GENEVA, Nov 22 (Reuters) – Switzerland’s financial market regulator warned on Saturday of growing risks in the housing market, saying banks were stretching mortgage lending criteria as property prices continue to climb.
“The risk in the mortgage market is high, prices continue to rise, and the danger of a correction is correspondingly high,” the head of FINMA, Stefan Walter, told the Swiss news outlet Blick in an interview.
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“We have found that the scope for granting mortgages is being exploited excessively by various banks.”
Internal criteria are either too loose, or a high proportion of financing goes beyond some banks’ own affordability rules, he stated.
He told Blick that some banks were relaxing their internal lending criteria on between 25% and 40% of mortgage loans as a result of intense competition.
FINMA intervenes when it sees exceptions of that level, he added.
Reporting by Olivia Le Poidevin; Editing by Kevin Liffey
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MILAN, Nov 22 (Reuters) – Eyewear company EssilorLuxottica (ESLX.PA), opens new tab would be interested in taking a stake of between 5% and 10% in Armani but would not seek an active role in the management of the luxury fashion group, Italian business daily Il Sole 24 Ore reported on Saturday.
A restructure of the famed fashion house is expected following the death of founder and owner Giorgio Armani in September.
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EssilorLuxottica was named in Armani’s will alongside luxury conglomerate LVMH (LVMH.PA), opens new tab and L’Oreal (OREP.PA), opens new tab as priority potential buyers of an initial stake of up to 15% in the company.
Citing unnamed sources, Il Sole said Franco-Italian company EssilorLuxottica had informed the Armani Foundation that it would be interested in becoming an investor but would seek a smaller stake and not ask for a seat on the board of Armani.
There was no immediate comment from Armani or EssilorLuxottica, whose brands include Ray-Ban.
Reporting by Keith Weir and Elisa Anzolin;
Writing by Keith Weir; Editing by Emelia Sithole-Matarise
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The widely used internet infrastructure provider Cloudflare suffered a major outage on Tuesday morning, temporarily disrupting numerous websites and apps, including ChatGPT, Spotify, and the social media platform X.
The incident lasted several hours, and follows other major outages in recent months involving Microsoft’s Azure platform and Amazon Web Services (AWS).
London-based tech analyst Carmi Levy spoke with London Morning host Andrew Brown on Thursday to explain what happened, and what concerns the incidents raise about the stability and security of the internet.
The following has been edited for length and clarity.
Andrew Brown: I’ve got to admit, I had never heard of Cloudflare. That probably says more about me than Cloudflare, but what does something like that do?
Carmi Levy: This is a company that most of us wouldn’t deal with, in the same way most of us don’t deal directly with Amazon Web Services or Microsoft Azure. It’s a content delivery network service, and basically, what it does is it ensures that the websites that we visit every day stay up and running.
So if you run a website, you would call Amazon or Microsoft or Google to host it for you, then you would call Cloudflare to make sure it’s secure, that it’s protected from those big distributed denial of service attacks that generate headlines every once in a while. It performs a pretty important role on the internet. It makes sure that when you visit a website, you’re a human, not a bot. Not someone or something that wants to take that website down.
AB: So then, how does it connect to the cloud?
CL: Cloudflare isn’t something we install on our computers, it’s something that exists only on the web. They have a data centre, they work with websites like ChatGPT, or X, or even IKEA and Spotify. Those companies subscribe to Cloudflare, and they do some technological magic in the background.
For example, sometimes when you sign in to ChatGPT, you’ll notice you’ll get a little pop-up right at the beginning saying, ‘click this to prove that you’re a human.’ If you look closely at it, you’ll see there’s a Cloudflare logo on it … It just works quietly in the background. Most of us never pay attention to it, but you know, of course, when it fails, everybody’s looking.
LISTEN | Explaining this week’s Cloudflare outage:
London Morning7:13Do you know where your data is being stored?
Earlier this week, a segment of the internet’s cloud storage was down, and the effects were felt by most online users. London technology analyst Carmi Levy explained the situation with cloud servers and the world of data storage.
AB: What do we know about why it took a bunch of websites down earlier this week?
CL: An estimated 20 per cent of all websites on the internet use Cloudflare services in one way (shape) or form. The interesting thing is that originally, they thought it was a cyberattack, and it quickly turned out not to be the case. Then they called it an “internal service degradation,” basically, “something broke. We don’t know what it is.”
