Source: Hong Kong Government special administrative region
February 2025 issue of “Hong Kong Monthly Digest of Statistics” now available February 2025 issue of “Hong Kong Monthly Digest of Statistics” now available ***************************************************************************************
The Census and Statistics Department (C&SD) published today (February 17) the February 2025 issue of the “Hong Kong Monthly Digest of Statistics” (HKMDS). Apart from providing up-to-date statistics, this issue also contains a feature article entitled “Road Traffic Accident Statistics in Hong Kong, 2014 to 2023”. Statistics presented in the “Road Traffic Accident Statistics in Hong Kong, 2014 to 2023” article are based on the data source from the Statistics Section of the Transport Department. “Road Traffic Accident Statistics in Hong Kong, 2014 to 2023” There were 17 189 road traffic accidents in Hong Kong in 2023, involving 22 269 casualties and 28 808 vehicles. This feature article analyses the road traffic accidents and the characteristics of casualties and vehicles involved in these accidents from 2014 to 2023. For enquiries about this feature article, please contact the Statistics Section of the Transport Department (Tel: 3842 6067; email: rssd@td.gov.hk). Published in bilingual form, the HKMDS is a compact volume of official statistics containing about 130 tables. It collects up-to-date statistical series on various aspects of the social and economic situation of Hong Kong. Topics include population; labour; external trade; National Income and Balance of Payments; prices; business performance; energy; housing and property; government accounts, finance and insurance; and transport, communications and tourism. For selected key statistical items, over 20 charts depicting the annual trend in the past decade and quarterly or monthly trend in the recent two years are also available. Users can download the Digest at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010002&scode=460). Enquiries about the contents of the Digest can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 4738; email: gen-enquiry@censtatd.gov.hk).
Source: Hong Kong Government special administrative region
Following is the keynote speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Asia Securities Industry & Financial Markets Association (ASIFMA) Annual Conference 2025 today (February 17):
Peter (Chief Executive Officer of the ASIFMA, Mr Peter Stein), distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join the ASIFMA Annual Conference today, where global leaders, policymakers, and industry experts gather to explore new growth opportunities in the midst of an unprecedented transformation in the global environment.
Our financial market is characterised by deep liquidity, diverse financial products and services, strong emphasis on investor protection, a well-educated and highly efficient workforce, ease of entry for non-local professionals, and effective and transparent financial regulations aligned with international standards. These competitive advantages have been widely recognised by various international institutions. Hong Kong ranked first as Asia’s leading international financial hub in the latest Global Financial Centres Index. Recently, the International Monetary Fund also reaffirmed that our financial system remains resilient, supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System.
And so far, we have made good progress in developing the stock market. Hong Kong’s stock market surged by some 18 per cent and the average daily turnover jumped by 26 per cent from a year earlier. We were also the world’s fourth-largest and Asia’s second-largest initial public offering (IPO) market, with IPO proceeds at about HK$80 billion last year, which is almost double that in the year before last. To strengthen the competitiveness of our market, we have implemented a range of measures including optimising the vetting procedures of listing applications, enhancing the listing regime for specialist technology companies, and enabling market trading under severe weather, to name just a few.
To further boost the efficiency and liquidity of our stock market, the Government, in collaboration with the regulators and HKEX (Hong Kong Exchanges and Clearing Limited), is continuously exploring different market development measures to further enhance our listing regime and trading mechanism, with a view to strengthening overall market competitiveness and expanding our overseas networks. A consultation ongoing is the one concerning optimisation of our IPO price discovery and open market requirements. The consultation will last till March 19 and I am sure Peter will make sure that you are being heard.
The Hong Kong bond market has continued to grow in tandem with the Government’s active promotion. Hong Kong has been the largest centre for arranging bonds issued in the region by Asia-based entities for 16 consecutive years, with nine years being the leader internationally, capturing about a quarter of the market in 2023.
The Government and the regulators will continue to promote the advantages of our bond market to issuers and investors on the Mainland and overseas to deepen our bond market development. We will expand the issuance of Renminbi bonds and support the issuance of more green and sustainable offshore Renminbi bonds in Hong Kong by Mainland and international issuers.
We are expanding our mutual access programmes with the Mainland’s financial market, too. They include expanding the scope of eligible ETFs (exchange-traded funds) under Stock Connect, optimising the arrangements under Swap Connect, as well as the latest enhancement and expansion of Southbound trading of Bond Connect, improving transaction and settlement efficiency while broadening the investment channels for Mainland and offshore investors.
The Government, in collaboration with the regulators and HKEX, will continue to work closely with the Mainland to implement the measures supported by regulators in the two places, including the introduction of Mainland government bond futures in Hong Kong and inclusion of a Renminbi counter under Southbound trading of Stock Connect, and actively exploring further enhancement initiatives.
Building an international gold trading centre is a new growth point for Hong Kong to cement our status as an international financial centre. The Government will promote the development of world-class gold storage facilities and, building on the increased gold holding, scale up associated support and financial services and expand related derivative transactions, hence creating a comprehensive ecosystem in a progressive manner. We already set up a working group last year and we are now working at full steam to formulate a comprehensive implementation plan. Furthermore, we are committed to increasing the storage and delivery of commodities in Hong Kong, not only precious metals but also base metals, and providing better services to Mainland enterprises engaging in international commodity trade. To achieve this, we will facilitate the relevant international commodity exchange which is the London Metal Exchange (LME) to set up accredited warehouses in Hong Kong, enhance associated financial services, and also support the creation of a thriving commodity trading ecosystem.
If you may recall, the 2024 Policy Address announced that the Government will facilitate the opening of new distribution channels for private equity (PE) funds through HKEX’s listings. Alternate asset funds, including PE funds, as eligible collective investment schemes (CISs), may apply for listing in Hong Kong under Chapter 20 of our Listing Rules. The SFC (Securities and Futures Commission) has been engaging with HKEX, industry associations and interested fund managers to explain the relevant regulatory and requirements. On that front, the SFC plans to issue a circular very soon this month to clarify the requirements for authorising closed-end alternative funds for listing on HKEX. The SFC also plans to issue a discussion paper in the first quarter of this year to seek the industry’s views on the viability of allowing retail investors to invest in unlisted alternative funds without committing on any rule changes.
We will also attract more global capital to be managed in Hong Kong. Last March, we launched the New Capital Investment Entrant Scheme. So far, around HK$6.5 billion has been invested. If you look at the amount of financial assets being invested through this HK$6.5 billion, most of them go to financial products, with 45 per cent going to CISs, 39 per cent going to equities and 15 per cent going to debt securities. From March this year, we will relax the net assessment and calculation requirements. We will also accept investments made through an applicant’s wholly owned eligible private company. In addition, we will enhance the profits tax exemption regimes for funds and single family offices. The Government will also put in place an inward company redomiciliation regime which provides a simple and straightforward route for non-Hong Kong incorporated companies to transfer their domicile to Hong Kong while ensuring business continuity. We are confident that these measures will help to bring in more of the world’s top companies and of course talent to our city.
We also strive to deepen our reforms and explore new growth areas using a new mindset amidst changing circumstances. A new growth opportunity is green and sustainable finance, a fast-developing area on the back of climate change. Hong Kong is a leading green and sustainable finance hub in Asia. The total green and sustainable debt, including both bonds and loans, issued in Hong Kong exceeded US$50 billion in 2023. Among which, the volume of green and sustainable bonds arranged in Hong Kong topped the Asian market, accounting for 37 per cent of the regional total.
To solidify the competitiveness of enterprises in Hong Kong to address the global demand for sustainability disclosure, we launched a roadmap on sustainability disclosure in Hong Kong. The roadmap provides a well-defined pathway for large publicly accountable entities (PAEs) to fully adopt the ISSB Standards (International Financial Reporting Standards – Sustainability Disclosure Standards) no later than 2028, leading Hong Kong to be among the first jurisdictions to align our local requirements with those of the ISSB Standards.
Fintech is a new growth area and also one of the new strategic areas. On this front, we issued a policy statement last year to set out the policy stance and approach for promoting the responsible application of artificial intelligence in the financial market. Regarding the sustainable development of virtual assets, we have enhanced the regulatory framework and introduced a bill last year on the regulation of fiat-referenced stablecoin issuers. In addition, the Government will put forward a proposed licensing regime for virtual asset custodian service providers.
And in fact, if you look at the calendar of key events this year, we will very soon have the conference Consensus Hong Kong 2025 which is a world-renowned Web3 global conference. This is the first time they will land in Asia and they have picked Hong Kong as their first stop.
Ladies and gentlemen, the opportunities in Hong Kong are immense despite the complex geopolitical and economic landscape. As we actively integrate into and embrace the opportunities presented by the national development strategies, Hong Kong will remain as an ideal gateway connecting the Mainland capital market with the rest of the world, and provide a prime location and platform for international businesses and investors to tap into the vast business potential and investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, Mainland China and beyond, and of course include the Middle East, ASEAN (Association of Southeast Asian Nations) and India as covered in this year’s conference in many more years to come.
As a leading global financial centre, we will continue to expand and enrich our dynamic capital markets and liquidity pool as well as diversify our product and services offerings to better serve both regional and international investors. We welcome you all to use Hong Kong as a platform to grab the opportunities and at the same time to give us more comments and also views in terms of how we can grow this market further. Thank you.
TEL AVIV, Israel, Feb. 17, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that two of the Company’s energy storage facilities have won bids in the Israel Electricity Authority’s first availability tariff tender process. The two sites, Neot Smadar and Ohad, are located in the south of Israel and have a combined grid connection capacity of 300 MW AC.
According to the tender’s terms, after supplying power at the availability tariff rate for five years, the Company may transition to selling electricity into the deregulated market as well as increase the facilities’ storage capacity. Securing a grid connection of 300 MW AC will allow Enlight to build projects with a total storage capacity of 1,300 MWh, potentially rising to 1,900 MWh following the transition into the deregulated market. According to the tender’s terms, the projects are expected to reach commercial operation by 2028.
The combined construction cost of the two facilities is expected to range between $210-250 million, depending on the ultimate amount of capacity the Company decides to build. The projects are expected to generate combined average annual revenues of $75-85 million and combined average annual EBITDA of $37-42 million over the full life of the projects.
Enlight has approximately 8 GWh of Mature1 storage projects that are expected to enter into operations by 2027. In addition, the Company has a portfolio of energy storage assets in various stages of development totaling approximately 25 GWh, of which about 6 GWh are located in Israel. The two sites selected in the tender represent 20% of the total capacity awarded through the bidding process, further solidifying Enlight’s leadership of Israel’s energy storage market as the only company with significant presence in both medium-voltage and high-voltage storage sectors.
Gilad Peled, CEO of Enlight MENAcommented, “Enlight is proud to lead the energy storage revolution in Israel with a significant double win, representing 20% of the total capacity in the Israel Electricity Authority’s tender. Our success underscores Enlight’s leadership of the storage sector, and these projects will join the Israel Solar and Storage cluster that is already in operation. The massive investment in constructing these facilities in the south of Israel will contribute to greater energy security and create numerous jobs. Our advanced storage facilities in Neot Smadar and Ohad are part of Enlight’s broader vision to lead the transition to renewable energy production in Israel. We are proud to be part of this historic trend, accelerating the shift to clean energy, enhancing competition, and reducing electricity prices for Israel’s citizens.”
1 Mature projects are defined as currently operating, under construction, and pre-construction (with construction start within a 0-12 month timeframe).
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.
Contacts:
Yonah Weisz Director IR investors@enlightenergy.co.il
Erica Mannion or Mike Funari Sapphire Investor Relations, LLC +1 617 542 6180 investors@enlightenergy.co.il
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Source: Africa Press Organisation – English (2) – Report:
PARIS, France, February 17, 2025/APO Group/ —
Africa’s energy sector is seeing growing interest from Islamic financial institutions, as demonstrated by the recent $400 million Murabaha financing secured by Africa Finance Corporation (AFC). This transaction not only underscores the growing role of Islamic finance in Africa’s infrastructure development, but also highlights significant opportunities for deeper financial cooperation between Arab and African nations in the energy sector.
The strong demand for AFC’s facility, which attracted 11 Islamic financial institutions – including Abu Dhabi Islamic Bank, Al Rajhi Bank and Emirates Islamic Bank – signals growing appetite among Middle Eastern banks to engage in Africa’s development. The facility, upsized from an initial $300 million due to high investor interest, reinforces AFC’s strategy to diversify its funding base and aligns with broader efforts to expand energy investment partnerships between Arab and African countries.
Islamic finance is emerging as a key source of funding for Africa’s energy sector, particularly for large-scale infrastructure projects. The Murabaha financing structure used in AFC’s deal aligns with Sharia principles, offering an attractive and ethical investment vehicle for Middle Eastern and North African financial institutions seeking exposure to African markets. This move complements AFC’s recent $500 million hybrid bond issuance and the corporation’s ongoing efforts to attract diverse capital sources, including potential Panda bonds in China.
Opportunities for Arab Investment in Africa’s Energy Future
The increasing participation of Islamic banks and financial institutions presents a strategic opportunity for Middle Eastern nations to play a larger role in Africa’s energy transition. Countries such as the UAE, Saudi Arabia and Qatar have well-capitalized financial institutions and sovereign wealth funds that can accelerate Africa’s energy infrastructure expansion, particularly in natural gas, renewables and power generation.
Arab nations already have a growing footprint in Africa’s energy sector. The UAE’s Masdar has been investing in renewable projects across North and sub-Saharan Africa – committing $10 billion to deliver 10 GW of clean energy capacity in Africa by 2030 – while Saudi Arabia’s ACWA Power has been involved in developing solar and desalination projects across the continent. QatarEnergy has been actively advancing hydrocarbon exploration in Africa, expanding its interests in Namibia’s offshore Orange Basin, while ADNOC has strengthened its footprint by acquiring a 10% stake in the Area 4 concession of Mozambique’s Rovuma Basin. However, there remains significant untapped potential for Arab-African cooperation, particularly in financing LNG terminals, gas-to-power projects and oil and gas exploration. Countries like Egypt, Algeria and Libya, which straddle both regions, can serve as financial and logistical bridges between Middle Eastern investors and African energy markets.
The Role of Energy-Focused Islamic Finance
The AFC’s Murabaha financing comes at a time when global Islamic finance is experiencing sustained growth, with assets expected to see high single-digit expansion through 2025, according to S&P Global Ratings. This growth is supported by strong balance sheets, high profitability and increasing regulatory backing. The surge in Islamic finance presents a timely opportunity for African energy projects, which require significant capital investment to meet the continent’s growing energy demand.
One of the major advantages of Islamic finance is its alignment with sustainable investment principles, making it particularly attractive for funding Africa’s energy transition. In addition to AFC’s investment in renewable energy ventures such as Xlinks’ renewable energy initiative and the expansion of Lekela Power’s 3 GW capacity target, Islamic financial institutions could extend their involvement to Africa’s gas sector, which is viewed as a transitional fuel to bridge the energy gap.
