Category: 3. Business

For more than 20 years, the Porsche Cayenne has been characterised by its unique versatility. The all-electric version will build on this and combine performance, everyday usability, long-distance comfort and off-road suitability better than ever. Porsche has shared a first taste of this long before the market launch of the Cayenne Electric, as part of a film production in England.

Stability and precision for a new record

Porsche demonstrated the high-performance potential of its upcoming all-electric SUV at a historic location: at the Shelsley Walsh hill climb, which has been running since 1905 and is therefore one of the oldest motorsport events in the world, a near-production prototype took part in a filming project while mingling with entrants competing in the British Hillclimb Championship.

Gabriela Jílková, simulator and development driver for the TAG Heuer Porsche Formula E Team, drove the camouflaged Cayenne Electric up the asphalt hill, which is only three and a half metres wide in places, has a steep gradient of up to 16.7 per cent and totals 1,000 yards (914 metres) in length. She did so with success: on her very first attempt, Jílková beat the previous record time for a Sport Utility Vehicle by more than four seconds.

“The course is challenging and does not forgive mistakes,” she said afterwards. “There are no run-off zones and little room for correction. But the active suspension gives the new Cayenne enormous stability and precision. I felt completely confident at all times.”

The Cayenne Electric was equipped with Porsche Active Ride, which will be offered by Porsche in the SUV in the future. The active chassis keeps the body level at all times, even during dynamic braking, steering and acceleration processes, and ensures a perfect connection to the road through a balanced distribution of wheel loads. “Porsche Active Ride significantly expands the range between driving dynamics and ride comfort in the new Cayenne,” says Michael Schätzle, Vice President of the Product Line Cayenne.

In addition to the record time of 31.28 seconds, another number caused a stir at Shelsley Walsh: the first measuring point, 60 feet (18,3 metres) beyond the starting line, was passed after just 1.94 seconds. Only single-seater racing cars with slick tyres built specifically for this purpose managed this feat at the event, and it gives an idea of the exceptional accelerative performance of Porsche’s new all-electric SUV, which was fitted with conventional summer tyres. Schätzle assures that the final tuning of the Cayenne Electric is still in full swing ahead of its market launch “but the drive power and equipment of the record-breaking car were already at production level”.

Towing capacity on a par with combustion-engined vehicles

In England, Porsche not only gave a first glimpse of the performance of the Cayenne Electric, but also of its suitability for everyday use. The British TV presenter Richard Hammond used the camouflaged prototype as part of a film shoot to transport a classic car more than 100 years old and weighing more than two tonnes from his workshop in Hereford to his garage. Although the total weight with the trailer came to around three tonnes, the Cayenne Electric mastered the task effortlessly, according to Hammond: “We were trailing significant weight behind us, but you wouldn’t know it – the Cayenne handled it effortlessly.”

Porsche has designed the Cayenne Electric to be so robust in terms of body, drive and the thermal management of its high-voltage system that the SUV meets all the requirements to be one of the first BEVs in the world to achieve a towing capacity of up to 3.5 tonnes, depending on the configuration, and also to receive the corresponding approval – just like the current, combustion-engined Cayenne. “Our customers have always appreciated the high utility value of the Cayenne,” continues Schätzle. “That’s why we didn’t want to make any compromises in the development of the all-electric model.”

New performance benchmarks through electrification

“Our customers will also have powerful and efficient combustion engine and hybrid models at their disposal well into the next decade, and we are continuing to develop the current model generation at great expense,” says Schätzle. “However, we can only achieve the level of performance publicly demonstrated for the first time in England through the potential of electrification. The Cayenne Electric will set new standards – without compromising on everyday usability and practicality.”

Porsche is planning another public appearance in England with Shelsley Walsh’s record-breaking SUV: the conspicuously camouflaged prototype will be on display at the Goodwood Festival of Speed from 10 to 13 July 2025.

The UK’s financial sector is at a defining inflection point. As banks, regulators, and fintechs pursue transformation at scale, there is growing recognition that digital finance must be more than efficient—it must be transparent, collaborative, and resilient. Open source finance offers a compelling model to achieve just that.

