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Italian regulator hits Shein with 1 million euro greenwashing fine

It is Shein’s second financial sanction by a European competition authority in little more than a month

International News via Reuters:

Italy’s competition authority (AGCM) imposed a 1 million euro ($1.16 million) fine on China-founded online fast fashion retailer Shein on Monday for misleading customers about the environmental impact of its products.

It is Shein’s second financial sanction by a European competition authority in little more than a month, after France fined the company 40 million euros on July 3 over fake discounts and misleading environmental claims.

The Italian fine was imposed on Infinite Styles Services Co. Limited, a Dublin-based company that operates Shein’s website in Europe, following an investigation by AGCM launched last September.

In a statement, Shein said it has cooperated fully with AGCM and took immediate action to address the concerns raised.

AGCM said the environmental sustainability and social responsibility messages on Shein’s website “were sometimes vague, generic, and/or overly emphatic, and in other cases omitted and misleading.”

Shein’s claims on circular system design and product recyclability “were found to be false or at the very least confusing”, and the green credentials of its ‘evoluSHEIN by design’ collection were overstated, the regulator said.

Shein promotes the ‘evoluSHEIN by design’ collection as clothes made using more sustainable and responsible manufacturing.

AGCM said consumers could be misled to think that the collection was made with materials that are fully recyclable, “a fact that, considering the fibres used and currently existing recycling systems, is untrue”.

Shein, in its statement, said: “We have strengthened our internal review processes and improved our website to ensure that all environmental claims are clear, verifiable, and compliant with regulations.”

AGCM also took issue with Shein’s “vague and generic” commitments to cut greenhouse emissions by 25% by 2030 and to net zero by 2050, noting that Shein’s emissions increased in 2023 and 2024.

The Italian regulator said its overall assessment was influenced by an “increased duty of care” falling on Shein, “because it operates in a highly polluting sector and with highly polluting methods”.

AGCM is in charge of consumer protection as well as competition.

($1 = 0.8642 euros)

Reporting by Alvise Armellini, additional reporting by Helen Reid in London, editing by Cristina Carlevaro and Susan Fenton

Oil falls as OPEC+ proceeds with September output hike

The move, in line with market expectations, marks a full and early reversal of OPEC+’s largest tranche of output cuts

International News via Reuters:

Oil prices dropped on Monday after OPEC+ agreed to another large output hike in September, though traders remained wary of further sanctions on Russia.

Brent crude futures fell 85 cents, or 1.2%, to $68.82 a barrel by 0846 GMT, and U.S. West Texas Intermediate crude declined 82 cents, or 1.2%, to $66.51 a barrel. Both contracts closed about $2 lower on Friday.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share.

The move, in line with market expectations, marks a full and early reversal of OPEC+’s largest tranche of output cuts, amounting to about 2.5 million bpd, or about 2.4% of world demand.

Analysts at Goldman Sachs expect that the actual increase in supply from the eight OPEC+ countries that have raised output since March will be 1.7 million bpd, because other members of the group have cut output after previously overproducing.

Investors also continued to digest the impact of the latest U.S. tariffs on exports from dozens of trading partners.

Still, investors remain wary of further U.S. sanctions on Russia, as Trump has threatened to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine.

“In the medium term, oil prices will be shaped by a mix of tariffs and geopolitics. Any price jump triggered by energy sanctions is expected to be ephemeral,” PVM analyst Tamas Varga said.

At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said on Friday and LSEG trade flows showed.

This puts about 1.7 million bpd of crude supply at risk if Indian refiners stop buying Russian oil, ING analysts said in a note.

However, two Indian government sources told Reuters on Saturday the country will keep purchasing oil from Russia despite Trump’s threats.

Reporting by Enes Tunagur and Florence Tan; Editing by Jamie Freed, Tom Hogue and Emelia Sithole-Matarise

British bank shares jump after Supreme Court ruling on car loan claims

Britain’s Financial Conduct Authority (FCA) said on Sunday it would consult on a redress scheme for motorists claiming to have been overcharged

International News via Reuters:

Shares in British lenders surged on Monday after a Supreme Court ruling on motor finance claims last week went largely in their favour, although it still left banks facing billions of pounds of potential compensation claims collectively.

