## Protecting Your Privacy with Yahoo


**Yahoo** recognizes the significance of user privacy and operates as part of a broader family of brands. The company employs various technologies, including **cookies**, when individuals access its websites and applications. These practices are implemented to enhance user experience and maintain a secure online environment. Specifically, cookies are utilized to deliver core site functionality, ensure user authentication, and safeguard against malicious activities like spam and abuse.

Furthermore, data collection through cookies allows **Yahoo** to analyze user behavior and measure engagement with its platforms. This analytical data is crucial for understanding how users interact with services and identifying areas for improvement. The insights gained contribute to the ongoing development and refinement of Yahoo’s offerings. 


## Data Usage and Consent Frameworks


Should users consent to “Accept All,” **Yahoo** and its network of partners – numbering 245 – operating within the **IAB Europe**’s Transparency and Consent Framework, will store and utilize information on user devices. This encompasses the deployment of cookies and the processing of precise geolocation data alongside other personal identifiers. These data points, including technical IDs and browsing/search history, are leveraged for a variety of purposes.

These purposes include delivering tailored advertising and content, evaluating the effectiveness of marketing campaigns, conducting audience research, and fostering the evolution of new services. This data-driven approach aims to provide a more relevant and personalized experience for each user. 


## Managing Your Privacy Preferences


Users who prefer to restrict the use of cookies and personal data for these expanded purposes can select “Reject All.” Alternatively, individuals seeking greater control over their data can utilize the “Manage Privacy Settings” option. This allows for a customized approach to data sharing, enabling users to specify their preferences with granular detail.

It’s important to note that consent can be revoked or preferences modified at any time. Links labeled “Privacy Settings and Cookies” or “Privacy Dashboard” are readily available on Yahoo’s websites and within its applications, providing convenient access to these controls. Detailed information regarding data handling practices can be found in **Yahoo’s Privacy Policy** and its specific **Cookie Policy**.

Yahoo: How Cookies & Privacy Policies Protect Your Data Online

## UVA Finance Expertise Bolsters Local Nonprofits


A former University of Virginia administrator is spearheading an initiative to address a critical need within the Charlottesville area’s nonprofit sector: qualified **treasurers**. **Melody Bianchetto**, who concluded her tenure as the University’s vice president for finance in February 2023, is collaborating with **UVA Finance** and **UVA Academic Outreach** to prepare University employees for impactful volunteer positions on nonprofit boards of directors. This program aims to connect valuable skills with organizations often struggling to fill these essential roles. 

The impetus for this effort stemmed from Bianchetto’s direct involvement with local community organizations post-retirement. “One of the things I started doing as soon as I retired was spend more time with some community nonprofits,” Bianchetto explained. She quickly observed a recurring pattern: immediate placement into key financial roles.


## Addressing the Nonprofit Treasurer Shortage


Bianchetto recounted her experiences joining multiple boards, stating, “The first board I went on was **SARA** – the Sexual Assault Resource Agency – and I was immediately appointed treasurer.” This pattern continued with subsequent appointments as treasurer for **Madison House** and a position on the finance committee at **The Haven**. Recognizing a systemic issue, Bianchetto leveraged her understanding of the University’s talent pool to create a solution. 

She understood that many UVA employees possess the necessary budgetary and financial acumen, but may lack confidence or awareness regarding nonprofit board service. “I knew from working at UVA that there are a ton of people who have budget and finance expertise,” she said. “While they may be intimidated by the idea of being a treasurer for a nonprofit, they probably have the skills that they need.”


## Training and Pipeline Development


To build a sustainable pipeline of qualified volunteers, Bianchetto partnered with the area’s **Center for Nonprofit Excellence**. This collaboration resulted in the development of a specialized training regimen, including a December session titled “So you want to be a treasurer.”  She also initiated a monthly forum for nonprofit treasurers and engaged **Louis Nelson**, UVA’s vice provost for academic outreach, to broaden the program’s reach.

**Brian T. Ullman**, the senior manager of learning and impact for the Center for Nonprofit Excellence – and a UVA School of Education and Human Development doctoral graduate – emphasized the importance of the treasurer’s role. “Boards are important, and the treasurer in particular is a really important position,” Ullman stated. “They ensure the organization’s financial health is sustainable so it can fulfill its mission and are the board’s eyes and ears on finances. That’s a challenging position.”


