Headline: ICC announces new editions of Advanced Arbitration Academy
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The Academy is a one-year programme for senior and upper mid-level arbitration practitioners who aspire to become arbitrators. The exclusive programme includes practical assignments, group work and eight mandatory, in-person workshops where Academy co-chairs and other prominent arbitration experts will share their knowledge and experiences. The comprehensive curriculum covers the entire arbitration process, from constitution of the arbitral tribunal and its jurisdiction to case management, provisional remedies, evidence, hearings, deliberations, scrutiny and awards.
“The idea behind this flagship ICC arbitration training is to develop competent arbitrators across various regions, contributing to a globally representative pool of professionals. Our aim is to enhance the accessibility and quality of arbitration globally.”
Ruslan Mirzayev, Head of Education and Training at ICC Dispute Resolution Services
Each of the four Academies is co-chaired by renowned experts, who will guide participants for the entire duration of the programme. They include Chiann Bao, Matthew Secomb, and May Tai in Asia, Christian Albanesi, Sandra González Vila, and Maria Claudia Procopiak in Latin America, Beata Gessel-Kalinowska Vel Kalisz, Galina Zukova, and Luminita Popa in Central and Eastern Europe, and Niuscha Bassiri, Michael Bühler, and Tina Cicchetti in Western Europe.
Participation at each Academy is limited to around 40 candidates per region, selected through a competitive application process.. While priority is given to applicants from the region, other candidates displaying a genuine interest and reasons for joining the programme may be admitted.
Learn more about the ICC Advanced Arbitration Academies:
Source: International Marine Contractors Association – IMCA
Headline: IMCA Publishes New Guidance for ROV Simulator Approval
A suite of guidance documents, primarily for those owning and operating ROVs (remotely operated vehicles) and ROV simulators, has been published by the International Marine Contractors Association (IMCA).
“All are aimed at advancing safety consistency and competency in the offshore industry and were requested by members and their clients” explained Roger Moore, IMCA Technical Adviser.
“The governance document sets out requirements for the approval of simulator systems (in general) with the technical requirements for an ROV Simulator approval detailed in R028.
“The content of R006 has been reviewed and revised to ensure our offering remains a robust and effective auditing process and also allows for future integration with the IMCA eCMID system. Developed in collaboration with committee workgroups and industry experts and aligned with best practice, the documents will support IMCA members and training providers in delivering robust, approved programmes that meet modern operational needs, and reflet IMCA’s commitment to promoting technical excellence and competence across the marine contracting sector.”
Summaries of the three publications
IMCA R006 – ROV Audit (Revision 2.0) This document provides guidance aimed at offshore contractors, detailing the audit process for ROV systems, which includes equipment checks and compliance with operational standards. It replaces previous versions from 2001 and 2020, reflecting current industry practices and requirements. The document emphasises the importance of maintaining equipment inventories and following manufacturers’ instructions to ensure compliance with operational procedures. In the imminent future, a feature for ROV audits will be integrated into the eCMID platform, accessible via the eCMID application, allowing ROV Audits to be undertaken digitally. This feature will complement the R006 ROV Audit document.
IMCA R028 – Requirements for IMCA-Approved Class A ROV Simulator Accreditation This new document establishes the criteria for the accreditation of Class A ROV simulators, which are defined as high-fidelity, fully immersive training systems. The document sets out the minimum capabilities, performance benchmarks, and evaluation procedures for simulators to qualify as Class A. The goal is to ensure these simulators offer realistic, effective training that mirrors offshore operational conditions. Accreditation helps assure industry confidence in simulator-based learning and supports the continued development of skilled, competent ROV personnel.
IMCA G014 – Interim scheme for IMCA approval of simulator systems used for work and skills This is a guidance document for the approval of simulator systems (in general). The scheme enables members to verify their simulators meet IMCA guidelines. The document outlines the scheme and provides detail on Eligibility for Approval, Fees Structure and Application Process. This document has been written so that future iterations can include any simulator system (e.g. DP), however the only type of simulator that can be approved at the moment, is an ROV simulator. The document was written to support document R028.
After a strong recovery in 2024, growth is expected to moderate in 2025, amid global and election-related uncertainty, and thereafter to remain close to potential. Inflation is expected to remain close to the midpoint of the target band. The financial system is sound. Risks are tilted to the downside given elevated external uncertainty, but Peru has ample buffers to cope with shocks.
Meeting the 2025 fiscal deficit target would require additional efforts in a pre-election year. In the medium term, further fiscal consolidation measures should be identified to comply with the fiscal rule deficit targets and debt ceiling. Introducing both spending and revenue measures would make the consolidation more balanced and credible.
Structural reforms are urgently required to lift potential growth, including updating the fiscal decentralization framework to help boost investments in the critical mineral sector. Enhanced efforts are needed to curb the low but rising level of insecurity, reform labor and tax regulations that impose excessive costs for formalizing or growing a business, enhance the independence and integrity of judicial bodies and tools to combat corruption impunity, build resilience to natural disasters, and embrace the opportunities of digital technologies and artificial intelligence.
Washington, DC: On June 5, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV consultation[1] with Peru and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]
The economy has recovered from consecutive natural disaster shocks and social turmoil. Inflation is firmly within the target band, owing to the central bank’s early and decisive monetary tightening followed by cautious easing. The financial sector remained sound and profitable. The current account surplus further improved, underpinned by strong terms of trade. However, the fiscal position weakened. A relative political stability persists but pre-election tensions are rising. Lingering political uncertainty weighs on economic prospects and dents the appetite for structural reforms to boost potential growth.
Growth is expected to moderate to 2.8 percent in 2025. A favorable momentum in private consumption and elevated public investment would support continued growth, but pre-election tensions would weigh on the private investment recovery while the impact of the first-round effects of the tariffs and global growth slowdown would be negative, although relatively moderate. Inflation is expected to remain within the target band of 1-3 percent. The current account balance is envisaged to remain in a surplus of 1.7 percent of GDP in 2025, with low external financing and debt rollover risks.
Evolving risks are dominated by the potential for larger adverse impacts on global growth and commodity prices, due to prolonged trade policy uncertainty and financial market volatility, but Peru has ample buffers to cope with shocks. In the short term, key domestic risks include an intensification of political uncertainty, social unrest over security concerns, and weather-related shocks. Key external risks include trade policy uncertainty, tighter financial conditions, and commodity price volatility. Recent government initiatives to accelerate private sector involvement in public investment projects and streamline burdensome regulations could help revive private investment. Peru’s macroeconomic resilience is reinforced by very strong buffers including low public debt, abundant international reserves, and access to international capital markets on favorable terms.
Executive Board Assessment
After a strong recovery, growth is expected to moderate, amid global policy uncertainty and pre-election tensions, and thereafter to remain close to potential. With a closed output gap and firmly anchored inflation expectations, headline inflation would remain within the target band. The current account balance is envisaged to remain in a surplus, only gradually returning to a deficit in the medium term—stabilizing at its norm, of about 1.5 percent of GDP—as private investment recovers and terms of trade normalize. The external position in 2024 was stronger than the level implied by medium-term fundamentals and desirable policies, due to strong terms of trade and a recovery in traditional exports. Risks are tilted to the downside given elevated external uncertainty, but Peru has ample buffers to cope with shocks. Very strong macroeconomic policies and institutional policy frameworks remain in place.
A broadly neutral monetary policy stance is appropriate. Inflation expectations are approaching 2 percent, and the output gap is closed. However, given heightened external uncertainty, monetary policy should remain data dependent. Continued exchange rate flexibility should be allowed to help cushion the impact of external shocks.
Meeting the 2025 fiscal deficit target will require additional efforts in a pre-election year. The 2025 budget envisages a deficit of 2.2 percent of GDP, consistent with the revised fiscal rule target. A tax revenue rebound from the economic recovery and one-off factors will help reduce the deficit in 2025, but additional efforts of about 0.4 percent of GDP will be needed to secure fiscal rule compliance. Additional spending control measures would make this year’s consolidation plans more credible and balanced. In May 2025, the authorities announced initiatives to improve spending efficiency, but further efforts will be needed to comply with this year’s target.
A combination of spending restraint and revenue-raising measures would be needed to comply with the medium-term fiscal targets. To comply with the fiscal rule deficit target of 1 percent of GDP by 2028 and the debt ceiling of 30 percent of GDP by 2035, the authorities’ medium-term consolidation plan envisages a reduction of current spending by about 0.4 percent of GDP per year between 2026 and 2028. Identifying both revenue and spending measures—including efforts to streamline tax expenditures; strengthen tax administration; and control wages, discretionary transfers, and inefficient public investment—would secure a balanced and gradual consolidation. In the absence of measures, public debt would gradually rise over the medium term, while remaining relatively low compared to peers. Legislative initiatives bearing fiscal costs, proposals that erode the tax base, and excessive reliance on private participation schemes would complicate the attainment of fiscal targets. Reforms to significantly reduce Petroperú’s costs and enhance its transparency and governance are also needed to safeguard fiscal credibility.
Systemic risks are limited, but authorities should continue to proactively contain financial vulnerabilities. Banks are profitable, with ample liquidity and capital buffers. While elevated for small- and medium-sized firms, NPLs are expected to continue improving and would support the growth of credit. The authorities should continue to be vigilant of pockets of vulnerability, particularly in corporate loans.
Focused macroprudential policies could reduce financial vulnerabilities from remaining dollarized credit. While the aggregate value of unhedged dollar credit is low, unhedged dollar credit tends to be riskier and concentrated in large- and medium-sized companies in the construction, commerce, and manufacturing sectors. The authorities’ regulation to introduce higher risk weighting in 2026 will help alleviate vulnerabilities from unhedged dollar credit. To ensure the stability of dollar funding for financial institutions, the authorities could consider introducing currency-specific NSFR requirements to complement the existing currency-specific LCR limits.
Policy efforts are needed to revive the domestic capital market. It is critical to maintain the prohibition of future pension withdrawals, as approved in the recent pension reform, to protect the functioning of the domestic capital market, decrease financing costs, and lower the risks of old-age poverty. Measures to broaden the investor base through retail investment products could play a significant role in attracting funds back into the securities market.
Financial resilience would be strengthened by addressing remaining regulatory gaps. The revised Basel III risk-weight framework and improving the activation criteria for the countercyclical capital buffer (CCyB) will help enhance the effectiveness of the entire regulatory framework. Completing the evaluation of recovery plans for domestic systemically important banks and expanding to the financial group level and their resolution planning will eliminate uncertainty under potential systemic events by facilitating orderly crisis management.
Updating the fiscal decentralization framework, along other needed structural reforms, could help boost investments in the critical mineral sector and increase potential growth. A US$64 billion pipeline of mining investment projects has been mostly stalled for many years due to bureaucratic complexity and social conflicts. Unlocking these projects and channeling the additional fiscal revenues could permanently boost potential growth. Updating the fiscal decentralization framework, including redesigning natural resource revenue-sharing formulas, to improve public spending efficiency and generate high-impact public investments could help ensure that mining dividends translate into greater development. Enhanced efforts are also needed to curb the low but rising level of insecurity, reform labor and tax regulations that impose excessive costs for formalizing or growing a business, enhance the independence and integrity of judicial bodies and tools to combat corruption impunity, build resilience to natural disasters, and embrace the opportunities of digital technologies and artificial intelligence. The OECD accession process provides a clear roadmap for other critical reforms to boost the business climate, reduce informality, and reform the civil service.
Sources: National authorities; UNDP Human Development Indicators; and IMF staff estimates/projections.
1/ Defined as the percentage of households with total spending below the cost of a basic consumption basket.
2/ Corresponds to depository corporations.
3/ Foreign currency stocks are valued at end-of-period exchange rates.
4/ Short-term debt is defined on a residual maturity basis and includes amortization of medium and long-term debt.
5/ Adjusted by the economic cycle and commodity prices, and for non-structural commodity revenue. The latter uses as equilibrium commodity prices, a moving average estimate that takes 5 years of historical prices and 3 years of forward prices according to the IMF’s World Economic Outlook.
6/ Includes local currency debt held by non-residents and excludes global bonds held by residents.
7/ Includes repayment certificates and government guaranteed debt.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board.
[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
The European Banking Authority (EBA) published today a No Action letter advising the EU Commission, EU Council and EU Parliament to ensure that, in the long term, EU law needs to avoid a dual authorisation under two pieces of EU law for the activity of transacting electronic money tokens (EMTs). While the existing Payment Services Directive 2 (PSD2) still applies, the letter advises national competent authorities (NCAs) to enforce authorisation of PSD2 for a specified subset only of crypto asset service providers (CASPs) that transact EMTs, to do so only after a transition period that ends on 2 March 2026, and then to deprioritise specified PSD2 provisions.
The letter assesses the provisions set out in MiCA and PSD2 and advises NCAs under PSD2 to view the transfer of crypto assets as a payment service under PSD2 where they entail EMTs and are carried out by the entities on behalf of their clients. It sets out provisions to regard the custody and administration of EMTs as a payment service and to regard a custodial wallet as a payment account where the wallet is held in the name of one or more clients and allows to send and receive EMTs to and from third parties.
For these services, the No Action letter advises NCAs to require an authorisation under PSD2 only from 2 March 2026 onwards and, during the authorisation process, to apply streamlined procedures that make maximum use of information that legal entities provide during their CASP authorisation process.
Once an authorisation as a payment services provider is held, NCAs are advised not to prioritise the supervision and enforcement of several elements of PSD2, such as safeguarding, the disclosure of information to consumers (pertaining to the level of applicable charges, the maximum execution time of payment transactions, the unique identifier such as IBAN, and open banking). However, NCAs are also advised to insist on the compliance with other PSD2 provisions, such as strong customer authentication (SCA) for accessing custodial wallets that qualify as payment account and the initiating of EMT transfers, the reporting of payment fraud, and the cumulative calculation of own funds requirements. This is to ensure equally high standards of consumer protection regardless of whether a consumer is using EMTs or more traditional funds as a means of payment.
Furthermore, NCAs are advised not to consider as payment services (and therefore not to subject to the application of PSD2, including its provisions on licensing) the ‘exchange of crypto-assets for funds’ and ‘exchange of crypto-assets for other crypto-assets’ as defined in MiCA. Additionally, the EBA advises NCAs not to regard as a payment service cases where crypto-asset service providers intermediate the purchase of any crypto-assets with EMTs, and, therefore, not to enforce the application of PSD2 nor to require an authorisation under PSD2 in such cases.
This advice will result in a large number of EMT transactions not being subject to PSD2 requirements during the intervening period while the Directive still applies. The EBA bases this advice solely on the acknowledgement that any alternative advice would require a much larger number of CASPs to obtain a second authorization. The EBA considers such an alternative to be undesirable, given the burden that dual authorisation would impose on CASPs.
By contrast, the EBA does not base this advice on the conviction that an authorisation as a CASP under MiCA is sufficient to address the risks that arise from EMT transactions. On the contrary, the success of PSD1, PSD2 and EMD over the past 15 years in bringing about a secure and competitive market for payment services in the EU has shown that for retail payments to be able effectively to fulfil their role in a modern society, consumers and other market actors should be adequately protected and have a high degree of confidence in the stability of the market and the reliability of payment transactions.
Legal basis and background
The EBA has issued the letter in response to a request received from the European Commission in December 2024 to address, in close cooperation with ESMA, issues arising from the interplay between MiCA and PSD2. The EBA’s competence to deliver the letter in the form of an Opinion is based on Article 9c of Regulation (EU) No 1093/2010.
New York City, June 10, 2025 (GLOBE NEWSWIRE) — Bad credit should not stand between a borrower and the funds they need when they are in a financial crisis. If a borrower has a less-than-perfect credit score a traditional bank may not lend the necessary money, but, fortunately, the lending landscape has evolved significantly.
If you are looking for the best personal loans for bad credit you can rely on legitimate lenders who specialize in helping Americans with low credit scores. There are lenders who do not judge a person’s credibility with just their credit score.
This piece will guide you with the knowledge a borrower with a bad credit score needs to possess while looking to get a personal loan or any alternatives.
