The Kyrgyz Republic has shown strong economic performance despite global uncertainties with robust growth, stabilizing inflation, and declining public debt.
Growth is expected to gradually moderate as external trade normalizes and domestic demand slows, while inflation remains stable with continued prudent monetary policy.
Sustaining macroeconomic stability and strengthening inclusive growth will require rebuilding policy buffers, enhancing fiscal sustainability, safeguarding monetary policy independence, and advancing structural reforms to boost productivity.
Washington, DC:The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the Kyrgyz Republic on a lapse of time basis on May 22, 2025.[1]
The Kyrgyz Republic has performed remarkably well amid a highly uncertain external environment. The economy grew by 9 percent annually since 2022, headline inflation has returned to the central bank’s target range, and public debt declined to 36.6 percent of GDP in 2024.
Looking ahead, growth is projected to moderate to 6.8 percent in 2025 and converge to about 5¼ percent in the medium term as re-export trade moderates and domestic demand eases. Inflation is expected to remain broadly stable under the assumption of prudent monetary policy. The large-scale public investments would widen the overall fiscal deficit, but public debt would remain contained under 42 percent of GDP thanks to robust GDP growth.
In view of the heightened global uncertainty, medium term priorities include rebuilding policy buffers and advancing structural reforms to strengthen economy’s resilience to shocks and support higher and more inclusive growth.
Executive Board Assessment
The Kyrgyz Republic has demonstrated remarkable resilience amidst global economic uncertainty. The economy has sustained robust growth supported by considerable expansion of external trade, inflows of remittances and labor, and resilient domestic demand. Inflation has moderated to mid-single digits, though underlying demand pressures warrant vigilance to keep inflation within the central bank’s target range. Lower public debt provides the needed fiscal space for priority investment in public infrastructure, energy generation capacity and human capital development.
Looking ahead, economic activity is expected to moderate from the exceptionally high levels of the past three years as re-export trade normalizes. Growth is projected to converge to its potential rate of 5¼ percent in the medium term, but the outlook is highly uncertain and depends on regional geopolitical developments. A further escalation of sanctions on Russia could weaken remittances and growth due to a depreciation of the ruble and slower growth in Russia. Conversely, a lasting peace in the region could have the opposite impact, but may also unwind some of the trade and financial flows that have boosted growth in recent years. In an increasingly uncertain world, the medium-term priority is to strengthen resilience of the Kyrgyz economy to future shocks by rebuilding policy buffers and enhance prospects for higher and more inclusive growth through structural reforms.
Strong revenue performance and a prudent fiscal stance coupled with high GDP growth have contained public debt. To further strengthen fiscal sustainability and create fiscal space for large development needs, the authorities should enhance tax policy by reducing tax exemptions and special tax regimes, increasing progressivity of the Personal Income Tax, and further strengthening revenue administration. Containing the public wage bill and energy subsidies, channeling Kumtor profits to the budget, and privatization of nonstrategic commercial SOEs would also contribute to fiscal sustainability and provide additional fiscal resources. Containing fiscal deficits would also limit borrowing and ease inflation pressures.
Preserving monetary policy independence is essential to contain inflationary pressures and maintain price stability. In view of robust domestic demand, further efforts are needed to ensure that inflation remains within the central bank’s target range. Tightening of interest rates and liquidity conditions might be warranted, if inflation pressures persist or rise. Monetary policy effectiveness could be enhanced by lifting interest rate caps, extending instrument maturities, phasing out subsidized lending, and enhancing exchange rate flexibility. Staff supports the discontinuation of domestic gold purchases by the NBKR and recommends halting NBKR profit transfers to the budget until its capital reaches the statutory threshold.
Sustaining high growth rates requires structural reforms to increase productivity and improve the business climate. Priority reform areas include governance and SOE management, competition policies, labor markets, and climate adaptation. If duly implemented, the authorities’ anti-corruption strategy could lay a solid foundation for a more resilient and dynamic economy. Strengthening the rule of law and protection of property rights, reducing the SOE footprint and enhancing competition are crucial for building trust in public institutions and improving the business climate to encourage private investment and innovation. Reforms aimed at increasing labor market flexibility, reducing gender gaps, and improving social safety nets would also support more inclusive economic growth, while investments in sustainable energy and infrastructure, and health and education remain vital to enhance resilience to climate risks.
[1]Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
AUSTIN, Texas, June 04, 2025 (GLOBE NEWSWIRE) — Federal Life Insurance Company has completed the acquisition of Texas Service Life Insurance Company, a leader in preneed insurance, marking a bold step forward for the industry.
This strategic move underscores Federal Life’s commitment to expanding growth pathways and forward-thinking solutions that empower families to plan with confidence.
With an A- (Excellent) rating from AM Best, and backed by leading investment firm, Bain Capital, Federal Life is in a strong financial position to collaboratively build a new future for preneed insurance.
“This is more than an acquisition, it’s a signal to the market that preneed is an essential product for families and we believe the market is underserved,” said Knut Olson, CEO of Federal Life with over 20 years of experience in the insurance industry. “We are reimagining how families prepare for the future by delivering exceptional service and innovative opportunities to access preplanning. Our team is ready to push boundaries, drive industry change, and ensure families receive the support they deserve.”
Following the acquisition, George Wise steps in as President of Texas Service Life, leading the charge toward a national expansion strategy that prioritizes accessibility, trust, and cutting-edge financial security for families across the country.
“We are evolving with purpose, ready to strengthen and scale a business designed to meet the ever-changing needs of families everywhere,” Wise stated. “The future of preneed planning is here, and we’re shaping it with fresh ideas, dynamic solutions, and a commitment to delivering lasting value.”
Federal Life and Texas Service Life are committed to building better products, exceeding service expectations, and helping funeral homes and families evolve in an ever-changing world. Together, they embody a more creative, dynamic, future-forward vision for preneed insurance.
About Federal Life Insurance Company Federal Life Insurance Company is shaping the future of insurance with innovative solutions designed to protect individuals and families at every stage of life. Rooted in financial strength and stability, Federal Life is committed to delivering reliable accident & health and life products that evolve with its clients’ changing needs. As the company expands its reach and enhances its offerings, the focus remains on providing trusted, forward-thinking coverage that empowers financial security for generations to come.
About Texas Service Life Insurance Company Texas Service Life Insurance Company has been serving customers since 1985. With a proven track record in the industry and a robust financial foundation, Texas Service Life consistently delivers the dependability families require when planning their insurance arrangements. Family1® is a Registered Trademark of Texas Service Life Insurance Company, Austin, TX.
Media Contact: Jessica Grann Chief Marketing and Culture Officer Federal Life Insurance Company jgrann@federallife.com
SAN FRANCISCO, June 04, 2025 (GLOBE NEWSWIRE) — HAProxyConf 2025 officially commenced today in San Francisco, with hundreds of passionate users, developers, customers, and partners gathering from around the world to share the future of application delivery and security. The day’s proceedings were highlighted by a pivotal keynote presentation delivered by Baptiste Assmann, Director of Product, and Andjelko Iharos, VP of Architecture, at HAProxy Technologies. Their address unveiled significant product advancements that firmly establish HAProxy One’s position as the world’s fastest application delivery and security platform and the definitive solution to modern security challenges.
“HAProxyConf shows the tech industry at its best,” said Dujko Radovnikovic, CEO, HAProxy Technologies. “We have one of the longest-lived open source ecosystems, the most influential voices, and the smartest engineering minds coming together in a unique demonstration of the power of community. This is the perfect moment to unveil the most advanced security solutions we’ve ever built.”
Key Product Highlights
The keynote presented groundbreaking innovations designed to enhance HAProxy One’s multi-layered security capabilities, directly addressing the cost and complexity of securing modern application traffic in large-scale, highly distributed environments.
HAProxy Enterprise’s Threat Detection Engine: the HAProxy Enterprise Bot Management Module provides a new Threat Detection Engine, which uses novel and proprietary techniques to detect and label a broad spectrum of complex and high-impact threats including Application DDoS attacks, brute force attacks, web scrapers, and vulnerability scanners – with more in future updates.
Exceptional accuracy is achieved by leveraging the company’s deep expertise in security, data science, and machine learning, and authority on the data plane. A more accurate security system reduces the risks faced by businesses, in particular in highly targeted industries such as financial services, healthcare, education, and utilities.
Dynamic adaptability takes into account real-time traffic data to identify anomalies and adapt to each application automatically. This leads to lower implementation costs, especially for businesses that need to secure multiple applications in multiple territories, each with a unique traffic profile.
Performance efficiency minimizes memory and CPU usage while ensuring ultra-low latency, which lowers operational costs and helps ensure a responsive user experience.
HAProxy Fusion’s Security Control Plane: HAProxy Fusion now carries a unified security control plane to orchestrate the multi-layered security capabilities in HAProxy Enterprise, including powerful modules such as the HAProxy Enterprise Bot Management Module, HAProxy Enterprise WAF, and CAPTCHA Module, and flexible security building blocks including Global Profiling Engine (GPE), ACLs, allow-lists and deny-lists, GeoIP, and more.
Centralized security policy provides consistent full-spectrum protection, orchestrating security policy on HAProxy Enterprise nodes in any environment and any form factor, with comprehensive observability. This reduces the risk of security vulnerabilities and helps ensure rapid, effective mitigation.
Security Profiles make it simple to deploy security policies to clusters of HAProxy Enterprise nodes, with the flexibility to customize policies to particular use cases. Businesses can reduce implementation costs and launch new applications faster by reducing the time needed to create and deploy effective security policies.
Threat-Response Matrix is an intuitive visual policy builder that enables administrators to combine signals and responses, leveraging all of HAProxy Enterprise’s multi-layered security capabilities. Customers may simplify and automate their policy using the threat labels generated by the Threat Detection Engine, or embrace deep customization using HAProxy Enterprise’s security building blocks, or adopt a hybrid model using a mixture of signals to suit each business’s unique priorities and threat profile – all within HAProxy Fusion’s modern UI. This approach improves operational efficiency with easier operation and clear feedback, and reduces risk by making human error significantly less likely.
HAProxy’s High-Performance SSL Library and Certificate Automation: HAProxy and HAProxy Enterprise now include a modern SSL library from AWS, which provides the highest possible SSL/TLS performance with HAProxy’s multi-threaded architecture, and important features for modern application delivery, such as full support for the QUIC transport layer. These products also provide experimental support for the ACME protocol, which helps automate the loading of TLS files from certificate authorities such as Let’s Encrypt and ZeroSSL. These enhancements keep HAProxy Technologies at the forefront of performance and operational efficiency for secure traffic encryption.
“The new features we announced at HAProxyConf 2025 underscore our commitment to delivering the world’s fastest application delivery and security platform, that is perfectly suited to tackling modern threats in the most modern way,” stated Baptiste Assmann, Director of Product, HAProxy Technologies. Andjelko Iharos, VP of Architecture, added, “The new Threat Detection Engine in HAProxy Enterprise, combined with the Threat-Response Matrix in HAProxy Fusion, empower businesses to simplify security operations, reduce risk, and achieve unparalleled performance in today’s complex threat landscape.”
Industry experts and customer testimonies demonstrate real-world value
The opening day at HAProxyConf will also feature cloud computing expert Kelsey Hightower, who will speak about the importance of core architectural fundamentals such as a high-performance gateway, and the necessary ingredients for open source project longevity and maturity. “I’m really looking forward to HAProxyConf this week,” said Hightower. “It’s great to see such a mature open source community thriving, and the technology constantly evolving.”
Some of the world’s most innovative companies will take to the stage to showcase what they accomplished using HAProxy and HAProxy One, including PayPal, Clover, Criteo, and Liftoff Mobile. On the second day of HAProxyConf, attendees will return to hear from Roblox, Dartmouth College, Infobip, Weller Truck Parts, Element Technologies, and DeepL.
Day 1 will also bring together Kelsey Hightower, community influencer Hussein Nasser, and HAProxy Technologies leaders Baptiste Assmann and Andjelko Iharos for a panel discussion on “Navigating rapid change in IT: trends and transformations.” The panelists will discuss the changing landscape of security, AI, and platform engineering.
“Our customers are our best ambassadors,” said Tim Bertrand, President, HAProxy Technologies. “Nothing is more powerful than having some of the best companies in the world get on stage and show why they chose HAProxy One as the platform for their application delivery and security, in presentations packed with real-world experience, benchmark data, and measurable improvements in their business outcomes. No one can deny the impact that HAProxy One is making on the industry.”
About HAProxyConf
HAProxyConf celebrates the thriving user community that’s made HAProxy the world’s fastest and most widely used software load balancer. Over two-plus days, expert speakers will share best practices and real-world use cases that highlight HAProxy’s next-gen approach to high-performance application delivery and security. Attendees will explore how to master their application traffic with next-gen solutions to the challenges of multi-layered security, observability, performance, and the complexities of Kubernetes and multi-cloud deployments.
HAProxy Technologies is the company behind HAProxy One, the world’s fastest application delivery and security platform, and HAProxy, the most widely used software load balancer. Leading companies and cloud providers trust HAProxy to simplify, scale, and secure modern applications, APIs, and AI services in any environment. HAProxy Technologies is headquartered in Newton, MA, with multiple offices across the US and Europe. Learn more at HAProxy.com.
overnor Kathy Hochul today announced the availability of $45.9 million through the Empire State Supportive Housing Initiative, a program that funds supportive services to help stably house New Yorkers experiencing homelessness. As part of the FY26 Enacted Budget, Governor Hochul secured the first increase in funding for the program since its creation in 2016, providing significantly higher rates for these units, which serve adults experiencing homelessness, survivors of domestic and gender-based violence, veterans and chronically homeless families and individuals living with a mental illness or substance use disorder.
“Supportive services are a vital component of our efforts to ensure all New Yorkers have a safe, stable place to call home,” Governor Hochul said. “By expanding the funding available through the Empire State Supportive Housing Initiative, we can help individuals experiencing homelessness get the help they need to remain stably housed within their community.”
Projects may now apply for up to $34,000 annually per unit or qualifying individual in the New York City metropolitan area, which includes all five city boroughs, Suffolk, Nassau, Westchester, Rockland and Putnam counties — an increase of $9,000 over the previous rate. Developments in other areas of the state are eligible for up to $31,000 annually per unit or qualifying individual, which is an increase of $6,000 over the previous rate.
