Ahead of a vote in Thailand’s House of Representatives on five bills to grant amnesty for criminal offences related to political activities, Amnesty International’s Regional Researcher Chanatip Tatiyakaroonwong said:
“Since 2020, various national security and criminal laws have been weaponized to rob Thailand’s peaceful protesters of their freedom, simply for exercising their right to speak out. Now is the moment for the government to make am
Pacific – Opportunities are endless for Nauru as Australian executive appointed to head new virtual assets regulator
Following legislation passed by Nauru’s parliament last month to establish an authority to regulate virtual assets including cryptocurrency, the government has appointed highly respected Australian banking and financial markets executive Brian Phelps as its inaugural CEO.
In announcing the appointment, President of Nauru David Adeang said Mr Phelps’ vast experience will ensure the Command Ridge Virtual Asset Authority (CRVAA) will have a foundation of integrity and impact, champion innovation, and promote Nauru as a trusted digital jurisdiction.
He reinforced the government’s goal of attracting businesses that bring investment, job creation, and financial innovation to the nation.
“We must be innovative in our quest for economic resilience and a higher standard of living for our people, while prioritising international best practices and the highest levels of governance and compliance,” Mr Adeang said.
“This ensures investors and foreign platforms can have great trust in Nauru.
Mr Phelps has worked extensively with regulators, industry bodies and government, and served for 21 years as General Manager, Broking and Markets at CommSec, Australia’s largest online stockbroking firm and subsidiary of the Commonwealth Bank.
He has also been a committee member of the Australian Financial Markets Association.
The CRVAA will provide a licencing scheme to allow virtual asset service providers to register and offer their services using Nauru as a base.
It is tasked with ensuring cybersecurity standards, monitoring financial transactions and enforcing compliance with international anti-money laundering and financial transparency protocols.
Mr Phelps said he was attracted to the role because the regulatory authority would be transformational to Nauru.
“This can reshape and strengthen Nauru’s economy over the long term, and create sustainability for future generations of Nauruans.”
He said the benefits to Nauru will go far beyond cryptocurrency and virtual assets.
“I see us attracting international companies to invest in Nauru and opening up new employment pathways as Nauruans build new skill sets.
“It’s a very exciting initiative.”
Mr Phelps said the opportunities were endless and include potentially transforming Nauru into a hub for AI and other leading technology.
Africa – Unlocking Opportunity: How India can Harness the Africa Corridor to Grow Merchandise Exports (By Shivank Goel)
At GTR Africa 2025, a diverse panel of experts – including representatives from the Reserve Bank of India's research wing, MSME chambers and leading financial institutions – explored the question of how India can double its export trade to reach the government's target of $2 trillion by 2030. In 2024, India's exports of goods and services were estimated at over $800 billion, up 5.6% year on year. Yet services continue to outpace goods, with an eight-percentage-point lead in growth.
For India to achieve a more balanced export profile and reach its national targets, boosting merchandise exports is imperative. Africa stands out as a significant factor in helping India achieve its ambitious goals, particularly as a market for Indian merchandise exports. Financial institutions have a substantial role to play in supporting this trade and unlocking the opportunities within the India-Africa corridor.
A growth market with strategic alignment
Africa is home to some of the fastest-growing economies in the world. Across sectors such as infrastructure, pharmaceuticals, automotive components, agriculture, and consumer goods, Indian products are already gaining traction. Shared cultural and historical ties, a largely English-speaking business environment, and similar developmental goals in education, technology, healthcare, and infrastructure position the two regions as natural trade partners.
With the establishment of the African Continental Free Trade Area (AfCFTA), Africa is poised to become more integrated with an addressable market of 1.2 billion people, $3.4 trillion in GDP, and reduced intra-continental tariffs. This transforms the way Indian exporters can approach the region, moving from fragmented country-specific strategies to viewing Africa as a unified, high-growth destination, not only for trade but also for embedding into the region as a way to participate in the global value chain.
Financial and structural hurdles to overcome
Although this opportunity is promising, Indian exporters, particularly micro, small and medium enterprises (MSMEs), face several challenges in navigating African markets. One of the most significant hurdles is logistical complexity, including infrastructure constraints in certain regions, which can disrupt supply chains and increase the cost and time of moving goods across borders.
