Source: Hong Kong Government special administrative region
Inland Revenue Department issues tax returns for individuals??? Mr Chan said that the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 was passed by the Legislative Council on April 30, 2025, which gives effect to the proposal in the 2025-26 Budget to reduce salaries tax, tax under personal assessment and profits tax for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500 per case. Taxpayers only need to complete the tax returns for the year of assessment 2024/25 as usual. The tax concessions will be reflected in their final tax payable. He said, “The IRD is committed to promoting tax digitalisation and has been upgrading the functions of electronic tax filing to facilitate taxpayers and enhance the efficiency, reliability and accuracy of return filing. The IRD will launch three portals under eTAX this July, namely Individual Tax Portal, Business Tax Portal and Tax Representative Portal. Existing individual tax services provided by eTAX will be migrated to the Individual Tax Portal with a new design and enhanced functions. A mobile application for the portal will also be launched. The Business Tax Portal and the Tax Representative Portal enable businesses and service agents respectively to handle tax and business affairs electronically.”
He reminded taxpayers that when filing profits tax returns online, they may submit at the same time supporting documents in a specified electronic format. Details on electronic filing of profits tax returns are available on the IRD’s website Taxpayers may visit the IRD’s “e-Seminars—————————————————————
MIL-OSI
Next PostNextAnime Ascending: Experts Decode Global Storytelling Strategies and Industry Growth at WAVES 2025
Tax TypeRevenue (Provisional Figures) ($million)Revenue (Actual Figures) ($million)Personal AssessmentProfits TaxPlease see Annex 1 for details of the IRD’s tax revenue collection in the financial year 2024-25. Issued at HKT 16:50
Ms. Anuradha Prasad, former Secretary to the Government of India, Inter State Council Secretariat, Ministry of Home Affairs, took the Oath of the Office and Secrecy as Member, Union Public Service Commission today. The Oath was administered by Lt. Gen. Raj Shukla (Retd.), the seniormost Member of the Commission.
Ms. Anuradha Prasad did her graduation from the Lady Sriram College for Women and obtained a Masters in History from the University of Delhi. She also has a Masters Degree in Development Administration from the University of Birmingham, U.K.
Ms. Anuradha Prasad belongs to the 1986 batch of the Indian Defence Accounts Service. She has extensive experience in public policy, public finance, and cooperative federalism. In a career spanning over 37 years, she has worked in Union Ministries of Defence, Finance, Food Processing Industries, Labour & Employment and Home, gaining in-depth experience in policy & programme formulation and implementation.
As Finance Manager in the Acquisitions Wing of the Ministryof Defence, she handled acquisition of large platforms.In the Ministry of Finance, she handled finance and accounting for the Defence Services and the Ordnance Factory Board.During her stint in the Ministry of Food Processing Industries, Ms. Anuradha Prasad was instrumental in the development of the food industry through cold chain infrastructure, food testing laboratories and industry-driven R&D. She also has regulatory experience as Member of the Board of Food Safety and Standards Authority of India (FSSAI) as also the National Council for Vocational Education & Training (NCVET).
As Additional Secretary in the Ministry of Labour & Employment, she contributed to drafting of the Labour Codes and development of e-Shram Portal, a national database of workers in the unorganized sector.As Director General, Employees’ State Insurance Corporation (ESIC), she spearheaded various initiatives for health & welfare of workers during the Covid-19 pandemic.
As Secretary, Inter State Council Secretariat, Ministry of Home Affairs, she handled Centre-State and Inter-State relations and built consensus on many complex and sensitive issues resulting in key policy changes and expediting of infrastructure and other projects.
Post-retirement, Ms. Anuradha Prasad served as Member, Police Complaints Authority, Government of NCT Delhi.
Shri Piyush Goyal, Minister of Commerce & Industry of India, and Mr. Maroš Šefčovič, European Commissioner for Trade and Economic Security, engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. This commitment builds on the strategic direction given by Prime Minister, Shri Narendra Modi and President of the European Commission, Ms. Ursula von der Leyen during the landmark visit of the EU College of Commissioners to New Delhi in February 2025.
The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth. The meeting highlighted the progress made across multiple negotiating tracks and emphasized the importance of maintaining the ongoing momentum through monthly negotiating rounds and continued virtual engagement. Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from 12-16 May 2025 in New Delhi.
India emphasized that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade.
The India-EU FTA aspires to reflect the evolving realities of global commerce by supporting digital transition, promoting diversified and resilient supply chains. Both sides expressed optimism that the agreement, once concluded, will serve as a transformative pillar of the broader India-EU strategic partnership, enhancing market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides. Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality.
In the spirit of India’s emergence as a “Vishwa Mitra”—a partner to the world—and aligning with its 2047 development goals, the India- EU FTA is seen as an instrument to promote diversified production networks and uphold fair trade principles. As India continues to broaden its footprint through multiple free trade deals, this dialogue reflects its broader vision of shaping a future-ready framework aligned with national priorities and global aspirations.
Anime Ascending: Experts Decode Global Storytelling Strategies and Industry Growth at WAVES 2025 India has a unique ability to scale bold models that have not worked elsewhere: Jeremy Lim, GFR Fund Visionaries Behind the Screen: Fireside Chat Explores the Future of VFX in Cinematic Universes at WAVES 2025
India to become a superpower in the VFX industry and WAVES is a great initiative to take it forward
Posted On: 01 MAY 2025 9:39PM by PIB Mumbai
Mumbai, 1 May 2025
The inaugural day at the maiden WAVES 2025 Summit at the Jio World Convention Centre in Mumbai witnessed insightful breakout sessions delving deep into the vibrant AVGC sector of India.
A dynamic breakout session titled “Anime Ascending: Unlocking Global Potential in Storytelling, Fandom & Industry Growth” brought together leading figures from the Japanese and Indian animation industries for a high-powered conversation on the evolution, emotional core, and global trajectory of anime, with key focus on India’s growing potential.
Moderated by Shri Munjal Shroff, Chair, FICCI AVGC-XR Forum, the session featured a distinguished panel: Mr. Makoto Tezka, Director & CEO, Nontetra; Mr. Hideo Katsumata, President, The Anime Times Company, Japan; Mr. Makoto Kimura, CEO, Blue Rights, Japan; Mr. Atsuo Nakayama, CEO & President, Re Entertainment Co. Ltd.; and Ms. Anu Sikka, Business Head – Kids Entertainment and Infotainment, Jiostar.
Mr. Hideo Katsumata spoke about the increasing focus on Indian audiences and languages. He underscored the importance of societal engagement and cultural integration, stating, “We are exploring ways to blend Japanese animation with Indian traditions to connect with local audiences.”
Mr. Atsuo Nakayama offered valuable insights into the economic impact of anime in Japan and noted the vital role of the consumer. He expressed optimism about India as a promising market for Japanese animation and stressed the potential of the entertainment business in bridging cultural and commercial ties between the two nations.
In a detailed presentation, Mr. Makoto Tezka traced the origin of anime, emphasizing that the roots of Japanese animation lie deeply embedded in manga culture.
Ms. Anu Sikka highlighted the extensive research undertaken in India to better understand what resonates with young viewers. “The cultural relatability and emotional connect with Japanese content have contributed to anime’s growing popularity among Indian children,” she said, adding that behavioral analysis of viewership trends has significantly guided programming decisions
Mr. Makoto Kimura emphasized on the growing global footprint of anime and its visible impact across countries.
Moderated by Aditya Mani, CEO of Yologram Style, an insightful breakout session titled The New Arcade: VC’s Perspective on Gaming’s New Frontier, provided an in-depth look at the exciting opportunities and innovations within India’s gaming sector. The session featured a distinguished panel of venture capitalists (VCs) who discussed key trends, challenges, and opportunities within the gaming industry. The panel included Anuj Tandon, Partner at Bitkraft Venture, Sharan Tulsiani, Founder of Jetapult, Vinay Bansal, Founder & CEO of Inflection Point Ventures, Nihansh Bhat, Corporate Development Lead at KRAFTON India, and Jeremy Lim, Principal at GFR Fund.
The panel emphasised India’s unique position as a country of storytellers. India’s rich cultural narrative tradition is increasingly being woven into interactive media. Gaming, they pointed out, is converging not only with films and digital fashion but also with mainstream media with Indian gaming studios emerging as significant contributors.
Jeremy Lim pointed out that India has a unique ability to scale bold models that have not worked elsewhere.
A key focus of the session was the role of localisation in driving success within emerging markets. While global models serve as inspiration, the panel underscored the necessity of adapting gaming experiences to local insights and consumer behaviours.
Looking ahead to 2025, the growing influence of artificial intelligence (AI) was underscored. AI is set to play a key role in personalising gameplay, enhancing user interaction, and driving immersive storytelling.
The breakout session on VFX provided a unique opportunity to explore the pivotal role of visual effects in modern cinema and its future in shaping storytelling. Moderated by Sh. Akhauri P. Sinha, Managing Director, Framestore India, the session featured distinguished panelists Sh. Jaykar Arudra, VFX Supervisor, DNEG; Sh. Sandeep Kamal, Independent VFX Supervisor; and Sh. Srinivas Mohan, acclaimed for his work on Baahubali and 2.0. The panelists provided insights into how VFX is revolutionizing cinematic narratives.
Sh. Jaykar Arudra stressed the importance of research and design in meeting the creative demands of VFX-intensive productions. “It’s not just about spectacle—it’s about story integrity,” he noted. He further stated, “India is poised to become a superpower in the VFX industry, and WAVES is a great initiative to take this vision forward.”
“Technology is a game-changer,” noted Sh. Srinivas Mohan. He said, “When applied wisely, it allows us to break limitations and create world-class visuals.”.
Sh. Sandeep Kamal discussed the increasing accessibility of high-quality VFX tools and how affordability is no longer a barrier to excellence. “A clear vision is what guides us in achieving both quality and deadlines,” he noted.
The breakout sessions embodied deep sentiments of optimism and collaboration, as Anime, VFX and Gaming continue to evolve as powerful cultural and commercial forces worldwide. These sectors hold unprecedented potential for India. True to the spirit of WAVES, the breakout sessions were a celebration of innovation and storytelling.
Source: Hong Kong Government special administrative region
Police announced today (May 2) that the “floating colours” parade in Cheung Chau on May 5 is expected to draw a large number of spectators. Crowd safety management measures and special arrangements will be implemented. Police urge members of the public to plan their trips in advance.
A. Crowd safety management measures
Depending on crowd conditions, crowd safety management measures will be implemented on the following roads:
– Pak She Street; – â� San Hing Street; – Tung Wan Road; – Praya Street; – Tai San Praya Road; – Tai Hing Tai Road; – Chung Hing Street; – Tai Tsoi Yuen Road; – Tai San Back Street; – Hing Lung Main Street; – â� San Hing Back Street; – Man Shun Lane; and – Kwok Man Road.
“No staying zones” will be set up outside Cheung Chau Ferry Pier, Cheung Chau Public Pier and Shing Cheong Lane, where members of the public are prohibited from staying.
Members of the public are advised to exercise tolerance and patience, and take heed of instructions of the Police on site. They are also reminded to look after the accompanying children and elderly.
B. Ferry services
To facilitate the dispersal of spectators from the “floating colours” parade, the ferry company will increase the frequency of trips between Central and Cheung Chau. Members of the public are advised to pay attention to the latest arrangements announced by the ferry company before leaving home.
Police anticipate that the peak period for individuals departing from Cheung Chau will occur from 5pm to 6pm. During this time, those queuing at Cheung Chau Ferry Pier are advised to exercise patience and take heed of instructions of the Police on site. Members of the public are advised to avoid the peak time unless necessary.
India Showcases Creative and Technological Might at WAVES 2025 Discussions at WAVES on AI, Social Media and Advertising reflect India’s expanding footprint in the Digital Media sector
Posted On: 01 MAY 2025 9:24PM by PIB Mumbai
Mumbai, 1 May 2025
The inaugural session of WAVES 2025 was graced by Prime Minister Narendra Modi, who officially opened the summit at the Jio World Centre in Mumbai. In his keynote address, PM Modi emphasized India’s rich storytelling heritage and its potential to become a global hub for content creation. He highlighted the convergence of content, creativity, and culture as the pillars of the ‘Orange Economy,’ urging creators worldwide to “Create in India, Create for the World.” The Prime Minister also paid tribute to Indian cinema legends by releasing commemorative postage stamps. He called upon global creators to explore India’s diverse narratives, stating that every street, mountain, and river in India carries a story waiting to be told. The session was attended by dignitaries from over 100 countries, industry leaders, and renowned artists, marking a significant step in India’s journey to becoming a creative superpower.
AI and Creativity: Adobe and NVIDIA Chart the Future
Shantanu Narayen, CEO of Adobe, highlighted India’s emergence as a global hub of creativity powered by digital tools and generative AI. With over 100 million content creators and 500 million OTT consumers, Narayen described India as “the world’s next creative superpower.” He showcased Adobe’s Firefly AI models and stressed ethical AI, content authenticity, and creator attribution as vital for sustainable growth.
In a fireside chat, Richard Kerris and Vishal Dhupar of NVIDIA explored how AI is revolutionizing the creative pipeline—allowing content to be generated, localized, and personalized at scale. “India has long exported talent. Now it can export culture,” Kerris declared, emphasizing AI’s ability to amplify regional voices and transform India into a storytelling giant.
YouTube to offer more support to boost the Creator Economy
YouTube CEO Neal Mohan announced a ₹850 crore investment to accelerate India’s creator economy, citing over 15,000 Indian channels with more than 1 million subscribers. Joined by global creators Mark Rober and Gautami Kawale (Slayy Point), Mohan underlined YouTube’s role in taking Indian stories global. “India isn’t just leading in music and film—it’s now a Creator Nation,” he said. Kawale shared how regional Indian content, when rooted in culture, has universal appeal, while Rober spoke about the power of STEM content crossing borders through AI-enabled dubbing and localization.
WPP and the Advertising Renaissance
Mark Read, CEO of WPP, described the advertising industry’s $1 trillion global footprint and its shift towards AI-led storytelling. He unveiled WPP’s open video production platform and shared a campaign featuring Shah Rukh Khan to demonstrate hyper-personalized content creation using motion AI. “AI is not replacing creativity—it is expanding it,” Read said, outlining the role of MSMEs and digital tools in democratizing access to quality advertising.
Global Collaboration: UK-India Cultural Pact
In a keynote that blended diplomacy and personal heritage, Lisa Nandy, UK Secretary of State for DCMS, emphasized the cultural bridge between India and the UK. She announced a Bilateral Cultural Federation Agreement to strengthen ties across cinema, museums, and performing arts. “From Manchester to Mumbai, we must empower the next generation of storytellers,” she urged, citing the legacy of figures like Sophia Duleep Singh and modern UK-Indian creatives.
Panel Highlights: AI, Culture, and Influence; Two panel discussions deepened the discourse:
“India M&E @100: The Future of Media and Entertainment” featured leaders from Eros Now, Jetsynthesys, and GroupM. They emphasized that India is in the fourth wave of disruption, where AI-led IP creation and Gen Z consumption patterns are reshaping the industry.