At its core, open source finance involves building financial infrastructure through shared, non-proprietary frameworks—codebases, APIs, standards, and protocols that are open to scrutiny and improvement by the broader ecosystem. Far from being a niche developer concern, open source is now a strategic lever that can redefine how trust is engineered into our digital economy.

The urgency for open systems is not abstract. The Covid-19 pandemic revealed fragilities in closed financial architectures: siloed data, vendor lock-in, and slow responsiveness to public needs. Meanwhile, consumer expectations have shifted irrevocably—real-time access, data portability, and inclusive service design are now baseline requirements.

The UK’s own Open Banking initiative, established through the Competition and Markets Authority, was among the first regulatory frameworks to embrace open APIs. What began as a compliance requirement has since catalysed an entire ecosystem of fintech innovation. Yet this is only the beginning.

If open banking was the first act, open finance must be the second. A broader shift is underway, where financial services are designed around modular, interoperable platforms—platforms that allow banks to adapt faster, scale smarter, and collaborate across boundaries of institution, geography, and industry.

The benefits of open source finance

Open source finance brings measurable advantages:

• Trust through transparency

When codebases are open, they can be independently reviewed, audited, and improved. This is especially important in an era of algorithmic decision-making, AI integration, and rising regulatory scrutiny.

Banks can plug into open frameworks without protracted vendor negotiations. Components can be iterated, tested, and deployed faster than with proprietary systems.

By removing licensing barriers and avoiding duplication, open solutions often lower total cost of ownership—freeing up resources for innovation.

Open platforms encourage collaboration among banks, startups, academics, and public institutions. This shared development accelerates progress and avoids siloed effort.

Openness also aligns with ESG imperatives

Open data standards, for instance, are vital for accurate climate risk disclosures, ethical AI oversight, and financial inclusion initiatives. When infrastructure is designed for accessibility and auditability, everyone benefits—not just shareholders, but society at large.

The UK is well positioned to lead the next wave of open finance—if it chooses to. The technical groundwork is already strong, but the governance frameworks, cultural alignment, and public-private collaboration must evolve accordingly.

The Open Banking Implementation Entity (OBIE) offers a working model. Its success was not merely technical—it was institutional. By convening banks, regulators, and fintechs around shared standards, OBIE laid a foundation of interoperability. The next step is to extend this model to pensions, insurance, investments, and credit scoring. In other words, open finance must become a cross-sectoral norm, not a product feature.

Equally important is education. Many financial institutions still treat open source with scepticism, worried about security, IP risk, or loss of competitive edge. Yet the reality is quite the opposite. Open systems, when well governed, are often more secure due to peer review and faster patching. And far from eroding competitive advantage, openness fosters agility and resilience—traits no institution can afford to ignore.

The barriers to open source finance

These are no longer technical—they are strategic.

Legacy institutions struggle to move from closed systems to open collaboration. Procurement processes, legal models, and compliance mindsets need to catch up.

Managing open frameworks requires specialised knowledge—around licensing, security auditing, and community governance. These capabilities are still emerging in mainstream finance.

Without leadership, open finance can fragment into disconnected initiatives. Coordinated effort is needed to ensure interoperability and prevent duplication.

Open projects thrive on contribution. Banks and fintechs must not only consume open tools but actively support their development through funding, engineering, and governance.

Leadership challenge

These are not reasons for inaction—they are reminders that the shift to open finance is as much a leadership challenge as a technical one.

To harness the full potential of open source finance, UK stakeholders must act deliberately.
Financial institutions should build internal capacity around open development, prioritise API-based architecture, and engage with community governance.
Regulators must provide clear guidance on open source use, especially in critical areas like AI governance, consumer data rights, and digital identity.
Fintechs should document and contribute to shared codebases, avoiding black-box tools that hinder interoperability.
Technology providers must ensure compatibility with open standards and offer licensing terms that support experimentation and scale.

Above all, the UK needs a national dialogue around open finance—not as a compliance issue, but as a cornerstone of digital sovereignty and innovation.

Open source finance is not about replacing banks with code. It’s about designing the financial infrastructure of the future—one that is inclusive, ethical, and built for long-term resilience. In a world of complex risks and rapid innovation, the institutions that succeed will not be those with the most proprietary control, but those with the most collaborative advantage.