Another key concern is partner and counterparty risk. In many cases, assessing the creditworthiness of potential trading partners is difficult, and this uncertainty can deter Indian firms from entering new markets. Exporters must also contend with foreign exchange volatility and concerns about the timely and secure repatriation of funds, which can further complicate trade with certain African countries.
In addition, many exporters – particularly newer or smaller firms – struggle to access the working capital and trade finance required to scale operations or explore new markets. These financing gaps can limit their ability to take advantage of the growing opportunities presented by Africa's expanding consumer base and regional trade integration.
Overcoming these barriers requires a holistic financial approach that combines a deep understanding of local markets with tailored credit solutions, risk mitigation tools, and long-term partnership models.
Digitisation is a critical enabler of trade finance
As global trade becomes increasingly volatile due to shifting tariffs, regulatory uncertainty, and tightening cycles, efficiency and agility are critical. Digital transformation plays a pivotal role in reducing costs and improving access to finance.
Innovations such as e-bills of lading, blockchain-based guarantees, and the use of machine learning and AI for document verification and compliance checks can reduce delays and human error in cross-border trade processes. While traditional trade finance cycles can take 60 to 90 days, digital solutions allow exporters to respond quickly to market changes and manage cash flow more effectively.
Banks and financiers investing in African-led digitisation efforts are well placed to support Indian exporters entering or expanding in the region. By building digital platforms that align with local regulatory environments and business norms, financial partners can help unlock a new era of trade connectivity between the two regions.
Leveraging AfCFTA for regional and global value chains
One of the most powerful tools available to Indian exporters is the ability to use Africa not just as an end market but also as a base for regional and global value chain participation. With AfCFTA aiming to eliminate trade barriers between African nations, a company that invests or establishes operations in one country could potentially access the entire continent tariff-free.
This opens new opportunities to move up the value chain through manufacturing, technology transfer, and joint ventures that foster local capacity while increasing India's global trade footprint. It also encourages long-term thinking and investment in the corridor, for shared prosperity, rather than short-term export opportunism.
The need for skills and inclusive innovation
Export growth cannot happen in a vacuum. Both India and Africa need to invest in upskilling and reskilling their workforces, particularly in fields like engineering, logistics, manufacturing, and infrastructure. Encouraging more people to pursue careers in these sectors is essential in building long-term trade resilience.
Technology must be made accessible and inclusive, with tools and training offered in local languages and tailored to diverse educational backgrounds. The goal is not to replace people with machines, but to empower people to work more effectively with technology, enhancing efficiency, accuracy, and productivity, particularly in the areas of financing and trade compliance.
The role of diplomacy
India's growing diplomatic and economic engagement with Africa is already yielding results. During its presidency of the G20 in 2023, India championed the inclusion of the African Union as a permanent member, highlighting its ambition to serve as a voice for the Global South.
Today, India is collaborating with African nations on digital infrastructure, payment platforms, energy projects, naval cooperation, and more. From tech stack adoption in countries like Ghana and Angola, to partnerships between Indian public sector firms and African energy providers, the bilateral relationship is rapidly deepening.
To accelerate trade, policy frameworks on both sides must evolve to support openness, competition, and innovation. Incentives for exporters, joint R&D investments, streamlined customs procedures, and predictable regulations will all play a critical role.
Building a corridor for shared prosperity
The India–Africa trade corridor represents one of the most promising frontiers for growing Indian merchandise exports in the coming decade. The geopolitical environment is increasingly supportive, and there is significant scale and numerous synergies that can be leveraged for expansion.
By investing in digital transformation, financial access, skills development, and long-term policy alignment, stakeholders across the trade ecosystem, from governments and banks to MSMEs and large corporates, can build a corridor that delivers shared growth and resilience. Africa is not just a market to be tapped; it has the potential to become a strategic partner for India in shaping the future of global trade.
About the Author:
Shivank Goel is an Indo-Africa Corridor Specialist at RMB. He was a panellist at GTR Africa 2025, contributing to the discussion on policy and finance strategies to accelerate India's merchandise exports and strengthen the India–Africa trade corridor.
Hong Kong: Appeal hearing in ‘HK 47’ case a pivotal chance to correct mass injustice – Amnesty International
Ahead of the appeal hearing of 13 people – among 45 individuals convicted in a mass trial last year of “conspiring to subvert state power” under Hong Kong’s National Security Law – Amnesty International’s China Director Sarah Brooks said:
“The Hong Kong 47 case stands as one of the most shocking examples of the crackdown on human rights in the city. This appeal hearing is a chance for the courts to start righting the wrongs of this unprecedented mass prosecution.
