Lankan Professor co-edits Scopus Q1 International Finance Volume honouring legendary scholar

Sri Lanka has added another milestone to its global academic achievements with the publication of Review of Finance Literature – Volume 6, an internationally recognised scholarly volume published by Emerald Publishing.

The book is indexed in Scopus (Q1) and SCImago Journal Rank (Q1), with an impressive 2025 CiteScore of 8.4, reflecting its significant scholarly impact and international standing. The publication is believed to be the first-ever finance book edited by a Sri Lankan academic to be indexed in both Scopus (Q1) and the SCImago Journal Rank (Q1), achieving an outstanding 2025 CiteScore of 8.4.

The volume is co-edited by Professor Narayanage Jayantha Dewasiri of the Sabaragamuwa University of Sri Lanka, together with Professor H. Kent Baker (American University, USA), Professor Jitender Kumar (Deenbandhu Chhotu Ram University of Science and Technology, India), and Dr. Shubham Singhania (FORE School of Management, India).

As the sixth volume in Emerald Publishing’s prestigious Review of Management Literature series, the book brings together internationally recognised scholars to synthesise contemporary knowledge and identify future research directions in finance.

A tribute to Professor H. Kent Baker

The publication carries profound emotional significance, as it was completed during Professor H. Kent Baker’s passing, an internationally renowned finance scholar whose work transformed the fields of behavioural and corporate finance. Ranked among the world’s top 1% of finance scholars by the Journal of Finance, Professor Baker was celebrated not only for his exceptional research achievements but also for his generosity as a mentor to researchers worldwide.

The editors dedicated the volume to his memory through a special preface titled ‘In Memory of Professor H. Kent Baker.’ The tribute acknowledges Professor Baker’s extraordinary academic legacy, unwavering commitment to research excellence, and his remarkable mentorship that inspired generations of scholars across the globe.

Professor Dewasiri noted that Professor Baker was not only a distinguished co-editor but also an exceptional mentor whose guidance, generosity, and scholarly vision profoundly influenced the development of the Review of Finance Literature series.

A Comprehensive Review of Contemporary Finance

The volume comprises 11 comprehensive review chapters covering some of the most significant and emerging areas in global finance, including:

Asset-based mutual fund performance

Loan portfolio diversification in banking

Financial news and stock market volatility

Microfinance

Sustainability-oriented investor activism

Climate risk and financial stability

Women’s financial literacy

Forensic accounting

Corporate governance in family firms

Non-performing loans

Financial inclusion

Corporate Sustainability Reporting Directive (CSRD) and the European Union Green Taxonomy

Among these contributions is a chapter co-authored by Professor Dewasiri titled ‘Non-Performing Loans: An Integrative Review of Theoretical Foundations and Empirical Trends Through Bibliometric and Systematic Analysis,’ highlighting Sri Lanka’s growing contribution to international finance scholarship.

Global collaboration with lasting impact

The volume reflects a successful collaboration among researchers from leading universities across Asia and North America. Beyond synthesising existing knowledge, the publication identifies research gaps, proposes future research agendas, and serves as a valuable reference for academics, doctoral researchers, policymakers, and finance professionals worldwide.

According to Professor Dewasiri, the objective of the series is to consolidate fragmented knowledge, provide evidence-based insights into emerging areas of finance, and facilitate the development of impactful future research.

Strengthening Sri Lanka’s global research reputation

Professor Dewasiri’s role as co-editor of this internationally recognised publication further reinforces Sri Lanka’s growing presence within the global research community. His contribution demonstrates the increasing involvement of Sri Lankan academics in leading international publishing initiatives and high-impact scholarly collaborations.

