The pan-European STOXX 600 was down 0.2% at 648.08 points by 0838 GMT
International News via Reuters:
European shares ticked lower on Friday ahead of closely watched U.S. jobs data, while Volkswagen’s shares rallied after the automaker announced a major transformation plan.
The pan-European STOXX 600 was down 0.2% at 648.08 points by 0838 GMT. Germany’s DAX inched 0.1% lower, London’s FTSE dropped 0.2% and France’s CAC 40 also dipped 0.2%.
Volkswagen gained 5.7%, the top gainer in the DAX index, after the supervisory board of Europe’s largest automaker struck a turnaround agreement that averted an escalation with unions and shareholder Lower Saxony.
The broader European autos index jumped 4.3%.
The automaker faces pressure from U.S. import tariffs, a stagnant European market as well as aggressive Chinese rivals that have all hurt its margin and hammered the stock. Despite Friday’s gain, its shares down more than 20% so far this year.
“It definitely is a move in the right direction but it’s going to take more than just this announcement for us to see a really sustained share price recovery,” said Fiona Cincotta, senior market analyst at City Index.
European banking stocks fell 0.7%, reversing some of their recent strong gains after Federal Reserve Governor Christopher Waller’s comments on Thursday eased concerns about a tighter monetary policy.
“His comments just helped the markets rein in Federal Reserve rate hike expectation,” said City Index’s Cincotta.
Investors await the August U.S. nonfarm payrolls report due to be released later in the day.
Meanwhile, Brent crude traded around $96 a barrel and was on track for its steepest weekly gain since mid-July. [O/R]
European economies are vulnerable to rising oil prices because of their reliance on energy imports.
J.P. Morgan and BNP Paribas said they expect the European Central Bank to deliver another 25-basis-point rate hike in December, as elevated energy prices strengthen the case for further tightening.
Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Subhranshu Sahu and Nivedita Bhattacharjee
The FTSE 100 index was steady at 10,832.9 points by 1007 GMT and was set for a flat week, while the FTSE 250 rose 0.2%, trimming some of its weekly losses
International News via Reuters:
London’s mid-cap stocks were set for their biggest weekly fall in three months on Friday, pressured by concerns over soaring government debt and inflation, while Experian slid after the U.S. housing regulator criticised the sector’s practices.
The FTSE 100 index was steady at 10,832.9 points by 1007 GMT and was set for a flat week, while the FTSE 250 rose 0.2%, trimming some of its weekly losses.
• Experian shed 3.5% after U.S. Director of Federal Housing, Bill Pulte, accused credit reporting agencies of overcharging Americans for “far too long” and directed the mortgage finance giants Fannie Mae and Freddie Mac to approve all lenders to use VantageScore.
• Mid-cap stocks have been under pressure this week as escalating tensions in the Middle East sparked a global bond selloff, as investors fretted about inflation amid elevated government debt.
• Benchmark 10-year gilt yield hit its highest since August 2007 earlier this week, while investors anticipated interest rates to rise by at least 25 basis points before year-end, LSEG data showed.
• Bank of England Governor Andrew Bailey said that weak productivity and shocks such as COVID-19 had contributed to rising public debt across advanced economies. The new Andy Burnham-led government is expected to unveil its budget in October.
• “It just highlights a very tight situation that the UK government is going to find itself in as far as public finances are concerned as we get closer to the budget,” Fiona Cincotta, senior markets analyst at City Index said.
• Investors were also closely watching developments in the Middle East, with Brent crude hovering near $95 a barrel. [O/R]
• Telecoms firm Vodafone climbed 2.1% after Goldman Sachs upgraded the stock to ‘buy’ from ‘sell’.
• Oxford Nanopore Technologies slid 5.9% after healthcare investor Novo Holdings sold 49 million shares of the biotech firm for £74 million ($100.07 million).
• Focus is also on U.S. jobs data for cues on the Federal Reserve’s policy path.
($1 = 0.7395 pounds)
Reporting by Anand Gopal; Editing by Eileen Soreng
Sterling was last at $1.3525, largely unchanged on the day, following Thursday’s 0.3% gain
International News via Reuters:
The pound held steady on Friday, ahead of monthly U.S. employment data that could be key in setting the pace for the dollar over the coming weeks.
Sterling was last at $1.3525, largely unchanged on the day, following Thursday’s 0.3% gain.
Volatility was contained ahead of the release of the August U.S. nonfarm payrolls report later on Friday that could see the dollar get a boost if it beats expectations, or fall further if job growth falls short of expectations.