## Impact and Success Stories


Ullman further noted that recruiting skilled board members, particularly those with financial expertise, is a widespread challenge for nonprofits throughout the state. “It’s a challenge finding board members who have the skills and the experiences that a board needs to have,” he said. “Then there are more specific skills that a treasurer needs to have. Melody’s efforts have helped a great deal.” 

The program’s success is already evident, with individuals like **James “J.J.” Sullivan**, director of financial compliance at UVA Finance, now serving as treasurer for **Loaves and Fishes**, a prominent food pantry serving Charlottesville and Albemarle County. This initiative demonstrates a powerful synergy between University resources and community needs.

UVA Finance Tackles Nonprofit Treasurer Gap in Charlottesville

👋 Welcome to 5 Things PM! **Howard Silverblatt**, a seasoned markets analyst, concluded a nearly 50-year career on Wall Street, offering valuable insights into personal finance accumulated over decades. He shares his expertise, distilling complex financial concepts for a broader audience.

Here’s a recap of key developments you may have missed throughout the day.


## Political Disputes Over Voter Data


The administration of former President **Donald Trump** has initiated legal action against 25 state election officials, the majority of whom are Democrats, seeking access to detailed voter information. This pursuit of voter data is, however, facing unexpected headwinds. 

Sources indicate that the **Justice Department’s** requests are encountering subtle opposition, even from within the Republican party, raising questions about the scope and justification of the demands. The legal battle underscores ongoing tensions surrounding election integrity and data privacy.


## Hollywood Entanglements in Data Dispute


Documents related to the voter data lawsuit have revealed the involvement of prominent figures within the entertainment industry, notably **Casey Wasserman**, a highly influential talent agent. The disclosure sparked a significant fallout, resulting in several high-profile clients severing ties with Wasserman amidst the controversy. 

This situation highlights the intersection of politics and celebrity influence, and the potential repercussions of being associated with contentious legal battles. The ramifications of this controversy continue to unfold within the Hollywood landscape.


## Fashion Industry Trends & Challenges


American fashion houses are increasingly looking inward for inspiration, with designers drawing heavily from their own aesthetics and heritage. This shift in creative direction arrives at a critical juncture for the industry. 

The fashion sector is currently navigating substantial pressures, including the impact of imposed **tariffs** and the ongoing decline of traditional department stores. It remains to be seen whether this renewed focus on self-reference will be enough to revitalize the industry and overcome these significant obstacles.


## International News Briefs


A beloved landmark on the Italian coastline, known as “Lovers’ Arch” due to its popularity with couples, was tragically destroyed during severe storms on Valentine’s Day. Images showcase the dramatic before-and-after impact of the weather event, marking a loss for the region’s romantic appeal.

Meanwhile, beauty brand **e.l.f.** is experiencing considerable success with **Gen Z** consumers, capitalizing on affordable price points and the proliferation of viral “dupes” – lower-cost alternatives to high-end products. This strategy appears to be effectively resonating with a discerning and trend-conscious demographic.

A British man, **Ian Claughton**, was sentenced to seven years in prison after authorities discovered he had fortified his home with an elaborate network of booby traps, including weapons, explosives, and tripwires, to safeguard his illegal drug operation, as reported by CNN. The setup was likened to the defenses seen in the film “Home Alone.”


EDITOR’S NOTE: Interested in exclusive stories like these? Choose a plan.

👙 Where did Sydney ban bikinis from being worn after complaints about modesty? A. Malls B. Buses C. Airports D. Grocery stores ⬇️ Scroll down for the answer.

✅ Most popular in Friday’s newsletter: Why haven’t humans been back to the moon in over 50 years?

🧠 Quiz answer: B. The Australian city banned beachgoers from boarding buses while shirtless or wearing bikinis.

👋 We’ll see you tomorrow.

📧 Check out all of CNN’s newsletters.

Today’s edition of 5 Things PM was edited and produced by CNN’s **Kimberly Richardson** and **Jordan D. Brown**.

Wall Street Legend Retires, Trump Voter Roll Fight & More News

NORTH CANTON – **Diebold Nixdorf**, a leading worldwide provider of **ATM** solutions and financial services, announced a 1.5% rise in annual revenue, reaching $3.81 billion in the past year. The positive financial performance underscores the company’s commitment to consistent execution and achieving stated objectives, according to leadership. This success was highlighted during an earnings conference call held on February 12th.