The co-founder and CEO, Matthew Prince … he said it had to do with their bot management system, that’s what protects websites against bot attacks. It uses an AI tool that creates what’s called a “feature file,” and that feature file, every time you connect to the site, it looks at that feature file and goes, “Are all these things good? Does it match? Can I legitimately allow this person onto the site?” That file updates every five minutes. Unfortunately, they made a change to the code, and that code resulted in this file getting larger and larger and larger. It wasn’t erasing old versions of itself, which means eventually it just crashed.
AB: What does this say about the stability of the websites that we depend on?
CL: It’s a lot more centralized than we thought it was. It doesn’t take much to bring it all down, because massive services like Cloudflare, Amazon Web Service, Microsoft Azure, they control most of the traffic on the internet. For example, with AWS, it was one server in one data centre in West Virginia, and it took down a huge chunk of the global Internet.
AB: Do you have any ways that we could try to protect ourselves from that risk?
CL: Our parents told us always put your eggs in more than one basket, and I think the same logic applies here. We can’t stop these outages from happening, these are massive, global-scale companies. But what we can do is we can ensure that if Service A is no longer available, then we have an option for Service B. For example, it could be that you have a second email address or account on a second platform … that way, you’ll always have a backup.
When you’re thinking of where to store your data, don’t just assume it’s always going to be safe in the cloud. Make sure you have some of your data in the cloud, Google Photos, for example, but don’t forget to save them locally too. Put them on a hard drive. Make sure that it’s safe in your home or someone else’s home.
The owner of the Daily Mail has struck a £500m deal to buy the Telegraph titles, in a move that will create a right-leaning publishing powerhouse.
Lord Rothermere’s Daily Mail & General Trust (DMGT) has entered a period of exclusivity with RedBird IMI, which has been seeking a buyer since being forced to put the papers up for sale last Spring, to finalise the terms of the transaction.
The two parties say that they expect this process to “happen quickly”, however the deal is likely to trigger an in-depth investigation by the UK competition regulator.
DMGT, which owns a stable of titles including the Metro, the I and New Scientist, already handles the advertising contract for the Telegraph titles.
The move comes barely a week after RedBird Capital, The US group led by Gerry Cardinale, pulled out of its own £500m deal to buy the titles.
Lord Rothermere has long coveted taking control of the Telegraph titles, and had been in line to take around a 10% stake as part of the aborted RedBird Capital consortium deal.
“I have long admired the Daily Telegraph,” said Rothermere. “My family and I have an enduring love of newspapers and for the journalists who make them. The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper, and I have grown up respecting it. It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades.”
It is understood that the Mail and Telegraph editorial teams will remain separate, and DMGT says that it will provide investment to pursue the titles’ goal of becoming a global brand.
DMGT said that the deal would give “much-needed certainty” to Telegraph staff, who have been stuck in limbo over a sale process that has dragged on for more than two years.
“DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the secretary of state,” said a spokesperson for RedBird IMI.
RedBird Capital, the junior partner in the RedBird IMI, had stepped in after the government introduced rules banning foreign states from owning UK newspapers.
IMI is controlled by Abu Dhabi’s Sheikh Mansour bin Zayed al-Nahyan, the vice-president of the United Arab Emirates and the owner of Manchester City FC.
U.S., Qatar and allies enhance regional defense during Exercise Ferocious Falcon 6
By: Ninth Air Force (Air Forces Central) Public Affairs and Fifth Fleet (U.S. Naval Forces Central Command) Public Affairs
AL UDEID AIR BASE and UMM AL-HOUL NAVAL STATION, Qatar (Nov. 22, 2025) – More than 1,300 military personnel from the U.S., Qatar, Italy, United Kingdom, Turkey and France participated in Exercise Ferocious Falcon 6, a biennial, Qatar-hosted multinational joint exercise, Nov. 16-20.
“Exercise Ferocious Falcon 6 showcased our ability to operate as a unified, lethal and agile force against regional threats,” U.S. Navy Commander Joseph W. Hontz, U.S. Naval Forces Central spokesperson, said. “Our commanders and battle staff received valuable training on the critical aspects of planning and management and using integrated command and control systems for effective unified operations, in order to enhance our collective combat readiness while building crucial partnerships across air, land and sea domains throughout the Middle East.”
