NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the first quarter ended March 31, 2025.
Marc Rowan, Chairman and Chief Executive Officer at Apollo said, “Our first quarter results highlight Apollo’s strengths and our ability to navigate shifting market conditions. In Asset Management, we generated record organic inflows, strong origination volume, and delivered solid investment performance across all major strategies. In Retirement Services, consistent with our longstanding approach of positioning the business to seize opportunity, we accelerated new business growth and invested conservatively to be able to redeploy into widening spreads. Armed with broad origination capabilities and a robust pipeline, significant dry powder, and a purchase price matters philosophy, we are uniquely built to thrive amid volatility and dislocation.”
Apollo issued a full detailed presentation of its first quarter ended March 31, 2025 results, which can be viewed on Apollo’s Investor Relations website at ir.apollo.com.
Dividend
Apollo Global Management, Inc. has declared a cash dividend of $0.51 per share of its Common Stock for the first quarter ended March 31, 2025. This dividend will be paid on May 30, 2025 to holders of record at the close of business on May 16, 2025.
Apollo Global Management, Inc. has also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2025 to holders of record at the close of business on July 15, 2025.
The declaration and payment of dividends on the Common Stock and the Mandatory Convertible Preferred Stock are at the sole discretion of Apollo Global Management, Inc.’s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future.
Conference Call
Apollo will host a public audio webcast on Friday, May 2, 2025 at 8:30 a.m. Eastern Time. During the webcast, members of Apollo’s senior management team will review Apollo’s financial results for the first quarter ended March 31, 2025.
The webcast may be accessed at ir.apollo.com. For those unable to listen to the live broadcast, there will be a replay of the webcast available at the same link one hour after the event.
Apollo distributes its earnings releases via its website and email distribution lists. Those interested in receiving firm updates by email can sign up for them at ir.apollo.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.
Forward-Looking Statements
In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.
Investor and Media Relations Contacts
For investors please contact: Noah Gunn Global Head of Investor Relations Apollo Global Management, Inc. 212-822-0540 ir@apollo.com
For media inquiries please contact: Joanna Rose Global Head of Corporate Communications Apollo Global Management, Inc. 212-822-0491 communications@apollo.com
Winchester City Council has achieved another successful prosecution for a fly-tipping offence.
A West Sussex man has been convicted of the fly-tipping offence after an incident at Alresford Road, Ovington, Winchester in April 2024.
Philip Henry Exall, 68 years-old and a resident of Willett Close, Petworth, West Sussex, pleaded guilty on Friday 4 April 2025 in Basingstoke Magistrates Court.
The court heard that surveillance camera images captured an open-back tipper truck in a lane with concrete boulders in the rear, boulders which were later discovered dumped in the same area.
Mr Exall was ordered to pay a fine, victim surcharge and full prosecution costs, totalling £1,315.73.
Winchester City Council Deputy Leader and Cabinet Member for Finance and Performance Cllr Neil Cutler said: “This case once again reinforces Winchester City Council’s zero-tolerance approach to fly-tipping; the latest Defra figures show that there has been a reduction of 15% in fly tipping incidents in the Winchester District and we will continue to look to prosecute all of those who commit this environmental crime wherever possible.
“Fly-tipping causes huge damage to our local communities, wildlife and the environment, and we also rely on reports and witness statements from the public to prosecute – I’d encourage anyone who witnesses or captures footage of someone dumping waste illegally in our district to report it.”
Reports of fly-tipping can be made on the council’s website at www.winchester.gov.uk/report, via the Your Winchester app or by calling 0300 300 0013.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The government continues to improve the conditions for doing business, including those related to industrial and amateur fishing. A resolution has been signed changing the procedure for paying fees for concluding new agreements for the use of fishing areas.
Until now, when concluding a contract, it was necessary to pay 40% of the total amount of the fee, 30% no later than one year from the date of concluding the contract, and another 30% no later than two years from the date of concluding the contract.
Now the document stipulates four payments instead of three. When concluding the contract, it is necessary to pay 25% of the payment amount, another 15% no later than one year, 30% no later than two years from the date of the contract, and another 30% no later than three years from the date of the contract.
“These opportunities will become available to existing enterprises without bidding if their contract expires. The entrepreneur himself makes the decision to renew it,” Mikhail Mishustin noted during Government meetings on April 30.
The Prime Minister recalled that there are a significant number of small and medium-sized enterprises operating in this area, including artels and agricultural cooperatives. Their profitability is not that high, and the previously established payments were significant expenses for them. He added that the new regulation will improve the sustainability of the industry and will help preserve jobs in the regions.
The document will be published.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
2025-58 HAWAIʻI LEADS MULTISTATE LETTER URGING TRUMP ADMINISTRATION TO RESTORE TITLE X FUNDING
Posted on May 1, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
DEPARTMENT OF THE ATTORNEY GENERAL
KA ʻOIHANA O KA LOIO KUHINA
JOSH GREEN, M.D. GOVERNOR
KE KIAʻĀINA
ANNE LOPEZ
ATTORNEY GENERAL
LOIO KUHINA
HAWAIʻILEADS MULTISTATE LETTER URGING TRUMP ADMINISTRATION TO RESTORE TITLE X FUNDING
News Release 2025-58
FOR IMMEDIATE RELEASE
May 1, 2025
HONOLULU – Attorney General Anne Lopez today led a coalition of20 attorneys general in sending a letter to the Trump Administration to express serious concern with the U.S. Department of Health and Human Services’ (HHS) decision to withhold tens of millions of dollars in Title X funding.
Signed into law by President Richard Nixon, Title X is the nation’s only federal program dedicated to family planning for low-income and uninsured individuals. On March 31, HHS issued letters to a wide range of grant recipients that fund nearly 25% of all Title X clinics, indicating that these grantees’ Title X grants were being withheld.
In today’s letter, the attorneys general write that the withholding of funds will lead to more unintended pregnancies, more sexually transmitted infections (STIs), increased rates of undiagnosed HIV, increased rates of cervical cancer and a higher burden on over-stretched state budgets.
“Hawai‘i has been deprived of all Title X funding, jeopardizing our residents’ access to vital healthcare,” said Deputy Solicitor General Caitlyn Carpenter. “We know from prior experience what happens when the federal government interferes with Title X. People experience an increase in serious health harms and states bear higher burdens. We urge Secretary Kennedy to reverse course and fully fund these critical programs.”
According to the letter, if state and local governments are not able to make up for the federal shortfall, patients will see a reduction in services as clinics close and providers are terminated. The letter goes on to explain that this will fall particularly hard on poor and rural communities that are the primary beneficiaries of the Title X programs. In many areas, a Title X clinic is the only source of prenatal services and screening for STIs.
In the letter, the attorneys general write that:
Recent history demonstrates that cutting Title X grantees will worsen care. In 2019, the Trump Administration changed the rules governing Title X, leading to a mass loss of healthcare providers. Nationwide, the number of Title X patients fell more than 60%, from 3.9 million to 1.5 million. This recent history demonstrates what happens — and how quickly — when the federal government slashes access to Title X. In total, theGuttmacher Instituteestimates that as a direct result of HHS’s action in withholding funds, at least 834,000 patients, representing 30% of the total population served, will lose care in the first year alone.
The states will be harmed by HHS’s decision. While the 2019 rule was in effect, many states were forced to make emergency appropriations to cover for the loss of providers. Title X programs are a critical component of vital public health infrastructure. An important example is the role of Title X programs in detecting and preventing STIs. Between 2006 and 2010, 18% of all women who were tested, treated, or received counseling for an STI did so at a Title X clinic, as did 14% of women tested for HIV. States are once again faced with a choice: dip once again into general funds to make up the difference, or deal with a surge in new STIs and unintended pregnancies.
There is no justification for the terminations. Although HHS suggested Title X grantees violated federal civil rights laws, HHS has provided absolutely no evidence supporting this suggestion.
This letter is led by Attorney General Lopez and Attorney General Rob Bonta of California. Joining the letter are the attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont and Washington.
A copy of the letter can be found here.
* * *
Media Contacts:
Dave Day
Special Assistant to the Attorney General
Office: 808-586-1284
Email:[email protected]
Web:http://ag.hawaii.gov
Toni Schwartz Public Information Officer Hawai‘i Department of the Attorney General Office: 808-586-1252 Cell: 808-379-9249 Email:[email protected]
This study aims to provide a more comprehensive understanding of how different types of uncertainty – such as those arising from supply-side events (e.g., armed conflicts or natural disasters) and demand-side events (e.g., political or economic uncertainty) – affect U.S. financial markets. Specifically, it examines whether incorporating oil prices alongside gold prices as proxy variables allows for a distinction between the effects of supply-side and demand-side uncertainty shocks in structural VAR models.
Contribution
The primary contribution of this paper is an enhancement of the traditional proxy VAR approach to identifying uncertainty shocks, as detailed in Piffer and Podstawski (2018). While their method relies solely on gold prices as a proxy for uncertainty, this study incorporates oil prices as an additional variable to better capture the distinct effects of supply-side and demand-side shocks. By analyzing daily price changes during major events, this study proposes using two proxy variables for a more nuanced examination of uncertainty shocks. The methodology is implemented using a Bayesian Vector Autoregression (BVAR) model, which helps identify structural shocks and their impacts on economic variables. The inclusion of oil prices provides a more detailed perspective on how different types of uncertainty propagate through the economy, offering valuable insights for both researchers and policymakers.
Results
Both supply-side and demand-side uncertainty shocks lead to significant increases in gold prices, declines in stock prices, and lower interest rates. However, the key differentiating factor between these two types of shocks is their impact on inflation expectations. This finding underscores the importance of considering both supply-side and demand-side factors when analyzing uncertainty shocks, providing a more comprehensive framework for understanding their economic implications, especially in the context of monetary policy.
The Government of India must prioritize humanitarian aid and immediately implement a clear, inclusive and time-bound plan for the safe and voluntary return of communities displaced by ethnic violence in Manipur, said Amnesty International, ahead of the second anniversary of the outbreak of violence.
Since violence erupted on 3 May 2023 between the Meitei community and Kuki and other tribal hill communities, more than 50,000 internally displaced people (IDPs) from both communities continue to remain in relief camps across the state, living in inhumane conditions with limited access to healthcare, sanitation, and adequate nutrition.
“It is unacceptable that the Indian government has failed to address the humanitarian needs and implement a comprehensive rehabilitation policy for displaced communities who remain in relief camps two years since the start of the ethnic violence in Manipur. This inaction has left tens of thousands in limbo, forced to endure life in inhumane conditions with no end in sight,” said Aakar Patel, chair of board, Amnesty International India.
“Despite the devastating impact of the violence, including the loss of 260 lives, there has been no meaningful progress toward justice and accountability. The rehabilitation policy must also prioritize accountability for the grave human rights violations and abuses committed since May 2023.”
According to the latest government data as per sources, more than 58,000 people are living in 281 relief camps across the state. Many others have fled to states like Mizoram and Meghalaya. Despite the imposition of President’s rule in Manipur in February 2025 which suspended the state government and extended central government’s rule in the state, the conditions have not improved.
Fear and insecurity preventing return
Key stakeholders in Manipur told Amnesty International that while many IDPs are desperate to return home because of the terrible living conditions, fear and insecurity persist. Numerous homes have been destroyed, while others remain occupied by vigilante groups, making return impossible without proper state intervention and guarantees of safety.
Babloo Loitongbam, a human rights defender and lawyer from Imphal, said: “Thousands are still unable to return home – not by choice, but due to ongoing fear and insecurity. As delays persist, frustration and resentment continue to grow among those affected… potentially creating a far more volatile and dangerous situation.”
A community worker told Amnesty International: “If they go back to their homes, how can they sleep peacefully in a house where the roof and the walls are riddled with bullet holes? They need security and protection. And not many can afford to reconstruct their homes without assistance from the authorities.”
Inhuman conditions in relief camps
While the Union Home Ministry announced that it has provided INR 21,700,000 (256470 USD) for relief and rehabilitation during the 2024-25 fiscal year, the Home Minister Amit Shah on 3 April said that ‘discussions are ongoing’ regarding a rehabilitation package for the internally displaced people.
A community worker from a relief camp, speaking on the condition of anonymity, told Amnesty International: “The health facilities in these camps are very bad. We regularly see outbreaks of measles, dysentery and fever…There are also people with illnesses like cancer and tuberculosis and many who need dialysis treatment. The only government hospital nearby doesn’t have the capacity to treat these patients and there aren’t many specialist doctors, which is worrying. We are getting some assistance from civil society and philanthropic organizations but nothing much from the state.”
Another community worker told Amnesty International: “Sanitation is a big problem in these camps. More than 100 families are using two to three makeshift toilets right now. The living conditions are pathetic, cramped and very suffocating. My concern is also that they are provided with two meals a day and the quality of the food is not good.”
Under international law, IDPs have the right to access to adequate housing, water, sanitation, health and other essential services, without discrimination, as anyone else living in India. The denial of access to these essential rights is a violation of the International Covenant on Economic, Social and Cultural Rights (ICESCR), which India ratified in 1979 and the UN Guiding Principles on Internal Displacement.
Failure to ensure accountability
Since May 2023, homes, businesses, villages, and places of worship have been burned, attacked, looted, and vandalized in the ongoing ethnic violence. Two years on, the authorities have failed to bring the suspected perpetrators of the human rights violations to account, and to provide access to justice and effective remedies for victims, thereby contributing to impunity.
Benjamin Mate, Chairman of the Kuki Organisation for Human Rights Trust, said: “To ensure true progress in Manipur, the Government of India must appoint an independent commission to thoroughly investigate the role of senior officials, state bureaucrats, police officials, and armed groups during the ethnic violence over the past two years. Accountability is essential, and only through such a transparent and impartial inquiry can justice be delivered to the victims.”
“The BJP-led administrations at both the state and central levels have not succeeded in bringing an end to the ongoing violence in Manipur. By consistently failing to hold those suspected of serious human rights violations accountable, the government risks signaling that such impunity will persist – ultimately paving the way for further abuses which unfortunately will impede any proposed rehabilitation policy in the coming days,” said Aakar Patel.
Donald Trump is everywhere, inescapable. His return to power in the United States was always going to have some impact on the Australian federal election. The question was how disruptive he would be.
The answer is very – but not in the ways we might have thought.
As soon as Trump was elected president, the political debate in Australia focused on whether Prime Minister Anthony Albanese or Opposition Leader Peter Dutton would be best suited to managing him – and keeping the US-Australia security alliance intact.
Initially, at least, this conversation was predictable.
The Coalition looked set to continue an ideological alignment with Trumpism that had flourished under the prime ministership of Scott Morrison. Dutton prosecuted the argument that given his party’s experience with the first Trump administration, it would be better placed than Labor to handle the second.
