PRESS RELEASE – CENTRAL BANK OF CYPRUS

Sustainable development, as defined by the European Commission, is development that meets present needs without limiting the ability of future generations to meet their own.[2] It encompasses society’s economic, social and environmental well-being across the short, medium and-most importantly-the long term.[3] This principle is firmly embedded in the European Union’s long-term vision, reflected in Article 3(3) of the Treaty on European Union (EU), which establishes sustainable development as a core objective guiding EU policy and action.

Within this broader framework, climate change has emerged as a central economic concern in recent years due to its growing influence on financial decisions, market behavior and economic stability. Supporting the transition to a climate-resilient and sustainable economy requires a diverse set of financial instruments and innovative financial engineering solutions that can reshape how markets, firms, central banks and investors operate.

Eurosystem initiatives on climate change

The European Central Bank (ECB) has steadily expanded its climate-policy framework since first announcing,[4] in July 2021, an action plan to integrate climate considerations into the Eurosystem’s monetary policy strategy. This plan focuses on strengthening macroeconomic modelling and statistical data to capture climate-related effects, while embedding climate factors into the Eurosystem’s risk management, financial disclosure, collateral framework and asset-purchase operations. Together, these steps aim to ensure that monetary policy better reflects the financial risks associated with climate change.

In January 2024[5], the ECB broadened its climate policy framework to examine three additional areas: the investment needs of the green transition, the economic consequences of rising temperatures, and the macroeconomic impact of environmental degradation and nature-capital loss. These developments reflect the ECB’s view that climate change influences price stability through its effects on inflation, output, employment and interest rates, while also shaping financial stability and the transmission of monetary policy. At the same time, climate and carbon-footprint indicators alter the value and risk profile of assets held on the Eurosystem’s balance sheet, increasing in this way exposure to climate-related financial risks.

As part of its climate-change statistical initiative, the ECB now publishes euro-area data on sustainable debt securities, which are used in this blog article to assess key market trends and to evaluate Cyprus’s standing within the euro area. The analysis highlights both the country’s progress and the areas where further development is needed to strengthen its position in the sustainable debt market. In the ECB classification system, the following four categories of sustainable debt securities are defined:

Green debt securities are debt securities whose proceeds are exclusively allocated to environmentally beneficial projects, such as renewable energy or pollution-reduction initiatives.

Sustainability-linked debt securities refer to debt securities whose financial terms, typically the coupon, adjust depending on the issuer’s achievement of predefined sustainability performance targets.

Social debt securities refer to debt securities dedicated to funding projects with positive social impact, such as affordable housing or access to essential services such as healthcare.

Sustainability debt securities are debt securities that finance a combination of environmental and social objectives within a single instrument.

Holdings of sustainable debt securities by Cyprus residents

By integrating sustainable assets into their portfolios, investors can both reduce exposure to climate-related vulnerabilities and at the same time contribute to the achievement of broader societal goals such as lowering carbon emissions and fostering environmental resilience.[6] Key climate considerations for market participants nowadays include the pricing of climate-related risks,[7] the development of effective climate-related risk-management strategies, strengthening investor awareness, and understanding how climate risks influence investment choices.

Sustainable debt securities have emerged as an important asset class in recent years as demonstrated by their increasing holdings by euro-area investors. Figure 1 depicts the development of sustainable debt securities holdings by euro-area residents since 2021. There is an increasing trend in all categories reaching pound 2 trillion in the euro-area and pound 3,4 billion in Cyprus at the end of the first quarter of 2026, most notably in the green debt securities category. There is also a noticeable increase in sustainability debt securities in Cyprus, whereas in the euro area social debt securities constitute the second most important category.

Table 1 presents detailed country-level data for the first quarter of 2026 (Q1 2026), showing the total value of debt securities held by the residents of each country, the share of these holdings that are classified as sustainable, as well as the individual sustainable categories per country. As expected, total holdings broadly reflect the size of each economy, with Germany, France, and Italy recording the largest amounts. However, when focusing specifically on sustainable debt securities, additional countries-such as Luxembourg, Spain, and the Netherlands-also appear with notably high levels.

