We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:
1.
Name of the Issuer
Ministry of Finance of the Russian Federation
Name of security
federal loan bonds with constant coupon income
State registration number of the issue
26247RMFS from 08.05.2024
Date of the auction
September 25, 2024
Information about the placement (trading mode, placement form)
The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code
SU26247RMFS5
ISIN code
RU000A108EF8
Calculation code
B01
Additional conditions of placement
The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Information about the placement (trading mode, placement form)
The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code
SU29025RMFS2
ISIN code
RU000A106Z61
Calculation code
B01
Additional conditions of placement
The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Contact information for media 7 (495) 363-3232PR@moex.com
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
https://www.moex.com/n73391
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.
Legislation reinstating offshore petroleum exploration has been introduced by the Coalition Government, a key step in addressing the significant energy security challenges felt by Kiwis across the country this winter.
The Crown Minerals Amendment Bill reverses the ban on new oil and gas exploration beyond onshore Taranaki, signals the Government’s intent to reinvigorate investment in petroleum exploration, aligns decommissioning settings with best practice and provides certainty for potential investors.
“This Bill delivers on commitments in both the National-NZ First and National-ACT coalition agreements and the Government’s promise to take urgent action to address energy security and affordability,” Resources Minister Shane Jones says.
“Natural gas is critical to a secure and affordable supply of energy in New Zealand – now and into the future. Our gas fields are in decline and without further investment in existing and new fields to increase production, supply issues and high prices will persist when generation from our renewable energy sources is at capacity.
“Limited gas supply doesn’t just make it more expensive to keep our lights on and our homes warm, it is squeezing our industrial users to the point that we are seeing production halting and large employers in regional New Zealand having to close their doors.
“On top of removing the exploration ban, this legislation will better balance the regulatory burden, risk of decommissioning and give the regulator more flexibility in how exploration permits are issued, giving the sector confidence to get to work.
“Our petroleum and mineral resources contribute billions of dollars to New Zealand’s GDP, create high-paying jobs and opportunities to develop skills and help to diversify regional economies. I’m not willing to let the significant benefits of this sector pass us by.”
A new tier of mineral permitting that will make it easier for people to undertake small-scale non-commercial gold mining activity is also introduced through the Bill.
The Bill is expected to have its first reading this morning and will be referred to select committee with the aim of passing legislation by the end of this year. To achieve this, the select committee process will be undertaken in a condensed timeframe.
Source: The White House
United Nations HeadquartersNew York, New York
10:12 A.M. EDT
THE PRESIDENT: My fellow leaders, today is the fourth time I’ve had the great honor of speaking to this assembly as president of the United States. It will be my last.
I’ve seen a remarkable sweep of history. I was first elected to office in the United States of America as a U.S. senator in 1972. Now, I know I look like I’m only 40. I know that. (Laughter.)
I was 29 years old. Back then, we were living through an inflection point, a moment of tension and uncertainty. The world was divided by the Cold War. The Middle East was headed toward war. America was at war in Vietnam, and at that point, the longest war in America’s history.
Our country was divided and angry, and there were questions about our staying power and our future. But even then, I entered public life not out of despair but out of optimism.
The United States and the world got through that moment. It wasn’t easy or simple or without significant setbacks. But we would go on to reduce the threat of nuclear weapons throughout the — through arms control and then go on to bring the Cold War itself to an end. Israel and Egypt went to war but then forged a historic peace. We ended the war in Vietnam.
The — last year, in Hanoi, I was — met with the Vietnamese leadership, and we elevated our partnership to the highest level. It’s a testament to the resilience of the human spirit and the capacity for reconciliation that today the United States and Vietnam are partners and friends, and it’s proof that even from the horrors of war there is a way forward. Things can get better.
We should never forget that. I have seen that throughout my career.
In the 1980s, I spoke out against apartheid in South Africa, and then I watched the racist regime fall.
In the 1990s, I worked to hold Milošević accountable for war crimes. He was held accountable.
At home, I wrote and passed the Violence Against Women Act to end the scourge of violence against women and girls not only in America but across the world, as many of you have as well. But we have so much more to do, especially against rape and sexual violence as weapons of war and terror.
We were attacked on 9/11 by Al-Qaeda and Osama bin Laden. We brought him justice.
Then I came to the presidency in another moment in a crisis and uncertainty. I believed America had to look forward. New challenges, new threats, new opportunities were in front of us. We needed to put ourselves in a position to see the threats, to deal with the challenges, and to seize the opportunities as well.
We needed to end the era of war that began on 9/11. As vice president to President Obama, he asked me to work to wind down the military operations in Iraq. And we did, painful as it was.
When I came to office as president, Afghanistan had replaced Vietnam as America’s longest war. I was determined to end it, and I did. It was a hard decision but the right decision.
Four American presidents had faced that decision, but I was determined not to leave it to the fifth. It was a decision accompanied by tragedy. Thirteen brave Americans lost their lives along with hundreds of Afghans in a suicide bomb. I think those lost lives — I think of them every day.
I think of all the 2,461 U.S. military deaths over a long 20 years of that war. 20,744 American servicemen wounded in action. I think of their service, their sacrifice, and their heroism.
I know other countries lost their own men and women fighting alongside us. We honor their sacrifices as well.
To face the future, I was also determined to rebuild my country’s alliances and partnerships to a level not previously seen. We did — we did just that, from traditional treaty alliances to new partnerships like the Quad with the United States, Japan, Australia, and India.
I know — I know many look at the world today and see difficulties and react with despair, but I do not. I won’t.
As leaders, we don’t have the luxury.
I recognize the challenges from Ukraine to Gaza to Sudan and beyond: war, hunger, terrorism, brutality, record displacement of people, a climate crisis, democracy at risk, strains within our societies, the promise of artificial intelligence and its significant risks. The list goes on.
But maybe because of all I’ve seen and all we have done together over the decades, I have hope. I know there is a wa- — a way forward.
In 1919, the Irish poet William Butler Yeats described a world, and I quote, where “Things fall apart; the centre cannot hold; Mere anarchy is loosed upon the world,” end of quote.
Some may say those words describe the world not just in 1919 but in 2024. But I see a cri- — a critical distinction.
In our time, the center has held. Leaders and people from every region and across the political spectrum have stood together. Turned the page — we turned the page on the worst pandemic in a century. We made sure COVID no longer controls our lives. We defended the U.N. Charter and ensured the survival of Ukraine as a free nation. My country made the largest investment in climate and clean energy ever, anywhere in history.