How Is It Possible to Get the Best Personal Loans With a Bad Credit?
Now, a low credit score does not automatically mean one will be rejected for a personal loan. Many lenders have started to focus more heavily on the borrower’s current income and financial stability rather than considering only the credit mistakes of the past.
The new approach has opened doors for borrowers who have faced rejections by traditional financial institutions just a few years ago. The key difference lies in how modern lenders assess risk.
Instead of relying solely on credit scores, they are considering factors like:
Current monthly income and employment stability
Debt-to-income ratio
Banking history and account management
Overall financial picture and repayment capacity
How Bad Credit Personal Loans Work?
The key difference between typical personal loans and bad credit personal loans are the APRs and fees. When the borrower has bad credit, the APRs and fees are much higher. Otherwise, traditional personal loans and personal loans for bad credit work similarly.
You, as a borrower, get the necessary amount at once, and after a fixed tenure, you repay the debt. You also have to pay a fixed interest rate (on a monthly basis) over the course of your tenure.
What’s the Difference Between Personal Loans and Payday Loans?
Both personal loans and payday loans can help borrowers with bad credit. However, there are significant differences between these financial products.
Borrowers should understand the following before making a decision:
Payday Loans:
It is designed for small amounts (typically around $500) with very short repayment periods
These loans require minimal documentation and no credit checks which makes them easily accessible
They come with extremely high interest rates, often averaging 400% APR or even higher (780%)
These loans must be repaid by your next paycheck, usually within a couple of weeks
It often includes hidden fees and late payment penalties that can push you toward a debt cycle
These loans generally don’t help build credit history since most lenders don’t report to credit bureaus
Personal Loans:
These loans are available for larger amounts with flexible repayment terms ranging from months to years
It requires a formal application process including credit checks and income verification
It offers significantly lower interest rates compared to payday loans
It allows borrowers more time to repay which reduces financial stress
These loans may be secured (requiring collateral) or unsecured depending on creditworthiness
Payments of these loans are reported to credit bureaus which helps borrowers build or improve credit scores
If your credit score is low enough to make availing traditional personal loans an impossibility, you can consider payday loans as an alternative. If you avail it from credible lenders, it can be one of the best personal loans for bad credit.
Loans At Last Connects Bad Credit Borrowers with Lenders
Loans At Last operates as a loan matching service. It connects borrowers with a network of reputable lenders who specialize in serving customers with varied credit profiles.
Platforms like Loans At Last are not direct lenders. They act as a bridge between borrowers seeking funds and lenders willing to work with bad credit applicants.
Their approach offers several advantages for borrowers:
Access to multiple lenders through a single application
Increased chances of approval by matching with appropriate lenders
Competitive comparison of loan terms and rates
A streamlined process that saves time and effort
These platforms have built relationships with lenders who understand the needs of bad credit borrowers. They are willing to look beyond credit scores to assess loan applications.
They offer personal loans ranging from $100 to $5,000. This range allows enough flexibility for various financial needs.
For example, with this money borrowers can:
Address Small Emergencies: Lower amounts ($100-$500) can cover unexpected bills or short-term cash flow gaps.
Handle Moderate Expenses: Mid-range amounts ($500-$2,000) work well for medical bills, larger car repairs, or small home improvements.
Manage Significant Financial Needs: Higher amounts ($2,000-$5,000) can address substantial unexpected expenses or major emergencies, and debt consolidation.
What Types of Payday Loans Are There?
If you go for platforms like Loans At Last, you can expect a variety of loans. Here are some of the primary loan types one can avail:
Payday Loans
Payday loans provide small, short-term funds to bridge gaps until the next paycheck. While some lenders offer up to $5,000, most borrowers typically request $100 to $2,000. These loans are often for urgent needs like bills or minor repairs.
Key features include:
Quick Access: Funds often arrive within hours of approval.
Short Repayment: Loans align with the borrower’s next payday.
Automatic Debit: Lenders set up auto payments for convenience.
High Acceptance: Even unemployed borrowers may qualify with alternative income.
Although high interest rates are applicable, the fast and easy process makes these loans ideal for emergencies.
Installment Loans
With installment loans borrowers can repay the loan over time through fixed monthly payments. Depending on affordability, these loans range from $100 to $5,000. If you need larger amounts or require more time to repay it, this loan is ideal.
Larger Amounts: Borrowers access more funds than typical payday loans.
Credit Flexibility: Lenders often approve despite poor credit.
Installment loans make repayment easy for people who manage bigger expenses or prefer extended repayment.
Bad Credit Loans
Bad credit loans are most suitable for borrowers with less-than-perfect credit scores. In this case, lenders focus on income and affordability, not credit history. Loan amounts range from $100 to $5,000, with terms up to 24 months.
Key features include:
No Hard Credit Checks: Lenders use soft inquiries or alternative data.
Accessible Approval: Borrowers with low credit scores often qualify.
Flexible Use: Funds cover emergencies, repairs, or personal needs.
Quick Processing: Approvals happen within minutes.
These loans help borrowers access funds without worrying about credit scores.
Same-Day Loans
Same-day loans deliver funds within hours for urgent financial needs. Borrowers can apply online and often receive approval in minutes. Loan amounts range from $100 to $5,000, which can be repaid within weeks to months.
Key features include:
Fast Funding: Money reaches bank accounts on the same business day.
Simple Application: Online forms take minutes to complete.
Broad Eligibility: Lenders accept various income sources, including benefits.
Flexible Terms: Borrowers choose repayment periods that suit their budget.
Same-day loans ensure quick relief for unexpected expenses incurred during medical or similar emergencies.
Loans for Unemployed
There are solutions for unemployed borrowers who have alternative income sources. These loans range from $100 to $5,000. Its repayment terms are up to 24 months. Here, lenders assess affordability and not employment status.
Key features include:
Alternative Income: Benefits, freelance earnings, or other income qualify.
Quick Approval: Loan decisions arrive in as little as two minutes.
Flexible Repayment: Terms adjust to the borrower’s financial situation.
No Job Required: Eligibility focuses on income, not traditional employment.
These loans empower borrowers to access emergency funds without having traditional jobs.
What are the Basic Eligibility Criteria for Personal Loans for Bad Credit?
The best personal loans for bad credit come with minimum eligibility requirements. It means that they are more flexible than traditional bank loans but they will still ensure that a borrower has the capacity to repay the loan.
Standard eligibility criteria include:
Age Requirement: Must be at least 18 years old (21 in some states)
Citizenship/Residency: Must be a U.S. citizen or permanent resident with a permanent address
Income Verification: Demonstration of regular income (more than $1,000) from employment or other sources
Banking Relationship: Active checking account for direct fund deposit and payment processing
Note: To be eligible for Loans At Last you have to demonstrate an income of at least $1,000 per month.
A Step-By-Step Guide for Applying for a Personal Loan with a Bad Credit Score
Generally, the application process for a guaranteed approval personal loan with bad credit is not that complicated. It consists of three to four simple steps. Go through the following steps if you are going to apply for a loan soon.
Step 1: Choose Your Loan Amount and Term.
The first step is to determine how much money you need and how long it will take you to repay it. Your application approval, total interest cost, and monthly payment amount depend on this decision.
Before you determine the amount and the term you should carefully consider your need for the money, the total cost of the loan, and your repayment ability.
Step 2: Complete The Online Application.
Most online application processes are simple and take a couple of minutes to complete. It generally requires basic information about yourself, your income, and your banking details.
An online application section for personal loans or payday loans for bad credit would include personal information including names and social security numbers, employment details, and banking details.
Step 3: Get Matched With Lenders.
Once you submit your application, the matching service starts working. It finds the lenders that are most likely to approve loans for your specific situation. This process can happen within minutes and may result in multiple loan offers.
The system considers your credit profile and score, your employment status and income level, your requested loan amount and term, geographic location and applicable state laws, and lender specialization and preferences.
Step 4: Receive Funds Within 24 Hours
After accepting a loan offer and completing any final verification requirements, approved borrowers typically receive funds within 24 hours through direct deposit to their bank account.
The funding timeline depends on application time, verification requirements, and banking processing time. A borrower can also monitor funding status with the tracking information that the lender provides.
Final Thoughts on Best Personal Loans for Bad Credit
The modern lending landscape offers legitimate alternatives through specialized lenders. They do not focus on past credit mistakes but approve a loan by evaluating your current financial capacity.
The best personal loans for bad credit, however, come with higher interest rates. They are there to provide relief when traditional banks are not an option. Platforms like Loans At Last streamline the process by connecting you with appropriate lenders, offering amounts from $100 to $5,000 with flexible repayment terms.
You should carefully assess your repayment ability, compare loan offers, and choose reputable lenders who report payments to credit bureaus before borrowing. You should also remember that these loans are for temporary financial problems and not for solving long-term debts.
Frequently Asked Questions
Can I get a personal loan with a credit score under 600?
Yes, it is possible to get a personal loan with a credit score under 600, but it is going to be difficult. Because only some lenders may consider this credit score “fair”. If your credit score is below 600, you can consider alternative options to traditional banking.
How quickly can I get approved and funded?
Most bad credit personal loan lenders approve loans quickly, often within minutes of submitting an application. Once they approve the application, the funding can occur within 24 hours.
What income do I need to qualify?
Most lenders require borrowers to demonstrate a regular monthly income of at least $1,000 or more. This income can come from various sources, but it has to be verifiable and sufficient to cover both loan payments and daily living expenses.
Source: United Kingdom – Executive Government & Departments
News story
Foreign Ministers joint statement on measures targeting Itamar Ben-Gvir and Bezalel Smotrich
Joint statement by the Foreign Ministers of Australia, Canada, New Zealand, Norway and the United Kingdom on measures targeting Itamar Ben-Gvir and Bezalel Smotrich
Joint statement:
“Today, the Foreign Ministers of Australia, Canada, New Zealand, Norway and the United Kingdom have announced sanctions and other measures targeting Itamar Ben-Gvir and Bezalel Smotrich for inciting violence against Palestinians in the West Bank.
“Settler violence is incited by extremist rhetoric which calls for Palestinians to be driven from their homes, encourages violence and human rights abuses and fundamentally rejects the two-state solution. Settler violence has led to the deaths of Palestinian civilians and the displacement of whole communities.
“We are steadfastly committed to the two-state solution which is the only way to guarantee security and dignity for Israelis and Palestinians and ensure long term stability in the region, but it is imperilled by extremist settler violence and settlement expansion.
“Itamar Ben-Gvir and Bezalel Smotrich have incited extremist violence and serious abuses of Palestinian human rights. Extremist rhetoric advocating the forced displacement of Palestinians and the creation of new Israeli settlements is appalling and dangerous. These actions are not acceptable. We have engaged the Israeli Government on this issue extensively, yet violent perpetrators continue to act with encouragement and impunity. This is why we have taken this action now – to hold those responsible to account. The Israeli Government must uphold its obligations under international law and we call on it to take meaningful action to end extremist, violent and expansionist rhetoric.
“The measures announced today do not deviate from our unwavering support for Israel’s security and we continue to condemn the horrific terror attacks of 7 October by Hamas. Today’s measures are targeted towards individuals who in our view undermine Israel’s own security and its standing in the world. We continue to want a strong friendship with the people of Israel based on our shared ties, values and commitment to their security and future.
“Today’s measures focus on the West Bank, but of course this cannot be seen in isolation from the catastrophe in Gaza. We continue to be appalled by the immense suffering of civilians, including the denial of essential aid. There must be no unlawful transfer of Palestinians from Gaza or within the West Bank, nor any reduction in the territory of the Gaza Strip. We will continue to work with the Israeli Government and a range of partners. We will strive to ensure an immediate ceasefire, the release now of the remaining hostages and for the unhindered flow of humanitarian aid including food. We want to see a reconstructed Gaza no longer run by Hamas and a political pathway to a two state solution.”
Source: United Kingdom – Executive Government & Departments 3
Press release
UK and partners unite to sanction ministers inciting West Bank violence
UK sanctions Israeli government ministers Itamar Ben-Gvir and Bezalel Smotrich in response to their repeated incitements of violence against Palestinian communities, alongside partners Australia, Canada, New Zealand and Norway
UK sanctions Israeli government ministers Itamar Ben-Gvir and Bezalel Smotrich today, in response to their repeated incitements of violence against Palestinian communities
alongside partners Australia, Canada, New Zealand and Norway, the UK calls for immediate action against extremist settlers
measures announced today demonstrate UK commitment to challenging those inciting hatred and violence
As Palestinian communities in the West Bank continue to suffer from severe acts of violence by extremist Israeli settlers which also undermine a future Palestinian state, the United Kingdom has joined Australia, Canada, New Zealand and Norway in stepping up the international response.
In their personal capacity, Israeli government ministers Itamar Ben-Gvir and Bezalel Smotrich are now sanctioned for their repeated incitement of violence against Palestinian civilians, effective immediately.
The UK has made clear in public and private to the Netanyahu government that Israel must cease expansion of illegal settlements which undermine a future Palestinian state, clamp down on settler violence, and condemn inflammatory and extremist statements from both individuals.
The measures announced by international partners today demonstrate commitment to ensuring the individuals are held accountable for encouraging and inciting human rights abuses.
Foreign Secretary David Lammy, along with the Foreign Ministers of Australia, Canada, New Zealand and Norway said in a joint statement:
We are steadfastly committed to the two-state solution and will continue to work with our partners towards its implementation. It is the only way to guarantee security and dignity for Israelis and Palestinians and ensure long term stability in the region, but it is imperilled by extremist settler violence and settlement expansion.
Itamar Ben-Gvir and Bezalel Smotrich have incited extremist violence and serious abuses of Palestinian human rights. These actions are not acceptable. This is why we have taken action now – to hold those responsible to account.
We will strive to achieve an immediate ceasefire in Gaza, the immediate release of the remaining hostages by Hamas which can have no future role in the governance of Gaza, a surge in aid and a path to a two-state solution.
As of April 2025, extremist settlers have carried out over 1,900 attacks against Palestinian civilians since January last year. The UK is committed to protecting the viability of a two-state solution and human rights, including by challenging those inciting violence.
In a joint statement with partners, the UK reiterated its commitment to continuing “a strong friendship with the people of Israel based on shared ties, values and commitment to [its] security and future.”
The Foreign Secretary was also clear that the UK will “continue to work with the Israeli Government and a range of partners” to deliver long-term peace and security.
Alongside partners Australia, Canada, New Zealand and Norway, the UK is clear that the rising violence and intimidation by Israeli settlers against Palestinian communities in the West Bank must stop. Measures today cannot be seen in isolation from events in Gaza where Israel must uphold International Humanitarian Law.
The UK and partners support Israel’s security and will continue to work with the Israeli Government to strive to achieve an immediate ceasefire in Gaza. Hamas must release the hostages immediately, and there must be a path to a two-state solution with Hamas having no role in future governance.
Background
Individuals and entities sanctioned today:
Itamar BEN-GVIR (hereafter “BEN-GVIR”) – is an involved person within the meaning of the Global Human Rights Sanctions Regulations 2020 on the basis of the following ground: BEN-GVIR is responsible for, engaging in, inciting, promoting and/or supporting activity which amounts to a serious abuse of the right of individuals not to be subjected to cruel, inhuman or degrading treatment or punishment, in particular acts of aggression and violence against Palestinian individuals in the West Bank. BEN-GVIR is now subject to an asset freeze, travel ban, and director disqualification. BEN-GVIR is Minister for National Security but is sanctioned in his personal capacity.
