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'Danger zone of extreme weather': UN warns of supersized El Niño set to hit global economy and markets

The El Niño climate event is intensifying into a "supersized" phenomenon that will persist until February 2027, raising the risk of floods, droughts and extreme heat in many countries, the United Nations warned on Thursday. It "has the potential to deliver a massive blow to communities and economies across the world," Celeste Saulo, secretary general of the U.N.'s World Meteorological Organization, said. "We are already seeing disruption and devastation from droughts and floods and we expect these impacts to increase as El Niño intensifies," Saulo added. Countries in Asia-Pacific and Latin America are set to bear the brunt of the immediate impact, but the entire world is set to feel the impact in commodities from corn, cocoa and coffee to energy. Guatemala, Honduras and El Salvador are experiencing erratic weather conditions and drought, linked in an August report by Oxfam to El Niño, that have led to severe crop losses, as Indonesia battles devastating wildfires. A weaker monsoon season in India is expected to impact the growth of rice, sugar, cotton, soybean and more, while officials in Peru say fishing of anchovy — commonly used in livestock feed — has faced a "devastating blow." Extreme weather is expected to have unpredictable effects on energy generation and demand, with potential disruption to hydropower, wind and solar output, oil and gas production and refining operations, as well as mining. UN Secretary General António Guterres said on Thursday that El Niño was being "supersized before our eyes." "The world is in the danger zone of extreme weather. The race now is between rising risks and our commitment to take climate action and protect people. We must win that race." An El Niño event occurs when sea temperatures in the tropical eastern Pacific rise 0.5 degrees Celsius above the long-term average. Sea surface temperatures were more than 2 degrees Celsius above normal in July and ranged between 2.2 and 2.6 degrees Celsius above normal in the period from late July to mid-August, according to the WMO's latest research. Below the surface shows "even more exceptional warmth," the WMO said, with subsurface ocean temperatures more than 8 degrees Celsius above average during July and early August. El Niño, meaning "little boy" in Spanish, is a naturally occurring climate pattern that oscillates with La Niña, or "little girl," every two to seven years. Get this delivered to your inbox, and more info about our products and services.

'Danger zone of extreme weather': UN warns of supersized El Niño set to hit global economy and markets
North America
CNBC Finance

NBA suspends Clippers owner Ballmer for one year in Kawhi Leonard salary cap probe

The NBA on Wednesday said it had suspended Los Angeles Clippers owner Steve Ballmer for one year as part of a broad array of sanctions on the basketball team and two senior executives for violating the league's salary cap circumvention rules related to star player Kawhi Leonard and four companies that did business with the team. Ballmer "knowingly" sought to help Leonard obtain off-court income opportunities worth millions of dollars, and approved a business deal that Ballmer "knew was a precondition for Aspiration [Partners] to enter into an endorsement agreement with Mr. Leonard," the league said. The Clippers were also fined $30 million, and will forfeit five first-round picks in the NBA draft, one each year beginning with the 2029 draft. The Clippers and their personnel will be subject to a compliance and monitoring program overseen by the league office for five years, according to the NBA. Clippers President of Business Operations Gillian Zucker was suspended without pay for one year, and President of Basketball Operations Lawrence Frank was suspended without pay for six months. Zucker provided false and misleading statements to investigators, according to a summary of findings released Wednesday. The league said that an investigation of the Clippers by the law firm Wachtell, Lipton, Rosen & Katz "found a pattern of misconduct and multiple significant rules violations" by the organization, which had previously violated salary cap circumvention rules. "The three individuals most responsible for the Clippers' rule-breaking are Mr. Ballmer, Ms. Zucker, and Mr. Frank," a 36-page report by Wachtell, Lipton said. In a statement, the Clippers said "We vehemently reject the NBA's findings," adding that, "We intend to vigorously challenge these findings and penalties through every avenue available to us and look forward to an ethical and impartial arbitration process." In a summary of its findings, Wachtell, Lipton said the organization's violations included "initiating off-court income opportunities between Mr. Leonard and four companies doing business with the team: Aspiration Partners, Boingo Wireless, Daktronics, and Lockton Insurance," and facilitating endorsement deals between those companies and Leonard. The Clippers also induced those companies to enter into deals with Leonard by offering them business from the team, paying personal expenses for Leonard and his representatives, and failing "to report improper solicitations for off-court income opportunities made on Mr. Leonard's behalf through his then-business manager, Dennis Robertson," the summary said. Robertson is Leonard's uncle. Leonard was ordered to pay the league $700,000 in connection with his own violations, through Robertson's conduct, which included pressuring the team to help Leonard obtain off-court income opportunities and failing to reimburse payments by the Clippers for personal expenses. The NBA banned Robertson from conducting business or otherwise engaging with the league's teams and their affiliates, players or personnel for five years. The report comes nearly a year to the day after the podcast Pablo Torre Finds Out began a series of episodes alleging that the Clippers and Ballmer violated salary cap circumvention rules in dealings with the now-collapsed green energy financial company Aspiration Partners, which had a four-year, $28 million endorsement agreement with Leonard. The podcast reported that the agreement was never publicly announced, and that Leonard did not perform any services under it.

