Source: European Parliament
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Source: European Parliament
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Source: United Nations – Geneva
The Committee on Economic, Social and Cultural Rights today concluded its review of the seventh periodic report of the United Kingdom of Great Britain and Northern Ireland, with Committee Experts commending the steps taken to provide a real living wage, while asking questions on reported discriminatory legislation for asylum seekers and high levels of child poverty in the State party.
Joo-Young Lee, Committee Expert and Taskforce Member, said in its reply to the list of issues, the State party stated that the level of the minimum living wage for this year would be set at a level not below two-thirds of the median earnings in the United Kingdom. For the first time, the cost of living would also be taken into account in this process, with the aim of providing a real living wage, which was commendable.
Seree Nonthasoot, Committee Expert and Taskforce Leader, said it had been reported that the discriminatory effects of such recent legislation as the Nationality and Borders Act 2022, the Illegal Migration Act 2023, and the Safety of Rwanda (Asylum and Immigration) Act 2024 had hindered access by migrants in an irregular situation and asylum seekers to social protection benefits. Could the State party clarify if these hindering measures were in place and if social benefits would be ensured to this marginalised group?
Julieta Rossi, Committee Expert and Taskforce Member, said the United Kingdom was one of the richest economies in the world, yet extremely high figures of poverty persisted. According to information, during the period 2022/2023, 21 per cent of the population lived in relative poverty, with alarming rates of 30 per cent in childhood, or 4.3 million children. Was the State developing a strategy to achieve a drastic and short-term reduction of poverty, which prioritised child poverty and poverty of disadvantaged groups?
The delegation said last month, a new border security, asylum and immigration bill was introduced to parliament, which included the repeal of the Safety of Rwanda Act and amended the Illegal Migration Act, including the duty to remove individuals who had arrived in the United Kingdom immediately. The Nationality and Borders Act remained in place, but all asylum claims were individually considered in line with international obligations.
Concerning child poverty, the delegation said the United Kingdom Government was developing a child poverty strategy to be launched in spring, as part of a 10-year strategy to address the issue. The strategy would look at increasing incomes, reducing essential costs, and better local support. The incoming Government had committed to ending dependence on emergency food parcels. In the financial year 2025/2026, funding of 742 million pounds would be devolved to local governments to help address this issue.
Robert Linham, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, introducing the report, said the United Kingdom had a system of asymmetric devolution. The position of the United Kingdom Government remained that incorporation was not necessary for the Covenant’s full implementation, which had been secured through a combination of policies and legislation. But the Scottish Government had embarked on a programme to incorporate international treaties into Scots law. Regarding the right to work, increasing the number of people in work was central to the United Kingdom Government’s mission to grow the economy. Proposals, backed by 240 million pounds of investment, had been announced to reform employment support and create an inclusive labour market.
In concluding remarks, Mr. Nonthasoot extended appreciation to the United Kingdom delegation for its superb time and sequence management, which allowed the Committee to raise all relevant questions. The Committee implored the United Kingdom to ensure that all Crown Dependencies and Overseas Territories under its control provided the highest standard of human rights to everyone.
In his concluding remarks, Mr. Linham said the dialogue had been rich and detailed, covering a variety of issues. It was hoped that the Committee could see the efforts being undertaken in the whole of the United Kingdom to improve economic, social and cultural rights.
The delegation of the United Kingdom was comprised of representatives from the Ministry of Justice; the Ministry of Housing Communities and Local Government; the United Nations Human Rights and IMA Policy Team; the Department for Business and Trade; the Department for Digital, Culture, Media and Sport; the Department for Education; the Department for Work Pensions; the Department for Environment, Food and Rural Affairs; the Department for Energy and Net Zero; the Department of Health and Social Care; the Foreign, Commonwealth and Development Office; the HM Treasury; the Home Office; the Scottish Government; the Welsh Government; the Northern Ireland Executive Office; the Attorney General’s Chambers for the Isle of Man; the Government of Jersey; and the Permanent Mission of the United Kingdom to the United Nations Office at Geneva.
The Committee’s seventy-seventh session is being held until 28 February 2025. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.
The Committee will next meet in public at 3 p.m. on Monday, 17 February to begin its consideration of the fifth periodic report of Rwanda (E/C.12/RWA/5).
Report
The Committee has before it the seventh periodic report of the United Kingdom of Great Britain and Northern Ireland (E/C.12/GBR/7).
Presentation of Report
ROBERT LINHAM, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, said the United Kingdom had a system of asymmetric devolution by which specified areas of responsibility were devolved to some or all of Northern Ireland, Scotland and Wales. For example, health and education were devolved to all three nations; social security was fully devolved to Northern Ireland but only in part to Scotland; and immigration was largely reserved to the United Kingdom Government. The delegation also represented the three Crown Dependencies: the Bailiwick of Jersey, the Bailiwick of Guernsey, and the Isle of Man, as well as the 14 British Overseas Territories, home to 250,000 people.
One example of devolution in practice related to the incorporation of the Covenant into national law. The position of the United Kingdom Government remained that incorporation was not necessary for the Covenant’s full implementation, which had been secured through a combination of policies and legislation; and further what it would take to incorporate the Covenant would not be justified by the benefits. But the Scottish Government had embarked on a programme to incorporate international treaties into Scots law. Its incorporation of the Convention on the Rights of the Child, with two Optional Protocols, came into force last July; and the Scottish Government had committed, subject to the outcome of the next election, to introduce a human rights bill in the next session of Parliament that would give domestic legal effect in Scots law to the present Covenant and some other United Nations treaties.
Since the restoration of the Northern Ireland Executive and political institutions in February last year, new initiatives had been launched, including an additional 25 million pounds to support early learning and childcare, the provision of free period products to anyone who needed them, and a strategy to end violence against women and girls. The United Kingdom general election in June 2024 resulted in a change of government to the Labour Party. In some areas, the approach had already changed quite radically, while other policies remained under review.
Regarding the right to work, increasing the number of people in work was central to the United Kingdom Government’s mission to grow the economy. Proposals, backed by 240 million pounds of investment, had been announced to reform employment support and create an inclusive labour market. Last October, the Government also introduced an employment rights bill into the United Kingdom’s Parliament to increase workers’ rights to better working conditions and more secure work, and to improve industrial relations. It also included protections from sexual harassment; gender and menopause action plans; and enhanced rights for pregnant workers.
In the same vein, Guernsey enacted legislation that formally made discrimination on the grounds of race, disability, carer status, religion or belief, and sexual orientation unlawful, covering the fields of employment, the provision of goods and services, accommodation, and membership of clubs and associations.
Regarding the right to health, England introduced the “Core 20 Plus 5” approach to reduce healthcare inequalities, amongst the most deprived 20 per cent of the population. The Government’s goal was to halve the gap in healthy life expectancy between England’s richest and poorest regions, which in 2020 stood at 10.8 years. The mental health bill, introduced into Parliament last November, sought to address inadequate care of autistic people and people with learning disabilities, and reduce their unnecessary detention.
Using newly devolved powers as part of its goal to eradicate child poverty, the Scottish Government introduced five payments to eligible families. Three Best Start Grants provided one-off payments at key stages in a child’s life. Best Start Foods was a regular weekly payment to help buy milk and healthy food. And the Scottish Child Payment helped with the costs of supporting a family. Similarly, Wales offered free school meals to all children in State primary schools.
In cultural rights, the United Kingdom last year ratified the 2003 United Nations Educational, Scientific and Cultural Organization Convention for the Safeguarding of Intangible Cultural Heritage. In Wales, the Cymraeg 2050 Welsh Language Strategy saw almost 17,000 people studying with the National Centre for Learning Welsh in 2022/23, a 33 per cent increase over five years. Regarding environmental commitments, finally, the Paris Agreement was extended to the Isle of Man, Jersey and Guernsey in 2022 and 2023. Mr. Linham said the United Kingdom was committed to upholding the rights set out in the Covenant.
Questions by Committee Experts
SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said the Committee, via the Secretariat, had received more than 72 submissions pertaining to the periodic report of the State party, probably the highest number thus far for any State party, which attested to the attention and interest that the international community and stakeholders gave to the State party and its report. It was also important to note, following the submission of the report, that there was a general election in July 2024 and a new administration had since been appointed.
The Committee observed that the Covenant could not be applied directly by the State party’s domestic courts. While there was alignment between the State party’s Human Rights Act 1998 and the European Convention on Human Rights, there was as yet no such transposition mechanism for the Covenant? Was the Covenant applicable in Anguilla and Northern Ireland? When would the nearly 50-year-old reservations to the Covenant be withdrawn? Did the State party’s plan to ratify the Optional Protocol to the Covenant?
The Committee recognised the State party’s record in introducing the first national action plan on business and human rights in the world in 2013, which was updated in 2016, and the Modern Slavery Act in 2015. However, there was still an absence of a comprehensive legal framework for human rights due diligence, especially by United Kingdom companies in their transnational operations. Could clarification on this be provided? When would systematic and mandatory human rights due diligence be introduced?
Was the State party contemplating adopting a sectoral approach in the revision of the national action plan, where key sectoral performance indicators could be specified, for example in banking and finance, retail, construction, and health? Did the State party intend to integrate effective remedial mechanisms, including legal aid to victims into the next national action plan and, more strategically, binding legislation? Would non-judicial recourse be provided for victims in extraterritorial cases?
The Committee had scrutinised the 2024 report submitted to Parliament by the United Kingdom’s Climate Change Committee and found alarming findings. The Committee concluded that only a third of the emissions reductions required to achieve the 2030 target were covered by credible plans, and low-carbon technologies must become the norm. The Committee was also concerned that the devolved structure of the State party’s administrations had led to the fact that obligations arising from the Paris Agreement had not extended to all Crown Dependencies and Overseas Territories. What was the concrete policy path to meet the action lines and targets, particularly home decarbonisation and adaptation? How would the Paris Agreement have full coverage and effect in the territory of the State party?
How was the State party addressing the tax system which had created negative impacts on vulnerable and marginalised groups, including the regressive nature of the value added tax on low-income households, and the welfare to work policies that posed a burden on people with disabilities? In November 2024, the net public debt of the United Kingdom stood at 98.1 per cent. How was this high public debt level impacting social budget programmes and what was the medium- and long-term direction on public debt management which would sustain basic public service investment and maintenance?
Could the State party provide policy trajectory on the concrete plan to tackle tax evasion and illicit financial flows, and in particular the reform of law and regulations in the British Virgin Islands, the Cayman Islands, Bermuda and other Overseas Territories that were indexed as tax havens?
How did the new administration intend to address the regional disparity issue? What were the cumulative impacts of the two austerity programmes implemented by the United Kingdom?
Had an assessment been carried out to implement the official development assistance restoration to 0.7% of the gross national income. There were reports indicating that part of the development aid through British International Investment had caused impacts on key sectors responsible for delivering human rights, including health and education. Could this be clarified? The Committee was concerned by the lack of comprehensive anti-discrimination legislation; could the delegation provide more information around this?
While the State party had achieved good progress on gender equality, there were challenges in the fragmented and uneven legislative frameworks on women’s rights, particularly in Northern Ireland, Overseas Territories and Crown Dependencies. There were also news reports of incidents of sexual exploitation and violence against women and young girls by ‘grooming gangs’ in places like Oldham, north Manchester. Was this an isolated incident or a common occurrence and what had been done to address the issue?
It had been reported that the discriminatory effects of such recent legislation as the Nationality and Borders Act 2022, the Illegal Migration Act 2023, and the Safety of Rwanda (Asylum and Immigration) Act 2024 had hindered access by migrants in an irregular situation and asylum seekers to social protection benefits. Could the State Party clarify if these hindering measures were in place and if social benefits would be ensured to this marginalised group?
Responses by the Delegation
The delegation said there was no obligation to incorporate the Covenant under domestic law. Successive Governments had explored ratifying the Optional Protocol and the view of previous Governments was that the protections were negligible. The Covenant was applicable in England, Wales, Scotland, the three Crown Dependencies and the Overseas Territories. Some of the reservations existing in the name of the United Kingdom related to territories which were no longer part of the United Kingdom, including the Solomon Islands and Tuvalu which were no longer British Overseas Territories, but sovereign States in their own right.
The Scottish Government had developed proposals to give domestic legal effect to the rights contained in the Covenant, by incorporating them into the Scottish legal framework. The Government aimed to deliver a clear and workable law for the authorities that would implement it.
The Prime Minister had announced a commitment to reduce emissions by at least 81 per cent by 2035. The target covered all sectors and categories and was aligned with the Paris Agreement. The United Kingdom was committed to extending its ratification of the Paris Agreement to all Overseas Territories and Crown Dependencies. The Government had committed an additional 3.4 billion pounds to the “Warm Home Plan”, to support decarbonisation and cut bills for household heating.
The United Kingdom was committed to making the tax system fairer and more sustainable. The Government had committed to not increasing tax on working people. Recent tax changes had been targeted at the highest income households and working people had been largely protected from these tax increases. Jersey was committed to introducing measures to reduce harmful tax measures. Jersey’s 2019 economic substance law required companies to prove their genuine business activity, preventing those without real operations from artificially reporting profits.
A campaign had been launched against illicit finance. At a recent joint ministerial council, the United Kingdom confirmed that Overseas Territories needed to implement fully public registers of beneficial ownership, which were key in targeting against corruption and tax evasion. There were strong policies in place to monitor the impact of development aid programmes.
In recent years, there had been an increase in the representation of women in parliament, as well as in senior positions in the private sector, where women now represented 41 per cent. The United Kingdom had mandatory gender pay gap reporting, which had shown a significant close in the size of the gender pay gap. The current Government had introduced a bill which would introduce a new duty on employers to outline how they planned to close the gender pay gap.
There had been no agreement on a single equality bill in Northern Ireland, but numerous statutes had been enacted over the past few years. Legislation now prohibited less favourable treatment in employment, education and public functions among others.