Bezalel Yoel SMOTRICH (hereafter “SMOTRICH”) – is an involved person within the meaning of the Global Human Rights Sanctions Regulations 2020 on the basis of the following ground: SMOTRICH is responsible for engaging in, inciting, promoting and/or supporting activity which amounts to a serious abuse of the right of individuals not to be subjected to cruel, inhuman or degrading treatment or punishment, in particular acts of aggression and violence against Palestinian individuals in the West Bank. SMOTRICH is now subject to an asset freeze, travel ban, and director disqualification. SMOTRICH is Minister for Finance and Additional Minister of Defence but is sanctioned in his personal capacity.
asset freeze: where an asset freeze applies, in summary, it is generally prohibited within the UK, and for UK persons outside the UK, to:
o Deal with funds or economic resources, owned, held or controlled by a designated person
o Make funds or economic resources available, directly or indirectly, to, or for the benefit of, a designated person
o Engage in actions that, directly or indirectly, circumvent the financial sanctions prohibitions
director disqualification sanctions: Where director disqualification sanctions apply, it will be an offence for a person designated for the purpose of those sanctions to act as a director of a company or to take part in the management, formation or promotion of a UK company
travel ban: an individual subject to a travel ban will be an excluded person under section 8B of the Immigration Act 1971, meaning that they must be refused leave to enter or to remain in the United Kingdom
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
An IMF staff team visited Syria for the first time since 2009, to assess the economic and financial conditions in Syria and discuss with the authorities their economic policy and capacity building priorities to support the recovery of the Syrian economy.
Amidst enormous challenges, the Syrian authorities are determined to rehabilitate Syria’s economy. In the near term, it is critical to restore public confidence and macro-economic stability through the pursuit of sound fiscal and monetary policies and create conditions for the private sector to lead Syria’s development and growth.
Syria will need substantial international assistance to support the authorities’ efforts to rehabilitate the economy, meet urgent humanitarian needs, and rebuild essential institutions and infrastructure. This not only includes concessional financial support, but also extensive capacity development assistance.
Damascus, Syria: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Damascus from June 1–5, 2025, to assess the economic and financial conditions in the country, discuss the authorities’ policy priorities, and develop a roadmap for capacity building to assist the formulation and implementation of economic policies. At the conclusion of the mission, Mr. van Rooden issued the following statement:
“Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size. Some six million people fled the country, mostly to neighboring countries, and an additional seven million were displaced internally. Output has plummeted, real incomes have fallen sharply, and poverty rates are high. State institutions have been weakened, the delivery of basic services has been disrupted, and large parts of the country’s infrastructure have been damaged or destroyed. Humanitarian and reconstruction needs are very large. There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees.
“The authorities are keen to restore economic growth and improve people’s living standards, and they intend to pursue sound economic policies. In this regard, the mission’s discussions focused on near-term policy and institution building priorities, including: (i) adopting a budget for the remainder of 2025, identifying available domestic and external resources and ensuring that priority spending needs are met, including the government payroll, basic health and education services, and assistance to the most vulnerable segments of the population; (ii) improving revenue mobilization, by modernizing the tax and customs regime, and by strengthening tax and custom administration, bringing both under the purview of the finance ministry; (iii) strengthening public financial management to improve budget execution and monitoring; (iv) empowering the central bank to ensure price stability and restore confidence in the national currency and adopting a monetary policy framework suited to achieve this; (v) rehabilitating the payment and banking systems, while enhancing the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime, to improve transaction efficiency, rebuild confidence in banks and restart financial intermediation, and allow reconnection with the international financial system; (vi) addressing immediate obstacles to market-based private sector development and improving the investment climate; and (vii) enhancing data collection, processing and dissemination, separate from economic planning, to ensure adequate data to support policy formulation and assessment.
“The authorities will need strong international support for their efforts. This includes financial support at highly concessional terms—given Syria’s financing and external sustainability constraints—and extensive capacity development assistance to strengthen economic institutions and upgrade outdated technologies and systems. While the years of conflict and displacement have weakened administrative capacity, staff at the finance ministry and central bank demonstrated strong commitment and solid understanding.
“The mission reaffirmed the IMF’s commitment to supporting Syria in these efforts. Based on the findings of the mission, IMF staff is developing a detailed roadmap for policy and capacity building priorities for key economic institutions, notably the finance ministry, central bank, and statistics agency. Staff will coordinate closely with other development partners in formulating this roadmap and ensuring effective support to the Syrian authorities, also considering constraints in absorptive capacity.
“The staff team is grateful to the authorities for the candid and constructive discussions, and for their warm hospitality during this mission, the first in 16 years. The team met with Minister of Finance Yisr Barnieh, Governor of the Central Bank of Syria Abdulkader Husrieh, other senior officials, and representatives of the private sector and state-owned banks.”
SAN FRANCISCO, June 10, 2025 (GLOBE NEWSWIRE) — Redpoint Ventures, a leading venture capital firm with a diverse portfolio of successful companies including Twilio, Looker, Nextdoor, Ramp, Stripe, NuBank, HashiCorp, Snowflake, Netflix, Hims, and more, is proud to announce the 3rd Annual Redpoint InfraRed Summit in partnership with Amazon Web Services (AWS) at the AWS Builder Loft.
This premier event brings together industry leaders, innovators, and visionaries in the cloud infrastructure space to discuss trends, challenges, and opportunities shaping the future of technology, including keynote speakers Matt Garman, CEO of AWS, and Garry Tan, President and CEO of Y Combinator.
Building on the success of previous initiatives, this year’s summit continues Redpoint’s commitment to highlighting excellence and innovation in cloud infrastructure.
In conjunction with the Summit, Redpoint is also thrilled to unveil the 2025 InfraRed 100, their annual list recognizing 100 of the most transformative companies in cloud infrastructure. These innovators are driving new advances in scalability, security, reliability, and performance across the cloud ecosystem. Now in its third year, the InfraRed 100 serves as both a barometer of emerging trends and a celebration of the founders and teams shaping the future of cloud computing.
“We’re honored to bring together leaders from across the industry at the third annual InfraRed Summit with AWS and to share this year’s InfraRed 100, highlighting companies advancing cloud infrastructure in meaningful ways,” said Scott Raney, Managing Director at Redpoint. “We’re especially grateful to Matt Garman and Garry Tan for their leadership and insights at the event, and we look forward to recognizing the companies and entrepreneurs shaping the future of this critical sector.”
About Redpoint Ventures Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. We invest in startups across the seed, early and growth phases, and we’re proud to have backed over 615 companies—including Snowflake, Looker, Kustomer, Twilio, 2U, DraftKings, Duo Security, HashiCorp, Stripe, Guild, HomeAway, Heroku, Netflix, and Sonos—with 183 IPOs and M+A exits. Redpoint manages $8.0 billion across multiple funds. For more information visit: http://www.redpoint.com/.
Contact Tony Keller Principal OUTVOX tkeller@outvox.com
WARSAW, Ind., June 10, 2025 (GLOBE NEWSWIRE) — Lake City Bank is pleased to welcome back Gregory C. Brown as Senior Vice President, Commercial Elkhart Regional Manager. Brown will lead the newly formed Commercial Elkhart Region, serving commercial clients in Elkhart and surrounding communities. The new region was strategically created to better serve the growing business community in Elkhart.
“Since arriving in Elkhart in 1990, Lake City Bank has remained consistently dedicated to the entrepreneurial businesses that define the community. The decision to create a team solely dedicated to Elkhart is reflective of the success we’ve had in Elkhart over the last 35 years and of our continued growth in the market,” said David M. Findlay, Chairman and Chief Executive Officer. “Greg’s deep knowledge of the Elkhart market, combined with his leadership experience and commitment to relationship banking, make him the ideal person to lead this new region.”
Brown will lead a team of three Commercial Banking Officers based in Elkhart, while Todd A. Bruce, Senior Vice President, will continue to lead the Commercial North Region team. The Commercial North Region will focus on serving commercial clients in St. Joseph County and the surrounding Northwest Indiana and Southwest Michigan communities.
“Greg’s return is a win for Lake City Bank and for our clients,” said Eric H. Ottinger, Executive Vice President and Chief Commercial Banking Officer. “He understands the unique dynamics of the Elkhart community and has a proven track record of building strong client relationships. We’re confident he will continue our strong growth momentum in Elkhart. We’re also excited for the new opportunities that our regional realignment will allow Todd’s team to pursue in South Bend and the surrounding area.”
Brown has 30 years of experience in financial services, including his previous tenure with Lake City Bank as a Commercial Banking Officer from 2016-2021. He has volunteered with many organizations in Elkhart, including serving as a previous board chair of Big Brothers Big Sisters of Elkhart County, board treasurer of the Greater Elkhart Chamber of Commerce, and board treasurer of Elcona Country Club.
“I’m excited to be back at Lake City Bank and to lead the new Commercial Elkhart Region,” said Brown. “Elkhart has been my home since moving here in 2003. It’s a vibrant and resilient community, and I look forward to working with our experienced team to help local businesses grow and thrive.”
Lake City Bank, a $6.9 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN). For more information visit www.lakecitybank.com.
Contact Luke Weick Vice President Marketing Manager (574) 267-9198 x47279 office (260) 431-7061 mobile luke.weick@lakecitybank.com
The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 18 June 2025. The summarised results of the auction held on 10 June 2025, are attached below:
Source: United Kingdom – Executive Government & Departments
Scientists comment on news that the UK government is investing in a nuclear plant at the Sizewell C site and a small modular reactor programme.
Prof Patrick Regan, Professor of Nuclear Metrology, University of Surrey, said:
“The announcement that the UK government has committed £14.2bn of investment to build European Pressurized Reactors (EPRs) at the Sizewell C site will contribute to the UK tackling the delicate balance between ever-increasing secure energy requirements and our commitment to achieving net-zero. The EPRs planned at Sizewell C represent Generation 3+ technology and build on more than 70 years of operational reactor experience worldwide to provide the cleanest, safest and most efficient form of nuclear power yet.
“This large investment, however, brings with it the obvious need to produce and maintain a highly skilled, expert workforce related to all phases of the Sizewell C project. Science and Engineering Apprentice, Graduate and Post-Graduate training in areas such as chemical engineering, material science, nuclear physics & radiochemistry, environmental monitoring, radiation measurement and health physics will be key in enabling ‘life-long’ UK-based careers in this industry, in line with such a far horizon project. This is a long-term investment in the UK’s national infrastructure, and it needs a skilled workforce to ensure its ultimate success.”
Dr Phil Johnstone, Principal Research Fellow, University of Sussex Science Policy Research Unit, Patron of Nuclear Information Service, Member of Sussex Energy Group, and Member of Nuclear Consultation Group:
Is this a good move?
“The decision on Sizewell C is a bad move. It will likely lead to increasing costs for UK electricity consumers and represents a significantly slower means of combatting climate change than alternative options. The announcement comes alongside the decision to select submarine reactor manufacturer Rolls Royce as the winning bidder to develop Small Modular Reactors. These are part of the same underlying goal: to sustain the UK military nuclear industrial base via subsidies from civil nuclear power, with democratic scrutiny of this strategy almost entirely absent.”
Prof Andy Stirling, professor of science and technology policy at the University of Sussex Science Policy Research Unit:
Is this a good move (or not) when it comes to energy and fossil fuels?
“It is well acknowledged behind the scenes (but denied in public), that this move is more intended to support the kind of nuclear industrial base needed for military than for climate reasons. Nuclear power stations like Sizewell C are so slow and expensive compared to renewables and storage strategies, that they erode rather than enhance climate action.”
What does this mean for UK energy production? Is there overspeculation?
“This will make UK energy production needlessly more expensive, less secure and less effective in climate terms, than if the same money had been spent on renewables and energy storage.”
What does the science say?
“On this as on many other policy issues, what counts as ‘the science’ is more uncertain and context-dependent than any side typically implies. If either nuclear advocates or critics claim their arguments to be uniquely or unequivocally science-based then that is a sign that they are seeking to mislead.”
Dr Sarah Darby, Emerita Research Fellow, Energy Programme, Environmental Change Institute, University of Oxford, said:
“The argument that building Sizewell C will be markedly cheaper and quicker than Hinkley C is weak. Hinkley C is ‘first of a kind’ in the UK but has the same design as Olkiluoto in Finland and Flamanville in France. These two have been, respectively, over 10 years late and almost four times over budget [1] and over 12 years late and over four times over budget in real terms [2,3]. Neither is yet working reliably [4,5].
“The unfinished Hinkley C was reported by EdF last year as already 90% over budget and 7 years late – and EdF do not expect it to be finished before 2029-31.
“In the light of these figures from three power plants of the same design as SZC, Ed Miliband’s forecast of a 10-year build time looks wildly optimistic. Where cost and complexity are concerned, there is the additional concern about the SZC site being on a flood-prone and eroding coastline, with sea levels on the rise.
“EdF are now wholly owned by the French government, following their extreme financial difficulties, and it is unclear whether they will take any stake at all in SZC. This is hardly a vote of confidence in the prospects of their own design.
“The argument that nuclear build helps with climate goals is similarly weak. New nuclear would arrive too late to assist – renewables already supply over half of UK generation [6] – and are on the rise. The massive sums involved are money not spent on quicker and more effective moves towards energy transition. Bloomberg NEF’s latest assessment of energy transition investment trends* refers to renewables, energy storage, electric vehicles, and power grids as ‘proven, commercially scalable [and with] established business models’, yet categorises nuclear power as an ‘emerging’ technology, with investment held back by lack of affordability and technology maturity [7].
“Nuclear is being presented by the Government as complementary to renewables, for ‘when the sun doesn’t shine and the wind doesn’t blow’. But what we need for these times – and for times of abundant renewable supply – is flexibility from storage and demand-side response, not large-scale inflexible power plants that cannot easily be turned down or up and that can be shut down at a moment’s notice [5,8].
“As so often, the debate is focused on supply rather than demand – what we use energy for. The government are citing figures of a doubling of demand by 2050 that are certainly not set in stone and likely to be exaggerated. AI demands are the new kid on the block but, as DeepSeek has shown, they need not be nearly as high as is often made out. There is still plenty of scope to improve energy security through energy efficiency, allied with storage and demand-side response, without compromising quality of life [9].
“Successive governments have already sunk £6.4bn of taxpayers’ money into Sizewell C, but this is no reason to compound the error. A further £14.2bn is substantial but falls a long way short of the £40bn ‘overnight’ cost estimated by the FT [10]. Further, this £40bn estimate does not take into account the costs of capital, decommissioning and disposal of waste. The last of these is itself a topic of major concern to the Public Accounts Committee [11].
“It is not too late to avoid a FID for Sizewell C and to steer funding in more productive directions, including modernisation of the electricity grid, energy efficient buildings and transport systems, and storage. Such investment could create jobs and improve living conditions around the country.”
Stephanie Baxter, Head of Policy, Institution of Engineering and Technology, said:
“The £14.2 billion of funding announced today for the development of Sizewell C, alongside selecting Rolls-Royce SMR as the preferred bidder to develop the UK’s first small modular reactors, marks an important step forward towards nuclear playing a significant role in the UK’s energy mix.
“Nuclear infrastructure, both large and small, will be needed in our energy system if the UK is to have a secure, affordable and sustainable energy system for 2030 and beyond. However, the Government must also take a whole system view of the wider energy system to ensure new nuclear infrastructure compliments other energy generation and distribution resources currently deployed and being developed.
“Significant infrastructure projects such as these rely on long-term stability – in the supply chain, regulations and the skills pipeline. That is why today’s announcements must be backed up by clear plans for delivery, including engagement with local communities.
“These ambitions will also not be met without the skilled engineering and technician workforce that will be critical to delivering and maintaining new nuclear infrastructure.
“Great British Energy must work closely with Skills England to ensure that these plans are backed by a long-term workforce strategy to deliver skilled job opportunities across the country – both by training up new workers in schools and colleges, and upskilling/reskilling the existing workforce through flexible funding in the Growth and Skills Levy.”
Will Davis, Nuclear Expert and a Member of the Institution of Engineering and Technology’s Sustainability and Net Zero Policy Centre, said:
“Today’s announcements are a clear demonstration of the government’s long-term commitment to low-carbon energy security, extending beyond the 2030 clean power target and taking concrete steps toward achieving net zero by 2050.
“To meet our net zero ambitions, we must significantly scale up electricity generation – by two to three times current levels – and this will only be possible through large-scale projects like Sizewell C and the Small Modular Reactor (SMR) programme.
“While these developments are both welcome and necessary, the UK nuclear industry must address its ongoing credibility challenges around delivering projects on time and within budget. Unlike the UK’s Hinkley Point C, nuclear projects in countries like China and the UAE have avoided major delays. Learning from these international examples is essential if we are to attract private investment and reduce reliance on gas-fired power stations.
