European Union nations are working to demonstrate solidarity this week against President Donald Trump's extensive tariff program, with preparations underway to endorse an initial package of targeted retaliatory measures affecting up to $28 billion worth of American imports ranging from dental products to precious stones, Reuters reported.

This countermeasure would position the EU alongside China and Canada in implementing retaliatory tariffs against the United States, potentially triggering what analysts fear could develop into a worldwide trade conflict that would increase costs for consumers globally and potentially push economies into recession.

According to Reuters, the 27-member bloc faces 25% import duties on steel, aluminum, and automobiles, along with "reciprocal" tariffs of 20% on nearly all other goods starting Wednesday. Trump's tariffs encompass approximately 70% of EU exports to the United States – valued at 532 billion euros ($585 billion) last year – with potential additional duties on copper, pharmaceuticals, semiconductors, and timber expected in the future.

The European Commission, which manages EU trade policy, will present to member states late Monday a catalog of American products to be subjected to additional duties in response to Trump's steel and aluminum tariffs rather than the broader reciprocal levies. This list is expected to include American meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper.

One item that has garnered particular attention and revealed disagreements within the bloc is bourbon. Reuters reported that the Commission has designated a 50% tariff on this product, prompting Trump to threaten a 200% counter-tariff on European alcoholic beverages if the bloc proceeds with its plan. Wine exporters France and Italy have both expressed reservations. The EU, whose economy heavily depends on free trade, is determined to ensure widespread support for any response to maintain pressure on Trump to ultimately engage in negotiations.

Luxembourg will host on Monday the first EU-wide political gathering since Trump announced the comprehensive tariffs, bringing together trade ministers from all 27 EU members to discuss the impact and determine the best course of action. EU diplomats indicated that the primary objective of the meeting was to emerge with a unified message expressing willingness to negotiate with Washington for tariff removal, while also demonstrating readiness to implement countermeasures if that approach fails.

"Our biggest fear after Brexit was bilateral deals and a break of unity, but through three or four years of negotiations that did not happen. Of course, here you have a different story, but everyone can see an interest in a common commercial policy," one EU diplomat said.

Among EU members, there exists a spectrum of opinions regarding the appropriate response. France has suggested the EU should develop a package extending beyond tariffs, and French President Emmanuel Macron has proposed that European companies should suspend investments in the United States until "things are clarified."

Ireland, which sends almost a third of its exports to the United States, has advocated for a "considered and measured" response, while Italy, the EU's third largest exporter to the US, has questioned whether the EU should retaliate at all. "It's a difficult balance. Measures cannot be too soft to bring the United States to the table, but not too tough to lead to escalation," the EU diplomat explained.

Discussions with Washington thus far have yielded little progress. EU trade chief Maros Sefcovic characterized his two-hour exchange with American counterparts on Friday as "frank" as he informed them US tariffs were "damaging, unjustified."

The initial EU counter-tariffs will be put to a vote on Wednesday and will be approved unless a qualified majority of 15 EU members representing 65% of the EU's population oppose it – a scenario considered highly unlikely, according to Reuters. They would take effect in two phases, with a smaller portion implemented on April 15 and the remainder one month later.

Commission President Ursula von der Leyen will also conduct separate discussions on Monday and Tuesday with chief executives from the steel, automotive, and pharmaceutical sectors to evaluate the tariffs' impact and determine subsequent actions.

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MailOnline reported that global financial markets have experienced massive losses following US President Donald Trump's decision to impose widespread import tariffs on both allies and adversaries. The FTSE 100, the United Kingdom's best-known stock market index, plummeted more than 6% after opening Monday morning, following its worst performance since the pandemic.

We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus…

— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 7, 2025

 European markets fared even worse, with MailOnline noting Germany's Dax fell 10% while the pan-European STOXX 600 slumped 5.8%. Despite growing concerns from international leaders and US allies, Trump has characterized his tariff strategy as necessary medicine for the economy.

"Sometimes you have to take medicine to fix something," Trump told reporters on Air Force One Sunday night. The president later posted on his Truth Social platform that the tariffs were "a beautiful thing to behold."

The financial turmoil extends beyond Europe, as Asian markets suffered significant losses overnight as well. Japan's Nikkei plunged as much as 8%, while markets in Australia, South Korea, Taiwan, Singapore, Hong Kong, and China experienced declines ranging from 5 to 10%.

In response to the crisis, UK Transport Secretary Heidi Alexander warned that global tariffs are "bad news" when asked about recession risks. "It's bad for global demand, it's bad for prices and it's bad for consumers," Alexander told Sky News.

Market analyst Jim Cramer of CNBC warned that the US could be heading toward another "Black Monday" scenario, referencing the historic 1987 market crash that saw a 22.6% drop in a single day.

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Israel has moved to remove all remaining tariffs on imports from the United States, officials announced Tuesday, according to Reuters. The decision comes just one day before the Trump administration is set to impose reciprocal levies on global trading partners.

The measure still requires final approval from Economy Minister Nir Barkat and parliament's finance committee, but both are expected to support the action.

"The removal of tariffs on American goods is another step to open the market to competition, to diversify the economy, and to lower the cost of living," Prime Minister Benjamin Netanyahu said in a joint statement with Barkat and Finance Minister Bezalel Smotrich.

