Outer Banks officially came to an end with a heartwarming final scene, but one thing was missing.
Outer Banks season 5 was an emotional rollercoaster for fans(Image: NETFLIX)
Outer Banks fans struggled to make it through the final season following a devastating death.
Outer Banks is back with a fifth and final season on Netflix and fans have already binged their way through all 10 episodes.
The final outing saw the Pogues cope with a tragic loss and seek revenge, while racing around the world to claim back the Blue Crown. Fans were quick to point out the notable absence of JJ Maybank (played by Rudy Pankow), a beloved Pogue who died in the season four finale.
*Warning: this story contains spoilers for Outer Banks*
He was fatally stabbed by his biological father, Chandler Groff (J. Anthony Crane), and fans were devastated at the tragic loss. While watching the season five episodes, they admitted the series “didn’t feel the same” without JJ.
They flocked to X to share their thoughts, with one saying: “I hoped so much that JJ would come back to life thanks to the Blue Crown, but it was no use. I mean, why is it always my favourite characters?”
Another shared: “It’s really hard watching this show with JJ gone, it just doesn’t feel the same, he should be there with them [crying emojis].”
The finale included a group shot of the gang, but JJ was missing, and one fan pointed out: “The last frame being just the Pogues. But JJ should be there, man.”
Another viewer commented: “JJ was genuinely one of the best characters in Outer Banks. Season 5 didn’t hit the same without him…” Someone else shared: “20mins into Episode 1 of @obxnetflix and it already feels weird without JJ.”
Fans were also emotional over a heartbreaking flashback scene, which depicted the first time JJ and his best friend-turned-love interest, Kiara Carrera (Madison Bailey), met as young children.
“That JJ & Kiara flashback of when they were young and they first met [crying emoji],” one fan said, while a second echoed: “The first time Kiara and JJ met. Aww, my babies [crying and heartbreak emojis].”
Just before the final season dropped, it was announced that a prequel series had been given the green light and would detail the origin story of the feud between the Pogues and the Kooks.
Set 20 years before the events of Outer Banks, creator Josh Pate explained the premise to Deadline: “It really is the story of how the island split — and it’s particularly relevant in our country right now — how it split into the haves and have-nots, how the Kooks and the Pogues started. How did this rift start?”
Creator Shannon Burke added: “And seen through the stories of some of the characters you know and some new characters. But they’re 20 years before, so it’s the parents’ generation.”
Outer Banks featured John B (Chase Stokes) and JJ’s dads, as well as Sarah (Madelyn Cline) and Rafe Cameron’s (Drew Starkey) dad, Pope’s (Jonathan Daviss) and Kiara’s parents and Topper’s (Austin North) mother and grandfather.
Uber have launched stylish open-top convertible rides for newlyweds this August Bank Holiday after research claimed 72% of couples suffer from severe stress over their big day.
Uber launch stylish open-top rides for newlyweds
Travel giants Uber say many are ditching traditional country-estate weddings and instead fleeing to sleek, fast-track town hall ceremonies like pop star Dua Lipa had.
Research claims 72% of couples experience severe stress leading up to their big day and 42% have considered cancelling it completely.
Top drivers for the shift include slashing exorbitant costs (28%), keeping the vows quick and meaningful (24%), and paring down the guest list (23%).
Despite this, 72% of brides still demand an ‘iconic, internet-breaking photo moment’, while 46% worry a low-key wedding lacks that signature ‘wow’ factor.
Uber says it’s stepping in to give registry office couples the ultimate post-ceremony upgrade via rides in their open-top convertible ‘Hitch ‘n Ride’ service
Couples getting married during the August Bank Holiday are being promised a paparazzi-style entrance and exit from the registry office.
They’ll let couples step straight from their doorstep into a luxury convertible ride directly to their ceremony and onwards to their reception venue.
Uber say they’re working with ‘expert chauffeurs’ who will provide direct transport for the couple and two witnesses.
They add a chilled bottle of premium English sparkling wine will be provided for the drive between the registry and the reception.
Uber say the experience is available to couples getting hitched at registry offices in Birmingham, Manchester, Liverpool, Leeds, Glasgow, Newcastle upon Tyne, Nottingham, Bristol, Sheffield and Leicester.
This news comes as registry office couples say cutting the traditional guest list saved them an average of £2,171 in venue and catering costs.
They say couples are opting to reallocate that budget where it actually counts, such as 28% putting it toward house deposits, while 22% are prioritising dream honeymoons.
Uber UK’s general manager, Andrew Brem, said “At Uber, we believe showing up for our riders matters, whether it’s for the everyday trip or one of life’s biggest moments.
“For couples saying ‘I do’ at their local town hall, ‘Hitch ‘n Ride makes getting to the celebration easier, while adding a little extra magic to the journey.”
‘Hitch ‘n Ride’ will run exclusively over the August Bank Holiday [August 28-31] across the UK.
Tickets will go live on www.hitchnride.co.ukat 10am on August 24 on a first-come-first-served basis.
Deepening political, social, and cultural ties opens a fertile financial market.
Africa’s position as a corridor for capital, trade, and investment is capturing the attention of Middle Eastern banks.
For decades, the continent was a preserve of Western lenders. Today, most have exited due to stringent regulatory requirements in their home markets, leaving Africa’s homegrown banks to fill the void. But the dynamics are changing again as Gulf banks venture into Africa to exploit deepening ties cutting across political, socio-economic, cultural, and religious spheres.
The influx into Africa is striking. In August, Emirates NBD Bank PJSC made a statement of its determination to control the United Arab Emirates-Egypt corridor by acquiring HSBC Egypt’s retail business. Emirates NBD Group CEO Shayne Nelson called the acquisition an important milestone in the execution of the bank’s regional growth strategy.
“The transaction strengthens our presence and supports our ambition to continue growing our customer franchise,” he said.
Emirates NBD, which boasted $317 billion in assets in 2025, is not the only Middle East bank that is bullish on Africa. First Abu Dhabi Bank PJSC (FAB), the biggest in the Middle East-North Africa region by assets at $382.2 billion with a presence in 20 markets including Egypt and Libya, announced earlier this year that it would open its first sub-Saharan representative office in Lagos, and in July said it would be applying for a banking license in South Africa.
Other lenders are strengthening their footing in Africa through targeted investments and collaborative ventures. Among them is Qatar National Bank QPSC (QNB), which controls a 20.1% stake in Ecobank, the leading pan-African bank with a presence in 35 markets. Ecobank posted a $423 million profit before tax in the first half of this year.
Bahrain’s Al Baraka, the UAE’s Mashreq Bank, and Dubai-based Soren Investment Co., which last year purchased a controlling stake of 42.8% in Kenya’s Gulf African Bank, to are also making forays into the continent.
Tighter Connections
The scramble by Gulf lenders is not a fluke. They see a market awash with opportunities cutting across Islamic banking, international payments, capital flows due to growing trade, foreign direct investment (FDI), and remittances and labor ties.
Bilateral trade between the Middle East and Africa stood most recently at $260 billion, while FDI exceeded $100 billion over the decade from 2012 to 2022. The Gulf Cooperation Council states are also a major source of remittances to Africa. Last year, these amounted to $28.3 billion, dwarfing the $1.1 billion the continent received from the GCC in development assistance.
Another area of opportunity is Islamic finance, cutting across Shariah-compliant banking, bonds, insurance (Takaful), Islamic fintechs, among other businesses. While Africa is home to 600 million Muslims, its contribution to the global pool of Islamic financial services was just $30.7 billion in 2025, or a mere 0.7% of the global total of $4.4 trillion. Even in Senegal, where 94% of the population is Muslim, Islamic banking assets accounted for a mere 8.3% of total banking assets in 2024.
“Islamic finance offers a compelling blueprint for strengthening regional financial resilience and economic integration,” said Suleiman Walhad, president of the Horn of Africa States research group.
