Access Bank, one of Nigeria’s largest banks by assets, has announced plans to set up operations in Morocco The development comes after the bank successfully raised about $228 million in capital, surpassing CBN’s minimum capital requirement Access Bank’s planned expansion will position it for growth in Africa and Europe in the coming years PAY ATTENTION: Follow our WhatsApp channel to never miss out on the news that matters to you! Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade. One of Nigeria’s largest banks by assets, Access Bank, has reportedly announced plans to set up operations in Morocco as part of its pan-African expansion. The development comes as the bank became the first bank in Nigeria to surpass the Central Bank of Nigeria (CBN) capital requirement target, raising $228 million in a rights issue of 17.8 billion ordinary shares. Access Bank seeks to dominate the African market According to reports, the capital raise has put Access Bank’s share at N600 billion or $387.4 million, representing 20% more than the minimum requirement for banks in Nigeria with international operations. Read also Sterling Financial Holdco secures CBN approval for additional N75bn capital injection PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! The Morocco World News reports that Access Bank has secured approvals from the CBN and the Securities and Exchange Commission (SEC) for the fundraising. The foray into Morocco is part of the bank’s broader strategy to double its international assets by 2027. Access Bank sees Morocco as a strategic gateway between Sub-Saharan Africa and Europe, placing it as an essential platform for boosting South-South economic exchanges. Reports say the move is part of Access Bank’s broader $1.5 billion fundraising plan, which aims to support its expansion into North Africa, Egypt, and the US. The bank has already committed to continental growth via recent acquisitions, including Standard Chartered Bank’s operations in Angola and Sierra Leone. It also expects approval from the Central Bank of Kenya (CBK) to acquire Kenya’s Commercial Bank’s share in the National Bank of Kenya, which may be concluded by March 2025. Access Bank expands to 24 countries Read also African country cancels charges on ATM cards, other debit cards to boost digital transactions Access Bank maintains a prominent presence in Africa and beyond. It operates in 24 countries across three continents, with over 700 branches and service points, serving about 60 million customers. Access Bank’s shares have maintained strong performance, increasing 6.7% in Lagos in 2024 after doubling in value in 2023. Additionally, the bank has agreed to acquire Bidvest Bank Holding Limited for about $159 million to boost its presence in South Africa. Access Bank opens new branch in Malta Legit.ng reports that Access Bank UK Limited has set up operations in Malta . Reports say the European Central Bank and the Maltese financial regulators approved the banking license application. The approval of Access Bank Malta Limited has been seen as transformative in boosting Europe-Asia trade flows. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Source: Legit.ng
Dear Eric: My psychologically disabled adult son who also suffers from chronic physical illnesses will live with me for the remainder of my life as I care for him. His medications, doctor visits and hospitalizations with multiple surgeries take up most of his monthly disability income. I was informed by my attorney to have an executor of my will selected in order to allow him to continue to get his disability pay so that his assets would not show over the required amount. Most of the people I know that could do this are my age (70), and all of us could die. My younger friend in her 40s is an ideal person for this but she is hesitant to take on such a role. My understanding is that when he needs money, he would call her, and she would simply deposit that money from my account to his. The bills would be auto-paid. Everything else is in trust. I was also told a bank or financial planner could take this role but would charge high fees and my son’s severe social anxiety would not allow him to communicate with someone not known to him. Do you or your knowledgeable readers have any suggestions for me? — Concerned For The Future Dear Concerned: I talked to attorney Lindsey Weidenbach, who has expertise in a number of fields, including estate planning, to get some best practices for people in your situation. While, of course, she couldn’t provide legal advice, she helped me to get a better understanding of the factors at play. She pointed out that estate programs can last for years, requiring significant mental capacity and time to manage, including making an inventory of assets. So, part of your friend’s hesitation may be related to the scope of the duties required of a will’s executor. I’m curious if you’ve discussed the option of making someone a trustee of the trust, which may have a much more limited set of duties. This also would provide a check and balance system that doesn’t involve your friend accessing your account. It’s also possible that your friend sees the amount of care that you provide and is unsure of her ability to take on that role. Presuming you’ve thought through what services or professionals can help your son in the way that you do, you should talk it through with your friend. Dear Eric: Your response to “Sad In Urinetown” strongly implies that urinating on plants can only be a mentally disordered behavior. I challenge this. Perhaps you didn’t have time to read the many easily found studies and articles from agriculture and gardening into this question. In