Published by Emerald Publishing, Review of Finance Literature – Volume 6 represents an important addition to the finance literature and is expected to become an essential reference for researchers, postgraduate students, policymakers, and practitioners seeking a comprehensive understanding of contemporary developments in banking and finance. The publication further highlights Sri Lanka’s capacity to contribute meaningfully to global knowledge creation while showcasing the country’s academic excellence on the international stage. For more information about the publication, readers may visit the official Emerald Publishing page: https://www.emerald.com/books/edited-volume/21518/Review-of-Finance-Literature

14 areas under Signal No. 1 due to ‘Kiyapo’

Fourteen areas in Northern Luzon are now under Signal No. 1 as Tropical Depression Kiyapo continues to move northwestward over the Philippine Sea, PAGASA said Thursday.

In a press briefing on Thursday, July 23, PAGASA weather specialist John Manalo said the tropical depression was estimated to be 640 kilometers east of Tuguegarao City, Cagayan, as of 4 p.m.

Kiyapo is moving northwestward at 30 kilometers per hour (kph), with maximum sustained winds of 45 kph and gusts of up to 55 kph.

PAGASA has hoisted Tropical Cyclone Wind Signal No. 1 over the following areas in Northern Luzon:

Batanes

Cagayan (including the Babuyan Islands)

Ilocos Norte

Apayao

Ilocos Sur

Abra

Kalinga

Isabela

Mountain Province

Ifugao

The northern portion of Nueva Vizcaya

The northern portion of Benguet

The northern portion of Quirino

The northern portion of Aurora

The state weather bureau expects Kiyapo to maintain its tropical depression strength as it nears the Babuyan Islands.

However, it is forecast to intensify into a tropical storm by Thursday afternoon.

Because of its slightly accelerated pace, the cyclone is projected to exit the Philippine Area of Responsibility (PAR) early Saturday morning.

Once outside the PAR, over the sea between the Philippines and the southeastern coast of China, the storm is forecast to further intensify into a severe tropical storm before making landfall in southeastern China.

Air transport prices in Cyprus down by 1.8%, according to Eurostat

Prices of air transport services in Cyprus fell by 1.8% in June 2026 compared with June 2025, according to data published on Thursday by Eurostat.

Based on Eurostat data, prices of air transport services in Cyprus had increased by 7.8% in May, while in April they had decreased by 0.7% and in March by 0.4%, on an annual basis.

In the EU, the average price of air transport services, including plane tickets, has fluctuated significantly since January 2025. According to Eurostat, this volatility reflects travel demand, seasonality and recent geopolitical events.

Between January 2025 and June 2026, the highest increase in prices of air transport services in the EU was recorded in April 2025, at 13.7%, compared with April 2024.

This increase was followed by fluctuations, with modest rises during the summer months.

The year 2026 began with a year-on-year decrease, followed by increases in February and March and a sharp drop of 4.7% in April.

In May, prices of air transport services in the EU rose by 8.1% compared with May 2025, while in June they recorded an increase of 3.1%.

The rules we broke to succeed: High-flying young women on carving their own path

The adage goes that eggs must be broken before an omelette hits the plate.

For successful women who have made their mark in various careers before the age of 40, breaking those eggs meant defying the rules they were expected to follow.

Many say they were given a template to follow, but they chose instead to live by their own rules.

Lorna Ogolla Omondi

Ms Ogolla is the partnerships lead for Google Research in Africa, spearheading machine learning and AI initiatives while ensuring that African languages are catered for.

The one rule she has broken over and over is not accepting limits.

‘I have always been unafraid of going above and beyond for what I think is right, what I think is optimal, what I think is efficient. Some people call it rogue, but if you only do what you’re told to do, you’ll only achieve what has ever been achieved, and I don’t want to live a life like that,’ she says.

‘I want to be memorable. I want to leave a legacy. I want to leave an impact far greater than anything that’s been done before. So, I go above and beyond. I do what my boss tells me, and I do more. I create more. I think around, I think beyond,’ says Ms Ogolla, a 37-year-old alumna of the Kenya High School who studied engineering at the Massachusetts Institute of Technology.

In her current role, she ensures that data on African languages is among those used to train AI.

Her drive to do more, she says, is what led her to develop an energy procurement algorithm ‘a 1,000 times faster than when I began in big tech’.