Lloyds Banking Group shares jumped 7%, on track for its biggest daily gain in three years, while specialist Close Brothers’ stock was up 21%.

Barclays, a smaller player in the market, gained 2.3%, while Bank of Ireland and Santander – both exposed through their UK arms, gained 3% and 2.3% respectively.

Britain’s Financial Conduct Authority (FCA) said on Sunday it would consult on a redress scheme for motorists claiming to have been overcharged, estimating the total bill could hit between 9 billion and 18 billion pounds ($12-24 billion).

However, that cost is likely to be substantially lower than analysts’ early estimates of more than 30 billion pounds, after the Supreme Court on Friday overturned an earlier Court of Appeal judgment that had widened the scope of valid claims.

Banking analysts at RBC said they expected the cost to come in at 11.5 billion pounds, leaving several banks under-provisioned and potentially needing to set aside more cash, but less than the market had expected.

Lloyds said on Monday it would keep under review its 1.2 billion pound ($1.6 billion) provision for motor finance claims, and that any change was “unlikely to be material.”

Close Brothers, which had previously set aside 165 million pounds, made no mention of its provision on Monday but said it would engage with the FCA on its consultation.

South African bank FirstRand, which mounted the Supreme Court appeal alongside Close Brothers, said it may need to update its own provision following the judgment.

“(The judgment) has taken the worst case scenario off the table,” said Gary Greenwood, analyst at Shore Capital.

He said lenders would likely still face some claims if consumers could prove they had been treated unfairly.

Lloyds, Close Brothers, Barclays, Santander and Bank of Ireland had previously set aside nearly 2 billion pounds between them.

“We expect this move to accelerate M&A activity due to some lenders having decreased risk appetite but also because of (some) unused provision amounts,” said Hyder Jumabhoy, partner at law firm White & Case.

The FCA said on Sunday it would launch a consultation on its redress scheme by early October. Car loans dating back to 2007 would possibly qualify for redress.

($1 = 0.7534 pounds)

Reporting by Iain Withers, Additional reporting by Charlie Conchie and Danilo Masoni; Editing by Kirsten Donovan and Bernadette Baum

Key Asian fuel exporters boost jet fuel sales to Europe in July, sources say

The Asian exporters are set to ship 600,000-775,000 metric tons (4.728-6.107 million barrels) of the aviation fuel to Europe this month

International News via Reuters:

Jet fuel exports from South Korea, China and Southeast Asia to Europe likely hit a multi-year high in July as traders shipped out excess regional supply to cash in on higher European prices, according to shiptracking data and industry sources.

The Asian exporters are set to ship 600,000-775,000 metric tons (4.728-6.107 million barrels) of the aviation fuel to Europe this month, data from Vortexa, three trade and shipping sources showed, mostly from China and South Korea.

Vortexa puts the volume at nearly a three-year high while trade sources said it’s the highest in five years.

Last month, northeast Asian exports to Europe were at nearly 500,000 tons.

Elevated exports to the west will continue to ease Asia’s supply glut and limit regional price weakness here.

“The arbitrage economics has been favourable till mid-July,” said Vortexa’s head of APAC analysis Ivan Mathews, although he expects exports to ease in August as arbitrage margins have narrowed.

Physical jet fuel prices in Northwest Europe were on average $65 per ton higher than in Asia, compared with $50 per ton last month, LSEG data showed.

Meanwhile, the cost to ship 90,000 tons of jet fuel on LR2 tankers fell to an average $3.75 million in July from $4.4 million in June, data from shipbroker SSY showed, after the Iran-Israel conflict ended.

In Europe, the average number of daily flights for July so far is up 4% year-on-year and 1% higher than 2019 levels, data from Eurocontrol showed, underscoring robust demand.

Stockpiles of aviation fuel independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were at 745,000 tons last week, the lowest since February this year, data from Dutch consultancy Insights Global showed.

That level is below this year’s average at 846,000 tons and 2024 weekly average of 881,000 tons.

Robust exports from China also helped. The world’s top refiner is expected to ship out more than 2.3 million tons of aviation fuel for August, similar to July, industry estimates showed.

