Business

Planning for the future is something many Australians delay, especially when it involves considering what happens after we’re gone.

Yet, creating a robust estate plan is one of the most caring things you can do for your loved ones. Consulting with estate planning lawyers early can help you navigate complexities and ensure your wishes are legally sound.

Key Takeaways

A comprehensive estate plan includes wills, trusts, and powers of attorney
Regular reviews and updates are essential to maintain a resilient plan
Professional legal guidance helps avoid costly mistakes and tax implications
Choosing the right executor is crucial for proper estate management
Trusts offer additional protection and control over asset distribution

The Basics of Estate Planning

Estate planning goes beyond creating a simple will. It encompasses a range of legal documents designed to protect your assets and ensure they’re distributed according to your wishes. The core components include wills, trusts, and powers of attorney.

Many Australians mistakenly believe estate planning is only for the wealthy. In reality, anyone with assets, dependents, or specific wishes about their property should have a plan in place.

“The greatest gift you can leave your family isn’t just what’s in your estate, but clarity about your intentions for it.”

Steps to Build a Resilient Estate Plan

Creating a solid plan begins with taking inventory of what you own. List all assets including property, investments, superannuation, insurance policies, and personal belongings. Don’t forget digital assets like online accounts and cryptocurrencies.

Next, define your beneficiaries clearly. Consider who should receive specific assets and any special conditions you want to place on inheritances. This is particularly important for blended families or when providing for vulnerable beneficiaries.

Choosing the Right Executor

Your executor will be responsible for carrying out your wishes after you’re gone. This role involves locating assets, paying debts, filing tax returns, and distributing property to beneficiaries.

Look for someone who is trustworthy, organised, and willing to take on the responsibility. Consider their age, health, location, and financial knowledge. Some people choose professional executors for complex estates.

Drafting a Comprehensive Will

A valid will in Australia must be in writing, signed by you, and witnessed by two people who aren’t beneficiaries. Beyond these legal requirements, a good will clearly states:

Who your executor(s) will be
Who your beneficiaries are
How assets should be distributed
Guardianship arrangements for minor children
Funeral wishes (though these aren’t legally binding)

Future-Proofing Your Legacy

Life changes constantly, and your estate plan should adapt accordingly. Major life events that trigger a review include marriage, divorce, birth of children or grandchildren, significant changes in assets, moving interstate, or changes in tax laws.

Schedule regular reviews every 3-5 years, even without major life changes. This helps catch outdated provisions or adapt to new legislation.

Utilising Trusts for Asset Protection

Trusts offer additional protection and control over how assets are managed and distributed. They can help minimise estate taxes, protect assets from creditors, provide for beneficiaries with special needs, and manage wealth across generations.

Common trusts in Australia include testamentary trusts (created by will), discretionary trusts, and special disability trusts. Each serves different purposes and offers unique advantages.

Avoiding Common Pitfalls

Many estate plans fail due to simple oversights. Digital assets are frequently forgotten, yet they can have significant financial and sentimental value. Create an inventory of digital accounts, passwords, and instructions for handling these assets.

Another common mistake is failing to update beneficiary designations on superannuation accounts and life insurance policies. These designations override your will, so keeping them current is essential.

Understanding Tax Implications

While Australia doesn’t have a specific estate or inheritance tax, other tax liabilities can impact your estate. Capital gains tax, superannuation death benefits tax, and income tax can all affect what your beneficiaries ultimately receive.

Strategic planning can help minimise these impacts. Options include holding assets in tax-effective structures, making superannuation binding death benefit nominations, and timing asset transfers efficiently.

Professional Guidance and Resources

Estate planning involves complex legal, financial and tax considerations. Working with professionals who specialise in estate law ensures your plan complies with current legislation and achieves your objectives.

When selecting an estate planning attorney, look for experience in your specific situation, clear communication skills, and transparency about fees. Initial consultations can help you gauge whether they’re a good fit.

Securing Your Family’s Future

A resilient estate plan provides peace of mind that your loved ones will be cared for and your wishes respected. By taking time now to create a comprehensive plan, you protect your family from unnecessary stress during an already difficult time.

Remember that estate planning isn’t a one-time event but an ongoing process that evolves as your life changes. Take the first step today by consulting with Tonkin Legal to create a plan tailored to your unique circumstances and goals.

Read more:
Building a Resilient Estate Plan in Australia

Technology is revolutionizing the hospitality industry by enhancing guest experiences through innovative solutions. From personalized services to seamless operations, these advancements are reshaping how hotels interact with guests and manage their services, ensuring a memorable stay for all visitors.

In today’s competitive hospitality market, embracing technology is essential for creating exceptional guest experiences. Innovations such as smart room controls, mobile check-ins, and AI-driven concierge services are becoming standard, offering guests convenience and personalization. Integrating more trends into these technological solutions further enhances the guest experience, providing a comprehensive approach to hospitality management.

Enhancing guest experiences with smart technology

Smart technology is at the forefront of transforming guest experiences in hotels. By implementing smart room controls, guests can customize their environment, adjusting lighting, temperature, and entertainment options to their preferences. This level of personalization not only enhances comfort but also elevates the overall guest experience.

Mobile check-in and keyless entry systems streamline the arrival process, allowing guests to bypass traditional front desk procedures. This technology reduces wait times and enhances convenience, making the check-in experience more efficient and enjoyable. Additionally, smart technology enables hotels to gather data on guest preferences, allowing for tailored services and improved satisfaction.

