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Israel under missile attack, Iran says all options open after US strikes

US, Israel and Iran flags are seen in this illustration taken June 18, 2025. — REUTERS/DADO RUVIC/ILLUSTRATION

JERUSALEM/WASHINGTON — Israel faced a missile attack on Sunday as Iran said it reserved all options to defend itself after unprecedented U.S. strikes that President Donald Trump said had “obliterated” its key nuclear facilities.

Hours after Trump dramatically escalated Middle East tensions by sending B-2 bombers to Iran, the Israeli military warned people to seek cover from a barrage that appeared heavier than the Iranian salvoes fired in the past few days.

“The events this morning are outrageous and will have everlasting consequences,” said Iranian Foreign Minister Abbas, calling the U.S. strikes a “grave violation” of the U.N. charter, international law and the nuclear Non-Proliferation Treaty.

“Iran reserves all options to defend its sovereignty, interest, and people,” Araqchi posted on X.

Iran’s Atomic Energy Organization said it would not allow development of its “national industry” to be stopped, and an Iranian state television commentator said every U.S. citizen or military member in the region would be legitimate targets.

Israel’s ambulance service said at least 16 people were hurt in the morning barrage.

Air raid sirens sounded across most of the country, sending millions of people to safe rooms and bomb shelters as explosions rang out and missile interceptions were seen above Jerusalem and in other parts of the country.

It was not immediately clear how many missiles had pierced Israel’s air defence systems, but police confirmed at least three impact sites in residential areas in central and northern Israel.

Video from Israel’s commercial hub Tel Aviv and the port city of Haifa further north showed rescue teams combing through debris, apartments reduced to rubble, mangled cars along a street filled with debris and medics evacuating injured people from a row of blown out houses.

Most airlines continued to avoid large parts of the Middle East after the U.S. strikes, according to flight tracking website FlightRadar24, with traffic already skirting airspace in the region due to recent missile exchanges.

TRUMP SAYS IRAN FACES ‘PEACE OR TRAGEDY’
Trump, in a televised address to the U.S. people, flanked by Vice President JD Vance, Defense Secretary Pete Hegseth and Secretary of State Marco Rubio, called the strikes a “spectacular military success” that had taken out Iran’s three principal nuclear sites: Natanz, Isfahan and Fordow.

He warned Tehran it would face more devastating attacks if it does not agree to peace.

After days of deliberation and long before his self-imposed two-week deadline, Trump’s decision to join Israel’s military campaign against its major rival Iran is the biggest foreign policy gamble of his two presidencies and one fraught with risks and unknowns.

The major escalation of armed conflict in the Middle East risks opening a new era of instability in the Middle East.

Trump said Iran’s future held “either peace or tragedy,” and there were many other targets that could be hit by the U.S. military. “If peace does not come quickly, we will go after those other targets with precision, speed and skill.”

The U.S. contacted Iran diplomatically on Saturday to say the strikes are all the U.S. plans and it does not aim for regime change, CBS News reported.

Trump told Fox News’ Sean Hannity show that six “bunker-buster” bombs were dropped on the deep-underground Fordow facility, while 30 Tomahawk missiles were fired against other nuclear sites. U.S. B-2 bombers were involved in the strikes, a U.S. official told Reuters, speaking on condition of anonymity.

Reuters had reported the movement of the B-2 bombers, which can be equipped to carry the massive bombs that experts say would be needed to strike Fordow, which is buried beneath a mountain south of Tehran. Given its fortification, it will likely be days, if not longer, before the impact of the strikes is known.

An Iranian official, cited by Tasnim news agency, confirmed part of the Fordow site was attacked by “enemy airstrikes.” However, Mohammad Manan Raisi, a lawmaker for Qom, near Fordow, told the semi-official Fars news agency the facility had not been seriously damaged.

A reporter from Iranian state media IRNA reporter said he had arrived near the Fordow site at 3 a.m. (2330 GMT on Saturday) and saw smoke that “seems to be related to air defences”. He quoted a nearby witness as reporting “six explosions were heard, but they said it wasn’t very loud.”

