Settlement signals the steadfast commitment of California and its state partners to the robust enforcement of worker and consumer protection laws
SAN FRANCISCO — California Attorney General Rob Bonta today announced a settlement with HCA Healthcare, Inc. and Health Trust Workforce Solutions, LLC (together, HCA), resolving allegations that HCA unlawfully required entry-level nurse employees to repay the cost of a mandatory training program if they did not remain employed with the company for two years. HCA is one of the nation’s largest hospital systems and has several hospitals in northern and southern California. Today’s settlement is the result of a years-long investigation by Attorney General Bonta and the attorneys general of Colorado and Nevada, working in partnership with the Biden Administration’s Consumer Financial Protection Bureau. The states’ investigation found that HCA violated California employment and consumer protection laws as well as the federal consumer financial protection laws by using training repayment agreement provisions (TRAPs) in nurses’ employment contracts. These TRAPs are a form of employer-driven debt, or debt obligations incurred by individuals through employment arrangements.
“All too often, employer-driven debt forces workers to remain in jobs that they would otherwise leave. That’s not just wrong; it’s illegal under state and federal law. Workers must be able to pursue better pay and better working conditions — not be trapped by debt that their employer makes them take out,” said Attorney General Rob Bonta. “I’m grateful to my fellow attorneys general in Colorado and Nevada for their partnership. With today’s settlement, we are taking a stand for workers in our states by holding HCA Healthcare accountable — ensuring that all affected nurses are made whole financially, that the company pays a penalty for its wrongdoing, and that the company is subject to strong injunctive terms to deter future misconduct.”
“California Nurses Association and our national union, National Nurses United, want to thank Attorney General Bonta for his leadership in addressing this growing trend of employers, such as HCA, using debt repayment contracts to lock nurses and other workers into jobs,” said Sandy Reding, RN and a president of the California Nurses Association. “HCA, the largest for-profit hospital system in the country, has a shameful track record of using predatory stay-or-pay contracts, or Training Repayment Agreement Provisions (TRAPS), which handcuff nurses to our employers through the threat of serious financial consequences or ruin. No nurses and no other workers should be locked into a job under the weight of debt to their employer.”
“The Attorney General has found that HCA’s StaRN scheme violated the law and exploited new nurses in the process. As the largest hospital system in the US, HCA should strive to make nursing a rewarding career, not punish new nurses by entrapping them in debt,” said Rosanna Mendez, Executive Director, SEIU 121RN. “Attorney General Bonta’s action demonstrates that he strongly supports California’s frontline healthcare workers, even when it means taking on a large and powerful corporation.”
“The StaRN program put new nurses under HCA’s thumb, harming nurses’ morale at a time when we need them the most,” said Leo Perez, President, SEIU 121RN. “HCA is notorious for prioritizing profit over employee well-being. We are hopeful that this settlement will encourage them to reevaluate those priorities.”
”We stand with Attorney General Bonta in sending a clear message: Nurses should never be forced into debt just to launch their careers,” said Charmaine S. Morales, RN, President of United Nurses Associations of California/Union of Health Care Professionals. “As advocates who understand the real pressures nurses face, we support this settlement as a powerful step toward holding corporations accountable and protecting the dignity of our profession.”
As a condition of employment at an HCA hospital, HCA generally requires that entry-level nurse employees complete the Specialty Training Apprenticeship for Registered Nurses (StaRN) Residency Program. The company has advertised StaRN as an avenue for entry-level RNs to get the education and training they need to land their first nursing jobs in an acute-care hospital setting, although StaRN does not provide nurses with education or training necessary for licensure as an RN. Until the Spring of 2023, HCA required that RNs hired through the StaRN program at facilities in several states, including California, sign a TRAP agreement in their new-hire paperwork. The TRAPs purported to require nurses to repay a prorated portion of the StaRN “value” if they did not work for HCA for two years. If a nurse left HCA before the end of the two-year period, then the TRAP loan was typically sent to debt collection.
HCA imposed TRAPs on nurses who worked at their five hospitals in California: Good Samaritan Hospital in San Jose; Regional Medical Center in San Jose; Los Robles Regional Medical Center in Thousand Oaks; Riverside Community Hospital in Riverside; and West Hills Hospital & Medical Center in West Hills (no longer under HCA ownership).
Under California’s settlement, HCA will:
Pay approximately $83,000 to provide full restitution to California nurses who made payments on their TRAP debt to HCA.
Be prohibited from imposing TRAPs on nurse employees and attempting to collect on the approximately $288,000 in outstanding TRAP debt incurred by California nurses who signed TRAPs with HCA.
Pay $1,162,900 in penalties to California.
HCA will pay a total of $2,900,000 in penalties under settlements filed in California, Colorado, and Nevada today.
Employer-driven debt refers to debt incurred by individuals through employment arrangements. This can include arrangements where an employer provides training, equipment, or supplies to a worker, but requires the worker to reimburse the employer for these expenses if the worker leaves their job before a certain date. Employer-driven debt has grown not only in the healthcare industry but also in the trucking, aviation, and the retail and service industries, among others. However, California workers are protected by state law that restricts the use of employer-driven debt, as Attorney General Bonta highlighted in a legal alert issued in July 2023 and a consumer alert in October 2024. Workers who believe their rights have been violated are encouraged to file a complaint at oag.ca.gov/report.
Attorney General Bonta is committed to ensuring California continues its vital work as a pillar of consumer protection enforcement and an outspoken advocate for robust federal protections. The settlement today comes on the heels of the 15th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in the wake of the 2008 financial crisis to protect consumers from abusive financial services practices. The Dodd-Frank Act also authorizes state attorneys general to enforce its provisions and thereby promote stability, accountability, and transparency in the United States financial system.
Attorney General Bonta proudly supports Assembly Bill 692 (AB 692, Kalra), co-sponsored by the California Nurses Association, which would prohibit employment contracts that require workers to pay their employers a debt if they leave their job, regardless of whether that worker was fired, laid off, or quit.
Pending court approval, a copy of the complaint can be found here and the judgment will be available here shortly.
Source: United States Senator for New Hampshire Maggie Hassan
WASHINGTON – U.S. Senator Maggie Hassan (D-NH) joined a bipartisan Congressional Delegation to Canada to discuss ways to repair and rebuild the relationship between the United States and Canada, which has been damaged by President Trump’s reckless tariffs that increase costs for Granite Staters. Senator Hassan visited Canada as part of a delegation with Senator Ron Wyden (D-OR), Senator Lisa Murkowski (R-AK), and Senator Catherine Cortez Masto (D-NV). The delegation met with Canadian Prime Minister Mark Carney, Foreign Minister Anita Anand, Minister for Canada-U.S. Trade and Intergovernmental Affairs Dominic LeBlanc, Finance Minister Francois-Philippe Champagne, and Industry Minister Melanie Joly.
“Canada is New Hampshire’s most important trading partner, and we must continue to find ways to rebuild our partnership amid the uncertainty caused by President Trump’s reckless tariffs,” said Senator Hassan. “Historically, we have had a close security and trade relationship that benefits workers, businesses, and families on both sides of the border, but that relationship is now at risk because of President Trump’s actions. It was great to meet with Prime Minister Carney and other Canadian officials to discuss these critical issues facing our relationship and the ways in which we can work together to move forward. I will continue working to restore stability and trust to this vital partnership that is so important to New Hampshire’s economy and our shared future.”
Senator Hassan is standing up for Granite State families and speaking out against President Trump’s reckless and haphazard tariffs. Earlier this year, she joined the New Hampshire Congressional delegation in urging President Trump to halt tariffs on Canada that would dramatically increase costs for Granite State families. The wide-reaching effects of these tariffs were further highlighted in April when Senator Hassan met with business owners from a NH-based building materials retailer, who described the higher costs the business is facing due to President Trump’s tariffs.
Yesterday, the White House unveiled the Trump Administration’s transformative strategy to propel the United States into a new era of artificial intelligence dominance. Under President Donald J. Trump’s leadership, this groundbreaking blueprint establishes core tenets to accelerate innovation, fortify essential infrastructure, and assert U.S. leadership in diplomacy and security — cementing our position as the global AI powerhouse.
As Nvidia CEO Jensen Huang put it: “America’s unique advantage that no country could possibly have is President Trump.”
TheAI Action Planwas immediately hailed across the technology industry:
AI Innovation Association President Steve Kinard: “President Trump’s AI Action Plan is a bold path to global American leadership. Every American citizen, company, university and institution has a role to play. By prioritizing American workers, free speech, and security, it positions the U.S. to win the AI race and usher in a new era of prosperity and strength. The AI Innovation Association stands ready to support this initiative.”
Alliance for the Future: “The White House just advanced a more unified national AI strategy. States with clear, effective AI policies will be better positioned for federal support. A strong step toward alignment, innovation, and leadership.”
Amazon: “Amazon supports & continues to work at the state and federal level to establish consistent standards that promote the secure, responsible development of AI. We look forward to continued collaboration to fully realize AI’s potential in driving economic growth & tech advancement.”
American Beverage: “We applaud President Trump’s action plan to ensure America’s continued leadership in the global pursuit of artificial intelligence innovation and infrastructure. Maintaining our edge in this technology is important to the growth of American manufacturing and the good-paying jobs manufacturers provide in communities across the country.”
Chevron Corporation Chairman and CEO Mike Wirth: “President Trump’s American AI Action Plan is a bold and necessary step to ensure the United States leads the next great technological revolution. As I’ve said before, America has triumphed in every industrial era—from steel to energy—and we have the power and leadership to do it again in artificial intelligence. This plan recognizes that AI innovation doesn’t happen in a vacuum—it demands reliable, scalable energy and infrastructure. By streamlining permitting, investing in data centers, and unleashing American energy, the President is laying the foundation for a future where AI strengthens our economy, our national security, and our global leadership. Chevron stands ready to help power this future.”
American Edge Project CEO Doug Kelly: “President Trump’s AI Action Plan is a giant leap forward in the race to secure American leadership in artificial intelligence. By prioritizing innovation, infrastructure, talent, and global reach, the plan confronts key barriers to American competitiveness, begins to fill long-standing gaps in our national strategy, and helps position the U.S. to beat China in this high-stakes tech race … Time is of the essence: China has had a national plan for global AI leadership since 2017, and is executing it relentlessly with talent, infrastructure, state-backed investment, and international influence. This is our moonshot moment. Now is the time for the country to rally together behind a shared, national mission to win the AI race. The stakes could not be higher.”
American Innovators Network: “The American Innovators Network (AIN), a national organization representing American Little Tech companies, commends President Trump and his administration for their bold and decisive action to counter China’s growing influence in the global AI landscape. The new guidelines and recommendations unveiled today mark a pivotal moment in securing America’s dominance in this critical technological race, and we are grateful for President Trump’s leadership in prioritizing policies that empower innovation and strengthen our national competitiveness.”
American Society of Association Executives President and CEO Michelle Mason: “President Trump’s Artificial Intelligence Action Plan strategically positions the United States as a global leader in the development and deployment of AI technology. ASAE applauds the focus on industry-driven training programs that equip workers with the skills they need to be successful in the workforce of tomorrow. ASAE’s members are eager to support efforts to create these training programs, and we encourage continued collaboration between the federal government and the association community.”
Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “President Trump’s AI Action Plan will ensure America leads the world in innovation, economic freedom, and technological progress. By removing regulatory roadblocks, empowering innovative small business owners, and embracing open-source development, this plan puts the ingenuity of the American people—not bureaucrats—in the driver’s seat of the AI revolution. This move by the White House rightly course-corrects four years of Biden-era efforts to centrally control AI development and stifle American innovation. We applaud the administration’s commitment to protecting free speech and ensuring private-sector breakthroughs aren’t halted by burdensome regulation. It’s now time for Congress to work alongside the administration to codify these efforts in order to create generational change that will enable AI adoption across industries, remove permitting barriers to build infrastructure, and unleash innovation.”
Anthropic: “Today, the White House released ‘Winning the Race: America’s AI Action Plan’—a comprehensive strategy to maintain America’s advantage in AI development. We are encouraged by the plan’s focus on accelerating AI infrastructure and federal adoption, as well as strengthening safety testing and security coordination. Many of the plan’s recommendations reflect Anthropic’s response to the Office of Science and Technology Policy’s (OSTP) prior request for information … The alignment between many of our recommendations and the AI Action Plan demonstrates a shared understanding of AI’s transformative potential and the urgent actions needed to sustain American leadership. We look forward to working with the Administration to implement these initiatives while ensuring appropriate attention to catastrophic risks and maintaining strong export controls. Together, we can ensure that powerful AI systems are developed safely in America, by American companies, reflecting American values and interests.”
Arm: “We commend the Administration’s actions to unleash investment in AI, semiconductors, and the energy to power it. Arm, together with our partners, is working rapidly to bring AI to all forms of computing. Today’s announcements will accelerate AI data center and cloud infrastructure deployment in particular, while advancing plans to promote exports of the U.S. AI stack and ensuring American technology innovation. We look forward to continuing to work with the Administration as it enacts and builds on today’s actions.”
Box CEO Aaron Levie: “America’s AI Action Plan is quite strong. It has a clear a mission to win the AI race and accelerate the development and use of AI by removing roadblocks or aiding adoption. Importantly, it focuses on the positive benefits of AI, which we’re all seeing every day.”
Business Roundtable: “BRT supports the @WhiteHouse AI Action Plan’s efforts to strengthen infrastructure, advance permitting reform, invest in workforce development and develop clear frameworks that empower US businesses to accelerate AI innovation and adoption.”
Business Software Alliance CEO Victoria Espinel: “The White House AI Action Plan offers a roadmap for the United States’ AI future anchored on the adoption of technology. The Business Software Alliance welcomes ‘America’s AI Action Plan’ for addressing a range of issues including talent and workforce development, infrastructure and data, and AI governance that serve as pillars for successful AI adoption and US competitiveness. BSA appreciates the Action Plan’s commitment to creating the essential conditions for widespread AI adoption. The Action Plan advances key BSA recommendations for AI talent, including developing an AI skills curriculum, improving access to training resources, and leveraging real-time workforce data. It emphasizes the development of critical infrastructure and reliable energy resources necessary to scale AI deployment. The Action Plan also reinforces the roles of the Center for AI Standards and Innovation (CAISI) and NIST in the development of standards and evaluation tools, a foundation for both domestic AI governance and in promoting international collaboration on AI. Additionally, the Action Plan streamlines government procurement processes, enabling public-sector agencies to more effectively access and adopt cutting-edge commercial AI solutions.”
Center for Data Innovation Senior Policy Manager Hodan Omaar: “The AI Action Plan shows the Trump administration is serious about winning the global AI race. It marks a clear evolution from the President’s 2019 AI initiative and reflects just how dramatically the global AI landscape has shifted over the past six years. The plan rightly recognizes that beating China demands a comprehensive effort—unleashing infrastructure to fuel model development, removing regulatory frictions that slow development and deployment, and promoting the export of American AI technology. These steps put the United States on a path not only to benefit from AI today, but to remain the global leader in the future.”
Connected Nation Chairman and CEO Tom Ferree: “This marks a transformational moment for American innovation. The release of the National AI Action Plan signals to the world that the United States intends not only to compete—but to lead—in the global race for artificial intelligence. We applaud the Trump Administration’s bold and comprehensive strategy, which rightly prioritizes accelerating innovation, unleashing infrastructure investment, and ensuring our nation’s AI capabilities are second to none. Connected Nation enthusiastically supports the plan’s focus on building out data center capacity, fast-tracking permitting, and expanding our skilled workforce. These are critical steps toward positioning the U.S. as the undisputed hub of next-generation computing.”
Consumer Choice Center Head of Emerging Technology Policy James Czerniawski: “The AI Action Plan is a bold vision for the future of ensuring AI leadership by the Trump administration. The Golden Age of America is made possible when we position our innovators to be as successful as possible, ensuring American consumers can benefit from the AI revolution happening on our shores. The economy of tomorrow starts with the building blocks laid out in this action plan. The provision which reviews rulemaking of the Federal Trade Commission is especially encouraging, quashing legal theories that would complicate or slow American consumers gaining access to AI technologies. This is a world of difference from the hostile regulatory approach of the Biden Administration, and a welcome breath of fresh air for consumers who want cutting-edge tech.”
Consumer Technology Association CEO Gary Shapiro: “Congratulations to @POTUS and the @WhiteHouse team on an AI Action Plan recognizing the U.S. must win the global AI race. The plan cuts red tape for innovators, boosts AI adoption across sectors, supports a future-focused AI workforce, and advances the American AI tech stack as the foundation for global tech growth.”