Israel and the US established a free trade agreement 40 years ago, with approximately 98% of American goods already entering Israel tax-free. The finance ministry noted that tariff collection from US imports – primarily in the agricultural sector – amounts to about 42 million shekels ($11.3 million) annually.

The United States represents Israel's largest trading partner and closest ally, with bilateral trade reaching $34 billion in 2024.

Finance Minister Smotrich had urged ministers to coordinate with US counterparts quickly to implement the tariff relief, noting the move is "a significant step in safeguarding the Israeli economy during a sensitive period and strengthening economic ties with our most important ally."

Israel's Agriculture Ministry indicated it might compensate local farmers if Trump's tariff policies negatively impact the domestic agricultural sector.

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Israel's largest-ever business delegation to India concluded a landmark visit that sets the stage for a historic free trade agreement between the two nations in 2025, Israel Hayom learned Thursday.

The delegation, comprising more than 100 Israeli companies, conducted over 600 business meetings with Indian business leaders, establishing new pathways for economic cooperation and bilateral investment opportunities.

"Israel's capabilities in innovation and security are extraordinary, and the technology demonstrated in Operation Beepers is truly inspiring," India's Minister of Commerce and Industry Piyush Goyal said during the Israel-India Business Forum in New Delhi. "There are immense opportunities for collaboration between Israel and India, which will lead to significant geopolitical and economic achievements in the region."

The 2024 trade volume between the two nations reached $5 billion, including $2.5 billion in Israeli exports, $1 billion in diamond trade, and $1.5 billion in imports from India to Israel.

Israel's Minister of Economy and Industry Nir Barkat emphasized the visit's significance. "This visit marks a breakthrough in the economic relations between Israel and India. The largest business delegation ever sent from Israel is proof of our commitment to deepening economic ties, expanding Israeli exports, and opening the Indian market to groundbreaking Israeli technologies," Barkat said. "Cooperation between our nations will drive economic growth, strengthen mutual investments, and create new jobs in both countries."

The Israeli companies represented diverse sectors including advanced technology, cybersecurity, smart agriculture, renewable energy, digital health, water technologies, AI, and big data. During their visit, the delegation met with major Indian corporations including TATA, Nasscom, and GMR, and participated in India Energy Week.

Minister Goyal announced plans to lead a delegation of hundreds of Indian executives to Israel in 2025, focusing on investments in Israeli companies and advancing technological collaborations in water technologies, cybersecurity, healthcare, and advanced agriculture.

"The tremendous interest shown by Indian companies in collaborating with the Israeli industry highlights the enormous economic potential," Avi Balshnikov, Chairman of the Israel Export Institute, which organized the delegation, said. "This is just the beginning, and we look forward to significant growth in trade and investments between the two countries in the coming years."

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A cashless economy refers to an economic system where physical money (bills and coins) is rarely used, with most transactions conducted through digital means. In such a system, individuals and businesses rely on credit cards, digital payment applications, bank transfers, and other technology-based payment methods to purchase goods and services. This economic model requires advanced digital infrastructure and robust user privacy protections. Digital payments leave traceable footprints that enable financial activity monitoring and fraud detection.

There are several advantages to a cashless economy. First, it enhances economic efficiency by facilitating quick and immediate transactions. The elimination of cash handling and change-making reduces errors and saves time. Financial management becomes more convenient as digital tracking of expenses and income simplifies household budget planning and monitoring. Additionally, it can help reduce underground economic activity and strengthen government oversight of financial transactions.

However, a cashless economy also presents challenges. It risks exacerbating social inequality for populations lacking access to digital financial services, such as elderly individuals or people in rural areas and developing nations. Furthermore, there is increased dependence on technological systems that may be vulnerable to cyber-attacks and technical failures.

Ultimately, the future will likely bring a hybrid system where digital payment methods dominate while maintaining space for cash where needed. The main challenge will be finding the right balance.

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At first sight, it appears to be yet another lifestyle scene, the sort that pops up every day as we scroll through Instagram or TikTok. A huge luxury yacht owned by a multi-millionaire is anchored at an exotic island. On the deck are dozens of young girls clad in bikinis, dancing, drinking expensive alcoholic beverages, and above all posting images on social media that make you eat your heart out with envy. The scenery surrounding them may well vary. On occasions, it might be a stunningly sumptuous, luxury villa, sometimes a veritable palace or an ultra-exclusive entertainment complex. The multi-millionaire might be a famous Hollywood actor, a billionaire sheik from a Gulf state, an aging high-tech tycoon or a Russian oligarch.

The problem is that underneath the deceptive glossy facade of hedonism lies a considerably worrying truth, which is far from the happy-go-lucky and fun image. Welcome to the world of image trips, a euphemism used to gloss over an ugly industry that generates millions of dollars, and when taken to its extreme, may border on both mental and physical abuse, sexual assault and human trafficking.