The shares of sustainable debt securities within total holdings range from 3,9% to 15,6%, with Cyprus standing slightly above the overall average at 11,5%. The final two rows of Table 1 demonstrate how these sustainable holdings are allocated across the different instrument categories for both Cyprus and euro-area residents, with the latter representing average shares across countries.

Regarding Cyprus, as in the broader euro-area, the largest share corresponds to green debt securities. In contrast, there are marked differences across the remaining categories since allocations to sustainability-linked and social debt instruments in Cyprus are lower, while the share attributed to sustainability debt instruments is comparatively higher.

Sustainable debt securities holdings should be expected to expand further in the coming years, particularly as investors’ awareness of and concerns for sustainability related issues continue to grow. Strengthening financial literacy[8] and public awareness[9] initiatives focused on sustainable investment practices can play a pivotal role in this transition by significantly strengthening investor engagement and enabling more informed participation.

Issuances of sustainable debt securities by Cyprus residents

In addition to sustainable debt securities holdings, corporations and governments are also increasingly considering sustainable debt securities issuances, which signal the issuer’s commitment towards protecting the environment and society’s well-being. Of particular interest in recent years is the price premium associated with sustainable debt securities and their usefulness as financial hedges for sustainability-related risks.[10]

For example, investors tend to react positively when a corporate green bond is announced, especially when it is a first-time issuer and carries a second party opinion (SPO) certification. After issuing such bonds, companies typically strengthen their environmental performance and attract a larger proportion of long-term, environmentally oriented investors.[11] Green bonds are frequently certified by independent third-party entities (SPO certification) to ensure that the proceeds are genuinely allocated to the environmental projects specified in the bond prospectus. Adhering to established green-bond standards therefore demands significant managerial effort and resources, thereby imposing compliance costs on the issuer. Such certifications are nevertheless important for investors who are willing to accept a lower financial return, in exchange for positive environmental externalities.

The evolution of sustainable debt securities issued by euro-area residents since December 2020 is presented in Figure 2. As with sustainable debt holdings, issuance volumes display a steady upward trajectory across all categories, reaching pound 1,8 trillion in the Euro area by the end of March 2026. Over the same period, the corresponding figure for Cyprus amounted to pound 1,4 billion with a noticeably high share of sustainability debt securities. In contrast, issuances in the euro-area are dominated by green debt securities, representing 68% of the total, equivalent to pound 1,2 trillion in March 2026.

Table 2 presents detailed country-level data for March 2026. In addition, to the value of sustainable debt securities issued per country, the table also includes the total value of debt securities issuances and the share of sustainable debt securities within them. Similarly with Table 1, the total level of issuances per country reflects the size of each economy, with France, Germany and Italy leading the group. With regards to the sustainable debt securities issuances, Germany and France are again the main issuers, while the Netherlands hold the 3rd highest value, surpassing Italy.

The share of sustainable debt securities in the total value of issuances per country, in March 2026, ranges from 0,1% to 12,5%, with Cyprus exhibiting a relatively high share of 9,5%. In line with the analysis for debt securities holdings, the last two rows of Table 2 demonstrate how these sustainable issuances are allocated across the different instruments for both Cyprus and euro-area issuers, with the latter representing average shares across countries.

Regarding Cyprus, as previously mentioned, the largest share of issuances (70%) corresponds to sustainability debt securities, amounting to pound 1 billion as of March 2026. In contrast, within the broader euro-area, green bonds represent the predominant category, accounting for 68% of total debt securities issuances, while the corresponding share for Cyprus is only 30% which corresponds to an amount equal to pound 0,4 billion.