sum, urine has many useful nutrients for plant life and is generally a healthy fertilizer. It is only social convention and misplaced laws against urinating in public that shame us for doing what our ancestors did. So, perhaps, revise your advice? This behavior is harmless, except insofar as laws and social conventions go. — Plant Lover Dear Plant Lover: While I quibble with the assertion that I said the letter writer’s husband’s habit of urinating outside could only be mentally disordered behavior, I wanted to print your letter because I found the points about urea being a good fertilizer to be very interesting, and I imagine others might, too. After additional reading, I found that it’s recommended the urine be diluted as opposed to coming straight from the person. Much to consider.EPA grant could fund multi-million dollar 'recreation and resiliency' hub in ButteGift cards can be a quick and easy present for those who don’t know what to buy and offer the recipient a chance to pick out something nice for themselves, but sometimes they can still miss the mark. If you find yourself with a gift card you don’t think you’re going to use, experts say you have options. Natasha Macmillan, director of everyday banking at Ratebub.ca, says we’ve all been in that situation where someone doesn’t know you, but still wants to get you something and gives you a gift card for a store that you probably won’t use. If that’s the case, she said you have options. “You might be able to use the gift card for a present for a friend or a family member. That will actually help you save money while using the gift card at the same time,” she said. Macmillan also said you can look to resell a card through a platform such as Facebook Marketplace, Kijiji or other websites that specialize in buying and reselling gift cards. “You do have to be careful with some of the scams and things out there, but it’s also helpful and that way you can get cash for the gift card or even exchange it for another gift card,” she said. If you’re considering that option, she said to always ask for the cash or e-transfer before handing over the gift card. According to Accenture’s 2024 Canadian holiday shopping survey, 64 percent of consumers received gift cards last year, each of whom received four on average. But despite being a popular choice, the report said four-in-10 recipients failed to redeem the full balance of the card from the holiday season last year. That resulted in an unspent total gift card balance of $136 on average per consumer. The Accenture report noted 31 percent didn’t use their gift card because it was exclusive to only a few brands or stores and 27 percent could not find items to purchase. If regifting or selling don’t appeal to you, some charities will accept gift cards as a donation. The rules around what kind of gift card a charity might accept can vary and not all charities will accept all gift cards, but if they do, and depending on the amount, it could mean a charitable donation tax receipt that will help reduce your bill come tax time. Mark Aston, executive director at Covenant House Toronto, which helps young people who are experiencing homelessness and trafficking, said the holidays can be tough for a young person who is isolated and does not have the support of family and friends that many of us rely on. A gift card can help a young person buy themselves a treat that they would not otherwise be able to afford. “Helping to normalize the experience around the holiday season is really helpful and impactful and to that end, gift cards can be really helpful,” Aston said. He added that Covenant House is open to accepting all kinds of gift cards as donations that it can pass on to those in need to help with the cost of living and offer a little cheer. Gift cards to grocers, drugstores and coffee shops can help with the day-to-day essentials, but he said gift cards for less obvious treats like movie tickets are also welcome. “We’re extremely appreciative of any gift card donations,” he said. Meanwhile, Macmillan said donating a gift card that isn’t going to be used can be a win-win. “The gift card doesn’t go to waste and you get that tax receipt in return, and it does help you save money at the end of the day,” she said.USU men’s basketball: Aggies go after school record on Saturday
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49ers quarterback Brock Purdy did some light throwing without issue Monday, coach Kyle Shanahan said. Purdy, who missed Sunday’s game with right shoulder soreness, will rest Tuesday. “It went all good,” Shanahan said, via David Bonilla of 49erswebzone.com. “We didn’t push it that hard, but he did some light throwing, which was a good sign that the pain hadn’t come back, and we’ll rest it tomorrow and see how he feels as the week goes.” In a Week 11 loss to the Seahawks, Purdy appeared to injure the shoulder when his hand hit the arm of Seahawks cornerback Devon Witherspoon as he released a pass early in the fourth quarter. The 49ers, though, don’t know specifically when Purdy injured it as he not miss time in that game with the injury. An MRI showed no structural damage, and Purdy reportedly underwent a second MRI after he continued to experience soreness in the shoulder late last week. “Most guys, we always get more than one [MRI] when you get one, and it seems all right, then you have some pain later in the week,” Shanahan said. “So, you get another one to make sure you didn’t miss anything. And so, that’s what he did, I think, after the Thursday practice.” The 49ers listed him as limited in practice last week before ruling him out Friday. The 49ers play the Bills on Sunday Night Football in Week 13.