The opportunity is here. For the UK to remain a global financial leader, it must now move decisively from open banking to open finance—and from passive adoption to proactive stewardship.

Dr. Gulzar Singh is Founder & CEO of Phoenix Thoughtworks

Airport staff are earning cash bonuses for every easyJet passenger they spot travelling with an oversized bag, according to a leaked email.

Staff at Swissport, an aviation company that operates passenger gates at airports, are “eligible to receive £1.20 (£1 after tax) for every gate bag taken”, according to the message sent to staff at seven airports in the UK and the Channel Islands, including Birmingham, Glasgow, Jersey and Newcastle.

The payments are to “reward agents doing the right thing”, according to the email explaining the “easyJet gate bag revenue incentive” scheme.

For staff concerned about meeting targets, “internal tracking will be used to identify opportunities for further support and training for individual agents, but will not be used negatively”, it said. The email and its contents was first reported by the Jersey Evening Post.

It also emerged that ground handlers employed by another aviation firm, DHL Supply Chain, at Gatwick, Bristol and Manchester airports are also paid extra for identifying non-compliant easyJet bags. The employees receive “a nominal amount” for each bag, the Sunday Times reported.

Swissport ground handlers earn about £12 an hour. One former Swissport passenger service manager, speaking on condition of anonymity, told the Sunday Times they had no choice but to police the line on oversized baggage.

“Confronting people with excess baggage is like taking on fare dodgers,” he said. “You risk abuse or worse – imagine stopping a group of lads on a stag weekend and telling them I’m going to have to charge you more than you paid for your tickets to check those bags into the hold.”

EasyJet allows passengers to take a small bag that fits under their seat for free. Larger bags can be stored in overhead lockers for an additional fee, which starts from £5.99, depending on the flight. But if an oversized cabin bag is confiscated at the gate, the passenger is charged £48 to stow it in the hold.

The email was sent by a Swissport manager in November 2023 but the policy remains in force today. Payments relating to the scheme are paid directly to employees, it advised.

Swissport said: “We serve our airline customers and apply their policies under terms and conditions for managing their operation. We’re highly professional and our focus is on delivering safe and efficient operations, which we do day in and day out for 4m flights per year.”

EasyJet said it used different ground handling agents at different airports and they managed remuneration directly without its oversight.

The airline said: “EasyJet is focused on ensuring our ground handling partners apply our policies correctly and consistently in fairness to all our customers.

“Our bag policies and options are well understood and we remind customers of this when booking, before they travel and on their boarding pass, which means a very small proportion of customers who don’t comply will be charged at the airport.”

Ryanair says it does not offer a financial incentive to Swissport staff at its gates but did not confirm whether it offered incentives to other operators.

That staff are incentivised to confiscate bags is likely to anger passengers and comes amid calls for hand baggage fees to be scrapped altogether.

Last month, the transport committee of the European parliament voted to give passengers the right to an extra piece of free hand luggage weighing up to 7kg.

Under the proposed new rule, travellers could carry on a cabin bag measuring up to 100cm (based on the sum of the dimensions), as well a personal bag, at no additional cost.

The law requires approval from 55% of EU member states, and if adopted it would extend to all flights within the EU as well as routes to and from the EU.

On the occasion of the fifth Women At Dior and UNESCO Global Conference in Paris, falling just a week after Jonathan Anderson’s Dior Menswear debut, the LVMH maison announced the winners of its 2025 Dream For Change project.

The initiative spearheaded by Vice President Corporate Social Responsibility at Christian Dior Couture, Isabelle Faggianelli focuses on mentoring, education and incubation. Over the course of the year, 1500 Dior employees mentored 2500 young female talents from 90 countries and supported them in the pursuit of respective impact driven global projects empowering women to fulfill their potential.

During the Women At Dior conference, five finalists pitched their projects. For the first time, this took an interactive format with the two winners chosen by public jury made up of the conference’s delegates with live voting via QR code.

Winning projects were Mama Maisha and Femini Lab, both of which combine human endeavor with artificial intelligence.

Women At Dior Dream For Change winners

Kenya based Mama Maisha educates the country’s informal female product vendors in financial literacy, helping them to manage their budgets and save for their old age via both physical planners and an AI chatbot currently under development. They are also working with enterprise partners to match savings amassed by the vendors

Femini Lab is a French initiative that combines physical intervention in schools with an AI engineered digital platform offering personalized guidance. Goal is to give young women the skills to start their own businesses.

