Category: 3. Business

A Russian state-backed messenger application called Max, a rival to WhatsApp that critics say could be used to track users, must be pre-installed on all mobile phones and tablets bought in the country starting next month, the Russian government said on Thursday.

The decision to promote Max comes as Moscow, locked in a standoff with the west over Ukraine, is seeking greater control over the internet. The Kremlin said in a statement that Max, which will be integrated with government services, would be on a list of mandatory pre-installed apps on all “gadgets”, including mobile phones and tablets, sold in Russia from 1 September. The firm behind Max said this week that 18 million users had downloaded its app, parts of which are still in a testing phase.

State media says accusations from Kremlin critics that Max is a spying app are false and that it has fewer permissions to access user data than rivals WhatsApp and Telegram.

It will also be mandatory from 1 September for Russia’s domestic app store, RuStore, which is pre-installed on all Android devices, to be pre-installed on Apple devices. A Russian-language TV app called Lime HD TV, which allows people to watch state TV channels free of charge, will be pre-installed on all smart TVs sold in Russia from 1 January.

The push to promote homegrown apps comes after Russia said this month it had started restricting some calls on WhatsApp, owned by Meta Platforms, and on Telegram, accusing the foreign-owned platforms of failing to share information with law enforcement in fraud and terrorism cases.

WhatsApp, which in July had a reach of 97.3 million users in Russia, responded by accusing Moscow of trying to block Russians from accessing secure communications, while Telegram, which had a reach of 90.8 million users, said it actively combats the harmful use of its platform.

The third most popular messenger app in July, according to Mediascope data, was VK Messenger, at 17.9 million users, an offering from the same state-controlled tech company VK which developed Max.

Russia’s interior ministry said on Wednesday that Max was safer than foreign rivals, but that it had arrested a suspect in the first fraud case using the new messenger.

BankIslami, one of Pakistan’s fastest-growing Islamic financial institutions, reported a profit before tax (PBT) of PKR 8.95 billion for the first half of 2025 and announced an interim dividend of PKR 1.50 per share (15%) as it continues to transform into a digital and regionally competitive institution.

BankIslami’s Non-Funded income surged by over 90%, despite declining policy rates and compressed spreads. While total income contracted by 4.9%, the decline was modest compared with industry trends. Operating expenses rose 47%, reflecting strategic investments in branch network expansion, digital infrastructure, and the acquisition of the 32-storey tower in Karachi, set to become the bank’s new headquarters.

Deposits grew by 12.7%, driven by a 37.9% increase in current accounts, pushing the CASA ratio to a record 70%. The Capital Adequacy Ratio stood at 19.37%, comfortably above regulatory requirements, while the Asset-to-Deposit Ratio remained healthy at 43.3%. Delinquent financing declined by 8% to PKR 22.3 billion, though the infection ratio inched up from 7.4 to 8.2% due to a smaller financing base.

The Bank’s commitment to Riba-free banking earned global recognition in the period under review. BankIslami was named Pakistan’s Best Islamic Bank by Euromoney and received the Pakistan Digital Award for Best Social Media Campaign for its “Saving Humanity from Riba” initiative.

Commenting on BankIslami’s performance, President & CEO, Rizwan Ata, commented: “BankIslami’s performance in the first half shows that we are ready to take on challenges and continue meeting the expectations of our customers. What drives us forward is not only our growth aspirations but our mission of Saving Humanity from Riba. Our teams have shown resilience in challenging times, and as we move ahead, we will stay true to our purpose and remain firm on our journey.”

Earlier this year, BankIslami launched aik – Pakistan’s first Islamic Digital Banking experience. This initiative is poised to lead the way in the digital transformation of Islamic finance by establishing a dedicated, fully digital division offering Riba-free financial products for a modern, tech-savvy clientele.

BankIslami currently operates over 550 branches and offers a comprehensive suite of Shariah-compliant banking products to its customers.

The Bank continues to strengthen its presence across high-impact areas, including Digital Banking, Cash Management, Investment Banking, Trade, and Home Remittance, further enhancing customer experience and service delivery. It remains focused on executing its strategy of sustainable growth through prudent financial management and customer-centric innovation.