The safety of children was of paramount importance, but for too long grooming gangs had operated, victims had been ignored, and perpetrators had gone unpunished. A 10-million-pound action plan to tackle grooming gangs and child sexual abuse had been announced, which would allow victims to have the chance to have their cases re-heard. Survivors and victims would allow their closed cases to be reviewed by an independent panel, when they previously were not taken forward to prosecution by the Crown. An audit would begin soon which would draw on the views of victims and survivors.
Last month, a new border security, asylum and immigration bill was introduced to parliament, which included the repeal of the Safety of Rwanda Act and amended the Illegal Migration Act, including the duty to remove individuals who had arrived in the United Kingdom immediately. The Nationality and Borders Act remained in place, but all asylum claims were individually considered in line with international obligations.
Questions by Committee Experts
SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said reports had been received that the Northern Ireland human rights commission was at risk of losing its A status due to insufficient funding. The Committee would like to raise this concern. Why did the United Kingdom not adopt the same approach as the Scottish Government in incorporating the Covenant in domestic legislation so that all people could enjoy protection from the Covenant? What was the State doing to reduce homelessness? The Committee was very concerned that violent incidents against women would become systematic. There should be a clear indication on how to prevent this type of violence.
JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked what measures the Government would take to give full legal effect to the Covenant, and ensure victims of violations of economic, cultural and social rights had full access to legal remedies? The Committee was pleased the Scottish Government had proposed the human rights bill, and hoped the provisions of the Covenant would be incorporated. What was the plan to enact a bill of rights for northern Ireland?
A Committee Expert asked how the State was planning a social green transformation?
Another Expert asked if there were any developments underway regarding the participation of the United Kingdom in the revised European Social Charter?
Responses by the Delegation
The delegation said all three of the human rights institutions had A status and adequate funding for their role. At the most recent review of Northern Ireland, it was re-accredited with A status, and a baseline budget review had been launched for the Commission in 2024.
There was no obligation for direct justiciability for the rights of the Covenant under domestic law. The United Kingdom had no plans to ratify the revised European Social Charter.
It was intended that legislation in Scotland would increase accountability for the Covenant.
The debt to gross domestic product ratio was expected to fall in the final year of the five-year forecast.
The State would upgrade five million homes across the country through new technologies, including solar heat pumps and installation. The transition to warmer, decarbonised homes would include support for the most vulnerable to combat fuel poverty. Climate change would have a disproportionate impact on the most vulnerable of society, including those with pre-existing medical conditions. The country’s climate change risk assessment took this into account and built into the development of the National Adaptation Programme. It was essential that transition plans to net-zero were resilient in themselves.
The Government was working on a strategy to end homelessness. Last year, a funding increase was announced for homelessness services and initiatives were announced to allow renters to challenge rental increases.
Tackling violence against women and girls was a priority for the Government, and the State pledged to halve violence against women and girls within the next decade.
Questions by Committee Experts
JOO-YOUNG LEE, Committee Expert and Taskforce Member, said that according to information that the Committee had received, although some employment gaps gradually narrowed over time, ethnic minorities, women, young people, and persons with disabilities continued to face higher levels of unemployment and were more likely to be in a low-paid jobs. How had the State party analysed the underlying causes of employment and pay gaps, and what was the impact of these measures on ethnic minorities, women, young people and persons with disabilities in their access to decent work?
Information received by the Committee indicated that the level of national minimum wage and national living wage was insufficient to ensure an adequate standard of living for workers, as it did not keep pace with the rising cost of living. In its reply to the list of issues, the State party stated that the level of the minimum living wage for this year would be set at a level not below two-thirds of the median earnings in the United Kingdom. For the first time, the cost of living would also be taken into account in this process, with the aim of providing a real living wage, which was commendable. Had the State party adopted a methodology for determining the level of the national minimum wage and the national living wage that was indexed to the cost of living.
What measures were being taken to address precarious work such as exploitative zero-hour contracts and to enhance security of employment? What measures were taken to protect workers from labour exploitations and to impose appropriate sanctions on those responsible? The Committee noted that the State party planned to establish a single body, a Fair Work Agency, to enhance the effectiveness of the protection of workers. How would it be ensured that the body had necessary
powers and resources to effectively monitor working conditions and protect workers? What measures were taken to ensure the right to strike?
According to information received by the Committee, the level of social security benefits was not sufficient for a decent standard of living. Information indicated that the social security system, including the Universal Credit, was not providing people with adequate social protection. What measures were being taken to ensure that the level of social security benefits was adequate and determined by an assessment of the real cost of an adequate standard of living? Had the State party carried out an assessment of the impact on people of such measures as the benefit cap, the two-child policy, the so-called “bed-room tax” and the five-week wait, and if so, what measures were being taken to address these impacts? What measures were being taken to ensure that any conditions for benefits were proportionate and did not result in stigmatisation and degradation of claimants?
What measures had the State taken to ensure the availability, accessibility, and affordability of quality childcare, including childcare for disabled children?
How was it ensured that quality social care was available, accessible, and affordable for adults who needed care and support, including older persons?
Responses by the Delegation
The delegation said the creation of the national minimum wage had been one of the most successful economic interventions in the United Kingdom in the past 25 years. The Government was determined to deliver a genuine living wage and had asked the Low Pay Commission to take account of the cost of living in recommending the appropriate rates for 2025 onwards. The Low Pay Commission expected that three million low paid workers would receive a pay rise. The Government had recently introduced an employment rights bill which would include a right to guaranteed hours. There would be new rights to reasonable notice of shift cancellations, and the bills would close loopholes regarding scrupulous “fire to hire” practices. The Government aimed to protect workers and business from the minority of employers who broke the rules.
Migrant workers had the same employment rights and protections as other United Kingdom workers, including the minimum wage and protection against discrimination. In 2023, it was ensured that all seasonal workers would receive at least 32 hours of work per week, and the minimum wage was also raised.
The employment rate for people of Bangladeshi and Pakistani origin had increased in recent years; historically this was low in the United Kingdom. Levels of qualifications at schools were lower for some ethnic groups, which affected employment opportunities. The State was planning to introduce mandatory pay reporting by ethnicity and disability.
A whitepaper would be published setting out the reforms expected by the Government on health and disability. There were a range of ethnic minority support mechanisms in place.
The current rates of income-related benefits did not represent a minimum requirement, which could vary depending on people’s circumstances. The current Government had committed to reviewing universal credit to tackle poverty. The new child poverty strategy would focus on the benefit cap and the two-child limit. The Department for Work and Pensions published a range of independent evaluations in a wide range of social policy, including households below-average incomes.
The Government would provide more than eight billion pounds this year for education, representing a 30 per cent increase from the previous year. Tax free childcare was a United-Kingdom wide offer to support parents to return to work, or work more when they needed to. Families could receive up to 2,000 pounds per child per year, or 4,000 pounds if the child had a disability.
A fund could be used to increase funds paid to adult social care providers and reduce waiting times. The Care Act 2014 placed emphasis on local authorities to shape their care market, making sure they were meeting the needs of the local population.
In 2022, the Scottish Government published a refreshed Fair Work Vision, with a key goal of reducing the gender pay gap. The median gender pay gap had decreased from 15.6 per cent in 2016, to 9.2 per cent in 2024. The disability employment had been reduced to around 37 per cent, which was its lowest level, with plans to halve the gap by 2028. The Scottish Government was delivering 15 social security payments and was investing around 6.9 billion pounds in social security payments.
Questions by Committee Experts
JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked how the State would ensure the income-related benefits were adequate for those living in disadvantaged situations? According to information, there may be a gap among the poorest of families for accessing childcare entitlements, particularly families that were not working. Could this be clarified?
A Committee Expert asked for examples where violations of the right of women workers compared to men had been judicially assessed? What remedies were applied?
Another Expert asked if there were plans for a participatory poverty assessment to be conducted every few years to identify those who were affected?
SEREE NONTHASOOT, Committee Expert and Taskforce Leader, asked if indexation based on inflation would be adopted, to more accurately reflect the living wage?
JULIETA ROSSI, Committee Expert and Taskforce Member, asked about the two-child cap on certain social security benefits, including universal credit. This cap could have a huge impact on child poverty levels. What was the rationale behind this? What were the obstacles to immediately repealing the two-child limit? The State had a high level of child policy, up to 30 per cent, so the Committee would appreciate more information being provided on this subject.
Responses by the Delegation
The delegation said income-related benefits were rated annually in the United Kingdom, based on the level of the consumer-prices index. As such, benefits for 2025 would be increased by 1.7 per cent. The two-child cap was introduced as the United Kingdom faced a financial crisis a few years ago. There was absolutely a relationship between the cap and the number of children in poverty. The cap remained in place, but a taskforce was reviewing how the State would tackle the high levels of child poverty in the country, and would determine the best steps in this regard. Removing the cap depended on the United Kingdom’s fiscal position.
The Low Pay Commission made annual recommendations on the appropriate rates of entities such as the minimum wage. The Government’s impact assessment for 2025 found that women, younger and older workers, workers with a disability, and those from ethnic backgrounds, were more likely to be in minimum wage drops and more likely to benefit from the raising of the minimum wage in April 2025. The Government had committed to reviewing the parental leave system to ensure it offered the best support to working families.
The Scottish Government had used other policies to determine the real living wage, including when issuing public sector grants and other funding. The proposed human rights bill would aim to meet standards pertaining to the Covenant.
Working parent entitlements were established to support parents to return to work, which was why that entitlement was contingent on work. Non-working families could access 15 hours of Government-funded early education.
The Education Minister in Northern Ireland was committed to bringing forward a strategy which would make childcare more affordable, among other initiatives. A new childcare subsidy scheme had been implemented, and preschool education had been expanded, allowing more than 2,000 additional children to receive a fulltime place in 2025.
Questions by Committee Experts
JULIETA ROSSI, Committee Expert and Taskforce Member, said the United Kingdom was one of the richest economies in the world, yet extremely high figures of poverty persisted. According to information, during the period 2022/2023, 21 per cent of the population lived in relative poverty, with alarming rates of 30 per cent in childhood, or 4.3 million children. Was the State developing a strategy to achieve a drastic and short-term reduction of poverty, which prioritised child poverty and poverty of disadvantaged groups? What measures had the State implemented in response to the recommendations of the review of child welfare care, as well as those issued by the Committee on the Rights of the Child in June 2023?
According to statistics, food insecurity increased from 4.7 million to 7.2 million between 2021/22 and 2022/23, especially affecting low-income households. What was the Government doing to address this alarming situation? According to reports, there was a persistent housing crisis in the State party, including increasing rates of homelessness in the country, with most being women. Housing prices were high, as were mortgage rates, with rents rising higher than inflation in some parts of the country. The lack of affordable housing for persons with disabilities was a factor which determined that they remained institutionalised, and there was inadequate initial accommodation for asylum seekers, among other issues. What was the Government doing to address this crisis?
According to independent research commissioned by the Government in 2024, the National Health Service in England was in critical condition due to lack of funding, the impact of the COVID-19 pandemic, staff shortages and inefficiency in management. What were the details of the results of the investigation, and the drafting of a 10-year plan to address these issues?
Suicide rates remained high in the country, especially among men. Persons with disabilities, gypsy, Roma and nomadic communities had high suicide rates compared to the general population. Could information about the new mental health bill for England and Wales be provided? What were the developments in other jurisdictions?
Data from 2020 to 2022 showed the highest maternal mortality rates in England since 2003 to 2005, with a disproportionate impact on women in the most deprived areas. What were the results of the research commissioned by the Task Force on Maternal Disparities in 2022 and the policies in place to address this issue? Access to sexual and reproductive care across the UK showed regional disparities; what measures had been adopted to unify this?
There had been a huge increase in drug-related deaths in the State party. What plans and strategies were in place to prevent deaths, taking into account the disproportionate impact on certain communities? Were there plans to review the criminalisation of personal consumption and expand harm reduction services, including supervised drug consumption rooms?
Responses by the Delegation
The delegation said the United Kingdom Government was developing a child poverty strategy to be launched in spring, as part of a 10-year strategy to address the issue. The strategy would look at increasing incomes, reducing essential costs, and offering better local support. The incoming Government had committed to ending dependence on emergency food parcels. In the financial year 2025/2026, funding of 742 million pounds would be devolved to local governments to help address this issue.
Concerning support for families, the State’s response published in 2023 was to shift the focus away from crisis intervention and towards early help for families, ensuring children remained with their families as much as possible. This was a multidisciplinary support offer which would work with the entire family at the earliest level possible. When children could not remain with their families, they were supported to live with kinship families or foster families.
A social supermarket programme had been rolled out across all areas in Northern Ireland from 2022 to address food poverty. Other support included debt and benefits advice, health food advice, and cooking on a budget. A programme to tackle organized crime was established in 2016 and it had been extended until 2027. Sexual and reproductive health services were provided across all five trust areas in Northern Ireland. There were workforce challenges and the need for further investment.
The United Kingdom Government had committed to support first time home buyers. The Government was seeking to deliver the biggest increase in affordable housing in a generation, with 110,000 to 130,000 social homes to be built over the next five years. Since 2021, local authorities in England were required to ensure victims of domestic abuse and their children could access safe accommodation. The Government would invest 160 million pounds in domestic safe accommodation in the next financial year.
Concerning Travellers, the Government aimed to ensure fair and equal treatment for them. The revised policy for Traveller sites outlined that accommodation for Travellers should provide access for healthy lifestyles and health services.
The Scottish Government regarded poverty as a huge concern and had implemented the Child Poverty Act, which required poverty reduction plans to be published every four years. Actions in the plans included raising incomes and lowering essential costs. The Scottish Government had committed over three million pounds for remote rural and island health care. The aim was to develop a model where services were provided as locally as possible, to ensure equitable outcomes.