"On one of those trips, I flew out to spend time with a sheik from the UAE in return for 10,000 euros. We went out to dinner with a number of other models from Argentina, and the sheik drank and drank, eventually becoming so inebriated that he fell over. I couldn't help laughing at the sight of this. Then, in a fit of rage, he hit me on the head with the bottle of wine he was holding. There was blood everywhere and I simply began to scream. Two of his Filipino aides helped me to the bathroom to staunch the flow of blood, and when I asked to leave they replied that this would not be possible, saying to me: 'your passport is with us, so you cannot go anywhere. Just calm down.'

The image trips industry, which in recent years has gained serious momentum, for an appropriate price, links up immensely wealthy men with young girls from all over the world, some of whom are still only teenagers. These young girls are flown either first class or on private jets to functions and parties around the world, where they are required to be seen in the proximity of the clients who have paid good money for their presence, and on occasions also to provide additional 'personal services'.

Elle, a 29-year-old model from the Netherlands, who has been involved in numerous image trips for the last decade, is one of those young girls who has been scarred by them. She is now going out to expose the dark world that lies beneath the veneer of the sparkling exterior.

"On one of those trips, I flew out to spend time with a sheik from the UAE in return for 10,000 euros. We went out to dinner with a number of other models from Argentina, and the sheik drank and drank, eventually becoming so inebriated that he fell over. I couldn't help laughing at the sight of this. Then, in a fit of rage, he hit me on the head with the bottle of wine he was holding. There was blood everywhere, and I simply began to scream. Two of his Filipino aides helped me to the bathroom to staunch the flow of blood, and when I asked to leave they replied that this would not be possible, saying to me: 'Your passport is with us, so you cannot go anywhere. Just calm down.'

"Afterwards, they took me to a huge villa where a doctor took care of me, and then the sheik arrived, he apologized to me and asked me to remain there one more night. We went to sit in the lounge and he continued drinking. At some stage, he asked one of the Argentinian models to sleep with his son. She refused, pointed at him and hold him to stop drinking so much alcohol."

Here, Elle describes a nightmare scene, which could easily have been taken from a Scorsese mafia movie: "The sheik looked at his aide and said, 'bring a knife.' Then, two guys held the Argentinian girl down by force, pressed her finger down onto a silver plate, and cut it off. All of this simply because she had dared to point at him.

"At that very moment, I really thought that I was going to die. I began to cry. The sheik became angry and threatened to hit me unless I stopped. When I was unable to stop, he stood in front of me and hit me with his belt, until I lost consciousness. When I woke up, I found myself locked up in a small closet. They left me there for hours."

"Eventually the sheik's female assistant arrived, she gave me my passport and told me that I must leave, 'otherwise I would not live.' I tried to locate that Argentinian model afterwards on social media, but I was unable to find out what had become of her. It was as though she had disappeared off the face of the earth."

An offer from Jeffrey Epstein

The story that Elle recounts does appear to be somewhat excessive, but it is far from strange to an entire industry that is based on exploitation, abuse and the constant exposure to physical danger by wealthy individuals who for the most part act under the influence of drugs and alcohol. Men who are convinced that their money can fulfill their every whim and desire, at the expense of women who lack any real means to stand up to this.

She grew up in a sleepy town in the Netherlands, she always stood out because of her rare beauty, which afforded her much attention – both positive and negative. "You need a degree of patience with me, I have never told this to a living soul," she says during our first conversation as she looks over her shoulder, ensuring that nobody is listening.

"I had a complex childhood. I was always an extraordinary girl. The girls at school were always harassing me. They would stick chewing gum in my hair, kick me, and write all sorts of lies about me. And there was a really elderly piano teacher there who sexually assaulted me. I remember that I would look on the internet for all sorts of ways of making myself ugly and unattractive. I tried putting on weight, eating raw garlic and onion. I created a habit of self-destruction, as I was unable to contend with all the torment and harassment."

"We arrived at a huge estate, and I was amazed, as I saw there some of the most beautiful works of art that I had ever seen. Dozens of other girls came to the estate from Sweden, Norway and Russia, who were really friendly. They all came from vastly different backgrounds, some of them were athletes, one was a professional tennis player and another was a cheerleader. Then, the owner's female assistant came and took us to a sort of hall where we were required to dance in front of the client. They played the worst music I had ever heard. After this finished, the assistant took us to our rooms and told us that 'they would tell us if we had been accepted.'

At some stage, she was noticed by a talent spotter from a modeling agency, after he watched her playing hockey as a young girl. She left her studies behind and began to model in campaigns all around the world. Among others, her path crossed with that of the now deceased and infamous US businessman, Jeffrey Epstein, who, according to her, proposed that she should come and live in Florida and work as his personal assistant. "As luck would have it, my mother noticed that something was not quite right with him, so I turned down his offer."

It didn't take long for her to make the shift from the regular path of modeling to the slippery slope that changed her life. "I was working on a sports clothes campaign in Cape Town, South Africa. One of the girls who was working with me, a Spanish model who was slightly wacky, would always walk around with lots of cash on her and came to work with Chanel bags. On one occasion, when I asked her where all the money was from, she told me about the possibility of going on something called an image trip, and that all I had to do was to go out for dinner. So, I thought to myself, 'Okay, that might be quite cool and interesting.'"

