The heavily indebted and loss-making company is battling to avoid nationalisation by securing 5 billion pounds ($6.7 billion) of finance from its senior bondholders
International News via Reuters:
Britain has appointed FTI Consulting to advise on contingency plans for Thames Water to be placed into a special administration regime were the country’s largest water utility to collapse, a government source said.
The heavily indebted and loss-making company is battling to avoid nationalisation by securing 5 billion pounds ($6.7 billion) of finance from its senior bondholders.
Thames, which said in July it had enough funds to continue operating for 12 months, needs a reset of regulations for the deal to go ahead.
The government said it would always act in the national interest.
“The company remains financially stable, but we have stepped up preparations and stand ready for all eventualities, including applying for a Special Administration Regime if that were to become necessary,” a government spokesperson said in an emailed statement.
FTI’s appointment was first reported by Sky News.
($1 = 0.7433 pounds)
Reporting by Sachin Ravikumar and Alistair Smout, Editing by Paul Sandle
Wildfires in Canakkale’s Ezine and Ayvacik districts were largely brought under control
International News via Reuters:
Firefighters battled multiple wildfires across Turkey on Tuesday, with a large blaze in the northwestern province of Canakkale burning for a second day after hundreds of residents were evacuated in precaution.
Both Canakkale airport and the Dardanelles Strait, which connects the Aegean Sea to the Sea of Marmara, were temporarily shut due to the wildfires on Monday.
Wildfires in Canakkale’s Ezine and Ayvacik districts were largely brought under control, but blazes in the city centre in the southern part of the Dardanelles Strait were still burning, Agriculture and Forestry Minister Ibrahim Yumakli said in a post on X.
Seven planes and six helicopters were tackling the blaze on Tuesday, Canakkale Governor Omer Toraman said in a post on X, adding that there was no immediate danger to residential areas.
Other wildfires in the northern province of Edirne and southern province of Hatay were completely brought under control while efforts were underway to battle another wildfire in the western province of Manisa, Yumakli said.
Reporting by Ali Kucukgocmen; Writing by Huseyin Hayatsever; Editing by Daren Butler and Andrew Cawthorne
Taiwan is regularly hit by typhoons, generally along its mountainous, sparsely populated east coast facing the Pacific
International News via Reuters:
Authorities in Taiwan were scrambling on Tuesday to evacuate hundreds from the likely path of Typhoon Podul, expected to make landfall on the island’s southeastern coast, while nearby areas battle to recover from the havoc caused by previous storms.
Taiwan is regularly hit by typhoons, generally along its mountainous, sparsely populated east coast facing the Pacific.
The mid-strength Typhoon Podul, packing gusts of as much as 155 kph (96 mph), was heading for the southeastern city of Taitung as it intensifies and was expected to make landfall nearby on Wednesday, weather officials said.
In the eastern county of Hualien, nearly 700 people will be evacuated from their homes to guard against the risk of overflow from a natural dam formed after a landslide set off by a previous typhoon.
“We must especially urge people living downstream to follow government instructions and evacuate,” said Chu Chung-jui, an official of the National Science and Technology Center for Disaster Reduction.
“Authorities are closely monitoring this landslide lake,” he told a Taipei briefing for the typhoon taskforce.
After making landfall, the storm was expected to hit the densely populated western coast before heading for China’s southern province of Fujian later this week.
As much as 600 mm (24 inches) of rain was forecast in southern mountainous areas over the next few days, the Central Weather Administration said.
More than a year’s rainfall fell in a single week this month in some southern areas, unleashing widespread landslides and flooding, with four deaths.
Authorities were also working to evacuate those whose homes were damaged by a July typhoon that brought record winds and damaged the electricity grid in a rare direct hit to Taiwan’s west coast.
Swimmers on a beach near the northeastern port of Suao were enjoying the last of the fine weather before warnings of high seas went out and the coast guard cordoned off coastal areas.
“Here in the east, we always have typhoons or earthquakes, so we are not really scared of those, but rather used to them,” said Yu How-ling, a 30-year-old beach visitor.
Reporting by Yimou Lee, Fabian Hamacher, Ann Wang and Yi-Chin Lee; Editing by Clarence Fernandez
The pan-European STOXX 600 index was up 0.2%, as of 0900 GMT
International News via Reuters:
European shares rose on Tuesday, as a U.S.-China tariff truce extension aided sentiment, while investors awaited U.S. inflation data to gauge the impact of tariffs on price pressures and monetary policy path.
The pan-European STOXX 600 index was up 0.2%, as of 0900 GMT.
Italy’s FTSE MIB rose 0.5%, leading modest gains across regional markets, while Germany’s DAX dipped 0.1%.
Investors were relieved after Washington and Beijing extended a tariff truce by 90 days, staving off triple-digit duties on each other’s goods until November 10, and setting the groundwork for a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this year.
“The fact that they’re still talking and there seems to be a will on both sides is important and I think that is good news for the world economy,” Premier Miton Investors Chief Investment Officer Neil Birrell said.