John Njiraini is a contributing writer based in Kenya.
Cloud-native platforms, AI-driven automation, and robust cross-border payment ecosystems are among the innovations transforming the region.
As financial architectures across the Middle East evolve, leading institutions are transforming transaction banking through digital innovation. By integrating AI-driven automation, strong cross-border payment ecosystems, and cloud-native platforms, these banks are enabling corporate treasurers to streamline operations, optimize liquidity, and transition from reactive functionaries to strategic value drivers in an increasingly complex global market.
Best Bank for Transaction Banking
Best Bank for Payments
Best Bank for Collections
FIRST ABU DHABI BANK (FAB)
FABeAccess is a cloud-native, multi-channel hub that uses API banking to embed services into client systems. Through its treasury management services, FAB provides turnkey infrastructure, while its FABePay and eDDS tools automate receivables. FAB’s banking-as-a-service (BaaS) model offers white-labeled solutions for smaller institutions. By integrating blockchain, AI, and data analytics, FAB delivers a secure, high-performance environment with digital tools such as the Sofi AI chatbot and Haifin-UAE Trade Connect for trade finance. Real-time transfers, automated clearing, and dynamic compliance monitoring drive efficiency. The platform’s open banking architecture enables seamless integration, while FABeSCF and DTSCF, its supply chain finance portals, optimize working capital. “As a premier global institution, FAB connects the GCC with European, Asian, and African markets, enabling clients to optimize working capital and maintain a truly integrated global treasury center,” a FAB spokesperson says.
Best Bank for Financial Institutions
KUWAIT FINANCE HOUSE (KFH)
KFH maintains one of the largest lending and placement portfolios among Kuwaiti financial institutions, underpinned by a self-funded model that ensures balance-sheet stability. The bank operates at the intersection of Islamic finance and global correspondent banking, providing expert services to both Islamic and conventional clients. Through a network of about 145 global partners, KFH supports efficient multicurrency clearing and trade settlement across the GCC, MENA, Europe, Asia, and the Americas. Additionally, it is at the forefront of digital payment compliance and connectivity. The bank implemented the Central Bank of Kuwait’s Purpose of Payment requirements early and is actively expanding initiatives to enable faster crossborder payments in corridors such as Egypt and India.
Best Bank for Cash Management
Best Bank for Long-Term Liquidity Management
Best Corporate Cross-Border Payments Solutions
BANK ABC
ABC X, Bank ABC’s unified digital transaction banking platform, “has fundamentally transformed the experience of corporate treasurers,” says Karim Labadi, group head of transaction banking at the Bahrain-headquartered institution. “Historically, treasurers often navigated multiple systems for payments, collections, liquidity management, trade finance, and reporting, resulting in fragmented workflows, duplicated data entry, and increased operational risk.” With a single-window platform supported by single sign-on, ABC X provides treasurers with a consolidated view of cash positions, trade transactions, payment status, and liquidity across entities, geographies, and currencies. “This significantly improves visibility, control, and decisionmaking,” says Labadi, who sees a shift across MENA and Turkey toward a “continuous treasury” model.
Best Provider of Short-Term
Investments/Money Market Funds
BANQUE MISR
Launched in 2004, Banque Misr’s Yom B Yom (everyday) EGP Money Market Fund has become Egypt’s premier shortterm investment vehicle, commanding a 22% market share and holding EGP 36.5 billion (about $730 million) in assets as of March. The fund uses sophisticated digital infrastructure to maintain precise daily net asset values, employing automated, real-time synchronization and error-correction protocols. Underpinned by strong performance, the fund posted a 12-month annualized return of 21% through March, significantly outpacing industry benchmarks and driving a 34% increase in assets under management in 2025.
The latest technology is helping North America’s top banks set the standard for treasury and cash management performance.
As treasury markets evolve, leading financial institutions are reshaping how corporate clients manage liquidity and payments. From integrating programmable digital ledgers and AI-enhanced receivables processing to developing sophisticated cross-border payment ecosystems, banks are providing treasurers unprecedented visibility, automation, and control. Through strategic advancements and core competencies, leading North American banks are setting the standard for treasury and cash management performance.
Best Bank for Transaction Banking
BMO
Moving commercial bank funds onto a programmable digital ledger could make intraday liquidity management more responsive, transparent, and precise for corporate clients, says Derek Vernon, head of North American Treasury and Payment Solutions at BMO. “The idea is that liquidity and payment instructions become more connected and automated,” he says, “giving clients the ability to move and manage liquidity as their obligations arise.” This allows them to operate in line with business needs, unconstrained by traditional business hours and settlement windows. “For BMO, building out our tokenization capabilities is an opportunity to continue evolving and modernizing our treasury and cash management services for clients in a world where markets are becoming more always-on, continuous, and data-driven.”
Best Bank for Cash Management
Best Bank for Collections
WELLS FARGO
By unifying collections, reporting, and reconciliation support, Wells Fargo enables clients to optimize working capital performance while strengthening governance and controls. “As treasurers face growing pressure to improve liquidity, working capital, and cash visibility,” says Ather Williams III, head of Global Payments & Liquidity and Wholesale Digital, “we’re focused on leveraging AI and machine learning in practical ways that simplify complex workflows and deliver measurable value for clients. Through integrated receivables, Wells Fargo uses AI and machine learning to capture and reassociate payment and remittance data, match payments to invoices, and automate cash application, helping clients accelerate the payment-to-posting cycle.”
Best Bank for Financial Institutions
Best Bank for Payments
Best Provider of Short-Term
Investments/Money Market Funds
BNY
As clients modernize their payments infrastructure, many want access to new capabilities without having to replace existing systems, notes Isabel Schmidt, executive platform owner at BNY’s Payments Enablement Platform. “BNY’s shared infrastructure model, built on a modern technology stack and enabled through open APIs, helps make that transition easier by allowing clients to connect to real-time payment rails while continuing to leverage their legacy environments,” she says. Because BNY’s platform is designed to integrate flexibly across a range of legacy and emerging payment infrastructures, clients can adopt innovation in a more modular way.
Best Bank for Long-Term Liquidity Management
BANK OF AMERICA
Bank of America’s CashPro Forecasting transforms manual treasury tasks into faster, more collaborative processes. The tool features long-term liquidity dashboards that allow treasurers to monitor yields, credit-rating concentrations, and ESG-aligned investment compliance across global subsidiaries via a single interface. For long-term surplus cash that requires customized mandate restrictions, such as investing strictly in short-term U.S. Treasuries, high-grade commercial paper, or specific corporate bonds, BofA Securities structures premium separately managed accounts tailored to the corporate client’s board-approved investment policy statements.
Best Corporate Cross-Border Payments Solutions
CITI SERVICES
With clearing systems in more than 90 countries, Citi minimizes reliance on correspondent bank chains. When executing crossborder payments, the bank routes transactions through its local branch network to mitigate third-party risk.
Unified digital interfaces and sophisticated cross-border architectures are making silos a thing of the past.
European financial institutions are changing to meet corporate demands for AI-driven automation and real-time liquidity management. By deploying unified digital interfaces and sophisticated cross-border architectures, banks are dismantling silos to provide treasurers with centralized, insight-led control hubs. Today’s Western European leaders are driving this transformation through streamlined, resilient, client-centric operations.
Best Bank for Transaction Banking
Best Bank for Cash Management
Best Bank for Financial Institutions
SOCIETE GENERALE
SG Markets, Societe Generale’s suite of electronic market, financing, and cash management services, is the bank’s answer to the growing corporate demand for a central control tower to manage transaction banking. “We have seen the emergence in recent years of a clear expectation among corporate treasurers for a true ‘cockpit’ that enables them to steer all their transaction banking activities from a single place,” says Benoite Armand-Pieyre, global head of payments and cash management at Societe Generale. SG Markets eliminates silos between cash management, trade, and foreign exchange.
