KwaZulu-Natal Premier Thamsanqa Ntuli has reaffirmed the Council Against Crime’s (CAC) central mission to foster inter-sectoral collaboration, implement proactive interventions, and drive community-centred crime prevention strategies across the province.
Speaking in his capacity as Chairperson of the CAC, Ntuli led the Council’s third official sitting at the Archie Gumede Conference Centre in Mayville, west Durban.
The meeting, held on Tuesday, brought together law enforcement leaders, including government officials, and community representatives to strengthen KwaZulu-Natal’s united front in the fight against crime.
Established in November 2024, the Council Against Crime has become a key instrument in KwaZulu-Natal’s mission to tackle rampant crime, stem illegal activities, and ensure public safety.
A significant milestone of the sitting was the formal adoption of the Council’s Terms of Reference (TORs), a strategic framework that will guide the Council’s mandate, ensure accountability, and track measurable progress.
Ntuli commended the collaborative efforts of all stakeholders, especially during the 2025 Easter period, where coordinated law enforcement operations contributed to a notable sharp decline in road fatalities – from 47 in 2024 to 27 in 2025.
He also acknowledged the critical role played by the South African Police Service (SAPS), including traffic enforcement teams, and responsible road users, who contributed to a safer holiday period.
However, Ntuli warned that while progress has been made, more work remains, as the province was still faced with growing criminal acts.
“We are still faced with growing threats including cash-in-transit heists, cybercrime, and the continued scourge of gender-based violence and femicide. The recent murder of Sergeant Sanele Dlamini, a member of the Presidential Protection Services, is a painful reminder of the dangers our officers face,” Ntuli said.
The Premier further raised concern about the socio-economic impact of illegal immigration, reaffirming the province’s determination to implement its offensive under the slogan “Engangeni ngesango iyafohla” [He who does not come through proper channels is forcing].
He emphasised that no developing country can thrive while its systems are undermined by unchecked, unlawful migration.
Ntuli called for a collective attitude shift within communities, noting that lasting change requires both enforcement and societal transformation.
“Without peace and stability, we cannot grow our economy, create jobs, or end poverty. The people of KwaZulu-Natal are depending on this Council to help realise their aspirations for a safer, more dignified life,” Ntuli said.
As KwaZulu-Natal battles complex criminal threats, the Premier added that Council Against Crime is positioned as a catalyst for restoring public confidence, enhancing safety, and building a crime-free province for all. – SAnews.gov.za
Tourism isn’t just about breath-taking landscapes and unforgettable experiences — it’s also a powerful engine for job creation and economic growth.
This was the message from Tourism Minister Patricia de Lille at the opening of the Middle East Africa (MEA) Future Leaders Challenge South Africa, held this week in Johannesburg.
“Tourism plays a significant role in our economy and has the potential to create many more jobs,” de Lille told attendees, which comprised tourism entrepreneurs, students, and industry experts.
“But to truly unlock that potential, we need a skilled, adaptable workforce, especially among our youth,” the Minister said.
De Lille believes a big part of the solution to youth unemployment lies in bridging the skills gap through targeted education and innovation.
“We must develop and harness critical skills like digital literacy, AI-driven customer service, digital marketing, data analytics, and sustainability. These are no longer optional; they are essential,” she said.
The event, which brought together rising stars from 18 tourism and hospitality schools, is part of the G20 Tourism Hackathon, aimed at finding creative, tech-forward solutions for the tourism industry. According to De Lille, initiatives like these are vital to preparing the next generation of tourism leaders.
“We must empower our youth not just with skills, but with mentorship and real leadership opportunities. Let’s transform our young people into the job creators of tomorrow.”
The Department of Tourism is currently reviewing training and development strategies in line with the National Tourism Sector Strategy and other national growth frameworks. A key focus is ensuring that education aligns with industry needs, particularly in a post-pandemic world where digital nomadism and remote work are reshaping global travel trends.
“South Africa must learn from countries like the UAE, Brazil, Ethiopia, and India, who are embracing Digital Nomad Tourism. We need reliable infrastructure—think seamless mobility, fast internet, and remote work hubs. These are deal-breakers for modern travellers,” De Lille explained.
She emphasized that this transformation cannot happen in isolation.
“Public-private partnerships are vital. We need businesses, universities, and government to collaborate, invest in skills training, and create jobs. This isn’t just about tourism; it’s about our future.”
With the rise of experiential travel and the global shift toward working while exploring, South Africa has a golden opportunity to position itself as a top destination for digital nomads and skilled young professionals alike.
“The world is changing. Let’s ensure our youth are ready to lead that change,” said De Lille. – SAnews.gov.za
Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen First Nations), May 07, 2025 (GLOBE NEWSWIRE) — Westland Insurance today announced that its newly launched benefits brand, Westland Benefits, has acquired Sagium Health Strategies Inc. (Sagium Health) effective May 1. This strategic acquisition expands Westland Benefits’ position in the benefits and health insurance sector and grows its presence in Alberta.
Sagium Health, located in Calgary, specializes in providing employee benefits and private healthcare solutions tailored to the needs of individuals and small to mid-sized companies. The firm is known for bridging unique individual and employer needs through its bespoke health programs and comprehensive group benefits offerings.
“We’re very excited to welcome Sagium Health to the Westland Benefits team,” says Matt Mann, President of Westland Benefits. “The acquisition of Sagium Health is a pivotal step in our commitment to delivering exceptional benefits solutions to our clients. By integrating Sagium’s expertise and innovative offerings, we’re poised to enhance our service delivery and expand our reach in the Alberta market.”
Greg Guderyan, President & CEO of Sagium Health, added, “Joining forces with Westland Benefits allows us to leverage their extensive resources and network, enabling us to provide even more comprehensive solutions. We look forward to this new chapter and the opportunities it brings for our team and our clients.”
Westland continues to invest in and grow its business in Canada, both organically and through strategic acquisitions.
-30-
About Westland Benefits
Westland Benefits is the dedicated employee benefits division of Westland Insurance Group, one of Canada’s largest and fastest growing insurance brokerages. Combining the personalized service of a boutique advisory firm with the reach and resources of a national broker, Westland Benefits delivers tailored, people-first solutions that support employee well-being and business performance. With deep expertise and a high-touch approach, Westland Benefits helps organizations navigate the evolving benefits landscape with confidence. As part of the Westland family, Westland Benefits is committed to empowering Canadian businesses through trusted advice and innovative benefits strategies. For more information, please visit our website.
About Westland Insurance Group
Westland Insurance Group is one of the largest and fastest growing insurance brokers in Canada. Trading over $4 billion of premium, Westland continues to expand coast to coast. Westland’s brokers provide expertise and advisory-based services across commercial, personal, employee benefits, farm, and specialty insurance segments. The company’s mission is to protect individuals, businesses, and communities across Canada with trusted advice and tailored insurance solutions. As a Canadian-based company, Westland is proud to support local communities, Canadian jobs, and a strong economy. For more information, please visit westlandinsurance.ca.
DALLAS, May 07, 2025 (GLOBE NEWSWIRE) — A new Restb.aiWhite Paper released today analyzes more than 1,200 real estate appraisals to reveal for the first time over $27 billion in potential hidden financial risk tied to flawed property condition and quality adjustments – exposing a major blind spot in the real estate and mortgage ecosystem.
The new Restb.ai study uncovers widespread inconsistencies and transparency issues in how appraisers assess and adjust for a property’s physical condition and quality, two factors that directly impact property valuation, borrower equity, and lender risk. Crucially, the White Paper provides deep insight into how appraisers can leverage computer vision to mitigate risks using objective image-based scoring to detect and justify condition and quality adjustments with greater precision.
The study’s findings echo recent warnings from Fannie Mae, which identified condition and quality misreporting as one of its top three appraisal quality concerns.
“The scale of flawed condition and quality adjustments in appraisals is bigger than most people realize,” said Nathan Brannen, Chief Product Officer at Restb.ai. “Most AMCs and lenders simply don’t have a quick and easy way to check for these issues, so they ignore the problem and hope for the best. AI finally offers a solution to efficiently manage this risk.”
Unlocking new findings from appraisals Using its proprietary computer vision technology, Restb.ai analyzed 1,271 appraisals and 6,495 comparable properties and uncovered:
1 in 3 appraisals contains a major risk tied to condition or quality adjustments that don’t match the actual property.
Nearly 3 out of 4 appraisals show warning signs of inconsistencies that could lead to inaccurate valuations.
Most homes were lumped into just two categories for condition (86%) and quality (97%), making it difficult to identify the real differences that could affect property value.
Adjustments were made even when properties had identical condition or quality scores – 11.8% for condition and 5.3% for quality – raising questions about consistency and transparency.
The study warns that these patterns can lead to systematic overvaluations or undervaluations, which carry legal, reputational, and financial risks for lenders and appraisal management companies.
Supporting appraiser empowerment to reduce risk The Restb.ai White Paper on quality and condition findings come at a pivotal moment as the GSEs advance appraisal modernization and shift toward component-based scoring. The study provides indisputable statistical evidence demonstrating that AI-powered computer vision is a vital resource for appraisers – helping them tackle one of the industry’s most persistent and historically costly challenges with greater consistency, precision, and confidence.
“Automated, scalable risk detection is no longer a luxury – it’s now a necessity,” said Tony Pistilli, President, Valuation at Restb.ai. “By integrating computer vision into appraisal workflows, high-risk files can be flagged by lenders earlier, protect against repurchase claims, and promote fairer outcomes for consumers.”
The White Paper shows that implementation of AI tools can improve appraisal quality, enhance compliance, and align with evolving GSE requirements, ultimately supporting a more stable and equitable housing finance system.
About Restb.ai Restb.ai, the leader in AI-powered computer vision for real estate, provides image recognition and data enrichment solutions for many of the industry’s top brands and leading innovators in the mortgage industry with AI solutions for valuations and appraisals. Its advanced AI-powered technology automatically analyzes property imagery to unlock visual insights at scale – including property conditions – empowering mortgage, valuation, and appraisal firms with relevant and actionable property intelligence. Its proprietary artificial intelligence technology transforms property imagery into actionable insights, helping clients unlock new value from visual data and providing deep insight into each of the 1 million property photos uploaded daily.
SINGAPORE, May 07, 2025 (GLOBE NEWSWIRE) — In response to growing global demand for high-performance, user-centric trading platforms, BexBack, a fast-growing cryptocurrency derivatives exchange, is transforming how traders approach the crypto market. Offering up to 100x leverage, support for 50+ major cryptocurrencies, and a no-KYC policy, BexBack delivers unmatched accessibility and trading freedom to users worldwide.
Backed by industry-grade security and regulatory compliance, BexBack enables traders to access high-leverage futures contracts with ease, regardless of location or experience level. New users are welcomed with a 100% deposit bonus and a $100 Trading bonus, both designed to reduce entry barriers and enhance capital efficiency.
“BexBack was created with a simple goal: to empower traders everywhere with unrestricted access to leveraged crypto markets,” said Amanda, Business Manager at BexBack. “We’ve eliminated complex verification steps, added generous bonus incentives, and built a platform that’s fast, secure, and globally inclusive.”
Key Features of BexBack
100x Leverage on 50+ Crypto Contracts Trade perpetual futures on top assets like BTC, ETH, XRP, ADA, SOL, and more with up to 100x leverage.
No KYC Required Register and start trading instantly with just an email address — no personal ID or verification needed.
100% Deposit Bonus Users can double their initial deposit by applying for the deposit bonus. While not withdrawable, the bonus can be used as margin to increase trading flexibility and reduce liquidation risk.
$100 Trading Bonus Traders who deposit at least 0.01 BTC or 1000 USDT and complete their first trade can claim an additional $50 in bonus funds.
Zero Spread Execution Execute trades without slippage or price spread, ensuring maximum transparency and fairness.
Risk-Free Demo Account Practice strategies with 10 BTC or 1M USDT in virtual funds before entering the live market.
Advanced Security Protocols BexBack protects user assets with multi-signature cold wallet storage, SSL encryption, 2FA authentication, and DDoS protection.
