Sterling steadies day ahead of BoE meeting
A day ahead of the BoE meeting, markets are still pricing around a one-in-three chance of a 25-basis-point rate cut
International News via Reuters:
The pound stabilised on Wednesday as traders looked to fine-tune positioning ahead of Thursday’s important Bank of England meeting, but remained at close to a seven-month low against the dollar and its weakest in well over two years against the euro.
A day ahead of the BoE meeting, markets are still pricing around a one-in-three chance of a 25-basis-point rate cut, leaving scope for a knee-jerk reaction in the pound in either direction depending on the outcome.
Sterling was last up 0.2% on the dollar at $1.3049 , though it hit $1.3011 in early Asia trade, its lowest since mid-April.
Similarly, the euro was down 0.1% at 88.07 pence after hitting 88.3 pence in Asia trade, its highest since May 2023.
A raft of data released last month, most notably cooler-than-expected inflation figure, caused markets to raise bets on BoE easing, and weighed on the pound.
It has continued to weaken this week, and Chris Turner global head of markets at ING said in a note this might “probably have more to do with the global equity correction,” given BoE expectations have been fairly steady most recently.
Stocks around the world, particularly highly valued tech names, have come under pressure this week. [MKTS/GLOB]
All else being equal, the pound typically performs well when investors are positive about global growth and the stock market, and comes under pressure when they are not.
Also in the mix for sterling investors is Britain’s budget, due later this month. Finance Minister Rachel Reeves, in a speech on Tuesday, paved the way for broad tax rises.
If that weighs on growth, it could cause the BoE to ease rates more quickly, in turn dragging on sterling.
There was little British economic data on Wednesday, but a survey showed pay settlementsawarded by British employers held steady in the three months to September, holding at the joint lowest level since December 2021.
Editing by Tomasz Janowski
UK services firms report strongest outlook in a year as inflation pressures wane, PMI shows
The S&P Global UK Services Purchasing Managers’ Index (PMI) rose to 52.3 in October from 50.8 in September, and was higher than a preliminary “flash” reading of 51.1
International News via Reuters:
Output and new orders in Britain’s services industry picked up last month, according to a survey released on Wednesday that showed expectations for activity in the next 12 months were the highest since October 2024.
The S&P Global UK Services Purchasing Managers’ Index (PMI) rose to 52.3 in October from 50.8 in September, and was higher than a preliminary “flash” reading of 51.1.
The survey of Britain’s dominant services sector is welcome news for finance minister Rachel Reeves, who has made growth her priority, ahead of possible tax rises in her annual budget on November 26.
“A number of firms noted resilient customer demand, especially in domestic markets, despite elevated business uncertainty and delayed decision-making on major spending ahead of the Budget,” Tim Moore, Economics Director at S&P Global Market Intelligence, said.
“Labour market conditions finally showed some signs of stabilisation, with the pace of job cuts in the service economy slowing considerably since September.”
A measure of employment showed employers shed staff much less quickly.
The composite PMI, meanwhile, which also includes the strongest reading for manufacturing in a year, jumped to 52.2 from September’s final reading of 50.1. A Reuters poll had forecast a smaller increase to 51.1.
Services firms noted higher wages were pushing up input prices, although the rate of cost inflation was the lowest since November 2024. Prices charged by firms increased at the slowest pace since June.
The Bank of England, which is broadly expected to hold interest rates at 4% on Thursday, is watching service sector prices as it tries to assess inflation pressure in the economy.
The PMI survey also showed strength in order books – mainly from domestic clients – which boosted business expectations for the year ahead.
But, there was some hesitation among executives on taking key decisions ahead of Reeves’ budget. Reeves has warned of some tax increases as she tries to find the money to improve public services and to invest to help speed up economic growth.
Reporting by Suban Abdulla; Editing by Hugh Lawson
Wetherspoon cautious as sales growth slows ahead of UK budget
The company said it was slightly more cautious in its outlook for the remainder of the year
International News via Reuters:
British pub chain JD Wetherspoon reported a slowdown in recent sales growth on Wednesday and warned of a heavy blow to the industry if the government repeats last year’s mix of tax increases and higher wage costs in this month’s budget.
