NATO leaders gathered in The Hague for a landmark summit that German Chancellor Friedrich Merz described as “historic,” with all 32 member nations expected to commit to raising defence spending to 5% of national GDP. US President Donald Trump attended his first NATO summit since 2019, receiving public praise from Secretary General Mark Rutte for his “decisive action in Iran” and efforts in securing alliance consensus. The summit opened with a royal dinner hosted by King Willem-Alexander, with working sessions scheduled to be brief but significant
The 5% defence investment goal, more than double NATO’s long-standing 2% benchmark, marks a dramatic shift in alliance priorities, spurred by growing concerns over Russian aggression. While 3.5% will be allocated to core defence, the remaining 1.5% covers infrastructure and cybersecurity. Despite initial resistance, major players including Germany and the UK pledged to meet the target by 2029 and 2035 respectively. However, nations like Spain and Belgium voiced concerns, with Madrid seeking an exemption—an idea firmly rejected by Rutte, threatening alliance unity.
Meanwhile, the summit takes place under the shadow of renewed violence in Ukraine, with Russian missile strikes killing 20 and injuring over 160 civilians. Ukrainian President Volodymyr Zelensky, who is set to meet Trump during the summit, arrives amid growing calls for NATO members to scale up support for Kyiv. As train services from Schiphol Airport faced suspected sabotage, Dutch authorities are investigating the incident, emphasizing the tense geopolitical climate surrounding the high-stakes summit.
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More than 100 Labour MPs have backed a move to block the government’s controversial welfare reform bill, which aims to cut disability and sickness-related benefits to save £5bn annually by 2030. The MPs have signed a reasoned amendment that could potentially halt the bill’s progress if selected by the Commons Speaker and supported by a majority. Critics argue the proposed changes, which would tighten eligibility for the Personal Independence Payment (Pip), could push an additional 250,000 people—including 50,000 children—into relative poverty.
Despite mounting dissent, Cabinet Office Minister Pat McFadden defended the reforms, citing the projected doubling of people on long-term sickness and disability benefits by the end of the decade. He stressed the need for action to manage rising costs, which are forecast to reach £70bn annually by 2030. The government maintains that £1bn will be invested to support people back into work, though Labour MPs argue the impact assessments are inadequate and the consultation process insufficient.
Labour’s internal rift deepened after several MPs, including select committee chairs and recently elected members, joined the rebellion. The resignation of whip Vicky Foxcroft and the backlash over earlier votes on winter fuel cuts have galvanized support for the amendment. As the vote looms next week, pressure is mounting on Prime Minister Keir Starmer, with rebel MPs determined to send the government “back to the drawing board” and reconsider the reforms’ long-term consequences.
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London’s Metropolitan Police Commissioner Sir Mark Rowley has expressed his “shock and frustration” over a planned protest in support of Palestine Action, set to take place in central London on Monday. The protest, backed by 35 groups including the Stop the War Coalition and MEND, follows a high-profile break-in by Palestine Action activists at RAF Brize Norton, where red paint was sprayed on military aircraft in protest against the UK’s support for Israel.
With Home Secretary James Cleverly reportedly preparing to formally proscribe Palestine Action as a terrorist organisation, Sir Mark described the group as an “organised extremist criminal group”. He stressed that while the Met currently lacks the legal authority to prevent the protest, conditions under the Public Order Act have been imposed. Protesters will only be allowed to gather between 12:00 and 15:00, and not within the designated exclusion zone covering much of Westminster.
Palestine Action confirmed on social media that the protest will be held at Trafalgar Square, outside the restricted zone. Meanwhile, human rights groups including Amnesty International and figures like Baroness Shami Chakrabarti have voiced concerns over the proposed ban, warning it could criminalise peaceful dissent. The move to proscribe the group has drawn both praise and criticism across the political spectrum amid ongoing debates over protest rights and the war in Gaza.
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Spanish Prime Minister Pedro Sánchez is facing a major political crisis following the resignation of senior Socialist Party (PSOE) leader Santos Cerdán, who is under investigation for alleged corruption. Audio recordings released by investigators appear to show Cerdán discussing commissions paid for public contracts, forcing his resignation from both the party and parliament. Although Sánchez himself is not directly implicated, the scandal has shaken his administration, especially since he had previously defended Cerdán against media allegations.