DIPLOMATIC FAILURE
The U.N. nuclear watchdog said no increases in off-site radiation levels had been reported after the U.S. strikes.

Hassan Abedini, deputy political head of Iran’s state broadcaster, said Iran had evacuated the three sites some time ago.

“The enriched uranium reserves had been transferred from the nuclear centres and there are no materials left there that, if targeted, would cause radiation and be harmful to our compatriots,” he told the channel.

Israeli Prime Minister Benjamin Netanyahu congratulated Trump on his “bold decision”, saying, “History will record that President Trump acted to deny the world’s most dangerous regime, the world’s most dangerous weapons.”

Israel and Iran have been engaged in more than a week of aerial combat that has resulted in deaths and injuries in both countries. Israel launched its attacks on June 13, saying Iran was on the verge of developing nuclear weapons.

Iran says its nuclear programme is for peaceful purposes only. Israel is widely assumed to possess nuclear weapons, which it neither confirms nor denies.

Diplomatic efforts by Western nations to stop the hostilities have so far failed. U.N. Secretary-General Antonio Guterres called the U.S. strikes a “dangerous escalation in a region already on the edge – and a direct threat to international peace and security.”

In the U.S., Democratic lawmakers and some from Trump’s Republican Party have argued that he must receive permission from Congress before committing the U.S. military to any combat against Iran.

At least 430 people have been killed and 3,500 injured in Iran since Israel began its attacks, Iranian state-run Nour News said, citing the health ministry.

In Israel, 24 civilians have been killed and 1,272 people injured, according to local authorities. — Reuters

Investors brace for oil price spike, rush to havens after US bombs Iran nuclear sites

MODELS of oil barrels and a pump jack are displayed in this illustration photo taken on Feb. 24, 2022. — REUTERS

NEW YORK — A US attack on Iranian nuclear sites could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy.

The attack, which was announced by President Donald Trump on social media site Truth Social, deepens US involvement in the Middle East conflict. That was the question going into the weekend, when investors were mulling a host of different market scenarios.

In the immediate aftermath of the announcement, they expected the US involvement was likely to cause a selloff in equities and a possible bid for the dollar and other safe-haven assets when trading begins, but also said much uncertainty about the course of the conflict remained.

Trump called the attack “a spectacular military success” in a televised address to the nation and said Iran’s “key nuclear enrichment facilities have been completely and totally obliterated”. He said the US military could go after other targets in Iran if the country did not agree to peace.

“I think the markets are going to be initially alarmed, and I think oil will open higher,” said Mark Spindel, chief investment officer at Potomac River Capital.

“We don’t have any damage assessment and that will take some time. Even though he has described this as ‘done’, we’re engaged. What comes next?” Spindel said.

“I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It’s going to raise uncertainty and volatility, particularly in oil,” he added.

Spindel, however, said there was time to digest the news before markets open and said he was making arrangements to talk to other market participants.

OIL PRICES, INFLATION
A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts.

“This adds a complicated new layer of risk that we’ll have to consider and pay attention to,” said Jack Ablin, chief investment officer of Cresset Capital. “This is definitely going to have an impact on energy prices and potentially on inflation as well.”

While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13.

Before the US attack on Saturday, analysts at Oxford Economics modeled three scenarios, including a de-escalation of the conflict, a complete shutdown in Iranian oil production and a closure of the Strait of Hormuz, “each with increasingly large impacts on global oil prices.”

In the most severe case, global oil prices jump to around $130 per barrel, driving US inflation near 6% by the end of this year, Oxford said in the note.

“Although the price shock inevitably dampens consumer spending because of the hit to real incomes, the scale of the rise in inflation and concerns about the potential for second-round inflation effects likely ruin any chance of rate cuts in the US this year,” Oxford said in the note, which was published before the US strikes.

In comments after the announcement on Saturday, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level in a few days as the attacks could lead Iran to seek a peace deal with Israel and the United States.

“With this demonstration of force and total annihilation of its nuclear capabilities, they’ve lost all of their leverage and will likely hit the escape button to a peace deal,” Cox said.

Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump’s tariffs.

Still, any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead.

On average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro.

DOLLAR WOES
An escalation in the conflict could have mixed implications for the US dollar, which has tumbled this year amid worries over diminished US exceptionalism.

In the event of US direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said.

“Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger,” said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. “It’s hard to imagine stocks not reacting negatively and the question is how much. It will depend on Iranian reaction and whether oil prices spike.” — Reuters

Panasonic Manufacturing Philippines Corp. to virtually convene stockholders for its Annual Meeting on July 18

PANASONIC MANUFACTURING PHILIPPINES CORPORATION

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

Notice is hereby given that the 2025 Annual Shareholders’ Meeting of PANASONIC MANUFACTURING PHILIPPINES CORPORATION (PMPC) will be held on July 18, 2025 (Friday) at 3:00 PM. The meeting will be conducted virtually via Microsoft Teams. Stockholders can therefore only attend the meeting by remote communication.

The following shall be the agenda of the meeting:

  1. National Anthem
  2. Call to Order
  3. Proof of Notice of the Annual Stockholders’ Meeting and Establishment of Quorum
  4. Approval of Minutes of July 19, 2024, Annual Stockholders’ Meeting
  5. President’s Annual Report
  6. Financial Reports
  7. Ratification of all acts, resolutions and proceedings of the Board of Directors and Management since 2024 Annual Stockholders’ Meeting
  8. Election of Directors
  9. Election of External Auditor
  10. Other Business
  11. Adjournment

The Board of Directors have fixed the close of business on June 27, 2025, as of the record date for the determination of stockholders entitled to notice of, to attend and vote at the said Annual Stockholders’ Meeting.

Stockholders who intend to participate or be represented in the virtual meeting shall first pre-register and submit the following requirements via email to asmregistration@ph.panasonic.com not later than July 15, 2025, subject to validation procedures to gain access to the secure on-line meeting link:

1. Individual Stockholders

i. Scanned copy of Stockholder’s valid and government-issued ID showing photo, signature and personal details, preferably with residential address.

ii. A valid and active email address and contact number.

2. Corporate Stockholders

i. A Secretary’s certificate attesting to the authority of the representative to participate by remote communication for, and on behalf of the Corporation.

ii. Scanned copy of Stockholder’s valid and government-issued ID showing photo, signature and personal details, preferably with residential address

iii. A valid and active email address and contact number

Once validated, the successful registrant will receive a confirmation and an electronic invitation via email with a complete guide on how to join the virtual meeting. For any registration concerns, you may get in touch with asmregistration@ph.panasonic.com care of Mr. Franciso Tolentino or go to https://www.panasonic.com/ph/corporate/profile/ir.html for reference and other details. A stockholder, who fails to comply with the registration requirement will not be able to participate in the virtual ASM.

Stockholders, who cannot join the virtual meeting may send their authorized representatives on their behalf. They may download, fill-out and sign the sample proxy form found in https://www.panasonic.com/ph/corporate/profile/ir.html and send a scanned copy to asmregistration@ph.panasonic.com not later than July 15, 2025.

Stockholders who provide their personal information shall be deemed to agree to the collection and processing of their personal information in accordance with Company’s privacy policy for its Regular Annual Stockholders’ Meeting posted on its website.

Electronic and relevant copies of the Notice of Meeting. Definitive Information Statement, and other related documents in connection with the meeting may be accessed through any of the following options:

  1. Go to the PMPC website via this link:
  2. Go to the PSE EDGE portal via https://edge.pse.com.ph/
  3. Request for a copy by sending an e-mail to: asmregistration@ph.panasonic.com

The Company shall entertain questions and comments from the stockholders only during discussion of other matters. Questions and comments must be submitted either in advance or during the meeting by e-mail to the Office of the Corporate Secretary at mzmlaw@yahoo.com. Questions, which will not be answered during the meeting shall be forwarded to the Office of the Corporate Secretary for the appropriate response.