Strengthening Arab-African Partnerships at IAE 2025
The increasing role of Middle Eastern finance in Africa’s energy sector will be a critical focus at the upcoming Invest in African Energy (IAE) Forum in Paris this May. Serving as the premier African energy project showcase outside of the continent, IAE 2025 provides a space for African governments, investors and key financial players from the Middle East to explore new partnerships and drive investment in gas, LNG and broader energy infrastructure projects. By tapping into Islamic finance, African countries can secure critical capital to accelerate its energy development. At the same time, Arab nations stand to benefit from deeper economic integration with Africa, gaining access to new markets and resources. The AFC’s successful Murabaha financing serves as a strong indicator that the time is ripe for greater energy sector collaboration between Africa and the Middle East.
IAE 2025 (http://apo-opa.co/4hC0kAA)is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visitwww.Invest-Africa-Energy.com.To sponsor or participate as a delegate, please contactsales@energycapitalpower.com.
On 18 February, ENVI Members will adopt two draft opinions under the discharge procedure.
The discharges are decisions which reflect the conclusions of the European Parliament on the way the Commission and other bodies and institutions, have carried out their task of implementation of the EU budget. In this case, the discharges concern not only the European Commission’s expenditure in the areas of environmental and climate policy, public health and food safety for the financial year 2023; but also the budget of the five European Agencies under ENVI’s responsibility (the European Centre for Disease Prevention and Control, the European Chemicals Agency, the European Environment Agency, the European Food Safety Authority, and the European Medicines Agency). The discharge procedure is a process of parliamentary scrutiny aimed at ensuring that the Commission’s and the Agencies’ implementation of the budget complied with the relevant legal and regulatory framework requirements, and use in accordance the principle of sound financial management.
VICTORIA, Seychelles, Feb. 17, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, is excited to announce the launch of its Zero-Fee Trading Zone, offering traders the chance to enjoy 0% Maker and Taker fees on hot trading pairs for a limited time. This initiative allows traders to take full advantage of market opportunities without incurring the usual fees, optimizing their potential profits.
By creating this dedicated Zero-Fee Trading Zone, MEXC eliminates the hassle of searching for specific zero-fee pairs, allowing traders to focus on capitalizing on market movements without worrying about trading costs.
Eligible pairs include: Futures: Over 100 pairs, including popular trading pairs such as APTUSDT, TRUMPUSDT, MELANIAUSDT， SEIUSDT, TIAUSDT, INJUSDT, ORDIUSDT, WLDUSDT, POPCATUSDT, and more. Spot: More than 40 pairs, featuring highly-traded pairs like APT/USDT, XRP/USDT, AVAX/USDT, BOME/USDT, DOGE/USDT, WIF/USDT, ORDI/USDT, TIA/USDT and others.
Since its founding in 2018, MEXC has earned widespread recognition for its user-centric values and its vision of “To become everyone’s easiest way to crypto”.The platform now serves over 30 million users across 170+ countries. With continuous improvements and strategic initiatives, MEXC’s influence in the cryptocurrency sector has grown significantly. In the latest TokenInsight report, MEXC ranked among the top six in spot trading and the top five in derivatives trading globally. These achievements underscore MEXC’s commitment to delivering exceptional service and its leadership in the crypto industry.
Tracy Jin, Vice President at MEXC, commented: “At MEXC, our mission is to offer users a simple, seamless, and efficient cryptocurrency trading experience. The launch of the Zero-Fee Trading Zone is just one example of how we prioritize our users and create the best possible trading environment. Additionally, MEXC supports over 3,000 tradable tokens, daily airdrops, ultra-low fees, and robust liquidity, enhancing the user experience and providing exclusive opportunities to earn free assets and maximize potential returns.”
MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 32 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.
Please note that the event times for each eligible trading pair may vary. For specific details on eligible pairs and their respective event end times, refer to the latest announcements on MEXC’s official website.
About MEXC Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
Risk Disclaimer: The information provided in this article about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.
Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
BIRMINGHAM, United Kingdom, Feb. 17, 2025 (GLOBE NEWSWIRE) — DDB Miner, a leader in renewable energy-powered cloud mining, has announced the launch of new mining contracts that enable users to start mining Bitcoin using Ripple (XRP) and other cryptocurrencies. With an innovative approach to passive income, DDB Miner now provides an accessible and eco-friendly way for individuals to generate daily earnings of up to $5,950 without requiring complex setups or technical expertise.
The Future of Cloud Mining with Renewable Energy
DDB Miner leverages renewable energy sources such as solar and wind to power its mining farms, significantly reducing operational costs and environmental impact. This model not only ensures sustainable profitability but also integrates surplus energy into the grid, contributing to a greener future.
New Cloud Mining Contracts – Higher Profits, Zero Hassle
The newly introduced cloud mining contracts cater to both beginners and experienced investors. With flexible investment options, users can choose from different contract tiers starting as low as $100, making cryptocurrency mining more accessible than ever. Some of the standout features include:
Choose a Mining Contract: Select from different investment plans based on your budget and earning goals.
Start Mining & Earn Daily: Watch your earnings grow with passive income payouts starting the next day.
For example, users who invest $5,000 in an advanced computing power contract can earn $75 per day, totaling $7,250 in 30 days (including the initial investment).
Exclusive XRP Mining Opportunity
DDB Miner’s latest update introduces a Ripple (XRP)-based mining model, allowing users to start Bitcoin mining directly with XRP. This opens a new avenue for XRP holders looking to diversify their income streams and maximize returns.
Join the Passive Income Revolution
With over 9 million users worldwide and 100+ mining farms, DDB Miner continues to lead the cloud mining industry with cutting-edge technology and sustainable energy practices. The platform’s latest offerings provide an effortless way to build crypto wealth, making mining accessible to everyone.
If you want to learn more about DDB Miner, please visit its official website:https://ddbminer.com/
Media Contact: Katerina Audrey DDB Miner Media Relations Email: info@ddbminer.com
Disclaimer: This press release is provided by “DDB Miner”. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
Photos accompanying this announcement are available at:
Source: United Kingdom – Executive Government & Departments
Case study
Tree planting at Yeomadon Farm set to improve the landscape for business and recreation
Yeomadon Farm used their England Woodland Creation Offer (EWCO) funding to improve the landscape for business and recreation.
Yeomadon Farm has been in Rob Moore’s family since the early 1900s and has seen a range of uses, including dairy, beef farming and a successful holiday cottage business.
More recently, Rob and his wife Catherine have replaced their cattle with trees. They want their land to be more compatible with their holiday cottage enterprise by reducing heavy machinery around the cottages and, in time, to provide a woodland for the guests to enjoy.
Conifer saplings grow on the the newly planted site at Yeomadon Farm. Copyright Yeomadon Farm.
Yeomadon Farm facts
location: Devon / Cornwall county border
size: 18 hectares
type: conifer woodland with broadleaf edges
species: Sitka spruce, lodgepole pine, Norway spruce, western red cedar, hazel, silver birch, sessile oak, common alder and wild cherry
date planted: February 2022
grant: England Woodland Creation Offer (EWCO)
main objective: to improve the landscape to complement an existing holiday cottage business
Moving towards forestry
While Rob and Catherine didn’t have any prior experience of forestry, the family didn’t let this stand in their way. They chose to create woodland to complement their already thriving holiday cottage business, which has a focus on nature-based activities, such as fishing and local walks.
They will also be looking for the woodland to generate income for them in the future.
Rob Moore, owner of Yeomadon Farm, said:
Our initial thought was if we could turn this agricultural land into forestry without it costing us anything, then we’ll be happy.
Financially supported woodland creation
After first hearing about the England Woodland Creation Offer (EWCO) in the Mole Valley newsletter, Rob and Catherine were keen to explore using their land to create woodland. They had some initial conversations with land agent Pryor and Rickett Silviculture about what this might look like, including which fields they had earmarked for planting.
Their agent managed the woodland creation process from initial site visits, arranging involvement from a Forestry Commission woodland officer and the completion of the EWCO grant application, through to sourcing and planting the saplings.
For Rob and Catherine, this process was really positive. They felt having an agent to guide them through the grant application was invaluable and made the financial side of the process much more straightforward.
The scheme was eligible for an ‘additional contribution’ for water quality, a one-off payment available through EWCO where a woodland’s location and design deliver public benefits. In this case, for promoting drainage for the site’s waterlogged soils.
The agents, along with the local woodland officer, helped Rob and Catherine select which trees to plant. This decision was largely based on what would be most suitable for the ground, which tends to get water-logged. They also wanted to ensure a mix of species to offer resilience against our changing climate and the threat of pests and diseases.
The centre of the woodland is made up of Sitka spruce, Norway spruce, lodgepole pine and western red cedar, with a surrounding ring of mixed native broadleaf species close to the fishing lakes. The agents arranged contractors to hand plant 33,000 trees, which took 3 weeks.
Rob and Catherine Moore with a conifer sapling planted at Yeomadon Farm. Copyright Yeomadon Farm.
Catherine Moore, owner of Yeomadon Farm, said:
We didn’t need to do anything. If we had to do the whole process all by ourselves, we wouldn’t have known where to start!
Saving costs during the establishment process
Rob and Catherine were able to make savings by doing much of the maintenance work themselves. Rob sprayed the surrounding ground around the new trees, which ensured growth wasn’t hampered by the grass or weeds. The process took him 8 days and saved on the expense of additional labour costs.
Similarly, they put in the fencing themselves. They used a total of 1,800 metres of deer fencing and gates, with additional rabbit netting. As the woodland grows, they will seek additional advice on how it can provide further income. For now, they both agree that it stacks up financially.
Deer fencing with rabbit netting to protect the new saplings. Copyright Yeomadon Farm.
Benefits for nature, people and the planet
Rob and Catherine have noticed some additional benefits to the wildlife and biodiversity of the area. They stated that “it may be that we’re just noticing the wildlife more than we used to, or that it’s flourishing now that we’re disturbing the land less, but we don’t remember seeing sparrowhawks before!” In addition, the woodland will, in time, be open for the guests at the holiday cottages to enjoy.
The Yeomadon Farm scheme was celebrated in the Devon Woodland Awards ‘New Woodland on Farm’ category, where Rob and Catherine won silver. The judges praised the scheme and the ingenuity in designing and using specialist equipment for planting and maintenance.
Top tips
Consider using an agent. Rob and Catherine were completely new to forestry when they started on this journey and found it invaluable having an agent to navigate them through the process.
Don’t underestimate the labour required in getting the scheme up and running. Factor these costs into your planning as they could make a big difference.
Think about planning ahead. Work out how to manage the grass and what machinery you might need as these could all add up in terms of cost and overall finances.
Consider your financing options in the short-term to cover the up-front costs of planting your new woodland. This is because EWCO payments are received once all capital work has been completed and evidence is reviewed.
Liverpool has once again been awarded Purple Flag status, receiving accreditation by the international scheme for the 15th year in a row.
This recognition highlights the Liverpool’s commitment to being one of the UK’s safest night-time economies, where residents and visitors can enjoy a secure and vibrant nightlife experience. It is one of only a handful of cities that has retained the status since 2010.
Run by the Association of Town and City Management (ATCM), the Purple Flag scheme recognises places that have a dynamic, secure, and vibrant evening and night-time economy, similar to a Green Flag for parks, or Blue Flag for beaches.
The prestigious award highlights Liverpool’s diverse range of entertainment, dining and culture throughout the night, as well as its commitment to the welfare and safety of visitors and residents.
The report from ATCM praised the city for its range of local and high-end venues, and its ‘iconic and unique appearance and reputation’. The wellbeing of visitors was also rated highly, with strong partnerships between the Council, Liverpool One, Merseyside Police, Liverpool BID and students’ groups contributing to a welcoming, clean, and safe night-time environment.
People’s safety is a priority for Liverpool City Council, who work closely with the police to tackle crime and anti-social behaviour on the streets. In 2024, the Council’s CCTV network helped to deal with over 3,000 incidents, including assaults, thefts, and criminal damage.
There are over 80 Purple Flag destinations around the globe across the UK, Ireland, Sweden, Malta, New Zealand and Australia.
More than thirty IFEA members toured the city in December to learn about its thriving nightlife and are hoping to use this knowledge to apply for Purple Flag status in Asian cities for the first time.
In April, Liverpool City Council and partners will officially accept the title at a special event.
Councillor Laura Robertson-Collins, Liverpool City Council’s Cabinet Member for Communities, Neighbourhoods and Streetscene said: “I am delighted that Liverpool has once again been recognised for its outstanding night-time economy.
“Our excellent nightlife here in the city is no secret, and we’re proud that Liverpool is seen as an exciting, engaging, and safe place for people to visit.
“This accreditation is down to all the hard work from our staff and partners across the city, who work incredibly hard every single day to make sure that the city remains a great place to live in and come to.”
Shaun Holland, Director of Operations at Liverpool BID Company said: “I am delighted that Liverpool has once again been awarded Purple Flag status. The tireless work that takes place between partners in the city, the night-time venues and community are reflected in this welcomed recognition.
“Liverpool is recognised nationally as one of the best and safest places to visit for a memorable night or weekend experience. We are blessed in Liverpool to have great people who work and live here.
“Visitors are warmly welcomed and encouraged to explore and experience all the wonderful sights, sounds, hospitality and food outlets enriching their experience.”
Emily Spurrell, Merseyside’s Police Commissioner, said: “I’m delighted that Liverpool has retained its Purple Flag for the fifteenth year running. To be awarded this status once again only serves to reaffirm what we already know that our city is a safe and welcoming place for people to visit from all walks of life.
“Millions of visitors, from near and far, come to our city each year to see our iconic buildings and landmarks, whilst enjoying a safe night out in our many pubs, bars, clubs and restaurants, so it is fantastic to see this being recognised, once again, on a national level by a team of independent assessors.
“The Purple Flag status is testament to those who work tirelessly to keep our nighttime economy safe and inclusive, and my thanks go to Merseyside Police and Liverpool City Council, who are committed, with the support of our partner agencies, to deliver a comprehensive and proactive plan to ensure the city centre is a place for people of all ages, interests and backgrounds to enjoy.
“The safety of our residents and visitors is always our number one priority and whilst the retention of this status gives reason to celebrate, we remain wholly focussed on getting even better at what we are doing, to ensure that Liverpool continues to be the best place in the UK to come for a night out, for many years to come.”