A few years ago, a 26-year-old single mom named Candelaria was overwhelmed and exhausted. She’d been trying to balance work and caring for her two kids, but was struggling to find someone qualified to help—especially with two-year-old Santiago, who had complex medical needs and used a feeding tube. When Santiago was hospitalized for a serious infection in his bloodstream, Candelaria missed work to be by his side. Then she was fired.

Thankfully, Candelaria’s tax preparer told her about Abby Care, a company that helps family members train and become employed as Certified Nursing Assistants for their loved ones with disabilities or special needs. With the company’s guidance, Candelaria passed the state licensing exam, and was able to provide even better care to Santiago and earn a living by doing so.

When founder Havi Nguyen launched Abby Care in 2021, Colorado was the only state with a robust pediatric family caregiving program. Today, seven states have similar active programs, with Abby Care live and running in five of them, and another eight states are currently implementing or piloting. Politically, it has proven to be a bipartisan win-win-win, not only creating skilled employment, but also improving patient outcomes, and reducing the cost of care to the state.

When we first met Havi, we were immediately intrigued. At the time, Abby Care was only a website with a waitlist. But we had seen countless digital healthcare companies and recognized that solving the supply problem was key to better, more accessible care. Abby Care’s business model does just that. Just as Airbnb created hosts out of homeowners who’d never considered starting a hotel, and millions of people who had never worked in a restaurant became delivery drivers with DoorDash, Abby Care unlocks a new supply of quality clinical caregivers.

Havi herself is an undeniable force of nature. Abby Care is inspired by her own experience growing up on Medicaid, and she understands deeply the challenges of that system and the people her company can help. She will also run through any wall to make things happen, which is exactly what’s needed in a founder driving this kind of change.

We have seen firsthand Havi and her team’s commitment to the family caregiving community, and we are proud to have partnered with them from day one of their journey and to continue supporting them at every stage. They are building a future where every patient can receive the support they deserve and where their caregivers are trained, compensated and empowered. It is nothing less than a revolution in caregiving, with Abby Care leading the way.

Goldman Sachs Group Inc. committed a $6 billion debt financing package to support Thoma Bravo’s acquisition of human resources software provider Dayforce Inc., according to a person with knowledge of the matter.

The debt includes a $5.5 billion term loan and a $500 million revolving credit facility, said the person, who asked not to be identified discussing private information. Goldman Sachs could sell the financing to a variety of lenders, the person said.

The Trump administration is ratcheting up pressure on the Federal Reserve to remove governor Lisa Cook, after the economist declared she had “no intention of being bullied” into stepping down.

Cook, who was appointed to the US central bank’s powerful board of governors by Joe Biden, has been accused by Donald Trump’s officials of committing mortgage fraud. The allegations are unconfirmed.

The US president has waged an extraordinary war on the Fed’s independence, breaking with precedent to demand interest rate cuts and urge its chair, Jerome Powell, to resign. Trump promptly called on Cook to quit on Wednesday.

The Department of Justice is reported to have indicated it is investigating the allegations, with a top Trump official telling Powell the case “requires further examination” – and calling on him to remove Cook from the Fed’s board.

“At this time, I encourage you to remove Ms Cook from your Board,” Ed Martin, the official, wrote in a letter, according to Bloomberg News. “Do it today before it is too late! After all, no American thinks it is appropriate that she serve during this time with a cloud hanging over her.”

The Fed declined to comment. The justice department declined to comment.

Despite Martin’s demand, the Fed chair has no authority under the Federal Reserve Act to remove another member of the board of governors. On Wednesday, the Wall Street Journal reported that Trump had discussed how to fire Cook for cause, citing an unnamed administration official.

The White House did not respond to a request for comment on the report.

On Wednesday morning, Bill Pulte, head of the US Federal Housing Finance Agency, who has become – beyond the president himself – one of the Trump administration’s most vocal critics of Powell and the Fed, published allegations against Cook.

In June 2021, Cook entered into a 15-year mortgage agreement on a property in Ann Arbor, Michigan, and declared her intention to use it as her principal residence, according to Pulte. In July 2021, Cook bought a property in Atlanta, Georgia, and also committed to use that property as her primary residence when taking out a 30-year mortgage, according to Pulte.