## Diebold Nixdorf’s Revenue and Profit Growth


**Octavio Marquez**, President and CEO of Diebold Nixdorf, emphasized the significance of the results, stating, “What matters most to us, and what our results clearly demonstrate, is that we are delivering on what we said we would do, quarter after quarter.” He further noted that the demonstrated capacity for robust and reliable **cash flow** generation has bolstered faith in the company’s established business strategy. This financial stability is crucial for continued investment and innovation.

The company’s financial reports revealed a substantial increase in operating profit for the fourth quarter of 2025, totaling $82.4 million – a significant improvement compared to the $41.2 million reported in the same period of 2024. Annual operating profits also saw a marked increase, climbing to $242 million in 2025, up from $182 million the previous year. 


## Strong Financial Performance in 2025


**Earnings per share** reached $1.37 for the final quarter of 2025, and $2.54 for the entirety of the year. Notably, **free cash flow** experienced more than a doubling, achieving a record high of $239 million in 2025. These figures demonstrate the effectiveness of Diebold Nixdorf’s financial management and operational improvements.


## 2026 Outlook and Future Investments


Looking ahead, **Diebold Nixdorf** anticipates revenue to fall between $3.86 billion and $3.94 billion for 2026. The company also forecasts free cash flow to range from $255 million to $270 million during the same period. This optimistic projection reflects confidence in ongoing market demand and the company’s ability to capitalize on emerging opportunities.

Marquez concluded, “As we enter 2026, our momentum and financial flexibility position us well to invest in growth, return capital and drive sustainable long-term value.” The company intends to leverage its strong financial position to pursue strategic initiatives and enhance shareholder value.

Diebold Nixdorf: Revenue Climbs 1.5% to $3.81 Billion

## Egypt Champions "Team Africa" Initiative for Continental Development


Egypt has introduced a significant new strategy aimed at attracting $500 billion in financial backing for close to 300 development projects across the African continent. This ambitious undertaking positions Egypt as a central force in a revitalized continental effort to overcome critical infrastructure and funding deficits. **Foreign Minister Badr Abdelatty** unveiled the **“Team Africa” initiative** during a steering committee gathering of the **African Union Development Agency (NEPAD)**, acting on behalf of **President Abdel Fattah Al-Sisi**.

The core objective of this plan is to bolster NEPAD's second decade of implementation, aligning with the **African Union's long-term Agenda 2063 blueprint**. The "Team Africa" initiative proposes a collaborative model, uniting national governments, development finance organizations, and private investment sources. This united approach is designed to channel capital towards high-priority projects that will drive progress throughout Africa.


## NEPAD's Institutional Strength and Funding Gains


A key development highlighted by **Abdelatty** is NEPAD's successful completion of the **European Union's "nine pillars" institutional assessment**. This evaluation is considered a crucial benchmark for enhancing the agency's capacity to secure substantial international financing. Following this assessment, NEPAD's operational budget has seen an increase, now exceeding **$300 million**.

In parallel, an additional **$100 million** has been successfully allocated to strengthen critical sectors. These funds will specifically support advancements in public health systems, the expansion of digital economies, and the enhancement of agricultural development through the **Comprehensive Africa Agriculture Development Programme**.


## Broader Strategies for Peace, Security, and Climate Resilience


Beyond direct financial mobilization, the minister emphasized a comprehensive strategy that interlinks peace, security, and economic development. This approach includes significant updates to the **African Union's post-conflict reconstruction framework**. Furthermore, it fosters deeper collaborative efforts with institutions based in Cairo.

Egypt is also taking a leading role in climate change adaptation by hosting the continental **Centre of Excellence for Resilience and Adaptation to Climate Change**. On a national level, Cairo has committed **$100 million** in initial funding for projects within Nile Basin countries. These projects will specifically target improvements in water management, food security, and energy access.


## Transition of Leadership and Future Engagements


Egypt, having served as the chair of NEPAD's steering committee since **February 2023**, is now transitioning leadership to **Angolan President João Lourenço**. The steering committee meeting concluded with a series of recommendations, including the extension of NEPAD's executive leadership. Additionally, plans are underway for Egypt to host an **African Business Summit** later this year. This summit aims to forge stronger connections and partnerships among governments, financial institutions, and the private sector across the continent.

Egypt's $500B "Team Africa" push: 300 projects funded

Presented by **The Rockefeller Foundation**.

