Egyptian authorities have confirmed that 17 people are still missing, including foreign nationals, after a tourist boat sank off the coast of the Red Sea. The boat, named Sea Story, was on a five-day diving trip when it went down on Saturday morning.

The distress signal was received at 05:30 local time (03:30 GMT) from the vessel, which had departed from Marsa Alam with 31 tourists and 14 crew members aboard. The boat was heading to popular diving spots along Egypt’s southern Red Sea coast.

Maj-Gen Amr Hanafi, Governor of Red Sea Province, stated that 28 individuals had been rescued from the sinking boat. They were found in the Wadi el-Gemal area, located south of Marsa Alam, and are currently receiving medical care. Efforts to locate the missing passengers are ongoing, with Egyptian Navy warship El Fateh and military aircraft assisting in the search.

The local council in Marsa Alam confirmed that the crew members of Sea Story were all Egyptian nationals, while the tourists onboard included individuals from the UK, Spain, Germany, the United States, Slovakia, Switzerland, Belgium, Poland, Norway, Ireland, Finland, and China.

Marsa Alam, known for its popular diving spots and coral reefs, attracts many tourists each year. The area is regarded as a top destination for diving enthusiasts seeking to explore the underwater world of the Red Sea.

While there has been no immediate comment from Sea Story‘s Egypt-based operator, Dive Pro Liveaboard, the company’s website states that the vessel was built in 2022 and measures 44 meters (144 feet) in length. It features four decks with 18 cabins, offering accommodation for up to 36 passengers.

The incident has raised concerns over the safety of tourist vessels operating in the region, with authorities promising to continue their search for the missing passengers while providing support to the survivors.

Revolut, the UK-based neobank launched in 2015, recently announced reaching 50 million customers globally, solidifying its position as Europe’s most downloaded financial app. Despite this milestone, the company continues to face challenges posed by regulatory fragmentation across the European Union.

Speaking at a London event, Joe Heneghan, Revolut’s head of Europe, criticized the lack of regulatory alignment in the eurozone. “Variations in local laws make it difficult for firms to scale across borders,” he said. This lack of uniformity, he added, hampers the emergence of “European champions” in the fintech sector.

Tackling Cross-Border Hurdles

One of the key barriers Revolut faces is IBAN discrimination, where employers or businesses refuse to accept international IBANs, even though this practice is prohibited within the Single Euro Payments Area (SEPA). Customers with Revolut accounts often have Lithuanian IBANs due to the company’s banking license in Lithuania, leading to blocked payments in some cases.

To counter this, Revolut has been establishing local branches in EU markets, enabling the issuance of country-specific IBANs. While this mitigates the issue, it comes at an added operational cost.

Aligning with EU Initiatives

Heneghan’s concerns align with broader calls for market integration in the EU. Former Italian Prime Minister Mario Draghi’s report on European competitiveness highlighted the need for a Capital Markets Union (CMU) to ensure seamless credit flows across member states.

Revolut sees opportunities in the European Central Bank’s (ECB) proposed digital euro, a digital currency initiative complementing CMU goals. “We view it as another service to integrate for our customers,” Heneghan said, dismissing notions that the digital euro poses a competitive threat to Revolut’s offerings.

Antoine Le Nel, Revolut’s chief growth and marketing officer, expressed confidence in the firm’s innovation. “I’m very happy to see that Revolut is inspiring not only fintechs but also traditional banks,” he said.

Plans for Expansion

At the same event, Revolut announced plans to expand its product offerings. The neobank aims to launch mortgage products in Lithuania, Ireland, and France by 2025, alongside business lending initiatives slated for next year.

Revolut is also pursuing banking licenses in every market it operates in, including the United States. CEO Nik Storonsky recently admitted that the company underestimated the importance of regulatory frameworks during its scaling phase. “For a long time, I wanted to be as less regulated as possible; it was the completely wrong decision,” he said at a Helsinki conference.

Despite these challenges, Revolut remains a dominant player in the fintech space, with a valuation of €43.19 billion following a recent share sale. As the firm expands its reach, it continues to advocate for regulatory alignment to foster cross-border growth in the European fintech ecosystem.

Former President Donald Trump announced Brooke Rollins as his nominee for Secretary of Agriculture, marking the completion of his cabinet lineup. The nomination, revealed late Saturday, sees Rollins, a longtime Trump ally and head of the America First Policy Institute, poised to lead the department responsible for U.S. farm policy.

“As our next Secretary of Agriculture, Brooke will spearhead the effort to protect American farmers, who are truly the backbone of our Country,” Trump said in a statement.

Who Is Brooke Rollins?

Rollins, a prominent figure in Trump’s political orbit, co-founded and leads the America First Policy Institute, a think tank aligned with Trump’s “Make America Great Again” agenda. She previously served as director of the White House Office of American Innovation and acting director of the Domestic Policy Council during Trump’s first administration.

Her roots in agriculture trace back to her upbringing on a farm, where she participated in programs like Future Farmers of America and 4-H. A graduate of Texas A&M University with a degree in agricultural development, Rollins also has a background in law.

If confirmed by the Senate, Rollins would oversee farm subsidies, nutrition programs, meat inspections, and forestry policies. She would also play a pivotal role in trade negotiations, including the U.S.-Mexico-Canada Agreement, potentially implementing Trump’s proposed tariffs.

Completing the Cabinet

Rollins’ nomination concludes Trump’s series of cabinet picks, a process that has drawn significant attention for its mix of loyalists and controversial figures. The 15-member cabinet comprises leaders of executive departments, all requiring Senate confirmation.

Some of Trump’s choices have sparked debates, including Robert Kennedy Jr., nominated to head the Department of Health and Human Services. Kennedy, a former environmental lawyer and vaccine skeptic, previously ran against Trump as an independent before endorsing him.

Other selections faced turbulence, such as former Florida congressman Matt Gaetz, nominated for attorney general. Gaetz withdrew his nomination amid allegations of sexual misconduct and drug use, which he denies. Senators reportedly expressed concerns about his confirmability. Trump swiftly replaced Gaetz with Pam Bondi, a former Florida attorney general.

Pete Hegseth, Trump’s pick for another cabinet role, also faced scrutiny over allegations of sexual assault from 2017, which he denies. Education Secretary nominee Linda McMahon, a former WWE executive, has been criticized for her lack of experience in education.

With Rollins’ nomination, Trump has solidified his cabinet team, though the confirmation process promises to be a contentious battle in the Senate.