Data Center Coalition President Josh Levi: “The Data Center Coalition thanks President Trump for releasing Winning the AI Race: America’s AI Action Plan—a bold framework to ensure the United States remains the undisputed global leader in artificial intelligence. The administration’s plan recognizes that developing a robust domestic data center industry is vital to promoting U.S. national security, global economic competitiveness, and continued American AI dominance … Today’s announcement is a major step forward, and we look forward to continuing to work with the administration and lawmakers to ensure the U.S. remains at the forefront of global innovation and digital resilience.”
Dell Technologies CEO Michael Dell: “Proud to see the White House AI Action Plan accelerating innovation, building home‑grown AI infrastructure, and strengthening America’s security. 🇺🇸 Dell Technologies is all‑in—ready to power U.S. ingenuity, create jobs, and keep us leading the future. 🚀”
Gecko Robotics: “Gecko Robotics welcomes the AI action plan published by the White House today. The United States must win the global AI race and will only do so by using artificial intelligence to supercharge energy production itself. At the same time, it is critical that we collect and use high-fidelity data to feed AI models, and we remain at the forefront of leading this charge.”
General Catalyst Institute President Teresa Carlson: “Today, the Trump Administration unveiled their widely-anticipated AI Action Plan. Upon review, I am encouraged by their pro-growth approach that prioritizes American innovation, national security, and federal leadership over bureaucratic barriers. This policy was not crafted in a vacuum. It was part of an inclusive process, where earlier this year the General Catalyst Institute submitted views on behalf of startups as to how best deepen America’s AI leadership through transformative technologies.”
Heritage Foundation Center for Technology and the Human Person Acting Director Wesley Hodges: “The AI Action Plan is a call for a new industrial renaissance, an ambitious strategy that the Administration should be commended for leading. It charts the course for building significant domestic compute infrastructure—from expanding energy capacity, to constructing data centers and increasing domestic advanced semiconductor manufacturing. At the same time, the plan also emphasizes that American AI technology must be developed free of ideological bias, and ensure working families are benefited and not left behind. We look forward to supporting the administration’s work to align this technology with human flourishing.”
IBM Chairman and CEO Arvind Krishna: “IBM applauds the White House for its bold and timely AI Action Plan, which prioritizes open innovation, strengthens U.S. technological leadership, and proposes a supportive regulatory environment for AI development and deployment. The plan is a critical step towards harnessing AI for sustained economic growth and national competitiveness.”
Information Technology Industry Council President and CEO Jason Oxman: “President Trump’s AI Action Plan presents a blueprint to usher in a new era of U.S. AI dominance. The administration’s vision takes essential steps to ensure the U.S. can win the global AI race by prioritizing U.S. energy production and infrastructure development to power AI’s growth, promoting U.S. AI leadership internationally by supporting the export of the full stack of American AI technologies to partners and allies, and accelerating adoption of AI across the public and private sectors. Importantly, the President’s Plan includes key directives for agencies and communicates clear U.S. policy objectives that will encourage widespread adoption and fuel U.S. technological and economic competitiveness. As agencies begin implementing the President’s plan, we encourage policymakers to invest in modernizing government technology and to leverage industry’s deep expertise to maintain America’s AI leadership.”
Internet Works Executive Director Peter Chandler: “As the AI race accelerates globally, it’s encouraging to see policymakers recognize the need for bold investment in innovation, adoption, and infrastructure. Middle Tech companies, many of whom are deployers and integrators of AI tools, are essential to ensuring that AI benefits reach small businesses, everyday users, and communities across the country. We welcome the Trump Administration’s emphasis on modernizing our digital and energy infrastructure and expanding support for open, responsible AI development and adoption. To win the AI race, we need policy frameworks that are risk-based and right-sized—supporting trust, safety, and competition across the full tech ecosystem. Internet Works stands ready to partner with leaders at every level to shape an AI future that’s secure, innovative, and built for everyone.”
Lightspeed Venture Partners Founder Ravi Mhatre: “In AI, you either own the frontier or get commoditized. The AI Action Plan helps ensure that America continues to build by streamlining regulation, identifying opportunities for AI to scale, and getting more energy online. It will help ensure America owns the future of AI while others still try to catch up to what we built yesterday.”
Lumen Technologies: “Lumen Technologies supports the Administration’s AI Action Plan and its call for a unified framework to accelerate AI innovation and next-generation fiber infrastructure deployment across the U.S. As a leading networking services company building the digital backbone for AI, Lumen is investing heavily to meet the demands of AI-driven enterprises and public-sector modernization and understands the criticality of secure, high-performance networks. We applaud the efforts included in the plan by the FCC, OMB and OSTP that aim to reduce regulatory barriers to innovation, modernize permitting, and streamline the NEPA review process for critical fiber and data center infrastructure. Winning the AI future requires clear, consistent policies that accelerate nationwide deployment of network infrastructure and public-private partnerships that turn this plan into reality. Lumen stands ready to work with federal and state agencies to ensure America leads the AI revolution.”
Meta Chief Global Affairs Officer Joel Kaplan: “The AI race is about the future of US economic power & national security. President Trump’s strong leadership on AI will help us keep our foot on the gas. We’re in the middle of a fierce competition with China for AI leadership. The White House’s AI Action Plan is a bold step to create the right regulatory environment for companies like ours to invest in America. @Meta is proud to be investing hundreds of billions of dollars in job-creating infrastructure across the US, including state-of-the-art data centers, creating American jobs in the process.”
Micron Technology President and CEO Sanjay Mehrotra: “We support the White House’s AI Action Plan, which underscores the strategic importance of U.S. semiconductor manufacturing as critical infrastructure for the global AI economy. Memory is foundational to AI — powering technologies across data centers, automotive, telecommunications, defense, and consumer electronics. As the only U.S.-based memory manufacturer and a technology leader, Micron is investing $200 billion in manufacturing and R&D to create 90,000 American jobs and help ensure U.S. leadership in the AI era through a resilient and secure supply chain.”
National Association of Manufacturers President and CEO Jay Timmons: “Reflecting President Trump’s vision for the United States to lead on artificial intelligence, the White House’s AI Action Plan underscores what manufacturers across the country already know: AI is no longer a future ambition—it is already central to modern manufacturing. For years, manufacturers have been developing and deploying AI-driven technologies—machine vision, digital twins, robotics and more—to make shop floors safer, strengthen supply chains and drive growth.”
National Association of Realtors EVP and Chief Advocacy Officer Shannon McGahn: “We applaud the administration’s release of Winning the AI Race: America’s AI Action Plan, which reinforces the U.S. as a global leader in this transformative technology. It’s especially encouraging to see real estate infrastructure recognized as a cornerstone of America’s future. Housing is essential to economic strength and innovation, and we urge policymakers to apply the plan’s smart permitting strategies to help tackle today’s housing supply crisis.”
National Association of Wholesaler-Distributors: “The National Association of Wholesaler-Distributors (NAW) applauds President Trump’s newly released AI Action Plan, which outlines a comprehensive and forward-looking approach to federal artificial intelligence (AI) policy. We are particularly encouraged to see several of NAW’s recommendations—submitted during the Administration’s Request for Information process in March—reflected in the plan … NAW looks forward to continuing to work with the Administration to ensure the outcomes from the Action Plan support further AI deployment and adoption across the wholesale distribution industry.”
National Mining Association President and CEO Rich Nolan: “The administration’s recognition of the importance of existing power plants and prioritization of safeguarding them is clear acknowledgement that the coal fleet is essential to U.S. AI leadership. For the U.S. to guide and shape the AI revolution – and seize this tremendous opportunity – we need a grid and energy resources capable of shouldering the enormous new electricity demand now on our doorstep. Prioritizing the ongoing operation of essential coal plants – with the capacity to meet increased demand – combined with reforming our power markets around the goal of grid stability articulated in this action plan puts us firmly on the path for success.”
NetChoice Director of Policy Patrick Hedger: “NetChoice applauds the White House’s AI Action Plan overall and is encouraged to see the focus on red tape reduction and investment in America’s future. From unleashing energy to embracing regulatory humility and ensuring our AI systems are adopted around the world, we look forward to working with the President to usher in the Golden Age of American innovation. The difference between the Trump administration and Biden’s is effectively night and day. The Biden administration did everything it could to command and control the fledgling but critical sector. That is a failed model, evident in the lack of a serious tech sector of any kind in the European Union and its tendency to rush to regulate anything that moves. The Trump AI Action Plan, by contrast, is focused on asking where the government can help the private sector, but otherwise, get out of the way.”
Oil and Gas Workers Association: “President Trump’s EO for rapid buildout of data centers means more demand for reliable, affordable natural gas. Demand = Drilling … Drilling = Jobs … Thank you, @POTUS!”
Palantir: “AI is the birthright of the country that harnessed the atom and put a man on the moon. With today’s AI Action Plan, the Trump Administration has written the source code for the next American century. Palantir is proud to support it.”
QTS Co-CEO Tag Greason: “The Trump Administration’s AI Action Plan will advance efforts to ensure the United States maintains leadership in AI, including both technology development and critical digital infrastructure. As the digital infrastructure leader, QTS is focused on responsibly and sustainably building the future of our country and economy. We continue to listen and engage with the communities we call home with a steadfast commitment to providing job opportunities, fostering economic growth, working with local suppliers, and operating as trusted neighbors. This historic action and investment will directly benefit communities where we are developing data centers for AI.”
Salesforce Inc. President and Chief Legal Officer Sabastian Niles: “We welcome the Administration’s strong emphasis on AI adoption, workforce readiness, and government modernization in today’s AI Action Plan. Trusted AI will be a cornerstone of national competitiveness, security, and continued American innovation. Salesforce is committed to helping the public and private sectors harness its full potential.”
Siemens USA President and CEO Barbara Humpton: “Excited to join business leaders today for the launch of The White House’s #AIActionPlan boosting American leadership in #AI and innovation to greater heights. Every day, Siemens USA is using #IndustrialAI to revitalize U.S. #manufacturing, build critical #infrastructure, and expand what’s humanly possible for American workers. We’re creating a new industrial tech sector that combines the real and digital worlds, thanks to Industrial AI, digital twins, software-defined automation, and more. Of course, no company can truly lead in AI without a solid foundation of trust. That’s why I was so pleased to see a framework for accelerating innovation while maintaining security included in the AI Action Plan. By focusing on secure infrastructure, industrial R&D, digital transformation, and workforce development, we can help manufacturers of all sizes join the next AI-driven industrial revolution. It’s an exciting time for Industrial AI, and I can’t wait to see where Siemens, our customers, and our partners will go next with this industry-changing technology.”
Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “America’s AI future is a powerful and positive one that expands opportunities and unlocks new possibilities and industries. U.S. entrepreneurs are the driving force behind AI innovation, and small business owners are already benefitting from transformative AI tools. The possibilities and opportunities are boundless, but the U.S. must continue to lead and win the AI race. ‘America’s AI Action Plan’ lays out a strategy to make that happen. The plan embraces America’s innovative potential and addresses the incentives and hurdles to fully harness innovation, including the human and physical infrastructure required to cement U.S. leadership. SBE Council congratulates President Trump and the White House team for developing an extraordinary AI Action Plan, and we look forward to working with the Administration and Congress on its implementation.”
Society for Human Resource Management: “The President’s plan is not just about technology—but about people. The emphasis is on a worker-first approach that addresses American competitiveness in an AI-driven workforce. The plan reflects a fundamental truth that SHRM has long championed: technology alone does not move the workplace forward—people do.”
Software & Information Industry Association SVP for Global Public Policy Paul Lekas: “The AI Action Plan represents a meaningful strategy to support innovation and security, strengthen U.S. competitiveness, and ensure the benefits of AI are broadly shared. This plan provides the roadmap to cement the United States as the global leader in AI by supporting innovation and security, strengthening U.S. competitiveness, and ensuring the benefits of AI are broadly shared. We’re especially encouraged by the plan’s focus on workforce development and AI literacy as core elements of AI infrastructure. These are key components for building trust and ensuring all communities can participate in and benefit from AI’s potential.”
Special Competitive Studies Project President Ylli Bajraktari: “Building on the foundational work of the National Security Commission on Artificial Intelligence (NSCAI), SCSP has consistently advocated for a comprehensive national strategy to secure America’s technological future. This AI Action Plan provides a critical component for winning the techno-economic competition of the 21st century. It correctly identifies that our national security and economic prosperity, as well as America’s global leadership position, are now intertwined with leadership in AI. We are committed to helping transform this strategic vision into enduring national policy.”
TechNet CEO Linda Moore: “TechNet strongly supports the administration’s AI Action Plan and is especially grateful for their willingness to work with industry to establish best practices. This policy framework takes critical steps towards developing a strong domestic workforce, building critical AI infrastructure, launching public-private partnerships, removing regulatory barriers to innovation, strengthening the domestic AI stack, and enhancing U.S. global AI diplomacy. The AI Action Plan makes clear that countering Chinese influence and securing America’s leadership in the AI race are top priorities for the United States. We look forward to continuing to work closely with the administration on policies that advance AI innovation while safeguarding the public interest and ensuring America’s global AI dominance.”
U.S. Chamber of Commerce EVP and Chief Policy Officer Neil Bradley: “We applaud President Trump and his administration for issuing the AI Action Plan to strengthen U.S. global leadership in artificial intelligence. This forward-looking plan takes steps to accelerate innovation by fixing a regulatory landscape hobbled by conflicting state-level laws and activist-driven overreach, streamlining permitting for critical AI infrastructure, ensuring reliable and affordable energy for consumers and businesses, and advancing U.S. leadership in AI diplomacy. These proposed actions will position the United States to tackle our most pressing challenges and lead the global AI race by setting the gold standard for the development and deployment of responsible, transformative technologies. America is counting on this crucial technology to propel economic growth for all sectors, from small business to energy and health care, and the AI Action Plan presents a roadmap to unlock AI’s full potential. We will work with the administration to help implement this plan and foster a competitive, open, and innovation-driven AI ecosystem.”
USTelecom President and CEO Jonathan Spalter: “The Trump Administration’s AI action plan is a turbo boost for American innovation. From clearing regulatory roadblocks to reforming outdated permitting to doubling down on security, this is the kind of bold leadership we need to win the AI race. But even the best-engineered AI needs a track built for speed—and that’s where fiber comes in. Fiber broadband is the fast lane for America’s AI future: powerful, secure, scalable, and built to go the distance, whether you’re in a big city or a heartland town. Broadband providers are tuned up, fully fueled, and ready to work with the Administration to help America stay a lap ahead in the competition for AI leadership.”
Workday VP of Corporate Affairs Chandler Morse: “Workday has long advocated for federal action that drives critical AI innovation and builds trust. The Administration’s AI Action Plan, announced today, seeks to avoid excessive regulatory hurdles, elevate human potential through targeted and timely reskilling, and accelerate AI adoption at the federal level. This sends a strong message to federal agencies, the U.S. economy, and global stakeholders on the benefits of driving AI competitiveness.”
xAI: “Today’s announcement by the White House is a positive step toward removing regulatory barriers and enabling even faster innovation for the benefit of Americans and for humanity as a whole. We are pleased to see the White House prioritize AI innovation.”
Zoom Chief Global Affairs Officer Josh Kallmer: “Just got back from an inspiring day where I had the opportunity to be part of the conversation around the President’s #AI Action Plan. It was energizing to see so many leaders across industries coming together to talk about the future of AI in the U.S.”
I’m writing to let you know about two changes on our senior leadership team.
First, Jeffrey Geoghegan, who has served as Executive Vice President for Finance and Chief Financial Officer for both UConn and UConn Health since 2022, will be returning to UConn Health full-time as its CFO.
Under the leadership of Dr. Agwunobi, UConn Health continues to move forward with its important plans for strategic clinical growth in the years ahead. Due to the enormity and complexity of this process, on top of the normal work of managing UConn Health’s budget year-to-year, we agreed that Jeff’s exclusive focus must be on UConn Health during this critical time, rather than on overseeing the finances of the entire institution.
Prior to his current appointment, Jeff previously served as CFO of UConn Health beginning in 2013.
I want to thank Jeff for his excellent and exceptionally hard work over the last three years as he has helped guide our University through multiple budget cycles and in planning for our fiscal future.
Related, I have appointed Reka Wrynn as Interim Vice President for Finance for UConn. In this expanded role, Reka will continue to lead the development and management of the operating and capital budgets for Storrs and the regional campuses, as well as oversee mandatory institutional data reporting and analysis. In addition, her portfolio will now include oversight of the Financial Operations and Controller’s Division and the Procurement Office.