Best Bank for Long-Term Liquidity Management
BNP PARIBAS
As the eurozone’s largest banking group, BNP Paribas is a primary anchor for multientity, long-term liquidity concentration across Europe. The bank provides sophisticated, multijurisdictional liquidity architectures and specializes in implementing complex corporate in-house banking models and multicurrency notional pooling platforms. BNP Paribas excels at enabling multinational corporations to structurally aggregate cash within Western Europe’s fragmented regulatory landscape without physical fund transfers, thereby reducing cross-border friction and intercompany tax liabilities.
Best Bank for Payments
Best Bank for Collections
ING
Cash forecasting is the most logical use case for AI and hyper-automation in corporate treasury, argues Annelinda Koldewe, global head, payments and cash management at ING. “Applying these technologies,” she says, “treasurers and treasury processes could move from statistical forecasts toward more continuous, dynamic forecasts based on incoming transactions, market signals, and behavioral patterns.”
Best Corporate Cross-Border Payments Solutions
HSBC
HSBC Global Payments Solutions (GPS) enables CFOs to manage multicurrency cash flows across Asia, the Americas, and Europe as a single, connected liquidity position on a single, globally consistent platform. According to Ouannessa Aissaoui, head of GPS for HSBC Continental Europe, “Our platform provides real-time visibility into balances and intraday movements across entities and markets, supports cross-border and multicurrency payments with standardized approval workflows—entitlements, controls, and audit trails—and provides tools to centralize cash globally to reduce fragmentation and trapped balances.”
Best Provider of Short-Term
Investments/Money Market Funds
AMUNDI ASSET MANAGEMENT
Paris-based Amundi is Europe’s largest native asset manager and a top brand for fund selectors in core continental European markets such as France and Italy, offering a domestic alternative to the U.S. giants. Amundi’s large independent internal credit risk team operates separately from its portfolio managers. The unit conducts thorough baseline assessments of European commercial paper, bank certificates of deposit, and sovereign bills before any capital is deployed.
Israeli settlers have besieged three Palestinian families inside their homes in the occupied West Bank, cutting off water and electricity in a campaign residents described as an attempt to steal their land.
Security camera footage from the village of Qusra, south of Nablus, on Wednesday shows Israeli settlers surrounding one of the houses.
Recommended Stories
list of 3 itemsend of list
Trapped residents said Israeli soldiers had failed to disperse the settlers despite intervening earlier in the day.
Aisha Abu Rida, one of the residents under siege, told Al Jazeera that the siege began on Sunday, with settlers blocking all entrances to her home.
“We are surrounded by settlers, but we are steadfast, God willing. We will not leave our home, no matter what happens. Despite the water and electricity being cut off, we will remain steadfast,” she said.
“Despite their repeated attacks, which are aimed at displacing us, God willing, we will remain steadfast and stay in our homes, even if we are martyred,” she added.
‘Living in fear’
Loai Ridi, an American-Palestinian who owns a house in the village, said his brother Qusai Abu Rida and 18-year-old nephew, Ahmed, were among those trapped.
Speaking to Al Jazeera from Toledo, in the United States, he said the family was relying on a temporary solar power system and leftover well water from the winter after supply lines were cut.
“He [Qusai Abu Rida] does not want to leave the home. Because if he leaves the home, the settlers will take over immediately,” Ridi said. “It’s really very, very difficult. He just told me, ‘I only have supplies for two to three days left. And if no one is able to provide us with food, I am not sure what else I can do’.”
Ridi said Israeli forces had done little to intervene when his brother had called for help on Sunday, and alleged the soldiers had knelt to pray alongside the settlers at the scene, in footage that has since circulated on social media.
“They basically did nothing,” he said.
Earlier on Wednesday, more Israeli forces arrived on the scene, dismantled the settlers’ tent and clashed with about 50 to 60 of the group before withdrawing. “They were unable to evacuate the settlers because they were not firm with them,” Ridi said. “They should have picked them up in vans and taken them away.”
The Israeli military said later on Wednesday that it would deploy an additional infantry battalion to the area, with its chief of general staff ordering continued efforts “to strengthen order and operational control” and prevent further incidents.
A day earlier, the Israeli military had said it received reports of settlers entering and seizing Palestinian homes and land in the area, describing the activity as “illegal, reprehensible and unacceptable” and disruptive to residents’ daily lives. It added that disciplinary action would be taken against security personnel filmed at the site in preceding days.
Ridi said his family was “living in fear”.
“They are being harassed and attacked by the settlers,” he said. “I cannot do anything about it.”
‘Ethnic cleansing’
Qusra sits in Area B of the occupied West Bank, nominally under Palestinian civil administration. The village has faced a string of recent attacks, including the burning of a newly built mosque last month.
In the neighbouring village of Jalud, a similar two-week siege in July forced two Palestinian families off their land before settlers took over the property.
Violence and land seizures in the occupied West Bank have intensified over the past months, with Jewish settlers emboldened by the right-wing government of Prime Minister Benjamin Netanyahu, which has overseen a rapid expansion of settlement construction in the territory.
More than 500,000 Israelis live in the occupied West Bank in settlements that are considered illegal under international law, alongside roughly three million Palestinians. Israel has occupied the territory since 1967.
According to the Israeli settlement watchdog Peace Now, there are 146 illegal settlements in the West Bank and a further 390 smaller outposts.
Breaking the Silence, an Israeli rights group, said on X that while settlers commit “daily terror against Palestinian men, women, and children … neither this terror nor ethnic cleansing would be possible without the [Israeli] army’s support”.
The United Nations has also warned that the situation in the occupied West Bank has reached a “breaking point”.
According to UN figures, Israeli forces and settlers have killed 76 Palestinians, including 18 children, in the occupied territory so far this year. About 3,800 Palestinians, nearly half of them children, have also been displaced by settler violence, demolitions and evictions.
UN’s Deputy Special Coordinator for the Middle East Peace Process Ramiz Alakbarov said on Tuesday that the UN has documented more than 1,430 settler attacks resulting in casualties or property damage across roughly 260 Palestinian communities in 2026, with many carried out in the presence of Israeli forces.
He also noted that Israeli authorities have also advanced or approved roughly 12,360 settlement housing units across the West Bank this year, including 5,160 in occupied East Jerusalem.
“These are interconnected steps, not isolated developments,” Alakbarov said, warning that they were reshaping the occupied West Bank, weakening Palestinian governance and advancing “de facto annexation”.
Reports citing judicial sources say former commercial banker also indicted over alleged financial crimes.
Published On 10 Aug 202610 Aug 2026
Lebanon has indicted former central bank Governor Riad Salameh and a former commercial banker over accusations of financial crimes, including embezzlement and illicit enrichment.
A judge accused Salameh and Samir Hanna, the former head of Lebanon’s Bank Audi, of embezzling tens of millions in funds from the Banque du Liban or Lebanese central bank, the Reuters and AFP news agencies reported on Monday, citing judicial sources.
Recommended Stories
list of 4 itemsend of list
Salameh, who headed the central bank for three decades, has already been indicted and arrested in Lebanon over other alleged financial crimes committed during his tenure. He has denied any wrongdoing, insisting he is being made a “scapegoat” for the country’s economic crisis.
This is the first time a commercial banker has been indicted in a financial crimes case related to Salameh, showing that Lebanese investigations into the former governor are expanding to the private sector, the source told Reuters.
The source added that the file includes accusations that Hanna bribed Salameh while he was central bank governor.
Salameh, 76, headed the central bank from 1993 to July 2023. He was placed in custody last month after missing a hearing over the case, but is currently under medical supervision at a government hospital outside Lebanon’s capital, Beirut.
Hanna, 88, paid a $1m bail and is not in custody as financial investigations continue, according to the reports.
