The third edition of the Pan-African Business and Development Awards has recognised and celebrated leading businesses on the continent and in the diaspora in alignment with Afreximbank’s push for a promotion of a Global Africa
Marking his distinguished tenor, Professor Benedict Oramah, outgoing Afreximbank President, was honoured with the Bank’s Long Service Award alongside other employees
Export Trading Group (ETG) won the Global Africa Business Leader Award 2025 for fostering economic growth across the continent and enhancing food security
KCB Group Plc, Kenya and CBZ Bank, Zimbabwe emerged winners of the Afreximbank Financial Institutions Award 2025 for banking institutions with more than $500m and less than $500m capital respectively for having played a pivotal role in bridging the trade finance gap in Africa.
TRACE, a multimedia platform dedicated to the entertainment and empowerment of people of African descent won the Diaspora Business of the Year Award for their impact in strengthening continental and diaspora ties.
African Export-Import Bank (Afreximbank) (www.Afreximbank.com) hosted the third edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA) on Wednesday June 25, 2025, at a colourful Gala Dinner attended by more than 400 dignitaries including business and political leaders from Nigeria, across Africa and the diaspora.
The Pan-African Business and Development Awards, held annually during the Afreximbank Annual Meetings, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent and in the diaspora in keeping with the Bank’s vision for a Global Africa.
Export Trading Group (ETG), operational in nearly 20 countries on the continent, won the Global Africa Business Leader Award, 2025 for fostering economic growth across the continent and enhancing food security by connecting smallholder farmers with regional and global markets, improving livelihoods and boosting intra-African trade, reflecting Afreximbank’s mandate of fostering trade and economic growth across the continent. The company’s investments in storage, logistics, and processing infrastructure have helped reduce post-harvest losses and increased value addition.
This year, TRACE, the multimedia platform dedicated to the entertainment and empowerment of people of African descent, won the Diaspora Business of the Year award for its impact in strengthening continental and diaspora ties through the vehicle of entertainment. Its mission is to uplift African identity through music, education, and storytelling. TRACE’s platforms reach and support over 5,000 artists and 1,000 brands annually. It employs hundreds across Africa, contributing hundreds of millions of dollars in value.
Two banking giants were recognised in the Afreximbank Financial Institutions Award–2025. KCB Group Plc, Kenya’s largest bank by assets emerged winner of the award for banking institutions with more than $500m capital while CBZ Bank, also Zimbabwe’s largest Bank emerged winner of the Afreximbank Financial Institutions Award-2025 for banking institutions with less than $500m capital.
KCB, which won in the same category in 2024, was recognised for facilitating local and cross-border trade finance through various products as well as mitigating risks inherent in trade on behalf of its customers. One of the first East African banks to enhance financial inclusion and economic growth, it has positioned itself as an enabler for businesses and consumers to transact efficiently across African borders.
CBZ Bank from Zimbabwe has played a pivotal role in bridging the trade finance gap in Africa by leveraging strategic partnerships, introducing innovative products, and executing a comprehensive pan-African vision. During the 31st Afreximbank Annual meetings held in Nassau, The Bahamas last year, CBZ Bank and Afreximbank inked two deals (https://apo-opa.co/44ZDCxm) totalling $80 million consisting of US$60 million line of credit and $20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility signalling their continued collaboration aimed at promoting economic development.
In a speech delivered on behalf of Professor Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, the Bank’s Senior Executive Vice President, Denys Denya, said: “This Awards event is our way of saying thank you to everyone who, regardless of size or significance of your role, has contributed to furthering the course of development in Africa. I would like to take this opportunity to congratulate you. With these awards, we reaffirm our commitment to the shared goal of transforming the African economy and restoring the dignity of Africans, regardless of their geographic location.”
Arnold Ekpe, former group CEO of Ecobank Transnational Incorporated and chair of the BCA, in his remarks, commented on the importance of recognising and celebrating institutions that contribute to Africa’s development, which he said, “has become the defining essence of Afreximbank.”
A major highlight of the awards ceremony was the recognition of four long serving Afreximbank staff members for their dedicated service of between 25 and 30 years. This esteemed group included Professor Benedict Oramah who was honoured for over three decades at the Bank with ten years spent at the helm as President and Chairman of Board of Directors.
Presenting the long service award to Prof. Oramah, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy said: “Tonight, we acknowledge not just a remarkable career, but a transformative journey spanning three decades. Under your leadership, the bank hasn’t just scaled; it has soared, championing strategies that have fundamentally reshaped trade and development across Africa. Nigeria is incredibly proud of your achievements, your leadership, and your unwavering commitment to the economic prosperity of our continent. You are a true son of the soil; a shining example of what dedication and vision can accomplish.”
The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched in 2023 to recognise those organisations and leaders that epitomise the pan-African spirit by leading the way in building substantive and transformative cross-border businesses.
– on behalf of Afreximbank.
Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@afreximbank.com
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About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
President Donald Trump and Secretary of State Marco Rubio watch Speaker of the House Mike Johnson on television after the House passed the bill on July 3, 2025.Joyce N. Boghosian/White House via AP
As a legal scholar who studies how taxes increase the gap in wealth and income between Black and white Americans, I believe the law’s provisions make existing wealth inequalities worse through broad tax cuts that disproportionately favor wealthy families while forcing its costs on low- and middle-income Americans.
The nonpartisan Congressional Budget Office, for example, predicted that low-income taxpayers would gain US$70 a year from the 2017 tax cuts. But that figure did not include the results of eliminating the individual mandate that encouraged uninsured people to get health insurance through the federal marketplace. That insurance was heavily subsidized by the federal government.
Rep. Melanie Stansbury of New Mexico speaks during a news conference at the Capitol focused on the One Big Beautiful Bill Act, on June 3, 2025. AP Photo/Rod Lamkey Jr.
Wealth-building for whom?
Perhaps the most revealing part of the bill is how it turns ideas for helping low-income families on their head. They are touted as helping the poor – but they help the wealthy instead.
A much publicized feature of the bill is the creation of “Trump Accounts,” a pilot program providing a one-time $1,000 government contribution to a tax-advantaged investment account for children born between 2025 and 2028.
While framed as a “baby bonus” to build wealth, the program’s structure is deeply flawed and regressive. Although the first $1,000 into the accounts comes from the federal government, the real tax benefits go to wealthy families who can avoid paying taxes by contributing up to $5,000 per year to their children’s accounts.
As analysts from the Roosevelt Institute, a progressive economic and social policy think tank, have pointed out, this design primarily benefits affluent families who already have the disposable income to save and can take full advantage of the tax benefits.
For low-income families struggling with daily expenses, making additional contributions is not a realistic option. These accounts do not address the fundamental barrier to saving for low-income families – a lack of income – and are more likely to widen the wealth gap than to close it.
This regressive approach – regressive because the wealthy get larger benefits – to wealth-building is mirrored in the bill’s renewal and enhancement of the New Markets Tax Credit program. Although extended by the “big, beautiful bill” to drive investment into low-income communities by offering capital gains tax breaks to investors, the program subsidizes luxury real estate projects that do little to benefit existing low-income residents and accelerate gentrification and displacement. Studies show that there is very little increase in salaries or education in areas with these benefits.
A harsh new rule
The child tax credit is another part of the bill that purports to help the poor and working classes while, in fact, giving the wealthy more money.
A family can earn up to $400,000 and still get the full $2,200 tax credit per child, which reduces their tax liability dollar for dollar. In contrast, a family making $31,500 or less cannot receive a tax credit of more than $1,750 per child. And approximately 17 million children – disproportionately Black and Latino – will not receive anything at all.
More significantly, the law tightens eligibility by requiring not only the child but also the taxpayer claiming the credit to have a Social Security number. This requirement will strip the credit from approximately 4.5 million U.S. citizen children in mixed-status families – families where some people are citizens, legal residents and people living in the country without legal permission – where parents may file taxes with an Individual Taxpayer Identification Number but lack a Social Security number, according to an April 2025 study.
President Donald Trump, joined by Republican lawmakers, holds a gavel after signing the One, Big Beautiful Bill Act into law, on July 4, 2025 in Washington, DC. Eric Lee/Getty Images
A burden on the poor
Perhaps most striking is the law’s “pay-fors” – the provisions designed to offset the cost of the tax cuts.
The law imposes new monthly “community engagement” requirements, a form of work requirement, for able-bodied adults to maintain Medicaid coverage. The majority of such adults enrolled in Medicaid already work. And many people who do not work are caring full time for young children or are too disabled to work. The law also requires states to conduct eligibility redeterminations twice a year.
Redeterminations and work requirements have historically led to eligible people losing coverage. For SNAP, the bill expands work requirements to some Americans who are up to 64 years old and the parents of older children and revises benefit calculations in ways that will reduce benefits.
By funding tax cuts for the wealthy while making cuts to essential services for the poor, the bill codifies a transfer of resources up the economic ladder.
In my view, the “big, beautiful bill” represents a missed opportunity to leverage fiscal policy to address the American wealth and income gap. Instead of investing in programs to lift up low- and middle-income Americans, the bill emphasizes a regressive approach that will further enrich the wealthy and deepen existing inequalities.
Beverly Moran does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
July 18, 2025 – Durban, South Africa – Department of Finance Canada
With global political and economic uncertainty abounding, strong relationships and cross-continental collaboration with reliable nations has never been more important. Canada is spearheading a new era of collaboration and partnership with nations it can trust and whose priorities it shares.
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today concluded his participation in the G7 and G20 meetings of Finance Ministers and Central Bank Governors (FMCBG) in Durban, South Africa – a key engagement under Canada’s ongoing G7 Presidency and a demonstration of Canada’s commitment to strong international partnerships.
At the G20 meeting, Minister Champagne outlined Canada’s vision for the global economy, as well as for the international financial architecture, international taxation and ways to improve longer-term growth prospects for Africa. Discussions during the meeting included the importance of sustainable finance and the role of resilient infrastructure in supporting economic development.
The Minister leveraged the occasion to engage in a series of bilateral meetings with his counterparts, further strengthening Canada’s relationships and fostering collaboration with key global partners. This included meetings with Ministers from Indonesia, Australia, the United Arab Emirates, Norway, Sweden, Singapore, Italy, the United Kingdom, Saudi Arabia and Japan, along with pull-asides with South Africa and Denmark.
On the margins of the G20 meeting, Minister Champagne co-chaired with Tiff Macklem, Governor of the Bank of Canada, the fourth G7 Finance Ministers and Central Bank Governors’ meeting under Canada’s G7 Presidency. Discussions focused on ways to work together to reduce the ongoing trade and economic policy uncertainty, notably by establishing new uninterrupted trade routes with reliable partners and lifting existing barriers to trade. Russia’s illegal and unjust war against Ukraine, and actions to improve supply chain resilience including for critical minerals, were also discussed. Australia and South Korea joined the discussion on supply chains.