Since taking office, Governor Hochul has made landmark investments to expand supportive housing statewide as part of her $25 billion five-year plan to create and preserve 100,000 affordable homes statewide, including 10,000 homes with support services for vulnerable populations. To date, the Empire State Supportive Housing Initiative has financed supportive services and operating costs for more than 9,600 units of safe and permanent housing.
This initiative provides operating funding for supportive service providers serving homeless veterans and their families; survivors of domestic and gender-based violence; older adults who are disabled or frail; young adults with a history of incarceration, homelessness, or foster care; chronically homeless individuals and families; individuals with intellectual or developmental disabilities; individuals reentering the community from prison; and those living with HIV or AIDS, serious mental illness or substance use disorders. The State Office of Mental Health serves as the lead procurement agency for the funding, which is dispersed by an interagency workgroup of eight state agencies serving vulnerable New Yorkers.
Funding may be used for rental assistance and services to eligible target populations to ensure their housing stability. Permissible uses include rental subsidies and other occupancy costs; services or staff to identify and locate eligible individuals that need housing; primary and behavioral health services; employment and vocational training; educational assistance, parenting skills development and support; child care assistance counseling and crisis intervention; children’s services, including educational advocacy, support and counseling; and costs associated with services that help individuals and families remain stably housed.
Research has shown that permanent supportive housing reduces the demand for shelters, hospital beds, emergency rooms, prisons and jails, in addition to having a positive effect on employment, school attendance and mental and physical wellbeing. Supportive housing projects can also positively impact neighborhoods through new construction or by rehabilitating existing buildings.
New York State Office of Mental Health Commissioner Dr. Ann Sullivan said, “By coupling supportive services with welcoming and dignified housing, we can help people living with mental illness and substance use, our veterans and many others provide them with the support, which will enable them to live and thrive in their community. Governor Hochul’s advocacy for the Empire State Supportive Housing Initiative has connected thousands of New Yorkers to the services they need for a successful recovery.”
New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinnsaid, “The funding available through the Empire State Supportive Housing Initiative is vital to providing safe, affordable housing with resident support services so that individuals and families that have experienced homelessness can stabilize their lives and thrive. The increased funding for this program will enable providers to continue to offer a range of services that empower residents to begin working toward achieving a brighter future for themselves and their families.”
New York State Division of Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “All New Yorkers deserve stable, supportive, and affordable homes where they can live independently. This investment in supportive housing will ensure providers have the resources they need to help vulnerable communities — from individuals experiencing homelessness, to people with a history of incarceration, to those living with mental illness. Thank you to Governor Hochul for this vital expansion of the Empire State Supportive Housing Initiative. We’re looking forward to working with our partners as we improve affordable and supportive housing across the state.”
New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, “These programs provide vital assistance to individuals impacted by substance use disorder by offering them a safe place to live, and helping connect them to services that support their recovery and overall well-being. Together with our partner agencies, we are strengthening Governor Hochul’s vision of a safer and healthier New York by helping to advance these services and bring much-needed resources to communities across the state.”
New York State Health Commissioner Dr. James McDonald said, “Housing is one of the most important social determinants of health, and without a safe and stable place to live, it’s much harder for people to stay healthy. This funding will help more New Yorkers get the support they need to live safely in their communities. I thank Governor Hochul for her unwavering commitment to improving the health and well-being of all New Yorkers.”
New York State Office for People With Developmental Disabilities Commissioner Willow Baersaid, “Supportive housing allows people with developmental disabilities to live as independently as possible in their communities and is a cornerstone of services provided by OPWDD. Thank you to Governor Hochul and the Empire State Supportive Housing Initiative for continuing to provide these life-changing opportunities for community inclusion.”
State Senator Samra G. Brouk said, “Individuals experiencing homelessness need support services to feel safe and stable. As Chair of the Senate Committee on Mental Health, I know that safe housing leads to improvements in individual outcomes and community safety. This $45.9 dollar investment in our underserved communities demonstrates that New York State understands the intersection between housing, safety, and mental health–I applaud Governor Hochul for her dedication to expanding supportive housing for our most vulnerable populations.”
Assemblymember Jo Anne Simon said, “Increased funding for supportive housing is a lifeline for New Yorkers facing mental illness, homelessness, trauma, or complex health challenges. Supportive housing doesn’t just provide a roof; it offers stability, dignity, and a foundation for long-term wellbeing. Thank you to Governor Hochul for increasing funding for this critical investment in our communities.”
Supportive Housing Network of New York Executive Director Pascale Leone said, “This historic investment in ESSHI is a game-changer for New York supportive housing tenants and providers – especially in the face of devastating cuts at the federal level. By securing the first rate increase in the program’s history, Governor Hochul is ensuring that providers have the resources they need to deliver high-quality, life-changing services to some of the most vulnerable New Yorkers. This increase reflects the rising costs of creating and operating supportive housing as well as the growing complexity of tenant needs post-pandemic. It will help ensure that formerly homeless individuals and families can stay stably housed for years to come.”
SBM Offshore announces it has signed a Share Purchase Agreement for the full divestment of SBM Offshore’s equity interest in the lease and operating entities of the FPSO Aseng to GEPetrol. The Company’s exit from Equatorial Guinea will take place following an operational transition phase lasting up to 12 months.
SBM Offshore’s sale of its participation in the unit in Equatorial Guinea is in line with its strategy to rationalize its Lease & Operate portfolio, as per other recent transactions.
The agreement remains subject to several conditions precedent and approvals.
Corporate Profile
SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy. More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress. For further information, please visit our website at www.sbmoffshore.com.
This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.
This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.
Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
“SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “F4W®” are proprietary marks owned by SBM Offshore.
Source: The Conversation – UK – By Maria Papageorgiou, Leverhulme Early Career Researcher, School of Geography, Politics, and Sociology, Newcastle University
The US president, Donald Trump, claimed he was able to secure deals totalling more than US$2 trillion (£1.5 trillion) for the US on his tour of the Gulf states in May. Trump said “there has never been anything like” the amount of jobs and money these agreements will bring to the US.
However, providing a lift for the US economy wasn’t the only thing on Trump’s mind. China’s influence in the wider Middle East region is growing fast – so much so that it was even able to mediate a detente between bitter regional rivals Saudi Arabia and Iran in 2023.
Trump’s attempt to strengthen ties with countries in the Middle East is probably also a deliberate attempt to contain China’s growing regional ambitions.
China has spent the past two decades building up its economic and political relations with the Middle East. In 2020, it replaced the EU as the largest trading partner to the Gulf Cooperation Council, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Bilateral trade between them was valued at over US$161 billion (£119 billion).
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The Middle East has also become an important partner to China’s sprawling Belt and Road Initiative (BRI). Massive infrastructure projects in the region, such as high-speed railway lines in Saudi Arabia, have provided lucrative opportunities for Chinese companies.
The total value of Chinese construction and investment deals in the Middle East reached US$39 billion in 2024, the most of any region in the world. That year, the three countries with the highest volume of BRI-related construction contracts and investment were all in the Middle East: Saudi Arabia, Iraq and the UAE.
China has also strengthened its financial cooperation with Middle Eastern countries, particularly the UAE and Saudi Arabia. As part of China’s efforts to reduce global reliance on the US dollar for trade, it has arranged cross-border trade settlements, currency swap agreements, and is engaging in digital currency collaboration initiatives with these countries.
American security guarantees have historically fostered an alignment between the Gulf states and the west. The string of agreements Trump signed with countries there reflects an attempt to draw them away from China and back towards Washington’s orbit.
Countering China
One of the more significant developments from Trump’s trip was an agreement to deepen US technological cooperation with the UAE, Saudi Arabia and Qatar. The US and UAE announced they would work together to construct the largest AI data centre outside of the US in Abu Dhabi.
Technology is one of the key areas where China has been trying to assert its influence in the region. Through Beijing’s so-called “Digital Silk Road” initiative, which aims to develop a global digital ecosystem with China at its centre, Chinese firms have secured deals with Middle Eastern countries to provide 5G mobile network technology.
Chinese tech giants Huawei and Alibaba are also in the process of signing partnerships with telecommunications providers in the region for collaboration and research in cloud computing. These companies have gained traction by aligning closely with national government priorities, such as Saudi Arabia’s initiative to diversify its economy through tech development.
American companies, including Amazon, Microsoft and Google, have spent years building regional tech ecosystems across the Gulf. Trump is looking to recover this momentum. He was joined in the Middle East by more than 30 leaders of top American companies, who also secured commercial deals with their peers from the Gulf.
US quantum computing company Quantinuum and Qatari investment firm Al Rabban Capital finalised a joint venture worth up to a US$1 billion. The agreement will see investment in quantum technologies and workforce development in the US and Qatar.
There are two other areas where Trump is trying to cut China off. American companies and Abu Dhabi’s state-run oil firm agreed a US$60 billion energy partnership. China is heavily dependent on the Middle East for energy, with almost half of the oil it uses coming from the region. Greater alignment with the US could hamper Beijing’s ability to secure the resources it needs.
Trump also signed a raft of defence deals with Qatar and Saudi Arabia. These included a US$1 billion deal for Qatar to acquire drone defence technology from American aerospace conglomerate Raytheon RTX, and a US$142 billion agreement for the Saudis to buy military equipment from US firms.
These moves underscore Washington’s intention to limit China’s influence in key defence sectors. China is a key player in the global market for commercial and military drones, providing Saudi Arabia and the UAE with a large share of their combat drones.
One final aspect of Trump’s trip was his brief meeting with Syria’s interim president Ahmed al-Sharaa. Trump signalled possible sanctions relief, which has since come into effect. This constituted more than a diplomatic thaw.
With China positioning itself as a regional mediator and Russia struggling with a diminished role following the fall of Bashar al-Assad in Syria, the US is looking to reassert itself as the primary power broker in the region.
Dr Maria (Mary) Papageorgiou receives funding from the Leverhulme Trust.
Source: The Conversation – Canada – By Melise Panetta, Lecturer of Marketing in the Lazaridis School of Business and Economics, Wilfrid Laurier University
Often praised as the ‘sustainability generation,’ Gen Z has been at the forefront of calls for ethical production, environmental accountability and climate-conscious living.(Shutterstock)
As the summer shopping season kicks off, all eyes are on Gen Z — those born between 1997 and 2012 and whose purchasing power wields significant influence over market trends.
This discrepancy between belief and action, known as the “attitude-behaviour gap,” is a defining characteristic of Gen Z consumerism. While it’s not unique to Gen Z, it’s particularly pronounced due to their vocal environmentalism and their immersion in a hyper-consumerist digital world.
Understanding consumer behaviour at a deeper level means looking past stated preferences and focusing instead on the economic, technological and cultural forces that shape real-world decisions.
The rise of the eco-conscious Gen Z consumer
There’s no denying Gen Z’s pronounced environmental awareness compared to other generations.
This isn’t merely performative — Gen Z actively integrates sustainability into their lives. They’re more likely than any other generation to research a brand’s ethics and environmental impact before buying, often using social media to guide decisions.
They’re also behind the rise of the second-hand market, which is expected to hit US$329 billion globally by 2029. With 40 per cent of Gen Z — the highest rate of any age group — shopping resale, platforms like Depop and ThredUp have seen explosive growth.
Gen Z’s consumer behaviour is also influencing the spending habits of older generations. According to the World Economic Forum, increased spending on sustainable brands by groups like Generation X is being driven, in part, by Gen Z’s values, behaviours and expectations.
Gen Z’s push for sustainable consumption is shifting the market and everyone in it.
Viral phenomena like Shein hauls — videos where social media influencers flaunt dozens of ultra-cheap outfits — spotlight the contradiction.
In the first 19 weeks of 2025 alone, Shein’s app amassed over 54 million downloads, a staggering number that underscores how affordability and instant gratification often win out over sustainability. Built on rapid production and ultra-low prices, Shein’s model encourages frequent, high-volume purchases — the antithesis of the “buy less, buy better” ethos that underpins sustainable consumption.
And this pattern extends far beyond fashion. The wider consumer landscape rewards speed and low cost at every turn. Gen Z came of age with one-click ordering and next-day delivery — conveniences that are now baseline expectations for shoppers. These days, nearly half of Gen Z consumers prioritize fast shipping, despite its high environmental cost.
Meanwhile, the social media platforms where they discover new eco-conscious brands are the same ones pushing relentless trend cycles that encourage over-consumption, from gadgets to clothing and lifestyle products.
Sustainability often comes with a steep price tag, one many young Gen Z consumers simply can’t afford. Brands like Patagonia or Allbirds are aspirational, but in the context of the cost-of-living crisis, fast-fashion giants like Zara, H&M and TJX Companies offer more budget-friendly options.
Navigating the ‘attitude-behaviour’ gap
The disconnect between Gen Z’s values and their consumption patterns isn’t about hypocrisy. Rather, it’s about navigating a system where sustainable choices are harder, more expensive and often less visible.
Gen Z’s struggle shows that living sustainably in a world designed for speed, savings and social validation is an uphill battle — even for the generation most determined to make a difference.
Bridging this gap demands action on several fronts. For businesses, it means innovating to make sustainable options more affordable and accessible. Transparency in supply chain practices and clear communication about environmental impact are also key to building trust with consumers.
For Gen Z themselves, transparency about the true cost of consumption is vital. Fostering critical thinking about marketing messages and the impact of social media trends can empower them to make choices that more consistently align with their values.
As the summer unfolds and consumer spending rises, the choices made by Gen Z will be a significant indicator of our collective path towards a more sustainable economy. Their ideals are a powerful force for change, but translating those ideals into consistent action remains the critical challenge.
Melise Panetta does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – Canada – By Christina E. Hoicka, Canada Research Chair in Urban Planning for Climate Change, Associate Professor of Geography and Civil Engineering, University of Victoria
First Nations across British Columbia have developed renewable electricity projects for decades. Yet they’ve experienced significant barriers to implementing, owning and managing their own electricity supply. That’s because there have been few procurement policies in place that require their involvement.
These goals may include powering buildings in the community, creating economic development and local jobs, earning revenue, improving access to affordable and reliable electricity or using less diesel.
