The Minister of Finance of Luxembourg confirmed that the country will not renew its approval for the sale of Israeli bonds in the European Union. According to Gilles Roth, the decision to terminate the program was made exclusively by the Luxembourg financial regulator, CSSF, which made this decision two months ago, before the bonds' expiration date of August 31st.
Activist groups in Luxembourg and across the EU have long demanded a halt to the sale of these bonds to European investors. They argue that the program, which attracts billions of dollars for the Israeli government, has been used to finance Israel's wars in Gaza, Lebanon, and Iran. Roth defended the CSSF against criticism, stating that the regulator followed European criteria, and that many accusations were unfounded. He emphasized that the cessation of sales was a matter of regulatory compliance, not political pressure.
The CSSF's decision, made two months ago, took place in May, amid a legal and political campaign against the bonds. Activists, who had heard for months that the government lacked the authority to act, noted that the outcome fully aligns with their demands. This confirmation followed a public statement by Amnesty International on July 21st, warning that Luxembourg and all EU member states must stop selling Israeli bonds, or risk becoming complicit in Israel's genocide against Palestinians in Gaza.
Israeli bonds are issued through the American Development Corporation (DCI) and promoted under the slogan 'Support Israel. Israel is at War.' They differ from regular bonds issued by the Israeli government because they are retail bonds sold directly to individual citizens, religious organizations, and local government funds, often through diaspora networks and calls for solidarity. Since October 2023, they have raised $7.7 billion for the Israeli government, according to DCI data. These funds go into the Israeli treasury as unlimited general financing during a sharp rise in military spending from approximately 20 percent to over 30 percent of total government consumption.
Since Luxembourg's approval in September, the bonds were offered to the public in Austria, France, Germany, Luxembourg, and the Netherlands. Luxembourg's role as the EU regulatory hub for Israeli bonds arose due to political pressure in other parts of Europe. For a long time, the program was based in Ireland, where its central bank served as the EU gateway for regulation, and before Brexit, the UK held this role. However, sustained pressure from parliament and civil society in Dublin, linking bond sales to the financing of military operations in Gaza, ultimately forced a change. In September, Gabriel McMahon, the manager of the Central Bank of Ireland, wrote to the Oireachtas financial committee, confirming that the bank would not renew its approval. On the same day, the CSSF intervened, approving a new 12-month prospectus without prior consultation with the Luxembourg Ministry of Foreign and European Affairs. From then on, the Luxembourg government insisted that the matter was out of its control. When activists from the Stop Israel Bonds campaign protested in front of the Ministry of Finance this spring, Roth's office issued a statement saying only that 'the CSSF is the competent authority'—the same phrase given to journalists in February and repeated by ministers when answering in parliament at the end of May.
Pressure on Luxembourg intensified along several fronts, peaking in May. That month, Amnesty International Luxembourg and the Committee for a Fair Peace in the Middle East held a conference in the capital, gathering lawyers, economists, parliamentarians, and international law experts to examine the country's legal risks regarding the bonds. A detailed legal report presented at the event indicated that Luxembourg's approval could violate the country's obligations under the Geneva Convention on Genocide and the International Court of Justice's Advisory Opinion from July 2024. Furthermore, issues of investor protection were raised, as DCI's marketing concealed significant financial and legal risks. Despite Israel being at war and having a deficit of nearly seven percent of GDP, the bonds yield less than four percent, significantly below the return expected by investors during wartime. Francesca Albanese, UN Special Rapporteur on the occupied Palestinian territories, spoke at the conference and was very sharp. She stated: 'The sale of these bonds is illegal under international law because it goes directly to finance genocide,' and added: 'It is morally and legally wrong to sell these bonds.'