The investigation also implicates former transport minister José Luis Ábalos and his advisor Koldo García. Meanwhile, Sánchez’s wife, Begoña Gómez, is being probed for business irregularities, and his brother faces trial for alleged influence peddling. Sánchez has denounced the investigations as politically motivated attacks from the conservative People’s Party (PP), far-right Vox, and segments of the judiciary. Despite the mounting pressure, he has vowed to complete his term, insisting that the government’s work on healthcare, housing, and climate policy must continue.
Opposition parties have intensified calls for Sánchez’s resignation, accusing him of leading a corrupt administration. The political fallout has left the left-wing electorate demobilized while energizing conservative voters. While Sánchez still holds a fragile majority with the support of nationalist and left-wing allies, further revelations could undermine his position. As he prepares to attend a NATO summit in The Hague, questions about his political survival and Spain’s defense spending commitments loom large.
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Liam Óg Ó hAnnaidh, better known by his stage name Mo Chara from the Irish-language hip-hop group Kneecap, was released on unconditional bail after appearing at Westminster Magistrates’ Court in London on a terror-related charge. He is accused of displaying a flag in support of the banned organisation Hezbollah during a recent performance in the city. The 27-year-old arrived at court accompanied by fellow band members Móglaí Bap (Naoise Ó Cairealláin) and DJ Próvaí (JJ Ó Dochartaigh), where a packed courtroom and supporters gathered to witness the proceedings.
Chief Magistrate Paul Goldspring ordered Mr Ó hAnnaidh to return for a hearing on 20 August, and acknowledged difficulties in finding an Irish language interpreter. Prosecutor Michael Bisgrove clarified that the charge was not about Mr Ó hAnnaidh’s political views or support for Palestine, but specifically about alleged support for a proscribed group. Defence lawyer Brenda Campbell KC countered that the court lacked jurisdiction over the matter. The courtroom was filled with journalists, Irish language advocates, and MPs including John Finucane and Paul Maskey.
Outside the courthouse, supporters held Palestinian and Kneecap flags, while others wore “Free Mo Chara” T-shirts and displayed placards defending free speech. The crowd applauded the group’s arrival and cheered slogans challenging historical discrimination. Kneecap, known for its provocative political stances and Irish-language advocacy, has faced past controversies, including a UK government grant dispute and a Gaza-related performance at Coachella. Their growing influence recently culminated in a BAFTA-winning film depicting their rise to fame.
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Pegasus, the force behind the celebrated Miss South India and Mrs South India pageants, has raised serious concerns over growing instances of impersonation. Founded and trademarked by Dr. Ajit Ravi, these platforms are considered flagships in the beauty pageant space, offering women a stage to showcase talent and strength.
However, recent activity by unassociated groups attempting to conduct events under the same names has sparked concern. Pegasus has confirmed that these actions are not only illegal but a blatant disrespect to the hard-earned reputation of the original titles. The organization emphasized that these titles are exclusive trademarks and cannot be used by any third party.
“The journey we’ve walked cannot be replicated by shortcuts,” remarked Dr. Ajit Ravi. “Every crown we place carries with it a legacy, not just a name. Those who try to imitate without understanding the purpose only harm the young talents who trust in what we do. Our message is simple: respect originality and stand for authenticity.”
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Scottish First Minister John Swinney has assured pensioners that no one in Scotland will receive less in winter fuel payments than their counterparts in the rest of the UK. This announcement follows UK Chancellor Rachel Reeves’ reversal on a controversial decision to cut universal winter fuel payments. Under the revised UK scheme, households in England and Wales with an income under £35,000 will receive £200 for pensioners under 80 and £300 for those over 80, while higher earners will see the money reclaimed through taxes.
The Scottish government, which plans to launch its own winter fuel payment scheme by late 2025, had initially promised a minimum of £100 for every household with someone over the state pension age. Those on Pension Credit would receive up to £305 based on age. Swinney confirmed that the Scottish scheme will at least match the UK model and introduced an “opt-out” option allowing better-off pensioners to return the payment or donate it to charity.
