Category: 3. Business

LUXEMBOURG, Dec. 15, 2025 /PRNewswire/ — Ardagh Holdings S.A. announces that Galdino Claro and Richard Navarre will join the Board of Ardagh Holdings S.A. alongside Mark Porto (Executive Chairman), Jean-Pierre Floris and Herman Troskie. In connection with the closing of the Group’s recapitalization transaction, Damien O’Brien and Paul Copley have resigned as directors of Ardagh Holdings S.A.

Ardagh Holdings S.A. also announces the appointment of Todd Brents as Interim Group CFO, effective January 1, 2026. As announced on November 25, 2025, John Sheehan will retire from the Group and step down as CFO on December 31, 2025. A process is under way to appoint a permanent successor.

Galdino Claro is an independent consultant, advisor and board director with over 40 years of experience in the metals, mining and recycling industries. Mr. Claro has served as CEO of both publicly listed and privately owned global companies, such as: Sims Limited, Harsco Metals and Minerals, The Heico Companies Metals Group, Aleris America and Wilmington Paper Corporation. Galdino Claro currently serves also as an independent director of Natural Resource Partners LP.

Richard Navarre is the retired chairman, CEO and president of Covia Corporation, a leading provider of high-quality minerals and material solutions for the industrial and energy markets.  Mr. Navarre is currently lead independent director for Core Natural Resources, chair of the board for Civeo Corporation and an independent director for Natural Resource Partners LP.

Todd Brents is a Senior Partner and leads the Finance Practice with Beckway, a leading professional services and consulting business. He has over 25 years of experience providing leadership in financial management and business transformations to businesses in interim executive roles and as a management consultant. He holds a CPA and previously worked at AlixPartners, Frito-Lay, Inc. and Arthur Andersen.

Further details regarding board composition and directors’ biographical details can be found on the Ardagh Group website: https://www.ardaghgroup.com/investors

About Ardagh Group 

Ardagh Holdings S.A. is the ultimate parent company of Ardagh Group, which is a global supplier of infinitely recyclable metal and glass packaging for brand owners around the world. Ardagh Group operates 58 metal and glass production facilities in 16 countries, employing approximately 19,000 people with sales of approximately $9.1 billion.

Contacts:

Media:
Pat Walsh, Murray Consultants
Tel.: +353 1 498 0300 / +353 87 2269345
Email: [email protected]

Investors:
Email: [email protected]

SOURCE Ardagh Group S.A.

In June 2025, the Ministry of Economy, Trade and Industry (METI) released the first-ever standardized model LPA in English (“English Model LPA”), following the convening of an Expert Committee in February to draft the new model. This English version addresses previous challenges faced by fund managers using translated Japanese LPAs and aligns with global fund practices, enhancing the attractiveness of the market for foreign investors. This article looks at the issues raised during our latest seminar in collaboration with AIMA Japan and Langham Hall.

White & Case LLP, in collaboration with AIMA Japan and Langham Hall, hosted a seminar “Igniting innovation: Japan’s bold leap with the new limited partnership model agreement” at the office of White & Case in Tokyo on October 22, 2025.

The event spotlighted Japan’s first standardized English Model Investment Limited Partnership Agreement (LPA), released by the Ministry of Economy, Trade and Industry (METI) in June 2025: https://www.meti.go.jp/english/press/2025/0623_002.html. This marks a significant step in aligning Japan’s fund practices with global standards and attracting greater international investment.

