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Kandy Esala Perahera to gain intellectual property safeguards under WIPO project

The Cabinet of Ministers on Monday approved safeguarding the historical, cultural, and traditional intellectual property of the Kandy Esala Perahera, one of Sri Lanka’s most renowned cultural festivals.

The initiative aligns with the World Intellectual Property Organisation’s (WIPO) project titled ‘Promoting Festival Tourism Development through Intellectual Property’, which aims to strengthen the capacity of cultural festival organisers to use intellectual property rights in tourism development while respecting traditions and heritage.

It was approved to appoint a committee comprising all relevant parties under the co-partnership of the Trade, Commerce, Food Security, and Cooperative Development Minister and Buddhism, Religious Affairs, and Cultural Affairs Minister to prepare and submit the relevant project proposal aimed at protecting intellectual property rights of the historical, cultural, and traditional identity and values of Kandy Esala Perahera, with special attention toward ‘Protection of Publication Rights’ and ‘Trademarks and Brand Names’.

The committee comprising all relevant stakeholders will be appointed to oversee the process, to strengthen both festival tourism and the protection of Sri Lanka’s cultural heritage on the global stage.

The Esala Perahera, rooted in centuriesold art forms and knowledge, has been identified as suitable for submission under this program.

‘Special focus will be placed on copyright protection and trademarks and branding to preserve the festival’s unique identity,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said, at the weekly post-Cabinet meeting media briefing on Tuesday.

He said the objective of this project is to increase the capacity of cultural festival organisers in the beneficiary countries to use intellectual property rights for the development of festival tourism, while respecting local traditions and cultural heritage.

Thai air conditioner makers eye Europe

The Trade Policy and Strategy Office (TPSO) is urging Thai air conditioner manufacturers to penetrate European markets as a record heatwave drives demand.

Thai manufacturers should prioritise energy-efficient products that comply with Europe’s stringent environmental regulations, noted the office.

In May, Thailand exported US$149-million worth of air conditioners, up 40.7% year-on-year, marking the strongest growth since October 2025.

From January to May, the export value totalled $784 million, a gain of 18.9% year-on-year.

The strongest-performing export categories in May were reversible air conditioners with heat pump functions, which surged by 70.6%, followed by air conditioner parts, rising 49.6%, and window or wall-mounted air conditioners, up 21.6%.

Germany was the largest export destination with shipments worth $30.8 million, surging 89.6% year-on-year, followed by France, up 50.9%, with the UK rising 58.2% and Spain gaining 42.2%.

Northern European markets recorded strong growth since the beginning of this year, with Finland growing 367% year-on-year and Sweden up 177%.

Nantapong Chiralerspong, director-general of the TPSO, attributed the sharp export rise to an unusually intense and early heatwave in Western Europe in May. A persistent heat dome pushed average daily temperatures in many areas more than 10°C above normal.

The combination of exceptionally hot weather and forecasts for a scorching summer prompted European importers and retailers to place orders earlier to prepare for peak summer demand from June to August.

He said the export growth reflects a structural shift in demand as air conditioning penetration in Europe averages about 20% of households, compared with the global average of 37% in 2022.

TPSO predicts demand for air conditioners in Europe to remain strong throughout the third quarter.

The World Meteorological Organization projects above-normal temperatures across Europe from July through September, particularly in southern and central Europe, as a strengthening El Niño pattern continues to influence global weather.

The sustained demand has depleted retailers’ inventories and is expected to lead to continued restocking.

Mr Nantapong said Europe offers strong long-term growth potential for Thai air conditioner exports. As the world’s fastest-warming continent, with temperatures rising 0.53°C per decade since the mid-1990s, demand is likely to increase.

EU policies promoting heat pumps are also making air conditioners an essential household appliance, supporting sustained market growth.

TPSO noted growth in the European market is closely linked to stringent environmental policies.

Manufacturers should monitor tightening environmental regulations, particularly as Europe gradually limits the use of refrigerants, said the office.

“To be competitive, exporters should focus on product quality, energy efficiency and environmental performance,” Mr Nantapong said.

