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UBS joins exodus from climate banking alliance

The departure raises questions about the future of NZBA

International News via Reuters:

Swiss lender UBS will leave the Net-Zero Banking Alliance, following the departure of major British banks Barclays and HSBC, as part of an annual review of its sustainability and climate-related memberships.

The departure raises questions about the future of NZBA, an initiative established in 2021 to help banks align with global climate goals, including funding environmentally friendly activities and setting emission reduction targets.

UBS said that although the alliance had provided valuable frameworks for initial target-setting, the bank has advanced its own capabilities and decided to leave.

Global peers including JPMorgan, Citi, Morgan Stanley, Macquarie and Bank of Montreal have all exited the group this year as the U.S. increases its scrutiny of financial institutions deemed to be supporting pro-climate policies.

The group was formed in 2021 to help align the sector with the world’s goal of limiting global warming, including by mobilising more money for environmentally friendly activities and setting targets for members to reduce emissions linked to their business activities.

Barclays said last week it had quit the group because the departure of several global lenders has left the NZBA no longer fit to support the bank’s green transition.

UBS said the group had played a valuable role in helping banks establish initial target-setting frameworks in the early days but had decided to leave now that the work had advanced and the Swiss lender had bulked up its in-house capabilities.

“NZBA’s strength lies in the commitment of its member banks to lead the net zero transition,” an NZBA spokesperson said in an emailed comment. “This long-term work requires courage, consistency and true leadership to stay on track, even when faced with barriers to action.”

Earlier this year, NZBA ditched some of its more stringent membership rules in a bid to keep members. The group said the move was a reflection of the slow pace of change in the real economy and to help appeal to emerging market lenders.

Last month, UBS announced it was replacing its head of sustainability Michael Baldinger, who was in the role of chief sustainability officer until July 2025.

Baldinger was replaced by Christian Leitz, who adds the CSO title to his current role as head of corporate responsibility and corporate historian. UBS Group’s sustainability strategy and impact is overseen by Beatriz Martin Jimenez, who also sits on the bank’s board which includes the bank’s philanthropy work.

Reporting by Virginia Furness, Editing by Louise Heavens

Solomon Islands blocks US, China, Taiwan from Pacific’s top political meet

Three island states have diplomatic ties with Taiwan and not China

International News via Reuters:

Solomon Islands Prime Minister Jeremiah Manele has said that 21 donor countries, including the United States and China, will not be invited to the region’s top political meeting, a move that follows pressure from Beijing to exclude Taiwan.

China’s biggest security ally in the Pacific Islands, the Solomon Islands is hosting the annual meeting of the 18-member bloc’s forum in September.

Three island states have diplomatic ties with Taiwan and not China, and they had expressed concern Taiwanese officials would be blocked from entering the country. Solomon Islands switched ties from Taiwan to China in 2019, and removed Taiwan from a list of countries eligible for concessional entry in April.

Beijing, which has deepened its ties in the Pacific, claims Taiwan as its own territory.

Manele told the Solomon Islands parliament on Wednesday his cabinet had decided no dialogue partners would be invited to this year’s event, because a review of each country’s relationship with the Pacific had not been completed.

He said he had informed the forum’s 18 leaders of the decision this week.

The World Bank, Asia Development Bank and civil society groups would attend, he added.

Opposition party politician Peter Kenilorea Jr, chairman of the parliament’s foreign relations committee, said the decision was “a massive missed opportunity” for Pacific Island countries to meet global donors.

“We know this issue is all about China and Taiwan,” he told parliament.

After forum leaders were told of the decision, Marshall Islands President Hilda Heine criticised interference in the forum’s affairs in a speech to the Taiwan ally’s parliament.

China had “interfered” at last year’s meeting in Tonga to change the language of the leaders’ communique, Heine said. References to Taiwan were removed after Chinese diplomats complained.

The Pacific Islands is among the world’s most aid-reliant regions, and on the frontline of rising sea levels.

The region has also been a focus of increasing security competition between the United States and China.

While U.S. allies Australia and New Zealand are the largest forum members, neither Beijing nor Washington are part of the group.