There will always be forces that pull our countries apart and the world apart: aggression, extremism, chaos, and cynicism, a desire to retreat from the world and go it alone.
Our task, our test is to make sure that the forces holding us together are stronger than those that are pulling us apart, that the principles of partnership that we came here each year to uphold can withstand the challenges, that the center holds once again.
My fellow leaders, I truly believe we are at another inflection point in world history where the choices we make today will determine our future for decades to come.
Will we stand behind the principles that unite us? We stand firm against aggression. We — will we end the conflicts that are raging today? Will we take on global challenges like climate change, hunger, and disease? Will we plan now for the opportunities and risk of a revolutionary new technologies?
I want to talk today about each of those decisions and the actions, in my view, we must take.
To start, each of us in this body has made a commitment to the principles of the U.N. Charter, to stand up against aggression. When Russia invaded Ukraine, we could have stood by and merely protested. But Vice President Harris and I understood that that was an assault on everything this institution is supposed to stand for.
And so, at my direction, America stepped into the breach, providing massive security and economic and humanitarian assistance. Our NATO Allies and partners in 50-plus nations stood up as well. But most importantly, the Ukrainian people stood up. And I ask the people of this chamber to stand up for them.
The good news is Putin’s war has failed in his — at his core aim. He set out to destroy Ukraine, but Ukraine is still free. He set out to weaken NATO, but NATO is bigger, stronger, and more united than ever before with two new members, Finland and Sweden. But we cannot let up.
The world now has another choice to make: Will we sustain our support to help Ukraine win this war and preserve its freedom or walk away and let aggression be renewed and a nation be destroyed?
I know my answer. We cannot grow weary. We cannot look away. And we will not let up on our support for Ukraine, not until Ukraine wins a just and durable peace [based] on the U.N. Charter. (Applause.)
We also need to uphold our principles as we seek to responsibly manage the competition with China so it does not veer into conflict. We stand ready to cooperate on urgent challenges for the good of our people and the people everywhere.
We recently resumed cooperation with China to stop the flow of deadly synthetic narcotics. I appreciate the collaboration. It matters for the people in my country and mether- — many others around the world.
On matters of conviction, the United States is unabashed, pushing back against unfair economic competition and against military coercion of other nations in — in the South China Sea, in maintaining peace and stability across the Taiwan Straits, in protecting our most advanced technologies so they cannot be used against us or any of our partners.
At the same time, we’re going to continue to strengthen our network of alliances and partnerships across the Indo-Pacific. These partnerships are not against any nation. They are building blocks for a free, open, secure, and peaceful Indo-Pacific.
We are also working to bring a greater measure of peace and stability to the Middle East. The world must not flinch from the horrors of October 7th. Any country — any country would have the right and responsibility to ensure that such an attack can never happen again.
Thousands of armed Hamas terrorists invaded a sovereign state, slaughtering and massacring more than 1,200 people, including 46 Americans, in their homes and at a music festival; despis- — despicable acts of sexual violence; 250 innocents taken hostage.
I’ve met with the families of those hostages. I’ve grieved with them. They’re going through hell.
Innocent civilians in Gaza are also going through hell. Thousands and thousands killed, including aid workers. Too many families dislocated, crowding into tents, facing a dire humanitarian situation. They didn’t ask for this war that Hamas started.
I put forward with Qatar and Egypt a ceasefire and hostage deal. It’s been endorsed by the U.N. Security Council. Now is the time for the parties to finalize its terms, bring the hostages home, en- — secure security for Israel, and Gaza free of Ha- — of Hamas’ grip, ease the suffering in Gaza, and end this war.
On October 7th — (applause) — since October 7, we have also been determined to prevent a wider war that engulfs the entire region. Hezbollah, unprovoked, joined the October 7th attack launching rockets into Israel. Almost a year later, too many on each side of the Israeli-Lebanon border remain displaced.
Full-scale war is not in anyone’s interest. Even as the situation has escalated, a diplomatic solution is still possible. In fact, it remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely. And that’s what working — that’s what we’re working tirelessly to achieve.
As we look ahead, we must also address the rise of violence against innocent Palestinians on the West Bank and set the conditions for a better future, including a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalized relations with all its neighbors, where Palestinians live in security, dignity, and self-determination in a state of their own. (Applause.)
Progress toward peace will put us in a stronger position to deal with the ongoing threat posed by Iran. Together, we must deny oxygen to terrorists — to its terrorist proxies, which have called for more October 7ths, and ensure that Iran will never, ever obtain a nuclear weapon.
Gaza is not the only conflict that deserves our outrage. In Sudan, a bloody civil war unleashed one of the world’s worst humanitarian crises: eight million — eight million on the brink of famine, hundreds of thousands already there, atrocities in Darfur and elsewhere.
The United States has led the world in providing humanitarian aid to Sudan. And with our partners, we have led diplomatic talks to try to silence the guns and avort — and avert a wider famine. The world needs to stop arming the generals, to speak with one voice and tell them: Stop tearing your country apart. Stop blocking aid to the Sudanese people. End this war now. (Applause.)
But people need more than the absence of war. They need the chance — the chance to live in dignity. They need to be protected from the ravages of climate change, hunger, and disease.
Our administration has arri- — has invested over $150 billion to make progress and other Sustainable Development Goals. It includes $20 billion for food security and over $50 billion for global health. We’ve mobilized billions more in private-sector investment.
We’ve taken the most ambitious climate actions in history. We’ve moved to rejoin the Paris Agreement on day one. And today, my country is finally on track to cut emissions in half by 2030, on track to honor my pledge to quadruple climate financing to developing nations with $11 billion thus far this year.
We’ve rejoined the World Health Organization and donated nearly 700 million doses of COVID vaccine to 117 countries. We must now move quickly to face mpox outbreak in Africa. We are prepared to commit $500 million to help African countries prevent and respond to mpox and to donate 1 million doses of mpox vaccine now. (Applause.) We call on our partners to match our pledge and make this a billion-dollar commitment to the people of Africa.
Beyond the core necessities of food and health, the United States, the G7, and our partners have embarked on an ambitious initiative to mobilize and deliver significant financing to the developing world. We are working to help countries build out their infrastructure, to clean energy transition, to their digital transformation to lay new economic foundations for a prosperous future.