Integrating Internet of Things (IoT) devices further enhances operational efficiency. These devices provide real-time data on room occupancy and maintenance needs, enabling hotels to optimize resource allocation and ensure timely service delivery. This proactive approach to hospitality management ensures guests receive the highest level of service throughout their stay.

Personalizing services with artificial intelligence

Artificial intelligence (AI) is a powerful tool for personalizing guest services in the hospitality industry. AI-driven concierge services provide guests with personalized recommendations and assistance, enhancing their stay by offering tailored experiences. From dining suggestions to activity bookings, AI ensures guests have access to the information they need at their fingertips.

AI also plays a crucial role in analyzing guest data to predict preferences and anticipate needs. By leveraging machine learning algorithms, hotels can offer personalized promotions and services that resonate with individual guests. This level of customization fosters guest loyalty and encourages repeat visits, as guests feel valued and understood.

Moreover, AI-driven chatbots are transforming customer service by providing instant support and information. These virtual assistants handle guest inquiries efficiently, freeing up staff to focus on more complex tasks. This seamless integration of AI into guest services enhances the overall experience by ensuring prompt and accurate responses to guest needs.

Streamlining operations with advanced technology

Advanced technology is not only enhancing guest experiences but also streamlining hotel operations. Automated systems for inventory management, housekeeping, and maintenance ensure that hotels operate efficiently and effectively. By automating routine tasks, staff can focus on delivering exceptional guest services.

Technology also improves communication within hotel teams, facilitating better coordination and faster response times. Mobile apps and digital platforms allow staff to communicate seamlessly, ensuring that guest requests are addressed promptly. This operational efficiency directly contributes to a smoother guest experience, as services are delivered quickly and accurately.

As technology continues to evolve, hotels are adopting more sophisticated systems to enhance both guest experiences and operational efficiency. By staying at the forefront of technological advancements, hotels can ensure they provide the best possible service to their guests, fostering satisfaction and loyalty. For more on how technology is shaping the hospitality industry, explore the latest innovations and their impact on guest experiences.

Read more:
Technology in Hospitality: Innovations Shaping Guest Experiences

There’s a quiet shift happening across UK manufacturing floors, and it’s not all about robots or AI algorithms pulling headlines. While the tech press stays busy covering quantum experiments and sci-fi-esque automation, the real action is unfolding in more grounded, practical spaces.

It’s not dramatic. It’s not loud. But it’s changing the way things get made—and who gets to make them.

UK manufacturers, long caught between the pressures of offshore competition and post-Brexit supply chain headaches, are finding new footing by rethinking how they produce goods in the first place. The playbook isn’t about outpacing global giants. It’s about tightening up operations, working smarter with what’s already here, and building systems that can move quickly without falling apart under pressure. It’s manufacturing with its boots on the ground—and its eyes fixed on resilience.

No More Waiting Games

One of the clearest signs of progress is how much faster design turns into a product. Prototyping timelines that once dragged for months now wrap up in weeks. The magic isn’t in flashy front-end innovation—it’s buried in the back end. UK firms are tapping into better tooling partnerships, smarter CAD workflows, and modern fabrication techniques that let them move quicker without bleeding quality.

Processes like injection moulding are playing a bigger role here. Instead of shipping designs out to Asia and praying they come back on time, more British firms are keeping it local. Moulds can be cut, tested, and put into production with fewer middlemen, less margin for error, and far tighter turnaround. The benefits are compounding. Products hit shelves faster, defects are spotted sooner, and entire supply chains become less brittle. It’s not a revolution—it’s a smarter way to survive and scale.

And it’s not just the big players who are winning here. Smaller shops and mid-tier manufacturers—many of them family-owned or regionally based—are quietly using this tech-forward approach to stay competitive without chasing risky expansion. It’s steady, grounded growth, and it’s working.

The Labour Challenge Gets a New Angle

Labour is still a problem—no surprise there. But the solution isn’t to automate everyone out of a job. What’s actually happening is more layered. Yes, some tasks are being handed off to machines. But just as many are being upgraded in place, with staff now learning to operate software-guided systems or work in tandem with cobots. Roles are shifting, not disappearing.

The companies that are doing this well aren’t just throwing equipment at the issue. They’re retraining teams, reshaping shop floor dynamics, and investing in upskilling instead of flat-out replacement. The result? More efficient teams who understand both the equipment and the product. It’s a far cry from the dystopian vision of empty factories full of buzzing arms and conveyor belts.

It’s also helping shift perception. Younger workers—those previously uninterested in “the trades”—are taking another look when they realise the job involves touchscreen control panels, 3D modelling, and real-time performance data. Manufacturing isn’t just welding and assembly anymore. It’s software, logistics, analysis, and decision-making, too. And that makes it a whole lot more interesting to the next generation.

Supply Chain: Tighter, Not Bigger

Post-Brexit, supply chains were left wobbly and exposed. What’s changed is how UK firms are choosing to respond. Instead of overreaching, many are pulling things back in. More regional sourcing, fewer international dependencies, and a willingness to spend a little more upfront in exchange for predictability down the line.

What’s powering this isn’t some nationalistic push for domestic-only sourcing—it’s pragmatism. Suppliers you can drive to are easier to manage than ones halfway across the globe. Especially when timelines matter and a single delay can hold up thousands of units.

The stronger firms are also simplifying SKUs, trimming back options that make production messy or shipping unreliable. It’s less about cutting corners and more about cutting waste—time, money, energy, and complication. There’s a new appreciation for just-enough inventory, smart forecasting, and partners who can flex under pressure.