‘It’s not because anyone told me to; it’s because I looked into an opportunity. When I see an opportunity, I don’t wait for permission. I go do it and apologise if I [annoy] someone, but yeah, kind of rogue, but only rogue people change the world,’ she says.

Neema Nkatha

Ms Nkatha is the founder of Ohana Family Wear, and her stock-in-trade has been swimwear.

The biggest rule she has had to defy, she says, is the notion that she has to always be demure.

‘As a woman, the biggest rule I’ve had to defy is the idea that the good girl gets rewarded. You know how they say: the good girl never gets the corner office. I realised that if I was always waiting to be invited into the room, always trying to please everyone, always playing it safe, I would never build the business I dreamt of,’ she says.

Her business, sparked in 2018 when she could not find proper swimwear to pack for a trip to Europe, has grown into a regional and global brand, selling in Kenya, Tanzania and Zanzibar and displaying at fashion exhibitions in London, Dubai and other global platforms.

She says her desire to think beyond the box has helped push the brand forward.

‘Building Ohana has required me to speak up, negotiate, take risks countless times and confidently take up space, even when I felt like I had to earn the right to be there. So I’ve learnt that being kind and respectful is important, but so is being bold,’ says the 32-year-old.

‘Sometimes you have to ask for the opportunity, challenge the status quo, and believe in yourself before anybody else does. That’s the rule I chose to defy, and it’s made all the difference,’ she adds.

Lilian Mwai-Ndegwa

Ms Mwai is the Country Director for Kenya at TradeMark Africa, overseeing a project focused on reducing the time and cost of cross-border trade in Africa and beyond.

She has previously worked with KPMG Kenya, One Acre Fund, and Swisscontact.

To reach where she is, the 39-year-old former actuarial science student at the University of Nairobi has had to walk the path less travelled. One of the forces she has had to defy is imposter syndrome, that feeling of insufficiency even when one has all the qualifications.

‘Being able to break the imposter syndrome has been very important. You have to be able to break that barrier in your mind where you think you have to have a certain qualification and to be a certain age [to make a step],’ she says.

Another rule she has had to break is the urge to be the nice person who sweeps problems under the carpet. Whenever there is an issue that needs to be pointed out, she always endeavours to speak up.

‘People feel that [it is improper] when they give feedback, and especially when it’s not positive,’ she says.

In her opinion, you become more useful to an organisation when you challenge a certain idea or mindset.

Shaping anything, she explains, requires one to remove some things, influence people, change mindset and challenge things.

‘Most people fear articulating [a contrary opinion] when everybody is saying yes or a majority is saying yes,’ says Ms Mwai, also a Kenya High School alumna.

A mother of four, Ms Mwai also defied the common notion that a woman can’t prosper in her career while raising children.

‘In my career, there was a period where I was in mid-level management for quite a while because I was having children and I was building my family. There was a point I thought I would never get into leadership because I had spent a huge chunk of time focusing on family. But I believe that is important. There’s a time and point for everything,’ she says.

‘If, as a woman, it requires you to focus on having a family at some point and then you come back to pursue your career, then do that. For me, the barrier I had to break in my mind, and with what society thought, was that family and a career are not on the same level,’ says Ms Mwai.

Bilha Ngaruiya

Ms Ngaruiya, 36, is the Kenyan country manager for ONErpm, a platform that helps artistes access global streaming platforms and receive royalties directly. The firm has helped onboard at least 8,000 artistes.

She hasn’t trodden the beaten path to be here. For one, she didn’t complete her college studies.

‘We believe there is only one path to success: finish college, earn the right degree, choose a career, and stay in your lane. I didn’t finish college, so I didn’t have the traditional credentials many people consider essential,’ she says. ‘Instead, I learnt through apprenticeship: by serving, observing, asking questions, and earning my way into rooms where I could learn from people who had gone before me. My classroom was the music industry itself.’

She reckons that what has propelled her to where she is isn’t a degree but curiosity.

