Source: Government of Sweden
The Government has prepared a new comprehensive national strategy against violent extremism and terrorism and, in the budget, has prioritised measures that reinforce national security in order to provide a long-term focus for efforts in Sweden locally, regionally, nationally and internationally.
Source: GlobeNewswire (MIL-OSI)
LEAWOOD, Kan., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (“Euronet” or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, announced today second quarter 2025 financial results.
Euronet reports the following consolidated results for the second quarter 2025 compared with the same period of 2024:
See the reconciliation of non-GAAP items in the attached financial schedules.
“I’m very pleased with the business’ constant currency operating profit growth of 13% and the margin expansion of 112 basis points—on its own, this is exciting. But, I’m more excited about our accomplishments to further our digital strategy through the acquisition of a leading credit card issuing platform – CoreCard – and the signing of a Ren agreement with one of the top three banks in the United States.
The acquisition of CoreCard fits nicely with our Ren platform. As described in a separate press release, this is not just a credit issuing platform, it’s a platform serving leading brands in the US, processing at scale, tried and tested. This premier product gives us yet more opportunity to go after the $10 billion issuing market where the market growth rates are much stronger outside the United States, which aligns strongly with our global business where more than 75% of our revenues are from outside the United States. Moreover, another exciting aspect of the issuing business is its margin opportunity, nearing 50 percent. It’s these kinds of initiatives that have contributed to our 20-year double digit growth rate and will continue to drive future growth – focused on digital payments. This acquisition is directly in line with our strategy to shift a stronger mix of our business toward the digital economy.
Not only did we advance our digital agenda with the credit issuing platform, we just signed an agreement with one of the top three banks in the United States for the deployment of our Ren ATM operating and switching product. While we have had many successes with Ren outside the US, this is not just the first agreement in the US we’ve signed, but it is with super impressive top-tiered bank – a real testament to the value proposition of Ren”, said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer.
Segment and Other Results
The EFT Processing Segment reports the following results for the second quarter 2025 compared with the same period or date in 2024:
Constant currency revenue, operating income, and adjusted EBITDA growth in the second quarter 2025 was driven by market expansion, growth across most existing markets and the addition of access fees and an increase in interchange fees in certain markets.
The epay Segment reports the following results for the Q2 2025 compared with the same period or date in 2024:
Constant currency revenue growth was driven by continued payments and digital media growth. Operating income and adjusted EBITDA grew faster than revenue, driven by a shift in product mix and effective operating expense management. Transaction growth from payments and digital media was offset by a decrease in low margin mobile transactions in India.
The Money Transfer Segment reports the following results for the Q2 2025 compared with the same period or date in 2024:
Constant currency revenue growth was primarily driven by growth in cross-border transactions, partially offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 29%, reflecting continued consumer demand for digital products. Operating income and adjusted EBITDA growth outpaced revenue growth due to gross margin expansion and leverage of scale. Additionally, the Money Transfer segment continued to expand both its market footprint through the acquisition of a 60% interest in Kyodai Remittance as well as its industry leading global payments network to now reach 4.1 billion bank accounts, 3.2 billion wallet accounts and 631,000 payment locations.
Corporate and Other reports $22.7 million of expense for the second quarter 2025 compared with $19.1 million for the second quarter 2024. The increase in corporate expenses is largely from the increase in long-term share-based compensation.
Balance Sheet and Financial Position
Unrestricted cash and cash equivalents on hand was $1,329.3 million as of June 30, 2025, compared to $1,393.6 million as of March 31, 2025. Total indebtedness was $2,438.1 million as of June 30, 2025, compared to $2,202.5 million as of March 31, 2025. Availability under the Company’s revolving credit facilities was approximately $884.2 million as of June 30, 2025.
The change in net cash is the result of cash generated from operations, working capital fluctuations and share repurchases of $2.3 million shares for $247 million during the second quarter.
Outlook
Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10- and 20-year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.
Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.
The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.
(1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.
(2) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-cash purchase accounting adjustments, non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.
(3) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash investment gain f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represent a performance measure and is not intended to represent a liquidity measure.
Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on July 31, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com. Participants wanting to access the conference call by telephone should dial (800)715-9871 (USA) or (646)307-1963 (international).
A webcast replay will be available beginning approximately one hour after the event at http://ir.euronet worldwide.com and will remain available for one year.
About Euronet Worldwide, Inc.
A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com.
Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 57,326 installed ATMs, approximately 1.2 million EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 721,000 point-of-sale terminals at approximately 354,000 retailer locations in 64 countries; and a global money transfer network of approximately 631,000 locations serving 200 countries and territories with digital connections to 4.1 billion bank accounts, 3.2 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the company’s website at www.euronetworldwide.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.
Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.
These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
Important Information for Investors and Stockholders
In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.
No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”
| EURONET WORLDWIDE, INC. |
| Condensed Consolidated Balance Sheets |
| (in millions) |
| As of | |||||
| June 30, | As of | ||||
| 2025 | December 31, | ||||
| (unaudited) | 2024 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 1,329.3 | $ | 1,278.8 | |
| ATM cash | 937.4 | 643.8 | |||
| Restricted cash | 40.3 | 9.2 | |||
| Settlement assets | 1,547.1 | 1,522.7 | |||
| Trade accounts receivable, net | 328.4 | 284.9 | |||
| Prepaid expenses and other current assets | 353.8 | 297.1 | |||
| Total current assets | 4,536.3 | 4,036.5 | |||
| Property and equipment, net | 365.0 | 329.7 | |||
| Right of use lease asset, net | 152.5 | 132.1 | |||
| Goodwill and acquired intangible assets, net | 1,160.4 | 1,048.1 | |||
| Other assets, net | 340.7 | 288.1 | |||
| Total assets | $ | 6,554.9 | $ | 5,834.5 | |
| LIABILITIES AND EQUITY | |||||
| Current liabilities: | |||||
| Settlement obligations | $ | 1,547.1 | $ | 1,522.7 | |
| Accounts payable and other current liabilities | 898.3 | 842.3 | |||
| Current portion of operating lease obligations | 55.0 | 48.3 | |||
| Short-term debt obligations | 1,434.8 | 812.7 | |||
| Total current liabilities | 3,935.2 | 3,226.0 | |||
| Debt obligations, net of current portion | 1,002.3 | 1,134.4 | |||
| Operating lease obligations, net of current portion | 100.8 | 87.4 | |||
| Capital lease obligations, net of current portion | 1.0 | 1.4 | |||
| Deferred income taxes | 64.4 | 71.8 | |||
| Other long-term liabilities | 87.8 | 84.3 | |||
| Total liabilities | 5,191.5 | 4,605.3 | |||
| Total equity | 1,363.4 | 1,229.2 | |||
| Total liabilities and equity | $ | 6,554.9 | $ | 5,834.5 | |
| EURONET WORLDWIDE, INC. |
| Consolidated Statements of Operations |
| (unaudited – in millions, except share and per share data) |
| Three Months Ended | |||||||
| June 30, | |||||||
| 2025 | 2024 | ||||||
| Revenues | $ | 1,074.3 | $ | 986.2 | |||
| Operating expenses: | |||||||
| Direct operating costs, exclusive of depreciation | 620.6 | 580.8 | |||||
| Salaries and benefits | 173.5 | 158.0 | |||||
| Selling, general and administrative | 87.8 | 79.4 | |||||
| Depreciation and amortization | 33.8 | 33.7 | |||||
| Total operating expenses | 915.7 | 851.9 | |||||
| Operating income | 158.6 | 134.3 | |||||
| Other income (expense): | |||||||
| Interest income | 6.2 | 5.9 | |||||
| Interest expense | (28.2 | ) | (20.1 | ) | |||
| Foreign currency exchange loss, net | (5.7 | ) | 1.5 | ||||
| Other income | 0.4 | 0.8 | |||||
| Total other expense, net | (27.3 | ) | (11.9 | ) | |||
| Income before income taxes | 131.3 | 122.4 | |||||
| Income tax expense | (33.6 | ) | (39.2 | ) | |||
| Net income | 97.7 | 83.2 | |||||
| Net loss attributable to noncontrolling interests | (0.1 | ) | (0.1 | ) | |||
| Net income attributable to Euronet Worldwide, Inc. | $ | 97.6 | $ | 83.1 | |||
| Add: Interest expense from assumed conversion of convertible notes, net of tax | 0.1 | 1.0 | |||||
| Net income for diluted earnings per share calculation | $ | 97.7 | $ | 84.1 | |||
| Earnings per share attributable to Euronet | |||||||
| Worldwide, Inc. stockholders – diluted | $ | 2.27 | $ | 1.73 | |||
| Diluted weighted average shares outstanding | 42,954,631 | 48,700,270 | |||||
| EURONET WORLDWIDE, INC. |
| Reconciliation of Net Income to Operating Income (Expense) to Operating Income (Expense) and Adjusted EBITDA |
| (unaudited – in millions) |
.