Reka has been at UConn since 1999 and has served as Associate Vice President for Budget, Planning and Institutional Research since 2022. I want to thank Reka for her continued service to UConn and her willingness to step into this interim role.
We will soon be launching a search for Executive Vice President for Operations and CFO for the Storrs and regional campuses. The membership of the search committee is below.
Nathan Fuerst (Search Chair), Vice President for Student Life and Enrollment, UConn Jeff Geoghegan, CFO, UConn Health Amy Yancey, President and CEO, UConn Foundation David Benedict, Director of Athletics, UConn Phil Hunt, Deputy Chief of Staff, Office of the President Eric Kruger, Vice President for Facility Services and University Planning, UConn Daniel Schwartz, Vice Provost for Academic Operations, UConn Janel Simpson, Chief Administrative Officer, UConn Health Reka Wrynn, Interim Vice President for Finance, UConn Margaret Feeney, Executive Director of Strategic Planning & Initiatives, UConn Lindsay DiStefano, Associate Vice President for Research Development, UConn/UConn Health Robert Day, Chair, Senate Executive Committee, University Senate, UConn Rachel Rubin, Executive Secretary to the Board of Trustees, UConn
We will be assisted in the search by the firm Russell Reynolds Associates.
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XRP Faces Sharp Drop Amid Co-Founder Transfers
XRP’s price fell over 10% within 24 hours, breaking below the critical $3.27 pivot level. The drop followed a $175 million transfer of 50 million XRP from a wallet linked to co-founder Chris Larsen. As sell-off fears spread, XRP futures recorded $81.7 million in liquidations, and trading volume rose 149.8%.
The heavy volume confirmed intense selling pressure as market participants rushed to exit positions. South Korea’s Upbit exchange reportedly accelerated the decline by selling more than 75 million XRP. Meanwhile, the MACD histogram signaled weakening bullish momentum, falling from +0.06 to +0.041.
Source: X
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Source: The Conversation – UK – By Travis Van Isacker, Senior Research Associate, School of Sociology, Politics and International Studies, University of Bristol
On a cold, wet November evening, Issa Mohamed Omar and more than 30 other men, women and children set off from their informal camp near the northern French port city of Dunkirk. They walked through the darkness in near-silence for around two hours, until they reached the beach from where they hoped to start a new and better life.
As they arrived, five men were busy pumping up an inflatable dinghy and attaching an outboard engine. These people smugglers had charged each of their customers more than a thousand euros for a trip that costs someone with the right passport less than a hundred.
The travellers were given life-vests, arranged into rows and counted. “There are 33 of you,” one of the smugglers said. For many on board, this was not their first attempt at reaching England.
Most came from Iraqi Kurdistan, including Kazhal Ahmed Khidir Al-Jammoor from Erbil, who was travelling with her three children: Hadiya, Mubin and Hasti Rizghar Hussein, respectively aged 22, 16 and seven.
A father and son from Egypt were shown how the engine worked and provided a GPS device and directions to Dover, around 35 miles (60km) to the west across the Channel. Mohamed Omar would later recall:
The Egyptian man was put in charge of steering the boat by the smugglers. He was travelling with his son, who looked like he was in his late teens or maybe early 20s. I do not know how they came to be the driver and navigator.
There were also at least three Ethiopian nationals – one of whom, father-of-two Fikiru Shiferaw from Addis Ababa, sent his wife Emebet at home in Ethiopia a final WhatsApp voice message:
We have already boarded the boat. We are on the way. I will turn off my phone now. Goodnight, I will call you tomorrow morning.
These were the last words she would ever receive from her husband.
What happened to Fikiru Shiferaw and the other passengers on the night of November 23-24 2021 has been the subject of the UK’s Cranston Inquiry which, during March 2025, heard from 22 witnesses to the disaster, including officers involved in the UK’s search-and-rescue (SAR) response. Chaired by former High Court judge Sir Ross Cranston, the independent inquiry also heard from Mohamed Omar from Somalia – one of only two survivors – as well as family members of many of the dead and missing.
These hearings not only shed light on the actions of UK Border Force and His Majesty’s Coastguard officers during the failed rescue operation – designated Incident Charlie – in the early hours of November 24, but the agencies’ approach to “small boat crossings” in general dating back to 2017.
According to the testimonies, officers had been operating under extreme pressure in the months leading up to the disaster. Kevin Toy, master of the Border Force ship Valiant which was sent out to search for the missing dinghy that night, explained that in the run-up to the incident, “night after night” he could see his crew were “utterly exhausted” by the end of their shifts.
The evidence shows the British government was aware of the growing risk that Border Force and HM Coastguard could be overwhelmed by the rising number of small boat crossings – and that people might die as a result. In May 2020, a document produced by the Department for Transport acknowledged that “SAR resources can be overwhelmed if current incident numbers persist”. At least three senior HM Coastguard officers identified the same risk in August 2021.
Multiple communication failures have also been exposed by the inquiry – among British officers, with their opposite numbers in France, and between both countries’ emergency services and the increasingly desperate people aboard the sinking dinghy.
Despite numerous distress calls and GPS coordinates being shared via WhatsApp, a rescue boat failed to reach the travellers in time. Amid the confusion, when their calls stopped, the coastguard assumed Charlie’s passengers had been picked up and were safe. In fact, they were perishing in the cold waters of the Channel over more than ten hours.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
As part of my research into the digital transformation of the UK-France border, I attended the inquiry and have studied the many statements, call transcripts, operational logs, emails and meeting minutes it has made public. Initially, I wanted to understand how the November 2021 disaster became a watershed moment in the UK government’s response to people trying to cross the Channel by small boat or dinghy, catalysing the transformation of the UK’s maritime border into the hyper-surveilled space it is today.
But, after speaking to representatives for Mohamed Omar and the bereaved families as well as migrant rights organisations, larger questions have emerged. In particular, given the inquiry’s singular focus on this one catastrophic event in November 2021, those I spoke to are concerned that its recommendations will be unable to prevent further deaths from occurring in the Channel, which have risen dramatically over the last 18 months.
How ‘small boat crossings’ began
Since the UK and France began operating “juxtaposed” border controls in the early 1990s (meaning border checks occur before departure), asylum seekers trying to reach England have had to make irregular journeys across the Channel. Until 2018, these were typically aboard trains and ferries – after sneaking on to a lorry or through a French port’s perimeter security.
At the time of the “Jungle” camp near Calais in 2015-16, media coverage of collective attempts by its residents to enter French ports spiked UK government investment in the border. Between 2014 and 2018, it gave its French counterpart at least £123 million to “strengthen the border and maintain juxtaposed controls”. These funds paid for French police to patrol the ports and border cities, regularly evict migrants’ living sites, and finance detention and relocation centres.
As admitted by then-home secretary Sajid Javid in 2019, this increased security led people to find other ways across the Channel. Beginning in the winter of 2018, smugglers organised journeys in small, seaworthy vessels they had stolen from marinas along the French coast. These “small boats” continue to lend their name to this migration phenomenon – yet the unseaworthy inflatable dinghies used today, with no keel or rigid hull, are not worthy of the name.
Even in the context of the usual sensationalism surrounding irregular migration to the UK, small boat journeys were met with an especially intense response, both politically and in the media.
When 101 people crossed between Christmas and New Year in 2018, Javid declared it a major incident. Ever since, “stopping the boats” has been one of the UK government’s highest priorities. Despite small boat arrivals making up only 29% of UK asylum claimants in 2018-24, billions of pounds have been spent to try and control the route.
Frosty relations and the ‘pushback’ plan
As Channel crossings rose sharply over 2020-21, worsening relations between France and the UK due to Brexit complicated how the two governments worked together to respond. In his testimony, former clandestine Channel threat commander Dan O’Mahoney – appointed by Javid’s successor, Priti Patel, to “make small boat crossings unviable” – described relations between the two countries as already “very frosty” when he began in August 2020.
After France’s then-interior minister, Gérald Darmanin, axed a plan for UK vessels to take rescued migrants back to Dunkirk, O’Mahoney was tasked by senior ministers to come up with an alternative. The resulting “pushback” plan, called Operation Sommen, involved Border Force officers on jet skis driving into migrant dinghies to turn them back as they crossed the border line into UK waters. When France learned of the plan, O’Mahoney recalled:
They thought it went counter to their and our obligations around safety of life at sea … They objected to it very strongly, and it affected our already quite strained relationship with them further.
Operation Sommen was abandoned in April 2022 before having ever been used in anger. However, preparations were said to have taken up “a very considerable amount of time and resource” at both the Home Office and the Maritime and Coastguard Agency – and had “a detrimental effect” on the UK’s overall SAR response to small boat crossings.
At a meeting of senior officials in June 2021 to discuss Operation Sommen, ministers had made clear that the “numbers of people crossing [was] a political problem” – and that improving SAR capabilities did not “fit with [the] narrative of taking back control of borders”.
Although senior HM Coastguard officers recognised “it is extremely difficult to locate small boats or communicate with those onboard”, the inquiry heard that officers did not recall receiving “any small boat training before November 2021”, other than in the procedure to allow Border Force to push them back to French waters.
The head of Border Force’s Maritime Command, Stephen Whitton, told the inquiry he was under “a huge amount of pressure” to prevent small boat crossings, while also “providing the bulk of the support to search and rescue”. Despite carrying out 90% of all small boat rescues in the Channel and “regularly being overwhelmed”, Border Force Maritime Command received “no additional assets to manage the search and rescue response” before November 2021.
‘The pressure we were under’
When the decision was taken for Border Force – a law enforcement rather than search-and-rescue organisation – to be the primary responders to small boat crossings in 2018, only around 100 people were crossing each month. Yet by the time of the disaster three years later, according to an internal Home Office document, the total for 2021 was “already more than 25,000”.
At the inquiry, O’Mahoney stated: “As 2021 went on, it became much clearer that … frankly, we just needed more [rescue] boats.” Whitton admitted that before the disaster, Border Force, HM Coastguard, the Royal National Lifeboat Institution and other support organisations were all “on our knees in terms of the pressure we were under, and it was getting hugely challenging”.
The evidence shows this pressure was acutely felt inside Dover’s Maritime Rescue Coordination Centre, which sits atop the port’s famous white cliffs offering a commanding view of the Channel. Inside, Coastguard officers coordinate SAR operations and control vessel traffic in the Dover Strait – one of the world’s busiest shipping lanes.
On the night of November 23-24, three coastguard officers were on search-and-rescue duty: team leader Neal Gibson, maritime operations officer Stuart Downs, and a trainee – unnamed by the inquiry – who was officially only present as an observer.
HM Coastguard’s Maritime Rescue Coordination Centre at Dover overlooking the Channel. Travis Van Isacker, CC BY-NC-SA
Staffing appears to have been a longstanding issue at the Dover coastguard station where, according to divisional commander Mike Bill, there was “poor retention of staff” and “experience and competence weren’t the best”. Only the day before the disaster, during a migrant red days meeting – convened when, due to good weather, the probability of Channel crossers is considered “highly likely” – chief coastguard Peter Mizen had warned that only having two qualified officers at Dover on nights “isn’t enough”.
Over recent months, as the station had become busier responding to small boat crossings and in the wake of an unsuccessful recruitment drive, staff were having to work flat-out throughout their shifts, and were being asked to come in on scheduled days off.
On the night of November 23-24, owing to staff shortages, team leader Gibson told the inquiry he had to cover traffic control duties for three hours from 10.30pm. This meant he was away from the SAR desk at 00.41am, when a message arrived from the national rescue coordination centre along the coast in Fareham, stating that the Coastguard’s scheduled surveillance aeroplanes would not be flying over the Channel that night due to fog.
The officers were told they would be “effectively blind” – and should not allow themselves “to be drawn into relaxing and expecting a normal migrant crossing night”. The message warned: “This has the potential to be very dangerous.”
‘Their boat – there’s nothing left’
According to Mohamed Omar, the sea was calm when he and the other passengers departed the French beach around 9pm UK time. Giving his evidence to the Cranston Inquiry from Paris – he still cannot travel to the UK – a ship approached them around an hour into their voyage:
They came up to us to see what we were doing, and shone a light on us. I remember seeing a French flag on the boat. It was a big boat and I am certain it was the French coastguard. I had heard from people I met in the camp in Dunkirk that this happened sometimes, and that the French boat would follow until you reached English waters.
In fact, Mohamed Omar said, the French ship left the travellers again after about an hour. Shortly after this, the problems began.
A French warship patrols the shore of Mardyck in northern France, close to where Charlie is thought to have departed. Travis Van Isacker, CC BY-NC-SA
Around 1am, seawater began entering the dinghy. By now, it was in the vicinity of the Sandettie lightvessel, around 20 miles north-east of Dover. At first, passengers managed to bail out the 13°C water – but soon the flooding became uncontrollable. The dinghy’s inflatable tube began losing pressure, and a couple of the Kurdish men used air pumps to try to keep it inflated. Others tried to prevent panic spreading among the passengers.
Many onboard began to make frantic calls for rescue. What were reported to be leaked transcripts of some of these calls were published by French newspaper Le Monde a year after the sinking. They showed the first distress call from the dinghy was received by the French coastguard at 12.48am. Speaking in English, the caller said there were 33 people on board a “broken” boat.
According to Le Monde, three minutes later, another call was transferred to the French maritime rescue coordination centre at Cap Gris-Nez by an emergency operator who reported: “Apparently their boat – there’s nothing left.” Following procedure, the French coastguard officer asked the caller to send a GPS position by WhatsApp so she could “send a rescue boat as soon as possible”. At 1.05am UK time, the GPS position arrived.
Rather than send a French boat, Le Monde reported that the officer phoned her counterparts in Dover to warn them a dinghy 0.6 nautical miles from the border line would soon be crossing into UK waters. On the other end of the line was the trainee officer, who was handling routine calls that night despite officially only being an observer.
After the call finished, according to Downs’s evidence to the inquiry, the trainee mistakenly told him the dinghy was thought to be “in good condition” – information he recorded in the log for Incident Charlie. This miscommunication may have affected the urgency of the UK’s SAR response, preventing HM Coastguard and Border Force from appreciating the severe distress the “broken” dinghy was in.
Just before 1am, the French coastguard had sent its migrant tracker spreadsheet, containing information on all small boat crossings that night, to HM Coastguard for the first time. It showed four migrant dinghies at sea – which Gris-Nez had been aware of “for many hours”, according to Gibson.
The issue of the French coastguard appearing to withhold information about active small boat crossings had been raised by HM Coastguard’s clandestine operations liaison officer during a July 2021 review. And earlier that very evening, Gibson told one of his colleagues:
Sometimes they just seem to keep it quiet. Like we’ll not get anything – then we’ll get a tracker at three in the morning with 15 incidents, and they go: ‘Mostly these are in your search-and-rescue region.’ Wonderful.
At 1.20am, Downs phoned Border Force Maritime Command in Portsmouth to request a Border Force vessel search for the dinghy Charlie. He provided the GPS position received from his French counterpart and the number of people onboard – but also the incorrect information that “they think it’s in good condition”.
Ten minutes later, the Valiant, Border Force’s 42-metre patrol ship stationed at Dover, was tasked to proceed towards the Sandettie lightvessel. At the same time, the first direct call to the Dover rescue coordination centre came in from Charlie. The distressed caller said they were “in the water” and that “everything [was] finished”.
Around 15 minutes later, at 1.48am, Gibson took a call from 16-year-old Mubin Rizghar Hussein, who spoke good English. Despite the noise and commotion, he managed to provide Gibson with a WhatsApp number – in order to share their GPS position. The transcript of this call records voices shouting in the background: “It’s finished. Finished. Brother, it’s finished.”
A ‘grave and imminent threat to life’
Gibson told the inquiry that after his call with Rizghar Hussein, he had a “gut feeling that this doesn’t feel quite as usual”. By “usual” he meant what was, according to maritime operations officer Downs, a commonly held belief at the Dover coastguard station that with “nine out of ten”“ callers from small boats: “It would generally be overstated that the boat … was sinking, people were drowning … Whatever was going on would be overstated.”
Acting on his gut feeling, at 2.27am Gibson took the unprecedented decision to broadcast a Mayday Relay – denoting a “grave and imminent threat to life”. By maritime law, this alert required other vessels to offer their assistance.
Gibson told the inquiry he did this to get the French warship Flamant to respond. He could see on his radar screen that Flamant was closest to Charlie’s position and was the best vessel to rescue the people if the dinghy really was sinking.
Why the Flamant did not respond is at the centre of an ongoing criminal investigation in France into two of the warship’s officers and five coastguards from Gris-Nez, for “non-assistance of persons in distress”. This investigation’s strict confidentiality obligation means the inquiry was unable to access any information from the French side about their operations that night.