U.S. MSB Registered The platform operates under a U.S. FinCEN-registered Money Services Business (MSB) license, demonstrating its commitment to regulatory transparency and operational integrity.
Built for All Levels of Traders
From beginners exploring their first crypto trade to experienced futures traders seeking high leverage and full privacy, BexBack serves a broad spectrum of users. Its intuitive interface, multilingual support, and round-the-clock service make it an ideal choice for anyone looking to maximize opportunities in the volatile crypto market.
Start Trading Today
Users can register in under a minute at www.bexback.com, claim their bonuses, and begin trading with full control and zero restrictions.
About BexBack
BexBack is a global cryptocurrency derivatives platform offering perpetual futures contracts on more than 50 leading digital assets. Launched in May 2024 and headquartered in Singapore, BexBack prioritizes user privacy, security, and trading efficiency. The platform supports clients across the U.S., Europe, Asia, and beyond, and is fully compliant as a registered Money Services Business (MSB) under U.S. FinCEN guidelines.
With 100x leverage, no KYC onboarding, and powerful trading tools, BexBack is redefining the crypto trading experience for the next generation of traders.
Disclaimer: This content is provided by BexBack,The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
Today, the Prime Minister, Mark Carney, concluded his visit to Washington, D.C., where he met with the President of the United States of America, Donald J. Trump.
Prime Minister Carney thanked President Trump for his welcome and hospitality, and the spirit and substance of their extensive discussions. The Prime Minister underscored with the President that Canada and the United States are stronger when we work together.
Prime Minister Carney and President Trump discussed the immediate trade pressures facing their nations. The Prime Minister stated Canada’s openness to building a new economic and security relationship with the United States – based on respect, built on common interests, and to the benefit of both nations.
To that end, the Prime Minister and the President agreed to continue discussions over the coming weeks. They looked forward to meeting next month at the G7 Summit in Kananaskis.
As the Prime Minister returns to Canada, he remains focused on reinforcing Canada’s strength at home. His new government will transform border security, Arctic security, and Canada’s investments in national defence. They will build an economy that creates jobs, grows incomes, and withstands shocks – the strongest economy in the G7.
Source: United States House of Representatives – Congressman Mike Ezell (Mississippi 4th District)
Ezell Applauds House Natural Resources Committee for Advancing Pro-Energy, Pro-America Budget Measures
Congressman Mike Ezell (MS-04) released the following statement after the House Committee on Natural Resources advanced provisions in the budget reconciliation process aimed at unleashing American energy dominance—answering President Donald Trump’s call to restore commonsense, science-based energy policies.
“South Mississippi understands the value of energy and forestry jobs—and the importance of managing our natural resources responsibly,”Ezell said.“From the Gulf’s offshore rigs to our longleaf pine forests, American energy and timber mean American jobs, lower costs, and stronger national security. That’s why I’m proud to support the Natural Resources Committee’s efforts to restore American resource dominance. These policies are rooted in science, backed by sound economics, and focused on unlocking the full potential of what our land and waters provide—safely and responsibly. This is the kind of leadership hardworking Americans have been waiting for.”
Through this reconciliation package, the Committee is advancing policies that will:
Expand access to domestic energy production, including oil, gas, and minerals;
Reduce burdensome regulations that hold back job creators and energy producers;
Promote proper forest management and generate revenue through long-term leasing of federal lands for sustainable timber harvesting;
Generate more than $18.5 billion in federal savings and new revenue;
Strengthen America’s position as a global energy leader.
Ezell remains committed to supporting policies that unlock economic growth, promote energy innovation, and reduce dependence on foreign adversaries.
Home » Latest News » Summit set to attract new hotels, boost the economy and create jobs
The district of Canterbury is the place to invest in new hotels – that’s the message behind the Canterbury Hotel Summit being held this Friday (9 May), designed to bring more investment to the district and boost jobs.
Hosted by Canterbury City Council, the event is being paid for by the UK Shared Prosperity Fund (UKSPF). It is part of an ongoing collaboration with Locate in Kent, the county’s inward investment agency. The summit is being held at Canterbury Christ Church University, and will seek to:
Attract new hotel development
Build a strong project pipeline
Identify and overcome investment barriers
Support job creation and regeneration
The council’s Cabinet Member for Economic Development and Inclusion, Cllr Chris Cornell, said: “This summit is a unique opportunity to set the groundwork for Canterbury’s future in hospitality. With the Choose Canterbury initiative, we’re committed to fostering an environment that attracts quality hotel investments, supporting both our local economy and our growing visitor base.
“By collaborating with partners across the public and private sectors, we can drive meaningful change and sustainable growth.”
Business Development Manager for Locate in Kent, Charles Hutchings-Lawrence, said: “Locate in Kent is excited to work alongside Canterbury City Council to attract and support hotel investors looking to expand in Kent.
“Canterbury’s combination of cultural appeal, academic excellence, and strategic location makes it a prime destination for the hotel industry. We look forward to collaborating on a long-term strategy that positions Canterbury as a key player in the hospitality sector.”
The Canterbury Hotel Summit will bring together organisations key to driving future hotel investment in the district, including universities, local business leaders in hospitality and tourism, and strategic-site developers.
Core partners including Visit Canterbury, Visit Kent and the award-winning Canterbury Business Improvement District (BID) will also join to explore what needs to be done to further grow the district’s visitor economy through hotel investment.
Canterbury district, which includes the historic city of Canterbury and the vibrant coastal towns of Whitstable and Herne Bay and a host of picture postcard villages, is one of the most visited areas of Kent welcoming over 7.2 million visitors annually. Tourism accounts for 16% of total jobs and generates £392 million in visitor spend annually.
With its rich heritage, vibrant arts and cultural scene – including year-round events and festivals – plus stunning coastline, it’s no surprise that investors are choosing Canterbury.
Canterbury’s UNESCO World Heritage status and strong visitor numbers – for both the leisure and business markets – continue to drive demand.
Several new hotels have opening or are in development across the Canterbury district. Recent arrivals include Hampton-by-Hilton with several other hotel projects in the pipeline, including both boutique and branded hotels.
Source: People’s Republic of China – State Council News
BEIJING, May 7 — China’s monetary and financial authorities on Wednesday unveiled a raft of supportive measures, including policy rate and reserve requirement ratio (RRR) cuts, as the country stepped up efforts to stabilize markets and sustain economic recovery amid external headwinds.
In one of its key policy actions, the People’s Bank of China (PBOC), the country’s central bank, announced an RRR cut of 0.5 percentage points for eligible financial institutions from May 15. Notably, the RRR for auto financing and financial leasing companies will be slashed from 5 percent to 0 percent.
PBOC Governor Pan Gongsheng told a press conference that this move is expected to provide the financial market with roughly 1 trillion yuan (about 138.9 billion U.S. dollars) in long-term liquidity.
PBOC on Wednesday also announced its decision to cut the rate for seven-day reverse repos by 0.1 percentage points starting Thursday to better implement the moderately loose monetary policy and enhance support for the real economy.
Pan said this policy rate reduction is expected to result in the loan prime rate (LPR), a market-based benchmark lending rate, dropping by 0.1 percentage points.
More financial support, meanwhile, will be given to sectors including tech innovation, service consumption and elderly care via relending — with relending rates lowered by 0.25 percentage points from Wednesday, the central bank said.
These announcements followed a high-level meeting of Chinese policymakers in late April that called for faster implementation of more proactive and effective macro policies, ample liquidity and stronger support for the real economy, after an encouraging 5.4-percent GDP expansion witnessed in the first quarter of 2025.
“The foundation for China’s sustained economic recovery needs to be further consolidated, and the country faces an increasing impact from external shocks,” said the meeting of the Political Bureau of the Communist Party of China Central Committee.
Pan said Wednesday’s policy decisions will steadily lower overall social financing costs, boost market confidence, and effectively support stable expansion of the real economy.
CAPITAL MARKET BOOST
Also speaking to the press, Wu Qing, head of the China Securities Regulatory Commission (CSRC), pledged efforts to keep capital markets stable and active, noting that the commission will help listed companies affected by tariffs cope with challenges.
Relevant authorities will support listed companies in using various financing instruments such as equities, bonds and real estate investment trusts (REITs) to conduct direct financing, and encourage eligible domestic enterprises to pursue overseas listings in compliance with laws and regulations, Wu told the media.
Financial institutions and tech firms, as well as private equity and venture capital firms, will be allowed to issue technological innovation bonds, with funds raised in this manner earmarked for investment and financing in the innovation sector, according to a statement jointly released by the PBOC and the CSRC on Wednesday.
To further bolster the capital market, the central bank said it will combine the quotas of its two monetary policy tools to make them more convenient and flexible — thereby strengthening the inherent stability of the capital market.
The Securities, Funds and Insurance companies Swap Facility (SFISF), with an initial scale of 500 billion yuan, and the 300-billion-yuan relending facility that supports stock buybacks and shareholding increases, will be operated under a shared quota of 800 billion yuan from Wednesday onwards.
At the same press conference, Li Yunze, head of the National Financial Regulatory Administration, said the administration will continue to expand the pilot program for long-term investment by insurance funds.
An additional 60 billion yuan in quotas is expected to be approved in the near term, injecting fresh liquidity into the market, Li revealed.
“We have solid economic fundamentals, sound macro policies, and reliable institutional guarantees, all injecting much-needed certainty into China’s economy and capital markets amid global uncertainties,” Wu said.
PROPERTY MARKET CONSOLIDATION
Chinese authorities will also expedite the rollout of a series of financing systems aligned with the new development model of its property sector, reinforcing efforts to stabilize the property market, Li said at the media conference.
Loans approved for China’s “white list” real estate projects have reached 6.7 trillion yuan, which facilitated the construction and delivery of over 16 million homes, significantly stemming the property sector downturn and restoring market stability, Li said.
An official survey covering 70 major Chinese cities showed that commercial home prices in March this year had risen in more cities compared with a month earlier, as transactions in the real estate market revealed greater vibrancy.
To consolidate this trend, PBOC said it will lower interest rates on personal housing provident fund loans by 0.25 percentage points starting Thursday.
This adjustment is expected to save homeowners more than 20 billion yuan per year in terms of interest payments, thus supporting the rigid demands of Chinese households, Pan told the press.
Source: People’s Republic of China – State Council News
BEIJING, May 7 — As China and the European Union (EU) mark 50 years of diplomatic ties in 2025, their economic partnership is showing renewed strength and resilience, even against the backdrop of mounting global uncertainties.
Bilateral trade has expanded more than 320-fold over the past five decades, now standing at around 780 billion U.S. dollars, according to China’s General Administration of Customs (GAC).
In the first quarter (Q1) of this year, trade between the two sides reached 1.3 trillion yuan (about 180.5 billion U.S. dollars), up 1.4 percent year on year. This translates to over 10 million yuan in trade every minute.
Behind these figures lies not just massive trade volume, but increasingly diversified and innovation-led cooperation.
In Q1, China’s imports of advanced equipment from the EU jumped 30.4 percent to 64 billion yuan, accounting for nearly a third of China’s total imports in this category. Meanwhile, China’s exports of industrial robots and high-end machine tools to the EU surged 81.9 percent and 11.7 percent, respectively.
For many European multinationals, these trends are translating into long-term investment decisions and expanded innovation footprints in China.
Oliver Zipse, chairman of the Board of Management of BMW AG, told Xinhua in a recent interview that China is not only BMW’s largest single market but also a vital hub for innovation.
Highlighting China’s growing role in innovation, particularly in AI, Zipse said BMW plans to integrate AI technology from Chinese startup DeepSeek into its latest models in China later this year.
Likewise, European companies across various sectors are also strengthening their local presence.
Earlier this year, German industrial giant Siemens opened its first industrial ecosystem hub in western China. Leading Danish energy efficiency solution provider Danfoss officially launched its new campus in Nanjing, the company’s very first carbon-neutral factory in China, in line with China’s green development drive.