It is important to take note of the fact that debt issuance by Cyprus residents is concentrated in the banking and government sectors, with limited corporate issuance. Hence, the decision, for instance, of the Public Debt Management Office to issue a sustainable debt security in 2023 of pound 1 billion explains the elevated share of this sub-category in Cyprus. It is also noteworthy that Cyprus residents have not issued so far, any sustainability-linked or social debt securities, indicating potential areas for future market development. These two categories have likewise remained small across the euro-area as well.

Sustainable debt used as collateral in Cyprus’s monetary policy operations

The ECB’s Governing Council decided in July 2025 to introduce a climate factor into the Eurosystem’s collateral framework as part of its climate-change action plan and its efforts to strengthen the resilience of monetary policy operations to climate-related risks.[12] Scheduled for implementation in the second half of 2026, this measure constitutes a substantive step toward mitigating the financial risks that climate change poses to the Eurosystem’s balance sheet.

The climate factor is designed to adjust the valuation of eligible collateral submitted by counterparties in Eurosystem refinancing operations. It applies specifically to marketable instruments issued by non-financial corporations and their subsidiaries, which are subject to valuation reductions proportional to their exposure to climate-related risks. These adjustments are determined using sector-level climate stress-test outcomes, issuer-specific Corporate Sector Purchase Programme (CSPP) climate scores, and the residual maturity of the asset.

Table 3 presents key information on the sustainable debt securities pledged as collateral by monetary policy eligible credit institutions in Cyprus at the end of Q1 2026. Since June 2025, collateral operations within the Eurosystem have been centrally administered through the Eurosystem Collateral Management System (ECMS),[13] a unified platform for managing all assets mobilised as collateral in Eurosystem credit operations. This system replaced the previously decentralized national frameworks, thereby harmonizing collateral management across the Eurosystem.

At the end of the first quarter of 2026, the use of sustainable debt securities as collateral by credit institutions in Cyprus remained limited, accounting for only 2% of the total value of collateral pledged. The market value of these sustainable instruments amounted to pound 10.9 million (pound 10.5 million after the application of valuation haircuts), with 71% of the securities carrying SPO certification. This limited use is broadly consistent with developments across the Eurosystem, reflecting the relatively low demand for refinancing operations by banks in an environment of excess liquidity.[14] However, looking ahead, the introduction of the climate factor in the second half of 2026 is expected to further increase the use of sustainable debt securities as collateral.

Figure 3 presents a detailed breakdown of the sustainable debt securities pledged as collateral with the Central Bank of Cyprus, disaggregated by the issuer’s country of risk and by instrument type. The largest share of these securities is associated with issuers whose country of risk is Spain, representing 45% of the adjusted collateral value. The remaining securities are distributed across six additional jurisdictions, with Cyprus, Hungary and the Netherlands featuring most prominently. Regarding instrument composition, the sustainable collateral pool consists primarily of sustainability bonds (55%) and green bonds (36%).

Conclusions

Sustainable debt securities have gained increasing prominence across euro-area countries in recent years. They are becoming more widely used as investment instruments in fixed-income portfolios, and as a modern financing tool for institutional debt-security issuers. In Cyprus, sustainable debt securities accounted for 11,5% of total debt securities held by Cyprus residents and 9,5% of total debt securities issued by Cyprus-resident entities in Q1 2026.

Despite this progress, several areas for improvement remain. Cyprus has yet to see issuances of sustainability-linked or social debt securities, and the volume of investment holdings in these categories remains limited. With respect to monetary policy operations, only a small amount of sustainable debt securities has so far been pledged as collateral in the ECMS. Increasing the volume of this collateral class will enable eligible counterparties in Cyprus to benefit more from the introduction of the climate factor within the Eurosystem’s collateral framework for refinancing operations.

The views expressed are those of the author and do not necessarily reflect those of the Central Bank of Cyprus or any other institution or organisation.

[1] Comments by: Demetra Hadjimichael, Stathis Neofytou, Chrystiana Argyridou and Andreas Mylonas.