‘Every opportunity became a lesson, every challenge became a teacher, and every transition expanded my perspective. I believe continuous learning matters more than following a prescribed path, and it’s a mindset I still carry today,’ she argues.

Norah Kimathi

Ms Kimathi is the co-founder of Zerobionic, a start-up that develops assistive humanoid robots that translate spoken language into sign language.

The project began in 2021 and has earned her global recognition. Zerobionic, which is backed by the United Nations Development Programme, has expanded into seven countries across Africa, Europe and Australia, deploying more than 78 robotic systems in schools.

To succeed, she says, she had to embrace the power of teamwork.

‘As a woman, I was told I had to be twice as good and work twice as hard to prove myself. And I did. But the real rule I broke was the one that says you have to do it alone. I brought together people who had never been invited to a room like this. Street-involved girls, deaf women, young girls who had been told they did not belong,’ she says.

‘I built a reason for people to believe that they could build too. The future does not belong to the lone genius; it belongs to the community of women and men alike that build together. That is a rule I’m here to break, and I’m inviting everyone who has ever been told they are not enough to break it with me today,’ adds Ms Kimathi.

Jerop Limo

Ms Limo is the executive director at Ambassadors for Youth and Adolescent Reproductive Health Programme, commonly known as AYARHEP.

Living with HIV herself, she has dedicated her career to becoming a mirror for other young people, showing them that a diagnosis need not become the boundary of ambition.

The rule she has had to defy is that life must follow a neat sequence: school first, then work, then impact.

‘I started work and went to school later, which is out of the norm. I’m currently pursuing a Bachelor of Arts in Development Studies,’ says the 27-year-old.

Wanjiru Mambo

Ms Mambo, 38, is the founder and chief executive of WedgeHut Foods.

Her work is rooted in agriculture, where she is helping thousands of smallholder farmers escape the grip of middlemen by connecting them directly to markets that demand specific potato varieties.

The rule she chose to break was waiting for the perfect conditions before beginning.

‘[I am for] just starting and not waiting for the perfect moment, choosing to learn as I go,’ she says.

In doing so, Ms Mambo has built a business around practical problem-solving.

Seline Achieng’

Ms Achieng’, 37, is the founder and chief executive of Empowered Women with Disability.

By addressing exclusion, discrimination and the information gaps affecting persons with disabilities and their families, she is challenging long-held misconceptions and helping build a more inclusive society. She is pushing against barriers that keep persons with disabilities out of education, employment, information and leadership, while reminding families and communities that inclusion is not charity but justice.

The rule she refused to accept was that some spaces were not meant for her.

‘I didn’t listen when I was told I can’t and that it’s not my place,’ she says.

Fiona Anyumba

Dr Anyumba, 37, is the unit head for vascular and interventional radiology at Kenyatta University Teaching, Referral and Research Hospital. Her work reduces pain, shortens recovery and hospital stays, while expanding access to advanced, life-saving care for ordinary Kenyans in the public health system.

The rule she has broken is what she calls the ‘invisible consultant rule’; the idea that specialists should remain behind the scenes, focused only on patients and the technical work.

‘Traditionally, consultants are to focus on their patients and their work; but I am also involved in directly marketing our interventional radiology services to both patients and other doctors, advocacy for patients, negotiating prices to make the services accessible and building international networks which can be leveraged to grow the practice of interventional radiology in my institution and in the country,’ she says.

KPA suffers setback in tussle over lucrative forklifts tender

The Court of Appeal has struck out an appeal by the Kenya Ports Authority (KPA) challenging a High Court decision that quashed the award of a Sh362 million tender for supply and maintenance of 15 forklift trucks.

The court rejected the procurement dispute after finding the appeal was filed one day late, leaving the High Court decision intact. The court reaffirmed that statutory timelines in procurement cases cannot be extended under ordinary appellate procedures.

The court ruled that the authority and its accounting officer failed to invoke the court’s jurisdiction within the mandatory seven-day period prescribed under the Public Procurement and Asset Disposal Act.