Progress had been made in maternal care in the rural north of Scotland, via the plan which focused on restoring obstetric maternity care in the area. The Scottish Government acknowledged that the number of drug and alcohol related deaths in Scotland remained too high. The Government had launched a five-year mission to combat this, and the first “Safer Drug Consumption” facility in the United Kingdom had been opened in Glasgow last year.
One of the Government’s priorities was to clear the asylum backlog claims, and ensure people were housed in more effective and supervised accommodation. Due to the exceptional number of unaccompanied children arriving in the United Kingdom from 2020, the Home Office had opened hotels to support these children, with a team residing within the hotels to support each child. The teams included staff to provide medical and psychological support. When the last hotel closed in 2024, all remaining children went directly into State care. The United Kingdom had no plans to legalise or decriminalise drugs.
The mental health bill was introduced in November 2024 and would modernise the mental health act, including through addressing unnecessary detentions shaped by racial disparity. The suicide strategy for England looked at what could be done for groups with higher suicide rates, including autistic people, Roma, refugees, asylum seekers and lesbian, gay, bisexual, transgender and intersex persons. Anyone in England experiencing a mental health crisis could speak with a trained member of the National Health Service on the phone. An additional 150 million pounds had been invested over the past two years to support mental health services. Fifty million pounds would be invested into research into maternity inequalities to improve outcomes for all women. England supported harm reduction activities, including needle and syringe testing.
Welsh Ministers had a duty to submit child poverty objectives, and report on them every three years. There was a targeted school meals programme for children. Over 3.4 million pounds had been made available as a capital grant fund for local Welsh authorities to fund residential or transit sites for Travellers. The Welsh Government was currently finalising a new mental health strategy, with a focus on tackling inequalities.
Questions by Committee Experts
A Committee Expert commended the delegation for being so well prepared and for their excellent time management. What steps had the State party taken to ensure a more just and equitable financial architecture which prioritised human rights in lending policies? What steps had the State taken for cancelling debt for countries in debt crisis? What was the State party’s position on the use of compulsory license to promote access to health products in foreign countries?
SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said the Scottish Government had provided a good example of safer drug consumption facilities. Why did this not go hand in hand with decriminalisation? What was the trajectory of decriminalisation? Would the United Kingdom adopt a universal drug
policy which covered all its territories?
JULIETA ROSSI, Committee Expert and Taskforce Member, said there was a pressing need to implement the child poverty strategy as soon as possible. Could a more specific timeline for its implementation be provided? The United Kingdom was one of the wealthiest countries in the world and had an obligation to earmark resources to reverse the situation of poverty in the country. How was the State addressing the issue of energy poverty?
JOO-YOUNG LEE, Committee Expert and Taskforce Member, said there was a concern that rent rises, in combination with a lack of social housing, were putting families at risk of homelessness. What was being done to address this issue?
Another Expert asked for measures adopted to address child obesity? Were taxes on junk food being increased?
An Expert asked about the emergency response in Northern Ireland to address the large number of deaths of homeless people?
A Committee Expert asked what indicators were used to measure poverty? Did the State use the multidimensional poverty index?
Responses by the Delegation
The delegation said the child poverty strategy would be published in the spring, but acknowledged that people living in poverty needed help now. In the meantime, steps had been taken to reduce the universal credit rate, which would benefit 1.2 million households. Some of the challenges around food poverty related to incomes, rather than access to food, and this was being addressed in the food poverty strategy. The United Kingdom used the universally recognised definition of poverty, which was measured by income.
There were no plans to change United Kingdom drug laws. There was clear medical and scientific evidence which showed that controlled drugs were harmful. There were no plans to extend United Kingdom drug legislation to the Overseas Territories.
The United Kingdom had committed 1.6 billion pounds to Gavi, the Vaccine Alliance, which was committed to sustainable and equitable access of vaccines. The National Health Service had doubled investment in gender dysphoria services and increased the number of clinics from seven to 12.
Obesity was concentrated within the most deprived areas. The Government was addressing this by limiting school children’s access to fast food, preventing advertisements of the least healthy foods, and delivering schemes such as the healthy milk and the school fruit and vegetables scheme.
The United Kingdom was committed to working with partners to tackle unsustainable debt and coordinated with other official creditors to provide debt relief and promote debt sustainability for developing countries.
Scotland had released the Good Food Nation Plan in 2024, setting out the objectives the Government aimed to achieve on food related issues. The long-term strategy for housing was published in 2021, addressing housing supply across the whole country, affordability and choice, and housing’s role in achieving net zero.
Northern Ireland was tackling homelessness through a strategy and had developed a strategic action plan for accommodation. Funding for homelessness services would increase to nearly one billion pounds in England in the next financial year to prevent rough sleeping.
A levy was applied to pre-packaged soft drink with an added five grams of sugar per 100 millilitres; drinks that contained less than five grams of sugar did not pay the levy, which was paid by packagers and importers. The Government had committed an additional 3.5 million pounds over the next few years for the warm homes plan, with multiple targeted schemes in place to deliver energy assistance to low-income households.
The United Kingdom was supportive of the development of a new sharing and benefits system to support adequate and fair sharing of benefits, and was committed to working with African partners to develop such a system.
The United Kingdom published multi-dimensional poverty measures annually. The Government’s priority was to grow the economy, as this was the best way to improve living standards. To achieve growth, decisions on tax and spending needed to be balanced.
Questions by a Committee Expert
LAURA CRACIUNEAN-TATU, Committee Chair and Taskforce Member of the United Kingdom, said in England and Wales, the attainment gaps in education were widening, with inadequate measures to address them. In Scotland, the new bill on education had been criticised as it failed to address urgent needs, and there were high levels of bullying in school, including incidents of misogyny and racism. There were also major issues of bullying in Northern Ireland, including cyberbullying, on the grounds of race, sexual orientation, gender identity or sex characteristics, disability, migration or other status. Traveller and Roma children had some of the lowest levels of educational attainment. Acts including the Special Needs Disability Act 2016 and the Integrated Education Act 2022 had not been fully implemented. For Jersey, measures to address the poverty-related attainment gap were inefficient, and the Jersey premium had limited impact.
What measures had been implemented to address these challenges, and what were the concrete results? How were they evaluated in terms of impact and implementation? How was it ensured that all educators were trained on bullying and what targeted measures were in place to address this issue? Did children of migrant families have access to education, including language support, uniform grants, school meals and school transport? How was it ensured that Traveller and Roma children remained in the educational system? In Northern Ireland, there were currently 72 integrated schools; was there a plan to increase this number? Was there any evaluation of the impact of the Jersey premium in reducing the attainment gap? Were there any plans to address legislation to balance between the right to light work and the full benefit of education for children?
Had the Irish Language Commissioner been appointed? What measures were in place to ensure that the arts sector in all jurisdictions received sufficient, secure, long-term funding proportional to inflation, and that the right to take part in cultural life was not affected by the cost-of-living increases? What measures were in place to ensure access to sport for transgender persons and persons with disabilities?
Could information be provided on the status of the proposed Northern Ireland Troubles (Legacy and Reconciliation) Bill and how it would contribute to fostering intercultural dialogue and reconciliation?
Responses by the Delegation
The delegation said last year, a proposal for a draft remedial order was introduced into the United Kingdom parliament, as the first step to repeal and replace the Legacy Act.
The Government wanted to see more people engaging in physical activity, and that included transgender persons. A different approach was required in competitive sport, where the Government had a responsibility to protect the integrity of women’s sport. Each sport was different, and the Government worked with all sports organizations to prioritise integrity while also being inclusive. For instance, tennis and golf had decided to protect the fairness of competition at the competitive level, but adopt a more inclusive approach at the recreational level.
Access to culture was a core part of the United Kingdom, and each part of the country had an Arts Council. Much of the cultural offerings in the United Kingdom were free of charge, including entry to museums and free music tuition for children.
The Addressing Bullying in Schools Act in Northern Ireland commenced in 2021. It put onus on schools to address the motivations of bullying and put policies in place at the school level. Three new language authorities would be established with preparations at an advanced stage.
The Scottish Government published a cultural strategy in 2020 and a refreshed action plan to support delivery in 2023, responding to recent challenges including COVID-19 and the cost of living. The Government had allocated more than 50 million pounds to cultural funding, which was an historic increase.
Wales had invested two million pounds in literacy programmes and 1.6 million pounds for science, technology, engineering and mathematics in schools. In Wales, around 67 per cent of students attending mainstream schools could access a free school meal at lunchtime. Tackling the impact of poverty in education was a priority. New guidance was published to help schools support Gypsy, Roma and Traveller students. The school curriculum had been developed to be inclusive for all learners, with diversity as a cross-cutting theme. Cardiff had been secured as the host of the Euro Games in 2027, which was a key event for lesbian, gay, bisexual, transgender and intersex persons.
Post COVID, the Government had established the Oak Academy, which had a specific focus on closing attainment gaps. Teachers had reported positive outcomes when using Oak resources. Local authorities were required to provide sufficient school places for the area. No child could be denied schooling based on their ethnicity. There was an active Gypsy and Roma stakeholder group which aimed to ensure that the barriers these young people faced were addressed.
Education Scotland had rolled out several programmes, including to address gender stereotypes, unconscious bias, and domestic abuse. Numerous provisions had been put in place in Jersey to ensure equal education access for children from disadvantaged backgrounds.
Sport England had a 10-year plan to increase the participation of sport for persons with disabilities. The overall investment figure into disability focused access was around 30 million pounds per year. There had been 6.7 million pounds of investment directly to national disability sport organizations. As a direct result of such investment, the United Kingdom took second place in the medal tally of the Paralympics last summer, which would inspire more people with disabilities to participate in sport.
Questions by Committee Experts
JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked what measures were in place to ensure children of pre-school age had access to affordable, quality childhood education? The State party continued to treat social security as an instrument for getting people to work. It was highly likely that if this approach continued, the State party would fail to address poverty. Social security must be used to achieve an adequate standard of living for all people.
A Committee Expert asked to what extent corporal punishment at school was prohibited and sanctioned? Was any form of corporal punishment against children treated as a criminal offence? What measures were being taken to implement anti-bullying plans?
JULIETA ROSSI, Committee Expert and Taskforce Member, asked how the State party was addressing the issue of stateless persons, particularly when it came to access to education and family reunification?
SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said there were more than 80,000 children in foster care across the United Kingdom. What was being done to close the attainment gaps in education for these children? How was bullying prevented against lesbian, gay, bisexual, transgender and intersex students?
Responses by the Delegation
The delegation said it was not correct that the Government considered social security just as a route to work. Children’s early years were crucial to their development, health and life chances, and the Government aimed to set every child up to have the best start in life.
The Home Office Stateless Policy was designed to assist those who were not recognised as a citizen of any country. This provided a means for stateless persons in the United Kingdom to access their basic human rights.
All forms of physical punishment of children were against the law in Scotland in all settings. An Act was passed in 2019 which removed the defence of “reasonable chastisement” to the existing offence of assault.
Closing Remarks
SEREE NONTHASOOT, Committee Expert and Taskforce Leader, extended appreciation to the United Kingdom delegation for its superb time and sequence management, which allowed the Committee to raise all relevant questions. The State party should implement robust legislative programmes and ensure people were confident that they would be protected at the international level. The Committee implored the United Kingdom to ensure that all Crown Dependencies and Overseas Territories under its control provided the highest standard of human rights to everyone. Mr. Nonthasoot thanked all those who had made the dialogue possible.
ROBERT LINHAM, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, said the dialogue had been rich and detailed, covering a variety of issues. It was hoped that the Committee could see the efforts being undertaken in the whole of the United Kingdom to improve economic, social and cultural rights. The United Kingdom was a great supporter in the work of the treaty bodies and it was hoped this was evident through the dialogue. Mr. Linham thanked everyone who had supported the dialogue.
Produced by the United Nations Information Service in Geneva for use of the media;
not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.
CESCR25.004E
Source: World Trade Organization
The five areas previously discussed during the September and October 2024 meetings included enhancing transparency in plastics trade flows, identifying best practices, improving access to relevant technologies and services, building capacity for developing members, and exploring the potential creation of domestic inventories of trade-related plastic measures.
Three of the co-coordinators — Ecuador, China and Morocco — commended the significant progress made by participating members since 2022. With 82 members now involved, representing over 88% of global plastics trade, support for the Dialogue’s unique position in tackling plastics pollution continues to grow, they said. The co-coordinators underscored the urgency and necessity of the DPP dialogue stressing the shared responsibility of participating members to achieve concrete outcomes.
Participants received an update on the ongoing UN-led multilateral negotiations on plastics pollution from the Secretariat of the Intergovernmental Negotiating Committee (INC) of the United Nations Environment Programme (UNEP). The update highlighted the significant progress made despite the lack of agreement on the Chair’s proposed text at the end of the fifth negotiation session held in November in Busan, the Republic of Korea. The INC Secretariat emphasized that the Chair’s text laid a strong foundation for future negotiations and called for continued support and input from the DPP,
Regarding strengthening cooperation on standards for non-plastic substitutes and alternatives, the International Organization for Standardization (ISO) made a presentation on the process of identifying potential gaps in international standards for non-plastic substitutes and alternatives to single-use plastics and packaging. Several entrepreneurs from India, Indonesia and China shared insights on the challenges of certifying non-plastic substitutes and alternatives.
On greater harmonization of trade-related plastics measures (TrPMs), the WTO Secretariat provided an overview of past technical discussions (INF/TE/IDP/RD/123) and a survey on TrPMs concerning single-use plastics conducted last year (INF/TE/IDP/W/11). Kenya and New Zealand shared their national experiences in addressing trade-related challenges in implementing restrictions on single-use plastic goods.