These moves came as China takes concrete steps to expand high-standard opening-up. Despite mounting protectionism and geopolitical tensions, the country has remained focused on building a market-oriented, law-based, and internationalized business environment for foreign firms.
According to this year’s government work report, China will ensure national treatment for foreign-funded enterprises in areas such as access to production factors, license application, standards setting, and government procurement.
Earlier this year, China released a new action plan to stabilize foreign investment. It includes 20 targeted measures to further expand market access, encourage foreign equity investment, and expand pilot programs to open up fields such as telecommunication and medical services.
China’s unwavering efforts to open up, as well as the steady growth of the Chinese economy, have strengthened many European multinationals’ determination to tap win-win opportunities in the world’s second-largest economy.
Danfoss President and CEO Kim Fausing told Xinhua that the company is confident in China’s market, citing its strong growth in sectors like data center, marine, and energy storage achieved last year.
He added that the company looks forward to deepening cooperation with Chinese partners to accelerate the green transition in China, and at the same time for the purpose of shared wins.
Wang Lingjun, deputy head of the GAC, said that China and the EU remain each other’s most important trading partners, with highly complementary economies and closely intertwined interests.
“In a world marked by economic instability and growing uncertainties, China and the EU, with close communication and cooperation, jointly uphold free, open trade and investment, and maintain stable industrial and supply chains in the world, which will bring more stability and certainty to both sides and the global economy,” Wang said.
Montgomery, AL – Today, Acting United States Attorney Kevin Davidson announced the final sentencing in a wide-ranging conspiracy involving eight defendants convicted of wire, bank, and mail fraud. The convictions stem from an investigation into widespread mail theft and check fraud, which included the earlier prosecutions of two Montgomery-area postal workers.
On May 6, 2025, 25-year-old Hunter Hudson, Jr., also known as “Hunnid K,” from Montgomery, Alabama, received a sentence of 92 months in prison after pleading guilty to wire, bank, and mail fraud. Hudson was identified as a manager within the conspiracy and based on his conduct, caused an intended loss amount of more than $1.5 million. He was ordered to pay $987,883.50 in restitution and to forfeit $91,020.41.
The conspiracy, which took place between 2022 and 2024, involved the theft and alteration of checks that were then deposited into numerous fraudulent bank accounts. Part of the conspiracy was coordinated through a group chat titled “Fraud Academy,” as named by one of the conspirators.
The other individuals involved in the conspiracy previously received the following sentences:
Brandon Michael Gage, 27, also from Montgomery, was sentenced to 135 months in prison. He was also identified as a manager within the conspiracy, with an intended loss amount exceeding $550,000. Gage was fined $25,000 and ordered to pay $65,000 in restitution.
Joey Payne, 26, a resident of Opelika, Alabama, received a sentence of 108 months in prison. Like Hudson and Gage, Payne was also a manager in the scheme with an intended loss amount over $550,000. He was fined $15,000 and ordered to pay $101,556.97 in restitution.
Reuben Kristian Brown, 26, another Montgomery resident, was sentenced to 87 months in prison. He acted as a manager in the conspiracy and had an intended loss amount of more than $1.5 million. Brown was fined $15,000 and ordered to pay $17,500 in restitution.
Keenan Rashaad Watson, 26, also from Montgomery, was sentenced to 60 months in prison. A manager in the conspiracy, Watson was associated with an intended loss of over $550,000. He was fined $15,000.
Kerry O’Shay Hawthorne, 26, another resident of Montgomery, received a sentence of 40 months in prison and was ordered to pay $49,008.95 in restitution.
Ethan Alexander Brown, 23, a former bank teller from Montgomery, was sentenced to 34 months in prison. He was directly involved in depositing 61 altered checks worth more than $2 million. He was ordered to pay $973,692.05 in restitution to his employer.
Destinie Janan James, 23, a resident of Auburn, Alabama, was sentenced to 22 months in prison. She was fined $25,000 and ordered to pay $89,000 in restitution.
Although these sentences mark the conclusion of this indictment, the investigation is ongoing.
“This case demonstrates the serious consequences for those who exploit public institutions and financial systems for personal gain,” said Acting U.S. Attorney Davidson. “Thanks to the dedication of our law enforcement partners, we were able to dismantle a complex criminal network and hold each participant accountable. We remain committed to pursuing those who defraud the public and threaten the integrity of our postal and banking systems.”
“These convictions are a testament to the dedication of the investigative and legal teams and should send a strong message to any employee who thinks of conspiring with others to steal mail and commit check fraud,” said Tammy Hull, Inspector General U.S. Postal Service. “Our special agents, working with our federal and local law enforcement partners, will continue to aggressively investigate these criminal activities, protecting the integrity of the Postal Service and the U.S. Mail.”
“The United States Postal Service is a vital and trusted institution,” said Timothy J. O’Malley, Acting Special Agent in Charge with the Federal Bureau of Investigation (FBI). “Any attempt to exploit our postal or banking systems is a serious violation of the public’s trust. These actions will not be tolerated and will be prosecuted to the fullest extent of the law. Protecting the integrity of our postal and financial systems is essential and non-negotiable.”
“The sentencing in this case should serve notice to criminals that the U.S. Postal Inspection Service is dedicated to defending the nation’s mail system from unlawful activity,” said Shameka Jackson, Acting Inspector-in-Charge of the U.S. Postal Inspection Service’s Houston Division. “I fully commend the hard work and countless hours put forth by all of the law enforcement agencies involved, which resulted in bringing Hunter Hudson, Jr. and the other co-defendants to justice.”
This extensive investigation was led by the United States Postal Service’s Office of Inspector General, Federal Bureau of Investigation (FBI), United States Postal Inspection Service, Office of Inspector General for the Federal Deposit Insurance Corporation (FDIC), and United States Treasury Inspector General for Tax Administration, with Assistant United States Attorney J. Patrick Lamb prosecuting the case.
Additional support was provided by the Alabama Attorney General’s Office, Montgomery Police Department, Auburn Police Department, Opelika Police Department, Lee County Sheriff’s Office, Prattville Police Department, Harris County (GA) Sheriff’s Office, Meriwether County (GA) Sheriff’s Office, Georgia State Troopers, Venice (FL) Police Department, and the Sarasota County (FL) Sheriff’s Office.
Latest information and actions from the Department for Education about funding, assurance and resource management, for academies, local authorities and further education providers.
BRIDGETOWN, Barbados, May 07, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) a shareholder of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”) today released questions it hopes ISC management will address to investors and the news media on its 2025 first quarter earnings call.
ISC just reported one of its worst quarters of cash generation in many years. With cash expense levels remaining elevated, when can shareholders expect an improvement in non-adjusted cash flow?
Achieving ISC’s 2028 management guidance for adjusted EBITDA will require annual growth of 16% -18% from 2025 to 2028. What organic growth rate is the Company targeting in 2026 – 2028 to help meet that guidance?
How will ISC generate the cash required for the M&A the Company says it needs to meet its 2028 guidance without exceeding its commitment to continue deleveraging to its target of 2.0x to 2.5x EBITDA or without diluting shareholders by issuing equity?
ISC’s valuation has been declining since its IPO and significantly lags its peers. Will ISC consider returning capital through repurchasing shares or increasing dividends, and/or reducing indebtedness as better uses of shareholder cash than additional non-accretive M&A?
The majority of ISC’s workforce appears to be concentrated and growing in high-cost global hubs, such as Toronto and Dublin, Ireland. Will ISC consider establishing a center of excellence in Saskatchewan, that could offer enhanced operational performance and enable opportunities for margin expansion?
About Plantro Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.
Media Contact: Gagnier Communications Riyaz Lalani / Dan Gagnier Email: Plantro@gagnierfc.com
BOSTON, May 07, 2025 (GLOBE NEWSWIRE) — Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, today released the findings of its Annual Student Health Plan Benchmarking Survey. For the fourth consecutive year, managing student health plan costs remains the top priority for nearly 90% of educational institutions surveyed.
Conducted midyear 2024, the survey of approximately 170 colleges and universities showed an overall average plan cost rise of 7.1% with schools in the survey’s Eastern region seeing increases of 10% or more. Other regions surveyed experienced more moderate hikes of 5% or less. The survey also noted a decline in enrollment in student health plans, from 29% in 2023 to 24% in 2024.
“While student health plans are generally more stable in cost than employer-based plans, they are not immune to larger pricing trends,” said Terry Lyons, National Education Practice Leader, Risk Strategies. “Our survey shows the higher education industry is working hard to manage the issue and meet student needs.”
To address rising costs, 32% of schools indicated that they had adjusted medical benefits offerings, and 18% said they had modified the prescription drug coverage offered in the plan. The most common changes included:
Higher copays and deductibles, with the average deductible increasing from $300 to $360
Shifts from copays to coinsurance for specialty drugs, rising from 12% to 27%
Increase in insurance verification for waiver/opt-out enrollment
“With plan costs increasing and enrollments in those plans declining, we see institutions working to find new ways to engage their students about the value of plan coverage,” said Elizabeth Marks, Senior Strategy Consultant, Student Health, Risk Strategies National Education Practice. “Clarifying plan benefits and emphasizing affordability will likely be key elements of this effort.”
In other findings from this edition of the survey, mental health remained an important focus, though it ranked fourth nationally as a priority (76%) – lower than in previous years. It does remain, however, a leading priority for small schools (88%) and institutions in the East (91%). The survey also indicated that more schools (89% in 2024, up from 74% in 2023) are offering wellness programs, though smaller institutions face resource constraints.
To access the full results of the survey, please click here.
Risk Strategies, part of Accession Risk Management Group, is a North American specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services, and financial & wealth solutions. The 9th largest U.S. privately held broker, we advise businesses and personal clients, have access to all major insurance markets, and 30+ specialty industry and product line practices and experts in 200+ offices – Atlanta, Boston, Charlotte, Chicago, Dallas, Grand Cayman, Kansas City, Los Angeles, Miami, Montreal, Nashville, New York City, Philadelphia, San Francisco, Toronto, and Washington, DC. RiskStrategies.com.
Media Contact Alana Bannan Senior Account Executive rsc@matternow.com (720) 400-8025
SAN DIEGO, May 07, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors Stephanie Stewart, Debra Hedgcoth, CFP®, RICP®, and Madison Wentland, CPA, of West Texas Investments have joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. They reported serving approximately $170 million in advisory, brokerage and retirement plan assets* and join LPL from B. Riley Wealth Advisors, Inc.
Based in Lubbock, Texas, Stewart founded West Texas Investments in 2012 with her late partner, David Barber. Hedgcoth joined the team in 2018 following a 25-year career with the IRS, and Wentland joined two years later in 2019. With more than 40 years of combined industry experience, the all-female team takes a holistic and team approach to helping clients work towards their fiscal goals.
“We understand that finances are a deeply personal topic, and we use a ‘Discover, Design and Deliver’ approach to help our clients pursue their financial goals,” Hedgcoth said. “First, we take the time to understand our clients’ dreams, goals and values. Then we work with them to design a financial plan with those in mind. After we share their customized plan, we work with them every step of the way, making changes as necessary, to help them work towards realizing their short- and long-term financial vision.”
Looking to enhance their offerings and provide an elevated client experience, the West Texas Investments team turned to LPL.
“I was taught that you design your own life, and part of that means working towards a future that aligns with your values and aspirations. Moving our business to LPL will help us achieve that goal,” Wentland said. “With LPL’s impressive integrated and streamlined technology and their extensive back-office services, like Marketing and Paraplanning Solutions, I am confident we will be able to provide our clients with a next-level customer experience.”
Stewart added, “Our transition to LPL has been seamless, and I have been impressed with the constant communication and step-by-step instructions we’ve received from our transition team as we move our accounts over and answer our clients’ questions. It’s been a best-in-class experience.”
Scott Posner, LPL Managing Director, Business Development, said, “We welcome Stephanie, Debra and Madison to LPL and look forward to helping them with this next chapter of their business. Just as the West Texas Investments team walks in lockstep with their clients to help them meet their goals, we are committed to helping our advisors differentiate themselves and enhance the client experience. We look forward to supporting the West Texas Investments team for years to come.”