Our new study shares the story of a coalition of First Nations and organizations that advocated for changes to electricity regulations and laws to give Indigenous communities more control to develop renewable electricity projects. Our interviews with knowledge holders from 14 First Nations offer insight into motivations behind their calls for regulatory changes.
The coalition includes the Clean Energy Association of B.C., New Relationship Trust, Pembina Institute, First Nations Power Authority, Nuu-Chah-Nulth Tribal Council, and the First Nations Clean Energy Working Group.
Models for a First Nations power authority
Almost all electricity customers in B.C. are served by BC Hydro, the electric utility owned by the provincial government.
The coalition argues that applying DRIPA to the electricity sector should allow First Nations to form a First Nations power authority. Such an organization would provide them with control over the development of electricity infrastructure that aligns with their values and would also help B.C. meet its greenhouse gas reduction targets.
We identified six proposed First Nations power authority (Indigenous Utility) models:
A capacity building point-of-contact model streamlines the development of renewable electricity projects to sell power to the provincial utility. For example, the First Nations Power Authority in Saskatchewan was formed for this purpose by SaskPower.
This would be the most conformative model. It would provide vital networks and connections to First Nations while allowing BC Hydro and the British Columbia Utilities Commission to maintain full control over the electricity sector.
In the second model, called a “put” contract, a B.C. First Nations Power Authority represents First Nations wishing to develop renewable electricity projects. Whenever the province needs to build new electricity generation projects to meet growing electricity demand, a portion of the new generation is developed by the First Nations authority.
In the third model, First Nations build and operate electricity transmission and distribution lines to allow remote industrial facilities and communities to connect to the electricity grid. This is called “Industrial Interconnection.”
For example, the Wataynikaneyap Power Transmission line in Ontario is a 1,800-kilometre line that provides an electricity grid connection for 17 previously remote nations. Twenty-four First Nations own 51 per cent of the line, while private investors own 49 per cent.
In the fourth model, the B.C. First Nation Power Authority acts as the designated body for various opportunities in the electricity sector, such as the development of electricity transmission, distribution, generation or customer services. This model is referred to as “local or regional ‘ticket’ opportunities.”
Fifth, the First Nation Power Authority develops renewable electricity projects and distributes electricity from these projects to customers as a retailer, or under an agreement through the BC Hydro electricity grid. For example, Nova Scotia Power’s Green Choice program procures renewable electricity from independent power producers to supply to electricity customers.
Sixth, new utility is formed in B.C., owned by First Nations, that owns and operates electricity generation, transmission and distribution services and offers standard customer services in a specific region of B.C. (called a “Regional Vertically-Integrated Power Authority”).
Most of these models would require changes to regulations. The sixth and most transformative model would provide First Nations with full decision-making control over electricity generation, transmission and distribution. It would also give them the ability to sell to customers and require extensive changes in electricity regulation.
Improving living standards
First Nations knowledge-holders told us that a lack of reliable power, high electricity rates, lack of control over projects on their traditional lands and the need for resilience in the face of climate events were motivations for taking electricity planning into their own hands.
They also expressed that varied factors motivate community interest in renewable energy: improving the quality of life for community members; financial independence; mitigating climate change; protecting the environment; reducing diesel use and providing stable and safe power for current and future generations.
First Nations are already seeking to capitalize on the benefits of renewable energy by developing their own projects within the current regulatory system.
Most of those we spoke to see a First Nations power authority in B.C. as a means to provide opportunities for economic development without discrimination — and to achieve self-determination, self-reliance and reconciliation by addressing the root causes of some of the colonial injustices they face by obtaining control over the electricity sector on their lands.
This article was co-authored by David Benton, an adopted member and Clean Energy Project Lead of Gitga’at First Nation and Kayla Klym, a BSc student in Geography at the University of Victoria.
For this research project, Dr. Christina E. Hoicka received funding from Natural Resources Canada Clean Energy for Rural and Remote Communities Program (CERRC), Capacity Building Stream funding program. The research was conducted in partnership for the Clean Energy Association of British Columbia, and the New Relationship Trust. This work was also supported by the New Frontiers in Research Fund Global NFRFG-2020-00339 and the Canada Research Chair Secretariat CRC-2020-00055.
Anna Berka is affiliated with Community Power Agency, a not-for-profit workers co-operative working to ensure a fair and accessible energy transition for all.
Adam J. Regier and Sara Chitsaz do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: State University Higher School of Economics – State University Higher School of Economics –
At the end of May, the festival of technological presentations MIEM Tech Day was held in the atrium of the HSE building on Pokrovsky Boulevard. The event brought together the main educational, research and project tracks Moscow Institute of Electronics and Mathematics named after A.N. Tikhonov (MIEM) HSE, carried out in close cooperation with partners – leading companies, research and financial organizations of Russia.
Engineers at the forefront of science
On this day, the festival guests were treated to an extensive program: a Technoshow from the MIEM project block, a demo Engineering and Mathematical School HSE and VK, consultations on all educational programs of the institute, presentations and stands of partner companies, quizzes, competitions, numerous interactive zones from the festival organizers, companies, student organizations.
The event was attended by students and teachers from HSE and other universities, representatives of MIEM partner companies, IT experts, and schoolchildren.
In their greetings during the short opening ceremony of MIEM Tech Day, the speakers noted the importance of the engineering direction in shaping the modern portrait of the university.
“The Higher School of Economics is a classical university, we have a wide range of areas, including engineering, which is so relevant today,” said Irina Martusevich, Vice-Rector of the National Research University Higher School of Economics. “MIEM is the heart of engineering at HSE. The university is at the forefront of scientific thought. This is also due to MIEM.”
The general partner of the event was VK.
“For MIEM, cooperation with leading representatives of the industry and business is, first and foremost, a growth point,” emphasized Dmitry Kovalenko, Vice-Rector of HSE and Director of MIEM. “We understand that we will not be able to reach a new level in education and research without our partners, both internal, representing HSE departments and campuses, and external, including VK, the Bank of Russia, the Element Group of Companies, MTS, InfoWatch, EkoNiva, MCST and others. The list is constantly expanding. Today, there are many companies that want to move into a new history, to a new stage of development, together with MIEM.”
Showcase of achievements
A striking example of the established unique joint project-based educational model is the Engineering and Mathematical School of the National Research University Higher School of Economics and VK. The annual demo of the school took place on the main stage of the festival.
“Universities provide a solid academic base, our task is to bring in a practical component by attracting experts, interacting with students, providing cases and the opportunity to work on real projects,” says Georgy Shchelkanov, Director of University Relations at VK. “For three years now, VK, together with the National Research University Higher School of Economics, has been implementing an advanced format of project laboratories: today, students of the IMS workshops are engaged not only in educational projects, but also in applied scientific research and development. This experience allows students to develop key skills and build a career in technology.”
Three workshops, six speakers and hundreds of listeners — the participants presented the final projects prepared during the training. For the first time, the demo was held in an open format; usually such presentations are held only among workshop participants.
“We are holding a demo of the HSE IMS and VK in an expanded format. Last year it took place in the chamber atmosphere of St. Petersburg, and now we have gathered in the atrium on Pokrovka,” explained Fyodor Ivanov, director Center for the organization of work on the project “Advanced Engineering and Mathematical School” HSE University. — I am glad that this event took place. For the workshop participants, studying at IMS is an opportunity to touch real projects, to try themselves in a place where the future of the IT industry is being created. In addition, we invited IMS graduates working at VK to the demo. They shared their experience of building a career track with the audience. As a result, it was a great event, in which there was a lot of communication and exchange of experience, professional and career.”
Among the presented student developments are MLSecOps tools for analyzing vulnerabilities of machine learning models, as well as a system for monitoring the security of ML models and datasets using deduplication.
In the field of speech synthesis, a model for assessing TTS metrics was presented, replacing human expertise with synthetic data, and a zero-shot TTS project with a Russian-language dataset. Attacks on multimodal vision-language models were also investigated, and Russian-language benchmarks were developed to assess their quality.
The main space of the atrium hosted the showroom of the project Technoshow, an annual exhibition of the best project developments by MIEM students. This year, Technoshow was held for the seventh time, but for the first time in the atrium of the main building of the HSE. A total of 60 products of project activity, implemented in close cooperation with MIEM partners, were presented.
Innovations, projects, developments
An important feature of MIEM projects is their practical orientation and the use of modern technological and innovative solutions.
“The IT industry is constantly being replenished with new technologies, this is a continuous process,” noted Ilya Semichasnov, head of Project Development Management Center MIEM. – Now, for example, no one is surprised by LLM programs that talk like a real person, but literally two years ago it was wow. Even if our students demonstrate something that already exists on the market in their developments, under the hood there will still be some innovation, a student invention.”
All student projects presented at the Technoshow were implemented within the framework of the unique project model operating at MIEM, focused on close interaction with the institute’s partners and the reproduction of working models and mechanics used in the work of project teams in leading IT companies. The exhibition featured partner projects with VK, the Bank of Russia, Element Group, InfoWatch Group, EkoNiva and other companies. In many ways, it is this advantage of the project environment at MIEM that allows large technology companies not only to apply their own educational practices when implementing joint projects with MIEM, but also to consider the institute as an experimental platform for testing new models of project-educational cooperation with universities.
“Our group of companies is currently a leader in the microelectronics industry, and we recognize our significant social responsibility, the need for the entire industry to develop methods for training personnel,” said Nail Vyalshin, head of education at Element Group. “In this sense, MIEM is of great importance to us: we plan to use it as a basis for building such an innovative mechanism for implementing our educational programs, including network programs, when the institute houses the head center of expertise and competencies. We plan to further broadcast this new model in the field of higher education in microelectronics when implementing educational programs at other universities.”
The key areas of project presentations were defined: a digital university with innovative educational solutions, games and interactive applications with a focus on game design, robots and gadgets with autonomous technologies, industrial technologies for production automation, business solutions and startups based on artificial intelligence, information security solutions (from antifraud to AI protection), medical technologies for improving diagnostics, space with satellite systems, video technologies using AI, as well as clusters of projects from the joint Engineering and Mathematics School of the Higher School of Economics and VK and the MIEM Student Design Bureau with applied hardware and software projects, Center for Software Development and Digital Services with IT and IB services. As a result, MIEM’s design developments filled the entire space of the largest HSE site.
“This is the first time that MIEM has presented itself so widely at Pokrovka,” said Veronika Prokhorova, Deputy Director of MIEM HSE. “It’s great that there are so many interested parties today. Students, teachers, and staff come up to us, ask questions, and are interested. For us, Technoshow and MIEM Tech Day are the tip of the iceberg. Today, we have gathered here the very best of what we do throughout the year. We are finally bringing it to the public and saying, ‘Guys, take a look and rejoice with us. We are great.’”
Most of the developments presented at Technoshow are of an applied nature. Evgeny Kruk, scientific director of MIEM, notes the importance of applied sciences for introducing students to scientific research activities: “Our projects have a lot of applied science, and this is the right track for students focused on research work. A project is an entry into applied science, and applied science is the entry into fundamental science. And there is a gigantic field for discoveries.”
The festival partners shared their impressions of the joint projects presented at Technoshow.
“Today, milk production and agriculture in general are no longer just a plough and shovels, they are artificial intelligence, they are cutting-edge technologies that need to be implemented. In this regard, cooperation with the Higher School of Economics is a priority for us,” shared Anastasia Ornova, manager for work with the personnel reserve of the EkoNiva agricultural holding. “We have several joint projects. For example, a project on soybean phenotyping, the purpose of which is to conduct research in the field. Another project is aimed at analyzing logistics in the supply of raw milk from the agro-complex to the plant. In the near future, we are planning to hold the first joint hackathon with the National Research University Higher School of Economics.”
“The event featured student projects, including those prepared by master’s students of the joint program with the Bank of Russia, “Information Security in the Credit and Financial Sphere,” says Elena Stavitskaya, consultant of the Department of Financial Cyber Literacy and Educational Initiatives of the Department of Methodology and Standardization of Information Security and Cyber Resilience of the Information Security Department of the Bank of Russia. “Some of the work is theoretical in nature, while others were presented in the form of implemented applied models. I would like to note the seriousness, depth, and, undoubtedly, practical nature of the projects, their focus on solving socially significant problems.”
Thus, a joint project with the Information Security Department of the Bank of Russia offered everyone who wanted to deceive (almost always unsuccessfully) the protected algorithm of biometric identification by photo created at MIEM. Another project with the Bank of Russia presented a method for comparing countries by the level of fraud pressure, allowing to evaluate the success of the work of the structures interested in this.
The festival also included an informal open day at MIEM HSE, as all of MIEM’s bachelor’s, specialist’s and master’s degree programs were presented in a separate area.
In addition, the festival guests were treated not only to a scientific and educational program, but also to a variety of entertainment activities for relaxation and communication, including bingo with the opportunity to win merch from MIEM and IMS, areas for bead weaving and playing chess, as well as an area with anti-stress coloring books.
The guests were also greatly interested in the stands and activities of partner companies and MIEM student communities – the MIEM Student Scientific and Technical Society and the MIEM Student Design Bureau.
“MIEM Tech Day is not only an exhibition of the best technological products, but also a platform for exchanging experience,” emphasized Karina Lebedeva, consultant of the financial market training department of the Department for the Development of New Technologies in Education of the Bank of Russia. “In addition to student projects, the event featured presentations of the best cases of MIEM HSE partners. The stands of partners deserve special attention, where a large number of necessary handouts were presented. Thank you for the high level of organization of the event and the opportunity to literally touch student developments.”
As a result, the day was filled with an atmosphere of friendly professional communication among all participants of the event – students, professionals, and those simply interested in the development of modern technologies and IT engineering.
“What is MIEM Tech Day for me? First of all, it is people, student communities, teams, those who create the atmosphere of the event. Secondly, it is innovation, and thirdly, it is fun, because it is really fun here, it is fun to look at it, it is fun to touch it all. This is a very cool event! Finally, it is the team that organized this wonderful holiday,” concluded Ilya Semichasnov.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
These Landsat 7 images showcase the first and last captures of the Las Vegas area, taken on July 4, 1999, and May 28, 2024, respectively. The images highlight the city, the surrounding desert landscape, and Lake Mead, using shortwave infrared (SWIR), near-infrared (NIR), and red bands to emphasize differences in vegetation, water, and urban growth. The final image, marking the satellite’s 25th anniversary, stands as a tribute to Landsat 7’s quarter-century legacy of Earth observation.