Taytay, Rizal
13 June 2025

ATTY. MAMERTO Z. MONDRAGON

Corporate Secretary

 


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Panasonic Manufacturing Philippines Corp. to virtually convene stockholders for its Annual Meeting on July 18

PANASONIC MANUFACTURING PHILIPPINES CORPORATION

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

Notice is hereby given that the 2025 Annual Shareholders’ Meeting of PANASONIC MANUFACTURING PHILIPPINES CORPORATION (PMPC) will be held on July 18, 2025 (Friday) at 3:00 PM. The meeting will be conducted virtually via Microsoft Teams. Stockholders can therefore only attend the meeting by remote communication.

The following shall be the agenda of the meeting:

  1. National Anthem
  2. Call to Order
  3. Proof of Notice of the Annual Stockholders’ Meeting and Establishment of Quorum
  4. Approval of Minutes of July 19, 2024, Annual Stockholders’ Meeting
  5. President’s Annual Report
  6. Financial Reports
  7. Ratification of all acts, resolutions and proceedings of the Board of Directors and Management since 2024 Annual Stockholders’ Meeting
  8. Election of Directors
  9. Election of External Auditor
  10. Other Business
  11. Adjournment

The Board of Directors have fixed the close of business on June 27, 2025, as of the record date for the determination of stockholders entitled to notice of, to attend and vote at the said Annual Stockholders’ Meeting.

Stockholders who intend to participate or be represented in the virtual meeting shall first pre-register and submit the following requirements via email to asmregistration@ph.panasonic.com not later than July 15, 2025, subject to validation procedures to gain access to the secure on-line meeting link:

1. Individual Stockholders

i. Scanned copy of Stockholder’s valid and government-issued ID showing photo, signature and personal details, preferably with residential address.

ii. A valid and active email address and contact number.

2. Corporate Stockholders

i. A Secretary’s certificate attesting to the authority of the representative to participate by remote communication for, and on behalf of the Corporation.

ii. Scanned copy of Stockholder’s valid and government-issued ID showing photo, signature and personal details, preferably with residential address

iii. A valid and active email address and contact number

Once validated, the successful registrant will receive a confirmation and an electronic invitation via email with a complete guide on how to join the virtual meeting. For any registration concerns, you may get in touch with asmregistration@ph.panasonic.com care of Mr. Franciso Tolentino or go to https://www.panasonic.com/ph/corporate/profile/ir.html for reference and other details. A stockholder, who fails to comply with the registration requirement will not be able to participate in the virtual ASM.

Stockholders, who cannot join the virtual meeting may send their authorized representatives on their behalf. They may download, fill-out and sign the sample proxy form found in https://www.panasonic.com/ph/corporate/profile/ir.html and send a scanned copy to asmregistration@ph.panasonic.com not later than July 15, 2025.

Stockholders who provide their personal information shall be deemed to agree to the collection and processing of their personal information in accordance with Company’s privacy policy for its Regular Annual Stockholders’ Meeting posted on its website.

Electronic and relevant copies of the Notice of Meeting. Definitive Information Statement, and other related documents in connection with the meeting may be accessed through any of the following options:

  1. Go to the PMPC website via this link:
  2. Go to the PSE EDGE portal via https://edge.pse.com.ph/
  3. Request for a copy by sending an e-mail to: asmregistration@ph.panasonic.com

The Company shall entertain questions and comments from the stockholders only during discussion of other matters. Questions and comments must be submitted either in advance or during the meeting by e-mail to the Office of the Corporate Secretary at mzmlaw@yahoo.com. Questions, which will not be answered during the meeting shall be forwarded to the Office of the Corporate Secretary for the appropriate response.

Taytay, Rizal
13 June 2025

ATTY. MAMERTO Z. MONDRAGON

Corporate Secretary

 


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[B-SIDE Podcast] Beyond the hype: Building ethical AI for human flourishing

Follow us on Spotify BusinessWorld B-Side

“This B-Side episode delves into the world of AI and ethics with Carl M. Javier, chief AI ethicist and executive director of Data and AI Ethics PH. It explores how artificial intelligence, a technology disruptive in both good and bad ways, impacts human dignity.