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.
Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. West Texas Investments and LPL Financial are separate entities.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.
We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
*Value approximated based on asset and holding details provided to LPL from end of year, 2024.
California, May 07, 2025 (GLOBE NEWSWIRE) — AI might be great at helping engineers write code, but it’s creating a new problem – all that code still needs to be reviewed by humans. CodeAnt AI is stepping in with a solution that uses AI to tackle the review process itself, raising $2 million in seed funding to help engineering teams move faster without sacrificing quality or security.
The funding, CodeAnt AI’s first institutional round, values the company at $20 million. It will be used to expand the engineering and business development teams and to scale CodeAnt AI’s code quality and application security platform. For engineering teams already feeling the pressure to ship faster, the investment comes at the perfect time.
The funding round was led by Y Combinator, VitalStage Ventures, and Uncorrelated Ventures, and with participation from DeVC, Transpose Platform, Entrepreneur First, and a number of marquee angel investors.
CodeAnt AI founders: Amartya Jha and Chinmay Bharti.
“As AI-driven coding becomes widespread, the real bottleneck isn’t writing code — it’s reviewing it,” said Amartya Jha, Co-founder and CEO of CodeAnt AI. “Today, when a developer submits a change request, it often sits idle for hours or even days waiting for peer review. And even when a reviewer does pick it up, they rarely have full context of the code change. This is a critical risk point: most software bugs and vulnerabilities slip through at the peer review stage, where issues could have been caught early and cheaply.”
AI Code Review In Action with CodeAnt AI.
CodeAnt AI’s platform plugs right into GitHub, GitLab, Bitbucket, and Azure DevOps, giving developers instant feedback on their code across more than 30 programming languages. More impressively, it doesn’t just find problems – it suggests fixes that developers can apply with a single click, turning reviews that used to take hours into proactive quick, five-minute sessions. For companies racing to get products out the door, this means fewer delays and higher quality code. It also means cost savings – fixing problems during code reviews costs 10x less compared to fixing them later during CI/CD or after production deployments.
CodeAnt AI dashboard.
“We now have a new team member: CodeAnt AI. It sees our entire codebase in seconds, catches what linters miss, and suggests optimizations, refactors, even typos. It’s fully integrated into our on-prem GitLab — and the whole team adopted it instantly” said Michel Naud, Head of IT Solutions, Autajon Group. While, Sundaraman Venkataramani, Tech Lead at Motorq added:“At Motorq, speed, quality and precision are paramount. CodeAnt AI’s Agile team mirrors our fast-paced environment, delivering rapid iterations and responsive support. Their AI-driven code reviews, real-time feedback and robust security features have streamlined our development process allowing us to focus on core domain challenges. With CodeAnt AI, We’ve already been able to enhance code quality, security and are pushing our boundaries of innovation”.
The company was founded by Amartya Jha and Chinmay Bharti, who both saw the same problem from different angles. Jha worked on scaling infrastructure at Zeta and ShareChat, where he noticed how easily critical bugs slipped through when reviews weren’t thorough. Bharti, with a master’s specialising in AI from IIT Bombay, faced similar issues while building high-frequency trading software at Blu Analytics – where a single bug could have serious financial consequences. Together, they built CodeAnt AI and were accepted into Y Combinator.
What makes CodeAnt AI different is the technology under the hood. The company built a proprietary language-agnostic AST engine that actually understands how different parts of a codebase connect, letting it spot issues that isolated code reviews would miss. The platform also pulls in data from major security databases and lets companies set up their own rules based on their specific needs. For security-conscious organizations, CodeAnt AI can run entirely within their own infrastructure, ensuring code never leaves their environment.
“In today’s AI-driven environment, enterprises need solutions that either replace aging systems or deliver clear productivity gains,” added Amartya Jha. “CodeAnt AI is built to do both — helping companies move faster and stay competitive without compromising on security or code quality.”
Tom Blomfield, Partner at Y Combinator added: “With more and more code being generated by AI, code review has never been more important. CodeAnt fits into your CI/CD pipeline and ensures that only high-quality code makes it into production. Not AI-generated slop!”
Pricing starts at $10 per developer per month for the basic AI code review features, with a full package including code quality, security, and compliance tools available for $40 per developer per month.
As AI continues to transform how code gets written, CodeAnt AI is positioning itself as the bridge to a future where code can be both rapidly created and confidently deployed. The founders envision a world where AI doesn’t just help developers write code faster, but also ensures that every line shipped to production is secure, efficient, and ready for the real world – giving engineering teams the confidence to move at the speed their businesses demand.
Meanwhile, early investor at Hubspot Brian Shin, Managing Partner for VitalStage Ventures, commented: “CodeAnt AI is redefining one of the most critical — and often overlooked — parts of modern software development: the code review. In a world where AI is rapidly democratizing code generation, the bottleneck has shifted to validation. CodeAnt’s platform slashes review time by over 50%, ensuring not just speed, but quality, security, and reliability at scale. This leap forward empowers engineering teams to ship faster while catching issues earlier — a foundational advantage in today’s software-driven economy.”
Code review and code quality are becoming super critical for teams to measure, track and improve. Especially with the rapid pace of adoption of AI for code generation. CodeAnt AI has built a great product that many engineering leaders swear by already added Aakash Kumar, General Partner at DeVc.
“I love that CodeAnt stands on the shoulders of giants such as Sonar,” said Salil Deshpande, General Partner at Uncorrelated Ventures. “CodeAnt not only integrates into enterprise environments to help deliver clean, consistent, and reliable code, but also dramatically speeds up code reviews by identifying and fixing issues early during the review process — one of the most manual and critical parts of software development today.”
Alex Bangash, Partner at Transpose Platform commented: “CodeAnt is enabling software engineering focused on creativity and innovation, not time consuming mundane yet important tasks. The automation is slick but they are keeping human reviewers in the loop. For a future where many PRs will be written by coding assistants, having a software engineering “empowerment” platform like CodeAnt will become even more critical to ensure performant, secure, and innovative software solutions.”
About CodeAnt AI CodeAnt AI is an AI code reviewer that fixes code quality issues and security vulnerabilities. It’s proven to help enterprises reduce manual code review time by over 50%.
CodeAnt AI integrates directly across the development workflow—from IDEs to pull requests to CI/CD—offering one-click fixes for code quality and security issues. CodeAnt AI does this via:
AI Code Review: Automatically reviews each pull request, summarizes changes, flags issues, and offers one-click fixes.
Code Quality Platform: Continuously scans the entire codebase for code smells, dead/ duplicate/ complex code, adds docstrings, and provides real-time quality insights.
Code Security Platform: Continuously monitors code, infra, and dependencies, detects vulnerabilities and secrets, and offers real-time security insights.
CodeAnt AI is SOC 2 & HIPAA compliant and trusted by teams ranging from small startups to large unicorns. For more information please visit https://www.codeant.ai/ or follow via X or LinkedIn.
PHOENIX, May 07, 2025 (GLOBE NEWSWIRE) — AssetMark, a leading national wealth management solutions provider, is celebrating a major milestone for AssetMark Trust Company based in Phoenix. AssetMark Trust has surpassed $100 billion in assets under custody.
This milestone comes alongside the company’s continued expansion in Arizona, underscoring its deep-rooted commitment to the local community. To commemorate this success, AssetMark Trust will unveil a new illuminated sign atop its midtown high-rise at 3200 North Central Avenue, symbolizing the company’s growth and dedication to the Phoenix region.
AssetMark Trust Company started operating out of this office 18 years ago with about 15 employees. “We started with a strong focus on building a great business and providing exceptional service to Financial Advisors and their clients nationwide,” said Brad Wheeler, President of AssetMark Trust Company. “Today we have over 340 employees serving and have been growing each year. AssetMark Trust is mission-driven and exists to help financial advisors make a difference in their clients’ lives. Advisors choose AssetMark Trust because of our relentless focus on their success and serving them well. We’ve earned their trust over time, and that’s what has driven our growth.”
Carrie Hansen, Chief Operating Officer of AssetMark and Board Chair of AssetMark Trust stated, “Our success is a direct reflection of the trust and dedication of the advisors we serve. This event highlights our unwavering commitment to supporting their success and the communities we’re privileged to be part of. We’ve long valued Arizona’s business climate and talent pool, and we continue to invest in expanding our footprint here. We look forward to further strengthening our presence in this region.”
About AssetMark Trust
AssetMark Trust Company is an Arizona-based financial institution that provides custody, recordkeeping, account administration and reporting to clients and financial advisors using the AssetMark, Inc. platform.
About AssetMark Inc. (“AssetMark”)
AssetMark, Inc. operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction.
With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves over 10,700 financial advisors and over 317,000 investor households. As of December 31, 2024, AssetMark had over $139 billion in platform assets. AssetMark is a registered investment adviser with the U.S. Securities and Exchange Commission.
For more information, please visit www.assetmark.com. Follow us on LinkedIn.
IMPORTANT INFORMATION
This is for informational purposes only, is not a solicitation, and should not be considered investment, legal or tax advice. The information has been drawn from sources believed to be reliable, but its accuracy is not guaranteed, and is subject to change.
Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results.
AssetMark, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission.
Singapore, May 07, 2025 (GLOBE NEWSWIRE) — Principal Protocol (PRN), a new project blending traditional RWA with Defi concepts, has announced an innovative approach to tokenizing real-world assets, including a 100% asset-backed valuation for the projects it offers. The company aims to disrupt the decentralized finance landscape and democratize access to RWA investments. An ongoing private sale for the PRINCIPAL token (PRN) should help fund the project’s expansion and development.
Principal Protocol’s “Digitized Estates” concept focuses mainly on real estate assets, seeking to eliminate geographical barriers and provide greater liquidity. The project leverages blockchain technology and smart contracts to enable fractional ownership of real estate assets through digital NFT tokens.
All PRN projects are tokenized into NFTs and issued to the buyers. The participants then access rewards depending on the RWA asset’s performance and potential returns. Principal Protocol has multiple safety nets in place to protect its RWA projects’ valuations. These safeguards include a bi-annual valuation of each project and a protocol-owned Crypto Reserve of various blue chip coins. This way, buyers can rely on several precautions guarding their participation in a tokenized RWA.
PRN will periodically acquire real estate property and structure it into a fixed number of Non-fungible Tokens (NFT). The project will then distribute rewards via automatic airdrops to the NFT holders’ wallets every financial quarter. Also, Principal Protocol plans to integrate a DeFi platform, enabling NFT holders to stake their holdings as collateral on Defi platforms and protocols.
PRN will place each acquired property project under an SPV company wholly owned by Principal Protocol to ensure actual ownership. Every property will benefit from proper accounting records published quarterly and accessible to the individual project NFT holders via specific channels. Lastly, PRN will distribute individual project net profits as rewards on the blockchain.
Principal Protocol believes that its approach rewards participants with perks and benefits that are difficult to find in other projects, such as:
Global Accessibility
PRN makes participation in global real estate markets available, opening the doors to communities that didn’t previously have access to them.
Liquidity
The project relies on sturdy blockchain for easy token trading, potentially increasing liquidity better than traditional options.
Fractional Ownership
Principal Protocol lets participants own fractions of high-value properties, reducing the barrier to entry.
Transparency
PRN’s use of smart contracts ensures a transparent distribution of benefits and rewards.
Efficiency
PRN’s seamless blend of RWA and DeFi via blockchain technology creates a secure, decentralized environment. Reduced intermediaries and streamlined processes can lead to cost savings.