In this context, at the seminar, policymakers, legal and tax experts and industry leaders, including White & Case’s Eriko Sakata, Sayako Shiraki and Mao Muraguchi who were principal drafters of the English Model LPA, delivered presentations and engaged in a panel discussion to share their perspectives on the key provisions and practical applications of the English Model LPA and the significant implications for Japan’s investment landscape. These include:

1. Facilitating Fund Formation and Cross-Border Investment

• Lower Barriers for New and Existing GPs: The new English Model LPA provides a standardized, internationally recognizable template for fund documentation. This is particularly beneficial for emerging Japanese general partners (GPs) who may lack the resources or experience to draft bespoke agreements from scratch. By offering a ready-made, market-accepted starting point, the model LPA reduces legal costs, shortens negotiation timelines and lowers the threshold for seeking to attract foreign limited partners (LPs).
• Easier Access for Foreign Investors: Historically, foreign investors have been hesitant to invest in Japanese funds due to unfamiliarity with Japanese legal documents and the lack of English-language agreements that meet global standards. The new model LPA, aligned with international practices, makes it easier for foreign investors to understand and commit to Japanese funds. This is expected to facilitate greater cross-border capital flows and help Japanese GPs tap into a broader investor base.
• Parallel and Offshore Structures: The model LPA is designed to be flexible and compatible with parallel fund structures, where both Japanese and offshore vehicles (such as Cayman, Singapore or Luxembourg partnerships) can operate side by side. This allows GPs to efficiently manage both domestic and international investors under similar terms, reducing friction and administrative complexity.

2. Alignment with Global Standards

• Incorporation of Global Market Standards: The model LPA incorporates global market standards, such as clear provisions for allocation of investment opportunities, borrowings and security interests, indemnification and GP removal. These features increase transparency and investor familiarity with respect to Japanese fund terms, making Japanese funds more attractive to sophisticated international LPs.

3. Remaining Challenges and Industry Concerns

• Tax and Regulatory Considerations: While the introduction of the new model LPA marks significant progress, there are still some points to be aware of, such as Japan’s tax rules regarding permanent establishment (PE). These considerations may require some additional attention for foreign investors, but ongoing industry dialogue and potential future reforms are expected to further enhance clarity and ease of investment.
• Adoption and Customization: While the model LPA provides a strong foundation, it is not a one-size-fits-all solution. GPs are expected to tailor the agreement to their specific needs, especially for more complex funds. The model is intended as a starting point, not a mandatory template, and practitioners are encouraged to seek legal advice to ensure compliance and suitability for their particular circumstances.

Overall, the initiative was widely praised by industry stakeholders, including fund managers and investors, for its collaborative development process and its potential to modernize Japan’s fund ecosystem. The seminar concluded with optimism about the new model LPA’s potential to ignite innovation and attract global capital to Japan.

The following is a summary of White & Case team’s presentation during the seminar:

1. Background of English Model LPA

• METI previously published several versions of model LPAs. However, the English version was merely a translation of the Japanese version. From the perspective of foreign investors, it diverged significantly from offshore LPAs they typically encounter, making them hesitant to advance investments.
• Therefore, White & Case team suggested to METI that an English Model LPA based on a typical offshore LPA would be necessary. In response, METI approached us about creating a new English Model LPA in conjunction with updating the existing Japanese model LPA.

2. Comparison with Other Model LPAs

(1) Institutional Limited Partners Association (ILPA)

• There is a model LPA created by ILPA, an international organization dedicated to advancing the interests of LPs and their beneficiaries. The ILPA model was developed in collaboration with various law firms and published in July 2020.
• The ILPA model is designed for traditional private equity buyout funds organized under Delaware law and includes contract terms that are fair and highly transparent for investors.
• Some specific differences include:
  • Regulatory Provisions: While the METI model includes many provisions specific to Japanese law (e.g., clauses regarding anti-social forces and regulations under the Financial Instruments and Exchange Act of Japan (FIEA)), the ILPA model addresses U.S. regulations including U.S. securities laws. It was discussed whether to include provisions relating to U.S. or other foreign regulations in the METI model, but they were not included because it would be quite difficult to keep updating the METI model to reflect subsequent regulatory changes in foreign jurisdictions.
  • Information Disclosure: The ILPA model explicitly outlines an internationally standardized reporting format through the ILPA Reporting Template, detailing what information must be reported to investors, and specifying the content of quarterly and annual reports in greater detail. The METI model does not standardize these items to such extent.
  • Advisory Committee: The advisory community clause is also more investor-friendly in the ILPA model, explicitly stating adherence to the best practices described in the ILPA Principles for the Advisory Committee.