During a short stay in Cape Town prior to the G7 and G20 meetings, Minister Champagne also met with local business leaders and government officials to advance Canada’s goals of partnership, economic development and innovation.
Province ranks second in month-over-month and third in year-over-year growth
Today, Statistics Canada released figures indicating that Saskatchewan’s building construction investment increased by 5.4 per cent in month-over-month growth from April 2025 to May 2025, ranking second among the provinces. The province saw a 21.7 per cent increase in year-over-year growth from May 2025 compared to May 2024, ranking third among the provinces.
“Saskatchewan continues to be a leader in growth and opportunity,” Trade and Export Development Minister Warren Kaeding said. “Investors choose our province because of our competitive business incentives, fair regulatory environment and low cost of living. The policies put in place by our government are showing positive results, leading to a high quality of life for all residents.”
Saskatoon led the way in growth with a 40.1 per cent increase from May 2024 to May 2025, ranking fourth out of the 42 metropolitan areas.
Residential building construction increased 8.5 per cent from April 2025 compared to May 2025.
Investment in building construction is calculated based on the total spending value on building construction within the province.
Saskatchewan continues to see significant economic growth. Statistics Canada’s latest Gross Domestic Product (GDP) numbers indicate that the province’s real GDP at basic prices reached an all-time high of $80.5 billion in 2024, increasing by $2.6 billion, or 3.4 per cent. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.6 per cent.
Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second-highest anticipated percentage increase among the provinces.
Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.
Historian and podcaster Adam Tooze says we are at a turning point in history – as the Trump administration upends decades of assumptions on geopolitics, trade and the economy. Coinciding with the dawn of artificial intelligence, the rise of China, and demographic shifts are adding to transformative changes for us all.
CNBC anchor Chery Kang joins us in the studio at AMNC25 to co-host the episode.
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
From historic membership applications to architectural milestones and visionary leadership, this week in European Commission history offers a blend of diplomacy, legacy, and foundational moments. Explore highlights from our AV archives and delve into Europe’s evolving story with our weekly teaser. Dive further with us into the European Commission’s audiovisual archives and discover important anniversaries with our biweekly AV history teaser!
Upcoming anniversaries in the teaser:
· 1925: Commemorating 100 years since the birth of Jacques Delors, former Commission President
· 1952: Treaty of Paris enters into force, founding the European Coal and Steel Community
· 1990: Malta presents its application to join the European Community
· 2005: Laying of the first foundation stone of the European Investment Bank’s new building in Luxembourg
Get the complete material from our archive:
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Source: United States House of Representatives – Representative Young Kim (CA-39)
Washington, DC – This week, U.S. Representative Young Kim (CA-40), chairwoman of the House Foreign Affairs East Asia and Pacific Subcommittee, was recognized by American Chambers of Commerce (AmChams) of Asia Pacific for her valuable contribution to increase trade and investment between the United States and the Asia Pacific.
“In our global economy, economic policy should be at the forefront of our U.S. foreign policy. Anything less is unacceptable and hurts American businesses both here at home and overseas,” said Congresswoman Kim. “I am humbled to be recognized by AmChams of Asia Pacific and will keep working as East Asia and Pacific Subcommittee Chairwoman to ensure our foreign policy prioritizes fair policies that strengthen American businesses’ access to foreign markets.”
Congresswoman Kim has championed improving the State Department’s economic statecraft policy and led commonsense bills to deepen engagement in the region and promote fair trade policies and level the playing field such as:
The People’s Republic of China (PRC) is Not a Developing Country Act, which became law in the FY24 NDAA to ensure the United States opposes the PRC’s “developing country” label in international organizations;
The Reviewing Economic and Protection Objectives for the Reciprocal Tariffs Act (REPORT) Act to restore Congressional oversight of the executive branch’s tariff authority;
The Taiwan Non-Discrimination Act to promote the inclusion of Taiwan as a member of the International Monetary Fund;
The Taiwan Travel and Tourism Coordination Act to enhance U.S.-Taiwan economic and trade ties, expand market access in the Indo-Pacific region, and facilitate safer travel to the U.S.;
The PARTNER with ASEAN Act to extend diplomatic privileges to ASEAN partners, promoting market access and mutual economic prosperity; and,
The Strengthening the Quad Act to boost Quad cooperation, including on technology and energy innovation, critical minerals supply chains, and other economic priorities. The Quad includes the U.S., Australia, Japan, and India.
Source: United States House of Representatives – Representative Don Beyer (D-VA)
The U.S. Bureau of Labor Statistics (BLS) today reported that the unemployment rate in Virginia rose again in June, to 3.5 percent. The BLS report notes that “Virginia had the only rate increase” in the month of June. This was the sixth consecutive increase in Virginia’s unemployment rate, the first time the Commonwealth’s unemployment has continuously risen over half a year since the Great Recession job losses of 2008-2009.
Virginia’s rising unemployment rate comes amid the Trump Administration’s purges of thousands of federal workers and contractors across the Commonwealth, many of which are not captured in this data because they will not take effect until subsequent months. CNBC just downgraded Virginia in its annual “Top State for Business” rankings to the lowest point in nearly a decade, specifically citing “federal job cuts.” Recent mass firings by the Trump Administration are likely to substantially increase these cuts even further in coming months.
The rising unemployment rate in Virginia may also be an early indicator of broader damage to the Commonwealth’s economy which Virginia-based forecasters warn could be severe. Yet despite these warnings and increasingly threatening strains on local governments, Governor Youngkin and Lieutenant Governor Earle-Sears have so far continued to support the Trump Administration’s mass layoffs and broader cuts to the federal government’s footprint in Virginia.
Congressman Don Beyer (D-VA), who serves as the top House Democrat on the Congressional Joint Economic Committee, said:
“With six monthly unemployment increases in a row and the only June increase in America, this can no longer be waived away: Virginia’s unemployment rate is clearly rising in a sustained way, and it is a certainty that this increase is being driven by the Trump Administration’s policies. Trump’s mass firings and cuts are draining Virginia’s economy, while also hurting the services Virginians depend on, and many of those cuts are not even showing up in the data yet. I fear it will only get worse as the number of workers purged rises and the economic damage spreads further to other sectors of our economy.
“Governor Youngkin took office in 2022 at a time of historic job growth in Virginia, with an unemployment rate of 2.7 percent the day he was sworn in. Youngkin and Sears are presiding over a worrying increase in Virginia unemployment, but rather than stand up and fight for Virginians, they are cheering it on for purely political reasons. It’s hard to imagine a worse indictment of their leadership, and Virginians deserve better.”
Historical economic data, including unemployment rates for states including Virginia, is tracked by the Federal Reserve Bank of St. Louis (FRED).
Rep. Don Beyer (D-VA) is the Senior House Democrat on Congress’ Joint Economic Committee, and serves on the House Committee on Ways and Means, which has jurisdiction over major economic levers include tax policy, trade, and Social Security. He previously served as Virginia’s Lieutenant Governor from 1990-1998.
Adds $1.39 Million in Cash-Flow-Positive Revenue from a CNC Machining, Mold Manufacturing, and Specialty Metals Operation Serving the Aerospace, Defense, and Industrial Markets.
Adds to PMGC’s U.S. Manufacturing Revenue Through a Second Bolt-On Acquisition Under Its Roll-Up Strategy, Bringing Estimated Total Annualized Revenue to Over $2.25 Million.
NEWPORT BEACH, Calif., July 18, 2025 (GLOBE NEWSWIRE) — PMGC Holdings Inc. (Nasdaq: ELAB) (the “Company,” “PMGC” or “we”), a diversified public holding company, today announced that it has completed the acquisition of AGA Precision Systems LLC (“AGA”), a California-based CNC machining business that generated over $1.39 million in revenue in 2024 and has a track record of profitability. The transaction reflects PMGC’s continued focus at both the management and strategic levels on acquiring U.S.-based, cash-flow-positive industrial businesses with capabilities that strengthen mission-critical supply chains. It also aligns with broader industry momentum toward US based manufacturing, reshoring, which are revitalizing America’s aerospace, defense, and precision manufacturing sectors.
About AGA Precision Systems LLC
AGA Precision Systems LLC is a specialized CNC machine shop focused on high-tolerance milling, turning, mold manufacturing, and machining of complex metals including titanium and Inconel. The company serves customers across the aerospace, defense, and industrial sectors, delivering precision components to demanding technical specifications.
Founded over a decade ago, AGA has built a strong reputation for quality and reliability, having grown its business exclusively through referrals and repeat orders without a formal sales or marketing function. Its long-standing customer relationships and niche capabilities have supported consistent operating profitability from its base in California. The company will continue operations with existing leadership and under the guidance of a new experienced machine shop management team, supported by strategic and financial oversight from PMGC.
In 2024, AGA generated $1,390,000 in revenue and was earnings before interest, tax, depreciation and amortization (EBITDA) positive.
Strategic Rationale
The acquisition of AGA aligns with PMGC’s broader strategy of acquiring specialized, U.S.-based manufacturing businesses with strong fundamentals, consistent earnings, and long-term growth potential. AGA’s technical expertise and positioning across mission-critical industries make it a strategic addition to PMGC’s operating portfolio.
“AGA Precision Systems exemplifies our focus on acquiring high-quality, resilient businesses vital to U.S. manufacturing,” said Graydon Bensler, Chief Executive Officer of PMGC Holdings Inc., managed through GB Capital Ltd. “Its expertise in specialty metals, long-standing customer relationships, and role in critical supply chains add strong operational and strategic value to our platform.”
PMGC intends to support AGA’s continued growth through targeted investments in business development, production efficiency, and resource planning. The Company also sees long-term opportunity to deepen AGA’s footprint across defense and industrial programs requiring reliable, U.S.-based suppliers.
Industry Outlook
The global CNC machine tool market is projected to grow from $100.5 billion in 2024 to $109.1 billion in 2025, reaching over $200 billion by 2033i. Growth is driven by demand from aerospace, defense, and industrial sectors, alongside reshoring efforts supported by the CHIPS and Inflation Reduction Acts.
AGA marks PMGC’s second completed acquisition this quarter, following the acquisition of Pacific Sun Packaging on July 10, 2025. The Company has two additional pending acquisitions previously announced and continues to pursue further opportunities in cash-flow-positive U.S.-based manufacturing and industrial businesses.
PMGC acquired 100% of the issued and outstanding interests in AGA for $650,000 in cash with no debts or liabilities.
About AGA Precision Systems LLC
AGA Precision Systems LLC is a California-based CNC machining company specializing in high-tolerance milling, turning, mold manufacturing, and the machining of metals such as titanium and Inconel. The company serves customers across aerospace, defense, space, and industrial markets.
About PMGC Holdings Inc.
PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Source: United States Small Business Administration
SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Texas of the deadline to apply for low interest federal disaster loans to offset economic losses caused by adverse weather conditions occurring as noted below.