The PRN Token is the backbone of Principal Protocol and its rapidly growing ecosystem. The team has set a maximum supply of 100,000,000 PRN tokens distributed as follows:
– Ecosystem – 50,000,000 (50%)
– Team – 10,000,000 (10%)
– Advisors – 5,000,000 (5%)
– Marketing – 5,000,000 (5%)
– Reserves – 20,000,000 (20%)
– Private Sales – 10,000,000 (10%)
As Principal Protocol scales its platform, it aims to diversify its portfolio, integrate DeFi, and develop a Real Estate Attestation Chain. The latter will enable users globally to double-check the validity and authenticity of title deeds and various real estate documentation on the chain. The project has an ambitious roadmap ahead with several important milestones:
– Mobile App beta test launch (June 2025)
– Mobile App launch (July 2025)
– Defi platform integration (August 2025)
– Platform scaling (October 2025)
– Asset class diversification (Jan 2026)
– Development of Real Estate Attestation Chain (June 2026)
– Initial Public Offering (Jan 2027)
About Principal Protocol (PRN)
Principal Protocol aims to bridge DeFi and RWA and democratize access to real estate assets via its Digitized Estates concept. Behind the project is a professional team with solid expertise in relevant industries and areas, including real estate, blockchain, marketing, and entrepreneurship.
PRN’s web app beta is currently live at app.prnpl.io.
You can contact Principal Protocol here to learn more about the ongoing PRN token private sale: jason@prnpl.io
For ongoing updates and community engagement, follow Principal Protocol here:Website,X, andTelegram.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities
SUNNYVALE, Calif., May 07, 2025 (GLOBE NEWSWIRE) —
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the FortiGate 700G series, a next-generation firewall (NGFW) purpose-built for the modern campus. Powered by Fortinet’s proprietary Network Processor 7 (NP7), Security Processor 5 (SP5) ASIC, and FortiOS, Fortinet’s unified operating system, the FortiGate 700G series delivers up to 7x higher firewall throughput, 4x better threat protection, and 7x lower power consumption than competitor offerings. With support for advanced networking, FortiGuard AI-Powered Security Services, and new FortiOS enhancements, including post-quantum cryptography readiness, FortiAI-Protect for AI-driven threat detection, and generative AI (GenAI) risk assessment, the FortiGate 700G helps organizations reduce risk, optimize performance, and future-proof hybrid IT environments.
“With the FortiGate 700G series, we’re delivering more than just industry-leading performance that customers have come to expect from Fortinet—we’re equipping organizations with advanced capabilities to stay ahead of current and emerging cyberthreats,” said Nirav Shah, Senior Vice President, Products and Solutions, at Fortinet. “From AI-powered threat detection and GenAI risk mitigation with FortiAI-Protect to post-quantum cryptography readiness built into FortiOS, this new next-generation firewall series helps our customers consolidate infrastructure, reduce cyber risk, and confidently build for the future.”
FortiGate 700G: Industry-leading Performance with AI-Powered Security Today’s enterprises are under pressure to scale operations, secure expanding attack surfaces, and manage increasingly sophisticated cyberthreats while reducing costs and maintaining efficiency. The FortiGate 700G series is engineered to meet these demands, offering:
Unmatched performance and security: Delivering 7x higher firewall throughput (164 Gbps) and 4x better threat protection (26 Gbps) than the industry average, the FortiGate 700G series ensures businesses maintain high-speed, secure operations.
Energy resilience through ultra-efficient design: The FortiGate 700G series enables continuous security even in energy-constrained or sustainability-focused environments. Consuming 7x fewer watts per Gbps than the industry average, the FortiGate 700G series sets the standard for energy efficiency and significantly reduces operational costs.
Enhanced threat detection and response with AI-powered security: As attackers increasingly weaponize AI and automate cyberattacks, FortiGuard AI-Powered Security Services, enhanced by FortiAI-Protect, enables organizations to detect and block emerging, unknown, and increasingly sophisticated threats. FortiAI-Protect also delivers contextual risk assessments and enforces access controls for third-party GenAI applications, providing visibility into shadow AI usage across business groups and helping improve the overall data security posture of organizations.
Post-quantum cryptography readiness: New FortiOS capabilities help protect sensitive data against quantum-era threats by enabling quantum-resistant encryption, algorithm stacking for enhanced protection, and a seamless transition to post-quantum security, ideal for organizations in finance, healthcare, government, and other sectors handling long-term sensitive information.
Support for a wide range of network interfaces, ranging from 5GE to 25GE: Ensuring the flexibility to connect various devices and topologies, the FortiGate 700G series enables organizations to seamlessly adapt to developing technologies and accommodate future upgrades without costly overhauls.
Deeper protections for critical system files: FortiSentry is a unique out-of-band hardware module that provides continuous, non-intrusive file-system monitoring, adding another layer of protection to detect and prevent unauthorized access to critical system files.
Specification
FortiGate 700G series
Security Compute Rating
Industry Average
Palo Alto Networks PA-3410 series
Check Point 6700
Cisco Secure Firewall 3110
Firewall Throughput
164 Gbps
7x
23.3 Gbps
14.0 Gbps
38.0 Gbps
18.0 Gbps
IPsec VPN Throughput
55 Gbps
7x
7.7 Gbps
6.6 Gbps
4.6 Gbps
12.0 Gbps
Threat Protection
26 Gbps
4x
6.7 Gbps
7.5 Gbps
5.8 Gbps
–
Concurrent Sessions
16M
3x
6.5M
1.4M
16M
2M
Connections/Second
700K
3x
231K
145K
250K
300K
Power Consumption
FortiGate 700G series
Energy Efficiency
Industry Average
Palo Alto Networks PA-3410 series
Check Point Quantum 9200 series
Cisco Secure Firewall 3100 series
Watts/Gbps Firewall Throughput
1.8 W
7x
12.7 W
12.1 W
3.7 W
22.2 W
Watts/Gbps IPsec VPN Throughput
5.4 W
6x
29.9 W
25.8 W
30.6 W
33.3 W
Threat Protection performance is measured with Firewall, IPS, Application Control and Malware Protection, and Logging enabled.
The numbers for competitive solutions are based on publicly available sources. Other vendors may have different testing methodologies.
All power consumption values are taken from external data sheets and hardware system guides using maximum power consumption.
Fortinet Security Fabric: Powering a Unified and Scalable Cybersecurity Platform
At the core of Fortinet’s approach is the belief that effective cybersecurity starts with the convergence of networking and security. The Fortinet Security Fabric, an integrated platform built on a common operating system and purpose-built technologies like the FortiGate 700G series, delivers consistent protection across hybrid environments. It empowers organizations with centralized management, automated threat intelligence, and real-time visibility. With seamless integration across Fortinet and third-party solutions, the Fortinet Security Fabric helps customers confidently scale from foundational network protection to advanced capabilities like SASE and AI-driven security operations. Fortinet continues to innovate and enable businesses to simplify complexity, reduce risk, and evolve their cybersecurity strategy with a platform approach that grows with them.
Additional Resources
About Fortinet Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.
DALLAS, May 07, 2025 (GLOBE NEWSWIRE) — Conifers.ai, the agentic AI platform designed to transform security operations, today unveiled a new program designed to address the greatest challenges of managed security service providers (MSSPs). With industry-leading AI capabilities, disruptive pricing, and unique multi-tenancy features, Conifers improves service delivery, enabling MSSPs to scale and profitably expand their business.
Threats have become more persistent and sophisticated as attackers leverage AI, leaving companies demanding more from MSSPs and managed detection and response (MDR) providers. These teams are under immense pressure to deliver services faster with more accuracy, while continuously growing their businesses and increasing revenue. Conifers’ MSSP program addresses these pain points with a strategic approach blending industry-leading technology, phased onboarding, seamless integration, and competitive, predictable pricing. With Conifers, service providers become more innovative, and they can scale to support more customers with less financial impact, ultimately increasing their margins and quality.
“Our team has extensive experience working with service providers. We understand their pain points and the constant pressure to safeguard customers while growing their businesses,” said Tom Findling, co-founder and CEO of Conifers. “With this knowledge, we designed our patent-pending agentic AI platform to boost their effectiveness and efficiency with high-quality investigations so they can meet demand head-on, delivering excellence for customers and accelerating business growth.”
Tackling Complex Threats at the Speed of AI The Conifers CognitiveSOC™ was designed with service providers’ unique needs in mind, empowering managed SOC teams to tackle complex, multi-tier security incidents with unparalleled speed, accuracy, and confidence. The platform continuously ingests security incidents and, in conjunction with tenant-based institutional knowledge, provides deep, contextual investigations for each client. Centralized tenant management and nested multi-tenancy capabilities with seamless integration to any tech stack facilitate expansion. Strategic, customer-specific dashboards deliver meaningful insights that translate tactical results into outcomes that prove value. With Conifers, managed SOC and MDR teams can be more proactive, expand incident coverage, reduce resolution times, and focus on higher-value tasks.
While competitors focus on just solving low-tier incidents, Conifers provides solutions for all issues encountered by SOC teams — from basic tier one to complex tier three incidents and everything in between. It has been proven to reduce end-to-end investigation times by up to 87%, solving complex incidents and freeing up analysts responsible for these triage processes, enhancing both SOC effectiveness and efficiency. For service providers, this scalability allows them to handle more clients without increasing resources, directly improving margins and competitiveness. Other benefits include:
Expand customer contracts via multi-tier service offerings and support for a large variety of security products
Improve retention and increase revenue with more accuracy and consistency in incident resolution, which results in more predictable overall costs
Grow business overall by increasing productivity and efficiency through unique multi-tenancy features and the smart use of AI
Improve the ability to measure real impact and risk reduction to more effectively demonstrate ROI, which is key for retention and expansion and a critical differentiator for MSSPs
Expand profit margins more easily with predictable, MSSP-friendly pricing
Integrate seamlessly with existing tools and processes
Onboard many customers seamlessly and at your own pace with dedicated, white-glove support for MSSPs
Conifers was recently listed as a Sample Vendor in a Gartner emerging trends report titled, “Emerging Tech: Emerging MDR Trends to Grow Your Security Service Revenue.” Topics discussed include the integration of advanced AI for managed detection and response, and use of AI for prioritization and enhanced effectiveness.
The Benefits of Agentic AI for MSSPs “The Conifers platform’s ability to manage dozens of tenants, each with its own baseline and customer-specific knowledge base, has significantly improved the quality of our operations, reducing investigation times in a way that’s both efficient and effective.” – Rutger de Boer, CTO, Dutch Technology eXperts
“Broader detection coverage can result in higher alert volumes and false positives, but reducing the noise can cause teams to miss real threats. AI presents an opportunity to eliminate the compromise between effectiveness and efficiency. With Conifers it’s possible to maintain comprehensive detection coverage while conducting deep, high-quality investigations, ensuring faster and more accurate responses to incidents.” – Randy Watkins, CTO, Critical Start
“Conifers is transforming how we run our SOC. Instead of drowning in alerts or hiring more analysts, we now have agentic AI that acts with context, scales our expertise, and adapts in real time. It’s more than what automation provides—it’s intelligence we can trust. With Conifers, we’re delivering faster, smarter, and more precise security outcomes for every customer.” – Edmund How, Founder & CEO, ONESECURE
About Conifers.ai Conifers.ai is transforming security operations centers (SOCs) with its AI-native Conifers CognitiveSOC™ platform, enabling enterprises and managed security service providers (MSSPs) to achieve SOC excellence. By leveraging agentic AI, Conifers empowers security teams to investigate complex, multi-tier incidents at scale with confidence, efficiency, and accuracy. Led by seasoned industry veterans and supported by SYN Ventures, Conifers is committed to addressing critical SecOps challenges through innovative solutions that enhance operational effectiveness, advanced investigation reasoning, and decision-making capabilities. With its unique staged implementation framework and patent-pending architecture, Conifers.ai builds trust in AI adoption, delivering measurable ROI and business impact. Learn more at https://www.conifers.ai/.
WHITTIER, Calif., May 07, 2025 (GLOBE NEWSWIRE) — First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the first quarter ending March 31, 2025, marking its eighth consecutive quarter of profitability. The Company remains well-capitalized, with a healthy liquidity position supported by a stable core deposit base and access to substantial sources of liquidity.
Highlights for the first quarter of 2025 include:
Total assets ended the first quarter 2025 at $456 million, up $23 million from $433 million at year end 2024.