(2) Japan Private Equity Association (JPEA)

• The Japan Private Equity Association published a model LPA in April 2025. Although created around the same time with the METI’s Japanese model LPA, it was developed by a different law firm under a separate initiative. However, since it is similarly based on Japan’s Limited Partnership Act for Investment (ILP Act), the content is broadly similar to the METI’s Japanese model LPA.
• On the other hand, the English model LPA published by METI was created by essentially incorporating the contract terms extracted from the METI Japanese model into a standard offshore limited partnership agreement. Consequently, while contract terms are basically identical to that extent, the METI’s English Model LPA includes other provisions consistent with global market practice as further explained below and the order of clauses and specific drafting in the METI’s English Model LPA also differ significantly.

3. Example Use Cases for English Model LPA

• There would be three main options to use the English Model LPA:
  • establishing a single Japanese limited partnership under the English Model LPA that accommodates both Japanese and foreign investors;
  • establishing multiple Japanese limited partnerships: one for Japanese investors using a Japanese LPA, and another for foreign investors using an English Model LPA; and
  • establishing a Japanese limited partnership alongside an offshore limited partnership with similar terms of the English Model LPA. 

(1) Single Japanese Limited Partnership with English Model LPA

• The first option involves establishing a single Japanese limited partnership with the English Model LPA, where both Japanese and foreign investors will invest. The use of the English Model LPA is expected to facilitate participation by foreign investors more readily than providing them with an English translation of a Japanese LPA.
• One point to note in this scenario is that the English Model LPA is not identical to the Japanese model LPA. Therefore, it is not possible, for example, to have Japanese investors sign the Japanese model LPA and foreign investors sign the English Model LPA in order to establish a single Japanese limited partnership. Similarly, neither is intended to be used as a translation of the other. For a single Japanese limited partnership, it is necessary to uniformly use either the Japanese or English Model LPA for both Japanese and foreign investors.

(2) Multiple Japanese Limited Partnerships with Japanese and English Model LPAs

• The second option involves establishing two or more Japanese limited partnerships, using the Japanese model LPA for those to be formed for Japanese investors and the English Model LPA for those to be formed for foreign investors. Given that the contract terms of the Japanese model LPA are fundamentally reflected in the English Model LPA, this structure allows for well-coordinated management of all these Japanese limited partnerships to some degree although care should be taken to build mechanisms for uniformed investment decisions, LP votes, etc. from a legal and tax perspective.
• That said, this scenario might not become very common at least for a while as there are potential tax and other issues to be considered in connection with foreign investors investing in Japanese limited partnerships and a fund vehicle solely dedicated to foreign investors would not necessarily need to be Japanese.

(3) Japanese and Offshore Limited Partnerships with English Model LPA

• The third option involves establishing an offshore limited partnerships as well as a Japanese limited partnership on similar terms. It is very common for multiple Japanese or offshore limited partnerships to exist as part of a larger structure, often including GKs (godo kaisha) or a TMK (tokutei mokuteki kaisha) or offshore holding SPVs too.
• Although the English Model LPA was originally drafted for Japanese limited partnerships, its contractual framework closely resembles that of typical offshore LPAs. Therefore, if necessary amendments under laws of the relevant jurisdiction(s) (e.g., governing law clause, transfer and other regulatory provisions) are made, it can also serve as a base for drafting an LPA of an offshore limited partnership.
• In practice, when using the English Model LPA as a base for an offshore limited partnership, there are nuances somewhat unique to Japanese limited partnerships and the English Model LPA, such as the concept of “investment units,” process for subsequent closings, the specific timing of GP clawback and restrictions associated with limited liability of LPs. Appropriate modifications are anticipated in the LPA of the relevant offshore limited partnership to address those discrepancies in the practices of offshore limited partnerships and Japanese limited partnerships. Such modifications will inevitably lead to corresponding changes in the LPA of the Japanese limited partnership for alignment of terms.
• Even if some degree of modification is necessary, there will still be benefits for emerging GPs in particular to use the English Model LPA as a starting point when drafting offshore LPAs. For example, a GP who previously established a Japanese limited partnership with the Japanese model LPA would find it extremely difficult to switch to a completely different offshore LPA when seeking to raise funds from foreign investors. This difficulty stems from the challenge of reflecting the practical experience and operations accumulated thus far under the Japanese LPA, which will be mitigated if the English Model LPA that basically covers the terms included in the Japanese model LPA is used. It will also be easier for existing investors in a Japanese limited partnership formed with the Japanese model LPA to review the offshore LPA as a successor fund to be formed outside Japan if such offshore LPA has been drafted based on the English Model LPA.