The company said it was slightly more cautious in its outlook for the remainder of the year.
The comments underscore the challenges facing Britain’s hospitality sector, with even value-focused players like Wertherspoons struggling to draw in customers amid cost-of-living pressures.
Wetherspoon chair Tim Martin said another 10% increase in wages would increase the cost of a pint by about 15 pence in a pub versus about 1.5 pence in a supermarket.
“Increased labour costs are, consequently, dramatically widening the pricing differential between pubs and supermarkets, to the anger and consternation of customers,” he said.
UK finance minister Rachel Reeves is expected to have to raise billions of pounds in taxes in her November 26 budget to keep control of public finances, despite pledging a year ago that she would not repeat her revenue-raising measures then.
Shares in Wetherspoons, known colloquially as Spoons, were down 2.7% to 624.5 pence at 0823 GMT.
Analysts are particularly wary of Wetherspoons exposure to potential increases in labour costs and gaming machine duties, with staff wages accounting for about 40% of its sales, according to Peel Hunt analysts, and its high-margin gaming machines providing a buffer against other cost pressures.
The company, which runs more than 800 pubs in the UK and Ireland, reported a 3.7% rise in like-for-like sales in the 14 weeks to November 2, driven by bar sales and sales from gaming machines.
That was down from 5.1% growth in the previous 12 weeks.
($1 = 0.7451 pounds)
Reporting by Yamini Kalia in Bengaluru. Editing by Sherry Jacob-Phillips and Mark Potter
Germany arrests 18 in international crackdown on online fraud, German authorities say
Between 2016 and 2021, alleged criminals used credit card details for 4.3 million individuals from 193 countries in their scheme
International News via Reuters:
An internationally coordinated action against alleged online fraud and money laundering networks that included German payment service providers resulted in 18 arrests, German authorities said on Wednesday.
Germany’s Federal Criminal Police Office and prosecutors said that between 2016 and 2021, alleged criminals used credit card details for 4.3 million individuals from 193 countries in their scheme, racking up damages of more than 300 million euros.
The suspects siphoned funds via subscriptions to fake websites designed for streaming, dating and entertainment.
The defendants compromised four major German payment service providers in order to process payments, they said. The firms weren’t named.
Late on Tuesday, authorities disclosed they had searched buildings in Germany, Italy, Canada, Luxembourg, the Netherlands, Singapore, Spain, the U.S. and Cyprus.
Prosecutors said they are focused on 44 suspects in Germany and other countries. Among them are members of the fraud network, employees of payment firms, and crime-as-a-service providers.
Editing by Ludwig Burger
Death toll rises to 11 in fire at Bosnian retirement home
The blaze engulfed the seventh floor of the old nine-storey building at around 1945 GMT on Tuesday, sending flames and smoke pouring out of the top floors into the night sky
International News via Reuters:
The death toll from a fire at a retirement home in Tuzla in northern Bosnia rose to 11 on Wednesday and about 30 people were injured, police said.
The blaze engulfed the seventh floor of the old nine-storey building at around 1945 GMT on Tuesday, sending flames and smoke pouring out of the top floors into the night sky. The cause was not immediately clear.
Local media said many of the dead had disabilities and those rescued were moved by emergency crews from the upper floors to lower ones. Some of the injured were in critical condition.
Identification of the victims will start later on Wednesday, and an investigation into the cause of the fire will start once conditions allow it, police said.
“Authorities are taking all necessary actions to shed light on the conditions that caused this tragic event”, the retirement home said in a statement.
The government of Republika Srpska, the Serb Republic, one of the two entities of Bosnia and Herzegovina, offered its assistance to Tuzla.
“We feel the pain and are always ready to help,” Savo Minic, Prime Minister of the Serb Republic wrote on X.
Reporting by Amel Emric and Daria Sito-Sucic; Writing by Angeliki Koutantou; Editing by Edward McAllister and Timothy Heritage
EU agrees weakened climate target in final-hour deal for COP30
After negotiating late into Tuesday night, climate ministers from European Union countries approved in a public vote a compromise to cut emissions 90% by 2040
International News via Reuters:
EU climate ministers agreed a 2040 climate change target in the early hours of Wednesday after watering down the goal in last-minute negotiations, as they raced to clinch the deal before the U.N. COP30 summit in Brazil.