Delegates and stakeholders welcomed the diverse insights from both the public and private sectors. They shared broad views on the topics under discussion, including the possibility of working with ISO to identify gaps in standards for non-plastic substitutes and alternatives, how to address the fragmentation of cross-border standards, and the importance of transparency and sharing best practices. While some delegates emphasized the need for collective action to address single-use plastics by promoting substitutes and alternatives, others stressed the need to assess the environmental, health and economic impacts of these substitute materials. Some delegates also proposed focusing on the waste management and recycling aspects of single-use plastic products.
Participants suggested potential outcomes for single-use plastic goods at MC14. Some proposed guidelines and voluntary actions to harmonize different standards while ensuring they do not create additional trade barriers. Others emphasized the need to define single-use plastic goods as a crucial first step toward establishing international guidance for trade measures. Some queried whether there was significant convergence to discuss potential outcomes and if it was not too premature to have such discussions.
In conclusion, Australia, also a co-coordinator of the Dialogue, thanked participants for their valuable insights, particularly the perspectives shared by Asian companies. It expressed interest in further engaging with other regions to explore how trade can support both innovation and environmental objectives.
Looking ahead, Australia stated that the group plans to consolidate discussions on the eight key focus areas in an upcoming review session scheduled for April or May, with the goal of fostering a “focused, collaborative, and inclusive dialogue” and delivering on the MC13 mandate for “further concrete, pragmatic and effective outcomes”.
Source: World Trade Organization
In a document submitted together with the notification (see footnote of the notification), the Philippines indicated, among other things, as follows:
“[I]nterested parties are hereby invited to submit their comments and position on the matter, including their views on whether the imposition of the safeguard measure will be in the public interest. Submissions may be made to the Bureau of Import Services (BIS), Department of Trade and Industry, 7th Floor, Filinvest Building, #387 Senator Gil Puyat Avenue, Makati City, or through electronic submission to [email protected] within five (5) days from the date of publication of this notice.”
Further information is available in G/SG/N/6/PHL/22.
A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to a domestic industry.
During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.
A WTO member may take a safeguard action (i.e. restrict imports of a product temporarily) only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.
Source: European Parliament
For EU sensitive agricultural sectors, the EU-Mercosur Partnership Agreement sets clear limits as regards providing preferential access to the EU market for beef, poultry and sugar.
For these sectors, trade preferences granted under the agreement are limited through tariff quotas representing only a small fraction of EU consumption.
For instance, the EU quota for beef of 99 000 tons with an inbound reduced tariff rate of 7.5% phased in gradually over five years accounts for about 1.6% of the current EU beef consumption.
On the other hand, the agreement offers a variety of export opportunities for EU farmers thanks to reduced tariffs in Mercosur countries for several EU agri-food products (e.g. wines, spirits, confectionary, dairy and olive oil), as well as the protection of EU Geographical Indications in a market of 280 million consumers.
Furthermore, the agreement contains bilateral safeguards that can be triggered to protect a specific agricultural sector and it has the significant advantage to also covering products not fully liberalised under the Free Trade Agreement.
This would protect our farmers in case increased imports from Mercosur cause, or threaten to cause, serious injury to the relevant EU sectors.
The Commission will monitor agricultural market developments closely after the agreement is implemented. For the unlikely event that the agricultural market situation in the EU is negatively impacted following the implementation of the agreement, the Commission intend to set up a reserve worth at least EUR one billion under the next Multiannual Financial Framework.
This provides an additional safety net and insurance for the sector.
Source: European Parliament
The Commission has always welcomed cooperation with Mongolia in the area of critical raw materials.
A testimony to that are the multiple invitations the Commission has extended to Mongolia to join multilateral cooperation initiatives led by the EU such as the Minerals Security Partnership (MSP) Forum in 2024.
Mongolia has so far opted not to be a formal member of the MSP Forum.
Nevertheless, the Commission remains open to partnering with Mongolia in critical raw materials, as well as in any other trade-related area. In this context, cooperation on critical raw materials is a subject often discussed at the meetings of the EU-Mongolia Subcommittee on Trade and Investment.
Source: Government of India
Posted On: 14 FEB 2025 8:28PM by PIB Delhi
H.E. Governor Mr. Ronaldo Caiado, Governor of the State of Goias, Brazil met Shri Bhagirath Choudhary, Minister of State for Agriculture and Farmers’ Welfare at Krishi Bhawan in New Delhi today. The meeting provided a valuable opportunity to strengthen the bilateral relationship between India and Brazil, and to further explore the areas of bilateral trade and cooperation in sugarcane, ethanol and pulses, R & D, innovation and digital agriculture.
Shri Bhagirath Choudhary underscored that India and Brazil share a very close and multifaceted relationship both at the bilateral as well as multilateral forums. He expressed that the Governor’s visit will help to enhance bilateral cooperation by strengthening the existing initiatives and exploring new areas of collaboration, increasing agricultural productivity, ensuring food security, and contributing to the overall well-being of citizens of both India and Brazil.
Governor Mr. Ronaldo Caiado shared that India and the State of Goias share several similarities and both regions benefit from a rich agricultural landscape and a climate conducive to farming. This common ground creates opportunities for collaboration through knowledge and technology exchange and capacity-building initiatives. By working together, both countries can enhance agricultural practices and strengthen their mutual development in these areas.
Shri Ajeet Kumar Sahu, Joint Secretary (International Cooperation) also informed the delegation about various initiatives by the government including crop insurance, agriculture credit and development of Digital Public Infrastructure (DPI) in agriculture.
The Brazilian delegation was composed of high-ranking officials from the State of Goias, alongside key representatives from prominent industries. From the Indian side, the meeting was attended by the Joint Secretary (IC), Advisor (Digital Agriculture), Advisor (Trade), ADG (IR), ADG (Food and Fodder Crops), ADG (Commercial Crops) and other senior officers from the Ministry.
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MG/RN/KSR
(Release ID: 2103391) Visitor Counter : 39
Source: Hong Kong Government special administrative region
HKETO Berlin celebrates Year of Snake (with photos)
HKETO Berlin celebrates Year of Snake (with photos)
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The Hong Kong Economic and Trade Office, Berlin (HKETO Berlin) held a Chinese New Year reception in Berlin, Germany, on February 13 (Berlin time) to celebrate the Year of the Snake. About 160 guests including government officials, senior diplomats and leading figures of the political, business and cultural sectors of Germany attended the reception. In her welcome remarks, the Director of HKETO Berlin, Ms Jenny Szeto, briefed the guests on Hong Kong’s encouraging achievements during the past year. “Despite the challenges of a global economic slowdown, Hong Kong’s economy grew by 2.5 per cent in 2024, and we rose again to third place in the Global Financial Centres Index, setting the stage for a strong start to the year.” Ms Szeto also highlighted various initiatives that consolidate and enhance Hong Kong’s status as an international centre in the eight key areas. She added that with the implementation of further liberalisation measures under the amended Mainland and Hong Kong Closer Economic Partnership Arrangement, Hong Kong’s unique advantages as a gateway to Mainland China, would be further enhanced. Complemented by other facilitating initiatives such as multiple-entry visas for foreign staff of Hong Kong-registered companies, the investment, trade and people-to-people ties between Hong Kong and the Central and Eastern European countries will continue to be strengthened. HKETO Berlin also hosted a reception in Bratislava, the Slovak Republic on February 12 (Bratislava time) in co-operation with the Hong Kong Trade Development Council and the Slovak Chamber of Commerce and Industry. Six other receptions will be organised in Austria, Czechia, Hungary, Poland, Slovenia and Switzerland. To promote the excellent work of Hong Kong artists abroad, HKETO Berlin has invited Hong Kong artists including Hong Kong dance group R&T (Rhythm & Tempo) and the Hong Kong Arts Centre (Comix Home Base), to perform at the receptions and showcase the vibrancy, diversity and creativity of Hong Kong’s East-meets-West culture.About HKETO Berlin HKETO Berlin is the official representative of the Hong Kong Special Administrative Region Government in commercial relations and other economic and trade matters in Germany as well as Austria, Czechia, Hungary, Poland, the Slovak Republic, Slovenia and Switzerland.
Ends/Friday, February 14, 2025Issued at HKT 20:45
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US Senate News:
Source: United States Senator Alex Padilla (D-Calif.)
WASHINGTON, D.C. — On the seventh anniversary of the tragic shooting at Marjory Stoneman Douglas High School in Parkland, Florida, U.S. Senator Alex Padilla (D-Calif.) announced legislation to raise the minimum age to purchase assault weapons and high-capacity ammunition magazines from 18 to 21, the same age requirement that already applies to purchasing handguns from federally licensed dealers. Individuals under 21 have used assault weapons in some of the most devastating school shootings in U.S. history, including the mass shootings at Marjory Stoneman Douglas High School in Parkland, Florida, Robb Elementary School in Uvalde, Texas, and Sandy Hook Elementary School in Newtown, Connecticut.
Gun violence is a national crisis, claiming over 46,000 lives in 2023 — the third-largest number of gun-related deaths in American history. Assault weapons, originally engineered for military combat to maximize damage, are frequently used in mass shootings because of their ability to inflict catastrophic harm in mere seconds. More than 85 percent of deaths in public mass shootings involving four or more fatalities were caused by assault rifles. Furthermore, shootings involving assault weapons or large-capacity magazines result in more than 2.5 times as many people being shot compared to incidents involving other firearms.
“Seven years after a 19-year-old gunman tragically took the lives of 17 students and faculty in Parkland, we’re still seeing far too many preventable mass shootings at the hands of deadly assault rifles,” said Senator Padilla. “If you can’t legally buy a handgun, there’s no reason you should be able to buy a military-grade weapon. This commonsense legislation would raise the minimum age to purchase or carry an assault weapon or high-capacity ammunition from 18 to 21 — the same standard already in place for purchasing handguns — helping to curb the gun violence epidemic that continues to devastate communities in California and across the nation.”
The bill’s restrictions on the sale of assault weapons, handguns, large-capacity ammunition feeding devices, and related ammunition to individuals under the age of 21 would apply to both federally licensed and private sellers. Additionally, the legislation would bar most individuals under 21 from possessing these items, with limited exceptions for specific circumstances such as service in law enforcement or the armed forces.
The Age 21 Act is cosponsored by 18 Senators, including Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Amy Klobuchar (D-Minn.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
“Too many innocent lives lost, too many individuals facing relentless grief—we must take action to stop the epidemic of gun violence plaguing our nation. By raising the minimum age requirement for purchasing assault weapons, the Age 21 Act keeps guns out of the hands of young people, combatting gun violence hurting our communities. This legislation takes meaningful action to prevent senseless, unnecessary tragedies,” said Senator Blumenthal.
“Congress cannot sit by and do nothing while gun violence remains the number one killer of children in America,” said Senator Duckworth. “As we remember the 17 lives cut short at Marjory Stoneman Douglas High School, we must honor their memory with action. The Age 21 Act is commonsense gun safety legislation that would help prevent mass shootings and do more to keep dangerous weapons out of the hands of those who would seek to harm themselves or others. If Republicans were truly ‘pro-life,’ they would support our bill and help us save lives.”
“Gun violence continues to shatter families and communities throughout America. Our existing laws allow far too many guns to fall into the wrong hands. That is why I’m signing onto the Age 21 Act, which prohibits the sale of assault weapons, handguns, large-capacity ammunition feeding devices, and related ammunition to individuals under the age of 21,” said Senator Durbin. “This legislation is one of many steps we must take to address the gun violence epidemic across the United States.”
“Guns are the leading cause of death for children and teenagers in America today. Year after year, deadly assault weapons inflict devastating and avoidable harm on our families, schools, and communities, causing children, parents, and teachers to live with the fear that the next school shooting may happen in their community,” said Senator Gillibrand. “The Age 21 Act offers a critical safeguard to prevent such tragedies, decreasing the threat of gun violence against our kids. I am proud to support this legislation, and I will fight hard for its passage this Congress.”
“The gun violence epidemic in our country is rampant, devastating communities and taking innocent lives,” said Senator Hirono. “This commonsense legislation is a step in the right direction and will help to keep our communities safer by keeping these deadly weapons out of the hands of those under the age of 21. As we continue working to prevent gun violence across the country, our introduction of this bill will move us closer to putting an end to the thousands of preventable gun-violence related deaths every year.”
“Everyone in America should be able to live free from the fear of injury or death caused by a firearm,” said Senator Kaine. “One of many commonsense steps we can take to reduce that risk is limiting young people’s access to assault weapons—just like we already limit their access to handguns. I’m proud to help introduce this bill to raise the legal purchasing age for assault weapons to 21, and will keep pushing for additional legislation to make our communities safer from gun violence.”
“Our children deserve safe environments to grow and learn in, and that means taking on gun violence—the leading cause of death for children and teens,” said Senator Klobuchar. “It’s common sense that young people who cannot buy a handgun should not be able to buy an assault weapon.”
“From Uvalde to Parkland, it’s just a fact the profile of these shooters are often teenagers who were able to legally get their hands on a deadly weapon like an AR-15. A majority of Americans support raising the age to purchase assault weapons or handguns to 21. Congress should do it,” said Senator Murphy.
“It’s really simple: Teenagers and assault rifles don’t mix. This bill would make it harder for anyone under 21 to get their hands on the types of military-style assault weapons and ammunition that have been repeatedly used in school shootings and other mass-casualty attacks,” said Senator Reed.
“This bill helps address the epidemic of gun violence by restricting access to weapons capable of inflicting the most grievous loss of life to those of appropriate age,” said Senator Schiff. “It is not too much to ask that someone wait until the age of 21 to purchase a military style assault weapon for civilian use. Gun violence takes the lives of too many people each year, including many children, and we must do everything in our power to find solutions that keep our communities and our children safe.”
“No good comes from an unsupervised teenager having an assault rifle,” said Senator Whitehouse. “Our commonsense legislation would help keep kids and communities safe by preventing young people who are not even of legal drinking age from being able to buy weapons of war.”