“The Business of Influence”, moderated by YouTube’s Gautam Anand, showcased creators like Chef Ranveer Brar, ChessTalk’s Jeetendra Advani, and Japanese YouTuber Mayo Murasaki. From chess to agriculture, they demonstrated how digital platforms are taking Indian knowledge global while preserving cultural authenticity.
Source: Hong Kong Government special administrative region
​The Government published in the Gazette today (May 2) the Land (Miscellaneous Provisions) (Amendment) Regulation 2025 to revise the eight types of fees and three sets of economic costs payable as specified under the Land (Miscellaneous Provisions) Regulations (Cap 28A).
The revision cover the following categories:
(a) fees payable in respect of processing the applications for excavations and issuing excavation permits (XP) by the Government in relation to excavations in unleased land covering the extent in streets maintained by the Highways Department (HyD) and unleased land other than streets maintained by the HyD; and
(b) economic costs charged for the whole duration of the extended period of excavations in a street maintained by the HyD.
A spokesman for the Development Bureau said, “In line with the ‘user pays’ principle, it is the Government’s policy that fees charged by the Government should in general be set at levels adequate to recover the full cost of providing the services.
“The Government implemented a fee review moratorium on government fees and charges set on a cost recovery basis from August 2019 to December 2021. Starting from early 2022, the Government has gradually resumed the review of various fees. This is the first revision proposal for the above-mentioned fees and economic costs since the lifting of the fee review moratorium.
“In order to achieve full cost recovery gradually and avoid a steep fee increase, the eight types of fees payable in respect of processing the applications for excavations and issuing XP by the Government will be increased by 8 per cent to 20 per cent. In addition, three sets of economic costs charged for the whole duration of the extended period of excavations in a street maintained by the HyD will be increased by 24 per cent to 25 per cent to drive the excavation permittees to complete their works as soon as possible so as to minimise the disturbance to the road users.
“As stated in the Information Paper to the Legislative Council Panel on Development dated July 15, 2024, the service users involved in the subject fees and economic costs are mainly public utilities (such as electricity companies, telecommunication companies, and the town gas company). The subject fees and economic costs should represent a minute portion (amounting to around 0.1 per cent) of the total operating cost of the public utilities. Thus, the proposed increases should have a limited impact on their operations. The relevant stakeholders have been consulted on the proposed fee revision. They did not raise any comment on the proposed fee revision.”
The Regulation will be tabled at the Legislative Council on May 7. Subject to approval by negative vetting, the revised fees and economic costs will come into effect on July 1 this year.
To help meet the growing demand for protein-rich dairy substitutes, the European Investment Bank signed a €35 million loan with Formo in January 2025.
“This project supports the EU’s Farm to Fork Strategy, which promotes the transition to more sustainable food systems,” adds Machado Mendes. “It’s one of the reasons we stand behind it.”
Backed by the European Union’s InvestEU guarantee programme, the EIB investment enables Formo to continue developing its fermentation processes and produce more alternatives to products such as milk and eggs.
“It’s a clear indication of our growing role in the bioeconomy,” says Alberto Casorati, the loan officer overseeing this initiative at the European Investment Bank. “Formo is bringing an innovative, sustainable product to the EU market, catering to a broad range of consumers, including those who are lactose intolerant or follow a vegan diet.”
Your Excellency, the President of the Republic of Cyprus, distinguished guests, esteemed colleagues, and friends,
It is a great pleasure to address the 3rd Capital Link Cyprus Business Forum here in New York, a city that has long served as a global hub for business, finance, and innovation. I would like to extend my sincere gratitude to the organizers for bringing us together today to exchange insights on the economic trajectory of Cyprus. Events like this are crucial in fostering dialogue and reinforcing the strong economic ties between Cyprus and the international business community.
Key metrics of the Cypriot Economy
The Cypriot economy and its banking sector have continued to demonstrate remarkable resilience, despite an increasingly volatile global environment marked by geopolitical uncertainty and rising trade tensions. In 2024, Cyprus achieved robust economic growth, significantly outpacing the euro area average and primarily driven by foreign investment, robust tourism, and rapid expansion in Information and Communication Technologies. At the same time, unemployment declined notably, falling well below the euro area average and approaching conditions of full employment, while inflation declined significantly and remains well on track. Fiscal performance also strengthened considerably, with public debt reduced to levels well below the euro area average, highlighting the country’s improved fiscal discipline.
Meanwhile, key indicators of banking sector strength remained solid. Capital adequacy levels, as measured by the Common Equity Tier 1 (CET1) ratio, are significantly above the EU average, and profitability, as measured by Return on Equity, reached one of the highest levels across the Union. Cypriot banks also continue to maintain some of the strongest liquidity positions in the EU, further reinforcing the sector’s soundness and resilience.
The remarkable economic performance of Cyprus was recently acknowledged by the International Monetary Fund. As mentioned in its Concluding Statement of its recent Article IV Mission:
“Cyprus has demonstrated impressive resilience to successive shocks. Growth has remained among the highest in the euro area, mainly supported by foreign investment, strong tourism, and a boom in the ICT sector.”
All major credit rating agencies have also recognized the notable progress of the economy, upgrading Cyprus’s credit rating to the ‘A’ category. This progress not only reflects solid economic performance but also acts as a safeguard against global uncertainty and constitutes key factor for sustaining strong growth potential.
Domestic Economy
Growth Outlook
Having outlined the broader context of the Cyprus economy, I will now turn to the growth outlook in more detail. In 2024, GDP growth reached 3.4% compared to 0.9% in the euro area. Domestic demand, and most specifically, private consumption has been a key driver of growth, complemented by a positive contribution from net exports, particularly export of services. Investments also registered an increase in 2024, across both housing and other private investments, such as ongoing implementation of major infrastructure projects with foreign financing as well as projects under the Recovery and Resilience Facility. Despite geopolitical challenges, tourism arrivals and revenue reached record levels in 2024, exceeding four million tourists for the first time. On the production side, the services sectors of the economy were the key drivers for economic activity. Specifically, the sectors of trade, transportation (particularly shipping), hotels and restaurants gave the greatest support to GDP growth. The information and communication sector as well as financial and professional services were also important contributors to growth. Finally, healthcare and education, real estate management activities, construction and manufacturing sectors also fueled economic activity.
I would like to highlight at this point that the steps taken to diversify our economy-both across sectors, including services, tourism, and non-tourism-related industries, as well as across different markets-have played a key role in strengthening our resilience. These efforts have significantly enhanced our ability to withstand external shocks, particularly in times of geopolitical turmoil.
Looking ahead, based on March 2025 projections of the Central Bank of Cyprus, GDP is expected to continue to grow robustly at around 3% per year over 2025-2027. This continued expansion is anticipated to largely stem from domestic demand, with external demand playing, to a lesser extent, a supporting role. Investments are also expected to remain strong. Nevertheless, persistent geopolitical tensions may introduce downside risks to the speed of external recovery.
Fiscal Developments and Public Debt Reduction
On the fiscal side, Cyprus has made significant strides in reinforcing fiscal stability, a cornerstone of sustainable economic progress. Notably, public debt declined substantially from 113.6% of GDP in 2020 to 65.4% in 2024. As of January 2025, the debt-to-GDP ratio had fallen further to 61.9%, reflecting disciplined fiscal policies and sound economic management. It should be noted that in the euro area, public debt stood at 88.2% at the end of the third quarter of 2024.
Looking forward, the Ministry of Finance projects that this downward trajectory will persist, with public debt expected to fall below 50% of GDP by 2028. This fiscal consolidation not only strengthens Cyprus’ financial resilience but also enhances investor confidence, reinforcing the country’s attractiveness for foreign direct investment and securing long-term economic stability.
Inflation Trends
Turning to inflation, price stability remains a key focus. Inflationary pressures have eased significantly, with the headline inflation significantly declining to 2.3% in 2024 from 3.9% in 2023. This reduction has been largely driven by the correction of external supply-side shocks, particularly in energy markets, as well as the European Central Bank’s monetary policy tightening.
Over the period 2025-2027, inflation is projected to sustainably stabilize around 2%. This is in line with the medium-term target we set at the Governing Council of the ECB. Although certain services sectors continue to experience relatively elevated price growth, overall inflationary pressures remain well-contained, ensuring a stable environment for households and businesses alike. However, we must remain vigilant, as exceptionally high uncertainty continues to pose upside risks to inflation, alongside climate-related factors.
The Cyprus Banking Sector
The banking sector in Cyprus has demonstrated remarkable progress and resilience over the past years. Our financial institutions have not only navigated a challenging global environment but have also shown notable strides in strengthening their foundations. A primary indicator of this resilience is the enhancement of the solvency capacity, with the Common Equity Tier 1 (CET1) ratio increasing to 24.5% in December 2024. This increase places Cyprus at the top of the EU spectrum, well above the EU average of 16.1%.
Despite the ongoing challenges from successive crises, Cyprus has experienced no clear signs of a decline in credit quality. On the contrary, the Non-Performing Loans (NPL) ratio has continued to show improvement. As of December 2024, it has decreased to 6.2%. Even though this is a positive trend, we must acknowledge that more work is needed, especially considering the EU’s average NPL ratio of 1.9% as of the same period.
Profitability has remained strong and persistent, with the Return on Equity (RoE) reaching 20.0% in December 2024, significantly higher than the EU average of 10.5% in the same period. Operational efficiency has also seen progress, as the cost-to-income ratio decreased to 37% in December 2024, a considerable improvement compared to previous years and lower than the EU’s 54% average in the same period.
Cypriot banks maintain some of the highest liquidity levels within the EU. This strong liquidity position enhances their capacity to navigate potential market disruptions and to continue supporting economic stability. As of December 2024, the Liquidity Coverage Ratio (LCR), which reflects a bank’s ability to withstand significant liquidity outflows during stressful periods, stands at 333%, well above the EU average of 163% as of the same period and the minimum requirement of 100%. Similarly, the Net Stable Funding Ratio (NSFR), which measures the stability of a bank’s funding sources, is at 188% in December 2024, exceeding both the EU average of 127% recorded in the same period and the required 100%.
Looking ahead, the banking industry must navigate several challenges, including integrating AI, managing cyber risks, responding to geopolitical instability, shifting towards a more sustainable economy, addressing the growing need for substantial investments in technology, and adapting to heightened competition from the non-banking sector, particularly in the area of payment services. Addressing these key issues is crucial for maintaining the sector’s positive growth and will continue to be a primary focus of our oversight efforts.
Conclusion
Cyprus has demonstrated resilience and strong economic performance against a backdrop of global uncertainties. Despite elevated international risk and the increasing geopolitical fragmentation, it is my belief that Cyprus will continue to prosper thanks to its commitment on prudent, yet business-friendly policies.
Let me bring my speech to a close by quoting Warren Buffett’s renowned advice: “Risk comes from not knowing what you’re doing.” This obviously highlights the necessity for informed decision-making. I therefore urge you to examine the country’s track record and to assess the ingredients of its pursued policies. I am confident that Cyprus will stand out as a compelling and reliable destination for investment.
Thank you for inviting me to Brookings. We have long benefited from your expertise, most recently when one of your fellows, Don Kohn, gave a star performance last month at our South African Reserve Bank Research Conference in Cape Town. It is great to be with you in DC today.
The focus of my talk is the Group of Twenty (G20), for which South Africa currently has the presidency. As you will all know, the G20 started in the 1990s as an informal arrangement for discussing macroeconomic developments and financial stability. It was designated the premier forum for international economic cooperation during the Global Financial Crisis (GFC)1 and, at the time, it proved this status was well deserved.2
It did this by demonstrating two great strengths.
First, unlike the Group of Seven, it brought together all the major economies, not just the richer ones. This balanced participation made it a genuinely global institution. Second, it was just small enough that it could act decisively.
In the years since the GFC, the G20 has worked on many important issues, with some real successes. The global regulatory reform agenda stands out as perhaps one of the most significant achievements of the G20. Today we can say the core of the global financial system is more resilient than it was during the GFC.
The G20 has demonstrated its value during crises, most notably at the onset of the COVID-19 pandemic, where it served as a central forum for coordinating responses and mobilising finance.
It has strengthened the global financial safety net, with a better-resourced International Monetary Fund at its centre, and has facilitated expanded resource commitments for the multilateral development banks.
In 2020, the Debt Service Suspension Initiative helped create fiscal space for poor countries at a moment of great peril. The Common Framework that grew out of this is still the most promising mechanism available for working out unsustainable sovereign debts.
It is a testament to the G20’s value that even now, at a time of extraordinary global change, all its members agree about its importance, and all of them are committed to continuing its work.
At the same time, I think we are all in agreement that the G20 faces many challenges. I would like to discuss some of them today as a prelude to the discussion to come. I hope you will forgive me for focusing today on how process subverts better policy formulation, but I believe this is a serious concern and detracts from what the G20 might achieve.
Let me start by drawing attention to the need for more focused agenda-setting, supported by better processes.
From a very operational perspective, G20 meetings are large. There is a rule of thumb, sometimes called Parkinson’s law,3 that the maximum size of an effective committee is around 20 participants. Once you get past that threshold, it seems to become difficult to make decisions efficiently.
It would seem that an organisation called the G20 would be perfectly designed for satisfying Parkinson’s law. But, in addition to the G20’s 21 members, we also have a roster of invited countries and many international organisations. Counting in these invited participants, we had a total of 52 countries and institutions at our recent Finance Ministers and Central Bank Governors meeting in Cape Town.
In this context, it can be challenging to have spontaneous conversations and robust debates.
One high-level observation is that the G20 functions best in a global crisis. Minds are focused and participants move quickly to find each other in identifying root causes, analysing options and defining the path forward. I think of the meetings of Washington in 2008, London in 2009, and Toronto and Pittsburgh in 2010 as exemplars.
Once we are no longer in the throes of a crisis, it becomes harder to find purpose. When we say, for instance, that the G20’s relevance is fading, I think we mean that the agenda, always rich in topics, is overloaded and too complex. While there are many agenda items suitable for reasoned, technocratic discussions, such as improving payment systems or helping heavily indebted poor countries, the G20 cannot effectively address itself to all of them.
Against this, the G20 has powerful mechanisms for adding issues to its agenda. Each year, we have a new presidency, and each presidency wants to make its mark by putting new issues on the table. This means we add more than we subtract. Because the G20 is powerful, prestigious and global, it is tempting to bring it all the problems of the world. It does not follow, however, that, just because something is important, it should be on the G20’s agenda. There are many important issues for which the G20 is not the right forum.
So, we should be more intentional in how we choose which issues to discuss – especially when the world is in between crises. Narrowing the G20’s scope might also make for more focused discussions that say something more meaningful about the top two or three priorities chosen each year.
Keeping those priorities central to our discussions would also encourage a better kind of engagement – more intimate conversations that help participants find each other and craft common views.
In the end, with too much content and not enough conversation, our messaging and communication becomes loaded with vague ‘priors’ rather than more concrete solutions. We tend to sacrifice clarity and purpose in favour of finding relevance among only the most specialist audiences.
Refocusing on solutions would help to avoid falling into the trap of drafting long and formulaic communiqués. Finally, we would do better by having shorter statements, written in plain language.
Of course, it is easier to communicate when you have clear decisions to share. The path here is to zero in on our inherently common challenges and then to work harder, partly with better agenda-setting, to develop common views.
In its early years, the G20 worked well for economic and financial stability issues. We need to preserve that focus and enhance it.