After negotiating late into Tuesday night, climate ministers from European Union countries approved in a public vote a compromise to cut emissions 90% by 2040, from 1990 levels, but with flexibilities to weaken this aim.
The weakened target would let countries buy foreign carbon credits to cover up to 5% of the 90% emissions-cutting goal. That would effectively weaken to 85% the emissions cuts required from European industries, and pay foreign countries to cut emissions on Europe’s behalf to make up the rest.
The EU also agreed to consider the option, in future, to use international carbon credits to meet a further 5% of the 2040 emissions reductions – potentially shaving another 5% off the domestic target.
Additionally, countries agreed a 2035 target to cut emissions in a range of 66.25-72.5%. The U.N. asked all governments worldwide to submit 2035 climate plans before the COP30 climate summit opens on Thursday.
BACKLASH AGAINST AMBITIOUS GOALS
“Setting a climate target is not just picking a number, it is a political decision with far-reaching consequences for the continent,” said Danish climate minister Lars Aagaard.
“Therefore, we have also worked to provide comfort that it can be reached in a way that preserves competitiveness, social balance and security.”
Reuters previously reported the details of the final deal.
In a further effort to win over sceptical countries, the EU also agreed to weaken other politically sensitive climate policies – including by delaying the launch of an upcoming EU carbon market by one year, to 2028.
Still, a handful of countries including Poland, Slovakia and Hungary opposed the 2040 climate target on the grounds it would hit industries’ competitiveness. Their opposition was not enough to block the agreement, which needed backing from at least 15 of 27 member states.
The deal meant the EU will not go empty-handed to COP30, where European Commission President Ursula von der Leyen will meet other world leaders on November 6.
The COP30 talks will test the will of major economies to keep fighting climate change in the face of opposition from U.S. President Donald Trump. The EU has prided itself on leading international efforts to curb climate change at past COPs.
But the dilution of the target reflects a backlash against Europe’s ambitious climate agenda, from industries and some governments sceptical that it can afford the measures alongside defence and industrial priorities.
DEMANDS FOR FLEXIBILITY
The European Commission had originally proposed a 90% emissions-cutting target, with a maximum 3% share of carbon credits. The target was designed to keep the EU on track between its legally-binding goals to cut net emissions by 55% by 2030, and reach net zero emissions by 2050.
The EU’s independent climate science advisers said a 90% domestic goal would have been in line with science. But they had advised against buying foreign CO2 credits, which they said would divert much-needed investments away from European industries.
Countries including France and Portugal had demanded the 5% carbon credits flexibility, while others including Poland and Italy sought 10%. Spain and the Netherlands were among those opposed to softening the target further, EU diplomats told Reuters.
“We don’t want to destroy the economy. We don’t want to destroy the climate. We want to save both at the same time,” Polish Deputy Climate Minister Krzysztof Bolesta said on Tuesday.
Poland, Italy, the Czech Republic and others opposed the original 90% target as too restrictive for domestic industries struggling with high energy costs, cheaper Chinese imports and U.S. tariffs.
Others, including the Netherlands, Spain and Sweden, cited worsening extreme weather and the need to catch up with China in manufacturing green technologies as reasons for ambitious goals.
Reporting by Kate Abnett, Inti Landauro, Benoit Van Overstraeten; Editing by Alexander Smith, Aidan Lewis
M&S first-half profit hammered by impact of cyber hack
M&S, one of the biggest names on the UK high street, did, however, say it was confident it will be back on track by its financial year-end in March 2026
International News via Reuters:
British retailer Marks & Spencer reported a 55.4% slide in first-half underlying profit, reflecting the impact of an April cyber hack that forced it to suspend online clothing orders for seven weeks and also hit food availability.
M&S, one of the biggest names on the UK high street, did, however, say it was confident it will be back on track by its financial year-end in March 2026.