While Landsat 7’s long watch over Earth comes to an end, Landsat 8, launched in 2013, and Landsat 9, launched in 2020, continue to work together to create a complete snapshot of Earth every eight days. Their successor—Landsat Next—is currently planned to launch in the early 2030s and provide even greater coverage and detail.
Launched in 1999 as a joint mission of the USGS and NASA, Landsat 7 significantly enhanced Earth observations and provided a key part of the Landsat program’s five decade-plus record of imaging the planet’s surface. The satellite’s imagery will remain archived at the USGS Earth Resources Observation and Science Center, continuing to support scientific discovery and decision-making for the future.
“The Landsat satellites have delivered over 50 years of extraordinary science data, economic value and national security benefits by informing decisions in every sector of the economy—from monitoring drought in the West to guiding disaster recovery,” said Sarah Ryker, USGS Acting Director. “For 25 of those years, Landsat 7’s data helped farmers, land managers, city planners, and scientists, as well as communities around the world better understand and manage land, water, and other natural resources.”
Landsat 7 achieved many milestones over its 25 years of operation and was the first Landsat to downlink data to the newly established USGS ground station in Sioux Falls, South Dakota. It was also the first Landsat satellite to be fully operated 24/7 by the USGS after being launched by NASA.
Its Enhanced Thematic Mapper Plus sensor delivered improved high-resolution imagery that expanded its capabilities, capturing critical historical events such as the aftermath of 9/11, Hurricane Katrina, and the Deepwater Horizon oil spill. The satellite also contributed to important projects, including the Landsat Image Mosaic of Antarctica, and inspired the “Earth As Art” collection, showcasing stunning visuals of the planet.
After ending its official mission in 2024, the USGS prepared Landsat 7 for decommissioning to follow responsible space practices and U.S. policies on keeping space clear of debris. The final steps included carefully lowering the satellite’s orbit to decrease the risk of collisions and ensuring that all energy sources, such as fuel and batteries, are depleted to prevent the satellite from accidentally turning back on or creating debris. As Landsat 7 begins this decommissioned phase, it will drift silently in orbit for about 55 years before reentering Earth’s atmosphere.
To learn more about Landsat 7’s distinguished mission, visit: LINK TO CENTER STORY
Damien Hirst is never far from scandal. Perhaps best known for immersing animal corpses into formaldehyde and selling them as art, the “enfant terrible” of the 1990s Young British Artists (YBA) movement seems to court controversy for a living – and has made an extraordinary amount of money in the process. Reputedly worth around £700 million, this working-class lad “easily” topped a recent list of the world’s richest artists.
Money is at the root of a lot of the questions that hover around Hirst’s legacy to the art world as he reaches his 60th birthday. Few artists have stress-tested the question of artistic value (and price) more than him – not least in his 2007 work For The Love of God: a platinum cast of a human skull encrusted with thousands of flawless diamonds.
Last year, Hirst’s money-related motives were called into question again in an investigation by the Guardian which revealed he had backdated three formaldehyde sculptures to the 1990s when they were, in fact, made in 2017. The report also found he had backdated some of the 10,000 original spot paintings from his NFT project The Currency to 2016, despite them being made between 2018 and 2019.
Hirst’s company, Science Ltd, defended the artist by reminding critics that his art is conceptual – and that he has always been clear that what matters is “not the physical making of the object or the renewal of its parts, but rather the intention and the idea behind the artwork”. His lawyers pointed out:
The dating of artworks, and particularly conceptual artworks, is not controlled by any industry standard. Artists are perfectly entitled to be (and often are) inconsistent in their dating of works.
But some of the art world did not respond kindly to this approach. Writing about Hirst’s “backdating scandal”, New York’s Rehs Galleries asked not only if Hirst could be sued by buyers and investors, but whether he was in creative decline. And Jones accused Hirst of being stuck in the past, calling the Guardian’s findings a “betrayal” for the artist’s admirers which could “threaten to poison Hirst’s whole artistic biography”.
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Ever since Hirst burst on the art scene in the 1990s with his macabre readymades (or “objets trouvé”) of dead animals in vitrines, he has divided art critics and the public alike. He has faced – and denied – multiple allegations of plagiarism and been censored by animal rights activists, while also being acclaimed as a “genius” and one of the leading global artists of the 20th and 21st centuries. Amid all the eye-watering auction sales, he has donatedartworks to numerous charities throughout his career.
So, was the backdating incident another instance of Hirst mastering the art of the concept – and even offering a sly critique of consumerism and the art world machine, of which he is such a large cog? Or was it really just a big lie by a multi-millionaire artist seeking even more financial gain?
As philosophers of art, we think our discipline can shed light on these complex questions by exploring the nature of conceptual art, aesthetic deception and the ethics of the art market. As we contemplate the legacy of Hirst at 60, we ask: must artists always be truthful?
What only the best art can attain
Hirst had a humble upbringing. Born in the English port city of Bristol in 1959, he was raised in Leeds by his Irish mother, who encouraged him to draw. He never met his father and got in trouble with the police on a few occasions in his youth. His early artistic education was rocky too: he got a grade E in art A-Level and was rejected a handful of times by art schools.
But as a teenager, he had fallen in love with Francis Bacon’s paintings, later explaining that he admired their visceral expressions of the horror of the fragile body, and that he “went into sculpture directly in reaction … to Bacon’s work”. Hirst would also use his work experience in a morgue to hone his anatomical drawing skills.
His love of conceptual art blossomed when he began studying fine art at London’s Goldsmiths University in 1986 – taught by art world legends such as Michael Craig-Martin and catching the attention of collector and businessman Charles Saatchi. Craig-Martin had risen to fame for his conceptual artwork An Oak tree (1973), consisting of a glass of water on a pristine shelf with a text asserting that the glass was, in fact, an oak tree. Hirst has described this artwork as “the greatest piece of conceptual sculpture – I still can’t get it out of my head”.
Hirst’s fascination with death culminated in his most notorious work of art, The Physical Impossibility of Death in the Mind of Someone Living (1991) – a dead tiger shark, caught off the coast of Queensland in Australia, preserved in formaldehyde in a glass vitrine.
We encountered the work, separately and ten years apart, in London and New York. We both felt inclined to dislike and dismiss it. Instead, we were simply overwhelmed. By forcing us to stare death in the face, literally, the work put everything on its edge – awe-inspiring and horrifying, life-affirming and fatal, in your face yet somehow apart and absent.
Like it or not, Hirst’s shark achieved what only the best art can: jolting us out of our everyday registers – making us confront mortality, the value of life, and the human condition.
Video: Khan Academy.
Not everyone agreed, of course. After it was exhibited in the first YBA show at the Saatchi Gallery in 1992, there was a swarm of hate. According to the Stuckist Art Group (an anti-conceptual art movement), a dead shark isn’t art. Of Hirst’s entire oeuvre, the group’s co-founders have said: “They’re bright and they’re zany – but there’s fuck all there at the end of the day.”
After Hirst won the Turner Prize in 1995 for Mother and Child, Divided (a bisected cow and calf in glass tanks) Conservative politician Norman Tebbit asked whether the art world had “gone stark raving mad”. Art critic Brian Sewell exclaimed that Hirst’s work is “no more interesting than a stuffed pike over a pub door”.
But Hirst never seemed to care about such criticism as he tackled controversial themes ranging from death, science and religion to the unrelenting power of capitalism. Along the way, he has used his power to criticise the very art world of which he forms such an important part, and from which he has gained such enormous riches.
You might say his art reached a logical endpoint with The Currency in 2021 – a conceptual experiment in which 10,000 unique, hand-painted spot paintings were reduced to money itself, as they corresponded to 10,000 non-fungible tokens (NFTs). Buyers were given the choice of keeping either the physical or the digital version, while the other would be destroyed. Speaking to the actor and art enthusiast Stephen Fry, Hirst said of these paintings:
What if I made these and treated them like money? … I’ve never really understood money. All these things – art, money, commerce – they’re all ethereal. It relies not on notebooks or pieces of paper but belief, trust.
How Hirst makes his art
It’s not just what Hirst’s art supposedly means that sometimes rocks the boat, but how he makes it.
While he began his career by personally making and manipulating his chosen artistic materials – from paint and canvas to flies and maggots – he now unapologetically relies on a studio populated by numerous assistants to produce the works that bear his name. It is largely these studio workers who pour the paint on spinning canvases, handle the formaldehyde, construct the glass boxes, and source the dead animals.
Hirst has fully endorsed the conceptual artist’s mantra of “the art is the idea”. If the artwork is the idea rather than the material object, then it should suffice merely for the artist to think or conceptualise the objects for them to count as his works of art. According to this perspective, exactly who makes the objects which are exhibited, sold and debated in the media is entirely unimportant.
But to some, this adds to the ways in which they feel deceived or “had” by Hirst. After all, at least in the western artistic tradition, the connection between artist and artwork has for hundreds of years been considered unique, sacred even. If an artist doesn’t actually make the art any more, to what extent can they really be said to be an artist at all?
Except that, in this respect, Hirst is not particularly unusual. Outsourcing the physical act of making an artwork is almost standard among contemporary artists such as Anish Kapoor, Rachel Whiteread and Jeff Koons – all of whom have long relied on trainee artists, engineers, architects, constructors and more to build their large structural works.
And while Andy Warhol was the trendsetter in this regard from the early 1960s – calling his studio The Factory for its assembly line-style of production – the practice predates even him by hundreds of years. The great masters of the 16th, 17th and 18th centuries, having acquired sufficient fame and fortune, were rarely the sole creators of their masterpieces.
The 17th-century Flemish artist Rubens, for example, would often leave the painting of less central or prominent features in his works to his studio assistants – many of whom, including Anthony van Dyck and Jacob Jordaens, went on to highly successful artistic careers of their own. Even 14-year-old Leonardo da Vinci started out as a studio apprentice in the workshop of the Italian sculptor and painter Andrea del Verrocchio.
Unlike Rubens, however, Hirst now only rarely makes any kind of material contribution to his works, beyond adding his signature. The Currency series involved Hirst merely adding a watermark and signature to the thousands of handmade spot paintings.
Video: HENI.
Also, Hirst’s works make no formal recognition of this studio input, whereas for Rubens, the arrangement was fairly transparent. Indeed, the division of labour was sometimes even negotiated with the painting’s buyer – the more a buyer was willing to pay, the more Rubens would paint himself.
But Hirst makes no secret of his lack of physical involvement in the material process, explaining:
You have to look at it as if the artist is an architect – we don’t have a problem that great architects don’t actually build the houses … Every single spot painting contains my eye, my hand and my heart.
Hirst’s social media pages often show the artist arriving at his studio while his team are busy at work. And clearly, not all potential buyers care about his “hands-off approach” – a large part of what they value is, precisely, the signature. In 2020, Hirst told The Idler magazine’s editor Tom Hodgkinson:
If I couldn’t delegate, I wouldn’t make any work … If I want to paint a spot painting but don’t know how I want it to look, I can go to an assistant … When they ask how you want it to look, you can say: ‘I don’t know, just do it.’ It gives you something to kick against or work against.
In the past decade, though, Hirst says he has scaled back his studio, admitting his art life felt like it was out of control:
You start by thinking you’ll get one assistant and before you know it, you’ve got biographers, fire eaters, jugglers, fucking minstrels and lyre players all wandering around.
The product of a specific place and time
Hirst disrupts our beliefs about art to an extent matched by few of his contemporaries. Always in the business of fragmenting the already vague expectations of the art market – and wider general public – he continues the trajectory outlined by fellow experimental conceptual artists such as Marcel Duchamp, Joseph Beuys, Adrian Piper, Sol LeWitt, Joseph Kosuth and Yoko Ono – now well over 50 years ago.
When the making of art moves into this level of abstraction, a historical fact like the precise inception date seems harder to pin down – and it becomes much less clear which aspects of the creative process should determine when the work was “made”.
Of course, the same question arises outside the confines of this artistic genre. How should we deal with performative arts such as theatre, jazz or opera? Is it all that important to date John Coltrane’s Blue Train to its first recording in 1957, rather than any of the other dates on which the American jazz legend performed it? Surely some aesthetic and artistic qualities are added on each occasion?
However, art in general, be it Blue Train or one of Hirst’s spot paintings, is always the product of a specific place and time. It is undoubtedly a significant fact about Hirst’s Cain and Abel (1994) – one of the artworks highlighted by the Guardian misdating investigation – that it was “made” in the YBA boom of the 1990s.
Can we engage with these pieces without bringing knowledge of this fact into our experience of them? Yes. Can we grasp at least some of their wider meaning? Almost certainly. But can we fully appreciate them as cultural objects – defining a precise moment in the evolution of art and society at large, perhaps foreseeing a certain shift in our larger value systems including what art means to us? Maybe not.
But there is another possibility we need to consider – one that touches on the worries of some of Hirst’s critics. What if Hirst intentionally misled the public for financial and commercial gain, and that the dating debacle has nothing to do with his cunning conceptual practice?
Jon Sharples, senior associate at London-based law firm Howard Kennedy – one of the first UK practices to advise on art and cultural property law – observed a few reasons why an artist might deliberately fudge or mislead on the origin of their art:
The potential for commercial pressure to do so is obvious. If works from a certain period achieve higher market prices than works from other periods, there is a clear incentive to increase the supply of such works to meet the demand for them.
Another reason Sharples offered is an art-historical one – to make the artist appear more radical: “In the linear, western conception of art history – in which ‘originality’ is often elevated above all other artistic virtues, and great store is placed in being the ‘first’ artist to arrive at a particular development – artists have sometimes been given to tampering with the historical record.”
Here, Sharples referenced the famous example of “the father of abstraction”, Russian artist Kazimir Malevich, backdating the first version of his Black Square by two years.
So, has Hirst just told a big fib about the origins of some of his art?
Philosophers largely agree that lying involves asserting something you believe to be untrue; speaking seriously but not telling the truth. And most of the time, we all assume that people around us abide by the norm that everyone ought to speak truthfully to each other. If we didn’t believe this, we would barely be able to communicate with one another. Lying involves violating this “truth norm”.