Director General David Cheng-Wei Wu and Mrs. Wu were delighted to celebrate Taiwan’s Night Lunar New Year with the Australian Taiwanese Friendship Association (ATFA), joined by VIPs including Federal MP Paul Fletcher, NSW MPs Hugh McDermott, Tim James, and Matt Cross, as well as Willoughby Mayor Tanya Taylor and Councilors, all coming together to show their strong support for TW-AU friendship and the Taiwanese community。 In his remarks, DG Wu highlighted:
As Prime Minister Anthony Albanese said at Ryde Lunar New Year Festival, the Lunar New Year is a wonderful time of year—one that has become such a cherished fixture on the Australian calendar, with families, friends, and communities coming together in joy and celebration to share in centuries of tradition. Indeed, the Taiwanese community brings energy and vibrancy to Australia’s economy while embodying its spirit of diversity and inclusivity. Overseas Taiwanese play a key role in connecting TW with AU and the world, strengthening Taiwan’s international image and influence. Taiwan is Australia’s only top-10 export market without an FTA. We urge the launch of FTA negotiations and look forward to Australia’s support, as the 2025 rotating chair, for Taiwan’s accession to CPTPP.
During the speeches, Federal MP Paul Fletcher expressed heartfelt gratitude for the Taiwanese community’s longstanding support and looked forward to Gisele continuing to advocate for the community. NSW MPs echoed DG Wu’s calls for a TW-AU FTA and Taiwan’s accession to the CPTPP. Mayor Tanya acknowledged the contributions of the Taiwanese community and highlighted that 10 out of 13 city councillors—nearly all—were present in support of the community.
Details 2025-02-11 President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples. A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.
Details 2025-02-11 Presidential Office thanks US and Japan for joint leaders’ statement On February 7 (US EST), President Donald Trump of the United States and Prime Minister Ishiba Shigeru of Japan issued a joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.” In the statement, the two leaders also “encouraged the peaceful resolution of cross-strait issues, and opposed any attempts to unilaterally change the status quo by force or coercion” and “expressed support for Taiwan’s meaningful participation in international organizations.” Presidential Office Spokesperson Karen Kuo (郭雅慧) on February 8 expressed sincere gratitude on behalf of the Presidential Office to the leaders of both countries for taking concrete action to demonstrate their firm support for peace and stability across the Taiwan Strait and for Taiwan’s international participation. Spokesperson Kuo pointed out that there is already a strong international consensus on the importance of peace and stability in the Indo-Pacific region. The spokesperson emphasized that Taiwan, as a responsible member of the international community, is capable and willing to work together with the international community and will continue strengthening its self-defense capabilities as it deepens its trilateral security partnership with the US and Japan and works alongside like-minded countries to uphold the rules-based international order. The spokesperson said that Taiwan will work toward ensuring a free and open Taiwan Strait and Indo-Pacific region, as well as global peace, stability, and prosperity, as it continues to act as a force for good in the world.
Details 2025-02-11 President Lai’s response to Pope Francis’s 2025 World Day of Peace message President Lai Ching-te recently sent a letter to Pope Francis of the Catholic Church in response to his message marking the 58th World Day of Peace. The following is the full text of the president’s letter to the pope: Your Holiness, In your message for the 2025 World Day of Peace entitled Forgive us our trespasses: grant us your peace, you called for a cultural change that would bring an end to the governance of interpersonal and international relations by a logic of exploitation and oppression and herald true and lasting peace. I wholeheartedly admire and identify with your point of view. Since transitioning from a medical career to politics, I have remained true to my original intentions in the sense that, while a doctor can help only one person at a time, a public servant can simultaneously assist many people in resolving the difficulties affecting their lives. In my inaugural address in May 2024, I pledged that every day of my term, I would strive to act justly, show mercy, and be humble, which accord with the teachings of the Bible. I promised to treat the Taiwanese people as family and prove myself worthy of their trust and expectations. With an unwavering heart, I have accepted the people’s trust and taken on the solemn responsibility of leading the nation forward and building a democratic, peaceful, and prosperous new Taiwan. In this new year, the changing international landscape continues to present many grave challenges to democratic nations around the world. As the Russia-Ukraine war persists, the steady convergence of authoritarian regimes, including China, Russia, North Korea, and Iran, threatens the rules-based international order and severely impacts peace and stability in the Indo-Pacific and the world at large. Your Holiness has stated that war is a defeat for everyone. I, too, firmly believe that peace is priceless and that war has no winners. A high level of consensus has formed in the international community on upholding peace and stability across the Taiwan Strait. The Taiwanese people also maintain an unyielding commitment to safeguarding a way of life that encompasses freedom, equality, democracy, and human rights. Taiwan will continue to spare no effort in preserving regional peace and stability and serving as a pilot for global peace. In your World Day of Peace message, you urged prosperous countries to assist poorer ones. This compassion is truly touching. Taiwan is proactively implementing values-based diplomacy and, under the Diplomatic Allies Prosperity Project, enhancing allies’ development through a range of initiatives. Over many years, Taiwan has accumulated abundant and unique experience of providing foreign assistance. Seeking to foster self-reliance among disadvantaged countries, we have extended genuine support to help alleviate poverty through such avenues as strengthening basic infrastructure, transferring technology, and cultivating talent. In your message, you reminded countries worldwide that assistance should not be merely an isolated act of charity and pointed to the need to devise a new global financial framework so that food crises, climate change, and other challenges could be jointly addressed. I hold this view in high regard. I therefore earnestly hope that international organizations will stop excluding Taiwan for political reasons. Taiwan is willing to shoulder its international responsibilities so that it can contribute and share its valuable experience through many global platforms. On behalf of the government and people of the Republic of China (Taiwan), I again express our interest in collaborating with the Holy See to advance world peace through concrete action. We also aspire to demonstrate Taiwanese values and the Taiwanese spirit and work together with the Holy See to uphold the core values of justice, democracy, freedom, and peace. Please accept, Your Holiness, the renewed assurances of my highest consideration, as well as my best wishes for your good health and the continued growth of the Catholic Church.
Details 2025-02-11 President Lai meets former US Vice President Mike Pence On the afternoon of January 17, President Lai Ching-te met with former Vice President of the United States Mike Pence. In remarks, President Lai thanked former Vice President Pence for his contributions to the deepening of Taiwan-US relations, noting that he actively helped to strengthen Taiwan-US cooperation and facilitate the normalization of military sales to Taiwan, and did his utmost to deepen the Taiwan-US economic partnership. The president indicated that former Vice President Pence also spoke up for Taiwan on numerous occasions at international venues, backing Taiwan’s international participation. President Lai expressed hope for a stronger Taiwan-US partnership to maintain peace and stability throughout the world, and that the two sides can advance bilateral exchanges in such areas as the economy, trade, and industry. A translation of President Lai’s remarks follows: I am delighted to welcome former Vice President Pence and Mrs. Karen Pence to the Presidential Office. Former Vice President Pence is not only an outstanding political leader in the US, but also a staunch supporter of Taiwan on the international stage. On behalf of the people of Taiwan, I would like to take this opportunity to extend our deepest gratitude to former Vice President Pence for his contributions to the deepening of Taiwan-US relations. Thanks to former Vice President Pence’s strong backing, ties between Taiwan and the US rose to unprecedented heights during President Donald Trump’s first administration. Former Vice President Pence actively helped to strengthen Taiwan-US security cooperation and facilitate the normalization of military sales to Taiwan, helping Taiwan reinforce its self-defense capabilities. He also did his utmost to deepen the Taiwan-US economic partnership. Former Vice President Pence also paid close attention to the military threats and diplomatic isolation faced by Taiwan. He spoke up for Taiwan on numerous occasions at international venues, taking concrete action to back Taiwan’s international participation. We were truly grateful for this. As we speak, China’s political and military intimidation against Taiwan persist. China and other authoritarian regimes, such as Russia, North Korea, and Iran, are continuing to converge and present serious challenges to democracies around the globe. At this moment, free and democratic nations must come together to bolster cooperation. I believe that a stronger Taiwan-US partnership can be an even more powerful force in maintaining peace and stability throughout the world. Former Vice President Pence has previously supported the signing of a trade agreement between Taiwan and the US. Taiwan looks forward to continuing to work with the new US administration and Congress to advance bilateral exchanges in such areas as the economy, trade, and industry. This is the first time that former Vice President Pence and Mrs. Pence are visiting Taiwan, and their visit is significantly meaningful for Taiwan-US exchanges. On behalf of the people of Taiwan, I want to extend a warm welcome. Moving forward, I hope we will jointly realize even more fruitful achievements through Taiwan-US cooperation. Former Vice President Pence then delivered remarks, thanking President Lai for his hospitality on his and his wife’s first visit to Taiwan, saying that it is an honor to be here to reaffirm the bonds of friendship between the people of America and the people of Taiwan, which are strong and longstanding. The former vice president indicated that the American people admire the people of Taiwan and all that has been accomplished in a few short decades for Taiwan to rise to one of the world’s preeminent economic powers and free societies. He said that he is grateful for President Lai’s courageous and bold leadership of Taiwan, and grateful to be able to express the support of the overwhelming majority of the American people for this alliance. Former Vice President Pence indicated that the values shared by Taiwan and the US, including freedom, the rule of law, and respect for human rights, bind us together in a partnership that transcends geographic boundaries and cultures. He then assured President Lai that China’s increasingly aggressive posture in the Taiwan Strait and across the Indo-Pacific, for the values and interests that both sides share, is deeply concerning to the American people. Former Vice President Pence stated that America is a Pacific nation, and is committed to the status quo, adding that they recognize it is China that wants to change the status quo that America, Taiwan, and other allies in the region want to preserve, which has created an environment of extraordinary growth and prosperity. The former vice president concluded by once again thanking President Lai and his team for their gracious hospitality and conveying best wishes to him and the people of Taiwan. Former Vice President Pence then assured President Lai that just as Taiwan will never surrender its freedom, he will continue to be a voice for a strong US-Taiwan relationship in the defense and the benefit of Taiwan, the US, and the free world. Later that day, Vice President Bi-khim Hsiao hosted a banquet for former Vice President Pence and his delegation at Taipei Guest House to thank him for his longstanding friendship and staunch support for Taiwan-US ties.
Details 2025-02-11 President Lai meets delegation to 60th Inaugural Ceremonies of US president and vice president On the morning of January 16, President Lai Ching-te met with Taiwan’s delegation to the 60th Inaugural Ceremonies of the President and Vice President of the United States. In remarks, President Lai stated that democratic Taiwan stands united, working hard to deepen Taiwan-US ties together. He then entrusted the delegation with three missions: to convey best wishes from the people of Taiwan, convey our firm commitment to democracy, and help Taiwan-US relations reach a new milestone. A translation of President Lai’s remarks follows: The 60th Inaugural Ceremonies of the President and Vice President of the US will be held on January 20. I want to thank Speaker Han Kuo-yu (韓國瑜), president of the Legislative Yuan, for accepting my invitation to lead our nation’s representative delegation to the event. I also thank Legislative Yuan Members Ko Chih-en (柯志恩), Wang Ting-yu (王定宇), Ko Ju-chun (葛如鈞), Lee Yen-hsiu (李彥秀), Chen Kuan-ting (陳冠廷), Kuo Yu-ching (郭昱晴), and Chen Gau-tzu (陳昭姿) for joining this visit to the US to attend the inauguration of President Donald Trump and Vice President J.D. Vance. We have gathered together today despite differences in party affiliation because in democratic Taiwan, while parties may compete domestically, when it comes to engagement externally, they stand united and share responsibility, working hard to deepen Taiwan-US ties and strive for the best interests of the nation. We share the value of defending freedom and democracy, and we share the goal of advancing peace and prosperity. Today, we engage with the world together as those from the same country – the Republic of China (Taiwan). In this complex and volatile new international landscape, and as the nation faces difficulties and challenges, I want to stress that in Formosa, there is no hostility that cannot be let go, and no hardship that cannot be overcome. Unity is the most important, and I hope that Taiwan can stand united, because there is true strength in unity. Democratic Taiwan must stand united in engaging with the world and initiate exchanges with confidence. On that ground, I am entrusting this delegation with three key missions. First, convey best wishes from the people of Taiwan. Just last year, Taiwan and the US celebrated the 45th anniversary of the passage of the Taiwan Relations Act. And on May 20, the US sent a senior bipartisan delegation to congratulate me and Vice President Bi-khim Hsiao on our inauguration. As the leader of this cross-party delegation, Speaker Han must clearly convey the well-wishes of the people of Taiwan, congratulate President Trump and Vice President Vance on their inauguration, and wish success to the new administration and prosperity to the US. Second, clearly convey the firm commitment of the people of Taiwan to democracy. The theme of these inaugural ceremonies is “Our Enduring Democracy: A Constitutional Promise.” Taiwan and the US share the universal value of democracy and are staunch allies. I hope that the delegation can faithfully convey the firm commitment to democracy that the people of Taiwan have, which will not change even in the face of authoritarian threats. Taiwan is willing to stand side by side with the US and other members of the democratic community to defend the sustainable development of global democracy and prevent the expansion of authoritarianism. Third, help Taiwan-US relations reach a new milestone. In recent years, Taiwan-US relations have continued to grow, with the first agreement under the Taiwan-US Initiative on 21st Century Trade having formally taken effect last month. This morning, the House of Representatives also passed the US-Taiwan Expedited Double-Tax Relief Act. I hope that the delegation can help Taiwan-US relations reach a new milestone through these exchanges so that our relations continue to grow, our cooperation expands even more, and so that we can achieve even greater success after the new administration takes office. Four years ago, Taiwan’s representative to the US inaugural ceremonies was Vice President Hsiao, who was then our representative to the US. Everyone has a lot to learn from her. I have specially invited everyone here to converse so that you can draw from Vice President Hsiao’s experience and ensure an even smoother visit. Washington, DC was also hit by a rare blizzard recently, and the weather has been very cold, so make sure to stay warm. I am sending everyone off with hand warmers and thermoses so that you can bring some warmth from Taiwan with you on your journey. And I ask that Speaker Han exercise his wisdom to help generate some warmth between the ruling and opposition parties through cooperation, which they can then bring back to Taiwan. Let us unite to give our all for diplomacy so that we can unite to give our all for Taiwan. I wish the delegation a smooth and safe trip, and hope your missions can be carried out successfully. Speaker Han then delivered remarks, stating that it was an honor to be invited by President Lai to organize a delegation to represent our nation at the 60th Inaugural Ceremonies of the President and Vice President of the US in Washington, DC, and express the Republic of China’s sincere and cordial best wishes. The Legislative Yuan’s president has assumed this important task numerous times in the past, he said, not only to represent the government of the Republic of China, but also to take on the mission of conveying the voices of 23 million people. He went on to say that he is honored to take up the baton, lead eight legislators to the US to attend this celebration that will attract global attention, and express sincere best wishes to newly elected President Trump, Vice President Vance, and the new administration’s team. As enjoined by President Lai, he hopes the delegation’s trip will help open a new chapter in Taiwan-US exchanges. Speaker Han stated that the US is the most free and democratic country in the world. He noted that in 1776 in the US Declaration of Independence, founding father Thomas Jefferson propounded the concept of “unalienable rights,” and emphasized that the people have a right to freedom and the pursuit of happiness, democratic ideas that have long been rooted in the people’s hearts. Today, he said, democracy is also embedded in the DNA of Taiwan’s 23 million people, and this hard-won democratic achievement is a result of the concerted efforts of our pioneering predecessors, thinkers, and activists over the past 100 years. Speaker Han stated that during this visit, the Legislative Yuan delegation hopes to convey the voice of Taiwan as a democratic country. Taiwan’s security, he said, is like the four legs of a table: The first leg is defending the Republic of China, the second is defending freedom and democracy, the third is maintaining Taiwan-US relations, and the fourth is maintaining cross-strait peace. The delegation will travel to the US amidst severe cold weather to show that we value our relationship with the US, and our citizens have great hopes and expectations. Speaker Han stated that this will be a cross-party delegation of eight legislators, all of whom have a strong sense of mission. He hopes that all democratic nations will acknowledge Taiwan’s importance, and pay attention to Taiwan’s 23 million people. The delegation, he said, will do its utmost to convey the goodwill and warmth that the people of Taiwan give to each and every one of our good friends.