This whale alert can help traders discover the next big trading opportunities. Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner. Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. Below are some instances of options activity happening in the Industrials sector: Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume EOSE CALL SWEEP BEARISH 05/16/25 $5.00 $145.0K 10.5K 3.5K KULR CALL SWEEP BULLISH 02/21/25 $5.00 $30.8K 960 1.5K RKLB CALL SWEEP BEARISH 12/27/24 $25.00 $32.0K 3.1K 895 ENVX CALL TRADE BULLISH 01/17/25 $10.00 $29.2K 15.8K 801 BA PUT TRADE BULLISH 12/18/26 $220.00 $46.3K 237 564 JBLU CALL SWEEP BULLISH 03/21/25 $7.00 $29.0K 4.7K 508 PBI CALL SWEEP BULLISH 02/21/25 $7.00 $46.0K 1.1K 501 MMM PUT SWEEP BULLISH 02/21/25 $130.00 $60.4K 426 162 NSC CALL TRADE BULLISH 06/20/25 $260.00 $27.8K 111 121 ALK PUT SWEEP BULLISH 02/21/25 $67.50 $29.6K 25 106 Explanation These bullet-by-bullet explanations have been constructed using the accompanying table. • Regarding EOSE EOSE , we observe a call option sweep with bearish sentiment. It expires in 141 day(s) on May 16, 2025 . Parties traded 1000 contract(s) at a $5.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $145.0K , with a price of $145.0 per contract. There were 10550 open contracts at this strike prior to today, and today 3548 contract(s) were bought and sold. • For KULR KULR , we notice a call option sweep that happens to be bullish , expiring in 57 day(s) on February 21, 2025 . This event was a transfer of 220 contract(s) at a $5.00 strike. This particular call needed to be split into 69 different trades to become filled. The total cost received by the writing party (or parties) was $30.8K , with a price of $140.0 per contract. There were 960 open contracts at this strike prior to today, and today 1573 contract(s) were bought and sold. • For RKLB RKLB , we notice a call option sweep that happens to be bearish , expiring in 1 day(s) on December 27, 2024 . This event was a transfer of 100 contract(s) at a $25.00 strike. This particular call needed to be split into 9 different trades to become filled. The total cost received by the writing party (or parties) was $32.0K , with a price of $320.0 per contract. There were 3187 open contracts at this strike prior to today, and today 895 contract(s) were bought and sold. • Regarding ENVX ENVX , we observe a call option trade with bullish sentiment. It expires in 22 day(s) on January 17, 2025 . Parties traded 200 contract(s) at a $10.00 strike. The total cost received by the writing party (or parties) was $29.2K , with a price of $146.0 per contract. There were 15853 open contracts at this strike prior to today, and today 801 contract(s) were bought and sold. • For BA BA , we notice a put option trade that happens to be bullish , expiring in 722 day(s) on December 18, 2026 . This event was a transfer of 9 contract(s) at a $220.00 strike. The total cost received by the writing party (or parties) was $46.3K , with a price of $5155.0 per contract. There were 237 open contracts at this strike prior to today, and today 564 contract(s) were bought and sold. • For JBLU JBLU , we notice a call option sweep that happens to be bullish , expiring in 85 day(s) on March 21, 2025 . This event was a transfer of 200 contract(s) at a $7.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $29.0K , with a price of $145.0 per contract. There were 4742 open contracts at this strike prior to today, and today 508 contract(s) were bought and sold. • For PBI PBI , we notice a call option sweep that happens to be bullish , expiring in 57 day(s) on February 21, 2025 . This event was a transfer of 500 contract(s) at a $7.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $46.0K , with a price of $93.0 per contract. There were 1100 open contracts at this strike prior to today, and today 501 contract(s) were bought and sold. • Regarding MMM MMM , we observe a put option sweep with bullish sentiment. It expires in 57 day(s) on February 21, 2025 . Parties traded 113 contract(s) at a $130.00 strike. This particular put needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $60.4K , with a price of $535.0 per contract. There were 426 open contracts at this strike prior to today, and today 162 contract(s) were bought and sold. • Regarding NSC NSC , we observe a call option trade with bullish sentiment. It expires in 176 day(s) on June 20, 2025 . Parties traded 34 contract(s) at a $260.00 strike. The total cost received by the writing party (or parties) was $27.8K , with a price of $820.0 per contract. There were 111 open contracts at this strike prior to today, and today 121 contract(s) were bought and sold. • For ALK ALK , we notice a put option sweep that happens to be bullish , expiring in 57 day(s) on February 21, 2025 . This event was a transfer of 78 contract(s) at a $67.50 strike. This particular put needed to be split into 19 different trades to become filled. The total cost received by the writing party (or parties) was $29.6K , with a price of $380.0 per contract. There were 25 open contracts at this strike prior to today, and today 106 contract(s) were bought and sold. Options Alert Terminology - Call Contracts: The right to buy shares as indicated in the contract. - Put Contracts: The right to sell shares as indicated in the contract. - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. - Premium/Option Price: The price of the contract. For more information, visit our Guide to Understanding Options Alerts or read more about unusual options activity . This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Englishman Keinan Davis scored with 14 minutes remaining for Udinese to draw 1-1 at Empoli in Italy's Serie A and snap the visitors' three-game losing streak. The former Watford and Aston Villa striker rose to head home a near-post corner with 76 minutes gone on Monday (Tuesday AEDT). Pietro Pellegri put Empoli ahead midway through the first half with his third goal in three games. The on-loan Torino striker had endured a lean season, but a goal in the 1-0 win over Como was followed by another in the 1-1 draw with Lecce before the international break. The result was the first point in four games for Udinese, after consecutive defeats to Atalanta, Juventus and Venezia, and meant that both sides retained their mid-table positions. Udinese were ninth and Empoli 10th in the standings. In the night's other match, Venezia missed a chance to move off the foot of the table when they went down at home to Lecce 1-0. Venezia were dominant for most of the game, with Gaetano Oristanio and Jay Idzes hitting the woodwork, and Wladimiro Falcone outstanding in the Lecce goal. But the home side paid for its profligacy after 70 minutes. Antonino Gallo's sublime cross from the left was met by Patrick Dorgu at the far post and he steered the ball into the far corner to give Lecce all three points. Lecce, who started the night only two places above bottom side Venezia, jumped into 15th place.
WASHINGTON (AP) — A Dallas man who tried to fly overseas to join the Russian military and fight against Ukraine was sentenced on Friday to six months in prison for violating the terms of his probation for storming the U.S. Capitol four years ago. Kevin Loftus, a 56-year-old veteran of the U.S. Army, was stopped from boarding an Oct. 28 flight from Dallas to Tbilisi, Georgia, by way of Istanbul, Turkey, when Turkish Airlines identified a “security flag” associated with him, according to federal prosecutors. Loftus didn't have the court's permission to travel internationally or to drive from Texas to Iowa, where the FBI arrested him three days after his flight plans fell apart, prosecutors said. Loftus told the FBI that he had hoped to secure a 90-day visa to travel to Russia, where he intended to apply for temporary residency. Loftus said he had used the Telegram messaging platform to communicate with a man who would connect him with the Russian Territorial Defense Unit, a volunteer military corps. People are also reading... “Loftus said he had already sent the man approximately $1200 to purchase equipment for Russian soldiers,” prosecutors wrote . “Loftus said his intent was to fight for Russia and against Ukraine.” Loftus declined to address the court before U.S. District Judge Dabney Friedrich sentenced him for the probation violation. The judge said Loftus has repeatedly violated court orders. “He doesn't think these rules should apply to him,” Friedrich said. “He wants to be above the law.” Defense attorney Benjamin Schiffelbein said Loftus wanted to enlist in the Russian military because he “felt bad” for Russian soldiers and wanted to help them. “He had no idea whether they could make use of him," the lawyer said. Loftus, a six-year Army veteran, intended to permanently relocate