At 2.01 and again at 2.14am, HM Coastguard had received new GPS positions via WhatsApp showing the dinghy to be more than a mile inside UK waters.
Valiant, having been tasked at 1.30am, only exited the port of Dover at 2.22am and would need at least another hour to reach the Sandettie. Despite this, no other vessel was sent to join the search. At 3.11am, when asked during a call by Border Force Maritime Command whether Charlie was “still a Mayday situation”, Gibson replied: “Well, they’ve told me it’s full of water.”
With a total of four small boats being shown in the Channel that night by the French tracker spreadsheet, Gibson suggested there could be as many as 110 people on board these dinghies – beyond Valiant’s capacity for taking on survivors. Nevertheless, Border Force and HM Coastguard opted to “wait and see what the numbers are, and whether Valiant can deal with that … We don’t want to call any other assets out just yet.”
In a call with Christopher Trubshaw, captain of the Coastguard rescue helicopter stationed at Lydd on the Kent coast, aviation tactical commander Dominic Golden explained that Border Force was “not prepared to bring in their crews who are pretty knackered” unless “we can convince them there are people in real danger”. He then asked Trubshaw to search the Channel for the small boats shown in the French tracker, as the surveillance aeroplanes had been unable to take off.
In her closing submission to the inquiry, Sonali Naik, a legal representative of the survivors and bereaved families, highlighted Golden’s “dismissive attitude” towards Charlie’s distress when he gave Trubshaw the reason for the request, which included the following:
As usual, the catalogue of phone calls is beginning to trickle in … You know, the classic ‘I am lost, I am sinking, my mother’s wheelchair is falling over the side’ etc. ‘Sharks with lasers surrounding boat’ and ‘we are all dying’ type of thing.
Nevertheless, Golden asked the helicopter crew to pack a liferaft. “I can’t imagine we’re going to need it but … potentially you get to play with one of your new toys.”
While Golden described his words as “unwise” or “flippant”, Naik said they were “more than that” – suggesting they revealed rescuers’ general perceptions of the occupants of small boats and the widely held scepticism towards their distress calls.
‘We are dying. Where is the boat?’
With the water inside rising fast and their dinghy collapsing, Charlie’s increasingly desperate passengers kept trying to get rescuers to appreciate how dire their situation was.
At 2.31am in the Dover rescue coordination centre, Gibson received a second call from Mubin Rizghar Hussein, who pleaded: “We are dying, where is the boat?”
Gibson replied: “The boat is on its way but it has to get …” only to be interrupted by Rizghar Hussein saying: “We all die. We all die.”
“I get that,” Gibson told the terrified teenager, “but unfortunately, you’re going to be patient and all stay together, because I can’t make the boat come any quicker.” He ended the call saying:
You need to stop making calls because every time you make a call, we think there’s another boat out there – and we don’t want to accidentally go chasing for another boat when it’s actually your boat we’re looking for.
Gibson broke down briefly when recounting this second call during his evidence to the inquiry, explaining:
If you don’t understand what’s fully going on and you’re getting ‘we’re all going to die’, it’s quite a distressing situation to find yourself in, sitting at the end of a phone – effectively helpless. You know where they are, you want to get a boat to them, and you can’t.
Call records also show that coastguards on both sides of the Channel passed responsibility for rescuing the sinking dinghy off to one another. According to Le Monde, during one call a passenger told the French coastguard officer he was “in the water” – to which she replied: “Yes, but you are in English waters.”
The transcript of the last call before Charlie capsized, made at 3.12am, reveals that Downs asked “where are you?” 17 times – despite the caller being unable to answer anything beyond “English waters”. The maritime operations officer finished by instructing the caller to hang up and dial 999: “If it won’t connect on 999, then you’re probably still in French waters.”
In her closing submission, Naik pointed to “discriminatory stereotypes and attitudes towards migrants on small boats which fatally affected the SAR response” for Charlie – as rescuers, in her words, “jumped to premature conclusions”. According to survivor Mohamed Omar:
Because we have been seen as refugees … that’s the reason why I believe the rescue, they did not come at all. We feel like we were … treated like animals.
Fatal assumptions
At 3.27am, Border Force’s ship Valiant arrived at Charlie’s last recorded GPS position (from 2.14am) – but found nothing. Its master, Kevin Toy, decided to head north-easterly towards the Sandettie lightvessel, the way the tide was flowing.
En route, Valiant spotted two other dinghies in the darkness using its night vision – one still making its way towards the English coast, the other stopped in the water. The stationary dinghy was in greater danger from the Channel’s shipping traffic, so Valiant went to it and began rescuing those onboard – radioing back that it had “engaged unlit migrant crafts stopped in the water” with approximately 40 people onboard.
In the Dover rescue coordination centre, Gibson assumed this dinghy could be Charlie and gave Mubin Rizghar Hussein’s name and telephone number so Valiant’s crew could verify whether he was on board. At 4.16am, Gibson himself tried calling the WhatsApp number that Rizghar Hussein had shared, but the call failed.
At 4.20am, Valiant completed its first rescue of the morning. Two more followed after the Coastguard helicopter spotted two other dinghies in the Sandettie area – but nobody in the water. A near-capacity Valiant then returned to Dover just after 8am with 98 survivors on board.
None of the three rescued dinghies matched the description of Charlie. All were in good condition, differently coloured, and with disparate numbers of people onboard – yet the misplaced assumption Charlie had been rescued persisted amid the night’s murky information environment. Gibson stated that, while he had soon received additional information matching Valiant’s first rescue to a different dinghy, he was still “fairly certain Charlie had been picked up”.
“Once Valiant had picked up these [three] boats,” he explained, “we no longer received calls from Charlie, and a call to a known phone number on Charlie failed.” As a result, neither Valiant nor the Coastguard helicopter were sent back out to continue searching for the stricken dinghy.
In fact, Gibson’s call to Rizghar Hussein’s WhatsApp number did not fail because Charlie’s passengers had been rescued – nor because they had thrown their phones into the sea when Border Force arrived. Rather, it was because the dinghy had capsized and everyone had fallen into the Channel’s freezing waters.
‘No one came to our rescue’
In harrowing evidence to the inquiry, Mohamed Omar explained how, as one side of the dinghy deflated, the passengers – “hysterical and crying” – panicked and moved to the opposite side. This shift in weight caused the dinghy to capsize:
The screaming when the boat tipped and people fell in the water was deafening. I have never heard anything as desperate as this. I was not thinking about whether we were going to be rescued any more; it was all about how to stay alive.
As the passengers were thrown into the water, the dinghy flipped on top of them. Mohamed Omar described having to swim out from underneath to catch a breath: “It was dark and I could not really see. It was extremely cold and the sea was rough.”
As he surfaced, he saw Halima Mohammed Shikh, a mother of three also from Somalia and travelling alone, struggling as she couldn’t swim. She screamed his name for help, and he tried to get her back to what was left of the dinghy – but couldn’t. “I think she was one of the first people to drown,” he told the inquiry.
Others managed to cling to the broken inflatable, hoping rescue was on its way – but “no one came to our rescue”. Pushed and pulled by the waves, some lost their grip and drifted away before dawn. Mohamed Omar recalled:
All night, I was holding on to what remained of the boat. In the morning, I could hear the people were screaming and everything. It’s something I cannot forget in my mind.
By the time the sun finally rose at 7.26am, he estimated that no more than 15 people were left clinging to the broken dinghy – adrift on the tide in a busy shipping lane:
I do not recall speaking with anyone in the water. Those who were alive were half-dead. There was nothing we could do any more. I could see bodies floating all around us in the water. I presume most people were either already dead or were unconscious.
Shortly afterwards, Mohamed Omar said he let go of the dinghy and began to swim, thinking to himself: “I am going to die [but] I don’t want to die here. At least if I die whilst swimming, I won’t feel it.”
He swam towards a boat he could see in the distance and, as he got closer, began to wave his life jacket for attention. A French woman, out fishing with her family, saw him and jumped in the water to save him.
As he finished telling his story, Mohamed Omar told the inquiry: “I’m a voice for those people who passed away.”
Bodies are found
Around 1pm on the afternoon of November 24, 12 hours after the first distress calls from Charlie, a French commercial fishing vessel began finding bodies in the sea nine miles north-west of Calais. But as the news came in, no one at HM Coastguard or Border Force appears to have made the connection with Incident Charlie.
Days later, when the accounts of Mohamed Omar’s fellow survivor, Mohammed Shekha Ahmad from Iraqi Kurdistan, and a relative of two of the deceased emerged, the Home Office refuted their claims that the dinghy had sunk in UK waters as “completely untrue”.
However, five days after the disaster, Gibson contacted the small boats tactical commander to share his concerns that the reported deaths could be from Charlie. He had read a news article in which “the survivor states a male called Mubin called the emergency services, which could possibly be the ‘Moomin’ [sic] I spoke to”.
On December 1, clandestine Channel threat commander O’Mahoney responded to a question from the UK’s Joint Committee on Human Rights, as to whether the migrants whose bodies had been found in French waters had made distress calls to the UK authorities. O’Mahoney told the committee:
We are looking into that. To manage your expectation, though, it may never be possible to say with absolute accuracy whether that boat was in UK waters [and] I cannot tell you with any certainty that the people on that particular boat called the UK authorities.
Thanks largely to their grieving families tireless pursuit of the truth, however, it is now possible to say definitively that Charlie had been in UK waters – and that a number of its passengers spoke to HM Coastguard officers.
It was only after these families raised concerns that the disaster had involved the UK authorities that the Department for Transport commissioned a safety investigation into the incident in January 2022. A lawyer for the bereaved families suggested to me that without the threat of legal action, the Department for Transport “would likely not have done anything” – despite this being Britain’s worst maritime disaster for decades. Meanwhile, according to inquiry evidence, the Home Office is understood not to have conducted an internal review or investigation into its role in the disaster.
After a frustrating two years of waiting for the survivors and bereaved families, the Marine Accidents Investigations Branch published its report – which both confirmed most of their accounts and substantiated their criticisms of the SAR response.
Soon afterwards, the Cranston Inquiry was announced. Despite no bodies having been recovered in UK waters, it has been run almost like an inquest. In his final report – to be published by the end of 2025 – Sir Ross Cranston has promised to “consider what lessons can be learned and, if appropriate, make recommendations to reduce the risk of a similar event occurring”.
A ‘crucial and unique opportunity’
HM Coastguard and Border Force officers have repeatedly told the inquiry how the UK’s approach to small boat search-and-rescue has changed since the November 2021 disaster. More officers have been hired, Border Force has contracted additional boats to conduct rescues, information sharing has improved, and cooperation with French colleagues is better. Today, there are significantly more rescue ships on both sides of the Channel which can intervene faster when dinghies come to be in distress, and have undoubtedly saved many lives.
There has also been massive investment in drones, aeroplanes and powerful shore-based cameras to reduce the risk that HM Coastguard loses “maritime domain awareness” again if some of its surveillance aircraft are unable to fly. New technology automatically translates coastguard officers’ messages into different languages and extracts live GPS locations and images from travellers’ mobile devices.
Such investments make it unlikely that another dinghy could be lost in the middle of the Channel after its passengers call for help, in the way Charlie so catastrophically was.
Nevertheless, people continue dying while attempting to cross the Channel – with 2024 having been by far the deadliest year yet. At least 69 people lost their lives, according to the Refugee Council. So far in 2025, 24 people are documented as dead or missing at the UK-France border by Calais Migrant Solidarity, amid a record number of attempted crossings for the first half of the year.
Some migrants’ rights NGOs have suggested the UK’s “stop the boats” policies, and European efforts to disrupt the supply chain of dinghies and other equipment used in crossings, has driven such deadly overcrowding.
But it is also unlikely that the circumstances surrounding more recent deaths in the Channel will ever be investigated as thoroughly as Incident Charlie, if at all. Lawyers for the bereaved families have therefore been keen to highlight the Cranston Inquiry’s “crucial and unique opportunity” not only to look back and offer answers about one of Britain’s worst maritime disasters in recent decades – but to look forwards and “prevent the further loss of life at sea”.
The survivors, families and migrants’ rights organisations who contributed their evidence thus hope the inquiry’s recommendations go beyond purely operational and administrative improvements to search-and-rescue, to address the fundamental role that UK, France and European border policies play in why more people are dying in the Channel, despite the improvements to search-and-rescue strategies and resources.
Above all, they ask why only some people are able to travel to the UK in comfort and safety while others must make the journey in precarious, overcrowded inflatable dinghies – and thus entrust their lives to the search-and-rescue services whose success can never be guaranteed. As Halima Mohammed Shikh’s cousin, Ali Areef, told the inquiry:
It makes me feel sick to think about crossing the Channel in a ferry where others including a member of my family lost their lives because there was no other way to cross. I will never take a ferry across the Channel again.
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Travis Van Isacker gratefully acknowledges the support of the Economic and Social Research Council
(UK) (Grant Ref: ES/W002639/1).
The House of Lords this week approved government legislation that will allow foreign states to hold up to a 15% stake in British newspaper publishers.
This vote clears the way for the American investment company Redbird to take control of the troubled Telegraph newspaper group following two years of uncertainty. An integral element of that bid is a 15% stake by the sovereign investment fund IMI which is owned by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the United Arab Emirates.
The heated Lords debate raised fundamental questions about who should own newspapers, and the link between ownership and editorial content. On one side were those who argued that Britain’s newspapers faced an “existential threat” without outside investment. On the other were those who warned against the potential influence of a foreign power on one of the UK’s longest standing publishers.
Media mergers and acquisitions are often contentious. But given the parlous state of the newspaper industry, they are likely to become more frequent.
A very different kind of newspaper deal was completed last December, when news website Tortoise Media bought The Observer. Tortoise, which was founded in 2018 by former Times editor and BBC director of news James Harding, startled analysts and journalists alike by taking over a newspaper first published in 1791.
The deal prompted strong opposition from some Observer and Guardian journalists. But from a business perspective, the deal suited both sides.
The Scott Trust, owners of the Observer since 1993, never seemed wholly committed to the Observer. (There was, for example, no dedicated Observer website). Tortoise, meanwhile, was keen to exploit the brand values of an established print product. It saw the Observer as a suitable vehicle for its approach of news analysis and explanation rather than breaking stories.
The media world has also been fixated on the succession story of the Murdoch family and its implications for his UK newspapers. The Sun, News of the World (until its closure in 2011), the Times and Sunday Times have been the bedrock of Rupert Murdoch’s economic and political power in the UK for decades.
In December, he lost the battle to give his eldest son Lachlan exclusive control of his media empire.
Speculation has grown as to whether any of Rupert’s progeny will want to continue the family’s print tradition after his death. His empire has suffered repeated financial and reputational hits since the phone hacking scandal. It is perfectly feasible that, once he goes, all the Murdoch press interests will be up for sale.
These various battles beg the question: why does it matter who owns a newspaper? In short, it matters because ownership, to a large extent, determines content.
Who owns the news?
From the very beginning of printed news, proprietors have exercised control over their title’s political direction and journalistic values. Prewar Britain saw Lord Beaverbrook famously exploiting his Express newspapers to campaign for free trade within the British empire.
Meanwhile, fellow newspaper baron Lord Rothermere turned his Mail newspapers into propaganda sheets for Oswald Mosley’s blackshirts, and cheerleaders for Adolf Hitler and Benito Mussolini during the 1930s.
The Rothermere family’s continued ownership of the Mail has guaranteed a consistent anti-immigration, anti-Europe rightwing worldview to the present day. How this consistent framing has been transmitted through the Mail’s editors has been well documented by journalist Adrian Addison.
Murdoch’s UK newspaper empire has also pursued his personal free market, anti-EU political vision. He has used his papers to attack the publicly funded BBC and the regulator Ofcom. Murdoch has, however, been slightly more flexible in adjusting his papers’ party political allegiance (guaranteeing a succession of prime ministerial genuflections from Margaret Thatcher through to Keir Starmer).
At the other end of the political spectrum, the Scott Trust – owners of the Guardian – was conceived by the son of C.P. Scott as a vehicle for sustaining his father’s liberal mission for the paper. It has a policy of no editorial interference, apart from continuing the paper’s editorial policy on “the same lines and in the same spirit as heretofore”. Editors are therefore enjoined to focus on the kind of progressive news agenda championed by Scott.
The trust model allows a level of freedom from traditional commercial oversight. Editors can pursue the Guardian’s well-established liberal tradition without worrying about shareholders driven by short-term profit maximisation, or an individual owner with a specific ideological agenda. This partly explains the hostility of Observer journalists to the Tortoise takeover.