Both U.S. air and naval assets participated in the multi-domain exercise, which included a Bomber Task Force integration to demonstrate global power and a stake in the region, as well as surface, air and expeditionary forces, who executed multiple field exercises and maritime drills.
Ferocious Falcon 6 integrated cutting-edge technology and methodologies to address modern challenges. The exercise was an opportunity for information-sharing across warfare domains and exemplifies partner nations’ shared commitment to adapting collective defense strategies in order to safeguard and strengthen regional commitments.
“This exercise is as much about building relationships as it is about tactics and operations,” U.S. Air Force Maj. Katrina J. Cheesman, U.S. Air Forces Central spokesperson, said. “By exercising our shared defense capabilities, the United States and its regional partners seek to sustain trust, stabilize the Middle East, and reinforce the principles of peace and cooperation fundamental to rules-based international order.”
Designed to enhance lethality and combat efficiency among allied forces, Ferocious Falcon 6 further solidified the enduring partnership between the U.S., Qatar and its allies by focusing on interoperability, warfighting readiness and overall maritime security in the region. The exercise provided vital training opportunities for all participants to test collaborative techniques within the U.S. Central Command area of responsibility.
Training opportunities encompassed a command post exercise to train on integrated command-and-control; combined field training exercises involving multiple nations’ land, air and naval forces; air interdiction, escort and defensive counter-air training; tactical combat casualty care cross training; and Visit, Board, Search, and Seizure rehearsals among partners.
U.S. Air Force assets were comprised of F-16 Fighting Falcons, KC-135 Stratotankers and a B-52 Stratofortress, while U.S. Naval Forces assets included the Independence-class littoral combat ship USS Tulsa (LCS 16), the fast-response cutter USCGC Clarence Sutphin Jr. and one P-8A Poseidon maritime patrol and reconnaissance aircraft.
Ferocious Falcon 6 aimed to advance the operational capabilities of participating forces, strengthen coordinated defense strategies, and expand capabilities in maritime security and infrastructure protection. The exercise has evolved over the years to become a cornerstone of U.S.-Qatar and allied security cooperation.
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Three teenagers have been charged after a 17-year-old boy was injured outside a McDonald’s.
The victim required hospital treatment after the altercation on Station Road in Filton, South Gloucestershire, shortly before 13:00 GMT on Tuesday. Police say his injuries are not believed to be life-threatening or life-changing
Avon and Somerset Police charged two 16-year-olds and a 17-year-old with wounding with intent in relation to the incident.
Insp Stephen Baines: “We hope this update provides reassurance to the community around the investigation so far.”
The 17-year-old was further charged with possession of a knife/blade in a public place and the criminal damage of a mobile phone. He appeared at a magistrates court on Thursday where he was remanded in custody ahead of his next court hearing on 22 December.
One of the 16-year-olds was also further charged with possession of a knife/blade in a public place.
Insp Baines said officers had been carrying out patrols in the area and would “continue to be on hand to speak to anyone with concerns”.
“It is important that no commentary or information is published, including on social media, that could prejudice these court proceedings,” he added.
Marriott International has globally debuted its new Series by Marriott brand, featuring the launch of The Fern Hotels & Resorts with 26 properties and over 1,900 rooms across key Indian destinations, expanding its portfolio as of November 2025.
This move signals Marriott’s focus on regionally inspired, sustainable hospitality and reinforces its commitment to growing in vibrant international markets beyond its traditional Western footprint.
We’ll examine how this large-scale India expansion under the Series by Marriott brand could reshape the company’s investment narrative.
Find companies with promising cash flow potential yet trading below their fair value.
To invest in Marriott International, you need to believe that its global expansion and brand strength will continue driving long-term growth, with net rooms growth and rising fee revenues as the main near-term catalysts. The recent launch of Series by Marriott in India meaningfully supports these efforts, but does not materially alter the most prominent risk, the company’s ongoing reliance on conversions and mid-scale deals to maintain new room growth, which could become challenging if conversion activity slows or margins soften.