The Spanish girl friend explained to Elle that all she had to do was to send a clip of herself to one of the agencies dealing with the image trips. Elle filmed herself while engaged in yoga, but the Spanish girl then explained what she really need to do: "She laughed at me, explaining that this was not what the agency was looking for, and that I need 'to be sexy' and show my backside.

"I didn't really understand. What type of trip was this? After all, it was merely due to involve having dinner. But in the end, I put on a bikini and high heels and took a video of myself. I was only 19 years old. When we finished, she sent my pictures to the agent for approval, and within an hour they were already asking if I was able to fly out that very night."

At that stage, did you already understand that this would involve more than simply "having dinner"?

"No, I was really naive and I relied on my friend. We worked together and I believed what she said."

On the first image trip, she was flown out on business class. "This was my first ever flight in business class, and after landing, I was collected in a luxury car in which an American model was waiting, who had also been invited to dinner.

"We arrived at a huge estate, and I was amazed, as I saw there some of the most beautiful works of art that I had ever seen. Dozens of other girls came to the estate from Sweden, Norway and Russia, who were really friendly. They all came from vastly different backgrounds, some of them were athletes, one was a professional tennis player and another was a cheerleader. Then, the owner's female assistant came and took us to a sort of hall where we were required to dance in front of the client. They played the worst music I had ever heard. After this finished, the assistant took us to our rooms and told us that 'they would tell us if we had been accepted.'

"Sometime later they told me that the client liked me, and the female assistant asked if I could remain with him for a ten-day trip. I agreed. They then informed me and the other that we would have to undergo a checkup by a physician to discover if we suffered from any sexually transmitted diseases. I was alarmed. Why should I be checked if all that was involved was dancing?".

"I received death threats"

For ten days, Elle and the other young girls spent time "hanging out" with the client and his friends. Luckily enough, the trip went by with no untoward events, and without having to engage in any forced or problematic acts. "There was one girl who spoke to us out loud about this client's habits in bed, and I believe that there were listening devices in our rooms, as on the following day she was sent away."

At the end of the trip, Elle was given an envelope with a large amount of cash, and she claims she had never seen anything like it in her life. "I was over the moon. When I got back to Cape Town, I spread out the bank notes on the bed, I lay down on top of them and wallowed in them, just like in the movies. It was extremely funny."

At this early stage, she still felt that she had been presented with an easy and viable option to supplement her income. In addition to her regular work as a model she began to fly off to various venues to take part in image trips. Some were quite bizarre, such as a trip with the prime minister of a European state, who invited her to accompany him on a day trip to an isolated sauna in the snow-covered mountains. Some were just quite amusing, for example, a party thrown by a well-known giant car manufacturer which was held in the pyramids in Egypt, when Elle and the other models were asked to walk around dressed as Cleopatra.

But it wasn't long before Elle and her friends became aware that these trips might not be entirely free of risks.  Evidence of that fact stands out in the story of T., a model whose photos had appeared on the cover page of the most illustrious global fashion magazines, including Vogue. T. opted to speak anonymously due to concern of potential damage she might incur.

"Just so that you understand the situation, until a few weeks ago I had to hire a bodyguard to accompany me, as I have received death threats over the last year and a half," she recounts and refuses to expose the identity of those threatening her due to the image trips she participated in.

"Many of the agencies that organize image trips are run by people who use these companies to engage in illegal activity, so that they are surrounded by the mafia and criminal organizations. Apart from that, on those trips, you spend time with some of the world's most famous and successful people, and it can be most dangerous. Just like human trafficking, but on a more sophisticated and illustrious level. The agents move you from client to client like a pawn on a chessboard."

Then, why go on these trips in the first place?

"It is difficult to earn lots of money in regular modeling campaigns, even if you are a very good model. Sometimes, you don't get paid for six months, and even when they do pay you, the wages are not very considerable. In contrast, on the image trips, you receive much more relative to regular modeling work. In a trip of only a few hours I would earn an amount equivalent to what I would have earned in a month doing regular modeling work. I really needed that money, especially during the Covid-19 pandemic."

Dancing in front of men

Michael Gross, a highly-acclaimed American journalist and writer, who has researched the world of modeling, sheds further light on this problematic industry. "In what we generally refer to as 'modeling business' there are white, black and gray areas," he says during a conversation with Israel Hayom. "In the white area, the upper part of this world, the models are regarded as a valuable asset and thus protected accordingly. In the lower or 'black' part, they are considered as nothing more than toilet paper – to be used and discarded."

Gross, who in 1995 published the best-selling book Model: The Ugly Business of Beautiful Women, explains that in the middle of the pyramid of classes, in the gray zone, there are many young female models, such as T. and Elle. According to him, this area is a veritable "wild west" with no rules and no control over it.

"In the gray area, there are beautiful models who are prepared to leverage their looks, and that includes being exploited for money or promoting their career. This might involve the occasional flirt with a photographer, providing sexual services to an agent or manager, or selling their body as "candy to the eyes" and as sexual toys for the rich who are prepared to pay for the pleasure of gaining proximity to such beauty."