“The selection of a preferred bidder for the SMR fleet is a long-awaited milestone – over a decade in the making – and we’re pleased to see it finally progressing.
“The clarification of roles between Great British Energy and Great British Energy – Nuclear, with NESO overseeing the critical upgrades to our national electricity infrastructure is welcomed. These upgrades are vital and must be properly funded, not treated as an afterthought.
“With the announcements on Sizewell C and SMRs, we urge the government to clarify its position on future gigawatt-scale nuclear projects, such as the previously proposed development at Wylfa.
“New nuclear power stations require a high-tech supply chain and a highly skilled workforce. Investment in key manufacturers like Sheffield Forgemasters is encouraging, but broader supply chain investment hinges on project certainty – contracts must be signed.
“The IET continues to support the sector through initiatives like the Nuclear Skills Taskforce. We’re also pleased to see continued investment in STEP, the UK’s prototype fusion power plant. A £2.5 billion commitment is significant and deserves more visibility.
“However, we note the absence of updates on advanced nuclear technologies, which could play a crucial role in decarbonising hard-to-abate sectors such as steelmaking and hydrogen production. We hope to see further clarity on this soon.”
Dr Lewis Blackburn, Lecturer in Nuclear Materials, University of Sheffield, said:
“Today the UK government demonstrated a clear and renewed commitment to nuclear fission as a means to achieve Net Zero, a key goal that was outlined in the 2024 White Paper “Civil Nuclear: Roadmap to 2050”. This comes in the form of an approximately £14B commitment to the Sizewell C project, comprising two EPR (European Pressurised Reactors) delivering a total of 3.2 GWe. The project is forecast to support 70k jobs and produce enough energy to power 6M UK homes. Today’s news also comes alongside an announcement that Rolls-Royce have been identified as the preferred bidder to construct the UK’s first Small Modular Reactors (SMR) – a fleet of smaller fission reactors designed to be built ‘modular’ on a production line, prior to shipping and assembly on-site.
“The UK faces a potential skills challenge in the field of nuclear engineering and projects like Sizewell C and Rolls-Royce SMR offer an exciting opportunity to build a skills pipeline, increasing the number and diversity of people entering the nuclear workforce, and bolstering the supply chain.
“In order for the UK to maintain its international reputation as a leader in civil nuclear, it must continue to invest heavily in new infrastructure, the wider industrial supply chain and R&D. Thus, producing the next generation of nuclear expertise in both the industrial and academic sectors, equipping them with the skills required for the UK to continue to utilise nuclear fission, safely, for generations to come.
“An important aspect of this is ensuring that highly radioactive waste, generated as a by-product of nuclear fission, is not passed onto future generations and is permanently disposed of. In this area, the UK is in the process of siting a geological disposal facility – a dedicated site wherein intermediate and high-level radioactive waste will be isolated from the wider environment permanently. The international consensus in the wider scientific and technical community is that this is the only feasible way to safely manage such wastes, ensuring passive safety. This is the focus of significant R&D in both the technical and academic space.”
Dr Mark Foreman, Associate professor of Nuclear Chemistry / Industrial Materials Recycling, Chalmers University of Technology, Sweden, said:
“Building a new power plant based on light water reactors at Sizewell is a good idea, it will provide a reliable supply of electric power which will help society reduce its dependency on fossil fuels. I hold the view that it will be a safe means of providing for the energy needs of society. Many critics of nuclear power use the example of the Chornobyl accident to argue that all nuclear power plants are unsafe. This is unreasonable, operating the Chornobyl reactor in the same way as it was just before the accident can be thought of as like roller blading along the M1. While running modern (or even a 1980s era) light water reactor is like calmly driving a Volvo equipped with all the latest safety features along the M1.”
Prof Robin Grimes FRS FREng, Professor of materials physics, Imperial College London, said:
“Large plants such as Hinckley, currently under construction and this announced plant at Sizewell are very good at providing constant base load electricity capacity. They are also good for supporting grid stability and providing inertia. Of course they offer generation diversity and energy security. They will offer these benefits for many decades. As we turn to more electricity use to reduce carbon emissions we will need more nuclear electrify. However, large plant are less good at helping with the inherent intermittency of renewables. For this we need the greater flexibility as provided by small modular reactors or the higher temperatures of advanced modular reactors which offer access to more technology options for decarbonisation. I therefore see this announcement as part of the systems approach by which we progress to greater energy security and decarbonisation.”
Prof David Armstrong, Professor of Materials Science and Engineering (Department of Materials), University of Oxford, said:
“This is excellent news for the UK energy landscape. As the UKs aging AGR fleet retires new baseload energy is required. Sizewell C will sit alongside Hinkley Point B to provide sustainable emission free baseload energy complementing the growing wind and solar power and making a significant contribution to UK energy security.”
Dr Iain Staffell, Associate Professor of Sustainable Energy at the Centre for Environmental Policy, Imperial College London, said:
“Today’s decision is an important one, but even with Hinkley C and Sizewell C, the UK’s nuclear capacity in the 2030s will still be below its 1990s peak.
“After a decade of dithering, Sizewell C is a litmus test of the UK’s ability to deliver complex infrastructure on schedule.
“This deal lives or dies on its delivery. Sizewell C must be built on time and on budget, learning from the (many) mistakes from Hinkley Point C and other UK mega-projects.
“Nuclear power offers a strong energy security hedge. Fuel and key parts can be stockpiled, insulating consumers from foreign instability and gas price spikes.
“Sizewell C won’t start generating for nearly a decade if it is built on time, so it only just contributes towards the Government’s 2035 clean-power goal. But, it is building for the long-term, and will deliver carbon-free electricity well into the 2080s.
“People are rightly concerned by the environmental impacts and emissions from the enormous construction project, but compared to the scale of energy production over the next six decades, nuclear remains one of the cleanest power sources we have.
“The upfront cost is undoubtedly high. £14 billion could fund around 10 GW of offshore wind versus just 3.2 GW of nuclear. But, these reactors will run day and night, especially valuable when the wind is not blowing.”
Louis Barson, the Institute of Physics Director of Science, Innovation and Skills said:
“It is good to see this decision made about developing Sizewell C. New nuclear will play a vital role in bringing reliable, secure and affordable power to new markets, decarbonising industry and helping countries meet their net zero commitments – as part of our future low-carbon energy mix.
“But we need to make sure we also pay attention to the desperate need for hundreds of thousands of skilled workers to support both this project and the development of smaller, modular, nuclear reactors.
“Signing off on Sizewell C is only half the picture, we need the nuclear-ready scientific workforce to make it a reality: that means more physics teachers, well-funded physics departments in universities and a healthy pipeline of physics talent.”
Tom Greatrex, Chief Executive, Nuclear Industry Association, said:
On Sizewell C Given Go-Ahead from Government
“This is a momentous day for Sizewell C and for the British nuclear programme. Sizewell C is one of Britain’s most important clean power projects, and will give the country the jobs, the economic growth and the energy security we need to ensure a secure and reliable power supply for the future. This record investment confirms the government is serious about building new nuclear and all the economic benefits that come with it, and will be welcomed in communities the length and breadth of Britain.”
On Rolls-Royce SMR Winning the UK SMR Competition
“This is a hugely significant moment for Rolls-Royce SMR and for the British nuclear programme. These SMRs will provide essential energy security and clean power alongside large scale reactors, all the while creating thousands of well-paid, skilled jobs, opportunities for growth right across the country and significant export potential. We look forward to working with Rolls-Royce SMR and all other potential SMR vendors, including those not successful today, on making Britain the best place to build new nuclear anywhere in the world.”
Prof Mark Wenman, Professor in Nuclear Materials, Imperial College London, said:
“This is a big step forward. Since the 1990s the amount of nuclear energy the UK produces has been steadily declining from around 12 to 4.5 GWe today. Sizewell C will help reverse this trend and further provide the UK with energy security. It will help balance the grid with the increase of renewables, replace fossil fuel plants and protect us against potential blackouts, as recently seen in Spain. Whilst the costs may seem high initially, this needs to be balanced against the fact that these reactors will produce low carbon electricity for 80 or possibly 100 years, 24/7, providing around a tenth of the current UK electricity needs. Once paid for, nuclear reactors produce the cheapest electricity of any kind, so this investment should be seen as future proofing the UK electricity system.”
Prof Adrian Bull,Chair in Nuclear Energy and Society, Dalton Nuclear Institute, University of Manchester, said:
“It’s very welcome news to see the announcements today of Government support for a new wave of nuclear power in this country. We’ve known for decades that reliance on imported gas could ruin the environment – but recent years showed us that it can ruin the economy too. Nuclear gives much-needed resilience against global fossil fuel prices, without emitting the gases that cause climate change, so it’s excellent news that we are going to see new plants – both large and small – built.
“I’m especially pleased that we have finally got over our national phobia of replicating a previous project. We’ve never done that in our UK nuclear fleet before, but the rest of the world learned ages ago that series construction is the route to certainty over the time and budget for such projects. Doing the same things at Sizewell which we have already done at Hinkley Point is much easier than starting from scratch to build a massively complex plant for the first time.
“The announcement of Rolls Royce as the winner of the SMR competition is a welcome sign of progress, but it’s disappointing to see only one winner selected, when we had all anticipated more. Government has long been supporting the Rolls Royce SMR project – with over £200m of public funds provided already – so it was inconceivable they would not be on the podium at the end of the race. Seeing them there alone makes the two years spent by Great British Nuclear on running a competition look like time and effort that could have been better spent.
“Overall though, these nuclear plants – whilst not cheap – will produce reliable, low carbon electricity around the clock and will most likely do so for the best part of a century. This is an investment in our grandchildren’s future as well as helping towards our 2050 climate goal.”
Prof Dame Sue Ion GBE FREng FRS, a Fellow of the Royal Academy of Engineering, said:
“It’s really good news that the Government is finally taking steps to ensure that nuclear energy plays the vital role it should in achieving significant quantities of stable low carbon electricity. Perhaps as importantly, if not more so, is the news that Rolls Royce’s Small Modular Reactor has been selected as the technology of choice to progress the opportunity presented by SMRs. These systems are designed from the outset to be modular, with modern construction techniques using much more factory fabrication, so they will be faster and easier to build.”
Prof Tom Scott, Professor in Materials, University of Bristol, said:
“This is an extremely important strategic step for the UK towards achieving net zero carbon emissions. Nuclear energy is a safe, secure and reliable form of electricity generation. With the lessons learnt from the Hinkley Point C project, and with the experienced workforce and supply chain that has been established because of it, my expectations are high for the delivery of Sizewell C at a much lower cost and shorter timescale.
“The announcement about Government investment in Sizewell C and more excitingly, about the investment in Small Modular Reactors (SMRs), really shows the Government’s understanding and commitment towards nuclear as a key part of the solution towards achieving zero carbon emissions in the UK.
“SMRs offer the potential for providing new nuclear power stations much faster and more cheaply than conventional large-scale light water reactors like Hinkley Point C. Ultimately, the roll-out of SMRs delivered by British companies like Rolls-Royce will help to keep our electricity prices low whilst also generating high-value jobs across the U.K. This is a smart investment for the UK.”
Dr Mark Foreman, Associate professor of Nuclear Chemistry / Industrial Materials Recycling, Chalmers University of Technology, Sweden, said:
“Building a new power plant based on light water reactors at Sizewell is a good idea, it will provide a reliable supply of electric power which will help society reduce its dependency on fossil fuels. I hold the view that it will be a safe means of providing for the energy needs of society. Many critics of nuclear power use the example of the Chornobyl accident to argue that all nuclear power plants are unsafe. This is unreasonable, operating the Chornobyl reactor in the same way as it was just before the accident can be thought of as like roller blading along the M1. While running modern (or even a 1980s era) light water reactor is like calmly driving a Volvo equipped with all the latest safety features along the M1.”
Prof Adrian Bull: “I am a (paid) part time Professor at the Dalton Nuclear Institute, part of the University of Manchester; I am a (paid) consultant for US nuclear communications consultancy Full On Communications; I am an (unpaid) Board member of the Northern Nuclear Alliance; I am an (unpaid) Trustee of the Nuclear Institute; and am also the President-Elect, taking over in Jan 2026.”
Prof Dame Sue Ion: “Sue is Honorary President of the National Skills Academy for Nuclear.” “Sue is also a member of the Nuclear Regulatory Task Force.”
Prof Tom Scott: “In terms of interests, I am Director of the Spur West Nuclear Hub and Professor of Nuclear Materials at the University of Bristol sponsored by the Royal Academy of Engineering and the UK Atomic Energy Authority.
The nuclear hub is a consortium of academic, industrial and governmental partners coalescing around the requirement for research, skills and innovation in the UK nuclear sector.”
Dr Mark Foreman: “I have worked on advanced nuclear reprocessing for years and have also have worked on nuclear reactor safety issues. I have done and supervised research on the chemistry of nuclear accidents.”
Prof Mark Wenman “I have previously received funding for research from EDF Energy, Rolls-Royce, the UK National Nuclear Lab”
Tom Greatrex “The NIA is funded by its 320 member companies from across the civil nuclear industry.”
Dr Iain Staffell “I receive industry funding from a several companies in the UK and European energy sector, I try to keep this balanced so as not to over-represent any one technology or organization. Recent funding sources include: Drax, Octopus, SSE, HM Government, NESO (National Grid), EWE, Aurora, Baringa, Shell, Uniper, SLB, and the World Bank.”
Prof David Armstrong “I’ve had funding from UKAEA, Rolls Royce and EdF for research and students over the last 20 years.”
Prof Robin Grimes “I am a non-executive director of UKAEA and receive research funding from the UK national nuclear laboratory.”
Dr Mark Foreman “I do not currently get any money from the nuclear industry, I do not stand to make any money from the sales of nuclear products / technology. I have not been employed by the nuclear industry. I think that in terms of conflicts of interest I have none.”
Dr Lewis Blackburn“He receives funding from industry via Nuclear Decommissioning Authority, National Nuclear Laboratory, and Nuclear Waste Services”
Stephanie Baxter “No conflicts of interest.”
Will Davis “No conflicts of interest.”
Prof Andy Stirling “no conflicts of interest to declare.”
Dr Phil Johnstone “no conflicts of interest to declare.”
Dr Sarah Darby “I have no conflicts of interest to declare.”
For all other experts, no reply to our request for DOIs was received.
ORLANDO, Fla., June 10, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today provided the following response to last week’s false and misleading short attack.
Our shareholders have been subjected to a false and uninformed short attack. The short seller’s report published on June 4, 2025 makes two key allegations: first, that Abacus relies too heavily on a single life expectancy provider (Lapetus Solutions), and second, that this reliance has significantly inflated our balance sheet valuation. Both are incorrect.
Abacus remains resolute in our process, valuation methodology, and the benefit we provide to both policyholders and investors. Our market coverage analysts share this sentiment as well, and have supported our process with published statements and maintained buy, outperform, or overweight ratings on our stock:
Autonomous/Bernstein: “Abacus Global Management – Morpheus Misleading,” June 4, 2025 (with follow up on June 9, 2025)
Rating: Outperform
Price Target: $12
BRiley: “Abacus Global Management – Take Advantage of Oversold Position,” June 5, 2025
Rating: Buy
Price Target: $15
Piper Sandler: “Shares sink on short report – stock reaction overdone and Abacus responds,” June 4, 2025
Rating: Overweight
Price Target: $12
TD Bank: “ABL’s model, reliant on direct originations and a short holding period, would seem to argue against overvaluation of policies.” June 4, 2025 (with follow up on June 5, 2025)
Rating: Buy
Price Target: $14
Northland: “Abacus Global Management (ABL) Trends in Fair Value, Gains and Other Stuff Tell Positive Story,” June 5, 2025
Rating: Outperform
Price Target: $13.50
In addition to research analyst support, our auditor Grant Thornton has also affirmed our mark-to-market valuation approach for the policies we hold on our balance sheet, and has not seen any reason to revise that opinion since the publication of the short report. It is important to note that the report contained a misleading statement attributed to a Grant Thornton UK CEO. The UK-based company is a separate legal entity from our auditor, Grant Thornton US, and each firm operates independently and manages its own affairs.