Why it matters
The Lords debate focused on the risks of foreign state investment in British newspapers. But all commercial ownership models – and all owners – have their problems. Whether it be greedy shareholders, a power-hungry narcissist, an ideologically-driven family or a foreign state seeking influence in the UK, commercial models all involve editorial compromises.
One approach to the problems raised by commercial ownership is an insistence, through legislation, on a plurality of owners. But this is increasingly difficult in an industry whose traditional advertising-funded business model is under severe pressure. This context is precisely why the Telegraph’s new owner was desperate to access IMI funds.
Upmarket publications such as the Financial Times and the Times can monetise subscriptions, but paywalls discourage easy access and diminish journalistic reach. Subscriptions are also a much less attractive proposition for tabloids whose readers are less willing to pay.
Another approach is to diversify ownership models. Non-profit and charitable publishers, such as OpenDemocracy or the Bureau of Investigative Journalism, can leverage donations and are less vulnerable to the whims of corporate owners or powerful individuals. But this model is much less developed in the UK than the US.
I and colleagues have argued elsewhere that there are strong arguments for making charitable journalism easier. These models can enhance journalistic freedom, but they also come with potential downsides that need to be acknowledged.
All these options presuppose, of course, that newspapers and their online sites still have sufficient relevance and reach for us to continue to worry about ownership at all – a topic for another article.
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Steven Barnett is on the management and editorial boards of the British Journalism Review. He is a member of the British Broadcasting Challenge which campaigns for Public Service Broadcasting. He is on the Advisory Board of the Charitable Journalism Project which campaigns for public interest journalism and on the board of Hacked Off which campaigns for a free and accountable press.
The Province Ranks Second for Retail Trade Growth in May 2025
Today, Statistics Canada shows Saskatchewan’s retail trade remains strong with a 6.4 per cent increase year-over-year in May 2025 over May 2024 (seasonally adjusted). This places the province above the national average of 4.9 per cent and tied for second amongst the provinces.
“The continued growth in our retail sector reflects our province’s strong economy and is leading to more jobs and opportunities for Saskatchewan people,” Trade and Export Development Minister Warren Kaeding said. “When the province’s economy is strong, our residents get better access to the programs and services they need.”
The total value of Saskatchewan’s retail trade reached $2.3 billion in May 2025.
The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory and selected census metropolitan areas from a sample of retailers.
Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers.
Statistics Canada’s latest Gross Domestic Product (GDP) numbers indicate that Saskatchewan’s real GDP at basic prices reached an all-time high of $80.5 billion in 2024, increasing by $2.6 billion, or 3.4 per cent. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.6 per cent.
Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.
Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for investors and outlines why Saskatchewan continues to be the best place to do business in Canada.
The Justice Department announced today that Grosfillex Inc. (Grosfillex), a patio furniture company located in Pennsylvania, has agreed to pay $4.9 million to resolve allegations that it violated the False Claims Act and other statutes by evading antidumping and countervailing duties (AD/CVD) on items made of extruded aluminum originating from the People’s Republic of China (PRC).
The Department of Commerce assesses, and U.S. Customs and Border Protection (CBP) collects, antidumping and countervailing duties (AD/CVD) to level the playing field for domestic producers. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies. The settlement announced today resolves allegations that Grosfillex knowingly submitted, and caused to be submitted, false customs forms to CBP claiming that certain furniture parts made of extruded aluminum were not subject to AD/CVD. For a subset of such parts, the United States alleged that Grosfillex attempted to camouflage the aluminum extrusions by packaging the parts as sham furniture “kits.” In addition, for a different subset of such parts, Grosfillex knowingly failed to correct customs forms it had submitted previously, even after learning that the forms falsely stated to CBP that certain extruded aluminum parts were not subject to AD/CVD.
“Antidumping and countervailing duties protect American companies from unfair subsidies and trade practices that harm domestic industries,” said Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “Today’s settlement demonstrates that the Justice Department will continue to actively pursue those who knowingly fail to pay customs duties.”
“This settlement should serve as a warning that the United States Attorney’s Office for the Eastern District of Pennsylvania will use every tool available to combat fraud in international trade,” said U.S. Attorney David Metcalf for the Eastern District of Pennsylvania. “We will pursue those who seek an unfair advantage in U.S. markets by attempting to evade paying the customs, duties, or tariffs on foreign imports meant to level the playing field for U.S. manufacturers.”
“The investigation into Grosfillex Inc. highlights our relentless dedication to enforcing our nation’s trade laws and protecting the integrity of our economy. By uncovering and dismantling intricate schemes to defraud the government, we ensure that all businesses operate on a fair and level playing field,” said Special Agent in Charge Edward V. Owens of Homeland Security Investigations (HSI) at the Philadelphia office of U.S. Immigration and Customs Enforcement. “The successful settlement of this case is a testament to the outstanding collaboration between HSI, CBP and the U.S. Department of Justice. We remain vigilant in our efforts to identify and hold accountable those who attempt to exploit our trade system for their benefit.”
The allegations resolved by this settlement arose from a whistleblower lawsuit filed under the False Claims Act by Edward Wisner, a former employee of Grosfillex. Under the False Claims Act, private citizens can sue on behalf of the government and share in any recovery. Wisner will receive a $962,662.74 share of today’s settlement.
The settlement was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Pennsylvania, with assistance from CBP.
Trial Attorney Nelson Wagner in the Civil Division’s Commercial Litigation Branch, Fraud Section, and Assistant U.S. Attorney Mark Sherer for the Eastern District of Pennsylvania handled the matter.
The pursuit of this matter illustrates the government’s emphasis on combating fraud, waste, and abuse. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential customs fraud can be reported to CBP at www.help.cbp.gov/s/tip.
The claims resolved by the settlement are allegations only and there has been no determination of liability.
ATLANTA, July 24, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter ended June 30, 2025. All numbers reported below for the second quarter of 2025 are approximate until the Bank announces unaudited financial results in its Form 10-Q, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about August 8, 2025.
Operating Results for the Second Quarter of 2025
Net interest income for the second quarter of 2025 was $212 million, a decrease of $29 million, compared to net interest income of $241 million for the same period in 2024. The decrease in net interest income was primarily due to a decrease in interest rates, as well as a decrease in average advance balances during the second quarter of 2025, compared to the same period in 2024.
Net income for the second quarter of 2025 was $141 million, a decrease of $36 million, compared to net income of $177 million for the same period in 2024. The decrease in net income was primarily due to the decrease in net interest income and a $10 million increase in voluntary housing and community investment contributions.
During the second quarter of 2025, the Bank continued to meet members’ liquidity demand and average advance balances were $103.1 billion, compared to average advance balances of $106.6 billion for the same period in 2024.
The net yield on interest-earning assets for the second quarter of 2025 was 54 basis points, compared to 61 basis points for the same period in 2024. Many of the Bank’s assets and liabilities are indexed to the Secured Overnight Financing Rate (SOFR). Average daily SOFR during the second quarter of 2025 was 4.32 percent compared to 5.32 percent for the same period in 2024.
The Bank’s second quarter 2025 performance resulted in an annualized return on average equity (ROE) of 6.43 percent as compared to 8.12 percent for the same period in 2024. The decrease in ROE was primarily due to the decrease in net income for the second quarter of 2025 compared to the same period in 2024.
Financial Condition Highlights
Total assets were $146.4 billion as of June 30, 2025, a decrease of $719 million from December 31, 2024.
Advances outstanding were $90.9 billion as of June 30, 2025, an increase of $5.0 billion from December 31, 2024.
Total capital was $8.3 billion as of June 30, 2025, an increase of $324 million from December 31, 2024. Retained earnings were $2.9 billion as of June 30, 2025, an increase of $88 million from December 31, 2024.
As of June 30, 2025, the Bank was in compliance with all applicable regulatory capital and liquidity requirements.
Reliable Source of Liquidity
During the first six months of 2025, the Bank originated a total of $168.2 billion of advances, thereby providing significant liquidity to its members to support lending and other activities in their communities. The Bank is proud to continue to execute on its mission to be a reliable source of liquidity and funding for its members, while remaining adequately capitalized.
Commitment to Affordable Housing and Community Development
The Bank commits 10 percent of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by law, which amounted to $77 million for the 2024 statutory Affordable Housing Program (AHP) assessment available for funding in 2025. As of June 30, 2025, the Bank has accrued $32 million to its statutory AHP pool of funds that will be available to the Bank’s members and their communities in 2026 for funding of eligible projects.
The Bank has committed to voluntarily contribute, at a minimum, an additional 50 percent of its prior year statutory AHP assessment to affordable housing. For 2025, the Bank authorized $41 million in voluntary housing contributions consisting of $9 million in voluntary non-statutory AHP contributions and $32 million in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2025.
Since the inception of its AHP in 1990, the Bank has awarded more than $1.2 billion in AHP funds, assisting more than 177,000 households.
Dividends
On July 24, 2025, the board of directors of the Bank approved a quarterly cash dividend at an annualized rate of 6.60 percent.
“Our cooperative model enables FHLBank Atlanta to fulfill our mission of providing reliable liquidity in any economic climate and it fuels our grants for affordable housing and community development,” said FHLBank Atlanta Chair of the Board, Thornwell Dunlap. We appreciate our members’ engagement and are pleased to deliver a strong dividend for the second quarter.”
The dividend payout will be calculated based on members’ capital stock held during the second quarter of 2025 and will be credited to members’ daily investment accounts at the close of business on July 29, 2025.
Federal Home Loan Bank of Atlanta Financial Highlights (Preliminary and unaudited) (Dollars in millions)
Statements of Condition
As of June 30, 2025
As of December 31, 2024
Advances
$
90,867
$
85,829
Investments
54,283
60,084
Mortgage loans held for portfolio, net
84
89
Total assets
146,372
147,091
Total consolidated obligations, net
134,406
135,851
Total capital stock
5,397
5,148
Retained earnings
2,873
2,785
Accumulated other comprehensive loss
(13
)
—
Total capital
8,257
7,933
Capital-to-assets ratio (GAAP)
5.64
%
5.39
%
Capital-to-assets ratio (Regulatory)
5.65
%
5.39
%
Three Months Ended June 30,
Six Months Ended June 30,
Operating Results and Performance Ratios
2025
2024
2025
2024
Net interest income
$
212
$
241
$
419
$
495
Standby letters of credit fees
5
4
9
8
Other income
—
1
1
3
Total noninterest expense(1)
60
50
113
94
Affordable Housing Program assessment
16
19
32
41
Net income
141
177
284
371
Return on average assets
0.36
%
0.44
%
0.37
%
0.47
%
Return on average equity
6.43
%
8.12
%
6.62
%
8.67
%
__________ (1) Total noninterest expense includes voluntary housing and community investment contributions of $20 million and $31 million for the second quarter and first six months of 2025, compared to $10 million and $15 million for the same periods in 2024, respectively.
The selected financial data above should be read in conjunction with the financial statements and notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Bank’s Second Quarter 2025 Form 10-Q expected to be filed with the SEC on or about August 8, 2025, and can be obtained at https://corp.fhlbatl.com/who-we-are/investor-relations/ and on www.sec.gov.
About Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System (FHLBank System).
For more information, visit our website at www.fhlbatl.com.
To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by such forward-looking statements, and the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory and accounting actions, changes, approvals or requirements; completion of the Bank’s financial closing procedures and final accounting adjustments for the most recently completed quarter; SOFR variations; changes to economic, liquidity and market conditions; changes in demand for advances, advance levels, consolidated obligations of the Bank and/or the FHLBank System and their market; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, climate, and world events; disruptions in information systems; membership changes; mergers and acquisitions involving members; changes to the Bank’s voluntary housing program and other adverse developments or events, including extraordinary or disruptive events, affecting the market, involving other Federal Home Loan Banks, their members or the FHLBank System in general, including acts or war and terrorism. Additional factors that might cause the Bank’s results to differ from forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.
The forward-looking statements in this release speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of these statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.
CONTACT: Sheryl Touchton Federal Home Loan Bank of Atlanta stouchton@fhlbatl.com 404.716.4296
Sonatel’s Board of Directors today announced the appointment of Mr. Brelotte BA as Chief Executive Officer of the Sonatel Group.
Mr. Brelotte BA will succeed Mr. Sékou DRAME whose mandate ends on July 31, 2025.
The Board of Directors of Sonatel thanked Mr. Sékou DRAME for his commitment, his appreciable contributions to the development of the company since his appointment in 2018 as Chief Executive Officer.
Mr. Brelotte BA, who will take up his position on August 1st, 2025, has 24 years of professional experience in the telecommunications sector. He was, since 2022, Deputy Managing Director of Orange Middle East Africa. He has spent most of his professional career within the Sonatel Group where he held important positions, notably:
Management Controller of the Sonatel group (2003 – 2007)
Director of Commercial Marketing and Communications for Orange Guinea (2007-2008),
General Manager of Orange Bissau (2008-2011),
Director of Operators and International Relations at Sonatel (2011-2012),
General Manager of Orange Guinea (2017-2018),
General Manager of Orange Mali (2018-2022).
Mr. Brelotte BA also held the position of Managing Director of Orange Niger (2012-2017).
Mr. Brelotte BA is a graduate engineer from the Ecole Polytechnique de Paris, and the Ecole Nationale des Ponts et Chaussées.
The Board of Directors congratulates Mr. Brelotte BA on his appointment and wishes him every success in his new tasks.
He will be able to count on the support of the Board of Directors for Sonatel to maintain its leadership and remain a key player in the development of the digital economy and digital transformation in Africa.
Distributed by APO Group on behalf of Orange Middle East and Africa.
Source: United States Senator for Wyoming Cynthia Lummis
Washington, D.C. – Senator Cynthia Lummis (R-WY), along with Representative Scott Fitzgerald (R-WI), today introduced the STUDENT Act, legislation that would impose necessary limitations and conditions on the National Education Association’s (NEA) federal charter to bring it in line with other federally chartered organizations and redirect it toward its original purpose of supporting teachers in America.
The NEA, which received its federal charter through an act of Congress, has strayed far from its original educational mission. Despite claiming to be “non-partisan,” the nation’s largest union has repeatedly supported divisive political causes through endorsements and financial contributions that harm students’ education and undermine parental rights. Earlier this month, the NEA members voted to cut ties with the Anti-Defamation League (ADL) over its support for Israel.
“The NEA has exploited its federal charter to advance a radical political agenda that puts ideology before education,” said Sen. Lummis. “Wyoming parents and teachers deserve better than a union that prioritizes woke politics over student achievement. The resolution passed at the NEA Representative Assembly to cut ties with the Anti-Defamation League because of its support for Israel is abhorrent and does nothing to stem the rising tide of antisemitic incidents we’ve witnessed nationwide. Federal charters should be reserved for organizations that serve patriotic, charitable, historical, or educational purposes – not for unions that push divisive and antisemitic ideologies.”
“The NEA long ago transformed from an educational association into a political machine, pushing a progressive agenda that puts activists ahead of students’ needs,” said Congressman Scott Fitzgerald. “The STUDENT Act reins in NEA’s federal charter, restores accountability, and demands a return to its original purpose: educating, not indoctrinating, American children.”
“The National Education Association has failed to respect its duties as a federally chartered organization or as a steward of children’s education,” said Sen. Ricketts. “Rather than promote educational outcomes, they promote a radical agenda that supports illegal immigration and teaches harmful gender ideology. It is time for Congress to restore oversight of the entity it created and make sure young Americans receive the education they deserve.”
“Rep. Fitzgerald and Sen. Lummis should be commended for their leadership in introducing the STUDENT Act, which would address some of the NEA’s most concerning conduct and make it more accountable to the public and even its own members,” said Freedom Foundation CEO Aaron Withe. “The Freedom Foundation is proud to stand with these courageous lawmakers in the fight to restore sanity to public education.”
“The Endowment for Middle East Truth, EMET, is proud to endorse the STUDENT Act,” said Sarah Stern, President of the Endowment for Middle East Truth (EMET). “We solidly stand behind the ADL’s fight against the rising tide of antisemitism, which has skyrocketed in our country since October 7, 2023, as well as their position on Israel. We are appalled by the National Education Association’s blatant refusal to entertain the ADL’s professional, fair and balanced point of view, and that they have chosen to take a position that effectively condones Hamas’ atrocities against the Jewish people. It’s unfortunate that the NEA no longer works to fulfil its core mission of advancing an American bias-free education and has instead dedicated itself to political indoctrination and prejudice.”