Yet, the case of art seems to stand in stark contrast to this. When we ask whether an artist has lied as part of their artistic practice, it is often not clear that there is a straightforward truth norm in the art world to be violated: it’s not clear that the artist is speaking ‘seriously’ in the first place.
I (Daisy) have researched in depth the reasons why lying in the art world is such a tricky business. In many exhibitions, it is the aesthetic experience that is of primary value. If what matters is creating beauty, then straightforward truth is not the point.
Moreover, even in cases where the art is designed to convey a specific message, it’s tricky to say in what sense they ought to tell “the truth”. Many artworks represent fictional scenarios which needn’t be fully accurate.
For instance, it was quite acceptable in the 16th century for painters of religious paintings to give central biblical figures inaccurate clothing – and for portrait artists not to paint their sitter’s flaws and blemishes. And in the perplexing art world of the 21st century, many post-1960 artforms are designed to challenge and critique the very nature of truth itself.
All of which means straightforward “truth games” do not operate as smoothly in the art world as they do in the ordinary world. With its self-reflective and self-critical structure, the art world of today offers a space to think open-endedly and creatively. Do you expect everything you see in an art gallery, or even speeches by conceptual artists, to be straightforwardly “true”? We don’t think so.
The art world is hardly renowned for its straightforwardly communicated messages. To accuse Hirst of lying assumes he is playing the truth game that the rest of us are signed up to in the first place. And it’s not clear he is.
Hirst might be closer to a novelist or actor who plays with and explores the very nature of truth and falsehood. In this way, he’s maybe at most a “bullshitter” who doesn’t play – or care for – the truth game at all.
The real problem?
But this fascination with Hirst’s dating practices may overlook the more important – if equally complex – problem of how his art works were made, rather than when. Are the ethical concerns about the production of Hirst’s enormous oeuvre the real issue in assessing his legacy as an artist?
For instance, Hirst has been criticised for treating his staff as “disposable”. During the peak of the COVID pandemic, he laid off 63 of his studio assistants even though his company had reportedly received £15 million of emergency loans from the UK government.
And while Hirst’s lawyers insist his studios always adhere to health-and-safety regulations, some of the “factory line” workers producing artworks for The Currency were allegedly left with repetitive strain injuries. One artist described their year-long toil as “very, very tedious”. Another commented on the work tables being at a low level, forcing them to constantly bend down.
Hirst has publicly praised assistants such as the artist Rachel Howard, who he described as “the best person who ever painted spots for me”. Likewise, Howard described working with Hirst as “a very good symbiotic” relationship.
Hirst is famous for exhibiting slain animals … and for the use of thousands of butterflies whose wings are torn and glued on various objects. Death and the taste of the macabre serve to attract attention. Then wealthy collectors such as Saatchi and even the prestigious Sotheby’s artificially inflate the prices of Hirst’s junk. It’s a squalid commercial operation based on death and contempt for living and sentient beings.
Video: Channel 4 News.
Indeed, some of Hirst’s macabre formaldehyde pieces are known for rotting a little too much. The Physical Impossibility of Death in the Mind of Someone Living originally deteriorated due to an improper preservation technique, and had to be replaced by another shark caught off the same Australian coast. It’s not clear how many sharks have now been killed – or will need to be killed in the future – to preserve this masterpiece.
Further concerns have been raised about the environmental ethics of Hirst’s art, including that The Currency project incurred a hefty carbon footprint because of its reliance on blockchain technology. While Hirst used a more environmentally-friendly sidechain to release his NFTs, he still received payment via bitcoin, which has a far higher energy consumption.
Traditionally, art historians, critics and investors have championed an artwork’s meaning over any of its moral flaws in its production. But the ethics of artmaking are now being questioned by philosophers such as ourselves, as well as by many influential figures in the art world. Artworks that incur large carbon footprints, cause damage to ecosystems, or use and kill animals, are now considered morally flawed in these ways.
Philosophers such as Ted Nannicelli argue that these ethical defects can actually diminish the artistic value of the work of art. Meanwhile, artists such as Angela Singer and Ben Rubin and Jen Thorp use their art for animal and eco-activism, while doing no harm to creatures or the ecosystem in the process.
As we both acknowledge, Hirst’s shark expressed a laudable meaning in an arresting way. But is this enough to excuse the (repeated) killing of this awesome animal? Do we become complicit in its death by praising it as art? It is a question anybody who was impressed by its sheer aesthetic presence all those years ago should ask themselves.
In this and many other ways, Hirst’s work continues to raise fundamental questions about art – long after it was created, or dated. If nothing else, surely this confirms his enduring position in the British art establishment.
Damien Hirst’s representatives were contacted about the criticisms of Hirst that are highlighted in this article, but they did not respond by the time of publication.
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Elisabeth Schellekens has received funding from Vetenskapsrådet (Swedish Funding Council) as Principal Investigator for research into Aesthetic Perception and Aesthetic Cognition (2019-22), and an AHRC Innovation Award on Perception and Conceptual Art with Peter Goldie (2003).
Daisy Dixon does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: Africa Press Organisation – English (2) – Report:
ACCRA, Ghana, June 4, 2025/APO Group/ —
Industry leaders at the Mining in Motion 2025 summit spotlighted Ghana’s ongoing efforts to formalize its artisanal and small-scale gold mining (ASGM) sector.
Participants on an India Gold Metaverse-sponsored session – titled Case Studies in ASGM Formalization: Learning from Successes and Addressing Challenges – emphasized that formalization has the potential to catalyze sustainability, build stronger communities and drive long-term economic growth.
“We need regulatory and legislative changes that support small-scale miners and ensure that revenue from their contributions translates into real economic, social and communal growth,” stated Martin Ayisi, CEO of the Minerals Commission of Ghana.
Ayisi called for bold regulatory and financial interventions in the sector, stressing the urgent need for investment in geological investigations and sustainable technologies to prevent encroachment on protected areas and improve sector-wide outcomes.
From an regional perspective, Cisse Vakaba, Advisor to the President on Mining, Ivory Coast, emphasized the foundational role of geology in building a viable ASGM sector. He stressed that state support must go beyond issuing permits to include geological surveys, professional training, community engagement and digital tools for traceability.
“I really think that the basis for small mines is the geological aspect. This is the aspect where we have to work, to see the areas where they can exploit,” Vakaba stated, adding, “The State must provide support. It’s not enough to issue a title, a permit. We need to support prospecting and geological research.”
Meanwhile, Melissa Correa Vélez, Program Manager, Swiss Better Gold, highlighted the human-centered approach necessary to make formalization efforts successful. Velez – through Swiss Better Gold’s Boots on the Ground initiative – advocates for programs, including technical support and community-oriented training, that extend beyond legal structures to genuinely improve livelihoods and environmental stewardship.
“If you want to work with artisanal miners, work with them. Keep the miners interested in being responsible. If the miners lose interest because of the challenges, they will become illegal,” Velez stated.
For his part, Kwaku Afrifa Nsiah-Asare, Lawyer and Entrepreneur, Typhoon Greenfield Development, emphasized that government support will be a requisite for ASGM formalization in Ghana, speaking candidly on social and financial challenges in the sector.
“By doing everything properly, the Minerals Commission of Ghana has been extremely supportive and made it worthwhile for us to do business. It’s about partnerships and leadership in government,” Nsiah-Asare stated.
Bringing a tech-forward perspective, Lamon Rutten, Managing Director and CEO of India Gold Metaverse, spoke to the transformative potential of digital innovation in the ASGM value chain.
“Blockchain technologies and AI can help improve artisanal and small-scale mining operations. Tools like geo-tracking, radio-frequency identification-equipped machinery and internet-of-things devices allow us to trace ore sources. If you really want to develop small-scale mining, work with local banks. Let them understand the sector and they will help drive sustainable growth,” Rutten said.
During the presentation, the panelists agreed that projects including the Ghana Land Restoration and Small-Scale Mining Project – a joint initiative with the World Bank – are setting a precedent. By offering financial and technical support, simplifying license through District Mining Committees, and organizing miners into Community Mining Schemes, Ghana is building an ASGM sector that is increasingly legal, sustainable and community driven.
Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana’s Ashanti Kingdom – in collaboration with Ghana’s Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana’s Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders.
The Labour government is on the wrong side of history and it has Palestinian blood on its hands
More in External Affairs
Scottish Greens MSP Maggie Chapman joined protesters outside the UK Government offices in Edinburgh as part of the Red Line for Gaza demonstration, calling for an immediate end to arms sales to Israel and demanding accountability for the UK’s role in the ongoing violence against Palestinians.
The protest coincides with Israel’s ongoing assault on Gaza, with catastrophic impacts on civilians.
The UK Government is currently facing a judicial review in the High Court challenging their continued supply of F-35 parts in arms exports used by Israel. Despite mounting evidence the Government lawyer’s have argued no violation of the duty to prevent genocide “can occur unless and until there is actually a genocide”.
European countries such as Spain, Canada, the Netherlands, Belgium and Italy have suspended arms sales to Israel, however, the UK Government continues to fight the case as aircraft continue to bomb Gaza.
“Gaza has been turned into rubble – hospitals, schools, homes – all destroyed. Over 90% of housing has been wiped out. Families are being displaced and forced into camps with no food, water or shelter. This is not just a humanitarian crisis – it’s a moral catastrophe and the UK Government is helping it happen. The UK Government is complicit.
“It’s shameful that the UK refuses to act. Instead of standing up for peace, the Prime Minister came to Scotland to announce more money for war. Keir Starmer’s expects yet more UK tax money to feed the war machine and his government’s denial of genocide shows he’s more interested in retaining power than defending human rights. This Labour government is on the wrong side of history and it has Palestinian blood on its hands.
“The UK Government is currently defending its position in a high court case, claiming there’s “no evidence” of genocide or intentional targeting of civilians in Gaza. It doesn’t require much thought to reject that argument outright: this genocide is being live-streamed for all to see. We’ve all seen the videos. We’ve seen the bodies. The world knows what’s happening in Gaza – the destruction, the killing of women and children. For the UK Government to say there’s no evidence is not only dishonest – it’s dangerous.
“The Scottish Greens know that genuine security doesn’t come at the end of a gun or aftermath of a bomb. It comes from investing in healthcare, affordable housing and a green economy built on sustainability and compassion.
“We have consistently called for an immediate end to arms sales to Israel, full transparency over any UK or indeed Scottish Government funding linked to Israeli military production, an immediate and unconditional ceasefire, recognition of the State of Palestine, and Israel’s suspension from international bodies, including the United Nations, until compliance with international law is restored.
“Together, outside the UK Government offices, we gathered in protest but we also gathered in hope. Hope for the Palestinian people and hope for humanity.”
How can nuclear science help keep plastic waste out of the ocean and our daily lives?
Nuclear science offers innovative solutions to address plastic pollution across its entire lifecycle. To combat this challenge, we need to understand its root causes. Research indicates that approximately 80 per cent of marine plastic pollution originates on land (with the rest coming from ocean sources such as fishing nets etc.) making land-based interventions critical.
The IAEA is working on two fronts using cutting-edge technologies: firstly, we are using radiation to create bio-based plastics, offering a sustainable alternative to conventional petroleum-based plastics. Simply put, we are working on new materials that are both biodegradable and easily recyclable. This approach not only reduces reliance on fossil fuels but also supports circular economies by turning organic waste into valuable resources.
Secondly, we are using radiation technology to transform plastic waste into more durable, stronger and higher value products. For example, radiation can enhance the performance of concrete by partially replacing cement with recycled plastics. Nuclear techniques are improving the sorting and separation of polymers in mixed plastic waste streams. We’re also exploring how radiation-assisted pyrolysis can convert plastics into waxes, fuels and other valuable chemical additives.
If we treat plastics using radiation, won’t the new products be dangerous?
Not at all — in fact, quite the opposite. Radiation is considered a form of ‘green chemistry’ because it allows us to process materials without using toxic chemicals or extreme conditions like high temperature or pressure. When we use radiation to create new bio-based plastics or upcycle plastic waste, the process is clean, efficient and environmentally friendly.
And the radiation itself does not remain in the material. Just like when you get a dental X ray, the radiation passes through but doesn’t stay with you. The same principle applies here: the materials are not radioactive after treatment and are completely safe to use.
You mentioned using nuclear technology to improve plastic recycling. Is this already happening?
We have 52 countries collaborating with the IAEA on novel upcycling efforts under the NUTEC Plastics initiative. Nine of them are pilot countries, marking a major step forward in turning innovation into reality. These countries are advancing rapidly along the Technology Readiness Level (TRL) scale — a globally recognized nine-stage framework that tracks the maturity of technologies from concept to commercial deployment.
We’re already seeing exciting, tangible results.
In Indonesia and the Philippines, wood-plastic composites are being developed for sustainable construction. In Malaysia, plastic waste is being converted into fuel. In Argentina, durable railroad sleepers made from recycled plastics are showing strong performance in early trials.
These pilot projects are not just proof of concept — they are proof of progress. We anticipate several of these technologies reaching the final TRL stages and moving toward full-scale implementation as early as next year.
Why, as a scientist, did you choose to go into this field?
I’ve always believed that science should serve as a catalyst for meaningful, lasting change. That belief led me to focus on plastic upcycling and the search for alternatives to petroleum-based materials — areas where innovation can directly address the environmental crises we face today.
With over 30 years of experience working with ionizing radiation, I’ve seen firsthand its untapped potential to transform waste into valuable resources. This work is more than research — it’s a commitment to building a circular economy that safeguards our ecosystems, reduces human carbon footprint, and leaves a healthier, more resilient planet for future generations.
In 2024, the global payment ecosystem witnessed structural changes with digital acceleration, consumer behavior shifts, and macroeconomic pressures reshaping the industry landscape. The top 20 publicly listed payment companies by revenue have navigated this landscape with varying degrees of agility, innovation, and strategic execution. The top 20 public payment companies saw their revenues rise by 9% to $262.8 billion in 2024, reveals GlobalData, a leading data and analytics company.
The US payment companies dominated the list, with the top four – American Express, Visa, PayPal, and Mastercard – accounting for 63.7% of the aggregate revenue of the top 20. Driven by an increase in global payment volume, the top four witnessed a rise in revenue by an average of 10%.