Total deposits ended the first quarter 2025 at $390 million, up $39 million since year end 2024.
Total loans ended the first quarter 2025 at $294 million, up $17 million from year end 2024.
Asset quality remains excellent with minimal levels of classified or non-performing assets.
The Bank ended the first quarter with a strong capital position, with a leverage capital ratio of 9.0% and a total risk-based capital ratio of 12.7%.
As of March 31, 2025, cash and cash equivalents totaled $47 million, including funds invested overnight, up $6 million since year end 2024.
Unused borrowing capacity from credit facilities on March 31, 2025, totaled $187 million.
For the first quarter ending March 31, 2025, the Company realized a pre-tax, pre-provision profit of $550 thousand, compared to a pre-tax, pre-provision profit of $702 thousand in Q4 2024 and $222 thousand in Q1 2024. Net income for the first quarter of 2025 was $393 thousand, up from $162 thousand in Q1 2024.
Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of 1.08% of total loans, and zero loan losses.
“We are pleased with the momentum we’ve carried into 2025. Our diversified business model, prudent risk management, and focus on operational discipline continue to position us for sustained performance in a dynamic environment,” said Joe Matranga, Chairman of the Board.
“We delivered strong first quarter results, driven by consistent performance across our markets and continued growth in both loans and deposits,” said Nathan Rogge, President and Chief Executive Officer. “As we execute our client-focused strategy and invest in infrastructure and technology, we are well positioned for long-term success. Our recent move to a larger San Diego regional office reflects our confidence in future growth and our ongoing commitment to serving our clients.”
ABOUT FIRST PACIFIC BANK
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.
FORWARD-LOOKING STATEMENTS
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.
CHICAGO, May 07, 2025 (GLOBE NEWSWIRE) — In recognition of Military Appreciation Month, Rate, a leader in fintech mortgage solutions, is spotlighting its continued support for active-duty military members, veterans, and their families—support that extends well beyond the closing table.
While Rate is nationally recognized for its industry-leading VA mortgage products and top-tier loan officers, the company’s dedication to the military community runs deeper. With no lender fee on VA loans, amounting to $65.3 million in waived fees, and no overlays, Rate delivers unmatched accessibility and affordability for eligible homebuyers. The company is also home to the #1 VA purchase loan officer in the country, supported by a team of specialized underwriters and credit experts dedicated to navigating the unique needs of VA borrowers.
“Serving our military community is not a tagline. It’s a core part of who we are,” said Victor Ciardelli, CEO of Rate. “We’re proud to offer the most competitive VA loan options on the market, but just as important is how we show up for veterans and service members every day, through real outreach, education, and giving.”
That commitment is evident in Rate’s year-round military initiatives:
$1.08 million raised for nine nonprofits benefiting military families in 2024.
VA loan education classes for service members at various points of their careers, including service members preparing to leave the barracks.
A 2025 clothing drive in partnership with Operation Deploy Your Dress, donating 1,000+ dresses and 200 suits for military community members.
A holiday toy and sweater drive benefiting families across multiple military bases.
A Military Appreciation Baseball Game hosted at Rate Stadium, honoring military spouses, recognizing a “Hero of the Game” servicemember, and welcoming parachuters delivering the White Sox game ball, complete with 500 tickets and concession vouchers donated to military families.
At the heart of these efforts is HONOR, Rate’s internal employee resource group focused on military outreach and support. HONOR’s mission is to embrace the company’s proud community of active and retired service members, veterans, spouses, and their families through shared experiences and resources.
“We are dedicated to educating Veterans as well as the real estate community about VA loans. VA loans are a true benefit and many veterans use their VA benefit to build generational wealth. I am honored to be part of their journey home as is every member of the Rate team,” said Jennifer Beeston, Rate’s EVP National Lending and the nation’s top VA purchase loan officer. “From planning to buying to 20 years from now, we’re here to make homeownership a reality for the people who’ve served our country.”
As May marks Military Appreciation Month, Rate remains committed to honoring the sacrifices of our nation’s military community, not only with unmatched home financing solutions, but also through continued action, advocacy, and care.
About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include: Top 5 Mortgage Lender by Inside Mortgage Finance for 2024; Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.
Source: United Kingdom – Executive Government & Departments
Press release
Regulator investigates charity’s property and governance issues
The Charity Commission has opened a statutory inquiry into CG Community Council.
The Charity Commission has opened a statutory inquiry into CG Community Council (registered charity 502955) to look into concerns about its governance and financial management.
CG Community Council was established in the 1960s with the object of improving the lives of people living in Croxteth and Gillmoss, to advance education and to provide facilities in the interests of social welfare for health, recreation and leisure-time.
Information obtained by the Commission through its regulatory compliance work suggests CG Community Council property may be at risk.
While the charity holds the leasehold for 16 properties, it recorded nil income and expenditure in its annual return for the financial year ending 31 March 2023 and it has failed to submit financial returns for the financial year ending 31 March 2024.
The regulator has already issued an order to prevent CG Community Council property from being sold or otherwise disposed of without the prior consent of the Commission.
The inquiry will examine if trustees of CG Community Council have complied with their legal duties in respect of the administration, governance and management of the charity, in particular if:
the charity is accounting for its funds and assets, in line with legal requirements
it has suffered a financial loss as a result of any misconduct and/or mismanagement.
The scope of the inquiry may be extended if additional regulatory issues emerge during the Commission’s investigation.
ENDS
Notes to editors
The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: About us – The Charity Commission – GOV.UK
On 3 April 2025, the Charity Commission opened a statutory inquiry into the charity under section 46 of the Charities Act 2011 as a result of its regulatory concerns there were indications of potentially significant risk to charity property.
A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation.
An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.
Source: United Kingdom – Executive Government & Departments
News story
Update on UK – Turkey trade talks
UK and Turkey agree on date to relaunch talks for an upgraded free trade agreement
Secretary of State for Business and Trade Jonathan Reynolds and Minister of State for Trade Policy and Economic Security Douglas Alexander met today in London [Wednesday 7 May] with their Turkish counterparts, Minister of Trade Ömer Bolat and Deputy Minister of Trade, Mustafa Tuzcu, to discuss how to grow the UK economy by boosting trade.
The UK and Turkey have a strong economic relationship, with trade between the two totalling around £28 billion in 2024, making Turkey the UK’s 16th largest trading partner, with UK companies already exporting £9.3 billion of goods and services to its growing market of 86 million people.
Ministers affirmed the importance and strength of the UK-Turkey trading bilateral relationship, committed to continue to pursue closer cooperation and increased trade and investment, and underlined the importance of defending free trade.
They also confirmed their intention for the first round of Free Trade Agreement negotiations to take place by the end of July.
Ministers concluded the meeting by signing an upgraded Technical Barriers to Trade (TBT) chapter, in the form of an amendment to the 2020 UK-Turkey Free Trade Agreement (FTA). This chapter closely aligns UK-Turkey TBT provisions with those found in the UK-EU Trade and Cooperation Agreement (TCA), reducing costs and making it easier for businesses to trade.
Background
The UK is the second largest services exporter in the world, but in 2024 only 34% of our exports to Turkey were services.
UK exports to Turkey directly supported around 57,100 jobs across the UK in 2020, more than 68% of which were in services.
More than 7,800 UK companies currently export goods to Turkey (2024).
Turkey’s economy is currently the 17th largest in the world. By 2050 is expected to be the 12th-largest in the world and the fourth largest in Europe.
The Turkish company, Eren Holding Group, recently invested £1 billion in the redevelopment of Shotton Mill in Deeside, North Wales. This investment is set to safeguard 147 jobs and create a further 220. The project is supported by nearly £13 million from the Welsh Government and £136 million from UK Export Finance.
In this Pulse article, Kelvin Davidson, Chief Property Economist for Cotality NZ (formerly CoreLogic), explores the significant regional divergences that have emerged since the post-COVID peaks.
Following the dramatic growth in property values during the COVID-era boom, New Zealand’s housing market has entered a more fragmented phase. While national indicators suggest a stabilisation in values, the underlying regional picture tells a far more complex story — one marked by stark divergences in performance, resilience, and recovery.
New analysis from Cotality reveals that while some regional markets have already surged past previous highs, others — particularly in parts of Auckland and Wellington — remain well below their cyclical peaks.
In fact, over a dozen areas are still more than 20% off their highs, highlighting how uneven the past few years have been across the country.
As mortgage rates ease and affordability improves in select locations, this Pulse takes a closer look at the forces shaping these regional variations — shedding light on affordability trends, economic drivers, and standout performers such as Hamilton, Queenstown, and much of Canterbury.Some areas are back to peak, others languishing
Cotality’s latest hedonic Home Value Index shows there were three areas that set their own new record highs for property values in April – New Plymouth at $711,699, Westland at $493,500, and Kaikoura at $775,443. While the early signs of growth have recently re-emerged in many other parts of the country – driven by lower mortgage rates – the gap compared to where property values were at the peak remains significant.Indeed, 13 areas still have property values more than 20% below the peak, all of them either in the Auckland or Wellington regions, apart from Wairoa (-21%).
Both Lower Hutt and Upper Hutt sit at -24% compared to the peak, with Wellington City at -23% and Porirua -22%. Waitakere is -23%, with Papakura and Manukau at -22% apiece. ‘Rural’ areas of Wellington Region such as South Wairarapa and Carterton sit at -21%.
A story of South Island affordability?
Another distinct trend that stands out is the north-south split – with the South emerging as a clear winner when it comes to affordability.
Take areas such as Grey, Buller, Clutha, and Gore, where the current figure for mortgage payments as a percentage of gross median household income is less than 30% (versus 46% nationally).
By contrast, Tauranga’s mortgage affordability measure is still 54% and Kapiti Coast sits at the same level.
“Affordability remains a key pillar of housing demand, and in many South Island regions we’re seeing that balance become a little more favourable for buyers,” said Kelvin Davidson, Chief Property Economist at Cotality NZ.
Areas of interest
Hamilton’s recent strength. Compared to the other main centres in the North Island, Hamilton hasn’t fallen as far (-10% from the peak) in the past three years or so and has been showing stronger signs of growth more recently too.
Since January, values are up by +2.1% in Hamilton, matching Christchurch’s figure, and ahead of Auckland at +0.9% and Tauranga (which has edged down by -0.4%). The buoyancy of the surrounding rural economy at present may be supporting Hamilton’s market, with other factors potentially including the increased connectivity to Auckland via improved roading.
Queenstown’s continued prominence. Despite an elevated median value of $1.66m, well ahead of second-placed North Shore (Auckland) at $1.31m, Queenstown has remained a reasonably buoyant market – ‘only’ down by 5% from the peak – still appealing to overseas buyers who can navigate the rules and also wealthy domestic investors.
Canterbury’s resilience. Of the 17 areas that are back within 5% of their peak, eight are in Canterbury, including Christchurch, Waimakariri, Ashburton, and Timaru. This comes even though new housing supply volumes have been high across large parts of the Region and signals that property demand has been rising to match construction.
Looking ahead
While some of New Zealand’s largest urban centres remain well below their recent market peaks, a return to strong growth is not guaranteed. Structural factors—such as Auckland’s substantial pipeline of new townhouse developments and ongoing fiscal tightening in Wellington—may continue to weigh on short-term performance.
Nevertheless, improved mortgage affordability and early signs of broader economic recovery are likely to support renewed value growth across many parts of the country in 2025, including Auckland and Wellington. As market fundamentals continue to evolve, buyers and investors alike will be watching closely for signs of renewed momentum.
For much of April and into May, a team of negotiators from Indonesia have been in Washington to discuss trading relations between the world’s largest economy and another forecast to be in the Top 5 within a generation.
The Southeast Asian nation was among those hit hard by the across-the-board tariffs announced on April 2, 2025, by President Donald Trump, with a proposed 32% levy on its exports to the U.S. Trump subsequently backpedaled, putting in place a 90-day pause on any additional tariffs beyond a new 10% minimum.
So far, Indonesia – whose-second largest export market is the United States – has signaled its intent to negotiate rather than respond with countermeasures like some other countries targeted by Trump, such as Chinaand Canada.