The appeal arose from a procurement dispute involving Finnish cargo-handling equipment manufacturer Kalmar Finland Oy, which lost the two-lot tender to Brookwood Technical Limited and Autobikes Ltd early this year. Kalmar was disqualified for failure to file audited accounts for the years 2024 and 2025, though it challenged this, arguing the requirement did not apply to it, as an original equipment manufacturer.

Autobikes Ltd was awarded Lot 2 of the contract for $721,306 (Sh93.2 million) while Brookwood Technical Limited was to get Lot 1 at $2.8 million (Sh362 million) before the Finnish firm lodged a complaint. The tender was for the supply, testing and commissioning of 15 new forklift trucks.

Kalmar Finland Oy successfully challenged Brookwood’s award at the High Court, which quashed the Public Procurement Administrative Review Board’s finding that Brookwood was eligible to participate in the tender.

In the judgment dated May 28, 2026, the court found that Brookwood had not been prequalified to participate in that restricted tender, which had been limited to four firms, whose equipment was already in use at the port. They were identified as XYMA, Hyster, SMV Konecranes and Kalmar.

‘The applicant (Kalmar) was among those prequalified to tender; the interested party (Brookwood) was not,’ said the court. ‘The list of invited bidders is a mandatory requirement, and procuring entities have no legal discretion to waive or deviate from it, and inviting bids from firms that are not in the list would amount to the procuring entity disregarding its own bid conditions, making it illegal,’ it added.

Aggrieved by the High Court judgment, KPA moved to the court of appeal seeking to overturn that decision.

Kalmar separately asked the appellate court to strike out the appeal, arguing that the statutory deadline expired on June 4 but the appeal was lodged and paid for on June 5.

KPA opposed the application, saying it filed a notice of appeal within time and requested typed proceedings from the High Court before attempting to lodge the record of appeal on June 4.

The authority said the court’s Deputy Registrar rejected the filing later that evening because certified proceedings and the High Court judgment had not yet been supplied.

KPA told the court it explained the position the following morning, after which the Deputy Registrar approved the record for filing and payment.

The authority urged the judges not to determine the dispute on procedural grounds, arguing the appeal raised substantial issues deserving consideration.

It argued that “substantive justice, fairness, and equity demand that the appeal be determined on its merits rather than being dismissed for procedural shortcomings.”

KPA also invoked constitutional provisions requiring courts to administer justice without undue regard to procedural technicalities and argued it could not file documents that were unavailable through no fault of its own.

The judges rejected those arguments, holding that procurement appeals occupy a special legal category governed by strict statutory deadlines.

“Section 175(4) of the Public Procurement and Asset Disposal Act provides that an appeal against the decision of the High Court must be filed before the Court of Appeal within seven days,” the bench said.

The judges added that the provision forms the basis of the court’s jurisdiction and that “jurisdiction is everything.”

The court found that although KPA requested typed proceedings before expiry of the deadline, the statutory period continued running because procurement appeals are governed by special provisions overriding ordinary appellate rules.

Quoting earlier decisions, the judges reiterated that “these timelines are cast in stone and cannot be varied.”

The bench also rejected KPA’s reliance on equitable principles protecting litigants from court administrative failures.

“It, therefore, means that the appellants ought to have considered all these factors and endeavoured to file an appeal within time,” the judges said.

They added that KPA failed to demonstrate it had taken every possible step, including physically pursuing registry approval before expiry of the statutory period.

Drug tablets found inside kids’ toys

Authorities have intercepted an international parcel containing nearly 1,000 tablets of suspected 2C-B, a synthetic psychoactive drug classified as a Category 1 narcotic, concealed inside children’s toys, officials said on Wednesday.

The parcel, shipped from Tiel in the Netherlands and addressed to a recipient in Bang Lamung district, Chon Buri, was flagged as suspicious by customs and narcotics officials during screening at the Bangkok Express Mail Centre in Lak Si district.

An X-ray scan revealed anomalies inside the package. A subsequent search uncovered 992 multicoloured tablets hidden in silver zip-lock bags inside Lego Marvel and Duplo building block sets. The tablets — 446 green and 546 yellow — weighed 213 grammes, including packaging.