| Three months ended June 30, 2025 | |||||||||||||||
| EFT Processing |
epay | Money Transfer |
Corporate Services |
Consolidated | |||||||||||
| Net income | $ | 97.7 | |||||||||||||
| Add: Income tax expense | 33.6 | ||||||||||||||
| Add: Total other expense, net | 27.3 | ||||||||||||||
| Operating income (expense) | $ | 84.6 | $ | 31.1 | $ | 65.6 | $ | (22.7 | ) | $ | 158.6 | ||||
| Add: Depreciation and amortization | 26.0 | 1.7 | 6.0 | 0.1 | 33.8 | ||||||||||
| Add: Share-based compensation | — | — | — | 13.8 | 13.8 | ||||||||||
| Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) |
$ | 110.6 | $ | 32.8 | $ | 71.6 | $ | (8.8 | ) | $ | 206.2 | ||||
.
| Three months ended June 30, 2024 | |||||||||||||||
| EFT Processing |
epay | Money Transfer |
Corporate Services |
Consolidated | |||||||||||
| Net income | $ | 83.2 | |||||||||||||
| Add: Income tax expense | 39.2 | ||||||||||||||
| Add: Total other expense, net | 11.9 | ||||||||||||||
| Operating income (expense) | $ | 79.9 | $ | 26.2 | $ | 47.3 | $ | (19.1 | ) | $ | 134.3 | ||||
| Add: Depreciation and amortization | 25.1 | 1.8 | 6.7 | 0.1 | 33.7 | ||||||||||
| Add: Share-based compensation | — | — | — | 10.2 | 10.2 | ||||||||||
| Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) |
$ | 105.0 | $ | 28.0 | $ | 54.0 | $ | (8.8 | ) | $ | 178.2 | ||||
(1) Adjusted EBITDA is a non-GAAP measure that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.
| EURONET WORLDWIDE, INC. Reconciliation of Adjusted Earnings per Share (unaudited – in millions, except share and per share data) |
|||||||
| Three Months Ended | |||||||
| June 30, | |||||||
| 2025 | 2024 | ||||||
| Net income attributable to Euronet Worldwide, Inc. | $ | 97.6 | $ | 83.1 | |||
| Foreign currency exchange loss (gain) | 5.7 | (1.5 | ) | ||||
| Intangible asset amortization (1) | 4.7 | 6.5 | |||||
| Share-based compensation (2) | 13.8 | 10.2 | |||||
| Income tax effect of above adjustments (3) | (13.7 | ) | 4.3 | ||||
| Non-cash investment gain (4) | (0.4 | ) | — | ||||
| Non-cash GAAP tax expense (5) | 3.0 | 1.9 | |||||
| Adjusted earnings (6) | $ | 110.7 | $ | 104.5 | |||
| Adjusted earnings per share – diluted (6) | $ | 2.56 | $ | 2.25 | |||
| Diluted weighted average shares outstanding (GAAP) | 42,954,631 | 48,700,270 | |||||
| Effect of adjusted EPS dilution of convertible notes | (176,123 | ) | (2,781,818 | ) | |||
| Effect of unrecognized share-based compensation on diluted shares outstanding |
406,912 | 420,305 | |||||
| Adjusted diluted weighted average shares outstanding | 43,185,420 | 46,338,757 | |||||
(1) Intangible asset amortization of $4.7 million and $6.5 million are included in depreciation and amortization expense of $33.8 million and $33.7 million for both the three months ended June 30, 2025 and June 30, 2024, in the consolidated statements of operations.
(2) Share-based compensation of $13.8 million and $10.2 million are included in salaries and benefits expense of $173.5 million and $158.0 million for the three months ended June 30, 2025 and June 30, 2024, respectively, in the consolidated statements of operations.
(3) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.
(4) Non-cash investment gain of $0.4 million is included in other income in the consolidated statement of operations.
(5) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.
(6) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP.
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
With parliament now finished its first fortnight’s session, attention will soon be on the government’s August 19-21 economic reform roundtable, bringing together business, unions, experts and community representatives to pursue consensus on ways to lift Australia’s flagging productivity.
Independent member for Wentworth Allegra Spender is one of the 25 participants invited to the roundtable. She’s particularly focused on tax reform and last week held a tax roundtable of her own.
Spender joined the podcast to talk about making tax fairer, the need for greater economic reform, climate policy, the social media ban for under 16s, a ceasefire in Gaza, and more.