Albanese, meanwhile, appeared caught off guard by Trump’s victory and timid in his response.
But as has become all too clear, the second Trump administration is radically different from the first. That has rattled the right of Australian politics and worked to Labor’s advantage.
A turning point at the White House
In January, the Coalition announced that NT Senator Jacinta Nampijinpa Price had been appointed shadow minister for government efficiency – a direct importation of the Department of Government Efficiency (DOGE) being led by Elon Musk in the US.
In a barely disguised imitation of the Trump administration’s attacks on “diversity, equity and inclusion” (DEI) measures, members of the Coalition, including Price, singled out Welcome to Country ceremonies as evidence of the kind of “wasteful” spending it would cut.
When the Coalition seemed to be riding high in the polls, Dutton, too, nodded at “wokeism” and singled out young white men feeling “disenfranchised”.
Soon after, however, this began to change. The first few weeks of Trump’s second term were marked by a cascade of executive actions targeting trans people, climate action and immigration. Trump and his new appointees began the process of radically reshaping the United States and its role in the world.
In February, polling by the independent think tank The Australia Institute found Australians saw Trump as a bigger threat to world peace than Russian President Vladimir Putin or Chinese leader Xi Jinping.
And then Volodymyr Zelensky went to the White House.
The Ukrainian president was humiliated in an Oval Office meeting with Trump and Vice President JD Vance, laying bare how the administration was willing to treat the leader of an ally devastated by a war it hadn’t started.
Trump’s territorial threats towards Canada and Greenland, in addition to his dismissive statements about European allies, shattered the long-held assumptions about the US as a force for stability in the world.
MAGA ideology isn’t ‘pick and choose’
After this incident, Dutton was careful to distance himself from Trump’s abandonment of Ukraine. He even went so far as to say that leadership might require “standing up to your friends and to those traditional allies because our views have diverged”.
it’s hard to see America made great again if the Trump administration’s message to the world is that the strong do what they will and the weak suffer what they must.
Therein lies the bind for the Coalition – an ideological alignment with “Make America Great Again” cannot be fully reconciled with a nationalism that puts Australian interests first.
MAGA ideology is all-or-nothing, not pick-and-choose.
During the election campaign, the Coalition attempted to walk the path of “pick-and-choose”. And Labor quite successfully used this against them. Assertions the opposition leader was nothing but a “Temu Trump”, or “DOGE-y Dutton”, stuck because they had at least a ring of truth to them.
The opposition’s pledge to dramatically reduce the size of the public service, for example, was clearly linked to Musk’s efforts at DOGE to take a chainsaw to the public service in the US. This idea has been deeply unpopular with Australian voters, and the Coalition has faced innumerable questions about it.
For all the talk of “shared values” and how essential the US alliance is to Australian security, this campaign shows that Australia is not like America.
Most Australians concerned about Trump’s impact
When Trump’s tariffs arrived on “Liberation Day” in early April, both leaders claimed they were best placed to negotiate.
Albanese insisted Australia had got one of the best results in the world, while Dutton asserted, without evidence, that he would be able to negotiate a better one.
More broadly, the Trump tariffs have contributed to a growing sense of unease in the electorate.
A recent YouGov poll found that 66% of Australians no longer believe the US can be relied on for defence and security. According to Paul Smith, the director of YouGov, this is a “fundamental change of worldview”.
In the same poll, 71% of Australians also said they were either concerned or very concerned Trump’s policies would make Australia worse off.
While neither party has signalled it would make a fundamental shift in Australia’s alliance with the US if elected, that doesn’t mean changes aren’t possible.
Independents and minor parties may well play a significant role in the formation of the next government. Some, like Zoe Daniel and Jacqui Lambie, are increasingly vocal about the risks the Trump administration poses to Australia.
A limit to Trumpism’s appeal
As election day approaches, many of the assumptions driving conventional Australian political thinking are under pressure.
Labor’s recovery in the polls, and the Liberals’ election win in Canada, suggest assumptions about the dangers of incumbency might have been misplaced. The dissatisfaction with incumbent governments last year may have had more to do with unresponsive political parties and systems.
There’s evidence emerging, instead, that in more responsive democracies with robust institutions like Australia and Canada, Trumpism does not have great appeal.
The idea that “kindness is not a weakness” may yet prove to be a winning political strategy.
Emma Shortis is Director of International and Security Affairs at The Australia Institute, an independent think tank.
US Defense Secretary Pete Hegseth during a visit with Michigan Air National Guard troops, April 29.Getty Images
With US Secretary of Defense Pete Hegseth’s “proud” cancellation this week of the military’s Women, Peace and Security (WPS) program, the “war on woke” has found its latest frontier – war itself.
Stemming from a United Nations Security Council resolution in 2000, the WPS initiative aimed to increase the participation of women in public institutions, including in the security sector and in peace-making roles.
The WPS agenda aims to better understand how women, men, boys and girls experience war, peace and security differently. It increases operational effectiveness and supports the underlying goal of gender equality, described by the UN as the “number one predictor of peace”.
In the military context, it emphasises the need to increase the participation of women and to better protect non-combatant women in war, particularly from the prevalence of conflict-related sexual violence.
The decision to end the program as part of a wider war on diversity, equity and inclusion seems to assume national security and military power are incompatible with the promotion of racial and gender equality.
In other words, it assumes certain types of people aren’t really cut out to be “warfighters”. And it asserts that anything other than basic skill (such as weapons handling) undermines readiness and ability in warfare.
History and the available evidence suggest both ideas are wrong.
The archetypal warrior envisaged by Hegseth and others is one who relies on very traditional concepts of what constitutes a warrior and who that might be: not female, definitely not transgender, ideally also not gay.
Recent bans on transgender personnel in the US military, the removal of mandatory mental resilience training, and the
“disappearance” from US museums and memorials of the records of the military contribution of women and minorities, reinforce these ideas.
The ideal soldier, according to the new doctrine, is straight, white, physically fit, stoic and male. Yet people of all stripes have served their countries ably and with honour.
Hard-won progress in retreat
Military service is allocated a privileged kind of status in society, despite (or perhaps because of) the ultimate sacrifice it can entail. That status has long been the preserve of men, often of a particular class or ethnicity.
But women and minorities around the world have fought for the right to enter the military, often as part of broader campaigns for greater equality within society in general.
But there remains resistance to these “interlopers”. No matter their individual capabilities, women are painted as too physically weak, as a threat to combat unit cohesion, or a liability because of their particular health needs.
Women, in particular, are often perceived as being too emotional or lacking authority for military command. Minorities are seen as requiring distracting rules about cultural sensitivity, presenting language challenges, or are stereotyped as not cut out for leadership.
But problem solving – a key military requirement – is best tackled with a range of views and approaches. Research from the business world shows diverse teams are more successful, including delivering higher financial returns.
At a more granular level, we also know that minority groups have often outperformed other military units, as exemplified by the extraordinary feats of the New Zealand Māori Pioneer Battalion in World War I and the 28th Māori Battalion in World War II.
Women, too, have proved themselves many times over, most recently in the wars in Iraq and Afghanistan. As well as matching the skills of their male counterparts, they also had different, useful approaches to roles such as intelligence gathering in conflict zones.
US Marines on a military exercise – but history shows us there’s more than one type of successful soldier. Getty Images
Any suggestion that military units are best served by being made up of only heterosexual men with “alpha” tendencies is undermined by the evidence. In fact, a monocultural, hypermasculine military may increase the potential for harrassment, bullying or worse.
Modern military roles also involve a much wider range of skills than the traditional and stereotypically male infantry tasks of digging, walking with a pack, firing guns and killing an enemy.
In modern warfare, personnel may also need to engage in “hearts and minds” counterinsurgency, or in “grey zone” tactics, where specialisations in intelligence, cyber or drone piloting are more highly prized. Militaries are also much more likely to be deployed to non-warfighting roles, such as humanitarian aid and disaster relief.
This isn’t to say “controlled aggression” and other traditionally alpha-male attributes don’t have their place. But national military strategies increasingly stress the need to train ethical and compassionate soldiers to successfully carry out government objectives.
The evolution of war requires the evolution of the military forces that fight them. The cancellation of the Women, Peace and Security program in the US threatens to put a stop to this process, at least in that country.
Despite Pete Hegseth’s claim to be increasing “warfighting” capability, then, there is a real chance the move will decrease operational effectiveness, situational awareness and problem solving in conflict situations.
Far from being peripheral, the Women, Peace and Security program is central to the future of all military activity, and to developing conceptions of war, peace and security. Hegseth’s “proud moment” looks less like winning a “war on woke” and more like a retreat from an understanding of the value a diverse military has created.
Bethan Greener 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.
Educators and community leaders welcomed a new Religious Education (RE) syllabus which will be taught in Derby’s schools. Around 100 professionals from Derby City Council, schools and other partner organisations attended the launch event.
The development of the new syllabus follows the government’s requirement for a review of the RE curriculum every five years. Local authorities are required to have a Standing Advisory Council for Religious Education (SACRE) to oversee RE and collective worship.
Derby City Council collaborated with its SACRE, comprising faith representatives from across the city, along with schools and advisors, to create an inclusive and wide-ranging syllabus.
The syllabus provides children and young people with the opportunity to study various faiths and beliefs, fostering mutual respect in relation to both religious and non-religious worldviews. It also incorporates new elements addressing significant contemporary issues, including anti-racism and climate change awareness.
Delegates gathered in the Council Chamber at the launch event
Councillor Paul Hezelgrave, Derby City Council Cabinet Member for Children, Young People and Skills, said:
RE is such an important subject – it explores big questions about life, what people believe and what difference this makes to how they live, so that pupils can make sense of religion and world views, and reflect on their own ideas and ways of living.
The ambition for RE in the city of Derby is to provide the opportunity for children and young people to acquire knowledge in relation to the lives of people within the local area and the wider world.
Professor Cecile Wright, chair of SACRE, said:
The new Religious Education syllabus produced by the city council provides a framework for schools in accordance with its statutory duties. It offers a balanced and sensible approach to the curriculum content, with the aim of fostering social and community cohesion.
It also offers the scope for children and young people to develop key transferable skills such as critical thinking.
The President of India, Smt. Droupadi Murmu graced an event ‘Ageing with Dignity – Initiatives for the Welfare of Senior Citizens’, at Rashtrapati Bhawan Cultural Centre today (Rashtrapati Bhawan Press Release:https://pib.gov.in/PressReleasePage.aspx?PRID=2126092).The event organised by the Union Ministry of Social Justice and Empowerment witnessed the launch of the senior citizens welfare portal, the virtual inauguration of senior citizens homes, the distribution of Aids and Assistive devices and the signing of an MoU between the Department of Social Justice and Empowerment and Brahmakumaris organization. It brought together senior citizens, social organisations, school children, and spiritual leaders to reaffirm India’s traditional ethos of respecting and honouring the elderly.
Speaking on the occasion, Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, stated that policies are rooted in the values of respect and empathy for the elderly. The launch of the Senior Citizen Welfare Portal and the inauguration of senior citizen homes reflect the government’s strong commitment to inclusive development and active ageing. The event aimed at fostering an inclusive society for the senior citizens. It acknowledged the contribution of senior citizens, need for creating an inclusive environment, wisdom and experience bringing together diverse voices and spiritual leaders for the intergenerational bonding and welfare of our senior citizens. Other dignitaries gracing the event included Ministers of State for Social Justice and Empowerment, Dr. Ramdas Athawale and Shri B.L. Verma.
The day began with an inspiring interaction between the President and ‘Unsung Heroes’, who have made selfless contributions to the nation across diverse fields—education, social reform, sports, arts and literature, history and community service. Some of the unsung heroes included the Padma Awardees. Their life stories and commitment to service inspired all present and underscored the quiet strength of India’s elderly population.
A pledge was administered involving students, officials from Department, President Secretariat and other invitees symbolising intergenerational bonding and solidarity and the nation’s commitment to safeguarding the rights and dignity of senior citizens. The pledge serves as a reminder of the values of empathy, respect, and responsibility towards the elderly.
A major highlight of the event was the launch of the Senior Citizen Welfare Portal by the President of India. The portal is envisioned as a comprehensive digital platform aimed at empowering elderly citizens through seamless access to government schemes, healthcare benefits, welfare services, and updates on relevant events. By bridging the information gap and promoting digital inclusion, it will enable senior citizens to lead more informed, independent, and fulfilling lives.
Further strengthening the support ecosystem for the elderly, the President also virtually inaugurated five new Senior Citizen Homes located in Tawang (Arunachal Pradesh), Wokha (Nagaland), Vellore (Tamil Nadu), Anakapalli (Andhra Pradesh), and Nainital (Uttarakhand). These facilities, supported under the Ministry’s programme aligned with the Maintenance and Welfare of Parents and Senior Citizens (MWPSC) Act, are designed to provide safe, nurturing, and dignified living environments for indigent senior citizens across the country.
Adding to the significance of the occasion, an MoU with the Brahma Kumariswas signed, reaffirming a collective commitment to inter-generational bonding, overall wellbeing and creating an inclusive society for the senior citizens. With decades of experience in fostering emotional balance and inner peace, the Brahma Kumaris will promote and conduct programmes on mental health, mindfulness, and spiritual enrichment for younger and older generations.
Another major highlight was the distribution of Aids and Assistive Devices under the Rashtriya Vayoshri Yojana (RVY). The President handed over assistive items to eligible senior citizens, reaffirming the government’s resolve to address the health and mobility needs of the elderly. The event also highlighted the significance of preserving traditional knowledge, intergenerational values, and cultural continuity. Speakers emphasized that ‘active ageing’ is not just about physical well-being but also about emotional engagement, community participation, and mental enrichment.
The event served as a platform to highlight the Government of India’s continued commitment to the welfare and empowerment of senior citizens. Through focused policy interventions, digital initiatives, and community-based support, the Ministry of Social Justice and Empowerment reiterates its dedication to ensuring that senior citizens across the country lead lives marked by dignity, security, and active participation in society.
TORONTO, May 02, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, announces today that it was unable to meet the April 30, 2025 deadline to file its Audited Annual Financial Statements, Management’s Discussion and Analysis, and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws.
In connection with the Company’s inability to file the Annual Filings on time, the Company applied, and received approval, for a Management Cease Trade Order (the “MCTO”) from the Ontario Securities Commission under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company will have until June 30, 2025 to file its Annual Filings. The Company remains confident in its ability to complete the Annual Filings by this date.
Until the Company files the Annual Filings, it will comply with the guidelines set out in Part 3(10) of NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports in the form of news releases.