Ancient city emerges beneath Kilsadag Temple Complex [PHOTOS]

Archaeologists from the Institute of Archaeology and Anthropology of the Azerbaijan National Academy of Sciences (ANAS) have completed the fifth consecutive season of excavations at the Kilsadag Temple Complex in Azerbaijan’s Gabala district, AzerNEWS reports citing the Institute of Archaeology and Anthropology.

The latest fieldwork continues a long-term archaeological research project that has been underway at the site since 2022.

The expedition, titled Archaeological Research of the Material and Cultural Heritage of Caucasian Albania, was led by Associate Professor Natig Alishov, PhD in History, from the Institute’s Department of Ancient Period and Albanian Archaeology.

This year’s fieldwork focused on uncovering the architectural features of the site’s surviving structures and further investigating the fortified acropolis surrounding the temple complex. Each excavation season has expanded researchers’ understanding of what is emerging as one of the country’s most significant archaeological sites linked to ancient Caucasian Albania.

Previous excavations in 2025 revealed sections of defensive walls and the foundations of two strategically positioned towers protecting the acropolis. Building on those discoveries, archaeologists widened the excavation area this year to examine the site’s fortification system in greater detail.

The results exceeded expectations. Survey excavations indicate that the complex was defended by more than ten towers, suggesting a much larger and more sophisticated defensive network than previously believed. In excavation squares identified as K and L, researchers uncovered additional sections of the fortress wall enclosing the eastern side of the circular temple, together with the remains of three towers constructed parallel to the defensive walls.

Excavations also continued inside Room No. 1, where a test trench had been opened during the 2025 season to better understand the site’s cultural layers. Archaeologists uncovered a stone-box grave and two earth burials, discoveries that may prove crucial in reconstructing the chronology of the settlement.

One of the most significant findings is that these burials were located beneath the foundations of the religious and public buildings uncovered during excavations over the past four years. This indicates that the cemetery predates at least part of the monumental architecture, pointing to several distinct phases of occupation and development at the site.

Anthropological samples collected from the graves will undergo radiocarbon (C-14) analysis, which is expected to provide a more precise chronology for the burials as well as the construction of the fortress walls and defensive towers surrounding the temple complex.

The latest field investigations also suggest that the fortifications extended well beyond the circular temple itself. Archaeologists believe the defensive system once formed part of a much larger settlement.

Researchers note that a considerable portion of the archaeological site suffered extensive damage during the Soviet period, when the Gabala Radar Station (RLS) was built in the nearby Emilidag area. The military installation occupied hundreds of hectares, and its construction affected the northeastern section of the ancient settlement. Defensive trenches, air-defense positions, and other military structures significantly disturbed the archaeological landscape.

Despite these losses, substantial remains have survived beneath the ground. Archaeologists believe the ongoing excavations around the Kilsadag Temple Complex and its surrounding acropolis may ultimately reveal the remains of another major city of ancient Caucasian Albania.

Situated near Amili village in the Gabala district, the Kilsadag Temple Complex has yet to be identified in known written historical sources. Nevertheless, each excavation season brings new evidence that the site was not merely an isolated religious monument but part of a large, fortified urban center whose history is only beginning to emerge.

2026 Mid-Year Budget Review: Mahama ‘Forging’ Economic Success – NPP

The New Patriotic Party has hit the Mahama administration with heavy criticism ahead of the 2026 Mid-Year Budget Review, accusing the government of manipulating data and presenting a fragile economy as a success story.

In a six-page statement released yesterday at a press conference in Accra and signed by NPP Policy Coordination Committee Chairman, Kojo Oppong Nkrumah, the opposition said the government’s reported economic recovery was built on ‘props’ and not real reforms.

‘Artificial Surplus’ Claim

The NPP argued that the 2025 primary surplus of 2.6% of GDP, above the 1.5% target, was achieved not through higher revenue but through deep spending cuts.

According to the party, revenue fell 4.7% short of target while expenditure was compressed by 13.8%. ‘Government created an artificial surplus instead of genuine fiscal discipline,’ the statement said.

Growth Tied to Gold, Not Policy

The NPP also questioned the sustainability of the 6.4% first-quarter growth, saying it was driven mainly by record gold prices rather than government policy. The party warned that any drop in global gold prices could expose weaknesses and challenged the Finance Minister to show what growth and trade figures would look like at historical gold prices.

