ECB supervisors have been increasingly intrusive in probing banks’ exposure to climate risk, first giving lenders a list of expectations, then binding decisions on disclosing and managing risk
International News via Reuters:
The European Central Bank fined Spanish lender ABANCA Corporación Bancaria for failing to comply with its decision on climate-related and environmental risks, it said on Monday.
ECB supervisors have been increasingly intrusive in probing banks’ exposure to climate risk, first giving lenders a list of expectations, then binding decisions on disclosing and managing risk.
The ECB imposed a “periodic penalty” of 187,650 euros after it failed to meet the materiality assessment requirement for 65 days in 2024.
“ABANCA did not sufficiently assess and document materiality of its climate-related and environmental risks before deadline,” the ECB said.
ABANCA may challenge the ECB’s decision before the EU Court of Justice.
Reporting by Balazs KoranyiEditing by Francesco Canepa
Citing Cuba’s constitution and penal code, the court said the trial would be held behind closed doors and that the public would not be allowed access, but said due process was guaranteed
International News via Reuters:
Cuba’s top court said on Monday former Economy Minister Alejandro Gil would go on trial for espionage and corruption on Tuesday, ratcheting up intrigue in one of the highest-profile corruption cases in the communist-run country in decades.
Citing Cuba’s constitution and penal code, the court said the trial would be held behind closed doors and that the public would not be allowed access, but said due process was guaranteed.
“For reasons of national security, only the parties and persons authorized by the court will attend the trial,” the court said in a brief statement.
Gil, once a close confidant of President Miguel Diaz-Canel, spearheaded a major monetary reform in Cuba in 2021 that is largely seen as having been disastrous for the already troubled economy.
Sacked by President Miguel Diaz-Canel in February 2024, Gil had not been seen or heard from until last month, prompting widespread curiosity about his whereabouts.
At the time of his removal from office, official statements said only that Gil, who had also served as deputy prime minister, had been accused of “grave errors.”
Cuba’s attorney general in late October issued a long list of charges against Gil and other unnamed defendants – ranging from espionage to embezzlement and bribery, noting they were the result of a nearly two-year investigation.
Cuba’s penal code punishes espionage with terms ranging from 10 years in prison to death.
Reuters was unable to contact Gil or his lawyer to seek comment.
The corruption case is the most sensational to rock Cuban society since 1989, when General Arnaldo Ochoa, a hero of Fidel Castro’s 1959 Revolution, was tried and executed by firing squad for drug smuggling.
Reporting by Dave Sherwood and Nelson Acosta; Editing by Paul Simao
Unionised workers are expected to received the pay uplift plus two lump sums of back pay dated from 2022, by next April
Unionised hospital staff have been awarded a substantial pay rise.
Negotiations between unionised staff and the Bermuda Hospital’s Board resulted in an agreed 18.23% pay rise for workers plus two lump sums of back pay dated from 2022. ‘
The Government of Bermuda holds its second Town Hall meeting addressing gun and gang violence at Penno’s Wharf, St George’s, Monday 10th November 2025, 6pm-8pm. Hosted by Governor Andrew Murdoch, Minister of National Security Michael Weeks, and Commissioner of Police Darrin Simons.
Doppler radar unavailable for a fifth of the last year; Airport Authority boss & Weather Service director deliver conflicting messages about its necessity
Bermuda’s Doppler weather radar; Lester Nelson, CEO of the Bermuda Airport Authority. File photos
What constitutes essential weather monitoring equipment?
It’s not clear if the the CEO of the Bermuda Airport Authority and the Director of the Bermuda Weather Service agree an the answer.
The day before Hurricane Melissa was set to visit at the end of October, BWS’ Philip Rogers said the currently offline Doppler radar is “considered non-essential”.
“We can do the job without it,” he said, “but it does give us more information”.
Conversely, Lester Nelson, CEO of the Bermuda Airport Authority, says the weather radar is “an essential tool for aviation weather and meteorological operations”, adding that it complements other advanced systems used to monitor and forecast weather conditions.