As the **U.S. International Development Finance Corporation (DFC)** significantly expands its capabilities under the Trump administration, a key question emerges: will its mandate shift from development to prioritizing more lucrative "America First" investments? **Conor Coleman**, DFC’s head of investments, asserts that the agency is equipped to achieve both objectives, and do so more effectively than ever before.

This edition also explores development leaders' expectations from the Munich Security Conference, and examines the Peace Corps' adept navigation of the Trump era.


## DFC's Strategic Evolution and Expanded Mandate


The DFC is undergoing a substantial transformation, boasting a significantly larger financial capacity. Its investment portfolio has surged from a **$60 billion** cap to an impressive **over $200 billion**. According to **Conor Coleman**, this expanded war chest will be deployed with enhanced precision and speed, signaling a departure from past practices.

**Coleman** conveyed to my colleague **Adva Saldinger** that the DFC is adopting a "much more strategic" investment approach. Rather than merely deploying capital to hit volume targets, the agency aims to align its investments with the president's foreign policy objectives, foster economic growth in host nations, and ensure a return for U.S. taxpayers.

Reinforcing the emphasis on President **Donald Trump's** foreign policy, the DFC is expanding its **Office of Foreign Policy**. **Coleman** explains this office will serve as "the umbrella that drives our dual mandate investment thesis of development investment and strategic investment." This new strategy implies fewer, but larger, transactions, with examples like **$500 million** allocated for infrastructure projects, as reported by **Adva**. While sectors such as agriculture and healthcare will continue to receive funding, these are expected to be "package investments," complementing larger initiatives to cultivate comprehensive economic ecosystems in emerging markets. The DFC also gains the ability to invest in wealthier nations, facilitating connections between the developing and high-income worlds.

Furthermore, the DFC is ambitious in mobilizing private sector capital, targeting **two to four times more private sector dollars** than its own investment in each transaction. This will involve assuming greater risk and exploring innovative financial instruments, including securitization, a tool **Coleman** notes the agency has not fully utilized previously.


## Development as a Cornerstone of Global Security


The recent Munich Security Conference provided a platform for robust discussions on geopolitics, yet the equally critical role of development in global security was a prominent underlying theme. **Armine Afeyan**, CEO of the **Aurora Humanitarian Initiative**, noted that while a gap between national security and development might seem apparent, her observations at the conference suggested it was less pronounced than anticipated. She remarked, "It’s not an either-or. … There’s an understanding that humanitarianism is increasingly part of the security apparatus."

In a separate interview, former Department of Defense official **Celeste Wallander** underscored development's integral role, describing it as one of three pillars supporting American national security. She warned that the degradation of USAID leaves "a big missing piece in American foreign policy." Echoing this sentiment, **Nathalie Delapalme**, CEO of the **Mo Ibrahim Foundation**, and **Udo Jude Ilo**, CEO of HiiL, highlighted in an opinion piece for Devex that while military deterrence and great-power competition dominate Munich, for millions, "insecurity is not experienced as geopolitics. It is experienced as injustice." They contend that instability often arises from "unresolved justice needs," where peaceful conflict resolution mechanisms are absent.

Former U.N. Secretary-General **Ban Ki-moon** and **Ismahane Elouafi**, head of CGIAR, further stressed that food insecurity is another critical driver of instability. They criticize the underfunding of agricultural research, a powerful tool for peace, despite increased defense spending. They argue that investing in agricultural research and development is not merely aid, but a crucial investment in "lasting peace, stability, and prosperity."


## Global Development Insights: Climate, Peace, and AI


This year's development calendar is bustling, with events like the inaugural three-day **Mumbai Climate Week**. Modeled after established events in New York and London, this conference aims to bring critical climate discussions to one of the world's most climate-vulnerable regions. Focusing on food systems, energy transition, and urban resilience, Mumbai's iteration uniquely amplifies voices from the Global South, offering deeper, more geographically diverse conversations. **Shishir Joshi**, whose nonprofit **Project Mumbai** co-organizes the event, emphasized efforts "to ensure that citizens feel they do have a voice, and a voice which can be heard."

The **Peace Corps**, another prominent U.S. development arm, successfully navigated the Trump administration, unlike USAID which faced severe cuts. My colleague **Michael Igoe** explored how the Peace Corps survived relatively intact, partly by embracing efficiency initiatives to avoid direct confrontation. Despite some staffing reductions, the agency has maintained stable, experienced leadership. However, the COVID-19 pandemic significantly impacted recruitment, forcing a historic evacuation of volunteers globally. Critics also point to an "onerous, outdated medical clearance process" and a "risk-averse culture" limiting its reach. Nevertheless, the Trump administration has set an ambitious goal for the agency: to more than double its volunteer numbers to **8,000 by 2030**. **Paul Shea**, then-acting CEO, stated this goal is both challenging and achievable for an agency that "rises to the challenge."