Inflation, Cedi and Debt Concerns

On inflation, the NPP noted that despite the fall to 5.3% in June 2026, prices had risen for three straight months. It also said the cedi had depreciated between 8.4% and 10.3% this year. The party further flagged discrepancies in public debt figures.

While the Bank of Ghana reported debt at 45.1% of GDP in May 2026, the NPP cited IMF projections of 53% by year-end and 55% by 2028. It called for a comprehensive debt sustainability analysis.

Spending Cuts and Arrears

The opposition claimed government underspent in Q1 2026, with actual spending at GHS62.1 billion against a target of GHS78.8 billion. Capital expenditure, it said, fell more than 40% below target, hitting roads, schools and hospitals, while the wage bill was protected.

The NPP also raised concerns over inherited arrears of GHS67.5 billion and questioned how much had been paid.

BoG Flagship Programmes

The party described the Bank of Ghana’s finances as a ‘fiscal time bomb,’ citing a reported GHS15.63 billion loss for 2025 and alleging that independent figures were worse. It said the Bank’s decision to stop pre-financing GoldBod showed the risks involved.

On government programmes, the NPP said the 24-Hour Economy and Big Push initiatives lacked real funding and jobs, with many employment figures based only on MOUs and major procurements done through sole sourcing.

Demands Ahead of Budget Review

Ahead of the Finance Minister’s presentation to Parliament, the NPP is demanding a half-year expenditure breakdown, a reconciled debt-to-GDP figures, an updated arrears data, verified jobs data for flagship programmes, actual Bank of Ghana financial position, sensitivity analysis on gold and the cedi.

‘Ghana’s economic future cannot be built on unspent budgets, unpaid contractors, disputed debt numbers and jobs that exist only on paper,’ the statement concluded.

The NPP vowed to scrutinise the Mid-Year Budget Review against the government’s own published data.

2027: Coalition demands urgent resolution of Oyo APC crisis

Coalition of All Progressives Congress (APC) members and stakeholders, under the agies of Coalition for Oyo APC Renewal (COAR) has demanded urgent resolution into crisis rocking the party in the state.

The stakeholders, who are worried about the state of the party in the state lamented that the controversy surrounding the party’s recent primary elections has created deep anger, suspicion and division.

COAR urged former Senate Leader and a Chieftain of the party, Senator Teslim Folarin to take in cognisance state of structures within the party, which according to them is currently burning.

In an open letter to Folarin by its Chairman, Hon. Rasak Raji Gbadamosi, and its Secretary, Surveyor Christopher Adewusi, COAR alleged that results of the partys primary election was not transparently declared, while candidates were being presented in circumstances that have left many aspirants and party members feeling cheated, ignored and politically disenfranchised.

According to COAR, instead of urgently resolving the crisis, the national leadership appears more interested in moving ahead as though nothing has happened, describing such move as a dangerous political miscalculation.

‘You cannot demand loyalty from members whose grievances you refuse to hear. You cannot ask aggrieved aspirants to mobilise for candidates they believe were imposed upon them. And you cannot build a presidential campaign on the ruins of a fractured party structure.

‘Let us be clear: if this crisis is not resolved, the consequences will go beyond the disputed primary elections.

‘There may be widespread anti-party activities, voter apathy, silent sabotage, rejection of unpopular candidates, defections, loss of grassroots mobilisation and a general collapse of enthusiasm for the APC.

‘Many aggrieved members may not openly defect or publicly campaign against the party. They may simply withdraw their support, remain at home on election day or quietly vote for alternatives.

‘The President must therefore be told the truth about Oyo State. A few meetings with selected individuals cannot erase the grievances of thousands of party members. The crisis cannot be solved by pretending that the party is united.’

COAR urged Folarin to use his access to President Tinubu Presidto demand urgent intervention in Oyo APC.

‘The way forward is clear: transparency in the declaration of primary election results, fair resolution of genuine grievances, an inclusive reconciliation process, and an end to the imposition of candidates without due process.

‘Senator Folarin, if you genuinely desire the success of President Tinubu in Oyo State, then your first assignment should not merely be to campaign for him. It should be to help save the party structure that is expected to deliver the votes.