While the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company’s listed subordinate voting shares. However, the MCTO will prohibit the Company’s Chief Executive Officer and Interim Chief Financial Officer from trading securities of the Company for so long as the Annual Filings are not filed. Additionally, the Company will be prohibited from directly or indirectly issuing or acquiring securities from insiders or employees of the Company until such time as the Annual Filings and all continuous disclosure filings have been filed by the Company, and the MCTO has been lifted.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company also announces that it has secured a US$600,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.
About Rivalry
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Company Contact: Steven Salz, Co-founder & CEO ss@rivalry.com
Investor Contact: investors@rivalry.com
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing, completion and filing of the Annual Filings by June 30, 2025, the Company’s ability to comply with the requirements of NP 12-203 and the Company’s strategic review process and any potential transactions that may arise in connection therewith.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations and the Company’s ability to operate as a going concern; the Company’s ability to repay amounts owing under its secured and unsecured indebtedness; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
MAHWAH, N.J., May 02, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced the launch of new cloud security service centers in Chennai and Mumbai, India, and Nairobi, Kenya. Today, Radware supports a network of more than 50 cloud security service centers worldwide with a mitigation capacity up to 15Tbps.
Radware’s global network of data centers mitigates attacks closest to their point of origin. This helps organizations improve application response times for in-region traffic and reduce mitigation response times against a variety of attacks, including denial-of-service attacks, web application attacks, malicious bot traffic, and attacks on APIs. It also helps them keep data within their borders to meet strict data privacy regulations.
According to Radware’s 2025 Global Threat Analysis Report, Web DDoS attacks, which appear as high intensity, Layer 7 application attacks, surged globally 550%, while web application and API attacks rose 41% between 2023 and 2024.
“Our ongoing investments in our security network continue to play an important role in our cloud security growth strategy,” said Haim Zelikovsky, vice president of cloud security services for Radware. “Cloud innovation is central to our mission in providing customers industry-leading cyber protection, reliability, and availability at a time when cyber threats are not only increasing in frequency and magnitude but also sophistication.”
Radware has received numerous awards for its DDoS mitigation, application and API protection, web application firewall, and bot detection and management solutions. Industry analysts such as Aite-Novarica Group, Forrester, Gartner, GigaOm, IDC, KuppingerCole and QKS Group continue to recognize Radware as a market leader in cyber security.
About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that cyber threats are not only increasing in frequency and magnitude but also sophistication, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website atwww.sec.govor may be obtained on Radware’s website atwww.radware.com.
VICTORIA, Seychelles, May 02, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange serving over 36 million users, concluded its successful participation as an exclusive Title Sponsor at Token2049 Dubai, where the company celebrated its milestone 7th anniversary and announced a groundbreaking $300 million ecosystem development fund.
7 Years of Excellence: A Foundation for Ecosystem Expansion
The premier crypto event, which took place from April 30 to May 1, 2025 in Dubai, provided MEXC with the perfect platform to commemorate seven years of growth and innovation in the cryptocurrency space. During the celebratory “Celebra7e MEXC Cocktail Party”, Tracy Jin, COO of MEXC, delivered an inspiring opening speech highlighting the exchange’s remarkable journey.
“Seven years may sound short, but in the fast-moving world of crypto, it’s a lifetime,” Jin told attendees. “To thrive in this ever-evolving space takes resilience, vision, and trust—and we’ve only made it this far because of you.”
Jin revealed impressive growth metrics: the MEXC team has nearly doubled to 2,000 employees across Growth, R&D, and Business Support divisions. The platform now offers more than 3,000 crypto assets and has built a community of over 2.25 million Twitter followers and approximately 193,000 Telegram members.
“We’ve also hosted over 2,293 airdrop events, distributing over $136 million in rewards,” Jin added. “This is our way of thanking you for your ongoing trust and loyalty.”
$300 Million MEXC Ecosystem Development Fund Unveiled
The highlight of MEXC’s Token2049 Dubai participation was the official announcement of its $300 million Ecosystem Development Fund, signaling the company’s strategic evolution from an exchange service to a comprehensive ecosystem builder. The five-year fund represents MEXC’s commitment to fostering blockchain innovation across multiple sectors.
The fund will focus on strategic investments in public chains, stablecoins, wallets, and media platforms, providing not only financial backing but also leveraging MEXC’s exchange business cooperation to deliver enhanced value to portfolio projects. This dual approach positions fund recipients to benefit from both capital investment and operational synergies within the MEXC ecosystem.
“After seven years of market resilience, MEXC is uniquely positioned as a trusted ecosystem partner,” said Tracy Jin. “This fund represents our vision for the future of decentralized finance and our commitment to supporting the next generation of blockchain innovations.”
IgniteX: $30 Million CSR Initiative for Web3 Talent Development
Alongside the ecosystem fund, MEXC Ventures launched “IgniteX” – a $30 million, five-year CSR initiative to foster Web3 talent and innovation. The program will support early-stage startups, research, developer communities, and academic institutions, with focus on decentralized infrastructure, AI-blockchain integration, stablecoins, and fintech. IgniteX combines mentorship, education, and funding to build a future-ready ecosystem and prepare the next generation of Web3 users and leaders.
Industry Insights Shared at Panel Discussion
MEXC’s presence at Token2049 Dubai extended beyond celebrations and announcements to include thought leadership. Tracy Jin participated in a panel discussion titled “What’s Next for Crypto Markets: The Exchange Perspective” on the OKX main stage on 1 May. The discussion explored upcoming trends, challenges, and opportunities in the cryptocurrency exchange sector, with Jin offering insights drawn from MEXC’s seven years of operational experience.
During the panel, Jin emphasized MEXC’s continued focus on product innovation and market expansion while maintaining its core commitment to being “Your Easiest Way to Crypto” for users worldwide.
Successful Side Events Strengthen Community Connections
MEXC hosted multiple successful side events throughout TOKEN2049 Dubai, including the “Celebra7e MEXC Cocktail Party,” “Dao People x MEXC: VIP Party” at BIRDS, a “TR KOL Exclusive Yacht Party” aboard Xclusive Yachts, and participation in the “AFTER2049” event at Be Beach. These gatherings provided valuable networking opportunities for industry professionals, partners, and MEXC community members.
At the company’s exhibition booth, MEXC showcased its revolutionary DEX+ platform and displayed a collection of seven limited-edition anniversary merchandise items that proved popular with attendees. Throughout the conference, MEXC representatives conducted product demonstrations, engaged with visitors, and discussed potential partnerships.
Behind the scenes, Jin noted that MEXC’s service team has resolved more than 1 million user requests and recovered over $1.8 million in user assets—underscoring the company’s commitment to security and user experience.
Looking Ahead
As Token2049 Dubai concluded, MEXC’s successful participation not only celebrated its past achievements but also laid the groundwork for its future vision. The announcement of the $300 million Ecosystem Development Fund, combined with ongoing product innovations and market expansion efforts, positions MEXC for continued growth in its eighth year and beyond.
About MEXC Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding. MEXC Official Website | X | Telegram | How to Sign Up on MEXC
Risk Disclaimer: The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.
Disclaimer: This is a paid post and is provided by MEXC. 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.
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Source: United Kingdom UK House of Lords (video statements)
In this third episode on Fixing Our Broken Food System, hear from committee chair Baroness Walmsley and members of the Lords as they press government on the committee’s report.
Baroness Walmsley shares highlights from the recent House of Lords debate on the Food, Diet and Obesity Committee’s report. In the debate, members raised topics including the sugar tax, junk food, HFSS, ultra-processed foods, school meals, the impact on the NHS and the economy, and more.
Watch now to find out more about the government’s response to the committee’s report and what members are calling on the government to do next.
Find out more about the series https://www.parliament.uk/business/lords/house-of-lords-podcast/
Find out more about the Lords Food, Diet and Obesity Committee https://committees.parliament.uk/committee/698/food-diet-and-obesity-committee/
Source: Hong Kong Government special administrative region
The Census and Statistics Department (C&SD) released the latest figures on retail sales today (May 2).
The value of total retail sales in March 2025, provisionally estimated at $30.1 billion, decreased by 3.5% compared with the same month in 2024. The revised estimate of the combined value of total retail sales in January and February 2025 decreased by 7.8% compared with the same period a year earlier. For the first quarter of 2025, it was provisionally estimated that the value of total retail sales decreased by 6.5% compared with the same period in 2024.
Of the total retail sales value in March 2025, online sales accounted for 8.1%. The value of online retail sales in that month, provisionally estimated at $2.4 billion, decreased by 0.5% compared with the same month in 2024. The revised estimate of the combined value of online retail sales in January and February 2025 decreased by 2.4% compared with the same period a year earlier. For the first quarter of 2025, it was provisionally estimated that the value of online retail sales decreased by 1.7% compared with the same period in 2024.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in March 2025 decreased by 4.8% compared with a year earlier. The revised estimate of the combined volume of total retail sales in January and February 2025 decreased by 9.9% compared with the same period a year earlier. For the first quarter of 2025, the provisional estimate of the total retail sales decreased by 8.3% in volume compared with the same period in 2024.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing March 2025 with March 2024, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 3.9%. This was followed by sales of wearing apparel (-10.8% in value); commodities in department stores (-5.0%); motor vehicles and parts (-46.4%); fuels (-3.9%); footwear, allied products and other clothing accessories (-7.7%); Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%).
On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 0.6% in March 2025 over a year earlier. This was followed by sales of commodities in supermarkets (+5.2% in value); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods and other consumer durable goods not elsewhere classified (+6.7%).
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 3.8% in the first quarter of 2025 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 2.2%.
Commentary
A government spokesman said that the value of total retail sales increased further in March 2025 over the preceding month on a seasonally adjusted comparison, and its year-on-year decline continued to narrow. For the first quarter as a whole, the value of total retail sales resumed an increase over the preceding quarter on a seasonally adjusted comparison.
Looking ahead, the spokesman said the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector. However, the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector.
Further information
Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for February 2025 as well as the provisional figures for March 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first quarter of 2025 are also shown.
Table 2 presents the revised figures on value of online retail sales for February 2025 as well as the provisional figures for March 2025. The provisional figures on year-on-year changes for the first quarter of 2025 are also shown.
Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for February 2025 as well as the provisional figures for March 2025. The provisional figures on year-on-year changes for the first quarter of 2025 are also shown.
Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.
The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.
The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.
Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; E-mail: mrs@censtatd.gov.hk).
Union Minister Shri Bhupender Yadav Participates in Ministerial Round table on “Means of Implementation” at BRS COP Shri Yadav Presents Summary of Key Deliberations Among Participating Ministers in the Ministerial Interactive Panel discussion
Posted On: 02 MAY 2025 2:23PM by PIB Delhi
On the second day of the High-Level Segment of the meetings of the Conferences of the Parties to the Basel, Rotterdam and Stockholm Conventions (BRS COPs), Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav participated in the Ministerial Interactive Panel discussion on the theme “Means of Implementation.”
During the Ministerial Interactive Panel discussion, Shri Yadav presented a summary of key points emerging from the round table discussions with other countries held on 30th April, 2025. The summary of the round table discussions included emphasis on the importance of predictable international financing mechanisms and the mobilization of domestic resources through tools such as progressive taxation, carbon levies, and Extended Producer Responsibility (EPR).
The roundtable also discussed the need for innovative financing solutions, including green bonds, debt-for-nature swaps, chemical certificates, and green loans, as critical tools to attract private investment—particularly in countries with constrained fiscal capacity or those emerging from crises.
The necessity of coherent and transparent regulatory frameworks that incentivize private sector engagement through supportive policies such as bans on single-use plastics and tax incentives for green technologies was suggested. The importance of cross-sectoral alignment of environmental goals to drive transformative outcomes was also highlighted.
The roundtable discussion highlighted the role of strong institutional mechanisms, with participating ministers emphasizing inter-agency coordination, capacity building, and empowerment of environment ministries to effectively lead the implementation of Multilateral Environmental Agreements (MEAs). The need for robust data infrastructure and transparent monitoring systems was recognized as essential for evidence-based decision-making and building public confidence.
Ministers also agreed on the importance of regional cooperation, including the strengthening of regional centers to enable technical exchange, shared infrastructure, and capacity development. Special attention was drawn to the needs of conflict-affected nations and countries with limited institutional capacities. Proposals included direct access to international financing, conflict-sensitive programming, and tailored technical partnerships to ensure inclusive and equitable implementation.
On the sidelines of the BRS COPs in Geneva, Shri Yadav also engaged in key bilateral meetings: Union Minister Shri Yadav met with Ms. Inger Andersen, Executive Director, United Nations Environment Programme (UNEP) to discuss issues related to the upcoming Intergovernmental Negotiating Committee (INC-5.2) for developing a legally binding international instrument on plastic pollution, including its impact on the marine environment.
With H.E. Dr. Abdulla bin Abdulaziz bin Turki Al Subaie, Minister of Environment and Climate Change, Qatar, Shri Yadav held a productive discussion focused on enhancing bilateral cooperation in environmental protection and biodiversity conservation. Qatar was invited to participate in the International Solar Alliance (ISA).
In addition, Shri Yadav met with Mr. Rolph Payet, Executive Secretary of the Basel, Rotterdam and Stockholm Conventions; Ms. Ivonne Higuero, Secretary General of CITES; Ms. Musonda Mumba, Secretary General of the Ramsar Convention; Prof. Celeste Saulo, Secretary General of the World Meteorological Organization; and Ms. Monika Stankiewicz, Executive Secretary of the Minamata Convention during a dinner hosted at India House in Geneva. There was wide acknowledgment of the positive impact India is making in climate action and wildlife conservation under the leadership of Prime Minister Shri Narendra Modi. The leaders expressed keen interest in deepening their engagement with India, recognizing its proactive role in advancing global environmental priorities.
India’s participation in the 2025 BRS High-Level Segment reaffirms its unwavering commitment to “Viksit Bharat by 2047”, with environmentally sound management of chemicals and waste as a cornerstone of its sustainable development strategy.
Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nation The Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure: PM
Today is the birth anniversary of Bhagwan Adi Shankaracharya, Adi Shankaracharya ji awakened the consciousness of the nation by coming out of Kerala and establishing monasteries in different corners of the country, I pay tribute to him on this auspicious occasion: PM
India’s coastal states and our port cities will become key centres of growth for a Viksit Bharat: PM
Government in collaboration with the state governments has upgraded the port infrastructure under the Sagarmala project enhancing port connectivity: PM
Under PM-Gatishakti, the inter-connectivity of waterways, railways, highways and airways is being improved at a fast pace: PM
In the last 10 years investments under Public-Private Partnerships have not only upgraded our ports to global standards, but have also made them future ready: PM
The world will always remember Pope Francis for his spirit of service: PM
Posted On: 02 MAY 2025 1:16PM by PIB Delhi
Prime Minister Shri Narendra Modi dedicated Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,800 crore to the nation today in Thiruvananthapuram, Kerala. Addressing the gathering on the auspicious occasion of the birth anniversary of Bhagwan Adi Shankaracharya, the Prime Minister highlighted that three years ago, in September, he had the privilege of visiting the revered birthplace of Adi Shankaracharya. He expressed his joy that a grand statue of Adi Shankaracharya has been installed in the Vishwanath Dham complex in his parliamentary constituency, Kashi. He emphasized that this installation stands as a tribute to the immense spiritual wisdom and teachings of Adi Shankaracharya. He further highlighted that he also had the honor of unveiling the divine statue of Adi Shankaracharya at the sacred Kedarnath Dham in Uttarakhand. The Prime Minister noted that today marks another special occasion as the doors of the Kedarnath temple have been opened to devotees. Prime Minister Modi underscored that Adi Shankaracharya, originating from Kerala, established monasteries in different corners of the country, awakening the consciousness of the nation. He emphasized that his efforts laid the foundation for a unified and spiritually enlightened Bharat.
Shri Modi highlighted the vast ocean, rich with immense possibilities, standing on one side, while on the other, nature’s breathtaking beauty adds to the grandeur. Amidst all this, he emphasized that the Vizhinjam Deep-Water Sea Port has now emerged as a symbol of new age development. He extended his congratulations to the people of Kerala and the entire nation on this remarkable achievement.
Underscoring that the Vizhinjam Deep-Water Sea Port has been developed at a cost of ₹8,800 crore, the Prime Minister remarked that the capacity of this transshipment hub will triple in the coming years, enabling the smooth arrival of some of the world’s largest cargo ships. He pointed out that 75% of India’s transshipment operations were previously conducted at foreign ports, leading to significant revenue loss for the country. Emphasizing that this situation is now set to change, he asserted that India’s money will now serve India and the funds that once flowed outside the country will now generate new economic opportunities for Kerala and Vizhinjam’s people.
Shri Modi remarked that before colonial rule, India witnessed centuries of prosperity, emphasising that at one point, India held a major share in the global GDP. He highlighted that what set India apart from other nations during that era was its maritime capacity and the economic activity of its port cities. Noting that Kerala played a significant role in this maritime strength and economic growth, he highlighted Kerala’s historical role in maritime trade, emphasizing that through the Arabian Sea, India maintained trade links with multiple nations. He noted that ships from Kerala carried goods to various countries, making it a vital hub for global commerce. “Today, the Government of India is committed to further strengthening this channel of economic power”, he added and asserted, “India’s coastal states and port cities will become key centers for the growth of a developed India”.
“The port economy reaches its full potential when infrastructure and ease of doing business are promoted together”, emphasised the Prime Minister, stating that over the past 10 years, this has been the blueprint of the Government of India’s port and waterways policy. He highlighted that the government has accelerated efforts for industrial activities and holistic development of states. He further remarked that the Government of India, in collaboration with state governments, has upgraded port infrastructure under the Sagarmala Project and strengthened port connectivity. He noted that under PM Gati Shakti, waterways, railways, highways, and airways are being rapidly integrated for seamless connectivity. He added that these reforms in ease of doing business have led to greater investment in ports and infrastructure sectors. The Prime Minister stated that the Government of India has also reformed regulations concerning Indian seafarers, yielding significant results. He pointed out that in 2014, the number of Indian seafarers was below 1.25 lakh. Today, this figure has surged beyond 3.25 lakh. He emphasized that India now ranks among the top three countries globally in terms of seafarer numbers.
Highlighting that a decade ago, ships faced long waiting times at ports, significantly delaying unloading operations, Shri Modi noted that this slowdown affected businesses, industries, and the overall economy. He stressed that the situation has now transformed and over the past 10 years, India’s major ports have reduced ship turn-around time by 30%, improving operational efficiency. He remarked that due to enhanced port efficiency, India is now handling greater cargo volumes in shorter durations, strengthening the nation’s logistics and trade capabilities.
“India’s maritime success is a result of a decade-long vision and effort”, exclaimed the Prime Minister, underlining that over the past 10 years, India has doubled the capacity of its ports and expanded its National Waterways eightfold. He noted that today, two Indian ports are among the global top 30 ports, while India’s ranking on the Logistics Performance Index has also improved. Additionally, he pointed out that India is now among the top 20 countries in global shipbuilding. The Prime Minister further remarked that after strengthening the country’s basic infrastructure, the focus has now shifted towards India’s strategic position in global trade. He announced the launch of Maritime Amrit Kaal Vision, which outlines India’s maritime strategy to achieve the goal of a developed India. He recalled the G-20 Summit, where India collaborated with several major countries to establish the India-Middle East-Europe Economic Corridor, highlighting Kerala’s critical role in this corridor, emphasizing that the state will greatly benefit from this initiative.
Underscoring the critical role of the private sector in elevating India’s maritime industry to new heights, Shri Modi said that under Public-Private Partnerships, thousands of crores have been invested over the past 10 years. He emphasized that this collaboration has not only upgraded India’s ports to global standards but has also made them future-ready. He noted that private sector participation has driven innovation and enhanced efficiency.
Prime Minister highlighted that India is advancing towards the establishment of a shipbuilding and repair cluster in Kochi. He emphasized that once completed, this cluster will create numerous new employment opportunities, providing Kerala’s local talent and youth with a platform for growth. The Prime Minister further stated that India is now setting ambitious targets to strengthen its shipbuilding capabilities. He noted that this year’s Union Budget introduced a new policy to promote the construction of large ships in India, which will significantly boost the manufacturing sector. He emphasized that this initiative will have direct benefits for MSMEs, generating a large number of employment and entrepreneurship opportunities across the country.
“True development is achieved when infrastructure is built, trade expands, and basic needs of the common people are met”, stressed the Prime Minister, remarking that the people of Kerala have witnessed rapid progress over the past 10 years, not just in port infrastructure, but also in highways, railways, and airports. He highlighted that projects like the Kollam Bypass and Alappuzha Bypass, which had been stalled for years, were advanced by the Government of India. He also noted that Kerala has been provided with modern Vande Bharat trains, further strengthening its transport network and connectivity.
Shri Modi emphasized that the Government of India firmly believes in the principle that Kerala’s development contributes to India’s overall growth. He remarked that the government operates with the spirit of cooperative federalism, ensuring Kerala’s progress across key social parameters over the past decade. He highlighted several initiatives that have benefited the people of Kerala, including Jal Jeevan Mission, Ujjwala Yojana, Ayushman Bharat, and Pradhan Mantri Suryagarh Free Electricity Scheme.
Reiterating that the welfare of fishermen remains a top priority, the Prime Minister noted that under Blue Revolution and Pradhan Mantri Matsya Sampada Yojana, projects worth hundreds of crores have been sanctioned for Kerala. He further highlighted the modernization of fishing harbors, including Ponnani and Puthiyappa. Additionally, he remarked that thousands of fishermen in Kerala have been provided Kisan Credit Cards, enabling them to receive financial assistance worth hundreds of crores.
Underlining that Kerala has always been a land of harmony and tolerance, Shri Modi highlighted that centuries ago, Saint Thomas Church, one of the oldest churches in the world, was established here. He acknowledged the recent moment of grief that has touched people across the world when Pope Francis passed away a few days ago, leaving behind a profound legacy. He added that President Droupadi Murmu represented India at his funeral, paying respects on behalf of the nation. Shri Modi once again expressed his condolences to all those mourning this loss from the sacred land of Kerala.
Paying tribute to Pope Francis, acknowledging his spirit of service and his efforts to ensure inclusivity within Christian traditions, the Prime Minister remarked that the world will always remember his contributions. He shared his personal experiences, expressing his gratitude for having had multiple opportunities to meet Pope Francis. He noted that he received special warmth from him and cherished their discussions on humanity, service, and peace, which will continue to inspire him.
Extending his best wishes to all present at the event, Shri Modi envisioned Kerala as a major center for global maritime trade, leading to the creation of thousands of new jobs. He reaffirmed the commitment of the Government of India, working alongside the state government, to advance this goal. Shri Modi concluded by expressing confidence in the capabilities of Kerala’s people and stated, “India’s maritime sector will reach new heights”.
The Governor of Kerala, Shri Rajendra Vishwanath Arlekar, Chief Minister of Kerala, Shri Pinarayi Vijayan, Union Ministers, Shri Suresh Prabhu, Shri George Kurien were present among other dignitaries at the event.
Background
Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,800 crore is country’s first dedicated container transshipment port that represents the transformative advancements being made in India’s maritime sector as part of the unified vision of Viksit Bharat.
Vizhinjam Port, having strategic importance, has been identified as a key priority project which will contribute in strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transshipment. Its natural deep draft of nearly 20 meters and location near one of the world’s busiest sea trade routes further strengthens India’s position in global trade.
The Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure. https://t.co/sUeQ5k7TK1
Inauguration of the Vizhinjam Port in Kerala is significant for India’s maritime sector. People have been waiting for this port for many years. It will boost trade, commerce and will be particularly beneficial for Kerala’s economy.
My visit to Kerala has happened on a very auspicious day, the Jayanti of Adi Shankaracharya. His contribution towards India’s cultural regeneration will forever be remembered. pic.twitter.com/1ii569wBMR
NITI Aayog today released the report on ‘Enhancing MSMEs Competitiveness in India’, prepared by NITI Aayog in collaboration with the Institute for Competitiveness (IFC). The report presents a detailed blueprint for unlocking the immense potential of India’s Micro, Small and Medium Enterprises (MSMEs) through systemic reforms in financing, skilling, innovation and market access.
The report delves into the key challenges affecting the competitiveness of MSMEs in India. Using firm-level data and the Periodic Labour Force Survey (PLFS), it provides recommendations to foster sustainable integration and enhance their incorporation into global value chains. It focuses on four important sectors – textiles manufacturing and apparel, chemical products, automotive and food processing while highlighting the sector-specific challenges and opportunities that need to be addressed to unlock the potential of MSMEs in India. The report examines current national and state policies, highlighting gaps in implementation and limited awareness among MSMEs.
One of the important findings of the report is the notable improvement in MSMEs’ access to formal credit. Between 2020 and 2024, the share of micro and small enterprises accessing credit through scheduled banks rose from 14% to 20%, while medium enterprises saw an increase from 4% to 9%. Despite these improvements, the report reveals that a substantial credit gap remains. Only 19% of MSME credit demand was met formally by FY21, leaving an estimated ₹80 lakh crore unmet. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has expanded significantly, but still faces significant limitations. To bridge the credit gap and unlock inclusive, scalable finance for MSMEs, the report calls for a revamped CGTMSE, supported by institutional collaboration and more targeted services.
The report also highlights the pressing issue of skill shortages within the MSME sector. A large portion of the workforce lacks formal vocational or technical training, which hampers productivity and limits the ability of MSMEs to scale effectively. Many MSMEs also fail to invest sufficiently in research and development (R&D), quality improvement, or innovation, making it difficult to stay competitive in national and global markets. The report further points out that MSMEs face barriers in adopting modern technologies due to unreliable electricity supply, weak internet connectivity and high implementation costs. Despite state government schemes designed to support technological advancement in MSMEs, many enterprises are either unaware of them or unable to access them. In its analysis of clusters, the report finds that upgrading outdated technologies and improving marketing and branding capabilities are critical to improving competitiveness.
The report concludes that despite various MSME support policies and the recent boost to MSMEs through Union Budgets, increased effectiveness is hampered by low awareness. To enhance policy impact, the report recommends stronger state-level design and implementation, emphasising consistent monitoring, better data integration and improved stakeholder engagement in policy development.
India’s MSMEs can become a key driver of sustainable economic growth by focusing on targeted interventions, building stronger institutional collaborations and enhancing global competitiveness. It calls for enhanced support for MSMEs through digital marketing training, partnerships with logistics providers and creating platforms for direct market linkages, especially in regions with high growth potential, such as India’s northeastern and eastern belts. It calls for a robust, adaptive and cluster-based policy framework at the state level that fosters innovation, enhances competitiveness and enables MSMEs to drive inclusive economic transformation.
GAME and NITI Aayog join hands to catalyse healthy entrepreneurship ecosystems across India The partnership will focus on advancing location-based entrepreneurship interventions starting with pilot sites like Nagpur, Visakhapatnam, Uttar Pradesh
Posted On: 02 MAY 2025 12:16PM by PIB Delhi
Global Alliance for Mass Entrepreneurship (GAME) and NITI Aayog have announced a strategic partnership aimed at fostering vibrant entrepreneurship ecosystems across multiple states in India. This collaboration will focus on advancing place-based interventions, starting with pilot sites in Nagpur, Visakhapatnam and Uttar Pradesh.
The partnership seeks to empower local entrepreneurs bringing together relevant local stakeholders in that particular region’s entrepreneurship ecosystem, including government, corporates, educational institutes, financial institutes, champion entrepreneurs and community organisations. By creating localised solutions tailored to the unique challenges of each region, GAME and NITI Aayog aim to transform entrepreneurship into a movement that drives economic growth and job creation.
Ishtiyaque Ahmed, Programme Director – Industry/MSME vertical at NITI Aayog, speaking on the initiative said,“Our approach is rooted in end-to-end facilitation and collaboration across sectors. There is a need to leverage a bottom-up approach and work closely with local entrepreneurs and champions, understand their needs and support them in addressing their challenges.”
Under this partnership, the pilot sites will implement GAME’s proven methodologies that focus on enabling entrepreneurs to start and scale businesses. These interventions include access to finance, capacity-building programs, policy advocacy and community-driven initiatives. The ultimate goal is to create self-sustaining ecosystems that can generate widespread employment opportunities.
Ketul Acharya, President of GAME,while sharing his vision for the collaboration observed,“At GAME, we believe that entrepreneurship has the power to transform lives and communities. Our partnership with NITI Aayog is a significant step toward realising our mission of enabling a movement of millions of people starting and growing businesses, using local inputs to serve local needs as well as other markets. Together, we aim to create thriving local ecosystems that inspire innovation and drive inclusive growth.”
GAME has been at the forefront of fostering mass entrepreneurship since its inception in 2018. Through research, pilot programs and policy advocacy, GAME has worked tirelessly to unlock the potential of entrepreneurs across India. Its initiatives have empowered women entrepreneurs, strengthened MSME ecosystems and promoted sustainable business models in underserved regions.
The collaboration between GAME and NITI Aayog is expected to pave the way for innovative solutions that address systemic barriers to entrepreneurship. Developing healthy local entrepreneurial ecosystems benefits entrepreneurs with resources such as access to credit, markets, mentors and peer networks. By focusing on local contexts and fostering partnerships at multiple levels, this initiative will nurture a culture of entrepreneurship with local ownership and create lasting impact across India’s economic landscape.