China’s overall jet fuel and kerosene exports should remain elevated in the coming months as its top refiner Sinopec is increasing output while demand from domestic flights is plateauing, analysts from consultancy FGE said in a note.

Jet fuel exports remained the most profitable for Chinese refiners compared with other products, two China-based trade sources said.

Reporting by Trixie Yap; Editing by Florence Tan and Ronojoy Mazumdar

Sterling advances against dollar, euro ahead of BoE policy announcement

The pound was last at $1.3306 against the dollar, up 0.2% after a 0.6% gain on Friday

International News via Reuters:

The British pound climbed against the dollar on Monday, adding to gains from Friday as the U.S. currency dropped following a weak U.S. jobs report, with the focus on the Bank of England’s impending policy announcement later this week.

The pound was last at $1.3306 against the dollar, up 0.2% after a 0.6% gain on Friday.

But the currency slid 3.8% last month, its biggest monthly drop since September 2022, on concerns over Britain’s fiscal position and softening economic data.

“Narratives are often hard to shake and the mood music around GBP has been glum for some time,” said Kamal Sharma, senior FX strategist at Bank of America.

The pound was last up 0.3% at 87 pence per euro. It fell to 87.69 pence last week, its weakest against the single currency since May 2023.

Sharma believes the pound will strengthen into year-end against the euro as he expects euro area data to soften, prompting more rate cuts from the European Central Bank.

Danske Bank FX strategist Mohamad Al-Saraf held a more bearish view on the pound, expecting the currency to fall to 89 pence per euro in 12 months.

“We think the British economy has shown more pronounced signs of weakness, particularly the labour market,” Al-Saraf said.

“The relative growth outlook between the UK and the euro area are becoming pound negative.”

Attention was turning to the BoE policy announcement on Thursday, with markets pricing in around a 90% chance of a quarter-point rate cut. Traders are pricing in 50 basis points of easing by year-end.

With a rate cut almost fully priced, focus for currency traders will be on the outlook for interest rates and whether the central bank could slow the pace at which it shrinks its holdings of government bonds, known as quantitative tightening.

“There could be a positive surprise for sterling were the BoE to announce that a lower pace of quantitative tightening … was accompanied by fewer sales of longer-dated Gilts,” said ING head of research Chris Turner.

Reporting by Samuel Indyk; Editing by Bernadette Baum

Pope Leo exhorts crowd of million Catholic youth to spread their faith

Many of the youths attending the event spent the night outside in the field, to be ready for the pope’s arrival at 7:45 a.m. (0545 GMT)

International News via Reuters:

Pope Leo celebrated the largest event yet of his nearly three-month tenure on Sunday, encouraging a crowd of more than a million Catholic young people gathered in a field on the outskirts of Rome to spread their faith.

Amid shouts of “Viva il Papa” (Long live the Pope) from young people dressed in colourful t-shirts and waving national flags at the Tor Vergata field, Leo led a Mass that capped a special week of events meant to energise Catholic youth.

“Dear young people … spread your enthusiasm and the witness of your faith to everyone you meet,” the pope said during his sermon for the event.

Leo also lamented the ongoing wars in Gaza and Ukraine in an appeal at the end of the Mass, and called on the youths to help create a better world.

“We are with the young people of Gaza, we are with the young people of Ukraine,” the pontiff said.

“My young brothers and sisters, you are the sign that a different world is possible,” he said. “A world of fraternity and friendship, where conflicts are not resolved with weapons but with dialogue.”

Many of the youths attending the event spent the night outside in the field, to be ready for the pope’s arrival at 7:45 a.m. (0545 GMT) in advance of heat expected to reach 30 degrees Celsius (86 degrees Fahrenheit) later on Sunday.

“It’s amazing to see just how big the world church is, and how many people are here … and (are) on fire to see the pope,” said Rita Piendl, 19, who came from Germany.

“We want to truly spread hope and love to the world and we really want to make a difference for the better.”

The Catholic Church, which numbers more than 1.4 billion members globally, has grown slightly in recent years but has experienced sliding adherence in Europe.

Sunday’s Mass was part of a week-long series of events in Rome for Catholic youth, tied to the ongoing Catholic Holy Year.