Details 2025-02-14 President Lai holds press conference following high-level national security meeting On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.
Source: United Kingdom – Executive Government & Departments
The funding is the latest step in the Plan for Change to deliver economic growth across the country
£15 million confirmed for Wales cultural projects in the latest step to deliver economic growth across the country.
Growth in jobs, tourism and regional regeneration to be ushered in by funding for major cultural projects in Wales
Welsh projects part of several across UK set to receive millions in funding to help kickstart decade of national renewal
Funding is the latest step in the Plan for Change to deliver economic growth across the country
Regional growth regeneration will get a much-needed boost as two major culture projects across Wales will receive £15 million funding to help boost growth and spark regional regeneration, the government confirmed today (17 February).
Funding will be ‘critical’ in showcasing the UK as a world-leader in culture and bring in visitors from across the globe.
Just as importantly this will help drive growth in all parts of the country – a key element of the government’s Plan for Change – by creating jobs and in some cases building new homes.
Projects in Wales receiving funding include:
£10 million for Venue Cymru in Conwy, Wales, will upgrade the largest Welsh arts centre outside Cardiff and deliver a step-change in the use of the building, including the relocation of the existing library and Tourist Information Centre to create a modern and innovative cultural hub.
£5 million for Newport Transporter Bridge, Wales, that will fund vital repair and maintenance works to Newport Transporter Bridge, which plays a crucial role in the tourism economy as a visitor attraction in South Wales.
Deputy Prime Minister Angela Rayner said:
Every corner of the UK has something unique to offer, and our rich creative capital must not be underestimated.
Our Plan for Change promises growth for every region and I’ve seen first-hand how these projects are igniting growth in their communities.
Through investing in these critical cultural projects we can empower both local leaders and people to really tap into their potential and celebrate everything their home town has to offer. This means more tourism, more growth and more money in people’s pockets.”
Alex Norris, Minster for Local Growth said:
The benefits of these fantastic projects go far beyond community and county borders, they are key to unlocking a regional and nationwide celebration of UK culture and creativity as well as driving growth and regeneration.
This investment marks a huge step forward in our decade of national renewal as committed to in our Plan for Change – creating jobs and boosting tourism and regeneration in our regions is the type of long-term, sustainable growth the government is prioritising to ultimately put more money in people’s pockets.”
Secretary of State for Wales Jo Stevens said:
Venue Cymru and the Newport Transporter Bridge are iconic landmarks in their local communities, and I am delighted that this UK Government funding will be used to boost Wales’ already world-leading tourism and culture sectors.
Our investment in these two fantastic projects is an example of how our Plan for Change will lead to a decade of national renewal for people the length and breadth of Wales. This is a UK Government that is delivering regeneration and economic growth for every community.”
These projects will celebrate and raise awareness of the unique social value and cultural history of Wales while also supporting crucial economic growth through creating local jobs and attracting tourism on a national scale.
Projects that are most advanced and will see benefits spread beyond regional borders and attract investment have been prioritised to maximise public spending and deliver long-term growth.
A report on Coventry City Council’s budget plans for April 2025 to March 2026 will recommend that fewer savings are needed than first feared.
Councillors will hear that the Local Authority has received a better than expected funding package from the government and that, coupled with the Council’s rigorous and careful approach to its financial planning, means not all of the cutbacks consulted on will be needed.
There will also be £2.2m of one-off investment to boost services covering highways, street cleansing, community safety and community events.
However, financial challenges are still there as the Council tries to deal with the impact of chronic historical underfunding.
Cllr Richard Brown, Cabinet Member for Finance and Resources, said: “I have always said that we should hope for the best but prepare for the worst and the settlement from the government is better than expected.
“We have always been very careful with our financial management, and ongoing work has put us in a better financial position than many other local councils. It means that many of the savings identified won’t be needed, which I’m really pleased about.
“We’ve listened to the consultation feedback from the public and stakeholders and have identified areas that we are recommending should not now be included in the budget setting process.
“At the same time, looking at the years ahead, the same challenges are still here. A combination of higher demand on services, inflation, and historical underfunding leaves us still well below the national average of government funding compared to other councils.”
Savings proposals that are no longer needed include:
Voluntary Sector Review in adult social care
Reductions in funding of street cleaning
Plans to increase War Memorial Car Park charges
Changes to The Council Tax Support Scheme
Reductions in funding to parks and open spaces
Despite the improved financial position, the Council will still be forced to announce an increase in Council Tax.
Cllr Brown added: “We still have to increase Council Tax to achieve a balanced budget, and this is an expectation that the government places on all local authorities. In future years I hope that reforms to the Council Tax system can be introduced that reduce the burden on local residents.
“The additional money we are receiving is welcome and it is good to know that the new government is listening to what we have been saying and the lobbying we have been doing on a fairer funding deal for local authorities for the last two years is being heard.
“That work will continue because if the city received the national average, then we’d have an additional £17m for our services for the residents in the city and we would be talking about investment in services rather than savings.
“We are not asking for special treatment but just that funding more accurately reflects the levels of need, demand and deprivation the city has overall.”
The Council is already investing £10m in new, LED streetlights that more efficient than the lights they will replace. It means that eventually lights will be kept on overnight through the savings made.
The Council is also proposing setting aside more than £2m in additional one-off funding to improve services. It includes £700,000 extra for road and pavement defects and £500,000 for tackling fly-tipping – two of the issues highlighted by residents during the recent consultation.
The Council report will be considered at its full Council meeting by all Council members on Tuesday 25 February before a final decision is made.
Financial pressures facing the Council include:
Approximately 83 per cent of the Council’s net budget is spent on three areas – homelessness, adult social care and children’s social care – up from just over 50 per cent in 2010. It leaves less than 17 per cent to pay for hundreds of other services the Council delivers every year.
This year the Council is already having to make £30m savings, on top of savings in previous years.
In the past 14 years there have been significant reductions in staff employed by the Council from 10,000 to 5,000, yet the city’s population has grown by 18 per cent in that time.
Over the past 14 years, Coventry’s core spending power has fallen in real terms by £1.6bn. That’s more than £100m (one average) every year.
In real terms, Coventry’s core spending power has fallen on average by over £100m every year or, in other words, we have £653 less to spend on every Coventry household.
Coventry’s spending power is also one of the lowest funding per head at £46 less per head compared to other councils nationally. The equivalent of £17m of a year.
G7 foreign ministers and the EU gave a joint statement on the margins of the Munich Security Conference on 15 February 2025.
Foreign Secretary David Lammy with G7 foreign ministers and Vice-President of the European Commission Kaja Kallas at the Munich Security Conference.
Joint statement:
The G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America and the High Representative of the European Union, met on the margins of the Munich Security Conference for the first time under Canada’s 2025 Presidency.
The G7 members discussed Russia’s devastating war in Ukraine. They underscored their commitment to work together to help to achieve a durable peace and a strong and prosperous Ukraine and reaffirmed the need to develop robust security guarantees to ensure the war will not begin again.
The G7 members welcomed their discussion today with Andrii Sybiha, Minister of Foreign Affairs of Ukraine. They recalled the G7’s important contribution towards ending the war in Ukraine, including through measures pursuant to the G7 Joint Declaration of Support for Ukraine, by supporting Ukraine financially through the use of extraordinary revenues stemming from Russian Sovereign Assets, by imposing further cost on Russia, if they do not negotiate in good faith, through caps on oil and gas prices, and by making sanctions against Russia more effective. Any new, additional sanctions after February should be linked to whether the Russian Federation enters into real, good-faith efforts to bring an enduring end to the war against Ukraine that provides Ukraine with long-term security and stability as a sovereign, independent country. The G7 members reaffirmed their unwavering support for Ukraine in defending its freedom, sovereignty, independence and territorial integrity.
The G7 members discussed the provision to Russia of dual-use assistance by China and of military assistance by DPRK and Iran. They condemned all such support.
The G7 members discussed political, security and humanitarian issues in the Middle East, including in Israel, Gaza, Lebanon, Syria and Iran, and their commitment to advancing regional peace and stability. They underscored the importance of a durable, Israeli-Palestinian peace. They reaffirmed their support for the full implementation of the ceasefire reached between Israel and Hamas, including for the release of all hostages and the expansion of humanitarian aid in Gaza. The G7 members stand behind the ongoing efforts of Egypt, Qatar and the United States in continuing to work towards a permanent ceasefire. They reiterated their unequivocal condemnation of Hamas and the need to ensure that Hamas neither reconstitutes militarily nor participates in governance. They recognized Israel’s inherent right to self-defence, consistent with international law.
The G7 members welcomed the outcomes of the International Conference on Syria, hosted by France on February 13, 2025. They reiterated their shared commitment to the people of Syria and their support for an inclusive political transition process, in the spirit of UN Security Council Resolution 2254. They welcomed, as well, positive developments in Lebanon, including the recent election of President Joseph Aoun, the designation of Nawaf Salam as Prime Minister, and the formation of a new government. The G7 members reaffirmed their commitment to both countries’ stability, sovereignty, and territorial integrity.
The G7 members unequivocally condemned Iran’s destabilizing actions, including its rapid advancement of uranium enrichment without credible civil justification, its facilitation of terrorism organizations and armed groups across the Middle East and Red Sea, its proliferation of ballistic missiles and drones, and its transnational repression and violation of fundamental human rights.
The G7 members reiterated their commitment to a free, open and secure Indo-Pacific region, grounded in respect for the rule of law and sovereignty. They strongly opposed any attempts to change unilaterally the status quo using force and underscored the importance of resolving disputes peacefully. They strongly opposed China’s attempts to restrict freedom of navigation through militarization and coercive activities in the East and South China Sea.
The G7 members expressed serious concern over the DPRK’s nuclear and ballistic missile programs and reaffirmed their commitment to the complete denuclearization of the Korean Peninsula. They demanded that the DPRK abandon all its nuclear weapons, existing nuclear programs, and any other weapons of mass destruction (WMD) and ballistic missile programs in a complete, verifiable, and irreversible manner in accordance with all relevant United Nations Security Council resolutions (UNSCRs). They underscored that direct DPRK support for Russia’s war of aggression against Ukraine marks a dangerous expansion of the conflict, with serious consequences for European and Indo-Pacific security. They urged the DPRK to cease immediately all assistance for Russia’s war of aggression against Ukraine, including by withdrawing its troops. The called upon DPRK to resolve the abductions issue immediately.
The G7 members also discussed urgent situations of conflict and instability elsewhere in the world, including in the Democratic Republic of the Congo and Sudan, and in Haiti and Venezuela.
The G7 Foreign Ministers looked forward to their meeting in Canada in Charlevoix, Quebec on March 12-14.
Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines of the inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies”, bringing together finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, and heads of other International Financial Institutions and the Arab Coordination Group.
Following the meeting, Kristalina Georgieva, Managing Director of the IMF, and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following statement:
“This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies.”
“We thank all participants for recognizing the urgency and importance of this task, as well as for their commitment to work together to ensure that the conflict-affected countries can start addressing their humanitarian needs. This would help them start rebuilding their economies in an efficient, swift, and durable way for the benefit of their people.”
“Participants welcomed the meeting as an opportunity to discuss recent developments and build a common understanding of the challenges facing conflict-affected countries. They emphasized the importance of strengthening coordination to support the recovery of these countries as the spillovers would impact all. Particular attention was paid to the situation in Syria.”
Participants agreed on the following priorities to support conflict-affected countries:
A Continuous Diagnosticof the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs. Such a diagnostic should identify institution-building priorities, gaps in policies, and financing needs.
Enhanced Capacity Development (CD) aimed at rapidly scaling up IMF and World Bank CD initiatives to help strengthen and, as needed, build new institutions. Support would need to be tailored to strengthen essential functions of fiscal, monetary and banking institutions.
Mobilization of financial assistance from the international community . Financial support—coordinated with international and regional development partners—will be needed to fund comprehensive reform programs, including reconstruction and humanitarian aid.
“Participants underscored their readiness to work together and complement each other’s efforts while focusing on their institutional mandates. They will continue to work closely and with other partners to further support the international response to the recovery of conflict-affected economies in the Middle East region.”
They agreed to establish an informal coordination group to support these efforts. Discussions will be continued at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.”
A spontaneous memorial of flowers in St Petersburg, Russia, on the day of Alexei Navalny’s death, February 16 2024.Aleksey Dushutin/Shutterstock
This is the best day of the past five months for me … This is my home … I am not afraid of anything and I urge you not to be afraid of anything either.
These were Alexei Navalny’s words after landing at Moscow’s Sheremetyevo Airport on January 17 2021. Russia’s leading opposition figure had spent the past months recovering in Germany from an attempt on his life by the Russian Federal Security Service (FSB). Minutes after making his comments, Navalny was detained at border control. And he would remain behind bars until his death on February 16 2024, in the remote “Polar Wolf” penal colony within the Arctic Circle.
“Why did he return to Russia?” That’s the question I’m asked about Navalny most frequently. Wasn’t it a mistake to return to certain imprisonment, when he could have maintained his opposition to Russia’s president, Vladimir Putin, from abroad?
But Navalny’s decision to return didn’t surprise me. I’ve researched and written about him extensively, including co-authoring Navalny: Putin’s Nemesis, Russia’s Future?, the first English-language, book-length account of his life and political activities. Defying the Kremlin by returning was a signature move, reflecting both his obstinacy and bravery. He wanted to make sure his supporters and activists in Russia did not feel abandoned, risking their lives while he lived a cushy life in exile.
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Besides, Navalny wasn’t returning to certain imprisonment. A close ally of his, Vladimir Ashurkov, told me in May 2022 that his “incarceration in Russia was not a certainty. It was a probability, a scenario – but it wasn’t like he was walking into a certain long-term prison term.”
Also, Navalny hadn’t chosen to leave Russia in the first place. He was unconscious when taken by plane from Omsk to Berlin for treatment following his poisoning with the nerve agent Novichok in August 2020. Navalny had been consistent in saying he was a Russian politician who needed to remain in Russia to be effective.