About GAME:
Global Alliance for Mass Entrepreneurship (GAME) was created as a catalyst for a nationwide movement of mass entrepreneurship. The organisation aims to shift perceptions and nurture entrepreneurship in a multi-faceted and integrated manner. GAME works towards addressing challenges that include access to finance and markets as well as regulation through a collaborative approach across financial, educational and policy systems.
Since its inception, GAME has assisted 300,000+ entrepreneurs through various interventions enabling access to credit, access to market and place-based interventions, apart from other initiatives.
Source: Hong Kong Government special administrative region
​The Government published in the Gazette today (May 2) the Land (Miscellaneous Provisions) (Amendment) Regulation 2025 to revise the eight types of fees and three sets of economic costs payable as specified under the Land (Miscellaneous Provisions) Regulations (Cap 28A).
The revision cover the following categories:
(a) fees payable in respect of processing the applications for excavations and issuing excavation permits (XP) by the Government in relation to excavations in unleased land covering the extent in streets maintained by the Highways Department (HyD) and unleased land other than streets maintained by the HyD; and
(b) economic costs charged for the whole duration of the extended period of excavations in a street maintained by the HyD.
A spokesman for the Development Bureau said, “In line with the ‘user pays’ principle, it is the Government’s policy that fees charged by the Government should in general be set at levels adequate to recover the full cost of providing the services.
“The Government implemented a fee review moratorium on government fees and charges set on a cost recovery basis from August 2019 to December 2021. Starting from early 2022, the Government has gradually resumed the review of various fees. This is the first revision proposal for the above-mentioned fees and economic costs since the lifting of the fee review moratorium.
“In order to achieve full cost recovery gradually and avoid a steep fee increase, the eight types of fees payable in respect of processing the applications for excavations and issuing XP by the Government will be increased by 8 per cent to 20 per cent. In addition, three sets of economic costs charged for the whole duration of the extended period of excavations in a street maintained by the HyD will be increased by 24 per cent to 25 per cent to drive the excavation permittees to complete their works as soon as possible so as to minimise the disturbance to the road users.
“As stated in the Information Paper to the Legislative Council Panel on Development dated July 15, 2024, the service users involved in the subject fees and economic costs are mainly public utilities (such as electricity companies, telecommunication companies, and the town gas company). The subject fees and economic costs should represent a minute portion (amounting to around 0.1 per cent) of the total operating cost of the public utilities. Thus, the proposed increases should have a limited impact on their operations. The relevant stakeholders have been consulted on the proposed fee revision. They did not raise any comment on the proposed fee revision.”
The Regulation will be tabled at the Legislative Council on May 7. Subject to approval by negative vetting, the revised fees and economic costs will come into effect on July 1 this year.
In 1958, Robert Schuman was elected president of the European Parliamentary Assembly, predecessor to the European Parliament. This French politician, who was particularly sensitive to the tensions between France and Germany, is regarded as one of the ‘founding fathers’ of what is now the European Union. After the Second World War, he supported the establishment of the Council of Europe and helped to bring many other European projects to fruition. With his declaration of 9 May 1950, considered the founding act of the European integration process, Robert Schuman assumed political responsibility for a common coal and steel market that would later become the European Coal and Steel Community (ECSC). The declaration underlines the role of France in building a strong, prosperous and peaceful Europe, starting with France and Germany. Going far beyond mere objectives, the declaration also sets out the precise basis upon which the negotiations should begin. Robert Schuman was president of the European Parliamentary Assembly from 1958 to 1960. This institution was the political institution par excellence of the Communities: at once a democratic organ representing the peoples of Europe, a body invested with the power of executive scrutiny, and a unifying element between the three Communities. Highly influenced by Christian values, Robert Schuman campaigned to build a strong and united Europe step by step, and to establish institutionalised solidarity between European countries. Robert Schuman’s legacy continues to influence and shape the European Union to this day.
Your Excellency, the President of the Republic of Cyprus, distinguished guests, esteemed colleagues, and friends,
It is a great pleasure to address the 3rd Capital Link Cyprus Business Forum here in New York, a city that has long served as a global hub for business, finance, and innovation. I would like to extend my sincere gratitude to the organizers for bringing us together today to exchange insights on the economic trajectory of Cyprus. Events like this are crucial in fostering dialogue and reinforcing the strong economic ties between Cyprus and the international business community.
Key metrics of the Cypriot Economy
The Cypriot economy and its banking sector have continued to demonstrate remarkable resilience, despite an increasingly volatile global environment marked by geopolitical uncertainty and rising trade tensions. In 2024, Cyprus achieved robust economic growth, significantly outpacing the euro area average and primarily driven by foreign investment, robust tourism, and rapid expansion in Information and Communication Technologies. At the same time, unemployment declined notably, falling well below the euro area average and approaching conditions of full employment, while inflation declined significantly and remains well on track. Fiscal performance also strengthened considerably, with public debt reduced to levels well below the euro area average, highlighting the country’s improved fiscal discipline.
Meanwhile, key indicators of banking sector strength remained solid. Capital adequacy levels, as measured by the Common Equity Tier 1 (CET1) ratio, are significantly above the EU average, and profitability, as measured by Return on Equity, reached one of the highest levels across the Union. Cypriot banks also continue to maintain some of the strongest liquidity positions in the EU, further reinforcing the sector’s soundness and resilience.
The remarkable economic performance of Cyprus was recently acknowledged by the International Monetary Fund. As mentioned in its Concluding Statement of its recent Article IV Mission:
“Cyprus has demonstrated impressive resilience to successive shocks. Growth has remained among the highest in the euro area, mainly supported by foreign investment, strong tourism, and a boom in the ICT sector.”
All major credit rating agencies have also recognized the notable progress of the economy, upgrading Cyprus’s credit rating to the ‘A’ category. This progress not only reflects solid economic performance but also acts as a safeguard against global uncertainty and constitutes key factor for sustaining strong growth potential.
Domestic Economy
Growth Outlook
Having outlined the broader context of the Cyprus economy, I will now turn to the growth outlook in more detail. In 2024, GDP growth reached 3.4% compared to 0.9% in the euro area. Domestic demand, and most specifically, private consumption has been a key driver of growth, complemented by a positive contribution from net exports, particularly export of services. Investments also registered an increase in 2024, across both housing and other private investments, such as ongoing implementation of major infrastructure projects with foreign financing as well as projects under the Recovery and Resilience Facility. Despite geopolitical challenges, tourism arrivals and revenue reached record levels in 2024, exceeding four million tourists for the first time. On the production side, the services sectors of the economy were the key drivers for economic activity. Specifically, the sectors of trade, transportation (particularly shipping), hotels and restaurants gave the greatest support to GDP growth. The information and communication sector as well as financial and professional services were also important contributors to growth. Finally, healthcare and education, real estate management activities, construction and manufacturing sectors also fueled economic activity.
I would like to highlight at this point that the steps taken to diversify our economy-both across sectors, including services, tourism, and non-tourism-related industries, as well as across different markets-have played a key role in strengthening our resilience. These efforts have significantly enhanced our ability to withstand external shocks, particularly in times of geopolitical turmoil.
Looking ahead, based on March 2025 projections of the Central Bank of Cyprus, GDP is expected to continue to grow robustly at around 3% per year over 2025-2027. This continued expansion is anticipated to largely stem from domestic demand, with external demand playing, to a lesser extent, a supporting role. Investments are also expected to remain strong. Nevertheless, persistent geopolitical tensions may introduce downside risks to the speed of external recovery.
Fiscal Developments and Public Debt Reduction
On the fiscal side, Cyprus has made significant strides in reinforcing fiscal stability, a cornerstone of sustainable economic progress. Notably, public debt declined substantially from 113.6% of GDP in 2020 to 65.4% in 2024. As of January 2025, the debt-to-GDP ratio had fallen further to 61.9%, reflecting disciplined fiscal policies and sound economic management. It should be noted that in the euro area, public debt stood at 88.2% at the end of the third quarter of 2024.
Looking forward, the Ministry of Finance projects that this downward trajectory will persist, with public debt expected to fall below 50% of GDP by 2028. This fiscal consolidation not only strengthens Cyprus’ financial resilience but also enhances investor confidence, reinforcing the country’s attractiveness for foreign direct investment and securing long-term economic stability.
Inflation Trends
Turning to inflation, price stability remains a key focus. Inflationary pressures have eased significantly, with the headline inflation significantly declining to 2.3% in 2024 from 3.9% in 2023. This reduction has been largely driven by the correction of external supply-side shocks, particularly in energy markets, as well as the European Central Bank’s monetary policy tightening.
Over the period 2025-2027, inflation is projected to sustainably stabilize around 2%. This is in line with the medium-term target we set at the Governing Council of the ECB. Although certain services sectors continue to experience relatively elevated price growth, overall inflationary pressures remain well-contained, ensuring a stable environment for households and businesses alike. However, we must remain vigilant, as exceptionally high uncertainty continues to pose upside risks to inflation, alongside climate-related factors.
The Cyprus Banking Sector
The banking sector in Cyprus has demonstrated remarkable progress and resilience over the past years. Our financial institutions have not only navigated a challenging global environment but have also shown notable strides in strengthening their foundations. A primary indicator of this resilience is the enhancement of the solvency capacity, with the Common Equity Tier 1 (CET1) ratio increasing to 24.5% in December 2024. This increase places Cyprus at the top of the EU spectrum, well above the EU average of 16.1%.
Despite the ongoing challenges from successive crises, Cyprus has experienced no clear signs of a decline in credit quality. On the contrary, the Non-Performing Loans (NPL) ratio has continued to show improvement. As of December 2024, it has decreased to 6.2%. Even though this is a positive trend, we must acknowledge that more work is needed, especially considering the EU’s average NPL ratio of 1.9% as of the same period.
Profitability has remained strong and persistent, with the Return on Equity (RoE) reaching 20.0% in December 2024, significantly higher than the EU average of 10.5% in the same period. Operational efficiency has also seen progress, as the cost-to-income ratio decreased to 37% in December 2024, a considerable improvement compared to previous years and lower than the EU’s 54% average in the same period.
Cypriot banks maintain some of the highest liquidity levels within the EU. This strong liquidity position enhances their capacity to navigate potential market disruptions and to continue supporting economic stability. As of December 2024, the Liquidity Coverage Ratio (LCR), which reflects a bank’s ability to withstand significant liquidity outflows during stressful periods, stands at 333%, well above the EU average of 163% as of the same period and the minimum requirement of 100%. Similarly, the Net Stable Funding Ratio (NSFR), which measures the stability of a bank’s funding sources, is at 188% in December 2024, exceeding both the EU average of 127% recorded in the same period and the required 100%.
Looking ahead, the banking industry must navigate several challenges, including integrating AI, managing cyber risks, responding to geopolitical instability, shifting towards a more sustainable economy, addressing the growing need for substantial investments in technology, and adapting to heightened competition from the non-banking sector, particularly in the area of payment services. Addressing these key issues is crucial for maintaining the sector’s positive growth and will continue to be a primary focus of our oversight efforts.
Conclusion
Cyprus has demonstrated resilience and strong economic performance against a backdrop of global uncertainties. Despite elevated international risk and the increasing geopolitical fragmentation, it is my belief that Cyprus will continue to prosper thanks to its commitment on prudent, yet business-friendly policies.
Let me bring my speech to a close by quoting Warren Buffett’s renowned advice: “Risk comes from not knowing what you’re doing.” This obviously highlights the necessity for informed decision-making. I therefore urge you to examine the country’s track record and to assess the ingredients of its pursued policies. I am confident that Cyprus will stand out as a compelling and reliable destination for investment.
Source: United Kingdom – Executive Government & Departments
Government response
Response to arbitration tribunal final report: UK-Sandeel (The European Union v. the United Kingdom of Great Britain and Northern Ireland)
UK Government statement on the sandeel Arbitration Tribunal’s final ruling in the UK-Sandeel case
The UK Government has received the sandeel Arbitration Tribunal’s final ruling in the UK-Sandeel case.
While the UK succeeded in the majority of its arguments, the Tribunal identified a procedural error in the decision to close English waters.
The ruling does not mean the UK is legally obliged to reverse the closure of English waters, and the decision to close Scottish waters was fully upheld.
The government will undertake a process in good faith to bring the UK into compliance.
The sandeel Arbitration Tribunal has published its final ruling.
This relates to decisions taken in March 2024 by the UK and Scottish Governments to close our North Sea Waters to sandeel fishing. The decisions were taken to protect vulnerable seabird populations and support the wider marine environment.
In April 2024, the EU launched dispute proceedings to challenge the closures. In October 2024, the EU referred the challenge to an arbitration tribunal to rule on the dispute.
The report found that the UK successfully demonstrated that the measures taken to close English and Scottish waters were based on the best available science and had sufficient regard to the principle of non-discrimination. The tribunal also found that the Scottish measures had sufficient regard to the principle of proportionality.
The Tribunal found that during the decision-making process to close English waters to sandeel fishing, the UK did not have sufficient regard to the principle of proportionality, specifically in relation to EU rights during the adjustment period – a requirement under the UK-EU Trade and Cooperation Agreement (TCA).
The government will now undertake a process in good faith to bring the UK into compliance.
There is no legal obligation for the UK to reverse the closures while the compliance process takes place, and the report does not indicate that compliance must require reversing the closures.
A government spokesperson said:
We welcome the clarity provided by this decision, and we will undertake a process in good faith to bring the UK into compliance on the specific issues raised by the Tribunal.
The ruling does not mean the UK is legally obliged to reverse the closure of English waters, and the decision to close Scottish waters was fully upheld.
We remain committed to protecting our seabirds and the wider marine environment, in accordance with our commitments to the TCA and other international agreements.
Disputes and the use of resolution mechanisms are a normal part of a mature relationship with international partners. We will continue to act in the national interest as we work towards a strong and lasting partnership with our European neighbours.
Source: The Conversation – UK – By Tamsin S. Mitchell, Visiting Researcher, Centre for Freedom of the Media, University of Sheffield
Humberto Padgett was reporting on the effects of drought in Cuitzeo, a rural area of central Mexico, when his car was intercepted by armed men on September 13 2024. They threatened him and stole the car, his identity papers and work equipment, including two bullet-proof jackets.
Padgett, a Mexican investigative journalist and author, was reporting on Mexico’s growing environmental worries for national talk radio station Radio Fórmula. It proved to be his last assignment for the station. Two days later, he tweeted:
Today I’m leaving journalism indefinitely. The losses I’ve suffered, the harassment and threats my family and I have endured, and the neglect I’ve faced have forced me to give up after 26 years of work. Thank you and good luck.
