Category: 3. Business

Hong Kong, 20–23 January 2026: The World Business Council for Sustainable Development (WBCSD) hosted the fourth edition of its Heads of Climate Base Camp in Hong Kong, marking both the program’s first edition in the Asia-Pacific region and its first time in the city. Sponsored by Swire Pacific, the Base Camp brought together 15 Heads of Climate and Chief Sustainability Officers from leading companies across seven countries in the region.

Building on the strong foundations of previous editions, the APAC Base Camp was designed as an intensive, outcomes-focused program combining peer exchange, expert input, and facilitated working sessions. The agenda emphasized practical approaches to navigating climate complexity, enabling participants to exchange concrete experiences, test ideas with peers, and identify actions that can be embedded into business strategy and decision-making within the regional context.

From Technical Expertise to Strategic Leadership

Heads of Climate occupy a uniquely demanding position within their organizations, requiring both deep technical expertise to manage emissions reductions and strategic insight to engage executive leadership and boards. Throughout the Base Camp, participants emphasized the value of the collective experience in the room, particularly the opportunity to learn from peers facing similar challenges across diverse Asian markets.

Discussions highlighted how climate leadership in Asia often differs from Europe and the United States and participants explored how to translate global net-zero ambitions into regionally relevant strategies, while maintaining credibility, momentum, and internal buy-in.

The base camp provided an avenue for peer-sharing and new mental models for scaling impact.

Turning Insight into Action

A core focus of the Base Camp was enabling participants to work through their own company-specific challenges in facilitated, results-oriented sessions. Key themes included building skills, confidence, and effectiveness within sustainability and adjacent teams; integrating climate considerations into core business decision-making; and managing internal relationships to scale impact across functions and geographies. These conversations supported participants in developing personalized and targeted roadmaps, outlining concrete milestones, enablers, and stakeholder considerations to advance their organizations toward net zero.

This Base Camp was genuinely impactful for me. The peer-group discussions were particularly powerful – open, honest, and grounded in real-world challenges, which made the learning deeply relatable. Kudos to the WBCSD team for curating and designing such a thoughtful and well-structured session. It created the right balance between reflection and action, and left me with both clarity and renewed motivation.

Science, Standards and Systemic Change

The program was enriched by contributions from leading voices in climate science and standards-setting. Dr. Hoesung Lee, former Chair of the Intergovernmental Panel on Climate Change (IPCC), shared reflections on the evolving science-policy-business interface and the critical role of corporate leadership in driving systemic change. Professor Alexander Bassen, Chair of the Independent Standards Board of the GHG Protocol, provided insights into the future of corporate greenhouse gas accounting and the implications for business decision-making.

Participants also engaged in two dedicated masterclasses focused on Actions and Market Instruments, as well as Building Adaptation and Resilience, further strengthening their understanding of practical levers available to companies for climate action and adaptation.

The Base Camp included a field visit to New Life Plastics, Hong Kong’s largest food-grade-ready plastic recycling facility, offering a tangible example of circular economy solutions in action. A networking reception co-hosted with BEC brought together representatives from 14 leading companies in Hong Kong, reinforcing connections between global frameworks and local business leadership.

I learnt a lot. Very useful to now be part of this community and I look forward to continuing the conversation.

As with previous editions, the APAC Base Camp fostered a strong sense of trust, openness, and community. By the end of the program, participants reported renewed clarity on their leadership role, greater confidence in navigating internal complexity, and a strengthened network of peers to draw on as they continue their journey.

With the successful conclusion of its first APAC edition, the WBCSD Heads of Climate Base Camp continues to grow as a community for empowering climate leaders to drive meaningful, business-integrated transformation.

Stay tuned for updates on future editions of the WBCSD Heads of Climate Base Camp and how you can be part of this growing community. For more information on upcoming events and WBCSD’s Climate Action initiatives, contact climate@wbcsd.org.

Banks bounce back after their worst week since April

​The FTSE 100 has edged around 0.1% higher in early Monday trade, supported by financial stocks as risk appetite improves across European markets.

​NatWest, Standard Chartered and Barclays have all gained more than 2%, recovering from their worst weekly performance since April 2025. Easing political concerns and renewed buying interest have helped lift the sector.

​Miners drag as Asia takes a holiday

​Rio Tinto, Glencore and Anglo American are weighing on the index as commodity prices soften in thin trading caused by the Lunar New Year holiday across much of Asia.

​Defensive names are also on the back foot. National Grid and SSE are underperforming as the improvement in risk appetite encourages investors to rotate away from utilities and into more cyclical areas of the market.