Other companies in the top 20 list that recorded impressive top-line growth include Shift4 Payments, Adyen, and Green Dot, which reported more than 15% growth.
Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “Shift4 Payments reported a 30% year-over-year revenue growth, driven by a significant increase in end-to-end payment volume, which reached $55.8 billion. This performance was supported by the continued onboarding of larger merchants, who generally operate under lower unit pricing compared to the existing customer base. Additionally, growth in subscription and other revenues was primarily attributed to the positive impact of recent acquisitions and increased SaaS revenue associated with the company’s SkyTab solutions.”
Adyen’s growth was driven by the deepening of relationships with existing customers, alongside contributions of €8.3 million from payment settlement and processing activities. Additional revenue was generated through the sale of goods, including point-of-sale (POS) terminals, as well as other payment-specific services.
Green Dot’s revenue growth was primarily driven by a 22.2% increase in card revenue, supported by a rise in gross dollar volume within its B2B Services segment. This growth led to higher program management service fees generated from its Banking-as-a-Service (BaaS) partnerships.
Grandhi concludes: “In 2025, the payments industry is expected to undergo accelerated transformation, driven by the adoption of artificial intelligence (AI), real-time payment infrastructure, and embedded finance. Market leaders will likely be those that effectively integrate innovation with operational stability, expand globally while navigating evolving regulatory landscapes, and deliver broad, customer-focused product offerings. As the global economy stabilizes, the sector is positioned not only for sustained growth but also for a fundamental reshaping of how value is exchanged across digital ecosystems.”
The need for reshoring and friend-shoring supply chains has been a long time coming. Companies that adapted early to these shifts are now better positioned to weather the challenges posed by the US trade war, as demonstrated by Ferrero‘s proactive approach, according to GlobalData, a leading data and analytics company.
Hannah Cleland, Consumer Analyst at GlobalData, comments: “As part of a decade-long strategy to grow its sales in the US, Ferrero has invested in North American production facilities and acquired US businesses such as Fannie May, Nestle’s US confectionery arm (including Nerds and Butterfingers), and Wells Enterprises (Halo Top owner). Additionally, it has introduced several of its global and European brands, including Kinder. However, its most recent US range deliberately Americanizes the flavors of some of its most iconic products, including Nutella Peanut and Dr Pepper Tic Tacs.”
Ferrero’s localized tactics not only mitigate the impact of tariffs but also align with growing consumer demand for domestic products. GlobalData’s Q1 2025 global consumer survey reveals that 55% of US consumers claim political events have heightened their awareness of the country of origin of the products they purchase, underscoring the importance of country-of-origin marketing in products.* By incorporating distinctly American flavors such as peanuts and Dr Pepper into its offerings, Ferrero effectively encourages consumers to perceive its products as locally made.
This strategy resonates with consumers who are increasingly motivated by both financial considerations and a desire to support local businesses, especially during a persistent cost-of-living crisis. 61% of US consumers strongly or somewhat agree that they prefer local products due to their affordability compared to imports. *
Cleland concludes: “A reactive approach to supply chain shocks is no longer sufficient. Brands must invest in long-term strategies that ensure stability and resilience in the face of unpredictable market dynamics. Ferrero’s successful localization strategy serves as a valuable lesson for global companies navigating the complexities of trade wars and economic uncertainty.”
*GlobalData Q1 2025 global consumer surveys, 22,000 respondents across 42 countries
Headline: Microsoft launches new European security initiative
As AI and digital technologies advance, the European cyber threat landscape continues to evolve, presenting new challenges that require stronger partnerships and enhanced solutions. Ransomware groups and state-sponsored actors from Russia, China, Iran, and North Korea continue to grow in scope and sophistication, and European cyber protection cannot afford to stand still.
That is why, today, in Berlin, we are announcing a new Microsoft initiative to expand our longstanding work to help defend Europe’s cybersecurity. Implementing one of the five European Digital Commitments I shared in Brussels five weeks ago, we are launching a new European Security Program that adds to the company’s longstanding global Government Security Program.
This new program expands the geographic reach of our existing work and adds new elements that will become critical to Europe’s protection. It puts AI at the center of our work as a tool to protect traditional cybersecurity needs and strengthens our protection of digital and AI infrastructure.
We are launching the European Security Program with three new elements:
Increasing AI-based threat intelligence sharing with European governments;
Making additional investments to strengthen cybersecurity capacity and resilience; and
Expanding our partnerships to disrupt cyberattacks and dismantle the networks cybercriminals use.
We are making this program available to European governments, free of charge, including all 27 European Union (EU) member states, as well as EU accession countries, members of the European Free Trade Association (EFTA), the UK, Monaco, and the Vatican.
Together, these efforts reflect Microsoft’s long-term commitment to defending Europe’s digital ecosystem—ensuring that, no matter how the threat landscape evolves, we will remain a trusted and steadfast partner to Europe in securing its digital future.
The need for new steps – the current threat environment
Microsoft continues to observe persistent threat activity targeting European networks from nation state actors, with Russian and Chinese activity being particularly prolific in Europe. Unsurprisingly, Russia continues to be especially focused on targets in Ukraine and European nations providing support to Ukraine. Nation-state actors, including those engaging in malicious activity from Iran and North Korea, are predominantly pursuing espionage objectives in Europe through credential theft or the exploitation of vulnerabilities to gain access to corporate and government networks. Several campaigns, including those from China, have also targeted academic institutions, compromising accounts to access sensitive research data or conduct geopolitical espionage against think tanks. Cybercriminals continue to develop Ransomware-as-a-Service beyond nation-state threats. We have seen the emergence of illicit websites rapidly gaining followings by leaking ransomware insights to be used by criminal groups to conduct attacks across Europe.
The rise of AI is also augmenting and evolving threat actor behavior. Microsoft has observed AI use by threat actors for reconnaissance, vulnerability research, translation, LLM-refined operational command techniques, resource development, scripting techniques, detection evasion, social engineering, and brute force attacks. This is why Microsoft now tracks any malicious use of new AI models we release and proactively prevents known threat actors from using our AI products. This also underscores the importance of secure development and rigorous testing of AI models, leveraging AI to benefit cyber defenders, and close public-private partnerships to share the latest insights about AI and cybersecurity.
Increasing AI-based threat intelligence sharing with governments
Microsoft’s Government Security Program (GSP) has long provided governments with confidential security information and resources to help them better understand our products and the evolving threat landscape, particularly threats from nation-state actors. Building on existing efforts, our new European Security Program will increase the flow and expand access to actionable threat intelligence to European governments. Tailored to discrete national threat environments using AI insights, and delivered, when possible, in real time, this program is designed to help governments stay ahead of advancing cyber threats through:
Leveraging threat intelligence insights – Microsoft tracks the most sophisticated nation-state cyber activity, offering timely insights into evolving global threats. We use AI to support our analysis, which has improved our visibility and accelerated our ability to share the latest intelligence on the tactics, techniques, and procedures used by advanced persistent threat actors, including the malicious use of AI. By providing more information and faster, Microsoft will help European governments strengthen their cyber resilience and enable proactive defense.
Expanding cybercrime reporting – The Microsoft Digital Crimes Unit (DCU) plays a critical role in detecting and disrupting global cybercriminal infrastructure, generating invaluable real-time intelligence in the process. As part of this new effort, we are expanding the availability of this intelligence to trusted European partners to support rapid response and coordinated enforcement action through the Cybercrime Threat Intelligence Program (CTIP).
Providing foreign influence operations updates – The Microsoft Threat Analysis Center (MTAC) continues to monitor influence operations in Europe, which are increasingly using AI to mislead and deceive with deepfake synthetic media. MTAC also uses AI to look for commonalities across operations and will provide regular intelligence briefings on foreign influence, offering timely insights into the tactics, narratives, and digital platforms leveraged by state-affiliated actors. These briefings help policymakers and security stakeholders stay ahead of evolving disinformation campaigns and hybrid threats targeting democratic institutions and public trust.
Identifying vulnerabilities and prioritizing security communications – Microsoft is committed to proactive and transparent security communications, particularly in the face of emerging threats and evolving vulnerabilities. We provide customers with timely, actionable intelligence through structured programs such as the Threat Microsoft Security Update Guide, Vulnerability Reporting process, and Microsoft Defender Vulnerability Management. As part of this expanded commitment, we will offer prioritized notice of security communications, including vulnerability remediation guidance to our European Security Program partners, helping to enhance situational awareness and enabling faster responses.
Participating governments will have a dedicated Microsoft point of contact to coordinate responses and escalate concerns. These efforts are designed to improve situational awareness and to support faster, more coordinated action across borders.
Making additional investments to strengthen cybersecurity capacity and resilience
Digital resilience—the ability to anticipate, withstand, recover from, and adapt to cyber threats and disruptions—requires more than technology. It requires investment in people, institutions, and partnerships. As part of the European Security Program, we are investing additional resources to further our work with European governments, civil society, and innovators to strengthen local capabilities and build long-term resilience. Highlights include:
Strengthening public-private collaboration – Microsoft has launched a new pilot program with Europol’s European Cybercrime Centre (EC3), embedding Microsoft Digital Crimes Unit (DCU) investigators at EC3 headquarters in The Hague to enhance intelligence sharing and operational coordination. Through this enhanced collaboration, we will enable joint investigations, identify faster threat identification, and be better positioned to disrupt cybercriminal activity targeting European institutions and citizens more effectively.
Supporting civil society and defending against ransomware – Microsoft has renewed our three-year partnership with the CyberPeace Institute to support NGOs and to promote accountability for bad actors, including nearly 100 Microsoft employees volunteering their time and expertise to help defend the most vulnerable in cyberspace. We will continue to support the Institute’s efforts to trace ransomware origins, identify safe havens, and uncover potential links to nation-state actors.
Expanding cybersecurity support to the Western Balkans – Through a new collaboration with the Western Balkans Cyber Capacity Centre (WB3C), Microsoft will scale cybersecurity in a region where malicious actors have long sought to destabilize countries bordering the EU. Microsoft stands firmly in defense of Ukraine and is now extending that commitment with WB3C to help scale cybersecurity capabilities in a geopolitically sensitive and digitally under-resourced region, aligning with broader European cybersecurity priorities.
Advancing AI security and innovation – Microsoft is investing additional resources to support research, expand the cybersecurity talent pipeline, and test advanced AI-assisted security tools in real-world environments using Microsoft’s security stack and Azure and Copilot capabilities. We’re working with the UK’s Laboratory for AI Security Research (LASR), a public-private partnership established to advance AI security in support of UK’s national security and economic prosperity. Together, we’re launching a joint research program focused on AI-cybersecurity challenges with a focus on critical infrastructure and agentic AI security, with an initial investment from Microsoft and research-collaboration between LASR and Microsoft Security Research Center.
Securing open-source innovation– Through the recently launched GitHub Secure Open Source Fund, we will support open-source projects that underpin the digital supply chain, catalyze innovation, and are critical to the AI stack. By raising the security posture for European projects such as Log4J and Scancode, which are critical to the IT systems of governments and companies across the continent, the program aims to reduce future security vulnerabilities. Ensuring these tools can continuously withstand and sustainably defend against sophisticated cyber threats is essential to strengthening cyber resilience.
These new and enhanced initiatives reflect our belief that cybersecurity is a collective endeavor—and that Europe’s digital resilience must be built from the ground up.
Expanding partnerships to disrupt cyberattacks and dismantle cybercriminal networks
Finally, as part of our European Security Program we are expanding our partnerships with law enforcement and regional actors to proactively identify new and innovative ways to disrupt malicious and criminal activity.
For instance, last month, Microsoft’s Digital Crimes Unit (DCU) worked with Europol and others to take down Lumma, a prolific infostealer malware used to steal passwords, financial data, and crypto wallets. In just two months, Lumma infected nearly 400,000 devices globally, many of them in Europe. The operation seized or blocked over 2,300 command-and-control domains. Off the back of this action, we are working with Europol to identify new opportunities to continue to meaningfully disrupt and deter cybercrime.
Lumma-infected devices by country in Europe
To accelerate future takedowns, we also launched the Statutory Automated Disruption (SAD) Program in April 2025. This initiative automates legal abuse notifications to hosting providers, enabling faster removal of malicious domains and IP addresses. Focused initially on Europe and the U.S., SAD raises the cost of doing business for cybercriminals and makes it harder for them to operate at scale.
In addition, we’re working with local internet service providers to help remediate affected users and ensure governments have greater visibility into emerging threats.
The DCU has long played a leading role in proactively combating cyber threats, including those originating from nation-state actors. Since 2016, Microsoft has filed seven legal actions to spotlight and disrupt nation-state threat actors from countries such as Russia, China, Iran, and North Korea, which we refer to internally by the weather-themed names Blizzard, Typhoon, Sandstorm, and Sleet, respectively. Most recently, in September 2024, Microsoft initiated a disruption action against the Russian actor Star Blizzard, mentioned above, known for hacking political targets surrounding UK’s 2022 elections and targeting NATO countries to advance its geopolitical interests involving Ukraine. Microsoft exposed the Russian actors and directly seized over 140 malicious domains in total, substantially blunting ongoing campaigns and forcing Star Blizzard to significantly alter its attack methods to other platforms, which Microsoft Threat Intelligence thereafter publicly exposed in a security blog. We will continue to act against those seeking to harm customers, governments, and individual users. These efforts are part of our broader strategy to partner with law enforcement across Europe. We are already working on coordinated disruptions to protect the digital ecosystem, and we stand ready to provide robust incident response services during crises, ensuring our partners and customers are never alone in the face of cyber adversity.
We also believe that deterrence is a critical pillar of modern cybersecurity. The EU’s Cyber Diplomacy Toolbox plays a vital role in this effort, helping to coordinate crisis response and send a clear message that malicious activity will not go unanswered—legally, operationally, or reputationally.
Taken together, operations like the Lumma disruption, the launch of SAD, and future coordinated disruptions are helping to prevent cybercriminals and state actors from establishing malicious infrastructure in Europe.