“Research findings we released earlier this month show that the vast majority of convictions under the National Security Law have targeted legitimate expression. It is appalling that Hong Kong courts could condone a crackdown that leaves more than 80% of defendants wrongfully languishing behind bars.
“This appeal is a pivotal test—not just for these 13 individuals, but for the future of freedom of expression in Hong Kong. Only by overturning these convictions can Hong Kong’s courts begin to restore the city’s global standing as a place where rights are respected and where people are allowed to peacefully express their views without fear of arrest.”
Background
In Hong Kong’s largest prosecution under the National Security Law, which was enacted in June 2020, 47 opposition figures were jointly charged with “conspiracy to commit subversion”. Thirty-one of the 47 pleaded guilty to the charge while 16 pleaded not guilty, two of whom were acquitted.
On 14 July 2025, Hong Kong’s Court of Appeal will hear the appeal of 13 of those convicted. In the same hearing, Hong Kong’s Department of Justice will also appeal against the acquittal of one of the defendants, Lawrence Lau. The hearing is expected to take 10 days to conclude.
The charges against the “Hong Kong 47” relate to their organization and participation in self-organized “primaries” for the 2020 Legislative Council elections that were ultimately postponed by authorities on Covid-19 grounds before the Chinese government brought in a new electoral system that strictly vetted who could stand for office.
The city’s chief executive at the time, Carrie Lam, said the “primaries” were illegal and warned that they could be in breach of the National Security Law that had been enacted only weeks earlier.
To treat self-organized “primaries” conducted by political parties to select candidates to put forward for elections as a genuine threat to Hong Kong’s existence, territorial integrity or political independence does not meet the high threshold of application for “national security” that international human rights standards require.
Research published last month by Amnesty International, on the fifth anniversary of the National Security Law’s enactment, found that more than 80% of people convicted under the law have been wrongly criminalized and should never have been charged in the first place.
Hong Kong’s human rights situation has deteriorated dramatically since 2020, with Amnesty International identifying more than 250 people arrested for violating the National Security Law or a colonial-era “sedition” law. Last year, the Hong Kong parliament itself enacted further national security legislation – the so-called ‘Article 23’ law – which has further deepened repression and silenced opposition voices in the city.
Africa – ATIDI Guarantee Backs Lending Consortium Led by BPR Bank Rwanda plc for Rwanda’s New International Airport, Boosting Regional Trade and Integration
· ATIDI has approved a USD $84 million counter-guarantee to support issuance of bonds and guarantees for the construction of Rwanda's New International Airport in Bugesera District.
· BPR Bank Rwanda Plc, acting as Mandated Lead Arranger and Facility Agent, leads a consortium of lenders enabling the transaction.
· The Project is a vital infrastructure that will accelerate Rwanda's Vision 2050, its national strategy to become an upper-middle-income country by 2035 and a high-income economy by 2050.
· This transaction is aligned with ATIDI's strategic focus on empowering its member states to deliver impactful, transformative investments that spur growth, sustainability and regional integration.
Kigali, 11th July 2025 – ATIDI has approved a USD84 million counter-guarantee to support three local Rwandan banks and one regional bank in issuing bonds and guarantees totaling over USD322 million. These guarantees have been extended to a joint venture of three contractors undertaking the construction of the New Bugesera International Airport, a transformative project poised to elevate Rwanda as a strategic hub for trade and logistics in Africa.
The project, jointly developed by the Governments of Rwanda and Qatar, is a vital infrastructure that will accelerate Rwanda's Vision 2050, its national strategy to become an upper-middle-income country by 2035 and a high-income economy by 2050. The airport is also aligned with the African Continental Free Trade Area (AfCFTA) framework, facilitating the free movement of goods, services and people across the continent.
The airport, which is valued over USD2 billion, is scheduled for completion by mid-2028. ATIDI's cover supports the three local banks including BPR Bank Rwanda Plc, Bank of Kigali (BK), and the Development Bank of Rwanda (BRD), benefitted directly from ATIDI's risk mitigation, enabling them to issue guarantees beyond their Single Obligor Limits (SOL). The de-risking provided by ATIDI offers banks capital relief while ensuring smoother execution of infrastructure projects.
The lending consortium led by BPR Bank Rwanda Plc, acting as Mandated Lead Arranger and Facility Agent on behalf of the contractors, also includes KCB Bank Kenya, a regional lender, which participated in the syndicate without recourse to ATIDI's guarantee.