Output Is the Wrong Metric Now

The number of units moving out the door still matters, of course. But relying on factory output alone as a measure of success is starting to look a bit outdated. What counts more now is how adaptable the operation is. Can the factory pivot? Can it respond to demand shifts without choking? Can it run shorter, more profitable batches without a mountain of waste?

Manufacturers with this kind of agility are the ones being snapped up by investors and eyed by multinationals. It’s not just that they can build things—it’s that they can change what they build without months of retooling. That’s becoming more valuable than brute scale.

Plants that once ran one core product year-round are now managing multiple short runs, tweaking specs on the fly, and using live data to adjust production based on incoming orders rather than historical forecasts. It’s not always tidy. But it works. And when a customer changes a spec on Monday and still wants delivery by Friday, it’s often the difference between keeping a contract and losing one.

The Cost of Innovation Is Dropping

Maybe the most underreported story in UK manufacturing is how accessible it’s become to launch a new product. Small-batch manufacturing no longer requires deep pockets or massive warehouses. With the right digital tools and a few strong production partners, start-ups can move from concept to shelf without betting the farm.

Capital is flowing more easily, too. Regional funds, angel groups, and sector-specific grants are helping bridge the gap for first-time founders and second-stage businesses alike. Investors aren’t just looking for big exits—they’re looking for operational stability, sustainable margins, and teams that understand their cost structure from the start.

What’s working best is a measured approach. No bloated teams. No speculative over-ordering. Just tight forecasting, localised partnerships, and the kind of planning that can actually hold up when the market doesn’t behave. That’s what gives smaller firms a shot—and it’s what’s pulling attention away from the old titans and toward a new tier of operators.

What It Comes Down To

British manufacturing isn’t trying to go viral. It’s not chasing hype. It’s figuring out how to be faster, leaner, and more reliable in a world that doesn’t give much room for error. The tools are better. The strategies are sharper. And the people making it all happen aren’t waiting around for someone else to figure it out.

They’re solving it themselves—one part, one process, one product line at a time. And that, quietly, is what’s keeping the industry moving forward. Not with a bang. But with focus, grit, and a lot more agility than anyone expected.

Read more:
British Factories Are Getting Smarter—But It’s Not Where You Think

When you’re running a small business, every dollar counts — and when you hear “OSHA compliance,” your first thought might be, “Great, how much is this going to cost me?”

You’re not alone. Thousands of small business owners worry about how to meet safety standards without blowing their budget or slowing down growth. But the truth is OSHA compliance doesn’t have to be expensive (and ignoring it could cost you a lot more).

Whether you’re operating a warehouse, managing a construction crew, or just getting your first few employees into a facility, staying ahead of safety requirements is key to protecting your people and your bottom line.

With this in mind, let’s walk through some practical, low-cost ways to meet OSHA standards — even if you’re a lean operation with limited resources.

Start With Free Resources

Before you pay for a consultant or a fancy training program, look at what OSHA already offers for free. The agency isn’t just there to enforce rules — it actually provides a ton of resources to help businesses understand and meet them.

You can access:

Industry-specific safety guidelines
Printable checklists
Hazard identification tools
Recordkeeping forms
Sample safety and health programs

And best of all, OSHA’s On-Site Consultation Program offers free, confidential safety visits for small businesses — with no penalties or fines. They’ll assess your worksite and help you fix hazards without reporting anything to enforcement. Think of it as a free second opinion before the real inspector ever shows up.

Build the Habit of Internal Safety Walkthroughs

You don’t need a degree in safety management to walk through your facility with a sharp eye. The goal is to identify potential risks and take action before anyone gets hurt. Things like blocked fire exits, frayed cords, wet floors, and improperly stored chemicals are common violations that can often be corrected in minutes once noticed. (You just have to use common sense.)

Make it a habit to walk your workspace weekly or monthly, depending on the risk level of your environment. Keep a notebook or a shared doc where you track what you’ve found and what’s been fixed. Employees should be encouraged to flag concerns, too. They often spot issues faster than anyone else. Involving them helps you stay ahead of problems you might otherwise miss.

Train Smarter, Not More Expensively

One of the biggest costs small businesses face with OSHA compliance is training. Sending employees to off-site sessions or bringing in trainers can be both time-consuming and expensive. But today, there’s a better way.

Online training and certifications have made OSHA compliance easier and more budget-friendly than ever. One smart example is online forklift certification. If your team uses powered industrial trucks, OSHA requires that operators be certified. Rather than sending workers off-site for a day or more, online forklift certification allows them to complete the training at their own pace and on their own schedule.

Turn Safety Into a Daily Mindset

Compliance is about culture. When safety becomes part of your company’s everyday rhythm, you’re protecting your team, building an environment of accountability, and saying that you prioritize professionalism.

That doesn’t have to mean long meetings or complex initiatives. A five-minute safety huddle in the morning can go a long way. So can calling out good safety habits when you see them, encouraging open communication about hazards, and making it easy for employees to report concerns.

When your team feels like safety is everyone’s job — not just management’s — you’re far less likely to deal with costly accidents or citations.

Stay Organized With Your Records

If OSHA comes knocking, being able to show your work is critical. That means keeping clear, up-to-date records of your safety efforts. (Even if you’re doing everything right, failing to document it can put you at risk.)

At a minimum, you should keep records of all safety training completed by employees, any equipment inspections or repairs, incident and near-miss reports, and internal walkthrough notes. Something as simple as a cloud folder or physical binder system works just fine, as long as it’s updated and accessible.