BWS’ Mr Rogers said the radar was operational earlier this hurricane season for the approaches of Humberto and Imelda.
However, Bermuda Broadcasting subsequently learned that the radar has been unavailable for about a fifth of the last year, or a combined total of two-and-a-half months.
Just ahead of Melissa’s approach on October 29, the BAA put out a release acknowledging that the weather radar was once again inoperable, and that it “understands and shares the public’s frustration”.
A replacement part will apparently be coming from Europe towards the end of the year.
Responding to questions from Bermuda Broadcasting, BAA’s Mr Nelson cited “unexpected challenges” with the weather radar in recent years, adding that the German manufacturer has taken longer to resolve some of those challenges than was anticipated.
“We have followed the manufacturer’s guidance”, he says, “and continue to follow this as we move forward with maintenance and repairs of our current system.”
“The system’s availability over the past six years has been approximately 94%, reflecting consistent performance despite recent challenges.”
When we asked about the performance stats for the past two years and the past year, Mr Nelson cited 92% availability between October 2023 and October of this year, and 79% availability from October 2024 and October of this year.
This suggests more problems have arisen over the past twelve months.
On the apparent conflicting comments about the necessity of the weather radar, Mr Nelson subsequently said, “Director Rogers is correct in that BWS continues to have the resources and assets to provide weather forecasts and observations without the Doppler weather radar, which was evident just before and during Hurricane Melissa.”
“Importantly, the weather radar is not essential for aircraft operations to and from Bermuda. Also, the weather radar’s operations are not regulated or mandated.”
“However, it is essential for BAA to achieve optimal performance across all its resources and assets. This is a goal we continue to strive toward.”
Mr Nelson has also said that BAA recognises the weather radar’s popularity and importance to the public and the community, and remain fully committed to its reliable operation.
Questions & responses – Lester Nelson, CEO of the Bermuda Airport Authority
Q: Why has the weather radar been out of service so frequently?
A: There have been some unexpected challenges with the weather radar in recent years; some taking a longer timeframe than anticipated for the German manufacturer to resolve. Our engineering technicians continue to work closely with the manufacturer to identify the root causes of each incident and ensure sustainable solutions. We have followed the manufacturer’s guidance and continue to follow this as we move forward with maintenance and repairs of our current system. The system’s availability over the past six years has been approximately 94% reflecting consistent performance despite recent challenges.
Q: Will the repairs/replacement mentioned in the release mean that the radar will be fully operational without being offline so frequently?
A: We share the public’s frustrations with recent service interruptions and are taking every step to restore full reliability. We are currently waiting for the delivery of parts from the manufacturer, which is taking longer than initially anticipated. Once the parts arrive, our engineering technicians, together with the manufacturer’s specialists will carry out installation and comprehensive testing to confirm system stability and reliability. Until then, we continue to use all available tools to ensure that weather information remains accessible to the public.
Q: Is the weather radar considered an essential piece of equipment?
A: The weather radar is an essential tool for aviation weather and meteorological operations, and it complements other advanced systems used to monitor and forecast weather conditions. We recognize the weather radar’s popularity and importance to the public and the community and remain fully committed to its reliable operation.
Q: I understand the radar is about 20 years old. Are there plans for a replacement or a backup?
A: Significant upgrades to the weather radar were carried out in 2019 and all remaining parts were certified as fit for service by the manufacturer. However, it is important to note that we are proactively evaluating long-term solutions to ensure continuity of the weather radar’s operations. Further updates on these plans will be shared in the upcoming months as discussions progress. We thank the public for their continued patience and understanding as we work to restore full service to the weather radar.
Subsequent questions:
Q: Bermuda Weather Service Director Philip Rogers said the radar is considered “non-essential”, adding that they can do the job without it, although it does provide more information for their work. However, you have said the radar is “an essential tool for aviation weather and meteorological operations”. Can you comment on the apparent conflicting message?