In a subsequent interview, conducted in a forest on the outskirts of the German capital as he slowly recovered, Navalny said: “In people’s minds, if you leave the country, that means you’ve surrendered.”
Video: ACF.
Outrage, detention and death
Two days after Navalny’s final return to Russia, the Anti-Corruption Foundation (ACF) – the organisation he established in 2011 – published its biggest ever investigation. The YouTube video exploring “Putin’s palace” on the Black Sea coast achieved an extraordinary 100 million views within ten days. By the start of February 2021, polling suggested it had been watched by more than a quarter of all adults in Russia.
Outrage at Navalny’s detention, combined with this Putin investigation, got people on to the streets. On January 23 2021, 160,000 people turned out across Russia in events that did not have prior approval from the authorities. More than 40% of the participants said they were taking part in a protest for the first time.
But the Russian authorities were determined to also make it their last time. Law enforcement mounted an awesome display of strength, detaining protesters and sometimes beating them. The number of participants at protests on January 31 and February 2 declined sharply as a result.
Between Navalny’s return to Russia in January 2021 and his death in February 2024, aged 47, he faced criminal case after criminal case, adding years and years to his time in prison and increasing the severity of his detention. By the time of his death, he was in the harshest type of prison in the Russian penitentiary system – a “special regime” colony – and was frequently sent to a punishment cell.
The obvious intent was to demoralise Navalny, his team and supporters – making an example of him to spread fear among anyone else who might consider mounting a challenge to the Kremlin. But Navalny fought back, as described in his posthumously published memoir, Patriot. He made legal challenges against his jailers. He went on hunger strike. And he formed a union for his fellow prisoners.
He also used his court appearances to make clear his political views, including following Russia’s full-scale invasion of Ukraine in February 2022, declaring: “I am against this war. I consider it immoral, fratricidal, and criminal.”
Navalny’s final public appearance was via video link. He was in good spirits, with his trademark optimism and humour still on display. Tongue firmly in cheek, he asked the judge for financial help:
Your Honour, I will send you my personal account number so that you can use your huge salary as a federal judge to ‘warm up’ my personal account, because I am running out of money.
Navalny died the following day. According to the prison authorities, he collapsed after a short walk and lost consciousness. Although the Russian authorities claimed he had died of natural causes, documents published in September 2024 by The Insider – a Russia-focused, Latvia-based independent investigative website – suggest Navalny may have been poisoned.
A mourner adds her tribute to Alexei Navalny’s grave in Moscow after his burial on March 1 2024. Aleksey Dushutin/Shutterstock
Whether or not Putin directly ordered his death, Russia’s president bears responsibility – for leading a system that tried to assassinate Navalny in August 2020, and for allowing his imprisonment following Navalny’s return to Russia in conditions designed to crush him.
Commenting in March 2024, Putin stated that, just days before Navalny’s death, he had agreed for his most vocal opponent to be included in a prisoner swap – on condition the opposition figure never returned to Russia. “But, unfortunately,” Putin added, “what happened, happened.”
‘No one will forget’
Putin is afraid of Alexei, even after he killed him.
Yulia Navalnaya, Navalny’s wife, wrote these words on January 10 2025 after reading a curious letter. His mother, Lyudmila Navalnaya, had written to Rosfinmonitoring – a Russian state body – with a request for her son’s name to be removed from their list of “extremists and terrorists” now he was no longer alive.
The official response was straight from Kafka. Navalny’s name could not be removed as it had been added following the initiation of a criminal case against him. Even though he was dead, Rosfinmonitoring had not been informed about a termination of the case “in accordance with the procedure established by law”, so his name would have to remain.
This appears to be yet another instance of the Russian state exercising cruelty behind the veil of bureaucratic legality – such as when the prison authorities initially refused to release Navalny’s body to his mother after his death.
“Putin is doing this to scare you,” Yulia continued. “He wants you to be afraid to even mention Alexei, and gradually to forget his name. But no one will forget.”
Alexei Navalny and his wife, Yulia Navalnaya, at a protest rally in Moscow, May 2012. Dmitry Laudin/Shutterstock
Today, Navalny’s family and team continue his work outside of Russia – and are fighting to keep his name alive back home. But the odds are against them. Polling suggests the share of Russians who say they know nothing about Navalny or his activities roughly doubled to 30% between his return in January 2021 and his death three years later.
Navalny fought against an autocratic system – and paid the price with his life. Given the very real fears Russians may have of voicing support for a man still labelled an extremist by the Putin regime, it’s not easy to assess what people there really think of him and his legacy. But we will also never know how popular Navalny would have been in the “normal” political system he fought for.
What made Navalny the force he was?
Navalny didn’t mean for the humble yellow rubber duck to become such a potent symbol of resistance.
In March 2017, the ACF published its latest investigation into elite corruption, this time focusing on then-prime minister (and former president), Dmitry Medvedev. Navalny’s team members had become masters of producing slick videos that enabled their message to reach a broad audience. A week after posting, the film had racked up over 7 million views on YouTube – an extraordinary number at that time.
The film included shocking details of Medvedev’s alleged avarice, including yachts and luxury properties. In the centre of a large pond in one of these properties was a duck house, footage of which was captured by the ACF using a drone.
Video: ACF.
Such luxuries jarred with many people’s view of Medvedev as being a bit different to Putin and his cronies. As Navalny wrote in his memoir, Medvedev had previously seemed “harmless and incongruous”. (At the time, Medvedev’s spokeswoman said it was “pointless” to comment on the ACF investigation, suggesting the report was a “propaganda attack from an opposition figure and a convict”.)
But people were angry, and the report triggered mass street protests across Russia. They carried yellow ducks and trainers, a second unintended symbol from the film given Medvedev’s penchant for them.
Another reason why so many people came out to protest on March 26 2017 was the organising work carried out by Navalny’s movement.
The previous December, Navalny had announced his intention to run in the 2018 presidential election. As part of the campaign, he and his team created a network of regional headquarters to bring together supporters and train activists across Russia. Although the authorities had rejected Navalny’s efforts to register an official political party, this regional network functioned in much the same way, gathering like-minded people in support of an electoral candidate. And this infrastructure helped get people out on the streets.
The Kremlin saw this as a clear threat. According to a December 2020 investigation by Bellingcat, CNN, Der Spiegel and The Insider, the FSB assassination squad implicated in the Novichok poisoning of Navalny had started trailing him in January 2017 – one month after he announced his run for the presidency.
At the protests against Medvedev, the authorities’ growing intolerance of Navalny was also on display – he was detained, fined and sentenced to 15 days’ imprisonment.
The Medvedev investigation was far from the beginning of Navalny’s story as a thorn in the Kremlin’s side. But this episode brings together all of the elements that made Navalny the force he was: anti-corruption activism, protest mobilisation, attempts to run as a “normal” politician in a system rigged against him, and savvy use of social media to raise his profile in all of these domains.
Courting controversy
In Patriot, Navalny writes that he always “felt sure a broad coalition was needed to fight Putin”. Yet over the years, his attempts to form that coalition led to some of the most controversial points of his political career.
In a 2007 video, Navalny referred to himself as a “certified nationalist”, advocating for the deportation of illegal immigrants, albeit without using violence and distancing himself from neo-Nazism. In the video, he says: “We have the right to be Russians in Russia, and we’ll defend that right.”
Although alienating some, Navalny was attempting to present a more acceptable face of nationalism, and he hoped to build a bridge between nationalists and liberals in taking on the Kremlin’s burgeoning authoritarianism.
But the prominence of nationalism in Navalny’s political identity varied markedly over time, probably reflecting his shifting estimations of which platform could attract the largest support within Russia. By the time of his thwarted run in the 2018 presidential election, nationalist talking points were all but absent from his rhetoric.
However, some of these former comments and positions continue to influence how people view him. For example, following Russia’s annexation of Crimea in 2014, Navalny tried to take a pragmatic stance. While acknowledging Russia’s flouting of international law, he said that Crimea was “now part of the Russian Federation” and would “never become part of Ukraine in the foreseeable future”.
Many Ukrainians take this as clear evidence that Navalny was a Russian imperialist. Though he later revised his position, saying Crimea should be returned to Ukraine, some saw this as too little, too late. But others were willing to look past the more controversial parts of his biography, recognising that Navalny represented the most effective domestic challenge to Putin.
Another key attempt to build a broad political coalition was Navalny’s Smart Voting initiative. This was a tactical voting project in which Navalny’s team encouraged voters to back the individual thought best-placed to defeat the ruling United Russia candidate, regardless of the challenger’s ideological position.
The project wasn’t met with universal approval. Some opposition figures and voters baulked at, or flatly refused to consider, the idea of voting for people whose ideological positions they found repugnant – or whom they viewed as being “fake” opposition figures, entirely in bed with the authorities. (This makes clear that Navalny was never the leader of the political opposition in Russia; he was, rather, the leading figure of a fractious constellation of individuals and groups.)
But others relished the opportunity to make rigged elections work in their favour. And there is evidence that Smart Voting did sometimes work, including in the September 2020 regional and local elections, for which Navalny had been campaigning when he was poisoned with Novichok.
In an astonishing moment captured on film during his recovery in Germany, Navalny speaks to an alleged member of the FSB squad sent to kill him. Pretending to be the aide to a senior FSB official, Navalny finds out that the nerve agent had been placed in his underpants.
How do Russians feel about Navalny now?
It’s like a member of the family has died.
This is what one Russian friend told me after hearing of Navalny’s death a year ago. Soon afterwards, the Levada Center – an independent Russian polling organisation – conducted a nationally representative survey to gauge the public’s reaction to the news.
The poll found that Navalny’s death was the second-most mentioned event by Russian people that month, after the capture of the Ukrainian city of Avdiivka by Russian troops. But when asked how they felt about his death, 69% of respondents said they had “no particular feelings” either way – while only 17% said they felt “sympathy” or “pity”.
And that broadly fits with Navalny’s approval ratings in Russia. After his poisoning in 2020, 20% of Russians said they approved of his activities – but this was down to 11% by February 2024.
Video: BBC.
Of course, these numbers must be taken for what they are: polling in an authoritarian state regarding a figure vilified and imprisoned by the regime, during a time of war and amid draconian restrictions on free speech. To what extent the drop in support for Navalny was real, rather than reflecting the increased fear people had in voicing their approval for an anti-regime figure, is hard to say with certainty.
When asked why they liked Navalny, 31% of those who approved of his activities said he spoke “the truth”, “honestly” or “directly”. For those who did not approve of his activities, 22% said he was “paid by the west”, “represented” the west’s interests, that he was a “foreign agent”, a “traitor” or a “puppet”.
The Kremlin had long tried to discredit Navalny as a western-backed traitor. After Navalny’s 2020 poisoning, Putin’s spokesman, Dmitry Peskov, said that “experts from the United States’ Central Intelligence Agency are working with him”. The Russian state claimed that, rather than a patriot exposing official malfeasance with a view to strengthening his country, Navalny was a CIA stooge intent on destroying Russia.
Peskov provided no evidence to back up this claim – and the official propaganda wasn’t believed by all. Thousands of Russians defied the authorities by coming out to pay their respects at Navalny’s funeral on March 1 2024. Many, if not all, knew this was a significant risk. Police employed video footage to track down members of the funeral crowd, including by using facial recognition technology.
The first person to be detained was a Muscovite the police claimed they heard shouting “Glory to the heroes!” – a traditional Ukrainian response to the declaration “Glory to Ukraine!”, but this time referencing Navalny. She spent a night in a police station before being fined for “displaying a banned symbol”.
Putin always avoided mentioning Navalny’s name in public while he was alive – instead referring to him as “this gentleman”, “the character you mentioned”, or the “Berlin patient”. (The only recorded instance of Putin using Navalny’s name in public when he was alive was in 2013.)
However, having been re-elected president in 2024 and with Navalny dead, Putin finally broke his long-held practice, saying: “As for Navalny, yes he passed away – this is always a sad event.” It was as if the death of his nemesis diminished the potency of his name – and the challenge that Navalny had long presented to Putin.
Nobody can become another Navalny
Someone else will rise up and take my place. I haven’t done anything unique or difficult. Anyone could do what I’ve done.
So wrote Navalny in the memoir published after his death. But that hasn’t happened: no Navalny 2.0 has yet emerged. And it’s no real surprise. The Kremlin has taken clear steps to ensure nobody can become another Navalny within Russia.
In 2021, the authorities made a clear decision to destroy Navalny’s organisations within Russia, including the ACF and his regional network. Without the organisational infrastructure and legal ability to function in Russia, no figure has been able to take his place directly.
More broadly, the fate of Navalny and his movement has had a chilling effect on the opposition landscape. So too have other steps taken by the authorities.
Russia has become markedly more repressive since the start of its war on Ukraine. The human rights NGO First Department looked into the number of cases relating to “treason”, “espionage” and “confidential cooperation with a foreign state” since Russia introduced the current version of its criminal code in 1997. Of the more than 1,000 cases, 792 – the vast majority – were initiated following Russia’s full-scale invasion of Ukraine in 2022.
Russian law enforcement has also used nebulous anti-extremism and anti-terrorism legislation to crack down on dissenting voices. Three of Navalny’s lawyers were sentenced in January 2025 for participating in an “extremist organisation”, as the ACF was designated by a Moscow court in June 2021. The Russian legislature has also passed a barrage of legislation relating to so-called “foreign agents”, to tarnish the work of those the regime regards as foreign-backed “fifth columnists”.
Mass street protests are largely a thing of the past in Russia. Restrictions were placed on public gatherings during the COVID pandemic – but these rules were applied selectively, with opposition individuals and groups being targeted. And opportunities for collective action were further reduced following the full-scale invasion of Ukraine.
Freedom of speech has also come under assault. Article 29, point five of the Russian constitution states: “Censorship shall be prohibited.” But in September 2024, Kremlin spokesperson Peskov said: “In the state of war that we are in, restrictions are justified, and censorship is justified.”
Legislation passed very soon after the 2022 invasion of Ukraine made it illegal to comment on the Russian military’s activities truthfully – and even to call the war a war.
YouTube – the platform so central to Navalny’s ability to spread his message – has been targeted. Without banning it outright – perhaps afraid of the public backlash this might cause – the Russian state media regulator, Roskomnadzor, has slowed down internet traffic to the site within Russia. The result has been a move of users to other websites supporting video content, including VKontakte – a Russian social media platform.
In short, conditions in Russia are very different now compared to when Navalny first emerged. The relative freedom of the 2000s and 2010s gave him the space to challenge the corruption and authoritarianism of an evolving system headed by Putin. But this space has shrunk over time, to the point where no room remains for a figure like him within Russia.
In 2019, Navalny told Ivan Zhdanov, who is now director of the ACF: “We changed the regime, but not in the way we wanted.” So, did Navalny and his team push the Kremlin to become more authoritarian – making it not only intolerant of him but also any possible successor?