Make Small, Strategic Upgrades

Many small businesses assume that bringing a space up to OSHA standards means spending thousands on renovations. In reality, some of the most effective safety improvements are also the most affordable.

Adding anti-slip mats, improving signage, checking that fire extinguishers are accessible and up to date, upgrading lighting in dim corners, or installing guards on dangerous equipment are all relatively low-cost actions that make a major impact. You don’t need to do everything at once — just tackle the highest-risk areas first, and set a quarterly schedule for addressing others.

Over time, these small improvements compound into a safer, more compliant, and more professional operation.

Creating a Plan

All it takes to meet OSHA requirements is a little bit of knowledge and proactive planning. With a clear plan, a proactive mindset, and the discipline to make safety a regular part of your operations, you can accomplish almost anything you set out to do.

Read more:
Budget-Friendly Compliance Tips for Growing Operations

A significant merger is underway between a prominent technology-based company with a substantial reputation in digital marketing and the European Players Super League (EPSL), a UK-based golf tournament series.

This partnership aims to create a highly scaled golf tournament system, leveraging technology to unite the golf community.

The Merger

The merger plans to bring together various key players:

A web-based digital marketing company with 50,000 registered amateur golfers, having hosted a substantial proportion of golf tournaments in recent years.
The European Players Super League (EPSL), featuring 300 playing professionals, amateurs, and celebrities across bucket-list courses in Europe and globally.
2,000 UAE playing amateurs residing in UAE.
1,000+ high net worth CEOs.

Vision and Objectives

The ‘Golf Super Group’s’ vision is to create a community of over 100,000 amateur golfers through a portal system and web application. This platform will enable golfers to compete against each other, alongside former Ryder Cup players, European Tour winners, and celebrities from various industries at actual golf courses – many of which are bucket list courses. The Super League handicap system ensures a level playing field, allowing participants to compete on an equal basis irrespective of their playing status.

Key Benefits

This merger offers shareholders numerous benefits, including:

– Attracting substantial attention from golf companies worldwide, creating opportunities for product and service sales through 100,000 amateurs on web based and app-based system.

– Potential for consolidation and growth, as more businesses join the Super League umbrella.

Quotes from Key Stakeholders

Part owner and founder of the Super League tour, Mark James, is excited by the mergers and leads the direction of the tour through a Strategic Board that he heads up.

Mark James is Europe’s former Ryder Cup captain who has played in 7 Ryder Cups and won 18 times on the European Tour said: “The European Players Super League is a unique and innovative concept that brings together high-net-worth amateurs, respected professionals, and celebrities, in a spirit of camaraderie and competition. I head the Strategic Board which is supported by a team of credible European Tour champions, including Phillip Price, Steve Dodd, Ronan Rafferty, Robert Rock and Roger Chapman, who provide guidance and support in various aspects of the tour. Celebrities are advisors too as they have massive social reach. Former Premier League legends Andy Cole, Lee Dixon, Robbie Fowler, Matt Le Tissier, Alan McInally and Westlife’s Brian McFadden are all on my advisory board steering the golf business. We report into the Executive Board run by our capable leader Feisal Nahaboo.

Our tour is predominantly amateur driven, with professionals participating in a spirit of sportsmanship and friendly competition. I can confidently attest to the growth and quality of our stable of players. And as we add on more players, we will engage quality control and integrity into all our play. Banter and fun underpin all our competitions.”

Feisal Nahaboo, Founder and CEO of EPSL, said: “Our strategy, proven with the Xeinadin Accountancy Group, will be replicated in golf now. We’re creating a ‘corporate monster’, leveraging technology and momentum to drive commercial opportunity.”

Russell Yeomans, CEO of World Players Super League (formerly sport2business), added: “The merger pieces are synergising, and we’re building something remarkable. By uniting businesses and golfers, we’re transforming the golf industry and creating a new pedestal for amateurs in the sport.”

Future Outlook

The Golf Super Group is poised for significant growth, with immediate plans on the planned merger to boast:

– 50,000 amateur golfers.

– Over 20 million social media followers via Supler League player accounts

– Over 300,000 YouTube subscribers.

– Amateur and PRO Golfers residing in over 30 notable countries.

– Over 1000 ultra-high-net-worth CEOs competing in the Super League and CEO Masters format.

This planned merger marks a new era in golf, with the potential to revolutionise the sport and create new opportunities for golfers, businesses, and investors alike.

Super league has transacted with new investors over the past 2 weeks and expects growing interest post forthcoming mergers.

Read more:
50,000 Amateurs Unite: Former Ryder Cup Captain Part Owner Of Groundbreaking Planned Merger Set to Revolutionise Golf

The Ministry of Defence has flagged and rejected more than £211 billion in suspicious invoices over the past three years, as it ramps up efforts to combat financial fraud within one of the government’s most complex and high-value departments.

According to official figures obtained via a Freedom of Information (FOI) request and analysed by the Parliament Street think tank, the MoD rejected a total of 8,918 invoices, citing concerns over invalid pricing, tax anomalies, missing supplier data, duplicate entries, and inactive purchase orders. The total value of the rejected invoices reached £211,649,900,000.

While 5,063 of the flagged invoices were later corrected and resubmitted, 3,855 were permanently rejected, highlighting the scale of attempted or accidental misbilling within the ministry’s procurement system.

The revelations follow a string of high-profile fraud cases that have rocked the MoD’s internal accounting and financial oversight systems.

In April, former corporal Aaron Stelmach-Purdie was sentenced to prison for orchestrating a £911,677 fraud by exploiting the MoD’s staff expenses platform. The court heard that he manipulated allowance claims, pocketing over £550,000 for himself.