While AI can worsen inequality – posing challenges for nations like the Philippines that still grapple with Internet access – making this technology “”more human”” depends on collective efforts to define humanity and build equitable systems.

Interview by Patricia Mirasol
Audio editing by Jayson Mariñas

Follow us on Spotify BusinessWorld B-Side

VIYLine MSME Caravan heads to SM City Fairview this June 18-24

Locally made goodies await you — discover your next favorite snack at the VIYLine MSME Caravan at SM City Fairview from June 18-24.

Quezon City, are you ready? From June 18 to 24, the VIYLine MSME Caravan is making its next big stop at SM City Fairview, bringing together some of the most exciting local brands in one dynamic celebration of Filipino entrepreneurship, creativity, and grit.

Following the success of its earlier legs in SM City Dasmariñas, SM City Bacoor, SM City San Pablo, SM City Santa Rosa, and SM City Calamba, the VIYLine MSME Caravan has been winning hearts — and carts — across the country. With each stop, the movement continues to shine a spotlight on micro, small, and medium enterprises (MSMEs) that represent the best of local innovation and style.

Support Filipino entrepreneurs and score your next wardrobe staple at the VIYLine MSME Caravan.

Organized by VIYline Group of Companies in partnership with SM Supermalls, this highly anticipated caravan gives MSMEs a platform to showcase their proudly Pinoy products — from beauty and skincare essentials, healthy snacks, fashion and lifestyle pieces, to charming home finds.

More than just a shopping destination, the VIYline MSME Caravan is a platform for discovery: of new favorites, of small business stories, and of the Filipino dream in action. With interactive booths, exclusive deals, and exciting surprises, this is the perfect place to support local and shop with purpose.

Spice up your meals with proudly Pinoy flavors, such as Cong TV’s King Sisig in a Jar: Pork BBQ and Lechon Sisig.

“SM remains committed to helping Filipino MSMEs thrive by giving them meaningful opportunities to grow in high-foot-traffic spaces,” said SM Supermalls Executive Vice-President for Marketing Jonjon San Agustin. “Through our collaboration with VIYline, we continue to create spaces where small businesses can shine and scale.”

So if you’re looking to explore new finds, meet local entrepreneurs, and celebrate Filipino talent, make sure to swing by the VIYline MSME Caravan at SM City Fairview from June 18 to 24.

The VIYLine MSME Caravan showcases exciting local brands and Filipino entrepreneurship.

Support local. Spark change. Be part of the VIYline MSME Caravan movement.

About SM Supermalls MSMEs

SM Supermalls, owned by SM Prime Holdings, is the leading mall developer and operator in the Philippines. As a staunch advocate for MSMEs, SM Supermalls is dedicated to helping Filipino entrepreneurs succeed. Join our thriving marketplace across 80+ malls nationwide. Visit msme.smsupermalls.com to download your MSME application or email us at customercare@smsupermalls.com with your most innovative product and preferred location. Don’t miss this opportunity to grow your business with SM Supermalls today!

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Philippines to step in should peso weakness threaten prices

BW FILE PHOTO

Philippine central bank Governor Eli M. Remolona Jr. said authorities are prepared to intervene more strongly in the foreign-exchange market should the decline in the peso threaten inflation.

“The effect of the exchange rate on inflation depends on how big the depreciation is, and we have estimates of that threshold,” Mr. Remolona said in an interview with CNBC on Friday. “We would come in somewhat more forcefully than before” once such threshold is breached, he said.

While Mr. Remolona reiterated his comments this week that it would be futile to step in to defend the peso in the face of the dollar’s strength, he is also outlining the limit of the central bank’s tolerance for weakness in the currency.

“We do worry about the peso weakening too much; at some point it becomes inflationary,” the Bangko Sentral ng Pilipinas (BSP) governor said.

The peso slid about 2.6% this month, the worst performer in emerging markets, as higher oil prices fueled by the Israel-Iran tensions weighed on sentiment. The Philippines imports almost all of its oil requirement, making the currency vulnerable to rising energy costs globally.