"Many of the agencies that organize image trips are run by people who use these companies to engage in illegal activity, so that they are surrounded by the mafia and criminal organizations. Apart from that, on those trips, you spend time with some of the world's most famous and successful people, and it can be most dangerous. Just like human trafficking, but on a more sophisticated and illustrious level. The agents move you from client to client like a pawn on a chessboard."

The "supply" of young girls for the image trips, which are sometimes also referred to as "atmosphere trips", is provided by private, greedy agents, who act as the go-betweens, mediating between the girls and famous people, multi-millionaires and company directors. Each agent controls an expansive network of candidates with whom he works, from models such as Elle and T. to social media influencers with hundreds of thousands of followers.

The "candidates" undergo an audition, usually by sending a personal video clip, but also sometimes via a face-to-face meeting – when this involves a particularly exclusive event. After they have passed the audition, the models will then usually be called on at short notice to go on trips, and in return they receive amounts ranging from 1,000 dollars to several tens of thousands of dollars per day. On most occasions, these trips will end up with a dinner or an innocuous party with music and dancing, but on occasions they might also involve an offer to engage in sexual intercourse with the host of the event or one of the participants in return for additional payment. Such trips are referred to as "extra" image trips.

Naturally, there are candidates who will prefer these extra trips from the outset, due to the large amounts of money that go with them. "On the regular trips, the money was not enough for me, so I began to ask for the 'extra' trips alone, and I gradually delved deeper and deeper into that world," admits T.

T. tells us of agents who sent her "to sleep with well-known billionaires," and exposes the heavy price that she has paid for this to this very day. "My life was ruined because of those trips. I have done so many things that I regret and which have caused me to suffer genuine trauma. I don't want any woman to go through what I have endured."

Compared with T., for a long time Elle refused to participate in the "extra" trips, but after a few regular image trips, she did finally agreed to cross the line. It occurred on the yacht of one of the most famous people in the world, an individual whose name would be instantly recognized by any reader.

"They told us that there was to be a huge two-week trip with partners of that particular client," Elle describes. "We were flown out to a beach opposite which two yachts were anchored, one for the models and one for the businessmen. Most of them were Chinese men in their sixties who arrived in private helicopters. Each evening, we had to move from our yacht to the large yacht, where we had to dance and 'carouse' in front of them. There were a number of famous DJs who played on the deck, and it was pretty cool. The Chinese sat on the couches around us and watched us dancing.

"On the last day, the agent approached me and said that one of the businessmen had taken a shine to me. He asked if I wanted to do 'extra'. Initially I didn't want to, but the offer involved an extremely sizable sum of money, so eventually I agreed and went off to his room."

Elle tells of another incident, in which a Mexican businessman invited her to come to Mexico in return for 30 thousand dollars. "I thought what can be so bad. I met him in a hotel penthouse. He brought be a white gown, demanded that I put it on and then left the room. I stood there in this strange white costume and I thought to myself, 'What the hell is going on here? I look like the Virgin Mary.' And then he called me to enter the other room. When I entered the room, to my amazement I saw blood daubed on the floor and some or other pagan symbol, something drawn with a star. That was a really weird experience. I felt as though I was in the middle of a sacrificial ritual. I refused to draw any nearer to him, and simply looked at him and wondered how my life had gone to pieces."

However bizarre these stories might appear to be, they are the daily reality for many models in the image trips industry. These girls find themselves having to contend with such dubious behavior that is backed up by big money. The global law enforcement authorities, on the whole, do not tend to play any active role in trying to oversee or look into this phenomenon. At best, they are simply unaware of these events, and at worst – they prefer to turn a blind eye to them. "On one occasion I did actually file a complaint with Europol (the establishment responsible for law enforcement across the EU member states, Y.E), after a wealthy client hit me," explains Elle. "When the client became aware of this, he threatened me and sent me a message stating 'I know where your mother lives.'" Elle claims that no action was taken in relation to the complaint that she filed.

Israeli fashion photographer, Adi Barkan, who has worked in the world of modeling for years, has been exposed on a number of occasions to various types of wrongdoing that occur there. "I was a fashion photographer in Paris, and there was an agency owner who came every Thursday to select girls whom he would then fly to Nice, for celebrations with his millionaire friends," he recounts during a conversation with Israel Hayom, confirming that the phenomenon of image trips does exist. "It does happen, for sure. Those billionaires keep the modeling agencies afloat. There are vast amounts of money there, we are talking about hundreds of thousands of euros. Young women and girls come to the agencies in Paris from all over the world, and they lose their heads.

"You don't have to be a real genius to get them to do it. You only need to be a small-scale manipulator who says, 'I can hook you up with clients, and one of them can get you made for life.' And then you see a 15-year-old girl attending parties with men aged 60 and 70 – and that is absolutely shocking."

Barkan, who later on established the NPO called Simply You, which fights against eating disorders in the fashion world, describes a world in which everybody is aware of this phenomenon. "To put it mildly, there is no bigger brothel than the fashion world. It is a glamorous and 'sparkling' world in which everybody wants to get ahead, and they lose their head without anybody seeing or hearing. Some of the stories circulating there will make your hair stand on end."

Is there nobody to look after those girls who can take care of them?

"Nobody. They are completely alone. Their mothers talk to them maybe once a week by phone, 'Is everything alright?', 'Yes, everything is fine,' and for the most part that is it."