Just two months later, army soldier Andrew Oakes was convicted of stealing more than £300,000, using his position as a financial administrator to forge cheque stubs and redirect funds to personal accounts. The stolen money was used to purchase multiple high-end vehicles, including three Teslas, a Mini Cooper, and a Nissan Qashqai.

These cases have prompted calls for tighter financial controls and modernisation of verification systems, with growing consensus around the role of AI and machine learning in fraud prevention.

Jason Kurtz, CEO of e-invoicing platform Basware, said the scale of rejected invoices highlights the vulnerability of public sector finance systems.

“When fraud is suspected, we often see large fluctuations in billing as criminals exploit stolen or cloned credentials,” Kurtz explained. “Blocking payments is only half the battle — the resource burden of investigating fake or incomplete invoices is enormous.”

He called for greater deployment of AI-powered verification tools that can vet invoices before they enter the payment system, reducing the burden on overstretched finance teams.

Dr Janet Bastiman, chief data scientist at Napier AI, added that invoice fraud is a common tactic used by organised crime to siphon funds from high-volume government departments.

“Malicious actors frequently use fake paperwork and rogue bank accounts to fuel money laundering and illicit operations,” Bastiman said. “Government departments managing thousands of supplier payments a day are obvious targets. AI-powered anomaly detection offers a proactive way to catch suspicious transactions before the damage is done.”

With the MoD facing increasing scrutiny over its financial management, defence officials are under pressure to strengthen invoice auditing systems and modernise their approach to procurement oversight.

The sheer volume and value of flagged invoices suggest that existing safeguards — while catching many of the most egregious examples — are not fully equipped to prevent fraud at scale.

The findings come at a time when public trust in defence spending remains fragile, and fiscal discipline is under intense political focus. As the MoD contends with rising operational costs and evolving global threats, its financial resilience may increasingly depend on its digital defences as much as its physical ones.

Read more:
MoD received £211bn worth of suspicious invoices in three years amid fraud crackdown

Recently, Investment Capital Ukraine (ICU) agreed to release the hostages it had been holding for months. It offered bondholders to exchange the frozen unrestructured Loan Participation Notes (LPNs). To replace them with the same bonds, but already restructured ones. They belong to ICU in other issues.

In my opinion, this is a very good and ethical thing for the company to do. It can really correct the injustice that has been going on for quite some time. If you are not up to date, let me briefly remind you.

Even before the full-scale invasion, Alfa-Bank’s VIP depositors were offered a special investment product – Loan Participation Notes (LPN) issued by the Dutch company EMIS Finance B.V. These were securities with higher yields in foreign currency. In order to guarantee the safety of the money from Ukrainian legislation risks, the LPNs were issued by the Dutch company EMIS Finance B.V. and are in some way separated from the bank.

Alfa-Bank returned the funds raised to Ukraine and used them to issue new loans, and then shared the profits with its VIP clients. The deal was mutually beneficial, and Alfa Club became the most powerful VIP banking system in Ukraine. But with the outbreak of a full-scale war, the bank was nationalised, and the money of Ukrainian depositors was “suspended”.

The former owners of Alfa agreed to return the money, but asked to wait. They proposed a restructuring scheme for multiple tranches of LPNs. Most of the LPN issues have already been restructured. The scheme was used by influential Ukrainian families and companies, including (it turns out) ICU. Now they just have to wait for their money.

But there are just a few tranches left, the majority stake in which were bought up by the ICU group. The company began to play its own game, apparently demanding money from EMIS Finance B.V. not later, but immediately. They refused, and the situation “hung”. The LPN holders, who had a minority of votes, were held hostage (I will refer to them in this way below) and therefore could not influence the negotiations. After unsuccessful requests for restructuring (Investment Capital Ukraine did not agree), they began to use leverage. In particular, they could have influenced the imposition of sanctions against Petro Poroshenko, who is considered to be affiliated with ICU. I wrote about this here.

https://www.facebook.com/anserua/posts/pfbid0bVLxgLRodDJTmGucaNM4JLWwjfbay8cHq3CXosdvwFSkzyPosMTX6PjY47YHZkFFl

Time passed, but the situation did not change. On the contrary, ICU has recently gone on the offensive. The company proposed to change the trustee and paying agent of the blocked LPN tranches from BNY Mellon to Global Loan Agency Services Ltd (GLAS). Why? BNY Mellon is a world-renowned financial group with an impeccable reputation. Its business is simply to serve the process. GLAS, however, specialises in distressed and disputed assets. It often acts in the interests of the customer, not the market. It looks like ICU is going to get its money’s worth with the help of GLAS.

Of course, this upset the “hostages” even more, because for them, replacing the trustee would mean the failure of the restructuring, and the LPN debts would finally “hang”. But they had no chance to change this scenario, because the ICU holds the majority of votes.

For some time, it seemed to me that the main purpose of replacing the trustee was to force the “hostages” to sell their LPNs to the group at a large discount. In fact, ICU has professed this philosophy before: buy cheaply while everyone believes in the crisis and then sell at a premium.

Nevertheless, a pleasant miracle happened. Mr Paseniuk and Mr Stetsenko offered the “hostages” to replace the LPNs with the same securities, but already restructured (from other tranches). This is a gentlemanly act.