[2] A Sustainable Europe by 2030 – European Commission

[3] Inforegio – Sustainable development

[4] ECB presents action plan to include climate change considerations in its monetary policy strategy

[5] ECB steps up climate work with focus on green transition, climate and nature-related risks

[6] Laurent Calvet, Gianfranco Gianfrate and Raman Uppal (2022), The Finance of Climate Change. Journal of Corporate Finance, vol. 73, 102162.

[7] Mathias S. Kruttli, Brigitte Roth Tran and Sumudu W. Watugala (2026), Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics. Journal of Finance, forthcoming.

[8] Anders Anderson and David T Robinson (2022), Financial Literacy in the Age of Green Investment. Review of Finance, vol. 26, Issue 6, pp. 1551-1584.

[9] Sandra Eickmeier and Luba Petersen (2026), The ECB’s Climate Activities and Public Trust, European Economic Review, vol. 187, 105319.

[10] Peter Feldh?tter, Kristoffer Halskov and Arthur Krebbers (2024), Pricing of Sustainability-Linked Bonds. Journal of Financial Economics vol. 162, 103944.

[11] Caroline Flammer (2021), Corporate Green Bonds, Journal of Financial Economics, vol. 142, pp. 499 – 516.

[12] ECB to adapt collateral framework to address climate-related transition risks

[13] What is the ECMS?

[14] Climate factors: how the ECB tackles climate uncertainty in its collateral framework

Cyprus Department of Meteorology – Forecast for the Sea Area of Cyprus (?)

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (A)

FOR THE PERIOD FROM 0600 29/09/2026 UNTIL 0600 30/09/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1012hPa (hectopascal)

Weak low pressure is affecting the area. The weather will be mainly fine but at times increased cloud will be present locally.

Visibility: Good

Sea surface temperature: 28°C

Warnings: NIL

AREA

PERIOD

WIND

STATE OF SEA

West Coast

Morning

Southwest to Northwest 3, at times locally 3 to 4

Slight

Afternoon

Southwest to Northwest 3 to 4, at times locally 4

Slight, at times locally Slight to Moderate

Night

Northwest 3 to 4, gradually Northwest to Northeast 3

Slight, gradually Smooth to Slight

South Coast

Morning

South to Southwest 3, at times locally 3 to 4

Smooth to Slight

Afternoon

Southwest 4, at times locally 4 to 5

Slight

Night

Southwest to West 3 to 4, gradually Northwest 3

Slight, gradually Smooth to Slight

East Coast

Morning

South to Southwest 3, at times locally 3 to 4

Slight

Afternoon

South to Southwest 3 to 4, at times offshore 4

Slight

Night

Southwest to Northwest 3

Smooth to Slight

North Coast

Morning

Southwest to West 3, at times locally 3 to 4

Slight

Afternoon

Southwest to Northwest 4, at times locally 4 to 5

Slight, at times locally Slight to Moderate

Night

Southeast to Southwest 3

Smooth to Slight

Order fiber WiFi like food delivery: GFiber Prepaid expands WiFi-on-demand via GrabMart to Metro Manila, Cebu, Davao

Getting fiber internet at home can now be as easy as ordering food delivery. Globe AT HOME and Grab are expanding the country’s first order-and-install WiFi-on-demand model to more customers across Metro Manila, Cebu and Davao.

Following its initial rollout in Pasig, GFiber Prepaid on GrabMart is now available in more cities, allowing households to order directly through the Grab app and get an installer visit in as fast as two hours, subject to serviceability.

Starting at P699, customers can enjoy seven days of unli internet with speeds of up to 300mbps, giving them a more accessible and convenient way to get connected at home. This makes GFiber Prepaid a practical option for work-from-home professionals, renters, gamers, streamers, and young households who need reliable internet without the long application process.

‘GFiber Prepaid is bringing the country’s first ‘order-and-install’ WiFi-on-demand to even more Filipinos nationwide,’ said Abby Cardino, vice president and head of Globe’s Broadband Brand Management.