‘No campaign machinery can replace angry party members. No slogan can substitute for trust. And no presidential candidate can expect maximum support from a state chapter whose members feel abandoned by their own party.

‘This is not a threat. It is a warning based on the political reality on the ground.

‘If the Oyo APC crisis remains unresolved, the 2027 elections may become a referendum-not only on the candidates presented by the party, but also on the impunity and injustice that party members believe they have suffered.

‘The President may still secure victory in Oyo State. The APC may still win the governorship and legislative elections. But that will only happen if the National Leadership acts decisively and urgently.

‘Ignore Oyo APC at your own political peril. The crisis must be resolved before the campaign begins-not after the party has lost the election.’

Tropical Hut and remembering the comfort of familiar places

A MEDIA colleague posted on her Facebook account on Wednesday, rather wistfully, that Tropical Hut Supermarket on Scout Borromeo St. was closing shop.

For those of us who have been long-time residents of Quezon City, Tropical Hut was one of the OG grocery stores we patronized, where we bought anything from fresh meats to canned goods and small toys. And when the holiday season came around, we would buy our leg of ham at the kiosk which sold Majestic Ham, which the supermarket hosted. Papa would also have his keys duplicated at one of the stalls outside, along the supermarket’s perimeter.

Boosting the popularity of Tropical Hut are its delicious burgers, which thank goodness will not be affected by the closure of the supermarket slated at the end of July. Back in my elementary years, whenever Mama said she was going to shop for groceries at Tropical Hut, I was very eager to tag along because, most likely, there would be an opportunity to eat a cheeseburger at the adjacent cafe.

While Mama was picking up our groceries, I would sometimes sneak off and cross over to National Book Store to check out the latest Nancy Drew books in stock, buy school supplies I needed, then after make my way to the small Sanrio store-the first of its kind in the Philippines-to see what new kawaii My Melody or Little Twin Stars stuff had come in. (Nope, I was never a Hello Kitty fan.)

These days, National Book Store at the corner of Quezon Avenue is a shadow of its former self. It’s now called just ‘NBS’, and the Sanrio store has been long gone. And much of the property is devoted to food and beverage merchants, instead of books. The small-sizing of NBS began sometime in the early 2000s, which was later mirrored by Tropical Hut, in that the favored supermarket which once dominated the Scout area had also gradually scaled back its operations. (Apparently, it is no longer a ‘Supermarket’ but a ‘Foodmart’.)

The area also hosts other equally popular community supermarkets-the former Rustans-owned The Marketplace at Scout Madriñan, which caters to the more affluent residents; another OG, Hi-Top Supermarket along Quezon Avenue; and just a hop and a skip away, Robinsons Supermarket along Tomas Morato Avenue on the ground floor of a towering condominium.

I suppose the onslaught of more supermarkets in the area, along with availability of online store delivery, no longer made it tenable for Tropical Hut to continue operating. With higher cost of utilities and persistent inflation, it may have been difficult for the supermarket to keep the prices of its grocery items affordable as it once had.

Besides, Tropical Hut’s owner, the Mercury Drug Group, already sells grocery items at its drugstores so in a way, the company hasn’t strictly exited the supermarket business. The grocery portion of the group will just exist inside its ever-expanding drugstore network, side by side its pharmaceutical business. In a way, it is serving more customers by killing two birds with one stone: buy your drugs, buy your snack food-in just one store.

While it’s a tad upsetting to say goodbye to my once favorite playground, Tropical Hut fans will be happy to know that the burger joint at Scout Borromeo will be kept, and even expanded to a full-blown restaurant, while the rest of property will reportedly house the burger operations’ main office. And perhaps, more restaurant branches will be rolled in the near future.

Once upon a time, I also thought Tropical Hut Hamburger would likely go the way of its supermarket business. But in 2022, one guy’s tweet about his visit to the burger joint’s Escolta branch, along with a photo of his order-burger, fries, and a glass of soda-sparked a sentimental frenzy of visits to other branches.

I admit that because of that tweet, I have since returned to patronizing the restaurant, ordering what is now dubbed the Super Cheeseburger Classic.