The disaster declarations cover the counties listed below:
Declaration Number
Primary Counties
Neighboring Counties
Incident Type
Incident Date
Deadline
20929
Bee, Kleberg and Live Oak
Atascosa, Brooks, Duval, Goliad, Jim Wells, Karnes, Kenedy, McMullen, Nueces, Refugio and San Patricio
Armstrong, Briscoe, Carson, Cochran, Coke, Coleman, Collingsworth, Concho, Cottle, Crosby, Floyd, Garza, Hall, Hardeman, Hockley, Hutchinson, Lamb, Lynn, Moore, Nolan, Ochiltree, Oldham, Parmer, Potter, Roberts, Sherman, Taylor, Terry and Tom Green; Curry, Quay and Roosevelt in New Mexico; Harmon and Texas in Oklahoma.
Excessive Heat and High Winds
Occurring June 1–Oct. 31, 2024
8/19/25
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to SBA no later than Aug. 19.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
RANCHO CORDOVA, Calif., July 18, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), announced today the declaration of a cash dividend of $0.20 per share on the Company’s voting common stock. The dividend is expected to be paid on August 11, 2025, to shareholders of record as of August 4, 2025.
About Five Star Bancorp Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California. For more information, visit https://www.fivestarbank.com.
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Source: The Conversation – UK – By Rachael Eastham, Lecturer in Young People’s Health Inequalities, Division of Health Research, Lancaster University
Homabay, Kenya, in February 2025.Rachael Eastham, CC BY
My phone wouldn’t stop ringing – nurses, social workers, young mothers – all begging for help. ‘I’ve lost my job,’ ‘I have no food,’ ‘What do we do now?’ I felt helpless.
These are the words of Rogers Omollo, founder and CEO of Activate Action – a youth-led non-profit organisation that supports young people with HIV and disabilities in Homa Bay, a town in west Kenya on the shores of Lake Victoria.
As specialists in youth and sexual and reproductive health, we were on a field trip to learn from Omollo and others like him. We wanted to find out about the work they were doing to tackle HIV, stigma and health inequalities.
But our time there was dominated by one thing: President Donald Trump’s executive order which put almost all international spending by the United States Agency for International Development (USAID) on pause for a 90-day review and subsequently took a wrecking ball to all international aid programmes funded by the US.
In July, research published in The Lancet medical journal found that the US funding cuts towards foreign humanitarian aid could cause more than 14 million additional deaths by 2030, with a third of those at risk of premature deaths being children. Davide Rasella, who co-authored the report, said low- and middle-income countries were facing a shock “comparable in scale to a global pandemic or a major armed conflict”.
In the immediate aftermath, we saw firsthand the profound impact the “pause” had in this community. Activate Action is not directly funded by USAID, but as we followed in the footsteps of our host, Omollo, meeting the organisation’s collaborators and beneficiaries, the true extent of the funding freeze became shockingly apparent.
Places like Homa Bay relied heavily on USAID funding to keep hospitals and clinics running, to ensure access to essential medicines, and to support reproductive health and HIV programmes. The executive order, in principle, resulted in the immediate halting of over US$68 billion (£51 billion) in foreign aid, a substantial portion of which supports lifesaving reproductive health and HIV programmes worldwide.
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As we walked through abandoned offices and healthcare facilities speaking to bewildered people out of work and in need of critical services in February 2025, the chilling reality set in. Omollo reflected:
People who have spent years saving lives are now struggling to survive. The clinics are empty, the hope in their voices fading. It broke my heart. I wanted to scream, to fix it, but the truth hit hard – we can’t depend on one lifeline. If funding stops, lives should not. We must build something stronger, something that lasts.
So, before we even set off on our research trip to unite sexual and reproductive health advocates and collaborate with African partners, we knew we were swimming against this tide.
Final figures remain unclear but in early 2025, the abrupt suspension of an estimated US$500 million of funding to Kenya was suggested by Amnesty International to have led to the layoff of 54,000 community health workers – many of whom had been part of robust, locally led responses to HIV, tuberculosis and malaria.
The decision to do this was driven by US audit and efficiency “reevaluations” over 8,000 miles away in Washington. Decisions were made and implemented by small numbers of people within the Trump administration including Elon Musk, whose estimated individual wealth far exceeds the gross domestic product of many entire east African nations, including Kenya.
Despite years of progress in community-based healthcare systems managed by Kenyans just like Activate Action, these cuts by one external donor disrupted critical services overnight. This also demonstrated that African health systems, no matter how effective, remain subject to profound external control.
Our project was funded in October 2024, before Trump’s re-election. One week of activities in the UK, one week in Kenya. By the time Activate Action visited Lancaster, in the north of England, in January 2025, we had already started to raise eyebrows as our colleagues began receiving communications from USAID-funded initiatives about pausing projects. Two weeks later, by the time we gathered in Kenya, the immediate human cost was clear to see.
‘The field has been eviscerated’
We sat at the back of a meeting observing training for an Activate Action initiative that would see community health champions offer peer support for their neighbours on safer sex and HIV prevention. In a building that was usually busy and populated by USAID-funded staff, the lights remained on in only one room.
Before visiting Homa Bay, we knew of its reputation when it came to the so-called triple threat of gender-based violence, HIV infection and teenage pregnancy rates – all of which disproportionately affects this semi-rural county in west Kenya.
As we watched the training, a colleague based in Europe (who was instrumental in connecting some of the members of our group) texted after learning we were in Kenya, saying:
It’s terrifying. Document it. No one gets it. The field has been eviscerated.
So, what did this evisceration look like?
Staff directly affected by the order were either not permitted to talk about what was happening on the record or didn’t feel safe doing so. We spoke to at least five people who told us directly they couldn’t “speak out” and were nervous about us taking any photographs.
An Activate Action event on International Condoms Day in February 2023. Rogers Omollo, CC BY
We saw how scores of people were served their notice to cease projects, backdated and effective immediately – a stop work order, followed by (for reasons with cloudy legal foundations) official terminations to contracts. Their economic and professional futures left hanging in the balance.
As we navigated workshops and meetings, Omollo (now unexpectedly advantaged through Activate Action not being USAID-funded) continued to receive multiple texts, calls and emails from people seeking work.
A researcher we know working on a USAID supported HIV and maternity care project described doing frantic overtime in the face of uncertainty. She needed to put in hours of extra (unpaid) work to communicate with research participants as it would not be ethical to abruptly disappear on people currently engaged in an active research programme.
She had no way to manage expectations with those she spoke to and no way of knowing if they were saying a final “thank you and goodbye” to the people she had been working with for months. Despite the descriptions of USAID project funds being “paused”, she was quickly served a full termination of employment notice.
In east Africa, where this sudden and mass unemployment of vital technical and administrative staff is happening, more than half of young people aged 15-35 are unemployed. The rate is even higher among young women in rural areas (up to 66%.)
A greater horror unfolds when you consider who these unemployed workers are usually paid to help because they serve communities with some of the highest needs related to HIV, teenage pregnancy and gender-based violence.
The youth health facility we visited, for example, was locked up when we arrived. We sat in stunned silence in an empty three-roomed building with a youth HIV counsellor. We were shown photographs that showed how it was once a vibrant and busy place.
Locked up youth health facility. Rachael Eastham, CC BY
Here, the free services and information on HIV, contraception and mental health was being delivered by skilled and non-judgmental youth specialists. But it was closed down from January 20, 2025 and its future remains uncertain. A free condom dispenser outside lay empty, all supplies given out on closure day in a last ditch attempt to help young people remain safe over the coming weeks.
In Homa Bay, huge achievements have been made in addressing teenage pregnancy and adolescent HIV infection in recent years. There has been a remarkable decline in prevalence rates, new infections, and HIV-related deaths, aided by robust treatment programmes that contribute to better health. People have been living with HIV at undetectable levels, therefore unable to transmit infection. But this “safe” status requires ongoing treatment with antiretroviral medication.
What now in the absence of USAID?
But at the time of our visit, the delivery of antiretroviral therapy was becoming more restricted and would require collection by the user every three weeks, rather than the usual three months, therefore lasting the user a shorter time. To service providers we spoke to, this increase in the frequency of collection of medication was known to be a significant barrier for people having to travel long distances more frequently without transport to get their supply replenished.
Omollo explained to us that Homa Bay is also a medication hub, of sorts. People come here from other communities where, due to stigma, the risks of being identified as someone who is HIV positive in their own communities are much higher.
Every conversation we had yielded new information about the reality. Gender-based violence projects were also suspended, in part because of the Trump administration’s intentions to end “gender ideology”. A service provider joked despondently during a presentation how: “I got sacked for saying gender.”
In Kenya, femicide (the murder of women or girls because of their gender) has been described as a “crisis” requiring urgent action. In Homa Bay specifically, the sexual and gender-based violence statistics are higher than national averages and have been on the rise, especially among young people.
This follows alarming countrywide coverage about femicide across Kenya including high profile and horrifying cases such as that of the Ugandan athlete Rebecca Cheptegei.. Official figures are unclear but there are currently widespread protests and calls to action related to this injustice.
Activate Action had recently won one USAID award focusing on men living with HIV and substance use problems (factors that are both implicated in gender-based violence). Since the USAID funding freeze this offer has instantly been dissolved with no expectation of reinstatement.
Meanwhile, the fight against cervical cancer – the leading cause of cancer death in Kenya – has also been hit. Human papilloma virus (HPV) vaccination campaigns across the county have stalled, despite the fact the vaccines help prevent cervical cancer.
At one point, a 23-year-old mother of three small children asked us directly if we found it troubling (as she did) that she will not be able to receive maternal healthcare and her contraception. The list of effects is grim and feels endless.
Collateral damage
When our group convened for a workshop at a community venue with sexual and reproductive health and rights staff from across the area, the chatter was similarly focused on the effects of the USAID funding freeze, but this time in the direct shadow of operations.
Next door, four-wheel drive Jeeps had been recalled and locked behind USAID premises gates, gathering dust instead of being out in the field delivering HIV outreach services. They represented the stasis of operations more widely.
Dr Peter Ibembe, from a party of service providers visiting from Uganda, was formerly a Programme Director for the non-governmental organisation Reproductive Health Uganda where he was in charge of service delivery. He spoke to us about the atmosphere:
An eerie tone of quiet has descended on the place. Many have been suddenly rendered jobless; creating mental stress, depression, anxiety. But there has also been an indirect effect on the wider community through the entire value chain: landlords, banks and other credit institutions; food vendors; gas stations; transportation facilities and companies; hotels, restaurants and lodges; schools hospitals and the like.
Everyone has been left in limbo. Kenya, despite gradual improvements, is a lower middle income country. Poverty identified by the World Bank as a key development challenge for the nation with, in 2022, over 20 million Kenyans identified as living below the poverty line. So these knock-on effects can be drastic.
At an organisational level we also saw clearly how the boundaries of any one project running within any organisation cannot be neatly drawn, nor can projects be plucked from this matrix discretely in the way we might imagine when we hear how “USAID projects” have been suspended. This way of thinking profoundly undermines the reality of what these cuts mean because many projects are interdependent and interrelated. Omollo added:
Whilst Activate Action was not directly funded by USAID, the overall reduction in health services affects the community they serve. The lack of support for HIV prevention, mental health and economic empowerment programmes placed additional strain on grassroots organisations like us … which have had to fill gaps with limited resources.