In addition to Senators Lummis and Ricketts, U.S. Senators Ted Cruz (R-TX), Jim Risch (R-ID), and Tim Sheehy (R-MT) are original cosponsors.
Background:
A 2023 Freedom Foundation report revealed that the NEA’s federal charter is unusually brief compared to other Title 36 federally-chartered organizations, allowing the union to operate with minimal oversight while enjoying taxpayer-funded benefits.
Key Provisions of the STUDENT Act:
Bans promotion of antisemitic beliefs, including harmful stereotypes about Jewish people, Holocaust denial or minimization, and hatred based on Jewish identity or connection to Israel
Prohibits the union from promoting or requiring adherence to critical race theory concepts.
Prohibits the NEA from engaging in electoral politics and lobbying, a restriction included in 60 percent of federal charters;
Eliminates the NEA’s exemption from Washington, D.C. property taxes
Requires explicit member consent for all dues and fees
Mandates comprehensive record-keeping and document accountability
Directs all assets to the Department of Treasury if the NEA dissolves
Prohibits discrimination and hiring quotas
Prevents the NEA and its affiliates from calling strikes or work stoppages
Requires all NEA officers to be U.S. citizens
Establishes transparent governance standards
So far, the STUDENT Act has been endorsed by the following state and national organizations:
The review board is the federal agency that was set up 1987 to ensure that the prices for patented drugs are not “excessive.”
Comparing prices
Up until now, one of the criteria the PMPRB used in making the decision about what was an excessive price was to compare the proposed Canadian price for a new drug with the median price in 11 other countries. The median is the 50 per cent mark; in other words, the price in half of the other countries was below what’s proposed for Canada, and the price in the other half was above the proposed Canadian price. Under the new guidelines, set to take effect on Jan. 1, 2026, the Canadian price can be up to the highest in those other 11 countries.
Right now, the median price in the 11 countries Canada is compared to is 15 per cent below the price of patented drugs in Canada. The highest international price, which will be the new standard, is 21 per cent above the median Canadian price, meaning Canadian prices for new drugs will be significantly higher than they otherwise would have been.
Sometimes a drug is not available in any of the 11 other countries when it comes onto the Canadian market. In that case, the company can price the drug at whatever level it wants and keep it at that price until it comes up for its annual price review. The executive director of the PMPRB told the Globe and Mail that this would incentivize drugmakers to bring their products to the Canadian market first.
Incentivizing drug companies may be a reasonable idea, but that’s not part of the mandate of the PMPRB. As laid out in Section 83 of the Patent Act, its mandate is to ensure drug prices aren’t excessive.
Additional therapeutic value
In the past, one of the factors that the PMPRB took into account in determining if prices were excessive was the additional therapeutic value of a new drug compared to what was already on the market. The lower the value, the lower the price. In this regard, the PMPRB was advised by its Human Drug Advisory Panel, an independent group of experts.
The ranking of new drugs against existing ones was also of significant value to Canadian clinicians. It helped them to decide on the best treatment option for their patients and countered the hype about new drugs that came from the manufacturers.
Since the new guidelines have abandoned looking at therapeutic improvement of new drugs, that leaves only one remaining Canadian source for that type of information, the Therapeutics Letter, a bimonthly publication targeting identified problematic therapeutic issues in a brief, simple and practical manner.
If there is an in-depth review of a new drug’s pricing — a preparatory step to determine whether there should be a formal hearing to investigate if the price is excessive — it is only the manufacturer that is allowed to submit information to the PMPRB. Clinicians who prescribe the drug, patients who take the drug, and organizations and individuals that pay for the drug do not have that same right.
Donald Trump’s on-again, off-again tariffs are already threatening to drive up drug prices and make prescription drugs inaccessible to many Canadians. Higher drug prices will also almost certainly affect Canada’s already limited pharmacare program. Higher prices for new drugs will make an expanded pharmacare plan more expensive and less appealing to the federal government. The new PMPRB guidelines help ensure higher drug prices and no pharmacare expansion.
Between 2022-2025, Joel Lexchin received payments for writing a brief for a legal firm on the role of promotion in generating prescriptions for opioids, for being on a panel about pharmacare and for co-writing an article for a peer-reviewed medical journal on semaglutide. He is a member of the Boards of Canadian Doctors for Medicare and the Canadian Health Coalition. He receives royalties from University of Toronto Press and James Lorimer & Co. Ltd. for books he has written. He has received funding from the Canadian Institutes of Health Research in the past.
Source: The Conversation – Canada – By Kevin Kriese, Senior Wildfire and Land Use Analyst, Centre for Global Studies, University of Victoria
As the summer heat intensifies, people across Canada are facing the full brunt of wildfire season. Communities are being evacuated and properties are being destroyed as fires grow in size.
Over the past decade, wildfires in Canada have broken numerous records, including the area burned in the largest single fire in recent history.
More frequent fires are unsettling communities, causing rapid changes to ecosystems and having a negative impact on society and our economy.
Increased wildfire risk is driven by a variety of factors, including more extreme fire weather (high temperatures, low humidity and powerful winds) made worse by climate change, fire deficits, the accumulation of fuels like trees and other organic materials on the landscape and changing land-use and settlement patterns.
Fire is a natural, necessary and inevitable part of many ecosystems in Canada. Historically, wildfire created a mosaic of diverse ecosystems and habitat conditions, which supported healthy watersheds and contributed to the cultures and livelihoods of Indigenous Peoples.
Beneficial fire typically includes Indigenous cultural burning, prescribed fire and managed wildfire. These fires are managed for their ecological, cultural and community benefits, while minimizing adverse effects.
One reason we’re seeing more catastrophic fires now is because of a history of widespread wildfire suppression, which can allow fuels to accumulate. When fuels accumulate, the risk from wildfire increases.
In certain places and contexts, suppression remains the appropriate approach. It will continue to play a critical role in keeping communities safe and conserving ecosystem services like clean water and special places. But suppression alone is not viable or desirable. Instead, a suite of proactive actions from a variety of stakeholders is required.
In British Columbia, Indigenous communities are returning cultural burning to their territories. A burn by the ʔaq̓am First Nation, with support from the BC Wildfire Service and local fire departments, was credited with helping save lives and homes from the St. Mary’s wildfire in summer 2024.
Later in 2024, portions of a wildfire near the Wet’suwet’en community of Witset were allowed to burn while firefighting efforts focused on the part of the fire that threatened the community. This approach protected the village of Witset while still allowing the fire to create ecological benefits.
Despite increasing awareness that some fires are beneficial, community opposition to cultural and prescribed fires — as well as to letting wildfires burn — persists. This opposition stems from a longstanding fears of fire and the very real threats posed to communities, people and property.
A whole-of-society approach
Until people feel safe from wildfire, the ability to return fire to the landscape will be limited and pressure for maximum suppression will likely continue. However, when people feel safe in their homes and communities, they may be more likely to accept more beneficial fire on the landscape.
Risk reduction programs, such as FireSmart, take a holistic approach to wildfire resilience and include practical measures proven to reduce property loss.
Homeowners who live near fire-prone ecosystems (referred to as the wildland-urban interface) can take simple actions, such as removing flammable material within 1.5 metres of buildings, while communities can plan effective evacuation routes.
Experience in other jurisdictions indicates that voluntary measures, like FireSmart, are more effective when combined with mandatory minimum standards for fire-resistant building construction, vegetation management and landscaping.
Reducing risk and increasing beneficial fires requires co-ordinated action from a diverse array of parties. For example, creating home-hardening requirements demands updated provincial building codes and local government plans that consider wildfire resilience.
When a diverse array of entities is required to work towards a common goal, co-ordination and collaboration are vital and a whole-of-society approach is required. This type of approach fosters innovation, local agency and broader accountability — ultimately resulting in better outcomes on the ground.
Crown governments have historically worked in a top-down wildfire management model: provincial and territorial governments are in charge and select partners, such as industry, have been engaged to carry out specific actions.
As Canadians face another intense wildfire season, in which we’ve already experienced loss of life and property, meaningful action across all of society is essential.
Provincial governments must work in collaboration with Indigenous, local and federal governments, as well as industry, civil society, practitioners, local experts and communities.
Individuals can take action to reduce the risk to their homes by managing the vegetation around their homes and using more fire-resistant building materials. Communities can engage in risk reduction and resilience planning. And governments at all levels can facilitate changes in how we manage our landscape to increase beneficial fires.
Taken together, these diverse actions across all of society will be crucial for protecting people and ecosystems as we all learn to live with fire.
Kevin Kriese is a member of the Liberal Party of Canada.
Andrea Barnett receives funding from the Gordon and Betty Moore Foundation.
Oliver Brandes receives funding from Gordon and Betty Moore Foundation and the BC Real Estate Foundation.
WASHINGTON, D.C. — The Commodity Futures Trading Commission announced today the U.S. District Court for the Western District of Washington has resolved all claims the CFTC filed in its September 2024 complaint against Qian Bai and Chao Li, both residents of the People’s Republic of China, their co-conspirator Lan Bai, a resident of Oklahoma, as well as Aipu Limited and Fidefx Investments Ltd., which were both United Kingdom private limited companies. [See CFTC Press Release No. 8987-24]. The court found that the defendants, while acting as a common enterprise, operated fraudulent websites that purported to allow customers to trade for over 18 months and fraudulently solicited and misappropriated at least $3,630,849 from at least 34 customers in connection with the sale of agreements, contracts or transactions in leveraged or margined retail commodity transactions, off-exchange retail foreign currency contracts, and commodity futures contracts. On July 14, the court entered an order against Lan Bai requiring her to pay, jointly and severally, a $699,534 civil monetary penalty and restitution of $233,178 to defrauded victims for her role in the fraudulent scheme. On May 22, the court entered a default judgment against Qian Bai, Li, Aipu Limited, and Fidefx, which requires them to pay, jointly and severally, a $13,863,170 civil monetary penalty and restitution of $4,621,056. The default judgment also imposes permanent injunctions against them and bans them from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC. Previously, the CFTC and Lan Bai entered into a consent order which imposes a permanent injunction against her and bans her from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC. The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. Division of Enforcement staff responsible for this case are Karen Kenmotsu, George H. Malas, Michael Amakor, Chrystal Gonnella, Timothy J. Mulreany, and Paul G. Hayeck. * * * * * * CFTC’s Fraud Advisory The CFTC has issued several customer protection fraud advisories, including Avoid Forex, Precious Metals, and Digital Asset Romance Scams, which warns users of online dating and social media platforms about an increase in scams that lure victims into sending their money to fraudulent websites that claim to trade foreign currency exchange (forex) contracts, precious metals contracts, and/or digital assets. The CFTC also strongly urges the public to verify a company’s registration with the CFTC at NFA BASIC before committing funds. If unregistered, a customer should be wary of providing funds to that entity. Report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.
OAKLAND – California Attorney General Rob Bonta today, as part of a coalition of 23 attorneys general and two states, expanded its ongoing legal challenge of the Trump Administration’s attempt to gut AmeriCorps by adding the White House Office of Management and Budget (OMB) as a defendant for withholding tens of millions of dollars in funding for critical service programs. In June, Attorney General Bonta and the coalition secured a court order that reinstated hundreds of AmeriCorps programs that were unlawfully cancelled and barred AmeriCorps from making similar cuts without formal rulemaking. Despite this order, OMB is withholding vast sums intended for outstanding service programs, threatening their survival and the wellbeing of those who depend on their services. Because of the Trump Administration’s withholding of these critical resources, Attorney General Bonta and the coalition today filed an amended lawsuit that adds OMB as a defendant and brings new legal claims against the agency.
“AmeriCorps represents the best of who we are, what we can be, as a nation,” said Attorney General Bonta. “Last month, I secured a court order stopping the illegal dismantling of AmeriCorps – ensuring these selfless servicemembers can continue to serve our communities while litigation continues. But now, President Trump is trying a different, yet similarly, illegal tactic to withhold funding. We’re going back to court to block this latest maneuver – and we’ll keep fighting to ensure this invaluable program continues.”
AmeriCorps, an independent federal agency that engages Americans in meaningful community-based service, provides opportunities for more than 200,000 Americans to serve their communities every year. AmeriCorps supports national and state community service programs by funding and placing volunteers in local and national organizations that address critical community needs. Organizations rely on support from AmeriCorps to recruit, place, and supervise AmeriCorps members nationwide.
In 2024, more than 6,150 California members served at least 1,200 locations, including schools, food banks, homeless shelters, health clinics, youth centers, veterans’ facilities, and other nonprofit and faith-based organizations. AmeriCorps invested more than $133 million in federal funding to California that same year to support cost-effective community solutions, working with local partners on the ground to help communities tackle their toughest challenges. This includes programs like:
Prevent Child Abuse California, which hosts 65 AmeriCorps members who provide academic assistance, life skills, and financial literacy to hundreds of foster youths across 15 counties.
Partnership for Veterans and People Experiencing Homeless, which hosts 25 AmeriCorps members that provide housing services, job placement, and case management to veterans and homeless individuals in Santa Barbara County.
Reading Partners California, which hosts 80 AmeriCorps members who recruit and manage approximately 1400 volunteers to provide one-on-one literacy tutoring to students at 58 low-income elementary schools.
In the amended complaint, Attorney General Bonta and the coalition allege that OMB has unlawfully withheld from plaintiff states well over $38 million in support intended for specific AmeriCorps programs, across multiple funding streams. For example, OMB appears to have withheld tens of millions of dollars intended for AmeriCorps Senior Companion Programs and Foster Grandparent Programs in plaintiff states, programs that pair low-income seniors with children in need of mentorship and support or with other seniors in need of companionship and care. The Administration has also withheld approximately $5 million intended for plaintiff state service commissions, which was needed to provide training and technical assistance to service members across the country. And while AmeriCorps decided to fund numerous programs in plaintiff states with over $33 million in highly competitive grants for the next service year, OMB is preparing to withhold these funds from distribution as well.
The coalition establishes that the Trump Administration has acted unlawfully in its withholding of AmeriCorps funds, violating both the Administrative Procedure Act and the separation of powers under the U.S. Constitution. Congress created AmeriCorps and appropriated funding to support public service, and neither OMB nor AmeriCorps hold authority to defy Congress by refusing to distribute funds to worthy service programs.
In filing the amended complaint, Attorney General Bonta and the attorneys general of Maryland, Delaware, and Colorado lead the attorneys general of Arizona, Connecticut, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, the District of Columbia, as well as the states of Kentucky and Pennsylvania.
A copy of the amended complaint is available here.
Societe Generale announces that it has carried out a capital decrease through the cancellation of treasury shares and successfully completed a capital increase as part of the 32nd Global Employee Share Ownership Programme.
Capital decrease through cancellation of treasury shares
On 10 July 2025, the Board of Directors, upon authorization of the Extraordinary General Meeting of 22 May 2024, decided to reduce Societe Generale’s share capital by cancellation of 22,667,515 treasury shares as of 24 July 2025, i.e. 2.8% of the share capital. These shares were repurchased from 10 February to 8 April 2025 included for the purpose of cancellation for an amount of EUR 872 million.
This amount of share buy-back and the amount of the resulting capital decrease have been determined by the Board of Directors in application of the distribution policy to shareholders for the 2024 financial year. This amount was also determined primarily to fully offset, for shareholders not participating in it, the dilutive impact of the capital increase of the 32nd Global Employee Share Ownership Programme.
Capital increase as part of the Global Employee Share Ownership Programme
On 24 July 2025, the Chief Executive Officer, upon authorization of the Extraordinary General Meeting of 22 May 2024, and delegation of the Board of Directors, noted the completion of the capital increase following the 2025 Global Employee Share Ownership Programme. The capital increase amounts to a total of EUR 269,310,884.40 and has resulted in the issuance of 7,531,065 new shares, i.e. 0.97% of the share capital after the share capital decrease carried out as a consequence of the previously mentioned share buy-back or 0.94% of the share capital prior to this decrease.
The positive impact of this capital increase on the CET1 ratio will be around 7 basis points and will be effective in the capital ratio at the end of Q3 25.
Approximately 51,000 Group employees and eligible retired former employees in 31 countries have subscribed to this transaction.
Employee share ownership is a collective programme at Societe Generale to involve employees in the development of the company and to enable them to benefit from long-term value creation.
New amount of share capital
Following these two transactions, the share capital of Societe Generale is EUR 981,475,408.75, divided into 785,180,327 shares with a nominal value of EUR 1.25 each.
Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.