On her ambitions on tax policy, Spender says income tax indexation is something that would benefit younger, working Australians:
Myself and actually another number of crossbenchers […] wrote to both the government and the opposition last term, really pushing for tax indexation. And really the heart of this is startling statistics from last term. The [Reserve Bank of Australia] put out some information that showed that bracket creep was a bigger impost on average households’ budgets than the RBA increases in the interest rate.
[…] Just to give you two statistics about young working people: households over the age of 65, in the last 10 odd years, have grown their wealth by around 50%. Households under the age of 35 have not grown their worth at all, pretty much. So they are going backwards relative to the rest of the country. A household, two households, both on a $100,000, sitting next to each other. If [one] household is retired, they have to pay on average half the tax of a working age household.
Spender says the system is stacked against young people, who “are really struggling economically compared to previous generations”.
It’s in your early and midlife that you need money for housing, to raise kids and everything else. So we don’t have a tax system that works for younger people. We have a tax system that burdens younger people strongly and then actually gives people more tax breaks when they’re older, and normally wealthier.
On climate targets, Spender says while she’ll be guided by the yet-to-be-provided Climate Change Authority’s advice, she wants to see Australia “try and lead other countries” – pointing to the United Kingdom, which has set a target to cut emissions by at least 81% by 2035.
The Climate Change Authority put out their interim guidance to say that a target within 65 to 75% [emissions reduction on 2005 levels] was both achievable from an economic point of view and also appropriate towards a scientific point of view.
My view is that we should be at the very top end of that. Now, if the Climate Change Authority significantly reviews, you know, revises down their targets, I will reconsider. But I think really what we should be doing is to say how can we be as ambitious as possible. And the reason I think that is important is actually, you know, from a business point of view, ambition and certainty is what they need to make the big investments that will actually achieve it.
Ambition is needed from a scientific point of view, because if we took, say, less than 75% [emissions reduction], and the rest of the world did too, we would be looking at outcomes that are catastrophic for Australia. Regular days in Sydney and Melbourne that are above 50 degrees. A huge loss of coral reef. Continued adverse weather events.
On the news that the government will include YouTube in its social media ban for under 16s, Spender says it’s now up to social media companies to make their websites safer to lift the bans.
My eldest daughter [who’s 12] has a strong view on this. And she’s actually a big fan of the ban. She was like, ‘I just don’t understand how it makes sense to leave YouTube in and TikTok out’. […] She’s not on social media, but other people are, and she finds it sometimes frustrating.
But I think the challenge on this is always going to be the implementation. I think it’s fiendishly complicated to implement. I think genuinely the most valuable part of this ban is actually the signal to families and parents about what is expected and what isn’t.
[…] I think the ball’s in the social media companies’ courts. If they want to move to a life beyond the ban, they need to show how they can make their platforms safe for younger Australians, because I don’t think they have delivered that to date. So I’d be open if they can provide the evidence of how they can change things. I’m always open minded to reversing or changing those bans. But at the moment, [social media] isn’t safe.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Politics with Michelle Grattan: independent MP Allegra Spender on making tax fairer for younger Australians – https://theconversation.com/politics-with-michelle-grattan-independent-mp-allegra-spender-on-making-tax-fairer-for-younger-australians-262225
US Senate News:
Source: United States Senator for New Hampshire Maggie Hassan
WASHINGTON – U.S. Senator Maggie Hassan released the following statement on the war in Gaza, reiterating her position about the horrific humanitarian crisis and that the Trump Administration must continue to work towards a ceasefire agreement to end the war:
“The humanitarian situation in Gaza long ago crossed a crisis point and is both horrifying and outrageous. I voted against today’s joint resolutions because blocking these arms sales would not end the starvation but would embolden Hamas and undermine Israel’s security. Yet while I remain steadfast in my support for Israel’s right to defend itself, I also strongly believe that Israel can and must do more, now, to end the suffering in Gaza. All parties, including the United States, must focus on working together to get food into Gaza as the most urgent priority, and then to reach a negotiated ceasefire that returns the hostages, ramps up humanitarian aid, ends Hamas’s reign of terror, and puts an end to this war. That is the only way we can build a future where the Israeli and Palestinian people live together, side-by-side, in peace.”