NBA suspends Clippers owner Ballmer for one year in Kawhi Leonard salary cap probe
Europe
BBC Business

The £70 refund letter that isn't a scam

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoYou may be among the one million people, mostly women, who will receive letters explaining how you are eligible for top-up pension payments - and it's not a scam. Those entitled are low earners who have missed out on the money because of the way their pension is administered. HM Revenue and Customs (HMRC) will write to people over the next few months, explaining how to receive the payment. Typically they will be due £70, but that may vary considerably depending on their circumstances. Anyone eligible will be contacted automatically but, if you receive a letter, there are various checks you can do to ensure the letter is genuine so you don't get hoodwinked. When you pay into a pension, the government allows some of the money that would otherwise have been paid in tax to go towards your pension instead. This is known as tax relief, external. For relatively complicated reasons, some low earners whose employer used what's known as a Net Pay Arrangement pension scheme received less than those whose pension was administered through a Relief at Source scheme. Employees have no control over the type of scheme that's used, so the government has decided to top up those who have missed out, through what's called a low earner's pension payment. Typically, they would have earned close to, but not more than, £12,570 a year (the starting point for paying income tax). Top-up payments will initially be paid for the 2024-25 tax year, with automated payments subsequently kicking in for later years. Customers don't need to apply. If eligible, you'll be sent information by HMRC - the UK's tax authority - in a letter or through your online personal tax account, external. HMRC will not text, email or call you about it. If you receive such a call or message, it is a scam. Also, it will never ask you to transfer money, or ask for PIN codes or passwords. Searching Gov.uk for "check if a letter you've received from HMRC is genuine", and look for "Low Earner's Pension Payment"

The £70 refund letter that isn't a scam
Asia
The Economic Times

8 midcap stocks clock up to 245% EBITDA growth in June quarter. Do you own any?

Quarterly EBITDA growth indicates an increase in earnings before interest, taxes, depreciation, and amortisation, providing an indicator of changes in profitability and operational performance. Within the NSE mid-cap segment, eight stocks reported EBITDA growth of more than 80% in the June 2026 quarter compared with the same period last year (excluding banking and financial stocks), according to StockEdge profitability data. Lloyds Metals & Energy recorded 245% year-on-year EBITDA growth to Rs 2,781 crore in June ’26, up from Rs 806 crore a year earlier. Rail Vikas Nigam posted a 232% year-on-year jump in EBITDA to Rs 185 crore in June ’26, compared with Rs 56 crore in the corresponding quarter last year. Oil India reported a 146% year-on-year increase in quarterly EBITDA to Rs 5,793 crore in June '26, up from Rs 2,351 crore in the same quarter last year. Hindustan Copper’s quarterly EBITDA rose 139% year-on-year to Rs 508 crore in June ’26, compared with Rs 212 crore a year earlier. Oracle Financial Services Software recorded a 122% year-on-year increase in EBITDA to Rs 1,877 crore, versus Rs 846 crore in the corresponding quarter last year. Lodha Developers reported a 95% year-on-year rise in quarterly EBITDA to Rs 1,922 crore in June '26, compared with Rs 984 crore in June ’25. Coforge posted an 83% year-on-year increase in EBITDA to Rs 1,058 crore for June ’26, up from Rs 577 crore in the same quarter last year. National Aluminium Company recorded an 81% year-on-year rise in quarterly EBITDA to Rs 2,708 crore in June '26, compared with Rs 1,492 crore in the year-ago quarter.