Executive Summary
Section 1: Third-Party Analysis Confirms that Lapetus Is Not a Meaningful Input to Our Valuation Model
Section 2: Mark-to-Market Valuation Depends On Much More Than Life Expectancy
Section 3: The Most Recent Market Transactions Confirm the Accuracy of Our Valuation Model
Section 4: Shareholder Commitment to Success of the Business and Anticipated Additions to Russell 2000 and 3000 in August 2025
A core claim of the short report is that “Abacus’ reliance on Lapetus to value its portfolio presents a material risk to the $446 million in claimed life settlements on its books as of Q1 2025.” This is wrong in so many ways, most importantly that Abacus does not “rel[y] on Lapetus to value its portfolio.” And to prove it, Abacus engaged Lewis and Ellis1, a third-party actuarial firm, to review the entire policy balance sheet as stated in our Q1 2025 10-Q filing (over 700 policies), removing all Lapetus life expectancy estimates from the analysis.
For over 55 years, Lewis and Ellis has maintained a sterling reputation and client list with testimonials from organizations including the Ohio Department of Insurance, Arkansas Insurance Department, Maryland Insurance Administration, Americo, Pacific Guardian Life, American Life, American Fidelity, Michigan Department of Insurance, Oklahoma Department of Insurance, and many others.
To produce the valuation, Lewis and Ellis has utilized a discount rate methodology to calculate the net present value of the portfolio. Premium streams, life expectancies (not including Lapetus Solutions), face values of policies and discount rates are all inputs for their analysis. The professionals responsible for producing this valuation are members and meet Qualification Standards of the American Academy of Actuaries.
The new Lewis and Ellis valuation concurred with our prior valuation, resulting in a total policy valuation of $449 million as of March 31, 2025. The valuation provider aligned with a discount rate and range of ±2% as disclosed in the Q1 2025 10-Q filing. The Lewis and Ellis valuation of $449 million falls within a 1% margin of error from our stated valuation of $446 million.
Section 2: The Short Report Confuses Individualized Pricing with Portfolio-Wide Valuations, and Misstates the Relevance of Life Expectancy to Each
Abacus Global Management has developed a sophisticated valuation framework that optimizes for different business objectives at each stage of the asset lifecycle. This dual approach uses life expectancy for consumer-facing transactions while employing market-based valuation for balance sheet management. Life expectancy valuation models assume the value of the asset held to maturity, and thus calculating the maturity date is critically important. On the other hand, the market approach is based on the price of policy sales between informed, intelligent and willing buyers, and willing sellers.
Both approaches have merit. When acquiring policies from consumers, Abacus uses life expectancy estimates to ensure fair pricing, which results in Abacus paying consumers an average of 20.4% of policy face value in 20232, prioritizing fair consumer outcomes. But once policies enter Abacus’s trading portfolio, the company shifts to a market-based valuation system that prioritizes actual market results.
Abacus values its balance sheet using the mark-to-market model. Therefore, the blanket claim in the short report that “The Fair Value Of Life Settlements Depends On Accurately Predicting Life Expectancy” not only collapses the two distinct valuation approaches, it leads the reader to conclude that Abacus values its balance sheet primarily based on life expectancy data. But this ignores the clear description of the Abacus valuation approach in its Consolidated Financial Statements, included in the Company’s most recent 10-K: “The Company determines fair value based on assumptions that market participants would use in pricing an asset or a liability in the principal or most advantageous market.”
In accordance with U.S. GAAP, Abacus’ balance sheet valuation model estimates the price it would receive on the sale of its life settlement policies based on applying data it has from actual policy trading activity, and then applies this and other data to inform its assumptions of what a buyer would pay if it used primarily a discounted cash flow and life expectancy analysis, which results in the reported discount rate. As such our balance sheet valuation model is not driven solely by life expectancy estimates or forecasted discount rates3. Our calculation of fair value for purposes of balance sheet valuation results from data that we observe in the market for life settlement policies, drawing on our experience of prior deals with our trading partners, institutional and representatives of a large, growing market, including the largest private credit asset managers, global alternative asset managers, family offices, insurance companies, and reinsurers.
Consumer Purchase Stage: Life Expectancy Optimization
Why This Hybrid Approach Works
Traditional life settlement models suffer from a fundamental mismatch: they use the same methodology (life expectancy projections and selected discount rates) for both consumer fairness and active trading portfolio accuracy. Abacus recognizes these require different tools:
Consumer Transactions Need Predictive Models: Life expectancy estimates help ensure fair pricing when purchasing from consumers who deserve transparent, actuarially-sound offers.
Trading Portfolios Need Market Reality: Active trading strategies require balance sheet valuations based on actual transaction history, not theoretical projections that can shift with model updates.
This dual methodology perfectly supports Abacus’s core strategy as an active life settlement market-maker:
High Portfolio Turnover: Target balance sheet turn of ~2x annually, making market-based marks more relevant than hold-to-maturity projections
Daily Trading Activity: Real-time valuation accuracy matters more than long-term actuarial estimates for a short-term strategy
Revenue Structure: Unrealized gains require marks that reflect actual selling capability
The Strategic Result
Abacus has solved the life settlement industry’s core valuation dilemma by recognizing that consumer fairness and active balance sheet accuracy require different approaches. This isn’t a compromise—it’s an optimization that delivers better outcomes at both stages.
Section 3: The Most Recent Market Transactions Confirms the Accuracy of the Company’s Fair Value Approach
Abacus operates an active life settlement trading business, continuously acquiring and disposing of life insurance policies to optimize balance sheet returns and maintain target return on equity metrics. This means it is ideally positioned to provide a check on its own fair value accounting. And our actual realized results support our valuation. This quarter, Abacus has sold polices at prices that match its mark-to-market approach. In Q2, through June 2nd, Abacus sold 226 policies for a total $141.4 million. As of March 31, 2025, those sold policies had an estimated balance sheet value of $139.1 million. Not only was Abacus able to crystalize its mark, but it has also realized an incremental gain of 1.65%.
As Abacus is continuously in the market buying and selling policies, at any given time, a portion of its revenue will be unrealized if it is still holding policies it hasn’t sold. Further, if Abacus continues to grow its portfolio by recycling the capital from policy sales, cash flow from operating activities will likely be negative. This may change in the future.
Section 4: Executives and Shareholders Are Aligned on Creating the Brightest Possible Future for Abacus
We appreciate the investor concerns around the coming expiration of the share lock-up, which the short report described as an opportunity for “cashing out.” Jay Jackson, Sean McNealy, Scott Kirby, and Matt Ganovsky collectively own approximately 46% of the outstanding shares. They accepted two-year restricted lock-ups at the time of the deSPAC transaction. This lengthy lock-up period was double the average of any share lock-up compared to any other company, both IPO and deSPAC. The lock-up expires on July 3, 2025. The restriction period ends during a blackout period which will continue until our post-earnings release which is expected in August.
The expiration of the lock-up period does not mean that the founders and senior management are about to cut and run. Just the opposite: these large shareholders are looking forward to the expiration of the lockup not so they can “cash out,” but so they can take the company to its next milestone.
These shareholders and the Board understand that the Russell 2000 and Russell 3000 now require the expiration of the longest lock-up period before a stock can be listed as part of their indices. Abacus believes the positive impact of index inclusion would be beneficial to shareholders. If Abacus maintains the current course with respect to the lock-up expiration, we expect to be added to these indices in August 2025.
Nonetheless, should these large block holders wish to sell shares in the future, we are committed to working closely with our shareholders and institutional investment partners on a purposeful, transparent, and organized sale of shares if one were to occur. We have committed over two decades of service to this company, and our intent is to recognize the highest valuation possible. Our 2025 Board-approved compensation is heavily equity-based and incentivized to increase value to our shareholders through both increased revenue and adjusted net income, as well as company market capitalization.
Conclusion
In summary, Abacus strongly refutes the misleading and incorrect claims made by the short seller. We are supported by outside market research analysts, third-party actuarial firms, our auditor, and our transparent accounting methodology used in fair market reporting driven by mark-to-market valuations.
Abacus is a leading alternative asset manager, market maker, technology company, and growing private wealth manager. We will not allow this distraction to slow our growth and expansion.
Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes, but is not limited to, statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.
About Abacus
Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.
Contacts: Investor Relations Robert F. Phillips – SVP Investor Relations and Corporate Affairs rob@abacusgm.com (321) 290-1198
David Jackson – Director of IR/Capital Markets david@abacusgm.com (321) 299-0716
Abacus Global Management Public Relations press@abacusgm.com
____________________
1 Since going public, Abacus has paid Lewis and Ellis a total of $70,105, inclusive of this valuation engagement. 2 Data as per The Deal. 3 Discount rates are an output imputed from our valuations, rather than input for determining valuations.
Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)
WASHINGTON, D.C.– Today, Congresswoman Beatty reintroduced H.R. 3709 the ‘Advancing the Mentor Protégé Program for Small Financial Institutions Act’ to codify the Financial Agent Mentor-Protégé Program at the U.S. Department of the Treasury. The program pairs up small and rural financial institutions with large banks and credit unions, providing resources, training, and technical assistance to help them better serve their communities and become Financial Agents to Treasury.
Small financial institutions, including Minority Depository Institutions (MDIs), play a critical role in their communities, yet there are only 151 MDI banks left in the United States, and the number of minority-owned banks has dropped more than 30% since its peak in 2008. Although their numbers have largely stabilized in recent years, MDIs generally have much higher expenses and are often forced to merge with other minority-owned banks to survive.
“Small financial institutions are anchors of local economies across the U.S., providing mortgage credit, small business lending, and other critical banking services to their communities ,” said Congresswoman Beatty. “These institutions know the financial needs of their communities best, and codifying the mentor-protégé program at Treasury will go a long way toward preserving and strengthening their impact across America —and advancing our mission of an inclusive financial system.”
“The Independent Community Bankers of America (ICBA) is pleased to support Congresswoman Joyce Beatty’s Advancing the Mentor-Protégé Program for Small Financial Institutions Act, which would establish a Treasury Financial Agent program enabling partnerships between MDIs, rural community banks, and other financial institutions,” said Rebeca Romero Rainey, ICBA President and CEO. “This legislation reinforces and supports the critical role MDIs and rural community banks serve as a lifeline in their communities, providing tailored financial products, and fostering greater economic growth.”
“The American Bankers Association is pleased to support Rep. Beatty’s Advancing the Mentor Protégé Program for Small Financial Institutions Act, which would increase the ability of community banks, rural financial institutions and MDIs to meet the financial service needs of their customers, clients and communities,” said Rob Nichols, ABA President and CEO. “By strengthening partnerships between large banks and these community financial institutions with the help of the Treasury Department, this bill will provide significant benefit to consumers across the country and the broader economy.”
“The National Bankers Association (NBA) proudly supports Congresswoman Joyce Beatty’s Advancing the Mentor Protégé Program for Small Financial Institutions Act, which takes a critical step toward strengthening small, mission-driven banks,” said Nicole Elam, President and CEO of the NBA. “This legislation builds on existing Treasury efforts by expanding the scope of support for Minority and Rural Depository Institutions—ensuring they have greater access to federal resources and opportunities. Through the establishment of a Financial Agent Mentor-Protégé Program, larger financial institutions will be able to mentor and support small, mission-driven banks in enhancing their operational capacity, deepening community impact, and qualifying to serve as financial agents of the U.S. government.”
“America’s Credit Unions applauds Rep. Joyce Beatty’s efforts to promote programs that support minority depository institution (MDI) credit unions and other credit unions. We are pleased to see the reintroduction of the Advancing the Mentor Protégé Program for Small Financial Institutions Act. This bill would empower MDI and other smaller credit unions to collaborate with larger credit unions in these mentorship efforts. This builds on the credit union culture of ‘people helping people’ and working cooperatively to ensure the success of communities they serve,” said Jim Nussle, America’s Credit Unions President/CEO.
NORWALK, Conn., June 10, 2025 (GLOBE NEWSWIRE) — CUSIP Global Services (CGS) today announced a collaboration with Aumni, Inc. (“Aumni”), a J.P. Morgan company specializing in venture capital data solutions, to expand CUSIP coverage for venture-backed and private equity-owned private companies. This expanded coverage provides standardized identifiers for company issuers and their financial instruments, thereby increasing efficiency, accuracy, and security in reporting, settlement, and analytics for venture capital firms, private equity firms, and their investors.
The CUSIP is a nine-character alphanumeric security identifier that captures the unique attributes of issuers and their financial instruments throughout the U.S. and Canada. Widely recognized as a trusted standard in the financial markets, the CUSIP is a foundational building block that allows for efficient trading, clearing, and settlement across dozens of asset classes. Private equity markets have historically not had a standard identifier, resulting in the use of manual, error-prone solutions for security tracking and identity resolution.
“This collaboration marks a significant step forward in enabling the same level of efficiency in private markets that public markets have enjoyed for decades. By standardizing private company identifiers, we are paving the way for more streamlined operations and better decision-making for all market participants, which we feel is becoming ever more important as these alternative asset classes continue to grow,” said Scott Preiss, Senior Vice President and Global Head, CGS. “This exciting collaboration with Aumni helps CGS fulfill its mission, as directed by our industry-appointed Board of Trustees, to keep innovating and expanding the depth and breadth of CUSIP coverage as new market needs develop.”
Aumni is a leading software platform for private market investors to manage investment portfolio data, analytics, and insights. By combining Aumni’s expertise in private market data structuring with CGS’s Private CUSIP assignment capabilities and reputation as a trusted provider of capital markets reference data, customers will benefit from rich company- and security-level metadata to support portfolio management.
“We are excited to work with CGS on providing standardized security identifiers to the venture capital and private equity space,” said Alex Woodgate, Head of Corporate Development and Data Solutions at Aumni. “Consistent reference data for private securities will simplify reporting and enable efficiencies for GPs and LPs, and unlock further innovation opportunities for the private markets ecosystem.”
Beginning today, existing CGS customers will gain access to a free version of the Private CUSIP feed alongside their existing products and services. Customers can choose to upgrade to a premium service, adding a larger pool of company and security identifiers, additional metadata for each identifier, and the ability to request new identifiers.
About CUSIP Global Services CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.
For More Information:
John Roderick J. Roderick Public Relations for CUSIP Global Services john@jroderick.com +1 (631) 584.2200
ISELIN, N.J., June 10, 2025 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, announced the formal opening of its fourth branch in Newark, N.J., demonstrating its ongoing commitment to serving the financial needs of local businesses and consumers. The new branch, led by Israel Morales, Vice President, will be conveniently located on the ground floor of the Ironside Newark Building at 110 Edison Place (between the Prudential Center and train station) and includes an ATM.
“We are excited to announce the newest branch in the City of Newark,” said Vito Giannola, Executive Vice President and Chief Banking Officer at Provident Bank. “This new location is part of our extensive network of more than 140 branches and further demonstrates our deep commitment to the communities we serve. With this new office, we will be focused on providing the Newark community with a convenient in-person experience and access to experienced, knowledgeable bankers who will assist local residents with their banking and lending needs.”
As part of its ongoing community engagement program, Provident Bank also announced it has partnered with three local non-profit organizations: Habitat for Humanity of Greater Newark, St. John’s Soup Kitchen, and Greater Life. Each organization received $2,500 during the bank’s ribbon cutting ceremony earlier this week, celebrating the city of Newark and this new branch office.
“This branch deepens Provident’s commitment and history of providing equitable access to credit and banking services to the consumers and small businesses of New Jersey’s largest city of more than 300,000 residents,” said Roxanne Camejo, Community Development Officer, Provident Bank. “Beyond banking, we are proud to directly invest in Newark’s future by donating to three impactful local charities, strengthening vital community programs.”
About Provident Bank Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.22 billion as of March 31, 2025, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of more than 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.