Another announcement of interest is Marriott’s decision to end its licensing agreement with Sonder Holdings, which reduced the 2025 net rooms growth outlook to around 4.5%. This context makes the large-scale India debut of Series by Marriott even more relevant, as new markets can help offset potential pipeline headwinds and support overall growth targets.
However, with global ambitions rising, investors should also be aware of the company’s exposure to regional economic and demographic volatility, particularly if RevPAR trends start to decline in…
Read the full narrative on Marriott International (it’s free!)
Marriott International’s outlook anticipates $29.5 billion in revenue and $3.6 billion in earnings by 2028. Achieving this would require 63.3% annual revenue growth and a $1.1 billion increase in earnings from the current $2.5 billion.
Uncover how Marriott International’s forecasts yield a $289.79 fair value, in line with its current price.
MAR Community Fair Values as at Nov 2025
Five Simply Wall St Community members have submitted fair value estimates for Marriott, ranging from US$205 to US$289. Some estimates are well below the current price. As you weigh these differences, remember that global expansion efforts such as the Series by Marriott India launch could have wider implications for earnings growth and room pipeline stability across regions.
Explore 5 other fair value estimates on Marriott International – why the stock might be worth as much as $289.79!
Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.
Opportunities like this don’t last. These are today’s most promising picks. Check them out now:
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include MAR.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Black Friday bargain-hunters should be wary of the flood of “buy now, pay later” offers at the checkout, money experts have warned, amid record numbers of people seeking help with shopping debts.
Billions of pounds will be spent online and in shops over the coming weeks, with more than one in three Britons said to be planning to use this form of credit to help stagger their Black Friday spending.
But debt organisations and charities say shoppers should think very carefully before succumbing to the temptation of clicking on the buy now, pay later (BNPL) button.
Citizens Advice said it was helping “more people than ever before” with BNPL-related problems. The charity added: “We urge people to take caution, especially if they are struggling with bills already.”
Meanwhile, Money Wellness, an organisation that provides free money and debt advice, said last month had been a record month for people seeking help with BNPL debt, with another spike expected in January and February as festive spending feeds through.
The number of shoppers turning to BNPL has increased steeply in recent years, with banking industry data showing the use of this type of credit rising from 14% to 25% of UK adults in the space of 12 months.
The credit, which is common at online checkouts, and increasingly available at physical shops too, lets people spread payments for everything from dresses and trainers to concert tickets, takeaway pizzas and hotel rooms.
Typically, the cost is split into three or four instalments, and if consumers keep up with their repayment plan they will not usually pay interest or charges. However, regulators and consumer bodies have long voiced worries that some people will end up taking out loans they cannot afford to pay back on time, thereby incurring charges, tipping them into debt and damaging their credit score.
In the UK, more than 3 million customers missed payments in 2024, some of whom will have ended up being pursued by debt collectors.
With the US-inspired Black Friday discount day on 28 November swiftly followed by Cyber Monday on 1 December and then a final burst of festive shopping, this is a bumper time of year for the BNPL industry, which in the UK is dominated by three brands: Klarna, Clearpay and PayPal.
UK consumers will spend £6.4bn on Black Friday purchases this year – up slightly on the £6.3bn spent last year, according to a forecast from the accountancy firm PwC UK.
The average transaction using BNPL is £114, according to the banking body UK Finance, with fashion – clothes, shoes and jewellery – accounting for almost half of all spending using this form of credit last year.
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Jane Parsons , at Citizens Advice, said it had shifted from a niche payment option to “a quick solution for people wanting to bag the latest bargains,” but it was still a form of credit, and using it “could still deal a heavy blow to your budget, with little protection if things go wrong”.
While BNPL is often interest-free, “it’s certainly not risk-free”, said Vikki Brownridge at StepChange.
For some shoppers, “juggling multiple BNPL payments alongside rent, bills and other debts can quickly become overwhelming”, said Sebrina McCullough at Money Wellness.
She added: “A major issue is having multiple lines of BNPL credit with different payment dates throughout the month, which makes it hard to budget and easy to lose track. Missed or late payments often come with fees, and debt can spiral before people realise.”
The Financial Conduct Authority will start regulating BNPL on 15 July 2026, which could require lenders to carry out affordability checks on even the smallest loans, so this will be the last Black Friday and Christmas when shoppers will not be protected by consumer legislation. From that date, BNPL loans will become regulated credit agreements.