It’s called the Partnership for Global Infrastructure and Investment. We’ve already starting to see the fruits of this emerge in Southern Africa and in Southeast A- — Asia and in the Americas. We have to keep it going.
I want to get things done together. In order to do that, we must build a stronger, more effective, and more inclusive United Nations. The U.N. needs to adapt to bring in new voices and new perspectives. That’s why we support reforming and expanding the membership of the U.N. Security Council. (Applause.)
My U.N. ambassador just laid out our detailed vision to reflect today’s world, not yesterday’s. It’s time to move forward.
And the Security Council, like the U.N. itself, needs to get back to the job of making peace; of brokering deals to end wars and suffering; th- — (applause) — and to stop the spread of the most dangerous weapons; of stabilizing troubled regions in East Africa — from East Africa to Haiti, to Kenya-led mission that’s working alongside the Haitian people to turn the tide.
We also have a responsibility to prepare our citizens for the future. We’ll see more technological change, I argue, in the next 2 to 10 years than we have in the last 50 years.
Artificial intelligence is going to change our ways of life, our ways of work, and our ways of war. It could usher in scientific progress at a pace never seen before. And much of it could make our lives better.
But AI also brings profound risks, from deepfakes to disinformation to novel pathogens to bioweapons.
We have worked at home and abroad to define the new norms and standards. This year, we achieved the first-ever General Assembly resolution on AI to start developing global rules — global rules of the road. We also announced a Declaration of — on the Responsible — Responsible Use of AI, joined by 60 countries in this chamber.
But let’s be honest. This is just the tip of the iceberg of what we need to do to manage this new technology.
Nothing is certain about how AI will evolve or how it will be deployed. No one knows all the answers.
But my fellow leaders, it’s with humility I offer two questions.
First: How do we as an international community govern AI? As countries and companies race to uncertain frontiers, we need an equally urgent effort to ensure AI’s safety, security, and trustworthiness. As AI grows more powerful, it must grow also — it also must grow more responsive to our collective needs and values. The benefits of all must be shared equitably. It should be harnessed to narrow, not deepen, digital divides.
Second: Will we ensure that AI supports, rather than undermines, the core principles that human life has value and all humans deserve dignity? We must make certain that the awesome capabilities of AI will be used to uplift and empower everyday people, not to give dictators more powerful shackles on human — on the human spirit.
In the years ahead, there wa- — they may be — may well be no greater test of our leadership than how we deal with AI.
Let me close with this. Even as we navigate so much change, one thing must not change: We must never forget who we’re here to represent.
“We the People.” These are the first words of our Constitution, the very idea of America. And they inspired the opening words of the U.N. Charter.
I’ve made the preservation of democracy the central cause of my presidency.
This summer, I faced a decision whether to seek a second term as president. It was a difficult decision. Being president has been the honor of my life. There is so much more I want to get done. But as much as I love the job, I love my country more. I decided, after 50 years of public service, it’s time for a new generation of leadership to take my nation forward.
My fellow leaders, let us never forget, some things are more important than staying in power. It’s your people — (applause) — it’s your people that matter the most.
Never forget, we are here to serve the people, not the other way around. Because the future will be — the future will be won by those who unleash the full potential of their people to breathe free, to think freely, to innovate, to educate, to live and love openly without fear.
That’s the soul of democracy. It does not belong to any one country.
I’ve seen it all around the world in the brave men and women who ended apartheid, brought down the Berlin Wall, fight today for freedom and justice and dignity.
We saw it — that universal yearning for rights and freedom — in Venezuela, where millions cast their vote for change. It hasn’t been recognized, but it can’t be denied. The world knows the truth.
We saw it in Uganda LBGT [LGBT] activists demanding safety and recognition of their common humanity.
We see it in citizens across the world peacefully choosing their future — from Ghana to India to South Korea, nations representing one quarter of humanity who will hold elections this year alone.
It’s remarkable, the power of “We the People,” that makes me more optimistic about the future than I’ve ever been since I was first elected to the United States Senate in 1972.
Every age faces its challenges. I saw it as a young man. I see it today.
But we are stronger than we think. We’re stronger together than alone. And what the people call “impossible” is just an illusion.
Nelson Mandela taught us, and I quote, “It always seems impossible until it’s done.” “It always seems impossible until it’s done.”
My fellow leaders, there is nothing that’s beyond our capacity if we work together. Let’s work together.
God bless you all. And may God protect all those who seek peace.
Thank you. (Applause.)
10:36 A.M. EDT
●Govt ignores pleas of international science community
GNS Science today confirmed final decisions that will see a net 59 roles, around 10% of its workforce, cut, including principal and senior scientists, geologists, geophysicists, geochemists, technicians and support staff.
“The Government is wilfully blind to the damage its attack on science is wreaking on our ability to be prepared for future earthquakes or tsunamis,” said Duane Leo, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
“GNS Science is losing some of our best and brightest geohazard scientists, some with decades of experience. Some will likely move abroad to countries like Australia, where science is recognised as a vital contributor to the economy.
“This should be all about protecting New Zealand long term, not saving money in the short term. It’s just more cold, hard evidence of this government’s failure to grapple with the serious challenges we face as a country.”
GNS scientists play a crucial role in enhancing our understanding of geohazard threats. Their work contributes to the National Seismic Hazard Model, which is key to assessing risks to public safety and the economy, while strengthening New Zealand’s resilience to seismic events.
As one experienced GNS scientist put it: “The underpinning research we do supports government and industry to understand and plan for risk. The research improves knowledge of how and where to build resilient infrastructure and helps to reduce the impact of natural hazards on people and property.
“We’re recognised internationally for our foundational research in earth sciences and punch well above our weight. These changes threaten the progress we’ve made.
“The loss of expertise is a huge blow for our earth science community. How can we keep attracting young talent when experienced scientists are being let go?”
The Government’s cuts have shocked the international science community – 85 scientists from seven countries have written an open letter to the Government stating that the cuts risk ‘compromising essential geoscientific expertise and partnerships needed to address geohazards risks, which is critical for a country whose economy and community safety is so vulnerable to earthquakes, volcanoes, and climate change’.
“It’s extremely embarrassing that respected scientists from around the world can see the huge value GNS scientists provide to our country, but the Government can’t,” said Duane Leo.
“Yet again it proves that these cuts are more about saving money than harnessing the long-term benefits of science and research. The Government would rather give a handout to landlords and big tobacco than a hand up to our scientists. It’s shameful.”