The sandwich is wrapped in foil such that it is still warm when I receive it via delivery, and doesn’t break the bank because it costs just P187. It is beefy, juicy, and just the perfect no-frills cheese burger. I also belatedly realized that Tropical Hut Hamburger now caters to group orders, so it makes for an inexpensive meal for company meetings or family hangs, while bingeing on the latest hot streaming series.

Meanwhile, according to another Facebook post, there is an ongoing closing-out sale at Tropical Hut Supermarket, uhm, Foodmart, where its remaining inventory are being sold at heavily discounted prices, in case our dear readers are interested in making a nostalgic pilgrimage to the place.

Living in Quezon City most of my life, I’ve said goodbye to other great well-stocked supermarkets, which sold some unique goods. My Lola’s favorite was Sunshine Mart near the Mayon St.-Quezon Avenue area, where she would buy prepared morcon for cooking during Christmas Day.

Then there was also Glo-ri Supermarket along Del Monte Avenue, which was walking distance from our former home in Santa Mesa Heights, where my favorite purchase was Caroline’s Potato Chips, which was a treat using my saved baon. (Sheesh. Who even remembers that chip brand? I’m definitely showing my age!)

Of course, cities must change. New businesses will come, old ones will find new lives, and today’s children will someday look back with the same fondness on the places they now take for granted. That’s the cycle of every neighborhood, and every generation.

Still, every now and then, I can’t help but grieve the loss of these familiar landmarks, because they were never just stores. They were the backdrop to our family traditions, small triumphs, childhood treats, and ordinary weekends that, without realizing it then, would become ingrained as my life’s sweetest memories.

Maybe that’s why the news about Tropical Hut Supermarket feels so personal to me. It isn’t really about the closing of a grocery store. It’s about saying goodbye to a place that quietly witnessed my youth. And while the shelves may soon be empty, the flavors, the faces, and the memories it gave me remain wonderfully, deliciously full.

Trump may approve ‘massive’ attack on Iran

US President Donald Trump told Axios on Thursday he was seriously thinking about resuming military actions against Iran that would be larger than the scope of the previous “Operation Epic Fury”, AzerNEWS reports.

“I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it,” Axios quoted him as saying. Trump said he was “close” to making a decision but stressed that no final call had been made. The outlet added that the military has not received new orders, citing two US officials.

The Republican president went on to add that Israel would join the operation if requested, although he claimed the US doesn’t “need anybody.” He warned that Israeli participation could trigger Iranian retaliation, while repeating that Tehran wants to negotiate but is not yet prepared to reach an agreement.

Borderless economy opens cross-border payment infrastructure gaps

Africa’s push towards a borderless economy is exposing critical weaknesses in the continent’s financial infrastructure, with payment systems, banking networks, and regulatory frameworks struggling to keep pace with rising cross-border trade, travel and digital commerce.

Benjamin Dada, fintech expert and founder of Condia, said growing demand for cross-border transactions is placing unprecedented pressure on Africa’s fragmented payment ecosystem just as regional integration accelerates under the African Continental Free Trade Area (AfCFTA).

Dada, a former Nigeria country manager at South African payments company Stitch and former business product manager at Moniepoint, where he helped build the firm’s cross-border product, MonieWorld, said the industry needs greater collaboration to address longstanding structural barriers.

To help drive that conversation, Condia will host The Borderless Experience, a one-day conference scheduled for August 21, 2026, at the Landmark Event Centre in Lagos.

The event, with Africhange as headline sponsor, is expected to bring together about 500 senior executives from banks, fintech firms, regulators, airlines, travel companies, merchants, investors and policymakers to examine what Africa must do to build a truly connected economy.

According to Dada, while AfCFTA has created fresh momentum for regional trade and investment, fragmented financial infrastructure, inconsistent regulations and inefficient settlement systems continue to slow business expansion across the continent.

‘Our goal is to bring together the people building the systems behind Africa’s connected economy-including banks, fintechs, regulators, travel companies, merchants, policymakers and infrastructure providers-to have practical conversations about what is required to move the industry forward,’ Dada said.

The conference comes at a time when cross-border payments are emerging as one of the fastest-growing segments of Africa’s fintech industry. Dada estimates the continent’s cross-border payments market at about $329 billion, expanding at roughly 12 percent annually, driven by the rapid growth of digital commerce, mobile money adoption and regional trade.