Media Contact: Keith Buscio Keith.Buscio@provident.bank
DUBAI, United Arab Emirates, June 10, 2025 (GLOBE NEWSWIRE) — eTRNX Network, the next-generation blockchain ecosystem built for emerging markets, has officially concluded Phase 1 of its Initial Exchange Offering (IEO) with resounding success. With listings across major IEO platforms-P2PB2B, Dex-Trade, and BitStorage—the project has captured global investor attention by delivering on its promise: real-world blockchain utility, not just market speculation.
As Phase 2 of the IEO approaches completion, early participants still have a chance to secure positions before the next wave of utility rollouts, token unlocks, and exchange listings.
Finance Without Borders, Barriers, or Banks
While most DeFi projects chase hype, eTRNX focuses on substance-building an ecosystem that democratizes access to income-generating assets and powerful financial tools. Designed to serve populations in Africa, Asia, and the Middle East, the project delivers:
Tokenized REITs: Own fractions of global real estate and earn automated monthly rental yields via smart contracts.
AI-Powered Portfolio Management: From automated asset rebalancing to risk detection, eTRNX puts institutional-grade AI in the hands of everyday users.
Multi-Chain Utility: Operating across Tron, Stellar, and Solana for ultra-fast, low-cost, and borderless transactions.
Staking with up to 30% APY: A deflationary model that rewards long-term holders while helping to stabilize token velocity.
Decentralized Governance: 1 token = 1 vote. Token holders shape the future of the protocol via treasury proposals and upgrades.
Phase 1 Success, Phase 2 Closing Fast
With the completion of Phase 1 IEO of eTRNX tokens thousands of early backers onboarded, the project’s Phase 1 IEO marked a significant milestone in its roadmap. Strategic partnerships are in development for token utility, staking platforms, and REIT infrastructure deployment.
Now, with Phase 2 nearly 50% filled, investors can still access the project at an early valuation before the next pricing stage activates.
Join the IEO Before It Ends
Participate across the following launchpads:
What’s Coming Next?
Deployment of the eTRNX Tokenized REIT marketplace Launch of smart investment dashboards with AI integration Multichain wallet support and cross-border payment gateway Community governance framework + first treasury proposals
eTRNX is committed to solving real-world financial access problems using blockchain technology, AI, and an inclusive, compliance-aware ecosystem architecture.
About eTRNX Network
eTRNX Network is a blockchain-based financial infrastructure platform offering fractional real estate ownership, tokenized money market funds, and AI-automated investing tools. Built to empower underserved global communities, the project merges transparency, scalability, and long-term value in a multichain architecture.
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NEW BEDFORD, Mass., June 10, 2025 (GLOBE NEWSWIRE) — Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced the successful closing of a Commercial Property Assessed Clean Energy (“C-PACE”) financing under the PACE Massachusetts Program using Allectrify’s FASTPACE Platform.
The C-PACE financing will fund a 205kW (kilowatts) DC (Direct current) solar PV (PhotoVoltaic) installation and associated roofing upgrades at an industrial building located in the Port of New Bedford. The property is owned and operated by Marder Seafood; a trusted leader in premium, sustainably sourced seafood in the area for more than 50 years.
Amalgamated Bank, which opened its downtown Boston Commercial Banking office in 2020, invests nearly 40% of its total lending portfolio in climate protection solutions. This financing further reflects the Bank’s climate leadership and focus on decarbonization and renewable energy.
The C-PACE closing showcases how clean energy and C-PACE financing can support key regional industries, drive investments in New England commercial building stock, and lower energy costs for industrial end-users. The project will drive over $1.9 million in lifetime energy cost savings at the property.
C-PACE financing supports long-term, competitive financing for commercial property improvements for energy efficiency, renewable energy, resiliency, and water conservation. The project represents the fourth financing closed to date under the Massachusetts C-PACE Program since its launch in 2020. Amalgamated Bank is a leader in deploying C-PACE capital, and its partnership with Allectrify enables efficient closing for projects of all sizes.
“With more than $1.2 billion in PACE assets in our investment portfolio, we are proud to lead the industry in providing solutions that empower borrowers to implement proven energy-savings strategies in commercial properties,” said Mark Walsh, New England Regional Manager & Senior Vice President at Amalgamated Bank. “Through our ongoing partnership with Allectrify, we look forward to executing even more C-PACE deals that drive sustainable progress in Boston and beyond.”
This $1.3 million C-PACE financing represents an innovative approach to green capital deployment. C-PACE makes capital available to a broader set of property owners who seek to make energy efficiency and other building energy improvements.
“This transaction is a prime example of Amalgamated Bank’s commitment to putting climate solutions into practice, in this case supporting a commercial solar project at an industrial property serving a classic New England industry,” said Colin Bishopp, Chief Executive Officer of Allectrify. “We are pleased to see this project closed on Allectrify’s FASTPACE platform which enables efficient C-PACE execution in programs across the country.”
About Amalgamated Bank:
Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven full-service commercial bank and a chartered trust company with a combined network branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial and retail banking products, investment management and trust and custody services, and lending services. Since their founding in 1923, Amalgamated Bank is diligent in fulfilling their mission to be America’s socially responsible bank, empowering organizations and individuals to advance positive change. The businesses that Amalgamated Bank focuses on are generally mission aligned with our core values, including sustainable companies, clean energy, nonprofits, and B Corporations. www.amalgamatedbank.com.
About Allectrify, PBC:
C-PACE made simple for lenders and borrowers. Allectrify’s FASTPACE platform enables banks, credit unions, CDFIs and non-bank lenders to offer C-PACE financing quickly and easily, at no cost to the lender and with reduced transaction costs for borrowers. Through Allectrify’s network of FASTPACE lenders, borrowers can access C-PACE financing for projects of all sizes. https://allectrify.com/.
Headline: W&T Announces Appointment of Presiding Director for 2025
HOUSTON, June 10, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that its Board of Directors (the “Board”) appointed Mr. John D. Buchanan as Presiding Director for 2025. He has served in that role since the 2024 Annual General Meeting and will continue as Presiding Director this year. Mr. Buchanan joined the Board in April 2024 and has more than 30 years of experience as a seasoned oil and gas, commercial and banking attorney, in addition to his prior service as a military officer.
Tracy W. Krohn, W&T’s Chairman and Chief Executive Officer stated, “We are very pleased that our Board has named John as our continuing Presiding Director. That position serves a valuable leadership role on our Board and John’s extensive legal experience in the energy industry and banking industry has served him well in that Board capacity. John has been a valuable advisor to and served several Boards for large public companies prior to joining our Board.”
About Mr. Buchanan
Mr. Buchanan has served in top legal roles as Chief Legal Officer/General Counsel/Corporate Secretary at several S&P 500 companies. Mr. Buchanan most recently served at ExxonMobil Corporation (“Exxon”) as an Assistant General Counsel where he also served as the Secretary to the Exxon Audit Committee and the Exxon Finance Committee. Mr. Buchanan also previously served in the top legal role with the Federal Reserve Bank of Dallas, where he was the Senior Vice President, General Counsel and Corporate Secretary Mr. Buchanan has held a number of other Chief Legal Officer positions over the course of his career at various S&P 500 financial institutions. Mr. Buchanan has served on numerous committees and boards of directors during his career, including the board of directors for Mercedes Benz US International Inc., with service as the Chair of the Audit Committee. Prior to his legal career Mr. Buchanan was a U.S. Army officer, helicopter pilot and paratrooper, serving with distinction.
Mr. Buchanan holds a Master’s of Laws in Taxation from New York University School of Law and a Juris Doctorate degree from the Vanderbilt University School of Law. He also earned a Bachelor’s degree in Economics from Washington & Lee University.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.
The Indian stock market closed largely unchanged on Tuesday, reflecting a continuation of the ongoing consolidation phase. The BSE Sensex slipped 53.49 points to settle at 82,391.72, while the NSE Nifty inched up by a single point to end at 25,104.25.
IT stocks led the gains, with the Nifty IT index rising 1.67%. Other sectoral indices that closed in the green included pharma, FMCG, metals, media, energy, and commodities. On the other hand, auto, PSU banks, financial services, realty, and infra indices registered losses.
Among the top gainers on the Sensex were Tech Mahindra, Tata Motors, Infosys, HCL Tech, UltraTech Cement, TCS, ITC, Axis Bank, Nestle, and Adani Ports. Meanwhile, Maruti Suzuki, Asian Paints, Bajaj Finance, Tata Steel, Bajaj Finserv, ICICI Bank, and Reliance Industries ended the day in the red.
According to analysts, the Nifty has managed to sustain levels above its previous consolidation zone on the daily chart, suggesting the uptrend remains intact.
“This positive sentiment is likely to persist and favours long trades as long as the index stays above the key support level of 24,850. If the Nifty breaks decisively above 25,350, we may see an extended rally in the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Vikram Kasat, Head of Advisory at PL Capital, added that despite the current consolidation, factors such as improving liquidity, resilient corporate earnings, and continued interest from foreign portfolio investors (FPIs) are supporting market optimism.
On the currency front, the rupee traded flat to slightly positive at around 85.67 to the dollar. Analysts said last week’s 0.50% rate cut by the Reserve Bank of India—bringing the total rate reduction to 100 basis points—has added liquidity, helping offset pressure from rising crude oil prices. The rupee is expected to remain range-bound between 85.25 and 86.00 in the near term.
Meanwhile, gold prices hovered in a tight range between $3,315 and $3,320 per ounce and around ₹97,000 per 10 grams in the domestic market. Market participants are awaiting cues from upcoming US-China trade talks and the release of US Consumer Price Index (CPI) data later this week.
“Any positive outcome in US-China trade discussions could push gold down towards ₹95,000, while negative commentary might drive prices higher towards ₹98,500 and $3,360 levels,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
This is a quarter more than the year before. The main reason for this growth is the steady increase in gold prices. 94% of loans are issued against gold items as collateral. At the same time, the number of concluded agreements remained at the same level – 16.6 million per year.
Due to the growth in gold prices, the average loan amount also increased — from 16 to 21 thousand rubles. The total cost of loans (TCL) of pawnshops did not exceed 120% per annum. Rates vary significantly depending on the type of collateral — for example, for loans secured by a car, they are traditionally lower. For certain groups of citizens — pensioners, people with disabilities, large families — pawnshops offer preferential loan terms.
Large chain pawnshops are actively developing digital channels of interaction with clients: more than half issue non-cash loans and accept payments online.
Most borrowers try to repay the loan themselves in order to get back the collateral. 84% of loans are repaid in this way. For small pawnshops focused on retaining their customer base, this share is even higher. The rest of the loans are repaid by selling the pledged item. If the sale price exceeds the borrower’s obligations, the client retains the right to contact the pawnshop within three years to get back the pawned item. difference.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
People are increasingly using QR codes, e-wallets, biometrics and other services that allow them to pay and make transfers without cards. In January-March 2025, the number of such transactions increased by almost a third compared to the same period last year and approached 11 billion. This is what they say data Bank of Russia.
In the first quarter of this year, about 800 million payments were made using QR codes and biometrics. This is almost 2 times more than in the same period last year. The amount of purchases paid for in these ways exceeded 1.1 trillion rubles (389 billion rubles).
At the same time, bank cards remain the main payment instrument, although the number of transactions with them has been decreasing for two quarters in a row. In total, 14.9 billion (0.1 billion) transactions for goods and services were made with cards in January-March of this year, for a total of 13.6 trillion (-0.2 trillion) rubles.
Given the demand from customers for various payment tools, banks continued to develop payment infrastructure. The number of POS terminals in Q1 2025 increased by almost 10% compared to January-March 2024 and amounted to 4.9 million.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Tashkent, June 10 (Xinhua) — Uzbek President Shavkat Mirziyoyev received BRICS New Development Bank President Dilma Rousseff, the press service of the Uzbek leader reported on Monday.
“On June 9, President of the Republic of Uzbekistan Shavkat Mirziyoyev received President of the BRICS New Development Bank Dilma Rousseff, who arrived in our country to participate in the events of the Tashkent International Investment Forum,” the statement said.
As reported, issues of developing practical cooperation with this multilateral financial institution were discussed. The consistent implementation of the agreements reached on the sidelines of the BRICS summit in October last year was noted with satisfaction.
“Thus, the Board of Governors of the Bank gave its fundamental consent to Uzbekistan joining the member countries of the New Development Bank. A program of priority joint projects worth 5 billion dollars has been formed,” the statement says.
“The head of our state emphasized the importance of the speedy preparation and implementation of projects in such priority areas as the modernization of irrigation systems, the development of the mining industry, financing the private sector, and the promotion of public-private partnership projects in the areas of education and infrastructure,” it added.
It is noted that support was also expressed for the implementation of large regional infrastructure projects. –0–
The Reserve Bank of India (RBI) on Tuesday announced that it will discontinue daily Variable Rate Repo (VRR) auctions from June 11, 2025, in light of a growing liquidity surplus in the banking system, which currently stands at approximately ₹3 lakh crore.
In a statement, the RBI said, “Further, on a review of current and evolving liquidity conditions, it has been decided that the daily VRR auctions, as announced in the above press release, will be discontinued with effect from June 11, 2025, Wednesday.”
The decision comes amid tepid demand for daily VRR operations, with banks borrowing just ₹3,711 crore on June 9 and ₹3,853 crore on June 10 against a notified amount of ₹25,000 crore.
The central bank had introduced daily VRR auctions on January 16, 2025, to address temporary liquidity tightness caused by tax-related outflows and foreign exchange interventions. However, with liquidity conditions now easing, the RBI is shifting its focus to stabilising overnight money market rates, which have been trending lower due to excess funds in the system.
Despite the discontinuation of daily operations, market participants expect the RBI to continue with 14-day VRR auctions to manage short-term liquidity as needed.
The move follows the central bank’s recent decision to cut the Cash Reserve Ratio (CRR) by 100 basis points to 3.0%, a measure expected to infuse an additional ₹2.5 lakh crore into the banking system.
The VRR mechanism allows banks to borrow short-term funds from the RBI against government securities as collateral, with the interest rate determined through an auction. It has been an important tool for liquidity management during periods of financial tightness.
With the current surplus, the RBI’s decision is in line with its neutral policy stance and reflects a calibrated approach to adjusting liquidity instruments based on prevailing market conditions.
Equifax® Canada Market Pulse — Q1 2025 Quarterly Business Credit Trends and Insights Report
TORONTO, June 10, 2025 (GLOBE NEWSWIRE) — After a cautiously optimistic end to 2024, Canadian businesses seem to have entered 2025 with trepidation. According to the Equifax® Canada Q1 2025 Business Credit Trends and Insights Report, delinquencies are rising for businesses across the country and credit demand is slowing, while key sectors are showing early signs of distress — especially those tied closely to consumer trends, with delinquency rates not seen since 2009.
The Canadian Small Business Health Index1, a benchmark of business credit health and business sentiment, dropped to 99.3 in Q1 2025, a 1.5 per cent decline from the previous quarter. While still slightly above its year-ago level, the dip signals a loss of momentum following gains made late last year.
Alongside rising delinquencies, Equifax data shows a noticeable slowdown in credit demand, as fewer businesses applied for new credit in Q1 2025, a decline of six per cent when compared to the same time period in 2024. Lower new originations and growing balances could signal growing caution among small business owners, many of whom could be choosing to manage existing debt rather than take on new risk, even with interest rates easing and inflation stabilizing.
“The Canadian Small Business Health Index shows that business sentiment is down three per cent in Q1 2025 compared to the previous quarter,” noted Jeff Brown, Head of Commercial Solutions at Equifax Canada. “The early months of 2025 are revealing the pressures the business landscape could be facing. Many businesses are caught in a squeeze from both slowing household consumption on one hand and growing business debt stress on the other.”
Credit Warning Signs Widen In Q1 2025, over 309,000 businesses — 11.3 per cent of credit active businesses — missed at least one credit payment. This marks a 14.6 per cent year-over-year increase in business delinquencies and highlights the growing financial strain across sectors.
_______________________________
1 The Canadian Small Business Health Index provides a holistic view of Canadian business conditions by combining data collected by Equifax Canada, Business Development Bank of Canada, Statistics Canada and the Bank of Canada.