US Senate News:
Source: United States Senator for Louisiana Bill Cassidy
(Click here to see President Trump shout out Senator Cassidy at the event)
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA), chair of the U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee, joined President Trump at the White House promoting the administration’s new effort to modernize our health care system, improving care for American patients. Cassidy was also joined at the event by U.S. Health and Human Services Secretary Robert F. Kennedy Jr. and U.S. Centers for Medicare and Medicaid Services Director Mehmet Oz.
“President Trump and I are aligned: it’s time to modernize our health care system to put patients first,” said Dr. Cassidy. “The administration’s new effort will deliver faster, smarter care to patients and reduce administrative burdens on providers. That’s Making America Healthy Again.”
Source: Government of Sweden
On 26–27 September, Minister for Education Mats Persson and Minister for Schools Lotta Edholm will visit London, where they will meet with their British counterparts. The visit is an opportunity for Sweden and the United Kingdom to exchange knowledge about education issues and strengthen relations between the two countries.
Source: Government of Sweden
Preventing and combating men’s violence against women and honour-based violence and oppression is a highly prioritised issue in action for gender equality. Through its gender equality policy, the Government is investing over SEK 600 million in this area in 2024. The appropriation directions given to several government agencies have given them important mandates to strengthen these efforts, which require long-term sustainability and persistence.
Source: Government of Sweden
The Government will task the Swedish Institute with establishing and coordinating a Team Sweden group to create positive interest and confidence in Sweden abroad. This initiative is being presented today, 9 April, at a high-level meeting that includes discussions and a presentation of the work on Sweden’s strategy for foreign trade, investment and global competitiveness (the foreign trade strategy) with leading actors within Team Sweden. Minister for Business, Industry and Innovation Ebba Busch and Minister for International Development Cooperation and Foreign Trade Johan Forssell hosted the meeting.
Source: Government of Sweden
The will to support Ukraine is strong among Swedish health and medical care actors from both the public and private sectors. The Ministry of Health and Social Affairs and Swecare held a Conference on Support to the Recovery and Development of Health Care in Ukraine on 1 December to harness this engagement and discuss how Swedish support can be put to best use.
Source: Government of Sweden
On 1 December, Minister for Health Care Acko Ankarberg Johansson and Minister for Health and Social Affairs Jakob Forssmed will co-host a conference to discuss Sweden’s support to Ukraine’s health and medical care system. The conference, which will convene both public and private sector actors, aims especially to outline how Ukraine’s health care system can be rebuilt, strengthened and modernised.
Source: Australian Attorney General’s Agencies
Today, the Albanese Labor Government took the next major step towards implementation of our landmark trade agreement with the United Arab Emirates.
The passing of necessary legislation today will incorporate the Australia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) into law.
Marking Australia’s first trade agreement in the Middle East region, this deal delivers on the Albanese Government’s commitment to open new export opportunities and create more well-paying local jobs through trade.
The UAE is Australia’s largest trade and investment partner in the Middle East with total trade between Australia and the UAE worth $12.3 billion in 2024.
When fully implemented, over 99 per cent of Australian products will enter the UAE tariff free, including meat, dairy, grains and minerals. The agreement will also deliver cheaper prices at the checkout, with Australian households and businesses saving around $40 million a year.
Details on the full CEPA package, including independent modelling and key benefits to agricultural businesses and Australia more broadly are published on the DFAT website.
Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:
“We are a trading nation. More trade means more higher-paying jobs, more opportunities for businesses, greater investment and cheaper bills for Australian households.”
“As Australia’s first trade agreement in the Middle East, this unlocks significant potential in the region.”
“Passing this legislation is an important step in locking in the gains we’ve made which will deliver for Australian businesses, local jobs and Australian consumers.”
“We will continue working closely with the UAE to bring it into force as soon as possible.”
Source: People’s Republic of China – State Council News
The casualty toll continues to mount among aid-seeking Palestinians and even some relief providers in Gaza despite the Israeli military tactical pause, UN humanitarians said Wednesday.
“We are still seeing casualties among those seeking aid and more deaths due to hunger and malnutrition,” said the UN Office for the Coordination of Humanitarian Affairs (OCHA). “UN partners report high workloads, burnout and exhaustion, due mainly to the lack of food, among front-line workers.”
The office said caseworkers in mental health and psycho-social support facilities are similarly affected.
OCHA said that although the conditions for delivering aid and supplies are far from sufficient, the UN and its partners are taking advantage of any opportunity to support people in need during the tactical pause.
The office cited the challenges it faces at the fenced-off Kerem Shalom/Karem Abu Salem crossing as an example.