Another way of doing this could be to separate the various tracks, making them more distinct from one another, creating the space for the principals of the G20 Finance Track to focus, in part, on defining the agenda. Such a step might also mean rethinking the structure of the Finance Track itself and of its multiple working groups and their processes.
It has also been suggested that we should establish a permanent G20 secretariat. There are obstacles to this, including who hosts it, who gets which roles and who foots the bill. We would have to be very disciplined about keeping it small, meritocratic and well governed.
That said, establishing a secretariat for each track might address the problem that each year a new country assumes the presidency, puts in a huge effort and financial resources to learn the ropes, and then, just as it starts to really understand the system, its term is over and someone else starts all over again.
I cannot say I’m convinced a secretariat for each standalone track is a good idea, but maybe it is better than what we have now. It would be great to hear other suggestions.
To conclude, one of the best parts of the G20 is building relationships and social capital through meeting regularly. In doing so, we enhance our ability to cooperate in crises, gaining perspective and defining better, sustainable solutions.
Such a dynamic and engaged process is arguably even more critical now as the global community feels its way into a new era. It is in these times that we will find it harder to agree, and it therefore becomes more important to hear each other and seek to redefine our common interests. That there may be contestation over certain topics and how to approach them is a positive outcome of the G20, not a weakness. This is where value we add should, in fact, be found.
The G20 remains the premier forum for international economic cooperation, and should not have to be reinvented for every crisis. There is no doubt that global cooperation is difficult, even in less crisis-prone times. But the alternatives are worse. And the G20 could, with concerted effort, reach its previous levels of excellence.
NEW YORK CITY, May 02, 2025 (GLOBE NEWSWIRE) — Software Experts has named Klaviyo one of the top email marketing platforms of the year. Klaviyo’s AI-powered automation, real-time customer data integration, and multi-channel marketing capabilities position it as a primary choice for businesses who want to enhance customer engagement and maximize revenue.
Top Email Marketing Software
Klaviyo – an AI-powered email marketing platform that leverages real-time customer data and automation to drive engagement and sales
This article is sponsored by Klaviyo. All opinions expressed are those of Software Experts. Software Experts offers news and reviews on consumer products and services and may earn commissions from purchases made through featured links.
Email marketing remains a critical channel for businesses aiming to foster customer relationships, increase brand awareness, and generate sales. However, the effectiveness of email campaigns depends on personalization, automation, and data-driven decision-making. Klaviyo distinguishes itself by leveraging advanced AI and machine learning algorithms to optimize email content, segmentation, and automation flows in real time.
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Source: The Conversation – UK – By Tamsin S. Mitchell, Visiting Researcher, Centre for Freedom of the Media, University of Sheffield
Humberto Padgett was reporting on the effects of drought in Cuitzeo, a rural area of central Mexico, when his car was intercepted by armed men on September 13 2024. They threatened him and stole the car, his identity papers and work equipment, including two bullet-proof jackets.
Padgett, a Mexican investigative journalist and author, was reporting on Mexico’s growing environmental worries for national talk radio station Radio Fórmula. It proved to be his last assignment for the station. Two days later, he tweeted:
Today I’m leaving journalism indefinitely. The losses I’ve suffered, the harassment and threats my family and I have endured, and the neglect I’ve faced have forced me to give up after 26 years of work. Thank you and good luck.
Padgett made this decision despite the fact he, like many other journalists in Mexico, has been enrolled in a government protection scheme for years – the Protection Mechanism for Journalists and Human Rights Defenders, set up in 2012. Several other Latin American countries have similar protection programmes, including Honduras since 2015.
These programmes offer journalists measures such as panic buttons and emergency phone alerts, police or private security patrols, and security cameras and alarm systems for their homes and offices. Some are provided with bodyguards – at times, Padgett has received 24-hour protection.
In Honduras, reporter Wendy Funes, founder of the online news site RI, was given a police bodyguard after being threatened while covering an extortion trial that linked the Mara Salvatrucha (MS-13), an international criminal gang, with the Honduran government of former president Juan Orlando Hernández, who is now serving a 45-year prison sentence in the US for drug trafficking and arms offences.
Yet even once journalists are enrolled in these government protection schemes, the attacks and threats continue. Shockingly, many come from state employees who, in both Mexico and Honduras, are thought to be responsible for almost half of all attacks on journalists. But the prospect of punishment is remote: at least 90% of attacks on journalists go unprosecuted and unpunished, meaning there is little deterrent for committing these crimes.
Both Mexico and Honduras currently have leftwing governments which have promised to protect journalists, following a long history of crimes against media professionals in both countries. Yet the risk to journalists posed by the state has worsened in recent years amid increasing use of spyware, online smear campaigns, and rising levels of anti-media rhetoric.
Journalists perceived as critical of the leadership are regularly accused of being corrupt, in the pay of foreign governments, and putting out fake news. Donald Trump’s vocal criticism of mainstream media since returning to power in the US is likely to have encouraged this anti-media hostility in Mexico and Honduras, as elsewhere in the world.
When I tell people about my research into how journalists in Latin America deal with the relentless violence and impunity, their first question is usually: “Oh, you mean drug cartels?” And indeed, both Padgett and Funes have received death threats for their investigations into cartels and other organised crime groups.
Padgett was once sent an unsolicited photo of a dismembered body in a morgue. He was beaten and kicked in the head by armed men who threatened to kill him and his family while he was reporting on drug dealing on a university campus in Mexico City in 2017. He wears a bullet-proof jacket – or did until it was stolen – and keeps his home address a closely guarded secret.
But cartels and gangs are only part of the story when it comes to anti-press violence and impunity in these countries. In many ways, the bigger story is the threat from the state. This has been a constant despite changes in government, whether right or left wing.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
My research project and resulting book were inspired by my work providing advocacy, practical and moral support for journalists at risk in Latin America for an international NGO between 2007 and 2016. The extent of the risk posed by state agents – acting alone or in cahoots with organised crime groups – is clear from the many journalists I’ve spoken to in both Mexico and Honduras.
I first interviewed these reporters, and the organisations that assist them, in 2018, then again in 2022-23 (89 interviews in total), to chart how journalists struggle for protection and justice from the state in the face of growing challenges at both domestic and international level.
For both Padgett and Funes, the intimidation, threats and attacks from organised crime groups often followed them reporting on state agents and their alleged links with such groups. Organised crime groups have deeply infiltrated the fabric of society in many parts of Mexico and Honduras – including politics, state institutions, justice and law enforcement, particularly at a local level.
In Padgett’s case, the suspected cartel threats came after he published a book and investigation into links between state governments and drug cartels, including drug money for political campaigns in Tamaulipas and a surge in cartel-related violence in Morelos under a certain local administration.
Padgett had first joined the federal protection mechanism after he was attacked by police when filming a raid in central Mexico City in 2016. The police confiscated his phone and arrested him.
He was later assigned an around-the-clock bodyguard after the Mexico City prosecutor’s office made available his contact details and his risk assessment and protection plan – produced by the state programme that was supposed to safeguard him – for inclusion in the court file on the 2017 attack on him at the university. This meant the criminals behind the attack had full access to this information.
Being part of this protection programme did not stop the threats by state employees. In April 2024, while trying to report from the scene of the murder of a local mayoral candidate in Guanajuato state, Padgett was punched in the face by a police officer from the state prosecutor’s office, who also smashed his glasses and deleted his photos.
Years earlier, he had been subjected to a protracted legal battle by former Mexico state governor and presidential candidate Eruviel Ávila Villegas, who sued Padgett for “moral damages” to the tune of more than half a million US dollars. His offence? A 2017 profile which mentioned that the politician had attended parties where a bishop had sexually abused male minors.
Padgett eventually won the case – but only on appeal, thanks to a pro bono legal team, after 18 months of stress and travelling to attend the hearings. This is a part of a growing trend of “strategic lawsuits against public participation” (Slapps) in Mexico and Latin America, aimed at silencing journalists and other critical voices.
As Padgett put it: “[Even] once we manage to win, there are no consequences for the politicians who call us to a trial without merit – no consequences at all. Eruviel Ávila is still a senator for the PRI [Institutional Revolutionary Party]” – and he was not even liable for costs.
Mexico’s federal government and army have also carried out illegal surveillance of the mobile phones of journalists and human rights defenders investigating federal government corruption and serious human rights violations on multiple occasions, including by using Pegasus spyware.
In Honduras, Funes is no stranger to state harassment either. In 2011, she was among around 100 journalists, many of them women, who were teargassed and beaten with truncheons by officers of the presidential guard and the national police during a peaceful protest against journalist murders.
In recent years, according to Funes, she and her team at RI have been targeted by cyberattacks and orchestrated smear campaigns on social media that have sought to tar them as being corrupt or associated with criminal gangs. She suspects the army is behind some of these attacks since RI has written in favour of demilitarising the police. Several RI team members have been stopped at army checkpoints; when they have denounced this on TikTok or Facebook, they have been flooded by negative comments.
Profile of investigative journalist Wendy Funes, winner of the 2018 Index on Censorship Freedom of Expression journalism award.
RI has also been attacked by government supporters unhappy with its critical coverage of the Honduras president Xiomara Castro’s leftwing administration. In August 2024, Funes was threatened with prosecution by the governor of Choluteca, southern Honduras, over RI’s investigation into alleged involvement by local government officials in migrant trafficking. And earlier in 2025, Funes and a human rights activist were subjected to misogynistic and sexist diatribes and threats by the head of customs for the same regional department, for demanding justice for a murdered environmental defender.
Almost half of all attacks on journalists in Mexico and Honduras are attributable to state agents, particularly at the local level. In Mexico, the NGO Article 19 has attributed 46% of all such assaults over the last decade to state agents including officials, civil servants and the armed forces.
In Honduras, according to the Committee for Free Expression (C-Libre), 45% of attacks on journalists in the first quarter of 2024 were attributed to state agents, up from 41% in 2021. These include the national police, the Military Public Order Police, officials and members of the government.
Impunity is a fact of life
One key reason for the failure of the journalist protection schemes in Mexico and Honduras is they lack the power to investigate, prosecute and punish those responsible for the attacks that caused the journalists to enter the programmes in the first place.
Padgett is yet to see justice, either for the attack on him by drug dealers at the university campus almost eight years ago or the results of the official investigation into the Mexico City prosecutor office’s apparent leaking of his contact details to the assailants. When he asked the prosecutor’s office for an update on its investigation in June 2024, he was told it had been closed two years earlier. His request for a copy of the file was denied.
When he went to the office to ask why, he was detained by police officers. “This is justice in Mexico City,” he said in a video he filmed during his arrest, adding:
Drug dealing is allowed. My personal data is leaked to the organised crime [group] that threatened to kill me and my family. Then the matter is shelved. I come to ask for my file and instead of giving it to me, they take me to court. That is the reality today.
News report by Al Jazeera English (February 2023)
Padgett lodged a complaint and, following “a tortuous judicial process”, eventually managed to get the investigation re-opened. But he says he has lost hope in the process and the justice system in general. Even something as simple as filing a report on the theft of his bullet-proof jacket during the armed attack in September 2024 has proved beyond the official responsible for the task, so the protection programme has not replaced it.
Funes says she reported one of the cyber-attacks on RI to the special prosecutor established by Honduras in 2018 to investigate crimes against journalists and human rights defenders. Funes provided the name and mobile phone number used by the hacker. However, she said the case was later closed for “lack of merit”.
Previously, the official investigation into the 2011 attack on her and other women journalists had also been quietly shelved after the evidence was “lost”. Funes says this put her off reporting subsequent incidents to the authorities:
What for? I just want them to protect me … why waste my time? Really, you get used to impunity, you normalise it.
There have been a few important advances in Mexico in recent years, including the successful prosecution of some of those behind the 2017 murder of two high-profile journalists, Javier Valdez and Miroslava Breach, but such cases remain the exception. Around 90% of attacks on journalists still go unprosecuted and unpunished by the state in both Mexico and Honduras, meaning there is little deterrent against these crimes.
Safer, better ways of working
Many of the journalists I have interviewed prioritise covering under-reported issues relating to human rights and democracy, corruption, violence and impunity. They use in-depth, investigative journalism to try to reveal the truth about what is happening in their countries – which is often obscured by the failings and corruption of the justice system and rule of law.
Many are developing safer, better ways of working, with three strategies having grown noticeably in recent years: building collaborations, seeking international support, and professionalising their ways of working.
Journalists from different media outlets often overcome professional rivalries to collaborate on sensitive and dangerous stories. In Mexico, members of some journalists’ collectives and networks alert each other of security risks on the ground, share and corroborate information, and monitor their members during risky assignments. Others travel as a group – when investigating the mass graves used by drug cartels, for example.
In Mexico and increasingly in Honduras, they publish controversial stories, such as on serious human rights violations involving the state, in more than one outlet simultaneously to reduce the chance of individual journalists being targeted in reprisal. Such collaborations build trust, solidarity and mutual support among reporters and editors – something that has traditionally been lacking in both countries.
Increasingly, international media partners also play an important role regarding the safety of Mexican and Honduran journalists and amplifying public awareness of the issues they report on – encouraging the mainstream media in their own countries to take notice and increasing pressure on their governments to act.
According to Jennifer Ávila, director of the Honduran investigative journalism platform ContraCorriente, transnational collaborations are a “super-important protection mechanism” because they give journalists access to external editors and legal assistance – as well as help leaving the country if necessary.
International partners also bring increased resources. In Mexico and Honduras, as in other Latin American countries, the main source of funding is government advertising and other state financial incentives. But these come with expectations about influence over editorial policies and content, so are not an option for most independent outlets. Private advertising is also challenging for these and other reasons. So, most independent media outlets and journalistic projects are heavily dependent on US and European donors such as the National Endowment for Democracy (Ned), Ford Foundation and Open Society Foundations.
Much of Latin America has high levels of media concentration, with the mainstream media typically being owned by a handful of wealthy individuals or families with wider business interests – and close economic and political links to politicians and the state. Combined with the strings of government advertising, this often results in “soft” censorship of the content that these outlets publish. Some journalists are escaping this either by setting up their own media digital outlets, like Funes, or by going freelance – as Padgett has decided to do following the attack on him in Cuitzeo in 2024.
At the same time, there has been a widespread raising of standards through increased training in techniques such as journalistic ethics, making freedom of information requests, digital and investigative journalism, and covering elections. This all helps to promote “journalistic security” – using information as a “shield in such a way that no one can deny what you’re saying”, according to Daniela Pastrana of the NGO Journalists on the Ground (PdP). It also helps counter the perception – and in some cases, reality – of longstanding corruption in parts of the profession.
Hostile environment puts progress at risk
Despite the promise of transforming journalism through increasing collaboration, professionalisation and international support, the current outlook for journalists in Mexico and Honduras – and other countries in Latin America – is not encouraging. Hostile government rhetoric against independent reporters and media outlets is on the rise, despite the presidents of both Mexico and Honduras having pledged to protect journalists and freedom of expression.
In Honduras, the hostile rhetoric towards journalists is growing in the run-up to the presidential elections in November. According to Funes: “There is a violent public discourse from the government which is repeated by officials [and] prepares the ground for worse attacks on the press … This is dangerous.”