Source: United States Senator John Hickenlooper – Colorado
WASHINGTON – Today, U.S. Senators John Hickenlooper and John Curtis introduced the bipartisan Snow Water Supply Forecasting Program Reauthorization Act of 2025 to help better predict and measure water supply to manage drought in the West, including on the Colorado River. Tomorrow, July 25th, is Colorado River Day, which celebrates the day when the river was officially renamed to the Colorado River in 1921.
“You can’t manage what you can’t measure,” said Hickenlooper. “Snowmelt is Colorado’s largest reservoir. Leveraging advanced snow monitoring tech will give us more accurate water predictions and unlock a better understanding of how to make the most of our water in an era of extreme drought.”
“In the West, water is everything—our economy, our communities, and our way of life depend on it,” said Curtis. “This bill brings 21st century tools to one of the oldest challenges we face: knowing how much water we’ll have and when. By reauthorizing this program, we’re embracing new technology like airborne snow surveys and advanced modeling to give our water managers the clarity they need to prepare, allocate, and respond.”
More than 80% of Colorado’s annual surface water supply comes from snowmelt runoff. Accurate measurements of snowpack are necessary to have a clear picture of the snowmelt that feeds rivers and streams across the West.
The bipartisan legislation would reauthorize the Bureau of Reclamation’s (BOR) Snow Water Supply Forecasting Program which provides grants to advance emerging snow monitoring technology that improve water supply predictions.
Specifically, the bill would:
Reauthorize BOR’s Snow Water Supply Forecasting Program through 2031
Increase authorization from $15 million over five years to $32.5 million over five years
Update language in existing authorization to emphasize water supply forecasting activities that inform interstate water management decisions
Yesterday, Representatives Joe Neguse and Jeff Hurd’s companion legislation advanced out of the House Committee on Natural Resources.
As governor, Hickenlooper helped negotiate the 2019 Colorado River Basin Drought Contingency Plan, which helped protect critical levels at Lake Powell and Lake Mead and ensured continued compliance with the 1922 Colorado River Compact. In the Senate, Hickenlooper convened the bipartisan Colorado River Caucus to help address the Colorado River crisis.
The bipartisan Snow Water Supply Forecasting Program Reauthorization Act of 2025 is supported by American Rivers, the Southwestern Water Conservation District, Colorado River District, Denver Water, Colorado Department of Natural Resources, Colorado Water Congress, Colorado Municipal League, Associated Governments of Northwest Colorado, the Environmental Defense Fund, The Nature Conservancy, the National Ski Areas Association, the Family Farm Alliance, the National Audubon Society, and the Theodore Roosevelt Conservation Partnership.
Full text of the bill available HERE.
New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — In the evolving landscape of online gaming, Free Spins No Deposit Casino Bonus offers have become a staple for platforms seeking to attract new users. These promotions — which grant free spins or small starting balances without requiring an upfront deposit — are gaining prominence across US-facing online casinos.
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Los Angeles, USA , July 24, 2025 (GLOBE NEWSWIRE) —
In July 2025, the global compliant digital asset trading platform MSBFUND officially announced a large-scale increase in its holdings of Solana ecosystem token SOL, surpassing 2.5 million tokens and becoming a focal point in the industry. According to on-chain data, MSBFUND has recently completed multiple transactions to accumulate SOL, with a single-day net purchase exceeding 300,000 SOL. This move not only strengthens the platform’s foresight in mainstream public chain asset allocation but also sends a strong signal of ecological support to the market.
MSBFUND stated that this strategic increase in SOL holdings is based on its high recognition and long-term confidence in the future development of the Solana ecosystem. As one of the most promising high-performance blockchains today, Solana continues to demonstrate strong developer attraction and application expansion capabilities in fields such as DeFi, GameFi, and NFTs, thanks to its ultra-high TPS and extremely low gas fees. Especially as competition within Layer 1 ecosystems becomes clearer, SOL’s value is undergoing a systematic reassessment.
MSBFUND’s actions are not merely about asset allocation; the platform has initiated a three-pronged strategic deployment model that includes “SOL staking + DeFi custody + ecological investment.” By smart-staking its SOL holdings to obtain on-chain yields and leveraging professional custody mechanisms in the DeFi space, the platform is investing part of its funds into early Solana projects and infrastructure development. For instance, MSBFUND has partnered with well-known blockchain foundations such as StarBridge Foundation and MetaChain Growth Fund to establish a “SOL Ecosystem Incubation Fund,” with an initial scale of $30 million, focusing on emerging decentralized protocols and foundational components for blockchain games within the Solana network.
Liam Carter, Chief Strategy Officer of MSBFUND, stated, “We not only see the appreciation potential of SOL as a main chain asset but also value the developer activity and technical scalability behind its ecosystem. This large-scale acquisition is part of MSBFUND’s long-term value allocation strategy, aimed at injecting sustained capital and confidence into the SOL ecosystem.”
Several industry research institutions have noted that MSBFUND’s actions have boosted the market price of SOL to some extent. Data shows that within 48 hours of this announcement, SOL’s price increased by nearly 9%, trading volume doubled, and the market capitalization of several Solana ecosystem projects also rose, creating an on-chain “capital demonstration effect.”
This round of accumulation by MSBFUND not only reflects its keen insight in asset allocation but also showcases the platform’s strategic foresight and ecological empowerment in the global digital financial landscape. As a globally compliant platform registered with the U.S. MSB (Money Services Business), MSBFUND has long served high-net-worth clients, family offices, and professional investment institutions.
Adhering to the three core principles of “compliance, security, and professionalism,” MSBFUND continuously expands its R&D investments in technologies such as AI risk control, on-chain auditing, and intelligent trading, gradually building a leading global digital asset financial platform system. This firm increase in SOL holdings is not only a judgment on the future of the market but also a deep belief in and commitment to the long-term value of digital assets.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — For investors who hold a large amount of XRP, HJTCrypto provides a safe, compliant and scalable way to convert their assets into a high-yield passive income source. Users do not need to sell their positions or bear the risk of currency price fluctuations. They only need to top up and purchase computing power contracts to automatically obtain stable income every day. Traditional cryptocurrency acquisition requires high hardware investment, complex technical configuration and continuous power consumption, but now, HJTCrypto has completely changed all of this. Users only need to rent remote computing power through the online platform to get XRP rewards.
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Prime Minister Narendra Modi held wide-ranging talks with UK Prime Minister Keir Starmer during his official visit to the United Kingdom from July 23-24. The meeting, held at the British Prime Minister’s country residence, Chequers in Buckinghamshire.
The two leaders held a one-on-one meeting followed by delegation-level talks, covering the full spectrum of bilateral cooperation.
During the talks, the two sides welcomed the signing of the historic India-UK Comprehensive Economic and Trade Agreement (CETA). The agreement is expected to boost trade, investment, economic collaboration, and job creation in both countries, taking the strategic partnership to a new level.
In a key development, the two countries also agreed to negotiate a Double Contribution Convention, which will support professionals and service industries by reducing operational costs and promoting competitiveness. Prime Minister Modi also proposed deeper cooperation between India’s GIFT City-India’s first international financial services centre-and the UK’s financial ecosystem.
The two leaders adopted the India-UK Vision 2035, a roadmap for the next decade that aims to enhance cooperation in the areas of economy, technology, innovation, research, education, defence, climate action, health, and people-to-people ties.
The finalisation of a Defence Industrial Roadmap was also welcomed. It aims to promote joint design, development, and production of defence products for domestic use and global markets. Both leaders expressed satisfaction with the growing defence partnership and regular engagement between the armed forces.
Underlining the importance of emerging technologies, the Prime Ministers agreed to accelerate the implementation of the Technology and Security Initiative (TSI). The TSI, which completed one year, focuses on areas such as telecom, critical minerals, AI, biotechnology, semiconductors, health technology, advanced materials, and quantum research.
In the education sector, the leaders hailed the growing collaboration under India’s New Education Policy (NEP). Notably, Southampton University became the first foreign university to open a campus in India, in Gurugram, on June 16. Several other UK universities are expected to follow suit.
The two Prime Ministers also acknowledged the significant contribution of the Indian diaspora in the UK across various fields, calling them a “living bridge” between the two countries.
Prime Minister Modi thanked Prime Minister Starmer for his support and solidarity following the Pahalgam terror attack. Both leaders reiterated their commitment to combat terrorism and agreed to intensify bilateral cooperation to counter extremism and radicalisation. PM Modi also sought the UK’s assistance in bringing economic offenders and fugitives to justice.
The leaders also exchanged views on key regional and global developments, including in the Indo-Pacific, West Asia, and the Russia-Ukraine conflict.
Prime Minister Modi extended an invitation to Prime Minister Starmer to visit India at a mutually convenient time and thanked him for the warm hospitality.
The following documents were signed/adopted by the two sides during the visit:
● Comprehensive Economic and Trade Agreement [CETA]
● India-UK Vision 2035
● Defence Industrial Roadmap
● Statement on Technology and Security Initiative
● MoU between Central Bureau of Investigation, India and National Crime Agency of UK
People in Leeds are being asked to take note of the traffic and travel arrangements that have formed a key part of the planning for a major new sporting event.
The inaugural IRONMAN Leeds triathlon is being held this Sunday, July 27, with around 2,500 athletes set to push themselves to the limit as they tackle a 2.4-mile swim in Roundhay Park’s Waterloo Lake followed by a 112-mile bike ride and a 26-mile run.
A wide-ranging programme of temporary road closures will be in place in and around north Leeds to ensure that the event – which is being organised by the IRONMAN Group with support from Leeds City Council – passes off safely and smoothly.
And, with the final countdown to the big day now under way, residents are being encouraged to take a few minutes to acquaint themselves with the closure timings and locations.
Significant traffic disruption is expected, with the epic nature of the event – and the lengthy race times that come with it – meaning restrictions will be in force for much of Sunday.
The IRONMAN team has been working hard to publicise the plans for the day, with a total of 60,000 information leaflets being distributed to local properties.
More than 100 businesses in affected areas have also received direct e-mails with details about the event that they can share with their staff and customers.
Vehicle crossing locations will be dotted along the cycling and running routes, while full emergency service road access will be maintained throughout. Pedestrians will be able to cross the routes at any point, provided it is safe to do so.
People with enquiries regarding road access – including carers who need to carry out home visits – are asked to contact the IRONMAN team via leeds@ironmanroadaccess.com or 03330 116600.
Enquiries about other IRONMAN-related matters should be e-mailed to leeds@ironman.com.
Leeds is one of only two places in the UK hosting a full IRONMAN challenge in 2025, with previous events in locations such as Bolton and Pembrokeshire generating millions of pounds for their local economies.
Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:
“IRONMAN Leeds promises to be a fantastic occasion, and one that will further strengthen our city’s reputation as a respected host of high-profile sporting events.
“The exploits of local triathletes such as the Brownlee brothers have given Leeds a real interest in this sport, so hopefully people will be turning out in numbers on Sunday to support the competitors in Roundhay Park and along the rest of the course.
“The road closures that are needed for the safe operation of the event will inevitably cause some disruption and we thank the public in advance for their patience and understanding.
“Please do take the time, if you haven’t already, to familiarise yourself with all the relevant traffic and travel arrangements and how they might affect your plans.”
IRONMAN Leeds will have a staggered start, with the first swimmers venturing into Waterloo Lake from 6am on Sunday.
The event’s second discipline, the bike race, begins and ends in Roundhay Park and will cover three loops of a circular route that runs through or near communities such as Shadwell, Thorner, Bardsey, Wike, Harewood, Eccup, Arthington, Adel and Alwoodley.
Roads that will be affected by the closure programme needed for this part of the day include:
Carr Lane between Shadwell and Thorner (closed 6am to 3.30pm)
Bramham Road and part of Thorner Road, both to the east of Thorner (closed 6am to 3.30pm)
The A61 Harrogate Road between the A659 at Harewood and Wike Lane (closed 7am to 4.30pm)
The A61 Harrogate Road between Wike Lane and Wigton Approach, near the Grammar School at Leeds (closed 7am to 5.30pm)
Alwoodley Lane between its junctions with King Lane and the A61 Harrogate Road (closed eastbound 7.30am to 5.30pm)
IRONMAN Leeds’s third and final discipline, the run, will follow a looped course that takes in the western side of Roundhay Park and a host of residential streets in the wider Roundhay area.
Athletes are expected to start crossing the finishing line – which will be located near the park’s cricket pavilion – from around 2pm.
Spectators heading to this area to cheer the runners home can look forward to a party atmosphere as well as food stalls, music and other attractions.
Roads in Roundhay that will be closed for much of Sunday to facilitate both the run and general event access include North Park Grove, Gledhow Avenue, Jackson Avenue, Old Park Road and the stretch of Street Lane between Devonshire Avenue and Princes Avenue. Park Avenue will be closed near the Lakeside Cafe from 6am on Saturday until 5pm on Monday (July 28).
Tropical World will be open as normal throughout the event.
Lewis Peacock, race director for IRONMAN Leeds, said:
“We can’t wait to welcome thousands of athletes to the home of triathlon as the very first IRONMAN Leeds heads to town.
“It’s set to be an incredible day of racing and a great moment to have a full distance IRONMAN race return to England for the first time since 2023.
“The spectator support in Roundhay Park is expected to be massive, so make sure you head down to soak up the atmosphere!”
Further information about road closures along the cycling and running routes – together with suggested diversions for people wanting to drive to Harewood House on Sunday – can be found here.
[?being, and driving economic development. By championing a vibrant arts sector through public art galleries, visual and performing arts and arts service organizations, Alberta’s unique culture and history are preserved and shared in communities across the province.
Alberta’s government is further strengthening direct support for artists and expanding access to the arts, by bringing total arts funding to a record $36.1 million. This includes a responsible, steady $4.5?million increase for the Alberta Foundation for the Arts (AFA) as part of our multi-year commitment that will grow AFA funding to more than $43 million annually by 2027-28.
“Alberta is home to thousands of gifted artists who are a vital part of our economy, with arts industries contributing more than $1.3 billion in GDP each year and supporting more than 18,000 jobs. Our government is proud to sustain the highest level of arts funding in Alberta’s history, strengthening communities and enhancing quality of life for all Albertans.”
“I want to express our appreciation for the Alberta government’s commitment to increasing funding to the AFA for the second consecutive year. This year, our focus has been to raise the level of AFA funding support for arts organizations. With this additional funding, we will be able to significantly impact more than 400 Alberta organizations. This follows the extra funding that we were able to give to more than 700 individual artists last year. We are proud of our role in investing in Alberta artists, art and cultural materials.”
Alberta’s government provides grant funding to the arts sector through the AFA in three important ways:
Operational grants to arts-based organizations that create and provide access to art experiences and generate job opportunities for artists and cultural workers.
Project grants to non-profit organizations, including schools, to increase capacity and/or accessibility for arts-related activities.
Project grants and awards for individual artists that can support art production or creation, research, marketing, or training and professional development.
“Alberta Ballet is best known for its artistry on the Jubilee stages in Edmonton and Calgary. What is less known is how funding from the Alberta Foundation for the Arts fuels Alberta Ballet’s growing impact across the province. With this support, Alberta Ballet is building a stronger arts ecosystem and lasting connections in cities throughout Alberta.”
“For Shumka, this increase in funding means more than just financial support. It’s an investment in creativity, in cultural heritage, and in the people who bring stories to life through dance. As we look ahead, this support helps ensure that the legacy of Shumka, more than 60 years strong, continues to evolve and inspire future generations. Thank you to the Government of Alberta and the Alberta Foundation for the Arts for believing in the power of the arts, and for recognizing the value that organizations like ours bring to the cultural fabric of Alberta.”
Alberta proudly supports the arts and, through the AFA, is dedicated to empowering artists and arts organizations across the province. Since April 2025, the AFA has already approved $19.1 million in grant funding to 223 arts organizations and 192 individual artists.
Quick facts
The 2025 budget for Arts is $36.1 million, including $34.6 million for the AFA. Funding for the AFA increased by $4.5 million.
In 2024-25, the AFA provided $20.4 million through 656 grants to organizations as well as $5.2 million through 446 individual arts grants to support their activities.
In 2024-25, the AFA increased the maximum eligible amount for its project grant programs for artists to $18,000 and nearly doubled the total number grants awarded to artists.
In 2023, the visual and applied arts and live performance industries contributed approximately $1.3 billion in GDP and sustained over 18,000 jobs in Alberta.
Related information
Alberta Foundation for the Arts
Multimedia
Watch the news conference
Le budget de 2025 prévoit 4,5 millions de dollars pour soutenir les artistes par l’intermédiaire de l’Alberta Foundation for the Arts (AFA). Ce financement sans précédent continue de stimuler le secteur artistique albertain.