In January, Lebanon’s current central bank governor Karim Souaid told reporters that the central bank had filed a criminal complaint against an unnamed former official of the central bank, a former banker and a lawyer over alleged illicit enrichment through misuse of public funds. He said the operations were carried out through four offshore shell companies in the Cayman Islands that he did not name.
Salameh was detained for about 13 months over alleged financial crimes committed during his tenure, but was released in September after paying a record bail of more than $14m.
He also faces investigations abroad, including in France, Switzerland and Germany.
Financial giants in Japan partner with AI firms to build zero-trust cybersecurity defenses.
This article appears in the July/August issue of Global Finance Magazine.
Japan’s banking sector is becoming a high-stakes proving ground for AI-driven cybersecurity.
As autonomous “frontier AI” models rapidly increase the speed and scale of cyberthreats by identifying zero-day vulnerabilities, the country’s financial giants are re-engineering their defensive paradigms.
So, it came as no surprise that, in June, Minister of Finance Satsuki Katayama announced that Mizuho, MUFG, and SMBC had secured eligibility to use cutting-edge AI tools, including those from Alphabet’s Google.
“From a financial perspective, this issue concerns all companies and all economic actors,” Katayama says. “We therefore want to make sound choices in a way that serves the national interest.”
Alphabet also had an edge, according to Katayama, considering it already runs data centers in Japan.
Katayama’s announcement followed a critical breakthrough in which the government and major financial institutions secured access to AI company Anthropic’s highly guarded “Claude Mythos” model. Mythos possesses unprecedented capabilities to discover and remediate software configurations rapidly, but its dual-use nature means it could be weaponized by attackers to construct immediate exploit pathways.
Anthropic’s rival, OpenAI, has similarly pledged future access to its latest frontier model, GPT-5.5-Cyber, to a select number of domestic banks.
This rapid influx of American technology underscores how Japanese banks aim to delicately balance the immense benefits of generative AI with its significant operational risks.
The urgency stems from an unprecedented joint emergency directive issued on May 22 by the Japan Financial Services Agency (JFSA) and the Bank of Japan (BoJ).
Spurred by international alarms, including warnings from the UK AI Security Institute and a Financial Stability Report from the Banco de España, regulators realized that human-dependent monitoring cannot keep pace with the velocity of AI-generated attacks.
The JFSA-BoJ directive also comes in the wake of “Project YATA-Shield,” a comprehensive, Japanese government-wide cyber defense package mobilized to foster “Advanced Threat Awareness.”
With the JFSA urging banks to prioritize resources on a risk basis and shift toward continuous “zero-trust” authentication, Japan is demonstrating that resilience in the AI era is no longer measured by blocking every attack, but by the speed of detection, containment, and recovery.
John Amari is a contributing writer based in Japan.
Israeli forces have entered homes and shops in the occupied West Bank’s Qalandiya refugee camp, near Ramallah, issuing demolition threats against businesses.
The Palestine Red Crescent Society (PRCS) said on Wednesday that eight Palestinian people were taken to hospital after suffering injuries.
Mohammad Aslan, spokesman for the committee that runs the affairs of the camp, told the AFP news agency that the Israeli army had arrested at least 20 people and took up positions on residents’ roofs.
In 2023, Israeli Prime Minister Benjamin Netanyahu’s government advanced plans for the construction of an illegal 9,000-unit settlement on the grounds of Jerusalem’s former Atarot airport, adjacent to Qalandiya.
Palestinian residents have since voiced fear that raids and home demolitions could be tied to a strategy of eviction before illegal settlement construction, without any official word from Israeli authorities.
As global investment flows accelerate, sub-custodians play an increasingly critical role in helping institutional investors navigate the operational, regulatory, and market infrastructure complexities of local markets.
For the 24th year, Global Finance recognizes institutions in 83 countries across seven regions. These institutions have distinguished themselves through operational excellence in securities services, strong data and asset security, and support for global investors. The award winners continue to refine their business models and sub-custody infrastructure through continual investment in technology, data analytics, automation, and workflow modernization to improve post-trade execution, reduce manual processes, and strengthen risk management and regulatory compliance. By combining resilient operations with secure and efficient service delivery, the world’s leading sub-custodians continue to serve as trusted partners for global investors operating across multiple jurisdictions.
METHODOLOGY
In selecting the institutions that reliably provide the best services in these local markets and regions, Global Finance’s editorial board considered market research, input from expert sources, and entry information from the banks themselves. The criteria included such factors as customer relations, quality of service, technology platforms, and post-settlement operations, as well as knowledge of local markets, regulations, and practices.
Global Finance honors the financial institutions modernizing sub-custody.
Africa
STANDARD BANK
Suemantha Dahya, Standard Bank
Standard Bank offers the most comprehensive custody franchise on the continent through its powerful range of solutions and market expertise, providing international investors with secure and efficient access to regional markets. In addition to winning the regional award for Africa, Standard Bank is the country winner in Ghana (as Stanbic), Mozambique, Nigeria (as Stanbic), and South Africa. The ongoing refinement of its operations includes investment in digital innovation to provide a seamless delivery of scalable solutions to clients. Through its extensive market advocacy efforts, Standard Bank continues to advance the industry on the African continent.
This leadership has helped it capture new client mandates across its franchise spanning 16 countries. The bank is focused on developing advanced data and digital solutions that provide real-time client access and connect internal and external services across the full investment value chain. This involves the application of advanced AI solutions, data analytics, and increased automation for greater transparency with securities transactions and the monitoring and reporting of client portfolios. This has resulted in improvements in accuracy, speed, and service reliability, with a near 100% digital settlement rate.
Standard Bank’s business model emphasizes consistent product delivery, service efficiency, and scale of operations, including a flexible model allowing clients to utilize both direct in-country relationships and centralized operating structures from the bank’s South African hub. These services are integrated with the bank’s cash management and foreign-exchange (FX) solutions to provide a complete range of services. To cultivate and deepen client relationships, each country in the bank’s footprint offers dedicated industry specialists who provide clients with real-time market intelligence.
Through ongoing engagement with regulators and industry participants, the bank aims to be a catalyst, bringing new capabilities to market with improved efficiency and security to better serve domestic and global investors. More broadly, with key industry initiatives including settlement-cycle compression across the continent and upgrades to central securities depositories, the bank exhibits its leadership by providing operational guidance for implementation, system testing, and coordination of industry participation.
Global Finance honors the financial institutions modernizing sub-custody.
North America
CIBC Mellon
Mal Cullen, CIBC Mellon
In North America, CIBC Mellon remains focused on strengthening its service capabilities through sustained investment in technology, automation, and process modernization for greater efficiency, operational resiliency, and transparency for its clients. This involves standardizing core workflows and services, as well as refining the settlement process to increase straight-through processing rates and reduce risk. Enhancements in trade communication are designed to improve capabilities in trade matching, routing, and status tracking of transactions. With advanced technologies such as predictive trade analytics, CIBC Mellon helps mitigate risk by training its predictive AI engine to discover settlement patterns with outcomes predicted 24 hours in advance of settlement, allowing clients time to reconcile any trade issues.
Another powerful resource for reducing settlement risk is CIBC Mellon’s Trade Exception Database workflow feature, in partnership with the Canadian Depository for Securities (CDS). High volumes of trade are settled through the CDS, and the exception database enables the bank’s settlement department to efficiently identify and reconcile unmatched trades. Trade status is immediately conveyed to clients through the bank’s online reporting platform.
To accelerate initiatives enhancing CIBC Mellon’s data infrastructure and workflow modernization, CIBC Mellon is leveraging fintech alliances that support greater efficiency, stronger data management, and reduced operational risk. Collaboration with Duco, a leading software-as-a-service provider of AI-powered automation, enhances the bank’s ability to utilize and manage data, reducing operational risk within the bank. To further streamline complex workflows, CIBC Mellon has also engaged with Appian, a provider of process-automation technology for deployment across the enterprise in areas including operations, technology, and client service, improving transparency through real-time dashboards.