Women At Dior Dream For Change finalists

The other three finalists were Her Cycle, The Embossers and P.E.T.A.L.S.

Her Cycle works with girls in the United States, educating them on menstrual health and available resources, combining a digital platform with physical outreach while Korea based The Embossers has created a digital gender equality dictionary offering alternative terms for sexist ones ingrained in the Korean lexicon. Also featuring elements of gamification, it harnesses the power language to empower a positive mindset.

P.E.T.A.L.S is reviving the ancient Nepalese craft of incense making by recycling devotional flowers discarded in temples while giving independence and employment to visually impaired women. With a focus on transmission, the latter are given the tools to upskill a new generation.

Women At Dior voices for change

The Women At Dior and UNESCO conference also harnessed the voices of prominent figures campaigning for the empowerment of women in the worlds of business, sport and the arts.

Zahia Ziouani, Musical and Artistic Director of the symphony orchestra Divertimento who led the closing ceremony of the 2024 Paris Olympic Games shared how her orchestra is making the oft male dominated and elitist world of classical music accessible to all while world skydiving champion and co-founder of zerOGravity, Domitille Kiger, described the impact of of mentorship on her team’s record-breaking jumps.

Filmmaker and advocate Zuriel Oduwole, the youngest nominee for the Nobel Peace Prize, shared how she’d been instrumental in ending child marriage in Mozambique when she was 15.

Elsewhere Dior’s Director of Human Resources Maud Alvarez-Pereyre and UNESCO’s Assistant Director-General for Education Stefania Giannini emphasized the importance of education as a lever for women’s empowerment and the responsibility of institutions and companies to build a more equitable and sustainable future by upskilling teams in AI, the next wave of digital transformation, while retaining the critical thinking that separates humans from machines.

Alongside initiatives from other leading French Groups such as L’Oréal’s YSL Beauty, Dior’s Women At Dior project, demonstrates the power of the luxury industry as a force for change and women’s empowerment.

There are around 256 million cars on the roads in the European Union, according to data from the European Commission.

With ambitious targets to phase out new petrol and diesel powered cars in the EU by 2035, an influx of Chinese EV brands such an BYD entering Europe and trade tariffs threatening the export market, the European automotive industry is at a critical moment. 

“I think to have a credible end date for combustion cars there needs to be a very credible date also for investments and expansion of the charging networks. Otherwise, it will not be possible to be all electric by 2035,” Håkan Samuelsson, CEO and president of Volvo Cars, told Euronews.

But what else needs to be done to ensure the industry stays alive, kicking and competitive?

In this episode of The Big Question, Eleanor Butler sat down with Håkan Samuelsson to discuss the future of the automotive industry in Europe.

Emissions targets softened

In order to meet climate targets, the EU has introduced carbon limits for carmakers, looking at average emissions across a fleet.

Many carmakers have sought to collaborate with other firms on these targets, forming “pools” and combining their emissions. This means that companies with low-carbon or zero-carbon fleets can sell credits to more polluting automakers, permitting them to use a portion of their allowance.

While EV frontrunners benefitted from these targets, demands are now softening. For instance, automakers can now average their emissions over three years instead of one. This means that if they overshoot the limit for one year, they can aim to undershoot for the next and avoid penalties.

“We plan, we develop these cars and we also, of course, saw value in emission credits that we could sell to other builders who are not as fast. And I think that’s a good way of using that money to speed up the transition. And that is, of course, a big drawback now with the delay of everything, which is not good for our company,” Håkan told The Big Question. 

He also added that although countries like Norway are very advanced with their charging infrastructure, EV targets will not be met until charging capacity is boosted across the bloc.

“I think we need to rely on the possibilities to drive on a combustion engine when you lack charging possibilities,” Håkan added. 

Localised production for local tastes

While some European carmakers are calling on the EU to impose tariffs on foreign competitors, Håkan takes a more liberal approach.

“There is really no protection in the form of tariffs or other ways. The only protection for our industry is that we shape up and we need to be more competitive.” 