8 midcap stocks clock up to 245% EBITDA growth in June quarter. Do you own any?
Europe
BBC Business

Why are European countries moving their gold out of North America?

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished5 September 2026When the central bank of the Netherlands confirmed this week that it had moved tonnes of the country's gold out of North America, it said the relocation would make it "better prepared for severe crises". Some 86 tonnes from the combined total of about 313 tonnes held in the US and Canada were relocated to London "in view of increasing geopolitical unrest", it said, so the shiny stuff could be "readily available for use in a crisis situation". Questions were bound to follow. Why were the Dutch doing this? Were they anticipating some major economic shock on the horizon? It seems not, but the move was clearly in response to the unstable and uncertain state the world finds itself in, with trade and military wars prompting countries to take precautions and hold their gold closer to home. Earlier this year, France announced it had removed its gold reserves from the US to home shores. Meanwhile, Germany's Bundesbank transferred more than 216 tonnes of the metal from storage locations abroad - 111 tonnes from New York and 105 tonnes from Paris - over a few years ending in 2016., external It is a strategy which has played out before in times of global instability. "Some European central banks moved part of their gold holdings to New York during the Cold War," said research analysts Lina Thomas and Daan Struyven of Goldman Sachs. Joseph Cavatoni, senior market strategist at the World Gold Council, told the BBC while wars and trade tensions were "playing into some of these decisions", it didn't "top the list" of motivating factors. Inflation, interest rates and just having gold in a place where it can be traded quickly also played a role. "I don't get a sense that there's an impending doom," Cavatoni said, "but what I do think is people are being better educated around how to manage their reserve assets, growing their reserve assets, and actually thinking more effectively around how to make the most of those assets." De Nederlandsche Bank said the gold removed from the US and Canada between March and August this year was now being held in the vaults of the Bank of England. "We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness," said the governor of the Dutch central bank, Olaf Sleijpen. London was seen as the best choice due its position in the world as a major trading centre. If you want to be able to buy or sell gold fast in a crisis, London is the place to be, which makes the Bank of England a popular storage spot.

Why are European countries moving their gold out of North America?
Asia
The Hindu BusinessLine

BRICS Summit 2026 Day 2 Live Updates: BRICS leaders voice concern over 'growing risks' of nuclear conflict

BRICS Summit 2026 Live Updates: India pulled off a critical diplomatic balancing act at the BRICS Summit on Saturday, securing consensus among all 11 member nations on a joint declaration that voices serious concern over the rise of “unilateral tariff and non-tariff measures” running contrary to WTO rules, and resolves to strengthen the multilateral trade body. BRICS leaders have voiced serious concern over “deliberate attacks” on civilian infrastructure and peaceful nuclear facilities under full safeguards of the International Atomic Energy Agency (IAEA), underlining that nuclear safety must always be upheld, including in “armed conflicts”. In the ‘New Delhi Declaration’ adopted on the first day of the two-day BRICS Summit, being hosted by India, the leaders on Saturday also expressed concerns over the “growing risks of nuclear danger and conflict”. Prime Minister Narendra Modi announced the adoption of the declaration at the end of the opening day’s deliberations in the presence of Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan and other top leaders of the bloc. BRICS leaders express deep concerns over escalating nuclear risks and deliberate attacks on civilian infrastructure during the New Delhi Summit. BRICS countries are not currently proposing a common currency, but local currency trade settlement discussions are ongoing, says India's MEA. The restrictions will remain in place from 8 am to 8 pm on Sunday, the final day of the three-day summit being held at Bharat Mandapam in Pragati Maidan. As the 18th BRICS Summit continues to draw global acclaim for its meticulous execution and visionary agenda, an international expert has commended India’s leadership in steering the multilateral bloc towards cutting-edge technological cooperation. Speaking to ANI, Egyptian AI Expert Ahmed Elsharkawy lauded the mega-event, stating, “It was very well organised. India is a great leader to organise such an amazing and very well-structured event. This version of BRICS will be focusing more on discussing how to cooperate and collaborate on artificial intelligence, especially the sovereign AI project.” Building upon these international perspectives, the two-day summit, held in the national capital under the overarching theme “Building for Resilience, Innovation, Cooperation and Sustainability”, has served as a crucial platform for advancing sustainable development, technological collaboration, and robust financial partnerships. Aligning directly with these deliberations, BRICS leaders earlier unanimously adopted the comprehensive New Delhi Declaration 2026. (ANI) External Affairs Minister (EAM) S Jaishankar held discussions with Nigerian Foreign Minister Bianca Odumegwu-Ojukwu and Cuban counterpart Bruno Rodriguez Parrilla on the sidelines of the ongoing 18th BRICS Summit in New Delhi.