“In the second half, we expect profit to be at least in line with last year. This should give us a springboard into the new financial year and set M&S up for further growth,” CEO Stuart Machin said.
The group made adjusted profit before tax of 184.1 million pounds ($247.1 million) in the six months to September 27, down from 413.1 million pounds in the same period last year, despite a 22.1% increase in sales to 7.97 billion pounds.
In May, M&S estimated the cyberattack would cost it about 300 million pounds in lost operating profit in its full year, although it hoped to halve that impact through insurance, cost control and trading actions.
It said on Wednesday it had received insurance proceeds of 100 million pounds, nearly offsetting 101.6 million pounds of cyberattack related costs booked in the period.
The 141-year-old group was forced to suspend online clothing orders for nearly two months and click and collect services for nearly four. Clothing and food availability in stores was also hit, while additional waste and logistics costs were incurred.
Prior to the hack, M&S was beginning to reap the benefits of a comprehensive turnaround plan that has been running since 2022 under Machin, with the group achieving its highest annual profit performance in over 15 years in its 2024/25 year.
Shares in M&S are up 2% so far this year, having recovered most of their cyber hack losses.
($1 = 0.7451 pounds)
Reporting by James Davey, Editing by Paul Sandle
At least seven dead after UPS plane crashes in fireball on takeoff from Louisville, Kentucky
Flames from the crash, shortly before sundown, ignited a string of fires in an industrial corridor adjacent to the airport
International News via Reuters:
A UPS wide-body cargo plane crashed on Tuesday and erupted into a fireball moments after takeoff from the international airport in Louisville, Kentucky, killing seven, including all three aboard, and injuring 11 on the ground, officials said.
Flames from the crash, shortly before sundown, ignited a string of fires in an industrial corridor adjacent to the airport, forcing authorities to halt flight operations through the night, the officials said.
The Louisville airport, which is home to UPS Worldport – a global hub for the shipping company’s air cargo operations and its largest package-handling facility worldwide – was expected to reopen on Wednesday morning.
Two runways were strewn with debris from the crash.
In a Tuesday night service alert, UPS said delivery schedules for airborne and international packages “may be affected” by the disruption.
“Contingency plans are in place to help ensure that shipments arrive at their final destinations as quickly as conditions permit,” it added.
The triple-engine plane was fueled for an 8-1/2 hour flight to Honolulu. It had a crew of three, UPS said. None survived, officials said.
Louisville Mayor Craig Greenberg told reporters at a late-night news briefing that four deaths were confirmed on the ground, with 11 injured people taken to hospitals.
Separately, Kentucky Governor Andy Beshear said the death toll was at least seven and expected to rise. Some survivors had suffered “very significant” injuries, he said.
It was the first UPS cargo plane to crash since August 2013, when an Airbus aircraft went down on a landing approach to the international airport in Birmingham, Alabama, killing both crew.
Television channel WLKY, a CBS affiliate, showed video of Tuesday’s crash, with flames visible as the plane took off, and the fireball erupting as it hit the ground.
Several buildings in an industrial area beyond the runway were on fire after the crash, with thick, black smoke seen rising into the evening sky.
Beshear said stricken facilities on the ground included a petroleum recycling center and an auto parts business.
“UPS Flight 2976 crashed around 5:15 p.m. local time on Tuesday, Nov. 4, after departing from Louisville Muhammad Ali International Airport in Kentucky,” the Federal Aviation Administration said in a statement.
One key question for investigators is why one engine appeared to have separated from the plane before the crash, a person briefed on the matter said, pointing to video images of airfield debris.
The cause and origin of the fire before the aircraft went down were also unknown.
U.S. air safety expert and pilot John Cox said investigators will need to look at why the plane with three engines failed to fly after one apparently caught fire.
“It’s too big a fire for a normal, typical-engine fire,” Cox said. “It’s much too big.”
“That airplane should have flown on two engines. So now we’ve got to look at what caused it not to fly,” he added.
Fires on the ground burned for hours afterwards, with authorities warning the public within a 5-mile (8-km) radius of the scene to stay indoors to guard against air-quality hazards. The shelter-in-place zone was later reduced to a mile across.