Accommodation & Food Services and Retail Sector Missing Payments The impact is particularly acute in Accommodation & Food Services, where missed payments jumped to 16.9 per cent, and in Retail Trade, where the rate hit 13.2 per cent. Both sectors are likely suffering from weak consumer spending, rising operating costs, and growing household debt levels. Average monthly consumer credit card spend2 per cardholder fell by 107 dollars during Q1, dropping to the lowest level since March 2022.
“This seems to be a classic ripple effect,” said Brown. “Equifax data suggests when households pull back, restaurants, retailers and local service providers feel it first — and hardest. This can then travel up the supply chain, where everyone from manufacturers to transport companies feel its effects.”
Businesses Prioritize Suppliers Over Lenders Delinquency trends suggest a shift in how businesses are managing limited cash flow. The 60+ day delinquency rate for financial trade (loans, lines of credit) rose from 3.0 per cent to 3.4 per cent, a 15.5 per cent increase year-over-year. In contrast, industrial trade delinquencies (typically money owed to suppliers) rose more modestly, from 5.5 per cent to 5.7 per cent.
“Businesses are paying suppliers, but with little to spare, they may be missing banking obligation payments. This may signal that businesses are strategically recalibrating, with many businesses prioritizing supplier relationships to keep operations moving,” added Brown.
Regional Flashpoints in PEI, Quebec, Ontario and British Colombia While delinquencies are rising nationwide, some provinces and industries are flashing red:
Ontario and British Columbia led the country in financial trade arrears, up 18.8 per cent and 19.9 per cent year-over-year, respectively.
Quebecand Prince Edward Island posted unusually sharp increases in industrial trade delinquencies, up 26.6 per cent and 15.9 per cent year-over-year, respectively, signaling localized stress in supplier-based credit relationships.
Certain sectors are showing strain
Sectors showing double-digit increases in year-over-year missed payments include Agriculture (+19.5 per cent), Transportation & Warehousing (+19.3 per cent), Real Estate (+17.0 per cent), Finance & Insurance (+16.4 per cent), and Manufacturing (+10.2 per cent).
“Businesses across the country and across a variety of industries are showing increased vulnerabilities as broader economic uncertainty continues,” noted Brown. “Businesses will continue to need resilience and careful planning to navigate this economic environment.”
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2 Average monthly consumer credit card spend comparisons have been adjusted for inflation.
Province Analysis – 60+ days Delinquency Rates (Account Level)
Province
Delinquency Rate : Financial Trades (Q1 2025)
Delinquency Rate Change: Financial Trades (Q1 2025 vs. Q1 2024)
Delinquency Rate: Industrial Trades (Q1 2025)
Delinquency Rate Change: Industrial Trades (Q1 2025 vs. Q1 2024)
Ontario
3.71%
18.85%
5.63%
4.97%
Quebec
3.49%
13.31%
4.59%
26.55%
Nova Scotia
2.47%
1.06%
6.19%
8.05%
New Brunswick
2.82%
5.17%
4.73%
-6.22%
PEI
2.37%
0.34%
4.45%
15.90%
Newfoundland
2.71%
-1.15%
4.90%
-12.19%
Eastern Region
3.58%
16.67%
5.21%
12.51%
Alberta
3.49%
8.90%
7.07%
-13.30%
Manitoba
3.10%
16.43%
4.54%
-1.60%
Saskatchewan
2.79%
-0.11%
6.47%
3.36%
British Columbia
2.94%
19.93%
6.56%
-10.66%
Western Region
3.17%
13.00%
6.50%
-9.74%
Canada
3.44%
15.50%
5.69%
3.52%
* Based on Equifax data for Q1 2025
About Equifax At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.
MSMEs are looking to the government for support in several key areas, including business subsidies, tax relief, business development services, improved access to public procurement, and workforce skills development. Respondents also highlighted the need for various forms of financial assistance, such as business restructuring funds, simplified loan procedures, trade finance, and supply chain finance, along with concessional lending schemes. Notably, demand for concessional loans and credit guarantees was higher among women-led MSMEs compared to those led by men.
In contrast, there was relatively low demand for government support in business digitalization and digital financial services. Following the coronavirus disease (COVID-19) pandemic, only a small fraction of MSMEs entered the e-commerce space. This limited interest in digital tools can be attributed to several factors: low levels of financial and business literacy, limited awareness of available digital products, poor internet connectivity, and concerns about security and fraud.
The expansion of domestic capital markets is driving significant gains in firm productivity, investment, and employment in low- and middle-income countries. Recent research shows that easing financial constraints through capital markets supports sustainable economic development and a more efficient allocation of resources.
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Italian constitutional court
Rome, 9 June 2025
Introduction
Thank you very much for inviting me.
The writings, judgments and speeches of many among this distinguished audience have shaped our understanding of the rule of law. I find it a privilege – and slightly daunting – to address you today on such a fundamental issue.
Today I am speaking to you as a central banker and banking supervisor. However, before I do so, allow me to take a moment to speak from a more personal perspective. Not as an official, but as the young law student I once was, reflecting on how I first came to understand and appreciate the rule of law.
As a law student at the University of Amsterdam in the early 1990s, I often cycled past a monument to Henk van Randwijk, a member of the anti-Nazi resistance during the Second World War. The monument is simple. A plain red brick wall, bearing the final lines of Van Randwijk’s most famous poem in simple white lettering:
“een volk dat voor tirannen zwicht zal meer dan lijf en goed verliezen dan dooft het licht …”
“a people that bows to tyrants will lose more than body and belongings then, the light goes out …”
I would sometimes stop, park my bicycle against a tree, and contemplate these words, hearing the echo of the heinous crimes committed on the streets of Amsterdam, and far beyond, during those hellish years when the light had indeed gone out.
I would think of the US military cemetery in Margraten, in the South of the Netherlands, where my parents used to take me and my sisters as children to see the endless rows of meticulously kept graves, each honouring one of the 10,000 US soldiers buried there, who had given their lives so that the light might shine once again in all its splendour.
I would continue my way to law school, thinking of one of the most fundamental lessons our professors had taught us: if the horrors of the past are to be avoided, if minorities are to be protected, if the individual is to be free, democracy needs to be accompanied by the rule of law. We studied the small, but fundamental, book, “Democracy and the Rule of Law”, which I keep on a shelf facing my desk to this day. Our professors never tired of explaining how vital the word “and” is in that title: the rule of law is both a precondition for democracy, and an essential limit to majority rule. For tyranny, which Van Randwijk’s poem so poignantly warns against, can be exercised not only by a single ruler, but also by half the population plus one. Put succinctly, democracy protects the majority against the minority, while the rule of law protects the minority, even a minority of one, against the majority. And this, so we were taught, is why we need both.
Although the importance of the rule of law has been impressed on me since my earliest days, I am not speaking to you today as a historian, a legal scholar, or a young law student. Today I speak to you as a central banker and banking supervisor. Today, I intend to show that the rule of law is of the highest relevance for us as a central bank and supervisor to deliver on our mandate. In addition, I will present the case that we have a specific role to play in upholding the rule of law.
The rule of law is not merely the bedrock upon which lawyers, judges and legal scholars build their work. In recent years, its pivotal role in fostering economic prosperity has come to the forefront of public debate, underscoring its profound relevance far beyond the boundaries of the legal profession.
The rule of law is not a binary concept – it is not simply present or absent. Instead, it exists on a continuum, shaped by various factors such as constraints on government powers, independent courts, the absence of corruption, and respect for human rights. Its strength is also wide-ranging, varying significantly across jurisdictions, and it evolves over time. For many decades, the global rule of law experienced a steady and encouraging ascent. However, some recent indicators suggest that this progress may have reached its peak, while others point to signs of retreat.[1]
Today I will discuss how the rule of law supports central banks in delivering on their price stability mandate, and banking supervisors in fostering financial stability.
It is worth emphasising that the connection between the rule of law and a thriving economy is well-established: a strong rule of law correlates consistently with robust and sustained economic growth.[2]
Last year, economists Daron Acemoglu, Simon Johnson and James Robinson were awarded the Nobel Prize in Economics for their groundbreaking research, which persuasively demonstrated not just such a correlation, but a causal relationship between weak institutions – closely linked with a poor rule of law – and lower economic growth.[3] Their findings highlight an important insight: economies thrive when institutions are strong, as institutional strength enables investors, entrepreneurs and consumers to make long-term decisions with confidence, knowing that contracts will be enforced, corruption fought and property rights upheld. Institutional reliability thus forms the backbone of innovation, creativity and sustained growth.
However, this relationship is not one-directional. Strong economic growth, in turn, reinforces institutional resilience, creating a virtuous cycle in which institutional strength and economic prosperity feed into one another.[4]
Central banks are a crucial part of this mutual dependence. They are significantly more effective in delivering on their mandates when the rule of law is strong. At the same time, strong central banks and strong supervisors are essential institutions in supporting a strong economy. As such, within their mandates, central banks and prudential supervisors have a vital role to play in upholding, promoting and, when necessary, determinedly defending the rule of law.
Why does the rule of law matter for the European Central Bank?
The Treaty on European Union proudly declares that the Union is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights. The rule of law forms the backbone of some of the most tangible and far-reaching achievements of our European Union – ranging from the single market and the protection of human rights to the mutual recognition of judgments. Few aspects of European integration reflect its unity more clearly than the shared commitment to upholding the rule of law.
For the ECB, the rule of law is a critical foundation of its mandate in multiple important ways. Today, I will focus on three closely connected areas: first, the role of the rule of law in laying the very foundations for, and safeguarding trust in, money; second, the importance of the rule of law for delivering on our mandates; and third, the role of the rule of law supporting price and financial and price stability by ensuring the independence of the central bank.
Money
Let me start with trust in money. Aristotle declared long ago that money was introduced by convention as a kind of substitute for a need or demand, and its value is derived not from nature but from law.[5] While money has classically been thought of as serving the functions of medium of exchange, store of value, unit of account and means of payment, it is the law which determines whether a thing is money and what nominal value is attributed to it. It is the law which determines which things are legal tender.[6]
Modern money is “fiat money” meaning that it has no intrinsic value. Following the end of the gold standard with the collapse of the Bretton Woods system in 1971, its value is also no longer tied to physical assets like gold. Instead, the value of our money rests entirely on trust – trust in public authorities, trust in the institutional frameworks that uphold it, and, fundamentally, trust in the central bank as the issuing authority.
Consider the euro banknotes in your pockets. The paper itself holds no intrinsic value. The worth we collectively assign to those €10, €20 or €50 banknotes is rooted in a strong legal foundation. Law gives central bank money legal tender status, meaning that it must be accepted for settling a debt. Trust in all other forms of “money”, such as commercial bank deposits, ultimately rests on convertibility at par with central bank money. The law thus helps preserve the value of today’s banknotes as well as the savings in your bank account.[7]
We are currently taking a pivotal step in adapting central bank money to the digital age, by progressing towards the possible issuance of a digital equivalent: a digital euro. As cash today, which will remain available, a digital euro builds on the treaty-based competence to issue legal forms of public money, leveraging advanced technology within a robust legal framework to ensure people trust the numbers on their screens. The rule of law underpins these frameworks, transforming algorithms into a reliable and trustworthy form of public money.
Delivering on our mandates
Let me now turn to the function of the rule of law in enabling central banks to effectively deliver on their mandates.
For central banks to effectively fulfil their mandate of price stability, they must carefully assess the economic outlook. This assessment requires leveraging models and historical patterns to forecast economic developments. However, for us to be able to predict and forecast economic developments, the economy must operate within a framework of consistent and transparent rules. The rule of law plays a vital role in this regard. By fostering predictability and stability, it provides the essential foundation for robust economic analysis and informed monetary policy decision-making.
The effectiveness of the ECB’s banking supervision mandate to promote the safety and soundness of banks also hinges on a strong legal system with enforceable supervisory decisions. The laws give the supervisor a broad toolkit to ensure that banks remain safe and sound. For instance, this toolkit includes the power to require banks to hold more capital as part of the bank-specific annual Supervisory Review and Evaluation Process, and the power to sanction banks if they do not adhere to prudential rules.
Beyond these broader principles, a sound legal system is indispensable for central banking operations in practical terms. For instance, the legal requirement for adequate collateral is a cornerstone of both monetary policy implementation and financial stability. Yet collateral can only be deemed adequate if the legal framework guarantees that central banks can enforce their rights over it when necessary.
Another example is the central bank’s reliance on accurate statistics to carry out its mandate effectively. To ensure that reporting agents fulfil their obligations, central banks require enforceable sanctioning powers.
All these examples show that the rule of law is a precondition of central banking and prudential supervision.
Central bank independence
The effectiveness of a central bank in achieving its price stability mandate rests on its independence. Like the judiciary and other independent agencies, independent central banks are part of a constitutional model that recognises the role of independent institutions as checks and balances on executive and legislative power. Most legal systems in advanced economies ensure that the power to create money should be entrusted to bodies operating outside the electoral cycle to mitigate a time-inconsistency problem: the tendency of policymakers to prioritise short-term gains over long-term stability.[8] Independence insulates the central bank from the short-term pressures of daily politics, enabling it to focus on its mandate.
Hence central bank independence, price stability and the rule of law are closely intertwined. Empirical evidence suggests that price stability depends on both the strength of the rule of law and the independence of the central bank. Social trust in the central bank depends on the overall level of trust in the legal system as a whole. If a perfectly independent central bank were to operate in a system with systematic deficiencies in the rule of law, it would not be able to deliver effectively on its mandate.[9] In short, an independent central bank can only function if its decisions are seen as credible, and, crucially, credibility depends on the overall system based on the rule of law functioning well.
Moreover, the distinct character of the European System of Central Banks (ESCB) also illustrates the crucial importance of the rule of law for the ECB. As the Court of Justice of the European Union (CJEU) has ruled, the ESCB is based on a highly integrated system that brings together national central banks and the ECB.[10] National central banks are not merely national institutions – they are also integral components of the ESCB. Importantly, the governors of the national central banks of the euro area are also members of the ECB’s Governing Council, which is responsible for taking monetary policy decisions.
A similar principle applies to the Single Supervisory Mechanism (SSM). For instance, the Joint Supervisory Teams that inspect banks are composed of staff from both the ECB and national competent authorities (NCAs). Likewise, the ECB Supervisory Board includes representatives from both the ECB and NCAs.
Because of the integrated nature of both the ESCB and the SSM, which both bring together national authorities and the ECB, rule of law deficiencies at the national level can affect the functioning of the ESCB, the SSM and the ECB. Respect for the rules governing the organisation and safeguarding the independence of these national components of the ESCB and the SSM are thus essential to achieving their mandates of price and financial stability.
What central banks can do to support the rule of law
Now that we have explored how the rule of law is a precondition for central banks and supervisors being able to deliver on their mandates, let us turn to the other side of the coin: the role of the European Central Bank in upholding and protecting the rule of law.
Clearly, central banks cannot oversee the general conditions of the rule of law – that is not their mandate. But central banks do have specific responsibilities in this context.
First, central banks must themselves adhere to rule of law principles under the scrutiny of courts. And second, central banks have instruments at their disposal that can be used to reinforce the legal fabric that supports the rule of law.
Let me start with the former: central banks are fully embedded in the rule of law architecture. For instance, the Treaties explicitly place the ECB under the jurisdiction of the CJEU, and the ECB’s actions – in all areas, including monetary policy, banking supervision and transparency – have been subject to judicial scrutiny.[11] Compared with other major central banks, the ECB is among those most frequently brought before court.[12] By contrast, most other central banks are practically exempt from the jurisdiction of the courts when conducting monetary policy.[13] The preliminary reference procedure has also brought ECB monetary policy measures before the CJEU.[14] In essence, even when discretion is granted to the ECB by the courts or the legislature, it is discretion within the bounds of the law – not beyond it – and both its scope and conditions remain subject to judicial review.