The Public Service Association Te Pūkenga Here Tikanga Mahiis Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
Commerce and Industry Minister Shri Piyush Goyal attends 22nd CREDAI National Conference on second day of Australia visit Shri Goyal attends reception hosted by Parliamentary Friends of India and Australia-India Business Council at NSW Parliament
Posted On: 24 SEP 2024 6:07PM by PIB Delhi
In his ongoing visit to Australia from September 23-26, 2024, Shri Piyush Goyal, Union Minister for Commerce & Industry, had a number of productive engagements on the second day (September 24). He was the Chief Guest at the 22nd National Conference of the Confederation of Real Estate Developers’ Associations of India (CREDAI) in Sydney. The Conference brought together about 1100 real estate developers from India to Australia.
In his address, the Minister urged the real estate industry to adopt even more effective measures for the well being of millions of workers employed in it. He appreciated the contribution of the real estate sector to the growth of the Indian economy and encouraged them to consider expanding their operations in international markets such as Australia.
The Minister met Hon. Chris Minns MP, Premier of New South Wales at NSW Parliament and discussed the growing business and community linkages between India and Australia and the contribution of NSW to these ties. Minister attended a reception hosted in his honour by the Parliamentary Friends of India and Australia-India Business Council (AIBC) at the Parliament in which Ministers and Parliamentarians from NSW, including The Hon Anoulack Chanthivong MP, Minister for Industry and Trade of NSW and the Co-chairs of the NSW Parliamentary Friends of India, participated.
Several prominent business leaders based in Australia were also present. Minister thanked them for the warm reception and highlighted that the bipartisan support for close India-Australia ties gave strength to the bilateral partnership & deepening economic engagement.
The Minister addressed a gathering of various key stakeholders in the bilateral economic relationship organized by Asia Link Business (ALB), Australia India Institute and KPMG. He participated in a fireside chat with the CEO of ALB, Mr. Leigh Howard, and answered a range of questions. Discussions focussed on fostering stronger India-Australia partnership in key sectors viz renewable energy, digitisation, infrastructure, education, critical minerals, tourism, fintech, agritech, space etc. Minister was presented with a copy of the report on ‘Doing Business in India’ by ALB which will help Australian businesses in leveraging the vast opportunities presented by the Indian market.
Minister met several emerging Indian origin and Australian leaders in different sectors at an event organized by the High Commission of India and the India-Australia Business Community Alliance (IABCA). Addressing the gathering, the Minister said that these success stories were a reflection of the opportunities that strong India-Australia relations present for the mutual benefit of their people.
Minister interacted with the Committee members of the Australian (Sydney) Chapter of the Institute of Chartered Accountants of India and encouraged them to act as a living bridge to promote business ties between India and Australia.
In the forenoon, the Minister participated virtually in the meeting of the Indo-Pacific Economic Framework. He emphasised that collective efforts and forward-thinking action plans in critical sectors such as semiconductors, critical minerals for clean energy, chemicals and healthcare are crucial for unlocking the framework’s full potential.
After concluding his productive 2-day visit to Sydney focussed on business and community interactions, Minister travelled to Adelaide where he will Co-chair with Senator The Hon Don Farrell, Minister for Trade and Tourism of Australia, the 19th Joint Ministerial Commission meeting scheduled for September 25, 2024.
India attends Ministerial Meeting of Indo-Pacific Economic Framework for Prosperity IPEF partners welcome upcoming entry into force of the Clean Economy Agreement, Fair Economy Agreement, and IPEF Overarching Agreement under Indo-Pacific Economic Framework for Prosperity
IPEF partners commit to continued progress at virtual Ministerial Meeting
Posted On: 24 SEP 2024 3:47PM by PIB Delhi
Union Commerce and Industry Minister Shri Piyush Goyal along with 13 other IPEF Ministers virtually attended the third Ministerial meeting focused onIPEF Pillar II, III, and IV.
In particular, Minister Goyal along with other IPEF Ministers welcomed the upcoming entry into force of the Clean Economy Agreement, Fair Economy Agreement, and theOverarchingAgreement on IPEF on October 11, 2024, October 12, 2024, and October 11, 2024, respectively, and emphasized the significant opportunities to further deepen economic cooperation and deliver concrete benefits under the IPEF agreements through ongoing collaboration.
Supply Chain Resilience
In the virtual meeting, IPEF Ministers reviewed and appreciated the substantive progress made to operationalize the Supply Chain Agreement, deepening cooperation to build more competitive and resilient supply chains, better prepare for, prevent, and respond to supply chain disruptions when they happen, and ensure that regional supply chains raise up workers and respect labor rights. They outlined concrete next steps for the upcoming months, building on the progress made by the Supply Chain Agreement’s three bodies: the Supply Chain Council, Crisis Response Network, and Labor Rights Advisory Board. IPEF partners also highlighted the meaningful collaboration taking place under the Supply Chain Agreement which includes:
The IPEF Ministers noted that the three supply chain bodies – the Supply Chain Council (Council), the Crisis Response Network (Network), and the Labor Rights Advisory Board (LRAB) – met virtually in July to elect leadership in which India was elected as Vice Chair of the Council with US as Chair; Korea as Chair and Japan as Vice Chair of the Network; and the United States as Chair and Fiji as Vice Chair of the LRAB.
Minister Goyal noted that the formation of Action Plan teams in the first in person meeting of supply chain council held in Washington last week, for three critical sectors – semiconductors, critical minerals with a focus onbatteries, and chemicals which are highly relevant today given their supply/production concentration and the experience learned from disruptions faced during the COVID-19 pandemic.
The world has witnessed exponential growth in demand for clean energy solutions to meet respective climate goals. The paradigm shift towards a sustainable and low-carbon future has brought to the forefront of the critical importance in securing a reliable supply of minerals which are critical for green transition.
The use of specific minerals is indispensable for the sectors including clean energy, electronics, defence, transportation, telecommunications, fertilisers, and pharmaceuticals. One of the key challenges in supply chains is risk on account of concentration of global capacities or resources, which can add to price volatility and supply uncertainty. The work under the Action Plan team needs to address this global concentration of supply chains in any form.
