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At first blush, a record $100 billion flood into actively managed exchange-traded funds this year raises a tantalizing

Everton have been deducted 10 points by an independent commission after being found to have breached Premier League financial rules. The league referred Everton to the commission in March for an alleged breach of its profitability and sustainability rules in the period ending in the 2021-22 season. The rules allow clubs to lose a maximum £105million over a three-year period or face sanctions. Everton issued a statement confirming their intention to appeal against the sanction. The Premier League said in a statement published on its official website: “During the proceedings, the club admitted it was in breach of the PSRs for the period ending Season 2021/22 but the extent of the breach remained in dispute. “Following a five-day hearing last month, the Commission determined that Everton FC’s PSR Calculation for the relevant period resulted in a loss of £124.5million, as contended by the Premier League, which exceeded the threshold of £105million permitted under the PSRs. “The Commission concluded that a sporting sanction in the form of a 10-point deduction should be imposed. That sanction has immediate effect.” Everton said they were “shocked and disappointed” by the sanction imposed by the commission. “The club believes that the Commission has imposed a wholly disproportionate and unjust sporting sanction,” the Toffees statement read. “The club has already communicated its intention to appeal the decision to the Premier League. The appeal process will now commence and the club’s case will be heard by an Appeal Board appointed pursuant to the Premier League’s rules in due course. “Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process. “The club does not recognise the finding that it failed to act with the utmost good faith and it does not understand this to have been an allegation made by the Premier League during the course of proceedings. “Both the harshness and severity of the sanction imposed by the commission are neither a fair nor a reasonable reflection of the evidence submitted. “The club will also monitor with great interest the decisions made in any other cases concerning the Premier League’s Profit and Sustainability Rules.” Read More Exeter captain Poppy Leitch hoping for more progress during inaugural PWR season Street Child Cricket World Cup gives youngsters chance to shine Wales v Armenia: Key talking points as Rob Page’s side face crunch qualifier Athletics’ move from Oakland to Las Vegas approved by MLB owners On This Day in 2013: David Haye has to rethink his plans Cincinnati Bengals lose Joe Burrow as they go down to Baltimore Ravens

The salary boost is designed to increase morale as well as tackle corruption and improve security.

A UK-government backed renewable energy fund plans to mobilize $1.6 billion to help provide 16 million people and

Marcela Moreno, a preschool teacher in the central Argentine province of Cordoba, voted for libertarian economist Javier Milei

Germany, through its KfW development bank, will on Friday sign an agreement to lend South Africa €500 million

Italy’s European partners have expressed interest in its deal to hold migrants in Albania and process their asylum

The European Central Bank won’t cut interest rates in the second quarter, Governing Council member Robert Holzmann said,

The benchmark emerging-market stocks gauge took a hit from large declines in a pair of Chinese e-commerce shares

Angola will open a tender on Friday to operate a newly-built international airport in Luanda for as much

The road leading to South Africa’s main border with Mozambique, a key export route for coal and chrome,

Olivia Colman is desperate to follow in the footsteps of Dame Judi Dench by playing James Bond's boss M in a 007 film.