Leo, the first U.S.-born pope, was elected on May 8 by the world’s cardinals to replace the late Pope Francis.

Reporting by Joshua McElwee; Additional reporting by Veronica Altimari and Roberto Mignucci;Editing by Helen Popper

UK threatens jail for people smugglers who advertise on social media

Analysis by the Interior Ministry showed around 80% of migrants arriving on small boats had used social media during their journey to find or communicate with people smugglers

International News via Reuters:

People smugglers who use social media to promote their services to migrants seeking to enter Britain illegally could face five years in prison under plans announced by the government.

Prime Minister Keir Starmer’s Labour government is under huge political and public pressure to cut the number of migrants arriving illegally in small boats from France. More than 25,000 people have made the crossing so far this year.

Analysis by the Interior Ministry showed around 80% of migrants arriving on small boats had used social media during their journey to find or communicate with people smugglers.

Under a new offence, which will be added to legislation already passing through parliament, individuals who post online to advertise services that facilitate a breach of immigration laws will face fines and prison sentences of up to five years.

It is already an offence to facilitate illegal immigration to Britain, but the government said its latest plan would give law enforcement agencies another option to disrupt the criminal gangs that profit from organising the crossings.

Last month, the government launched a new sanctions regime allowing it to freeze assets, impose travel bans and block access to the country’s financial system for individuals and entities involved in enabling irregular migration.

Reporting by William James; Editing by Lincoln Feast.

Financial risks probed at top-level roundtable

BMA hosts meeting exploring geopolitical and cyber risks, with the aim of bolstering Bermuda’s resilience

Stock photo

Government press release:
The Financial Policy Council (FPC) held its twenty ninth meeting on 24 July 2025.  All FPC Members participated in the meeting in person at the Bermuda Monetary Authority.
The meeting hosted the First Roundtable with the Bermuda-based international commercial property and casualty insurance sector, which benefitted from the participation of senior members of Bermuda International Association of Bermuda Insurers and Reinsurers (ABIR), the formal association representing the sector in Bermuda.
The purpose of the Roundtables is to address specific sectoral risks and opportunities facing Bermuda in a complex and fast-moving international context, and to foster mutual understanding on issues of concern to both insurers and government.
At the Roundtable, participants discussed a wide range of matters, including the role played by Bermuda-based insurers in addressing the protection gap in both developed and emerging economies, developments in critical lines of business like cyber risk and political risk cover and the expected impact of new technologies.
The Roundtable also discussed how the uncertainties emerging from the current geopolitical environment affect the sector. ABIR and FPC members agreed on the value of maintaining open and fluid dialogue and looked forward to holding more Roundtables in the future.
FPC members discussed the island-wide impact of the current geopolitical environment, examining potential financial stability risks faced by Bermuda, and focusing on strengthening the overall island’s resilience.
FPC Members also discussed recent regulatory and supervisory developments in Bermuda’s international (re)insurance sector. FPC members assessed the impact of recent enhancements to Bermuda’s framework for life reinsurers, including the current sector-wide stress test exercise being carried out by BMA. Members examined the role played by Bermuda-based long-term insurers in addressing the protection gap brought about by demographic and socio-economic developments, as well as the risks faced by the sector in the current uncertain economic and geopolitical environment.
FPC Members also addressed Bermuda’s plans for crisis management, recovery and resolution in the banking and insurance sectors. Particular attention was paid to strengthening collaboration and coordination among key stakeholders in this regard i.e. Ministry of Finance, BMA and Bermuda Deposit Insurance Corporation (BDIC). FPC Members’ advice included ensuring effective preparedness in order to move quickly to contain a crisis.
FPC Members reviewed key risks to Bermuda’s financial stability. They discussed a wide range of issues, including recent developments in the area of international tax.
The next formal meeting of the FPC, its 30th, is scheduled to take place on Thursday 4th December 2025.