Finally, the demand for artificial intelligence (AI) skills in global development is rapidly increasing. As **Emma Smith** notes, employers are leveraging AI for efficiency due to limited resources. Despite this, AI expertise remains scarce, as identified by a global survey co-led by the **Humanitarian Leadership Academy (HLA)**. **Ka Man Parkinson** of HLA sees this as a significant advantage for job seekers proficient in AI. Humanitarian data scientist **Rebeca Moreno Jiménez** offers a stark warning: "AI will not take their jobs — but someone who knows how to use these technologies will."

In related news, approximately **$15 million** from USAID's remaining operating funds has been reallocated to cover the security detail of Trump's budget chief, **Russell Vought**. Additionally, President Trump announced that his newly formed **Board of Peace** has pledged **$5 billion** for Gaza's reconstruction and stabilization forces. The U.N. also expressed concern over escalating attacks on independent experts, specifically after several European governments criticized U.N. special rapporteur for the Palestinian territories, **Francesca Albanese**, over alleged remarks on Israel and called for her resignation.

US DFC: Can "America First" and global development coexist?

## Central Asia's Financial Landscape: A Shift from Commodities to Capital


For decades, **Central Asia** has largely been perceived through the prisms of raw materials, infrastructure projects, and geopolitical considerations. Financial activity, when acknowledged, was typically regarded as a supporting element rather than a primary engine for economic advancement. However, this perspective is undergoing a notable transformation, particularly within **Kazakhstan**, where nascent financial markets are gradually emerging, spurred by both internal reforms and evolving global capital flows. This evolution, penned by **Gustavo Pessoa**, isn't a sudden revolution, but a significant and developing trend.

The changing dynamics of global capital are a key driver of this shift. Increasingly selective and dispersed, international investment is now gravitating towards emerging regions that can demonstrate robust financial infrastructure and predictable regulatory environments. **Central Asia’s** experience mirrors this broader realignment, moving beyond a reliance on growth differentials and commodity cycles. Investors are now acutely aware of geopolitical risks, potential sanctions exposure, the clarity of regulations, and the continuity of operations.


## Kazakhstan: Positioning Itself as a Regional Financial Hub


Instead of withdrawing from emerging markets, capital is being redirected towards jurisdictions that mitigate single-point dependencies and offer flexibility in investment structuring and management. **Kazakhstan** has proactively responded to this new reality, steadily developing financial institutions, market infrastructure, and regulatory frameworks. This demonstrates a growing recognition that access to capital is as dependent on credibility as it is on available resources. The rise of **Astana** as a financial center exemplifies this effort, aiming to establish a platform facilitating capital flows between Asia, Europe, and the wider emerging world.


## The Role of Emerging Financial Hubs in Central Asia


Financial hubs within emerging regions, unlike their counterparts in established markets, serve a distinct purpose. They aren't designed to absorb vast quantities of speculative capital, but rather to facilitate investment directly linked to the real economy. This includes infrastructure financing, project funding, trade-related investments, and longer-term portfolio allocations. For these types of flows, transparency, enforceable contracts, and consistent regulation are paramount, outweighing sheer scale.


## Geographic Advantage and Regional Integration


**Central Asia’s** strategic geographic location further reinforces this evolving financial landscape. Situated between major economic blocs, the region is increasingly integral to trade and logistics corridors connecting East and West. Financial markets capable of supporting these corridors—through trade finance, currency management, and risk intermediation—are becoming vital complements to physical infrastructure. Furthermore, the strengthening of financial institutions within the region sends a positive signal to international investors, demonstrating a commitment to integration and attracting more stable, long-term investments.


## Benefits for Local Corporations and Policymakers


The development of domestic and regional financial markets also benefits local corporations by reducing reliance on a limited number of lenders or external partners. This fosters improved governance and financial discipline, driven by clearer disclosure and reporting expectations. For policymakers, the challenge lies in maintaining this momentum without making unrealistic promises. Financial development is a cumulative process, requiring time for legal frameworks, supervisory capacity, and market trust to mature. The goal isn't to replicate the world's largest financial centers, but to build institutions that are practical, trustworthy, and aligned with the region’s economic structure.

