastermind of a fraud it discovered in November 2022
International News via Reuters:
Trafigura’s $600 million case against Indian businessman Prateek Gupta over fake nickel cargoes began at London’s High Court on Monday, with the commodities trading company saying it was the victim of a very substantial fraud.
Geneva-based Trafigura alleges that Gupta was the mastermind of a fraud it discovered in November 2022, when it inspected some containers that were supposed to contain high-grade nickel.
The containers actually held carbon steel worth a fraction of the value of nickel, prompting Trafigura to carry out further inspections, book a $590 million charge and then sue Gupta and his companies in February 2023.
Gupta accepts that purported high-grade nickel cargoes actually contained low-value materials but says that Trafigura staff devised the scheme, with the parties essentially trading the differences in the price of cargoes at different times.
He says Trafigura came up with a complex merry-go-round of transactions that would appear to inflate its standing, involving more than 500 trades valued at $3.3 billion.
Trafigura denies there was any such agreement, with the company’s lawyers saying Gupta and his companies’ defence is “a fiction conceived after the event by admitted fraudsters”.
Nathan Pillow, a lawyer representing Trafigura, said: “Trafigura paid for rubbish and was left with hundreds of millions (of dollars) of losses.”
Trafigura has been left with metal “worth around 2% of what we paid for it” after recouping about $10 million from trades worth more than $500 million, Pillow added.
Gupta is expected to give evidence at the five-week trial, as will former senior executives at Trafigura.
Reporting by Eric Onstad and Sam TobinEditing by David Goodman
Five generations gather to celebrate Mrs. Pearl Codrington
Premier Burt alongside Mrs. Paulette Codrington
Family, friends and community members gathered on Sunday, November 10, 2025, to celebrate the 100th birthday of Mrs. Pearl Codrington, affectionately known as “Ma Pearl.”
Nearly 80 guests visited the family homestead, Camber House, throughout the day, including the Premier and representatives from across the political spectrum – a reflection of the deep respect she holds across the island.
“It was an honour to celebrate Mrs. Codrington’s 100th birthday surrounded by her family and the generations she has raised,” said the Premier. “Her story is one of perseverance, care, and community… Bermuda is better for the love and example she continues to share.”
Highlights of the day included two of her great-grandchildren singing the birthday song and the rare sight of five generations together. Asked how she enjoyed her celebration, Ma Pearl said she “really enjoyed it, especially the food.”
Born on November 10, 1925, to Olive Smith and Samuel Trott, Mrs. Codrington was raised by her grandmother, Rose Smith, after losing her mother at birth. From Daniel’s Head to Manchester Street, then King Street and Boaz Island, she built a life centred on family before settling at Camber House in 1978.
Today, her legacy spans 10 children, 21 grandchildren and 32 great-grandchildren – all carrying forward her values of family, kindness and perseverance.
The dispute erupted after Prime Minister Sanae Takaichi told Japanese lawmakers this month that a Chinese attack on Taiwan threatening Japan’s survival could trigger a military response
International News via Reuters:
Japan moved on Monday to tamp down an escalating row with China over Taiwan that has prompted Beijing to urge citizens to halt travel to its East Asian neighbour.
The dispute erupted after Prime Minister Sanae Takaichi told Japanese lawmakers this month that a Chinese attack on Taiwan threatening Japan’s survival could trigger a military response.
Her comments broke with past administrations’ avoidance of public discussion of such a scenario, so as not provoke Beijing, which claims the self-ruled island.
Masaaki Kanai, the Japanese foreign ministry official in charge of Asia and Oceania affairs, arrived in the Chinese capital to meet his counterpart, Liu Jinsong, a video broadcast by the Kyodo news agency showed on Monday.
Kanai is expected to explain that Japan’s security policy has not changed, and urge China to refrain from actions that damage ties, media said.
Taiwan is located just about 110 km (68 miles) from Japan’s westernmost island of Yonaguni, near sea lanes on which Tokyo relies for energy shipments. Japan also hosts the largest concentration of U.S. military power outside the United States.
“Various channels of communication are open,” Japan’s Chief Cabinet Secretary told a regular press briefing, when asked about Kanai’s visit.
“We have made a firm request for the Chinese side to take appropriate steps,” he said, adding that the travel warning was incompatible with efforts to promote strategic, mutually beneficial ties.