Letting the wolf out of the cage

The temptation of large sums of money, alongside the dream of getting to know highly influential men, draw in many young girls like a magnet, causing them to face situations that they eventually come out of both physically and mentally scarred.

"On one of my first image trips, when I was still extremely naive, one female agent proposed that I should fly to Madrid to meet an important businessman," Elle recounts and stops to take a deep breath. "She sent me his photo and he looked to be a very young and handsome man, but when I arrived I understood that this was a photo from 20 years ago.

"I didn't want to stay with him. I tried to go, but he raped me violently. When everything was over and I left, I phoned the agent up in tears. I shouted at her, 'Listen, your client has just raped me.' In response she said to me: 'I am sorry, but this is something that can happen. Just make sure that you receive the money from him.'"

Elle: "The businessman called me, and when I entered the room, I saw a sort of pagan symbol on the floor, something with a star. That was a really weird experience. I felt as though I was in the middle of a sacrificial ritual. I refused to draw any nearer to him, and simply looked and wondered how my life had gone to pieces."

Despite the trauma, Elle explains that even after the rape she continued to go on additional trips. "I just don't know why I decided to remain in the game. Perhaps I felt that in any event I had been raped, so what is the worst thing that could happen to me now."

Looking back, how do you explain the fact that you continued taking part in the trips, despite the harrowing ordeal you endured in Madrid?

"It is interesting how the human brain can cause so much self-destruction, over and over again. I think that this was a combination of extremely bad friends, a poisonous environment and the use of a considerable volume of bad drugs."

Bewildered and disoriented from drugs, as she attempted to recover from the rape she had undergone, Elle went from bad to worse. Between trips, with her professional life in meltdown, she entered into a relationship with a partner who then financially abused her.

"He asked me to invest all my money, 100 thousand euros, in a large crypto deal. That was all my savings. He promised that I would make a huge profit from it and I wanted to buy a house for my mother, to make her happy. I handed over all my money to him – and he simply stole it. Everything vanished. And then he hit me, and it transpired that he had also cheated the landlord with regard to the rent for the apartment in which we were living. I just wanted to curl up in the corner and die. I saw a box of sleeping pills and swallowed them all." Elle stops for a moment and shows photos in which she appears injured and bruised, blood on her face and sad, listless eyes. According to Elle, after her failed suicide attempt she left her abusive partner and returned to her childhood home in the Netherlands, where she tried to put the pieces of her life back together.

It is difficult to avoid noticing the incurable optimism in you today, despite all that you have gone through.

"It is important for me to point out that not all the people taking part in the trips were bad, and that I also took part in some fun and entertaining trips. There was, for example, one ball in the luxurious palace of a king, to which I was invited along with other models. On the third night of the ball, the king's son – a rather comely young prince – took us to see the royal zoo. After the tour finished, I returned to the zoo, drunk, with another girl, and there we saw a white wolf wandering around in the cage, extremely sad. We decided to release it and simply opened the gate to the cage. This immediately set off an alarm and dozens of servants arrived from the palace. I have no idea what happened to the wolf, but we both got into trouble. They sent my friend home but the prince was very fond of me – so he decided that I should remain."

Everybody turns a blind eye

Elle once again adopts a more serious tone as she talks about the less amusing implications of these trips, and the potential damage they can cause to the young girls. Suddenly, she looks at her mobile phone and says: "Can you believe it, right now while I am talking to you I have just received a message from an agent from whom I haven't heard in more than two years. He asks if I am available in the near future."

Available for what?

"I don't know, apparently for a trip with someone. I will text him that I am no longer available – not now nor ever."

Elle is currently dreaming of opening up a private school for yoga, after she has finished her yoga instructor's course in India. "When I did the course there I was in shock. The people were so kind, courteous and normal. I wondered to myself, wow, so there are people who simply do not want to rape me or steal my money."

Why is it so important for you to tell your personal story here?

"Because such things happen on a daily basis. Young girls are sent to various locations around the world – and everybody is turning a blind eye to this. As though nobody knows about it but it is happening all around us all the time. I think that many girls are afraid to speak out, so this is a topic that is less known to the broader general public. They are very scared and ashamed. I want to break that barrier, and I hope that the fact that I have chosen to speak out might potentially save lives."

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Cloud security startup Wiz is targeting $1 billion in annual recurring revenue (ARR) by 2025, according to co-founder Roy Reznik in an interview with CNBC. The company, which recently opened its first European office in London, is also considering an initial public offering (IPO) when market conditions are favorable.

"We've already broken a few records as a private company, and we believe we can also break a few more records as an independent public company as well," Reznik told CNBC at Wiz's new London office. The four-year-old firm has raised $19 billion in venture capital to date, including $1 billion secured this year at a $12 billion valuation.

Wiz, founded by four friends who served in Israel's intelligence Unit 8200, specializes in software that scans cloud environments for potential security risks. The company has gained significant traction in the rapidly growing cloud security market, with Reznik noting, "The cloud market is going to reach $1 trillion over the next few years."

Earlier this year, Wiz reportedly turned down a $23 billion acquisition offer from Google. CEO Assaf Rappaport stated at the time that the company was "flattered" but intended to remain independent and pursue an IPO.