Bank of England Chief Economist Huw Pill said on Thursday that raising interest rates now would help reduce the chance that the central bank has to be more aggressive in future to tame inflation, which has picked up as a result of the Iran war.
Money markets show traders expect the BoE to raise rates twice in the coming six months. Economists expect the central bank to keep rates unchanged later this month, as it monitors corporate pricing power and wage growth, against the backdrop of high energy prices stemming from the Iran war.
“We remain sceptical that the BoE will be very hawkish given the current supply shocks, rates at 3.75%, amid soft UK labour market conditions and a complex fiscal situation, making us mildly bearish on the pound going forward,” BBVA strategists said.
“Nonetheless, the new surge in energy prices could eventually precipitate this recalibration of policy that would reinforce sterling’s supports and underpin its carry appeal, but it should not trigger a major bullish run in the pound as more than two hikes are already priced in.”
British businesses expect to increase their prices slightly less quickly in the year ahead, according to a survey published by the BoE on Friday.
On the geopolitical front, Argentine President Javier Milei said in a televised national address on Thursday he would sanction oil companies drilling in the Falkland Islands, the British overseas territory claimed by Argentina, in a move that could escalate tensions with London.
Days earlier, President Donald Trump said he was reviewing the United States’ neutral position on the remote archipelago in the South Atlantic.
British defence minister Wes Streeting said in a post on Friday on X: “Our commitment to the Falklands is absolute and unshakeable.”
Meanwhile, U.S. Trade Representative Jamieson Greer told the Financial Times in an interview published on Friday that Britain is choosing “Brussels over America,” causing a “problem” for London’s effort to expand its trade deal with Washington.
UK markets showed little sign of stress, however. Benchmark 10-year gilts, which have been swept up in a broad rout that has hit global government debt in the last couple of weeks, were yielding 5.1431%, showing no change on the day so far.
Reporting by Amanda Cooper; Editing by Shreya Biswas
OBA-turned-independent MP Robert King says registered voters in his constituency should petition if they want a bye-election – that is, if an election doesn’t follow the PLP leadership change
If my constituents want a bye-election, I will listen…
This, from OBA-turned-independent MP Robert King.
In an interview today, the Smith’s North MP initially said he would not be resigning as an MP to then stand as an independent, citing the cost of a bye-election, and the possibility of a General Election following the PLP Leadership change in October.
When pressed, however, Mr King called on Smith’s North constituents to petition for a bye-election if they are not given a vote later this year.
Watch the interview clip above, or watch the longer conversation below on Mr King’s move to be an independent MP. More from this interview to come…
Minister of Economy and Labour, Jason Hayward confirmed there is an active internal investigation into an unknown number of staff within the Department of Immigration
Staff at the Department of Immigration have been placed on administrative leave this week while an internal investigation is conducted.
Minister of Labour and Economy, Jason Hayward would not confirm how many members of staff are under administrative leave.
But he made an assurance that managers are reassigning work to ensure minimal disruptions to work permit and passport processing.
Minister Hayward said: “I believe the staffing complement is roughly around 41 or 42 full-time equivalents in the Department of Immigration. There is a portion of the staff in various areas that have been placed on administrative leave. I don’t wanna go into details about the investigation that is actually occurring.
“But, I would say that the investigation is following the proper policy procedures that are set out within the government.”
No information on the allegations made against any of the staff were made public today.
He said he would not provide any further comment on the matter.
Minister Hayward provided updates on several matters during a news conference at the government’s A.B. Place media room in Hamilton this afternoon.
Mladic, who was convicted of genocide, crimes against humanity and war crimes committed during Bosnia’s 1992-95 war, died last week in a U.N. detention facility in The Hague aged 84
International News via Reuters:
A Serbian government plane brought the body of former army commander Ratko Mladic, who died last week serving a life sentence for war crimes, back to Belgrade on Thursday for what is expected to be a huge funeral.
Mladic, who was convicted of genocide, crimes against humanity and war crimes committed during Bosnia’s 1992-95 war, died last week in a U.N. detention facility in The Hague aged 84.
The plane landed at Belgrade airport minutes before 6 p.m. (1600 GMT) carrying his coffin, which was wrapped in a Serbian flag, along with Mladic’s son, granddaughter and Serbian Justice Minister Nenad Vujic.
Serbian soldiers carried the coffin to a red van which Serbian media said would take it to a military hospital where the autopsy will be conducted over the weekend.