In a broader speech on public service reform delivered in Glasgow, Swinney emphasized the urgent need for “fundamental change” in the delivery of services, acknowledging mounting pressure on Scotland’s public sector. He called for a shift toward prevention and early intervention, promising more investment in technology and AI. Ministers Ivan McKee and Richard Lochhead will lead the government’s national renewal initiative.
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Spanish Prime Minister Pedro Sánchez has publicly apologised after a major corruption scandal forced the resignation of his close Socialist Party ally, Santos Cerdán. Cerdán, the party’s secretary, stepped down ahead of his testimony before the Supreme Court, where he is accused of participating in a kickback scheme involving the improper awarding of public contracts. Though Sánchez insists he had no knowledge of the affair, he admitted he was wrong to trust Cerdán and vowed to restructure his party leadership, rejecting calls for early elections.
Opposition leader Alberto Núñez Feijóo of the Popular Party has seized on the controversy, demanding Sánchez’s resignation and accusing his government of being defined by corruption. A recent rally in Madrid drew tens of thousands under the slogan “Mafia or Democracy,” further pressuring Sánchez’s fragile minority coalition. Deputy Prime Minister Yolanda Díaz, from coalition partner Sumar, has also requested further explanation from the prime minister.
While Sánchez remains personally unimplicated, the scandal has shaken his administration. Investigations revealed that Cerdán allegedly worked with former transport minister José Luis Ábalos and adviser Koldo García to arrange €620,000 in illicit payments. The Civil Guard’s report, supported by audio recordings, has led to all three being called to testify. Sánchez, facing increasing scrutiny, pledged on social media to continue fighting for “clean politics and democratic renewal.”
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Revelations from recent fraud convictions of prolific ticket touts Peter Hunter and Maria Chenery-Woods have unearthed disturbing insights into the UK’s secondary ticketing market. Judges in both cases raised serious concerns about potential “connivance and collusion” or “complicity” between ticketing companies and touts, who profited massively by reselling tickets at inflated prices. Hunter, trading between 2010 and 2017, and Chenery-Woods, active from 2012 to 2017, both utilized major resale platforms, including the Ticketmaster-owned GetMeIn! and Seatwave, as well as StubHub and Viagogo. Despite Ticketmaster’s public claims of combating touting, former staff, promoters, venue managers, and court documents suggest a different story behind the scenes before the company shut its resale sites in 2018.
Investigations reveal that large-scale touts received significant inside help from ticketing platforms. Former employees of Ticketmaster’s resale sites admitted to working closely with touts, with some even buying tickets on their behalf. Court evidence highlighted allegations of financial “incentives” offered to prolific sellers by resale sites and even a proposed meeting between a top Ticketmaster lawyer and a tout to “brainstorm” ways to assist them. Furthermore, former Ticketmaster employees stated they were asked to develop software specifically to aid touts in bulk ticket sales on resale platforms. While Ticketmaster maintains these allegations refer to “long-defunct businesses” and are “outdated claims,” the evidence presented in court paints a picture of a system where primary and secondary ticketing operations were, at times, intertwined in ways that facilitated illicit gains.
The fraud convictions of Hunter and Chenery-Woods stemmed from their use of deceptive practices, such as creating multiple false identities and using numerous credit cards, to bypass primary ticketing purchase limits. These “VIP” touts, who ran sophisticated operations from their homes, generated millions in revenue, with resale sites earning substantial commissions. Although primary ticketing companies like Ticketmaster were technically victims of this fraud, none directly supported the prosecutions. National Trading Standards, while acknowledging that touting continues, currently lacks the funding and resources to pursue further investigations into these illicit activities, leaving questions about the full extent of complicity within the industry and the ongoing battle against ticket touting.
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From the quiet lanes of Thrissur to the corridors of global recognition, K. Paul Thomas has walked a path few dare to tread—blending finance with faith, business with benevolence, and vision with values. This is the inspiring story of the man behind ESAF, who ignited India’s banking revolution rooted in compassion.
From a Dream to a Nationwide Mission
In 1992, amidst a transformative period in India marked by sweeping economic reforms and the dawn of globalisation, ESAF was launched as a non-governmental organisation (NGO). Just a few years later, in 1995—when the concept of “microfinance” was still largely unfamiliar—a visionary young man from Kerala, K. Paul Thomas, dared to dream differently about finance. This led to the birth of the Micro Enterprises Development (MED) Division under ESAF.