“I think a good forecast is that we will have very tough competition from new Chinese EV players [in the EU]. And then the sooner we get used to that and the sooner we start developing our cars, the better,” Håkan told The Big Question.

In Europe, Volvo has already begun to produce the popular EX30 model in Ghent, Belgium in a bid to reduce delivery time and transportation costs and emissions.

It’s a similar situation in the US, where Volvo has a production plant in Charleston, South Carolina. Håkan hopes to increase production capacity here, not only to avoid Trump’s tariffs but also to be closer to the customer base. 

“We need now to find a bread-and-butter model that can sell in high volumes, which we can deliver faster to our customers and of course reduce stock and transportation costs. So local production is not only a cost increase, it has advantages also. 

“So even if the tariffs come down to a more reasonable level, we still need to use our factory more than we do today,” he added.

And in China, Håkan stressed that Volvo needs to really focus on what the local market is asking for, rather than replicating European offerings.

“Chinese customers are very tech-interested, so they like a lot of software features in their cars,” he explained. 

“And I think that’s an example of a situation where you can’t just put European-developed features in the car, you need to develop [the tech] together with the Chinese to really lead.”

The Big Questionis a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today’s agenda.

Watch the video above to see the full discussion with Håkan Samuelsson. 

LAHORE – Finally some sigh of relief for millions of Pakistani households and businesses, as the federal government is looking at options to open new Sui Gas connections ending years of waiting.

For Pakistanis, Sui gas remains the most affordable energy source for cooking and other purposes while 3.5 million applicants have been left waiting due to ban imposed amid limited supply.

Sources familiar with the development told Pakistan Observer that decision is under serious consideration by policymakers to address growing surplus of imported liquefied natural gas (LNG), and to protect existing gas infrastructure, and to fulfil LNG supply commitments. It is backed by Ministry of Finance, as proposal seeks to ease pressure on the country’s foreign exchange reserves, which have been strained by the high cost of LNG imports.

For the unversed, long-standing ban on new Sui Gas connections was first imposed in 2009, but was partially relaxed in 2015, and was again closed three year back. Applications have continued to pile up with the country’s two main gas providers: Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL).

As per available information more than 1Lac new gas connections are expected to be issued in fiscal year 2025–26. This move comes alongside structural reforms aimed at meeting International Monetary Fund (IMF) conditions.

For now, the potential revival of gas connections offers hope to millions of families and small businesses long awaiting a vital utility—and marks a significant shift in the country’s energy policy direction.

Sui Gas Chares

 Oil and Gas Regulatory Authority (OGRA) has announced a significant increase in gas tariffs to recover costs, reduce subsidies, and curb circular debt. While per-unit rates for household users remain unchanged, fixed monthly charges have surged—rising by 50% for protected users and up to 200% for high-consumption households.

Guide for New Gas Connection 

If SNGPL gas pipeline exists in front of your home and is operational, you can apply directly for a connection. If no gas pipeline is available in your street, you will need to apply for a network extension.

Get required application form from SNGPL Regional Office Or download it online from the official SNGPL website

Fill Out the Application Form

Fill the form in capital letters. Choose the correct form based on whether the gas network is available or not.

Required Documents 

Submit your completed application form with the following:

1. CNIC (Computerized National Identity Card) copy

2. Property ownership proof (e.g., registry or other legal document)

3. Gas bill from your nearest neighbor

Site Visit 

SNGPL representative will visit your house in due course (based on your turn) They will assess if it’s technically and operationally feasible to provide gas.

Get Proposal Letter / Demand Notice

If your application is approved You will receive a Proposal Letter (Demand Notice It will include: House Line Plan A list of approved installation contractors in your region

Sui Gas Connection Charges 2025

You need to pay Service Line Charges + Security Deposit, depending on your plot size:

Under 10 Marlas

Over 10 Marlas Premises

New Sui Gas Timings in Lahore as SNGPL shares schedule for Ramazan 2025

Crypto companies and traders are pouring billions of dollars into tokenised versions of money market and Treasury bond mutual funds, as they look beyond stablecoins to other places to park excess cash that can also give them some yield.

Total assets held in tokenised Treasury products — which include funds whose units have been converted into digital tokens as well as some tokenised US government bonds — have jumped 80 per cent so far this year to $7.4bn, according to data group RWA.xyz. Funds run by BlackRock, Franklin Templeton and Janus Henderson have grown particularly rapidly, with combined assets tripling.

