
First sanctions targeting people-smuggling gangs take effect
They also hit 'middlemen' putting cash through the Hawala legal money transfer system in the Middle East, which is used in payments linked to Channel crossings.
Albanian Bledar Lala, leader of the Belgian operations of an organised smuggling group, and a company in China that advertised small boats for people smuggling on an online marketplace are among those sanctioned.
Today I launched the world's first sanctions regime against people smugglers and organised immigration crime, which are key drivers of irregular migration to the UK.
It is our moral duty to smash this evil trade. These callous criminals will have nowhere to hide. https://t.co/uVokYjLUyj
— David Lammy (@DavidLammy) July 22, 2025
Foreign Secretary David Lammy said it was a 'landmark moment in the Government's work to tackle organised immigration crime (and) reduce irregular migration to the UK'.
'From Europe to Asia we are taking the fight to the people-smugglers who enable irregular migration, targeting them wherever they are in the world and making them pay for their actions.
'My message to the gangs who callously risk vulnerable lives for profit is this: we know who you are, and we will work with our partners around the world to hold you to account.'
The measures aim to target organised crime gangs wherever they are in the world and disrupt their flow of cash, including freezing bank accounts, property and other assets, to hinder their activities.
It will be illegal for UK businesses and banks to deal with anyone named on the list.
The move follows legislation being introduced under the Border Security, Asylum and Immigration Bill to ramp up enforcement powers for police forces and partners to investigate and prosecute people smugglers.
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Reuters
18 minutes ago
- Reuters
Europe's bond market losing Dutch pension fund buyers as retirement payouts shift
LONDON, Aug 7 (Reuters) - As if Europe's cash-hungry finance ministers didn't have enough to worry about. An overhaul of the Dutch pension system is depriving the euro zone's $10 trillion government bond market of a key buyer of its long-term debt, just as state funding needs surge. The Dutch private pension sector, the bloc's largest which oversees more than 1.7 trillion euros ($2 trillion) of assets, will move to a defined contribution system - as opposed to defined benefit - from next year. For governments looking to issue debt to fund their spending needs, it's a big change. Long-term debt has many advantages for governments because they are able to plan out their interest liabilities for longer. But under the new Dutch system, pension funds will have less need to buy bonds - and longer-dated bonds in particular - as they will no longer promise specific long-term benefits and will be able to take on more risk overall. Dutch pension funds are already stepping back from buying longer-dated bonds, according to a senior trader at BofA, just as Germany prepares to triple its borrowing. It's unclear how quickly funds will unwind their bond holdings and their hedges against risk, and how they will invest in future, adding to the uncertainty. "You're in a paradigm shift where you've had the largest-duration buyer in Europe disappear," said BofA's EMEA head of linear rates trading Kal El-Wahab. "They haven't been buying all year." "In a world where there's already a supply-demand imbalance going on, as sovereigns need to raise more cash than they ever have, losing one of the largest buyers of duration in Europe is very, very material." Longer-dated government bonds have been under pressure globally this year, prompting Japan and Britain to shorten the maturities of their issuance, as other key buyers have stepped back there too. But in the euro zone, pension fund reform "comes when Germany has to do more than it has ever done on the issuance front," said Barclays' head of euro rates strategy Rohan Khanna. The additional premium that benchmark borrower Germany pays for 30-year debt over shorter maturities has already risen this year. Traders say anticipation of the reform has been one driver. So far, the long end of the German yield curve has steepened roughly in line with other regions , , but the trend may have further to run. "The market's consensus is still for steepeners," said Credit Agricole CIB's head of European government bond trading Bruno Benchimol. BofA's El-Wahab expects the German 10/30-year yield curve, currently at around 50 basis points, could steepen another 20-25 basis points and lead other markets from here. Declining demand from Dutch pension funds is "something (governments) have to take into account when coming up with (funding) plans," said ABN AMRO rates strategist Jaap Teerhuis, who previously headed the Dutch Treasury's dealing room. Dutch banks estimate pension funds will eventually sell around 100 billion euros of government bond holdings. But their holdings aren't as long-dated and many of the long-dated bonds they bought have rolled down the curve over the years, BofA's El-Wahab noted. "It's not clear they're going to be selling long-dated bonds in order to do this transition ... The very seismic shift is just the absence of them on a forward-looking basis." The biggest source of uncertainty is how quickly funds will reduce those holdings and what role bonds will play in funds' post-transition portfolios, ABN's Teerhuis said. A plan from ABP, the country's largest pension fund, which manages 520 billion euros in assets, points to a gradual shift. It suggests ABP will shed around 25 billion euros of government bonds by 2030, but its exposure will remain unchanged in 2027 compared with 2023. Analysts said they expect even greater curve steepening in the swaps market. Pension funds have hedged their interest-rate risk by putting on long-dated swap trades to receive fixed-rate payments, but will now raise cash to close those trades, most likely by selling bonds. The next hurdle for markets is January 2026, when three of the five biggest funds plan to start switching to the new system, according to Barclays. But analysts aren't ruling out delays, which could stoke volatility at year-end. One of the three, PMT, has said it will assess in December and once again in January whether it's ready to transition. "We will know about the final 'go, no-go' very perilously close to the transition date," Khanna said.