The growing population puts immense pressure on limited agricultural land for higher yields and in this context, the importance of resilient supply chains for Agro-chemicals has become extremely important. According to an estimate, the Global Agrochemicals Market (fertilizers, pesticides, adjuvants, and plant regulators) is projected to reach USD 282.2 billion by 2028 from USD 235.2 billion by 2023, at a CAGR of 3.7%.
Minister Goyal emphasized that healthcare including pharmaceuticals and medical devices is an extremely relevant area due to over concentration of global production of APIs and Key Starting Materials (KSMs) which can severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies. Besides, the multimodal transport systems including multimodal transport corridors, upgrades of logistics infrastructure, enhanced technological interoperability and data flows among freight and logistics enterprises, are some of the key areas which need to be focused upon.
Minister Goyal noted that IPEF’s focus on Logistics and Movement of Good aligns perfectly with Prime Minister Shri Narendra Modi’s vision of Gati Shakti initiative, which aims to improve logistics and transportation infrastructure across India through evidence based integrated planning. Further, data and analytics on one hand will help identify new opportunities for collaboration for better resilience amongst IPEF supply chains and on other will help identify structural and systemic risks, enhancing the Council’s ability to address current challenges. He emphasized the workforce development which is a key cross cutting component of building resilient supply chains across the IPEF region should include efforts to identify skill gaps, support reskilling and upskilling, and ensure skill qualification comparability across the region to facilitate workforce mobility.
Crisis Response Network
IPEF Ministers emphasized the importance of collaboration under the Crisis Response Network to help partners timely understand risks in their supply chains. They also reflected on the emergency simulation exercise conducted during the Crisis Response Network (CRN) in person meeting to assist partners in creating tailored systems for real-time monitoring and crisis preparedness.
Clean Economy
Agreement on Clean Economy intends to accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG emissions mitigation; find/develop innovative ways of reducing dependence on fossil fuel energy; promote technical cooperation, workforce development, capacity building, and research collaborations; and collaborate to facilitate development, access, and deployment of clean energy and climate-friendly technologies. The IPEF partners welcomed the progress made on the eight Cooperative Work Programs (CWPs), which serve as one of the primary mechanisms under the Clean Economy Agreement for facilitating cooperation among participating IPEF partners on priority topics. Each CWP, as developed by the proposing IPEF partner or partners, in consultation with the other IPEF partners, has different objectives and workstreams to carry forward the collaborative work. During the virtual Ministerial, the IPEF partners commended the progress made on the Clean Economy Agreement since the successful Ministerial and inaugural Clean Economy Investor Forum in June.
The IPEF partners welcomed the continued efforts to build and sustain longer-term cooperation among various groupings of interested partners on a range of climate solutions through the CWP mechanism, in furtherance of the overarching goals of the IPEF Clean Economy Agreement, especially w.r.t hydrogen, carbon markets, and small modular reactors (SMRs) and e-waste urban mining proposed by India.
IPEF Ministers expressed great satisfaction over the very successful first IPEF investor Forum held in Singapore which provided a common platform to the investors and the project proponents together and facilitated them to gainfully engage on a wide array of investment opportunities including innovative ideas in the space of climate friendly technologies.
Fair Economy
By strengthening anti-corruption efforts and enhancing the efficiency of tax administration, the IPEF partners are demonstrating their commitment to increased transparency and predictability, and thereby will be better positioned to expand their trade, investment ties and ensure the benefits of trade are broadly shared throughout their economies.
The IPEF partners welcomed the next steps to implement the Agreement, including operationalizing the Technical Assistance and Capacity Building Coordination Group that will coordinate technical assistance and capacity building (TACB) under the Agreement’s Capacity Building Framework. Some of the TACB initiatives highlighted include:-
The US Department of Commerce’s Commercial Law Development Program (CLDP)’s two-year program will offer IPEF partners TACB to help with implementation of the anti-corruption provisions of the Agreement, primarily focused on enforcement training centered on foreign bribery, corporate liability, and compliance.
In August 2024, the US Treasury Department’s Office of Technical Assistance (OTA)’s virtual workshop served as a forum for the IPEF partners to discuss the importance of effective tax administration to support economic and development objectives.
In October 2024, the US State Department, with the Malaysia Anti-Corruption Commission and the United Nations Office on Drugs and Crime, will hold an IPEF workshop focused on the implementation and enforcement of foreign bribery laws and another IPEF workshop on preventing corruption in public procurement, including tools to improve the effectiveness of oversight mechanisms, appeal systems, and potential remedies and legal options.
Minister Goyal underscored that peer learning, knowledge sharing and capacity building initiatives under the Fair Economy agreement will remain key to achieving its objectives. India, under the dynamic leadership of Prime Minister Narendra Modi, has established a robust anti-corruption regime and has already implemented several legislative, administrative, and regulatory measures to address both corruption and promote tax transparency.
Minister Goyal emphasized that the full potential of IPEF can only be realised if each partner country brings their respective strengths to the table whether it is technological advancements or investment capacity or market potential or requisite resources including skilled workforce, to address various challenges of supply chain resilience or green transition.
The IPEF partners agreed that the Ministers will continue to monitor the progress made to further operationalize the Supply Chain Agreement, the Clean Economy Agreement, the Fair Economy Agreement, and the IPEF Overarching arrangement, and look forward to the first meetings of the ministerial-level IPEF Council and IPEF Joint Commission established under the IPEF Overarching Agreement .
About IPEF
IPEF was launched on 23 May 2022 at Tokyo, Japan, comprising 14 countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA. The IPEF seeks to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.
The framework is structured around four pillars relating to Trade (Pillar I); Supply Chain Resilience (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV). Agreement on Supply Chain Resilience (Pillars II) was signed in November 2023 and is in force since February 2024. Agreement on Clean Economy (Pillar-III), Agreement on Fair Economy (Pillar- IV) and the IPEF Overarching Agreement were signed by India early this week in Delaware, USA in the presence of the Prime Minister during his 3-day visit to the US. India has maintained an observer status in Pillar-I.
These agreements were negotiated in consultation with line Ministries/Departments including the Ministry of External Affairs and other relevant stakeholders.
The inaugural Lower Hutt City Summit has united more than 200 community representatives to shape a shared vision for the future of Te Awa Kairangi ki Tai Lower Hutt.
Those involved come from businesses, government agencies, community groups, sports clubs, non-government organisations and local residents.
The summit, held at the Lower Hutt Events Centre, started public engagement for Tō Tātou Tāone 2055/Our City 2055, an ambitious strategy setting out 30-year aspirations for our people and place.
