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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The UK government has proposed a significant expansion of its ban on bottom trawling, a destructive fishing method that drags heavy nets across the seafloor, threatening marine habitats. The plan would extend protection from 18,000km² to 48,000km² in English offshore waters, covering 41 out of 181 designated Marine Protected Areas (MPAs). Environment Secretary Steve Reed warned that without urgent action, marine ecosystems could face irreversible damage. A 12-week public consultation is open until September 1, targeting feedback from the marine and fishing industries.
The move comes as global attention focuses on ocean protection at the UN Ocean Conference in Nice, France. Sir David Attenborough voiced strong opposition to bottom trawling, calling it destructive and indiscriminate, with his latest documentary showcasing the damage it causes to seabeds and marine life. Environmental groups including Greenpeace UK and The Wildlife Trust welcomed the UK’s proposed ban as a long-overdue and vital step toward marine conservation and climate protection.
Meanwhile, international efforts are intensifying to ratify the High Seas Treaty, which aims to protect 30% of global oceans by 2030. French President Emmanuel Macron, co-hosting the summit with Costa Rica, announced that 15 more countries had ratified the treaty, bringing the total to 47—still short of the 60 needed for it to come into force. Macron also called for a moratorium on deep sea mining, condemning recent efforts by the U.S. to issue permits as “madness” that endangers biodiversity and violates international norms.
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Retail giant Marks & Spencer (M&S) has reportedly suffered a major cyberattack by ransomware group DragonForce, who sent a direct, abusive email to CEO Stuart Machin and several top executives. The message, sent from a compromised employee account on April 23, contained disturbing language and confirmed for the first time that the company’s servers had been encrypted, leaving M&S unable to process online orders for more than six weeks. The hackers claimed to have stolen customer data and shared a darknet link for ransom negotiations, suggesting they were aware of M&S’s cyber-insurance coverage.
The attack allegedly originated through the compromised account of an employee from Tata Consultancy Services (TCS), which provides IT services to M&S. Although the email appeared to come from the employee’s M&S address, TCS has denied any involvement, stating the message was not sent through their systems. Neither M&S nor TCS has publicly confirmed details about the breach, but cyber-security experts have verified the authenticity of the email seen by BBC News.
DragonForce, which has also claimed responsibility for a recent cyberattack on Co-op, is known for providing ransomware tools and extortion services to affiliates. Experts suspect links to the notorious Scattered Spider collective—a loosely organized group of mostly Western teens using platforms like Discord and Telegram. The UK’s National Crime Agency is investigating the group, while the hackers behind the retail attacks continue to threaten further disruption, stating, “We’re putting UK retailers on the Blacklist.”
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Chancellor Rachel Reeves has announced a sweeping £15.6 billion investment in public transport infrastructure across England, targeting metro mayoral areas in the Midlands, North, and West Country. The five-year funding plan—set to run from 2027/28 to 2031/32—includes major allocations for tram, train, and bus networks, with £2.5bn earmarked for expanding Greater Manchester’s tram lines and £2.4bn to extend Birmingham’s network. Other key investments include £2.1bn for West Yorkshire’s Mass Transit programme, £1.8bn for extending the North East Metro, and £1.6bn for Liverpool’s transport links.
The move signals a break from the Treasury’s traditional Green Book investment rules, which Reeves criticised for their bias towards London and the South East. By revising these guidelines, the Chancellor aims to correct regional imbalances and respond to criticism of economic stagnation and service cuts. The Labour government had reviewed many of the same transport proposals after coming to power in July, claiming they were previously unfunded under the Conservatives’ Network North scheme, which followed the cancellation of HS2 north of Birmingham.
While regional mayors largely welcomed the funding, opposition voices expressed scepticism. Conservative and Liberal Democrat figures warned that past promises had often failed to materialise, urging the government to back words with delivery. Reeves hinted at further announcements in next week’s Spending Review, which will detail Whitehall departmental allocations and could include a new Manchester-Liverpool rail link.