Reznik, who serves as vice president of research and development, told CNBC that Wiz has received offers from "many people that want to get their hands on Wiz stock." However, he emphasized the company's commitment to independence and its IPO aspirations.

The startup has experienced rapid growth, reaching $100 million in ARR just 18 months after achieving $1 million. Wiz claimed this made it "the fastest software company to achieve this feat." Now, with $500 million in ARR, the company aims to double that figure by 2025.

Wiz's expansion into the UK market represents a significant growth opportunity, according to Reznik. "I think the talent here is amazing, and the ecosystem is amazing," he said. "We have always been very much involved in Europe – and specifically the UK – and I feel like it's a natural evolvement of Wiz to double down even more here in London and the UK."

Recent high-profile cyberattacks in the UK, including incidents affecting National Health Service hospitals and Transport for London, have increased interest in Wiz's offerings. The company already counts online retailer ASOS and digital bank Revolut among its UK customers.

Reznik, who recently relocated from Israel to the UK, sees tremendous potential in the British market. "We see a lot of interest here. Many of the largest banks and retailers, are Wiz customers. But we're also seeing a huge potential for growth," he told CNBC.

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The 20th Central Committee of the Communist Party of China (CPC) concluded its third plenary session not long ago. At the session, the Central Committee adopted more than 300 reform measures, and made clear the overall requirements for further deepening reform and advancing the Chinese path to modernization. It sent a strong message to the world that in the new era, China will stay committed to reform and opening up. For our friends who are interested in China and China-Israel relations, I'd like to highlight some key points of this session to demonstrate its significance.

First, the session charted a roadmap for China to comprehensively deepen reform. China's reform and opening up began more than 40 years ago, and it has entered a critical stage where the relatively easy reforms have been completed, while the remaining ones are all hard nuts to crack. The reform measures proposed at this session, covering all aspects of Chinese modernization, are unprecedented in terms of their effects, range, and the determination they reflect. Looking back on history, China's development has never been smooth sailing. We made all the progress and breakthroughs while we encountered and solved problems that kept showing up. And China's reform will not stop. Through effective institutional reforms and innovation of development paradigms, instead of reaching a peak, the Chinese economy will demonstrate greater vitality and make more contributions to global development.

Secondly, the session drew a new blueprint for China's opening up to reach a higher level. It's been proved by history that China can't grow by shuttering itself off from the world, and the world can't flourish if China is left out. Reform and opening up are complementary. For China, the successful experience is opening up the country for deeper reform and better development. At present, the world is undergoing great changes unseen in a century, with the trends of anti-globalization, unilateralism and protectionism on the rise. Despite that, China's door to the world will never close; it will open even wider. In the next stage, as decided in the session, China will further improve the system and mechanism for its high-level opening up, promote the liberalization and facilitation of trade and investment, stimulate market vitality, and optimize the business environment. By doing so, our friends from Israel and all over the world will enjoy greater convenience and many more choices when they invest, start businesses, visit and study in China.

Third, the session added positive energy to world peace and stability. The session emphasized that the Chinese path to modernization features peaceful development. China will continue pursuing an independent foreign policy of peace, fostering a community with a shared future for humankind, and practicing the common values of all humankind. China will keep implementing the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative. We will continue advocating an equal and orderly multi-polar world, and inclusive economic globalization that benefits all. Today, humanity is living in an era of endless challenges, accumulated risks, increasing uncertainties and instability. As a permanent member of the UN Security Council and a responsible major country, China will remain a builder of world peace, a contributor to global development, and a defender of the international order.

After decades of development, China has become the world's second-largest economy, the largest industrial producer, and the largest trader of goods. It is also home to the world's largest education system, the most complete industrial system, and the largest middle-income group. In the first half of this year, while the global growth remained sluggish, China's economy maintained its recovering trend and registered a 5% year-on-year growth, demonstrating strong resilience and a huge potential.

It was declared, yet again, in the third plenary session of the 20th CPC Central Committee that China will not go backwards on its reform and opening up. While growing itself, China will continue bringing peace, stability and thus more certainty to the world, as well as more positive energy of development and cooperation. The new journey of China's development will offer greater development opportunities for Israel and all other countries, and a broader prospect for China-Israel relationship going forward.

His Excellency Liu Song is the chargé d'affaires a.i. of the Embassy of the People 's Republic of China in the State of Israel

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In a significant move reflecting the ongoing tensions in the Middle East, Fitch Ratings has downgraded Israel's Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) from 'A+' to 'A', with a negative outlook. This decision follows a similar downgrade by Moody's in February, marking a concerning trend for Israel's economic outlook.

The decision, announced on Monday comes as Israel continues its military operations in Gaza, which Fitch expects could last well into 2025. The rating agency cited the prolonged conflict's impact on public finances, heightened geopolitical risks, and potential deterioration of governance indicators as key factors driving the downgrade. "The downgrade to 'A' reflects the impact of the continuation of the war in Gaza, heightened geopolitical risks and military operations on multiple fronts," Fitch stated in its report. The agency projects Israel's budget deficit to reach 7.8% of GDP in 2024, with public debt expected to remain above 70% of GDP in the medium term.