PRESIDENT SAYS TENS OF THOUSANDS ARE EXPECTED AT HIS FUNERAL
A Serbian government minister said initially that Mladic would be given a state funeral but, following an outcry by European leaders, the government has not confirmed that.
Serbian media said a commemoration ceremony will take place on Saturday in the army hall in central Belgrade and the funeral will be held in a church in a Belgrade suburb on Monday, with Mladic then buried at a cemetery beside his daughter.
Serbian President Aleksandar Vucic said on Thursday that he expected tens of thousands of people to attend the funeral and that it would be a challenge to provide security.
Mladic was found guilty by the United Nations International Criminal Tribunal for the former Yugoslavia (ICTY), of genocide for his role in the 1995 Srebrenica massacre, in which about 8,000 Bosniak Muslim men and boys were killed after Bosnian Serb forces overran the U.N.-designated enclave.
He was also convicted over the 43-month siege of Sarajevo, during which about 10,000 people were killed.
However, he remained a revered figure among many Serbs in Serbia and in Bosnia’s autonomous Serb Republic.
His death stirred tensions in the region, with officials warning that a state funeral would put Serbia’s prospects of joining the European Union at risk.
“The glorification of Ratko Mladić as a war criminal is against fundamental European values and has no place in the European Union or in the countries that aspire to become members of the Union,” EU enlargement commissioner Marta Kos said on Tuesday.
“I hope that the government in Belgrade is aware of what is at stake.”
Croatia’s Prime Minister Andrej Plenkovic put it more bluntly, saying that if “Serbia was to organise a state funeral for Mladic it would close the door to the European Union”.
The Hague-based U.N. mechanism that deals with residual cases from the Yugoslav war crimes tribunal is investigating the circumstances of Mladic’s death, a regular procedure when inmates die at the U.N. detention unit in The Hague. It is not yet clear when the results will be made public.
Mladic, who had suffered health problem for years, had been treated in the prison hospital before his death. His relatives, and Russia, had criticised his treatment. The U.N. war crimes court said his health was fragile but well managed.
Reporting by Ivana Sekularac; Additional reporting by Stephanie Van Den Berg; editing by Philippa Fletcher
Brent crude futures were up 15 cents, or 0.16%, at $95.78 a barrel by 1:00 p.m. ET (1700 GMT) while U.S. West Texas Intermediate crude futures rose 63 cents, or 0.69%, to $91.64
International News via Reuters:
Oil prices rose on Thursday after U.S. strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruption to Middle East supplies, while comments from Russian President Vladimir Putin signalling openness to peace negotiations limited the gains.
Brent crude futures were up 15 cents, or 0.16%, at $95.78 a barrel by 1:00 p.m. ET (1700 GMT) while U.S. West Texas Intermediate crude futures rose 63 cents, or 0.69%, to $91.64. Both contracts were heading for their fourth day of gains and hit six-week highs earlier in the session.
Iran’s health minister said 18 people were killed and 108 wounded in Tuesday night’s U.S. strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz.
Three Iranian Army pilots were killed in the U.S. strikes, the semi-official Tasnim news agency reported.
The attacks were the most substantial exchange of fire between the United States and Iran since July. The war, which began with U.S.-Israeli strikes at the end of February, is in its seventh month.
Israeli Defence Minister Israel Katz renewed warnings that Israel would “cripple” Iran’s military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.
Saxo Bank analyst Ole Hansen said Katz’s comments had helped to push oil prices higher.
Comments from Russian President Vladimir Putin indicating openness to peace negotiations with Ukraine could help ease concerns about Russian fuel supply disruptions if attacks on refineries decline and production normalizes, a factor pressuring prices on Thursday, said Phil Flynn of Price Futures Group.
Putin said on Thursday there was a chance of reaching an agreement to end the war in Ukraine. Speaking at an economic forum in Russia’s far east, he said a number of countries including the U.S. and China were ready to support a peace settlement.
FEWER VESSELS TRANSIT STRAIT
Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 a day earlier and well below the 10-day average of around 13, preliminary shipping data showed on Thursday.
“The oil market remains tight, with oil inventories still declining globally translating into higher prices,” said UBS energy analyst Giovanni Staunovo.
Meanwhile, Iran added ships to the list of vessels it deems non-compliant and subject to fines, confiscation or detention if they try to sail through the strait.
Iraqi vessels are among those Iran has allowed to pass through Hormuz.
Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers encouraged buyers.