Mayor Campbell Barry says now is the right time to unite the community.
“Times are tough, and people are feeling the strain. That’s why it’s vital we come together now – not just to tackle our current challenges, but to lay the foundation for a future that our tamariki and mokopuna will thank us for.
“The summit brought together a wide range of perspectives and experiences from across the city, showing that collaboration is key to overcome the challenges we face. There was a lot of optimism in the room, with clear pride in being from the Hutt.
“With the collective wisdom, and more importantly, the collective action of our people – we can flip our biggest challenges into our biggest opportunities and create a future to be proud of.”
Those attending the summit took part in interactive workshops centred around the question “what can we do today that future generations will thank us for?”
They also heard from speakers Mayor Barry, Tumu Whakarae | Chief Executive Officer Taranaki Whānui ki Te Upoko o Te Ika Kara Puketapu-Dentice, WelTec student Huliana Whonu Fanua, and Victoria University Adjunct Professor Girol Karacaoglu.
Huliana Whonu Fanua spoke to the importance of strengthening the identity and culture of our youth.
“A thriving city doesn’t just look like economic growth, lots of people or flash new infrastructure. It’s a city where its people feel valued,” she said.
“I want this for the youth of today. I want their identity to drive them to where they’re meant to be,” she said.
Their insights, along with contributions from the attendees, laid the foundation for the collective approach that will inform the development of Our City 2055.
With the launch of engagement for Tō Tātou Tāone 2055 / Our City 2055, Hutt City Council will be continuing to engage with a wide range of people in our community, including Mana Whenua, key stakeholders and Lower Hutt’s diverse communities.
Launch of Poipoia Te Kākano – A groundbreaking hapū-led initiative for the Kaipara
A partnership agreement to protect the delicate ecosystems and endangered species of the Kaipara catchment, an area of global ecological significance, was signed into effect today between its key partners Te Uri o Hau, Te Roroa, Ngā Maunga Whakahii, Auckland Council, Northland Regional Council, and the Department of Conservation.
The historic agreement was signed at Te Hana Te Ao Marama Marae, a significant cultural place that reflects commitment to community-driven conservation.
The initial aim of the partnership, named Puawai ki Kaipara, is to rid the five pivotal peninsulas (105,000 hectares) encircling the Kaipara Harbour of pest animals, including possums, rats, stoats, weasels, ferrets, pigs, and feral cats. The project then plans to extend into the entire Kaipara catchment area – an additional 543,000 hectares.
The area’s delicate ecosystems provide refuge for many endangered species, including the tara iti (fairy tern), mātātā (North Island fernbird), and kiwi. The coastal dunes and dune lakes along the western coast provide habitat for matuku-hūrepo (Australasian bittern), moho pererū (banded rail), tūturiwhatu (New Zealand dotterel), and other species.
Kaipara Moana is a migratory bird habitat of international significance. Rare species, such as the kuaka (bar-tailed godwit), use the harbour for feeding in summer before returning to the northern hemisphere to breed, while the wetland areas provide feeding and roosting grounds for migratory waders.
Auckland Council Policy and Planning Committee Chair, Councillor Richard Hills says the support Auckland Council is providing Poipoia Te Kākano will help align community and council activities on this important environmental initiative.
“Poipoia Te Kākano is about working together for the protection of the special ecosystems inhabited by many endangered indigenous species that are pressured by introduced pest animals,” Cr Hills says.
“This initiative will focus on predator control, restoring native species and protecting an ecological sanctuary that acts as a haven for migratory birdlife from all over the world, and as nature’s corridor between Auckland and Northland. What we do to protect this precious area has a flow-on effect for other ecologically significant areas in Aotearoa,” he says.
Auckland Council General Manager Environmental Services Samantha Hill says the partnership represents a shared goal to protect ecosystems and species that are profoundly important.
“The dunes, lakes and the surrounding forest and wetlands are of cultural and ecological significance to so many. As caretakers of the natural environment, we have a collective responsibility to protect and restore it, and the taonga species that live within it,” she says.
“We are uniting in this partnership to align our efforts and resources so that we can make a lasting impact, by working together to more effectively control a range of pest animals that threaten this taonga.”
Poipoia Te Kākano Project Lead Victoria Kurupō comments, “Our combined partnership has emerged from one united goal: to combat the predator invasions threatening the region’s biodiversity, and reflects our guiding philosophy, embodied in the whakatauki “Poipoia te Kākano, Kia Puāwai”, meaning “Nurture the seed and it will blossom”.
“Our work is deeply rooted in the principles of kaitiakitanga (guardianship) and mātauranga (traditional knowledge). This initiative is about creating a sustainable future for both our environment and our communities,” she says.
“With support from Predator Free 2050 Ltd, we have made significant strides in assessing and planning our predator elimination strategies, and an intensive feasibility study has guided us in identifying the needs of each peninsula.”
Ms Kurupō adds that the initial focus on the five Kaipara Peninsulas – Poutō, Hukatere (Tinopai), Puketōtara (Ōneriri), Ōkahukura (Tāporapora), and Te Korowai o Tonga (South Head) is inspired by the legendary taniwha Pokopoko Whiti te Rā.
Kia Puawai ki Kaipara (the partnership) is a Kaipara Uri-led, Tiriti o Waitangi partnership comprising Te Uri o Hau, Ngā Maunga Whakahii, Te Roroa, Auckland Council, Northland Regional Council, and the Department of Conservation. It is one of two Māori-led Predator Free 2050 projects in Auckland.
Source: The New Zealand Society of Authors Te Puni Kaituhi o Aotearoa PEN NZ Inc.
The New Zealand Society of Authors Te Puni Kaituhi O Aotearoa (PEN NZ Inc) congratulates Dr Jacqueline Leckie on winning the NZSA Peter and Dianne Beatson Fellowship 2024 to work on her novel with the working title Meg Campbell (1937–2007): Aroha and Resistance.
This annual award is made possible by the generosity of the Beatson’s. In establishing this fellowship, they have given NZ authors a valuable opportunity to be economically secure while they bring a project to completion. It’s a commitment and affirmation for New Zealand Aotearoa writers. The New Zealand Society of Authors Te Puni Kaituhi O Aotearoa (PEN NZ Inc) offers its sincere thanks to the Beatson’s.