to another country, according to prosecutors. “And his planned travel was for the express purpose of joining a foreign army to take up arms against one of this country’s allies and in opposition to this country’s foreign policy,” they wrote. In January 2021, Loftus traveled from Wisconsin to Washington, D.C., to attend then-President Donald Trump's “Stop the Steal” rally near the White House. After joining the mob of Trump supporters at the Capitol, he entered the building and took photographs. He spent approximately five minutes inside the Capitol. Loftus was arrested at his Wisconsin home several days after the riot. He pleaded guilty in October 2021 to a misdemeanor count of parading, demonstrating or picketing in a Capitol building. After his arrest, Loftus posted comments about his case on social media, referring to himself as “famous” and a “hero” for taking part in the Jan. 6 attack. “Loftus also stated that he gained that fame by ‘standing up for all Americans’ because he ‘broke the law,’ and he would file lawsuits against unidentified persons after the criminal case was over,” prosecutors wrote . Prosecutors recommended 30 days of imprisonment for Loftus, but Friedrich initially sentenced him to three years of probation. For his probation violation, prosecutors requested a six-month prison sentence. They noted that Loftus, while on probation, also was arrested in December 2023 and charged with driving while intoxicated in Richardson, Texas. Loftus was required to attend a substance abuse program, but he avoided jail time for that violation. Over 1,500 people have been charged with Capitol riot-related crimes. More than 1,000 of them have been convicted and sentenced, with roughly two-thirds receiving a term of imprisonment ranging from a few days to 22 years . Trump has repeatedly vowed to pardon Capitol rioters, but the district court judges in Washington, D.C., typically have refused to postpone sentencings, plea hearings and trials until after the president-elect returns to the White House. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Be the first to know Get local news delivered to your inbox!
BSU Night at Target Field tickets to go on sale with Cyber Monday dealBy JILL COLVIN NEW YORK (AP) — President-elect Donald Trump wants to turn the lights out on daylight saving time. In a post on his social media site Friday, Trump said his party would try to end the practice when he returns to office. “The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our Nation,” he wrote. Setting clocks forward one hour in the spring and back an hour in the fall is intended to maximize daylight during summer months, but has long been subject to scrutiny. Daylight saving time was first adopted as a wartime measure in 1942. Lawmakers have occasionally proposed getting rid of the time change altogether. The most prominent recent attempt, a now-stalled bipartisan bill named the Sunshine Protection Act , had proposed making daylight saving time permanent. The measure was sponsored by Florida Sen. Marco Rubio , whom Trump has tapped to helm the State Department. Related Articles National Politics | Trump’s lawyers rebuff DA’s idea for upholding his hush money conviction, calling it ‘absurd’ National Politics | Ruling by a conservative Supreme Court could help blue states resist Trump policies National Politics | A nonprofit leader, a social worker: Here are the stories of the people on Biden’s clemency list National Politics | Nancy Pelosi hospitalized after she ‘sustained an injury’ on official trip to Luxembourg National Politics | Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump’s suite at football game “Changing the clock twice a year is outdated and unnecessary,” Republican Sen. Rick Scott of Florida said as the Senate voted in favor of the measure. Health experts have said that lawmakers have it backward and that standard time should be made permanent. Some health groups , including the American Medical Association and American Academy of Sleep Medicine, have said that it’s time to do away with time switches and that sticking with standard time aligns better with the sun — and human biology. Most countries do not observe daylight saving time. For those that do, the date that clocks are changed varies, creating a complicated tapestry of changing time differences. Arizona and Hawaii don’t change their clocks at all.