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The UK government has warned it may take legal action against former Chelsea Football Club owner Roman Abramovich to ensure the £2.5 billion proceeds from the club’s 2022 sale are directed toward Ukrainian humanitarian aid. The funds have remained frozen in a UK bank account since the sale, as Abramovich was sanctioned following Russia’s full-scale invasion of Ukraine. While the government insists the money must support those suffering in Ukraine, Abramovich has argued it should benefit “all victims of the war,” including those in Russia.
In a joint statement, Chancellor Rachel Reeves and Foreign Secretary David Lammy expressed frustration over the ongoing deadlock, stating they are “fully prepared to pursue this through the courts if required.” They reaffirmed their commitment to ensuring the money reaches humanitarian causes in Ukraine as quickly as possible, criticizing the lack of progress in reaching an agreement with Abramovich. Despite the oligarch receiving a special license to sell the club under strict conditions, including that he would not profit, negotiations have stalled over differing interpretations of how the funds should be allocated.
The legal ownership of the money remains with Abramovich under UK law, but sanctions prevent him from accessing it. The impasse has drawn criticism, including from a House of Lords committee that labeled the delay “incomprehensible” and said it reflected poorly on both Abramovich and the UK government. The committee also noted that a more binding commitment should have been secured at the time of the sale.
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Nationalist candidate Karol Nawrocki narrowly defeated centrist rival Rafal Trzaskowski in Poland’s presidential election, securing 50.89% of the vote against Trzaskowski’s 49.11%, according to official results released Monday. Nawrocki, backed by the opposition Law and Justice (PiS) party, ran on a platform opposing Prime Minister Donald Tusk’s liberal agenda, positioning the vote as a referendum on the current government’s policies. The outcome delivers a major blow to Tusk’s pro-European Civic Coalition and signals the likelihood of increased political deadlock.
Nawrocki, a conservative historian and former head of Poland’s remembrance institute, is expected to use his veto power to stall liberal reforms, particularly in areas such as judiciary overhaul and abortion rights. His victory follows a campaign marked by nationalist rhetoric and controversy, including scrutiny over a past property deal and involvement in staged fights. Turnout hit a record 71.31% for a presidential run-off, underscoring the nation’s deep political divide.
The result has drawn praise from nationalist and eurosceptic leaders across Europe, including Hungary’s Viktor Orban and Czech opposition leader Andrej Babis, while investors reacted negatively, with Warsaw’s stock index falling and the zloty weakening. Despite concerns in Brussels, European Commission President Ursula von der Leyen expressed hope for continued cooperation. As Poland braces for more legislative clashes, observers warn of intensified tensions between the presidency and parliament, raising uncertainty about the country’s policy direction.
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British comedian and actor Russell Brand pleaded not guilty on Friday at Southwark Crown Court to five criminal charges, including rape, indecent assault, and sexual assault, involving four women between 1999 and 2005. The 49-year-old, once a prominent broadcaster and former husband of U.S. pop star Katy Perry, appeared in court to formally deny all allegations and is scheduled to stand trial in June 2026.
Prosecutors had announced in April that Brand faced two counts of rape, one of indecent assault, and two of sexual assault. Since the allegations first surfaced in 2023 through an investigation by the Sunday Times and Channel 4’s “Dispatches,” Brand has consistently denied any non-consensual behavior. In a video released after the charges, he admitted to being a “sex addict” in his earlier years but firmly stated, “what I never was, was a rapist.”
Brand rose to fame in the 2000s with regular appearances on British television, work with the BBC, and film roles such as in Get Him to the Greek. He married Katy Perry in 2010, but the couple divorced just over a year later. In recent years, Brand has shifted his focus to digital platforms, using his internet channel to share views on politics and free speech. Now a self-declared Christian, he continues to reject all allegations against him.
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