The largest North American and European banks posted double-digit gains as higher-for-longer inflation looms.
All the biggest North American and European banks expect full-year 2026 profits to meet or exceed projections, as AI spending and a surge in market and investment banking activity fueled second-quarter profits.
With drama surrounding AI disruption in the tech sector and gyrations in the commodities markets tied to the war in the Middle East, trading volumes have been robust all year, including the first month of the third quarter.
Christopher Marinac, a banking analyst at Brean Capital, said a steepening Treasury yield curve is allowing banks to improve spreads on loans and securities.
“The way banks are pricing loans is just stable to slightly better, and that is bullish for net [income],” Marinac told Global Finance. “That is the sort of positive undertone.”
The earnings underscored that optimism. Industry leader JPMorgan Chase reported a 41% increase in second-quarter net income, while investment banking giants Goldman Sachs and Morgan Stanley posted gains of 84% and 57.7%, respectively. Bank of America’s profit rose 27%, Citigroup’s 45%, and Wells Fargo’s 16.6%. Canadian giant Royal Bank of Canada rose 25%. European banks also delivered strong results, led by UBS with a huge 134% increase; Santander jumped 17%; Barclays added 15.3%; and Deutsche Bank gained 10%.
Inflation remains a threat to growth, and investor jitters about shifts in tech spending away from more traditional software names have fed stock market volatility, along with the latest Fed moves.
But for now, banks are doing extremely well, with mega IPOs such as Anthropic and OpenAI potentially on deck, following the record $75 billion SpaceX IPO and an $85 billion capital raise for Alphabet, which boosted investment-banking fees in the second quarter.
The regulatory environment remains relatively friendly, and larger M&A deals continue to occur, including the $10 billion acquisition of Crinetics Pharmaceuticals by Vertex Pharmaceuticals, announced on July 10.
The performance so far bodes well for 2026 bonuses, given a strong first half of the year.
JPMorgan, BofA, Santander All Looking Up
During second-quarter calls with Wall Street analysts, JPMorgan Chase raised its net interest income outlook for the year, while Deutsche Bank said it will meet or exceed its net interest income outlook, and Bank of America projected 2026 net income growth at the upper end of its 6% to 8% range.
Barclays raised its 2026 profit forecast to £31.5 billion ($42 billion) from £31 billion and said it still expects to meet its full-year performance goals.
UBS Group CFO Todd Tuckner said he’s “confident” the bank will exceed its 2026 targets, with a formal update expected later this year. He added that the bank is “well-positioned” to outperform its exit-rate return target despite market uncertainty around inflation and interest rates.
Santander, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, and Royal Bank of Canada kept their guidance unchanged but signaled stronger earnings ahead.
“Not everybody is giving the increase of guidance, but I think there’s higher conviction in the existing guidance for those who did comment,” Brean Capital’s Marinac said.
Looking ahead, the big banks are still optimistic about AI, both to improve internal efficiency and deal-making.
Goldman Sachs CEO David Solomon said AI investments are feeding capital needs for infrastructure, energy and data centers — not just core technology.
“This is creating significant opportunities for Goldman Sachs to provide structuring, financing, risk management, and capital markets execution across both public and private markets,” Solomon said.
Deutsche Bank Group Treasurer Richard Stewart said private pension reforms are creating a positive opportunity for Germany’s largest bank, alongside AI, “which is evolving even faster than we expected.”
Banking analyst Marinac said he expects European banks to benefit from the need to increase military and domestic spending.
“As everybody looks a little bit more inward, that’s probably good for business from a bank’s standpoint,” he said.
Some Big Banks Slash Jobs
Along with favorable conditions in the bond market, another earnings tailwind for banks has come from headcount reductions and productivity gains.
Citigroup cut 5,000 jobs in the second quarter, bringing its total headcount down to 219,000. Wells Fargo reduced its headcount by 3,500 to 197,000, and UBS eliminated 2,500 positions, bringing its total headcount to under 100,000.
Analysts asked banks such as Wells Fargo how AI is shaping the job picture as technology advances.
Wells Fargo CFO Mike Santomassimo said the bank has “a lot of room to grow” to improve efficiency. But it also continues to hire branch bankers, investment advisors, commercial banking relationship managers, investment bankers, and traders.
“Certainly, technology and AI help us get at aspects of that in a different way or faster than maybe in the past,” Santomassimo said. “We expect that we’ll continue to see more efficiency from here.”
One key metric for banks’ future performance is employment levels, which have been robust in the U.S. As long as people keep working and paying their bills and business activity keeps up, credit quality will remain healthy, and the big banks will prosper as the year plays out, market observers said.
Steve Gelsi is a contributing writer based in the U.S.
Outsourcing credit lets the Chinese EV maker scale fast while leaving asset risks to lenders.
This article appears in the July/August issue of Global Finance Magazine.
Walk the streets of cities like Valencia or Paris, and you don’t need the data to see BYD everywhere, especially in ride-hailing fleets and private transportation. These days, the sleek logo you notice isn’t always Tesla’s or Kia’s; it’s often BYD’s.
Sales of BYD’s electric vehicles surged across Europe last year, up roughly 270% year over year. In the first quarter of 2026, sales increased by another 156%.
While most coverage frames this as a product story, the bigger story is financing: BYD’s rise has less to do with design or price than with how the cars are financed.
BYD hasn’t expanded in Europe by building a traditional captive-finance arm. Instead, it has plugged directly into the region’s existing banking and leasing infrastructure, achieving captive-finance reach without the balance-sheet burden. In doing so, it has turned Europe’s financial system into a distribution engine that moves vehicles by turning them into financeable assets.
At first glance, BYD’s success seems straightforward: strong demand, rapid adoption, and a new entrant quickly gaining share. But in a market where vehicles are often financed, leased, and cycled through multiple channels before reaching long-term ownership, the headline numbers don’t always tell the whole story. The surge in European BYD registrations may signal demand and financing strength, or it may reflect window dressing shaped by the way the system works.
Turning Cars Into Collateral
Stefan Bratzel, Center of Automotive Management
BYD relies on a familiar but strategically deployed set of financing and leasing arrangements. Vehicles are sold in bulk to leasing companies, fleet operators, and dealer networks, which then finance or lease them to end users, including corporate clients, ride-hailing drivers, and private buyers. European banks and auto-finance platforms provide the underlying credit, while leasing firms structure contracts and manage residual-value assumptions.
What stands out in BYD’s case is the speed and scale of the operation.
“European OEMs [original equipment manufacturers] built their captive finance arms over 30 to 40 years, and those businesses now function as profit centers,” says Stefan Bratzel, founder and executive director of the Center of Automotive Management (CAM) in Bergisch Gladbach, Germany. “BYD cannot replicate this overnight, nor does it try to.”
Instead, he notes, the company is partnering with established asset finance providers to accelerate market entry. BYD gains “speed to market at the cost of margin while it accumulates the balance sheet and regulatory standing to eventually internalize these functions.”
In effect, BYD is compressing a decades-long buildout of captive finance into a partner-led model, trading margin and control for faster access to Europe’s credit and leasing channels.
It’s easy to see the appeal for lenders: Vehicles placed into leasing or fleet programs become financeable units, bundled into loan or lease portfolios that generate predictable cash flow. In a market where electrification is both a policy priority and an investment theme, high-volume EV programs provide a steady pipeline of assets.
Window Dressing?
The speed of BYD’s expansion raises questions about the numbers.
“BYD’s channel mix is improving,” says Matthias Schmidt, an independent analyst tracking the European auto market. Retail share in Germany rose to 32.5% of volume in the first four months of 2026, compared with 12.4% for all of last year, suggesting a shift toward a more balanced sales mix. But the relationship between registrations and vehicles actually on the road is less straightforward.