He noted that many Nigerian fintech companies that initially focused on domestic payments are now expanding into international money transfers as businesses and consumers increasingly transact beyond national borders.

‘Every major fintech now wants to become a cross-border fintech. That creates opportunities, but it also raises new questions about regulation, competition, liquidity management and financial infrastructure,’ he said.

Dada also argued that much of the public conversation around cross-border payments still relies on outdated assumptions.

‘For years, everyone quoted that sending money into Africa costs around eight percent. The industry has changed significantly, and we need more accurate conversations based on today’s realities,’ he said.

Beyond payments, the conference will examine the wider infrastructure supporting Africa’s connected economy, including trade, travel, logistics and commerce.

Participants will discuss how merchants are expanding across borders, how airlines and hospitality businesses are serving regional travellers, and why logistics remains one of the biggest obstacles to intra-African trade.

Drawing on conversations with logistics operators, Dada said moving goods between African countries often remains more expensive than shipping them from Europe.

‘It can cost more to move goods from Kenya to Nigeria than from the United Kingdom to Nigeria. Those are the kinds of structural issues we want to address,’ he said.

The programme is organised around six thematic tracks covering the changing African consumer, payments and financial infrastructure, banking, commerce and travel, policy and regulation, and cross-industry collaboration.

Speakers will include payment infrastructure providers, banking executives, policymakers, compliance specialists, cybersecurity experts, merchants, airlines, hotel operators, investors and technology founders.

Among the issues expected to dominate discussions are stablecoins, artificial intelligence, correspondent banking, foreign exchange volatility, payment settlement, regulatory harmonisation and the future of Africa’s digital payment architecture.

For Dada, however, payments are only part of the bigger picture.

‘What actually moves across borders are people, goods and services. Payments are simply the infrastructure that enables those movements,’ he said.

Keystone Bank: We’re empowering Nigerian children, youths through strategic initiatives

Keystone Bank has reaffirmed its commitment to empowering Nigerian children and youths through sustained investments in education, financial literacy and strategic partnerships aimed at developing the country’s next generation of leaders and entrepreneurs.

The bank said its interventions are driven by the belief that Nigeria’s greatest resource lies in its young people, stressing that talent must be supported with opportunities, access and the right development platforms to thrive.

As part of its education-focused initiatives, the bank recently recognised outstanding students across 10 selected schools in Abuja, Uyo, Kaduna, Ondo, Lagos, Maiduguri, Kano, Imo and Zaria for academic excellence.

The initiative rewarded exceptional students with cash prizes while also providing financial support to participating schools to improve their learning environments. The programme also featured financial literacy sessions to help students develop responsible money management habits from an early age, alongside the distribution of educational materials and branded souvenirs.

Beyond primary and secondary education, Keystone Bank said it has expanded its support to tertiary institutions through collaborations designed to promote innovation, entrepreneurship and leadership.

At the University of Lagos, the bank partnered with the UNILAG Green Hub on the Greenpreneur Initiative, which focuses on sustainability, the circular economy and capacity building for student entrepreneurs interested in opportunities within the green economy.

The lender also sponsored an inter-hall competition at McPherson University to encourage creativity, teamwork, healthy living and sportsmanship among students.

In another initiative, Keystone Bank partnered with the Nigerian Universities Accounting Students’ Association (NUASA) during its summit held in collaboration with Pan-Atlantic University. The event brought together accounting students from across the country for sessions on audit and assurance, corporate finance, taxation and strategic leadership.

The bank further collaborated with the Association of Economics Students at the University of Lagos to support the Expedition Conference, a leadership and socio-academic development programme that impacted more than 1,000 students.

According to the bank, it has also supported several institutions through career development programmes, self-improvement workshops, emotional intelligence training and cultural identity initiatives aimed at equipping students with practical skills for future careers.

Speaking on the bank’s commitment to youth development, Group Head, Retail and Digital Banking, Keystone Bank, Olayemi Sule, said investing in young people is critical to Nigeria’s future.

‘At Keystone Bank, we recognise that the future of Nigeria lies in the potential of its young people.

‘Our commitment goes beyond banking; we are intentionally investing in education, innovation, and capacity development to ensure that every child and youth has the opportunity to succeed.