4. Basic Approach Taken for English Model LPA

• To state the obvious, the English Model LPA complies with the ILP Act. In practice, we sometimes see parallel vehicle structures where an offshore LPA of an offshore limited partnership is finalized first and then translated into Japanese and used for a Japanese limited partnership, which additionally requires changes to ensure that all mandatory provisions and other requirements stipulated in the ILP Act are fully complied with. The English Model LPA, however, is inherently drafted to comply with those requirements to eliminate that extra step.
• As compared to the Japanese model LPA, the English Model LPA not only incorporates terms of the Japanese model LPA but also include adjustments in drafting. These include the order of clauses, the grouping of certain provisions and the specific use of terminology, which are generally made consistent with global fund practices. The English Model LPA also incorporates clauses that are commonly seen overseas and felt could be effectively utilized for a greater flexibility or other benefits in Japanese limited partnerships too.
• While it is referred to as the English “model” LPA, it merely presents one example of what an LPA might include. It is not rigidly fixed content where certain commercial provisions are absolutely essential or some clauses are non-negotiable due to Japan’s established domestic practice. Therefore, we fully anticipate that each GP may flexibly modify the terms of the English Model LPA based on its own practices or reflecting the outcome of negotiations with Japanese and foreign investors.

5. Detailed Comparison with Japanese Model LPA

• Allocation of Investment Opportunities: When GP affiliates manage multiple investment funds or other vehicles, one issue that always arises is how investment opportunities will be allocated among the fund in question and such other funds or vehicles. The English Model LPA now includes a provision that investment opportunities shall generally be allocated on a fair and equitable basis, which is of course expected to be modified in practice e.g., in terms of the scope of such other funds or vehicles, and the allocation criteria and permitted exceptions.
• AIV: An alternative investment vehicle (AIV) is separately formed when the fund seeks to make a portfolio investment which should not be made by the main fund vehicle due to regulatory, tax or other reasons. This is a fairly common mechanism in offshore LPAs, and the English Model LPA now also includes an AIV provision consistent with global market standard.
• Feeder Fund: A feeder fund is additionally formed when certain investors may not (or unwilling to) invest directly into the main fund for regulatory, tax or other reasons. Given that this structure is quite common, the English Model LPA now includes a provision setting forth, for example, how LP votes should be conducted or default be treated for feeder fund investors, generally providing that those provisions should be applied on a “look-through” basis by looking at individual feeder fund investors rather than treating the feeder fund as a single investor in the main fund.
• Borrowings: The scope of LPs’ obligations relating to borrowings by the fund or its portfolio companies are defined more broadly in the English Model LPA for a greater flexibility and operational ease. Such obligations include the provision of certain representations and warranties and are stipulated to remain after a withdrawal of, or a transfer of its LP interest by an LP to certain extent.
• Exculpation: The exculpation provision is only included in the English Model LPA, which provides for the principle that GP affiliates shall not be generally liable for losses suffered by the fund due to actions taken by such GP affiliates. However, the scope of covered persons and the applicable liability standards have been adjusted to match the indemnification provision in the Japanese model LPA (so are not necessarily consistent with global market practice).
• Indemnification: The indemnification provision itself is included in the Japanese model LPA too, but the English Model LPA additionally provides for advancement of expenses and an indemnitee’s obligation to pursue any available insurance, contribution or indemnity claims.
• Discontinuance: This clause in the English Model LPA is somewhat unique and allows the fund to discontinue an LP’s participation in a portfolio investment for a likelihood of a “material adverse effect,” which is also now defined in the English Model LPA. This concept is different (a) from exclusion in that discontinuance occurs after the applicable portfolio investment has been made, and (b) also from required withdrawal from the fund in that discontinuance only relates to a specific portfolio investment.
• GP Removal for Cause: While the GP removal for cause provision is included in both the Japanese model LPA and the English Model LPA, additional details of the removal process have been added in the English Model LPA, including applicable notice requirements and a flexibility to cure a cause event. This clarifies the process followed by relevant parties upon the occurrence of a cause event.
• Others: In addition to the items above, provisions explicitly permitting (a) certain derivative transactions by the fund, (b) limitation of the scope of information disclosure with respect to a specific LP, (c) the treatment of an LP’s failure to provide certain information required for the fund’s tax filings as a default, and (d) a broader scope of unilateral LPA amendments by the GP have been incorporated in the English Model LPA only.