In both countries, such attitudes at the top are often replicated by local politicians and citizens, including online, with the threat of violent discourse leading to physical violence. This hostility appears likely to grow given the example of Donald Trump’s aggressive and litigious attitude towards journalists and the media in the United States.
Indeed, the policies of the second Trump administration are already jeopardising progress made in terms of transforming journalism in Mexico and Honduras. In late January 2025, the US government suspended international aid and shuttered USAID, amid unsubstantiated accusations of fraud and corruption.
According to the press freedom group Reporters Without Borders, the USAID freeze included more than US$268m (£216m) that had been allocated to support “independent media and the free flow of information” in 2025.
USAID has been a key funder of organisations such as the nonprofits Internews and Freedom House, which in turn have been vital to the development of independent and investigative journalism in Latin America through their support of new media outlets, journalistic projects and media freedom groups. Another important donor, Ned – a bipartisan nonprofit organisation largely funded by the US Congress – has had its funding frozen.
Ned’s chair, Peter Roskam, explains its legal action against the Trump funding cuts.
Uncertainty about future funding has led to the immediate suspension of operations and layoffs by many nonprofit media organisations in Mexico, Honduras and across the region. While this seismic shift in the Latin American media landscape reinforces the urgent need to diversify its sources of funding, there is no doubt that in the short and even medium term, it has dealt a serious blow to the development of free and independent journalism and the safety of all journalists.
In a region of increasingly authoritarian leaders, it is now a lot harder to hold them accountable for corruption, human rights violations, impunity and other abuses.
International impotence
Anti-press violence and impunity are global problems, with more than 1,700 journalists killed worldwide between 2006 and 2024 – around 85% of which went unpunished, according to Unesco.
Although international organisations, protection mechanisms and pressure can be important tools in the fight against anti-press violence and impunity, they are ultimately limited in impact due to their reliance on the state to comply. Some journalists in Mexico and Honduras suggest the impact of such international attention can even be counter-productive, due to their governments’ increasing hostility toward any criticism by international organisations, journalists and other perceived opponents.
Twenty years ago, Lydia Cacho, a renowned journalist and women’s rights activist, was arbitrarily detained and tortured in Puebla state, east-central Mexico, after publishing a book exposing a corruption and child sexual exploitation network involving authorities and well-known businessmen. Unable to get redress for her torture through the Mexican justice system, Cacho eventually took her case to the United Nations.
Finally, in 2018, the UN Human Rights Committee ruled that her rights had been violated and ordered the Mexican state to re-open the investigation into the attack, and to give her adequate compensation. This judgment has led to several arrests of state agents in Puebla, including a former governor and chief of the judicial police and several police officers, as well as a public apology from the federal government.
Journalist Lydia Cacho speaking at the 2020 Camden Conference.
But cases like Cacho’s are the exception. Securing rulings from international bodies requires resources and energy, the help of NGOs or lawyers – and can take years. What’s more, enforcement of international decisions relies on the state to comply.
While international pressure was key to persuading the Mexican and Honduran states to set up their government protection schemes for journalists and specialised prosecutors to investigate attacks against them, these institutions have generally proved ineffective.
Resourcing is always an issue: typically, protection mechanisms and prosecutors’ offices are underfunded and the staff are poorly trained. Some bodies have limited mandates, such as protection mechanisms that lack the power to investigate attacks on journalists. Sometimes, these failings are believed to be deliberate. According to Padgett, the Mexican journalist protection scheme has “political biases against those whom officials consider to be hostile to the regime”.
Indeed, many journalists and support groups suspect the Mexican and Honduran governments don’t really want these institutions to work. As the pro-democracy judge Guillermo López Lone commented about the repeated failure to secure convictions for crimes against journalists and human rights defenders in Honduras: “These are international commitments [made] due to pressure, but there is no political will.”
López Lone, who was illegally removed from his position after the 2009 coup in Honduras and only reinstated as a judge after a years-long struggle, including a ruling by the Inter-American Court of Human Rights, alleged that these institutions “play a merely formal role” in Honduras, because they have been “captured by the political interests of the current rulers, and by criminal networks”.
Similarly, according to Sara Mendiola, director of Mexico City-based NGO Propuesta Cívica, it’s not enough to talk about a lack of resources or training: “Even if you doubled the [state] prosecutors’ offices’ budgets, you’d still have the same impunity because the structures [that generate impunity] remain.”
Activism is a risky business
It’s clear that in both Mexico and Honduras, despite the governments’ stated commitment to freedom of expression, there is a deep-seated ambivalence about how important or desirable it is to protect journalists and media freedom.
The heart of this issue is the contradiction of the state as both protector and perpetrator – a state that does not want to, or is incapable of, constraining or investigating itself and its allies. This in turn is linked to longstanding structural problems of corruption, impunity and human rights violations, and a legacy of controlling the media dating to pre-democracy days.
Activism by journalists against this situation – another form of self-protection – takes various forms, including public protests and advocacy, and working for and setting up NGOs that support colleagues at risk. Increasingly, activism also involves the coming together of those who are the victims of violence.
But activism is a risky business in Mexico and Honduras, opening journalists and their loved ones up to further repression and attacks by the state – and sometimes raising questions about their impartiality and credibility. While many journalists have taken part in activism out of necessity or desperation, in both countries their main source of optimism in the face of violence and impunity is journalism itself.
Journalism as the solution
Fortunately, journalists like Padgett don’t give up easily. After an eight-month hiatus following the attack in Cuitzeo and its aftermath, he now feels ready to go back to reporting.
Although he succeeded in getting the shelved investigation into the 2017 attack on him and subsequent data leak reopened, the lack of any action since means he’s decided to draw a line under this labyrinthine process. He is now looking for “alternative means of justice to compensate for the impunity”.
As a part of the reparations, he has been promised a formal apology from the Mexico City Prosecutor’s Office (similar to the apology received by Cacho). Such a ceremony is not justice and may largely be symbolic, but Padgett feels it will allow him to move on and focus on journalism again – this time as a freelancer. He is keen to make the point that Mexico remains “an extraordinary place to be a reporter”.
Despite the lack of state protection and all the other challenges, journalists like Padgett and Funes are determined to keep going – investigating their countries’ ills, probing the root causes, transforming their profession. Their commitment offers a ray of hope for the emergence of a truly free and independent media in Mexico, Honduras and beyond.
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This article draws on research which was funded by the UK Economic and Social Research Council (ESRC). Tamsin Mitchell’s new book, Human Rights, Impunity and Anti-Press Violence: How Journalists Survive and Resist, is published by Routledge.
Good morning to allAsofondosCongress attendees. I extend a special greeting to my esteemed fellow panelists in this opening session: Mr. Juan David Correa, President of the Board of Directors of the Association; the Minister of Labor, Mr. Antonio Sanguino; and the Financial Superintendent, Mr. César Ferrari.
I would also like to express my sincere appreciation to Andrés Velasco and Daniel Wills, President and Technical Vice-President ofAsofondos, respectively, as well as to all the members of the Association, for their kind invitation and the opportunity to participate in this vital forum.
On this occasion, I will first shareBanco de la República‘s perspective on Colombia’s macroeconomic and monetary outlook. Additionally, I will conclude my remarks with reflections on the Bank’s role in administering the Contributory Pillar Savings Fund, established by the Congress of the Republic as part of the pension reform approved last year.
It is important to clarify that the views I will present today do not necessarily reflect the position of the Bank’s Board of Directors, nor do they represent the opinions of its individual members, who may hold differing interpretations on some issues I will address.
On the Bank’s autonomy and essential objectives
I would like to begin by addressing recent allegations directed at the Board of Directors, particularly some of its members, regarding alleged political motivations behind the decision made on Monday, March 31 to keep interest rates unchanged. My response to these claims is a strong reaffirmation of the institutional integrity of the Board, which operates strictly on technical grounds and within the clear constitutional mandate of safeguarding the purchasing power of the peso in tandem with general economic policy.
It is essential to emphasize that none of the Board Members, except for the Minister of Finance, represent any particular government or political opposition. The Constitution is unequivocal on this matter. Article 372 explicitly states: “The members of the Board of Directors shall exclusively represent the interests of the Nation.”
I have had the distinct honor of serving as member of the Board of Directors ofBanco de la Repúblicafor the past twelve years and, more recently, for over four years as Governor. I can state with absolute clarity and conviction that throughout these sixteen years, I have never witnessed any Board Member-or the Board as an institution-act with any motivation other than pursuing what is best for the country and its people. Our sole objective has always been to fulfill the constitutional mandate of preserving the purchasing power of the peso while ensuring that this goal aligns with the highest possible level of sustainable economic growth and employment.
In this endeavor, the Board has been fortunate to rely on what I consider to be the most highly qualified team of economists in the country. Every decision the Board makes is preceded by a comprehensive recommendation document prepared by this technical staff. While these recommendations are not necessarily adopted in full, they serve as a crucial point of reference, providing the strongest available evidence to guide Board Members in making informed decisions. Ultimately, each vote is cast with the highest level of diligence, in adherence to the constitutional mandate, and with an unwavering commitment to the nation’s best interests.
Over the past 25 years, throughout this century, the Board has implemented its mandate to preserve the currency’s purchasing power through an inflation-targeting strategy. This approach seeks to maintain inflation at approximately 3%, with a flexible exchange rate and a very short-term interest rate as the primary policy instrument.
When inflation exceeds the target, it becomes necessary to uphold a contractionary monetary policy to bring it back under control. However, the short-term economic cost of such a policy-reflected in reduced productive activity-can be more pronounced and prolonged under certain conditions. This occurs, for instance, when prices and wages are heavily indexed to past inflation. Similarly, factors that elevate country risk premiums-such as global uncertainty or political idiosyncrasies, such as rising public debt or fiscal deficits exceeding expectations-can further complicate monetary policy efforts.
Under these circumstances, the burden on monetary policy intensifies as it seeks to steer inflation back to its target while restoring the conditions necessary for more substantial and sustainable economic growth in the medium and long term.
Colombia’srecent adjustment process: a success story
The high policy interest rates maintained over the past three years reflect a deliberately restrictive monetary policy necessary in response to a significant inflationary shock-one that affected most economies worldwide between 2021 and 2023. Our policy response, characterized by elevated interest rates, entailed notable short-term costs regarding its impact on aggregate demand and productive activity. However, these costs were considerably lower than many had anticipated. Contrary to some forecasts, the economy did not enter a recession, and the observed slowdown in productive activity did not hinder the current unemployment rate from standing below pre-pandemic levels.
Concurrently, this restrictive monetary policy effectively contributed to a substantial reduction in inflation-more than eight percentage points-bringing it down from its peak of 13.4% to the current level of 5.3%. Additionally, the domestic demand imbalances that had manifested in a current account deficit exceeding 6% of GDP in 2022 were significantly corrected, reducing the deficit to just 1.8% of GDP by 2024. The technical staff now projects that this deficit will rise slightly to 2.4% of GDP in 2025, reflecting clear signs of recovery in domestic demand. Even so, the projected deficit remains well below its level three years ago, leaving the economy less reliant on external financing and less vulnerable to abrupt changes in domestic and international conditions-an especially important factor given our current uncertainties.
I believe that this macroeconomic adjustment process has been successful. It is particularly noteworthy that, within this context, we are witnessing an evident recovery in economic activity. Growth is expected to reach 2.8% in 2025, a rate that compares favorably with forecasts for many regional economies and more advanced economies, including the United States and several European nations.
According to data from the National Administrative Department of Statistics (DANE), domestic demand grew by 4.4% in real terms in the last quarter of 2024. Similar growth rates are expected in 2025, providing the foundation for the projected recovery in GDP. This improvement is also reflected in labor market indicators, including the seasonally adjusted unemployment rate recorded last February, which was the lowest for any month since April 2017.
Undoubtedly, the reduction in policy interest rates implemented by this Board between December 2023 and December 2024 played a key role in supporting the recovery of domestic demand, productive activity, and employment.
Why do interest rates remain relatively high?
At this point, it is essential to emphasize that our monetary policy interest rates remain at levels indicative of a contractionary monetary stance. Both nominal and real interest rates are currently higher than what the Bank’s technical staff considers neutral and desirable in the medium and long term-conditions in which inflationary pressures are absent and the economy grows close to its potential rate.
In this context, I would like to reiterate a point I have made publicly on multiple occasions: I consider that interest rates lower than those currently in place would be desirable. Moreover, I am convinced that there is consensus among all members of the Bank’s Board of Directors on this matter.
Why do we maintain interest rates that we deem contractionary and higher than what would be ideal in the medium and long term? The reason is that, despite our success in significantly reducing inflation from its peak in March 2023, the pace of disinflation in Colombia has been slower than in many other countries in the region and around the world, where inflation has already returned to the target ranges set by their central banks. This slower adjustment is primarily due to the high degree of price and wage indexation inColombiaand other idiosyncratic and circumstantial factors that have complicated the disinflation process.
Furthermore, the process of lowering interest rates-which we all wish to continue-had to be temporarily halted during the last two Board meetings in January and March. This decision was driven by a slowdown in the pace of inflation’s convergence toward the target, alongside factors that exerted upward pressure on inflation expectations and international interest rates relevant to Colombia’s external financing. Notably, the rise in long-term interest rates in global markets coincided with an increase in Colombia’s country risk spreads. The latter occurred in a context where fiscal deficit figures significantly exceeded forecasts, and public debt as a percentage of GDP was rising at a rate well above what is consistent with macroeconomic stability.
When comparing Colombia with other Latin American countries that, like us, follow a target inflation strategy, we observe that nations such asPerú, Uruguay, Paraguay/span>, and Costa Rica have made greater progress in reducing interest rates. This has been possible because inflation in these countries has already returned to the target ranges established by their respective central banks. In the case of Chile, inflation remains slightly above its target range due to specific factors related to public utility tariffs. However, inflation expectations suggest that by the end of 2025, Chile will be very close to its target of 3%-the same target set by Colombia.
The experiences of the region’s two largest economies,MéxicoandBrazil, are particularly relevant to our analysis. InMéxico, inflation currently stands at 3.7%, within the target range of 3% ± 1 percentage point. This allowed the Mexican Central Bank to lower its monetary policy interest rate last week from 9.5% to 9%. It is worth noting, however, that even after this reduction, the real ex-post policy rate (the difference between the nominal rate and observed inflation) remains at 5.3% (9% – 3.7%), significantly higher thanColombia’scurrent level of 4.2% (9.5% – 5.3%).
The case ofBrazilis particularly striking and serves as an important reference for the risksColombiafaces. Inflation inBrazilis currently at 5.1%, slightly lower than in Colombia. The Brazilian Central Bank had been making steady progress in lowering its monetary policy interest rate, reducing it from 13.75% in August 2023 (slightly aboveColombia’sat the time) to 10.5% by mid-2024. However, concerns over the country’s fiscal situation in the latter half of 2024 led to a sharp depreciation of the real and rising inflation expectations. In response, the Central Bank was forced to rapidly reverse course, raising the policy rate from 10.5% to its current level of 14.25%. In real ex-post terms, this rate is nearly five percentage points higher thanColombia’s. Additionally, the Brazilian Central Bank has signaled to markets that further rate hikes may be necessary in the coming months. Fortunately,Colombiahas not faced such a scenario recently, and clearly, avoiding such a situation remains a priority.