BRICS Summit 2026 Day 2 Live Updates: BRICS leaders voice concern over 'growing risks' of nuclear conflict
Asia
The Hindu BusinessLine

BRICS leaders voice concern over 'growing risks' of nuclear conflict

BRICS leaders have voiced serious concern over "deliberate attacks" on civilian infrastructure and peaceful nuclear facilities under full safeguards of the International Atomic Energy Agency (IAEA), underlining that nuclear safety must always be upheld, including in "armed conflicts." In the ‘New Delhi Declaration’ adopted on the first day of the two-day BRICS Summit, being hosted by India, the leaders on Saturday also expressed concerns over the "growing risks of nuclear danger and conflict." Prime Minister Narendra Modi announced the adoption of the declaration at the end of the opening day's deliberations in the presence of Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan and other top leaders of the bloc. In a major diplomatic victory for India, BRICS reached consensus on the joint declaration after overcoming sharp differences between the United Arab Emirates and Tehran regarding the West Asia conflict, but skipped any direct mention of the US strikes on Iran or the Iranian military's attacks on Gulf Arab nations. The declaration, without naming any country, said, "We express serious concern over deliberate attacks on civilian infrastructure and peaceful nuclear facilities under full safeguards of the International Atomic Energy Agency (IAEA), in violation of international law and relevant resolutions of the IAEA," it said. "Nuclear safeguards, safety, and security must always be upheld, including in armed conflicts, to protect people and the environment from harm," it added. BRICS, comprising Brazil, Russia, India, China and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, the UAE and Saudi Arabia, with Indonesia joining in 2025. Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam became BRICS partner countries last year. The declaration said, "We express concern about the growing risks of nuclear danger and conflict. We reiterate the need for invigorating the system of disarmament, arms control and non-proliferation and for preserving its integrity and effectiveness to achieve global stability and international peace and security." The leaders also stressed the significant contribution of "nuclear-weapon-free zones" to the strengthening of the nuclear non-proliferation regime, reaffirmed their support for and respect towards all existing nuclear-weapons free zones and their associated assurances against the use or threat of use of nuclear weapons. They also acknowledged the importance of the efforts aiming at accelerating the implementation of the "resolutions on the Establishment of a Zone Free of Nuclear Weapons and other Weapons of Mass Destruction in the Middle East, including the Conference convened pursuant to UN General Assembly Decision 73/546." "We call on all invited parties to participate in this conference in good faith and engage with this effort constructively. We note the adoption of the UNGA Resolution 79/241 'Comprehensive study of the question of nuclear-weapon-free zones in all its aspects' as well as the successful conclusion of the study, which was adopted by the group by consensus," the declaration said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

BRICS leaders voice concern over 'growing risks' of nuclear conflict
Asia
The Hindu BusinessLine