* * *
At Microsoft, our commitment to Europe is deep, enduring, and unwavering. We believe that Europe’s digital future is one of the most important opportunities of our time—and protecting that future is a responsibility we share. We will stand shoulder to shoulder with European governments, institutions, and communities to defend against threats, build capacity, and strengthen resilience. We are proud to be a trusted partner to Europe, and we will continue to work every day to earn trust through transparency, collaboration, and a steadfast commitment to protecting what matters most.
Tags: Brad Smith, cybersecurity, Digital commitments, Europe
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Brussels/Sofia, June 4 (Xinhua) — Bulgaria has met the criteria to adopt the euro as of January 1, 2026, making it the 21st member of the eurozone, the European Commission (EC) announced on Wednesday.
The conclusion of the Commission’s 2025 Convergence Report, prepared at Bulgaria’s request, confirms that the country meets the four nominal convergence criteria required for adoption of the euro. The assessment also took into account broader economic indicators such as market integration and the balance of payments. The findings were also supported by a parallel report from the European Central Bank (ECB).
Based on the conclusion, the European Commission proposed that the EU Council adopt a decision and a regulation on the introduction of the euro in Bulgaria. The final decision should be taken by the EU Council in the first half of July after consultations with the Eurogroup, the European Council, the European Parliament and the ECB.
“This brings Bulgaria one step closer to adopting the euro,” said EC President Ursula von der Leyen, adding that eurozone membership would strengthen the country’s economy through increased trade, investment and access to finance.
Bulgarian Prime Minister Rosen Zhelyazkov welcomed the positive assessment, calling it the result of years of reforms and coordination with other European partners. He is expected to make a formal statement later on Wednesday.
Meanwhile, public opinion in Bulgaria remains divided on the issue. A recent poll by the Trend Research Center found that only 21 percent of respondents support switching to the euro in 2026, while 33 percent want to delay the introduction of the single currency and 38 percent reject the idea entirely. In recent weeks, protests have been held across the country demanding a referendum on keeping the national currency, the lev. –0–
Alberta’s Oil Sands Greenhouse Gas Emissions Intensity Analysis shows that while production has grown by 96 per cent since 2012, reaching 1.56 million barrels per day, oil sands emissions continue to decline.
The new report supports the federal government’s 2025 National Inventory Report, which shows that Alberta had the greatest absolute reduction in emissions of any Canadian province or territory between 2022 and 2023, reducing emissions by 2.1 million tonnes.
This data is part of declining emissions across Alberta’s economy:
Overall emissions have declined by nine per cent since 2015, while overall energy production increased by 20 per cent.
Conventional oil emissions have declined 19 per cent since 2015, while production increased by seven per cent.
Transportation emissions have declined 12 per cent since 2015.
Heavy industry emissions have declined eight per cent since 2015.
Natural gas production and processing emissions have declined 24 per cent since 2015.
Methane emissions have declined 52 per cent since 2014.
Electricity emissions have declined 45 per cent since 2015.
Albertans can learn more by visiting Alberta’s greenhouse gas emissions reduction performance.
“Alberta continues to lead the way in responsible energy development. The 2023 report shows our oil sands sector is producing more energy with fewer emissions per barrel – a clear sign of innovation and commitment that comes from working with producers. This is why countries around the world are looking to us as a responsible producer of choice. We’re proud to lead Canada in absolute emissions reductions. We don’t need top-down policies from the federal government to do this, and we’ll continue to drive common sense progress that benefits both our economy and the environment.”
“Albertans have always been at the forefront of innovation and produce the most responsible oil in the world. With our vast reserves, we have the ability to bring energy security to North America and our Asian trading partners and continue to fuel our economy for generations to come.”
Related information
Alberta’s greenhouse gas emissions reduction performance
Oil Sands Greenhouse Gas Emissions Intensity Analysis
BC Hydro has launched two requests for expressions of interest (RFEOI) to explore the next era of the province’s power potential, expand clean-energy resources and advance energy efficiency.
These actions are critical to ensuring a stable, reliable electricity system that supports new housing, businesses and industries while keeping energy costs affordable for people.
“We have a once-in-a-generation opportunity to lead the world in clean energy and we’re acting with urgency to make sure every British Columbian benefits,” said Adrian Dix, Minister of Energy and Climate Solutions. “By expanding our clean-power supply and increasing energy efficiency, we’re securing our power grid, building a resilient electricity system and creating sustainable jobs that drive economic growth.”
The first RFEOI focuses on expanding B.C.’s long-term capacity to meet peak electricity demand as consumption patterns evolve. BC Hydro is seeking ideas on capacity and baseload energy projects, including geothermal, pumped storage and hydroelectric resources. Capacity and baseload projects can reliably deliver firm power and provide backup for intermittent energy projects, such as wind and solar that rely on external, uncontrollable conditions such as the wind blowing or the sun shining to deliver power.
The second RFEOI targets innovation in energy efficiency by identifying partners capable of delivering market-ready technologies that help conserve energy in homes and buildings. Through the RFEOI, BC Hydro seeks to collaborate with industry leaders and forward-thinking organizations to help people in British Columbia save energy and lower costs.
Energy efficiency is the cleanest and least expensive way to meet increasing demand for power. The energy-efficiency RFEOI supports BC Hydro’s comprehensive Power Smart energy savings program and complements BC Hydro’s $700 million expanded Energy Efficiency Plan, which increases investments in tools, technologies and rebates. These initiatives encourage energy-conscious decisions and help customers reduce electricity consumption. BC Hydro estimates that this plan will save customers $80 million annually and deliver more than 2,000 gigawatt-hours of electricity savings by 2030, the equivalent of powering more than 200,000 homes.
“We are looking beyond the near term and opening up exploration of the next chapter of B.C.’s energy future by advancing the dialogue with industry participants and potential partners around clean-technology investments and expanding our leading energy-efficiency programs,” said Chris O’Riley, president and CEO of BC Hydro. “With BC Hydro’s long-standing legacy of delivering clean, reliable power, these initiatives will drive growth, sustainability and energy security, creating new opportunities across British Columbia.”
The information gathered from both RFEOIs will guide future energy planning and procurement strategies. Submissions will close in September 2025.
Both initiatives are part of the recently announced Clean Power Action Plan, an ambitious strategy to strengthen energy security, enhance system resilience and accelerate the transition to clean power. The plan also includes:
launching a second call for power to acquire a target of as much as 5,000 gigawatt-hours per year of energy from large, clean and renewable projects, which builds on the success of the 2024 call for power and resulted in 10 new renewable-energy projects, with First Nations asset ownership between 49% and 51%, capable of powering about 500,000 new homes;
investing more than $12 million from the B.C. Innovative Clean Energy fund in a targeted three-year call for new, made-in-B.C. clean-energy technologies that will combat climate change and create sustainable jobs; and
streamlining connections to B.C.’s grid to enable new homes and businesses to access clean electricity faster and less expensively.
Through these actions, BC Hydro is reinforcing its commitment to delivering clean, reliable energy, supporting British Columbia’s transition to a low-carbon economy and ensuring electricity remains affordable, sustainable and accessible to all residents.
Quick Facts:
The following BC Hydro actions will power more than one million new homes in the coming years:
adding the Site C hydroelectric dam, which will generate enough electricity to power 500,000 homes and increase supply by 8%;
bringing new renewable wind and solar projects into service from the recent call for power, collectively powering 500,000 homes and boosting supply by 8%; and,
expanding investments in energy efficiency, expected to save 2,000 gigawatt-hours of electricity annually, enough to power 200,000 homes.
Learn More:
To learn more about the Province’s plans to power B.C.’s potential, visit: https://www.bchydro.com/poweringpotential
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors in Saskatchewan of an impersonation scam on social media using fake news articles claiming that Prime Minister Mark Carney is endorsing the trading platform Canfirst.
“Do not make investment decisions solely due to a notable figure endorsement,” FCAA Securities Division Executive Director Dean Murrison said. “Scammers can create fraudulent news articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”
Canfirst claims to offer Saskatchewan residents trading opportunities, including stocks, cryptocurrencies and forex.
This alert applies to the online entity using the website “canfirst net” (this URL has been manually altered so as not to be interactive).
Canfirst is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If you have invested with Canfirst, or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.
Tips to protect yourself:
Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
Get a second opinion and seek professional advice about the investment.
Do not allow unknown or unverified individuals to remotely access your computer.
Never make an investment decision based solely on a notable figure endorsement. Scammers often create fake news articles to mimic legitimate media.
Members of the Housing and Social Wellbeing Committee will be told that 243 new houses for affordable social rent were delivered in Perth and Kinross, along with another 30 for mid-market rent, in partnership with local Registered Social Landlords. Thirty-seven of the new homes for affordable social rent are Council new-build properties.
The progress report on the Council’s five-year Local Housing Strategy (LHS) for Perth and Kinross will be considered by Councillors at a meeting on Wednesday 11th June.
The LHS for 2022-2027 sets out the vision, policies and plans that will enable the Council and its community partners to continue the delivery of high-quality housing and housing services for local people. It is an ambitious plan, setting out what homes and communities should look and feel like over the next five years:
The progress report to be considered by the committee outlines a range of other achievements made over the last 12 months across identified priority areas, including:
The Council bought back 116 ex-Council homes to further increase its stock of affordable social housing.
20 empty homes were provided for people in need of accommodation through the Empty Homes Initiative.
A total of 1,413 households were supported to sustain their tenancy through our Tenancy Sustainment Fund, Financial Inclusion Project and Think Yes budget, preventing them from becoming homeless.
We continued to deliver sector-leading outcomes for people who experienced homelessness, helping them into secure, permanent accommodation quickly.
A new Tenant Downsizing Scheme was launched with the aim of freeing up larger homes for households experiencing overcrowding.
We invested £491,700 in 330 minor housing adaptations and 74 major adaptations for local authority tenants, allowing people to living independently in their own homes for as long as they want to.
Our work with SCARF to deliver our Home Energy Advice Team (HEAT) service, provided free and impartial energy efficiency advice to 880 households which resulted in savings for residents, reductions in carbon emissions and removed some residents from fuel poverty.
The report also sets out what our priorities will be for the coming year, including the continued delivery of 1,050 new homes by 2027.
Members of the committee will be asked to note the progress made in 2024/25 and approve the list of priorities set out for the next 12 months.
Committee Convener, Councillor Tom McEwan, said: “The LHS is one of the most important strategies we produce as a Council. Housing plays a vital role in meeting the needs of local people, communities and the economy. Giving people the right housing for them, in the right place and at the right cost, vastly improves their overall life chances.
“The LHS is the framework for how we deliver new housing, improve existing houses across the area, drive down fuel poverty, make sure people live in secure and warm housing, tackle homelessness and reduce the carbon footprint of our area.
“This excellent report highlights the massive amount of work that the Council and our Registered Social Landlord partners have done, and will continue to do.
“I am particularly pleased to see hundreds of new homes for affordable rent added to the local housing stock, which will provide much-needed accommodation for people and families that will change their lives. The Council continues to add significant amounts of new housing to its stock through our new-build and buy-back programmes.
“We are also one of the leading local authorities in Scotland when it comes to preventing and dealing with homelessness. Supporting over 1,400 households to keep their tenancy, avoiding both the stigma and financial cost of homelessness, is a notable achievement.
“Overall, we are making excellent progress under our LHS for 2022-27. We will move forward with ambition and determination to provide high-quality, affordable housing for people, in the areas where they want to live.”
Source: United Kingdom – Executive Government & Departments 3
Press release
Major £4 billion technology investment accelerates UK defence innovation in a European first
More than £3 billion drive towards autonomous systems to shape UK military future and boost export potential, supporting the Plan for Change
UK troops and warships will be protected by drone and laser weapon technology through a major £4 billion investment, as the UK seeks to become the leading edge of innovation in NATO under the Strategic Defence Review (SDR) and driven by lessons from Ukraine.
The major funding package includes more than £3 billion for autonomous systems and a further investment of nearly £1 billion for Directed Energy Weapons (DEW) this Parliament – including the iconic DragonFire laser – boosting frontline capabilities while creating 300 skilled jobs across the country.
DragonFire is set to be the first high power laser capability entering service from a European nation, with the first Royal Navy Type 45 destroyer due to be fitted in 2027.
The SDR recommends that an immediate priority for force transformation should be a shift towards greater use of autonomy. To help achieve this, it says Defence must incorporate uncrewed and autonomous systems in high numbers over the next five years and make targeted investment in the development of novel directed energy weapons.
Today’s autonomous systems investment – of which more than £2 billion is new funding following the Government‘s historic uplift in defence spending to 2.5% of GDP from 2027– will see autonomous systems, including drones improve accuracy and lethality for our Armed Forces, and boost UK export potential.
It comes after major announcements ahead of the SDR publication, including: the building of up to a dozen new attack submarines for the Royal Navy; up to 7,000 new UK-built long-range weapons to procured; at least six new munitions and energetics factories in the UK; more than £1.5 billion to improve the state of military housing; and more than £1 billion for pioneering technology to spearhead battlefield engagements.
The new DEW capabilities will give the UK an edge, creating low cost and sustainable alternatives to missiles to shoot down targets, such as drones, at the speed of light, reduce collateral damage and have a low-cost per shot, reducing reliance on expensive ammunition.
The systems will be tailored to the conditions in which they will operate – whether at sea, on land, or in the air – and will work alongside crewed assets, such as current and future fighter jets.
Both investments reflect the SDR’s vision for UK innovation to be driven by the lessons from Ukraine – harnessing drones, data and digital warfare to make our Armed Forces stronger and safer.
The SDR sets a path for the next decade and beyond to transform defence and make the UK secure at home and strong abroad. It ends the hollowing out of our Armed Forces and will also drive innovation, jobs and growth across the country, allowing the UK to lead in a stronger NATO as part of this Government’s Plan for Change.
Defence Secretary, John Healey MP said:
These investments will mean the most significant advance in UK defence technology in decades. We will ensure our Armed Forces have the cutting-edge capabilities they need to meet the challenges of a rapidly changing world.
We are delivering the Strategic Defence Review’s vision to put the UK at the leading edge of innovation in NATO, by backing British industry and fast-tracking the kit of the future into the hands of frontline troops.
This Government’s Plan for Change will harness the benefits of technology, create hundreds of new jobs and make defence a powerful engine for economic growth.
Chancellor of the Exchequer, Rachel Reeves said:
A strong economy needs a strong national defence. That’s why we are delivering the biggest sustained increase in defence spending since the Cold War—putting innovation and industrial strength at the centre of our national security strategy.