“For our drivers to access it, Israeli authorities must approve the mission, provide a safe route through which to travel, provide multiple ‘green lights’ on movement, as well as a pause in bombing, and, ultimately, open the iron gates to allow us to enter,” OCHA said.
The office said the world body was allowed to bring into Gaza limited quantities of fuel through the Kerem Shalom/Karem Abu Salem and Zikim crossings. Almost half of the fuel was transferred to northern Gaza to support vital health, emergency, water and telecommunications needs.
However, it said the fuel allowed into Gaza is insufficient to meet life-saving critical needs.
A permanent ceasefire is needed more than ever. Unilateral tactical pauses alone do not allow for the continuous flow of supplies required to meet immense needs levels in Gaza, said OCHA.
The office said the United Nations and partners continue to coordinate humanitarian movements inside Gaza with the Israeli authorities.
“Yesterday, three facilitated missions allowed our staff to collect cargo containing food from the Kerem Shalom and Zikim crossings and allowed for fuel to be transferred within Gaza,” OCHA said. “However, the others faced impediments, particularly delays in receiving the green light to move by the Israeli authorities, and one had to be canceled.”
The office said that to scale up the delivery of aid in a manner that begins to meet people’s tremendous needs, all crossings must open, a broad range of supplies, both humanitarian and commercial, be allowed to enter, aid movements inside Gaza be safeguarded and facilitated promptly, and relief workers be allowed to do their job.
Source: People’s Republic of China – State Council News
This photo taken on May 10, 2025 shows cargo ships loaded with containers at the Port of Los Angeles in California, United States. [Photo/Xinhua]
U.S. President Donald Trump on Wednesday signed an executive order suspending duty-free de minimis treatment for low-value shipments.
Effective on Aug. 29, imported goods sent through means other than the international postal network that are valued at or under 800 U.S. dollars and that would otherwise qualify for the de minimis exemption will be subject to all applicable duties.
For goods shipped through the international postal system, packages will instead be subject to a duty equal to the effective tariff rate applicable to the country of origin, or a duty ranging from 80 to 200 dollars per item.
Source: People’s Republic of China – State Council News
The high-level international conference for the peaceful settlement of the question of Palestine and the implementation of the two-state solution concluded its general debate on Wednesday.
An outcome document was circulated to delegations for consideration, and the conference, co-chaired by France and Saudi Arabia, will reconvene at a later date to take action on the text of the document.
“States have until the beginning of September to endorse the document if they so wish,” said the representative of Saudi Arabia as he suspended the session.
The three-day conference, mandated by the UN General Assembly in December 2024, was originally scheduled for June but was postponed following the outbreak of the conflict between Iran and Israel.
Several countries have announced their intention to recognize the State of Palestine, including Britain and Singapore.
The representative of Malta said at the conference on Wednesday that his country could formally recognize the State of Palestine at the upcoming UN General Assembly session in September, describing the decision as “a concrete step towards the realization of a just and lasting peace.”
Source: People’s Republic of China – State Council News
China’s local governments issued new bonds worth over 2.6 trillion yuan (about 365.71 billion U.S. dollars) in the first six months of this year, data from the Ministry of Finance showed on Wednesday.
Of the total, general-purpose bond issuance came in at 452 billion yuan for the period and special-purpose bond issuance amounted to over 2.1 trillion yuan.
From January to June, local government bonds were issued with an average term of 15.9 years and at an average interest rate of 1.92 percent.
By the end of last month, China’s outstanding local government debts stood at approximately 51.95 trillion yuan, the ministry said.
China has pledged a more proactive fiscal policy this year to shore up sustained economic and social development.
The country plans to issue 4.4 trillion yuan of local government special-purpose bonds in 2025, marking an increase of 500 billion yuan from last year, according to this year’s government work report.
Source: People’s Republic of China – State Council News
An aerial drone photo taken on Aug. 28, 2024 shows an interior view of the digital factory at a manufacturing enterprise in Yinchuan, northwest China’s Ningxia Hui Autonomous Region. [Photo/Xinhua]
The purchasing managers’ index (PMI) for China’s manufacturing sector stood at 49.3 in July, down 0.4 percentage points from the previous month, official data showed Thursday.
Source: Hong Kong Government special administrative region
​An owner was convicted and fined $66,830 in total, of which $46,830 was the fine for the number of days that the offence continued at the Kowloon City Magistrates’ Courts yesterday (July 30) for failing to comply with a removal order issued under the Buildings Ordinance (BO) (Cap 123).