There may be some truth in this. And yet, the drastic steps taken by the regime following the start of the war on Ukraine suggest there were other, even more significant factors that have laid bare the violent nature of Putin’s personal autocracy – and the president’s disdain for dissenters.
Plenty for Russians to be angry about
How can we win the war when dedushka [grandpa] is a moron?
In June 2023, Evgeny Prigozhin – a long-time associate of Putin and head of the private military Wagner Group – staged an armed rebellion, marching his forces on the Russian capital. This was not a full-blown political movement against Putin. But the target of Prigozhin’s invective against Russia’s military leadership had become increasingly blurry, testing the taboo of direct criticism of the president – who is sometimes referred to, disparagingly, as “grandpa” in Russia.
And Prigozhin paid the price. In August 2023, he was killed when the private jet he was flying in crashed after an explosion on board. Afterwards, Putin referred to Prigozhin as a “talented person” who “made serious mistakes in life”.
In the west, opposition to the Kremlin is often associated with more liberal figures like Navalny. Yet the most consequential domestic challenge to Putin’s rule came from a very different part of the ideological spectrum – a figure in Prigozhin leading a segment of Russian society that wanted the Kremlin to prosecute its war on Ukraine even more aggressively.
Video: BBC.
Today, there is plenty for Russians to be angry about, and Putin knows it. He recently acknowledged an “overheating of the economy”. This has resulted in high inflation, in part due to all the resources being channelled into supporting the war effort. Such cost-of-living concerns weigh more heavily than the war on the minds of most Russians.
A favourite talking point of the Kremlin is how Putin imposed order in Russia following the “wild 1990s” – characterised by economic turbulence and symbolised by then-president Boris Yeltsin’s public drunkenness. Many Russians attribute the stability and rise in living standards they experienced in the 2000s with Putin’s rule – and thank him for it by providing support for his continued leadership.
The current economic problems are an acute worry for the Kremlin because they jeopardise this basic social contract struck with the Russian people. In fact, one way the Kremlin tried to discredit Navalny was by comparing him with Yeltsin, suggesting he posed the same threats as a failed reformer. In his memoir, Navalny concedes that “few things get under my skin more”.
Although originally a fan of Yeltsin, Navalny became an ardent critic. His argument was that Yeltsin and those around him squandered the opportunity to make Russia a “normal” European country.
Navalny also wanted Russians to feel entitled to more. Rather than be content with their relative living standards compared with the early post-Soviet period, he encouraged them to imagine the level of wealth citizens could enjoy based on Russia’s extraordinary resources – but with the rule of law, less corruption, and real democratic processes.
‘Think of other possible Russias’
When looking at forms of criticism and dissent in Russia today, we need to distinguish between anti-war, anti-government, and anti-Putin activities.
Despite the risk of harsh consequences, there are daily forms of anti-war resistance, including arson attacks on military enlistment offices. Some are orchestrated from Ukraine, with Russians blackmailed into acting. But other cases are likely to be forms of domestic resistance.
Criticism of the government is still sometimes possible, largely because Russia has a “dual executive” system, consisting of a prime minister and presidency. This allows the much more powerful presidency to deflect blame to the government when things go wrong.
There are nominal opposition parties in Russia – sometimes referred to as the “systemic opposition”, because they are loyal to the Kremlin and therefore tolerated by the system. Within the State Duma, these parties often criticise particular government ministries for apparent failings. But they rarely, if ever, now dare criticise Putin directly.
Nothing anywhere close to the challenge presented by Navalny appears on the horizon in Russia – at either end of the political spectrum. But the presence of clear popular grievances, and the existence of organisations (albeit not Navalny’s) that could channel this anger should the Kremlin’s grip loosen, mean we cannot write off all opposition in Russia.
Navalny’s wife, Yulia, has vowed to continue her husband’s work. And his team in exile maintain focus on elite corruption in Russia, now from their base in Vilnius, Lithuania. The ACF’s most recent investigation is on Igor Sechin, CEO of the oil company Rosneft.
But some have argued this work is no longer as relevant as it was. Sam Greene, professor in Russian politics at King’s College London, captured this doubt in a recent Substack post:
[T]here is a palpable sense that these sorts of investigations may not be relevant to as many people as they used to be, given everything that has transpired since the mid-2010s, when they were the bread and butter of the Anti-Corruption Foundation. Some … have gone as far as to suggest that they have become effectively meaningless … and thus that Team Navalny should move on.
Navalny’s team are understandably irritated by suggestions they’re no longer as effective as they once were. But it’s important to note that this criticism has often been sharpest within Russia’s liberal opposition. The ACF has been rocked, for example, by recent accusations from Maxim Katz, one such liberal opposition figure, that the organisation helped “launder the reputations” of two former bank owners. In their response, posted on YouTube, the ACF referred to Katz’s accusations as “lies” – but this continued squabbling has left some Russians feeling “disillusioned and unrepresented”.
So, what will Navalny’s long-term legacy be? Patriot includes a revealing section on Mikhail Gorbachev – the last leader of the Soviet Union, whom Navalny describes as “unpopular in Russia, and also in our family”. He continues:
Usually, when you tell foreigners this, they are very surprised, because Gorbachev is thought of as the person who gave Eastern Europe back its freedom and thanks to whom Germany was reunited. Of course, that is true … but within Russia and the USSR he was not particularly liked.
At the moment, there is a similar split in perceptions of Navalny. Internationally, he was nominated for the Nobel Peace Prize, awarded the Sakharov Prize by the European Parliament, and a documentary about him won an Oscar.
But there are also those outside of Russia who remain critical: “Navalny’s life has brought no benefit to the Ukrainian victory; instead, he has caused considerable harm,” wrote one Ukrainian academic. “He fuelled the illusion in the west that democracy in Russia is possible.”
Trailer for the Oscar-winning documentary Navalny.
Inside Russia, according to Levada Center polling shortly after his death, 53% of Russians thought Navalny played “no special role” in the history of the country, while 19% said he played a “rather negative” role. Revealingly, when commenting on Navalny’s death, one man in Moscow told RFE/RL’s Russian Service: “I think that everyone who is against Russia is guilty, even if they are right.”
But, for a small minority in Russia, Navalny will go down as a messiah-like figure who miraculously cheated death in 2020, then made the ultimate sacrifice in his battle of good and evil with the Kremlin. This view may have been reinforced by Navalny’s increasing openness about his Christian faith.
Ultimately, Navalny’s long-term status in Russia will depend on the nature of the political system after Putin has gone. Since it seems likely that authoritarianism will outlast Putin, a more favourable official story about Navalny is unlikely to emerge any time soon. However, how any post-Putin regime tries to make sense of Navalny’s legacy will tell us a lot about that regime.
While he was alive, Navalny stood for the freer Russia in which he had emerged as a leading opposition figure – and also what he called the “Beautiful Russia of the Future”. Perhaps, after his death, his lasting legacy in Russia remains the ability for some to think – if only in private – of other possible Russias.
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Ben Noble has previously received funding from the British Academy and the Leverhulme Trust. He is an Associate Fellow of Chatham House.
#iubilaeum2025 – Holy Mass on the occasion of the Jubilee of Artists and the World of Culture, 16.02.2025
At 10.00 this morning, Fourth Sunday of Ordinary Time, on the occasion of the Jubilee of Artists and the World of Culture, His Eminence Cardinal José Tolentino de Mendonça, prefect of the Dicastery for Culture and Education, presided over Holy Mass in the Vatican Basilica.
The following is the text of the homily prepared by the Holy Father, read by Cardinal Tolentino de Mendonça:
In the Gospel we have just heard, Jesus proclaims the Beatitudes to his disciples and to a large crowd of people. We have heard them so many times, and yet they never cease to amaze us: “Blessed are you who are poor, for yours is the kingdom of God. Blessed are you who are hungry now, for you will be filled. Blessed are you who weep now, for you will laugh” (Lk 6:20–21). These words overturn our worldly mentality and invite us to look at reality with new eyes, with God’s gaze, so we can see beyond appearances and recognize beauty even amidst frailty and suffering.
The second part of the Gospel passage contains harsh and admonishing words: “But woe to you who are rich, for you have received your consolation. Woe to you who are full now, for you will be hungry. Woe to you who are laughing now, for you will mourn and weep” (Lk 6:24–25). The contrast between “blessed are you” and “woe to you” reminds us of the importance of discerning where we find our security.
As artists and representatives of the world of culture, you are called to be witnesses to the revolutionary vision of the Beatitudes. Your mission is not only to create beauty, but to reveal the truth, goodness and beauty hidden within the folds of history, to give voice to the voiceless, to transform pain into hope.
We live in a time of complex financial and social crises, but ours is above all a spiritual crisis, a crisis of meaning. Let us ask ourselves questions about time and about purpose. Are we pilgrims or wanderers? Does our journey have a destination, or are we directionless? Artists have the task of helping humanity not to lose its way and to keep a hopeful outlook.
Be aware, however, that hope is not easy, superficial or abstract. No! True hope is interwoven within the drama of human existence. Hope is not a convenient refuge, but a fire that burns and irradiates light, like the word of God. That is why authentic art always expresses an encounter with mystery, with the beauty that surpasses us, with the pain that challenges us, with the truth that calls us. Otherwise, “woe to us!” The Lord’s warning is stern.
As the poet Gerard Manley Hopkins wrote, “The world is charged with the grandeur of God. It will flame out, like shining from shook foil”. The mission of the artist is to discover this hidden greatness and reveal it, making it perceptible to our eyes and hearts. The same poet also perceived “the leaden echo” and “the golden echo” in the world. Artists are sensitive to these resonances, and through their work, they engage in discernment about the various echoes of the events of this world and help others to do the same. Men and women who represent the world of culture are called upon to evaluate these echoes, to explain them to us and to show us which path they lead us down: either they are seductive songs of sirens or the authentic appeals to humanity. You are asked to provide insight in order to help distinguish between what is like “chaff scattered by the wind” and what is solid, “like trees planted by streams of water”, capable of bearing fruit (cf. Ps 1:3-4).
Dear artists, I see in you guardians of beauty who are willing to attend to the brokenness of our world, listen to the cry of those who are poor, suffering, wounded, imprisoned persecuted or refugees. I see in you guardians of the Beatitudes! We live in a time when new walls are being erected, when differences become a pretext for division rather than an opportunity for mutual enrichment. But you, men and women of the world of culture, are called to build bridges, to create spaces for encounter and dialogue, to enlighten minds and warm hearts.
Some might say: “But what is the use of art in our wounded world? Are there not more urgent, more practical, more pressing things to do?”. And yet, art is not a luxury, but something that the spirit needs. It is not a flight from reality, but a charge, a call to action, an appeal and a cry. Educating about true beauty is educating about hope. And hope is never separated from the drama of existence; it runs through our daily struggles, the hardships of life and the challenges of our time.
In the Gospel we have heard today, Jesus proclaims as blessed those who are poor, afflicted, meek and persecuted. It is a change of mentality, a revolution of perspective. Artists are called to take part in this revolution. The world needs prophetic artists, courageous intellectuals and creators of culture.
Let the Gospel of the Beatitudes guide you, and may your art be a herald of a new world. Let us see your poetry! Never cease searching, questioning and taking risks. True art is never easy; it offers the peace of restlessness. And do not forget that hope is not an illusion; beauty is not a utopia. Yours is not a random gift but a calling. Respond, then, with generosity, passion and love.
A report will go before Cabinet on Wednesday (19 February) with councillors recommended to approve the proposed increase to help sustain the adult social care market.
The hourly rate paid to home care providers, for reablement and home based respite, nursing and residential care providers supporting under 65s, older people and older people with dementia, supported living services, Shared Lives and providers of day care services will rise by 6.6% if the proposals are agreed.
Meanwhile, the agency rate for Direct Payments for adults, carers and children will increase by 6.6%, while the rate for employed personal assistants will rise by 9.91% and self employed personal assistants by 9.33%.
If the proposals are approved, the new fee structure will be introduced on 7 April, 2025.
Councillor Jasbir Jaspal, Cabinet Member for Adults and Wellbeing, said: “Our city’s adult social care providers have a vital role to play in supporting our most vulnerable residents, and we are determined to do all we can to support the sector.
“We know that, like other employers, adult care and support providers are continuing to face a perfect storm of rising costs – compounded by inflation and changes to the National Living Wage and National Insurance – along with recruitment issues and so we are pleased to be able to propose these above inflation increases, despite the well documented pressures the council is also facing at this time.
“These proposed increases of between 6.6% and 9.91% for the next financial year follow on from the significant increase in rates we announced for 2023 to 2024 of between 7.45% and 9.79% and 11.85% and 20.36% the year before, demonstrating our ongoing commitment to local adult social care providers.”
She added: “Quality of provision across all adult social care sectors has been factored when considering the proposed care fee increases, and this will be monitored through our improved quality assurance processes to ensure we are delivering high quality services across the city, while delivering value for money for taxpayers.”
Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines of the inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies”, bringing together finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, and heads of other International Financial Institutions and the Arab Coordination Group.
Following the meeting, Kristalina Georgieva, Managing Director of the IMF, and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following statement:
“This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies.”
“We thank all participants for recognizing the urgency and importance of this task, as well as for their commitment to work together to ensure that the conflict-affected countries can start addressing their humanitarian needs. This would help them start rebuilding their economies in an efficient, swift, and durable way for the benefit of their people.”
“Participants welcomed the meeting as an opportunity to discuss recent developments and build a common understanding of the challenges facing conflict-affected countries. They emphasized the importance of strengthening coordination to support the recovery of these countries as the spillovers would impact all. Particular attention was paid to the situation in Syria.”
Participants agreed on the following priorities to support conflict-affected countries:
A Continuous Diagnosticof the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs. Such a diagnostic should identify institution-building priorities, gaps in policies, and financing needs.
Enhanced Capacity Development (CD) aimed at rapidly scaling up IMF and World Bank CD initiatives to help strengthen and, as needed, build new institutions. Support would need to be tailored to strengthen essential functions of fiscal, monetary and banking institutions.
Mobilization of financial assistance from the international community . Financial support—coordinated with international and regional development partners—will be needed to fund comprehensive reform programs, including reconstruction and humanitarian aid.
“Participants underscored their readiness to work together and complement each other’s efforts while focusing on their institutional mandates. They will continue to work closely and with other partners to further support the international response to the recovery of conflict-affected economies in the Middle East region.”
They agreed to establish an informal coordination group to support these efforts. Discussions will be continued at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.”
VICTORIA, Seychelles, Feb. 17, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, announced the launch of its first Bitget Graduate Program, an initiative designed to recruit and cultivate the next generation of blockchain and Web3 talent from top global universities. As part of Bitget’s Blockchain4Youth Corporate Social Responsibility (CSR) initiative, this program aligns with the company’s plans of driving education, innovation, and long-term growth in the blockchain industry.