Sterling holds steady as gilt yields edge lower

​The British pound is trading in a narrow range between $1.36 and $1.37. A supportive US inflation reading has taken some of the heat out of the US dollar, but sterling has yet to capitalise on the move.

​Gilt yields have edged lower in line with their continental counterparts. Markets are now pricing around a 72% chance of a Bank of England (BoE) rate cut in March, with a move by April close to fully priced following cautious comments from policymaker Catherine Mann.

​Inflation and wages data in focus this week

​January consumer price index (CPI) is expected to ease to 3%, which would represent a step in the right direction after months of sticky readings. Average earnings growth is forecast to slow to 4.6%.

​The combination of cooling inflation and moderating wages would strengthen the case for an earlier rate cut. Rate-sensitive sectors including banks, housebuilders and real estate investment trusts tend to react quickly to shifts in expectations.

​Housing market steadies as supply hits an 11-year high

​Rightmove’s latest data shows average asking prices were broadly flat in February at £368,019. Housing inventory has hit an 11-year high, keeping conditions firmly in the buyer’s camp.

​More choice and less urgency should continue to cap price growth, at least until rate cuts feed through to mortgage affordability. The housebuilders in the FTSE have been tracking rate cut expectations closely. You can keep up to date with UK market movements on our trading platform.

​Corporate news: takeovers, pubs and private equity

Zurich and ​Beazleyhave extended their takeover deadline to 4 March. Pinewood Technologies has reiterated its guidance after a bid withdrawal, while CVC has committed $1.1 billion to M&G’s private equity secondary fund.

​The UK pub sector is coming under renewed scrutiny. Reports suggest Greene King is reviewing costs, Stonegate is seeking efficiencies and Brewdog has hired advisers to explore a potential sale amid rising taxes and weaker trading conditions.

The SPAR store in Vlimmeren, Belgium, has reopened its doors following a two-month renovation carried out in close cooperation with SPAR Lambrechts, one of the two licensed SPAR operators in the country. The store now features an upgraded butchery, a dedicated identity for meat and catering choices, and a new self-checkout system to offer customers a smoother shopping experience.

A strong family tradition

The SPAR store in Vlimmeren is operated by local retailer Stef Nuyts, whose family has been well known in the village since 1992. The store was originally opened by Stef’s father and sister Linda. The family has been working with SPAR Lambrechts since 2000, a partnership Stef Nuyts deeply values.

“We are very satisfied with the collaboration. As self‑employed entrepreneurs, we feel truly appreciated. They listen to us, and we make many decisions ourselves,” Stef said.

A successful transformation

SPAR Lambrechts managed the entire remodelling process, translating the family’s wishes into a modern and efficient store layout. According to Stef Nuyts, their support was invaluable: “I have a lot of respect for what they have achieved in less than two months. They took all our wishes into account. The result is truly impressive.”

The butcher’s department received a particularly striking update. All meat is now pre‑packed, while the charcuterie counter continues to offer customers service. To support the transition, SPAR Lambrechts and the Nuyts family introduced the Atelier Nuyts brand, complete with a recognisable logo that connects the butchery and catering departments with the SPAR identity. A reopening brochure, local messaging, and social media updates helped communicate the changes to customers.

The store also introduced self‑scan checkouts, a change which is welcomed enthusiastically by shoppers. “Instead of two checkouts, we now have four, three of which are self-scan, and a cashier always supervises them. That saves a lot of time. In short, we are very happy to have a partner like Lambrechts at our side,” the SPAR retailer concluded.

Supporting independent retailers

SPAR Lambrechts support independent retailers across Belgium by offering a range of essential services. They provide realistic business planning to help retailers build a strong foundation for their operations. The team also offers financial advice and supports retailers in their day‑to‑day operations to ensure smooth and efficient store management. They recommend tailored product ranges that meet local customer needs and offer expert guidance on optimising shop layout.

Source: Buurtsuper.be

Read more about SPAR in Belgium

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About SPAR Belgium

SPAR was launched in Belgium in 1947, representing the first step in the brand’s international development. SPAR in Belgium is operated through two businesses: Retail Partners, which is part of the Colruyt Group, and the family-owned retail business Lambrechts.  SPAR Retail Partners Colruyt Group brings consumers the brand through a combination of company-owned and independently operated stores. SPAR Lambrechts focuses on serving customers independent retailer run stores.

 

Story Continues

Planning to make pancakes this week?