Omollo taking a selfie with Activate Action on International Condoms Day in February 2023. Rogers Omollo, CC BY
Services the world over, especially community based services, usually operate with multiple funding streams each providing different projects. Naturally the people, resources and activities overlap. To stress, this is not evidence of the “corruption” the Trump administration claims it wants to weed out, but it is the reality of how services reliant on external funding work.
It is usual that a patchwork of project grants function together to keep the doors open and the lights on. In fact, the sharing of operational resource is what bolsters an organisation’s capacity to serve its communities most effectively.
Considering “USAID projects” as single discretely bounded entities belie the messy complexity of how community and healthcare services work.
For another example of this kind of inter-connection, look no further than “table banking”. Table banking has been described as a “microcredit movement by women and for women” – effectively a DIY bank. We saw table banking used at Activate Action’s Street Business School, an initiative that tackles HIV through training women and building economic sustainability so they do not become trapped in poverty which may force them into have transactional sex. From a seated circle under trees, we watched as the collective pay in and take out loans to support their businesses from a central informal “bank account”.
Beneficiaries from this project continue to come together every Thursday, pooling finances and taking loans to sustain their business needs for the coming week (for example, buying stock for their market stalls). They told us how they are planning to collaborate on a catering business which will mean the older, sicker members of the group remain able to work and earn.
Similarly, Omollo told us how “a bit like table banking”, among his friends and colleagues, they also pool finance on a weekly basis to tick off items on a collective shopping list. He said: “One week we buy for one person, the next week, the next person and so on, until we all have a microwave.”
These demonstrations of microfinance arguably present, however idealistic, inspiration for a more financially sustainable future whereby its principles offer a “light of hope” at grassroots level, possibilities for nations in meeting sustainable development goals and, crucially in this context, freedom from dependency on external donors.
Social dictators of health
When we planned this exchange project, we wanted to work with Activate Action because of our shared interests.
Its explicit focus on the “social determinants of health” (the non-medical factors that affect health) is a refreshing departure from so many health programmes that seek to intervene on a person’s behaviour without attending to how it may be shaped by the wider social system.
For example, in the case of Homa Bay, Activate Action works to address root causes, such as poverty. Poverty means that transactional sex (which could be sex for food or period products) is common. Unsafe sex can be a hallmark of these sexual encounters, increasing HIV risk and transmission. Helping women build businesses, earn their own money to buy food and make their own period pads, reduces the need to trade sex for necessities.
As we sat discussing the various ways the cancelling of USAID would have devastating effects on different programmes and so the lives of different people, we realised how myriad social determinants – such as income, unemployment and healthcare services – are overwhelmingly contingent on distant regimes. Regimes run by people who seem to demonstrate little regard for the lives of disadvantaged and minoritised people.
No period of consultation, no management of expectations – a profound example of how bigger systems that govern our social lives can, in fact, dictate the outcomes of our health.
Antiretroviral drugs for HIV literally keep people alive and prevent transmission to others. Efforts to critique the USAID freeze by the inspector general of USAID, Paul Martin, saw him sacked. Again, no reason was given, and the White House did not have any comment.
When we were trying to explore whether termination notices for staff in Kenya were even legal, one media report about a judicial effort to halt the USAID stop work order noted that Trump has a “high threshold for legal risk”. An insight into what type of threats we may need to consider when trying to understand risks to and protections for health in the future.
Dr Ibembe, who provided closing remarks to our workshop, highlighted how “the effect of USAID cuts on the east African development landscape has been nothing short of seismic. It has created an environment of uncertainty, fear and stress. In some instances, up to 80% of health-related initiatives are donor supported. The funding and operational gap created is almost insurmountable.”
This reliance on external financial support and limited domestic financing in Kenya and other sub-Saharan African countries is common. This makes a nation vulnerable. Kenya also experiences substantial “donor dependency” especially across the health system which makes it harder to absorb the shock of a donor pulling funds.
In other words, this is a highly precarious system that is going through a shock which it will find incredibly difficult to withstand.
The situation is a stark reminder of just how unfair the power dynamics are that dictate African health governance and sovereignty.
Conversations about reducing the dependence of countries like Kenya on external donors have been going on for a long time. Throughout it has been acknowledged that any transition away from donor dependence needs to be carefully managed to avoid upsetting all the gains that have been made through initiatives like those funded by USAID. This has been completely impossible given the pace of change since January 2025 when the USAID stop work order came into play.
African solutions to African problems
The question now is not merely how African institutions will survive these disruptions but how they will leverage them as an impetus for change. Discussions about donor dependency arguably contribute to the framing of African states and institutions that are economically vulnerable and a “risk”. This in turn creates a negative bias that has recently been identified as costing African nations billions in lost or missed investment opportunities.
While financial constraints are a reality, the dominance of stereotypes also means we may overlook the effective strategic responses and resilience demonstrated by African organisations over the years. The challenge is not simply to reduce donor reliance but to reposition African institutions as key architects of health solutions through approaches that emphasise ownership, sustainability and regional integration.
Omollo talking to The Street Business School in January 2023. Rogers Omollo, CC BY
The Afya na Haki (Ahaki) institute provides a clear example of this shift towards what they refer to as “Africentric” models of health governance. The aim is to build African solutions to African problems.
This approach is anchored on four key pillars: amplifying positive African narratives; strengthening engagement with African regional institutions; supporting and fostering collaboration among African non-governmental organisations (NGOs) and other organisations; and bringing together African experts and communities to create knowledge that reflects local realities and needs.
Yet, restrictive policies that pre-date the USAID cuts such as the global gag rule which means NGOs are prohibited from receiving any US government funding if they provide, advocate for, or even refer to abortion services, have significantly disrupted this work, forcing institutions to rethink their operational strategies. An Ahaki staff member told us how their core focus on empowering Africans has been “thrown into disarray”.
Research that puts African stories and priorities front and centre is crucial – not just for shaping policies but for shifting the focus from dependence on external aid to African-led solutions and self-determination.
‘Hope hasn’t disappeared’
Within days of the USAID executive order on January 20, the USAID website was unreachable and our colleagues in Homa Bay sat reeling. By February 14, just after our visit, it was confirmed that a federal judge had successfully blocked the funding suspensions, although the relevance of this for people and projects like those we met in Homa Bay, whose contracts had already been terminated, was limited.
This executive order is one of many that has triggered global shockwaves. But for every action there is a reaction and we have also witnessed international resistance, from protests of USAID and nonprofit workers in Washington, to 500 Kenyan community workers demanding their unpaid salaries.
Musk’s company Tesla has been subject to widespread boycott and coordinated protest by “Tesla Takedown” in over 250 cities around the world. Canada has also made strides to reject American imports and strengthen its domestic markets, building greater independence from the USA, echoing desires of many African nations in relation to US donor dependence.
Musk suggested that USAID needs “to die” due to widespread corruption – an assertion that remains unsubstantiated. However, the violence and damage of this sentiment is being realised. As the sites we visited remain eerie and empty, gathering dust, our immediate concern is for the people and communities that agencies once funded by USAID represent and serve.
Omollo, and others like him, are now finding new ways to navigate these problems. The ripple effects of the USAID funding freeze have hit hard, programs have stalled, uncertainty has grown and communities are feeling the strain.
“But in the cracks, we’ve found ways to adapt,” he said. “At Activate Action, we’ve leaned on local partnerships, stretched every resource, and kept showing up for young people. Hope hasn’t disappeared; it’s just become something we fight for daily.”
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We would like to acknowledge the specific contribution of Rogers Omollo from Activate Action in developing this article.
Christopher Baguma works with Afya na Haki as a Director of Programmes.
Source: The Conversation – UK – By Giray Gozgor, Associate Professor of Economics & Finance, School of Management, University of Bradford
Historically, UK spending on defence has often been pitted against welfare, education and local government. But at a time when the government has pledged to meet Nato’s target for defence spending – 5% of GDP in the next decade, up from around 2.3% – it appears to be offering a different fiscal equation.
The government has suggested that it aims to shift the tax burden upwards, targeting especially large profits and tax avoidance. Despite recent fury over its welfare reforms, as far as taxes go, the government still appears to believe that those with the broadest shoulders should carry the weight.
Past approaches to balancing the books relied on austerity or slashing welfare spending. Throughout the 2010s and early 2020s, Conservative governments framed public finance as a rigid trade-off. This mentality dominated budget decisions, forcing domestic priorities to shrink as defence budgets grew.
However, Labour now appears to want to boost defence spending without austerity-level cuts to public services.
Beyond defence, this shift of the tax burden could signal a broader transformation in how national priorities are financed. If implemented effectively, this approach could protect public services even during times of global insecurity.
But while it may seem like a win-win, reforms of this nature have often faced political resistance or been deprioritised in favour of short-term fixes. What is different now is that global economic uncertainty is creating growing pressure for more sustainable and equitable choices.
So who pays?
The core question in any public finance debate is not what the money is spent on, but who pays for it. First, the government wants to close some of the loopholes that allow large firms to legally reduce their tax bill. Of course, the risk here is that some leave the UK and their taxes are lost entirely.
The government also has in its sights high-income individuals. While around 60% of tax receipts come from the top 10% of earners, these people can also benefit from lower effective tax rates thanks to tax-efficient investments, for example. Again though, the risk for Labour is that it causes some of them to leave the country.
Similarly, those with a high net worth often hold assets offshore in order to pay less tax in the UK. This can be legal, but opaque, and the government would like to increase the tax these people pay.
Lastly, Labour is looking more closely at what to do about taxing sectors with windfall profits, namely energy.
This approach is not only ideological but also strategic. By targeting wealth and excess, the government hopes to fund new priorities without alienating working and middle-class voters, and to avoid painful cuts to essential services.
But clearly, it is not quite as simple as that. To make this sustainable, a combination of targeted tax reform, economic growth and spending efficiency will be needed. However, this approach could mark a pivot towards a fairer way of sharing the burden. It also reflects a more profound shift in political storytelling.
Labour leaders have made clear that there will be no return to austerity. The broader policy direction suggests ambitions to invest in the NHS, early-years and social housing, as well as refining in-work welfare benefits such as universal credit.
But these aims require fiscal headroom, and this is where the challenge lies. Parallel commitments such as raising defence spending and funding welfare might look impossible to live up to. Many are questioning whether the government can maintain economic stability without increasing the overall tax burden on ordinary households.
The answer depends on three things: political will, economic performance and execution. Even if there is public support for a fairer tax system, building and enforcing it will require effort and patience beyond this parliament. The government will need to strengthen tax compliance, close legal loopholes and prevent the flight of capital.