**Astana’s** experience underscores this gradual evolution, reflecting the interplay between domestic reforms and external forces shaping global finance. As capital fragmentation continues, regions that prioritize financial infrastructure and institutional credibility will be better positioned to engage in global markets on their own terms. In a world where reliability is increasingly valued alongside opportunity, such roles are becoming more crucial than ever.

The author, **Gustavo Pessoa**, is a hedge fund CEO and finance PhD researcher specializing in global macro-financial dynamics, systemic risk, and the interaction between markets and geopolitics, based in São Paulo, Brazil. *Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of The Astana Times.* Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our X, Facebook, Instagram, Telegram, YouTube and Tiktok!

Central Asia: Financial Markets Emerge Beyond Commodities

## Understanding Your Data Privacy with Yahoo


**Yahoo**, a member of the broader **Yahoo** family of brands, is committed to respecting your privacy. We recognize the importance of transparency regarding how we utilize data collected through our websites and applications. This notice outlines our cookie practices and provides you with clear options to manage your privacy preferences.


## How We Utilize Cookies on Our Platforms


When you engage with our sites and apps, we employ **cookies** for several essential functions. Primarily, these cookies facilitate the delivery of our services, ensuring seamless access and functionality. They also play a crucial role in user authentication, bolstering security measures and actively preventing spam and abusive activities. Furthermore, we leverage cookies to analyze user behavior and measure platform usage, allowing us to continually improve our offerings.


## Customizing Your Cookie Preferences


You have control over how your data is handled. Selecting "Accept all" grants permission for **Yahoo** and our advertising partners – a network of 245 entities participating in the **IAB Transparency & Consent Framework** – to store and access information on your device. This includes utilizing **cookies** alongside precise geolocation data, technical identifiers, and browsing/search history for purposes such as analytics, personalized advertising and content delivery, advertising effectiveness measurement, and audience research and service development.

If you prefer to restrict these additional data uses, simply click "Reject all." For a more granular approach, choose "Manage privacy settings" to tailor your preferences. This allows you to specify which types of data collection you permit.


## Managing and Revisiting Your Privacy Choices


Your consent is not static. You retain the right to modify or withdraw your permissions at any time. Convenient links, labeled "Privacy and Cookie settings" or "Privacy dashboard," are readily available on our sites and apps, enabling you to adjust your choices as needed. We encourage you to review our comprehensive **Privacy Policy** and **Cookie Policy** for a detailed understanding of our data practices.

Yahoo's Data Privacy: Understand Cookies & Control Your Info

Navigating the complexities of estate settlement is challenging enough, yet many individuals face prolonged waits for tax refunds after the passing of a loved one, recent findings indicate. Data reveals a significant delay in processing refunds owed to beneficiaries of deceased taxpayers, extending the financial strain during an already difficult period. This issue has prompted scrutiny and efforts toward improvement from tax authorities and advocacy groups.


## Lengthy IRS Refund Delays for Deceased Taxpayers


From January 2021 through July 2024, the **Internal Revenue Service** (IRS) took an average of 444 calendar days to issue refunds due to beneficiaries of deceased individuals, according to a report released last year by the **Treasury Inspector General for Tax Administration** (TIGTA). This timeframe sharply contrasts with the typical 21-day refund processing period for most Americans who file electronically with direct deposit during regular tax season. Experts emphasize that these refunds are often crucial for covering estate-related expenses or supplementing inheritances. 

As of July 2024, the IRS reported a substantial backlog of 440,443 cases involving refunds owed on deceased taxpayer accounts, totaling over $1.3 billion. A concerning portion of these refunds were significantly overdue, with 9% exceeding two years, 43% falling between one and two years, and 49% being up to a year old. These delays underscore a systemic issue impacting grieving families.


## The Impact of Form 1310 and Manual Processing


The extended processing times are largely attributed to the requirements surrounding **IRS Form 1310**, which is necessary to claim a federal tax refund on behalf of a deceased taxpayer. This form is typically required unless a surviving spouse files a joint return or a court-confirmed personal representative is involved. According to TIGTA, submitting Form 1310 initiates a manual review process within the IRS, creating potential bottlenecks and prolonging refund issuance. 

The **National Taxpayer Advocate** (NTA), an independent taxpayer ombudsman, acknowledged the hardship this creates, stating, “Losing a loved one is difficult and filing a final tax return should not cause undue burden in a difficult time.” The reliance on manual processing significantly contributes to the delays experienced by beneficiaries.