The peso rose 0.5% to 57.15 per dollar on Friday, snapping eight days of losses. — Bloomberg

UK eyes to double bilateral trade with Philippines

REUTERS

By Justine Irish D. Tabile, Reporter

United Kingdom (UK) Trade Envoy George Freeman MP said that he is looking to identify deep partnership areas that could help double bilateral trade in the next three to four years.

“Over the next three or four years, I am looking to identify some strategic projects and deep partnership areas that we could develop,” Mr. Freeman told reporters in a roundtable discussion on Friday.

“There are a few areas that I am keen to explore. But by deepening and having a strategic partnership, I think that three billion number, I would like to increase that substantially over the next three or four years,” he added.

Bilateral trade between the Philippines and the UK reached an all-time high last year of 3 billion pounds.

Mr. Freeman is in the Philippines for a three-day mission to meet business leaders and government officials.

Asked if it is possible to double the bilateral trade in the next three to four years, he said, “Yes, is basically the answer. And this is really the point I was making about strategic partnerships.”

“If we develop a partnership around the digital economy, cybersecurity, tackling fraud, and giving Filipinos access to secure online trading, that alone, over the next five or ten years, if we are serious about it, can bring in a lot more UK investment into the Philippines,” he added.

He said that such fundamental and structural partnerships create a growth engine of their own.

In 2024, the Philippines ended at a surplus in terms of trade with the UK, exporting approximately 1.8 billion pounds.

Lindsey Gilbert-Crouch, director of trade and investment at the British Embassy Manila, said that the food industry is among the potential areas for growth in terms of Philippine exports to the UK.

“People in the UK are becoming ever more health conscious, and there is a lot of food in the Philippines that is incredibly in demand in the UK,” she said.

“So, I am thinking coconuts and coconut products, mangoes, dried fruits in particular, bananas, but really fruits and vegetables, particularly dried products, are a really key growth area,” she added.

She also said that there is also demand for Filipino artisanal products.

“They do not want fast fashion; they do not want mass-produced stuff. And this is something where Filipinos are incredibly talented,” she said.

“The most beautiful products are produced here, leather goods and other things in that area,” she added.

World Bank urges ‘radical’ debt transparency for developing countries

REUTERS

 – The World Bank is urging “radical” debt transparency for developing countries and their lenders to stave off future crises, it said in a report released on Friday.

The Bank wants to broaden the depth and detail of what sovereign countries disclose regarding new loans, as more of them enter complex, off-budget borrowing deals due to global market turmoil.

“When hidden debt surfaces, financing dries up and terms worsen,” World Bank senior managing director Axel van Trotsenburg said in a statement, adding: “Radical debt transparency, which makes timely and reliable information accessible, is fundamental to break the cycle.”

The Bank wants countries to make legal and regulatory reforms that mandate transparency when signing new loan contracts and to share more granular debt data.

It also wants more regular audits, the public release of debt restructuring terms, and for creditors to open their loan and guarantee books.

It is calling for better tools for international financial institutions to detect misreporting.

The World Bank and other multilateral banks have been pressing for years to improve lending transparency. The proportion of low-income countries reporting some debt data is now above 75%, up from below 60% in 2020.

But only 25% of them disclose loan-level information. As financing costs spike due to trade wars and geopolitical risk, more countries are using arrangements such as central bank swaps and collateralized transactions that complicate reporting.

Senegal has used private debt placements as it negotiates with the International Monetary Fund over misreporting of its previous debts, and Cameroon and Gabon have also used what are known as “off-screen” deals.

Angola recently had to pay a $200-million margin call after a rout in its bond prices. In Nigeria, the central bank disclosed in early 2023 that billions of U.S. dollars of its foreign exchange reserves were tied up in complex financial contracts negotiated by the previous leadership.

