Category: 3. Business

More than 100 Filipino survivors of Super Typhoon Rai (known as Typhoon Odette) have issued proceedings in the UK against Shell.

It is alleged that Shell’s historic and ongoing greenhouse gas emissions materially contributed to climate change and to the widespread damage caused by the typhoon which took place just before Christmas 2021. The claimants issued proceedings in the UK on 9 December 2025 and the claim is the first of its kind in the UK. The question being whether major emitters of fossil fuels have a corporate liability for climate related losses.

As we previously reported, the Higher Regional Court (OLG) of Hamm in Germany confirmed in Lliuya v RWE AG [28.05.25] that major fossil fuel emitters may be liable for climate-related risks. The claim (which applied German law) ultimately failed due to the court’s decision that the threat of harm was insufficiently imminent at the time.

This Shell case however is fundamentally different in that not only will it be applying Filipino law in the UK courts, but the claim itself does not relate to future risks or protective measures.  Instead, it concerns the  personal injury and property damage already suffered by the claimants, meaning  the UK courts will have to take things one step further than the German Higher Court. 

A spokesperson for Shell has described the proceedings as “baseless,” rejecting the premise that the company possesses any “unique knowledge” concerning climate change or that litigation is the appropriate solution for addressing global climate issues.

Detailed Particulars of Claim are expected in mid-2026.

The claim represents a further step in the gradual but distinct shift towards global climate litigation against corporate entities. This landmark UK case is another example of parties seeking accountability for climate-related losses and an entity’s contribution to climate change. The argument is novel – can we link damages caused by extreme weather events to an entity’s historic greenhouse gas emissions? If proven, the impact would be significant to corporates, their D&Os and their insurers, on a global basis. 

As in Lliuya, the court’s decision will likely be highly dependent on the strength of expert evidence on causation, demonstrating the extent to which Shell’s emissions can be said to have contributed to the environmental changes that intensified Typhoon Rai, and on the nuances of Filipino law that the UK court will be required to determine. 

We will be closely monitoring how this claim develops and the impact it could have on the insurance industry. 

Thomas Schäfer, Member of the Board of Management of Volkswagen AG, Brand Group Core and CEO of the Volkswagen brand, said: “The ID. Polo marks the beginning of a new generation of Volkswagen: with fresh design, intuitive operation, top quality and first-class driving characteristics – and finally with a proper name again. With an entry-level price starting at 25,000 euros, we are making electric mobility accessible to many people in Europe. And this is just the beginning: In 2026, we will launch six new electric models – all 100 per cent Volkswagen!”

A new era – 50 years after the first Polo. With the ID. Polo, Volkswagen is focusing on familiar strengths: intuitive operation, functionality, quality and affordability. At the same time, the ID. Polo is the first model to feature the new ‘Pure Positive’ design language by Head of Design, Andreas Mindt. The result is a compact electric model offering more space and precise driving characteristics on the level of the next higher class of vehicle. In addition, it is the first model in the electric ID. family to bear the established Volkswagen name Polo.

Four power outputs, two battery sizes, up to 450 km range. At its debut in spring 2026, the ID. Polo will be available in three power outputs: 85 kW (116 PS), 99 kW (135 PS) and 155 kW (211 PS). The sporty ID. Polo GTI with 166 kW (226 PS) will follow later in the year.

The 85 kW and 99 kW versions will come as standard with a 37 kWh (net) LFP (lithium iron phosphate) high-voltage battery. This battery can be charged at DC rapid-charging points with up to 90 kW. The 155 kW and 166 kW versions will be powered by an NMC (nickel manganese cobalt) variant of the new PowerCo unified cell, with an energy content of 52 kWh (net), enabling ranges of up to 450 km ^{and charging at up to 130 kW DC.}

The ID. Polo features a newly developed front-wheel drive. It is based on the further developed Modular Electric Drive Matrix: MEB+. The completely new, highly efficient electric drive reduces complexity, the number of components and weight – parameters that allow Volkswagen to reduce costs and consumption. In addition, the electric front-wheel drive offers clear space advantages. Key modules include a highly efficient Volkswagen electric motor of the latest generation, called APP 290. Integrated flat in the underbody is a new battery generation: the PowerCo unified cell, which uses cell-to-pack technology. This eliminates the intermediate step via module housings and combines the cells directly into a battery pack – reducing price, installation space and weight while increasing energy density by about 10 per cent. The benefit: more range.