Dr. Shad Hammouri from Law for Palestine, one of the report's authors, argued that the CSSF possessed and failed to exercise discretion. She noted: 'Luxembourg had discretionary powers under the prospectus regulations to refuse approval whenever there are systematic risks to the public interest, peace, and the maintenance of an illegal regime.' Irish Senator Alice-Mary Higgins, who helped secure the initial transfer from Ireland, reported at the conference on the consequences of Luxembourg's refusal: 'There is no other placement: if we do not agree to transfer it as a resident country, and another country does not agree to accept it, Israel cannot sell its bonds within the EU.'
EU regulations allow Israel to seek a new location for the bonds among the 27 member states. Activists of the Stop Israel Bonds initiative, coordinating pressure in Luxembourg, Ireland, and the wider EU, have clearly stated that their next target is preventing the transfer of the bonds to Germany or another willing accepting party. Speaking to MEE after the announcement, political economist Shir Hever, who spoke at the May conference, noted that the consequences could extend far beyond Luxembourg. He stated that 'Israel finances its wars through debt.' Considering the serious pressure on the Israeli economy and the emigration of skilled workers, he added that 'the bonds attract money that supports the military machine at the cost of growing debt.' He linked Luxembourg's decision to pressure from the Boycott, Divestment, and Sanctions (BDS) movement and civil groups, calling it a potential turning point. He reiterated: 'If no EU country intervenes after Luxembourg, it could force Israel into default on part of its debt, and in the worst case, collapse the value of the bonds.' He also warned: 'Anyone foolish enough to buy the bonds will lose part or all of their investment. This could mean a turning point for the Israeli economy. A state in default cannot import weapons and ammunition.' Amnesty also put forward a similar argument, urging Ireland, the former bond host country, to reject any request for transfer, and all other EU countries to reject acceptance or approval of a new prospectus. Steve Cocker, Amnesty International's Regional Director for Europe, stated in the organization's statement on July 21st: 'This is a political choice to allow the sale of these bonds in Europe.' He added: 'One of the most obvious and effective ways to end the genocide of Israel against Palestinians in the Gaza Strip is to stop financing it. By continuing to facilitate the sale of these bonds, EU countries risk becoming complicit in Israel's crimes against Palestinians.'
PSG experts provide answers to questions regarding personal finance, budgeting, and insurance. The article presents advice from several financial consultants on various aspects of financial planning.
Bianca van Niekerk, a wealth consultant at PSG Wealth, advises that after receiving a promotion and salary increase, there is often a tendency to raise the standard of living. To use the increase to build long-term capital rather than just improve one's lifestyle, it is necessary to start by building an emergency fund. This fund should contain enough liquid funds to cover unforeseen situations, such as a car breakdown or the need to replace household appliances, thereby avoiding the use of credit cards.
After securing an emergency fund, one should start saving monthly into a savings product, such as a Tax-Free Investment Plan (TFIP). One can start with an amount of R500 per month, with an annual contribution limit of up to R46,000. It is important to set up this payment as an automatic deduction within monthly expenses. For long-term capital growth, tax-free investments must be diversified across different asset classes. Furthermore, interest, dividends, and capital gains remain tax-free if the annual limit is observed. Although investing is not fixed, allowing access to funds when needed, caution is recommended when withdrawing funds, as they cannot be accounted for in the contribution limit.
As income grows, the amount of this automatic deduction should be increased automatically. After reaching the maximum annual contribution, other investment instruments such as unit trusts or endowments can be considered. Nevertheless, maintaining the habit of saving should be a priority, although small rewards along the way are permissible.
Annalise De Meillon-Muller, Senior Legal Counsel at PSG Wealth, notes that many investors with years of experience regret past choices. For a 24-year-old starting their financial journey, the key step is to begin saving and investing as early as possible to avoid future regrets. Impulsive decisions based on autopilot must be avoided, and long-term risk should not be increased for immediate gratification.
Controlling finances step by step helps build confidence in making financial decisions. It is important to understand that success depends not on the initial amount, but on an early start and consistency. Although starting may create temporary pressure on pocket and bank accounts, it will yield positive results in the future. It is also recommended to consult a qualified financial advisor for assistance in managing one's financial future.