A: Director Rogers is correct in that BWS continues to have the resources and assets to provide weather forecasts and observations without the Doppler weather radar, which was evident just before and during Hurricane Melissa. Importantly, the weather radar is not essential for aircraft operations to and from Bermuda. Also, the weather radar’s operations are not regulated or mandated. However, it is essential for BAA to achieve optimal performance across all its resources and assets. This is a goal we continue to strive toward.
Q: You noted that the radar system’s availability over the past six years has been approximately 94%. Please can you tell us what the radar system’s availability has been over the past two years, and over the past year?
A: The weather radar system’s availability over the past two years from October 2023 to October 2025 = 92%. The weather radar system’s availability over the past year from October 2024 to October 2025 = 79%
The St. George’s Colts, guided by coach Drewonde Bascome, have secured the prestigious Dudley Eve Championship, defeating the Devonshire Cougars, coached by Mark Mills, with a hard-fought 2-1 victory in the final. The match featured a fascinating rivalry between the two coaches who share history working in the FC Bascome programme.
The Colts took the lead in the 20th minute when Zachary McGuire pounced on a spill from the Cougars goalkeeper following a free-kick, bundling the ball over the line for a 1-0 advantage.
The lead was doubled in the 68th minute by Jarazinho Bassett, who scored from close range after the Cougars keeper made an initial save, making the score 2-0.
The Cougars pushed for a comeback, with substitute Charmari Burns heading home a goal in the 81st minute to pull one back. Despite the late surge, the St. George’s Colts defence stood firm to claim the 2-1 victory and lift the Dudley Eve Trophy.
In its latest proposal for rules expected next year, the central bank however stuck to plans to cap the amount of stablecoins that individuals and businesses can hold
International News via Reuters:
The Bank of England on Monday proposed that issuers of widely used stablecoins be allowed to invest up to 60% of the assets backing them in government debt, part of a raft of new rules that suggest a softening in its approach to the sector.
In its latest proposal for rules expected next year, the central bank however stuck to plans to cap the amount of stablecoins that individuals and businesses can hold, a move that sets it apart from European Union and U.S. regulators.
Stablecoins are digital tokens designed to keep a constant value that are often pegged to fiat currency and backed by traditional assets such as government debt. The sector is booming, aided by the U.S. agreeing federal rules earlier this year.
The crypto industry had sharply criticised a 2023 BoE proposal to force issuers to hold all of their assets in non interest-bearing accounts with the central bank.
The move, it said, would effectively preclude widespread UK adoption of stablecoins, which typically generate profits by investing assets.
The BoE has now instead suggested 40% of the assets would need to be held with it.
‘WE’VE LISTENED CAREFULLY TO FEEDBACK’
“Today’s proposals mark a pivotal step towards implementing the UK’s stablecoin regime next year,” said Sarah Breeden, the BoE’s deputy governor for financial stability.
“We’ve listened carefully to feedback and amended our proposals for achieving this, including on how stablecoin issuers interact with the Bank of England.”
The BoE, which plans to oversee only stablecoins deemed capable of becoming widely used for payments, also outlined a temporary regime for issuers previously under the Financial Conduct Authority, allowing them initially to invest up to 95% of backing assets.
The central bank has however retained plans that are unpopular with the crypto sector to cap stablecoin holdings, proposing limits of 20,000 pounds ($26,842) for individuals and 10 million pounds for businesses.
Larger businesses, such as supermarkets or trading platforms, could apply for exemptions, the BoE said.
The BoE has stressed that these caps are intended to be temporary and will be lifted once any financial stability worries have eased.
In a new proposal, the BoE said it was also considering offering central bank liquidity facilities to systemic stablecoin issuers during periods of market stress, providing a backstop if they are unable to sell their reserve assets in the private market.
Stablecoins used as assets for non-systemic purposes, such as buying and selling crypto tokens, would fall outside the BoE’s regime and instead be overseen by the FCA.
The consultation runs until February 10.
MORE CLARITY STILL NEEDED, CRYPTO EXECUTIVE SAYS
While regulatory clarity was welcomed by the crypto sector, some said the BoE could have gone further.