The Prime Minister's Office:

The Israeli economy is strong and is functioning well. The lowering of the rating is a result of Israel having to cope with a multi-front war that was forced on it.

The rating will be raised again when we win – and we will win.

— Prime Minister of Israel (@IsraeliPM) August 13, 2024

Prime Minister Benjamin Netanyahu dismissed the decision as temporary, saying Israel's economy was withstanding the immense pressure since the Oct. 7 war started. "The Israeli economy is strong and is functioning well. The lowering of the rating is a result of Israel having to cope with a multi-front war that was forced on it. The rating will be raised again when we win – and we will win," Netanyahu's office wrote on X.

This assessment aligns with Moody's February report, which highlighted the substantial increase in Israel's geopolitical risks. Moody's had downgraded Israel's credit rating to A2 (equivalent to Fitch's 'A'), marking the first-ever downgrade of Israel's credit rating since it was added to the rankings in 1995. The ongoing conflict has led to significant additional military spending and damage to economic activity and investment. Fitch warns that these factors could lead to a further deterioration of Israel's credit metrics if the situation persists or escalates. Moody's had similarly noted that Israel's defense spending was expected to almost double by the end of 2023 compared to 2022 levels.

Regional tensions remain high, with recent incidents highlighting the volatile nature of the conflict. On July 27, a rocket attack in the Golan Heights killed 12 civilians, carried out by Hezbollah. Subsequently, Israel was believed to be involved in the assassination of a Hamas leader in Iran on July 31 and conducted an attack on a Houthi-controlled port in Yemen following a drone attack on Israel.

Despite these challenges, Israel's external balance sheet remains stronger than its peers, with a net external creditor position of 64.2% of GDP at the end of 2023. The Bank of Israel's foreign exchange reserves increased to USD2134 billion in July 2024, up from USD2047 billion at the end of 2023, Fitch said.

Fitch projects current account surpluses for Israel at 4.3% of GDP in 2024 and 3.9% in 2025, compared to 4.8% in 2023. However, the agency warns that domestic political fractiousness and coalition politics could hinder fiscal consolidation plans, presenting a risk to their forecast. Both Fitch and Moody's noted the potential for escalation, particularly with Hezbollah in northern Israel. Moody's had warned that such an escalation "would pose a much greater risk to Israeli territory, and is expected to include significant damage to infrastructure, remobilization of reserve soldiers and further delays in allowing evacuated residents to return to the area."

While the emergency government formed in response to the conflict was dissolved in June 2024, with the original coalition returning to power, Fitch expects ongoing pressure for early elections given the events of October 2023 and controversy over the conscription of ultra-orthodox Jews. This aligns with Moody's concern about potential domestic political turmoil once the national unity government is no longer in place.

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In a move that's set to reshape Israel's savings landscape, the Capital Market, Insurance and Savings Authority has introduced a standardization reform across a wide range of investment products. If you're holding pension funds, continuing education funds (known as "keren hishtalmut"), provident funds, or savings policies, it's time to pay attention. The goal? To make it easier for you, the investor, to compare performance across different financial institutions.

Here's the scoop: Starting July 1, 2024, you'll see a new, streamlined set of investment tracks. These fall into several categories:

1. Index-tracking securities
2. Actively managed portfolios
3. Faith-based options
4. Sustainability-focused investments

While these tracks will follow stock indices, don't assume they're all created equal. Each financial institution can still choose specific indices and assign different weights. The takeaway? You'll need to do your homework and examine the investment mix in each track carefully.

Tip: This standardization is a double-edged sword. While it makes comparisons easier, it doesn't guarantee that a track is right for you. Always align your choices with your risk tolerance and financial goals.

Now, here's where it gets interesting. Some existing tracks will merge, while others will see policy adjustments. For example, if you're currently in a bond and stock track with up to 20% in stocks, you might find yourself moved to a new "Credit and Bonds with Stocks" track, allowing up to 25% in stocks. It's a subtle shift, but one that could impact your risk exposure.

For the index-trackers out there, there's more. Passive portfolios will now need to invest in at least three different indices (S&P 500 trackers get a pass on this one). And to keep things diversified, exposure to any single index must stay between 10% and 50% of the total portfolio.

Smart money move: If you've received a letter from your account manager about these changes, don't file it away. This is your cue to review and potentially rebalance your portfolio.

Let's talk costs. While the reform standardizes investment tracks, it doesn't necessarily standardize fees. The good news? Pension management fees will remain consistent across both index-tracking and actively managed options. But remember, fees can still vary between institutions.

Pro tip: July 1, 2024, is your key date. While you're not legally required to take action, it's the perfect time for a financial check-up. Consider this your opportunity to:

1. Reassess your current investments
2. Ensure they align with your financial goals
3. Seek professional advice if needed

The bottom line? This reform aims to bring more clarity to Israel's savings market. But clarity doesn't automatically translate to suitability. Use this as an opportunity to take control of your financial future. After all, in the world of investing, knowledge isn't just power – it's profit.

The information provided should not be considered a substitute for personalized pension or financial advice tailored to each client's specific circumstances.

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