The National
2 hours ago
- The National
John Swinney to consider imposing state boycott on Israel
Scottish Greens co-leader Ross Greer has written to the First Minister demanding that he adopt the principles of the Boycott, Divestment and Sanctions (BDS) campaign, which aims to put pressure on the Israeli economy in the mould of the anti-apartheid boycott of South Africa. A Scottish Government spokesperson said ministers would 'consider' the proposal, which would see official guidance issued to businesses urging them to end trade with Israel, as was done with Russia in 2022. Greer's letter to John Swinney welcomed the First Minister's acknowledgement that 'there is a genocide in Palestine', but the MSP said he disagreed with the assertion that he was 'trying to do everything I possibly can do to make sure that we apply the pressure' on Israel. Before setting out a raft of measures to implement the BDS campaigns' demands, Greer (below) said: 'As we both know and have previously discussed, there is much more which the Scottish Government can be doing to put pressure on Israel to end its genocide in Palestine.' (Image: Gordon Terris) He called for the Scottish Government to scrap part of the Local Government Act 1988 to allow councils to bar companies from winning contracts if they participated in the illegal occupation of Palestinian territory. Greer suggested this could be achieved through an amendment to the Community Wealth Building Bill. As well as issuing guidance to businesses recommending that they halt trade with Israel, Greer suggested that the Scottish Government should stop funding arms companies which have supplied Israel during the genocide and 'all other companies directly complicit in the occupation'. READ MORE: David Lammy contradicted as UK 'shares Gaza spy plane data with Israel' Pension funds should also be encouraged to divest from companies 'complicit in Israel's apartheid regime', Greer added. Finally, he suggested imposing financial penalties on 'complicit companies' through the Scottish Government's powers to impose surcharges on non-domestic rates. Speaking to The National, Greer said: 'Unfortunately the First Minister's claim that he is doing everything possible for Palestine just isn't true. Most foreign policy powers lie with Westminster, but there are still meaningful actions the Scottish Government could take, yet hasn't. (Image: AP) 'John Swinney now rightly recognises what is happening as a genocide. Those words must be matched with action, but we've seen very little of that from his government. Taxpayers' money is still being handed to companies who the United Nations has identified as being directly complicit in Israel's campaign of ethnic cleansing. 'The worst crime against humanity of our time is being inflicted on the Palestinian people right in front of our eyes. 'Scotland has a moral responsibility to act. The same approach helped end apartheid in South Africa. Now we must show that solidarity with the people of Palestine.' A Scottish Government spokesperson said: 'The Scottish Government has repeatedly called for an immediate and sustainable ceasefire, the unconditional release of all hostages and an urgent increase in humanitarian aid to Gaza. The Scottish Government will continue to press the UK Government to recognise a sovereign Palestinian state, as part of a two-state solution to secure lasting peace in the region. 'Ministers will consider and reply to Mr Greer's letter.'


Business News Wales
3 hours ago
- Business News Wales
Chancellor Visits Port Talbot to Outline Plans for £143m Funding to Secure Coal Tips
Chancellor Rachel Reeves is set to use a visit to Port Talbot to outline how £143 million of UK Government funding will secure more than 130 disused coal tips in Wales. Disused coal tips present severe risks from landslides or flooding. Last November, a disused coal tip in Cwmtillery, Blaenau Gwent, partially collapsed, forcing around 40 homes and families to be evacuated. The £118 million provided at the Spending Review by the Chancellor comes in addition to £25 million from last year's Autumn Budget, amounting to £143 million to deliver funding to protect existing homes whilst enabling new areas of land to be secured for future house building by the Welsh Government. When combined with funding from the Welsh Government, £220 million has now been earmarked to make coal tips in Wales safe. These areas previously may not have been in scope for new homes due to the presence of these coal tips but by securing tips and minimising the risk of their collapse, new homes could now be built. Chancellor of the Exchequer Rachel Reeves said: 'I know the scars that coal tip disasters have left on Welsh communities. This £143 million investment will protect families and communities from the risks posed by disused coal tips, whilst opening up sites to build new homes for hard-working Welsh families. 'These sites need to be safe, and this funding demonstrates how we are delivering our Plan for Change, putting the safety of working people first and supporting economic growth.' Welsh Secretary Jo Stevens said: 'Ensuring coal tips across Wales remain safe is of the utmost importance. We want to ensure that communities who are close to coal tips can be confident that their homes and businesses are properly protected. 'This £118 million is in addition to £25 million which has already been provided by the UK Government and is an example of how two governments working in partnership are delivering for the people of Wales.' Welsh Government Finance Secretary Mark Drakeford said: 'We welcome the extra investment from the UK Government for this vital work to protect communities living with the legacy of our industrial past. This builds upon previous years of Welsh Government funding and brings combined Welsh and UK Government funding to £220 million. We have long made the case for fair funding to address the impact of coal tips, protect homes, businesses and create new economic opportunities.' Nick Rolfe, Regional Director, Wales, Walters UK, said: 'The Walters Group is proud to be a key partner in this important work to secure, improve, and make safe disused coal tips across Wales. This significant investment from the UK Government, working alongside the Welsh Government and here at Dyffryn Rhondda with Neath Port Talbot County Borough Council, shows a strong commitment to protecting our communities and dealing with the legacy of our industrial past. 'As a proud Welsh company with a long history of working in these communities on environmental and regeneration projects, we understand how important this work is. The funding is not only crucial for keeping our environment safe and protected for future generations but also for giving local people peace of mind and confidence in the future of this area for the community and visitors that make use of the active travel routes that run the length of this project.'