‘By supporting academic excellence and equipping students with financial knowledge, we are helping to shape a generation that is not only skilled but financially empowered,’ Sule said.

Also speaking, the bank’s Departmental Head, Retail Products, Bolajoko Agunlejika, said financial empowerment should begin early and continue throughout a young person’s development.

‘We believe that empowering young people must start early and continue consistently through every stage of their growth.

‘Our initiatives and tailored financial products are designed to instill discipline, encourage savings, and build confidence in managing finances. By doing this, we are not just supporting individuals, we are strengthening the foundation of Nigeria’s economic future,’ she said.

Keystone Bank said its youth-focused strategy is further supported through products such as the Future Account for children and the Evolve Account for students and young adults, both designed to encourage savings, financial responsibility and long-term financial planning.

The lender added that its investments in education and youth development represent a long-term commitment to nurturing future leaders, innovators, professionals and entrepreneurs who will contribute to Nigeria’s economic growth.

PRESS RELEASE – EUROPEAN COMMISSION

Commission fines Google pound 890 million for breaches of the Digital Markets Act

Today, the European Commission took two decisions finding non-compliance by Google with the Digital Markets Act (DMA) for self-preferencing its own services on Google Search, and for putting in place restrictions on businesses to direct consumers to alternative, often cheaper, purchase channels on Google Play (steering). In this regard, the Commission issued Google a fine of pound 460 million and a fine of pound 430 million respectively.

Executive Vice-President for a Clean, Just and Competitive Transition, Teresa Ribera, said: ‘Google has fallen short of effective compliance with the Digital Markets Act, and today we have taken decisive yet balanced enforcement action sanctioning these breaches. The best products should succeed because they’re better, not because they’re owned by the company running the search engine. And European consumers have a right to be told by app developers where to sign up to the best offers, even when the app store owner does not get a cut. This is the promise of the DMA, protecting fairness, choice and innovation in digital markets for the benefit of all European citizens.’

Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said: ‘The two decisions we adopted today confirm our determination to apply the Digital Markets Act to safeguard business and innovation. We found that Google harms businesses offering similar services, such as shopping or sports, by not granting them the same level of prominence on Google Search. We also found that Google has restricted app developers from offering cheaper offers to customers in the Google Play app store. Google must now bring the non-compliance to an end and to refrain from continuing it in the future. Today’s decisions send a clear message; we will not hesitate to use our tools to safeguard business and innovation opportunities opened up by the DMA.’

More information is available in the press release.

Commission greenlights Sweden’s payment request for pound 1.47 billion under NextGenerationEU

Today, the European Commission positively assessed Sweden’s second payment request for pound 1.47 billion under the Recovery and Resilience Facility, the centrepiece of NextGenerationEU.

This is an important step in the delivery of the reforms and investments included in this payment request, which aim to support the green transition, a better functioning of the labour and housing markets, as well as to address demographic challenges.

The Commission found that Sweden has satisfactorily completed the 8 milestones and 8 targets set out in the Council Implementing Decision.

Today’s payment request would bring the funds paid out to Sweden under the Recovery and Resilience Facility to pound 3.11 billion. This amount corresponds to 90.34% of all funds included in the Swedish recovery and resilience plan, with 87.76 % of all milestones and targets in the plan now fulfilled.

With a view to the closure of the Facility at the end of 2026, Member States must implement all outstanding milestones and targets by 31 August 2026 and submit their last payment requests by the end of September 2026.

You can find more information online in our press release.

Today, Greece received its first payment of pound 118.2 million under the Security Action for Europe (SAFE) defence instrument, representing 15% of its total allocation of pound 787.7 million.

SAFE is a pound 150 billion financial instrument providing loans to Member States. It primarily funds joint procurement of ammunition, missiles, air defence, and ground combat systems produced within the EU. It is part of the European Commission’s ReArm Europe/Readiness 2030 plan, which aims to unlock over pound 800 billion in defence investment across the European Union.

The pre-financing will allow Greece to fast-track priority defence investments, enhance its resilience, and modernise its military capabilities in support of common European objectives. SAFE is intended to facilitate fast, co-ordinated action, strengthen the interoperability of European armed forces, and reinforce Europe’s defence industrial base through joint procurement and deeper cross-border co-operation.