Gerhard Mare, a wealth consultant at PSG Wealth, suggests practical ways to analyze a budget and find opportunities for savings if there are issues with overspending. It is assumed that basic budgeting, which includes reducing unnecessary expenses and setting strict limits on leisure, is already practiced. One convenient method for budget management is using a credit card.
Although credit cards are often associated with excessive spending if misused, when used correctly, they can become a useful budgeting tool, especially when expenses change from month to month. Most cards offer an interest-free grace period, usually around 45–55 days. This allows purchases to be made now and the full amount repaid later without accruing interest, provided the full balance is paid by the due date. This approach helps smooth out fluctuations in the cost of living, such as fuel or food expenses, which may fall on different periods of the month.
It is important to view the credit card as a timing tool, not as a loan. Every transaction must be tracked against the actual budget, and one should not spend more than can be repaid from the next salary. Keeping a separate record helps prevent the 'interest-free' period from turning into 'I'll figure it out later.' Using a credit card that is paid off in full every month can provide some financial flexibility amid rising costs.
Ryno de Kock, Head of Distribution at PSG Insure, emphasizes the importance of considering insurance risks when launching a small business. Although entrepreneurs often focus on growth, clients, and operations at the beginning, insurance cannot be postponed. Including adequate insurance coverage from the outset protects the efforts invested in the business and creates a stronger foundation for overcoming unexpected difficulties.
This is particularly relevant in South Africa, where approximately 385,000 new companies were registered last year, yet up to 80% of businesses fail within five years. Insufficient risk protection is a critical area for business owners to understand. Less than one in five small and medium-sized enterprises in South Africa has formal business insurance, exposing them to risks of operational disruptions, cash flow issues, and long-term sustainability.
Key areas to consider include loss or damage to assets, business interruption, liability, cyber and data risks, as well as internal or personnel risks. Commercial property insurance protects against fire, theft, and natural disasters, while business interruption coverage supports income and additional expenses during operational downtime. Liability insurance is also critical, as third-party claims related to injury, property damage, or alleged negligence can have serious financial and reputational consequences. Depending on the type of business, this may include public liability and professional indemnity insurance.
Cyber risks cannot be ignored, as more and more companies use digital platforms. Cyber insurance helps protect against data breaches, ransomware, and fraud. Additionally, regular software updates, multi-factor authentication, and employee training reduce risks. Businesses must also consider personnel risks, including internal fraud through loyalty schemes and professional liability for consultants. A practical first step is consulting a qualified insurance advisor to identify gaps and structure coverage around specific business risks. Insurance should work in conjunction with risk management measures, such as security systems and emergency action plans.
The analysis of the best-selling vehicles during the first half of 2026 presented several unexpected results in the automotive market. Chinese manufacturers demonstrated significant growth, expanding their presence with new models and maintaining competitive prices.
Four brands of Eastern origin achieved leadership in important segments, including subcompact hatch, large sedan, mid-to-large SUV, and large SUV. Furthermore, these same brands dominated two subsegments defined by propulsion type: hybrid and electric vehicles.
Other notable movements occurred in specific categories. In compact sedans, the HB20 surpassed the Onix by a very narrow margin. In the compact SUV segment, Volkswagen positioned the T-Cross and Tera in the top two places. In small pickup trucks, the Strada reinforced its leadership, raising its market share to 69%, up from 59% previously. In the sports car sector, the 911 consolidated its dominance, reaching 65% of the segment, an increase from the 56% recorded before.
The ranking presented in the column uses technical and proprietary criteria, classifying vehicles into 14 distinct categories, plus two specific categories for hybrid and electric vehicles. The main reference used was wheelbase, along with other relevant parameters. The study excluded high-end sedans with low sales volume and minivans due to a lack of options. The data was compiled based on the National Motor Vehicle Registry (Renavam) and only cites models that have the greatest representation within their respective segments. The compilation was carried out by Tião Oliveira, from the ADK consultancy.