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Digitalisation has transformed how we work, trade, socialise, and govern, driving innovation, productivity, and inclusion in the process. The ICT sector now contributes over USD 6.1 trillion to global GDP and is growing twice as fast as the global economy. This progress comes with a rising cost. As cyberattacks multiply, losses per incident soar, and total annual damage equals about 3% of GDP in advanced economies.

This report identifies priority areas where investment can deliver strong returns along with measurable societal impact. These include identity and data security, security operations and services, and back-up & recovery. Summa investments in Logpoint delivers European-native threat detection and response, while FAST LTA provides secure data storage for critical sectors such as healthcare and government. Cybersecurity is a shared responsibility and a unique opportunity. We hope this report inspires action, collaboration, and investment in building a safer digital future.

 

This report on investing in cybersecurity for a secure and resilient digital future was written and published by Summa Equity, with research and analysis conducted by CEPS with an ad hoc cybersecurity report. The report examines the growing threat of cyberattacks, their economic and societal costs, and the specific capabilities and innovations needed to defend against them. It also connects systemic challenges and market dynamics with opportunities for high-impact investment. The findings and conclusions presented reflect the CEPS team’s independent research and expert assessment.

Baker McKenzie has advised Deutsche Bank on a landmark sustainability-linked financing for Mota-Engil West Africa. The transaction involves a EUR 170 million sustainability-linked loan supported by a EUR 120 million non-sovereign Partial Credit Guarantee issued by the African Development Bank Group (AfDB). 

The AfDB guarantee, signed at its headquarters in Abidjan, provides critical credit enhancement to enable Mota-Engil West Africa, a leading construction and infrastructure company, to strengthen its financial profile and extend the maturity of its debt. By linking financing terms to sustainability performance targets, the deal reflects a shared commitment to integrating ESG principles into infrastructure financing.

The sustainability-linked loan will support a pipeline of projects across more than a dozen African countries, including transport infrastructure, environmental services, water and sanitation systems, and energy-efficient civil works. 

The Baker McKenzie team was led by Banking Partner, Luka Lightfoot with support from Senior Associate, James Clarke and trainee Katy Gargiulo. Partner Sarah Smith and Senior Associate Shaneil Shah advised on the conformity of the AfDB’s partial credit  guarantee with EU CRR “eligible guarantee” rules.

Commenting on the transaction, Luka Lightfoot commented: “We are extremely proud of the role Baker McKenzie played in supporting Deutsche Bank on this groundbreaking financing. Our team worked collaboratively to deliver a resilient, multi jurisdictional structure that integrates robust sustainability targets and leverages the AfDB’s partial credit guarantee. This innovative approach not only strengthens Mota Engil’s financial position, but also advances sustainable infrastructure development across Africa, demonstrating our commitment to providing market-leading solutions for complex transactions.”

15 December 2025

• In 2024 payment fraud rate in European Economic Area stable at around 0.002% of total value of transactions in a calendar year
• Total value of fraud increased to €4.2 billion in 2024 from €3.5 billion in 2023
• Strong customer authentication remains effective against the fraud types it was designed to mitigate and that were dominant at the time PSD2 came into force, especially for card payments
• However, new types of fraud are on the rise, particularly the manipulation of payers, which will require additional and new mitigation approaches

The European Banking Authority (EBA) and the European Central Bank (ECB) today published the 2025 edition of their joint report on payment fraud. The report covers the semi-annual data for 2022 to 2024 and confirms that the legal requirement for strong customer authentication (SCA) introduced in 2020 has contributed to reducing fraud levels. However, it also highlights the need for continued vigilance and for security measures to be adapted to combat new emerging types of fraud.

The report assesses payment fraud reported by the industry across the European Economic Area (EEA), which amounted to €3.4 billion in 2022, €3.5 billion in 2023 and €4.2 billion in 2024. It examines the total number of payment transactions and the subset of fraudulent transactions in terms of value and volume.

Alongside aggregated values, the report also presents data broken down by means of payment, such as credit transfers, direct debits, card payments, cash withdrawals and e-money transactions. Country-specific breakdowns are also included.