Quote from Manuel Moses, Chief Executive Officer, ATIDI
“ATIDI is proud to partner in Rwanda's transformation and continental ambitions through this catalytic project, a central piece of the country's development strategy. The new airport is not just about infrastructure, it's about unlocking regional value chains and ensuring Africa trades more with itself. Our support demonstrates the value addition of ATIDI's de-risking solutions in scaling up lending capacity and unlocking financing by banks to Rwanda's development priorities”
Quote from BPR (Mandated Lead Arranger)
Patience Mutesi, Managing Director of BPR Bank Rwanda Plc, remarked “We are honored to lead this transformational financing effort. As Mandated Lead Arranger, BPR Bank Rwanda Plc is proud to play a pivotal role in unlocking capital for a project that will reshape Rwanda's connectivity and competitiveness. This collaboration with ATIDI and our partner banks reflects our firm commitment to financing national development priorities and enabling long-term value through strategic infrastructure.”
This transaction is aligned with ATIDI's strategic focus on empowering its member states to deliver impactful, transformative investments that spur growth, sustainability and regional integration. Rwanda, a founding member of ATIDI, has been a consistent partner in leveraging risk mitigation to unlock capital and de-risk essential sectors.
Currently, ATIDI has issued policies worth over USD1.45 billion in transaction value and holds a gross exposure of over USD611.9 million in Rwanda. These transactions span multiple sectors vital to the country's development, including agriculture, forestry; fishing; construction; energy and gas; financial activities; information and communication; manufacturing; other services activities; public administration; trade and transportation; transporting and storage; as well as wholesale and retail trade.
This broad sectoral engagement demonstrates ATIDI's critical and transversal role in de-risking investments and catalyzing trade, infrastructure and socio-economic development across Africa.
About ATIDI
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD88 billion worth of investments and cross border trade into Africa. For more than a decade, ATIDI has consistently maintained a Financial Strength and Counterparty Credit rating of 'A/Stable' from Standard & Poor's. In 2019, Moody's assigned ATIDI an A3/Positive rating, which was subsequently upgraded to A2/Stable in 2024 and reaffirmed in 2025, reflecting the organization's robust financial position and strong risk management practices. In recognition of its growing impact, ATIDI was named the Development Finance Institution (DFI) of the Year at the 2025 African Banker Awards.
Gaza: Acute malnutrition reaches all-time high in two MSF facilities
Gaza, 12 July 2025— Médecins Sans Frontières (MSF) teams are witnessing a sharp and unprecedented rise in acute malnutrition among people in Gaza, Palestine. In Al-Mawasi clinic, in southern Gaza, and in the MSF Gaza City clinic in the north, we are seeing the highest number of malnutrition cases ever recorded by our teams in the Gaza Strip. A sustained flow of food and medical supplies must be urgently allowed into the Strip.
More than 700 pregnant and breastfeeding women, and nearly 500 children with severe and moderate malnutrition are currently enrolled in ambulatory therapeutic feeding centres in both clinics. Patient enrolment in the MSF Gaza City clinic almost quadrupled in under two months, from 293 cases in May, up to 983 cases at the beginning of July. Of this July cohort, 326 are children between six and 23 months old.
“This is the first time we have witnessed such a severe scale of malnutrition cases in Gaza,” says Mohammed Abu Mughaisib, MSF deputy medical coordinator in Gaza. “The starvation of people in Gaza is intentional, it can end tomorrow if the Israeli authorities allow food in at scale.”
The existence of malnutrition in Gaza is the result of deliberate, calculated choices by the Israeli authorities: restrict the entry of food to the bare minimum for survival, dictate and militarise the means of its distribution, all while having destroyed the majority of local food production capacity. People are risking their lives in the immediate term to obtain inadequate food rations, as a wider system collapse is ongoing – sewage contamination is occurring because infrastructure is destroyed, restrictions on fuel are limiting the production of clean water, appalling living conditions in overcrowded camps are impacting people's health and compromising people's immunity.
“Due to widespread malnutrition among pregnant women and poor water and sanitation services, many babies are being born prematurely,” says Joanne Perry, MSF doctor. “Our neonatal intensive care unit [in Al-Helou hospital] is severely overcrowded, with four to five babies sharing a single incubator.”