Indonesia may even offer to relax protectionist policies aimed at boosting domestic manufactures as a concession. “People who have known me for a long time would say I’m the most nationalist person … but we have to be realistic,” said President Prabowo Subianto.
The issue of Trump’s tariff policy is a major early test for Subianto, a right-wing populist whose worldview was shaped by decades of military experience. He views Indonesia and its place in the broader world through a lens of realist power politics – wanting to ensure Indonesia possesses adequate hard military power and robust economic performance.
Through pushing both, Subianto hopes to ensure that Indonesia is not easily swayed by foreign influence and can avoid domestic discontent due to any economic malaise. His approach to ruling the nation of over 280 million people is driven by a desire to retain friendly relations with the United States and China, retaining close economic and security cooperation with both.
U.S. Secretary of State Marco Rubio meets with Indonesian Foreign Minister Sugiono at the State Department in Washington, D.C., on April 16, 2025. Jim Watson/AFP via Getty Images
Good neighbors, multilateral expansion
Since declaring independence from the Netherlands almost 80 years ago, Indonesia’s foreign policy has been tied to a doctrine of “Bebas dan Aktif,” or “Free and Active.”
Formulated by the country’s first president, Sukarno, at the onset of the Cold War, the policy intended to keep the country officially nonaligned from any major power bloc. While moving much closer to the West and the U.S. during the subsequent longtime authoritarian presidency of Suharto, Jakarta retained its official independent position in foreign policy.
Subianto served in the military during the reign of Suharto, who was also at one point his father-in-law.
As Indonesia’s leader, Subianto has pledged to enact a so-called foreign policy philosophy of “zero enemies, one thousand friends.” That approach stems from two main considerations. First, he seeks to secure economic agreements that will help fulfill his promise of 8% annual economic growth. Second, he aims to strengthen defense procurement and security cooperation to bolster Indonesia’s military position.
Toward multilateralism
As a part of his vision, Subianto has attempted to reframe some of the considerations that have long guided Jakarta’s foreign policy strategy.
For decades, the Association of Southeast Asian Nations, or ASEAN, has served as Indonesia’s collective security buffer, forming a crucial component of its “Mandala” – or concentric circles – foreign policy perspective. However, the current administration has thus far appeared indifferent to using the regional body as a source of projecting power, as underscored by Indonesia’s absence from the ASEAN informal consultations on conflict-ridden Myanmar in December 2024.
That is just one of several indications that Subianto is attempting to shift Indonesia’s role from a regional actor to an active global player.
Much of this inclination toward multilateral engagement is rooted in Subianto’s worldview that can be summed up as this: “If you’re not at the table, you’re likely to end up on the menu.”
The crucial China and US relationships
And yet, despite Subianto’s broader multilateral ambitions, it is the U.S. and China that remain the critical relationships.
During the early weeks of his presidency, Subianto made China his first overseas bilateral visit. It resulted in agreements between China and Indonesia worth up to US$10 billion, primarily focused on green energy and technology.
China’s massive population already serves as a lucrative export destination for Indonesian goods. Since 2016, China has been Indonesia’s biggest export market, beating out Japan and the U.S.
That shift is likely to pick up pace in light of Trump’s tariffs, with Jakarta seeking to offset the increasing cost of American trade. And though Jakarta has signaled neutrality regarding the wider U.S.-Chinese dispute, officials in Jakarta and Beijing agreed in mid-April to boost mutual defense cooperation in the South China Sea.
At the same time, the U.S. holds a particularly important place in Subianto’s mind. As a young soldier, Subianto spent time at military bases in the U.S., where he underwent special forces and counterterrorism training.
He was later subjected to a travel ban from the U.S. from 2000 to 2020 on account of myriad allegations of human rights abuses related to his time in Indonesia’s special forces unit, Kopassus, which led to his being forcibly discharged from the Indonesian military in 1998.
Yet the ban was rescinded after then-President Joko Widodo appointed Subianto to be Indonesia’s defense minister, and he was subsequently invited to Washington in 2020 during the first Trump administration.
Washington was Subianto’s second official presidential visit destination in November 2024. During his trip, Subianto met with President Joe Biden to discuss Indonesia-U.S. bilateral relations, regional security issues and various other global matters. Subianto also had a brief phone call with President-elect Trump to congratulate him on his election victory.
That relationship with Trump is likely to be a crucial one now, especially given the stakes of the mutual trading relationship.
The U.S. is Indonesia’s second-biggest trading partner, after China. The value of trade between the two parties amounted to about $38.3 billion in 2024, with Indonesia exporting $28.1 billion to the U.S. while importing $10.2 billion. Seeking to avoid tariffs of 32%, an Indonesian trade delegation has been negotiating with Trump administration officials, signaling its intent to buy more American goods, make trade concessions and even lower local content requirements on Indonesian-made goods to allow more American-made components.
Promoting pragmatism
There are, of course, ongoing differences between Indonesia and the U.S. – not only the ongoing trade issue but also other areas, including the Israel-Hamas war. Indonesia, the largest majority Muslim country in the world, has been a staunch supporter of Palestinian rights and highly critical of Israeli policy.
Yet even here, Subianto seemingly is open to pragmatism, with reports that the Indonesian government is floating the idea of normalizing ties with Israel in a bid to ease entry into the OECD.
In a similar vein, one can expect that Subianto will opt for pragmatism in his dealings with Trump, prioritizing Indonesia’s security and defense cooperation with Washington, while sidestepping any issues that might divide them along the way.
Under Subianto, Indonesia is embarking on a foreign policy that stresses the importance of maintaining robust and active bilateral ties with the U.S. At the same time, it is strengthening its China relationship. And away from both, it is asserting its own independence through bolstering its position in numerous multilateral bodies.
How Subianto handles those various dynamics is likely to be a defining issue of his presidency.
Gilang Kembara does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The suspect, apparently linked to North Korea’s main missile development agency, was part of a wider network operating in China, according to the story, which first appeared in South Korea’s Yonhap News Agency. In response, Pyongyang was said to have recalled IT personnel in China.
The story was later circulated by several Chinese online outlets. Given the tight censorship in China, this implies a degree of tacit editorial approval from Beijing – although some sites later deleted the story. In a response to Yonhap over the alleged incident, a Chinese Foreign Ministry spokesperson noted that North Korea and China were “friendly neighbors” that maintained “normal” personnel exchanges, without denying the details.
The incident suggests a rare semipublic spat between the two neighboring communist countries, contradicting the image of China and North Korea as “brothers in arms.”
As a scholar of Northeast Asian security, I see the arrest – which has gotten little attention in English-language media – as representative of a wider, more nuanced picture of the two countries’ current relations. There are signs that Beijing is growing frustrated with Pyongyang – not least over North Korea’s increasing closeness with Moscow. Such a development challenges China’s traditional role as North Korea’s primary patron.
In short, the arrest could be a symptom of worsening ties between the two countries.
Beijing’s dilemma over North Korea
North Korea has long been seen by Beijing as both a strategic security buffer and within its natural sphere of influence.
From China’s perspective, allowing a hostile force to gain control of the peninsula – and especially the north – could open the door to future military threats. This fear partly explained why China intervened during the Korean War of 1950-1953.
Beyond security, North Korea also serves as an ideological ally. Both countries are run by communist parties — the Chinese Communist Party and the Workers’ Party of Korea — although the former operates as a Leninist party-state system with a partial embrace of market capitalism, while the latter remains a rigid socialist state characterized by a strong personality cult.
Chinese President Xi Jinping holds a welcoming ceremony for North Korean leader Kim Jong Un in Beijing on Jan. 8, 2019. Xinhua/Li Xueren via Getty Images
Even today, Chinese state media continues to highlight the bonds of “comradeship” with Pyongyang.
However, Pyongyang’s nuclear ambitions have long troubled Beijing. North Korea has conducted multiple nuclear tests since 2006 and is now believed to possess nuclear weapons capable of targeting South Korea, Japan and U.S. bases in the region.
China supports a denuclearized and stable Korean peninsula – both for regional peace and economic growth. Like the U.S., Japan and South Korea, China opposes nuclear proliferation, fearing North Korea’s periodic tests could provoke U.S. military action or trigger an arms race in the region.
Meanwhile, Washington and its allies continue to pressure Beijing to do more to rein in a neighbor it often views as a vassal state of China.
Given China’s economic ties with the U.S. and Washington’s East Asian allies – mainly South Korea and Japan – it has every reason to avoid further instability from Pyongyang.
Yet to North Korea’s isolationist rulers, nuclear weapons are vital for the regime’s survival and independence. What’s more, nuclear weapons can also limit Beijing’s influence.
North Korean leader Kim Jong Un worries that without nuclear leverage, China could try to interfere in the internal affairs of his country. After the death if Kim’s father, Kim Jong Il, in 2011, Beijing was thought to favor Kim Jong Un’s elder half-brother Kim Jong Nam as successor — possibly prompting Kim Jong Un to have him assassinated in 2017.
But despite ongoing tensions over the nuclear issue, China has continued to support the North Korean regime for strategic reasons.
For decades, China has been Pyongyang’s top trading partner, providing crucial economic aid. In 2023, China accounted for about 98% of North Korea’s official trade and continued to supply food and fuel to keep the regime afloat.
Pyongyang pals up with Putin
Yet over the past few years, more of North Korea’s imports, notably oil, have come from another source: Russia.
Moscow’s international isolation following the 2022 invasion of Ukraine and its deteriorating ties with South Korea in particular have pushed it toward Pyongyang. North Korea has reportedly supplied large quantities of ammunition to Russia, becoming a critical munitions supplier in the Ukraine war.
Though both governments deny the arms trade – banned under United Nations sanctions – North Korea is thought to have received fuel, food and access to Russian military and space technology in return. On March 8, 2025, North Korea unveiled a nuclear-powered submarine that experts believe may involve Russian technological assistance.
High-level visits have also increased. In July 2023, Russia’s defense minister, Andrey Belousov, visited Pyongyang for the 70th anniversary of the Korean War armistice, followed by Kim Jong Un’s visit to Russia in September for a summit with President Vladimir Putin.
Russian President Vladimir Putin and North Korean leader Kim Jong Un share a toast during a reception in Pyongyang on June 19, 2024. Vladmir Smirnov/AFP via Getty Images
In June 2024, Putin visited Pyongyang, where the two countries signed a comprehensive strategic cooperation agreement, including a pledge that each would come to the other’s aid if attacked.
Soon after, North Korea began sending troops to support Russia. Intelligence from the U.S., South Korea and Ukraine indicates that Pyongyang deployed 10,000 to 12,000 soldiers in late 2023, marking its first involvement in a major conflict since the Korean War. North Korean soldiers reportedly receive at least US$2,000 per month plus a bonus. For Pyongyang, this move not only provides financial gain but also combat experience should war ever reignite on the Korean Peninsula.
Why China is worried
China, too, has remained on friendly terms with Russia since the war in Ukraine began. So why would it feel uneasy about the growing closeness between Pyongyang and Moscow?
For starters, China views Pyongyang’s outreach to Moscow as a challenge to its traditional role as North Korea’s main patron. While still dependent on Chinese aid, North Korea appears to be seeking greater autonomy.
The strengthening of Russia–North Korea ties also fuels Western fears of an “axis of upheaval” involving all three countries.
Unlike North Korea’s confrontational stance toward the West and its neighbor to the south, Beijing has offered limited support to Moscow during the Ukraine war and is cautious not to appear part of a trilateral alliance.
Behind this strategy is a desire on behalf of China to maintain stable relations with the U.S., Europe and key Asian neighbors like Japan and South Korea. Doing so may be the best way for Beijing to protect its economic and diplomatic interests.
China is also concerned that with Russian support in nuclear and missile technologies, Pyongyang may act more provocatively — through renewed nuclear tests or military clashes with South Korea. And this would only destabilize the region and strain China’s ties with the West.
A defiant and provocative Pyongyang
The timing of the alleged spy drama may offer further clues regarding the state of relations.