Shrove Tuesday marks the start of Lent, which was traditionally a time of religious fasting from meat and animal products. Pancakes were a way to indulge in eggs, butter and milk before the abstinence began, according to the National Museum of Ireland.

These foods weren’t consumed again until Easter Sunday, in some traditions. But what did our ancestors do with the surplus eggs, butter and milk for 40 days? If food prices were as crazy as they are today, you can be sure they would be mindful of waste.

A freezer would have come in really handy for the ascetics, and eggs are one of the many surprising things you can freeze. Freeze them, but not in their shells, and they will last for up to a year, according to Stopfoodwaste.ie, an Environmental Protection Agency (EPA) initiative. You could actually still use them for next year’s pancake Tuesday.

With food prices escalating as they are, freezing eggs for a year could even be an act of financial hedging. Eggs, along with dairy products, are among the items whose prices are rising fastest.

Unprocessed foods like eggs – a category that also includes meat, poultry, fresh fruit, vegetables, whole grains and cereals – saw an annualised increase in price of 5.8 per cent, according to Central Statistics Office (CSO) figures published in January. That’s more than twice the overall rate of inflation.

You can pay about €2.50 for half a dozen eggs these days; that’s about 42 cents per egg. If freezing an egg seems like a hassle, think of it like throwing money in the bin. Would you throw 42 cents in the bin?

To freeze whole eggs, beat them first and put them into silicon muffin trays or a freezer bag, says Stopfoodwaste.ie. Spare egg whites and yolks can also be frozen. When freezing several eggs, label with the number of eggs, as well as the date.

You can freeze milk too. So if you find you have extra in the fridge that you won’t consume before the use-by date, just freeze it.

[ Why is it raining so much? Persistent rain in Ireland driven by an unusual combination of eventsOpens in new window ]

Milk will be fine in the freezer for up to a month. It expands when frozen, so use a little bit first to make extra space in the container.

You can freeze milk in its container if it’s plastic, but not in glass bottles, according to Lovefoodhatewaste.ie – a resource of the global environmental charity, WRAP. Alternatively, freeze milk in ice cube trays for popping straight into your hot drinks.

Ideally, you should defrost frozen milk fully in the fridge. Or use a microwave on the defrost setting. But if it’s frozen in an ice cube tray, you don’t need to defrost it for using in your cuppa or adding to sauces, says the charity.

You can also freeze rice and potatoes, two other staples whose prices are rising fastest and that we often cook too much of. You can freeze yoghurt in its container too, and cheese (grate it first).

Irish households threw away an estimated 221,000 tonnes of food in 2023, according to the EPA. That’s equal to about 120kg of food waste per household, or 43kg per person. That’s about half the weight of a full brown bin, says the EPA.

Households could save about €60 per month, or €700 a year, by avoiding food waste, the agency estimates.

[ Counting the cost of food waste: ‘People don’t have enough to eat not due to lack of production, but lack of access’Opens in new window ]

Food waste contributes to climate change too, with greenhouse gas emissions from food production, manufacture, packaging, transport and waste warming our planet. The impacts include the rising sea levels, flooding and extreme weather events that are already putting lives and livelihoods at risk.

Escalating food prices can make us feel powerless – and life is busy, so freezing and defrosting takes planning – but the ‘season’ of Lent could be a chance to develop a habit that’s good for your pocket and for the planet.

A 40-day fast is one way to control your grocery bill, or you could just limit your food waste and get freezing. For more, visit Stopfoodwaste.ie

Factors driving the Aussie dollar’s rise

AUD/USD finished higher last week at 0.7073 (0.86%), marking a fourth consecutive week of gains that included a fresh three-and-a-half-year high at 0.7147.

Three main factors fuelled the Australian dollar’s ascent:

1. Hawkish rhetoric from Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser, who emphasised that inflation remains uncomfortably high and the bank stands ready to tighten policy further if needed.
2. Volatility in precious metals receded following the recent flash crash. With gold finishing the week around a still elevated $5,000 per ounce and silver holding near $78.00, the calmer market helped soothe broader risk sentiment. This stability provided support for the commodity-linked Australian dollar, as a key exporter of these metals.
3. The United States (US) dollar softened broadly, pressured by a cooler-than-expected January inflation report on Friday. Headline consumer price index (CPI) fell to 2.4% year-over-year (YoY), its lowest level since May, while core CPI eased to 2.5%, its lowest since March 2021. Combined with softer retail sales data earlier in the week, this report largely offset the impact of a firmer non-farm payrolls print, reinforcing expectations for Federal Reserve (Fed) rate cuts.