6. English Model Initial LPA

• A model of an initial limited partnership agreement in the English language has been published by METI in conjunction with the English Model LPA. An initial LPA is a short agreement and often used in foreign jurisdictions to establish a limited partnership early on to open its bank account, enter into contracts with service providers, etc. so that these processes will be completed in advance without affecting the timing of investor closings.
• To form a limited partnership in Japan, its signed LPA is one of the documents that need to be submitted for the registration application upon the formation. The English model initial LPA has been created in a short format, intended solely to meet the requirements as an LPA to be submitted for the registration application. Given such limited purpose, the English model initial LPA is not a “simplified version of the English Model LPA” and should be amended to a fuller version (which can be prepared based on the English Model LPA) prior to the commencement of the fund’s substantive investment activities.
• Other points to be considered for the use of the English model initial LPA include compliance with licensing requirements under the FIEA, specifically, if the GP wishes to rely on the exemption as “Special Business Activities for Qualified Institutional Investors” (Article 63 Exemption) once the English model initial LPA is executed, then the fund must admit at least one qualified institutional investor (QII) upon such execution to meet one of the requirements for the Article 63 Exemption. Given that the use of an initial LPA has not yet become common for the formation of Japanese limited partnerships, however, the pool of potential QII investors willing to sign an initial LPA may be limited to QII investors that have an established relationship with or otherwise close to the GP. This is because Japanese investors comfortable with offshore LPAs are often large institutional investors that have cumbersome internal procedures, making it difficult for them to obtain internal approvals to sign an initial LPA for the purpose of the smooth formation of the Japanese limited partnership in addition to later signing the longer version of the LPA. Hopefully there will be practical developments in these respects soon, now that the English model initial LPA has been published by METI.

_{White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities.}

_{This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.}

_{© 2025 White & Case LLP}

A group of leading companies officially launched the Bunkering Services Initiative (Initiative) across Amsterdam–Rotterdam–Antwerp (ARA) ports with operations having been conducted since December 1, 2025.

The Initiative, which is voluntary and open to any third party, introduces a new gold standard of bunkering operations with technology-enabled, verifiable, and traceable insights into fuel quantity and quality to bring greater transparency and efficiency to participating companies and to help address long-standing problems across the industry.

Founding participants, from both the buying and supplying sides of the ARA bunker market, together account for a meaningful share of activity in the region and include: bp Marine, Cargill, Frontline, Hafnia, Hapag‑Lloyd, Mercuria, Minerva Bunkering, Oldendorff, Trafigura, TFG Marine, Unifeeder, and Vitol, as well as other significant industry players. Lloyd’s Register will act as system auditor carrying out checks on barges, while ADP Clear Pte Ltd will be its technology partner for multi-party workflows, real-time reporting and verifiable performance metrics.