Higher oil prices and the implications for inflation led to increased bets on a Federal Reserve interest rate hike this month. [MKTS/GLOB]
Reporting by Nicole Jao in New York and Shadia Nasralla in London; Additional reporting by Sam Li and Colleen Howe; Editing by Susan Fenton and Barbara Lewis, Kirsten Donovan
Distinct from the red fire ant, the little fire ant is an invasive species that is not currently known to be present in Bermuda, but could be accidentally introduced through imported plants or other cargo
The Department of Environment and Natural Resources (DENR) is raising public awareness of the little fire ant, an invasive species that is not currently known to be present in Bermuda, but which could be accidentally introduced through imported plants, soil, landscaping materials, cargo and other goods.
The little fire ant (Allomerus auropunctatus, formerly Wasmannia auropunctata) is widely established in tropical and subtropical regions, including Florida, and has been identified around major shipping areas. Its presence in locations with regular trade links increases the importance of continued vigilance in Bermuda.
The species is considered particularly difficult to detect because worker ants are only approximately 1.2 to 1.5 millimetres long. They are generally golden-orange to light brown, move relatively slowly and can easily be overlooked during inspections.
Little fire ants can nest in leaf litter, mulch, potted plants, nursery stock, tree cavities, garden structures and wall crevices. They can also deliver a painful burning sting, and people may become aware of an infestation through stings before noticing the ants themselves.
If introduced and allowed to become established, the species could affect Bermuda’s environment, agriculture and community. In other areas, little fire ants have displaced native insects, contributed to increased plant pests and affected residents, outdoor workers, pets and wildlife. Their high population densities can also disrupt local ecosystems and place additional pressure on native species.
Bermuda’s recent response to the red imported fire ant incursion has reinforced the importance of vigilance, early detection and rapid action when dealing with invasive species. These same lessons will be important in reducing the risk of the little fire ant becoming established.
DENR is therefore encouraging residents, landscapers, gardeners, importers and others handling plants or cargo to remain alert. Particular attention should be given to unusually high numbers of very small orange ants, especially where painful stings are also being experienced.
Any suspected sightings should be reported to the Department of Environment and Natural Resources for investigation by emailing fireants@gov.bm.
Early detection provides the best opportunity to prevent an invasive species from becoming established and protects Bermuda’s environment, agriculture and community.
The Commission, which acts as the European Union’s competition enforcer, considers a company to be dominant if it has a more than 40% share of the market
International News via Reuters:
Companies at risk of penalties for being anti-competitive may be able to justify their dominance if their business practices are sustainable, EU regulators said on Thursday in revised guidelines.
The Commission, which acts as the European Union’s competition enforcer, considers a company to be dominant if it has a more than 40% share of the market.
Using that dominance to squeeze rivals could be acceptable, the Commission said on Thursday, if it ensures reduced use of raw materials, produces less pollution or leads to increased use of recyclable products and makes supply chains more resilient.
Enabling cost-savings for consumers would also be taken into consideration, according to the revised EU antitrust guidelines.
They relate to Article 102, one of the European Commission’s most powerful tools that has resulted in hefty fines for Apple, Google and Microsoft in recent years after EU authorities found they had used their market power to thwart rivals.
The revised guidelines also aim to help companies assess whether they are dominant and, if so, in which markets.
Academics and other analysts were critical of the new approach.
A group of 28 leading academics and economists including former senior Commission economists in a joint open letter to Commission President Ursula von der Leyen and EU antitrust chief Teresa Ribera said the rules could be exploited to justify unfair dominance.
The guidelines “introduce presumptions and analytical shortcuts that do not distinguish appropriately between anti-competitive conduct and pro-competitive conduct that reflects business acumen, superior skill, or efficiency by dominant firms,” the letter said.
Reporting by Foo Yun Chee; editing by Barbara Lewis
Officials said the vessel, the Professor Molchanov, was seized late on Wednesday in Barentsburg, a coal mining settlement that Russia operates on the Norwegian Arctic archipelago of Svalbard under the terms of a 1920 treaty
International News via Reuters:
Norwegian authorities have seized a Russian cruise ship in the Arctic on behalf of Ukrainian energy company Naftogaz, which is seeking to enforce a $4.22 billion compensation award for assets that Moscow took when Russia annexed Crimea in 2014.
Officials said the vessel, the Professor Molchanov, was seized late on Wednesday in Barentsburg, a coal mining settlement that Russia operates on the Norwegian Arctic archipelago of Svalbard under the terms of a 1920 treaty.