I don’t know who to thank for this. Perhaps Petro Poroshenko, who could have conveyed a simple message to the company’s co-owners Makar Paseniuk and Kostiantyn Stetsenko: the most dangerous opponent is the one who has nothing to lose. If we believe that it was the “hostages” who influenced the imposition of sanctions against Poroshenko, we can imagine what they would have done next. For ICU, this pressure could have been fatal and resulted in personal sanctions against the company and its owners. If this is the case, I think I would be very right to convey the gratitude of several families to you, Mr President.

Of course, another motivation might have worked. Messrs Paseniuk and Stetsenko could have soberly judged that it was not worth going to war with outraged “hostages” in the rear. After all, sanctions have already happened in Petro Poroshenko’s life, but they may yet appear in theirs. As for the possible reasons, it doesn’t take too long to find them. The professional biography of ICU’s leaders is closely intertwined with Russia’s VTB.

https://ukranews.com/ua/news/1094661-sergij-lyamets-personalni-sanktsiyi-proty-icu-chomu-yevropa-ta-ukrayina-mozhut-uhvalyty-take

The main thing in sanctions is not the presence of facts, but the decision to let them develop. This is exactly what the danger was for ICU. In the event of sanctions, one can kiss goodbye to one’s reputation and financial career in Ukraine, the UK, and Europe. And I’m not even talking about the monetary losses. I’m sure that current ICU clients would be very much against such a scenario. If so, the company’s decision is a manifestation of common sense.

In any case, a gentlemanly act is a gentlemanly act. It is a credit to Messrs Paseniuk and Stetsenko. It releases ICU from confrontation with the “hostages”.

Albeit, as my sources ironically point out, one part of ICU’s problems has been solved, but the other is just beginning. In their opinion, the company is at risk.

Here’s the thing. ICU is moving to an aggressive stage of pulling out its money. To do this, they need GLAS.

I may be wrong, but ICU’s actions are unlikely to threaten EMIS Finance B.V. This structure is simply a so-called SPV – a transit company that gives money only after it receives it. Where is the real money? Maybe in Russia? No.

The money will be paid by…

three…

two…

one…

Ukraine.

That’s right. Ukraine.

My interlocutors told me a dark secret. The only chance to return the money to the holders is to negotiate with Ukraine on compensation for the nationalised assets. In their opinion, this will require waiting for the end of the war. Although I cannot imagine how Ukraine will agree to this.

If you want the money faster, sue Ukraine. Therefore, according to my interlocutors, ICU will sue Ukraine. After all, it was Ukraine that nationalised Alfa, it was Ukraine that made it impossible to get the LPN money back.

To a large extent, I believe in such a scenario. The fact is that the ICU is serviced by Cleary Gottlieb, an international law firm. It was this company that was the architect of the warrant deal in Jaresko’s time. Let me remind you that the holders of these securities receive hundreds of millions of dollars if Ukraine’s GDP grows by more than 3% over the year. If GDP growth is between 3% and 4%, Ukraine pays 15% of the amount exceeding 3%. If GDP growth exceeds 4%, it pays 40% of the total amount of growth over 4%.

https://www.slovoidilo.ua/2025/04/29/infografika/ekonomika/vvp-varanty-ukrayiny-ce-ta-yaki-umovy-vyplat

It is very likely that these securities were once made possible thanks to Poroshenko’s political support, and for many years they have been alive thanks to old connections. So, even today, Cleary Gottlieb services warrant holders. It is quite possible that ICU or its clients are among the holders of these securities, but I have no facts about this.

But let me remind you that we still don’t know who the warrant holders are. International lawyers protect the anonymous owners. Ukrainian society is outraged by their actions, but this outrage is very abstract. No one knows the stakeholder.

In the case of LPNs, it’s a completely different story. The holder of the bonds is either ICU or a client that the company cannot name. This is a completely different configuration. A financial company with Ukrainian roots and revenues in Ukraine… will sue Ukraine.

It’s not pretty, no matter how you look at it. International courts may decide that Ukraine owes money. But what will be the reaction of society? It is insidious and inhumane to extract money from a country in the midst of a war to make super-profits. Especially for a Ukrainian company.

I’m not too sure about their colleagues either. If Cleary Gottlieb conducts this project, I will speculate further. But is Global Loan Agency Services Ltd (GLAS) ready for reputational losses? Does the company know from whom they will have to collect the money? This is very intriguing.

Of course, some other scenario is possible. But something tells me that this is exactly what it looks like: ICU v. Ukraine.

So far, this has not happened. We’ll see how it goes. Let me remind you that I still have not received any comments from ICU.

In conclusion, I would like to compliment the company once again. Messrs Paseniuk and Stetsenko acted like gentlemen. It is possible that this happened under the influence of Petro Poroshenko, for which he will receive a compliment of his own.

To be continued. Or not.

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This is a text of gratitude. A good thing happened in the financial market

For centuries, land ownership has been a cornerstone of British wealth.

Today, in an era of inflation, political scrutiny, and shifting tax policy, UK farmland is once again in vogue—not merely as a legacy asset but as a strategic, tax-efficient investment for high-net-worth individuals (HNWIs) and business owners seeking long-term capital protection.

Yet the rules underpinning this pastoral advantage are under threat. As Chancellor Rachel Reeves advances proposals to reform Agricultural Property Relief (APR), what has long been a discreet haven for generational wealth may soon face profound change.

The enduring appeal of land

Farmland continues to offer a powerful value proposition: scarcity, price resilience, and unparalleled tax reliefs. According to the Royal Institution of Chartered Surveyors (RICS), UK farmland values rose 7.3% in 2024, buoyed by investor demand, food security concerns, and the monetisation of natural capital through carbon credits and biodiversity offsets.