HGTV Stars Erin and Ben Napier Share Exciting 'Home Town' Update
FIUGGI, Italy (AP) — Foreign ministers from the world’s leading industrialized nations expressed cautious optimism Monday about possible progress on a ceasefire between Israel and Hezbollah. The top diplomats met for the final time before a new U.S. administration takes office with wars raging in the Mideast and Ukraine. “Knock on wood,” Italian Foreign Minister Antonio Tajani said as he opened the Group of Seven meeting outside Rome. “We are perhaps close to a ceasefire in Lebanon," he said. "Let's hope it's true and that there's no backing down at the last-minute.” A ceasefire in Gaza and Lebanon was foremost on the agenda of the G7 meeting in Fiuggi, outside Rome, that gathered ministers from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, in the last G7 encounter of the Biden administration. For the first time, the G7 ministers were joined by their counterparts from Saudi Arabia, Egypt, Jordan, the United Arab Emirates and Qatar, the so-called “Arab Quintet,” as well as the Secretary General of the Arab League. “Everyone favors a ceasefire in both scenarios,” Tajani told reporters, adding that Italy had offered to take on an even greater peacekeeping role in Lebanon to oversee any ceasefire deal. As the ministers arrived in Italy, Israel’s ambassador to the U.S., Mike Herzog, told Israeli Army Radio on Monday a ceasefire deal to end fighting between Israel and the Lebanon-based Hezbollah could be reached “within days.” Several Arab ministers reiterated calls for a ceasefire in both Lebanon and Gaza during a G7-affiliated conference in Rome. “We need a ceasefire, a permanent ceasefire. That will stop the killings and stop the destruction and restore a sense of normalcy to life,” Jordanian Foreign Minister Ayman Safadi told the conference. Egyptian Foreign Minister Badr Abdelatty, for his part, reaffirmed that Cairo would host a minister-level conference next Monday on mobilizing international aid for Gaza. The so-called “Quintet” has been working with the U.S. to finalize a “day after” plan for Gaza. There is some urgency to make progress before the Trump administration takes over in January. President-elect Donald Trump is expected to pursue a policy that strongly favors Israel over the aspirations of the Palestinians. Tajani added another item to the G7 agenda last week after the International Criminal Court issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his former defense minister and Hamas’ military chief. Italy is a founding member of the court and hosted the 1998 Rome conference that gave birth to it. But Italy’s right-wing government has been a strong supporter of Israel after the Oct. 7 Hamas attacks, while also providing humanitarian aid for Palestinians in Gaza. The Italian government has taken a cautious line, reaffirming its support and respect for the court but expressing concern that the warrants were politically motivated. The United States, Israel's closest ally, has called the warrants “outrageous.” Tajani acknowledged consensus hadn't been reached among the G7 members but hoped for agreement to have a unified position. He noted that all sides need Netanyahu to make any deal. “We can also not agree with how his government has led the reaction after the massacre of Oct. 7, but now we have to deal with Netanyahu to arrive at peace in Lebanon, peace in Palestine,” Tajani said. Nathalie Tocci, director of the Rome-based Institute for International Affairs think tank, warned that inserting the ICC warrant into the G7 agenda was risky, since the U.S. is the lone member that is not a signatory to the court and yet tends to dictate the G7 line. “If Italy and the other (five G7) signatories of the ICC are unable to maintain the line on international law, they will not only erode it anyway but will be acting against our interests,” Tocci wrote in La Stampa daily this weekend, recalling Italy’s recourse to international law in demanding protection for Italian U.N. peacekeepers who have come under fire in southern Lebanon. The other major talking point of the G7 meeting is Ukraine , and tensions have only heightened since Russia attacked Ukraine last week with an experimental, hypersonic ballistic missile that escalated the nearly 33-month-old war. Russian President Vladimir Putin said the strike was retaliation for Kyiv’s use of U.S. and British longer-range missiles capable of striking deeper into Russian territory. The G7 has been at the forefront of providing military and economic support for Ukraine since Russia’s invasion in February 2022 and G7 members are particularly concerned about how a Trump administration will change the U.S. approach. Trump has criticized the billions of dollars that the Biden administration has poured into Ukraine and has said he could end the war in 24 hours, comments that appear to suggest he would press Ukraine to surrender territory that Russia now occupies. “It’s hugely important that this G7, that all colleagues across the G7 continue to stand with Ukraine for as long as it lasts,” British Foreign Secretary David Lammy said as he arrived. He announced new sanctions on vessels of Russia's “shadow fleet” of ships that are evading sanctions to export Russian oil. “And we are confident that Ukraine can have the funds and the military equipment and kit to get through 2025,” Lammy said. The G7 foreign ministers’ meeting, the second of the Italian presidency after ministers gathered in Capri in April , is being held in the medieval town of Fiuggi southeast of Rome, best known for its thermal spas. On Monday, which coincides with the International Day for the Elimination of Violence against Women, ministers were attending the inauguration of a red bench meant to symbolize Italy’s focus on fighting gender-based violence. Over the weekend, tens of thousands of