Inflows have been driven in part by crypto traders, many of whom are finding tokenised funds a more attractive place than stablecoins to park their money. Some investors are also starting to use these funds as an easy-to-trade form of collateral in crypto derivatives transactions.

“Stablecoins were the place holder, tokenised money market funds are the real deal. Traders are starting to make the switch,” said Olivier Portenseigne at FundsDLT, which is part of the clearing house Clearstream.

“Tokenisation . . . provides a cheaper and easier way to buy mutual funds, and liquidity is enhanced,” he added.

The election of pro-crypto US President Donald Trump has triggered a fresh wave of enthusiasm that blockchain-based technology can modernise the plumbing of financial markets, where the speed at which deals are settled still lags far behind the pace at which trading information is processed.

Tokenising money market funds creates a digital version of one of the most conservative asset management products, which can then be held on a ledger. Proponents say tokenisation encourages faster and cheaper trading because Treasuries and money market funds can be accepted as collateral.

Settlement times on a blockchain are minutes rather than days — which reduces capital requirements — while risks in meeting margin payments and administration expenses for the asset manager are also lower, they say.

McKinsey estimates the market for tokenised mutual funds, bonds and exchange traded notes could grow to $2tn. Traditional US money market funds at present manage about $7tn in assets.

So far, the main demand for tokenised bond and money market funds has come from crypto traders, who are increasingly using them as an alternative to stablecoins.

The latter — frequently used as a place to park cash before or after trading other tokens — are pegged to and denominated in a hard currency and thus do not change in price, but also do not offer any yield to holders. Tokenised money market funds provide more security than stablecoins, say analysts, while providing the investor with yield.

Crypto investors can use tokenised products to hold any spare cash “in a format that is easy to use and, unlike most stablecoins, allows them to earn a yield”, wrote Stephen Tu, an analyst at Moody’s, in a recent report.

Another source of growth has been stablecoin issuers themselves, which have invested the reserves that back their tokens into high-quality, yield-bearing assets. Janus Henderson’s $409mn tokenised Treasury Fund (JTRSY) is primarily backed by one client, Sky Money, the third-largest stablecoin issuer.

In addition, investors are also starting to use these tokenised US Treasury products as collateral when trading on margin, for instance in over-the-counter derivative trades such as interest rate swaps. Doing so means that traders are — like nonstop crypto markets — no longer tied to the operational hours of banks for payments and trade settlement.

In a sign of growing enthusiasm on Wall Street for tokenised collateral, last month several groups, including US trading company DRW Trading, bond market platform Tradeweb Markets, BNP Paribas, Citadel Securities and Goldman Sachs collectively invested $135mn in Digital Asset, whose Canton Network blockchain holds tokenised assets such as bonds and repurchase agreements. YZi, the family investment office of former Binance chief executive Changpeng Zhao, was also part of the fundraising.

Digital Asset chief executive Yuval Rooz said the company’s focus was on moving collateral, which is used to meet margin calls, and payments. Allowing companies “to move their collateral and margin” as quickly as all their other crypto assets would lead to “pretty dramatic” efficiencies and cost savings, he added.

While money market funds are sometimes used as collateral in derivatives trades, few clearing houses will take them as collateral — such as for futures contracts — owing to the lengthy redemption process that can only be done during bank and market opening hours. Clients of JPMorgan Chase, through its blockchain unit Kinexys, used a tokenised money market fund as collateral in a swaps trade in 2023 as a test case. Later in 2024, its blockchain unit even issued a tokenised US municipal bond.

“The true killer app [of tokenisation] for me is collateral management,” Caroline Pham, acting chair of the Commodity Futures Trading Commission, told a conference in London last month.

But broader acceptance by traders and exchanges has been slow, with some pointing to the dramatic drop in crypto market liquidity at weekends when mainstream markets are largely shut.

“Everyone in the market understands the [collateralisation] thesis and the reason to use these,” said Tony Ashraf, who is in charge of digital asset transformation at BlackRock.

However, he added that at present, “tokenised bonds are inferior to cash bonds. They lack liquidity in the market. I still think it’s very early days for the product.”