Preliminary tests using a PROGENY RESQ Raman spectrometer identified the substance as 2C-B.

The operation was carried out by a joint task force comprising the Internal Security Operations Command, the Customs Department, the Office of the Narcotics Control Board and other security agencies.

The drugs were seized as evidence and handed over to investigators at Thung Song Hong police station.

Authorities said they were expanding the investigation to identify the intended recipient and dismantle the network responsible for smuggling narcotics through the international postal system.

Russia’s nuclear dilemma becomes more dangerous as its internal fault lines deepen

The war in Ukraine has entered another of those phases in which diplomacy and military pressure move in parallel, but neither is yet strong enough to break the deadlock. Kyiv and Moscow remain separated by fundamental disagreements over territory, security guarantees and the political future of Ukraine, while the battlefield continues to shape the terms of any eventual negotiation. The latest meeting between US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov in Manila, focused on Ukraine and broader bilateral issues, is therefore significant less as evidence of an imminent peace deal than as proof that the channels between Washington and Moscow remain open. Lavrov reiterated Moscow’s readiness for a political settlement while insisting that further Western arms supplies to Ukraine were unacceptable. In his turn, Rubio has said the war was the primary focus of the meeting.

That distinction matters because diplomacy can reduce the risk of miscalculation, but it cannot, by itself, resolve the underlying strategic dispute. Russia continues to seek terms that would constrain Ukraine’s military and geopolitical choices, while Ukraine and its Western partners remain unwilling to accept a settlement that would reward territorial conquest or leave the country exposed to renewed aggression. NATO, meanwhile, has reinforced its deterrence posture and reaffirmed substantial military support for Kyiv. At its Ankara summit, the Alliance pledged at least pound 70bn in military equipment, assistance and training for Ukraine for both 2026 and 2027.

This creates the central danger of the current phase: the war may become harder to end precisely because neither side is yet prepared to accept the political price of ending it.

However, the risk of escalation is real. According to some experts, Russia could intensify missile and drone attacks, target Ukrainian decision-making centres or critical infrastructure, or increase pressure on NATO through cyberattacks, sabotage and other hybrid operations. But there is a crucial difference between Russia escalating against Ukraine and deliberately entering a direct war with NATO. So, the latter remains unlikely.

Moscow understands that a direct attack on a NATO member could trigger an entirely different military and political response. NATO’s Article 5 commitment, combined with the Alliance’s conventional and nuclear capabilities, is intended precisely to deter such a scenario. NATO describes Russia’s war against Ukraine as the gravest threat to Euro-Atlantic security in decades and has been strengthening its deterrence and defence posture accordingly.

As regards claims that Russia is deliberately preparing a chemical or nuclear attack on Ukraine, or that Ukraine intends to drag NATO into the war through a provocative manoeuvre, these should therefore be treated with considerable caution. First of all, Kyiv’s survival depends heavily on Western political and military support, and deliberately provoking a NATO-Russia war would jeopardise that support rather than strengthen it.

The same logic applies to Moscow’s nuclear calculations. Russia has repeatedly used nuclear rhetoric as an instrument of coercion and deterrence. NATO itself has described Moscow’s nuclear signalling as irresponsible and has stressed that its own nuclear posture exists to deter aggression and prevent coercion.

But rhetoric is not the same as intent.

The likelihood of Russia actually using a nuclear weapon against Ukraine remains low, although it cannot be dismissed entirely. The most powerful argument against such a decision is not humanitarian restraint but strategic calculation. A nuclear strike would almost certainly destroy many of the assumptions underpinning Moscow’s current strategy. It could provoke direct Western intervention, produce overwhelming international condemnation, accelerate military assistance to Ukraine and potentially fracture Russia’s relationships with countries that have so far avoided openly confronting Moscow.