people marched in Rome to protest gender-based violence , which in Italy so far this year has claimed the lives of 99 women, according to a report last week by the Eures think tank.Half of Americans who haven’t retired yet expect to rely on Social Security benefits, but more than 70% of them are concerned that the retirement benefits they’ve been promised won’t be there for them, a new Bankrate survey showed. More than three-quarters of current retirees rely on Social Security to pay necessary expenses, Bankrate found. A concerning deadline is looming for many Americans: The Social Security trust fund is projected to be exhausted in 2033. But the trust fund isn’t what many Americans think it is, one expert said. Misunderstandings about the nature of Social Security are a big reason the program’s solvency remains an ongoing problem, said Romina Boccia of the Cato Institute. “Perhaps the best way to explain what the Social Security trust fund is, is by explaining what it isn’t,” Boccia said. “And that is a trust fund.” Boccia, the director of budget and entitlement policy at the libertarian-leaning think tank, said the Social Security trust fund is more of a political construct than a true repository of savings. The main source of income for Social Security is payroll taxes on working Americans, which support retirees. Until 2010, workers paid more in Social Security taxes than what the federal government paid out in benefits, Boccia said. Since then, Social Security has borrowed more than $1 trillion to bridge the gap. The government is expected to borrow another $4 trillion to make up the Social Security deficit between now and 2033. The Social Security Administration’s legal borrowing authority will run out in 2033. That’s what people think of as the trust fund becoming exhausted. That doesn’t mean there won’t be any money for retirees in 2034. But it does mean retirees can only be paid based on what’s currently coming in—mainly payroll taxes—which would be the equivalent of a roughly 20% across-the-board cut in benefits. Congress is likely to act before then, but the problem isn’t going to get easier to solve. “Those deficits are accelerating,” Boccia said. When Social Security collected more money than it needed to provide benefits, as it did before 2010, the government spent the surplus elsewhere, Boccia said. Now, the trust fund is essentially a “piggy bank that holds only IOUs” issued by the Treasury to the Social Security Administration so retirees can get their benefits. “Perhaps a technical way of describing it is that it’s an intragovernmental accounting ledger,” Boccia said. The government has been shuffling deck chairs around to maintain Social Security benefit levels for the last 14 years, Boccia said. “Some of those deck chairs have fallen overboard,” she said. Shifting demographics pose a big problem for Social Security, Boccia said. People are living longer, but she said the retirement age hasn’t been adjusted accordingly. Fertility has declined, meaning fewer new workers are generating tax revenue for retiree benefits. In the 1950s, 16 workers paid taxes for every Social Security beneficiary, Boccia said. Now, there are just 2.7 workers covering the costs for each beneficiary. Benefits are also becoming more expensive in real terms, meaning above inflation, Boccia said. That’s due to Social Security’s benefit formula, which provides new recipients with a one-time productivity increase based on wage growth in the economy, she said. The simplest and most politically viable solution to fix Social Security would be to slow the growth of future benefits, Boccia said. Index initial benefits to prices instead of wages, she said. That change alone would close about 80% of the current funding shortfall. She said her preferred reform would be “a more bottoms-up approach” introducing some type of universal flat benefit. By moving away from an earnings-related benefit toward one based on years worked, this change would better distribute benefits to those who need financial aid in old age the most, she said. For example, the flat rate could be 125% above the federal poverty level. That would honor the original intent of Social Security, which was to protect seniors against poverty in retirement. “The beauty of such a more fundamental change is that you give people certainty about the size of the benefit that they can expect in retirement, which makes it much easier for people to plan their own savings and investment in order to supplement the basic benefit they will receive from the government,” Boccia said. Does the government need to raise taxes to keep Social Security viable for future generations? Boccia said higher taxes aren’t absolutely required. “But the question is, is it going to be politically viable to make any Social Security reforms that do not involve higher taxes on some Americans,” she said. Social Security reform is a tough one for politicians to tackle. No one wants to pay higher taxes, and no one wants their retirement benefits slashed. Boccia said a congressionally established fiscal commission could be given the authority to reform Social Security. “Then, by leaving the details to the commission, Congress can have political cover ... for unpopular changes,” she said. Boccia said Americans should be more worried about the growing national debt than their Social Security benefits disappearing a decade from now. “The program has been around for 90 years,” she said. “And the most likely scenario without meaningful reforms is that Congress will decide to borrow more money and basically ignore the 2033 borrowing authority limit and just blow right through it, the way that they blow through the debt limit every time it comes up.”The future of business is here, and it’s powered by artificial intelligence. 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