Transactions that were verified with SCA were generally less susceptible to fraud than those without it, especially card payments. For other payment types, such as credit transfers, this effect was less clear. Notably, card payment fraud was 17 times higher when the payment recipient was outside the EEA, where SCA is not legally required and often not used.

The report therefore confirms the beneficial impact of the SCA requirements that were introduced under the revised EU Payment Services Directive (PSD2) in 2020 and the supporting technical standards issued by the EBA, in close cooperation with the ECB, in 2018. However, the report also highlights that new types of fraud are emerging, often targeting transactions for which an SCA exemption is applied or manipulating legitimate users into authenticating fraudulent transactions.

Furthermore, the report shows that the distribution of fraud losses varied by payment instrument and that there were significant differences across the EEA. For 2024, the overall losses for credit transfers were €2.200 billion (a year-on-year increase of 16%), and for card payments with cards issued in the EU/EEA they were €1.329 billion (a year-on-year increase of 29%). For credit transfers, payment service users bore approximately 85% of total fraud losses in 2024, mainly as a result of scams that tricked users into initiating fraudulent transactions.

Background, legal basis and next steps

Article 96(6) of Directive 2015/2366/EU (PSD2) requires payment service providers (PSPs) to report statistical data on fraud relating to different means of payment to their national competent authorities (NCAs). The NCAs, in turn, are required to provide both the EBA and the ECB with these data in aggregated form. Detailed reporting requirements are set out in the EBA Guidelines on fraud reporting under PSD2 (EBA/GL/2018/05).

In addition, Regulation (EU) No 1409/2013 of the ECB on payments statistics requires PSPs located in the euro area to report payment fraud data to their national central banks, which in turn are required to share the data in aggregated form with the ECB.

Data under both the EBA Guidelines and the ECB Regulation are reported to the EBA and ECB on a semi-annual basis via a single data flow.

The EBA and the ECB will continue to monitor and publish payment fraud data to provide a robust basis for informed policy decisions, and for supervisory and oversight actions on how to combat payment fraud.

For media queries, please contact Alessandro Speciale, tel.: +49 172 1670791.

Donauwörth, Germany, 15 December 2025 – Germany has decided to exercise the option for 20 more H145M light combat helicopters (Leichter Kampfhubschrauber or LKH for short) that were part of a contract signed in December 2023, bringing the total number to 82 helicopters. 

“We are honoured and proud that Germany has decided to order 20 additional H145M LKH helicopters. This further commitment by one of our home countries is a powerful sign of trust in the H145M’s exceptional performance and multi-role capabilities,” said Stefan Thomé, Managing Director of Airbus Helicopters in Germany.  

The first H145M LKH helicopter was delivered to Germany, less than a year after the contract signature, in November 2024 and additional helicopters have since been delivered. The helicopter’s missions include training, reconnaissance, special forces operations and light attack. The German Army will receive 72 helicopters, while the Luftwaffe’s special forces will receive ten. 

The H145M is a multi-role military helicopter that provides a broad range of mission capabilities. Within minutes, the helicopter can be reconfigured from a light attack role with axial ballistic and guided weapons and a state-of-the-art self-protection system into a special operations version with fast rappelling equipment. The comprehensive mission packages include hoisting and external cargo capabilities. 

The H145M is the military version of the tried-and-tested, light twin-engine H145 helicopter. The global fleet of the H145 family has accumulated more than eight million flight hours. It is used by armed and law enforcement forces around the world for the most demanding missions. The Bundeswehr already operates H145 helicopters for special forces operations and search and rescue missions. The US Army employs almost 500 helicopters from the H145 family under the name of UH-72 Lakota, which have clocked more than 1.5 million flight hours. Other military operators of the H145 family are Hungary, Serbia, Luxembourg, Thailand, Ecuador, Honduras and Cyprus. Recent orders include Belgium signing for 17, Brunei for six and Ireland for four H145Ms.

Powered by two Safran Arriel 2E engines, the H145M is fitted with a full authority digital engine control (FADEC). In addition, the helicopter is equipped with the Helionix digital avionics suite which, alongside innovative flight data management, includes a high-performance 4-axis autopilot, reducing pilot workload during missions. Its particularly low acoustic footprint makes the H145M the quietest helicopter in its class.

@AirbusHeli #H145M #MakingMissionsPossible