None are easy, but we argue they are entirely achievable. Progress globally is already proving it. Automatic tax-data sharing between nations and the Organisation for Economic Cooperation and Development’s global minimum tax (which ensures that large corporations operating in member nations pay at least 15% tax) have made offshore tax havens far less viable.
At home, modernising tax laws and properly funding enforcement can shut down legal exploitation of the system. With political will and international cooperation, these reforms can deliver a fairer system without sacrificing competitiveness.
The UK’s debt to GDP ratio is very high, and economic growth is sluggish. Therefore, there is little space for manoeuvre. That’s why tax reform, not just tax increases, will be key. Efficiency in collection, transparency and closing loopholes are just as crucial as raising tax rates.
The financial implications of military expansion are real, but so are the choices in how the country funds it. Labour is betting that a fairer tax system can finance Britain’s rising defence commitments while protecting public services. However, efforts to procure or produce new military equipment rank very low on the public’s priorities..
Aiming taxes upwards could be a vote-winner with lower and middle earners. JMundy/Shutterstock
Defence needs steady funding to handle national security threats. Welfare programmes are vital to support vulnerable people, reduce economic inequality and to help more people into paid work.
Progressive taxation taps wealth from the richest but often sparks fierce resistance from powerful groups. The alternative (cutting schools, hospitals or pensions) is politically and morally costly.
But this strategy requires clear communication and a commitment to both security and social justice. If successful, it could mark a real turning point in how the UK balances its responsibilities.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Natalie Hanley-Smith, Teaching fellow in early modern history, University of Warwick
The Stolen Kiss by Jean Honore Fragonard (1787).Hermitage Museum
A stolen glance across a crowded room, a shadowy figure slipping through a doorway, a lover hidden behind a curtain – adultery has long been a drama of secrecy. From Renaissance masterpieces to tabloid snapshots, the act of romantic betrayal has not only shaped personal lives but also left its mark on art history. Painters across the centuries have turned this most intimate of transgressions into art, inviting viewers to become voyeurs of passion, guilt and desire.
Historically, artistic representations of adultery have been used to raise questions about the importance of love and sexual desire in marriage. Artists have also used their works to explore themes of culpability and punishment, and to explore the consequences of infidelity for the families of the adulterers.
Renaissance and Baroque artists picked up on the theme of adultery by depicting episodes from the Bible. Portraying scenes that were set in eras during which the punishment women faced for adultery was death, artists including Rembrandt, Rubens and Tintoretto, explored religious disciplinary processes and the difficulties of pronouncing moral judgments.
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Rembrandt’s The Woman Taken in Adultery (1644) tells the story of how Christ’s compliance with Jewish law was put to the test by a council of Pharisees (members of a biblical Jewish sect who were fanatic about obeying religious laws), who bring an adulteress before him.
The punishment for her crime according to Mosaic law was to be stoned to death. Christ’s response, “he that is without sin among you, let him first cast a stone at her”, emphasised the moral hypocrisy of the men who stood as judges.
Close up of The Woman Taken in Adultery by Rembrandt (1644). National Gallery
Although the figure of Jesus is prominent in the painting, the adulteress is central. She appears penitent, dressed in white and bathed in light – a striking contrast to the dark male figures that surround her.
That is not to say women were always portrayed as vulnerable. Throughout early modern Europe (circa 1450-1800), perceptions of women were heavily influenced by biblical figures such as Eve.
Women were largely believed to be the more lustful sex, weaker and more likely to succumb to temptation, and to be more deceptive and manipulative than men. The German Renaissance painter, Lucas Cranach demonstrated this belief in The Fable of the Mouth of Truth (1534).
The painting depicts another married woman surrounded by men who are scrutinising her. But in this case, she is not repentant. Instead, she is trying to trick her way out of receiving any punishment for her infidelity with the help of her lover, who is masquerading as a fool.
Certain artistic genres were employed to publicise and critique changes to laws regarding adultery and divorce. For centuries, church courts dealt with marital disputes and adultery in Britain.
A full divorce (that allowed both parties to remarry) was only possible by act of parliament, which made it unobtainable for all but very wealthy men.
The art of divorce
After the Matrimonial Causes Act was passed in 1857, divorce became a matter for the civil courts, and therefore a viable option for a greater proportion of British society.
Several pre-Raphaelite artworks, including Augustus Egg’s Past and Present series, depicted the damage that infidelity and subsequent divorce could have on the family unit. Egg’s work emphasised that women, who were often ostracised and cut from their social and familial networks after divorce, were punished more severely than men for their transgressions.
Past and Present Number Two by Augustus Egg (1858). Tate Britain
Satirists including James Gillray and Thomas Rowlandson chose very different devices to critique laws concerning adultery when they ridiculed “Criminal Conversation”, a civil suit that was introduced in the early 18th century, and only ended with the 1857 Act.
“Crim con” allowed a man to sue his wife’s lover for robbing him of her affections and domestic support. If his suit was successful, the husband could claim financial compensation from his rival, sometimes to the tune of tens of thousands of pounds.
Perhaps unsurprisingly, such suits were most often pursued by members of the landed gentry and the aristocracy. Moreover, as they were heard in the Court of the King’s Bench, which was open to journalists and the public, the salacious details of the affairs were published in newspapers and pamphlets.
The 1782 cartoon by James Gillray, depicting Sir Richard Worsley helping George Bisset view his wife naked in a bath-house. National Portrait Gallery
Crim con suits were much deplored by contemporary moralists. They emphasised the impropriety of a man receiving money from another man for the sexual services of his wife, as well as the debauchery of some elite husbands, who were viewed as being culpable and complicit in their wives’ affairs.
The crim con trial of Worsley versus Bisset in February 1782 attracted a considerable amount of publicity and was depicted by several of London’s best satirists. A story about the affair that inspired many satirical prints had been discussed at length in court. Lady Worsley had been enjoying a dip at Maidstone bathhouse, when her husband allegedly hoisted her lover, Captain Bisset, on to his shoulders, so that he could see her naked body.
The notion that Worsley was a voyeur who had pimped his wife out for his own delectation was so popular that it even influenced the judge, who awarded him a humiliating one shilling in damages.
The satires were meant to entertain and titillate their audiences, but they also raised awareness of the apparent profligacy of the ruling elite. Representations of the adulterous liaisons of celebrities, including military heroes like Admiral Lord Nelson, politicians like Charles James Fox, actresses like Mary Robinson, and even royals, such as George IV, were used to highlight their moral corruption, and they provided much fodder for activists demanding political reform.
The history of adultery in art draws attention to the intersections between personal relationships and the public realm. Even today, when consensual relationships between adults are not formally policed, affairs continue to prompt public discussions about private morality, ideal marriages and the suitability of casting judgment. We continue to enjoy the opportunity to moralise while being entertained by the salacious portrayals of other people’s affairs.
Natalie Hanley-Smith does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
A case that first appeared in a medical journal several years ago has recently resurfaced in the media, highlighting an unexpected risk of hormone therapies: a baby girl in Sweden developed unusually large genitals after lying on her father’s bare chest, accidentally exposed to his testosterone gel.
The incident is a reminder that hormone treatments, while safe when used correctly, can pose risks to others if proper precautions aren’t followed.
Testosterone is a powerful sex hormone that plays a crucial role in male development. In the early months of life, babies undergo rapid development, making their bodies, and hormones, extremely sensitive. Even small amounts of testosterone absorbed through the skin can affect a baby’s development, particularly with repeated exposure.
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During “mini-puberty” – a short surge in hormone levels occurring a few months after birth – boys experience rising testosterone levels that help complete reproductive system development and prime it for adulthood. This process also influences brain development.
In girls, oestrogen rises slightly during this period, but testosterone remains very low. When a girl is exposed to external testosterone, such as from hormone gel, it can cause unexpected changes, including enlarged clitoris or fusion of the labia. This is precisely what occurred in the Swedish case.
Testosterone gels are commonly prescribed to treat men with low testosterone deficiency. The gel is typically applied once daily to clean, dry skin on the shoulders, upper arms or stomach. These alcohol-based gels help the hormone absorb into the skin.
While the gel dries within minutes, residue can remain on the skin for an hour or two after application. If someone touches the treated area too soon, or rests directly on it, they can inadvertently absorb some of the hormone. This risk is particularly significant for babies and children, whose thinner, more absorbent skin and developing bodies make them more vulnerable.
Testosterone gels are also increasingly used off-label in women to treat menopause symptoms (such as low libido, low mood and fatigue) and at around one-tenth of the dose given to men. This lower dose is achieved by applying a smaller amount of the same male product — this time to the lower abdomen, buttocks or outer thighs.
This means there’s much less hormone overall, but incidental exposure from women is also possible, for example, when holding a child soon after application.
Some perspective
While stories like this understandably cause concern, it’s crucial to understand the actual risk level. In the UK, around 50,000 to 100,000 people are prescribed testosterone on the NHS, with gel formulations popular due to their ease of application. If accidental exposure were common, we would see far more cases than the small number reported in medical journals.
The instructions accompanying these gels are clear: apply only to specified areas, wash hands immediately, cover the skin once dry and avoid close skin contact for several hours. When these guidelines are followed, transfer is very unlikely.
In the case of the Swedish child, when the father stopped resting the baby on his bare chest, the genital changes reversed over time. This pattern holds true for other reported cases – if exposure stops early, many effects can fade naturally.
However, in more severe or prolonged cases, children may need medical treatment. This could include hormonal tests, continued monitoring, anti-hormone treatment, or even surgery if physical changes don’t resolve. Early intervention is key, making it essential to consult a doctor if there’s any concern.
For those with babies, young children, or pregnant partners at home, the solution is straightforward planning. Apply the gel when you won’t be in direct contact immediately afterwards, or consider alternative application methods such as injections, skin patches, or tablets (available in the US), which carry lower risks of unintentional exposure to others.
This case serves as a valuable reminder that testosterone therapy, like all medications, comes with responsibilities. When used properly, it’s an effective treatment for men with diagnosed testosterone deficiency, improving sexual function and mood, with evidence suggesting it can also support muscle mass, bone health, and metabolism.
There is no need to fear these treatments, but if you are prescribed this medication, use it responsibly and follow the instructions carefully.
Daniel Kelly does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Chee Meng Tan, Assistant Professor of Business Economics, University of Nottingham
Political and economic pressures might force Chinese president and overall leader Xi Jinping to delegate some of his powers to his deputies in a highly significant move. This has prompted some observers and media outlets to speculate that Xi’s grip on power may be waning.
A major part of why this is happening is likely to stem from Xi’s difficulties in dealing with China’s economic woes, which began from a real estate crisis in 2021. For years, the Chinese Communist Party (CCP) has relied on providing economic prosperity to legitimise its rule over the country.
But the continuously lacklustre performance of the Chinese economy over the past four years coupled with Trump’s trade war with Beijing is making recovery a difficult task. And this is likely to be a factor that undermines Xi’s rule.
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These rumours about Xi started just after the latest meeting, on June 30, of the politburo (the principal policy making body of the party), which brings China’s top leaders together to make major decisions.
