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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on May 28, 2025

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    MADRID (Reuters) -At least seven people died when a migrant boat capsized as rescuers were escorting it to port in Spain's Canary Islands, regional emergency services said on Wednesday.

    The open-topped boat, which state broadcaster TVE said was laden with about 180 people, went down as it neared La Restinga harbour on El Hierro, the archipelago's smallest island.

    Two 5-year-old girls were among the dead. A 16-year-old girl and four women also died, emergency services said.

    A spokesperson for Spain's maritime rescue service said a rescue vessel was escorting the boat to the harbour and as it approached, many of its passengers appeared to rush to one side of the precarious vessel, causing it to capsize.

    TVE live footage showed the boat sinking, throwing people - including children - into the water, with many trying to clamber onto the nearby maritime rescue vessel as its crew tossed life preservers to them.

    Red Cross spokesperson Alexis Ramos told TVE members of several local dive clubs had helped with the rescue, with many specialist divers supporting the emergency services.

    A medical helicopter was sent to help emergency personnel pluck people from the water, the emergency services said.

    The number of migrants reaching the Canary Islands from West Africa hit an all-time high in 2024, but the number of arrivals has fallen this year, Interior Ministry data indicates.

    The Atlantic route is especially dangerous as rough weather can easily capsize the fragile rafts, dugout-like boats and dinghies used by most migrants.

    In the first five months of 2024, 4,808 people died on the Atlantic voyage to the Canaries after departing from Morocco, Mauritania, Senegal and Gambia, according to migrant rights group Walking Borders.

    (Reporting by Javi West Larrañaga and Emma Pinedo; Editing by David Latona, Mark Heinrich and Helen Popper)

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