Andrius Kubilius, Commissioner for Defence and Space said: ‘Today’s first payment to Greece under SAFE is a clear sign that Europe delivers where it matters most: strengthening our common security and supporting our defence industrial base. By helping Greece move forward with key investments, SAFE reinforces not only national preparedness, but also our shared European resilience and strategic responsibility.’

This payment follows the completion of all required procedural steps and reflects the EU’s commitment to providing timely, practical support through SAFE. Further payments will follow, as agreed milestones and implementation are met.

The SAFE instrument is financed by EU borrowing on the financial markets. This enables competitively priced and attractively structured long-duration loans to requesting Member States. The terms of the SAFE loans benefit from the EU’s strong credit rating. All SAFE loans will be repaid by the beneficiary Member States.

(For more information: Thomas Regnier – Tel: +32 2 299 10 99; Marine Strauss – Tel: +32 2 298 91 03)

Commission approves more than pound 103 million support from the EU Solidarity Fund to help Malta, Portugal, and Spain recover from storms

The European Commission has approved advance payments totaling pound 103.6 million to Malta, Portugal, and Spain under the European Union Solidarity Fund (EUSF), to ease the financial burden of reconstruction efforts after the damage caused by the devastating storms that took place in these countries in January and February 2026.

The advance payments follow the applications for EUSF support submitted by Malta, Portugal, and Spain and the positive technical assessment by the Commission confirming that the criteria for access to the Fund have been met.

Malta was struck between 19 and 21 January 2026 by Storm Harry. The storm caused widespread flooding, coastal damage and transport disruption, with significant impacts on public infrastructure, harbours, fisheries, aquaculture, agricultural assets and local communities. Malta will receive an advance payment of pound 931 014.

Portugal was affected between 22 January and 15 February 2026 by a sequence of exceptionally intense storms. The storms brought strong winds, coastal turmoil and intense rainfall which led to floods and landslides and resulted in 18 fatalities, significant material damage and interruptions in the supply of essential services. Portugal will receive an advance payment of pound 65.37 million.

Spain was hit between 22 January and 14 February 2026 by the same storms as Portugal. The result was prolonged electricity, water and telecommunications cut off affecting thousands of inhabitants. People also suffered significant material losses and many homes were destroyed or left uninhabitable. Spain will receive an advance payment of pound 37.26 million.

The Commission will make a proposal to the European Parliament and the Council of the EU for the three applications. If approved, the final payments will follow later and depend on budgetary availabilities.

Since its establishment in 2002, the EU Solidarity Fund has provided over pound 11 billion in assistance for 148 disaster events, including 128 natural disasters and 20 health emergencies, across 25 Member States and six accession countries.

More information is available online.

Commission adopts assessment report on readmission cooperation

Today, the European Commission adopted its seventh assessment report to the Council on third countries’ level of readmission cooperation under Article 25a of the Visa Code. The report assesses the cooperation of 28 visa-required countries in 2025. Based on the annual assessment, the Commission can propose restrictive visa measures for third countries where cooperation is considered insufficient.

This year, the Commission is not proposing new restrictive visa measures.

The Commission previously proposed visa measures in relation to Bangladesh, Iraq, The Gambia, Senegal, Ethiopia, Somalia and Guinea. The report restates the relevance of the proposal for Senegal (from 2022). The proposal remains with the Council, with the objective of improving readmission cooperation. In view of substantial and sustained improvements in readmission cooperation, the Commission withdrew its proposals for Iraq and Bangladesh in November 2025 and visa measures for Ethiopia were repealed in May 2026. Due to insufficient cooperation, the Council adopted restrictive visa measures for Somalia in June 2026 and Guinea in July 2026. For The Gambia, first stage measures remain in place, after the increased visa fee was revoked in April 2024.

The Commission annually assesses readmission cooperation of visa-required third countries, reports to the Council and actively engages in dialogue to improve readmission cooperation with partners.

The report is not a public document. It will be sent to the Council and discussed with Member States. Commission proposals to the Council on visa measures take into account the Union’s overall relations with the countries concerned. The Commission will continue its active engagement with third countries to improve cooperation on readmission.