“Farmland offers both legacy and leverage,” says Henry Pemberton, a land advisor at Savills. “From a tax and wealth planning perspective, it has few rivals.”

The tax architecture: APR, BPR and CGT deferral

At the heart of farmland’s appeal are Agricultural Property Relief (APR) and Business Property Relief (BPR) — powerful tools that offer 100% relief from inheritance tax when structured correctly.

APR applies to land actively farmed or let out for agricultural use, provided it’s held for two years (or seven if let).
BPR can extend that protection to mixed-use or diversified estates that generate trading income, such as from holiday lets or renewable energy.
Capital Gains Tax (CGT) can often be deferred through hold-over or rollover relief, further increasing the asset’s efficiency in estate planning.

Sarah Allardyce, a tech entrepreneur, purchased 88 acres in Kent following a business exit in 2020. Combining regenerative agriculture with solar power and biodiversity credits, she structured her land investment to optimise reliefs.

Her strategy included:

APR on her farmland after two years of direct farming.
BPR on a consultancy operated from the property.
Income from a wildflower offset scheme leased to a local conservation group.

“I didn’t buy land for the subsidies,” she said. “But the tax reliefs certainly sweetened the model.”

The storm gathers: Reform proposals on the table

In her July 2025 Budget, Chancellor Rachel Reeves launched a consultation on overhauling APR — a move the Treasury says could raise £1.2 billion in additional IHT by 2030. Proposed changes include:

Restricting APR eligibility to working farmers, excluding passive investors.
Reassessing relief on non-agricultural activities, including renewable energy, glamping, and rewilding.
Limiting APR for land held in corporate or offshore structures.

Critics argue these reforms would penalise environmental stewardship, deter new entrants, and destabilise family-owned estates that rely on APR for intergenerational continuity.

Enter, the Jeremy Clarkson effect

Among the most vocal opponents is Jeremy Clarkson, whose Amazon Prime series Clarkson’s Farm has turned him into an unlikely agricultural advocate. In a recent episode, Clarkson railed against the idea that his farm might be deemed “inactive” under new rules.

“So let me get this straight,” he said. “I pay for the tractor, the barn roof, the seed, the diesel, I risk everything on the weather… and then the Chancellor tells me the land isn’t ‘active’ enough to qualify for relief? Madness.”

Clarkson has joined forces with the National Farmers’ Union and a coalition of rural MPs to resist the proposed changes, warning they will erode rural resilience and discourage sustainable innovation.

Case study: Family planning in the countryside

The Hunter-Bennett family, former logistics business owners, invested £6.5 million in a 400-acre Suffolk estate in 2022. With two adult children managing the estate full time, they secured full APR and BPR relief through a UK LLP and trust structure.

Now, amid the policy uncertainty, they are reviewing holiday let income streams and rewilding credits to ensure future eligibility.

“If these reforms go through as written, we may need to unwind parts of the trust or explore restructuring,” said trustee Mark Bennett.

Outlook: Tax shelter, but for how long?

Despite the turbulence, farmland continues to offer unmatched advantages: scarcity, cultural capital, diversification, and long-term tax sheltering. But the rules are no longer guaranteed. Savills has reported a 30% increase in farmland acquisitions via trusts and family investment companies in Q2 2025, as advisors rush to secure current reliefs before any legislative changes are enacted.

“What was once an evergreen shelter is now under audit,” says Pemberton.

Conclusion: Invest in land — but stay alert

Farmland still offers a uniquely British blend of prestige, protection, and performance. But the future of tax efficiency in the sector is under scrutiny, and the window to act may be closing.

For HNWIs and business owners seeking stability, the message is clear: invest in land — but do so with urgency, foresight, and a team that understands both the soil and the statute book.

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Fields of fortune: Why farmland remains a tax-efficient safe haven — for now

The European Union has failed to secure any reduction in the punitive 50 per cent US steel tariff in the latest outline trade deal with Washington, leaving the bloc’s exporters facing one of the harshest trade penalties imposed by President Donald Trump’s administration.

Despite weeks of high-level negotiations and mounting pressure from European steelmakers, diplomats confirmed this week that the provisional agreement includes a 15 per cent baseline tariff on most EU goods—but crucially, steel remains excluded from the reduction.

“It includes a 15% baseline tariff on a range of goods, with notable exceptions such as steel, which remains at 50%,” a Brussels diplomat said.

The news has dealt a blow to the European steel industry, already under strain from high energy costs and rising imports of cheap Chinese steel. The sector had hoped for parity with Britain, which secured a 25 per cent steel tariff, now due to fall to zero under the bilateral deal agreed by Keir Starmer in May.

By contrast, the EU now faces a steel tariff twice the UK’s rate, prompting renewed warnings from Eurofer, the EU’s steel industry body, that the measures could be “catastrophic” for the sector.

Sources suggest that Brussels is still pushing for a quota-based compromise, whereby the 50% tariff would only apply to EU steel exports above a certain volume. However, there is no confirmation that this idea has gained traction with the US side.

President Trump reiterated his hardline position at an AI summit in Washington on Thursday, stating that countries without a signed agreement could expect tariffs “anywhere between 15% and 50%”.

Although EU diplomats stress that the agreement remains a draft and that tariff exemptions and adjustments are still under discussion, the current outline points to a deal in which the EU accepts steeper trade penalties than Britain in order to secure broader access to the US market.

The EU’s urgency to conclude a deal with the US comes amid escalating tensions with China, where a widening trade imbalance and restrictions on rare earth exports have placed additional pressure on European manufacturers.