The launch ceremony, which took place at the headquarters of Lloyd’s Register (LR) in London, marks the start of operations for a system designed to deliver unprecedented levels of transparency, accountability, and efficiency in one of the world’s largest marine fuel hubs. It was attended by representatives from the founding companies, new participants, port authorities, and other industry stakeholders, demonstrating the scale and significance of this uniquely cross-industry and collaborative approach.

Following its unveiling in July 2025, the Initiative’s supplier participants have onboarded bunker barges, installed Internet-of-Things (IoT) enabled hardware, and had crew trained in the Initiative’s protocols and mass flow meter (MFM) operational best practices.

All bunker barges have certified MFMs installed and integrated with ADP Clear’s hardware and software to allow seamless, real-time data capture. Every vessel has met LR’s qualification requirements and will remain subject to unannounced compliance inspections of the MFM system, piping, and seals.

The major fuel testing companies are providing laboratory results directly into the platform providing buyers with visibility into fuel quality from every sample drawn from each parcel of fuel from shore tank through final delivery, as required by the BSI standards.

Andy Mckeran, LR’s Chief Growth Officer, said: “LR has always championed innovation that strengthens confidence in the maritime industry, and this Initiative is a natural progression of that commitment. By combining advanced technology with independent assurance, we are helping to deliver a new level of transparency and trust that supports safe, efficient and future-ready fuel operations.”

Jens Maul Jorgensen, Director of Bunker Purchasing at Oldendorff, said: “We welcome the introduction of the Bunkering Services Initiative and the opportunity it creates for greater transparency and cooperation between buyers and suppliers in the ARA region. We look forward to working with our partners to ensure safe, efficient and reliable bunkering operations,”.

Kenneth Dam, Executive Director and Global Head of Bunkering at TFG Marine said: “Since 2021, the industry has advocated for ISO 22192 standards for MFM implementation in the Ports of Antwerp and Rotterdam, set for January 2026. The BSI launch represents a decisive step by suppliers committed to eliminating market distortions, whilst aligning standards as closely as possible with Singapore. The BSI provides a strong framework for integrity, efficiency and compliance across international markets.”

Tyler Baron, CEO of Minerva Bunkering said: “The BSI combines standardization, technology, and regulation to create a level playing field with robust competition on the basis of service quality and cost competitiveness.”

Simon Lock, Head of Technology at ADP Clear said: “By integrating mass flow meters, blockchain workflows, and live reporting into a single platform, we’ve created a seamless chain of transparency. This level of visibility in bunkering has simply not existed before.”

🧊Sunny and freezing, with highs in the 20s. Sunset is at 4:12 p.m.

Last night students and neighbors of Brown University in Providence gathered to mourn the two people killed and send well-wishes to the nine people injured in a shooting at a final exam review session on Saturday afternoon.

Prof. Rachel Friedberg told Ocean State Media the shooting happened at a review session for her principles of economics class, though her teaching assistants were leading the review and she was not in the classroom.

Authorities have not yet released the names of the two people who were killed — they’re waiting until they can notify their families. Police have a person of interest in custody, but have not yet released that person’s name.

“Unfortunately, this is the second school shooting that I’ve been to,” post-graduate student Anh Nguyen, 24, told Ocean State Media. “My last one [at the University of North Carolina in Chapel Hill] was my undergrad, and I feel like something this unimaginable is happening way too often.”

Four Things to Know

1. An update to a story GBH News broke last week: Immigrants who arrived at Faneuil Hall for U.S. citizenship ceremonies were told to step out of line and not proceed because the Trump administration deemed their countries of origin “high-risk.” Now, Sen. Ed Markey and other advocates say they want to shine a spotlight on the people affected.

“It is the stuff of dictatorships, it is the stuff of authoritarianism, and we must fight it every single day,” Markey said. “The same fight began right here in Faneuil Hall, 250 years ago. The fight to protect the rights of everyone.”