‘Customers can skip the lines and the traditional application process, order their WiFi seamlessly online and get an installer almost immediately. More than expanding our reach, this initiative reflects our commitment to continuously innovate and adapt around the evolving digital lifestyle of Filipinos,” Cardino added.

For customers balancing remote work, online learning, gaming, streaming and everyday digital life, GFiber Prepaid on GrabMart offers a more immediate and accessible way to get connected. It is a fresh take on home internet that feels more on-demand, more flexible and more in step with how Filipinos live today.

Good manners are killing great ideas

The team lead asked if anyone had any questions before the meeting had adjourned. The room fell silent as a few people scribbled notes. Someone quietly replied, “Looks good.” Meeting over, except it wasn’t. The real meeting began in the corridor by the coffee machine in hushed conversations that sounded something like: “I actually don’t think this is going to work.”, “I wanted to say something, but…”, “The boss wasn’t going to listen anyway.”

If you’ve worked long enough in Tanzania, chances are you’ve witnessed this scene. I certainly have. We often mistake quiet meetings for healthy teams, but perhaps silence isn’t always agreement, it’s fear wrapped in ‘good manners.’

Across much of Africa, we’re raised to value harmony and taught not to embarrass our elders or to challenge authority publicly. These are wonderful values that strengthen communities and relationships. But when those same values are carried unquestioningly into the workplace, they can produce an unintended consequence: organisations where everyone agrees in the meeting and disagrees everywhere else.

Recently, I came across a TEDx Talk by leadership coaches CrisMarie Campbell and Susan Clarke that gave language to something I had observed for years. Their message was surprisingly simple: conflict isn’t the problem, avoided conflict is.

They argue that many teams spend enormous amounts of energy trying to “defuse” disagreement because conflict feels uncomfortable. Yet in doing so, they often sacrifice the very things organisations need most: innovation, creativity and honest collaboration.

For more than two decades, Harvard Business School professor Amy Edmondson has studied what makes teams perform well. Her findings consistently show that psychologically safe teams learn faster, innovate more and make better decisions because people spend less time protecting themselves and more time solving problems.

Google reached a remarkably similar conclusion. Through its well-known Project Aristotle, the company studied more than 180 teams to understand what separated high-performing teams from average ones. Researchers expected the answer to be intelligence, experience or technical ability. Instead, they found that the strongest predictor of team success was psychological safety. This means that the strongest teams were the ones where people felt safe enough to speak honestly.

That finding made me wonder how many brilliant ideas never leave the corridors of Tanzanian workplaces. I wondered about how many problems could be prevented if employees simply felt safe enough to say, “I don’t think this is the right decision”?

Disagreement is not disrespect, yet many of us still treat it as though it is. Perhaps that is the mindset we need to challenge, especially those of us in positions of authority. Can someone disagree with you without you seeing it as a challenge to your status?

The second component Campbell and Clarke stress is curiosity. Curiosity asks, “Help me understand what I’m missing.” It assumes that another person’s perspective may reveal something we cannot yet see. It replaces the need to be right with the desire to get it right.

If people repeatedly leave meetings only to express their real opinions in corridors, WhatsApp groups and private phone calls, it is worth asking whether the workplace genuinely feels safe for honest dialogue.

Perhaps the truest measure of a workplace culture isn’t what people say while the boss is in the room. It’s what they say after the boss leaves.

If the most honest conversations are happening in corridors, WhatsApp groups and private phone calls, then the organisation isn’t suffering from too much conflict. It may be suffering from too little psychological safety.

Leaders can foster physiological safety by inviting dissent before making decisions, responding to questions with curiosity instead of defensiveness, and publicly thanking people who challenge ideas respectfully. Employees, too, have a role to play by taking initiative and raising concerns constructively while assuming positive intent. The main focus being to improve the idea rather than winning the argument. When disagreement becomes a normal part of collaboration rather than a threat to authority, the best conversations no longer wait for the corridor.