In a statement, Cook said: “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”

She is the latest figure to be targeted by Trump officials over claims of mortgage fraud. Pulte has made similar allegations about the New York attorney general, Letitia James, and the California senator Adam Schiff, both Democrats. The justice department is reportedly investigating.

James has dismissed the claims as “baseless”, while Schiff has vehemently denied the allegations, and accused the administration of weaponizing the US justice system.

The US government is aiming to take an equity stake in Intel in exchange for grants the company was already committed to receive under the Biden era CHIPS Act, according to comments US commerce secretary Howard Lutnick made in an interview with CNBC. The move is part of the government’s efforts to boost US chip manufacturing.

“We should get an equity stake for our money, so we’ll deliver the money which was already committed under the Biden administration,” Lutnick said. “We’ll get equity in return for it.” Previously, the government was discussing taking a 10 percent stake in Intel, according to the New York Times.

The deal could help the venerable chipmaker fund its US-based semiconductor fabrication plants, or fabs, which have required billions of dollars to construct and maintain, even as demand for Intel chips has waned in recent years. Some chip industry experts and members of the Trump administration say that keeping Intel afloat is essential to US national security, because it lessens the country’s reliance on chipmakers overseas.

But analysts and one notable economist say a potential tie-up between Intel and the US government could present a conflict of interest and may not result in the kind of domestic chipmaking industry the administration is angling for.

“It’s not the right policy to have the US government own things, to have privatization in reverse,” says Stephen Moore, a visiting fellow at The Heritage Foundation and a former senior economic adviser to Trump’s 2016 campaign. “That’s similar to Europe’s industrial model, and we haven’t done that often here in the US, because a lot of it ends up failing.”

Government Intervention

The US government has some history of investing in the private sector. Moore cites a 1980s program called the Synthetic Fuels Corporation, a federally directed multibillion-dollar investment in companies producing liquid fuels from coal, oil shale, and tar sands. It was hailed by President Jimmy Carter as “the cornerstone of our energy policy” and had fallen apart by 1986.

Then, in the wake of the 2008 financial crisis, the US government stepped in with multibillion-dollar bailouts to stop US automakers and some banks from going under. Those funds were issued either through the Troubled Asset Relief Program, in which the US Treasury Department bought up or guaranteed toxic assets, or in the form of bridge loans. Many were eventually repaid.

More recently, the Department of Defense agreed to fund a US-based rare-earth magnet company, MP Materials, via equity and loans, in order to expand production and decrease the country’s reliance on China. The deal would in theory give MP Materials the capital to increase its manufacturing capacity from 3,000 to 10,000 metric tons.

Moore says the ideal scenario is that these arrangements between the government and private industry have an end point. “It should be an agreement to own a short-term stake and then divest,” he says.

But the current Trump administration has been taking some of these public-private business dealings a step further: In June, the administration approved a partnership between Japanese steel company Nippon Steel and Pittsburgh-based US Steel, dependent on a national security agreement and a so-called golden share provision. The government insisted that it have a say in US Steel’s company decisions, including board appointees and future relocation plans. (This deal was also designed to help the US compete with China on steel production.)

According to the EU-US trade pact published on 21 Aug, the EU and US “intend to accept and provide mutual recognition to each other’s standards” for cars.

“To allow more US SUVs and pick-ups to be sold with far lower safety and air pollution standards would be a betrayal of all EU citizens. The EU’s planned capitulation on vehicle trade rules is set to cost lives on European roads. To implement this disastrous pact would mean scrapping European laws that mandate emergency braking, seat belt reminders, and ban razor sharp edges on vehicles. These are laws Member States and MEPs would have to ‘unmake’. It will be over to MEPs and Member States to see if they are actually going to undo 20 years of road safety improvements”, said James Nix, Vehicles Policy Manager at T&E.

Even before this trade pact, 7,000 monster American SUVs – the vast majority being RAM pick-ups – were sold in the EU during 2024 according to sales data analysed by T&E. These large US pick-up trucks were imported and registered in the EU without meeting European safety, air pollution or climate standards under a loophole known as Individual Vehicle Approval (IVA). In more detail:

• Of the 7,000 American pick-ups sold in the EU last year through the IVA loophole, nearly 5,200 of these were RAM pick-up trucks.