“Out of more than 30,472 BYD models registered in Germany since it entered the market in December 2022, only 18,536 are currently on the road,” says Schmidt, suggesting that “after models have been registered, they are then being exported to other European markets as used-car inventory or are going back into used-car inventory in Germany. This could be a strategy to demonstrate to market observers that they are performing better in Europe’s largest market than they actually are. We call it window-dressing the data.”
In a system driven by leasing, fleet placement, and dealer networks, that gap is not necessarily unusual. Vehicles can be registered into the channel before reaching long-term ownership, then repositioned through resale, export, or short-term use across markets. For financial stakeholders, the distinction matters: registrations may signal momentum, but they do not necessarily show sustained demand.
What Banks Are Really Underwriting
For the institutions partnering with BYD and helping fund its expansion, the focus is less on BYD’s near-term concern — speed to market — and more on how those assets perform over time.
Residual value assumptions underpin the economics of leasing. If vehicles retain value, the system works: Monthly payments remain competitive, credit risk remains contained, and lenders and leasing firms can recycle assets efficiently through secondary markets. When they don’t, the economics tighten quickly.
“The EV residual value question is the single biggest structural challenge in automotive finance right now,” Bratzel says. “Whoever solves that problem credibly — either through data, scale, or balance sheet — will have a significant structural advantage.”
Bratzel points to one potential factor that could shape how banks ultimately price that risk: “Vertical integration around the battery — especially battery cells — can have a positive impact on risk assessments, as this is based on a lot of their own data.”
BYD’s advantage stems in part from how much of that data it controls. Unlike many automakers that rely on third-party suppliers for critical components, the company produces its own battery cells and key parts of the EV supply chain. That level of vertical integration gives BYD clearer visibility into battery performance over time, arguably the most important variable in determining how an electric vehicle depreciates.
The geographic distribution of BYD’s growth in Europe adds another layer.
According to Schmidt, roughly 70% of Chinese EV registrations in Western Europe in the first quarter of this year were concentrated in Spain, Italy, and the U.K.: markets that tend to be more price-sensitive and open to new entrants.
While this doesn’t invalidate BYD’s growth, it suggests that location-dependent finance dynamics are driving expansion as much as consumer demand.
Traditional OEM Captive Finance
BYD Partner-Led Model
Builds and operates own finance arm
Uses banks and leasing partners
Significant capital commitment
Lower capital burden
Controls lending and leasing directly
Outsources financing functions
Often takes decades to build
Can scale immediately
Retains finance profits
Trades margin for speed
Higher control
Faster market entry
Source: Center of Automotive Management (CAM)
What Happens Next
BYD’s approach is working. It has outsourced the slowest component of automotive expansion — credit formation — while maintaining control of product supply and commercial momentum.
As Bratzel suggests, this is not a permanent structure: It’s transitional. It’s designed to gain scale first, then possibly internalize financing over time. Meanwhile, European banks and leasing platforms are providing balance-sheet support to enable growth.
Schmidt’s analysis leaves little ambiguity: Not all growth is created equal. Registration data may reflect momentum, but it can also reflect channel dynamics — fleet placements, dealer inventory, cross-border repositioning — that cloud actual on-the-ground demand.
For lenders, the distinction is not academic. They are not underwriting registrations. They are underwriting residual values, which is where the rubber meets the road.
Over the next two to three years, vehicles deployed and financed today will begin to cycle back through the system via lease returns, resale markets, and secondary channels. At that point, the assumptions that anchor today’s financial models will be tested against real-world market conditions.
But the next phase will be less about volume. It will instead focus on testing the model that facilitated BYD’s rapid entry into Europe. If BYD’s vehicles hold their value, the company’s partner-led model will look less like a workaround and more like a fast-track version of what legacy automakers spent decades building. If residual values weaken, or if too much of the growth proves channel-driven rather than demand-driven, the financing engine that built BYD’s presence could become a constraint.
That’s the real question for banks: Can the vehicles BYD has placed in Europe retain their value once they return to the market? Because in a financing-driven system, growth can be engineered, but asset performance determines whether it lasts.
Rocco Pendola is a contributing writer based in Spain.
The United States Federal Reserve is set to hold interest rates steady as inflationary pressures mount, driven by heightened fuel prices as tensions between the US and Iran continue.
The central bank said on Wednesday that it will maintain rates at 350-375 basis points during the second monetary policy decision under new Chairman Kevin Warsh.
Recommended Stories
list of 4 itemsend of list
“Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability,” the central bank said in a statement upon the release of its decision.
CME FedWatch, which tracks the likelihood of monetary policy decisions, forecast a 66.3 percent chance of maintaining rates, while there was a 33.7 percent chance that rates would increase to 375-400 basis points.
Of the 12, three members, Beth M Hammack, Neel Kashkari, and Lorie K Logan, voted to raise rates by 25 basis points.
“My colleagues and I considered the economic shocks of recent years, strained supply chains arising from the pandemic, military conflicts, energy supply disruptions, substantial increases in tariff rates, and yes, the surge in AI-related investment,” Warsh told reporters.
“We are not relying on any one individual piece of data as cover or as an excuse, or as validation. What I care about and what I think the Committee cares about is trends on the data.”
Monetary policy decisions have become more uncertain as Warsh has scrapped forward guidance, which typically helps financial institutions and journalists better understand upcoming policy choices.
Flying blind
That is putting pressure on analysts.
“With little guidance on the reaction function under the new chairman, markets are filling the void with speculation that Warsh may be eyeing a surprise hike to reinforce anti-inflation credibility,” Barclays economists said in a note.
Citadel Securities earlier this week forecast a rate hike. Meanwhile, analysts at S&P Global forecast that rates would hold steady.
At the last meeting, the central bank’s governors were evenly split on whether to raise interest rates this year, as the central bank maintained rates during its first meeting under Warsh.
Warsh had previously said that there was “no tolerance” for inflation as the central bank pushes to reach the Fed’s 2 percent target.
Market shifts
Financial pressures on the broader market eased last month, with consumer inflation moderating. The Consumer Price Index report released in July for the month of June by the US Labor Department’s Bureau of Labor Statistics showed a 0.4 percent decline in consumer inflation, marking the first monthly decline since April 2020 in the early days of the COVID-19 pandemic. However, that was a correction from the previous month, when the CPI rose by 0.5 percent.
The CPI remains elevated at 3.5 percent on an annual basis, according to the report, though that is still a slowdown from 4.2 percent in May. However, consumers are still feeling the pinch, especially at the petrol pump.
Prices are on the upswing. The average price for a gallon of petrol is $4.09 ($1.08 per litre), up 3 cents from this time last week, and up from $3.86 ($1.02 per litre) this time last month, according to the American Automobile Association (AAA), which tracks daily petrol prices. By comparison, daily petrol prices were $2.98 ($0.78 per litre) when the US and Israel first struck Iran on February 28.
Those pressures are echoed by a slump in consumer confidence for the third straight month, according to The Conference Board, which released its report on Tuesday.
“Consumers anticipate little improvement in business conditions over the next six months,” Dana M Peterson, chief economist at The Conference Board, said upon the report’s release.
Political flashpoint
The decision is overshadowed by pressure from the White House. Interest rates have been a point of contention between Trump and the central bank. Trump has long pushed the Fed to cut rates, putting former Chair Jerome Powell in the crosshairs and making him the subject of investigations by the US Department of Justice.
But Warsh has yet to become a target of Trump’s scorn. “Kevin is fantastic,” he told reporters on Monday on board Air Force One. “He’s got a board, and the board members are very political.”
Trump made those claims despite the central bank’s longstanding commitment to maintaining its independence from political pressure.
Major central banks are confronting an increasingly difficult inflation landscape as multiple price pressures converge, raising questions over whether policymakers can continue treating inflation shocks as temporary.