“If you’re not old enough to purchase alcohol, you shouldn’t be allowed to buy a gun either,” said Senator Wyden. “We need to be doing everything we can to stop America’s gun violence epidemic, including raising the legal age of purchase to 21. I am proud to support this bill that will help keep weapons of mass destruction out of the hands of teenagers.”
The Age 21 Act is endorsed by organizations including Brady: United Against Gun Violence, March for Our Lives, Giffords, Newtown Action Alliance, and Everytown for Gun Safety.
“Six of the deadliest mass shootings since 2018 were committed by individuals 21 and under. The Age 21 Act could have saved lives then, and will continue to do so if passed into law,” said Alexa Browning, Policy Manager at March For Our Lives. “Firearms are still the leading cause of death for young people, yet we continue to allow access to deadly weapons while restricting substances like alcohol and tobacco. We are deeply grateful to Senator Padilla for taking decisive action in this fight to prevent further tragedies and protect our future.”
“People ages 18 to 20 are responsible for perpetrating a disproportionate share of school shootings, public mass shootings, and gun homicides overall. Raising the minimum age of purchase not only protects communities, but kids as well, as states with minimum age laws have seen significant declines in firearm suicides and other types of gun violence among young adults and children. Senator Padilla’s bill sets a national standard for something that has already proven effective at the state level, and we urge Congress to implement this common sense legislation,” said Vanessa Gonzalez, Vice President of Government & Political Affairs at GIFFORDS.
Senator Padilla is a strong advocate for commonsense, life-saving gun safety reforms. In June 2022, Padilla voted to pass the Bipartisan Safer Communities Act, the most significant gun safety legislation in almost 30 years. Last year, Padilla introduced bicameral legislation to prevent the federal government from contracting with federally licensed firearms dealers that have a documented history of selling a disproportionate number of guns that end up being used to commit violent crimes. In 2023, Padilla joined 27 of his Senate colleagues in reintroducing the Keep Americans Safe Act, renewing efforts to ban the importation, sale, manufacturing, transfer, or possession of gun magazines that hold more than 10 rounds of ammunition. He also joined Senator Blumenthal in introducing Ethan’s Law, which would require gun owners to safely and securely store their firearms, and he cosponsored Senator Edward J. Markey’s (D-Mass.) Protecting Kids from Gun Marketing Act, which would direct the Federal Trade Commission to prescribe rules that prohibit the marketing of firearms to children.
A one-pager on the bill is available here.
Full text of the bill is available here.
Source: US State of California
Friday, February 14, 2025
Contact: (916) 210-6000, agpressoffice@doj.ca.gov
OAKLAND – On Valentine’s Day, California Attorney General Rob Bonta today issued a consumer alert warning Californians to beware of romance scams. Romance scams occur when a criminal adopts a fake identity to gain a victim’s affection and trust to manipulate or steal their finances or personal information. This usually occurs through various forms of communication including phone calls, text messages, social media, and dating sites.
“Love should never come at a price,” said Attorney General Bonta. “Scammers can use deception and emotional manipulation to take advantage of people looking for connection. I urge Californians this Valentine’s Day to stay vigilant, protect their hearts and wallets, and remember — if a stranger online asks for money, gift cards, or personal information — it is most likely a scam.”
According to the Federal Trade Commission, in 2022 almost 70,000 people reported being victims of a romance scam, reporting an average loss of $4,400. New technology can make it easier for scammers to create sophisticated impersonations and to make more convincing requests for money or personal information. Remember, never send money, gift cards, or other financial details to someone you don’t know and haven’t met in person.
Learn the Warning Signs
You may be dealing with a scammer if they:
Protect Yourself from Romance Scams:
What to Do If You Suspect a Scam
If you believe you are being targeted by a romance scam, take action immediately:
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US Senate News:
Source: United States Senator for Iowa Chuck Grassley
Q: What are pharmacy benefit managers?
A: Iowans may not know exactly what pharmacy benefit managers (PBMs) are, but they do know they’re fed up with sticker shock at the pharmacy counter. Six decades ago, PBMs started out processing drug claims. Then, they evolved into an intermediary between pharmaceutical companies, pharmacies and third-party payers, including health insurance companies, self-insured employers, unions and government programs. Eventually, a complex system emerged, expanding PBMs’ influence and profits instead of driving down costs and improving patient services. For example, PBMs’ business models incentivize purchasing brand name drugs over lower-priced generic drugs. Today, just three PBMs control nearly 80 percent of the prescription drug market. These conglomerates operate out of the view of regulators and consumers, setting prescription drug costs, deciding which drugs are covered by insurance plans, determining how they’re dispensed and pocketing unknown sums that might otherwise be passed along as savings to consumers. What’s more, they undercut local independent pharmacies. Things need to change.
For the better part of a decade, I’ve been laser-focused on shining a spotlight on PBMs. In 2019, as chairman of the Senate Finance Committee, I called the top executives from major PBMs to testify about drug pricing in America. I teamed up with Senator Ron Wyden to conduct a two-year bipartisan investigation into insulin price gouging. And I requested the Federal Trade Commission (FTC) to look into potential anticompetitive practices occurring in the industry. Three bills I co-sponsored have been signed into law, including the CREATES Act, Right Rebate Act and Patient Right to Know Drug Prices Act. In 2023, the Judiciary Committee passed five of my bipartisan bills to boost competition in the pharmaceutical industry and improve patient access to more affordable prescription medicines.
At my annual 99 county meetings, I hear regularly from Iowans who struggle to afford their medications and want to know why getting a prescription filled is so unnecessarily complicated, from mail-order options to confusing coupons and rebates. They also want to know why Americans pay more for the identical prescription medications than patients in other countries. According to theCenters for Disease Control and Prevention (CDC), recent data show nearly 50 percent of Americans used at least one prescription drug in the previous month, nearly 25 percent used three or more prescription drugs and 13.5 percent used five or more. Tens of millions of Americans rely on pharmaceutical therapies to manage chronic conditions, particularly those diagnosed with diabetes, heart disease, hypertension, arthritis and cancer. This is a matter of life and death for loved ones in families across the country. In 2023, the U.S. health care system spent $449.7 billion on retail prescription drugs, more than any other country. American taxpayers and patients aren’t getting the most bang for the buck.
Q: What are you doing in this Congress to hold PBMs accountable?
A: Returning as Chairman of the Senate Judiciary Committee in January, lowering drug prices is among my top legislative and oversight priorities. That includes building on my efforts to shine a bright light on PBMs. To that end, I’m pushing the FTC to finish its work. While I’ve welcomed a couple of its interim reports, it’s time to get the job done. Senator Maria Cantwell, Ranking Member of the Senate Commerce Committee, and I have teamed up to reintroduce a pair of bipartisan bills to combat the high cost of prescription drugs and pull back the curtain on PBMs. Transparency brings accountability. The Prescription Pricing for the People Actwould require the FTC to finish its study in a timely manner and provide policy recommendations to Congress to improve competition and protect consumers. The Pharmacy Benefit Manager (PBM) Transparency Act would ban deceptive and unfair pricing schemes and require PBMs to report to the FTC how much they make through spread pricing and pharmacy fees. Spread pricing is the difference between what PBMs charge a health plan and what they pay to a pharmacy for a certain drug. This practice is costing patients and taxpayers while curtailing access to affordable prescription drugs. I’m committed to bringing sunshine and fairness to the prescription drug marketplace. Learn more about my work to lower prescription drug prices here.
Source: GlobeNewswire (MIL-OSI)
ANDOVER, Mass., Feb. 14, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today announced that, on February 13, the International Trade Commission (“ITC”) issued a Notice of Final Determination in its Investigation No. 337-TA-1370 (“In the Matter of Certain Power Converter Modules and Computing Systems Containing the Same”), confirming that Vicor U.S. Patent Nos. 9,516,761 (“’761 patent”) and 9,166,481 (“’481 patent”) are valid and infringed, and that unlicensed computing systems containing infringing power modules should be barred from importation into the United States.
The ITC issued a Limited Exclusion Order against all Respondents and Cease and Desist Orders against Respondents Delta Electronics (Americas) Ltd., Quanta Computer USA Inc. and Quanta Computer Inc., FII USA Inc., and Ingrasys Technology USA Inc.
Following the determination, for a mandatory 60-day presidential review period, Respondents may import infringing power modules and computing systems upon posting a bond. The ITC set the bond amount for the computing systems at 100% of the system’s value. Following the expiration of the presidential review period, Respondents would be prohibited from importing infringing power modules and computing systems.
The Final Determination reversed a prior finding that Foxconn Respondents did not have a license to Vicor patents and instead found that two Foxconn affiliates—FII USA, Inc. and Ingrasys Technology, Inc.—have a license to the ’761 patent, based on boilerplate clauses in these entities’ purchase orders for Vicor components. Vicor intends to appeal this finding to the Federal Circuit.
“As expected, Respondents are now subject to exclusion and cease and desist orders, exposing their unlicensed customers to severe consequences,” stated Chief Executive Officer Dr. Patrizio Vinciarelli. “Mindful of the risk of AI and computing systems being barred from importation into the U.S., certain OEM and non-OEM customers of infringing contract manufacturers have taken licenses. We look forward to additional steps to protect Vicor IP, including a trial in the Eastern District of Texas, where Vicor seeks monetary damages for willful infringement.”
For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.
About Vicor
Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, aerospace and defense. www.vicorpower.com
Vicor is a registered trademark of Vicor Corporation.
Contact
James F. Schmidt
Chief Financial Officer
Office: (978) 470-2900
Email: invrel@vicorpower.com
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
February 14, 2025
Bill Text (PDF) | Bill One-Pager (PDF)
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Bill Cassidy (R-La.) reintroduced the Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act, a bill to improve math error notices — an Internal Revenue Service (IRS) authority used to quickly adjust taxpayers’ returns.
Representatives Brad Schneider (D-Ill.) and Randy Feenstra (R-Iowa) recently reintroduced the bill in the House, and the bill passed unanimously out of the U.S. House Ways and Means Committee during markup on February 12, 2025.
Each year, the IRS sends millions of Americans math error notices, expedited adjustments to tax returns that contain simple math or clerical errors. These “vague and confusing” notices often list several potential errors that may have been made rather than specifying the exact issue leading to a refund being reduced. The notices also fail to explain that taxpayers have only 60 days to challenge the IRS’s position and fail to explain how taxpayers can contest these notices, causing many taxpayers to forfeit their right to challenge the adjustments.
The lawmakers hope to improve this unworkable system to help taxpayers, especially low-income and non-English speaking Americans, who cannot afford lawyers to help them navigate the complicated correspondence process. The Math ACT was included in the Senate Finance Committee’s discussion draft of bipartisan legislation that aims to reform IRS administration and procedure.
“IRS communications to taxpayers should be clear and easy to understand,” said Senator Warren. “This bipartisan bill will reform notoriously confusing error notices so that hardworking Americans can get the money they’re entitled to quickly and fairly.”
“Taxes are already complicated, and the last thing Americans need is more confusion,” said Dr. Cassidy. “We’re making sure the IRS does its part to inform taxpayers when they correct inevitable errors made on tax returns.”
“If the IRS finds a mistake on a tax return, this agency should be required to clearly communicate that error to the taxpayer and explain why a tax refund is higher or lower than expected. That’s why I’m glad to introduce legislation to ensure that the IRS clearly spells out errors on tax forms and helps taxpayers not only understand the mistake but also challenge it if they see fit,” said Representative Feenstra. “Filing taxes is already burdensome and time-consuming. We can improve customer service by instituting open and transparent communication between the IRS and the taxpayer when a tax error is identified.”
Senators Warren and Cassidy initially introduced the bill in 118th Congress.
The IRS MATH Act reforms the math error process by:
Senator Warren has, throughout her career, advocated for low-income taxpayers and for improved IRS procedures:
Source: US Commodity Futures Trading Commission
WASHINGTON, D.C. — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced Brian Young will serve as the agency’s Director of Enforcement. Young has been serving in an acting capacity since January 22, and previously was the Director of the Whistleblower Office. He is a distinguished federal prosecutor with nearly 20 years of service at the Department of Justice, including Acting Director of Litigation for the Antitrust Division and Chief of the Litigation Unit for the Fraud Section of the Criminal Division, and has successfully tried some of the most high-profile criminal fraud and manipulation cases in the CFTC’s markets.
“Brian exemplifies the best of what we stand for at the CFTC,” said Acting Chairman Pham. “He is a fearless leader that will build an even more impressive enforcement program that will stay true to the CFTC’s mission to protect the American public from fraudsters and scammers. I am confident that under Brian’s leadership, the CFTC will expand and scale our resources to help more victims than ever before and ensure the integrity of our markets in the name of justice. Brian has hit the ground running and I look forward to seeing his continued impact to strengthen the Division of Enforcement and deliver results.”
“I want to thank Acting Chairman Pham for her confidence in me and for her commitment to continuing the CFTC’s aggressive efforts to protect our global commodity markets from fraud, manipulation, and other abusive practices,” said Young. “As former Director of the Whistleblower Officer, I worked closely with the talented and dedicated staff of the Division of Enforcement, and I look forward to working with this highly motivated group to help bring justice for victims, protect those who cannot protect themselves, and root out misconduct and wrongdoing.”
Brian Young, Director of Enforcement
Young joined the CFTC in 2024 as the Director of the Whistleblower Office following nearly 20 years at the Department of Justice. During his first year as the Director of the Whistleblower Office, Young oversaw a team that achieved a record high number of annual dispositions of whistleblower award applications. His most recent role at DOJ was as the Acting Director of Litigation for the Antitrust Division, where he served as the highest-ranking career official in the Antitrust Division’s litigation program. There, he oversaw criminal prosecutions brought under the Sherman Act as well as civil merger and antitrust conduct litigation.