China’s Premier Li Qiang has no plans to meet Takaichi on the sidelines of this week’s G20 summit in South Africa, however, the foreign ministry said in Beijing.
Instead, Japan should retract its “wrongful” remarks, ministry spokesperson Mao Ning told a regular news briefing.
Taiwan President Lai Ching-te said China was carrying out a “multifaceted attack” on Japan, speaking to reporters in the capital’s sister city of New Taipei.
“I call on the international community to continue paying close attention and I also urge China to exercise restraint and demonstrate the conduct befitting a major power, rather than becoming a troublemaker for regional peace and stability,” he added.
Tension could persist for months, however, said Kenji Minemura, a senior research fellow at the Canon Institute for Global Studies.
“China knows that Takaichi can’t retract her comment, so its call for one isn’t to get a resolution, but to ramp up pressure on Japan,” he said.
LEISURE, RETAIL TAKE A HIT
The row flared with Takaichi’s comment on November 7, a week after she met Chinese President Xi Jinping and agreed to pursue stable ties.
A day later, in a now-deleted post on X, China’s consul general in Osaka, Xue Jian, said “the dirty neck that sticks itself in must be cut off”.
Japan summoned China’s ambassador to protest his “extremely inappropriate” statement and several Japanese politicians called for Xue’s expulsion.
The rift widened on Thursday, when China summoned Japan’s ambassador, for the first time in more than two years, to make a “strong protest” over Takaichi’s remarks.
On Friday, China said Japan would face a “crushing” military defeat if it intervened over Taiwan and voiced “serious concerns” about Japan’s security direction.
This included ambiguity over its three non-nuclear principles not to develop, possess or host nuclear weapons.
In August, a Reuters investigation had found growing willingness in Japan to ease those pledges, long a taboo in the only nation to suffer atomic bombings.
On Sunday, Chinese coast guard ships sailed through waters around a group of East China Sea islands controlled by Japan but claimed by China.
Known as the Senkaku in Tokyo and the Diaoyu in Beijing, they have been a flashpoint since Japan nationalised them in 2012. Japan’s coast guard said it drove the Chinese ships away.
Japan said it also scrambled fighter jets on Saturday, after China flew a drone between Taiwan and Yonaguni.
George Glass, the U.S. ambassador to Japan, has also waded into the dispute, criticising Xue on X.
On Saturday, he said it was time to move on, adding, “Halloween has been and gone,” after the Chinese diplomat labelled Takaichi an “evil witch”.
Chinese state-linked media also targeted Takaichi on Monday.
In an editorial, the People’s Daily of the ruling Communist Party said, “Takaichi’s dangerous remarks, which have touched the nerves of all parties, were not only strategic recklessness, but also deliberate provocation.”
If the row drags on, a drop in Chinese visitors, such as the fall of roughly 25% seen during an island dispute in 2012, could deliver a significant economic hit for Japan, said Takahide Kiuchi, executive economist at Nomura Research Institute.
“A drop in visitor numbers on this scale would have a dampening effect exceeding half of Japan’s annual growth,” he said.
Worries about such a hit caused a dip in tourism-sensitive shares in Tokyo, with department store operator Isetan Mitsukoshi falling 11.3%, while Japan Airlines gave up 3.7%.
Reporting by Tim Kelly, Liz Lee, Tamiyuki Kihara Yoshifumi Takemoto Chang-Ran Kim and Kaori Kaneko; Additional reporting by Ben Blanchard in Taipei; Editing by Thomas Derpinghaus, Lincoln Feast and Clarence Fernandez
The blast on the Warsaw-Lublin line follows a wave of arson, sabotage and cyberattacks that has hit Poland
International News via Reuters:
An explosion that damaged a Polish railway track on a route to Ukraine was an “unprecedented act of sabotage”, Prime Minister Donald Tusk said on Monday, and he vowed to catch those responsible for an incident he said could have ended in tragedy.
The blast on the Warsaw-Lublin line follows a wave of arson, sabotage and cyberattacks that has hit Poland and other European countries since the start of the war in Ukraine.
Warsaw has in the past held Russia responsible, saying Poland has become one of Moscow’s biggest targets due to its role as a hub for aid to Kyiv. Russia has repeatedly denied being responsible for acts of sabotage.
“The blowing up of the railway track on the Warsaw-Lublin route is an unprecedented act of sabotage aimed at the security of the Polish state and its citizens,” Tusk wrote on X.