The case involved unauthorised building works (UBWs) in a unit of a residential building at Tai Kok Tsui Road, including the erection of a structure of about 90 square metres on the flat roof, and the installation of three metal gates obstructing the means of escape. As the UBWs were carried out without prior approval and consent from the Buildings Department (BD), a removal order was served on the owner under section 24(1) of the BO. Failure to comply with the removal order, the owner was prosecuted by the BD.
A spokesman for the BD said today (July 31), “Unauthorised building works may lead to serious consequences. Owners must comply with removal orders without delay. The BD will continue to take enforcement action against owners who fail to comply with removal orders, including instigation of prosecution, to ensure building and public safety.”
Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues.
Source: Government of Sweden
The Government prioritises efforts to combat work-related crime, which in its most serious forms can involve human trafficking and human exploitation and is often a source of income for the criminal economy. Several regional centres for preventing work-related crime have opened in Sweden in late 2023. Minister for Gender Equality and Working Life and Deputy Minister for Employment Paulina Brandberg attended the opening of the Stockholm centre in mid-November.
Source: Government of Sweden
Opinion piece by Romina Pourmokhtari, Minister for Climate and the Environment in Sweden, Christophe Béchu, Minister for Ecological Transition and Cohesion of the Territories in France and Magnus Heunicke, Minister for the Environment in Denmark, published in Dagens industri, March 25 2024.
Source: Government of Sweden
Inflation has decreased considerably and is expected to continue to do so, while unemployment is expected to rise. Subdued growth, combined with the weak labour market outlook, means that the Swedish economy is expected to remain in recession until 2025. These are the conclusions of the Ministry of Finance in a new economic forecast.
Source: Government of Sweden
Combatting antisemitism is a high priority for the Government. The budget presented on 20 September includes several initiatives to enhance and shore up these continued efforts. This includes funding to the Jewish Museum, the Living History Forum and the Official Council of Swedish Jewish Communities, and state aid for security-heightening measures.
Source: Government of Sweden
The World Health Organisation (WHO) has announced a new global Commission on Social Connection. The aim of the Commission is to spotlight the public health problem of loneliness and involuntary isolation and make it a priority. Minister for Social Affairs and Public Health Jakob Forssmed has been included among the twelve Commissioners – the only one from Europe.
Source: Government of Sweden
Minister for Migration Maria Malmer Stenergard received an inquiry report today entitled ‘New regulations on labour immigration, etc.’ The report contains a number of proposals that aim to make conditions for low-skilled labour immigration more stringent while promoting highly skilled labour immigration.
Source: GlobeNewswire (MIL-OSI)
SCOTTSDALE, Ariz., July 30, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, today announced that it will release its second quarter 2025 financial results after the close of the stock market on Wednesday, August 13, 2025. Management invites all interested parties to its webcast/conference call the same day at 5:00 pm ET to discuss the results.
Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 7312901.
To listen to the call online, investors can visit the investor relations page of Caliber’s website at https://ir.caliberco.com/. The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.
Additional details:
The news release and presentation materials will also be available on the Investor Relations site under “Financial Results”.
About Caliber (CaliberCos Inc.)
With over $2.9 billion in Managed Assets, Caliber’s 16-year track record of managing and developing real estate is built on a singular goal: to make money in all market conditions, specializing in hospitality, multi-family residential, and multi-tenant industrial. Our growth is fueled by performance and a key competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions often overlook. Integral to this advantage is our in-house shared services group, which gives Caliber greater control over our real estate and enhanced visibility into future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
CONTACTS:
Caliber Investor Relations:
Ilya Grozovsky
+1 480-214-1915
Ilya@CaliberCo.com
Source: New Development Bank
Johannesburg, South Africa – on July 22, 2025, The New Development Bank (NDB) and the South African National Roads Agency Soc Limited (SANRAL) have today signed a landmark loan agreement worth ZAR7 billion to finance the rehabilitation and expansion of key national road segments. This strategic partnership reflects a shared commitment to modernizing South Africa’s transport infrastructure, reducing logistics costs, and boosting economic growth.
The loan agreement will fund critical upgrades including the widening of highways, rehabilitation of bridges, and improvement of intersections along major freight corridors. These infrastructure enhancements are expected to significantly reduce travel times, improve road safety, and facilitate smoother movement of goods and people across the country.
To optimise financial efficiency, the loan is denominated in South African Rand (ZAR), which helps reduce debt financing charges by mitigating currency risk and aligning repayment obligations with local revenue streams.