The Bank said broader loan coverage and deeper loan-by-loan disclosures would enable the international community to fully assess public debt exposure. – Reuters

Rights abuses continue in North Korea a decade after probe, says UN investigator

A North Korea flag flutters next to concertina wire at the North Korean embassy in Kuala Lumpur, Malaysia March 9, 2017. — REUTERS/EDGAR SU/FILE PHOTO

 – A decade after a landmark U.N. report concluded North Korea committed crimes against humanity, a U.N. official investigating rights in the isolated state told Reuters many abuses continue, exacerbated by COVID-era controls that have yet to be lifted.

James Heenan, who represents the U.N. High Commissioner for Human Rights in Seoul, said he is still surprised by the continued prevalence of executions, forced labor and reports of starvation in the authoritarian country.

Later this year Heenan’s team will release a follow-up report to the 2014 findings by the Commission of Inquiry on Human Rights in the Democratic People’s Republic of Korea, which said the government had committed “systematic, widespread and gross human rights violations” that constituted crimes against humanity.

DPRK is North Korea’s official name.

While the conclusions of this year’s report are still being finalized, Heenan told Reuters in an interview that the last 10 years have seen mixed results, with North Korea’s government engaging more with some international institutions, but doubling down on control at home.

“The post-COVID period for DPRK means a period of much greater government control over people’s lives and restrictions on their freedoms,” he said in the interview.

North Korea’s embassy in London did not answer phone calls seeking comment. The government has in the past denied abuses and accused the U.N. and foreign countries of trying to use human rights as a political weapon to attack North Korea.

Reuters investigation in 2023 found leader Kim Jong Un had spent much of the COVID pandemic building a massive string of walls and fences along the previously porous border with China, and later built fences around the capital of Pyongyang.

A report this week by the Washington-based Center for Strategic and International Studies said the COVID pandemic raged in North Korea for more than two years before the regime admitted in May 2022 that the virus had permeated its borders, and that the regime bungled the response in a way that violated freedoms and left most citizens to fend for themselves.

On Wednesday SI Analytics, a Seoul-based satellite imagery firm, released a report noting North Korea is renovating a key prison camp near the border with China, possibly in response to international criticism, while simultaneously strengthening physical control over prisoners under the pretense of facility improvement.

Heenan said his team has talked to more than 300 North Koreans who fled their country in recent years, and many expressed despair.

“Sometimes we hear people saying they sort of hope a war breaks out, because that might change things,” he said.

A number of those interviewees will speak publicly for the first time next week as part of an effort to put a human face on the U.N. findings.

“It’s a rare opportunity to hear from people publicly what they want to say about what’s happening in the DPRK,” Heenan said.

He expressed concern about funding cuts for international aid and U.N. programs around the world, which is pressuring human rights work and threatening support for North Korean refugees.

While human rights has traditionally been a politically volatile subject not only for Pyongyang but for foreign governments trying to engage with the nuclear-armed North, Heenan said the issues like prison camps need to be part of any engagement on a political settlement.

“There’s no point self-censoring on human rights, because… no one’s fooled,” he said. – Reuters

US judge blocks Trump plan to tie states’ transportation funds to immigration enforcement

WESLEY TINGEY-UNSPLASH

A federal judge on Thursday blocked President Donald Trump’s administration from forcing 20 Democratic-led states to cooperate with immigration enforcement in order to receive billions of dollars in transportation grant funding.

Chief U.S. District Judge John McConnell in Providence, Rhode Island ruled that the U.S. Department of Transportation lacked authority to require the states to cooperate with U.S. Immigration and Customs Enforcement to obtain transportation funding and that the condition violated the U.S. Constitution.

Mr. McConnell said the administration provided no plausible connection between cooperating with immigration enforcement and the purposes Congress intended for the funding, which is to support highways, bridges and other transportation projects.

“Congress did not authorize or grant authority to the Secretary of Transportation to impose immigration enforcement conditions on federal dollars specifically appropriated for transportation purposes,” Mr. McConnell wrote.

The judge, an appointee of Democratic President Barack Obama, issued a preliminary injunction preventing such a condition from being enforced against the 20 states that sued along with their government subdivisions, like cities.

The Trump administration did not respond to a request for comment. It has argued the policy was within the department’s discretion.