Tom Duff Gordon, vice president of international policy at cryptocurrency exchange Coinbase, said the bank could have allowed up to 80% of assets to be invested in high-quality liquid assets like government bonds.
“The industry (also) needs more clarity on when, and on what basis, these caps could be lifted,” he added.
($1 = 0.7451 pounds)
Reporting by Phoebe Seers; Editing by Tommy Reggiori Wilkes and Jan Harvey
Great Britain’s Lucy Charles-Barclay claimed her second world title at the 2025 IRONMAN 70.3 World Championship in Marbella, clocking a phenomenal finish time of 4 hours, 14 minutes, and 54 seconds (4:14:54).
While the elite crown was settled, four determined Bermudian females delivered strong performances in the Age Group Divisions, conquering the demanding conditions across the swim, bike, and run legs.
Emily Nagel led the Bermudian contingent, finishing 148th overall. Nagel posted a total time of 5:17:24, with impressive splits of 30:56 on the swim and a 1:32:28 run. Her effort earned her a very respectable 28th place among the Female 30-34 Age Group competitors.
Louise Wells was the next Bermudian finisher in 5:53:54, securing 31st place in the Female 50-54 Age Group. Becky Ronaldson finished in 6:43:44, and Sharon Hammond rounded out the island’s representation, clocking 6:57:45 and placing 96th in the Female 55-59 Age Group.
The performances underscore the resilience and commitment of Bermuda’s triathletes on the world stage.
Host country Brazil brokered an agreement on the agenda for the two-week summit in the Amazon city of Belem
International News via Reuters:
The COP30 climate summit opened on Monday with the U.N. climate chief urging countries to cooperate with one another rather than battling over priorities.
Host country Brazil brokered an agreement on the agenda for the two-week summit in the Amazon city of Belem, fending off attempts from developing-country negotiating blocs to shoehorn contentious issues like climate finance and carbon taxes into the talks.
It was unclear whether countries would aim to negotiate a final agreement for the end of the event – a hard sell in a year of fractious global politics and U.S. efforts to obstruct a transition away from fossil fuels.
Some including Brazil have suggested that countries focus on smaller efforts that do not need consensus, after years of COP summits making lofty promises only to leave many unfulfilled.
“In this arena of COP30, your job here is not to fight one another – your job here is to fight this climate crisis, together,” U.N. Climate Change Executive Secretary Simon Stiell told delegates from more than 190 countries attending.
He said three decades of U.N. climate talks had helped to bend the curve in projected warming downward, “because of what was agreed in halls like this, with governments legislating, and markets responding. But I am not sugar-coating it. We have so much more work to do.”
Brazil’s President Luiz Inacio Lula da Silva warned against interests trying to obscure the dangers of climate change.
“They attack the institutions, the science, the universities,” he said. “It’s time to impose another defeat to denialists.”
The world’s biggest historical emitter of greenhouse gases – the United States – opted to skip the summit while the U.S. President Donald Trump falsely asserts that climate change is a hoax.
California Governor Gavin Newsom and New Mexico Governor Michelle Lujan Grisham were expected in Belem on Tuesday.
“What the hell is going on here?” Newsom said about the U.S. government’s absence from the talks, addressing a global investors summit held on Monday in Sao Paulo.
“We’re in Brazil, one of our great trading partners, one of the world’s great democracies. I mean hell, home to all the rare earth metals we need. This is the country we should be engaging with instead of giving the middle finger with 50% tariffs,” Newsom said, referring to duties imposed by the Trump administration.
Germany said European countries would push for commitments to rein in fossil fuel use – a goal promoted by Lula.
“We will advocate for something strong,” German Vice Minister Jochen Flasbarth told Reuters. “We don’t want to go the same way of President Trump and accuse others of being wrong. We want to listen.”
WARNING SIGNS
Countries were joined by Indigenous leaders, who arrived on Sunday by boat after traveling some 3,000 km (1,864 miles) from the Andes. They are demanding more say in how their territories are managed as climate change escalates and industries such as mining, logging and oil drilling push deeper into forests.