’Letters to a Young Poet’ by Rainer Maria Rilke: Living through the questions

I have always believed that there’s goodness that comes with learning to be in solitude; to be in your own company, observe your thoughts and handle the uncomfortable silence that comes with it. But I have never put as much emphasis on it as Rainer Maria Rilke does in Letters to a Young Poet, published in 1929.

Rilke wrote the letters to Franz Kappus, a young poet struggling with loneliness and unsure about his writing. He wonders if he should be a poet and whether he could be good at it, so he writes to Rilke for advice.

Kappus asks whether his verses are good. As a writer myself, I was curious to read Rilke’s response.

His advice is that nobody can help the young poet decide whether he is good or not. He argues that it is only by going within that he can find an answer. He also tells him what he should write about, which resonated with me.

He says: ‘Flee general subjects and take refuge in those offered by your own day-to-day life; depict your sadness and desires, passing thoughts and faith in some kind of beauty – depict all this with intense, quiet humble sincerity.’

I am a discovery writer. I observe and write as I think about my observations. Even with books I read and review, I have the same process, which is why my reviews are connected to my real life.

I have always been a person who wants to know what comes next. I find my footing by being certain about things. About people. This keeps me stuck at the same point for longer than I should. When are we meeting? What time? What will happen if I do so and so? What will happen if I don’t? I have so many questions about life, and so did the young poet.

To this, Rilke offers: ‘Try to love the questions themselves like locked rooms, like books written in a foreign tongue. Do not now strive to uncover answers: they cannot be given to you because you have not been able to live them, and what matters is to live everything. Live the questions now.’

Reading this made me pause, and I went back to read that part again. We need to live with the questions. You need to take action even when you do not know what comes next. You gather answers through living instead of requiring knowledge about living without doing the actual living.

Love is another subject that I found interesting because I love love. For Rilke, love is hard. But that is all the more reason to do it. He argues that one has to be in solitude first before getting themselves into the business of love. It is only when two individuals can operate as separate people that they can learn to be in love without losing themselves.

Rilke also dives into the changes happening between men and women and the roles assigned to them. He predicts that these changes would eventually transform the experience of love.

‘One day there will be girls and women whose names will no longer just signify the opposite of male but something in their own right, something which doesn’t make one think of any supplement or limit but only of life and existence: the female human being.’

You can go back and read that again. These letters were written in the 1900s. Rilke saw that this step forward, ‘at first right against the will of the men who are left behind, will transform the experience of love.’

It is 2026, and I fear that we are still catching up with changes that started in the 1900s. Gender roles have changed, but perhaps not so much for the men who are still left behind. Maybe it is time to rethink how these two humans relate to each other, towards what Rilke called ‘the love that consists in two solitudes protecting, defining and welcoming one another.’

Perhaps Letters to a Young Poet places too much emphasis on solitude, but it is for good reason. Through solitude, one is able to form better relationships with themselves, other people and God. The letters do not include what Rilke is responding to, but they still manage to make sense to the reader.

Maybe, just maybe, I should aim to spend more time in solitude. Just kidding. I am already doing much of it. But perhaps the challenge for me is not learning how to be alone. It is making sure I do not get so comfortable with solitude and certainty that I fail to invite people who matter in, or avoid experiences simply because I do not know what comes next. Perhaps some questions really can only be answered by living them.

Baste Duterte quizzed over gov’t deals with Sara Duterte-linked firm

Davao City Mayor Sebastian ‘Baste’ Duterte was grilled on Tuesday over the city government’s deals with GenCorp Industries Inc that his sister, Vice President Sara Duterte, declared in her statement of assets, liabilities, and net worth.

Baste Duterte was declared a hostile witness by the Senate impeachment court trying the case of the vice president.

In his direct examination of the witness, public prosecutor Theodore Te zeroed in on the mayor’s public statement on September 21 that GenCorp ‘was rigorously evaluated and determined to have submitted the lowest calculated responsive bid or offer.’

Baste Duterte confirmed making the statement when asked by the prosecutor.