Russia called the arrest of the ship an act of piracy and said it had summoned the Norwegian ambassador to deliver a strong protest. The Russian Foreign Ministry said it would work to secure the vessel’s release.
“Amid the restrictive measures imposed by Norway against Russia on Svalbard – measures that violate international law – Russian organizations and citizens operating on the archipelago are effectively under blockade,” it said, accusing Norway of violating the treaty.
Norway said it would propose ways for crew members, passengers and others to travel home if they want to.
“We are in a dialogue with the Barentsburg leadership and are ready to find ways to safely return people to Russia,” Svalbard Governor Lars Fause told broadcaster TV2.
The conflict over the vessel itself is a matter between Naftogaz and Russia and does not involve the Oslo government, Norway’s justice ministry said.
NAFTOGAZ FIGHTS LONG LEGAL BATTLE WITH RUSSIA
Naftogaz has been pursuing Russia since 2016 to seek compensation for the expropriation of its property in Crimea. An arbitration court in The Hague ordered Russia in April 2023 to pay Naftogaz $4.22 billion plus interest and legal costs.
Russia has said it does not recognise the court’s jurisdiction in this case and that it is not going to pay.
“Russia cannot evade responsibility simply by refusing to comply with an international arbitral award,” said Naftogaz acting CEO Sergii Fedorenko.
The 71-metre (233-foot) Professor Molchanov, built in Finland in 1982, can carry 32 crew and 52 passengers and has a library, sauna, bar and two restaurants, according to the Cruisemapper website. It is used for scientific expeditions and commercial cruises.
The ship arrived on Tuesday in Barentsburg with a party of Russian scientists, according to a journalist who was accompanying them, who did not say how many people were on board.
Andrei Gorbunov, editor-in-chief of Komsomolskaya Pravda (KP) radio, said the ship had docked without incident and the expedition members had headed ashore. News did not emerge until Wednesday evening that the ship had been seized.
“No one has been arrested. We are all going about our business as usual,” Gorbunov wrote on KP’s website. “For the time being, the Professor Molchanov is simply forbidden from leaving the port of Barentsburg.”
Clovis Trevino, a partner at U.S. law firm Covington which is representing Naftogaz, said she expected Russia to fight the arrest in court.
“So we need to win another legal battle to be able to auction the vessel and get the money for our clients, which is the ultimate goal,” she told Reuters.
Trevino said Covington and its Norwegian counterpart Wikborg Rein had been monitoring the ship for months. Its likely value is only a small fraction of the total amount owed to Naftogaz, which she said now totals around $6 billion including costs and interest.
But she called its seizure a “very meaningful win”.
The seizure was ordered on Monday by a district court which required the governor of Svalbard to ensure that the ship is not moved.
“Russia can demand that the district court reassess the case,” the Norwegian Justice Ministry said.
Naftogaz said it would continue to pursue Russian assets around the world until the compensation is paid. It has listed several jurisdictions, including the U.S., France and Britain as well as Finland, where Russian assets have been frozen. Russia is appealing, saying it was given no notice.
Svalbard, a Norwegian territory since 1925, lies midway between the North Pole and the European mainland and is governed under a 1920 treaty that also allows citizens of signatory states, including Russia, to settle there without a visa.
Barentsburg is one of two Russian settlements on Svalbard which have a combined 392 residents out of a total population of 2,914, according to Statistics Norway.
Reporting by Terje Solsvik in Oslo, Pavel Polityuk in Kyiv and Mark Trevelyan in London; additional reporting by Gwladys Fouche and Maxim Rodionov; editing by Philippa Fletcher
Bermudian equestrian Tyler James enjoyed an exceptional fortnight at Bruce’s Field in Aiken, South Carolina, claiming multiple victories across the Aiken Summerfest I & II Horse Shows.
Guided by coach Wendy Arndt and Team I.E.C., James showcased remarkable versatility across several divisions aboard three different mounts.
His emerging partnership with new mount Case Closed 441 proved particularly fruitful. The pair captured the 1.20m Junior/Amateur Jumper division championship, before stepping up to the technical 1.30m classes in week two to finish first in the Junior/Amateur Jumper, second in the Junior/Amateur Classic, and third in the prestigious National Junior/Amateur Classic.
Alongside long-term partner Vino Blanco 441, James secured victory in the Open Hunter class and posted two ninth-place finishes in the USHJA National Hunter Derby. Promising young horse Zero to Sixty completed the winning sweep, collecting first-place finishes in both the 0.90m Open Jumper and 1.0m Jumper events.
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