InColombia, inflation remains above the 3% target set by the Central Bank. The technical staff’s central forecast for year-end 2025 places inflation above the tolerance range of ±1 percentage point around the target, as announced by the Board last November. If this projection materializes, 2025 would mark the fifth consecutive year in which the inflation target is not met. This would pose a challenge to the credibility of the inflation-targeting framework, which relies on the firm anchoring of inflation expectations as a key element of its effectiveness. Unfortunately, recent analysts’ surveys suggest that inflation expectations among many economic agents have risen in recent months and remain above the target level.
The combination of deteriorating inflation expectations, fiscal risks inColombia, and uncertainty surrounding the global economy-exacerbated by the trade tensions triggered by the United States-led the majority of the Board to decide last Monday to maintain the pause in the process of reducing the policy interest rate. As stated in the press release following that meeting: “The decision to maintain the interest rate unchanged reflects a cautious approach to monetary policy, anticipating new information in the coming months that will provide further evidence on the feasibility of additional rate cuts. This decision reaffirms the Board’s commitment to achieving convergence with the inflation target in the context of recovering economic growth.” I believe this statement clearly conveys our expectations moving forward.
The role ofBanco de la Repúblicain administering the pension system’s Contributory Pillar Savings Fund
Before concluding, I would like to address the role thatBanco de la Repúblicawill play in administering the pension systems’ Contributory Pillar Savings Fund (FAPC), as established by the reform approved last year by Congress.
As you know, Law 2381 of 2024 stipulates that, within the contributory pillar, pension contributions from all workers will include an average premium component administered by Colpensiones, covering contributions on incomes between 1 and 2.3 times the legal monthly minimum wage. Since a portion of these contributions currently goes to the individual savings component, this change will significantly increase the resources received by Colpensiones once the reform takes effect. However, in the long term, this situation will reverse, as Colpensiones’ pension obligations will eventually surpass the resources it collects.
To address this, the law mandates that the temporary surplus of funds received by Colpensiones-expected to last for two or three decades-be allocated to the Contributory Pillar Savings Fund (FAPC). Congress also determined thatBanco de la Repúblicawould be responsible for administering this Fund. The resources administered through the FAPC will be channeled into capital markets via professional asset managers, generating returns that will help the government meet future pension obligations.
Currently, even before the reform is enacted, Colpensiones operates with a significant deficit, requiring substantial transfers from the national government. These transfers are included in the annual national budget and contribute to the fiscal deficit. The creation of the FAPC, administered byBanco de la República, has been structured to ensure that its funding is adjusted in a way that neither affects the national government’s current pension expenditures nor undermines aggregate savings in the economy.
It is essential to underscore that the temporary surplus of resources allocated to the FAPC will be insufficient to meet future pension obligations. According to the projections outlined in the bill, the Fund is expected to be fully depleted by 2070, at which point the government will need to allocate additional resources to cover the resulting deficit. Ensuring the long-term sustainability of the pension system will likely require adjustments to key parameters, particularly in retirement ages and contribution rates. The necessity of these reforms remains unchanged and is in no way diminished byBanco de la República’srole as a financial resource manager.
A little over a month and a half ago, on February 13, I addressed this very auditorium during the Treasury Congress of the Banking Association, stressing the urgency of issuing the government decree regulating the FAPC’s operation. I noted that without the prompt issuance of this decree, it would be impossible to establish the fundamental elements necessary to begin administering the Fund on time, as mandated by law for July 1.
Banco de la República’steam worked intensively and constructively with officials from the Ministry of Finance and the Financial Regulation Unit (URF) throughout the last months of 2024, expecting that by year-end, the decree would be in place, allowing us to begin developing the institutional and financial framework required for the Fund’s timely launch. Unfortunately, the process has been significantly delayed. In late February, a version of the decree was released for public consultation, which contained multiple provisions that had not been previously disclosed to the Bank, some of which were inconsistent with the law. Consequently, we submitted a detailed letter on March 7 highlighting our many concerns. Fortunately, several of these observations were taken into account by the Ministry of Finance and the URF, for which we are grateful. A revised draft was published for further comments last Friday, March 28. However, as of yesterday, we had to submit another letter reiterating key concerns that had not yet been addressed, raising the possibility that the decree’s issuance could be further delayed or that it may not fully resolve our outstanding issues. I mention these dates to convey the pressing urgency we currently face in securing the regulatory framework needed to fulfill our legal mandate, which takes effect in less than three months.
Only once the regulatory decree is issued can we move forward with drafting and signing the FAPC administration contract between the government and the Bank. This will allow us to initiate the selection and hiring of the first administering entities responsible for overseeing the resources, which are expected to accumulate at a rate of approximately 1.4 trillion pesos per month starting July 1. Among many other matters, the contract must explicitly establish thatBanco de la Repúblicawill administer the FAPC’s resources in its capacity as the government’s fiscal agent, as it does with other funds. It will provide the necessary technical and operational infrastructure while ensuring a strict separation between the Fund’s resources and the Bank’s own, both in budgetary and accounting terms. Furthermore, the administration of these resources will adhere to principles of prudence and diligence, as is standard in fiduciary mandates, with responsibility over the means rather than specific financial outcomes.
The law establishes a Steering Committee as the highest authority of the FAPC, composed of three government representatives and four independent experts appointed by the Board of Directors ofBanco de la República. However, the selection process for these four experts can only begin once the corresponding regulatory decree is in place. The draft decree published for public observations last Friday incorporated the Bank’s proposal for a transition period, during which the Bank could operate under provisional rules, investing resources in moderate-risk portfolios similar to those currently administered by the AFPs. Nonetheless, the challenge of establishing these delegated portfolios within such a short timeframe remains considerable.
Several regulatory elements still require definition. In particular, I want to highlight three pressing issues.
First, a provision included in the latest draft of the decree must be revised, as it allows for the use of savings accumulated in the FAPC to make payments under the contributory and semi-contributory pension frameworks. This pertains to the decumulation of the Fund, which should be explicitly regulated in a separate decree concerning generational sub-accounts-an essential regulation that is still pending. The law stipulates that this decree must undergo review and include a binding opinion from the Fund’s Steering Committee, which has not yet been established. Consequently, incorporating mechanisms for decumulating the Fund’s resources in the decree currently under discussion would not only be premature but also contrary to the law.
ForBanco de la República, as administrator of the FAPC, it is essential to clarify which Government entity will be responsible for the Fund’s accounting and which will oversee the corresponding auditing functions. After the bill was approved in the Senate and debated in the House of Representatives, the Bank highlighted the need for such clarity. While many House and government representatives showed willingness to make the necessary adjustments, procedural constraints in the legislative process prevented them. Given these circumstances, the government must define these key accounting and resource oversight aspects through a regulatory decree.
Regarding hiring delegated administrators during the transition period, it is imperative that government regulations establish clear limits on their remuneration in strict accordance with the law. Specifically, compensation should be structured as a fee based on the balance administered rather than as a percentage of the base income for contributions, as proposed in the version published last Friday. The latter approach is inapplicable for resources that do not correspond to individual contributions. Additionally, certain sections of the draft decree contain inconsistencies regarding the nature of the FAPC, treating it as if it were a savings fund for individual contributions-an interpretation that does not align with its legal framework.
Banco de la Repúblicaremains fully committed to collaborating with all relevant stakeholders to ensure a coordinated and efficient implementation of the new pension system and the successful launch of the Contributory Pillar Savings Fund. However, I must reiterate the urgency of establishing adequate regulations, without which we simply will not be able to fulfill the mandate assigned to us by law.
I would like to thank Bloomberg for hosting this event. Today I will discuss Australia’s evolving external position and the development of foreign exchange (FX) markets.I will emphasise the growing footprint of superannuation funds in Australia’s capital flows and the importance of these and other ‘buy-side’ firms of adopting best practices in FX markets.
Australia’s capital account and FX markets since the float
The removal of capital account restrictions and the floating of the Australian dollar in 1983 reshaped our economy. Free capital movement facilitated large increases in foreign investment in Australia and allowed Australian households and firms to diversify their portfolios by investing overseas. Deep, well-functioning FX markets that developed following the float helped banks, businesses and fund managers to manage their foreign exposures.
Australia’s integration into global capital markets saw two distinct trends in our net investment position with the rest of the world (Graph 1). First, in the decades after the float, Australia’s high investment rate was associated with rising foreign debt. This saw net foreign liabilities rise substantially to around 50 per cent of GDP. Second, over more recent years, outbound investment has grown as a share of GDP as Australia’s saving rate rose and domestic investment declined. This accumulation of foreign assets has contributed to an extraordinary decline in Australia’s net foreign liabilities to levels last seen prior to 1983.
I am delighted to welcome you to today’s conference organized jointly by Banka Slovenije and the European Investment Bank.
The event builds on the discussions from our 2023 conference, once again placinggreen finance and investmentat the center of our debate.
This underscores the recognition thatrisks linked to climate and environmental changeare among the most pressing global challenges of our time.
Confronting these challenges calls forcollective action and a shared responsibilitytowards future generations.
Achieving carbon neutrality by 2050 requiressignificant investments across the EU, alongside other measures.
According to Mr Draghi’s report and other studies, the EU will have to allocateadditional green investmentsamounting to around two percent of GDP annually by 2030.
Despite the funds available at the EU level and the reformed EU fiscal governance framework, we can expecta public funding gapfor green investments in the years to come.
As public finances are increasingly strained due to security concerns and an ageing population, Europe needs a strong framework to alsoattract and efficiently deploy private capital.
The recently launchedSavings and Investment Unionstrategy, which builds on theCapital Markets UnionandBanking Unionprojects, is an important element to support the massive green investment needs.
A more integrated and deeper EU financial system – complemented by advances in financial literacy and, ideally, a positive shift in mindset – would enablea more efficient allocation of savingsfrom businesses and citizens.
While Europe remains committed to ambitious climate goals, the strategies and processes guiding the green transition continue to evolve.
A perspective that has gained traction over the last year is how Europe can reconcile the complexities of global competition and environmental imperatives andbalance ambitious climate goals with economic vitality.
In February this year, the European Commission unveiled its proposal for aClean Industrial Deal, outlining strategies to unlock investments in clean energy and decarbonize and revitalize Europe’s industry.
Another important initiative is theOmnibus Simplification Package, introduced by the Commission in February.
Bysimplifyingthe business environmentandreducingadministrative burdens, Europe would enhance its global competitiveness and ultimately spur investments, including those supporting the green transition.
However, this drive for simplification is not without itscriticsandconcernsthat easing regulations couldunderminecorporate accountability and stall progress towards our climate objectives.
When introducing adjustments, policymakers must ensure that the underlying strategies are bothambitiousandpragmatic.
At Banka Slovenije and within the Eurosystem,we are committed to play ourpartby:
increasingly incorporating climate-related issues into our analyses;
decarbonizing our monetary policy-related corporate bond holdings and implementing climate-related measures in our collateral framework;
greening our non-monetary portfolio;
and, as supervisors, encouraging and directing banks to identify, measure and manage climate-related risks in a timely and comprehensive manner, ensuring they remain well positioned to support the economy and the green transition.
Before we move on to the discussion, let me first give the floor to the Head of the European Investment Bank Group Office in Slovenia, Mr Simon Savšek.
Source: United Kingdom – Executive Government & Departments
News story
Former St Helens pub landlord failed to declare he was bankrupt when applying for Covid loan
Suspended sentence for former St Helens pub owner
Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic
Wright was subsequently declared bankrupt in early 2020
This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was bankrupt in the process
The loan was repaid in full earlier this year
A former St Helens pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence.
Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020.
The 46-year-old made the application on behalf of the Talbot Ale House on Duke Street in St Helens town centre, the pub he ran before his bankruptcy earlier that year.
Wright, of Bleak Hill Road, St Helens, was sentenced to two years in prison, suspended for two years, at Liverpool Crown Court on Thursday 24 April.
He was also ordered to complete 150 hours of unpaid work and pay £1,500 in costs.
The Bounce Back Loan was repaid in full shortly before Wright was sentenced.
David Snasdell, Chief Investigator at the Insolvency Service, said:
Gary Wright incurred significant debts after his business failed and he was ultimately declared bankrupt.
He then attempted to take advantage of a scheme which was backed by taxpayers and designed to support viable small businesses through the pandemic.
Bankrupts are legally required to declare their status when applying for loans or credit. Wright clearly failed to do this which is why he now has a criminal conviction.
Talbot Ale House ceased trading in September 2019 and Wright was declared bankrupt in February 2020 due to debts owed to a major utility company.
Despite this, Wright applied for a £25,000 Bounce Back Loan in June 2020, claiming the turnover of the pub was £400,000.
Wright remains an undischarged bankrupt, meaning he has not been officially released from his bankruptcy.
Individuals subject to a bankruptcy order must disclose their status if they borrow or obtain credit of £500 or more.
A pub continues to run from the same address but under different management.
Further information
Gary Wright is of Bleak Hill Road, St Helens. His date of birth is 15 December 1978
Municipality Finance Plc Stock exchange release 2 May 2025 at 11:00 am (EEST)
Municipality Finance issues a EUR 50 million tap under its MTN programme
On 5 May 2025 Municipality Finance Plc issues a new tranche in an amount of EUR 50 million to an existing benchmark issued on 29 August 2024. With the new tranche, the aggregate nominal amount of the benchmark is EUR 1.150 billion. The maturity date of the benchmark is 29 August 2029. The benchmark bears interest at a fixed rate of 2.500 % per annum.
The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.
MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 5 May 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.
NatWest Markets N.V acts as the Dealer for the issue of the new tranche.
MUNICIPALITY FINANCE PLC
Further information:
Joakim Holmström Executive Vice President, Capital Markets and Sustainability tel. +358 50 444 3638
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.
MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Under the Theme “One Team. One Journey,” the Software Provider Showcases Innovations and Solutions for the Finance Sector
Singapore,May 2, 2025– xSuite Asia invites users to join the 2025 User Conference, taking place on May 29 in Singapore, for an in-depth look at future-ready technologies. The one-day event will focus on today’s most critical topics for IT and finance professionals: artificial intelligence, invoice processing, SAP S/4HANA, cloud computing, and SAP Clean Core strategies.
A highlight of the agenda will be a customer keynote presenting real-world insights into the deployment of xSuite’s automated invoice processing solution. Attendees will learn about the initial project setup, the challenges that were addressed, and the measurable outcomes that have been achieved.
Finance Technology with a Forward Focus Technologies like cloud platforms and AI are creating new possibilities in financial operations—and development is accelerating. At the conference, xSuite will present its latest product innovations and roadmap, while also exploring emerging technology trends shaping the future of finance.
Key Focus Areas 1. Deep Dive Artificial Intelligence: xSuite’s Prediction Server delivers AI-powered support for invoice processing in SAP environments. This session will highlight how AI is expanding its capabilities across additional finance workflows, and how Large Language Models (LLMs) are transforming document recognition and data extraction.
2. Deep Dive SAP S/4HANA and Cloud: As many organizations are progressing with or preparing for their SAP S/4HANA migration, aligning with SAP’s Clean Core strategy is essential—even in Private Cloud environments—to prevent future technical debt. Participants will explore xSuite’s solution architecture, including SAP-integrated Business Solutions 6.0 and offerings built on the SAP Business Technology Platform (BTP).