About the FPC:
The FPC is an advisory body supported by the Ministry of Finance and the BMA. FPC’s role is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats. FPC also advises the Government on the development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial well-being of the country. FPC was established under a Memorandum of Understanding (MoU) between the Ministry of Finance and the BMA, signed by the Minister of Finance and the CEO of the BMA in August 2015. The MoU was revised in 2017 and in 2024. Since its first meeting in December 2015, the FPC has been meeting three to five times per year.
Under the MoU, the Ministry of Finance and the BMA are responsible for appointing FPC members. Current members of FPC are: ex officio the Minister of Finance Hon. David Burt (Chair), Craig Swan [CEO of BMA] and Chidozie Ofoego [Financial Secretary]. External members are Jill May (Deputy Chair), Dame Amelia Fawcett, Stephen Catlin, Gil Tucker, and DeLisle Worrell.
Deputy Chair Jill May is a former member of the Prudential Regulation Committee of the Bank of England, and a former non-executive director (NED) of the UK Competition and Markets Authority (CMA). She is a Council member of the Duchy of Lancaster, responsible for historic estates of the King of England. Jill has also served as NED on Boards including Alpha FMC, Ruffer Investment Company and Sirius Real Estate. Jill was honoured with the British Empire Medal in 2019 for her services to Cancer Research UK.
Dame Amelia Fawcett has over 30 years of experience in the banking industry and has been Chair of Kinnevik AB since 2018, Chair of the Standards Board for Alternative Investments since 2011 and is the Lead Independent Director for State Street Corporation. Stephen Catlin has an extensive career in the global insurance industry spanning for over 50 years. He is currently Executive Chair of Convex and held executive positions in XL and Catlin among others. Stephen served as Chairman of the Lloyd’s Market Association and as Visiting Fellow at the Oxford University Centre for Corporate Reputation. Gil Tucker is a chartered accountant who worked at accounting firm Ernst & Young for 35 years, latterly as Bermuda Managing Partner and is currently on the Board of HSBC Bermuda. Dr DeLisle Worrell is a former Governor of the Central Bank of Barbados, and now a member of the Bretton Woods Committee. Dr Worrell also worked with the International Monetary Fund, focusing on monetary policy, financial stability and stress testing 

Cricket-Dubai, Abu Dhabi to host T20 Asia Cup matches

The tournament in the United Arab Emirates, scheduled to run from September 9 to 28, will feature eight teams — two more than the last edition

International News via Reuters:

Dubai and Abu Dhabi will be the host cities for the men’s Twenty20 Asia Cup, the Asian Cricket Council (ACC) said, with arch-rivals India and Pakistan to meet in Dubai on September 14.

The tournament in the United Arab Emirates, scheduled to run from September 9 to 28, will feature eight teams — two more than the last edition — with 11 matches in Dubai and eight in Abu Dhabi.

Abu Dhabi will host the opener between Afghanistan and Hong Kong, while the final will be held in Dubai.

“Hosting it in the UAE allows us to bring the excitement to one of the most vibrant cricketing hubs in the world,” ACC President Mohsin Naqvi said in a media release on Saturday.

“Dubai and Abu Dhabi are well equipped to deliver a seamless and world class experience for players, fans, and broadcasters alike.”

Group A includes defending champions India, Pakistan, UAE and Oman, while Bangladesh, Sri Lanka, Afghanistan and Hong Kong are in Group B.

Reporting by Pearl Josephine Nazare in Bengaluru; Editing by Peter Rutherford

Amsterdam Pride parade blends celebration and protest in LGBTQ+ show of solidarity

While the flotilla is not political, attendees used the occasion to criticise conflicts or world leaders for their stance on LGBTQ+ rights

International News via Reuters:

Around 80 colorful pride boats sailed through Amsterdam’s World Heritage canals on Saturday in the finale of a week-long celebration in the city that stood in stark contrast to recent crackdowns on LGBTQ+ rights in fellow EU member state Hungary.

While the flotilla is not political, attendees used the occasion to criticise conflicts or world leaders for their stance on LGBTQ+ rights.

Thehany Gilmore, a 43-year-old Dutch-Caribbean dressed in a leather outfit with a whip, said banning of the Budapest pride parade “is a form of oppression.”

“People everywhere should have their own pride to be able to represent who they are,” she said.

Palestinian flags were spotted among the crowd of revelers, and Dutch police arrested four activists who had jumped in the water to vandalize the Booking.com boat in protest over its listings in settlements in Israeli-occupied territories.