BRICS calls for protection of cultural heritage

RICS leaders have called for protection of cultural heritage, including in regions affected by conflict, and laid emphasis on repatriation of antiquities and objects of spiritual, ancestral, historical and cultural value to their country of origin. In the New Delhi Declaration adopted on day one of the two-day BRICS Summit being hosted by India, the grouping also welcomed adoption of the Bhopal Declaration at the 11th BRICS Culture Ministers' Meeting, reaffirming the important role of culture in fostering people-to-people cooperation and strengthening ties among member countries. Prime Minister Narendra Modi announced the adoption of the declaration at the end of the opening day's deliberations in the presence of Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan and other top leaders of the bloc. BRICS, comprising Brazil, Russia, India, China and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, the UAE and Saudi Arabia, with Indonesia joining in 2025. Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam became BRICS partner countries last year. "We call for the protection of cultural heritage, including in regions affected by conflict, to prevent the destruction and illicit trafficking of cultural property, which is vital for preserving the history and identity of affected communities, as well as on the need to ensure the restitution and repatriation of cultural heritage, antiquities and objects of spiritual, ancestral, historical and cultural value to their country of origin," read the declaration. The leaders also encouraged cooperation among BRICS countries through exchange of information, documentation and institutional cooperation among museums, archives, libraries and other relevant cultural institutions. "We encourage the exchange of information and sharing of best practices in the cultural and creative industries, including in the areas of training and capacity-building for artists and cultural practitioners," it added. The leaders took note of the initiative to create and develop an "Artist Registry on a pilot basis" for voluntarily participating members. In this regard, they acknowledged initiatives, such as Platform on Cultural and Creative Industries and Creative Economy, identification and documentation of Traditional Knowledge Systems and Traditional Cultural Expressions. "We encourage exploring opportunities for joint multinational nominations under relevant UNESCO Conventions and Programmes on a voluntary basis. We encourage further cooperation between BRICS countries, including within relevant multilateral fora for the development of cultural industries and resources," the declaration said. "We appreciate the organisation of the BRICS Theatre Festival and the BRICS Film Festival as important platforms for showcasing the cultural diversity of our nations, promoting the circulation of cultural and creative works, and strengthening people-to-people ties," it said.

BRICS calls for protection of cultural heritage
Europe
BBC Business

Aviation faces hotter, stormier skies – and passengers might have to accept more disruption

ByTheo Leggett International business correspondentAs the country sweltered through one of the many heatwaves of a baking summer in late June, towering thunderclouds were gathering over the south of England and across much of northern Europe. It was a Saturday, and with the holiday season getting under way, thousands of passengers were heading to London's Heathrow and Gatwick airports to catch flights abroad. It was always going to be a very busy day. What followed, however, was chaos for travellers. As air traffic controllers struggled to route aircraft around the storms, airspace became heavily congested and many planes due to fly were simply forced to wait on the ground. In the end, some 900 flights to and from both airports were delayed, some by up to 11 hours. Dozens more were cancelled. At airports across Europe, passengers expecting to fly into London also faced long waits and uncertainty. The weather in the UK may now have cooled, and passengers may soon forget their experiences. But some within the industry believe what happened in June should be seen as a warning. The timing in this case was clearly unlucky. But there are concerns that such incidents are only going to become more common as the effects of climate change mount up around the world and weather systems are likely to become increasingly unstable, making disruption more likely and adding to costs for airlines, airports and travellers. Tim Atkinson, an airline risk consultant and former pilot, says the very crowded skies over the UK and northern Europe mean the region is particularly exposed. He thinks there is a real risk, for example, that all of London's airports could be affected by storms at the same time, potentially with major consequences in the air and on the ground. "We're going from the kind of weather activity which takes out an airport, and which the system kind of copes with… to a situation where, with very little predictability, it would be possible to lose all of the London airports from real-time operation quite swiftly and with little notice". Such a scenario, he thinks, would make the disruption for passengers caused by the incident in June seem relatively minor – and could even put lives at risk. But how likely is it? For controllers at National Air Traffic Services's (NATS) main control centre in Swanwick, Hampshire, thunderstorms are a major preoccupation. When I visit, it is a hot and humid day, there are ominous dark clouds in the sky, and heavy, thundery downpours are hitting the surrounding region. In Terminal Control, the part of the building responsible for flights heading to or from airports in London and southern England, those same storm cells are being monitored continuously. Their progress is tracked on large radar screens, while at the same time weather forecasts are carefully scrutinised. Air traffic tends to come in waves during the day. Right now, at lunchtime, it is relatively quiet and the storms have yet to affect major routes. But with activity expected to intensify in the afternoon, staff are already preparing for what could be a tricky few hours. Stormy weather can shrink the available airspace, meaning traffic has to be restricted and rerouted. If planes are unable to land at one airport, for example due to high winds, they may need diverting to another. But that can create its own problems; if too many unscheduled aircraft land at an already busy airport, it might not have sufficient infrastructure to accommodate them all.

Aviation faces hotter, stormier skies – and passengers might have to accept more disruption