What to watch in the week ahead

Looking ahead, trading volumes will likely be thinner this week due to the Presidents’ Day long weekend in the US and Lunar New Year celebrations across Asia.

Locally, the key driver will be the Australian labour force report on Thursday, previewed below. Traders will also be closely monitoring US economic releases, including fourth quarter (Q4) 2025 gross domestic product (GDP) and flash purchasing managers’ indices (PMIs), as well as shifts in risk sentiment and commodity price movements.

Labour force report

Date: Thursday, 19 February at 11.30am AEDT

fOR December, employment in Australia surged by 65,000, significantly exceeding the expected 30,000 gain. The unemployment rate fell to 4.1% from 4.3%, defying expectations of a rise to 4.4%, while the participation rate edged higher to 66.7%.

While December data is notoriously volatile, often influenced by seasonal factors like Christmas hiring, this labour force report nonetheless reinforced the RBA’s assessment of tight labour market conditions. It also validated feedback from RBA liaisons, who noted that a significant share of firms continues to struggle with sourcing labour. This tightness, alongside elevated and persistent inflation, prompted the RBA to raise rates by 25 basis points (bp) to 3.85% earlier this month.

This week’s labour force update is expected to show a gain of 20,000 jobs, with the unemployment rate ticking up to 4.2% and the participation rate rising to 66.8%. Markets will be watching closely for confirmation of a cooler number after December’s big surge.

However, should we see another red-hot jobs print, the market could pull forward the timing of the RBA’s next rate hike – currently about 75% priced for June – into May.

AU unemployment rate chart

Cooler inflation fails to lift US markets, Amazon slumps

Despite a modest rebound in United States (US) stock markets on Friday night following a cooler-than-expected inflation report, all three major US indices finished the week lower. The S&P 500 fell 1.39%, the Nasdaq 100 lost 1.37%, and the Dow Jones closed 614 points lower (1.23%) after hitting a fresh record high earlier in the week.

The January inflation report on Friday night showed headline inflation falling to 2.4% year-over-year (YoY), its lowest level since May. The core consumer price index (CPI) also eased to 2.5%, marking its lowest reading since March 2021, down from the previous 2.6%.

The cooler inflation reading, combined with softer retail sales data released last week, largely offset the impact of the firmer non-farm payrolls report, bolstering expectations for Federal Reserve (Fed) rate cuts.

In the stock space, Amazon shares closed lower on Friday at $198.79 (0.41%), marking a ninth consecutive daily decline, the stock’s longest losing streak since July 2006. The primary driver of this sell-off is investor anxiety following the company’s recent earnings report, where it guided for a staggering $200 billion in capital expenditure for 2026, a figure far exceeding Wall Street’s expectations of around $150 billion.

Having now fallen 23% from its early November high of $258.60, Amazon is fast approaching multi-month trendline support near $191.

Looking ahead: key factors to watch

Looking ahead, US stock markets (including the NYSE, Nasdaq, and major indices like the S&P 500 and Dow Jones) are closed today in observance of Presidents’ Day holiday. The ‘Big Beautiful Bill’ tax refunds begin this week, with hopes that some of these funds will boost flagging tech stocks.

Meanwhile, the US earnings season continues with reports due from companies including DoorDash, Coca-Cola, Walmart, Deere & Company, and Dropbox before NVIDIA provides the unofficial earnings season finale on 26 February.

The economic calendar this week is packed, featuring the following: 

GDP growth rate Q4 advanced

Date: Saturday, 21 February

The US economy expanded at an annualised rate of 4.4% in the third quarter (Q3) 2025, marking its strongest advance in two years and accelerating from the second quarter’s (Q2) 3.8%. This impressive growth was fuelled by resilient consumer spending and robust exports. While imports and inventory adjustments provided some offsets, the overall performance highlighted the economy’s resilience, even amidst tariff uncertainties and softening labour markets.

However, the 43-day US government shutdown last year casts a notable shadow over the upcoming Q4 GDP release, with expectations for Q4 2025 GDP to fall sharply towards 3%. Interestingly, the Atlanta Fed’s GDPNow estimate, updated 10 February 2026, projects a slightly stronger 3.7% annualised rate for Q4.

A partial rebound from the shutdown’s impact is anticipated in first quarter (Q1) 2026, also supported by the tailwinds of President Trump’s ‘One big, beautiful Bill.’

The US interest rate market starts the week pricing in roughly 59 basis points (bp) of Fed cuts for 2026, with the first 25 bp move almost fully priced for June and a second in October.

US GDP growth rate chart