“We want to make sure that they don’t keep promising, that they will start protecting, because we as Indigenous people are the ones who suffer from these impacts of climate change,” said Pablo Inuma Flores, an Indigenous leader from Peru.
Scientists at dozens of universities and international science institutions sounded an alarm over the world’s thawing glaciers, ice sheets, and other frozen spaces.
“The cryosphere is destabilizing at an alarming pace,” the groups said in a letter to COP30 published on Monday. “Geopolitical tensions or short-term national interests must not overshadow COP30. Climate change is the defining security and stability challenge of our time.”
In an interview on Sunday, COP30 President Andre Correa do Lago noted the rise of China’s importance in the talks.
“Emerging countries are appearing in this COP with a different role. China is coming with solutions for everyone,” do Lago told Reuters and other media – adding that inexpensive green technologies from China were now leading the energy transition worldwide.
“You start complaining that China is moving the GDP all over the world,” he said. “That is great for climate.”
Reporting by Valerie Volcovic and Katy Daigle in Belem, Brazil; Editing by Kim Coghill and Nia Williams
The exact cause of the blast is being investigated, said the police spokesperson, Sanjay Tyagi
International News via Reuters:
At least eight people were killed on Monday in a car explosion near the historic Red Fort in a densely populated area of the Indian capital Delhi, a police spokesperson said, a rare blast in the heavily guarded city of more than 30 million people.
The exact cause of the blast is being investigated, said the police spokesperson, Sanjay Tyagi. However, India’s financial capital of Mumbai as well as its most populous state of Uttar Pradesh, which borders Delhi, went on high security alert after the blast, local media reported.
At least 20 people were injured in the explosion, TV channels reported, as ambulances raced to the scene.
‘BLAST IN SLOW-MOVING VEHICLE’
Mangled bodies and the wreckage of several cars could be seen on a congested street near a metro station in the old quarter of Delhi, as police poured into the area to secure it and push back gathering crowds.
Delhi Police Commissioner Satish Golcha said the blast had occurred minutes before 7 p.m. (1330 GMT).
“A slow-moving vehicle stopped at a red light. An explosion happened in that vehicle, and due to the explosion, nearby vehicles were also damaged,” he told reporters.
Federal and state investigative agencies are at the site and federal Home Minister Amit Shah has been briefed about the incident, Golcha added.
Prime Minister Narendra Modi expressed his condolences to those who had lost loved ones.
“May the injured recover at the earliest. Those affected are being assisted by authorities,” Modi posted on X, adding that he had reviewed the situation with Shah and other officials.
At least six vehicles and three auto-rickshaws caught fire, Delhi’s deputy fire chief said later, adding that the flames had been doused by firefighting teams.
‘INTENSE EXPLOSION’
“I was at the metro station, going down the stairs, when I heard an explosion. I turned around and saw a fire. People started running helter-skelter,” Suman Mishra, whose husband owns a hotel in a nearby area, told Reuters.
Wali Ur Rehman said he was sitting at his shop when he heard a loud explosion. “I fell from the impact of the explosion, it was that intense,” he told news agency ANI, in which Reuters has a minority stake.
About 30 to 40 ambulances were near the site of the blast and the entire area was cordoned off after the fire was put out, a Reuters witness said, adding that he could see remains of mangled cars and crowds milling around.
The Red Fort, known locally as Lal Qila, is a sprawling, 17th-century Mughal-era edifice melding Persian and Indian architectural styles, and is visited by tourists throughout the year.
The prime minister addresses the nation from the fort’s ramparts every year on August 15, India’s independence day.
Delhi was the target of blasts during the 1980s and 1990s, with public places such as bus stations and crowded market areas hit in attacks blamed on Islamist militants or on separatists from the northern Sikh state of Punjab.
About a dozen people were killed in a briefcase explosion outside the Delhi High Court in 2011 – the last such major incident in the city.
Reporting by Shilpa Jamkhandikar, Shivam Patel, Akanksha Singh and Adnan Abidi; Writing by YP RajeshEditing by Toby Chopra, Mark Heinrich and Gareth Jones
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