Besides, given the existence of significant factions within Russia, this could, in itself, fuel growing tensions between anti-government forces and the Kremlin, particularly over the country’s increasingly confrontational foreign policy. In other words, there are forces that oppose Russia opening multiple fronts and becoming embroiled in conflicts on several fronts simultaneously. The recent cracks emerging between influential oligarchs and the current authorities, as well as the re-emergence of Roman Abramovich, the Jewish-born billionaire and former governor of the Chukotka Autonomous Okrug, on the political stage could represent a genuine risk for the Kremlin at such a sensitive juncture.

Moreover, there is also a geographic reality that complicates the nuclear scenario. Russia’s nuclear energy infrastructure and civilian population centres are not isolated from the consequences of radioactive contamination or a wider nuclear escalation. Any nuclear use in Ukraine would carry unpredictable risks for Russia itself and neighbouring states. The idea that Moscow could use nuclear weapons in Ukraine without facing consequences is therefore difficult to reconcile with the geography of the conflict.

More importantly, a Russian nuclear strike would establish a precedent with consequences far beyond Ukraine. If a nuclear power successfully used nuclear weapons to achieve territorial or political objectives without suffering catastrophic strategic consequences, other states could conclude that acquiring nuclear weapons is the ultimate insurance policy. The result would be a dangerous acceleration of nuclear proliferation.

That is why the nuclear threshold remains so high.

The more immediate risk is therefore not a deliberate nuclear war but a prolonged conventional conflict accompanied by increasingly dangerous escalation around its edges. The longer the war continues, the greater the possibility of an accident, a miscalculation or an unintended confrontation involving the West.

This is where the Lavrov-Rubio meeting becomes important. It does not mean that Moscow and Washington are close to an agreement. But in a conflict involving nuclear powers, communication itself is a strategic asset. The fact that senior American and Russian officials can still meet and discuss Ukraine provides at least one mechanism for clarifying red lines and preventing misunderstandings. The talks are unlikely to produce an immediate breakthrough, but they may help prevent the worst outcome.

The war is therefore unlikely to end tomorrow, but neither is a nuclear catastrophe the most probable conclusion. The likeliest scenario remains a longer war followed by intermittent diplomatic efforts, temporary pauses and eventually a negotiated settlement shaped by exhaustion and battlefield realities.

The greatest danger is that the conflict becomes normalised as a permanent state of confrontation. Russia has shown that it is prepared to sustain enormous costs to pursue its objectives. Ukraine has shown that it is unwilling to surrender its sovereignty. And the EU has demonstrated that it will continue supporting Kyiv while trying to avoid direct war with Moscow.

The central question is consequently not whether the world is heading inevitably towards nuclear war. It is whether diplomacy can move faster than escalation.

At present, the answer is uncertain. But the existence of the Lavrov-Rubio channel, however fragile, is a reminder that the door to diplomacy remains open. Keeping that door open may be the most important task of all. Because the most realistic danger is not that either Russia or the North Atlantic Alliance consciously decides to start a world war. It is that a conflict designed to remain below that threshold gradually becomes too complex, too violent and too unpredictable for either side to control.

PRA at 42: Where retirees find home

What makes a place feel like home when home is thousands of miles away?

For thousands of retirees from around the globe, the answer is the Philippines, a country where warm smiles come as naturally as the sunshine, where neighbors become friends, and where retirement is not simply about slowing down, but about discovering a new way of living.

For 41 years, the Philippine Retirement Authority (PRA) has quietly nurtured that vision, helping foreign nationals begin a second chapter in a country they now proudly call home.

That vision became even more meaningful as PRA celebrated its 41st anniversary on July 4, and held its Media Thanksgiving on July 7 at Diamond Hotel Manila. The celebration came at a defining moment for both the agency and the country, following the Philippines’ recognition as the World’s No. 1 Retirement Destination in the Retirement Abroad Index 2026 by the Expatriate Group. The distinction builds on the country’s 2025 recognition as Asia’s Best Retirement Destination, marking an extraordinary journey from regional excellence to global leadership.