“This is my third time in Gaza, and I've never seen anything like this,” says Dr Perry. “Mothers are asking me for food for their children, pregnant women who are six months along often weigh no more than 40 kilogrammes. The situation is beyond critical.”
Before October 2023, Gaza was heavily reliant on the entry of goods and supplies from outside, with an average of 500 trucks entering the Strip every day. Since 2 March, not even 500 trucks have entered in total. With border crossings for aid frequently closed or operating under heavy limitations, and with local food production nearly impossible due to ongoing hostilities and destruction, markets are either empty, or the available food is unaffordable for most.
Inevitably, prices of food have skyrocketed across Gaza, placing even basic staples out of reach for most people. For example, one kilogramme of sugar costs on average US$766, while a kilogramme of potatoes or flour costs nearly $30, according to the World Food Programme. Due to this, many families are surviving on just one portion of food a day – often only rice, lentils, or pasta – with no access to bread, fresh vegetables, or enough protein.
Parents are also deliberately skipping meals to feed their children. Even malnourished women, who do receive therapeutic food, end up giving their own treatment supplements to their children.
“I'm a mother, and I can't blame them because I would do the same,” says Nour Nijim, MSF nursing team supervisor. “But I feel helpless as a healthcare provider. People are hungry and ask us for therapeutic food, but we don't have enough and can only prescribe them to people diagnosed with malnutrition.”
The malnourished patients we are seeing are only the visible tip of a much larger crisis. At MSF clinics, injured patients beg for food instead of medicine – their wounds failing to heal because of protein deficiency. Our doctors are observing rapid weight loss, prolonged infections, and visible fatigue among patients and their caregivers.
MSF urgently calls for unrestricted humanitarian access, a sustained flow of food and medical aid into Gaza, and the protection of civilians.
MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au
Cambodia: Revocation of citizenship would be heinous violation of international law – Amnesty International
Responding to a National Assembly-approved amendment to the Cambodian Constitution that allows for the revocation of Khmer citizenship, Amnesty International’s Regional Research Director Montse Ferrer said:
“As the proposal moves closer to becoming reality, anyone who speaks out against or opposes the ruling party will be at risk of having their citizenship revoked. We are deeply concerned that the Cambodian government, given the power to strip people of their citizenship, will misuse it to crackdown on its critics and make them stateless.
“Revoking citizenship can violate many rights, including the rights to a nationality, to enter your own country and to take part in the conduct of public affairs. Without citizenship, people may not be able to access healthcare, get a job, go to school, migrate or get married. Stateless individuals often face social exclusion, discrimination and are at risk of exploitation and abuse. For many Cambodians, their Khmer citizenship is akin to their identity.
“Despite this repressive amendment moving forward, it comes against a backdrop where the Cambodian authorities have completely failed to safeguard the independence and integrity of the country’s courts – a failure further compounded by the Constitutional Council stating an amendment was possible. Judicial independence is key to safeguarding people’s rights including the right to nationality and reversing a culture of impunity. This has enabled the government’s authoritarian practices to continue unchecked, such as its persecution of opposition leaders, activists and independent journalists.
“Revoking citizenship often violates human rights, and when done in a way that renders people stateless is a dangerous step that is prohibited under international law. Revoking a person's citizenship must not become a political tool to silence and intimidate critical voices, and Cambodian authorities must immediately reverse the amendment, end their authoritarian practices and uphold their international human rights obligations and the rule of law. The international community should publicly condemn the Cambodian government’s heinous proposed amendment to the constitution.”
Background
On 11 July, an extraordinary session of the National Assembly was convened in which a draft amendment to the Constitution that would allow for the revocation of Khmer citizenship was debated and approved.
President of the Senate, Hun Sen, had previously called on Cambodia’s Minister of Justice to consider the proposal to amend the Constitution. On 27 June, he said in a speech that this proposal was to “revoke citizenship from Cambodians who side with foreign nations to harm our country”.
The National Assembly-approved amendment to the constitution adds in new language to the effect of “[r]eceiving and losing and revoking Khmer nationality shall be determined by law.”
The Constitutional Council of Cambodia said on 2 July that a proposed amendment to Article 33 of the Cambodian Constitution was possible. Article 33, before amendment, stated that: “Khmer citizens shall not be deprived of their nationality … [and] Khmer citizens residing abroad enjoy the protection of the State. The acquisition of Cambodian nationality is determined by law.”