Before his time at the Antitrust Division, Young served in various roles in the Fraud Section of the Criminal Division, culminating in his appointment as Chief of the Fraud Section’s Litigation Unit. While at the Fraud Section, Young tried several of the most significant white collar crime matters in the past decade, including prosecutions of the first individuals tried in the United States on charges of manipulating the London Interbank Offered Rate (LIBOR); the former head of HSBC Bank’s Foreign Exchange (FX) desk in connection with a scheme to “frontrun” a client on a $3.5 billion FX trade; and two former London and Singapore-based Deutsche Bank precious metals traders arising from a scheme to “spoof” the futures markets by placing over $1 billion in non-bona fide orders on the Chicago Mercantile Exchange.
Young joined the DOJ through the Attorney General’s Honors Program and began his career as a law clerk for the Honorable Alice M. Batchelder of the United States Court of Appeals for the Sixth Circuit. During his time at DOJ, Young received the Attorney General’s Award for Distinguished Service, three Assistant Attorney General’s Awards for Exceptional Service, and an Outstanding Service Award from the Washington Field Office of the Federal Bureau of Investigation.
Source: United Kingdom – Executive Government & Departments
The British Embassy in Yerevan invites female citizens in Armenia aged 18 to 22 to enter a competition to be an Ambassador for a Day.
Call for applications for the Ambassador for a Day in Armenia 2025 announced by the British Embassy in Yerevan
Have you ever wondered what it’s like to represent your country on the international stage? The Diplomacy plays a key role in shaping global decisions and women’s voices are truly crucial in this field. This competition gives you a rare chance to step into the shoes of an Ambassador for a day, learn about diplomacy in action and the work of the British Embassy team.
Women and girls represent half of the world’s population and, therefore, half of its potential. Yet they are not fully represented in diplomacy, politics and leadership roles.
This is why we are encouraging women to make their voices heard on topics that affect us all. We encourage young students to become leaders and advocates for change by offering them an opportunity to experience diplomacy in action and to Take a glimpse behind the scenes of the British Embassy in Yerevan.
You can enter this competition if you:
To enter, submit a short video (up to 2 minutes) in English answering the following question: “What would you do if you were the British Ambassador in Armenia?”
Please read the information in detail on our Terms and Conditions.
Read the terms and conditions for entering the Ambassador for a Day 2025 competition:
Terms and Conditions for entering the Ambassador for A Day 2025 Competition: .
Once you have prepared your video, email it along with the Ambassador for A Day participation form to Enquiries.Yerevan@fcdo.gov.uk before the end of 3 March 2025.
Mark your calendar!
The winner will spend an entire day shadowing the British Ambassador. This will include attending meetings, learning about international cooperation and engaging with UK-funded projects.
Even if you are not selected as the winner, we encourage you to follow the journey on our social media channels. We will be sharing inspirational stories and insights from past winners. This is a chance to engage with a community of young women interested in leadership and diplomacy.
Published 14 February 2025
US Senate News:
Source: United States Senator for Illinois Dick Durbin
February 13, 2025
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL) today joined U.S. Senator Patty Murray (D-WA), as well as the entire Senate Democratic Caucus, in sending a letter to U.S. Department of Health and Human Services Secretary Robert F. Kennedy, Jr. expressing serious alarm over the Trump Administration’s recent decisions that threaten to undermine America’s biomedical research infrastructure and setting progress back generations. The steps the Trump Administration has taken would create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, and could cost the U.S. economy billions of dollars while threatening the livelihoods of hundreds of thousands of workers.
“As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds,” the lawmakers wrote.
Last week, NIH announced it would set the maximum reimbursement rate for indirect costs to 15 percent—creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system and stifle the development of new cures for disease. It won’t produce cost savings—it will just shift costs to states who can’t afford to pay the difference. Importantly, this action by the Trump Administration is illegal—Congress’ bipartisan Labor-HHS-Education Appropriations Bill prohibits modifications to NIH’s indirect costs.
“This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly,” the Senators wrote. On Monday, a federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21.
The Senators’ letter points out that, in addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023 and every dollar the NIH invests in research generates almost $2.50 in economic activity.
“The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications ‘pause’ enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research—they cost lives,” the Senators continued.
“Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted,” the lawmakers wrote.
The letter was signed by the entire Senate Democratic caucus. In addition to Durbin, Duckworth, and Murray, U.S. Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), John Fetterman (D-PA), Ruben Gallego (D-AZ), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Andy Kim (D-NJ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Chris Murphy (D-CT), Jon Ossoff (D-GA), Alex Padilla (D-CA), Gary Peters (D-MI), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR) signed onto the letter.
Durbin has long been a strong advocate for robust medical research. His legislation, the American Cures Act, would provide annual budget increases of five percent plus inflation at America’s top four biomedical research agencies: NIH, the Centers for Disease Control and Prevention, the Department of Defense Health Program, and the Veterans Medical and Prosthetics Research Program. Thanks to Durbin’s efforts to increase medical research funding, Congress has provided NIH with a 60 percent funding increase over the past decade.
A PDF of the letter is available HERE and the full text is below:
February 13, 2025
Dear Secretary Kennedy,
We write to express our serious concern with the Trump Administration’s recent decisions that threaten to undermine the nation’s biomedical research infrastructure and set us back generations. The steps the Trump Administration has taken will create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, could cost the U.S. economy billions of dollars, and threaten the livelihoods of hundreds of thousands of workers.
As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds.
Just last week, NIH announced an illegal plan to cap indirect cost rates that research institutions rely on. In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding essential for conducting research, such as operating and maintaining laboratories, equipment, and research facilities. This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly.
These confusing and harmful policy changes threaten patient safety. The strength of the American research enterprise – recognized as the best in the world – is built on Congress’ bipartisan commitment to supporting essential research infrastructure. This funding, which Congress has long appropriated on a bipartisan basis, fuels groundbreaking medical discoveries and cements the United States’ position as the global leader in biomedical research.
In addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia, with everyone from custodians, to research trainees, to scientists facing potential layoffs. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023. Every dollar the NIH invests in research generates almost $2.50 in economic activity. These reckless policy changes not only threaten biomedical innovation and research, but also the livelihoods of thousands of workers in every state across the nation.
The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications “pause” enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research – they cost lives.
The NIH plays a critical role in our nation’s efforts to fund scientific advancements that improve health and save lives. Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted.
Sincerely,
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Source: US State of Georgia
ATLANTA – Governor Brian P. Kemp today joined the Georgia Department of Economic Development (GDEcD) in announcing that the State of Georgia surpassed $53.1 billion in exports, a year-over-year increase of 6.4% that outpaced the national average of 2.3%. The state also moved up a rank to sixth in the United States for dollar value of trade, serving as a global gateway to facilitate more than $198.7 billion in trade to 222 unique countries and territories.
“With more than 87% of Georgia exporters being small businesses, these record-breaking numbers represent economic opportunity and success in every corner of the state,” said Governor Brian Kemp. “In 2024, Georgia outpaced the national average for growth in exports and moved up another rank in total trade, further demonstrating that our strategic investments and commitment to working with job creators to meet their needs are delivering results for hardworking Georgians.”
Exporting to 219 unique destinations in 2024, Georgia retained its No. 12 ranking in the U.S. for dollar value of exports. Civilian aircraft and ancillary parts also remained the state’s No. 1 export, followed by motor vehicles, data processing machines (computers), electrical apparatus for line telephony (telephone sets), and medical devices.
“Georgia’s diverse industry base and connectivity to more than 200 global markets create a more resilient state economy,” said GDEcD Commissioner Pat Wilson. “Georgia offers extensive partnerships, expert guidance on export strategies, and top-tier infrastructure – including deepwater ports, railways, highways, and airports – that empower businesses to thrive in the global market. We appreciate the General Assembly, local leaders, and statewide partners for ensuring Georgia remains the No. 1 state for business, supporting companies in expanding, investing, and moving products both statewide and worldwide.”
The state’s international trade efforts are bolstered by representatives in key markets around the world that facilitate connections between Georgia exporters and key global customers. Markets where Georgia maintains full-time representation accounted for 66% of exports and 83% of bilateral trade in 2024.
“A fourth consecutive year of record-breaking exports is an incredible accomplishment that requires strong partnerships at all levels, from global to local,” said Deputy Commissioner of Trade Lizann Grupalo. “Georgia’s international representatives are a key link to global markets, providing on the ground insights to navigate an ever-changing global environment. Their contributions allow our Georgia-based team members to serve Georgia’s small business exporters who otherwise may not have access to this information and opportunities.”
Georgia is home to the busiest and most efficient airport in the world, Hartsfield-Jackson Atlanta International Airport; the fastest growing and third-busiest container gateway in the U.S. at the Port of Savannah; and one of the nation’s busiest gateways for Roll-on/Roll-off cargo at the Port of Brunswick. The Georgia Ports Authority also recently announced twelve consecutive months of year-over-year container volume growth, on top of consistent growth for multiple years prior. In addition, Georgia offers a robust rail and highway infrastructure, with more rail miles than any other state in the Southeast.
About the Annual International Trade Report
GDEcD’s annual International Trade Report is an overview of the state of Georgia’s annual trade activity based on data from Trade Data Monitor. Trade Data Monitor tracks the value of merchandise trade, meaning tangible products or goods only, using four-digit Harmonized System (HS) codes and origin of movement.
To read the full report, click here.
About GDEcD’s Trade Team
Georgia’s nationally recognized Trade team works to bolster Georgia exports and brand the state as a competitive source of quality products and services. The team includes International Representatives located in more than a dozen strategic global markets who assist Georgia companies with expanding their sales worldwide. GDEcD’s Trade professionals provide Georgia businesses with the global insight and connections they need to successfully diversify their international customer base.
Source: Government of Canada regional news
Released on February 14, 2025
Mission focuses on natural resources, agriculture, education and more.
Minister of Trade and Export Development Warren Kaeding is leading a delegation to Vietnam and Singapore to maintain and grow trade opportunities, increase investment attraction, encourage collaboration in higher education, and showcase Saskatchewan’s capacity to support nations around the world to meet food and energy security needs. A portion of the mission will also be dedicated to labour and immigration recruitment efforts.
“Vietnam and Singapore are two vitally important markets for Saskatchewan as we continue to build relationships abroad,” Minister Kaeding said. “The ASEAN region is an area where we’ve seen rapid growth, and we want to continue to build on that positive momentum. Strengthening international trade relationships and diversifying our export markets are more important than ever as we look to promote our sustainable food and energy security to the world.”
The mission will cover many of Saskatchewan’s main sectors, including mining, critical minerals, energy, and agri-value.
One of the highlights of the mission will be attending the Canada in Asia Conference. The conference brings together key stakeholders and decision makers from across Canada and Asia for discussions and sessions on agri-foods, food security, clean technology, and energy transitions.
Provincial exports to the ASEAN region totaled $1.5 billion in 2024. Of that, $130.6 million and $10.3 million worth of goods were exported to Vietnam and Singapore respectively.
Saskatchewan currently operates trade and investment offices in both Vietnam and Singapore. Saskatchewan’s trade offices work with industry partners and support the province’s engagement efforts across the ASEAN region.
Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.
For more information visit: InvestSK.ca.
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For more information, contact:
Source: GlobeNewswire (MIL-OSI)
Product structured to provide crypto asset exposure by tracking the Nasdaq Crypto US™ Index (NCIUS™), a benchmark for institutional investment in certain market-leading crypto assets
Hashdex and Nasdaq Global Indexes continue to be at the forefront of crypto index product innovation, offering investors and wealth managers access to the first multi-asset spot crypto ETP in the United States
New York, February 14, 2025 – Hashdex Asset Management Ltd. (“Hashdex”), a leading global crypto-focused asset manager, and Nasdaq Global Indexes, which has been creating innovative, transparent indexes for more than 50 years, today announced the launch of the Hashdex Nasdaq Crypto Index US ETF (the “Product” or “NCIQ”) [Ticker: NCIQ], the first multi-asset spot crypto exchange traded product (“ETP”) available to U.S. investors. The Product, which is now trading on the Nasdaq Stock Market® under ticker NCIQ, currently offers exposure to both spot bitcoin (“BTC”) and ether (“ETH”). NCIQ’s management fee is contractually set at 0.25% per annum of the daily net asset value (“NAV”) of the Product through the end of 2025, and then 0.50% thereafter.
The Hashdex Nasdaq Crypto Index US ETF provides U.S. investors with direct access to the two leading crypto assets by trading volume in the U.S., currently with a combined market capitalization of over $2.3 trillion,1 all through one tradeable product. NCIQ tracks the Nasdaq Crypto US™ Index (“NCIUS”), which was co-developed by Nasdaq Global Indexes and Hashdex to measure the performance of a material portion of the overall crypto asset market by investing in the index constituents. The NCIUS is based on strict criteria like liquidity, market capitalization, and regulatory compliance. Currently, only bitcoin and ether are eligible for inclusion in the NCIUS. The launch of NCIQ builds on Hashdex’s track record of innovation and global market leadership in crypto index-based products, with the firm currently managing the largest multi-asset crypto ETP in Europe2 and the largest ETF in Latin America.3
“Since our founding, Hashdex has held the belief that a basket of crypto assets offers multiple benefits and is a great way for many investors to participate in the crypto ecosystem. Until today, U.S. investors have been forced to either purchase coins directly or invest in single-asset vehicles,” said Marcelo Sampaio, Co-Founder and CEO of Hashdex. “Now, with the launch of NCIQ, we are proud to deliver a familiar and readily tradeable U.S.-based product that provides seamless exposure to bitcoin and ether. Alongside our partners at Nasdaq Global Indexes, we are thrilled to take this exciting step in bringing our expertise in crypto index and crypto index-based products to U.S. investors, and we look forward to continuing to deliver innovative crypto index products as the industry and regulatory landscape further evolves.”