## IRS Efforts to Reduce the Refund Backlog


Recognizing the issue, the IRS has undertaken initiatives to address the backlog and expedite refund processing. By August 2025, over 70% of the outstanding refunds had been cleared, leaving approximately 1,100 returns pending processing, as reported by the NTA. Furthermore, for the 2025 tax filings, the IRS implemented a program designed to minimize or eliminate the need for manual refund processing for claims involving deceased taxpayers.

These improvements include enabling systemic refunds once Form 1310 or any required documentation is received, prioritizing older cases for resolution, and enhancing employee training to efficiently handle returns related to deceased individuals. The goal is to streamline the process and provide timely financial relief to grieving families.


## Proactive Steps for Estate Tax Return Efficiency


While improvements are being made at the IRS, individuals can take proactive steps to simplify the tax filing process for their estates. Financial professionals recommend maintaining meticulous records of all tax-related information, including account details and access instructions. **Colleen Carcone**, Director of Wealth Planning Strategies at **TIAA**, notes the increasing difficulty of accessing tax forms online, emphasizing the importance of organized documentation.

Experts also suggest consolidating bank and investment accounts to reduce the number of forms required and compiling a list of contacts – such as accountants or financial advisors – who can provide assistance. **Tyler End**, chief executive and co-founder of **Retirable**, highlights the value of professional guidance, stating, “It might be worth it to get a CPA… It's not an auto-tax filing.” Ultimately, careful planning and collaboration with qualified professionals can significantly ease the burden on beneficiaries during a sensitive time.

IRS Tax Refunds After Death: Delays & What to Know

## UK Litigation Funding Firm Pursues New Investment


**Katch Investment Group**, a prominent player in the United Kingdom’s litigation funding sector, is actively soliciting additional capital. This move comes less than six months following the dissolution of a significant fund, marking a continued period of adjustment for the company. The pursuit of new funding was reported on February 16, 2026, at 9:02 AM UTC, highlighting the firm’s ongoing efforts to maintain operational capacity.

The firm is focused on bolstering its **Katch Legal Lending Fund**, an open-ended vehicle designed to provide financing for legal disputes. A recent investor presentation, reviewed by **Bloomberg News**, details a targeted annual return of 20% for investors. This ambitious goal underscores Katch’s confidence in the potential profitability of its litigation investments.


## Funding to Support Major Legal Battles


The newly raised capital will be strategically allocated to finance a diverse portfolio of ongoing legal cases. A substantial portion of these funds is earmarked for a high-profile £250 million (approximately $341 million) claim leveled against **Uber Technologies Inc**. This lawsuit represents a significant undertaking for Katch and its investors.

The Uber case is being pursued on behalf of a large collective of London’s traditional **black-cab drivers**. These drivers allege damages resulting from Uber’s entry into the transportation market, claiming unfair competition and economic harm. The litigation represents a key test case for the evolving regulatory landscape surrounding ride-sharing services.


## Navigating a Challenging Period for Katch


This capital raise follows a year of considerable change for Katch Investment Group. The liquidation of a previous fund demonstrates the inherent risks associated with litigation funding, where outcomes are often uncertain. Despite these challenges, the firm is demonstrating resilience by proactively seeking new investment opportunities. 

Katch’s strategy of focusing on high-value, potentially lucrative cases, such as the Uber dispute, is central to its efforts to attract investors. The firm’s ability to successfully navigate the complexities of litigation finance will be crucial to its long-term success and continued presence in the UK market.

Katch Seeks Funds After Fund Liquidation – UK Litigation Update

## Royalty Pharma’s Strong FY25 Performance & Growth Strategy


**Royalty Pharma plc** (RPRX) recently announced its financial results for fiscal year 2025, demonstrating significant advancement across key performance indicators. The company reported double-digit increases in both **Royalty Receipts** and **Portfolio Receipts**, highlighting a period of robust financial health. This positive momentum was coupled with a strategic and measured approach to capital allocation throughout the year. 

The firm’s success is underscored by effective investment strategies and a growing portfolio of royalty interests.  Notably, RPRX achieved substantial returns on invested capital, solidifying its position within the healthcare sector.  These results indicate a well-executed plan focused on maximizing shareholder value and sustainable growth.