The U.S. Federal Reserve, the Bank of Japan and the Bank of England all meet this week against a backdrop of elevated inflation driven by rising energy costs, geopolitical tensions, supply chain disruptions, fiscal stimulus, labor market tightness and climate related risks.
While central banks have traditionally argued that isolated price shocks eventually fade without requiring aggressive monetary tightening, economists warn that today’s inflation environment is no longer defined by a single disruption but by several overlapping forces reinforcing one another.
Inflation remains well above target
The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) Price Index, is expected to remain significantly above the central bank’s 2 percent target.
Stay ahead of the geopolitical week.
MD Briefing delivers expert analysis across five global fronts — the Indo-Pacific, energy, geoeconomics, European security, and the Middle East — every Monday morning. Free.
Economists expect headline PCE inflation to stand at 3.7 percent and core inflation, which excludes food and energy, at 3.3 percent.
Inflation has remained above the Fed’s target for more than five consecutive years, complicating expectations that price growth will naturally return to normal levels.
Energy prices return as a major concern
Renewed military tensions in the Middle East have pushed crude oil prices sharply higher, adding fresh uncertainty to the global inflation outlook.
Brent crude briefly climbed above $100 per barrel before easing, while volatility in oil markets has increased as conflict around the Gulf and Red Sea threatens global energy supplies.
Higher crude prices have translated into rising fuel costs, with average U.S. gasoline prices now more than 30 percent above levels recorded a year earlier.
For central banks, energy inflation remains particularly difficult because monetary policy cannot directly resolve geopolitical conflicts or supply disruptions.
Food inflation adds further pressure
Food prices are emerging as another source of concern.
Annual U.S. food inflation already stands near 3 percent, while forecasts suggest stronger El Niño weather conditions could reduce agricultural production and lift global food prices over the coming months.
Some projections indicate food inflation could approach 5 percent next year, adding further upward pressure to overall consumer prices worldwide.
Unlike financial market volatility, rising food and fuel costs directly affect households and often shape public perceptions of inflation more than broader economic indicators.
Core inflation refuses to ease
Although policymakers often focus on core inflation because it removes volatile food and energy prices, underlying price pressures remain stubbornly elevated.
Persistent wage growth, continued strength in consumer spending and resilient labor markets have prevented meaningful progress toward the Fed’s inflation target.
Economists also warn that prolonged increases in food and energy prices eventually feed into broader consumer prices, making it increasingly difficult to separate temporary inflation from structural trends.
Tariffs and artificial intelligence create new price risks
Additional inflationary risks are emerging from trade policy and technological investment.
President Donald Trump’s renewed tariffs on imported goods could increase costs across multiple industries, while continued demand for artificial intelligence infrastructure has intensified shortages in advanced semiconductor markets.
Higher chip prices are expected to affect consumer electronics and industrial production, creating another potential source of inflation in manufactured goods.
Meanwhile, expansionary fiscal policies and strong financial conditions continue to support consumer demand, limiting the slowdown in prices that central banks have been seeking.
Strong labor markets complicate policy
Employment conditions remain exceptionally resilient across advanced economies.
In the United States, unemployment has remained near historically low levels, while wage growth above 3 percent continues to support household spending.
Although robust labor markets are generally viewed as positive for economic growth, they also contribute to persistent service sector inflation by increasing business labor costs.
This has made it harder for central banks to achieve price stability without risking slower economic growth.
Analysis: Inflation risks are becoming structural
The challenge facing central banks is no longer whether one inflation shock will fade but whether multiple overlapping shocks are creating a new inflation environment.
Energy markets remain vulnerable to geopolitical conflict. Climate related disruptions continue to threaten food production. Trade barriers are increasing production costs, while the rapid expansion of artificial intelligence is reshaping industrial demand and supply chains. At the same time, strong labor markets and expansionary fiscal policies continue to support consumer spending.
Individually, policymakers can argue that each of these factors is temporary or outside the influence of interest rates. Collectively, however, they reinforce one another and increase the likelihood that inflation remains above target for longer than anticipated.
For the Federal Reserve and other major central banks, the risk is no longer simply misjudging one temporary shock. The greater challenge is determining whether today’s inflation reflects a lasting structural shift in the global economy. If these pressures persist simultaneously, policymakers may be forced to maintain higher interest rates for longer, even at the cost of slower growth, making the path back to price stability significantly more difficult than markets currently expect.
This important question can easily cost holidaymakers extra cash
Tourists need to pick this option when paying for items abroad to avoid ‘hidden fees’(Image: Getty)
People going on holiday this summer should know this simple money mistake to avoid as it could needlessly cost you more without realising. The ‘rule’ to remember is very simple, according to money and travel experts.
Travel specialist Kate Donnelly (@Thedonelleyedit) claims that all British people heading abroad this summer should remember one important thing that could result in hidden fees when on holiday. She said that we all have the option to avoid these, even if the choice seems clear and convenient.
She said: “When you are abroad, you should always pay in the local currency. Whether that’s euros or dollars, depending on where you are, and you should never select the option of paying in Great British Pound (GBP).”
Why does it matter what you choose?
Whether you’re buying a meal or using a cash machine, you should always have the option to pay in local currency instead of DCC. Nobody should choose on your behalf.
Content cannot be displayed without consent
Kate confirmed: “When you’re abroad, and you choose to pay in pounds, you are allowing the ATM or the shop to do the exchange. Within this, there will also be a conversion charge, which is notoriously a really poor rate, meaning you will end up paying significantly more if you pay in the local currency.
“It’s your bank or the card provider that does the exchange. Even if they add on a transaction fee, you are still going to be getting a better rate if you choose to pay in pounds.”
Choosing dynamic currency conversion (DCC) means the amount is converted from the local currency to pounds at the point of sale. But, “DCC usually costs you more”, according to HSBC.
The bank said: “You might choose DCC and pay in pounds because it’s a currency you’re more familiar with. It could give you a better understanding of how much you’re spending. But there are extra fees, and the exchange rate is usually higher.”
Kate added: “The best thing to do when going on holiday is to invest in a fee-free card, such as a Monzo or a Starling. They add no transaction fees, and they also offer the best exchange rate.”
Martin Lewis previously appeared on ITV’s This Morning to talk about this exact issue. He said that the best thing to do, wherever you are in the world, is to pay in local currency to avoid inflated fees.
HEADING abroad can be stressful, from packing all the essentials to leaving for the airport at the crack of dawn.
To make it as easy as possible, take a look at all of the new rules for a smooth-sailing holiday this summer.
Heading on your summer holiday soon? Make sure you read all these new rules firstCredit: Alamy
EES
The Entry/Exit System (EES) is a new system that has been implemented across 29 European countries in the Schengen Area.
These include holiday hotspots like Spain, France, Italy, Greece, Portugal and Germany.
Sign up for the Travel newsletter
Thank you!
EES tracks when you enter and leave European countries by using biometrics and eventually it will replace passport stamping.
Essentially Brits will have to register at a machine and scan their passport – the good news is that you then you don’t have to do it again for another three years.
If you want to find out more on the step-by-step process – head here.
Something else to be aware of about EES is that it has resulted in long queues, so it’s wise to leave extra time when heading abroad.
There have been reports of up to six- hour delays outside of peak travel time at border control at multiple airports.
During the summer, you might experience queues in the arrivals hall, but there have also been travellers who have missed flights on their way home too.
Brits now have to register with EES before heading to the Schengen AreaCredit: AFPThere have been reports of incredibly long queues at border controlCredit: Getty
eGates
There are new rules at UK airports for children which is actually good news for families.
Now, children aged eight and over can now use eGates when accompanied by an adult – they also need to be at least 120cm tall.
The height restriction is in place as kids need to be able to see and be captured by the biometric screens at the eGates.