The launch of NCIQ marks an important milestone in the U.S. crypto market and continues the long-term partnership between Hashdex and Nasdaq Global Indexes. Hashdex and Nasdaq Global Indexes have been among the pioneers in developing crypto index and index-based products since 2021.
“Nasdaq Global Indexes and Hashdex share a mission of advancing crypto asset indexes and financial vehicles to meet the ever-growing demand from investors looking for access to the rapidly evolving crypto sector,” said Cameron Lilja, Vice President and Global Head of Index Product and Operations, Nasdaq Global Indexes. “Nasdaq Crypto™ Indexes offer a standardized approach to capturing the performance of a material portion of the overall crypto asset market, serving as a guidepost in the dynamic crypto asset landscape. Today’s announcement marks a significant step forward in bringing a rules-based methodology-driven benchmark to US investors, adding to comparable products in Europe and Latin America.”
Hashdex serves as the sponsor for NCIQ. Paralel Distributors LLC serves as marketing agent, and Coinbase Custody and BitGo Trust serve as crypto asset custodians. Nasdaq serves as the index administrator and listing venue. The fund administrator is U.S. Bank Global Fund Services.
“With interest in crypto asset ETFs continuing to grow, reaching over $120 billion in U.S. AUM alone4, we believe that what investors really need is an easy, passive way to invest in a product that is constantly evolving to capture the latest trends in the broader crypto market. With a structure similar to traditional index products, NCIQ offers investors a multi-asset investment approach that is proven, familiar, and readily tradeable,” said Samir Kerbage, CIO at Hashdex. “As the crypto market continues to develop, we expect there to be ongoing volatility with newer coins that disrupt the market share of bitcoin, ether and other dominant assets, and we expect index-based products will enable wealth managers and investors to benefit from the growth of the rapidly changing sector without needing to be actively managing single asset crypto exposure.”
Hashdex has no role in maintaining, calculating or publishing NCIUS.
A registration statement (including a prospectus) has been filed with the SEC for the offering to which this communication relates and can be found here: https://www.sec.gov/Archives/edgar/data/2031069/000121390025013738/ea0209567-10.htm. Before you invest, you should read the prospectus in that registration statement and other documents that have been filed with the SEC for more complete information about NCIQ and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Hashdex will arrange to send you the prospectus, if you request it by calling toll-free 917-525-5635.
About Hashdex
Hashdex is a global pioneer in crypto asset management. The firm’s mission is to provide educational resources and best-in-class products that advance its efforts to help open the crypto ecosystem to investors around the world. Hashdex co-developed the Nasdaq Crypto™ Index (NCI™) with Nasdaq to provide global investors with a reliable benchmark for the crypto asset class. In 2021, Hashdex introduced the world’s first crypto ETF5 and other innovative products, enabling over 350,000 investors to simply and securely add crypto to their portfolios. Since 2018, Hashdex has established itself as a global leader in crypto index ETFs, helping to pave the way for crypto’s mainstream adoption across eight countries. Hashdex currently offers 4 index products tracking the global version of the NCI™, including the largest multi-asset crypto ETF in the world.6 Additionally, the Hashdex Nasdaq Crypto Index Europe ETP (“HASH”) is the largest multi-asset crypto ETP in Europe and recently won ETF Stream’s Digital Asset ETP of the year award.7 The firm’s total AUM across its range of products is more than $1.3 billion.8
Hashdex Media Contacts:
Kendal Till/Josh Gerth
Dukas Linden Public Relations
Hashdex@DLPR.com
Legal Disclaimer
Carefully consider the investment objectives, risks, charges and expenses before investing.
Investing involves risk, including possible loss of principal. The Product, an exchange traded product, is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”). Shares of the Product are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.
Shares of the Product are bought and sold at a market price, not at net asset value. Brokerage commissions will reduce returns.
This material expresses the opinion of Hashdex Group and its subsidiaries and affiliates (“Hashdex”) for informational purposes only and does not consider the investment objectives, financial situation or individual needs of any one investor or a particular group of investors. Certain opinions and viewpoints expressed may reflect personal views of the authors and not necessarily those of Hashdex. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing in their products. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.
Important Risks
Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicle will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex investment methodology or that investing in any of the Product or crypto assets referenced herein may be considered “conservative,” “safe,” “risk free,” or “risk averse.”
Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” and “seek” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or crypto assets may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.
This material is not an offer or solicitation of any kind to buy or sell any securities outside of the United States of America.
Product Risks
An investment in the Product involves significant risks and you could incur a partial or total loss of your investment in the Product.
Crypto assets generally are volatile, and instruments whose underlying investments include crypto assets are not suitable for all investors. Crypto assets represent a new and rapidly evolving industry. The value of the Product depends on the acceptance of the crypto assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the crypto assets. Crypto platforms may be largely unregulated or may be largely or entirely non-compliant with applicable regulation and may therefore be more exposed to fraud and failure. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the Product.
The market for crypto assets is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Product’s NAV and its market price. The lack of active trading markets for the Product shares may result in losses on investors’ investments at the time of disposition of the Product’s shares.
Both the Index and the Product are new with a limited operating history.
Nasdaq® is a registered trademark of Nasdaq, Inc. Corporations make no representation or warranty, whether express or implied, to the owners of the fund(s) or any member of the public regarding the suitability of investing in securities in general or in the fund(s) in particular, or the ability of the Nasdaq Crypto US Index to track the performance of the market for crypto assets, or any portion thereof. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.
1 Bitcoin’s market cap was $1.92T and ether’s market cap was $387B, according to Messari.io data as of January 13, 2025
2 The Hashdex Nasdaq Crypto Index Europe ETP (HASH) is the largest multi-asset crypto ETP in Europe according to Bloomberg fund asset data for the “Western Europe” region as of January 7, 2025
3 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in Latin America according to Bloomberg fund asset data for the “Central & South America” region as of January 7, 2025
4 Blockworks.co data on Bitcoin and Ethereum ETFs in the U.S. as of February 10, 2025.
5 The Hashdex Nasdaq Crypto Index ETF began trading on the Bermuda Stock Exchange on February 9, 2021.
6 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in the world according to Bloomberg fund asset data for all regions as of January 7, 2025
7 https://www.etfstream.com/articles/etf-stream-reveals-winners-of-etf-awards-2024
8 Hashdex AUM data as of February 10, 2025, https://hashdex.com/en-US
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Feb. 14, 2025 (GLOBE NEWSWIRE) — As the price of Bitcoin hovers around the $100,000 mark, many analysts predict that the market is entering a high-volatility phase. To help traders capitalize on these dynamic market conditions, BexBack Exchange has rolled out an unbeatable offer, featuring 100x leverage, a 100% deposit bonus, and a $50 welcome bonus for new users. What sets BexBack apart is its no KYC policy, ensuring seamless, private, and efficient trading for users globally.
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Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f24f4f46-0ae9-427c-8dbb-638de34b5c08
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/913fa9e2-18bf-474f-b2fc-06ccbc6a9f6d
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/87841659-4d30-439c-8019-04c351853f8f
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd39b9f6-0b0f-4532-82dd-6c0c700f413e
Source: GlobeNewswire (MIL-OSI)
MENLO PARK, Calif., Feb. 14, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for January 2025:
| January 2025 |
December 2024 |
M/M Change |
January 2024 |
Y/Y Change |
|
| (M – in millions, B – in billions) | |||||
| Funded Customer Growth (M) | |||||
| Funded Customers | 25.5 | 25.2 | +1% | 23.5 | +9% |
| Assets Under Custody (AUC) ($B) | |||||
| Total AUC | $203.7 | $192.9 | +6% | $102.4 | +99% |
| Net Deposits | $5.6 | $5.3 | NM | $3.8 | NM |
| Trading | |||||
| Trading Days (Equities and Options) | 20 | 21 | (5%) | 21 | (5%) |
| Total Trading Volumes | |||||
| Equity ($B) | $144.7 | $149.8 | (3%) | $59.3 | +144% |
| Options Contracts (M) | 166.6 | 163.7 | +2% | 106.2 | +57% |
| Crypto ($B) | $20.4 | $30.2 | (32%) | $5.9 | +246% |
| Daily Average Revenue Trades (DARTs) (M) | |||||
| Equity | 2.6 | 2.8 | (7%) | 1.7 | +53% |
| Options | 1.1 | 1.0 | +10% | 0.7 | +57% |
| Crypto | 0.9 | 1.0 | (10%) | 0.3 | +200% |
| Customer Margin and Cash Sweep ($B) | |||||
| Margin Book | $8.3 | $7.9 | +5% | $3.6 | +131% |
| Total Cash Sweep | $26.3 | $26.1 | +1% | $16.8 | +57% |
| Gold Cash Sweep | $25.6 | $25.4 | +1% | $16.1 | +59% |
| Non-Gold Cash Sweep | $0.7 | $0.7 | – | $0.7 | – |
| Total Securities Lending Revenue ($M) | $25 | $28 | (11%) | $12 | +108% |
For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.
The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.
About Robinhood
Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.
Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.
“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.
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Source: The Conversation – UK – By Stephen Clear, Lecturer in Constitutional and Administrative Law, and Public Procurement, Bangor University
It has been less than a month since Donald Trump retook the Oval Office. But with dozens of executive orders, every day has brought substantial change.
While Trump claims he has a democratic mandate to cut government waste, it is the unelected Elon Musk who has been behind the most radical changes. Musk, the world’s richest man, joined the US government as head of the new Department of Government Efficiency (Doge), which Trump established by executive order.
Trump and Doge have begun dismantling government agencies, introduced widespread recruitment freezes, and withheld billions of dollars in federal funds – including freezing foreign aid and dismantling USAid. Through Doge, Musk has also gained access to IT and payment systems in the US Treasury and other major departments.
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Their actions have not been without legal challenge. A judge issued a temporary order restricting Musk from accessing the Treasury’s files due to the risk of exposing sensitive data. In response, Trump has expanded Musk’s power further, instructing government officials to cooperate with Doge.
It already appears that Trump is prepared to defy court orders related to these changes. The US is on the cusp of a constitutional showdown.
A key question for the UK is whether something similar could happen here. In theory, the answer is yes – but it would be difficult for anybody to enact.
There have been ongoing concerns, including some raised by the current government, around the size of the UK government and the budget deficit. Politicians from the Reform party are already saying that Britain needs to adopt a Musk-style approach to cut government waste.
Compared to other systems of government, UK prime ministers have almost unparalleled power to change existing, and establish new, government departments as they see fit. So it would be well within the gift of the prime minister to establish a new department like Doge – though there could be limits to its power to change things like national spending, given the need for budgetary approval by parliament.
There is also plenty of precedent for private citizens like Musk to work in the UK government. This could be as a special adviser: a temporary “political” civil servant who advises the government and is appointed under the Constitutional Reform and Governance Act 2010. Previous examples include Alastair Campbell (Tony Blair’s spokesman) and Dominic Cummings (Boris Johnson’s senior adviser). While cabinet ministers hire their special advisers, the prime minister approves all appointments.
Alternatively, civilians can be brought more directly into government as ministers. Under constitutional convention, a member of the UK government is a member of either the Commons or Lords. Someone who is not an elected politician can be appointed to the Lords (and a ministerial role) by the prime minister. Rishi Sunak did this when he made David Cameron foreign secretary, as did Keir Starmer with businessman-turned-minister for prisons James Timpson.
There have even been debates in recent years over whether this convention of government ministers needing to be members of parliament can be dispensed with, given it lacks legal enforcement. But this raises questions about how you afford parliament opportunities to scrutinise the work of such ministers, if they are not even in the Lords.
Read more:
Plans for ministers who aren’t in parliament raise concerns for UK democracy – constitutional expert
However, the kind of actions that Trump and Musk are currently undertaking could not strictly pan out the same way under the UK’s constitutional arrangements.
While it does not have executive orders in the same way as the US, there are means for the UK government to administratively act without passing legislation through parliament.
The government’s power can be exercised through orders in council via the monarch. These can either be via statutory orders (where the power has been granted through an act of parliament) or prerogative powers.
The prerogative refers to powers that government ministers have, which do not require the consent of parliament. For example, to enter international treaties or wars, or the ability to call an election.
The monarch also retains some prerogative powers – for example, to appoint or dismiss a prime minister, and to summon or prorogue (end a session of) parliament. But by convention, the monarch fulfils these functions in a ceremonial and symbolic capacity – without input in the decisions. In reality, they merely follow the advice of the prime minister on these matters.
Importantly, prerogative powers can only be used when legislation does not exist to the contrary – and the UK government cannot arbitrarily change prerogative powers or create new ones.
One way a Musk-style takeover would struggle in the UK is if a proposed change affected primary legislation and left it redundant. It has been established since 1610 that prerogative powers cannot be used to change or make law without parliament.
To give hypothetical examples: if the UK government tried to exercise its powers in a way which ran contrary to the International Development Act, failed to fulfil a legally promised government function, or went against human rights obligations, they would be doing so contrary to UK constitutional principles – not least parliamentary sovereignty, separation of powers, and the rule of law.
Should this happen, the courts can intervene. This was tested in Miller 1, the legal case over whether the prime minister alone had the power to leave the EU, or whether parliamentary approval was needed. It was decided that the government could not rely on its prerogative powers to trigger Brexit without parliament’s approval, as this would change primary law.
And, as was clear when it came to Boris Johnson’s decision to prorogue parliament, the Supreme Court will nullify government action which it deems unconstitutional.
In this sense, it is a well-established common law principle that judges will rely on the rule of law to check what the government is doing, and would view parliament as never truly intending to pass any law which would exclude that oversight. Any attempt to legislate to block courts from having that check would be an unconstitutional violation.