Padgett made this decision despite the fact he, like many other journalists in Mexico, has been enrolled in a government protection scheme for years – the Protection Mechanism for Journalists and Human Rights Defenders, set up in 2012. Several other Latin American countries have similar protection programmes, including Honduras since 2015.
These programmes offer journalists measures such as panic buttons and emergency phone alerts, police or private security patrols, and security cameras and alarm systems for their homes and offices. Some are provided with bodyguards – at times, Padgett has received 24-hour protection.
In Honduras, reporter Wendy Funes, founder of the online news site RI, was given a police bodyguard after being threatened while covering an extortion trial that linked the Mara Salvatrucha (MS-13), an international criminal gang, with the Honduran government of former president Juan Orlando Hernández, who is now serving a 45-year prison sentence in the US for drug trafficking and arms offences.
Yet even once journalists are enrolled in these government protection schemes, the attacks and threats continue. Shockingly, many come from state employees who, in both Mexico and Honduras, are thought to be responsible for almost half of all attacks on journalists. But the prospect of punishment is remote: at least 90% of attacks on journalists go unprosecuted and unpunished, meaning there is little deterrent for committing these crimes.
Both Mexico and Honduras currently have leftwing governments which have promised to protect journalists, following a long history of crimes against media professionals in both countries. Yet the risk to journalists posed by the state has worsened in recent years amid increasing use of spyware, online smear campaigns, and rising levels of anti-media rhetoric.
Journalists perceived as critical of the leadership are regularly accused of being corrupt, in the pay of foreign governments, and putting out fake news. Donald Trump’s vocal criticism of mainstream media since returning to power in the US is likely to have encouraged this anti-media hostility in Mexico and Honduras, as elsewhere in the world.
When I tell people about my research into how journalists in Latin America deal with the relentless violence and impunity, their first question is usually: “Oh, you mean drug cartels?” And indeed, both Padgett and Funes have received death threats for their investigations into cartels and other organised crime groups.
Padgett was once sent an unsolicited photo of a dismembered body in a morgue. He was beaten and kicked in the head by armed men who threatened to kill him and his family while he was reporting on drug dealing on a university campus in Mexico City in 2017. He wears a bullet-proof jacket – or did until it was stolen – and keeps his home address a closely guarded secret.
But cartels and gangs are only part of the story when it comes to anti-press violence and impunity in these countries. In many ways, the bigger story is the threat from the state. This has been a constant despite changes in government, whether right or left wing.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
My research project and resulting book were inspired by my work providing advocacy, practical and moral support for journalists at risk in Latin America for an international NGO between 2007 and 2016. The extent of the risk posed by state agents – acting alone or in cahoots with organised crime groups – is clear from the many journalists I’ve spoken to in both Mexico and Honduras.
I first interviewed these reporters, and the organisations that assist them, in 2018, then again in 2022-23 (89 interviews in total), to chart how journalists struggle for protection and justice from the state in the face of growing challenges at both domestic and international level.
For both Padgett and Funes, the intimidation, threats and attacks from organised crime groups often followed them reporting on state agents and their alleged links with such groups. Organised crime groups have deeply infiltrated the fabric of society in many parts of Mexico and Honduras – including politics, state institutions, justice and law enforcement, particularly at a local level.
In Padgett’s case, the suspected cartel threats came after he published a book and investigation into links between state governments and drug cartels, including drug money for political campaigns in Tamaulipas and a surge in cartel-related violence in Morelos under a certain local administration.
Padgett had first joined the federal protection mechanism after he was attacked by police when filming a raid in central Mexico City in 2016. The police confiscated his phone and arrested him.
He was later assigned an around-the-clock bodyguard after the Mexico City prosecutor’s office made available his contact details and his risk assessment and protection plan – produced by the state programme that was supposed to safeguard him – for inclusion in the court file on the 2017 attack on him at the university. This meant the criminals behind the attack had full access to this information.
Being part of this protection programme did not stop the threats by state employees. In April 2024, while trying to report from the scene of the murder of a local mayoral candidate in Guanajuato state, Padgett was punched in the face by a police officer from the state prosecutor’s office, who also smashed his glasses and deleted his photos.
Years earlier, he had been subjected to a protracted legal battle by former Mexico state governor and presidential candidate Eruviel Ávila Villegas, who sued Padgett for “moral damages” to the tune of more than half a million US dollars. His offence? A 2017 profile which mentioned that the politician had attended parties where a bishop had sexually abused male minors.
Padgett eventually won the case – but only on appeal, thanks to a pro bono legal team, after 18 months of stress and travelling to attend the hearings. This is a part of a growing trend of “strategic lawsuits against public participation” (Slapps) in Mexico and Latin America, aimed at silencing journalists and other critical voices.
As Padgett put it: “[Even] once we manage to win, there are no consequences for the politicians who call us to a trial without merit – no consequences at all. Eruviel Ávila is still a senator for the PRI [Institutional Revolutionary Party]” – and he was not even liable for costs.
Mexico’s federal government and army have also carried out illegal surveillance of the mobile phones of journalists and human rights defenders investigating federal government corruption and serious human rights violations on multiple occasions, including by using Pegasus spyware.
In Honduras, Funes is no stranger to state harassment either. In 2011, she was among around 100 journalists, many of them women, who were teargassed and beaten with truncheons by officers of the presidential guard and the national police during a peaceful protest against journalist murders.
In recent years, according to Funes, she and her team at RI have been targeted by cyberattacks and orchestrated smear campaigns on social media that have sought to tar them as being corrupt or associated with criminal gangs. She suspects the army is behind some of these attacks since RI has written in favour of demilitarising the police. Several RI team members have been stopped at army checkpoints; when they have denounced this on TikTok or Facebook, they have been flooded by negative comments.
Profile of investigative journalist Wendy Funes, winner of the 2018 Index on Censorship Freedom of Expression journalism award.
RI has also been attacked by government supporters unhappy with its critical coverage of the Honduras president Xiomara Castro’s leftwing administration. In August 2024, Funes was threatened with prosecution by the governor of Choluteca, southern Honduras, over RI’s investigation into alleged involvement by local government officials in migrant trafficking. And earlier in 2025, Funes and a human rights activist were subjected to misogynistic and sexist diatribes and threats by the head of customs for the same regional department, for demanding justice for a murdered environmental defender.
Almost half of all attacks on journalists in Mexico and Honduras are attributable to state agents, particularly at the local level. In Mexico, the NGO Article 19 has attributed 46% of all such assaults over the last decade to state agents including officials, civil servants and the armed forces.
In Honduras, according to the Committee for Free Expression (C-Libre), 45% of attacks on journalists in the first quarter of 2024 were attributed to state agents, up from 41% in 2021. These include the national police, the Military Public Order Police, officials and members of the government.
Impunity is a fact of life
One key reason for the failure of the journalist protection schemes in Mexico and Honduras is they lack the power to investigate, prosecute and punish those responsible for the attacks that caused the journalists to enter the programmes in the first place.
Padgett is yet to see justice, either for the attack on him by drug dealers at the university campus almost eight years ago or the results of the official investigation into the Mexico City prosecutor office’s apparent leaking of his contact details to the assailants. When he asked the prosecutor’s office for an update on its investigation in June 2024, he was told it had been closed two years earlier. His request for a copy of the file was denied.
When he went to the office to ask why, he was detained by police officers. “This is justice in Mexico City,” he said in a video he filmed during his arrest, adding:
Drug dealing is allowed. My personal data is leaked to the organised crime [group] that threatened to kill me and my family. Then the matter is shelved. I come to ask for my file and instead of giving it to me, they take me to court. That is the reality today.
News report by Al Jazeera English (February 2023)
Padgett lodged a complaint and, following “a tortuous judicial process”, eventually managed to get the investigation re-opened. But he says he has lost hope in the process and the justice system in general. Even something as simple as filing a report on the theft of his bullet-proof jacket during the armed attack in September 2024 has proved beyond the official responsible for the task, so the protection programme has not replaced it.
Funes says she reported one of the cyber-attacks on RI to the special prosecutor established by Honduras in 2018 to investigate crimes against journalists and human rights defenders. Funes provided the name and mobile phone number used by the hacker. However, she said the case was later closed for “lack of merit”.
Previously, the official investigation into the 2011 attack on her and other women journalists had also been quietly shelved after the evidence was “lost”. Funes says this put her off reporting subsequent incidents to the authorities:
What for? I just want them to protect me … why waste my time? Really, you get used to impunity, you normalise it.
There have been a few important advances in Mexico in recent years, including the successful prosecution of some of those behind the 2017 murder of two high-profile journalists, Javier Valdez and Miroslava Breach, but such cases remain the exception. Around 90% of attacks on journalists still go unprosecuted and unpunished by the state in both Mexico and Honduras, meaning there is little deterrent against these crimes.
Safer, better ways of working
Many of the journalists I have interviewed prioritise covering under-reported issues relating to human rights and democracy, corruption, violence and impunity. They use in-depth, investigative journalism to try to reveal the truth about what is happening in their countries – which is often obscured by the failings and corruption of the justice system and rule of law.
Many are developing safer, better ways of working, with three strategies having grown noticeably in recent years: building collaborations, seeking international support, and professionalising their ways of working.
Journalists from different media outlets often overcome professional rivalries to collaborate on sensitive and dangerous stories. In Mexico, members of some journalists’ collectives and networks alert each other of security risks on the ground, share and corroborate information, and monitor their members during risky assignments. Others travel as a group – when investigating the mass graves used by drug cartels, for example.
In Mexico and increasingly in Honduras, they publish controversial stories, such as on serious human rights violations involving the state, in more than one outlet simultaneously to reduce the chance of individual journalists being targeted in reprisal. Such collaborations build trust, solidarity and mutual support among reporters and editors – something that has traditionally been lacking in both countries.
Increasingly, international media partners also play an important role regarding the safety of Mexican and Honduran journalists and amplifying public awareness of the issues they report on – encouraging the mainstream media in their own countries to take notice and increasing pressure on their governments to act.
According to Jennifer Ávila, director of the Honduran investigative journalism platform ContraCorriente, transnational collaborations are a “super-important protection mechanism” because they give journalists access to external editors and legal assistance – as well as help leaving the country if necessary.
International partners also bring increased resources. In Mexico and Honduras, as in other Latin American countries, the main source of funding is government advertising and other state financial incentives. But these come with expectations about influence over editorial policies and content, so are not an option for most independent outlets. Private advertising is also challenging for these and other reasons. So, most independent media outlets and journalistic projects are heavily dependent on US and European donors such as the National Endowment for Democracy (Ned), Ford Foundation and Open Society Foundations.
Much of Latin America has high levels of media concentration, with the mainstream media typically being owned by a handful of wealthy individuals or families with wider business interests – and close economic and political links to politicians and the state. Combined with the strings of government advertising, this often results in “soft” censorship of the content that these outlets publish. Some journalists are escaping this either by setting up their own media digital outlets, like Funes, or by going freelance – as Padgett has decided to do following the attack on him in Cuitzeo in 2024.
At the same time, there has been a widespread raising of standards through increased training in techniques such as journalistic ethics, making freedom of information requests, digital and investigative journalism, and covering elections. This all helps to promote “journalistic security” – using information as a “shield in such a way that no one can deny what you’re saying”, according to Daniela Pastrana of the NGO Journalists on the Ground (PdP). It also helps counter the perception – and in some cases, reality – of longstanding corruption in parts of the profession.
Hostile environment puts progress at risk
Despite the promise of transforming journalism through increasing collaboration, professionalisation and international support, the current outlook for journalists in Mexico and Honduras – and other countries in Latin America – is not encouraging. Hostile government rhetoric against independent reporters and media outlets is on the rise, despite the presidents of both Mexico and Honduras having pledged to protect journalists and freedom of expression.
In Honduras, the hostile rhetoric towards journalists is growing in the run-up to the presidential elections in November. According to Funes: “There is a violent public discourse from the government which is repeated by officials [and] prepares the ground for worse attacks on the press … This is dangerous.”
In both countries, such attitudes at the top are often replicated by local politicians and citizens, including online, with the threat of violent discourse leading to physical violence. This hostility appears likely to grow given the example of Donald Trump’s aggressive and litigious attitude towards journalists and the media in the United States.
Indeed, the policies of the second Trump administration are already jeopardising progress made in terms of transforming journalism in Mexico and Honduras. In late January 2025, the US government suspended international aid and shuttered USAID, amid unsubstantiated accusations of fraud and corruption.
According to the press freedom group Reporters Without Borders, the USAID freeze included more than US$268m (£216m) that had been allocated to support “independent media and the free flow of information” in 2025.
USAID has been a key funder of organisations such as the nonprofits Internews and Freedom House, which in turn have been vital to the development of independent and investigative journalism in Latin America through their support of new media outlets, journalistic projects and media freedom groups. Another important donor, Ned – a bipartisan nonprofit organisation largely funded by the US Congress – has had its funding frozen.
Ned’s chair, Peter Roskam, explains its legal action against the Trump funding cuts.
Uncertainty about future funding has led to the immediate suspension of operations and layoffs by many nonprofit media organisations in Mexico, Honduras and across the region. While this seismic shift in the Latin American media landscape reinforces the urgent need to diversify its sources of funding, there is no doubt that in the short and even medium term, it has dealt a serious blow to the development of free and independent journalism and the safety of all journalists.
In a region of increasingly authoritarian leaders, it is now a lot harder to hold them accountable for corruption, human rights violations, impunity and other abuses.
International impotence
Anti-press violence and impunity are global problems, with more than 1,700 journalists killed worldwide between 2006 and 2024 – around 85% of which went unpunished, according to Unesco.
Although international organisations, protection mechanisms and pressure can be important tools in the fight against anti-press violence and impunity, they are ultimately limited in impact due to their reliance on the state to comply. Some journalists in Mexico and Honduras suggest the impact of such international attention can even be counter-productive, due to their governments’ increasing hostility toward any criticism by international organisations, journalists and other perceived opponents.
Twenty years ago, Lydia Cacho, a renowned journalist and women’s rights activist, was arbitrarily detained and tortured in Puebla state, east-central Mexico, after publishing a book exposing a corruption and child sexual exploitation network involving authorities and well-known businessmen. Unable to get redress for her torture through the Mexican justice system, Cacho eventually took her case to the United Nations.
Finally, in 2018, the UN Human Rights Committee ruled that her rights had been violated and ordered the Mexican state to re-open the investigation into the attack, and to give her adequate compensation. This judgment has led to several arrests of state agents in Puebla, including a former governor and chief of the judicial police and several police officers, as well as a public apology from the federal government.