Networking and Strategic Discussions The event will conclude with networking opportunities and discussions around customer requirements, xSuite’s role as a premium partner, and best practices for implementing successful digital transformation projects.
Event Details: xSuite User Conference Date: May 29, 2025 Location: Oasia Hotel Downtown, 100 Peck Seah Street, Singapore 079333 Time: 10:00 AM – 3:00 PM More information and registration: https://news.xsuite.com/en/user-conference-2025-singapore
About xSuite Group
xSuite is a software manufacturer of applications for document-based processes and provides standardized, digital solutions worldwide that enable simple, secure, and fast work. We focus mainly on the automation of important work processes in conjunction with end-to-end document management. Our core competence lies in accounts payable (AP) automation in SAP (including e-invoicing), for leading companies worldwide, as well as for public clients. This is supplemented by applications for purchasing and order processes as well as archiving – all delivered from a single source, including both software components and services. xSuite solutions operate in the cloud or in hybrid scenarios. We take pride in the high-quality solutions we offer, as evidenced by the regular certifications we receive for our SAP solutions and deployment environments.” With over 300,000 users benefitting from our solutions, xSuite processes more than 80 million documents per year in over 60 countries.
Founded in 1994 and headquartered in Ahrensburg, Germany, xSuite has around 300 staff across nine locations worldwide – in Europe, Asia, and the United States. Our company has an established information security management system that is certified in accordance with ISO 27001:2022.
Contact: Barbara Wirtz xSuite Group GmbH Marketing & PR Tel. +49 (0)4102/88 38 36 barbara.wirtz@xsuite.com www.xsuite.com
DUBAI, United Arab Emirates, May 02, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, today announced a change in the ownership of its longstanding joint venture, United Arab Emirates (UAE) based Al-Futtaim Willis (AFW). Al-Futtaim’s decision to sell their 51% stake in the joint venture will enable WTW to wholly manage the AFW business when regulatory approvals are received.
Pamela Thomson-Hall, Head of International at WTW, said: “We are fortunate to have enjoyed a prosperous relationship with Al-Futtaim spanning nearly 50 years, for which we are very thankful. WTW’s investment strategy remains acutely focused on investing strategically to optimize the company’s portfolio globally and pursue scaled and high-growth broking businesses. Our ability to wholly manage our businesses in Dubai and Bahrain on a go-forward basis will further strengthen this strategy and enable us to provide clients in the UAE and the wider region improved access to our specialist expertise and global placement capabilities. It also enhances our ability to serve our global benefit management clients through a more consistent delivery approach.”
Head of WTW CEEMEA, Eleni Lykoudi, commented: “Having worked with Al-Futtaim for half a century, our two companies will remain trusted friends and partners, and we look forward to many more years of working together in the future. This change in ownership structure complements WTW’s recent investments in the neighboring Kingdom of Saudi Arabia, where the company recently established insurance and reinsurance broking entities. The integration of AFW will allow our local, regional, and global clients to access WTW’s entire portfolio, enhancing our value proposition in the market. All of this speaks to WTW’s commitment to invest in the Middle East and our enhanced client service offering in the region.”
On behalf of Al-Futtaim, Omer Elamin said: “We are proud of the strong and successful relationship we have built with WTW over nearly five decades. As we amicably conclude this chapter of our partnership, we remain committed to maintaining the professionalism and spirit of collaboration that have defined our journey together and we look forward to the future possibilities that may arise from this mutual understanding.”
This transaction is subject to regulatory approval and is expected to close in the second half of 2025.
About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com
About Al-Futtaim Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions—automotive, financial services, real estate, retail, and health—Al-Futtaim employs more than 33,000 people across over 18 countries in the Middle East, Asia, and North Africa. Its portfolio includes partnerships with over 200 of the world’s most renowned and innovative brands.
Driven by an entrepreneurial spirit and a steadfast commitment to meeting customer needs, Al-Futtaim continues to grow and evolve, aligning with the changing demands of the communities it serves. Anchored by its core values of respect, excellence, collaboration, and integrity, Al-Futtaim consistently enriches the lives and aspirations of its customers.
This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements and other forward-looking statements by words such as ‘may’, ‘will’, ‘would’, ‘commit’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘future’, or similar words, expressions or the negative of such terms or other comparable terminology. These forward-looking statements include, but are not limited to, strategic plans and the future of our business, receipt of regulatory approvals and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.
There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including, but not limited to those described under “Risk Factors” in the Company’s most recent 10-K filing and subsequent filings filed with the SEC. The foregoing list of factors is not exhaustive, and new factors may emerge from time to time that could also affect actual performance and results. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.
I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.
The Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019).
Even this year, our growth is expected to remain robust at 6.5 per cent. This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India’s aspirations, it remains broadly in line with past trends and the highest among major economies.
No wonder, over the last ten years, we have leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, we are already third. Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India’s growth trajectory to rise over the medium to long-term, I am sanguine of our continued success. There are a lot of positive factors that give me this confidence. Let me outline a few of these.
Policy continuity and stability
First and foremost, we are all aware of the research that shows that political and policy stability with certainty are prerequisites for long-term planning of investments to fuel growth in any economy. Our vibrant democracy has been able to ensure the same, especially since the initiation of economic reforms, despite change of political parties in government. Economic liberalisation focusing on market oriented policies has been a consistent theme across successive governments. While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed. In a phased manner, almost all sectors have been opened up to 100% foreign direct investment (FDI). Almost 90% of the FDI is now under the automatic route. In the recent years, we have introduced a series of liberalisation measures to further open up the economy, particularly in key sectors such as Defence, Insurance, Petroleum & Natural Gas, Telecom, and Space.
Mr Peng Yang (CEO, Ant International), distinguished guests, ladies and gentlemen:
Good morning. To those of you who have travelled from far and wide, a very warm welcome to Hong Kong!
It gives me great pleasure to join you today for MO·MENTS 2025 organised by Ant International. This is a great gathering of forward-looking, innovative people who bring and share remarkable expertise, experience and ideas to shape the future of payments. Indeed, payments is shaping the future of finance by unlocking the many possibilities and immense potential.
The theme of this event is global connectivity. In my discussion today, I will share with you the exciting journey Hong Kong is going through to promote connectivity in the payments space, both locally and globally. Our objective is to achieve cheaper, faster, more transparent, and more accessible payment services. Before going global, we started with local. There were two starting points: stored value facilities (or SVF in short) and faster payment system, or FPS.
In 2015, the Hong Kong Monetary Authority (HKMA) introduced a regime to regulate SVF operators who take the form of e-wallets or prepaid cards. Today we have a robust SVF ecosystem of 15 operators. These operators serve a wide range of institutional and retail customers from mass market to more niched segments. In less than a decade, the number of SVF accounts have doubled, from around 40 million in end 2016 to 80 million in end 2024; and the total number of transactions has grown by almost 60%, from around 15 million per day in Q4 2016 to 24 million in Q4 2024.
The FPS is another success story. Launched in 2018, it is a platform that supports full connectivity among banks and SVFs. It provides real-time, 24×7 interbank transfers with just a few clicks on mobile devices. Since its launch, FPS has experienced phenomenal growth. It now has 16.4 million registrations in total, on the back of a local population of 7.5 million.
The SVF and FPS, working individually or in combination, provide a powerful tool that facilitates cheaper, faster payments and enhances user experience. They promote not just financial inclusion but also the growth of e-commerce.
The use of SVF and FPS goes beyond Hong Kong. For example, Hong Kong e-wallets can now be used at over 30 million merchants in Mainland China. Between 2021 and 2024, the number of cross-border transactions in the Mainland has grown by almost 50 times.
In the case of FPS, in 2023 the HKMA joined hands with the Bank of Thailand to link up FPS and Thailand’s PromptPay, enabling cross-border QR payments between the two jurisdictions. Meanwhile, we are working closely with the People’s Bank of China to connect FPS with the Mainland’s Internet Banking Payment System. Our plan is to formally roll out the link by the middle of this year. Looking ahead, we are also exploring the possibility of further expanding the linkage of FPS with other fast payment systems in the region.
There is enough to keep us busy just by enhancing the interoperability and connectivity of the existing payment systems and networks. Yet we are keenly aware of the need to keep taps on developments that bring new dimensions to the form and functioning of money. Here I am referring to the emergence of central bank digital currency or CBDC, tokenised bank deposits, and stablecoins.
In terms of CBDC, our flagship project mBridge achieved the minimum viable product stage in 2024. It is a seamless cross-border wholesale CBDC platform co-founded by the HKMA and several other central banks. Supported by a comprehensive legal framework and a fit-for-purpose governance structure, the platform seeks to address the typical pain points in cross-border payments by enhancing efficiency and reducing costs through central bank digital money. Going forward, the project will continue to expand the participation of public and private institutions with a view to achieving greater network effect.
We also leverage on our CBDC research to support the development of the tokenisation market. Last year, the HKMA initiated Project Ensemble and established an Architecture Community to develop common industry standards that support interoperability between CBDC, tokenised money and tokenised assets. In August, we launched the Ensemble Sandbox, working with our securities regulator and the private sector to explore and experiment with tokenisation of financial assets and real-world assets. Currently, the use cases cover liquidity management, supply chain finance, green finance, and investment funds. We are pleased that Ant Group is an active participant of the Sandbox. Project Ensemble also goes beyond Hong Kong. We are partnering with other central banks including Thailand, Brazil and France to explore cross-border tokenisation use cases.
On stablecoin, we are in the final stage of passing the law that empowers the HKMA to license and supervise stablecoin issuers in Hong Kong. Together with other regulatory efforts governing the exchange, trading and custody of crypto assets, the stablecoin licensing regime is an important element to nurture a responsible and sustainable crypto ecosystem in Hong Kong.
Running in parallel to the legislative process, a stablecoin sandbox was set up last year to provide a controlled environment for potential issuers to test the various features and controls of their proposed schemes, as well as their use cases that cover supply chain, capital market activities, cross-border payments, and Web3.0 applications. The sandbox also enables the HKMA team to gain insights that inform the formulation of specific regulatory requirements and ensure they are fit-for-purpose.
Ladies and gentlemen, the payments industry has seen exponential growth in recent years and we should expect the momentum to sustain-if we do the right things. On this, I don’t think people in this room need to be convinced. Let me share some thoughts on how to capture those opportunities.
First is to make good use of technology. Technology is the key driver in this growth story and it keeps pushing the possibility frontier. Just imagine the potential of combining the ever growing computing power, artificial intelligence (A.I.), machine learning and big data.
What technology can deliver is amazing:
in terms of making payment so much easier through one-click payment or voice-automated payments;
in terms of capturing new customer demands such as buy-now-pay later or subscription payments; and
in terms of tailoring payment service to the needs of individual customers.
What we need is to stretch our imagination and be innovative.
In the process, one thing we always need to bear in mind is the fundamental value proposition of payment services-how payments can be made easier, faster, cheaper, and equally important, more accessible. It is therefore heartening that we have a session today dedicated to inclusive growth.
Technology is a double-edged sword. One increasingly troubling aspect related to banking and payments is the prevalence of fraud and scams. In Hong Kong, more than 44,000 deception cases were reported last year, an increase of close to 12% year-on-year. In a way we are victim of our own success by making payments much faster and more convenient. This has now become one of the top challenges facing financial regulators across jurisdictions. If unchecked, it will seriously undermine public confidence in the safety of the banking and payments sector, not to mention the issue of how to apportion the loss.
The HKMA and the banking and payments industries have therefore been in close collaboration with law enforcement agencies to raise public awareness, share intelligence and good practices, and use Scameter data to alert potentially at-risk customers. This is a never ending battle, and technology can help address the risk. We look forward to payments operators leveraging A.I. and machine learning in fraud detection and prevention of money laundering. We at the HKMA stand ready to work with the industry in testing and deploying such technology.
My second point is about collaboration. Deglobalisation, reglobalisation, fragmentation-it may take on different names or different forms, but one thing is for sure, the global economy is entering uncharted waters, in search of the more stable state when the dust gets a little settled.
For an industry like payments that thrives on interoperability and connectivity, this is not good news. But the reshaping of the global economic order and the realignment of global supply chain can also mean new business opportunities for the payments sector:
think about the possible shifts, within a relatively short timeframe, in trade patterns and trade flows;
think about new relationships to be established between buyers and suppliers; and
think about the new payment corridors across countries and regions that may involve more local currencies.
These changes call for more timely, in-depth collaboration between different players in the payments space to better support customers. And as long as payments remains a regulated space, we also need cross-border collaboration in the official sector, either through system linkage or policy coordination, to make this happen.
If I may quickly turn to my third point, which is the significance of operational resilience. With increased connectivity and collaboration, system outage or cyber incidents will have much pronounced consequences. It is crucial therefore, that operational resilience is a core objective and KPI. And always have a contingency plan ready should anything untoward happen.
Ladies and gentlemen, as we look to the future, we need to be resilient, be agile, embrace technology, and, most importantly, remain customer-centric. This should be the winning formula to unlock market potentials and promote a more efficient and inclusive financial ecosystem.
With that, I wish the event a great success. Thank you very much.
The payments sector has undergone significant changes in recent decades, driven by digitalisation and the rise of new technologies. While the latter provide opportunities, they also bring risks, particularly in terms of financial stability and sovereignty. These risks have been amplified since the inauguration of the new US administration and the upheavals to the international order that its challenges to multilateralism and its deregulatory and protectionist policies could cause.
Against this backdrop of great uncertainty and the major shocks to the financial system since the start of the month, the financial authorities have an important role to play in fostering stability and trust among the players in the French and European economy and financial system. Accordingly, in addition to ensuring price stability, the objective of the Banque de France, in keeping with its monetary and financial stability mandates, is to help maintain stable access to financial services, particularly credit, and to encourage innovation and diversification. It also strives to ensure the smooth functioning of our economy and the infrastructures on which it relies, and especially our payment system.
In my presentation this morning, I would first like to review the main trends and challenges facing the European payments ecosystem, and then present the levers we are using at the Banque de France to ensure its efficient operation and the security of payment systems and payment means, and to help strengthen Europe’s sovereignty over its payment system.
[Slide 2 – I. Trends and challenges for payments in France and Europe]
I. The digitalisation of payments and its implications
A. Progress in technology is leading to the rapid digitalisation of the payments ecosystem
[Slide 3: A rapid payment digitalisation process]
For a little over a decade now, we have been witnessing a strong move towards digitalisation and the increasing use of electronic payment solutions,with an attendant decrease in the use of cash. Payment cards are now the most commonly used means of payment at the points of sale, accounting for more than 48% of transactions in France in 2024. Conversely, cash payments are gradually decreasing, falling to 43% of point-of-sale transactions in France in 2024, whereas they stood at 50% in 2022, and as high as 68% in 2016.
This trend accelerated even further with the rise of online shopping and the Covid pandemic. The share of e-commerce in the number of transactions thus doubled between 2019 and 2024 to reach a quarter of all transactions in France. At the same time, contactless payments and mobile payments have developed rapidly, with the aim of making payments increasingly seamless and almost invisible to consumers. This trend has been facilitated by the development of new technologies that have modernised payments, such as near-field communication (NFC) and QR codes, which have enabled the roll-out of contactless payments.