Kenilorea Jr said he feared that China, which has a strong presence in Solomon Islands, will hold bilateral meetings with Pacific leaders on the margins of the forum regardless.

“This could be seen by some PIF leaders as a betrayal of the collective and could risk an even bigger rift of the group,” he said in comments to Reuters.

China’s embassy did not respond to a request for comment.

The forum’s foreign ministers will meet in Fiji next week.

Reporting by Kirsty Needham in Sydney; Editing by Kate Mayberry

FTSE 100 slips ahead of BoE rate decision, mixed earnings weigh on sentiment

The BoE looks poised to cut interest rates for the fifth time in 12 months on Thursday

International News via Reuters:

British benchmark index FTSE 100 slipped on Thursday, as investors weighed a mixed bag of corporate results and awaited the Bank of England’s rate decision due later in the day.

The blue-chip FTSE 100 was down 0.2% as of 0927 GMT.

The BoE looks poised to cut interest rates for the fifth time in 12 months on Thursday, but lingering inflation concerns could divide policymakers and impact future rate decisions. Investors will closely watch if the central bank maintains its “gradual and careful” tone on policy easing.

In the market, aerospace and defence stocks led the sectoral decline, down 2.6%, after German defence company Rheinmetall missed quarterly results expectations, dragging down European peers.

Britain’s BAE Systems and Babcock were among the top losers in the FTSE 100, down 4.4% and 4.5% respectively.

Hikma Pharmaceuticals fell the most in the benchmark index, down 6.7%, after a strong euro prompted the group to lower its margin outlook for its injectables unit.

Healthcare stocks fell 1.1%, with AstraZeneca down 1.5%.

Adding to the sector’s woes, U.S. President Donald Trump said on Tuesday that Washington would initially place a “small tariff” on pharmaceutical imports, eventually increasing it to 250%.

Additionally, sterling rose against a weakening dollar, which further pressured the export-oriented companies.

On trade, Trump’s higher tariffs of 10% to 50% on dozens of trading partners kicked in on Thursday, testing his bid to shrink U.S. trade deficits without triggering inflation, supply chain disruptions or retaliation from trading partners.

Meanwhile, the domestically focused midcap FTSE 250 rose 0.3%, with Harbour Energy’s 12.6% jump after the oil and gas producer raised its annual forecast.

Among other individual stocks, InterContinental Hotels Group (IHG) rose 6.7% following the Holiday Inn owner reported a jump in first-half profit.

WPP fell 2.7%, touching its lowest since July 2009, after the British ad group halved its interim dividend.

Reporting by Sanchayaita Roy in Bengaluru; Editing by Vijay Kishore

Bermuda Tonight – 6 August 2025

In tonight’s news at 7pm…

  • St George’s Cricket Club formally apologises for Cup Match behaviour
  • Hayward: BELCO is ‘skirting around pollution issue’
  • 200 new police body cams are now operational
  • 2nd Annual Mary Prince Women’s Conference starts tomorrow

Wednesday Sports Round-Up

Bermuda’s athletes shine on the international stage

In Concacaf football, Trinidad and Tobago outclass Bermuda’s Under-15s, while in archery, two of the island’s top young athletes set their sights on the Junior Pan Am Games. Details on these stories and more in today’s Sports Round-Up

Bermuda Police Service deploys 200 new body cams

Commissioner of Police, Darrin Simons says the upgraded devices are expected to improve transparency for the community and officers on patrol

Newly operational body cams for the Bermuda Police Service. Photo: Bermuda Broadcasting Company

200 new body cams are operational and worn by officers of the Bermuda Police Service to de-escalate matters in the field, according to the Commissioner of Police.


During a news conference this afternoon, Commissioner Darrin Simons told media, the recording devices have new feature such as a 16 hour battery life, 100% percent water-proof casing and can “live” stream incidents directly to Comm Op’s policing units during incidents.


Commissioner Simons reiterated that the main purpose of body cams is to enhance transparency and moderate the behaviour of people involved and the recording officers.

The new body cams went live last month.

Commissioner Simons explained how the body cams are expected to be on and recording for a majority of routine offense stops with a policy in place to prevent officers from failing to record incidents.