Journalist Lydia Cacho speaking at the 2020 Camden Conference.
But cases like Cacho’s are the exception. Securing rulings from international bodies requires resources and energy, the help of NGOs or lawyers – and can take years. What’s more, enforcement of international decisions relies on the state to comply.
While international pressure was key to persuading the Mexican and Honduran states to set up their government protection schemes for journalists and specialised prosecutors to investigate attacks against them, these institutions have generally proved ineffective.
Resourcing is always an issue: typically, protection mechanisms and prosecutors’ offices are underfunded and the staff are poorly trained. Some bodies have limited mandates, such as protection mechanisms that lack the power to investigate attacks on journalists. Sometimes, these failings are believed to be deliberate. According to Padgett, the Mexican journalist protection scheme has “political biases against those whom officials consider to be hostile to the regime”.
Indeed, many journalists and support groups suspect the Mexican and Honduran governments don’t really want these institutions to work. As the pro-democracy judge Guillermo López Lone commented about the repeated failure to secure convictions for crimes against journalists and human rights defenders in Honduras: “These are international commitments [made] due to pressure, but there is no political will.”
López Lone, who was illegally removed from his position after the 2009 coup in Honduras and only reinstated as a judge after a years-long struggle, including a ruling by the Inter-American Court of Human Rights, alleged that these institutions “play a merely formal role” in Honduras, because they have been “captured by the political interests of the current rulers, and by criminal networks”.
Similarly, according to Sara Mendiola, director of Mexico City-based NGO Propuesta Cívica, it’s not enough to talk about a lack of resources or training: “Even if you doubled the [state] prosecutors’ offices’ budgets, you’d still have the same impunity because the structures [that generate impunity] remain.”
Activism is a risky business
It’s clear that in both Mexico and Honduras, despite the governments’ stated commitment to freedom of expression, there is a deep-seated ambivalence about how important or desirable it is to protect journalists and media freedom.
The heart of this issue is the contradiction of the state as both protector and perpetrator – a state that does not want to, or is incapable of, constraining or investigating itself and its allies. This in turn is linked to longstanding structural problems of corruption, impunity and human rights violations, and a legacy of controlling the media dating to pre-democracy days.
Activism by journalists against this situation – another form of self-protection – takes various forms, including public protests and advocacy, and working for and setting up NGOs that support colleagues at risk. Increasingly, activism also involves the coming together of those who are the victims of violence.
But activism is a risky business in Mexico and Honduras, opening journalists and their loved ones up to further repression and attacks by the state – and sometimes raising questions about their impartiality and credibility. While many journalists have taken part in activism out of necessity or desperation, in both countries their main source of optimism in the face of violence and impunity is journalism itself.
Journalism as the solution
Fortunately, journalists like Padgett don’t give up easily. After an eight-month hiatus following the attack in Cuitzeo and its aftermath, he now feels ready to go back to reporting.
Although he succeeded in getting the shelved investigation into the 2017 attack on him and subsequent data leak reopened, the lack of any action since means he’s decided to draw a line under this labyrinthine process. He is now looking for “alternative means of justice to compensate for the impunity”.
As a part of the reparations, he has been promised a formal apology from the Mexico City Prosecutor’s Office (similar to the apology received by Cacho). Such a ceremony is not justice and may largely be symbolic, but Padgett feels it will allow him to move on and focus on journalism again – this time as a freelancer. He is keen to make the point that Mexico remains “an extraordinary place to be a reporter”.
Despite the lack of state protection and all the other challenges, journalists like Padgett and Funes are determined to keep going – investigating their countries’ ills, probing the root causes, transforming their profession. Their commitment offers a ray of hope for the emergence of a truly free and independent media in Mexico, Honduras and beyond.
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This article draws on research which was funded by the UK Economic and Social Research Council (ESRC). Tamsin Mitchell’s new book, Human Rights, Impunity and Anti-Press Violence: How Journalists Survive and Resist, is published by Routledge.
Good morning to allAsofondosCongress attendees. I extend a special greeting to my esteemed fellow panelists in this opening session: Mr. Juan David Correa, President of the Board of Directors of the Association; the Minister of Labor, Mr. Antonio Sanguino; and the Financial Superintendent, Mr. César Ferrari.
I would also like to express my sincere appreciation to Andrés Velasco and Daniel Wills, President and Technical Vice-President ofAsofondos, respectively, as well as to all the members of the Association, for their kind invitation and the opportunity to participate in this vital forum.
On this occasion, I will first shareBanco de la República‘s perspective on Colombia’s macroeconomic and monetary outlook. Additionally, I will conclude my remarks with reflections on the Bank’s role in administering the Contributory Pillar Savings Fund, established by the Congress of the Republic as part of the pension reform approved last year.
It is important to clarify that the views I will present today do not necessarily reflect the position of the Bank’s Board of Directors, nor do they represent the opinions of its individual members, who may hold differing interpretations on some issues I will address.
On the Bank’s autonomy and essential objectives
I would like to begin by addressing recent allegations directed at the Board of Directors, particularly some of its members, regarding alleged political motivations behind the decision made on Monday, March 31 to keep interest rates unchanged. My response to these claims is a strong reaffirmation of the institutional integrity of the Board, which operates strictly on technical grounds and within the clear constitutional mandate of safeguarding the purchasing power of the peso in tandem with general economic policy.
It is essential to emphasize that none of the Board Members, except for the Minister of Finance, represent any particular government or political opposition. The Constitution is unequivocal on this matter. Article 372 explicitly states: “The members of the Board of Directors shall exclusively represent the interests of the Nation.”
I have had the distinct honor of serving as member of the Board of Directors ofBanco de la Repúblicafor the past twelve years and, more recently, for over four years as Governor. I can state with absolute clarity and conviction that throughout these sixteen years, I have never witnessed any Board Member-or the Board as an institution-act with any motivation other than pursuing what is best for the country and its people. Our sole objective has always been to fulfill the constitutional mandate of preserving the purchasing power of the peso while ensuring that this goal aligns with the highest possible level of sustainable economic growth and employment.
In this endeavor, the Board has been fortunate to rely on what I consider to be the most highly qualified team of economists in the country. Every decision the Board makes is preceded by a comprehensive recommendation document prepared by this technical staff. While these recommendations are not necessarily adopted in full, they serve as a crucial point of reference, providing the strongest available evidence to guide Board Members in making informed decisions. Ultimately, each vote is cast with the highest level of diligence, in adherence to the constitutional mandate, and with an unwavering commitment to the nation’s best interests.
Over the past 25 years, throughout this century, the Board has implemented its mandate to preserve the currency’s purchasing power through an inflation-targeting strategy. This approach seeks to maintain inflation at approximately 3%, with a flexible exchange rate and a very short-term interest rate as the primary policy instrument.
When inflation exceeds the target, it becomes necessary to uphold a contractionary monetary policy to bring it back under control. However, the short-term economic cost of such a policy-reflected in reduced productive activity-can be more pronounced and prolonged under certain conditions. This occurs, for instance, when prices and wages are heavily indexed to past inflation. Similarly, factors that elevate country risk premiums-such as global uncertainty or political idiosyncrasies, such as rising public debt or fiscal deficits exceeding expectations-can further complicate monetary policy efforts.
Under these circumstances, the burden on monetary policy intensifies as it seeks to steer inflation back to its target while restoring the conditions necessary for more substantial and sustainable economic growth in the medium and long term.
Colombia’srecent adjustment process: a success story
The high policy interest rates maintained over the past three years reflect a deliberately restrictive monetary policy necessary in response to a significant inflationary shock-one that affected most economies worldwide between 2021 and 2023. Our policy response, characterized by elevated interest rates, entailed notable short-term costs regarding its impact on aggregate demand and productive activity. However, these costs were considerably lower than many had anticipated. Contrary to some forecasts, the economy did not enter a recession, and the observed slowdown in productive activity did not hinder the current unemployment rate from standing below pre-pandemic levels.
Concurrently, this restrictive monetary policy effectively contributed to a substantial reduction in inflation-more than eight percentage points-bringing it down from its peak of 13.4% to the current level of 5.3%. Additionally, the domestic demand imbalances that had manifested in a current account deficit exceeding 6% of GDP in 2022 were significantly corrected, reducing the deficit to just 1.8% of GDP by 2024. The technical staff now projects that this deficit will rise slightly to 2.4% of GDP in 2025, reflecting clear signs of recovery in domestic demand. Even so, the projected deficit remains well below its level three years ago, leaving the economy less reliant on external financing and less vulnerable to abrupt changes in domestic and international conditions-an especially important factor given our current uncertainties.
I believe that this macroeconomic adjustment process has been successful. It is particularly noteworthy that, within this context, we are witnessing an evident recovery in economic activity. Growth is expected to reach 2.8% in 2025, a rate that compares favorably with forecasts for many regional economies and more advanced economies, including the United States and several European nations.
According to data from the National Administrative Department of Statistics (DANE), domestic demand grew by 4.4% in real terms in the last quarter of 2024. Similar growth rates are expected in 2025, providing the foundation for the projected recovery in GDP. This improvement is also reflected in labor market indicators, including the seasonally adjusted unemployment rate recorded last February, which was the lowest for any month since April 2017.
Undoubtedly, the reduction in policy interest rates implemented by this Board between December 2023 and December 2024 played a key role in supporting the recovery of domestic demand, productive activity, and employment.
Why do interest rates remain relatively high?
At this point, it is essential to emphasize that our monetary policy interest rates remain at levels indicative of a contractionary monetary stance. Both nominal and real interest rates are currently higher than what the Bank’s technical staff considers neutral and desirable in the medium and long term-conditions in which inflationary pressures are absent and the economy grows close to its potential rate.
In this context, I would like to reiterate a point I have made publicly on multiple occasions: I consider that interest rates lower than those currently in place would be desirable. Moreover, I am convinced that there is consensus among all members of the Bank’s Board of Directors on this matter.
Why do we maintain interest rates that we deem contractionary and higher than what would be ideal in the medium and long term? The reason is that, despite our success in significantly reducing inflation from its peak in March 2023, the pace of disinflation in Colombia has been slower than in many other countries in the region and around the world, where inflation has already returned to the target ranges set by their central banks. This slower adjustment is primarily due to the high degree of price and wage indexation inColombiaand other idiosyncratic and circumstantial factors that have complicated the disinflation process.
Furthermore, the process of lowering interest rates-which we all wish to continue-had to be temporarily halted during the last two Board meetings in January and March. This decision was driven by a slowdown in the pace of inflation’s convergence toward the target, alongside factors that exerted upward pressure on inflation expectations and international interest rates relevant to Colombia’s external financing. Notably, the rise in long-term interest rates in global markets coincided with an increase in Colombia’s country risk spreads. The latter occurred in a context where fiscal deficit figures significantly exceeded forecasts, and public debt as a percentage of GDP was rising at a rate well above what is consistent with macroeconomic stability.
When comparing Colombia with other Latin American countries that, like us, follow a target inflation strategy, we observe that nations such asPerú, Uruguay, Paraguay/span>, and Costa Rica have made greater progress in reducing interest rates. This has been possible because inflation in these countries has already returned to the target ranges established by their respective central banks. In the case of Chile, inflation remains slightly above its target range due to specific factors related to public utility tariffs. However, inflation expectations suggest that by the end of 2025, Chile will be very close to its target of 3%-the same target set by Colombia.
The experiences of the region’s two largest economies,MéxicoandBrazil, are particularly relevant to our analysis. InMéxico, inflation currently stands at 3.7%, within the target range of 3% ± 1 percentage point. This allowed the Mexican Central Bank to lower its monetary policy interest rate last week from 9.5% to 9%. It is worth noting, however, that even after this reduction, the real ex-post policy rate (the difference between the nominal rate and observed inflation) remains at 5.3% (9% – 3.7%), significantly higher thanColombia’scurrent level of 4.2% (9.5% – 5.3%).
The case ofBrazilis particularly striking and serves as an important reference for the risksColombiafaces. Inflation inBrazilis currently at 5.1%, slightly lower than in Colombia. The Brazilian Central Bank had been making steady progress in lowering its monetary policy interest rate, reducing it from 13.75% in August 2023 (slightly aboveColombia’sat the time) to 10.5% by mid-2024. However, concerns over the country’s fiscal situation in the latter half of 2024 led to a sharp depreciation of the real and rising inflation expectations. In response, the Central Bank was forced to rapidly reverse course, raising the policy rate from 10.5% to its current level of 14.25%. In real ex-post terms, this rate is nearly five percentage points higher thanColombia’s. Additionally, the Brazilian Central Bank has signaled to markets that further rate hikes may be necessary in the coming months. Fortunately,Colombiahas not faced such a scenario recently, and clearly, avoiding such a situation remains a priority.
InColombia, inflation remains above the 3% target set by the Central Bank. The technical staff’s central forecast for year-end 2025 places inflation above the tolerance range of ±1 percentage point around the target, as announced by the Board last November. If this projection materializes, 2025 would mark the fifth consecutive year in which the inflation target is not met. This would pose a challenge to the credibility of the inflation-targeting framework, which relies on the firm anchoring of inflation expectations as a key element of its effectiveness. Unfortunately, recent analysts’ surveys suggest that inflation expectations among many economic agents have risen in recent months and remain above the target level.
The combination of deteriorating inflation expectations, fiscal risks inColombia, and uncertainty surrounding the global economy-exacerbated by the trade tensions triggered by the United States-led the majority of the Board to decide last Monday to maintain the pause in the process of reducing the policy interest rate. As stated in the press release following that meeting: “The decision to maintain the interest rate unchanged reflects a cautious approach to monetary policy, anticipating new information in the coming months that will provide further evidence on the feasibility of additional rate cuts. This decision reaffirms the Board’s commitment to achieving convergence with the inflation target in the context of recovering economic growth.” I believe this statement clearly conveys our expectations moving forward.
The role ofBanco de la Repúblicain administering the pension system’s Contributory Pillar Savings Fund
Before concluding, I would like to address the role thatBanco de la Repúblicawill play in administering the pension systems’ Contributory Pillar Savings Fund (FAPC), as established by the reform approved last year by Congress.
As you know, Law 2381 of 2024 stipulates that, within the contributory pillar, pension contributions from all workers will include an average premium component administered by Colpensiones, covering contributions on incomes between 1 and 2.3 times the legal monthly minimum wage. Since a portion of these contributions currently goes to the individual savings component, this change will significantly increase the resources received by Colpensiones once the reform takes effect. However, in the long term, this situation will reverse, as Colpensiones’ pension obligations will eventually surpass the resources it collects.