While many were fixated on building profit-driven empires, K. Paul Thomas chose a path less traveled—one centered on empowering people. His focus was on the often-overlooked segment of India’s population: women living in some of the most underdeveloped and remote parts of the country, long excluded from formal financial systems.
At the heart of ESAF’s humble beginnings was a powerful vision: to uplift communities not through handouts or charity, but by enabling dignified access to financial services. “The poor don’t need handouts. They need an opportunity to prove themselves,” he asserted.
Today, after more than three decades, ESAF has transformed from a grassroots initiative into a fully licensed Small Finance Bank. With a presence in over 780 locations across 24 states and 2 union territories, it proudly serves more than 9.4 million customers. Yet, despite its exponential growth, ESAF has never strayed from its founding spirit. It continues to operate not merely as a bank, but as a mission-driven movement grounded in social purpose.
A Pioneer Ahead of His Time
Long before the Kudumbashree movement made waves in Kerala, Paul Thomas had already introduced the idea of Self-Help Groups (SHGs) and joint liability models as powerful tools for transformation. Inspired by Nobel Laureate Prof. Muhammad Yunus and the Grameen Bank model in Bangladesh, he adapted it for Indian realities.
His earliest steps involved going door-to-door in remote villages, forming neighbourhood women’s groups, encouraging savings habits, and offering microloans for home-based businesses. It was hard work, but it worked.
ESAF became one of the earliest proponents of microfinance in India, and Paul Thomas, its unassuming evangelist.
K. Paul Thomas (Managing Director & CEO, ESAF Small Finance Bank)
A Bank Where Lives Matter
When ESAF Small Finance Bank received its banking licence in 2017, it made history as the first bank from Kerala to be licensed after independence. That moment was a culmination of years of persistent work under the sun and the shade—building trust, reaching the unreached, and nurturing a network of believers in inclusive growth.
Today, ESAF Bank stands tall not just in numbers, but in values. Unlike traditional banks, its focus has always been clear: financial inclusion, livelihood support, and community transformation.
Under Paul Thomas’s guidance, the organisation expanded its offerings beyond microloans. It set up leadership training programmes for women empowerment, training programmes for rural entrepreneurship, created market linkages for artisan products, and facilitated access to government schemes. This integrated model became a lifeline for thousands trying to escape the cycle of poverty, and it also helped sustain the ecosystem he created.
His leadership drew investors with a conscience—organisations like Opportunity International (Australia) and Oikocredit of the Netherlands—who backed his dream with dollars.
A Banker Who Serves
Ask anyone who knows him and they’ll vouch that Paul Thomas isn’t just a banker. He’s a servant leader. The term isn’t just a buzzword for him; it defines his ethos. His approach to governance is bottom-up, empowering those at the grassroots to shape their own destinies and escape the iron grip of poverty.
His belief? Leadership is not about being in charge. It’s about taking care of those in your charge. He lives this every day, not only in the policies ESAF adopts, but also in how he leads his teams with empathy, trust, and an unwavering sense of purpose.
Over the years, many prestigious laurels have come his way as signs of recognition for his visionary leadership and social impact. These include the Atal Pension Yojana Big Believers Award 3.0 for the Best Performing MD and CEO, the Circle of Excellence Exemplary Award of Par Excellence instituted by the PFRDA, and the Entrepreneur of the Year Award by TiE Kerala. He was conferred with the TMA Management Excellence Award and the Chamber of Commerce Award. He also received the Icon of Sustainability Award.
Furthermore, he was feted with the FE Pillar of the BFSI Industry Award at the Financial Express Modern BFSI Summit—an acknowledgement of his enduring influence in reshaping banking with purpose and integrity.
Paul Thomas was also recognised as the CEO with HR Orientation at the World HRD Congress in 2022.
Rooted in Values, Recognised Worldwide
As ESAF steadily expanded its presence across India, it remained firmly anchored to its founding principle—that banking should be just, fair, and inclusive. This unwavering belief found resonance far beyond national borders. Under the leadership of K. Paul Thomas, ESAF became the first Indian bank to join the Global Alliance for Banking on Values (GABV), a global network of institutions dedicated to ethical and sustainable banking practices.