‘BELCO is skirting around pollution issue’

Citing international air quality standards and industrial zoning is just diverting from the real problem, suggests MP Jason Hayward

(SCROLL DOWN for extended interview)

The MP for the area surrounding BELCO does not think the fact that the site has been zoned industrial for a century gives them the right to pollute their neighbours.

…he also thinks that BELCO referencing international air and water standards is diverting from the real issue – that their pollution is unacceptable.

Jason Hayward, PLP MP for Pembroke Central, this week urged BELCO to speed-up the implementation of a solution to harmful emissions. Today he spoke to Gary Foster Skelton in more detail about advocating for his constituents.

McDonald’s global sales top estimates as affordable meal options boost demand

Its shares rose 2.3% in early trading as strong demand in the U.S. and international markets powered a 3.8% rise in global same-store sales

International News via Reuters:

McDonald’s second-quarter global comparable sales beat Wall Street estimates on Wednesday, as affordable meal bundles and promotions drew in budget-conscious diners looking to stretch their dollars amid economic uncertainty.

Its shares rose 2.3% in early trading as strong demand in the U.S. and international markets powered a 3.8% rise in global same-store sales, above expectations of a 2.4% rise, according to data compiled by LSEG.

Fast-food chains have seen competition heat up as companies such as McDonald’s, Domino’s Pizza and Taco Bell owner Yum Brands double down on value meals to counter a slowdown in demand, mainly among the lower-income households.

To improve sales, McDonald’s launched a limited-time Happy Meal offer for kids and adults tied to the “Minecraft” Movie promotion in April. In May, it introduced McCrispy Chicken Strips as a permanent menu item.

These promotions are in addition to the $5 meal deal and the buy-one, add-one for $1 offers launched last year.

CEO Chris Kempczinski said re-engaging the low-income consumer is “critical”, as they typically visit its restaurants more frequently than middle- and high-income groups.

“This bifurcated consumer base is why we remain cautious about the overall near-term health of the U.S. consumer,” he said.

Menu innovation and promotions had also helped Domino’s report upbeat U.S. same-store sales, while weakening demand hurt sales at Yum Brands and Chipotle Mexican Grill.

For the second quarter, customer visits to McDonald’s outperformed the wider quick-service restaurant category, data from foot traffic tracking firm Placer.ai showed.

“While rivals like Yum Brands and Chipotle struggled with consumer pullback, McDonald’s played to its strengths by leaning into value, nostalgia and limited-time promotions,” eMarketer analyst Zak Stambor said.

Comparable sales in U.S., McDonald’s biggest market, grew 2.5%, compared with a 0.7% decline a year ago.

Sales in its business segment where restaurants are operated by local partners, jumped 5.6%, led by Japan, while it rose 4% in international markets, on demand recovery in the UK, Canada and France.

Adjusted net income of $3.19 per share exceeded estimates of $3.15.

Reporting by Savyata Mishra in Bengaluru; Editing by Arun Koyyur

Cup Match: SGCC issues apology and sanctions

2 players sanctioned for breaching Cup Match Code of Conduct

The St. George’s Cricket Club has issued a formal apology following unsportsmanlike conduct by some of its players during the 2025 Cup Match Classic.

As a result of the incident, two players have been sanctioned for breaching the Cup Match Code of Conduct.

Onias Bascome has pleaded guilty to a Level 1 Offense — showing dissent at an umpire’s decision. He has accepted the punishment, which includes a warning, reprimand, or a fine of up to 25% of his match fee.

Macai Simmons has pleaded guilty to a more serious Level 2 Offense — showing serious dissent at an umpire’s decision. He has accepted a sanction that carries a fine of between 15% and 50% of his match fee.

In a public statement, club president Mishael Paynter addressed the incident, saying:

“We, St. George’s Cricket Club, apologise to our members, the public at large, and sponsors for our players’ behavior and breaking of the Code of Conduct. Along with that, we hear you and the plethora of opinions on how to improve Cup Match, and throughout August will have several discussions with our executive, management, coaches, support staff, and players as we begin to collectively chart a way to improve and enhance Cup Match not only off the field, but on it as well.”