“We’re celebrating things not being quite as bad as they could have been, which is the way the market operates at times.”
Meanwhile, Trump said both Kyiv and Moscow will have to cede land to end the war ahead of his summit with Russian President Vladimir Putin on Friday. Hopes of a Ukraine peace deal have buoyed European stocks in recent days.
Data later in the day is expected to show U.S. consumer prices likely increased moderately in July, though rising costs for goods like household furniture and apparel because of tariffs probably resulted in a measure of underlying inflation posting its largest gain in six months.
Soft economic data in recent weeks and a shake-up at the Federal Reserve have stoked expectations of as many as two interest rate cuts from the U.S. central bank this year.
Technology stocks were the laggards on the day, down 1%, with U.S. tech major Nvidia slipping in U.S. premarket trading, after a report said that Chinese authorities have urged local companies to avoid using Nvidia’s artificial intelligence chips.
Spirax Group was the top gainer on the STOXX 600, surging 13%, after the British manufacturing group’s first-half results beat expectations.
Sartorius rose 3.6% after Jefferies upgraded the pharmaceutical equipment supplier’s stock rating to “Buy” from “Hold”.
Vestas Wind Systems gained 4.1% after receiving orders in the U.S. for undisclosed projects.
Conversely, Derwent London shares dropped 4.4% and were the top decliners on the STOXX 600 after reporting lower first-half earnings.
Reporting by Twesha Dikshit and Sruthi Shankar in Bengaluru; Editing by Rashmi Aich
Employers have said finance minister Rachel Reeves’ decision to raise a tax on them is weighing on their staffing and pay decisions
International News via Reuters:
Britain’s jobs market has weakened again, official data showed, with payrolls falling for a sixth month and vacancies dropping further, but wage growth stayed strong, underscoring why the Bank of England is so cautious about cutting interest rates.
With the central bank’s policymakers split over the risks of a hiring slump and a pickup in inflation pressures, the Office for National Statistics’ figures pointed to a continued cooling of the labour market, albeit less sharply than in recent months.
The number of employees on company payrolls, as measured by tax office data, fell by a provisional 8,000 in July from June, extending a run of declines that began in February but the smallest decline in that run.
The reduction in June was revised down to 26,000, fewer than the originally reported fall of 41,000.
Employers have said finance minister Rachel Reeves’ decision to raise a tax on them is weighing on their staffing and pay decisions, as well as causing an increase in their prices.
Basic wage growth in the private sector – watched closely by the BoE – edged down to 4.8% in the three months to June.
But overall average weekly earnings, excluding bonuses, grew by 5.0%, unchanged from the three months to May and above the 3% level seen as consistent with the BoE’s 2% inflation target.
“Today’s labour market figures underline the stagflation quandary facing the Monetary Policy Committee,” Jack Kennedy, senior economist at job website Indeed, said.
“While a further rate cut in November remains on the cards, it’s not a done deal with wage growth remaining elevated amid concerns over inflation persistence.”
The BoE last week cut interest rates to 4% from 4.25%, but only after a tight 5-4 vote by the MPC, which expects headline inflation to hit 4% soon, double its 2% target.
Sterling rose slightly after the jobs figures were published and investors trimmed their bets on the possibility of another BoE rate cut this year. They are fully pricing another cut only in February 2026, according to LSEG data.
Thomas Pugh, chief economist at tax and consulting firm RSM UK, saw signs that the hit to hiring caused by the tax hike on employers and a sharp increase in the minimum wage was fading.
“It looks like the worst of the adjustment to the big increase in labour costs is now behind us, and that the labour market is now stabilising,” Pugh said.
However, Tuesday’s data showed that the number of job vacancies fell by 44,000 in the three months to July to 718,000, the lowest since the three months to April 2021.
Britain’s unemployment rate in the three months to June held at 4.7%, its highest since the second quarter of 2021, although that figure was based on a survey of households that the ONS is overhauling and has said is not currently reliable.
In one positive sign for the BoE and the government, the inactivity rate – which measures people out of work and not looking for a job – fell to its lowest since the start of the coronavirus pandemic at 21%.
Reporting by Suban Abdulla and William Schomberg; Editing by Kate Holton, Aidan Lewis
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Ben Smith says his experience makes him the best choice to lead an Opposition focused on growing the population and opportunities
Deputy OBA Leader Ben Smith is looking to succeed Jarion Richardson as party leader
WATCH highlights above, SCROLL DOWN for extended interview
A leader Bermuda should believe in, in a party that looks more like Bermuda.
That’s how Ben Smith describes himself and the One Bermuda Alliance as he makes himself a contender for the leadership of the Opposition.
Ben Smith is up against Robert King for the leadership position, becoming vacant in September when Jarion Richardson steps down.
Scott Pearman and Michael Fahy are both vying for Deputy Leader at the party conference on September 6th.
In an extended interview with Gary Foster Skelton, Mr Smith says his experience makes him a better choice for leader than Robert King, and that he has been part of the internal growth that has made the party more representative of Bermuda overall.