To address this, the law mandates that the temporary surplus of funds received by Colpensiones-expected to last for two or three decades-be allocated to the Contributory Pillar Savings Fund (FAPC). Congress also determined thatBanco de la Repúblicawould be responsible for administering this Fund. The resources administered through the FAPC will be channeled into capital markets via professional asset managers, generating returns that will help the government meet future pension obligations.
Currently, even before the reform is enacted, Colpensiones operates with a significant deficit, requiring substantial transfers from the national government. These transfers are included in the annual national budget and contribute to the fiscal deficit. The creation of the FAPC, administered byBanco de la República, has been structured to ensure that its funding is adjusted in a way that neither affects the national government’s current pension expenditures nor undermines aggregate savings in the economy.
It is essential to underscore that the temporary surplus of resources allocated to the FAPC will be insufficient to meet future pension obligations. According to the projections outlined in the bill, the Fund is expected to be fully depleted by 2070, at which point the government will need to allocate additional resources to cover the resulting deficit. Ensuring the long-term sustainability of the pension system will likely require adjustments to key parameters, particularly in retirement ages and contribution rates. The necessity of these reforms remains unchanged and is in no way diminished byBanco de la República’srole as a financial resource manager.
A little over a month and a half ago, on February 13, I addressed this very auditorium during the Treasury Congress of the Banking Association, stressing the urgency of issuing the government decree regulating the FAPC’s operation. I noted that without the prompt issuance of this decree, it would be impossible to establish the fundamental elements necessary to begin administering the Fund on time, as mandated by law for July 1.
Banco de la República’steam worked intensively and constructively with officials from the Ministry of Finance and the Financial Regulation Unit (URF) throughout the last months of 2024, expecting that by year-end, the decree would be in place, allowing us to begin developing the institutional and financial framework required for the Fund’s timely launch. Unfortunately, the process has been significantly delayed. In late February, a version of the decree was released for public consultation, which contained multiple provisions that had not been previously disclosed to the Bank, some of which were inconsistent with the law. Consequently, we submitted a detailed letter on March 7 highlighting our many concerns. Fortunately, several of these observations were taken into account by the Ministry of Finance and the URF, for which we are grateful. A revised draft was published for further comments last Friday, March 28. However, as of yesterday, we had to submit another letter reiterating key concerns that had not yet been addressed, raising the possibility that the decree’s issuance could be further delayed or that it may not fully resolve our outstanding issues. I mention these dates to convey the pressing urgency we currently face in securing the regulatory framework needed to fulfill our legal mandate, which takes effect in less than three months.
Only once the regulatory decree is issued can we move forward with drafting and signing the FAPC administration contract between the government and the Bank. This will allow us to initiate the selection and hiring of the first administering entities responsible for overseeing the resources, which are expected to accumulate at a rate of approximately 1.4 trillion pesos per month starting July 1. Among many other matters, the contract must explicitly establish thatBanco de la Repúblicawill administer the FAPC’s resources in its capacity as the government’s fiscal agent, as it does with other funds. It will provide the necessary technical and operational infrastructure while ensuring a strict separation between the Fund’s resources and the Bank’s own, both in budgetary and accounting terms. Furthermore, the administration of these resources will adhere to principles of prudence and diligence, as is standard in fiduciary mandates, with responsibility over the means rather than specific financial outcomes.
The law establishes a Steering Committee as the highest authority of the FAPC, composed of three government representatives and four independent experts appointed by the Board of Directors ofBanco de la República. However, the selection process for these four experts can only begin once the corresponding regulatory decree is in place. The draft decree published for public observations last Friday incorporated the Bank’s proposal for a transition period, during which the Bank could operate under provisional rules, investing resources in moderate-risk portfolios similar to those currently administered by the AFPs. Nonetheless, the challenge of establishing these delegated portfolios within such a short timeframe remains considerable.
Several regulatory elements still require definition. In particular, I want to highlight three pressing issues.
First, a provision included in the latest draft of the decree must be revised, as it allows for the use of savings accumulated in the FAPC to make payments under the contributory and semi-contributory pension frameworks. This pertains to the decumulation of the Fund, which should be explicitly regulated in a separate decree concerning generational sub-accounts-an essential regulation that is still pending. The law stipulates that this decree must undergo review and include a binding opinion from the Fund’s Steering Committee, which has not yet been established. Consequently, incorporating mechanisms for decumulating the Fund’s resources in the decree currently under discussion would not only be premature but also contrary to the law.
ForBanco de la República, as administrator of the FAPC, it is essential to clarify which Government entity will be responsible for the Fund’s accounting and which will oversee the corresponding auditing functions. After the bill was approved in the Senate and debated in the House of Representatives, the Bank highlighted the need for such clarity. While many House and government representatives showed willingness to make the necessary adjustments, procedural constraints in the legislative process prevented them. Given these circumstances, the government must define these key accounting and resource oversight aspects through a regulatory decree.
Regarding hiring delegated administrators during the transition period, it is imperative that government regulations establish clear limits on their remuneration in strict accordance with the law. Specifically, compensation should be structured as a fee based on the balance administered rather than as a percentage of the base income for contributions, as proposed in the version published last Friday. The latter approach is inapplicable for resources that do not correspond to individual contributions. Additionally, certain sections of the draft decree contain inconsistencies regarding the nature of the FAPC, treating it as if it were a savings fund for individual contributions-an interpretation that does not align with its legal framework.
Banco de la Repúblicaremains fully committed to collaborating with all relevant stakeholders to ensure a coordinated and efficient implementation of the new pension system and the successful launch of the Contributory Pillar Savings Fund. However, I must reiterate the urgency of establishing adequate regulations, without which we simply will not be able to fulfill the mandate assigned to us by law.
Source: United Kingdom – Executive Government & Departments
Press release
Solicitor General’s intervention leads to increase in sex offender’s sentence
A sex offender who sexually assaulted multiple young women and girls has had his sentence increased after the Solicitor General Lucy Rigby KC MP intervened.
Robert Emmerson, 40, from Manchester, had his four-and-a-half years sentence increased to seven years with a further three on licence after it was referred to the Court of Appeal under the Unduly Lenient Sentence scheme.
The court heard that between 6 November 2023 and 15 April 2024, Emmerson committed five separate sexual assaults and seven acts of exposure against 11 girls and young women in central Manchester and Wythenshawe areas.
The victims said that Emmerson’s attacks took place in broad daylight and that they were “shocked” and “terrified” with some noting that he was smiling throughout.
The court also learned that Emmerson has a history of sexual offences, with previous convictions for indecent exposure and stalking. Some of his victims were schoolgirls.
Solicitor General Lucy Rigby KC MP said:
I was sickened and angered to read of the offenders’ numerous sexual assaults against women and young girls His increased sentence clearly shows that sex offenders will be brought to justice and face the penalty they deserve.
This government is committed to halving violence against women and girls in a decade as part of the Plan for Change and this increased sentence will keep predators like Emmerson off our streets. My thoughts today are with the young women attacked by Emmerson.
On 30 January 2025, Emmerson was sentenced at Manchester Crown Court for four years and six months for five counts of sexual assault, and seven counts of exposure. He also received a Sexual Harm Prevention Order and is subject to indefinite notification requirements.
On 1 May 2025, his sentence was increased to seven years with a further three on licence after it was referred to the Court of Appeal under the Unduly Lenient Sentence Scheme.
More than 105,500 procedures delivered last year with additional funding.
More than 105,500 appointments and procedures were delivered by health boards last year through an additional £30 million of targeted investment – exceeding a pledge to carry out 64,000 appointments by the end of March 2025.
The funding was targeted at the longest waits and, as seen in latest published data, there have been reductions in waiting lists across a number of specialities. Between March 2024 and December 2024 there has been:
a 71% decrease in waits for Scopes at NHS Ayrshire & Arran
a 52% decrease in Imaging waits at NHS Fife
a 28% decrease in Ophthalmology waits at NHS Lothian
a 23% decrease in Urology waits at NHS Lanarkshire
a 10% decrease in Orthopaedic waits at NHS Highland.
Latest published statistics also show improved waiting times performance with diagnostic waits at their lowest since October 2021.
In April 2024 the Scottish Government funded NHS boards to deliver 64,000 procedures (40,000 diagnostic procedures, 12,000 surgeries and 12,000 new outpatient appointments) by the end of the year. By March 2025, 10,700 surgeries and 15,800 outpatients appointments were delivered. Almost 79,000 diagnostic procedures took place – delivering almost double the original pledge of 40,000.
Health Secretary Neil Gray said:
“We have delivered on our promise, exceeding our original target of 64,000 by more than 41,000 procedures – we have carried out nearly double the amount of diagnostic procedures originally pledged, with diagnostic waits now at the their lowest since October 2021. This is testament to hard work and dedication of our NHS staff and I thank them for their outstanding efforts.
“This is welcome progress and shows we are moving in the right direction. But we know many people are still waiting too long and we are determined do more. That is why we are investing record amounts in our health service, targeting waiting list backlogs and delivering 150,000 additional appointments.
“This government is focussed on taking the action needed to cut waiting lists and make it easier for patients to get access to the treatment they need. Next week the First Minister will publish our Programme for Government, setting out how we will build on recent progress and further reduce patient waits in the year ahead.”
Source: United Kingdom – Executive Government & Departments
News story
UKHSA publishes new analysis of health inequalities in England
Data shows current state of health inequalities caused by infectious diseases, as well as environmental health hazards
As part of its commitment to achieving equitable health security outcomes for everyone, the UK Health Security Agency is publishing (Friday 2 May) comprehensive new data, the Health Inequalities in Health Protection report. The report provides a high-level summary of the current state of health inequalities in England caused by infectious diseases, as well as environmental health hazards.
The analysis mainly uses hospital admissions as a measure of infectious disease levels; key findings include:
people living in the 20% most deprived areas in England are almost twice as likely to be admitted to hospital due to infectious diseases than the least deprived
those living in the North-West are 30% more likely to be hospitalised for an infectious disease (3,600 per 100,000 admissions for Sept 23-Aug 24), compared to the England average (2,800 per 100,000)
areas of high levels of deprivation typically experience higher levels of air pollution than less deprived and less ethnically diverse areas
the scale of inequalities between ethnic groups varies by specific disease. For example, emergency admission rates for tuberculosis were 29 times higher for ‘Asian other ‘, 27 times higher for ‘Indian’ and 15 times higher for ‘Black African’, compared to ‘White British’
As well as the costs to the social, physical and mental health of our communities, it was estimated that inequalities in emergency infectious disease hospital admissions cost the NHS between £970 million and £1.5 billion in 2022-23.
People living in deprived communities experience higher emergency hospital admission rates, compared to the least deprived communities; the data show these are:
twice as high for respiratory diseases in general and up to seven times higher specifically for tuberculosis and six times higher for measles.
twice as high for invasive infections in general, and up to 2.5 times higher specifically for sepsis
1.7 times higher for gastrointestinal diseases
People from more deprived areas are also disproportionately impacted by radiation, chemical, climate and environmental hazards through their exposure, direct impact on their health, and the exacerbation of existing health conditions. Areas with high levels of deprivation typically have higher levels of air pollution than less deprived and less ethnically diverse areas.
Dr Leonora Weil, Deputy Director for Health Equity and Inclusion at UKHSA said:
The report reveals some stark facts on the state of inequalities in health security faced by some people, in particular those living in the most deprived communities and certain areas of the country, some ethnic groups, as well as excluded groups such as those experiencing homelessness.
These health protection inequalities – where there are poorer health outcomes based on where you live, your socio-economic status or ethnicity are avoidable, pervasive, and preventable. That is why it is so important to shine a light on these findings to increase action to support communities to live longer and in better health.
Going forward our data and analysis of the evidence will help us, and our partners apply a health equity lens to all our health security work, to inform how we better target effective health services and wider interventions to those most at need.
This report is just the start. We need to build on these insights, as only through persistent and dedicated effort across all health organisations will we make a real difference to helping all people live longer and in better health.
UKHSA’s approach to reducing health inequalities in health protection involves:
building our understanding of the people and places that experience these inequalities
taking a ‘people and place’ approach, working with local and national systems to support integrated, tailored and accessible interventions that better meet the needs of different communities and groups
working in partnership across national and local government, the NHS, the voluntary, faith and charity sector and communities themselves
equipping the UKHSA workforce with the capacity and capability to address inequalities in health protection in everything we do
Inclusion health groups, such as people seeking asylum, people in prison, people experiencing homelessness and people who inject drugs are often disproportionately impacted by a range of infectious diseases. For example, it is estimated that over 80% of people in England living with chronic Hepatitis C have an injecting drug history. However, inclusion health groups are often not visible in routine health surveillance data.
In addition to the social, physical and mental health costs to our communities, health inequalities also have a significant economic burden. It was estimated that inequalities in emergency infectious disease hospital admissions cost the NHS between £970 million and £1.5 billion in 2022-23. In a recent UKHSA report summarising infectious disease trends, it was estimated that infectious diseases were the primary reason for over 20% of hospital bed usage, at an annual cost of almost £6bn in 2023 to 2024.
Source: United Kingdom – Executive Government & Departments
News story
Former St Helens pub landlord failed to declare he was bankrupt when applying for Covid loan
Suspended sentence for former St Helens pub owner
Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic
Wright was subsequently declared bankrupt in early 2020
This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was bankrupt in the process
The loan was repaid in full earlier this year
A former St Helens pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence.
Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020.
The 46-year-old made the application on behalf of the Talbot Ale House on Duke Street in St Helens town centre, the pub he ran before his bankruptcy earlier that year.
Wright, of Bleak Hill Road, St Helens, was sentenced to two years in prison, suspended for two years, at Liverpool Crown Court on Thursday 24 April.
He was also ordered to complete 150 hours of unpaid work and pay £1,500 in costs.
The Bounce Back Loan was repaid in full shortly before Wright was sentenced.
David Snasdell, Chief Investigator at the Insolvency Service, said:
Gary Wright incurred significant debts after his business failed and he was ultimately declared bankrupt.
He then attempted to take advantage of a scheme which was backed by taxpayers and designed to support viable small businesses through the pandemic.
Bankrupts are legally required to declare their status when applying for loans or credit. Wright clearly failed to do this which is why he now has a criminal conviction.
Talbot Ale House ceased trading in September 2019 and Wright was declared bankrupt in February 2020 due to debts owed to a major utility company.
Despite this, Wright applied for a £25,000 Bounce Back Loan in June 2020, claiming the turnover of the pub was £400,000.
Wright remains an undischarged bankrupt, meaning he has not been officially released from his bankruptcy.
Individuals subject to a bankruptcy order must disclose their status if they borrow or obtain credit of £500 or more.
A pub continues to run from the same address but under different management.
Further information
Gary Wright is of Bleak Hill Road, St Helens. His date of birth is 15 December 1978