Exclusive-US lawmaker questions Intel CEO’s ties to China in letter to company board chair

It is not illegal for U.S. citizens to hold stakes in Chinese companies

International News via Reuters:

U.S. Republican Senator Tom Cotton sent a letter to Intel’s board chair on Wednesday with questions about the chipmaker’s new CEO Lip-Bu Tan’s ties to Chinese firms and a recent criminal case involving his former company Cadence Design.

Writing to “express concern about the security and integrity of Intel’s operations and its potential impact on U.S. national security”, Cotton asked in the letter to Intel chairperson Frank Yeary whether the company’s board was aware of the subpoenas sent to Cadence during Tan’s time there as CEO before Intel hired him. Cotton asked what measures were taken to address those concerns.

He also asked whether Intel’s board required Tan to divest from chip firms in China linked to the Chinese military or Communist Party, and if Tan adequately disclosed other ties to Chinese companies due to Intel’s involvement in the Secure Enclave program, an initiative designed under the Biden administration to ensure a secure supply of microelectronics for defense.

Because of Intel getting federal funding under the initiative, Cotton questioned Yeary in the letter about Tan’s disclosures related to investment, professional roles or other ties to Chinese companies.

“Intel is required to be a responsible steward of American taxpayer dollars and to comply with applicable security regulations,” Cotton wrote. “Mr. Tan’s associations raise questions about Intel’s ability to fulfill these obligations.”

In a statement, an Intel spokesperson said, “Intel and Mr. Tan are deeply committed to the national security of the United States and the integrity of our role in the U.S. defense ecosystem.” The company said it would address the matters in the letter with the Senator.

In April, Reuters reported Tan – himself or through venture funds he has founded or operates – has invested in hundreds of Chinese companies, some of which are linked to the Chinese military. The Intel CEO invested at least $200 million in hundreds of Chinese advanced manufacturing and chip firms between March 2012 and December 2024, Reuters found.

A source familiar with the matter had at the time told Reuters that Tan had divested from his positions in entities in China, without providing further details. Chinese databases reviewed by Reuters at the time had listed many of his investments as current, and Reuters was at the time unable to establish the extent of his divestitures.

Cotton’s letter mentioned the Reuters story as a source.

CADENCE REACHES SETTLEMENTS

It is not illegal for U.S. citizens to hold stakes in Chinese companies, even those with ties to the Chinese military, unless those companies have been added to the U.S. Treasury’s Chinese Military-Industrial Complex Companies List, which explicitly bans such investments. Reuters in April had found no evidence that Tan at the time was invested directly in any company on the U.S. Treasury’s list.

Separately, last week Cadence Design agreed to plead guilty and pay more than $140 million to resolve charges for selling its chip design products to a Chinese military university, Reuters reported. The institution was believed to be involved in simulating nuclear blasts.

In a filing with the Securities and Exchange Commission, Cadence said it was “pleased” to reach settlements with the Justice and Commerce departments.

Tan ran Cadence as CEO from 2008 through 2021 and was executive chairman until May 2023. The sales to Chinese entities occurred under his leadership at Cadence, which makes design software and other tools used to create chips.

Reporting by Max A. Cherney in San Francisco; Additional reporting by Stephen Nellis; Editing by Sayantani Ghosh and Muralikumar Anantharaman

Interactive ‘StoryWalk’ returns to Botanical Gardens

The scenic route tells the story of The Bermuda Cedar Tree by Kevin Stevenson

Government press release:

The Department of Parks and the Bermuda Youth Library invite families, camps, and all book lovers to enjoy the Botanical Gardens’ newly updated StoryWalk on Thursday, August 14th, 2025.

The StoryWalk begins at 10:00 a.m. under the Banyan Trees and concludes with interactive activities on the Celebration Lawn. This free, family-friendly event offers an enjoyable and accessible way to foster a love of reading while promoting physical activity.

The Bermuda Cedar Tree by Kevin Stevenson is the featured book. Visitors will follow the story along a scenic route through the Gardens, combining storytelling with the park’s natural beauty.

This initiative builds on the success of the first Botanical Gardens StoryWalk, launched in May 2024 and featuring Abigail’s Dream Adventures by Bermudian author Karen E. Franks.