He also says the OBA is focused on growing the population, and therefore growing opportunities.
Minister responds to criticism, cites efforts being made to make Bermuda safer
Michael Weeks: “I stand ready to work with all who genuinely share the goal of a safer Bermuda, and I welcome constructive dialogue in and out of Parliament.”
Minister of National Security Responds to MP Robert King’s Criticism of the National Violence Reduction Strategy The following statement is from the Minister of National Security, the Hon. Michael Weeks, JP, MP:
“The safety and security of our people is not an issue to be used as a political football. Every act of violence, every life lost, is a tragedy that affects us all. My role as Minister is not to go back and forth with anyone seeking to exploit this issue, but to remain focused on continually improving the security and safety of our community. “Those of us who are serious about improving Bermuda know that this is not a political issue. It is a social issue that requires collaborative action. Action we are taking. “Under the National Violence Reduction Strategy, we have invested more than half a million dollars in community organisations whose work directly addresses the root causes of violence. “This includes:
Sports clubs that offer young people healthy alternatives and mentorship.
Community support programmes building stronger, more connected neighbourhoods.
Educational initiatives giving our young people tools for success.
Youth mentorship to guide at-risk individuals towards positive life choices.
“These investments are aligned with the Strategy’s five pillars: prevention, early intervention, mental health support, community resilience, and evidence-based enforcement. “The Ministry continues to work in close coordination with the Bermuda Police Service, the Royal Bermuda Regiment, the Department of Corrections, Customs, and the Gang Violence Reduction Team. In fact, with the encouragement of the Ministry, the BPS will be increasing the use of Body Cams and have now received 200 new bodycams. We believe that the bodycams provide a greater level of security to members of the public and to our Officers. “We are also enhancing our use of data to identify trends, deploy resources where they are most needed, and evaluate the impact of our initiatives. Some push for more police on the streets as the only solution, and while we are hiring more officers, we do not believe that is the only solution. Alongside enforcement, we are committed to tackling the social and economic drivers of crime. This means expanding early-intervention programmes, supporting at-risk youth, and working closely with community leaders, schools, and families to prevent crime before it occurs. “We are also reviewing border security measures to ensure our agencies have the tools and intelligence they need to prevent illegal weapons and drugs from entering Bermuda. “Again, the responsibility for safer communities does not rest with the government alone. It requires the active partnership of residents, community organisations, faith groups, businesses, and every elected representative, regardless of political affiliation. It also requires caring enough about this issue and having the maturity to not exploit the challenges facing our community for political expediency. “I stand ready to work with all who genuinely share the goal of a safer Bermuda, and I welcome constructive dialogue in and out of Parliament. Together, we can reduce violence, build trust, and create a society where every person feels secure.”.
Airplanes, helicopters, vehicles and around 700 personnel are fighting against the blazes
International News via Reuters:
Firefighters in Turkey are battling wildfires in the centre of the northwestern province of Canakkale, fanned by strong winds, and hundreds of residents have evacuated in precaution, local authorities and media said on Monday.
Airplanes, helicopters, vehicles and around 700 personnel are fighting against the blazes, city governor Omer Toraman said in a post on X.
Authorities also launched precautionary evacuations in areas at risk including a university campus, military area and residential areas and urged residents to avoid unnecessary travel to keep roads clear from traffic for emergency vehicles.
The city’s airport, the Dardanelles Strait, as well as a part of the highway were shut due to the wildfires, and local television footage showed huge plumes of smoke billowing over the hills.
Water-spraying police vehicles were extinguishing blazes that spread to some residential buildings in the area according to footage from Anadolu news agency.
Temperatures in the region reached 33 degrees Celsius with a wind speed reaching up to 66 kilometers per hour, according to Turkey’s meteorological service.
Some 50 people were affected by smoke and were treated at nearby medical facilities, with no life-threatening conditions, the governor said.
Reporting by Ezgi Erkoyun and Ali Kucukgocmen, Editing by Alexandra Hudson
A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold
International News via Reuters:
U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat.
“Gold will not be Tariffed!” Trump said in a statement posted on his social media account. He gave no details.
The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal’s global supply chains.
In response, a White House official told Reuters on Friday that the Trump administration was preparing an executive order “clarifying misinformation” about tariffs on gold bars and other specialty products.
A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold. Trump’s Monday post removes that concern.
“Delighted to hear the crisis has been averted,” said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
U.S. gold futures dropped 2.4% to $3,407 per ounce after Trump’s post on Monday, reducing a premium over spot gold, the global benchmark, which fell 1.2% to $3,357.
Shares of Barrick Mining fell 2.8% on Monday afternoon after the company posted quarterly results, while shares of Newmont – the world’s largest gold miner – were down slightly to $68.87. Both companies are major U.S. gold producers.
Reporting by Pratima Desai, Ernest Scheyder and Jasper Ward; writing by Susan Heavey; Editing by Leslie Adler
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