But beyond the awards are the stories that truly define the milestone. During the Media Thanksgiving, foreign retirees shared why they chose to settle in the Philippines. It was not simply because of its affordability or its English-speaking communities, but because they found something far more difficult to measure: genuine human connection. They spoke of communities that welcomed them with open arms, friendships that transcended cultures, and a lifestyle that transformed the unfamiliar into something deeply familiar.

For PRA, these stories are the true measure of success. Through the Special Resident Retiree’s Visa (SRRV), enhanced frontline services, and onsite service caravans that bring assistance closer to retirees across the country, PRA continues to make retirement not only more convenient but also more meaningful.

The event also introduced PRA’s official jingle, a lighthearted yet heartfelt reminder that retirement is about more than finding a destination. It is about finding a sense of belonging, creating new memories, and embracing opportunities that make life’s next chapter just as exciting as the last.

As PRA enters its 42nd year, its recognition as the world’s top retirement destination is more than an accolade. It reflects countless lives changed, friendships formed, and dreams fulfilled. It is proof that the Philippines offers something no ranking alone can capture: a place where people from different corners of the world are welcomed not merely as visitors, but as part of the family.

Anutin vows to continue peace talks after bomb blast

A car bomb explosion in Narathiwat has prompted a security investigation, with Prime Minister Anutin Charnvirakul pledging continued peace talks and stronger measures to prevent further attacks.

The explosion occurred on Tuesday about 7.20pm outside the former Tanyong police station building in tambon Kaluwo Nuea of Muang district.

Unidentified individuals used a Toyota Soluna loaded with an improvised explosive device, pushing the vehicle towards the police station before it detonated.

The blast damaged nearby property and caused panic among local residents.

Firefighters quickly contained the blaze caused by the explosion, while police, soldiers, EOD officers and forensic experts secured the scene, collected evidence and began a hunt for those responsible.

In response, Mr Anutin on Wednesday said all agencies have been instructed to perform their duties to the fullest, with the highest priority being the protection of residents.

Regarding peace dialogue efforts, he said the efforts would continue under national intelligence chief Thanat Suwannanon, adding that discussions had also been held with Malaysian counterparts.

Mr Anutin said improving intelligence gathering and preventive measures are essential to counter those intent on carrying out such attacks.

According to media sources, deputy Narathiwat governor Wichan Chaisetsampan inspected checkpoints and security posts in the province’s economic safety zone on Monday night.

Meanwhile, the Internal Security Operations Command Region 4 Forward Command condemned the bombing, describing it as a brutal and immoral attack that endangered civilians and security personnel and sought to undermine peace in the area.

The agency said authorities would work together to identify and prosecute those responsible, while urging the public to report suspicious activity through the Isoc Region 4 Forward hotline 1341 or local security units.

Airport Rail Link resumes full service

Airport Rail Link resumed full service at 10.07pm on Wednesday after officials removed a train that had derailed at its depot in Bangkok’s Khlong Tan area.

Anan Phonimdaeng, governor of the State Railway of Thailand (SRT), said full services between Phaya Thai and Suvarnabhumi airport stations resumed after officials cleared the train and inspected a railway switch at the site in the Khlong Tan depot.

SRT, SRT Electrified Train Co (SRTET) and Asia Era One Co had yet to conclude their investigation into the derailment, Mr Anan said.

Asia Era One, which took over the Airport Rail Link operation from SRTET, said it would replace the railway switch and upgrade the reversing loop at the depot where the derailment happened to prevent a similar incident from recurring.

The derailment occurred at the depot at 12.47am on Wednesday when an Airport Rail Link train left the tracks as it was returning to the depot after completing its daily service at midnight. The incident disrupted train deployment throughout Wednesday, leaving only one train in operation at hourly intervals instead of every 10 to 15 minutes.

Airport Rail Link connects inner Bangkok and Suvarnabhumi airport, which is Thailand’s main gateway. It operates from 5.30am to midnight with six to eight trains in service depending on traffic. Its EMV contactless fare payment system has also resumed operation.