For people who don’t follow Chinese politics, the idea of Xi delegating some authority might seem nothing special. However, in understanding China, it’s important to understand that Xi has massive power, and it seems the politburo is signalling there are some changes on the horizon.
What are the clues?
Symbolism and indirect language play an important role in how the communist party communicates with Chinese people. The way it is done comes through slogans or key phrases, which are collectively known as “tifa (提法)”’.
This method of information is important since it shapes political language and debate, and influences how a Chinese, and international, audience understands what’s going on. At first glance, the politburo’s call for enhancing “policy coordination” and the “review process” of major tasks may appear to indicate that the central government is seeking to ensure local officials follow through with Beijing’s agenda.
For experienced China watchers there are hints here that this powerful decision-making body is making a veiled threat against Xi for holding on to too much power. But the opaque nature of China’s elite decision-making process, where a great deal of backroom politics occurs behind closed doors, means that decoding its messages isn’t always easy.
China’s president Xi Jinping on a public outing, after several weeks when he was not seen in public.
Because of all of this, there is increasing speculation that a power struggle is in progress. This isn’t entirely surprising given Xi’s purge of many senior party officials through anti-corruption campaigns and dominance over the highest levels of government is likely to have earned him many enemies over the years.
Another sign that all isn’t going well with Xi’s regime is the removal of some his allies from key positions within the government. Xi began his anti-corruption campaign in 2012 when he became China’s leader. On paper, while officially framed as a drive to clean up corruption, evidence suggests that the campaign may have been used to remove Xi’s political rivals.
The problem for Xi is that the campaign is being used against his loyalists as well. In October 2023, defence minister Li Shangfu, who was considered a Xi ally, was sacked due to what was later confirmed in 2024 to be from due to corruption charges. But the dismissals of Xi loyalists continued.
But even if it weren’t and the purges are part of a concerted effort to stamp out corruption, Xi’s campaign will not only cast aspersions on his ability to appoint the right people into government, but also create a climate of fear among allies and potentially create further enemies. Either scenario puts Xi on the spot. But since Xi became China’s head of state in 2013, he and his loyalists have taken over leadership of many key national commissions, making him the most powerful Chinese leader since the time of Chairman Mao.
But it looks like Xi is about to delegate some of his power, and there are some other decisions that may indicate a shift. For the first time since coming into power in 2012, Xi skipped the annual summit organised by the Brics group (named after Brazil, Russia, India, China and South Africa). Instead, from July 5 to 7 this year, Chinese premier Li Qiang, led a delegation to Rio de Janeiro.
This isn’t the first time that Li has represented Xi in high-profile conferences abroad. In September 2023, Li attended the G20 summit in New Delhi, India, and has taken part in Asean summits.
But the Brics appearance alongside with Li’s increasingly prominent role in economic policy making may suggest that his influence is on the rise, while Xi’s is declining. Watch this space.
Chee Meng Tan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Several days of bitter sectarian fighting in the south of Syria has brought the fledgling government in Damascus dangerously close to direct conflict with Israel, after Israeli warplanes launched strikes against government buildings in the Syrian capital, Damascus, on July 16.
The United Nations and a number of countries condemned the attacks, which the UN secretary general, Antonio Guterres, said were “escalatory airstrikes”. Yet Israeli defence minister, Israel Katz, triumphantly used the social media site X to post a video of a Syrian news anchor diving for cover during the strikes.
Efforts to agree a ceasefire in the region have faltered and fighting between Druze and Bedouin militias in the southern Syrian province of Sweida is understood to have resumed. The BBC has reported that at least 600 people have been killed in the fighting so far.
The violence was seemingly sparked by a petty crime. On July 11, a Bedouin gang allegedly kidnapped and robbed a Druze merchant and the road between Sweida and Damascus. This prompted a series of tit-for-tat sectarian kidnappings and killings.
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On July 14, Syrian security forces entered the province to restore order, only to be ambushed by Druze fighters. Reports of these fighters executing government forces caused outrage throughout the country. Syria’s government then sent more troops, including tanks and heavy weapons.
But as these reinforcements arrived, they were met by a new challenge: more deadly and prolific Israeli airstrikes against government forces.
Weak central government
This cycle of violence exemplifies the underlying cause of the recent conflict. Syria’s interim central government lacks the credibility and capacity to exert its authority throughout the country.
This is particularly true in Sweida, which has been de facto autonomous for many years. The overstretched Assad regime largely withdrew from the province, during the decade of civil war. When his regime fell, many of the local militias which had served as Sweida’s de facto rulers were reluctant to surrender their weapons.
The recent violence exemplifies why this is a problem. Absent a strong local state, Druze militias took it upon themselves to exact justice, allegedly leading them to attack innocent Bedouins. This led the Bedouins to mobilise in self-defence. There are reports of violence and summary executions on both sides and also by government troops.
Syria’s Druze have good reason not to trust the new regime in Damascus, given the latter’s jihadist roots and history of anti-Druze violence during the civil war. The Sweida Military Council (SMC), a Druze militia led by the Venezualan-born cleric, Hikmet al-Hiji, were hostile to the new government almost from the outset. Other Druze militias in Sweida and elsewhere, however, were in tentative negotiations with Damascus to integrate into government control.
That would be a welcome and necessary step for creating trust in Syria’s new administration and increasing its capacity and capability to rule throughout the country.
But this process has now been derailed. Damascus’s mass mobilisation of troops, tanks and heavy weapons was condemned by all Sweida’s Druze factions, including those formerly close to the government. Some of these groups even fought the advancing security forces.
After government troops withdrew as part of the most recent ceasefire agreement, the province has quickly returned to the same chaotic militia rule that first caused the violence. Bedouin militias have already rejected the ceasefire and resumed hostilities against their Druze rivals.
Israel’s position
The recent violence has not only exacerbated sectarian tensions throughout Syria, it has also disrupted the tentative Israel-Syria peace process. Just one week ago, observers speculated that Israel and Syria might normalise relations. That now looks increasingly unlikely.
When the Assad regime fell in December 2024, Israel occupied swaths of Syrian territory and launched an unprecedented number of strikes throughout the country. Under heavy US pressure, though, Israel moderated its policies. It even began direct negotiations with Syria’s new government.
But as the conflict in southern Syria escalated, Jerusalem warned Damascus that a mass deployment of the state’s security forces within the province would cross a red line, because it would bring Syrian troops close to Israel’s borders. It would also endanger Syria’s Druze, a community that Israel’s government have sworn to protect.
But the fledgling Syrian government has said it aims to be an inclusive, centrally run – rather than a federal – state, so it has to bring Druze and other minorities, such as Syria’s Kurds, into the fold and put an end to the sectarian clashes.
By subsequently escalating its attacks, killing more members of the state security forces than since the Assad regime fell and humiliating the government by destroying its institutions in Damascus, Israel got the result it wanted.
It did so, according to Benjamin Netanyahu, through “forceful actions”. The Israel prime minister told journalists on July 17 that: “We have established a clear policy: the demilitarization of the area south of Damascus and the protection of our brothers, the Druze.”
Israel was faced with a choice: continue imposing its will on Syria militarily, or cooperate with the country’s new government. It has apparently chosen the former.
The fact is that in Sweida, and elsewhere in the fractured country, Syria remains a state with too many guns, gangs, militias and powerful external interests vying for control. Its heterogeneous population increasingly distrust one another and rely on their own ethno-religious groups to fulfil the responsibilities that a weak and distrusted central government cannot.
That distrust continues to flare into open violence in southern Syria. And it appears there is little the fragile central government can do about it.
Rob Geist Pinfold does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United States Senator for Nebraska Deb Fischer
Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Appropriations Committee, announced that she advanced $5 million for Nebraska’s research institutions through the Senate Appropriations Committee to fund bioeconomy, biomedical, and water quality research efforts. The funding was included in the Fiscal Year (FY) 2026Commerce, Justice, and Science (CJS) Appropriations Act, which now awaits consideration on the Senate Floor.
“Nebraska’s research institutions are the backbone of the future bioeconomy, conservation, and biomedical research workforce. This funding not only fuels groundbreaking research – it strengthens local economies by supporting the contractors and businesses that make this work possible. I’m proud to advance this investment in Nebraska’s innovative research ecosystem and ensure that our institutions have the resources they need to succeed,”Fischer said.
Funding projects advanced by Fischer for Nebraska are listed below: Growing Nebraska’s Bioeconomy Project Description: Purchase equipment and develop space to design, build, test, model, and validate products that grow Nebraska’s bioeconomy.
The project will provide resources for a new bio-engineering facility to support applications and solutions in biomedical research, agriculture, and biosecurity. Nebraska’s agriculture leadership uniquely positions the state to lead on these solutions across academia, industry, and government. Project Location: University of Nebraska – Lincoln Amount: $1,000,0000 Instrumentation for Advanced Water Research Project Description: Equipment upgrades at the Water Sciences Laboratory and Conservation and Survey Division of the University of Nebraska—Lincoln to support water quality research.
Groundwater as a drinking water source is increasingly impacted by environmental variables and agricultural production. The Water Sciences Laboratory, Conservation and Survey Division, and College of Engineering at the University of Nebraska-Lincoln provide quantitative methods for a wide variety of persistent and emerging challenges in water quality. Project Location: University of Nebraska—Lincoln Amount: $1,000,000 Scientific Instrumentation for Biomedical Research Project Description: Modernize and expand comparative biomedical research training at the University of Nebraska at Kearney (UNK).
At UNK, experiential learning is a cornerstone of the undergraduate learning experience with each student required to complete a hands-on learning project. A growing number of UNK students are pursuing health care careers. This funding expands and modernizes the current comparative biomedical research infrastructure to meet the demands of training these students. Project Location: University of Nebraska—Kearney Amount: $3,000,000
The WomenIN Festival, Africa’s definitive gathering of women from across industries, sectors, and stages of life, is thrilled to announce its official theme for 2025:
LIMITLESS: No Labels. No Limits. No Apologies.
This year’s theme is more than a slogan — it’s a declaration. A rallying cry for women who are no longer asking for permission. She’s not fitting in — she’s standing out, showing up, and shaking the world.
The sub-themes set the tone for a celebration of authenticity, boldness, and multidimensional brilliance. It’s about embracing your full self — in business, in leadership, in creativity, and in life.
Save the Date: 13–14 November 2025 Newlands Cricket Ground, Cape Town, South Africa
WomenIN Festival 2025 will once again unite trailblazers, thought leaders, creatives, entrepreneurs, and change-makers for a powerful two-day experience filled with:
Inspiring keynotes and fireside conversations
Transformative networking
Immersive activations and curated spaces
Unapologetic celebration and connection
From boardrooms to grassroots, innovation hubs to social impact spaces — this is where Africa’s boldest women connect, collaborate, and thrive.