Here, the UK has the advantage of a strong independence of the courts. Since 2006, judicial appointments have been the responsibility of an independent commission. There is also a separate, independent selection process for the Supreme Court. This effectively bars the prime minister from changing the composition of the courts in the same way the US president can.
Some may be minded that, if a reformist government had a majority in parliament and existing laws were preventing change in the UK, then it could easily change the law through an act of parliament. This was the risk of the now-defunct Rwanda plan, where the government effectively tried, through legislation, to overrule the Supreme Court and send asylum seekers to Rwanda.
Should this have continued, it would probably have faced legal challenges at the European court of human rights. Here is where efforts to remove the UK from the European convention on human rights, or to repeal the Human Rights Act, would have become consequential.
Read more:
How the bill to declare Rwanda a ‘safe’ country for refugees could lead to a constitutional crisis
Of course, even with the strongest majorities, backbench MPs do not always vote with their government, and would be less likely to do so if the leader was attempting to do something extreme, unprincipled and unconscionable.
We would be in relatively uncharted constitutional waters if the prime minister then ignored a Supreme Court ruling. But while rarely used, there are mechanisms available to parliament in such cases to use motions of no confidence in the government to instigate change to the executive.
Unless the law is radically changed, the machinery of parliament, with the checks and balances of the Supreme Court, would make a US-style overhaul challenging – if not, theoretically, impossible. But while it is not codified into one text, the UK does still have a constitution and the safeguards that come with it – as well as hundreds of years of convention to back it up.
Stephen Clear does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Could Elon Musk’s government takeover happen in the UK? A constitutional law expert’s view – https://theconversation.com/could-elon-musks-government-takeover-happen-in-the-uk-a-constitutional-law-experts-view-249544
Source: United Kingdom – Executive Government & Departments 3
First-of-its-kind international defence trade mission to Kyiv deepens industry ties between Ukraine and its allies
The UK and allies have deepened industry ties with Ukraine by leading a first-of-its-kind international defence trade mission to Kyiv this week.
Led by the Minister for the Armed Forces, the trade delegation, which included Norway and The Netherlands, met with Ukrainian ministers, officials, and industry partners to strengthen strategic partnerships and enhance defence cooperation in support of Ukraine.
This was the fifth trade mission to Ukraine by Britain’s Task Force HIRST, but the first in conjunction with allies, setting a blueprint for future trade missions to be international as the norm.
Following the visit, UK companies have agreed to work more closely with Ukrainian partners, agreeing to new commitments that will build on previous agreements and boost their capabilities.
Despite a significant Russian airstrike targeting Kyiv on Wednesday morning this week, which killed one innocent civilian, the trade mission went ahead successfully, highlighting that the UK and our Allies will not be intimidated by Putin’s brutal tactics.
With firms across the UK ramping up defence production to meet Ukraine’s requirements, support for Ukraine will directly boost the UK defence sector, create UK jobs, and deliver on this Government’s growth agenda and Plan for Change.
The UK is continuing to lead the way on global support for Ukraine. By strengthening defence industry ties with allies, we are providing Ukraine with the firepower it needs on the battlefield, whilst bolstering our own defence industrial base —creating jobs and driving investment.
Our partnerships with The Netherlands, Norway, and Ukraine will help build resilient supply chains to ensure we put Ukraine in the strongest possible position to achieve a just and lasting peace through strength.
We will stand with our allies to support Ukraine for as long as it takes.
The Minister, along with officials from the Ministry of Defence and Department for Business and Trade, attended meetings focused on continuing to develop the industrial relationship with Ukraine, boosting their capabilities on the battlefield, whilst supporting growth back in the UK.
The Ministry of Defence set up Task Force HIRST to drive increases in UK, Ukrainian and allies’ industrial capacity to support the Armed Forces of Ukraine, as well as national military resilience.
Our continued industrial partnership with the Ukraine will be pivotal if we are to strengthen our collective security. It is an honour for ADS and our members to work in such close collaboration with Ukraine.
UK support to Ukraine has, at its heart, the knowledge that helping Ukraine is protecting our values and way of life.
The visit coincided with the NATO meeting of defence ministers, where the Defence Secretary announced a new £150 million package of military aid to Ukraine.
The £150 million package includes thousands of drones, dozens of battle tanks and more than 50 armoured and protective vehicles to be deployed to Ukraine by the end of spring, building on the thousands of pieces of equipment the UK has already given to Ukraine.
In a boost to the UK’s economy, the package also includes a multi-million-pound contract with UK defence firm Babcock, who will train Ukrainian personnel to maintain and repair crucial equipment such as Challenger 2 tanks, self-propelled artillery, and combat reconnaissance vehicles inside Ukraine. Through this agreement, equipment can be serviced and returned to the frontline quicker.
This is part of the UK’s unprecedented £4.5 billion pledge for Ukraine this year, its highest-ever level.
The Government is clear that the security of the UK starts in Ukraine and is therefore committed to Ukraine’s long-term security as a foundation for the government’s Plan for Change.
Published 14 February 2025
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Lake Ridge Bancorp, Inc. (OTCQX: LRBI), the holding company for Lake Ridge Bank, has qualified to trade on the OTCQX® Best Market.
Lake Ridge Bancorp, Inc. begins trading today on OTCQX under the symbol “LRBI.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
“We are so pleased to transition our stock trading activity to the OTC Markets Group Inc. With approximately 1,400 shareholders, we believe this is an appropriate step in providing our owners greater liquidity options as we continue to focus on long term shareholder value,” says Jim Tubbs, CEO of Lake Ridge Bank.
About Lake Ridge Bancorp, Inc.
Lake Ridge Bancorp, Inc. is the parent company of Lake Ridge Bank, which offers a full range of business and personal financial services, including business, real estate, agricultural, and consumer lending; crop insurance; wealth management and financial advisory services. With roots dating back to 1897, the bank is headquartered in Monona, Wisconsin with operations throughout southern Wisconsin. Lake Ridge Bank has approximately $3.0 billion in total assets and is the sixth largest bank in Wisconsin.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.
Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
Source: International Chamber of Commerce
Headline: Global Trade Outlook 2025: Industry Insights
Our recent industry consultations and roundtables reveal pressing concerns from the global business community:
The following key priorities emerged from our consultations and roundtables:
ICC calls for three concrete actions:
Download the full policy brief for more insights from our business consultations.
Connect with our trade experts to share your perspectives or learn more about ICC’s trade initiatives:
Valerie Picard, Head of Trade
Mélanie Laloum, Lead Economist
Source: Reserve Bank of India
|
The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹5.80 lakh (Rupees Five Lakh Eighty Thousand only) on Shriram Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005 The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company. (Puneet Pancholy) Press Release: 2024-2025/2173 |
Source: Africa Press Organisation – English (2) – Report:
BEIJING, China, February 14, 2025/APO Group/ —
Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.
The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018 and another US$400 million loan in 2023. This renewed partnership will focus on financing trade and investment projects in key sectors such as clean energy, transportation, telecommunications, and climate change mitigation, while also facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.
“Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth,” said Samaila Zubairu, President & CEO of AFC. “Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”
AFC has been steadily expanding its presence in the Chinese financial markets recently securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. These ratings demonstrate AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. AFC also finalised a US$1.16 billion syndicated loan last year, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.
This collaboration underscores AFC and CEXIM’s mutual goal of fostering economic integration and sustainable development across Africa. Through this partnership, the two institutions will work together to mobilise funding for high-impact projects, enhance trade finance solutions, and support private sector growth across the continent.
Source: Hong Kong Government special administrative region
Import of poultry eggs from Raigarh District of Chhattisgarh State in India suspended
Import of poultry eggs from Raigarh District of Chhattisgarh State in India suspended
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The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (February 14) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in the Raigarh District of Chhattisgarh State in India, the CFS has instructed the trade to suspend the import of poultry eggs from the area with immediate effect to protect public health in Hong Kong. A CFS spokesman said that Hong Kong has currently established a protocol with India for the import of poultry eggs but not for poultry meat. According to the Census and Statistics Department, no eggs were imported into Hong Kong from India last year. ”The CFS has contacted the Indian authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.
Ends/Friday, February 14, 2025Issued at HKT 18:35
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Source: Government of India (2)
Bharat Tex 2025 features a comprehensive showcase of India’s textile ecosystem, covering everything from raw materials and fibers to finished products, technical textiles, home furnishings, and high-end fashion.
Bharat Tex 2025 has attracted participation from global textile giants, brands, and industry bodies
Posted On: 14 FEB 2025 4:04PM by PIB Delhi
The Union Minister of Textiles, Shri Giriraj Singh, visited Bharat Tex 2025 on its opening day today at Bharat Mandapam, New Delhi. Organized by the consortium of 12 Textile Export Promotion Councils and supported by the Ministry of Textiles, this main event is being held from February 14-17, 2025 at the Bharat Mandapam, New Delhi, and will cover the entire value chain of textiles, from raw materials and fibers to finished products, technical textiles, home furnishings, and high-end fashion. Related exhibitions such as accessories, garment machinery, dyes and chemicals and handicrafts, are being held from February 12 to 15 at the India Expo Centre and Mart Greater Noida.
Bharat Tex 2025 is one of the world’s largest textile expos, bringing together policymakers, industry leaders, global brands, and stakeholders from across the textile value chain under one roof. With over 5,000 exhibitors and participation from more than 120 countries, Bharat Tex 2025 has drawn significant global interest, reflecting India’s growing influence in textile trade.
This year’s event is built around the twin themes of resilient global value chains and textile sustainability. This mega textile event offers a range of activities, covering a global sized trade fair and expo, a global scale textiles conference, seminars, CEO roundtables, and B2B and G2G meetings. It will also feature strategic investment discussions, product launches, and collaborations poised to reshape the global textile industry. Dedicated buyer-seller meets, policy roundtables and networking sessions will enhance international business collaborations, reinforcing India’s position as a preferred global sourcing destination.
With participation from leading textile manufacturers, global retail giants, and industry associations, Bharat Tex 2025 is set to facilitate high-value trade discussions and partnerships. The event will host over 70 conference sessions, featuring top international speakers, industry veterans, and policymakers discussing key topics such as global trade shifts, technical textiles, AI-driven manufacturing, and the future of sustainable fashion.
Fusion of India’s historical textile expertise with contemporary trends will be a highlight of the event. Fashion shows, trend forecasts, and product launches will provide a glimpse into the future of textiles, while traditional displays and cultural performances will celebrate the enduring legacy of Indian craftsmanship. This year’s event also enforces India’s 5F vision – Farm to Fibre, Fabric, Fashion, and Foreign Markets, positioning the country as a reliable and sustainable sourcing destination for global textile companies.
Bharat Tex 2025 promises to be a celebration of the textile industry’s past, present, and future. It aims to be a key influencer in shaping global textile trends, driving innovation, and promoting sustainability. As the industry looks towards more integrated and sustainable practices, Bharat Tex 2025 will undoubtedly play a pivotal role in this transformative journey.
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Dhanya Sanal K
(Release ID: 2103223) Visitor Counter : 19
Source: Hong Kong Government special administrative region
HKETO Jakarta celebrates Year of Snake in Manila (with photos)
HKETO Jakarta celebrates Year of Snake in Manila (with photos)
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The Hong Kong Economic and Trade Office, Jakarta (HKETO Jakarta) hosted a business seminar and luncheon entitled Building a Stronger Future: The Synergistic Power of Fintech and Logistics in Manila, the Philippines, today (February 14) to celebrate the Year of the Snake. Some 200 guests from the local government, business, academic, cultural and media sectors attended the event. In her welcome speech, the Director-General of the HKETO Jakarta, Miss Libera Cheng, noted that commercial and people-to-people ties between Hong Kong and the Philippines have continued to develop. Bilateral trade in goods amounted to US$13.9 billion last year, and Hong Kong was the fifth-largest trading partner and third-largest export market of the Philippines. “The Philippines is Hong Kong’s largest source of tourist arrivals from the Association of Southeast Asian Nations (ASEAN). We welcomed close to 1.2 million Filipino visitors last year, far exceeding pre-pandemic levels. Hong Kong International Airport (HKIA) is connected to five major cities in the Philippines, not only enabling tourists to visit Hong Kong with ease, but also serving as an important international gateway to the Philippines. As we press ahead with the Skytopia airport city plan, HKIA will become a new world-leading commercial and logistics landmark.” Miss Cheng added that fintech and logistics are the economic pillars of the future. Their synergistic power has driven the rapid growth of e-commerce and other sectors. In this regard, the Chief Executive introduced in his 2024 Policy Address a series of relevant measures, including expanding the geographical coverage of “E‑commerce Easy” under the Dedicated Fund on Branding, Upgrading and Domestic Sales to ASEAN countries, and holding the Hong Kong Shopping Festival in the ASEAN market in due course to help small and medium-sized enterprises tap into the local e‑commerce sales market. “We also welcome Philippine enterprises to make use of various business-friendly measures, such as the reduction in the duty rate for liquor last year and the world-class gold storage facilities at HKIA, to fully leverage Hong Kong’s role as an international financial and trade centre.” The Acting Deputy Director (Commercial Relations) of the HKETO Jakarta, Ms Ida Ho, moderated the subsequent panel discussion to explore with local industry leaders the latest developments of the relevant sectors and explore opportunities for co-operation between the two places. Dignitaries attending the dinner included the Chinese Ambassador to the Philippines, Mr Huang Xilian; the Undersecretary of the Department of Trade and Industry of the Philippines, Ms Mary Jean Pacheco; the Mayor of Taguig, Ms Maria Laarni Lopez Cayetano; the Regional Director of South East Asia and South Asia of the Hong Kong Trade Development Council, Mr Ronald Ho; and senior representatives from major local business chambers. The HKETO Jakarta will be hosting events in Malaysia in the coming two weeks to celebrate Chinese New Year.
Ends/Friday, February 14, 2025Issued at HKT 13:40
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