But ESAF’s global alignment didn’t stop there. It also joined the World Fair Trade Organisation, strengthening its pledge to uphold social justice on an international scale.
Such dedication to purpose did not go unnoticed. ESAF Small Finance Bank was named a finalist at the prestigious European Microfinance Award not once, but twice—first in 2014 as a Non-Banking Financial Company (NBFC), and again in 2018 as a full-fledged bank.
These recognitions weren’t just about innovation; they were acknowledgments of real, measurable impact.
K. Paul Thomas (Managing Director & CEO, ESAF Small Finance Bank)
Organising the Unorganised
One of Paul Thomas’s most notable contributions has been his relentless focus on the unorganised sector. In a country where informal workers form the majority, yet remain invisible to formal institutions, he saw a gap—and an opportunity. Through ESAF, he brought these communities into the fold—not just as borrowers, but as stakeholders in development.
Skill training programmes were rolled out, and artisans were given branding and marketing support. His initiatives also lent a helping hand to farmers in accessing fair trade markets. And above all, individuals were given the dignity of being seen, heard, and supported. This holistic approach created not just financial inclusion but also social empowerment. He deserves applause for being a bridge builder between the unorganised sector and the formal economy, thereby empowering countless individuals and communities.
Wearing Many Hats With Elan
While ESAF is his flagship legacy, K. Paul Thomas wears many hats with panache. He formerly served as the President of the Thrissur Management Association, and the Chairman of CII Kerala Chapter. Currently, he is the Chairman of Sa-Dhan, a Self-Regulatory Organisation for community development finance institutions.
In each role, he continues to champion the cause of inclusive development—ensuring that financial systems evolve not just for profit, but for people and the planet. Although his academic background gave him the technical grounding, it was his values and vision that truly shaped his legacy.
Awards Are Great, Impact Is Better
Under Paul Thomas’s leadership, ESAF Small Finance Bank has not just grown—it has thrived on values. In 2018, the bank attained Scheduled Commerce Bank status. The institution has garnered numerous accolades that highlight its trailblazing efforts in the financial sector. Among its most notable recognitions is the prestigious title of “Rising Brand of Asia 2021–2022” by BARC Asia, which acknowledged ESAF’s exceptional growth and visibility in the Asian market. The Leadership Capital and Makers of Excellence Award, instituted by the Pension Fund Regulatory and Development Authority (PFRDA), further validated the bank’s commitment to ethical governance and impactful leadership. Additionally, ESAF received an Honourable Mention at the Global SME Finance Awards 2021, organised by the International Finance Corporation, placing it among the most innovative and effective institutions supporting small and medium enterprises worldwide. Later in 2023, he steered ESAF Small Finance Bank to successfully launch its IPO, which was oversubscribed 77 times.
Yet, for Paul Thomas, such recognitions, while meaningful, are not the ultimate goal. He views them as encouraging affirmations rather than endpoints. His deepest sense of fulfilment stems not from trophies or titles, but from the real and lasting changes in the lives of those ESAF serves. For him, success lies in human stories—of resilience, dignity, and empowerment. He believes the true measure of success is transformation—not balance sheets.
K. Paul Thomas (Managing Director & CEO, ESAF Small Finance Bank)
A Story Still Being Written
At 62, with decades of impact behind him, K. Paul Thomas remains as committed and passionate as ever. He believes India’s next big revolution is not digital or industrial—but social.
“The marginalised must be brought to the mainstream,” he often says, “not through force or charity, but through dignity and opportunity.” In a world obsessed with unicorns and billion-dollar valuations, Paul Thomas stands as a gentle giant—building an empire of empathy, trust, and values.
His journey is a testament to what happens when business meets compassion, when banking becomes a vehicle for justice, and when a single individual chooses to walk the path less taken—with courage, clarity, and commitment.
A Name You Can Trust
Paul Thomas is more than the founder of a bank. He is the founder of a movement of trust. He believed in the poor when no one else did. He brought dignity to development. And he proved that the most sustainable business model is one rooted in humanity.
As India moves forward into a future of rapid change, leaders like him remind us of the timeless values that truly move the world—compassion, courage, and community.
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