Te next showed the impeachment court a request for quotation by Davao City for the second quarter of 2024 which contained an item under ‘Line of Business,’ saying that ‘the supplier must have a certificate issued by the CMO through the head of business bureau indicating that the line of business has been operational for at least five years in the market and shall be submitted as part of the eligibility documents.’

Still responding to the prosecutor’s query, the mayor confirmed that the 5-year period was a requirement imposed by the local government to interested bidders.

‘So, I’ll go back to your statement, sir. You said that you had rigorously evaluated GenCorp Industries Incorporated. So, in that evaluation, sir, were you able to determine if GenCorp indeed complied with this particular requirement imposed by the City of Davao?’ Te then asked.

‘I do not know that as of now. We can check our records in the city,’ the hostile witness said.

When Te pressed further whether he had personal knowledge that GenCorp has been in existence for at least five years, Baste Duterte answered: I do not know. It is presumed that GenCorp has complied.’

Te thanked the witness for volunteering the statement that ‘it is presumed that GenCorp has complied’ with the requirement.

(And so, when you say that, sir, that’s not part of the rigorous evaluation that you made for GenCorp?’ the prosecutor pointed out.

At this point, defense lawyer Justin Nicol Gular interjected, saying the question was argumentative.

‘Your Honor, I’m simply using the witness’ own statement, Your Honor,’ the prosecutor said.

Baste Duterte also maintained that GenCorp had 19 contracts with Davao City, contrary to the 15 deals recorded by the Philippine Government Electronic Procurement System (PhilGEPS.)

Testifying for the prosecution on Monday, PhilGEPS Electronic Government Procurement Operations Division chief Rendell Sopeña said GenCorp had 15 deals worth P34. 216 million with Davao City, but only four went through public bidding.

Who is Baste Duterte in VP Sara Duterte’s impeachment trial?

Davao City Mayor Sebastian ‘Baste’ Duterte on Tuesday serves as the prosecution’s witness on the 31st day of the impeachment trial of her sister, Vice President Sara Duterte.

He was called to testify and produce Davao City government records involving transactions with GenCorp Industries Inc. which the prosecution team alleges is linked to the vice president.

After the prosecution team cited basis to characterize Baste Duterte’s testimony as hostile or adverse to the prosecution team, the respondent’s younger brother was declared by the court as a hostile witness.

Having served as Davao City mayor for years 2022 to present, or during the same time that the city made transactions with Gencorp, Baste Duterte’s testimony was offered for the following reasons:

He is familiar with Gencorp, having approved, in 2022-2025, 15 contracts for food and catering services awarded by the city to Gencorp

As the Davao City Mayor, he was also the Head of Procuring Entity for all awards made by the city government

To confirm that the total amount of the awards made to GenCorp from the city was P34.2 million

That he was familiar with Mr. Jaime T. Cruz, the major stockholder of Gencorp as he himself is a co-stockholder of Cruz in another corporation.

Prior to his mayoral role in Davao City from 2022-2025, Baste Duterte also served as Davao City’s vice mayor in 2019 to 2022.

Baste Duterte was elected vice mayor of Davao City in the May 2025 elections but he later took over the seat of his father, former president Rodrigo Roa Duterte, who then won as mayor.

Rodrigo Duterte was unable to assume office as he has been detained at the International Criminal Court in The Hague, Netherlands for his crimes against humanity charges in connection with his administration’s war on drugs.

Baste Duterte studied Legal Management at San Beda College for a year before studying Political Science at Ateneo de Davao University.

UP Plc raises dividend to 18 kobo at 2026 AGM

Shareholders of University Press Plc have approved a dividend of 18 kobo for every ordinary share of 50 kobo at the company’s 2026 Annual General Meeting (AGM), representing an increase from the 15 kobo paid in the previous year.

Chairman of the company, Mr Obafunso Ogunkeye, disclosed that the dividend payment amounts to approximately N77.65 million and will be subject to withholding tax.

Speaking at the AGM, Ogunkeye commended the company’s workforce for their resilience amid challenging economic conditions marked by global geopolitical tensions, supply-chain disruptions, and uncertainties in energy and commodity markets.