The judging panel of Paddy Richardson and Laurence Fearnley said: ” the judges feel that the winning project by Dr Jacqueline Leckie is one of national significance as it is the first biography of poet Meg Campbell, and will add to the history of NZ women’s literature in an original and engaging manner.
The Judges felt each of the projects of the shortlisted writers listed below were of high literary merit and would be of national significance when completed. They said all of this year’s thirty applications were of a very high standard with exciting and promising projects, proposing a wide variety of subjects relating to topics such as social history, place and belonging and concern with the environment. Genres ranged across novels, short story and poetry collections, non-fiction, memoirs and biography.”
Dr Jacqueline Leckie is honoured to be the recipient of the 2024 Peter and Dianne Beatson Fellowship. This will enable her to research and write the first book length biography of one of Aotearoa’s most original and memorable poets, Meg Campbell (1937–2007), provisionally titled ‘Meg Campbell (1937–2007): Aroha and Resistance.’ Meg’s story has remained within the shadows of her renowned creative husband, Alistair Te Ariki Campbell.
Jacqui Leckie is a non-fiction writer and researcher based in Ōtepoti. She is an adjunct research fellow with the Stout Centre for New Zealand Studies at Victoria University of Wellington (and a former J. D. Stout Research Fellow there), and a conjoint associate professor at the University of Newcastle, Australia. Jacqui lectured for several decades in anthropology and history at Otago University, the University of the South Pacific and Kenyatta University. She is a co-editor of the Journal of Pacific History.
Jacqui has published extensively, especially on the Pacific, the Indian diaspora and mental health history. Her most recent book is Old Black Cloud. A Cultural History of Mental Depression in Aotearoa. Other books include Invisible. New Zealand’s History of Excluding Kiwi-Indians; A University for the South Pacific; Colonizing Madness: Asylum and Community in Fiji; Indian Settlers. The Story of a New Zealand South Asian Community; and To Labour with the State.
The New Zealand Society of Authors Te Puni Kaituhi O Aotearoa (PEN NZ Inc) congratulates winner Dr Jacqueline Leckie, along with the shortlisted writers:- Alison Ballance, Chris Bourke, Majella Cullinane, Lee Murray, Vivienne Plumb, and Kerrin Sharpe.
In 2023 the fellowship was awarded to Laurence Fearnley to work on a novel based on the sense of sight – the fourth of a series of novels based around the five senses. In previous years, recipients have included: Whiti Hereaka, Siobhan Harvey, Frankie McMillan, Sue Wooton, Paddy Richardson, Tina Makereti, Tim Jones, Emma Neale, Mandy Hager, Carl Nixon, Glenn Colquhoun, Sue McCauley and Marilyn Duckworth.
The NZSA Peter & Dianne Beatson Fellowship is an annual award open to any NZSA member working on a new fiction, non-fiction, poetry or drama project. Find out more about the fellowship.
Notes: The New Zealand Society of Authors Te Puni Kaituhi o Aotearoa PEN NZ Inc is the principal organisation representing writers in Aotearoa. Founded in 1934, it advocates for the right to fair reward and creative rights, administers prizes and awards, works across the literary sector to make Aotearoa New Zealand writers and books more visible, and runs professional development programmes for writers. authors.org.nz
They all cross the stage proudly in their academic regalia, but Ara Institute of Canterbury graduates are far from ‘one size fits all’.
Almost 450 ākonga (students) lined up for the institute’s Spring Graduation on Friday, marking significant personal milestones from Master’s degrees to certificates and every level of study in between.
Their stories are inspiring. Take Tahlia King (Kāi Tahu, Ngāti Maniapoto, and Arowhenua), the former vet nurse who, after a career ending injury, chased her passion for the arts and received a Master of Creative Practice with Distinction. She’s now planning her first solo exhibition.
Then there’s Dilan Richards, the Sri Lankan refugee who spent his formative years at Australia’s Nauru detention centre, dreaming of becoming a pilot. He got his first taste of tertiary study and “found his community” at Ara through his New Zealand Certificate in English Language (Level 4). He was unable to make Friday’s ceremony – too busy with classes at flying school.
One graduate there was Deryn Roder, whose 20-plus years in the workforce in management, leadership and recruitment roles was appraised and evaluated through Ara’s Centre for Assessment of Prior Learning (CAPL).
Roder said achieving her Bachelor of Applied Management (Human Resources Management) was a dream she’d held for a long time.
“Doing my degree through CAPL has helped me prove I have the knowledge and background to contribute to a degree,” Roder said. “With a year of challenging study, I’ve shown that I am in the right industry, and I have what it takes to advance in it.”
Student speaker Gezeng Yeki, Bachelor of Applied Management (Human Resources Management) welcomed the cohort for graduation in her indigenous Papua New Guinean Tok Pisin language.
She congratulated those gathered for their resilience, determination and dedication, and dedicated her own qualification to her eight-year-old son.
“Although I knew that being a single parent and studying was not going to be easy, I faced the moments of loneliness and uncertainty for him. In those moments I discovered an inner strength that I never knew existed,” Yeki said.
In all, 60 programmes were represented, many of which have multiple specialist streams. From Level 1 Foundation graduates achieving the New Zealand Certificate in Skills for Living for Supported Learners right though to those achieving their master’s in the disciplines of health, creative practice and sustainable practice.
Te Pūkenga representative Paora Ammunson congratulated Ara’s graduates one by one, handing them their scrolls to cheers, applause and stirring tautoko from whānau and friends.
Farewelling those gathered, Ara’s Executive Director Darren Mitchell urged grads to stay in touch.
“We have cherished our role in your educational path, and we’re proud of the connections we’ve built together. We are here to support you, to celebrate the contributions you will make to our world, and to continue to cheer you on.”
With personal triumphs at every turn, Ara graduates from all walks of life are striking new paths.
Only 28% of knowledge workers from various industries around the world have a healthy relationship with work, a one-point increase compared to 2023
AI usage among knowledge workers surged to 66% in 2024, up from 38% last year; and workers who use AI are 11-points happier with their relationship with work than their colleagues who don’t
At least two-thirds of knowledge workers desire personalized work experiences; and 87% would be willing to forgo a portion of their salary to get it
Only 44% of leaders have confidence in their human skills; female business leaders are significantly more confident than their male counterparts
PALO ALTO, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, HP Inc. (NYSE:HPQ) released the second annual HP Work Relationship Index (WRI), a comprehensive study that explores the world’s relationship with work. The study, which surveyed 15,600 respondents across industries in 12 countries, reveals that work is still not really working. Only 28% of knowledge workers have a healthy relationship with work, a one-point increase compared to last year’s findings. However, new findings hone in on two potential solutions to improve relationships with work: AI and personalized work experiences.