“LIMITLESS is not just our theme — it’s a mindset. It’s about dismantling outdated labels and owning the fullness of who we are, as women leading across industries, cultures, and communities. At WomenIN, we’re building a global movement that recognises and celebrates every woman’s power to rewrite the rules, reimagine her future, and rise.” – Naz Fredericks-Maharaj, Director: WomenIN Portfolio
Whether you’re building your legacy, launching your vision, or reimagining your next chapter — this is your invitation to do it limitlessly.
Tickets are now availableat www.WeAreWomenIN.comand start at just R1499
WomenIN (WiN): Empowering Women, Breaking Barriers, Creating Impact: WomenIN is a powerful cross-sector movement that connects, inspires, and uplifts women across Africa through collaboration, leadership, and sustainable development. From energy and mobility to retail, gaming, and the green economy, WiN is driving real change by building inclusive ecosystems where women can thrive.
Through a range of in-person gatherings, digital content, workshops, and sector-specific initiatives, WomenIN provides a trusted platform for female professionals, entrepreneurs, changemakers, and allies to grow together, break silos, and co-create solutions for Africa’s future. With a strong focus on capacity building, leadership development, and market access for female-owned businesses, WomenIN is building a legacy of impact for generations to come.
Whether you’re a corporate, NPO, SMME, or individual changemaker, there is space for you at the table—because we win when we WiN together.
For more information, please visit: www.WeAreWomenIN.com or contact our team at info@wearewomenin.com.
ABOUT VUKA Group: VUKA Group brings people and organisations together to connect with information and each other in meaningful conversations that drive growth and transformation across Africa’s industries. With 20+ years of experience on the continent, the group delivers sector-leading platforms across Energy, Mining, Smart Mobility, Transport, Retail, and Women Empowerment.
The WomenIN (WiN) portfolio is a flagship initiative of VUKA Group, championing gender inclusivity and creating opportunities for women to lead, influence, and innovate across sectors. With a proudly African team and a commitment to sustainable development, VUKA is creating a future where everyone has the opportunity to rise.
WASHIGNTON, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today praised the passage of digital asset legislation by the House of Representatives. “This week marks a significant milestone in the Trump Administration’s commitment to embrace the promise of digital assets and make America the crypto capital of the world. The GENIUS Act, which is now headed to the President’s desk, will open a new chapter in financial services. The House also took an important step forward in advancing the CLARITY Act, a long-awaited framework for the regulation of digital asset markets. “Under President Trump’s strong leadership and clear vision, Crypto Week is the beginning of America’s golden age of digital asset innovation. The CFTC stands ready to fulfill our mission and oversee our markets that enable U.S. economic growth and competitiveness. The future is bright. “Congratulations to House Agriculture Committee Chairman GT Thompson and Senate Agriculture Committee Chairman John Boozman, as well as Senate Banking Committee Chairman Tim Scott, House Financial Services Committee Chairman French Hill, Senators Bill Hagerty and Cynthia Lummis, Representatives Bryan Steil and Dusty Johnson, and Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, Majority Leader John Thune, their staffs and all who played a role in making this week possible.”
CHICAGO — A man who fraudulently arranged for more than $5 million in utility services to be provided to two thousand Chicago-area properties has pleaded guilty to a federal fraud charge.
DAVID W. BROWN admitted in a plea agreement that he offered to arrange electricity and natural gas services for residential and commercial properties in the Chicago area in return for a fee. After finding property owners and tenants willing to pay him, Brown opened new accounts for utility services at their addresses, knowing that neither he nor the purported customer intended to pay for it, the plea agreement states. Brown knew it would typically take 90 days to several months for the utility companies to disconnect service for lack of payment, allowing the addresses to receive free services for significant periods of time.
Brown opened the accounts using false customer names and identifying information to deceive the service providers and avoid financial responsibility, the plea agreement states. Once a utility company initiated the process to terminate, Brown fraudulently continued the service by opening new accounts in the names of different false customers at the same address, the plea agreement states.
Brown typically received payments ranging from $50 to $150 every few months from the property owners and tenants who received the services, the plea agreement states. In total, Brown admitted in the plea agreement that from 2017 to 2024, he caused utility companies to fraudulently provide more than $5 million in services to more than two thousand residential and commercial properties in the Chicago area.
Brown, 55, of Chicago, pleaded guilty on Tuesday to a federal wire fraud charge. The conviction is punishable by up to 20 years in federal prison. U.S. District Judge LaShonda A. Hunt set sentencing for Oct. 15, 2025.
The guilty plea was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. The government is represented by Assistant U.S. Attorney Rick D. Young.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
Tashkent, July 18 (Xinhua) — In the first six months of 2025, the volume of foreign exchange transactions between banks and individuals in Uzbekistan amounted to 14.5 billion US dollars. This is 24 percent more compared to the same period last year, local media reported on Friday, citing the Central Bank of Uzbekistan.
According to the report, banks purchased $9.1 billion from the population in the first half of the year. This is 27 percent more than in the same period last year.
The volume of currency sold by banks to individuals amounted to $5.4 billion, which is 18 percent more than in the same period last year.
In 2024, the total volume of foreign currency trade between banks and the population in Uzbekistan amounted to $25.5 billion. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
BEIJING, July 18 (Xinhua) — China has introduced new measures to encourage reinvestment by foreign-funded enterprises, according to a circular jointly issued by seven government bodies including the National Development and Reform Commission (NDRC).
According to the circular, the measures cover a wide range of areas, including improving the quality of project support services, simplifying the procedure for setting up new enterprises with reinvestment, and introducing innovative financial products and services.
These efforts are aimed at helping foreign-funded companies expand their presence and achieve long-term development in the Chinese market, the SCRR said.
The circular clarifies the scope of the incentive measures and sets out requirements for launching pilot programs for reporting investment information of foreign-invested companies, strengthening information sharing among departments and improving assessment methods to encourage foreign investment. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
BEIJING, July 18 (Xinhua) — China’s State Administration for Market Regulation on Friday called on three major food delivery platforms to strengthen regulations on their promotional activities and participate in competition in a rational manner.
The corresponding call was made during an explanatory conversation held by the department with the companies Ele.me, Meituan and JD.com.
The state administration called on the three companies to strictly comply with the country’s laws on e-commerce, anti-unfair competition and food safety, and promote the orderly, healthy and sustainable development of the catering service industry. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
BEIJING, July 18 (Xinhua) — China expresses strong dissatisfaction and resolute opposition to the Canadian government’s recent decision to tighten restrictions on steel imports, a spokesman for China’s Ministry of Commerce said Friday.
The official representative made a corresponding statement in response to a media inquiry on this issue.
Finance Canada recently announced that, effective August 1, in response to U.S. steel tariffs and given the global steel glut, it will expand steel import quotas, tighten existing quota restrictions, and impose additional duties on above-quota imports. In addition, Canada will impose an additional 25 percent duty on imports of steel products smelted and cast in China from all countries except the United States.
Commenting on the measures, a spokesman for China’s Ministry of Commerce said they violate World Trade Organization rules, destabilize the international trade order and harm China’s interests, representing a typical manifestation of unilateralism and protectionism.
The official noted that the real reason for the difficulties in Canada’s steel industry is the unilateral tariff measures of the United States. However, Canadian authorities ignore the main contradiction and try to shift the damage to the industry to other trading partners, including China, he added.
According to the official representative, the Canadian side’s actions are logically unfounded, legally illegal and practically useless. They will seriously damage normal trade and economic cooperation between China and Canada, he warned.
The Chinese side calls on Canada, in the spirit of safeguarding the multilateral trading system and maintaining the overall context of China-Canada economic and trade relations, to promptly correct its wrong actions and lift the restrictive measures. China will take all necessary measures to resolutely protect the legitimate rights and interests of its enterprises, the spokesperson added. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
London, UK, July 18, 2025 (GLOBE NEWSWIRE) — DOT Miners, the world’s leading cloud mining platform, announced today that it has officially launched a dual-currency income channel supporting XRP and DOGE, providing platform users with more flexible and diverse income options. This move is an important part of DOT Miners’ continued deepening of multi-currency computing power services, aiming to help users achieve more robust asset appreciation in the current volatile market.
New channel opened: support for mainstream currencies, balancing stability and potential As XRP approaches its historical high of $3.40 again, and DOGE continues to be active with community support, the market demand for these two popular assets continues to grow. DOT Miners has opened exclusive channels for XRP and DOGE. Users can directly participate in mining and obtain daily income through the platform without converting assets. All income is automatically settled on a daily basis and can be withdrawn at any time.
The technical director of the platform said:
“XRP and DOGE have a huge holding base and extremely high community popularity. We have customized cloud mining channels for these two currencies for users, combined with the platform’s original BTC, ETH, LTC and other currencies, to further enrich users’ diversified investment paths.”
Three Simple Steps to Start Your Cloud Mining Journey
Choose DOT Miners: Whether you are new to digital assets or an experienced investor, a small investment is all it takes to start earning daily income.
Register an Account: Visit the official website www.dotminers.com to register an account and receive a $15 registration bonus to begin your mining journey.
Select a Mining Plan: DOT Miners offers a variety of tailored mining contracts to meet different investment needs and budgets, ensuring flexibility and accessibility for users worldwide.
All income is settled daily, and users can withdraw or reinvest freely once their account balance reaches $100, offering full transparency and efficiency.
Why More Investors Are Choosing DOT Miners
Global Compliance: The platform is registered in the UK, operates under strict financial regulations, and supports full transparency and auditing.
Zero Threshold Entry: No mining hardware or technical knowledge required—start earning with just a few simple clicks.
Green Energy Support: Data centers located in Northern Europe and Africa are powered by 100% renewable energy, ensuring environmental sustainability.
Multi-Currency Payment: Supports major cryptocurrencies such as USDT, BTC, ETH, BNB, XRP, SOL, etc., offering flexible and convenient funding options.
Strong Backing: Supported by strategic investment from mining giant Bitmain, DOT Miners has a solid foundation and continuous development momentum.
Advanced Security: Comprehensive asset protection with Cloudflare security, EV SSL encryption, and multi-factor authentication.
About DOT Miners
DOT Miners is a UK-headquartered technology investment company specializing in Bitcoin cloud mining services. The platform has served users in more than 100 countries and is dedicated to promoting the adoption of blockchain infrastructure through technological and financial innovation.
DOT Miners also actively participates in charitable initiatives, supporting global financial education and digital inclusion projects to help more people understand and access the world of cryptocurrencies.
Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.
Washington, D.C, July 18, 2025 (GLOBE NEWSWIRE) — The cryptocurrency market continues to show divergent momentum as XRP and DOGE headline July’s trading activity. XRP, backed by its strong presence in cross-border payment systems, has seen stable consolidation around the $3.47 mark after a recent breakout above $3.50. Meanwhile, DOGE faces short-term correction pressure, though community support and institutional interest remain strong.
In this evolving environment, BJMINING, a global leader in decentralized cloud mining, has officially launched a new mining solution tailored for XRP and DOGE holders, offering a hands-free way to earn daily returns on crypto assets without active trading or technical setup.