“An investigation is underway. Just like in previous cases of this kind, we will catch the perpetrators, regardless of who their backers are.”
Warsaw said in October that Poland and Romania had detained eight people suspected of planning sabotage on behalf of Russia.
Local police said on Sunday that a train driver had reported damage on the railway line, but authorities were not able to immediately confirm that it was a result of sabotage.
“This route is also used to transport weapons to Ukraine,” Tusk said in a video address. “Fortunately, no tragedy occurred, but the legal implications are very serious.”
Defence Minister Wladyslaw Kosiniak-Kamysz said the military was inspecting a 120 km (74.6 miles) stretch of track leading to the Ukrainian border.
Reporting by Pawel Florkiewicz, Anna Wlodarczak-Semczuk, Alan Charlish; Editing by Frances Kerry and Hugh Lawson
The ECB has left interest rates unchanged since June and markets expect no change even in December
International News via Reuters:
Risks surrounding the euro zone inflation outlook are balanced and the current level of interest rates is appropriate, Dutch central bank chief Olaf Sleijpen told a news conference on Monday.
The ECB has left interest rates unchanged since June and markets expect no change even in December, when the ECB releases a fresh set of economic projections, which could show price growth going under the bank’s 2% target next year.
“Inflation risks in the euro area are balanced,” Sleijpen, one of the newest members of the ECB’s rate-setting Governing Council, said.
Euro zone inflation, hovering around the 2% target for most of this year, is set to dip below 2% in 2026 on a statistical base effect, and some policymakers fear that low price growth could get entrenched if firms adjust their wage and price-setting behaviour.
However, most policymakers have been downplaying the undershooting risk, solidifying market bets that the ECB is done cutting interest rates after halving the deposit rate to 2% in the year to June.
“Our December meeting will bring a lot of new data,” Sleijpen said. “For now, I would say we are in a good place and if data remains consistent with the current picture in December I would see no reason to say we are no longer in a good place.”
Reporting by Bart Meijer; writing by Balazs Koranyi, Editing by William Maclean
A landslide in the city of Cilacap last week buried a dozen houses in Cibeunying village
International News via Reuters:
Rain-triggered landslides in two regions in Indonesia’s Central Java province last week have led to the deaths of at least 18 people, authorities said on Monday, with search operations ongoing.
A landslide in the city of Cilacap last week buried a dozen houses in Cibeunying village, the disaster mitigation agency said. Search and rescue efforts were challenging as people were buried 3 to 8 metres (10 to 25 feet) deep, it said.
The Cilacap landslide has killed at least 16 people, with 7 missing, said M Abdullah, chief of the search and rescue agency’s local division.
Excavators were deployed to dig through dirt in Cilacap, footage from news channel KompasTV showed on Monday.
Separately, two people died and 27 were missing after a landslide on Saturday in the region of Banjarnegara in Central Java, the disaster mitigation agency said on Monday. As many as 30 houses as well as farms were damaged, it said.
The Southeast Asian country’s wet season started in September and is likely to last until April, bringing a high risk of extreme rainfall and flooding, the weather agency said.
Reporting by Stanley Widianto; Editing by Christopher Cushing
The drugmaker expects a decision on U.S. approval before the end of the year
International News via Reuters:
Novo Nordisk has more than enough of its Wegovy weight-loss pills to support an aggressive product launch, CEO Mike Doustdar said on Monday, looking to avoid a repeat of the supply issues that plagued the drug’s original version.
The drugmaker expects a decision on U.S. approval before the end of the year, with the pill format expected to appeal to patients who prefer to avoid injections of the current Wegovy formulation.
“We have more than enough pills this time, so we’re going to go all in and really make this happen,” Doustdar said at an event hosted by the Danish Shareholders Association.
Novo has faced slowing sales growth for the blockbuster obesity drug that helped it to become Europe’s most valuable company. The slowdown was largely the result of supply constraints that allowed Eli Lilly and others to erode the Danish drugmaker’s first-mover advantage.
Doustdar also said that a pricing deal struck with U.S. President Donald Trump aimed to broaden access to its weight-loss drugs for the U.S. Medicare programme, a federal health insurance programme for people aged 65 and older or who have disabilities.
Reporting by Jacob Gronholt-PedersenWriting by Stine JacobsenEditing by David Goodman
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