The Bitget Graduate Program seeks outstanding graduates with a global mindset, a passion for innovation, and a strong drive to explore the future of Web3. The program provides career opportunities across various fields, including operations, product management, marketing, risk & compliance, data management, and engineering, enabling participants to gain hands-on experience in one of the fastest-growing sectors.
Applications are now open on the Bitget official website and will remain available until March 15, 2025. Successful candidates will receive offer letters to join Bitget, with the earliest start date being April 1. Through this program, Bitget plans to hire around 30 exceptional graduates, offering them a structured development program, cross-functional training, and direct mentorship from industry experts. Participants will have the opportunity to work on cutting-edge blockchain projects and contribute to expanding Web3 applications.
“At Bitget, we believe the future of Web3 lies in the hands of the next generation,” said Vugar Usi Zade, Chief Operating Officer at Bitget. “The Graduate Program is designed to bridge the gap between ambition and opportunity, providing young professionals with a direct pathway to immerse themselves in the blockchain industry. As Web3 adoption accelerates, we are committed to equipping future leaders with the skills and experiences they need to shape the decentralized world.”
Bitget offers a dynamic and diverse workplace, with over 1,800 employees from over 60 countries and a culture that values efficiency, innovation, and collaboration. The program offers competitive compensation, clear career development pathways, and growth opportunities within Bitget.
Launched in May 2023, Blockchain4Youth aligns with Bitget’s commitment to inspiring the next generation to embrace blockchain. With a $10 million pledge over five years, the initiative offers courses, hackathons, and scholarships. By the end of 2024, Bitget had entered over 60 universities, including Massachusetts Institute of Technology (MIT), University College London (UCL), Hong Kong University of Science and Technology, National Technological University of Argentina, National Taiwan University, and RMIT University, hosting nearly 100 talks and reaching over 13,000 students.
For more details on the Bitget Graduate Program and application process, visit this link.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.
Powered by Willow-Tree Consensus, Tectum 4.0 delivers high-performance Layer-1 scalability for real-world applications and digital payments.
At the PayFi forefront, Tectum connects tradFi with decentralized payments, enabling seamless blockchain transactions.
Tectum 4.0 supports dApps and smart contracts, while Tectum 3.0 powers SoftNote, a zero-fee, transactionless payment system.
With 1.7 million SoftNote bills minted, it enables wallet-free, fee-free, and offline crypto transactions, revolutionizing digital payments.
The following consensus upgrade set for Q2 2025, with Tectum Labs (Q1) driving CBDCs/tokenization and Tectum Keys (Q2) launching quantum-resistant security
Dubai, Feb. 17, 2025 (GLOBE NEWSWIRE) — –Tectum, the next-generation performance-driven blockchain, has officially launched Tectum 4.0 – its public Layer-1 mainnet, delivering industry-leading scalability and efficiency to support real-world applications, seamless digital payments, and enterprise adoption.
Tectum 4.0 vs. Tectum 3.0: A Dual-Layer Blockchain for Performance & Payments
Tectum operates a dual-blockchain ecosystem, where Tectum 4.0 functions as a public, high-performance Layer-1 blockchain optimized for speed, scalability, and decentralized applications (dApps). This allows developers to build scalable, real-world solutions that leverage blockchain efficiency without bottlenecks.
In contrast, Tectum 3.0 is a private centralized blockchain specifically designed to support SoftNote, Tectum’s flagship transactionless payment system. The private nature of Tectum 3.0 ensures zero-fee transactions, making SoftNote an optimal payment solution that functions without gas fees or network congestion.
This hybrid architecture allows Tectum 4.0 to power high-speed smart contracts and dApps, while Tectum 3.0 ensures seamless, fee-free crypto transactions through SoftNote.
SoftNote vs. Traditional Crypto Payments: A Paradigm Shift
Unlike traditional crypto payments, which require on-chain confirmations, high gas fees, and network processing delays, SoftNote eliminates these barriers by offering a transactionless model that allows instant peer-to-peer transfers of Bitcoin (BTC), Ethereum (ETH), USDT, and other digital assets.
Key Advantages of SoftNote Over Traditional Crypto Payments:
Bankless & Accountless: SoftNote eliminates the need for traditional banking infrastructure—users can transact freely without requiring a bank account or even a crypto wallet. As bearer instruments, SoftNotes functions like physical cash, allowing users to hold, print, and transfer them seamlessly.
Transaction-less: Unlike traditional crypto transactions that require network confirmations and gas fees, SoftNote operates on Tectum’s Layer-3 architecture, enabling instant, off-chain transactions without network congestion or added costs.
Network-less: Payments can be made without an internet connection, ensuring global accessibility—even in regions with limited digital infrastructure.
Zero Fees: SoftNote transactions are fee-free, removing the financial barriers typically associated with blockchain payments.
Physical & Digital Usability: SoftNotes bridges the gap between digital and physical assets, offering the convenience of digital payments with the flexibility of cash.
With 1.7 million SoftNote bills already minted globally, SoftNote is driving mainstream adoption of crypto payments, making digital transactions as seamless as using cash.
“Blockchain must evolve beyond speculation to drive real-world utility,” said Alexander Guseff, Founder & CEO of Tectum.“With the launch of Tectum 4.0, we are setting a new standard for speed and scalability, while SoftNote transforms digital payments by making crypto as seamless as cash. By eliminating fees, delays, and infrastructure barriers, SoftNotization bridges the gap between blockchain and everyday transactions, positioning Tectum at the forefront of the PayFi movement.”
SoftNotization vs. Tokenization: Enabling Mass Crypto Adoption
While tokenization converts real-world assets into digital blockchain-based tokens, SoftNotization is a step beyond tokenization – it allows digital assets to be used in physical form, making crypto spendable in everyday transactions.
With SoftNotization, users can convert their crypto holdings into SoftNotes, enabling them to spend Bitcoin, Ethereum, stablecoins, or any digital asset just like cash – even in regions where crypto wallets and Web3 complexity hinder adoption.
This makes SoftNotization a critical driver of crypto mass adoption, especially in unbanked and underbanked economies, where a familiar cash-like payment system can simplify blockchain adoption for businesses and consumers alike.
What’s Next for Tectum?
Following the mainnet launch, Tectum will activate full consensus mechanisms in March 2025, strengthening security, decentralization, and transactional integrity. As PayFi adoption grows, Tectum will roll out SDKs on the public mainnet, equipping developers to build scalable applications for digital payments. The company is also expanding its ecosystem with new products and services.
At the forefront is Tectum Labs, an innovation hub for business tokenization and CBDCs, launching in Q1 2025. It will drive projects such as FreeSolar, TectumKeys, and SyntezNote, showcasing Tectum’s multi-industry reach. Additionally, Tectum Keys, a quantum-resistant security solution, launches in Q2 2025, setting a new standard for digital asset protection.
-ENDS-
About Tectum Tectum is transforming digital payments with Tectum 4.0, its high-performance Layer-1 blockchain, designed for scalability and real-world adoption.
Built on Tectum 3.0, SoftNote enables zero-fee, instant peer-to-peer crypto transactions, eliminating network confirmations and gas fees. The SoftNote ecosystem includes the SoftNote Wallet for secure storage, the SoftNote Merchant Terminal for seamless point-of-sale transactions, and the SoftNote Pay App for simplified everyday payments.
Beyond payments, Tectum Labs specializes in asset tokenization and CBDC solutions, helping businesses digitize assets and supporting governments in CBDC development.
Tectum empowers Bitcoin and other cryptocurrencies to become truly spendable, breaking barriers to adoption and enabling seamless micropayments. Its ecosystem includes the Tectum Emission Token ($TET) for SoftNote minting and quantum-proof authentication (XFA) for enhanced security.
A subsidiary of Crispmind Ltd., Tectum is committed to scalable, secure, and inclusive blockchain solutions that redefine global transactions. To learn more, visit www.tectum.io.
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China’s first privately-funded aeroengine test facility has begun construction in Chongzhou, Sichuan Province. The groundbreaking ceremony on Feb. 13 marked the official launch of the 2.25-billion-yuan (about 314 million U.S. dollars) project, led by ZhongFaTianXin (SiChuan) Aviation Technology Co., Ltd, which aims to address long-standing challenges in high-altitude testing for small and medium-sized aircraft engines, according to the publicity office of the Chongzhou municipal government. Slated for completion by 2027, the facility, also a light aircraft engine production base, will provide critical research and development support for next-generation aircraft, including drones, flying cars, and low-altitude vehicles, while advancing China’s burgeoning low-altitude economy, said Liu Chen, chairman of ZhongfaTianxin. Aeroengines, often dubbed the “heart of aircraft,” require rigorous testing under extreme conditions to ensure reliability. In recent decades, China has invested heavily in high-altitude simulation infrastructure to develop indigenous engines. Li Tao, head of the regional cooperation department of the Chongzhou economic development zone, said that there are currently limited high-performance testing platforms for aeroengines in the country, and those available for the civil market are even rarer. “A high-performance testing platform that serves all society will provide significant support for the development of Chongzhou’s low-altitude aviation economy and facilitate the gathering of upstream and downstream industries. This will become the testing ground for the ‘heart of aircraft,’” said Li. The Chongzhou facility will enable manufacturers to test engines for thrust, durability, and safety without relying on foreign technology. “This facility is 100 percent domestically designed and controlled, with performance reaching international standards,” said Liu, noting that the project timeline has been shortened from five to three years to accelerate innovation. Additionally, Feb. 13 also marked a major milestone for the Hongyuan aviation power industrial park project in Chongzhou. With a total investment of 600 million yuan, the project aims to establish a research, manufacturing, and maintenance base for large turbofan engine components. The base will also see the completion of drones, small aeroengines, as well as carbon fiber prepregs and composite structural components, according to the publicity office of the Chongzhou municipal government. These projects underscore Chongzhou’s ambition to build a “Sky City” by 2027 — a vision of integrated manufacturing, testing and urban air mobility services.
The gross domestic product of 27 Chinese cities surpassed 1 trillion yuan ($137.87 billion) in 2024, according to People’s Daily overseas edition on Monday.
Shanghai, China’s financial hub, and Beijing, the capital city, claimed the first and second positions in the rankings, with respective GDPs of 5.39 trillion yuan and 4.98 trillion yuan in 2024.
Shenzhen, Chongqing and Guangzhou each exceeded 3 trillion yuan in GDP, while Suzhou, Chengdu, Hangzhou and Wuhan surpassed 2 trillion yuan last year.
In terms of growth rate, six cities saw GDP growth rates above 6 percent, with Quanzhou leading at 6.5 percent.
These cities generally possess a well-established industrial system and large-scale industries, said Pan Helin, a member of the expert committee for information and communication economy under the Ministry of Industry and Information Technology.
The industries in these cities cover high-end manufacturing, modern service industry and scientific and technological innovation, forming a diversified economic structure, according to Pan.
These cities focus on innovation-driven economies, boasting strong scientific research capabilities and innovation potential, which enables continuous industrial upgrading and transformation.
In addition, their advantageous geographical locations and transportation networks facilitate resource aggregation and circulation, promoting rapid economic growth, Pan noted.
In the future, these cities should continue to foster a more convenient, efficient and transparent business environment, focus on improving people’s livelihoods and social services, and strengthen the development of public service systems, Pan added.
Invalda INVL Group today announces that it has successfully completed a first closing of its second-generation private equity fund (“INVL Private Equity Fund II”), reaching EUR 305 million and exceeding its target of EUR 250 million.
The INVL Private Equity Fund II has received strong backing from both existing and new investors, forming an exceptional investor base. This includes some of the most successful entrepreneurs from across the Baltics, family offices and institutional investors such as the European Investment Fund, pensions funds managed by Luminor asset management companies, SB Asset Management and IPAS INVL Asset Management in Latvia, as well as life insurance company UAB SB Draudimas. Fundraising will continue to reach a hard cap of EUR 400 million.
The minimum investment in the INVL Private Equity Fund II was EUR 10 million. However, investors could invest in the fund via INVL Private Equity Capital Fund II with a ticket as low as EUR 125,000 which subsequently reached a total size of EUR 116 million.
To fully align interests with the INVL Private Equity Fund II investors, Invalda INVL and the fund’s management team have also invested EUR 32.7 million, currently representing 11% of the total fund size.
Darius Šulnis, CEO at Invalda INVL, commented:“This highly successful fundraising reflects investors’ trust in our work, as well as a pragmatic view on the region’s perspectives and potential. It also signals opportunities for companies and countries in the region seeking investment.
INVL Private Equity Fund II will invest in businesses across Lithuania, Latvia, Estonia, Poland, Romania and the broader EU – backing those with the potential to become leaders in their competitive fields and drive value creation, along with the talented and determined people behind their success. In a rapidly changing environment, we see an increasing number of attractive investment opportunities. Having successfully built and developed multiple businesses, we understand the dedication, ambition and challenges that come with seizing new opportunities and driving growth. We take an active role in companies’ development, believing that this is the key to delivering strong returns for our investors – whose support, capital and high standards empower us to act.”
Deimantė Korsakaitė, Managing Partner at INVL Private Equity Fund II and INVL Baltic Sea Growth Fund, added: ”This is a historic milestone for the Baltics, as we have announced the largest private equity fund ever raised in the region. We are extremely grateful to our investors for their trust. It is both an honour and a great responsibility to uphold this confidence in us. We will continue the successful strategy of our predecessor, the INVL Baltic Sea Growth Fund and remain fully committed to work hand-in-hand with management teams to drive transformative growth and create long-term value for companies, our investors as well as contributing to the growth of the economy. We strongly believe that our experience and network bolster our capabilities as a value-add partner to companies.”
Asta Jovaišienė, Head of INVL Family Office, said: “We are delighted to be part of this record alongside our clients. At the same time, it demonstrates that our family office offers exceptional solutions that meet investors’ needs for sustainable and long-term results.“
The new fund will build on the strategy of the INVL Baltic Sea Growth Fund, seizing attractive opportunities across the Baltics, Poland, Romania and the broader EU. The INVL Private Equity Fund II is sector-agnostic and will invest in companies with the potential to become regional leaders in their respective industries, focusing on acquiring majority or significant minority stakes. Through active investment management, the fund aims to drive long-term value creation.
The strategy includes forming a diversified portfolio of 10–12 investments, providing late-stage growth capital to target companies and executing both buyout and buy-and-build strategies. Investment size will typically be in the region of EUR 10 million to EUR 40 million, with a preferred equity ticket of around EUR 25-30 million. However, the fund will also pursue larger deals together with co-investors.
Deimantė Korsakaitėcontinued: “The predecessor INVL Baltic Sea Growth Fund which raised EUR 165 million closed the year in 2024 with a 25% net internal rate of return (NetIRR), total value to paid-in capital (TVPI) exceeding 2x and having announced the first agreed exit from its portfolio company InMedica that is to become one of the largest investments in healthcare services in the Baltics to date.”