BJMINING Launches New Cloud Mining Offering for XRP and DOGE Users
Headquartered in the UK and trusted by over 5 million users globally, BJMINING announced today the launch of a dedicated mining contract system that allows XRP and DOGE holders to activate cloud mining operations for BTC, DOGE, and more – using XRP deposits.
This move comes as more investors seek passive income solutions in a volatile market. The new offering enables users to recharge XRP or DOGE directly into their BJMINING accounts, which the platform then converts into computing power used in its global, AI-powered mining infrastructure. In return, users earn automated daily mining rewards, credited every 24 hours.
“We designed this launch to empower token holders with predictable income streams in an unpredictable market,” said a BJMINING spokesperson. “With zero technical barriers and no need to manage hardware, anyone can now access institutional-grade mining.”
No Hardware Needed: Mining is fully cloud-based with dynamic AI-powered resource allocation.
Multi-Crypto Support: Recharge using XRP, DOGE, BTC, ETH, and more.
Green Mining Infrastructure: Uses wind and solar energy via global data centers.
24/7 Support & Security: Protected by McAfee and Cloudflare, with round-the-clock technical support.
Transparent Returns: Fixed-term contracts with clear terms, no hidden fees, and full principal return at maturity.
A New Path for XRP and DOGE Investors
With XRP acting as a bridge to traditional finance and DOGE thriving on community momentum, BJMINING’s new service gives both types of holders a practical way to grow their assets—without needing to predict market swings or engage in speculative trading.
Users can begin in just three steps:
Register on the official BJMINING website.
Recharge using XRP or DOGE and choose a contract.
Receive daily income, automatically credited to your account.
As the crypto industry matures, BJMINING’s emphasis on security, sustainability, and user-friendly design positions it as a key player in the cloud mining space. The platform’s commitment to ongoing innovation and risk management makes it a timely solution for both new and seasoned investors.
“Whether you’re holding XRP for the long haul or trading DOGE for short-term gains, BJMINING gives you a simple way to earn—every day,” the company added.
Start Earning Today
As XRP and DOGE enter a pivotal moment, BJMINING offers a stable and automated alternative for investors looking to maximize returns without complexity.
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Source: Government of Ireland – Department of Jobs Enterprise and Innovation
18th July 2025
The Minister for Enterprise, Tourism and Employment, Peter Burke, has signed a Statutory Instrument to give legal effect in Ireland to the EU’s “Stop the Clock” Directive on Corporate Sustainability Reporting. These Regulations will provide much-needed legal certainty to Irish business, and will ensure that the original Corporate Sustainability Reporting Directive (CSRD) will not apply to so-called Wave 2 and Wave 3 companies for a further two years respectively, while the European Commission’s Omnibus proposal is being negotiated and agreed.
Minister Burke remains strongly supportive of the Simplification and Burden Reduction agenda at EU level, which has led the Commission to introduce a number of Omnibus Directives – these are Directives which propose to simplify multiple regulatory regimes through one combined legislative instrument.
In late February, the European Commission announced a number of changes to the scope and timing of both the CSRD and the Corporate Sustainability Due Diligence Directive (CSDDD) requirements for certain categories of companies, as part of the Commission’s First Omnibus Directive on Sustainability.
The proposals by the Commission will remove approximately 80% of companies from the scope of CSRD, focusing the sustainability reporting obligations on the largest companies which are more likely to have the biggest impacts on people and the environment. For large companies, who are the main category currently within scope of CSRD, the Omnibus proposal would restrict the application of the requirements to only those companies having 1,000 employees, as opposed to 250 employees under the current law. The proposed changes will also ensure that sustainability reporting requirements on large companies do not burden smaller companies in their value chains.
Further, the CSRD aspect of the “Stop the Clock” Directive, which is being transposed into Irish law in this Statutory Instrument, will also postpone by two years the reporting requirements for companies currently in the scope of the original CSRD and which would have been required to report for the first time in 2026 or 2027.
The Regulations also make some technical clarifications to the existing Irish legislation governing CSRD, to further clarify and reduce the scope of companies covered. These Regulations will thereby deliver legal certainty for business at all levels in Ireland.
Minister Burke said:
“I ensured that Ireland transposed the original CSRD Directive, on time, in July of last year, and Ireland was one of a small number of Member States to achieve this by the required deadline. I have also supported the European Commission’s simplification agenda, and in particular I have supported the early adoption of the Stop the Clock Directive, to give businesses in Ireland the legal certainty that they need, at the earliest opportunity.
The Stop the Clock Directive moved at a very fast pace at EU level. It was initially proposed at the end of February, and was adopted by Member States one month later, at the end of March. It was approved by the European Parliament with a massive majority. I am very happy that it is now becoming law in Ireland in early July, and that Irish companies will have the certainty that they need at this point.
I have said before that, while the core principle of the EU’s original corporate sustainability reporting regime was well-founded, in the context of the EU’s Green Deal, I recognise that the level of administrative burden associated with the original CSRD was excessive, both for large companies and especially for small and medium companies.
I continue to strongly support the simplification and burden reduction agenda at European level, to maximise the competitiveness of businesses in Ireland and in the EU, in the evolving global trading environment. These proposed changes will significantly help enterprise in Ireland, and most of all our SMEs.”
ENDS
Notes for Editors
The Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) was the EU’s response to the global reframing of company reporting to include environmental, social and governance matters. It entered into force in January 2023 and arises from the European Green Deal and the EU Action Plan for Financing Sustainable Growth. The aim of the CSRD was to harmonise the EU rules for sustainability reporting by companies and to put this on the same footing as financial reporting, giving investors and other stakeholders access to information to assess investment risks arising from climate change and other sustainability issues.
The CSRD was transposed, on time, in Ireland on 5 July 2024 by S.I. No. 336/2024 – European Union (Corporate Sustainability Reporting) Regulations 2024. A small number of technical clarificatory amendments were required, and the Minister signed a short amending instrument on 1 October 2024, S.I. 498/2024.
The Corporate Sustainability Due Diligence Directive (EU) 2024/1760 (CSDDD) places legal obligations on companies within scope to address the adverse environmental and human rights impacts arising from their operations. Companies must conduct risk-based human rights and environmental due diligence to identify actual or potential adverse impacts and prevent / mitigate / minimise the extent of such impacts. Companies are also required to adopt a climate transition plan.
The Stop the Clock Directive (Directive EU 2025/794) was published in the Official Journal of the EU on 14 April 2025. It postpones by two years the entry into scope of CSRD reporting requirements for so-called Wave 2 and Wave 3 companies, for two years respectively, to 2027 and 2028, while negotiations are progressing at EU level to agree substantive changes to the scope of CSRD and CSDDD, under the main Omnibus proposal, which is expected to be agreed by end 2025. The Stop the Clock Directive has a required transposition date by Member States of 31 December 2025.
For further information please contact Press Office, Department of Enterprise, Tourism and Employment, press.office@enterprise.gov.ie or (01) 631-2200
New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — As the crypto market heats up and XRP edges toward the $2.3 milestone, PFMCrypto is redefining how everyday users and professionals earn mining rewards. The company has officially launched “XRP Liquidity Mining”, the world’s first AI-powered multi-asset cloud mining vault, enabling users to mine multiple cryptocurrencies simultaneously—while dynamically reallocating computing power to maximize real-time returns. Now live on both web and mobile platforms, this innovative service offers a fully automated crypto earnings strategy that mines XRP, BTC, DOGE, ETH, and other major assets. No hardware, technical setup, or prior experience is required—users can get started with just $10 and begin receiving stable daily payouts from day one.
Why XRP Liquidity Mining Is a Game-Changer for Passive Crypto Income? Unlike traditional mining models that lock users into a single coin or fixed contract, PFMCrypto’s Liquidity Mining is powered by its proprietary AI engine, AURA. This intelligent system continuously analyzes key variables such as asset price, mining difficulty, network demand, and energy costs—automatically reallocating resources to the most profitable cryptocurrencies in real time. “Liquidity Mining is like putting your crypto earnings on autopilot,” said PFMCrypto’s CEO. “Whether XRP is surging or Bitcoin’s network adjusts, our system instantly adapts—ensuring your capital is always working at peak efficiency.”
Key Features of PFMCrypto’s XRP Liquidity Mining: – Multi-Asset Mining: A single deposit mines XRP, BTC, DOGE, ETH, and more. – AI Revenue Optimization: Smart resource allocation for maximum daily yield. – Low Entry Barrier: Start with just $10 (plus a $10 welcome bonus for new users). – Stable Daily Returns: Earnings paid in stablecoins or your preferred crypto. – Fully Cloud-Based: No mining rigs, no noise, no heat—100% remote access. – Institutional-Grade Security: Multi-layer custody infrastructure to safeguard user assets.
Investor Demand Surges as XRP Momentum Builds Ripple’s recent $125 million settlement with the U.S. SEC has revived investor confidence in XRP’s long-term prospects. Analysts are now forecasting a 95% likelihood of an XRP ETF approval by early Q4—potentially unlocking billions in institutional capital. “PFMCrypto’s XRP Liquidity Mining couldn’t be better timed,” said the company’s Chief Market Strategist. “This offering provides diversified exposure and stable income—without the volatility of direct trading.”
Sample Liquidity Mining Plans: $100 Plan – 2-Day Term – Earn $3.00 per day (plus $2 bonus) $1,000 Plan – 9-Day Term – Earn $13.10 per day $5,000 Plan – 30-Day Term – Earn $78.50 per day $10,000 Plan – 40-Day Term – Earn $180.00 per day All contracts guarantee full principal return upon maturity, and users may withdraw profits instantly at any time—providing maximum flexibility with minimal risk.
Trusted by Over 9.2 Million Users in 192 Countries Since its founding in 2018, PFMCrypto has earned a reputation for delivering high-performance, transparent mining solutions. Today, its platform supports over 9.2 million users globally, offering both beginners and institutions access to secure, AI-optimized passive income streams.
Get Started with Liquidity Mining in 3 Simple Steps: 1. Sign Up –Create an account and receive a $10 welcome bonus. 2. Choose a Mining Plan – Select your preferred term and budget 3. Start Earning Daily – Sit back as PFMCrypto’s AI engine mines for you
About PFMCrypto PFMCrypto is a global pioneer in AI-powered cloud mining and decentralized finance solutions. Founded in 2018, the platform enables remote mining for XRP, BTC, ETH, DOGE, LTC, and SOL—offering high-yield, low-risk opportunities for users across 192 countries.
DENVER, July 18, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its second quarter 2025 financial results after the U.S. financial markets close on Thursday, August 6, 2025.
Management will host a conference call on Wednesday, August 6 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.
About EverCommerce
EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 725,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.
Investor Contact: Brad Korch SVP and Head of Investor Relations 720-796-7664 ir@evercommerce.com
Press Contact: Jeanne Trogan VP of Corporate Communications 512-705-1293 press@evercommerce.com
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