Against this backdrop,new players in paymentshave emerged, whose value added stems from technological innovation. These new players are now competing with traditional financial institutions such as banks. They include not only FinTechs but also “non-financial” players, namely telecom operators, technical service providers (specialising, for example, in the tokenisation of payment card data), and BigTechs, in particular the American GAFAMs – ApplePay, GooglePay – which dominate the mobile payments market. They also include Chinese and Korean platforms such as AliPay and WeChatPay.
The growth in the tokenisation of financial instruments, driven by the use of distributed ledger technologies (DLT) such as blockchain,represents a significant opportunity for our markets. Significant benefits are expected: faster exchanges, lower operating costs and greater transparency of transactions. However, this trend is now going hand in hand with a plethora of uncoordinated DLT initiatives, giving rise to the emergence of new private settlement assets, most notably stablecoins. These initiatives are largely controlled by non-European players and mechanisms, whose reference currency is the dollar.
B. The challenges raised by changes in the payments landscape
[Slide 4: Issues and challenges posed by the digitalisation of the European payments system]
While the digitalisation of payment means has delivered many benefits, in particular by enabling simpler, faster, more convenient and more secure payments, it also poseschallenges.
The decline in the use of cash raises questions about thesustainability of some of its characteristics, particularly confidentiality, universal acceptance and accessibility, which are not currently available in the digital sphere. Furthermore, the increase in the use of digital payments raises questions about therole of central bank money, as opposed to commercial money used for card payments, even though central bank money plays a key role in anchoring confidence in our monetary system.
Furthermore, expanding the use of digital solutions has steadily upped our reliance on non-European entities (particularly from the United States and China), which already leverage significant network effects, thanks notably to their ability to harness extensive datasets and customer bases. They also control a number of widely used proprietary standards (Visa, Mastercard). Beyond the question of operational resilience, this situation raises concerns over competition, strategic autonomy and data protection. With the emergence of these international players, European payment solutions appearhighly fragmentedand their market share has been eroding.1
The growing digitalisation of payments also represents a challenge to maintain ahigh level of payment security. Fraud schemes are becoming increasingly complex, involving the manipulation of payers and the circumvention of the strong authentication mechanisms put in place to ensure the security of digital payments in Europe. In particular, artificial intelligence (AI) isa double-edged sword.
AI amplifies cyber riskand, in payments, it can considerably facilitate payment scams, for example through deepfakes. But this technology can also become aninvaluable ally in the fight against fraud, by enabling fraud schemes to be more rapidly and effectively identified. Against this backdrop, integrating AI into anti-fraud models could help to improve the security of the digital payment means available to the public.
It should also be noted that digitalisation could extend to financial assets, through tokenisation, although at present there are no suitable and really secure payment solutions available for these financial transactions.Therefore, without a central bank money-based payment solution for these “wholesale” transactions, private non-European solutions could become dominant, in particular stablecoins. However, almost all stablecoins are currently pegged to the dollar, and their issuance in the United States is not currently subject to any protective federal regulatory framework. If the tokenisation of financial assets were to gather pace, the lack of a central bank money payment solution in euro might therefore threaten the role of central bank money as the anchor of the euro area’s monetary architecture, with concrete adverse consequences: an increase in counterparty and liquidity risks, increased fragmentation of settlement, and ultimately a loss of sovereignty and a weakening of financial stability.
In this context, the recent positions adopted by thenew US administration, and in particular the adoption on 23 January of an Executive order, are likely to amplify these risks as this Executive Order (i) prohibits all work related to the development of a new form of central bank money compatible with technological changes, (ii) promotes the development of dollar-backed stablecoins, and (iii) encourages citizens and businesses to use public blockchains. This new political direction reinforces the need for Europe to preserve its monetary sovereignty, which means developing its payment sovereignty.
II. To meet these challenges, the Banque de France is using several additional levers for action
[Slide 5: Transition – Two additional responses: regulation/support and innovation.]
A. Adapting regulatory frameworks and supporting innovation within a framework of trust
[Slide 6: Adapting regulatory frameworks at national and international level]
First and foremost, the Banque de France promotesclear, standardised and balanced regulatory frameworksthat allow innovation to flourish within a framework of trust conducive to their sustainable deployment. It therefore supports and contributes to the development of frameworks that aim to:
Maintain a level playing field between players. For example, this has made it possible for operators other than Apple to have access to NFC antennae on iPhones at the European level to promote better competition.
Adapt to technological progressto support the development of new players, while ensuring they are adequately regulated, based on the principle of “same activity, same risk, same regulation”. This approach has guided the deployment of the Markets in Crypto-Assets (MiCA) regulation, which standardises the rules applicable to crypto-asset service providers, enabling them to develop their business while ensuring that risks to users and the financial system are properly managed.
Protect consumers. This was, for example, the aim of the second European Payment Services Directive (PSD2), which introduced “strong customer authentication” (SCA) for more secure payments. The Instant Payment Regulation (IPR) follows the same logic, requiring payment service providers (PSPs) to deploy fraud protection measures (e.g. checking the name of the beneficiary against the IBAN) to ensure the orderly development of instant payments.
[Slide 7: Strengthening the security of means of payment]
As part of its statutory mission, which includes ensuring the security of means of payment, the Banque de France supports innovation by ensuring that it does not jeopardisethe security of payment methods. The following tasks are performed within the framework of the Observatory for the Security of Payment Means (OSMP).
Communication campaignstargeting the general public, such as “never give out your data”, carried by various audio-visual media and radio, and aiming to raise awareness of the personal nature of passwords in particular,
Initiatives aimed atboosting cooperationwith data protection, cybersecurity and telecommunications authorities to limit fraud as much as possible.
[Slide 8: Promoting innovation by supporting private initiatives]
Support for innovation also seeks to ensure that private initiativeshelp to strengthen European sovereignty over the euro payment system:
At the national level, this support aims to consolidate the position of high-performance French payment solutions, such as theGroupement carte bancaire(CB bank card group), which has been allocated specific support within the framework of the new national retail payments strategy for 2025-30, implemented by the National Payments Committee (CNMP) last October.
At the European level, pan-European solutions, such as the European Payments Initiative (EPI), are strongly supported. EPI launched the ‘Wero’ digital payment wallet for consumers last autumn, providing instant payments across five European countries (Belgium, France, Germany, Luxembourg and the Netherlands). This initiative with pan-European ambition aims to promote competition and strengthen Europe’s strategic autonomy in retail payments.
B. The provision of new central bank money services to preserve the key role of central bank money in a digitalised world
Alongside regulating and supporting private initiatives, the Banque de France is making a strong and decisive contribution to the Eurosystem’s work on developing its services through the creation of a central bank digital currency for both retail and wholesale transactions. This work has become more strategically important in terms of ensuring European sovereignty over its payment system since the policy shift initiated by the new US administration that I referred to a few minutes ago.
[Slide 9: Innovating with the digital euro: a European payment solution]
1. The digital euro
Given the strong dependence on American payment solutions and networks, the Banque de France thus supports and participates fully in the digital euro project spearheaded by the Eurosystem, which will constitute a public alternative, preserving the freedom to choose means of payment, sovereignty and competition in the euro area.
The digital euro aims to provide everyone with the possibility to use a ‘digital banknote’ in the digital payments spherethat incorporates the main features of a ‘physical’ banknote. Itsoff-linemechanism will provide a cash-like level of privacy and will be a guarantee of resilience. It will befree of chargefor individuals. Its characteristics will fosterdigital financial inclusion, including for people without bank accounts or smartphones. It will also be anew form of public money, which will safeguard the anchoring role of central bank money and trust in our single currency.
The digital euro also aims to strengthenEuropeanintegration and strategic autonomy in payments thanks to thelegal tenderstatus it would be given, making it usable anywhere and in any circumstances within the euro area. It will also be based onopen and harmonised standards, which private payment solutions such as Wero will be able to use to expand their reach. In this way, the digital euro aims to foster the development of private solutions under European governance, which can be used across the euro area, whereas most solutions are currently restricted to certain countries or use cases.
The Eurosystem is currently in apreparation phasethat will last until the end of 2025. At the same time, a democratic debate is taking place at the European level to define, by means of legislation, the conditions in which the digital euro may be used. A decision on issuance can be taken once this legislation has been approved by the European Parliament and the Council.
[Slide 10: From Wholesale CBDC to a shared European ledger]
2. Wholesale central bank digital currency
With the development of tokenised assets, the Banque de France is also firmly committed to providing a payment solution in central bank money that includes making it available in tokenised form, in other words, a “wholesale CBDC”.
The Banque de France has been resolutely committed to this solution since 2020, playing a pioneering role at the European level in an experimental programme conducted between 2020 and 2022, in partnership with various private and institutional sector players. This work, which allowed the Banque de France to develop and test its own blockchain (DL3S), was followed by that of the Eurosystem in 2024. This was used to test three solutions for settling tokenised assets in central bank currency through around 40 or so experiments.
Drawing on the lessons learned from these experiments and their confirmation of a demand for adapting central bank money services, in February 2025, the ECB Governing Council decided to quickly make available a settlement service in CB money adapted for tokenised assets, which will include money in token form, i.e. a “wholesale” CB digital currency.
This decision also paves the way for discussions on building a European shared ledger that could be used to adapt European payment infrastructures to the digital era to ensure sovereignty.By providing a credible alternative to non-European solutions, based on a standardised legal and regulatory framework, a European shared ledger could support financial integration within the EU and help strengthen the resilience and attractiveness of our financial market.
Conclusion :As a central bank tasked with safeguarding monetary and financial stability, and notably the security and efficiency of payment systems and means of payment for the euro, the Banque de France is fully committed to monitoring, understanding and supporting the major transformations currently taking place in the payments landscape. These transformations have recently assumed major strategic importance for the monetary sovereignty of euro area countries, necessitating the mobilisation of all the European players concerned to respond in an appropriate and adequate manner. This involves developing secure, efficient public and private pan-European payment solutions that contribute to European sovereignty over its payment system. As both supervisor and provider of central bank money services, we are determined to play our part.
Prime Minister hails game changing UK-made RAF drones
Hundreds of highly skilled jobs are being supported by the RAF’s new cutting-edge UK made drones.
New British-made ‘StormShroud’ drones are at the cutting edge of defence combat air, taking advantage of learnings from countering Putin’s illegal war in Ukraine
Brand new tech supports hundreds of jobs and shows investment in UK defence is driving economic growth, making communities better off, and bolstering national security by delivering on the Plan for Change
Getting from the factory to the frontline at an unprecedented pace, the drones will fly alongside crewed aircraft as part of crucial RAF frontline missions, to knock out enemy air defences
Tekever, who manufacture the drones, announce a further £400 million investment in the UK
Hundreds of highly skilled jobs are being supported by the RAF’s new cutting-edge UK made drones, known as ‘StormShroud’, which come into operation today (Friday 2 May), as the Prime Minister further bolsters UK national security.
It is the latest boost to the UK’s defence capabilities as the armed forces reap the benefits from Ukraine’s battlefield experience, and comes as the UK continues to play a leading role in peace negotiations, including building momentum in talks between leaders in Rome last weekend. The UK is also driving forward Coalition of the Willing planning as well as accelerating UK-Ukrainian defence industrial cooperation.
The StormShroud drone is a groundbreaking first-of-its-kind drone that will make the RAF’s world-class combat aircraft more survivable and more lethal. The drones offer a step change in capability by using a high-tech BriteStorm signal jammer to disrupt enemy radar at long ranges, protecting our aircraft and pilots. In revolutionary new tactics, the drones support aircraft like Typhoon and F35 Lightning, by confusing enemy radars and allowing combat aircraft to attack targets unseen. This means for the first time, the RAF will benefit from high-end electronic warfare without needing crew to man it, freeing them up for other vital frontline missions.
The RAF is investing an initial £19 million into the cutting-edge drones, which are made in the UK and directly support 200 highly skilled engineering jobs at multiple UK locations already from West Wales to Somerset, with further opportunities expected in future. StormShroud is just the first of a family of next-generation drones – known as Autonomous Collaborative Platforms (ACPs) – being delivered to the RAF.
The Tekever AR3 and AR5 have had extensive use on the frontline fighting Putin’s illegal war, racking up more than 10,000 hours of flight for Ukraine’s forces. The RAF is taking the next step by integrating best-in-class signal scrambling technology into the drones to boost the UK’s defences at home, as the Prime Minister steps up UK defence capabilities to counter complex threats in the face of global instability.
In a further vote of confidence in Britain’s defence industry, British-Portuguese tech company Tekever, who manufacture the drones in the UK, plan to invest a further £400 million over the next 5 years across the UK and create up to 1,000 more highly skilled jobs.
The Prime Minister will visit to a Leonardo UK site in the South East today to see first-hand the expertise that goes into manufacturing the drones, and meeting the staff involved in delivering it, including many engineering apprentices representing the next generation of British defence industry excellence.
As well as stepping up to protect our interests on the world stage, this government’s commitment to increase defence spending to 2.5% of GDP by 2027 means more secure, well-paid jobs for a generation that’s proud to keep our country safe.
Just last week, the Carrier Strike Group launched its eight-month deployment and will join exercises, operations and visits with 30 countries across the Mediterranean, Middle East, south-east Asia, Japan and Australia – led by the Royal Navy’s largest and most powerful aircraft carrier, HMS Prince of Wales. The deployment sends a powerful message that the UK and its allies stand ready to protect vital trade routes in the Indo-Pacific region.
Prime Minister Keir Starmer said:
Investment in our defence is an investment in this country’s future. Putting money behind our Armed Forces and defence industry is safeguarding our economic and national security by putting money back in the pockets of hard-working British people and protecting them for generations to come.
Together with our allies, this government is taking the bold action needed to stand up to Putin and ruthlessly protect UK and European security, which is vital for us to deliver our Plan for Change and improve lives of working people up and down the country.
It is a privilege to meet and learn from the young minds driving innovation in defence technology, and we will continue to invest in the industries of the future to deliver security and opportunity for the British people through our Plan for Change.
In the second half of 2024, the Swedish economy entered into a recovery phase that is expected to continue this year. At the same time, the high level of uncertainty resulting from factors such as increased tariffs is projected to dampen growth in the near future. These are the conclusions of the Ministry of Finance in a new forecast of economic developments.
RL360 Insurance Company Limited and RL360 Life Insurance Company Limited (together referred to as “RL360”)
1. Action
1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under each of section 35 of the Insurance Act 2008 (the “IA08”) and regulation 5(7) of the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (the “Regulations”).
1.2 The making of such public statement supports the Authority’s regulatory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry.
1.3 Following an inspection of RL360 by the Authority under section 36 of the IA08 (the “Inspection”), which identified a number of contraventions by RL360 in relation to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (the “Code”), the Authority has deemed it reasonable, appropriate and proportionate, in all the circumstances, that RL360 be required to pay a civil penalty imposed under the Regulations in the sum of £2,785,714, which is discounted by 30% to £1,950,000 (the “Civil Penalty”).
1.4 RL360 has proactively brought about operational changes across its business to address the issues identified and it has already taken substantial steps to remediate matters. Further, the Authority acknowledges the constructive and pragmatic dialogue between RL360 and the Authority and gives credit for the engagement in this regard.
