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UBS blames Credit Suisse acquisition as it delays climate targets by a decade

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UBS blames Credit Suisse acquisition as it delays climate targets by a decade

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UBS has pushed back a target to cut its greenhouse emissions to net zero by a decade, blaming its acquisition of crosstown rival Credit Suisse for the delay.

The Swiss bank revised its target to decarbonise its own operations from 2025 to 2035, according to a disclosure in its latest sustainability report published on Monday.

UBS said the delay reflected its “enlarged corporate real estate portfolio” following the state-orchestrated takeover of Credit Suisse in 2023. The bank previously said it would take a $400mn hit from real estate costs tied to its acquisition of its defunct rival.

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The move comes after HSBC also pushed back its timeline to decarbonise its own operations last month, delaying its own target by 20 years to 2050.

Banks and other large companies have been reassessing their commitment to climate goals following Donald Trump’s election as US president in November.

Several Wall Street lenders, including JPMorgan, Goldman Sachs and Citigroup, have quit the world’s largest climate alliance for banks in recent months.

UBS remains a member of the Net-Zero Banking Alliance, whose members must commit to setting goals that align with a target to limit global warming to 1.5C above pre-industrial levels.

However, members of the group are set to vote in the coming weeks on whether to ditch the pledge and instead align with warming of up to 2C.

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UBS said in its latest sustainability report that its target for cutting emissions from mortgage lending to Swiss residential and commercial real estate was based on a global scenario in which the long-term average temperature could rise up to 2C from pre-industrial levels.

Sergio Ermotti, UBS’s chief executive, had previously said the Swiss lender was weighing up whether to follow US peers and leave the NZBA.

“It’s not credible to think that you can do it at the same pace and the same extent in every single country and region in the world,” Ermotti said at the World Economic Forum in Davos in January.

In its latest sustainability report, UBS removed a section on the “environmental, social and governance objectives in the compensation process” that appeared in the report in previous years. The bank also said there was “no direct link between senior management compensation and specific climate goals”.

However, executives still have an “environmental and sustainability” objective as part of their non-financial performance assessment, which includes “supporting clients’ activities related to the environment and sustainability”.

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The bank said the delay to its net zero target also reflected the “latest regulatory guidance”.

UBS is in the middle of a three-year integration of Credit Suisse, which involves migrating clients and integrating IT systems, a process that the bank expects will be completed in 2026.

UBS declined to comment.

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Full SNAP benefits start to go out even as the Trump administration appeals

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Full SNAP benefits start to go out even as the Trump administration appeals

A SNAP EBT information sign is displayed at a bakery as a woman walks past in Chicago, Nov. 2.

Nam Y. Huh/AP


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Nam Y. Huh/AP

Some Americans are beginning to see this month’s SNAP food benefits restored. The Trump administration says it’s sending states money to fully fund them even as it appeals a new court order to pay for them. U.S. District Judge John McConnell Jr. ordered the government to restart the country’s largest anti-hunger program by Friday.

Shortly after that decision Thursday afternoon, a growing number of states started to announce they would be issuing full SNAP benefits. The list includes California, Oregon, Wisconsin, Pennsylvania and Connecticut. Some people woke up today with the money already on the debit-like EBT cards they use to buy groceries.

Trump administration officials on Friday asked the U.S. Supreme Court to intervene in its bid to block the release of SNAP payments for the millions of Americans in need of food assistance. The move came after an appeals court earlier on Friday rejected a request from the government to halt orders requiring them to issue SNAP payments.

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Funding for the nation’s largest anti-hunger program ran out a week ago, as the federal shutdown entered its second month. States, cities and food banks have been ramping up donations desperately trying to fill the gap. Nearly 42 million people rely on SNAP, most of them extremely low-income families with children, along with seniors, or people with disabilities.

In his order, Judge McConnell admonished the government for deciding earlier in the week to make only partial SNAP payments. He said officials failed to consider the “needless suffering” that would cause millions of people who rely on that aid. He also suggested they had delayed the partial payments for “political reasons.”

The administration had said it did not have enough emergency funds to cover full payments because of the ongoing federal shutdown. In appealing the new order, officials argue that it’s up to Congress to provide more SNAP funding. And they say shifting money from elsewhere, as the judge directed, would only harm other child nutrition programs.

“There is no lawful basis for an order that directs USDA to somehow find $4 billion in the metaphorical couch cushions,” the government wrote in a court filing.

Earlier this week, the Agriculture Department tapped about $4 billion in a contingency fund for SNAP, which only covers about half the program’s monthly budget. It had directed states to recalculate partial payments, a complicated process some complained could take weeks.

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The administration had asked the court to block full payments while its appeal played out. The appeals court denied that, and Attorney General Pam Bondi said the Justice Department has filed for an emergency stay with the U.S. Supreme Court.

But events seemed to overtake that move Friday, as more and more states told residents they would soon receive their full SNAP benefits.

One anti-hunger advocacy group welcomed the end of a “long, chaotic, and unnecessary delay” to this month’s benefits.

“The Trump administration all along had both the power and the authority to ensure that SNAP benefits continued uninterrupted but chose not to act until a court order forced it to do so,” said Crystal FitzSimons, president of the Food Research & Action Center.

This is a developing story and may be updated.

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Video: The Decline of America’s Largest Environmental Organization

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Video: The Decline of America’s Largest Environmental Organization

new video loaded: The Decline of America’s Largest Environmental Organization

David A. Fahrenthold, an investigative reporter, describes the struggles of the Sierra Club, one of the largest environmental groups in the U.S. The group has lost about 60 percent of its supporters since 2020.

By David A. Fahrenthold, Leila Medina, Karen Hanley, Laura Bult, Joey Sendaydiego, Christina Thornell, Zach Wood and Jon Miller

November 7, 2025

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2 Joint Base Andrews buildings evacuated after suspicious package opened, base says

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2 Joint Base Andrews buildings evacuated after suspicious package opened, base says

Two buildings on Joint Base Andrews were evacuated Thursday after someone opened a suspicious package in one of them, a base spokesperson told CBS News.

The spokesperson said that at about 1:00 p.m. EST, the building and one connected to it were evacuated “as a precaution,” adding that “a cordon was established around the area.

“Joint Base Andrews first responders were dispatched to the scene, determined there were no immediate threats, and have turned the scene over to Office of Special Investigations. An investigation is currently ongoing.”    

The base, in Prince George’s County, Maryland, is the home base of Air Force One.

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