Originally created by Anne Ferguson of Montpelier, Vermont, the StoryWalk concept combines the joy of reading with the beauty of the outdoors, creating an educational activity for families.

The Department of Parks and the Bermuda Youth Library are thrilled to continue offering this innovative experience that celebrates reading, nature, and community.

The StoryWalk at the Botanical Gardens is made possible by the generous sponsorship of Deloitte.

France battles largest wildfire of the year, one person killed

The fire has burnt down at least 25 houses

An aerial view of a wildfire, near the village of Saint-Laurent-de-la-Cabrerisse, southern France, August 6, 2025. Securite Civile/Handout via REUTERS

International News via Reuters:

Firefighters in southern France struggled on Wednesday to control a massive wildfire that has already swept through an area bigger than Paris, as the blaze spread rapidly through forests and villages, forcing residents and tourists to flee.

One person died in the village of Saint-Laurent-de-la-Cabrerisse, about 30 kilometers from the city of Perpignan, the Aude prefecture said. The fire has burnt down at least 25 houses. Many roads in the area are closed.

So far 13,000 hectares have burned – similar to the total area that burned across all of France in 2024, and more than twice the area hit by wildfires in 2023, environment Minister Agnes Pannier-Runacher said on X.

The fire moved incredibly fast, leaving no time to prepare, said Dutch national Renate Koot, who was on holidays in Saint-Laurent-de-la-Cabrerisse with her partner and had to flee.

“One moment we were on the phone with our children … thinking, ‘Look, a fire!’. The next, we had to jump in the car and leave, while praying for protection. We didn’t take anything with us and just left,” she said. “We’re okay. Miraculously.”

“It’s unbelievable. It’s a catastrophe,” said Spanish national Issa Medina, as the sound of firefighters echoed in the background. Medina was with her family in Saint-Laurent-de-la-Cabrerisse.

The prefecture said the fire was progressing “very quickly” and that nearly 2,000 firefighters were trying to bring it under control. Around 2,500 households in the area were currently without electricity, it said.

This is “a disaster of unprecedented scale”, firefighter spokesman Eric Brocardi told RTL radio, saying the fire was spreading at 5.5 kph (3.4 mph).

HIGH RISK OF FIRES

Officials and experts warned the wind could change direction, further complicating efforts to fight the wildfire.

Scientists say the Mediterranean region’s hotter, drier summers put it at high risk of wildfires. Once fires start, plentiful dry vegetation and strong winds in the region can cause them to spread rapidly and burn out of control.

“With climate change, the risk of having wildfires is expected to increase during the summer, but also to extend into the autumn and spring, and to spread toward the southwest, the center, and the north of France,” said Serge Zaka, a climate and agriculture analyst.

SPAIN, PORTUGAL

Meanwhile, Spain is experiencing a prolonged heatwave since Sunday that was expected to extend into next week, with temperatures reaching 43C in some areas.

The high temperatures have helped to fan several wildfires.

Emergency services on Wednesday were still fighting to put out a blaze in the kitesurfing resort of Tarifa in southern Spain that was believed to have been started when a caravan in a campsite caught on fire, and where access to hotels, campsites and restaurants in the area was still restricted.

Firefighters were also battling a wildfire near houses in the town of Ponteceso, in the Galicia region, which forced the evacuation of Corme Aldea village.

In Portugal, wildfires have burned through more than 42,000 hectares so far this year, the largest area since 2022 and eight times more than at the same time last year.

More than half of that area was affected in the last two weeks amid high summer temperatures. In the early hours on Wednesday, firefighters managed to control a large blaze that has been raging since Saturday near Vila Real in the north, where the heatwave has brought temperatures up to 40C this week.

Writing by Ingrid Melander; Reporting by Manon Cruz in Saint-Laurent-de-la-Cabrerisse, Gus Trompiz in Paris and Charlotte Van Campenhout in Amsterdam, Charlie Devereux in Madrid, Andrei Khalip in Lisbon, additional reporting by Michel Rose, Benjamin Mallet and Sudip Kar-Gupta in Paris; Editing by Alison Williams, Alexandra Hudson