This duty of the ECB has both a negative and a positive dimension. Not only is the ECB responsible for remaining within the confines of the law, it also has to react when other institutions with which it cooperates threaten to violate the law.[15]
Legal scrutiny by the courts is not the only form the legally required ECB’s accountability takes, however. In fact, a key pillar of our transparency and accountability to citizens includes explaining our decisions to the public and reporting regularly to elected bodies. For example, the ECB publishes detailed accounts of the monetary policy meetings of the Governing Council, explains its policies in dedicated press conferences and answers questions from Members of the European Parliament. (MEPs). Moreover, the President of the ECB and the Chair of the Supervisory Board appear regularly in front of the European Parliament to exchange views with MEPs. This not only makes monetary policy and banking supervision more understandable, but also proactively submits our institution to public scrutiny. Public scrutiny is an indispensable element of the rule of law: the law must be seen to be upheld for its acceptance by the general public.
Let me now turn to the ECB’s role in maintaining the rule of law. And I would like to be crystal clear again: in the EU, maintaining the rule of law is mainly a task for the courts and the political institutions. But the ECB also has responsibilities in this area, and I will outline five that I think are particularly important.
First, the Treaties give the ECB special powers to monitor respect for central bank independence, in particular personal independence. The Statute of the ESCB, which is a Protocol of the Treaty on the functioning of the EU (TFEU), exceptionally empowers the Governing Council of the ECB and national governors to bring to the European Court of Justice an action for annulment of a national measure that does not respect the independence of central bank governors.[16] This is the only case where the EU legal order provides for an annulment by the European Court of Justice of a national measure. I am sure that the jurists in today’s audience will immediately recognizes how exceptional this is. By allowing a direct change of the legal reality within the national legal order by means of an EU remedy, the Statute of the ESCB ensures, very effectively, that the rule of law is upheld.
Second, the ECB Governing Council has the role of acting as guardian of the Treaties vis-à-vis the national central banks in the same way as the Commission is guardian of the Treaties vis-à-vis the Member States.[17] While the ECB has never instituted infringement proceedings against a national central bank before the CJEU, the very existence of this power enables the ECB to ensure compliance by national central banks with the requirements of central bank independence and the prohibition of monetary financing of the public sector. Another as yet unused power of the ECB under the Statute of the ESCB/ECB is the power of the ECB Governing Council, by a two thirds majority vote, to prohibit national central banks from performing functions other than those specified in the Statute where these interfere with the objectives and tasks of the ESCB.[
Speech by Christine Lagarde, President of the ECB, at the Blue Economy and Finance Forum in Monaco
Monaco, 7 June 2025
It is a pleasure to speak at the Blue Economy and Finance Forum.
In his 1857 poem “Man and the Sea”, Charles Baudelaire explored the deep kinship between the ocean and humanity.[1] For Baudelaire, they were two forces drawn together by awe, fascination, and even conflict.
Today, that dynamic has taken on a new and troubling dimension. We rely on the ocean for climate stability and economic prosperity, yet we are fuelling a climate crisis that threatens to undermine the very system we depend on. We cannot let that happen.
Baudelaire described the sea as a “mirror” to the human soul. We now need to take a hard look in that mirror and ask ourselves: what can we do to stem the tide of this crisis, to safeguard our ocean and economy?
This morning’s two panel discussions will go a long way towards answering that question. But I would like to take this opportunity to open the plenary session with a few thoughts – about what is at stake, and what stakeholders can do about it.
The ocean’s importance for our climate and economy
The ocean is home to 95% of the planet’s biosphere.[2] It spans environments as varied as sunlit coral reefs and pitch-black abyssal plains. And it supports an immense range of life, from countless microscopic organisms to the world’s largest animal, the blue whale.
Given the ocean’s richness, it is worth preserving in its own right. But its value does not end there – the ocean also benefits humanity in two vital ways.
First, it is one of the planet’s most powerful allies in the fight against climate change.
The ocean helps to regulate global temperatures by absorbing vast amounts of heat and redistributing it through major currents like the Gulf Stream. It is also the world’s largest carbon sink, reducing the amount of carbon dioxide in the atmosphere and helping to slow global warming.
The Intergovernmental Panel on Climate Change finds that the ocean has absorbed over 90% of the excess heat trapped in the earth’s system, as well as a third of the carbon dioxide that humans have emitted since the Industrial Revolution.[3]
Second, a sustainable ocean serves as an important pillar supporting the global economy, providing for food security and economic opportunities.
Marine ecosystems support over three billion people who rely on fish for at least 20% of their animal protein intake. Indeed, this dependency is more pronounced in some of the least-developed countries, where seafood provides most of the animal protein consumed.[4]
These ecosystems also help sustain employment opportunities. More than 150 million jobs depend on the production, trade and consumption of ocean-based goods and services, according to the United Nations.[5] The ocean is also home to key natural resources, such as medicines and biofuels, which are vital for ongoing advances in healthcare and clean energy sectors.
So, there is a great deal at stake in preserving the ocean’s health.
The threat of climate change
But today we are placing the sustainability of our ocean under extraordinary stress, with serious implications for both our climate and economy.
Without the ocean’s capacity to absorb heat and carbon, we would have had to contend with a faster, even more dangerous pace of global warming. Yet there are now signs that this capacity is becoming strained.
The last ten years were the ocean’s warmest on record. Warmer oceans are driving more frequent marine heatwaves, which damage ecosystems, and have been a major contributor to rising sea levels due to the thermal expansion of seawater. The rate at which the global mean sea level is rising has more than doubled over the past three decades.[6]
On top of this, the ocean’s absorption of carbon dioxide is driving acidification.
Combined with ocean warming, acidification is contributing to the bleaching and death of coral reefs, which are vital for supporting fisheries and protecting coastlines from storms. Since 2023 over 80% of the world’s coral reefs have been affected by bleaching.[7]
We find ourselves in dangerous waters. Together, these changes could have profound consequences for the global economy.
Food security may be undermined, potentially leading to more volatile prices, which is a concern for central banks tasked with safeguarding price stability. And if coastal areas become unliveable due to rising sea levels or frequent flooding, people may be forced to move. More than 600 million people around the world live in coastal areas that are less than ten metres above sea level.[8]
Stemming the tide
So, what can we do to stem the tide of these troubling developments? We may not be able to fully reverse the damage done, but we can work towards slowing its momentum, potentially even stopping it, by acting on two important fronts.
First, we need to protect. That means cutting greenhouse gas emissions decisively and keeping the goals of the Paris Agreement within reach.
If we succeed in doing so, we could limit sea level rise to around half a metre by the end of the century. That might not sound reassuring. But every tenth of a degree we avoid is a piece of coastline preserved, a reef protected or a storm surge weakened.
We also need to protect the natural systems that shield us from floods. Nature-based solutions – for instance, restoring mangroves, marshes and coral reefs – offer powerful, cost-effective defences against extreme weather. Coral reefs alone can reduce wave energy by an average of 97% while supporting fisheries, tourism and coastal livelihoods.[9]
The second front is just as important: we need to prepare.
Whether we like it or not, climate-related risks are materialising. We need to adapt our infrastructure and economies to a more volatile world. That includes building sea walls and surge barriers and budgeting for resilience rather than reacting after disaster strikes.
Make no mistake: adaptation will be costly. According to UN assessments, costs could run into the hundreds of billions of dollars globally each year by mid-century.[10] But the cost of inaction would be far higher. One study estimates that failing to keep global temperatures below two degrees above pre-industrial levels could lead to USD 14 trillion in global annual flood costs by 2100.[11]
To meet this challenge, we need to catalyse finance for marine and coastal conservation – for instance, through innovative approaches that convert natural capital into financial capital.[12]
This can be especially impactful for vulnerable countries with limited fiscal space. Above all, we must listen to the communities affected, treating their needs as a basis for our actions rather than an afterthought.
Let me conclude.
Baudelaire reminds us that the sea is a mirror of our own nature, which can either heal or harm.
So, let us choose to heal. That means nurturing the ocean’s rich diversity and facilitating finance to support innovative adaptation measures that build more resilient communities and a stronger global economy.
Israel’s military operation over the past four months has led to the largest displacement of Palestinians in the West Bank
The Israeli military has declared Jenin, Nur Shams, and Tulkarem refugee camps closed military zones, blocking residents from reaching their homes or what remains of them
‘If they let us return, even those whose homes haven’t been entirely destroyed will need months to rehabilitate these homes, due to the heavy destruction and damage to the structures’ – Nihad Shaweesh
‘These actions are part of a wider pattern of unlawful Israeli policies and practices to dispossess, dominate and oppress Palestinians in the West Bank under Israel’s ruthless system of apartheid’ – Erika Guevara Rosas
The Israeli military has displaced tens of thousands of Palestinians by destroying homes and essential civilian infrastructure in Jenin and Tulkarem refugee camps rendering them uninhabitable, as part of its ongoing brutal military operation in the occupied West Bank, said Amnesty International.
On 5 June, Palestinians mark Naksa Day, commemorating the forced displacement of approximately 300,000 Palestinians during the June 1967 war, when Israel occupied the West Bank, including East Jerusalem, and the Gaza Strip. Fifty-eight years on, Israel’s military operation over the past four months has led to the largest displacement of Palestinians in the West Bank since then.
The Israeli army has deployed tanks, carried out air strikes, destroyed buildings, dug up roads and infrastructure, and imposed extensive restrictions on freedom of movement through checkpoints and roadblocks. According to the Palestinian Ministry of Health, between 21 January and 4 June, the Israeli forces have killed at least 80 Palestinians, including 14 children, in the northern West Bank, including Nablus.
Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns, said:
“Israel’s deadly military operation in the occupied West Bank, unfolding in the horrific shadow of its ongoing genocide in the occupied Gaza Strip, has had catastrophic consequences for tens of thousands of displaced Palestinians who are facing a rapidly escalating crisis with no foreseeable prospects of return. Unlawful transfer of protected persons is a grave breach of the Fourth Geneva Convention and a war crime.
“Israel must immediately halt illegal practices leading to the forced displacement of Palestinians, including attacks on residential areas, destruction of property and infrastructure, pervasive access and movement restrictions imposed on Palestinians.
“These actions are part of a wider pattern of unlawful Israeli policies and practices to dispossess, dominate and oppress Palestinians in the West Bank under Israel’s ruthless system of apartheid.
“The international community’s persistent failure to hold Israel accountable for its violations against Palestinians, in particular for its cruel system of apartheid and unlawful occupation has emboldened Israel and fueled further egregious violations of Palestinians’ rights.”
40,000 residents have been displaced
Members of popular committees of Jenin, Nur Shams and Tulkarem refugee camps told Amnesty an estimated 40,000 residents have been displaced, half of whom are from Jenin refugee camp.
Video footage verified by Amnesty provides evidence of wide-scale home demolitions and damage to civilian property and infrastructure in the camps. Arrests have also soared, with the Palestinian Commission of Detainees reporting approximately 1,000 Palestinians arrested in Jenin (700) and Tulkarem (300) since the operation began.
The Israeli military has declared Jenin, Nur Shams and Tulkarem refugee camps closed military areas, with forces stationed there, actively preventing residents from accessing their homes or what’s left of them. Witnesses said that Israeli forces shoot at civilians who attempt to go back even just to check on their properties or collect belongings.
In a stark example, on 21 May, a diplomatic delegation of representatives from over 20 countries, including the UK, France, Canada, China and Russia, came under fire from Israeli soldiers while visiting Jenin refugee camp.
‘Most destructive’ operation in decades
Israel’s military operation started in Jenin Refugee Camp on 21 January, and expanded to Tulkarem refugee camps on 27 January, and subsequently to Tammoun town and Al-Far’ah refugee camp. While Israeli forces withdrew from Al-Far’ah on 12 February, they continue to be stationed in Jenin and Tulkarem.
In an alarming development on 23 February Israeli tanks were deployed to Jenin for the first time in more than 20 years. On the same day Israel’s Defense Minister instructed the army to “prepare for a long stay in the camps that were cleared” and to prevent residents from returning. Israeli media, citing military sources, have reported that the operation is expected to last for months with hundreds of soldiers remaining in the camps for “monitoring”.
On 22 March 2025, UNRWA had already described the operation as “by far the longest and most destructive operation in the occupied West Bank since the second intifada in the 2000’s.”
Home demolitions and destruction of infrastructure
The Israeli military has relentlessly destroyed hundreds of homes in these camps and adjacent neighborhoods during military operations or with demolition orders. The Palestinian Center for Human Rights reports that in the Jenin refugee camp alone, the Israeli army fully destroyed hundreds of homes and damaged many more rendering them uninhabitable. In March, Israel announced plans to demolish 66 homes in Jenin camp. More recently, on 1 May, the Israeli army issued further demolition orders for 106 homes in Tulkarem refugee camps – 48 in Nur Shams and 58 in Tulkarem camp.
Amnesty’s Crisis Evidence Lab verified 25 videos shared on social media by residents or soldiers showing destruction of civilian property by Israeli forces in Jenin, Tulkarm, and Nur Shams refugee camps between 31 January and 1 June 2025. The footage shows numerous structures demolished with manually laid explosives, roads, buildings and cars destroyed with bulldozers and the aftermath of the destruction with civilian property reduced entirely to rubble. In many cases, Israeli forces appear to have conducted clearing operations, removing buildings to widen or create new roads.
Amnesty also analysed 32 additional videos and photographs provided directly by Palestinians residents, which document damage to homes and personal property. The images show destroyed interiors, including shattered windows, broken furniture, damaged doors, ransacked closets, scattered personal belongings, and leftover food strewn across rooms.
Nihad Shaweesh of the Nur Shams popular committee, said:
“The level of destruction in the camps is so massive that it will take months before they are inhabitable again. If they let us return, even those whose homes haven’t been entirely destroyed will need months to rehabilitate these homes, due to the heavy destruction and damage to the structures.”
A mother of six from Jenin Refugee Camp, whose name has been withheld for security reasons, described how she received photos on her phone showing her home being completely destroyed. She said:
“I opened the photos and immediately recognised my children’s bed sheets. I couldn’t believe that was my house in the photos. They demolished the house and wrecked our SUV. Our car was nothing but a mass of metal. I was in shock. I couldn’t speak and only kept crying.”
A resident of Nur Shams, Ibraheem Khalifa, described how his family was forcibly displaced on 9 February and the subsequent demolition of their apartment building:
“We arrived … to witness the demolitions of our neighbours’ homes and to be present with them [in solidarity]. However, while sitting there, we realised that the [military] bulldozer started to demolish our homes as well. These are apartments we built with our own hands. There, we grew up and made memories. In this house, we got married, held celebrations, went through sorrows – everything. This house witnessed it all. Now, our homes and all of our belongings in them are gone.”
As part of the operation Israeli forces have also systematically destroyed critical infrastructure, including roads, water, electricity, and communications networks. The Palestinian Red Crescent Society confirmed the widespread destruction of roads and streets within the refugee camps.
Militarisation of camps and restrictions on freedom of movement
Access to the refugee camps for residents and freedom of movement have also been severely curtailed with Israeli forces blocking entrances and main roads with metal gates or checkpoints and using military bulldozers to create dirt barriers and barbed-wire fences.
One resident of Nur Shams, Fatima Ali, described how on 9 February, Israeli forces took over her home and converted it to a military outpost. She said they raided her home, forcing her brother’s family to leave while she, being ill and unable to walk due to destroyed streets, was confined to one room as her house was turned into a temporary military outpost:
“You can see all directions from my house, I have a balcony and a door to the West and another to the North, so they [soldiers] came and occupied it. At first, they kept me inside, locked in one room. When they arrested someone, they brought him to my house. They told me to leave hours later, and I needed the emergency services to help me leave the camp because all the streets were dug up and destroyed.”
The military operation has also infringed on other social and economic rights including the right to education with many children missing weeks of school. In Tulkarem, more than 691 businesses have been destroyed, damaged and remain shut down.
Qais Awad of the Tulkarem Chamber of Commerce, said:
“Tulkarem became a ghost town. Businesses in the city close at 6pm because there are no visitors or customers coming from outside. Tulkarem farmers cannot reach their agricultural lands and workers cannot leave due to the closure of checkpoints. The economic situation in the city is catastrophic.”