• CO₂ emissions from RAMs average 347g per kilometre, over three times the average for newly-sold cars (106 g/km), and almost double the emissions of average new vans (185 g/km)

• Pedestrian road deaths in the US are now three times higher than in Europe (after having been roughly the same in 2009), with the rapid rise in monster SUVs heavily implicated in the sharp increase in pedestrians killed on US roads (see graph below).

• The EU-US trade deal lowers the sales price of RAM pick-ups by an average of €6,000 in Europe.

RAM pick-up truck captured by T&E in Brussels, image free to use.

Sales of RAMs in the EU rose 6% last year to around 5,200, bringing the total number of RAM pick-ups on European roads to around 25,000. Pre-2019 import data points to very few RAMs on Europe’s roads just six years ago. The bonnet height of RAM pick-ups trucks is around 130 cm, nearly twice as high as mid-sized family cars such as the VW Golf (approx 75 cm). RAM bonnets are so high that children aged up to nine years old standing directly in front cannot be seen by the average driver.

RAM pick ups are not type-approved to be sold on the EU market, but are imported under IVA, ostensibly to be sold on a one-off or ‘individual’ basis. Already, the IVA rule, intended for niche uses, is being roundly abused by German and Dutch Type Approval entities, which approve 69% and 30% of RAMs respectively, said T&E. Imports of three other pick-up trucks – the Ford F-150, the Chevrolet Silverado and the GMC Sierra 1500 – have skyrocketed from 157 in 2019 to approx 1,700 in 2024 [1].

The EU Commission’s proposals to close the IVA loophole tabled in early July are now at risk from an EU-US trade pact which states that the EU and US “intend to accept and provide mutual recognition to each other’s standards” for cars.

CO₂ emissions from RAMs average 347g per kilometre, over three times the average for newly-sold cars (106.8 g/km), and nearly double the emissions of average new vans (185.4 g/km). Safety features mandatory for all newly sold cars and vans from July 2024 are not required in RAM pick-ups and other IVA-imported vehicles. In a collision, a pick-up truck is almost three times more likely to kill a pedestrian or cyclist than a normal car, previous studies have shown [3].

“The sad reality, as shown by US crash data, is that oversized US pick-up trucks kill more pedestrians and are a particular threat to the safety of children. We need urgent action to keep non-compliant US pick-ups out – not let more in”, said Nix.

The EU pledge to recognise US automotive standards will cost European lives. EU road safety standards protect citizens, according to road fatality data analysed by T&E. Pedestrian road deaths in the US are now three times higher than in Europe, having been roughly the same in 2009. Sky-rocketing sales of pick-ups in the US are heavily implicated in its elevated pedestrian death rate.

EU rules also include pedestrian protection on vehicle fronts which have been further strengthened since 2009 in Europe, but are not mandatory in the US. In contrast to the US, the EU also requires automatic emergency braking (AEB) on newly-sold cars and vans, and seat belt reminders for all seats.

The new EU-US trade deal also makes it cheaper to sell US vehicles in the EU. A RAM pick-up will be €6,000 cheaper as a result of the lower tariff, T&E estimates [4].

ENDS

Notes to editor

[1] IVA imports of Ford F-150 pick-ups have gone from 126 in 2019 to 850 in 2024, and over the same period, Chevy Silverados went from 17 to 695, while GMC Sierra 1500s have increased from 14 to 151.

[2] In early July, the EU Commission published a draft Delegated Act which would:

• Count the CO₂ emissions of IVA vehicles in the fleet average emissions of vehicle makers towards their EU emissions targets (e.g. RAM pick-ups would be counted under Stellantis);

• Require IVA vehicles to comply with EU on-road air pollution limits (i.e. real-world tests)

• Require IVA vehicles to increasingly meet more recent EU safety rules (with rules phased in over the late 2020s and early 2030s);

The Commission is currently taking feedback and is expected to put a proposal before member states for formal approval by the end of the year.

[3] Link to VIAS Institute study.

[4] Price difference calculated using the average suggested retail price (net) for RAM 1500 models provided by official importer AEC Europe (€73,770), with an assumed VAT rate of 20%. The average price has been recalculated to reflect a reduced import tariff of 2.5% instead of the original 10%, in order to estimate the impact on final retail prices after lowering the tariffs.