Cambodia has been ruled for decades by the Cambodian People’s Party, which controls the judiciary and military.
Crypto – Bitcoin hits all-time high as political will and institutional action accelerate – deVere Group
July 10 2025 – Bitcoin surged above $112,000 this week for the first time, driven by mounting political momentum, regulatory repositioning, and strategic allocations from both corporations and sovereign entities, says deVere Group, one of the world's largest independent financial advisory and asset management organizations.
“The shift is clear and aggressive,” said Nigel Green, CEO of deVere Group. “Bitcoin is being pulled into the core of national economic thinking in the US – the world's largest economy – and also corporate treasury policy, and institutional portfolios. This isn't hype. This is capital following political will.”
The Trump administration is sending unmistakable signals. Senior Treasury officials have confirmed internal reviews are underway on the potential inclusion of Bitcoin in US reserve strategy.
Also committees continue to receive Bitcoin contributions, discussions between policymakers and digital asset custodians are ongoing, and new legislation supporting digital asset classification, custody, and tax treatment is gaining bipartisan support on Capitol Hill.
“When a sitting administration is weighing Bitcoin as part of sovereign reserves, that reshapes the global risk framework,” said Nigel. “It doesn't just legitimize Bitcoin, it forces others—institutions and governments alike—to act.”
Elon Musk's newly formed America Party has pushed Bitcoin further into the national conversation.
In his Independence Day speech, Musk positioned Bitcoin as the foundation of economic resilience.
This has reignited interest across retail platforms and triggered increased flows from politically aligned investor groups.
“Musk is giving Bitcoin further ideological weight and policy relevance,” says the deVere CEO.
“That moves markets. His reach is unmatched, and he's aligning it with a monetary vision that resonates with a generation raised on decentralized tech.”
At the regulatory level, the SEC has softened its stance. Several enforcement actions have been withdrawn, and spot Bitcoin ETFs are moving through review with renewed agency engagement. Regulators are now focused on operational safeguards and disclosure standards. “The era of blanket resistance appears to be over,” notes Nigel Green.
“Regulatory friction held back institutional involvement for years. Now that it's easing, we're seeing fresh inflows from asset managers who were waiting for exactly this moment.”
Corporates are moving aggressively. MicroStrategy added $2 billion in Bitcoin in June, pushing its total above 300,000 BTC. Seventeen publicly listed companies disclosed Bitcoin holdings in recent filings, with more deploying capital through custodial structures and ETFs. Firms are integrating it into liquidity and risk frameworks.
“Boards are acting to preserve value through a cycle of rising debt and monetary uncertainty,” explains Nigel Green. “Bitcoin gives them optionality, mobility, and a non-correlated reserve that holds its form under stress.”
Sovereign institutions are advancing too. Pakistan has begun holding state-mined Bitcoin through its central bank.
The Czech National Bank is reviewing Bitcoin for potential inclusion in foreign reserves.
Sovereign wealth funds across Southeast Asia and Latin America are now engaged in operational discussions with digital custodians. While not all activity is being publicized, it is being closely tracked by global capital.
“These are central banks, state treasuries, and sovereign wealth funds treating Bitcoin as a strategic asset. They're not chasing headlines. They're preparing for what comes next.”
Market data supports the shift. More than $340 million in short liquidations were triggered around the $112,000 breakout, according to data. Spot ETF inflows remain steady. Institutional buyers are dominating recent volume, with fewer retail-driven spikes and more structured accumulation.
“Governments and political figures are reshaping the environment Bitcoin operates in, and institutions—including corporate treasuries—are responding with deliberate allocation,” concludes Nigel Green.
“The new all-time highs are being powered by political and regulatory will that are unlocking new channels for capital, and by the growing acceptance that Bitcoin now plays a strategic role in global finance.”
deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.
Economy – Global Barometers rise in July – KOF
For the second consecutive month, the Coincident and Leading Barometers rise in July. However, they have not yet recovered the losses incurred between March and May. Despite these increases, the indicators continue to suggest that the global economic growth rate will remain modest in 2025.
In July, the Global Economic Coincident Barometer rises by 1.5 points to 95.4 points, and the Leading Barometer increases by 1.0 point to 97.4 points. The results are mainly driven by the Asia, Pacific & Africa region.