It came [just a day after] North Korea officially confirmed it had deployed troops to aid the Russian war effort. It also announced plans to erect a monument in Pyongyang honoring its soldiers who died in the Ukraine war.
The last spy case like this was in June 2016 when Chinese authorities arrested a North Korean citizen in the border city of Dandong. It reportedly followed Pyongyang informing China that it would permanently pursue its nuclear weapons program.
The China-North Korea relationship deteriorated further when North Korea successfully tested a hydrogen bomb in September 2016, prompting Beijing to back U.N. Security Council sanctions against Pyongyang.
Again, this time North Korea shows little sign of bending to China’s will.
On April 30, Kim oversaw missile launches from North Korea’s first 5,000-ton destroyer, touted as its most heavily armed warship.
None of which will help ease Beijing’s concerns. While China still sees Pyongyang as a critical buffer against U.S. influence in Northeast Asia, an increasingly provocative North Korea, fueled by a growing relationship with Russia, is starting to look less like a strategic asset — and more like a liability.
Linggong Kong does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Now, uncertainty arising from zigzagging tariffs, firing of tens of thousands of federal workers and contractors, and massive cuts and freezes to federally funded programs means that more people are increasingly pessimistic about the economy.
As an assistant professor of social work, I have found through my research that differences in how people experience, behave toward and feel about their personal finances have as much of an impact as do their age and gender on certain financial decisions. And those decisions, in turn, can affect their income and wealth moving forward.
Improving your ‘financial efficacy’
Scholars like me use the term “financial efficacy” when we’re assessing whether someone has personal finance know-how and the ability to put it to good use. People with a high level of financial efficacy can be more able to weather bouts of financial hardship and build wealth.
Although everyone’s situation is unique and individual resources vary, there are still five broad areas that personal finance experts say are linked to good financial outcomes: emotional regulation, problem-solving skills, an ability to achieve goals, self-confidence and risk management.
1. Being calm and carrying on
Remaining calm in the face of a potential – or real – financial crisis tends to make it easier to think through important decisions. In contrast, reacting out of fear often leads to mistakes or quick fixes with costly long-term consequences. For example, rushing to fix a problem could lead you to take out a pay-day loan with high interest rates and fees.
That’s why you should avoid making big financial decisions in a hurry.
Waiting until you feel calm, perhaps giving yourself 24 hours to think it over, can protect you from making a bad situation worse. But don’t wait too long – procrastination can lead to late fees and compound your problems.
Keeping your emotions under control depends on having healthy coping mechanisms for stressful situations. And having healthy habits helps to manage that stress.
Solving financial problems is an exercise in improvisation. This includes finding creative ways to increase your income through a new job or side hustles and to reduce your expenses. Or look for solutions that will buy you more time, such as negotiating a repayment plan for an outstanding bill.
This perseverance and resourcefulness often requires relying on skills you’ve used in the past. And it may help if you seek advice from people who you know have made good financial choices before.
When in doubt about how to solve a financial problem, go see a financial counselor or social worker who can help assess your situation and identify the next steps. But be wary of the so-called finfluencers – short for financial influencers – who are active on social media. Instead, learn from the experts who focus on consumer protection and unbiased education.
3. Setting goals and keeping track of them
Achieving goals can be a short-term activity, like solving an immediate problem, or a longer-term process. It means keeping a clear outcome in mind and being able to tell when you’ve met a goal. More complex goals may need to be broken down into multiple milestones to stay on track.
Whenever you’re in deep financial trouble, try to closely monitor your income and expenses. Adapt your budget according to what’s important to you. This will increase your sense of control over the situation.
Tally up all your debt, including from credit cards, autos, student loans, medical or utility bills, and home mortgages. Figure out what you owe and to whom, and put together a plan to repay them. And if this feels overwhelming, that’s OK: A credit counseling nonprofit can help walk you through the process.
Listing all your debt on paper or in a spreadsheet helps reduce anxiety and fear of the unknown. Having the plan helps you see a real way toward a financially stronger future. Then, take action and start paying them down.
One possibility is to ask creditors for an extension or modified repayment schedule for a mortgage or car loan. Communicating with them up front shows them you are taking responsibility, and they will be more likely to work with you.
Americans now owe an average of $6,455 in credit card debt. Paying in full during the grace period instead of later, with interest, can result in a substantial difference in what you owe.
It’s always easier to be confident that you can achieve something if you’ve done it before. This is how confidence builds on itself.
But what if you’re in a new situation? It can help reflecting back on your personal history, realizing that you’ve met challenges in the past, and being reasonably assured that you can do it again. Such confidence then helps you keep calm, think through some solutions and see that you can achieve your goals.
Improving your money management confidence and skills can reduce your anxiety and stress in the moment. It can show you those areas of your financial life that are within your control and illumine the way forward to a healthier financial future.
5. Planning ahead reduces your risks
Even if your finances are OK today, I would advise you to plan ahead. It’s important to identify your own informal safety nets before you need them.
Would you call a friend or a relative? Have that amount saved up, ready and waiting for emergency use? Cover it with your income? According to the Federal Reserve, only 63% of Americans could cover a $400 financial shock with the cash they have on hand.
By regularly setting aside some of the money you earn, you can simultaneously manage your risks better and develop the skills to achieve bigger goals.
Managing your own financial risks means doing your best to prevent a bad situation from getting worse. It also means you might be able to prevent a catastrophe in the future or be able to deal with it better.
Having insurance policies, such as life and disability, homeowners or renters, and health and auto, is part of this. But so are maintaining enough savings to cover an emergency or having multiple income streams.
The steps you take can also include something less tangible, such as caring for your health or tending to your relationships with friends and relatives so you can call on them when times are truly tough. Or better yet, they’ll be able to call on you.
Jeffrey Anvari-Clark does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Nothing is more certain than death and taxes, Benjamin Franklin famously declared. And, since 1916, the federal government has imposed an estate tax on the transfer of property owned at death.
But the Trump administration and Republican lawmakers may be on the verge of changing all that. GOP legislators are now considering a massive bill that includes major tax law changes and could pass by June or July 2025. Among the measures under consideration in both the House and Senate is the Death Tax Repeal Act, which would end the federal estate tax and reduce the tax rate on lifetime gifts.
If the Death Tax Repeal Act were to become law, it would happen at a pivotal moment. In the coming years, baby boomers are expected to leave an estimated US$84 trillion to their heirs, in what’s been called the largest wealth transfer in human history.
As lawprofessors who specialize in trusts and estates, we’re interested in what might happen next. Interestingly, while the long-term impact to the federal budget would be significant, repealing the estate tax would complicate estate planning for the wealthy taxpayers who might not save all that much money. To understand why, let’s consider how the estate tax works now.
Estate planning under current law
The estate tax – which opponents of the policy have long derided as “the death tax” – is imposed on property that is transferred at death. It is part of the federal gift and estate tax system, which imposes a 40% tax on gifts made during life or transferred at death. Supporters of the estate tax argue that it reduces inequality and encourages charitable giving.
But most Americans, even the very rich, will never pay any gift or estate tax. That’s because millions of dollars of assets transferred after death are completely exempt from it.
For 2025, the cumulative gift and estate tax exemption is $13.99 million for individuals and $27.98 million for married couples. The current exemption doubled under the Tax Cuts and Jobs Act, which President Donald Trump signed into law in 2017. And it sunsets this year. Unless Congress passes new legislation, the exemption amount will go back to its 2017 base of $5 million for individuals, plus an inflation adjustment. That would increase the number of estates on which it would be levied.
If the Death Tax Repeal Act passes, of course, then there will be no federal transfer tax imposed on estates.
The estate tax is a lightning rod on Capitol Hill, even though it doesn’t affect many Americans. In 2022, the U.S. Treasury collected $22.5 billion in estate tax revenues from 3,170 estates. More than 3 million people died, so only 0.1% of decedents left enough assets for their estates to pay the tax.
The big freeze: How the ultrarich reduce their tax liability
Beyond taking advantage of this generous exemption, wealthy taxpayers currently use several planning techniques to reduce or eliminate estate taxes.
A common strategy involves minimizing tax on assets that are likely to grow in value. Suppose, for example, a person owns property worth $25 million, and they have already used up their exemption (currently $13.99 million). If that $25 million property appreciates in value to $125 million, and the person waits until death to transfer it to the next generation, the entire investment – all $125 million – would be subject to the 40% estate tax.
To reduce those taxes without entirely giving up control, sophisticated “estate freeze” planning techniques allow owners to keep some powers over the gifted property while transferring it for gift tax purposes before assets appreciate in value. In our example, if the $25 million asset were transferred through a freeze device such as an intentionally defective grantor trust, then the only tax would be a 40% gift tax on the $25 million. All of the appreciation – the other $100 million – would incur no gift or estate tax.
Other estate planning techniques could further reduce the valuation for transfer tax purposes through minority interest, lack of marketability and other discounts. It’s through techniques like this that wealthy Americans are able to pass along approximately $200 billion each year in inherited assets without paying estate taxes.
The Death Tax Repeal Act would not directly affect the tax treatment of charitable giving at death – over $40 billion – but it could alter incentives for philanthropic giving.
Repealing the estate tax could upend existing estate plans
If Congress repeals the estate tax but keeps the gift tax as proposed, many estate freeze planning techniques previously used by the ultrarich would become obsolete. There would be no incentive to make a lifetime gift of property that would appreciate: Individuals who hold onto their property until death would avoid both federal transfer and capital gains taxes.
As a result, repealing the estate tax would turn existing estate plans on their head. Estate freeze strategies are premised on a calculated trade-off: To reduce or eliminate estate taxation at death, wealthy donors choose to make lifetime gifts even though doing so alters lifetime ownership rights, generates gift tax liability and sacrifices other tax benefits at death.
Without an estate tax, existing estate freeze plans lock in the costs of lifetime gifting without any payoff at death. What’s more, some estate freeze plans can’t be changed. For example, an intentionally defective grantor trust must be irrevocable to freeze valuation for gift tax purposes.
So while repealing the estate tax might seem appealing to wealthy Americans, the actual tax benefit could be modest at best for taxpayers who established estate plans under the current system. Financial advisers have also expressed concern about creating new estate plans designed to benefit from estate tax repeal because a future Congress could revive the tax.
Repealing the estate tax could also have macroeconomic implications. Tax incentives to retain ownership until death could tie up capital in ways that dampen economic growth. Individuals tend to become increasingly risk-averse with age, so the Death Tax Repeal Act could skew investments toward safer asset classes. That could deprive younger generations of access to capital for new ventures, such as startups.
The bottom line is that repealing the estate tax may hurt both taxpayers and the government. People with sufficient wealth to exhaust the high exemption are likely to have established estate plans that can’t be changed to benefit from estate tax repeal. Meanwhile, for new estate plans that seek to retain property ownership until death, the government will lose an important source of tax revenue – $22.5 billion in 2022 – collected from a tiny number of very wealthy estates that can afford to pay the tax.
The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: People’s Republic of China – State Council News
China appreciates the Spanish government’s emphasis on developing relations with China and its continuous promotion of practical cooperation and personnel exchanges between the two countries, Chinese foreign ministry spokesperson Lin Jian said on Wednesday.
Lin made the remarks at a daily press briefing when asked to comment on Spain’s 2025-2028 foreign action strategy, which, among others, emphasizes the need to deepen its comprehensive strategic partnership with China.
Citing Spanish Prime Minister Pedro Sanchez’s visit to China not long ago, Lin noted that the two countries had jointly issued an action plan on strengthening the comprehensive strategic partnership, proposing to build a more strategically resilient and dynamic comprehensive strategic partnership.
He mentioned that the two sides had jointly signed a number of documents of cooperation in economy and trade, education, science and technology, and had achieved important cooperation results in the field of new energy such as electric vehicle and power batteries.
China is willing to work with Spain to continue deepening open cooperation, especially in areas such as green development, artificial intelligence and digital economy, to enhance the well-being of the two peoples and add impetus to China-EU relations, Lin said.