CRASH INVOLVED 34-YEAR-OLD PLANE
FAA records show the crashed plane, an MD-11 freighter, was 34 years old. Boeing, which shut down the MD-11 program after acquiring it in a merger with McDonnell Douglas, said it was concerned for the safety and well-being of those affected, and it would provide technical support to the investigation.
Flightradar24 said the plane, which began operations with UPS in 2006, had flown from Louisville to Baltimore earlier on Tuesday before returning to Louisville.
It climbed to an altitude of 175 feet and reached a speed of 184 knots before making a sharp descent, Flightradar24 data showed.
The National Transportation Safety Board will lead the accident investigation and was sending a team to the site, a spokesperson said.
The NTSB typically takes 12 to 24 months to complete an investigation, make a finding of probable cause and issue recommendations to help avoid similar incidents.
UPS is the largest employer in Louisville, providing 26,000 jobs, the publication Louisville Business First said.
“We are terribly saddened by the accident tonight in Louisville,” the company said in a statement.
Louisville’s Worldport is at the center of the hub-and-spoke system for its air cargo network, serving the high-tech, healthcare and retail industries, handling more than 300 flights and processing about 2 million packages a day.
More than 150 UPS customers, such as Merck & Co and other major pharmaceutical companies, have inventory there.
“My heart goes out to everybody at UPS, because this is a UPS town,” Louisville Metro Council member Betsy Ruhe, whose district includes the airport, said at the press conference.
“We all know somebody who works at UPS, and they’re all texting their friends, their family, trying to make sure everyone is safe. Sadly, some of those texts are probably going to go unanswered.”
Reporting by David Shepardson in Washington and Lisa Baertlein in Los Angeles, with writing and reporting by Chris Thomas in Mexico City; Additional writing and reporting by Dan Catchpole in Seattle and Steve Gorman in Los Angeles; Additional reporting by Juby Babu in Mexico City, Allison Lampert in Montreal, and Gnaneshwar Rajan and Shivani Tanna in Bengaluru; Editing by Stephen Coates and Clarence Fernandez
Pillion passenger seriously injured in collision in Sandys
Motorcycle rider loses control, passenger thrown into the path of an oncoming bus
Full Police Statement:
Around 9:30 p.m. on Tuesday, November 4, 2025, police and other first responders were dispatched to a reported serious road traffic collision involving a bus and a motorcycle on Somerset Road near Heydon Gardens, Sandys.
Initial information suggests the vehicles were traveling in opposite directions when the motorcycle rider lost control of the vehicle, causing his passenger to be thrown into the path of the oncoming bus.
The motorcycle passenger has been transported to King Edward VII Memorial Hospital for treatment of serious injuries.
The male motorcycle rider has been arrested on suspicion of impaired driving.
Traffic in the area is being diverted through the Railway Trail using a one-way system, and motorists are advised to expect lengthy delays while officers process the scene.
Anyone who may have witnessed this collision is urged to contact police on 211 at the earliest opportunity.
Search underway for missing visitor
Police seek public’s help in finding 57 year old South Korean national last seen kayak off South Shore
Full Police Statement:
The Bermuda Police Service is seeking the public’s assistance in locating 57-year-old South Korea National, Hyoung Park.
Mr. Park was last seen at approximately 11:45 a.m. today, Tuesday, November 4, 2025, boarding a kayak, similar to the one pictured and heading out into in the water just off of the Reefs Hotel beach and traveling in an easterly direction along the South Shore.
Mr. Park is described as being 5ft 6in In height, medium build with black hair.
When last seen he was wearing blue swim trunks and and a light-blue marble print tshirt. He may have eventually have put on a life-vest similar to the ones pictured.
Police and Royal Bermuda Regiment personnel conducted extensive searches along the shoreline looking for Mr Park.
The search was called off shortly before 8:00 this evening, due to darkness and high winds. The search is expected to resume at first light, tomorrow, Wednesday, November 5, 2025.
If you have any information on the whereabouts of South Korea National Mr. Hyoung Park, please call 211 or, the main police number, 295-0011.