“Although geopolitical risks and the resulting economic uncertainty have not disappeared, the Global Barometers suggest a slight improvement towards long-term averages. However, new information reflecting divergent monetary policies among major central banks, ongoing conflict in the Middle East and the vulnerability of global growth to trade shocks indicates that, while major economies are avoiding recession, growth remains fragile. Elevated policy uncertainty, persistent inflationary pressures in certain regions and geopolitical tensions combine to create a challenging environment for stable economic growth”, comments KOF Director Jan-Egbert Sturm the latest results.
Coincident Barometer – regions and sectors
The 1.5-point increase in the Coincident Barometer in July results from positive contributions of 0.9 and 0.5 points from the Asia, Pacific & Africa and Western Hemisphere regions, respectively. The Europe indicator contributes modestly with 0.1 points to the aggregated result. Despite the second consecutive increase, the Western Hemisphere indicator continues to show the lowest level among the regional coincident indicators.
All five coincident sectoral indicators rise in July, with Services ending a sequence of five consecutive declines and Trade, along with Construction, recording levels above the 100-point mark.
Leading Barometer – regions and sectors
In July, the 1.0-point increase in the Global Leading Barometer results from a positive contribution of 1.0 point from the Asia, Pacific & Africa region, while the Western Hemisphere decreases moderately by 0.1 point and Europe remains unchanged. All three regions show moderate growth for the coming months. The Leading Global Barometer leads the world economic growth rate cycle by three to six months on average.
Among the leading sectoral indicators, only Construction does not rise in the month, recording its third consecutive decrease. Despite this, it continues to show the highest level among the sectors. All leading sectoral indicators remain below the neutral 100-point level.
Africa – GCR Upgrades ShafDB’s Long and Short-Term Issuer Ratings, Maintains Stable Outlook
Nairobi – July 9, 2025 – Global Credit Ratings (GCR), has affirmed and upgraded Shelter Afrique Development Bank's (ShafDB) international and several key national scale ratings, reflecting the Bank's strengthened capital position, risk management improvements, and growing credibility across our its shareholder base.
In its latest review, the Johannesburg-based rating agency has affirmed the Bank's international scale long-term and short-term issuer ratings at B/B, with a Stable Outlook.
At the same time GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA+(KE)/A1+(KE) from AA-(KE)/A1+(KE); Nigerian to AAA(NG)/A1+(NG) from AA+(NG)/A1+(NG); and Mauritian to BBB(MU)/A2(MU) from BB+(MU)/B(MU). All the three national scale ratings have been accorded a stable outlook.
The Agency has also Upgraded the ratings of its Nigerian Series 1 Senior Unsecured Notes under the NGN200bn Domestic Bond Issuance Programme to AAA(NG) from AA+(NG).
“The upgrades reflect GCR's confidence in the Bank's improved risk management, strengthened capitalization (leverage ratio up to 82.2% in FY2024), and progress in capital arrears resolution. The Stable Outlook affirms expectations of continued sound capitalization, strategic disbursement growth, and enhanced shareholder engagement,” GCR said in a commentary.
“This recognition underscores Shelter Afrique's growing operational credibility, commitment to quality lending, and continued transformation into a resilient and trusted multilateral development bank dedicated to delivering affordable housing and urban development solutions across Africa,” GCR added.
Welcoming the rating reviews, Shelter Afrique Development Bank's Director of Risk, Bernard Oketch said the rating upgrade has reinforced the Bank's financial strength, strategic direction, and institutional credibility.
“These upgrades reflect our strong fundamentals and our unwavering commitment to reforms, growth, and sustainable impact. Clearly, we are on a solid path forward in delivering impactful, quality-driven housing finance solutions across Africa,” Mr. Oketch said.
Shelter Afrique Development Bank's has 46 shareholders comprising 44 member States under “Category A” shareholding, and African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re) under “Category B” shareholding – who will be convening in Algiers, Algeria from 15th to 17th July 2025 for the Bank's 44th Annual General Meeting and Housing Symposium. https://www.agm.shelterafrique.org/agm-2025/
It has also “Category C” shareholding for non-African institutions and States willing to join the institution as shareholders.
About Shelter-Afrique Development Bank:
Shelter Afrique Development Bank is a Pan-African institution solely dedicated to financing and promoting housing, urban & related infrastructure development across the African continent. ShafDB operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re).
The Institution delivers financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. As a premier provider of financial, advisory, and research solutions, ShafDB focuses on addressing Africa's housing crisis through financial institutions, project finance and public-private partnerships, striving to achieve sustainable developmental impact.