Others criticized U.S. President Donald Trump, whose administration implemented anti-trans policies and cut funding for international aid programs, dealing a setback to HIV prevention efforts in Africa.

Some waved a hybrid U.S./Pride flag, while one boat declared itself a ‘Trump-Free Pride Boat’ with signs reading ‘Trans Rights Are Human Rights.’ Another featured mock graveyards and the message ‘Trump’s Actions Kill. Love Saves Lives,’ highlighting fears over U.S. AIDS funding cuts.

“Amsterdam Pride is… about expressing yourself, showing who you are, being grateful for the freedom that we have in Europe. The U.S. really needs to reinvent itself… be more open about people,” 40-year-old Michael Jacobs, who hails from Dutch port city Rotterdam, said.

“Don’t judge people for who they are. Just love each other.”

Reporting by Milan Berckmans, Charlotte Van Campenhout, Editing by Bill Berkrot

Artist enjoys European spotlight

Bermudian contemporary artist Gherdai Hassell featured in exhibition in Brussels

Photo supplied

Government press release:
BRUSSELS, Belgium – The Bermuda Government’s Brussels Office was pleased to host its inaugural Cultural Diplomacy event, an occasion which spotlighted acclaimed Bermudian contemporary artist Gherdai Hassell.
Held recently at the Bozar Center for Fine Arts the event marked a significant milestone in Bermuda’s international cultural engagement, introducing Hassell’s work about Bermuda to a European audience.
This unique event included a collage workshop and a tour of the “When We See Us” exhibition, which showcased Hassell’s artwork “A song for many Movements”.
The piece originally debuted here on island in 2021 at the Bermuda National Gallery in her first solo exhibition. Guests from the Brussels diplomatic and cultural communities gathered to experience her work and engage in cross cultural dialogue.
Today, Aliyyah Ahad, Head of the Brussels Office said, “We are so thrilled that Gherdai was selected as one of the 120 late and living artists to be included in this groundbreaking exhibition. While most of the Brussels Office’s work focuses on defending Bermuda’s economic interests, as Bermuda expands its presence on the international stage, it is also important to create platforms to promote and celebrate Bermuda’s culture and creatives.
“Gherdai’s work exemplifies the strength, creativity, and global relevance of Bermudian artistry.”
Hassell, who holds degrees from the China Academy of Art and the University of North Carolina Greensboro, has exhibited internationally, with recent shows in the UK, U.S., Bahamas and Bermuda. Her work reclaims and reimagines diasporic histories through collage, textiles, and portraiture.
Ms. Hassell said, “It’s an honour to represent Bermuda in Brussels and to be a part of this first cultural initiative by the government’s European office. Art is a universal language, and this event was a powerful reminder of its ability to connect people back to themselves through creativity.” The exhibition closes in Brussels next week, and then will travel to Stockholm.
The inaugural Cultural Diplomacy event was organized by Brussels Office intern Nahjé Smith.

About Gherdai Hassell
Gherdai Hassell is a multidisciplinary artist whose work explores themes of identity, history, and the Black experience. A graduate of the China Academy of Art, Hassell has exhibited her work globally, including in the UK, the US, and across the Caribbean. Her art has been featured in prominent publications and collections, solidifying her reputation as one of Bermuda’s most exciting contemporary artists.  

Future Leaders programme ‘broadens horizons’

As the 2025 cohort begin, alumni laud the programme’s diversity

The 2025 Future Leaders programme participants with Premier David Burt (photo by Gary Foster Skelton)

(Scroll down for video coverage)

Three weeks of workshops, mentoring and empowerment is just about to start for 17 students in the 2025 Future Leaders summer programme.

Seon Tatem, an alumni of the first programme in 2017, is now Assistant Director, and says Future Leaders have gone on to legal and medical studies, to internships and founding charities.

One alumni went on to full time employment with their main corporate sponsor, HSCM Bermuda.

Introducing the latest cohort, Premier David Burt said Government is proud to once again pledge $25,000 in support of the programme…


There’s an overall increase in civic engagement among participants in the Future Leaders programme, Mr Tatem said.

He expects to see some alumni in politics in the future – but he sought to counter any narrative that the charity is PLP-associated…