Les arts jouent un rôle essentiel dans la qualité de vie des Albertaines et des Albertains. Ils favorisent la santé et le bien-être, et ils stimulent le développement économique. En soutenant le dynamisme du secteur artistique — dans les galeries d’art publiques, grâce aux arts visuels et de la scène et par l’intermédiaire des organismes de services artistiques —, le caractère unique de la culture et de l’histoire de l’Alberta est préservé et présenté aux collectivités de toute la province.
Le gouvernement de l’Alberta renforce encore davantage le soutien qu’il offre directement aux artistes, en plus d’élargir l’accès de la population aux arts, en portant le financement total au secteur à un niveau record de 36,1 millions de dollars. Ce financement comprend une augmentation mesurée et stable de 4,5 millions de dollars à l’Alberta Foundation for the Arts dans le cadre d’un engagement pluriannuel qui portera le financement annuel de l’organisme à plus de 43 millions de dollars d’ici à 2027-2028.
« L’Alberta est le foyer de milliers d’artistes talentueux qui jouent un rôle essentiel dans notre économie. En effet, les industries artistiques contribuent à plus de 1,3 milliard de dollars au PIB chaque année et elles soutiennent plus de 18 000 emplois. Notre gouvernement est fier de maintenir le niveau de financement aux arts le plus élevé de toute l’histoire de l’Alberta, financement qui permet de renforcer les collectivités et d’améliorer la qualité de vie de toute la population. »
« Au nom de l’AFA, je remercie le gouvernement de l’Alberta d’augmenter le financement de l’AFA pour une deuxième année consécutive. Cette année, nous nous concentrons sur l’augmentation du soutien financier aux organismes artistiques. Grâce à ce financement supplémentaire, nous jouerons un rôle déterminant dans le succès de plus de 400 organismes en Alberta. Cette augmentation s’ajoute au financement additionnel que nous avons pu accorder à plus de 700 artistes l’an dernier. Nous sommes fiers de participer activement à la valorisation des artistes, du secteur des arts et du patrimoine culturel de l’Alberta. »
Le gouvernement de l’Alberta, par l’intermédiaire de l’AFA, offre les trois grands volets de subvention suivants au secteur artistique :
Subventions de fonctionnement aux organismes qui créent et offrent des expériences artistiques et génèrent des emplois pour les artistes et les travailleurs culturels.
Subventions de projet aux organismes sans but lucratif, y compris les écoles, pour accroître la création d’activités artistiques ou leur accessibilité.
Subventions de projet et prix à l’intention d’individus, qui permettent de soutenir la production ou la création artistique, la recherche, le marketing, la formation ou le perfectionnement professionnel.
« L’organisme Alberta Ballet a fait sa renommée sur les scènes des auditoriums Jubilee à Edmonton et à Calgary. Ce que l’on sait moins, c’est que le financement de l’Alberta Foundation for the Arts est au cœur du rayonnement croissant d’Alberta Ballet dans la province. Grâce à ce soutien, notre organisme renforce l’écosystème artistique et crée des liens durables dans les villes de l’Alberta. »
« Pour Shumka, ce financement accru signifie bien plus qu’un apport financier. C’est un investissement dans la créativité, dans le patrimoine culturel et dans les personnes qui donnent vie à des récits par la danse. En regardant vers l’avenir, nous savons que ce soutien contribue à assurer que l’héritage de Shumka, fort de plus de 60 ans, continue d’évoluer et d’inspirer les générations futures. Nous remercions le gouvernement de l’Alberta et l’AFA de croire au pouvoir des arts et de reconnaître la valeur que les organismes comme le nôtre apportent au tissu culturel de l’Alberta. »
L’Alberta soutient fièrement les arts et, par l’intermédiaire de l’AFA, elle s’engage à autonomiser les artistes et les organismes artistiques de toute la province. Depuis avril 2025, l’AFA a déjà approuvé 19,1 millions de dollars en subventions destinés à 223 organismes artistiques et à 192 artistes.
En bref
Le budget de 2025 attribué aux arts est de 36,1 millions de dollars, dont 34,6 millions à l’AFA. Le financement de l’AFA a augmenté de 4,5 millions.
En 2024-2025, l’AFA a accordé 656 subventions à des organismes artistiques, pour un total de 20,4 millions de dollars, ainsi que 446 subventions à des artistes, pour un total de 5,2 millions de dollars.
En 2024-2025, l’AFA a augmenté à 18 000 $ le montant maximal admissible dans le cadre de ses programmes de subventions de projet d’artistes et l’organisme a presque doublé le nombre total de subventions accordées.
En 2023, les arts visuels, les arts appliqués et les arts de la scène ont contribué à environ 1,3 milliard de dollars au PIB et soutenu plus de 18 000 emplois en Alberta.
Second Quarter and First Half 2025 financial report available
Paris, July 24, 2025 – Lectra informs its shareholders, in compliance with Article 221-4-IV of the General Regulation of the Autorité des marchés financiers, that the Management Discussion and Analysis of Financial Condition and Results of Operations for the Second Quarter and First Half of 2025 is available on the company’s website: www.lectra.com
It is also available, upon request, at the company’s headquarters 16-18 rue Chalgrin, 75016 Paris (email: investor.relations@lectra.com ).
Copy of this document was filed with the AMF.
About Lectra :
At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the Internet of Things.
The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.
Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.
Lectra – World Headquarters et siège social : 16–18, rue Chalgrin • 75016 Paris • France Tél. +33 (0)1 53 64 42 00 – lectra.com Société anonyme au capital de 37 966 274 €. RCS Paris B 300 702 305
Volta Finance Limited (VTA / VTAS) June 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, July 24, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.
June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.
However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.
Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.
The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.
In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).
As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.
*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
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ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.
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This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
Volta Finance Limited (VTA / VTAS) June 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, July 24, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.
June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.
However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.
Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.
The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.
In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).
As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.
*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
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ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.
*****
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
RIYADH, Saudi Arabia, July 24, 2025 (GLOBE NEWSWIRE) — The Capital Market Authority (CMA) announces the completion of compensation for investors affected by the violations committed in the shares of Watani Iron Steel Co., which occurred before and after the company’s direct listing on the Parallel Market (Nomu). These violations were committed by five individuals convicted under the decision issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD), published on the websites of the CMA and the GS-CRSD on April 4, 2024. The decision, resulting from the penal lawsuit filed by the Public Prosecution and referred by the Capital Market Authority, obligated them to pay SAR 41.4 million in illegal gains resulting from these violations.
The compensations were deposited into the accounts of the affected investors through the Compensation Fund, which was established pursuant to a resolution of the CMA’s Board to compensate affected parties in accordance with the distribution plan approved by the CRSD. This facilitates the compensation process and ensures that entitlements are delivered to their rightful owners with minimal effort.
Since the publication of the ACRSD’s decision, the CMA has worked on assessing the appropriateness of activating Article (59) of the Capital Market Law, which grants the CMA the power to organize compensation procedures for individuals affected by violations and to establish dedicated compensation funds sourced from illegally obtained gains. Compensation for affected individuals is carried out in accordance with a distribution plan approved by the Committee. This led to the establishment of this fund to compensate eligible parties under a distribution plan approved by a decision of the CRSD, in line with the rules, procedures, and legal provisions to enhance the efficiency of these funds.
The approved distribution plan was designed in proportion to the scale of the violations committed, the value of the illegal gains realized from those violations, and the extent of harm suffered by investors who traded the company’s shares during the violation period. Compensation amounts for some investors reached more than one million Saudi Riyals, representing the highest compensation approved by the CRSD. In this context, the CMA affirms that the distribution plan approved by the CRSD included all individuals proven to have suffered harm, based on the technical records. This does not preclude the right of any individual who believes they have been harmed but was not included in the distribution plan to file an individual claim with the CRSD to seek compensation.
Compensation funds complement the mechanisms that facilitate compensating investors affected by violations committed in the capital market. They add to the available avenues for compensation, such as individual lawsuits and class actions. The CMA adopts a set of criteria to determine the appropriateness of establishing a compensation fund using illegal obtained gains from violators whenever the facts and circumstances of a case indicate the existence of actual harmed parties and when the CMA deems that creating such a fund would be more effective and practical than other available means of compensation for damages sustained by market participants as a result of violations of the Capital Market Law and its implementing regulations. The CMA clarified that it employs a range of analytical tools to reach a systematic assessment regarding the suitability of establishing a compensation fund based on final decisions issued by the CRSD. This assessment relies on several criteria that help determine the most suitable compensation mechanism, whether through direct compensation via these funds or through class actions to claim compensation. These criteria include aspects related to the execution and collection of illegally obtained gains, the nature and number of violations committed, their impact, and the extent to which the Committees can adopt and practically apply the principle of compensation to all affected parties in the case under review.
The CMA affirms that, in the context of enhancing compensation opportunities, it has carefully studied global best practices applied in capital markets and adopted what aligns with the nature of the Saudi capital market. This contributes to improving the efficiency of compensation mechanisms, strengthening investor confidence in the market, and protecting their rights. These efforts form part of a broader package of strategic initiatives launched by the CMA to advance the development of a more sophisticated and competitive financial ecosystem.
Capital Market Authority Communication & Investor Protection Division +966114906009 +966557666932 Media@cma.org.sa www.cma.org.sa
First half 2025: stable revenues and limited decline in EBITDA in a context of increased volatility in Q2
Revenues: 261.3 million euros (stable)*
EBITDA before non-recurring items: 40.4 million euros (-4%)*
Annual objectives are no more relevant, in the absence of visibility
(*) At actual exchange rates
April 1 – June 30
January 1 – June 30
2025
2024
Variation 2025/2024
2025
2024
Variation 2025/2024
(in millions of euros)
Actual exchange rates
Like-for-like(1)
Actual exchange rates
Like-for-like(1)
Revenues
126.8
132.7
-4%
-2%
261.3
262.3
0%
-1%
ARR (2)(3)
–
–
–
–
90.9
88.9
+2%
+6%
EBITDA before non-recurring items (3)
19.2
21.2
-9%
-3%
40.4
42.2
-4%
-4%
EBITDA margin before non-recurring items
15.2%
15.9%
-0.7 point
-0.2 point
15.4%
16.1%
-0.7 point
-0.7 point
Net income
5.3
4.4
20%
–
11.1
11.1
0%
–
Consolidated Shareholders’ Equity (2)
–
–
–
–
343.8
374.4
–
–
Net cash (+) / Net debt (-) (2)
–
–
–
–
-34.1
-20.6
–
–
(1) At constant exchange rates and comparable scope (2) As of June 30, 2025 and December 31, 2024 (3) The definition of performance indicators is included in the Financial report as of 30 June 2025
Paris, July 24, 2025. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the first half of 2025, which have been subject to a limited review by the Statutory Auditors.
A PARADIGM SHIFT AT THE GLOBAL LEVEL
The deterioration in the global economic situation since early March continued throughout the second quarter, extending to all geographical areas and all sectors of activity. The US tariff announcements on April 2 came as a shock that increased the uncertainty weighing on the business climate, particularly for the Group’s customers, who are highly exposed to international trade.
While the direct impact of these measures is limited for Lectra, the indirect impacts, linked to the reactions of the customers concerned, together with the lack of visibility, have led to a pause in their investment decisions. The Group’s customers — brands and subcontractors alike — must adapt to this new economic situation, whether in terms of pricing policy, production, investment or future strategy, and are waiting for negotiations to be concluded before choosing their options.
The 90-day suspension of reciprocal tariffs, announced on April 9 and due to end on July 9 was followed by further announcements. The frequent changes in the decisions of the US administration and the negotiations still underway have contributed to persistent uncertainty.
The direct impacts of tariffs remain limited, and are under control
European and Chinese exports to the United States account for less than 10% of Lectra’s sales. Starting in April, Lectra has taken several measures to deal with the new commercial situation: the Group has reflected the full impact of customs tariffs on price lists in the United States for equipment, consumables and parts and maintenance contracts. It also rerouted some shipments to Mexico to avoid customs formalities and removed several products from the Chinese and American catalogs.
Indirect impacts are characterized by high customer wait-and-see position
Lectra’s three strategic markets are highly exposed to tariffs.
Particularly in the fashion and automotive sectors, the United States’ dependence on imports is very strong. Whatever the outcome of the negotiations, the need to diversify sources of supply and their countries of origin seems clear and will require additional production capacities and relocations.
In the Group’s three strategic markets, the turbulence of the last few months represents medium- and long-term development opportunities for Lectra, irrespective of the tariff rates ultimately decided, and will necessarily lead to structural changes in the industrial landscape and supply chains.
2. Q2 2025
The slowdown that affected the Americas and Automotive from mid-March onwards spread to all geographies and sectors. Indeed, the successive announcements, then the shock of “Liberation Day” on April 2, have led to a strong wait-and-see attitude from customers. New systems orders were accordingly 27% lower in the second quarter.
Q2 2025 revenues were down 4% on an actual basis and 2% on a like-for-like basis, reflecting the continued slowdown that began in mid-March.
EBITDA before non-recurring items (€19.2 million) declined 3%, resulting in a recurring EBITDA margin before non-recurring items of 15.2%, down 0.7 percentage point on an actual basis (0.2 percentage point like-for-like).
Considering the amortization of intangible assets (€5.7 million), income from operations before non-recurring items was down 6% on a like-to-like basis, to €8.9 million. Net income reached €5.3 million, up 20% on an actual basis, driven by a reduction in tax expense.
3. FIRST HALF 2025
To facilitate analysis of the Group’s results, the financial statements are compared to those published in 2024 that consolidated Launchmetrics as of January 23 (“actual”) and, for the analysis of variations, to the 2024 Proforma statements that consolidate Launchmetrics as of January 1, expressed at 2024 exchange rates (like-for-like”). Proforma revenues and EBITDA increased by €2.5 million and €0.3 million respectively compared to the reported financial statements.
H1 2025 revenues amounted to €261.3 million, down 1%. This breaks down into €69.3 million in non-recurring revenues, down 7%, and €192.0 million in recurring revenues (73% of revenues), up 2%, including €43.6 million in revenues from SaaS subscription contracts (17% of revenues, +13%).
The ARR at June 30, 2025 was €90.9 million, up 6% on a like-for-like basis (+2% on an actual basis) compared to the level at the end of 2024, confirming the relevance of Lectra’s strategy.
In a context of declining revenues, the gross margin reached €190.0 million, up 1%, and the gross margin rate stood at 72.7%, up 1 point, thanks to the favorable sales mix and strengthened cost control.
EBITDA before non-recurring items reached €40.4 million, down 4%, with an EBITDA margin before non-recurring items of 15.4%, down 0.6 point.
Income from operations before non-recurring items amounted to €19.2 million, down 9%.
Net income, following a tax expense of 3.6 million euros, was stable at 11.1 million euros.
Free cash flow before non-recurring items remained high in the first half of 2025 at € 33.0 million, reflecting good management of the working capital requirement, which was negative by €41.6 million, benefiting from lower receivables and a further reduction in inventories.
As of June 30, 2025, the Group’s balance sheet remained very strong: shareholders’ equity stood at €343.8 million and net debt at €34.1 million after disbursement of the second tranche of Launchmetrics’ share capital (€20.5 million), the acquisition of Glengo Turkey (€1.7 million), and dividend payments (€15.2 million). Net debt consisted in financial debt of €94.6 million and cash of €60.6 million, reflecting the continued deleveraging of the company.
4. OUTLOOK
In the Annual Financial Report 2024 published February 12, 2025, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap. The Group then underlined, in a deteriorating environment, its resilient nature, the quality of its fundamentals, and the pursuit of its strategy with a focus on the development of its SaaS business.
Following the series of announcements on tariffs, the 2025 outlook had not been updated when the first quarter 2025 results were published on April 24, 2025.
At the end of the second quarter, there were still no signs of significant improvement that would point to an upturn in activity. The economic and political context remains uncertain and continues to lead to a strong wait-and-see attitude on the part of the Group’s customers. In this context, the annual objectives announced by the Group in February 2025 are no more relevant.
The Company remains attentive to the evolution of the situation and relies on its solid fundamentals, notably its low net debt and high free cash flow generation, to pursue its strategy.
The 2024 Annual Financial Report, as well as the Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for H1 2025 are available on lectra.com. Q3 and the first nine months of 2025 earnings will be published on October 29, 2025 after market.
About Lectra
At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the internet of things.
The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.
Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.
Lectra – World Headquarters et siège social: 16–18, rue Chalgrin • 75016 Paris • France Tel. +33 (0)1 53 64 42 00 – lectra.com A French Société Anonyme with capital of € 37,966,274. RCS Paris B 300 702 305