## Expanding Portfolio Through Strategic Investments


RPRX actively broadened its asset base in FY25, committing **$2.6 billion** to new **royalty transactions**.  In addition to these acquisitions, the company dedicated **$1.2 billion** to **share repurchases**, returning capital directly to investors.  Further demonstrating confidence in its future prospects, Royalty Pharma also implemented a **7% increase to its dividend**, effective entering 2026.

A key driver of growth was the increasing prominence of **synthetic royalties**, which exceeded traditional royalty deals in announced transaction value. This innovative approach to biopharmaceutical funding provides structural benefits and expands opportunities for investment.  The company is capitalizing on this trend to diversify its revenue streams and enhance its long-term financial outlook.


## Valuation & Investment Potential


Despite its strong financial performance and promising pipeline, **Royalty Pharma** currently trades at a considerable discount. The company’s valuation is approximately 50% below the sector median when considering forward earnings. This discrepancy presents a potentially attractive entry point for investors, given the company’s consistent **recurring cash flows** and a robust schedule of upcoming **clinical and regulatory catalysts**.

The current market undervaluation doesn’t fully reflect the strength of RPRX’s business model or its growth trajectory.  With a focus on acquiring and managing royalties from innovative therapies, Royalty Pharma is well-positioned to benefit from advancements in the biopharmaceutical industry. 

**Analyst’s Disclosure:** I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). 

**Seeking Alpha's Disclosure:** Past performance is no guarantee of future results. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Royalty Pharma: FY25 Receipts Surge, Growth Outlook Strong

## Russia Moves to Regulate Booming Cryptocurrency Market


Russian authorities are accelerating efforts to establish a comprehensive regulatory framework for **cryptocurrency** activities, with legislative approval anticipated during the upcoming spring session of the State Duma. This push comes as new data reveals the substantial and largely unregulated scale of digital asset turnover within the country. The **Ministry of Finance** estimates daily cryptocurrency transactions reach 50 billion rubles, equivalent to approximately $650 million, culminating in an annual volume exceeding 10 trillion rubles – roughly $130.5 billion.

These figures were presented by **Ivan Chebeskov**, Deputy Finance Minister, at the Alfa Talk conference, as reported by RBC. Chebeskov emphasized the significant portion of this activity occurring outside of official oversight. “This is a turnover of more than 10 trillion rubles per year, which is currently taking place outside the regulated zone, outside our attention,” he stated, underscoring the need for formalized rules. Both the government and the **Bank of Russia** are jointly backing the proposed legislation to bring this substantial market segment into compliance.


## Expanding Exchange Capabilities & Investor Access


The forthcoming regulations are designed to integrate existing financial infrastructure into the cryptocurrency landscape. Licensed exchanges and brokerage firms will be permitted to expand their services to include digital assets. The **Moscow Exchange (MOEX)** is already proactively entering the market, currently offering cash-settled futures contracts for **Bitcoin (BTC$68,945.97)** and **Ether (ETH$1,987.35)**, with plans to add futures for **SOL**, **XRP**, and **TRX**. 
 
The framework will also enable MOEX and brokers to participate in the spot market, catering to both qualified and non-qualified investors, albeit with certain restrictions applied to the latter. Licensing requirements will be specifically targeted towards cryptocurrency exchange offices, and penalties will be implemented for any unlicensed intermediaries operating within the sector. **Vladimir Chistyukhin**, first deputy of chairman of the Central Bank, confirmed the shared goal of passing the bill during the spring session.


## Significant Capital Outflow & Market Share


Data from the Bank of Russia’s financial stability report indicates that Russian citizens held an estimated 933 billion rubles ($11.89 billion) on international cryptocurrency exchanges as of mid-2025. These platforms currently operate without regulation within Russia, leading to substantial financial outflows. **Sergey Shvetsov**, Chairman of the MOEX’s Supervisory Board, highlighted that Russian users remit approximately $15 billion annually in commissions to these global platforms.

Shvetsov further noted the broader economic impact, stating, “The commissions that crypto exchanges and regular exchanges receive from trading crypto assets annually is $50 billion; there are estimates that the Russian share is about a third.” Analysis from **Chainalysis** confirms Russia’s position as the largest cryptocurrency market in Europe, receiving $376.3 billion in crypto between July 2024 and June 2025 – significantly outpacing the United Kingdom’s $273.2 billion during the same period. Germany and Ukraine were the only other European nations to exceed $200 billion in crypto receipts.

Finance