Additional funding for autonomous systems maximises the defence industry’s potential to drive long term economic growth and productivity – helping us deliver our Plan for Change while keeping the UK safe.
A new DEW will be created for the British Army this decade, alongside DragonFire being integrated on four Royal Navy warships, with the first ship due to be fitted in 2027, forming part of a layered air defence system to better protect UK forces while reducing collateral damage and reducing reliance on expensive ammunition.
DEW technology already supports 200 high-skilled UK jobs, with a further 300 positions to be created across the Ministry of Defence and industry partners. It’s another example of defence as an engine for UK economic growth, delivering on the Plan for Change.
In addition, a new Drone Centre will be established to accelerate exploitation of small, uncrewed air systems across all three military services, helping to deliver them to the front line faster.
The Centre will provide a central knowledge base to tackle any emerging legislative changes, develop best practice and better manage the interaction with industry. Crucially, it will apply battlefield lessons from Ukraine where drones now kill more people than traditional artillery. Detailed organisational arrangements will be developed over the coming months.
During the SDR process, 1,700 individuals, political parties, and organisations submitted more than 8,000 responses. 200 companies provided written contributions, more than 120 senior experts took part in the review and challenge panels, and nearly 50 meetings took place between the Reviewers and our senior military figures.
Source: United Kingdom – Executive Government & Departments
Correspondence
DfE Update: 4 June 2025
Latest information and actions from the Department for Education about funding, assurance and resource management, for academies, local authorities and further education providers.
Headline: Governor Stein Announces Amazon Plans to Invest $10 Billion in North Carolina for AI Infrastructure
Governor Stein Announces Amazon Plans to Invest $10 Billion in North Carolina for AI Infrastructure lsaito
Raleigh, NC
Today Governor Josh Stein announced that Amazon is planning to invest $10 billion to launch a new high-tech cloud computing and artificial intelligence (AI) innovation campus in Richmond County, creating at least 500 new high-paying, high-tech jobs.
“Artificial intelligence is changing the way we work and innovate, and I am pleased that North Carolina will stay at the forefront of all that’s ahead as we continue to attract top technology companies like Amazon,” said Governor Josh Stein. “Amazon’s investment is among the largest in state history and will bring hundreds of good-paying jobs and an economic boost to Richmond County.”
Amazon Web Services (AWS) is the world’s most comprehensive and broadly adopted cloud computing solution, and its data centers enable customers of all sizes and across all industries, such as automotive, health care, manufacturing, financial services, public sector, and more, to transform their businesses. The new data centers will contain computer servers, data storage drives, networking equipment, and other forms of technology infrastructure used to power cloud computing capabilities and generative AI technologies. North Carolina’s business-friendly environment, abundance of infrastructure resources, availability of skilled labor, and growing technology sectors made it a natural hub for building world-class data center infrastructure.
“Amazon’s $10 billion investment in North Carolina underscores our commitment to driving innovation and advancing the future of cloud computing and AI technologies,” said David Zapolsky, Amazon’s Chief Global Affairs and Legal Officer. “This investment will position North Carolina as a hub for cutting-edge technology, create hundreds of high-skilled jobs, and drive significant economic growth. We look forward to partnering with state and local leaders, local suppliers, and educational institutions to nurture the next generation of talent.”
“I am excited for Amazon’s $10 billion investment in our community,” said Senator David Craven. “This project will bring hundreds of good-paying jobs and significant investment to our area for many years to come.”
“Richmond County is delighted to welcome Amazon to our community,” said Representative Ben Moss. “The new jobs created by this facility will change hundreds of lives for the better. Rural communities like ours can lead the way in technology advancements, including artificial intelligence, which is an ever-increasing presence in the world.”
“The Richmond County, NC Board of County Commissioners, is pleased to announce and welcome Amazon as our newest corporate partner,” said Richmond County Board of Commissioners Chairman Rick Watkins. “Their selection of the Energy Way Industrial Park represents the largest Cap-ex investment in the history of North Carolina and will serve as a catalyst to transform the local economy, provide high paying jobs for citizens, and improve the quality of life for all residents. We stand ready to work together with Amazon as they continue to build capacity and innovate their cloud computing platform. Working together, our possibilities are limitless!
74Software joins Euronext Tech Leaders, the initiative for high-growth and leading Tech companies
Paris, June 4, 2025 – 74Software is delighted to announce its inclusion in the Euronext Tech Leaders segment, an initiative dedicated to supporting high-growth and leading tech companies. This significant recognition validates the continuous commitment of the company to excellence in entreprise software development and its contribution to digital innovation for nearly 25 years.
Launched in June 2022, the Euronext Tech Leaders initiative is backed by a strong network of partners and aims to highlight high-growth and leading tech companies listed on Euronext markets. It features a segment of 110 European companies, an index tracking their performance, and a dedicated programme of services and visibility opportunities designed to support them throughout their listing journey.
This announcement follows the 2025 annual review of the Euronext Tech Leaders segment, which saw eight new companies added across diverse sectors including Aerospace & Defence, Biotech, Cleantech, Hardware and Software.
In addition to joining the Euronext Tech Leaders Index, members benefit from a range of services and exclusive access to investor forums and conferences across Europe, providing valuable networking opportunities.
For more information on the criteria for inclusion in the Euronext Tech Leaders segment, please visit the Euronext Tech Leaders criteria.
74Software looks forward to the opportunities this inclusion brings and to leveraging the resources and network provided by the Euronext Tech Leaders initiative to accelerate growth and innovation in the tech sector.
About 74Software
74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com
The Department of Electricity and Energy has confirmed the integrity of the outcome of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP).
This after a political party in Parliament raised concern about the five preferred bidders chosen under Bid Window 3 of the BESIPPPP last week.
“The Minister [Kgosientsho Ramokgopa] wishes to reaffirm that the procurement process was conducted under the established frameworks of the Independent Power Producer Office [IPPO], guided by the principles of transparency, competitiveness, and value for money.
“The process was subject to rigorous legal, technical, and financial due diligence, consistent with national legislation and the prescripts of the Constitution of the Republic of South Africa, including the objectives of ensuring that public procurement fosters inclusive growth for previously marginalised communities, including women and youth,” the department said.
Some 10 bid windows have been undertaken since the IPPO’s inception which has brought at least R292 billion infrastructure investment in renewable energy projects that reached financial close.
“R112 billion [has been] recorded as the actual spend on Broad Based Black Economic Empowerment [BBBEE], representing 74% of the total procurement. The local content spent [actual] reached R81.2 billion by December 2024.
“The shareholding of Black South Africans has now reached 38.1% with 8.8% held by local communities. Over R4 billion has been invested in socio-economic and enterprise development programmes with over 90 000 employment opportunities created in construction and operation stages
“In addition, 147.2 million kilolitres water savings was achieved since programme inception, with 124.5 Mton CO, offset by electricity generated by these projects. These significant investments in South Africa and her people, was achieved without a single finding of fraud, corruption and malfeasance,” the department said.
The department noted concerns raised about the process and added that the Minister “welcomes robust democratic scrutiny and regards public accountability as a cornerstone of good governance”.
“In this spirit, and in full recognition of Parliament’s oversight role, the Minister will formally write to the Chairperson of the Portfolio Committee on Electricity and Energy to request that the department and the IPPO be granted an opportunity to brief the committee on the appointment process and respond to any concerns that may be raised by Members of Parliament,” the department said.
In addressing the allegations put forward by the MK Party, Minister Ramokgopa affirmed the department’s commitment to integrity. “We remain committed to ensuring that all procurement conducted under the department’s auspices is beyond reproach and reflects the highest standards of probity and public trust,” he said.
Citizens with “concrete evidence of wrongdoing” are urged to submit such information through the appropriate legal and institutional channels.
“Furthermore, the Minister emphasised government’s willingness to engage constructively with all stakeholders, including political parties, civil society and industry, in strengthening the integrity and developmental impact of South Africa’s energy programmes,” the department said. – SAnews.gov.za
The establishment of the R100 billion Transformation Fund marks a significant step towards addressing the historical funding gaps that have hindered the growth of black-owned businesses in South Africa.
This is according to the Acting Deputy Director-General (DDG) of Transformation and Competition at the Department of Trade, Industry and Competition, Susan Mangole.
She was part of a delegation led by the Deputy Minister of Trade, Industry and Competition, Zuko Godlimpi, who briefed the Portfolio Committee on Trade and Industry during a virtual meeting on the work the department has undertaken so far to set up the fund.
In March, the department published a draft concept document on the Transformation Fund and called for public comments in a period that ended on 28 May 2025. The department further undertook a public engagement process which targeted different stakeholders to elicit their inputs into the document.
During the briefing, Mangole emphasised that the fund does not seek to bring additional tax burdens on businesses or any other requirements beyond mechanisms that already exist in line with the Section 11(2)(b) of the Broad-Based Black Economic Empowerment (B-BBEE) Act 2003.
“The Transformation Fund will be anchored by the B-BBEE policy provisions and therefore the R100 billion over the next five years will be sourced from the Competition Commission’s public interest commitments, Enterprise and Supplier Development (ESD) funds, Equity Equivalent Investments from multinational companies, and other government funding initiatives,” Mangole said.
In her presentation, Mangole highlighted some of the inputs received during the window of the public participation process and indicated the department is currently reviewing them.
“Some of the comments and inputs received include a call for clarity on how the fund will work with existing ESD funds, particularly those that are well functioning, a clear transformation index on how to measure the impact of the fund and that it must be complemented by compliance by big corporations in terms of market access, technical skills development, infrastructure development and support, and other non-financial support,” Mangole said.
She added that a partnership between government and the private sector in administering the fund and an oversight committee consisting of nine members from both sides will be established to provide oversight in the running of the fund. – SAnews.gov.za
The Human Sciences Research Council (HSRC), on behalf of the Department of Science, Technology and Innovation, is calling on South African businesses to participate in two of its business innovation surveys, starting on 5 June 2025, across all nine provinces.
The South African Business Innovation Survey (BIS) and the Agricultural Business Innovation Survey (AgriBIS) will gather crucial data on how firms in the industry, services, and agriculture sectors are innovating.
“In a dynamic and challenging economic landscape, with rising input costs, funding constraints, and shifts in global trade dynamics, understanding how, why, and when businesses do not innovate is ever more vital.
“The data intends to support evidence-based policymaking and at the same time allow businesses to benchmark their innovation activity and outputs relative to their industry,” a statement issued by the council said.
According to the Executive Head of the HSRC’s Centre for Science, Technology and Innovation Indicators (CeSTII), Dr Glenda Kruss, South Africa has not made significant progress in transforming the structure of its economy to sustainably generate higher incomes and wealth for all.
“Economists propose the need for building dynamic sectoral clusters, which can link skills development, build technological capabilities such as design, testing, and prototyping, and support firms to pool resources, create economies of scale, and develop markets.
“Understanding South African firms’ innovation and technological capabilities provides critical data to inform collective action, towards public and private investment that can promote our own dynamic sectoral clusters,” said Kruss.
Businesses will be contacted to find out information about what innovations took place during the period 2022–2024, how innovations occur at the firm level, and what can be done to enhance innovation and production capabilities.
Department of Science, Technology and Innovation’s Chief Director for Science and Technology Investments, Kgomotso Matjila, leads the department’s team responsible for commissioning the surveys.
“To grow an inclusive economy in South Africa, that is also productive and competitive, we need to design and provide the right kinds of support to incentivise and stimulate innovation investments by firms. For this, our national innovation surveys are an essential source of evidence,” said Matjila.
Fieldwork for both surveys will be conducted by HSRC’s partner, Sigma Kairos Research and Consulting.
Their fieldworkers will contact business leaders and managers to complete the surveys online or via telephone interview.
The HSRC extends its sincere thanks in advance to the South African business community, as we all work together to expand innovative solutions to drive structural change and shape the future of South Africa’s economy. – SAnews.gov.za
The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal to freeze an immovable property located at Midstream Estate, in Gauteng.
This is pending the finalisation of civil proceedings into the alleged misuse of funds allocated by the National Lotteries Commission (NLC).
The order interdicts Israel Mathibe, Smart Safety PPE and any other party from selling, disposing, leasing, encumbering (including by granting rights of retention), transferring, donating or dealing in any manner whatsoever to the immovable property.
The SIU said their investigation revealed that funds intended for community projects, including agricultural development and old-age homes, were diverted to purchase the property through a network of non-profit companies (NPCs) and private entities.
SA Youth Movement NPC received R23 million for old age homes in rural provinces, but later paid R1.6 million to Smart Safety PPE, which contributed R1.6 million to the property purchase.
Malusi We Sizwe NPC received R13 million for an agricultural project in KwaZulu-Natal but transferred R896 980 to Trizaflo (Pty) Ltd, which then paid R2.1 million toward the property.
The property was registered under Smart Safety PPE, with Alfred Mzwakhe Sigudhla the then director of Smart Safety PPE, signing key transaction documents.
Sigudhla, who is cited in the Tribunal order, serves as the Chairperson of the SA Youth Movement NPC, which received R23 million from the NLC for old age homes in rural provinces.
He signed the grant agreement on 15 September 2017, and a diversion for an additional R7.5 million on 21 May 2019, despite a lack of proof of project delivery.
In October 2018, he signed as a Director of Smart Safety PPE in bank agreements and later remained an “interested party” on the company’s bank account after being replaced by another Director.
Additionally, he authorised payments amounting to R1.6 million from SA Youth Movement NPC to Smart Safety PPE, which were used to purchase the Midstream property, for which he signed the offer to purchase on 23 October 2019 on behalf of Smart Safety PPE.
“The order of the Special Tribunal is part of implementing SIU investigation outcomes and consequence management to recover financial losses suffered by State institutions because of corruption or negligence.
“The order forms part of a broader investigation into corruption involving NLC grants intended for community development projects,” the SIU said.
The SIU is empowered to institute a civil action in the High Court or a Special Tribunal to correct any wrongdoing uncovered during investigations caused by corruption, fraud, or maladministration.
In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU refers any evidence pointing to criminal conduct it uncovers to the National Prosecuting Authority (NPA) for further action. – SAnews.gov.za