South Africa’s transport sector plays a vital role in the national economy, and efficient road networks are essential for supporting trade, tourism, and job creation. By investing in the modernization of its road infrastructure, SANRAL aims to lower transportation costs for the majority of road users in South Africa, enhance connectivity between urban and rural areas, and stimulate inclusive economic development.
This financing aligns with the New Development Bank’s mission to support sustainable infrastructure projects that foster regional integration and economic resilience. As Mr. Monale Ratsoma, Chief Financial Officer, explained, “This loan agreement with SANRAL demonstrates the New Development Bank’s commitment to partnering with South Africa in building resilient and efficient infrastructure that drives economic transformation. We are proud to support projects that will improve the quality of life for millions of South Africans.”
From SANRAL’s perspective, Reginald Demana, Chief Executive Officer, emphasised, “The investment from the New Development Bank is a vital step towards upgrading our national road network. It will enable us to deliver safer, more reliable roads that underpin economic growth and social development.
The signing ceremony took place in Johannesburg at NDB’s Africa Regional Office and was attended by senior officials from both organisations, highlighting the strong cooperation between the New Development Bank and South African government agencies.
Background Information
New Development Bank
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
For more information on NDB, please visit www.ndb.int
South African National Roads Agency LTD
The South African National Roads Agency (SANRAL) is an independent, statutory company. South Africa’s Ministry of Transport is the sole shareholder and owner of SANRAL. Its mandate focuses on building and maintaining roads to enhance connectivity and development in South Africa.
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders
WASHINGTON, July 30 – Sen. Bernie Sanders (I-Vt.) today released the following statement after forcing a vote on the floor of the United States Senate to block the sale of arms to Israel:
By a vote of 27-17, the members of the Senate Democratic caucus voted to stop sending arms shipments to a Netanyahu government which has waged a horrific, immoral, and illegal war against the Palestinian people.
The tide is turning. The American people do not want to spend billions to starve children in Gaza.
The Democrats are moving forward on this issue, and I look forward to Republican support in the near future.
Source: NZ Department of Conservation
Date: 31 July 2025
The popular Great Walk in the Abel Tasman National Park had been temporarily closed from Mārahau to Anchorage due to the damage.
DOC Motueka Operations Manager Chris Golding says staff have been out on the track since the heavy rain on Tuesday 29 July and it’s come through without any significant new damage.
“There are several areas with minor damage, which are all passable with care. Please make safe decisions for your ability level and if you have any doubts, don’t go ahead. We’ll get these tidied up in the coming weeks when we can,” says Chris.
“Some planned maintenance is happening between Bark Bay and Onetahuti for another month or so. There will be machines operating so please follow all instructions from the staff and contractors.”
Chris says access to the Kahurangi National Park from the Tasman District is still severely limited by road closures.
“We’re working out repair options for Graham Valley Rd, which is the gateway Flora Car Park and some of the region’s most popular alpine walks. Over the Takaka Hill, the Cobb Valley is also closed due to several slips,” Chris says.
“There’s no timeframe for when these will reopen, please check the DOC and Tasman District Council websites for the latest.
“The Wangapeka River Rd is open, but a four-wheel-drive is required as there has been some storm damage.”
The Top of the South has had several storms in the last month and anyone going into the outdoors should be prepared to potentially come across track damage. Make safe decisions and report issues to 0800 DOC HOT (0800 362 468).
The DOC website will be kept up to date as things change. Anyone planning to head out should check for the latest before their trip.
To check for any road closures use Road Closures (Local and Highway).
Source: Government of Sweden
How many people work at the Government Offices? What was the central government budget like last year? How many acts and ordinances were issued last year? The answer to these and other questions can be found in the Swedish Government Offices Yearbook 2022.
Source: Government of Sweden
Minister for Climate and the Environment Romina Pourmokhtari is attending the sixth session of the United Nations Environment Assembly (UNEA-6) in Nairobi on 27–29 February. Items on Ms Pourmokhtari’s agenda include climate change, plastic pollution, circular economy and threats to biodiversity.
Source: Government of Sweden
On 16 October, Minister for Gender Equality Working Life and Deputy Minister for Employment Paulina Brandberg, Minister for Culture Parisa Liljestrand and Minister for Social Affairs and Public Health Jakob Forssmed met with representatives of Jewish civil society. The meeting focused on how events in Israel are affecting Jews in Sweden, current challenges and future efforts to combat antisemitism and support Jewish life.