In the best-selling subcompact hatch segment, the Dolphin Mini led with 35%, followed by the Mobi with 33% and the Kwid with 31%, marking the rise of a new leader.
For the compact hatch, the Polo remained strong with 27%, while the Argo came in second with 23%, followed by the Onix with 22%. The HB20 registered 19%, and the C3, City, and 208 models appeared with smaller shares (3.3%, 3%, and 1.4%, respectively).
In the compact sedan category, the HB20S led with 25.5%, with the Onix Plus closely behind at 24.8%, and the Virtus in third with 20%. The Cronos accounted for 15%, while the City and Versa held 9% and 5% of the share, respectively.
In mid-compact sedans, the Corolla showed resilience, capturing 56% of the market, surpassing the King (35%) and the Jetta (4%).
Mid-to-large sedans featured the BMW 3/4 Series as invincible, with 65% market share, followed by the Mercedes C-Class (19%) and Audi A5/RS5 (14%).
In the large sedan segment, the Seal obtained the lead with 73%, with the model's price cited as an explanatory factor, followed by the Panamera (14%) and Class E (6%).
In the sports category, the Mustang remained relevant with 44%, while the BMW M3/M4 reached 28% and the BMW M2 was at 24%.
In the sport segment, the 911 expanded its dominance, reaching 65%, ahead of the Corvette (11%) and Boxster/Cayman (10%).
Among the best-selling compact SUVs, the T-Cross led with 11%, followed by the Tera (10%), Creta (8%), Tracker (6.8%), Nivus (6.7%), Pulse (6%), Fastback (5.8%), HR-V (5.3%), Renegade (5%), WR-V (4%), Kicks (3.9%), Tiggo 5X (3.7%), and Yaris Cross (3.6%). The two VW models commanded this segment.
In the mid-compact SUV group, the Compass maintained the first position with 24%, followed by the Corolla Cross (16.3%) and Song Pro (15.6%).
Mid-to-large SUVs saw the H6 increase its advantage, holding 21%, while the Song Plus registered 14% and Commander 9%.
In the large SUV segment, there was a Chinese triumph, with the Wey 7 in first place with 19%, followed by the Atto 8 (13%) and Cayenne (11%).
In small pickup trucks, the Strada advanced even further, reaching 69% market share, surpassing the Saveiro (19%) and Montana (7%).
Mid-sized pickup trucks (with a load capacity of 1,000 kg) showed the Toro defending its position with 23%, followed by the Hilux (21%), Ranger (15%), and S10 (13%).
In hybrid vehicles, the competition is tight, with the Jaecoo at 7.4%, H6 at 3.7%, and Renegade at 3.6%. Finally, in the ranking of best-selling electric cars, the Dolphin Mini prevailed with 38%, followed by the Dolphin (19%) and EX2 (16%), indicating the strength of BYD.
Russia's Deputy Prime Minister Alexander Novak told the Russian press that a decision was made to extend the ban on gasoline exports for both producers and non-producers. This ban will be in effect until the end of the current year.
Regarding the ban on diesel fuel exports, according to the deputy prime minister, it will be lifted as the market recovers.
The deputy prime minister explained that this measure is aimed at preventing problems that oil refineries may face due to excess supply and reduced processing capacities. To mitigate the current situation, the Government has introduced a number of measures, including a ban on the export of gasoline and diesel fuel.
At the same time, Russian officials noted that the completion of restoration work at some refineries has allowed for increased supplies to the market and stabilization of the situation.
On July 10, Russia's deputy prime minister acknowledged the fuel shortage and queues at gas stations. At that time, he linked this to Ukraine's attacks on energy infrastructure, previously attributing the problem to increased demand caused by consumer panic.
Ukraine regularly strikes Russian oil refining industry facilities and the country's logistics structures with drones. According to international press reports, the fuel crisis caused by Ukraine's attacks on Russian refineries affects about one-third of the approximately 145 million residents of the Russian territory.