Speaking at a trade summit in Beijing, European Commission President Ursula von der Leyen warned that the EU might find it “very difficult to maintain its current level of openness” with China unless it reduced its massive trade surplus.

“These numbers speak to the scale of our relationship, but they also expose a growing imbalance,” von der Leyen said, blaming Chinese state subsidies and market access barriers for the current deficit.

Amid the rare earth shortages, European carmakers have warned of potential production stoppages. German industry group VDA said electronic systems such as automated windows and boots were being affected by a lack of key components.

Von der Leyen said a “practical solution” had been reached at the summit, allowing car firms to request direct intervention to trace and resolve delays in rare earth shipments.

As pressure grows to reach a deal with Washington, Germany’s Chancellor Friedrich Merz is said to remain eager to secure a trade pact that would restore stability to investors and automakers, even at the cost of steep tariffs on steel.

Merz, who is believed to have a direct line to President Trump, is expected to use an upcoming visit to Scotland—where Trump owns two golf courses—as a potential opportunity to make a personal appeal.

“As we lose our major export market, the European market is being flooded by the steel the US is no longer absorbing,” Eurofer warned in a statement. “This is not sustainable.”

The European Central Bank, meanwhile, left interest rates unchanged on Thursday, as it monitors whether the fallout from US tariffs will impact eurozone inflation and industrial output.

Despite the mounting concerns, EU officials privately admit that a deal with Washington—however painful—may be the only way to avoid a wider trade war. With the US election cycle heating up, and Trump doubling down on his “America First” agenda, European leaders appear willing to accept painful compromises in exchange for broader market access and investor reassurance.

But with steel singled out for the harshest treatment, Brussels now faces political backlash from an industry that feels sidelined and exposed — and a brewing dilemma about whether trade peace is worth the price of sectoral sacrifice.

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EU fails to reduce 50% steel tariff in draft US trade deal as industry warns of ‘catastrophic’ impact

Luxury powerhouse LVMH has reported a sharp fall in fashion and leather goods sales, as affluent shoppers in the United States and China cut back amid economic uncertainty, trade tensions, and cautious consumer sentiment.

The division behind iconic labels such as Louis Vuitton, Dior, and Givenchy saw organic sales drop 9 per cent in the second quarter to €9 billion, deepening from a 5 per cent decline in the previous quarter. The slump marked the steepest contraction among the group’s five business segments and raises concerns for the broader luxury sector, which has relied heavily on discretionary spending from high-income consumers.

Shares in LVMH fell 2 per cent to €470.25, extending a broader slide that has seen the stock fall 28 per cent over the past year.

For the first half of 2025, fashion and leather goods sales were down 7 per cent on an organic basis to €20.7 billion, while recurring operating profit in the segment declined 18 per cent to €6.6 billion. LVMH blamed tough comparisons with the same period last year, which had been buoyed by a rebound in global tourism—particularly in Japan.

Group-wide, second-quarter revenue fell 4 per cent organically to €19.5 billion, while first-half sales dropped 3 per cent to €39.8 billion. Operating income before non-recurring items came in at €9 billion, down from €10.65 billion a year earlier, broadly in line with analyst expectations.

The decline was not limited to fashion. LVMH’s wines and spirits division, home to Moët & Chandon and Hennessy, also saw revenue and profits fall, citing weaker demand in the US and China and a sluggish market for cognac. Organic revenue in the unit fell 4 per cent in Q2, bringing the first-half decline to 7 per cent.

There was a modest improvement in champagne sales, but it was not enough to offset overall weakness. Meanwhile, jewellery sales were flat, with LVMH’s portfolio of brands including Bulgari and Tiffany & Co. failing to post growth amid a cautious consumer climate.

Trade concerns loom, but pricing power remains

Speaking on the results, Chief Financial Officer Cécile Cabanis said the macroeconomic environment remained “full of uncertainty”, but expressed “cautious optimism” for the rest of the year. She pointed to potential progress in trade talks between the EU and the US, with President Trump recently softening rhetoric on a proposed 15 per cent general tariff on EU imports.

Cabanis suggested such a move could ultimately benefit sentiment among LVMH’s customer base.

“It would be an overall good outcome for the general mood of our clients,” she said.

While tariffs remain a risk, Cabanis noted that many LVMH brands still retain pricing power, allowing the group to adjust prices and protect margins if needed. To mitigate future trade exposure, LVMH also announced plans to open a new factory in Texas by 2027, further deepening its manufacturing footprint in the US.

In light of the challenging backdrop, LVMH is reassessing its portfolio, with Cabanis confirming the group will not retain any brands that fail to meet profitability thresholds. She cited the recent divestments of stakes in Off-White and Stella McCartney as part of a broader strategic repositioning.

LVMH, led by billionaire Bernard Arnault, owns 75 luxury brands and remains the world’s most valuable luxury goods group with a market capitalisation of €233 billion. However, 2025 has proven difficult for the sector as a whole, with Chinese consumer confidence hit by a property downturn and the US luxury market showing signs of fatigue.

While rivals such as Richemont have managed to offset weakness in watches and fashion with growth in jewellery, LVMH’s diversified model has been unable to escape the broader slowdown.

Still, Cabanis expressed confidence in the group’s long-term outlook, stating:

“We remain agile, committed to innovation, and focused on markets where brand equity and heritage still carry weight. There will be turbulence, but we are well-positioned for the recovery.”

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LVMH suffers steep drop in fashion sales as wealthy consumers tighten belts