2. The federal Department of Housing and Urban Development is investigating Boston’s housing practices. “We believe the City of Boston has engaged in a social engineering project that intentionally advances discriminatory housing policies driven by an ideological commitment to DEI [diversity, equity and inclusion] rather than merit or need,” federal housing secretary Scott Turner said in a statement.

A spokesperson for Mayor Michelle Wu called the investigation one of many “unhinged attacks from Washington,” adding “Boston will never abandon our commitment to fair and affordable housing, and we will defend our progress to keep Bostonians in their homes.”

3. When pharmacies close up shop in Massachusetts, they must give customers at least two weeks’ notice. That’s often not enough time for people to transfer prescriptions, according to Danielle Williams, who leads the community advocacy group Prophetic Resistance Boston. “Folks were literally running around trying to figure out how they would be able to transfer life-saving medication as these pharmacies closed,” Williams said. “How do you just close something and you know health equity is an issue in our community?”

Now, Boston City Council members want state regulators to require pharmacies to give four months notice. The change would need Mayor Michelle Wu’s signature and approval from the Board of Registration in Pharmacy.

4. Massachusetts faces a challenge with its SNAP food assistance program. New federal regulations require states to keep error rates — the number of administrative mistakes by recipients and caseworkers — below 6% in sampled cases. Massachusetts’ error rate was 14.1% in Fiscal Year 2024. States that exceed that threshold will have to cover more of their SNAP costs themselves instead of relying on federal dollars.

The error rate isn’t usually a sign of fraud, but of an overburdened system, said Vicky Negus, senior policy advocate at the Massachusetts Law Reform Institute. SNAP caseloads are up 42% since 2019, and caseworkers now handle an average of 1,300 cases each — compared to 800 to 900 before 2020. That leaves many people unable to reach the Department of Transitional Assistance with questions or updates.

MSPCA sues hundreds of owners each year as cost for pet care rises
Two years ago Elizabeth Sanchez’s Quaker parrot Fendi started pulling at his feathers. Sanchez took him to Angell Animal Medical Center in Jamaica Plain, where Fendi received treatment and medication.

Sanchez had pet insurance, but said it didn’t cover the visit. She paid a few thousand dollars over the course of months for the care and medication, but let one bill slide as she also juggled paying for school, rent and other costs of living. Fendi was getting better, and she found a less expensive treatment for him.

Then she got a notice in the mail: Angell was suing her over a $769 bill, she told GBH News.

“When I first got the letter in the mail, I was going crazy,’’ she said. “If you are taking me to court, what’s next, giving you my bird?”

In Massachusetts, the MSPCA has filed about 4,600 lawsuits over the last 20 years seeking to collect on debt. A review of court records by GBH News and student researchers from Boston University shows around 650 cases since 2023, with amounts ranging from about $300 to more than $5,000.

Michael Magerer, an attorney from Needham who represents the MSPCA in small claims court, said he files about 10 cases a week against pet owners who have not paid their bills in full.

“Angell is a great organization. It’s great people. They do terrific work. They care,’’ Magerer said. But: “They’re a business. They have bills to pay, just like everybody else.”

On a tour of the MSPCA’s hospital, Chief Medical Officer Megan Whelan said only a small share of people who bring in their pets end up in court.

“If everything was free, everybody would come here,’’ Whelan said. “When someone says, ‘I have zero funds,’ then we are talking about a whole different ballgame. Then maybe you should euthanize your pet if it is really that ill.”

You can find the full story from Jenifer McKim and Alexi Cohan here. 

Dig deeper: 

–Need an ambulance in Massachusetts? It could leave you thousands in debt.

–The Debt Mills: How state courts grind through consumer debt cases

–Solar panel company accused of shady business in Massachusetts

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.

Important information and disclaimers

© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.

Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.

Information regarding Qaurum^SM and the Gold Valuation Framework

Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

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.”