The ruling came in a lawsuit filed by a group of Democratic state attorneys general who argued the administration was seeking to unlawfully hold federal funds hostage to coerce them into adhering to the Republican president’s hardline immigration agenda.

They sued after U.S. Transportation Secretary Sean Duffy on April 24 notified states they could lose transportation funding if they do not cooperate with the enforcement of federal law, including with ICE in its efforts to enforce immigration law.

Since returning to office on January 20, Trump has signed several executive orders that have called for cutting off federal funding to so-called sanctuary jurisdictions that do not cooperate with ICE, as his administration has moved to conduct mass deportations.

Sanctuary jurisdictions generally have laws and policies that limit or prevent local law enforcement from assisting federal officers with civil immigration arrests.

California Attorney General Rob Bonta, in a statement, hailed McConnell’s ruling, saying Trump had been “treating these funds – funds that go toward improving our roads and keeping our planes in the air – as a bargaining chip.”

The 20 states are separately pursuing a similar case also in Rhode Island, challenging new immigration enforcement conditions the Homeland Security Department imposed on grant programs. – Reuters

The legal status of assisted dying in different countries

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 – British lawmakers will vote on Friday on whether to proceed with legislation to legalize assisted dying for the terminally ill, in what would be the biggest social reform in the country for a generation.

Below is a list of countries which let people choose to end their lives, or are considering doing so.

 

SWITZERLAND

Switzerland legalized assisted dying in 1942 on the condition the motive is not selfish, making it the first country in the world to permit the practice. A number of Swiss organizations such as Dignitas offer their services to foreign nationals.

 

UNITED STATES

Medical aid in dying, also known as physician assisted dying, is legal in 10 states: California, Colorado, Hawaii, Montana, Maine, New Jersey, New Mexico, Oregon, Vermont and Washington, plus the District of Columbia. Oregon was the first state to legalize it under a law which came into effect in 1997.

 

NETHERLANDS

The “Termination of Life on Request and Assisted Suicide (Review Procedures) Act” came into effect in 2002. A doctor is immune from punishment for euthanasia and assisted suicide where patients are experiencing “unbearable suffering with no prospect of improvement”. Minors can request euthanasia from the age of 12 but require parental permission before the age of 16.

 

BELGIUM

Belgium legalized medically assisted dying in 2002 for the terminally ill and for people experiencing unbearable suffering, which includes patients with psychiatric conditions. Since 2014, those under 18 who are terminally ill are covered by the law as long as they have parental permission.

 

CANADA

Canada introduced “Medical Assistance in Dying” in 2016 for those whose death was deemed to be “reasonably foreseeable”. Five years later, the law was extended to permit people with a “grievous and irremediable” medical condition to request assisted dying.

 

AUSTRALIA

Voluntary assisted dying for the terminally ill or those with a condition that is causing intolerable suffering is legal in most Australian states, after being introduced first in Victoria in 2019.

 

SPAIN

Spain approved a law in 2021 which allows euthanasia and medically assisted suicide for people with incurable or debilitating diseases who want to end their life.

 

GERMANY

Assisted dying had been legal in Germany until 2015 when the country outlawed its provision on an organized or commercial basis, effectively banning it in many cases. Five years later the country’s top court ruled in favor of groups providing terminally ill adults with assisted suicide services, but lawmakers are yet to finalize new rules.

 

FRANCE

Doctors in France have been allowed to put a person who is close to death and in great pain under deep sedation since 2016. But they were not allowed to administer life-ending medication.

French lawmakers voted in May 2025 to give some people in the later stages of a terminal illness the right to end their lives using a lethal substance, a law change supported by President Emmanuel Macron. The bill was approved by the National Assembly and is now being considered by the Senate. It could become law by 2027.

 

IRELAND

A cross-party Irish parliamentary committee recommended this year that the government should legalize assisted dying in certain restricted circumstances.

A majority of lawmakers in 2024 voted in favor of “noting” the committee’s findings. Steps could now be taken to consider a law change. – Reuters