About INVL Private Equity Fund II
The EUR 305 million INVL Private Equity Fund II is the largest private equity fund in the Baltics. It aims to build a diversified portfolio by acquiring majority or significant minority stakes in high-growth companies, with investment sizes ranging from EUR 10 million to EUR 40 million. The fund focuses on businesses with strong potential to grow and compete amid intensifying global competition, targeting opportunities in the Baltic countries, Poland, Romania and the broader Europe Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage or have under supervision more than EUR 1.6 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia and invests in global third-party funds.
Additional information: Darius Šulnis CEO of Invalda INVL darius.sulnis@invl.com
This interim management statement covers the first quarter of the 2024/25 financial year, 1 October 2024 to 31 December 2024. Investment performance measures contained in this report are calculated on a pence per share basis and include realised and unrealised gains and losses.
Overview
Once again, we have endured a difficult start to the financial year, albeit for very different reasons. The 2024 Autumn budget, preceded by some unhelpfully stark messaging, has weighed on economic activity. GDP, employment reports and PMI surveys all highlight a notable softening in the UK economy through the second half of (cal.) 2024.
Measures of UK consumer and business confidence dipped, suggesting that households and companies were becoming increasingly cautious. Although a very significant increase in public spending is expected to support economic activity pickup in 2025, there is clear evidence that The Office for Budget Responsibility forecast for GDP to increase from 1.1% in 2024 to 2.0% in 2025 is likely to be revised lower when next updated.
UK fiscal policy is seen as being negative to growth and positive for inflation. In the round, this adds up to fewer rate cuts in 2025. With higher inflation and lower growth undermining the case for lending to the UK Government, UK Gilt yields broke out to the upside and Sterling to the downside. The move higher in borrowing costs was exacerbated by higher yields in the US Treasuries market. The Government is on the back foot and will need to respond before the 2025 Autumn budget.
None of this has been helpful for investor interest in UK equities with outflows increasing again after a period of improving sentiment through the early Summer. This was particularly acute for AIM and, more broadly, the IA UK Small Cap sector.
Reflecting this, the FTSE AIM All-Share Index was noticeably weak ahead of and subsequent to the budget, with the index steadily declining for 7 months through to 31 December 2024. Within the period, the AIM All-Share index returned -2.32% in the three months to 31 December 2024, lagging the FTSE All Share Index (-0.35%). We continue to believe that many small companies trading on AIM offer exceptional value.
Performance
In the three months to 31 December 2024, the unaudited NAV per share decreased by 0.40 pence from 40.55 pence (cum-dividend) to 40.15 pence, giving a total return of -0.99%.
The qualifying investments fell by 0.09 pence per share whilst the non-qualifying investments made a loss of 0.25 pence per share. The adjusting balance was the net of running costs and investment income.
Qualifying Investments
Aquis Exchange (+93.1%, +£1.66m) received a takeover offer from its larger Swiss peer SIX Exchange at 727p. This was a 120% premium to the previous closing price, a 45% premium to the average share price over the prior 12 months and slightly above the 2021 share price high of 720p. This equates to an exit multiple of 4.7x for the VCT. The transaction was approved on 18 December 2024 and is expected to complete in Q2 2025.
PCI-PAL (+30.3%, +£1.09m) reported good FY24 results with revenues +20% to £18.0m and positive EBITDA of £0.9m. The company also reported strong SAAS metrics with ARR growing by 23%, Net Retention Rate at 102% and low churn. Following a £3.3m fundraise in March 2024, the balance sheet is strong with £4.3m cash. Positive news flow continued subsequently with a key contract renewal and in-line AGM trading update. Post period end, the company reported strong trading for the 6m to 31 December 2025 and re-iterated guidance for FY25.
Cohort (+15.0%, +£0.65m) announced strong interim results for the 6m to 31 October 2024 with revenues increasing by 25% and a record order book of £541m. The company confirmed it remains on track to achieve market forecasts for FY25. Separately, Cohort announced the £74m acquisition of Australian-based satellite communications company EM Solutions. The acquisition was partly funded through existing cash & debt facilities, combined with a £40m fundraise at 875p.
Following weak financial performance in FY24, Equipmake (-40.0%, -£0.93m) raised £3m in October 2024. The additional capital, when combined with cost action, has extended the company’s cash runway to March 2025. This was followed by the subsequent launch of a strategic review and a formal sale process.
Fadel (-42.9%, -£0.72m) saw customer implementation delays and an unsuccessful new business tender. Revenue forecasts for FY24 were reduced by 12% from $14.8m to $13m. The high drop through of revenues to profits meant that projected FY24 EBITDA losses increased from $2.3m to $4m. The company has adopted a more disciplined approach to cost that has yielded an improved outlook for losses and cash performance in 2025.
Team Internet (-27.7%, -£0.43m) shares fell sharply in Q4 2024 as the company announced that revenues at a recently acquired online marketing business Shinez would fall short of expectations. More recently the shares have begun to recover as the company announced it had received a preliminary takeover proposal.
Non-Qualifying Investments
The IFSL Marlborough UK Micro-Cap Growth Fund (+0.6%, +£0.06m) and IFSL Marlborough Special Situations Fund (-1.3%, -£0.13m) were broadly flat over the period. Within the non-qualifying portfolio, the weaker outlook for the UK economy following the Autumn budget impacted WH Smith, Wickes and Hollywood Bowl. Chemring also fell as earnings forecasts were impacted by rising national insurance costs and the curtailment of the company’s share buy-back in favour of preserving funds for organic investment.
Portfolio structure
The VCT is comfortably above the HMRC defined investment test and ended the period at 87.5% invested as measured by the HMRC investment test. By market value, the weighting to qualifying investments increased from 56.0% to 56.9%.
The market remains very subdued with just two VCT qualifying IPOs within the last 12 months. There were two new equity investments into companies listed on AIM and one CLN into an existing portfolio company listed on AIM. We remain hopeful that improving market conditions will help drive an increase in deal flow during 2025.
The new qualifying investments included a following on (CLN) investment into Rosslyn Data Technologies and new equity investments into Feedback and Ixico. There were no material disposals in the quarter. We sold two legacy tail investments (Gfinity and Surface Transforms) and trimmed our investment in Cohort following a period of strong share price performance.
There were no substantial changes to the allocation to the two IFSL Marlborough Funds, non-qualifying equities, fixed income, ETFs or cash which respectively represented 13.4%, 6.8%, 12.9%, 0.4% and 9.6% of net assets.
The HMRC investment tests are set out in Chapter 3 of Part 6 Income Tax Act 2007, which should be read in conjunction with this interim management statement. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised. Therefore, the allocation of qualifying investments as defined by the legislation can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.
Share Buy Backs & Discount
3.9 million shares were acquired in the quarter at an average price of 38.27 pence per share. The share price decreased from 39.00p to 38.40p and on 31 December 2024 traded at a discount of 4.74% to the last published NAV per share (as at 27 December 2024, published on 31 December 2024).
Post Period End
The unaudited NAV per share increased from 40.15 pence to 40.22 pence (cum div) as at 7 February 2025, an increase of 0.17%. The FTSE AIM All-Share index increased by 0.09%.
END
For further information please contact:
Oliver Bedford, Canaccord Genuity Asset Management
The Albanese Government is continuing its work to close the digital divide for First Nations people and communities, with three new programs aimed at boosting First Nations digital inclusion now accepting applications. The new programs are part of the Government’s $68 million investment in First Nations digital inclusion measures announced in the 2024-25 Federal Budget and will contribute to achieving equal levels of digital inclusion for Aboriginal and Torres Strait Islander people under Target 17 of the National Agreement on Closing the Gap. The $20 million First Nations Community Wi-Fi Program will fund eligible projects to roll-out free community Wi-Fi solutions in remote and very remote First Nations communities. Successful grantees will be required to work closely in consultation with communities to deliver place-based solutions for a minimum period of five years. This program will build on the success of the Government’s NBN Community Wi-Fi Program announced in February 2024, which is delivering free Wi-Fi connectivity in 23 remote First Nations communities in partnership with NBN Co. Applications are also being sought for the First Nations Digital Support Hub Program and Network of Digital Mentors Program, which will support First Nations Australians to be online safely and effectively, and determine which connectivity options are best for them.
A total of $4 million over two years is available for the development and delivery of a Digital Support Hub to provide national assistance online and over the phone to First Nations peoples and communities to help them develop their digital and connectivity literacy.
The Digital Support Hub is complemented by $18 million in funding over three years to support the establishment of a Network of Digital Mentors, delivered in remote First Nations communities. The Digital Mentors will provide mentorship and training to improve digital literacy and assist community members to safely participate in the digital economy.
Collectively, these programs work to support digital inclusion for Aboriginal and Torres Strait Islander people and communities by providing accessible, place‑based and culturally safe solutions that are tailored to the needs of individual communities. All three programs have been established on the recommendation of the First Nations Digital Inclusion Advisory Group, who has provided aninitial reportandRoadmapto Government on ways to close the digital divide. Applications for the First Nations Digital Support Hub and Network of Digital Mentors Programs close on 13 March 2025.
Applications for the First Nations Community Wi-Fi Program close on 24 April 2025. To apply, visit:GrantConnect For more information on First Nations Digital Inclusion, visitwww.infrastructure.gov.au/FNDI Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP: “We’re committed to bridging the digital divide for First Nations Australians, including those living in regional, remote and very remote communities. “Access to fast and reliable connectivity is absolutely essential for communicating, working, accessing healthcare and education – and for fully participating in today’s world. “Which is why, through these programs, we hope to see stronger access to services and opportunities for First Nations communities across Australia. “I encourage all eligible organisations to apply for these programs and work with us to close the gap on digital inclusion.” Quotes attributable to the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy: “Digital inclusion is about ensuring all Australians are able to access and benefit from digital technologies – no matter where they live. “That is why we are committed to working with First Nations people to bridge the digital divide, provide access to information and services and address the barriers to participating online. “I look forward to seeing these programs commence their roll out this year – empowering remote and very remote communities across the country through digital connectivity.”
New data released today by the Australian Bureau of Statistics (ABS) shows the number of school students staying in school until year 12 has gone up for the first time in almost 10 years.
The former Liberal Government ripped $30 billion out of schools. Since then, the number of students finishing high school in public schools dropped from 83 per cent to 73 per cent. The Liberal Party also attacked our teachers and called them “duds”.
The Albanese Labor Government has a different approach which is about fixing the funding of our schools, tying it to reform and backing our teachers.
According to the ABS:
“The overall growth in the proportion of students staying from year 10 until year 12 was largely driven by students at government schools, which was up 1.3 percentage points to 74.3 per cent in 2024.”
This is good news. We want more young people to finish school and then go on to TAFE or university. We are now finally seeing this head in the right direction for the first time in almost a decade.
We are also seeing more teachers in the classroom and more people wanting to become a teacher.
The ABS data highlights a rise in teacher numbers across the country, with the average student-to-teacher ratio falling to a new low since 2006 of 12.9 students to one teacher.
Australian schools had 320,377 full-time equivalent teaching staff in 2024, a 2.8 per cent rise from 2023.
This follows recent analysis of preliminary data from the Department of Education that showed both applications and offers are up for people wanting to study an undergraduate course in education.
Overall, preliminary results from tertiary admission centres are showing a 7 per cent increase in applications and a 14 per cent increase in offers compared to 2024.
These positive results come after the Albanese Labor Government and state and territory governments have been working together to tackle the teacher workforce shortage through the National Teacher Workforce Action Plan.
Many states and territories have delivered significant pay increases for the teaching profession over the past two years. They have also taken important steps to help reduce teacher workload.
We have brought back teaching scholarships worth up to $40,000 each to encourage more people to study teaching.
And for the first time ever, the Australian Government is introducing a Prac Payment for teaching students which provides financial support while they do the practical part of their course.
These initiatives come on top of the biggest reforms to teacher training in a generation, which include a stronger focus on how to teach children to read and write and do maths and manage behaviour.
Comment attributable to Minister for Education, Jason Clare:
“This is good news. We are starting to see things heading in the right direction for the first time in almost a decade.
“The Liberals ripped the guts out of school funding, called our teachers duds and did nothing to lift standards.
“We are starting to turn this around but there is a lot more to do.”
The Government is investing $30 million from the International Visitor Conservation and Tourism Levy to fund more than a dozen projects to boost biodiversity and the tourist economy, Conservation Minister Tama Potaka says.
“Tourism is a key economic driver, and nature is our biggest draw card for international tourists,” says Mr Potaka.
“Improving tourism infrastructure is good for the economy, and investing in conservation tourism is a win win.
“Around 50 per cent of visitors cite natural landscapes and environment as their primary reason for traveling, and about 50 per cent of international tourists visit national parks.
“While visitor satisfaction remains high, work is needed to ensure Aotearoa New Zealand continues to deliver on its promise to visitors.”
To manage pressures at Aotearoa New Zealand’s most popular visitor sites, the Government is investing $11 million including:
Upgrades to huts, car parks and facilities at Aoraki Mt Cook, Rangitoto Island and Motutapu Island
Safety upgrades to 116 cable structures including suspension and swing bridges
Investment at Goat Island / Te Hāwere a Maki to improve beach access, carparking, and reflect the area’s significant cultural heritage.
“These investments will help deliver a top-notch visitor experience at some of our most popular natural heritage sites.
“Some will complement the Hauraki Gulf Bill that will deliver the highest ever level of environmental protection for this precious moana when it passes later this year.
“New Zealand’s first marine reserve, Goat Island / Te Hāwere a Maki (Cape Rodney – Ōkakari Point), will be 50 years old later this year. It is among the top 10 most visited natural heritage areas with 350,000 visitors per year and has real potential for improved visitor experiences,” says Mr Potaka.
“The benefits this will bring to the shops in Leigh, Matakana, and the surrounding area can be substantial.
“Today’s announcement follows the Government’s launching of a new campaign to gear-up tourism for 2025 by encouraging Australians to pick New Zealand for their next holiday. We are also supporting the continued development of Māori tourism, which now contributes more than $1 billion a year to New Zealand’s economic growth,” Mr Potaka says.
The Government is investing $19 million from the IVL into protecting biodiversity by reducing the spread of predators and invasive plant species. Investments include:
Stopping the spread of wallabies and managing deer and goat populations in National Parks and popular visitor areas to allow nature to thrive
Targeted predator control to protect native species especially the critically endangered Southern Dotterel birds in Rakiura National Park
Stopping and removing wilding pines from our iconic landscapes.
“By expanding predator control, we will improve the protection of critically endangered species in national parks and grow the number of iconic birds for visitors to enjoy.
“Wallabies have a terrible impact on indigenous forests such as at the popular Lakes Tarawera and Okataina, and down in Canterbury.
“These investments funded from the International Visitor Conservation and Tourism Levy will deliver better visitor experiences and improved environmental outcomes and ultimately provide a boost for sustainable tourism and growth,” Mr Potaka says.
The funding covers work across the next three years and comes from money raised under the previous $35 IVL rate.