According to him, the company recorded a revenue growth of about 14 per cent, rising to N3.895 billion from N3.402 billion in the preceding financial year.

The chairman also introduced the company’s new Secretary and Legal Adviser, Ms Olusayo Adeleye, to shareholders, while he called for a minute silence for the company’s immediate past managing director, Alhaji Akin Olajide, who passed away last month.

In his remarks, the Managing Director, Mr Samuel Kolawole, expressed optimism about the company’s prospects in the 2026/2027 financial year, noting that management remains committed to sustaining growth and operational excellence.

‘To achieve future successes, we must preserve the strength of our core publishing business, improve efficiency and build new channels through which learners and institutions can access our content more easily,’ he said.

Kolawole thanked shareholders for their continued confidence and support, which he said had helped the company navigate changing economic and industry realities over the years.

Meanwhile, shareholders ratified the appointment of Major-General Daniel Danjuma Kitchener (retd) as an Independent Non-Executive Director of the company.

FirstBank allays fears, says FirstMobile App secure, operational Application

First Bank of Nigeria Ltd has reassured customers that its FirstMobile application remains secure and fully operational, dismissing a viral WhatsApp voice message claiming the platform had been compromised.

The Bank, in a statement issued on Monday, described the claim as false and misleading, urging customers and other stakeholders to disregard it.

‘FirstMobile is secure and fully operational, supported by robust information security infrastructure,’ the bank said.

It’s said it continues to invest in technology and cybersecurity protocols to ensure resilience, reliability and security across its digital channels.

FirstBank assured customers that their funds remain safe and that FirstMobile and its other digital channels continue to operate securely.

The bank urged stakeholders to refrain from sharing unverified information capable of causing unnecessary concern.

It advised customers to rely solely on its verified communication channels for accurate updates.

DHL Express announces annual price adjustments for 2027 in Sri Lanka

DHL Express has announced price adjustments that will take effect on 1 January 2027.

‘International trade continues to create new opportunities for businesses, while supply chains are becoming increasingly interconnected and complex,’ said DHL Express Country Manager for Sri Lanka Dimithri Perera. ‘We remain committed to helping our customers navigate this evolving environment by investing in our global network, digital capabilities, security infrastructure, and sustainable logistics solutions.

This annual price adjustment enables us to maintain the high level of service and reliability our customers expect while continuing to strengthen the resilience and adaptability of our global operations.’

DHL Express adjusts its prices annually to account for inflationary pressures, currency fluctuations, and industry-specific cost developments. As an internationally integrated business operating in more than 220 countries and territories, DHL Express is influenced not only by local economic conditions but also by developments across global markets.

In addition to inflation, the company’s cost structure continues to be affected by factors such as energy costs, compliance requirements, and administrative expenses related to evolving customs, regulatory, and security measures introduced by national and international authorities. Ongoing labour market pressures in many countries also contribute to increased operational costs.

To support customer growth and maintain a world-class international network, DHL Express continues to invest significantly in its global infrastructure, fleet modernisation programs, digital capabilities, and operational resilience. Recent milestones include the completion of deliveries of its fleet of 28 Boeing 777 freighters, the introduction of more fuel-efficient aircraft, and infrastructure expansions and upgrades across all regions.

DHL Express also continues to invest in industry-leading security capabilities. In 2026, the company surpassed 500 Transported Asset Protection Association (TAPA)-certified facilities worldwide, reinforcing its position as the world’s most TAPA-certified logistics provider through ongoing investments in advanced security technologies, infrastructure, and operational processes.

In parallel, DHL Express is strengthening its technology and IT infrastructure to enhance cybersecurity, system resilience, shipment visibility, and operational efficiency. Investments in digital customer solutions, including artificial intelligence (AI)-enabled capabilities and the continued rollout of the MyExpress platform, are helping customers simplify cross-border shipping and improve their shipping experience.