The rule change impacts 13 airports across the UK that currently use eGates, including:
London Heathrow
London Gatwick
London City
London Luton
London Stansted
Manchester
Birmingham
Bristol
East Midlands
Newcastle
Cardiff
Edinburgh
Glasgow
Passports
Brits heading on holiday are STILL being caught out by passport rules, so it’s worth reminding yourself beforehand.
Passports must be only be valid for 10 years, with any months rolled over from previous passports no longer allowed.
Figures have shown up to 100,000 holidaymakers a year face being turned away atairportsif their passport is more than a decade old.
Make sure your passport is in date before you travelIf you have a burgundy passport – this is likely to run out of date soonCredit: Alamy
For example, if a passport has June 2016 start date but a November 2026 expiry, it has technically expired.
Alongside the requirement to have between three to six months left on it, enforced by a number of countries, it is still causing confusion for travellers.
Most places in Europe only want three months left on a passport, but places like the UAE, Egypt, and Chile require six months in total.
Another passport rule to be aware of only affects those with dual nationality.
A rule that came into effect at the beginning of 2026 means that you can no longer use your foreign passport to enter the UK.
Instead, you have to use a valid British passport.
If you don’t have this, you can apply for a certificate of entitlement, which costs £589.
Visas and travel requirements
Luckily for Brits, citizens can visit more than 170 countries in the world without a visa.
When heading on holiday, families can enter with just their passport to the Schengen Area and most European countries.
In most destinations, you can travel for up to 90 days within any 180-day period – so if you’re going to the likes of Spain for a two-week break, you’re covered.
But there are certain countries where an additional entry requirement is needed.
Most countries in Europe don’t require an ESTA for British citizensCredit: GettyAnyone heading to the USA for a holiday will need a valid ESTACredit: Alamy
Be sure to check the entry requirements in advance as some take a few weeks to come through – although most holiday visas are approved quicker.
For example, if you’re headed to Florida for a theme park getaway to Orlando, then you’ll need to apply for an ESTA.
It costs around £30 per application and can be approved in as little as 72 hours.
Countries where you’ll need a visa or other travel requirement include India, Australia and parts of Egypt.
Until December 31, 2026, UK passport holders can visit China for up to 30 days without a visa.
Holidaymakers are being caught out as surprise charges like currency exchange fees and data roaming and pushing them over their budget
Holidaymakers are spending an extra £100 on hidden fees(Image: Getty Images)
The average holidaymaker overspends their travel budget by more than £100 per trip, with surprise charges identified as the primary culprit. A survey of 2,000 adults who holiday abroad found that currency exchange fees and data roaming are among the most frequent unexpected charges encountered.
Despite 53% claiming they set a firm spending limit before heading off, more than four in ten (43%) say then end up over budget due to unforeseen hidden charges.
To tackle these sneaky fees, seven in ten (70%) said they rely mainly on cash while abroad, while 44% choose to use their debit card instead.
Kat Robinson, head of everyday banking at The Co-operative Bank, which conducted the research as part of its announcement to scrap foreign exchange fees on debit card spending overseas, said: “Spending abroad should be straightforward, but extra card fees can quickly catch people out.
The research also revealed that 34% of people struggle to get to grips with exchange fees. On average, 48% opt to pay in the local currency when using their card abroad which is reported to be the most cost-effective way to pay.
Kat said: “Given the option when spending abroad, always pay in the local currency. Paying in pounds might feel more familiar, but it could mean being hit with extra currency conversion charges from the retailer – a hidden cost that often only becomes clear on returning home.”
Despite the OnePoll.com study finding that the majority of holidaymakers (91%) check exchange rates, one in three admitted they were unsure or unaware that paying in pounds, rather than the local currency, would actually cost them more.
To help holidaymakers dodge unnecessary charges this summer, The Co-operative Bank is scrapping its 2.75% foreign transaction fee on debit card purchases abroad across all its personal current accounts, enabling customers to spend overseas as they would at home without fretting about additional costs.
With millions of Britons jetting off abroad each year, the move is intended to help reduce unexpected charges and better control holiday spending.
Kat added: “By removing foreign transaction fees, we’re making it more affordable for customers to use their debit card overseas and make the most of their money, whether they’re on a family holiday, a city break or exploring somewhere new.
JACKSON, Miss. — The former mayor of Mississippi’s capital city and the former City Council president have pleaded guilty in a bribery scheme one week before they were set to face trial.
Former Jackson Mayor Chokwe Antar Lumumba and former Jackson City Council President Aaron Banks pleaded guilty Monday to one count of conspiracy. Their pleas came after Hinds County District Attorney Jody Owens pleaded guilty last week and resigned. All three are Democrats.
Two other people — Angelique Lee, the Democratic former vice president of the Jackson City Council, and Sherik Marve Smith, a businessman and relative of Owens — had already pleaded guilty to bribery charges.
A November 2024 indictment accused Owens of taking at least $115,000 from two FBI agents posing as real estate developers and facilitating more than $80,000 in bribe payments to Banks, Lumumba and Lee in exchange for their help greenlighting a development project.
Lumumba, Banks and Owens could be sentenced to up to five years in prison. Their sentencing hearings are set for Oct. 15.
Lumumba, who previously called the charges a political prosecution, lost his reelection bid last year. His lawyers did not immediately respond to The Associated Press’ requests for comment.
Martin Lewis has shared his top holiday money saving tip, explaining whether you should pay in local currency or pounds on your card abroad – and how it could save you money on extra charges
09:31, 01 Jul 2026Updated 09:31, 01 Jul 2026
Martin Lewis has shared his holiday advice (file image)(Image: ITV)
Martin Lewis has finally settled the age-old holiday debate, revealing whether it’s better to pay in pounds or local currency when using your bank card overseas. Sharing his expert insight with BBC viewers, he cut through the confusion, offering clear guidance on the smartest way to spend abroad without losing out.
Martin advised: “When you go abroad and you pay on plastic [card] and the overseas cash machine or shop asks you: ‘Do you want to pay in Pounds or Euros?’ What do you do?
“Well, the correct answer is you should always pay in euros or whatever the local currency is. That means it’s your plastic that’s doing the exchange rate conversion, not the overseas shop or ATM.”
He stressed that this rule applies no matter where in the world you are. Social media users were quick to chip in with their own tips and experiences. One user suggested: “Just get Revolut or Monzo.”
Another declared: “I use Starling Bank it has no fees abroad and recommends paying in the local currency instead of Pounds. Something I saw online about dynamic exchange rate and it can cost you more otherwise.”
A third added: “Revolut has always been the best on doing this, can exchange right in the app as well, and when withdrawing it’ll just take it straight from that, half the time the only fee is the cash fee by the machine you use.”
Meanwhile, a recent holidaymaker shared their own experience: “Just back from Spain and not a single ATM did free cash withdrawals either, thankfully that’s all I was charged with my Chase account.”
One shrewd traveller commented: “I just get Euros before I go anywhere save all the hassle, and if I’m really stuck for cash go into an actual bank on holiday and withdraw money on my card.”
This handy tip comes on the heels of advice from a money-saving guru who stressed the importance of securing travel insurance ‘ASAB’.
During an appearance on This Morning, the financial whizz revealed: “My travel insurance rule is get it ASAB (as soon as you book). People do get a little confused about this, so let’s break it down.”
He continued to explain: “If you’re getting a single trip policy, so that is a policy to cover just one holiday, then what you do is as soon as you book, you go on one of the travel insurer’s website, you tell it your holiday dates and you buy the policy then.”
Martin Lewis made clear that if your holiday falls in August but you booked back in January, getting your insurance sorted in January is equally crucial.
“That means you have the travel insurance in place to covers that holiday,” he said, adding: “You don’t need to [cover yourself] for extra dates [in case there’s a delay at the airport] because you have your return date.
“If something delays you, so you weren’t back, that would still be covered because that delay is all part of the travel insurance.”