1.5 The level of the Civil Penalty reflects the level of co-operation with the Authority and that a settlement was agreed at an early stage as well as RL360’s proactive implementation of operational enhancements to address the issues identified. As with all discretionary civil penalties issued by the Authority, the level of the Civil Penalty is calculated as a percentage of RL360’s relevant income at the time that the contraventions noted within this public statement were identified. The absolute amount of the Civil Penalty relative to other civil penalties that have been issued by the Authority previously is not necessarily indicative of the seriousness of the contraventions and is determined each time on the facts of a particular matter. The level of a civil penalty is determined each time on the facts of a particular matter and regard is had by the Authority to the level and the percentage of civil penalties imposed in other matters. In determining the Civil Penalty, the Authority considered mitigating factors specific to the circumstances of this case.
2. Background
2.1 RL360 at all material times has been authorised with the Authority as an authorised insurer pursuant to Section 8 of the IA08.
2.2 The Authority conducted the Inspection in February 2023 and identified a number of contraventions of the Code by RL360 (the “Contraventions”).
2.3 RL360 has engaged positively with the Authority throughout this matter in a timely and constructive manner.
2.4 RL360 undertook an extensive remediation programme to address the shortcomings identified and continues to enhance its related internal processes and procedures.
2.5 The RL360 remediation programme has not resulted in the risk profile of the business changing materially.
3. Key Findings from inspection report
Contraventions of the Code identified by the Inspection included:
The Business Risk Assessment (the “BRA”) did not independently assess Money Laundering/Terrorist Financing (“ML/TF”) risks specific to each entity and failed to adequately incorporate customer risk assessments and relevant risk factors into RL360’s broader risk management framework. (Paragraph 5 of the Code)
The Customer Risk Assessment (“CRA”) process lacked sufficient detail, clarity, and a clear methodology. In some instances, high-risk customers were incorrectly classified, or their assessments failed to incorporate all relevant risk factors, including jurisdiction and product risk. (Paragraph 6 of the Code)
In some instances, RL360 could not evidence obtaining adequate documentation and sufficient due diligence collected at the point of onboarding. (Paragraph 8 of the Code)
RL360 conducted insufficient ongoing monitoring for high-risk customers, and trigger event reviews were often not carried out or were insufficient. This includes neglecting to reassess customer risk profiles when changes occurred. (Paragraph 13 of the Code)
For some matters, Customer Due Diligence (“CDD”) and Enhanced Customer Due Diligence (“ECDD”) records were insufficient, especially for high-risk customers such as PEPs. Missing or incomplete information, and a failure to evidence proactive assessment of customers’ source of funds and wealth, resulted in non-compliance with AML obligations. (Paragraph 14 & 15 of the Code)
In some instances, RL360 failed to adhere to internal policies, such as annual reviews of high-risk customers, and did not fully follow procedures for ensuring that required CDD/ECDD was obtained, resulting in significant compliance gaps. (Paragraph 4 of the Code)
Business relationships with certain high-risk jurisdictions were not properly documented or factored into the CRA process. This impacted RL360’s ability to appropriately risk-rate customers and properly assess and manage risk. (Paragraph 30 of the code)
4. Key Learning Points for Industry
4.1 Compliance with the Code is a legal requirement; all firms undertaking business in the regulated sector have an obligation to conduct their affairs in a manner that adequately mitigates the risks faced by it in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, international financial centre.
4.2 It is imperative that firms conduct a comprehensive, independent, and detailed risk assessment for each entity within their group. The CRA must be based on accurate data, consider all relevant risk factors (including customer geography, product type, and business activities), and be updated regularly to reflect any changes. The results of the CRA should directly inform the BRA to ensure that identified risks are fully integrated into the firm’s broader risk management framework (particularly when dealing with higher risk jurisdictions which should be noted in the CRA with appropriate senior management approval). A failure to properly assess and address the specific risks posed by customers will lead to regulatory breaches and inadequate AML controls.
4.3 Higher risk customers must be subject to ongoing monitoring, with periodic reviews conducted as per the risk rating assigned during onboarding. Ongoing monitoring cannot be neglected or limited to PEPs and sanction-listed individuals; any customer with higher risk indicators must undergo enhanced scrutiny, and trigger event reviews must be conducted in a timely, thorough, and consistent manner. A failure to adequately monitor higher risk customers exposes the firm to significant compliance risk. Sector specific guidance can be found on the Authority’s website that recommends how this ongoing monitoring can occur.
4.4 Firms are required to take a proactive approach to updating and maintaining accurate and complete customer information, not deferring CDD/ECDD updates until a trigger event occurs. Promptly obtaining and verifying missing or updated information where required ensures that customer profiles remain accurate and compliant with the AML Code[1].
4.5 If Internal policies, such as conducting annual reassessments of high-risk customers, are in place they must be rigorously followed. Non-compliance with these policies not only breaches internal standards but also undermines the firm’s ability to manage its AML risks effectively. Failing to follow documented procedures, particularly in relation to high-risk customers or jurisdictions, can lead to serious regulatory and reputational consequences.
[1] ‘Anti-Money Laundering and Countering the Financing of Terrorism Code 2019’ Para 10 Page 19 & Para 13 Page 23.
Yesterday’s suspension from the live trading on Nasdaq Copenhagen is now liftet on behalf of the below funds, and the share classes will resume trading today on 2 May.
Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billion, and a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 30 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. In Denmark, Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Storebrand Funds, SKAGEN Funds, Cubera Private Equity, Capital Investment and a majority ownership of AIP.
VICTORIA, Seychelles, May 02, 2025 (GLOBE NEWSWIRE) — MEXC Ventures, the investment arm of the global cryptocurrency exchange MEXC, has unveiled a $300 million Ecosystem Development Fund aimed at accelerating blockchain innovation and ecosystem growth over the next five years. The initiative was officially announced at Token2049 in Dubai on April 30, aligning with MEXC’s 7th anniversary and reaffirming the company’s evolution from a trading platform to a full-scale Web3 ecosystem builder.
The new fund marks a strategic pivot in MEXC’s positioning — from a user-focused exchange to a foundational force in blockchain infrastructure. With this move, MEXC plans to foster long-term value across the entire crypto landscape by supporting early-stage technologies, public chains, wallets, and other decentralized tools that drive the future of Web3.
“We see this commitment as an opportunity to position MEXC well above its perceived place in the industry as an exchange service. We can and intend to offer much more through this investment, driving businesses and users to our ecosystem with a value offering built on best practices. Our ultimate vision is to transition from a trading venue to an ecosystem platform that will cater to all the needs of crypto industry participants in unique, innovative, and attractive ways,” as Tracy Jin, COO of MEXC exchange, commented on the upcoming announcement.
The Ecosystem Development Fund foresees the establishment of an investment and cooperation linkage model that will connect the different businesses with the broader MEXC ecosystem to drive value. The trusted basis of MEXC as a leader in innovation will be used to expand and enhance the overall trading experience for users by offering support beyond capital. Cooperation between exchange business and investments will focus on the development of public chains, stablecoins, wallets, and media platforms as part of the MEXC ecosystem. Comprehensive selection criteria will be announced for projects interested in joining the new initiative.
The new development will allow projects to attract investments and attain visibility, thus advancing their integration across industry services. This will, in turn, give users access to new services, upping their overall experience and building trust. Greater integration and cooperation between businesses, projects and users will ultimately positively impact the industry as a whole, advancing innovation and promoting adoption across different markets and regions.
Existing initiatives within the MEXC ecosystem include Ethena, a leading innovator in the stablecoin space. MEXC has made a strategic investment of $16 million in Ethena and has also purchased $20 million worth of USDe, Ethena’s synthetic dollar. In collaboration with Ethena, MEXC launched several joint campaigns that have gained significant traction in recent weeks, driving strong user engagement. ENA, Ethena’s native token, has showcased up to $15 million in trading volume over the past 24-hour timeframe. Such results indicate strong support for the products on the part of users, as well as demand from a liquidity standpoint. MEXC had recently invested in Ethena and launched a number of joint campaigns focused on expanding the use of public chains, wallets, and media platforms.
MEXC is determined to elevate the positioning of the platform beyond its perceived status as a trading venue to its full potential as an industry ecosystem element. Such a transition is aimed at building greater value for users and making the crypto environment more attractive to both businesses and investments. MEXC invites all projects in the crypto space to join its latest initiative.
About MEXC Ventures MEXC Ventures is a comprehensive fund MEXC dedicated to driving innovation in the cryptocurrency sector through investments in L1/L2 ecosystems, strategic investments, M&A, and incubation. Upholding the principle of “Empowering Growth Through Synergy,” MEXC Ventures is committed to supporting innovative ideas and active builders.
MEXC Ventures is an investor and supporter of TON and Aptos, and looks forward to staying at the forefront of TON and Aptos innovations while actively engaging with builders to drive ecosystem growth.
Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.
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Notice is hereby given that the 2025 Annual General Meeting (AGM) of the Members of BW Energy Limited will be held at 18 Rebecca Road, Southampton, SN04, Bermuda, on 26 May 2025 at 09:30 a.m. (Bermuda time).
Please see the attached documents in relation to the Annual General Meeting:
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.
This information is published in accordance with the disclosure requirements in Regulation EU 596/2014 (MAR) article 19, section 5-12 of the Norwegian Securities Trading Act, and the Oslo Rule Book II, as well as in accordance with Section 4-2 of the Norwegian Securities Trading Act.
Press Release EXA Infrastructure selects Nokia to expand international connectivity network capabilities
EXA Infrastructure’s modernized network will support data center connectivity with significantly lower cost and power per bit to keep up with demand in the AI era.
Network capacity will increase by as much as 15% while reducing power and cost per bit by as much as 50%.
The upgrade with Nokia’s 1830 Global Express (GX) platform and ICE7 coherent optics enables EXA Infrastructure to better deliver high-speed connectivity services to its customers.
2 May 2025 Espoo, Finland – Nokia today announced that EXA Infrastructure has selected Nokia’s optical transport solution to expand its network capabilities to support customers’ demand for cost-effective connectivity, including between major data centers. The modernized 1.2T-per-channel network will offer enhanced high-capacity and low-latency data center connectivity services across EXA Infrastructure’s international network.
EXA Infrastructure, based in London, provides critical modern infrastructure that serves as the backbone for digital and economic growth. This includes mission-critical networks for governments and enterprises, hyperscale infrastructure, and ultra-low latency, high-bandwidth networks for data centers. EXA Infrastructure owns 155,000 km of fiber network across 37 countries, including six transatlantic cables and the lowest-latency link between Europe and North America.
Following the success of an industry-first trial of the Nokia ICE7 solution in Europe, EXA Infrastructure selected the high-performance 1.2T coherent optical transport solution to upgrade its terrestrial network and deliver high-capacity services for its customers at the lowest cost and power per bit.
“Nokia’s 1830 GX solution with ICE7 coherent optics ensures a smooth transition from our existing ICE6-based infrastructure. The advanced performance of ICE7 will significantly enhance connectivity, empowering EXA Infrastructure’s global network to deliver robust services that keep pace with increasing bandwidth demands,” said Ciaran Delaney, Chief Operating Officer at EXA Infrastructure.
“Driving down power consumption per bit is not just important from a sustainability point of view, but is also essential if providers are to meet spiraling connectivity needs, because power requirements are a potential limiting factor to data center growth. Nokia’s industry-leading solutions ensure networks are not just keeping pace but staying ahead in the race to meet surging bandwidth demands,” said James Watt, Senior Vice President and General Manager, Optical Networks at Nokia.
Multimedia, technical information and related news Product Page: ICE7 1.2Tb/s high-performance coherent optics
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
MIAMI, May 02, 2025 (GLOBE NEWSWIRE) — Defiance ETFs has launched the Defiance Leveraged Long + Income MSTR ETF (MST), an innovative exchange-traded fund (ETF) that combines leveraged exposure to MicroStrategy Incorporated (NASDAQ: MSTR) aiming for a unique weekly income payout feature. This ETF is the first of its kind, designed to offer retail investors both amplified growth potential and consistent cash flow through an options-driven strategy.
Sylvia Jablonski, CEO of Defiance ETFs, stated: “Retail investors want the thrill of leverage and the comfort of income. $MST combines leveraged exposure to MicroStrategy’s momentum with weekly payouts to balance the journey. It’s a bold, tactical option for today’s market.”
What Makes $MST Stand Out?
Leveraged Exposure: $MST aims to deliver approximately 150% to 200% of MicroStrategy’s daily price performance, capitalizing on its volatility and growth potential.
Seeks Weekly Income: By utilizing a credit call spreads strategy, the ETF generates high income, which is distributed to investors every week, providing regular cash flow1 and a potential buffer against declines.
Bitcoin Exposure: Through MicroStrategy—a company known for its significant Bitcoin holdings—$MST offers indirect access to Bitcoin’s market trends without the need to own cryptocurrency directly.
Investment Objective The Defiance Leveraged Long + Income MSTR ETF (the “Fund”) seeks long-term capital appreciation, with a secondary objective to seek current income. The Income Generation Strategy complements the Leveraged Strategy by utilizing credit call spreads to seek to generate premium income and manage risk associated with the Fund’s leveraged exposure.
The Fund may not achieve daily investment results, before fees and expenses, that correspond to 150% to 200% the performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended leverage target range, both intraday and at the close of trading, potentially resulting in significantly lower returns.
Why MicroStrategy? MicroStrategy has seen remarkable growth, rising over 4,000% since its December 2022 low, fueled by its Bitcoin-focused strategy and leadership in data analytics. Building on the success of Defiance’s earlier MSTR-based ETFs, which have surpassed $1 billion in combined assets, $MST takes this a step further with leverage and income generation.
About Defiance Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.
1Cash flow refers to the regular, tangible payouts (income distributions) made by the ETF to its shareholders.
Important Disclosures
The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus andsummaryprospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.
Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).
Investing involves risk. Principal loss is possible.
There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.
MSTR Risks. The Fund invests in swap contracts and options that are based on the share price of MSTR. This subjects the Fund to the risk that MSTR’s share price decreases. If the share price of MSTR decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. Therefore, as a result of the Fund’s exposure to the value of MSTR, the Fund may also be subject to the following risks:
Indirect Investment in MSTR Risk. MSTR is not affiliated with the Trust, the Fund, the Adviser or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of MSTR but will be exposed to the performance of MSTR (the underlying stock).
MSTR Trading Risk. The trading price of MSTR may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.
MSTR Performance Risk. MSTR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of MSTR to decline.
Software Industry Risk. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence.
Bitcoin Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its investments in options contracts that reference MSTR.
Blockchain Risk. Companies involved in the crypto asset industry are subject to the risks associated with blockchain technology, the occurrence of which could negatively impact the value of such companies.
Derivatives Risks. The Fund’s derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets or index, and the potential for loss of principal, which can exceed the initial investment.
Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.
Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.
Leverage Risk: As part of the Fund’s principal investment strategy, the Fund will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss. If the Fund uses leverage through purchasing derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund.
Compounding and Market Volatility Risk. To achieve its objective, the Fund seeks to generate daily returns of approximately 150% to 200% of the performance of MSTR, before fees and expenses. However, due to the effects of compounding, the Fund’s performance over periods longer than a single trading day is likely to differ from this targeted range. Compounding impacts all investments, but the effects are more pronounced for funds that seek leveraged daily returns and rebalance daily.
High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.
Non-Diversification Risk. Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.
New Fund Risk: As a newly formed fund, it has no operating history, providing limited basis for investors to assess performance or management.