“We know employer and employee expectations have evolved and we believe smart technology is key to meeting the needs of today’s workforce,” said Enrique Lores, President and CEO of HP Inc. “The future of work will be unlocked by using the power of AI to create solutions and experiences that drive business growth and enable individuals to achieve personal and professional fulfillment.”
Personalized Work Experiences Can Lead to Healthier Relationships with Work
In its second year, the study continued to analyze aspects of people’s relationships with work, including the role of work in their lives, their skills, abilities, tools, workspaces and their expectations of leadership. This year, WRI reveals a major universal need from knowledge workers: personalized work experiences.
At least two-thirds of workers expressed a desire for personalized work experiences, including tailored workspaces, access to preferred technologies and flexible working environments. These experiences are crucial for improving relationships with work, and have positive implications for both employees and businesses:
64% of knowledge workers say if work was tailored or customized to personal needs and preferences, they would be more invested in their company’s growth.
69% of knowledge workers believe it would enhance their overall well-being.
68% of knowledge workers stated it would incentivize them to stay with their current employers longer.
This desire for personalization is so strong that 87% of knowledge workers would be willing to forgo part of their salary for it. On average, workers would be willing to give up to 14% of their salary with Gen Z workers giving up as much as 19%.
AI Opens New Opportunities for Knowledge Workers to Enjoy Work and Improve Productivity
AI usage among knowledge workers has surged to 66% in 2024, up from 38% last year. Workers who use AI are seeing the benefits, including a healthier relationship with work:
73% feel that AI makes their jobs easier, and nearly 7-in-10 (69%) are customizing their use of AI to be more productive, indicating AI could be an ingredient to unlocking a more personalized work experience.
60% state that AI plays a key role in improving their work-life balance.
68% say AI opens up new opportunities for them to enjoy work.
73% agree that a better understanding of AI will make it easier to advance their careers.
Further, knowledge workers who use AI are +11-points happier with their relationship with work than their colleagues who don’t. Therefore, there is an urgency to get AI into the hands of workers sooner rather than later as non-AI users have shown increased fear of job replacement by AI, with 37% expressing concern, a +5-point increase from last year.
Business Leaders Lack Confidence; Female Leaders Emerge as a Bright Spot
While at the global scale the index highlights little change, countries that saw an increase in their individual work relationship index saw slight improvement across the six key drivers of a healthy relationship with work – most notably the Leadership and Fulfillment drivers. This year’s index revealed that trust in senior leadership remains a critical factor in a healthy work relationship, but there is a disconnect between the recognition of the importance of human skills (e.g., mindfulness, self-awareness, communication, creative-thinking, resilience, empathy, emotional intelligence) and leaders’ confidence to deliver:
While more than 90% of leaders acknowledge the benefits of empathy, only 44% feel confident in their human skills.
Only 28% of workers consistently see empathy from their leaders, despite 78% valuing it highly.
However, this year’s research uncovered a bright spot: female leaders. On average, female business leaders are +10-points more confident in their hard skills (technical, computer, presentation, etc.), and notably +13-points more confident in human skills than their male counterparts. Additionally, female business leaders’ confidence in both skills grew over the past year (+10-points in human skills, +4-points in hard skills), while confidence among male business leaders remained stagnant in human skills and decreased in hard skills (-3-points).
For more information on the HP Work Relationship Index, please visit the WRI website and to access the full report, please visit the HP Newsroom.
Methodology
HP commissioned an online survey managed by Edelman Data & Intelligence (DXI) that fielded between May 10 – June 21, 2024 in 12 countries: the US, France, India, UK, Germany, Spain, Australia, Japan, Mexico, Brazil, Canada, and Indonesia. HP surveyed 15,600 respondents in total – 12,000 knowledge workers (1,000 in each country); 2,400 IT decision makers (200 in each country); and 1,200 business leaders (100 in each country).
TR-1: Standard form for notification of major holdings
1. Issuer Details ISIN GB00BLDRH360 Issuer Name OSB GROUP PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name BlackRock, Inc. City of registered office (if applicable) Wilmington Country of registered office (if applicable) USA 4. Details of the shareholder Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached 20-Sep-2024 6. Date on which Issuer notified 23-Sep-2024 7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.160000
0.340000
5.500000
21013776
Position of previous notification (if applicable)
4.620000
0.380000
5.000000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached 8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB00BLDRH360
19665223
5.160000
Sub Total 8.A
19665223
5.160000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Securities Lending
368875
0.090000
Sub Total 8.B1
368875
0.090000%
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
CFD
Cash
979678
0.250000
Sub Total 8.B2
979678
0.250000%
9. Information in relation to the person subject to the notification obligation 2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
The title comes in recognition of Liverpool’s impressive commitment to innovation and smart regulation to rapidly decarbonise the live music and TV/Film production sectors – both vital parts of the city’s economy – following several years of developmental work by ACT 1.5, an artist-led research and action effort, and climate scientists from the Tyndall Centre for Climate Change Research.
To mark the launch of this initiative, the following key events and plans were also announced today:
A three-night live music series at Liverpool Arena from 28 – 30 November in collaboration with Massive Attack, ACT 1.5 and SJM concerts, to showcase innovations in sustainability and the smart design of live music events.
A headline industry event, called Expedition 1, on (29 November) and public event (30 November) in the adjacent ACC Liverpool which will test and showcase eight cross-sectoral pilot projects for rapid decarbonisation across live music, TV and film productions scheduled in 2025, and then invite the public into multiple climate action workshops, live audience podcasts, and performances.
The implementation of three initial plans for galvanising decarbonization in the cultural sector: a pioneering integrated public transport and ticketing program (TAG Network); electrification with 100% renewable energy of all key live event and filming locations in the city centre; and a new Paris 1.5-degree compatible sustainability standard that major events will need to meet in order to be granted a land use agreement for an event to proceed.
This work builds upon the groundbreaking project commissioned by the band Massive Attack and developed over the past four years, culminating in a climate action accelerator event entitled ACT 1.5 in Bristol (UK) in late August.
The band worked in collaboration with the Tyndall Centre, AGF, and super low-carbon providers to produce what is anticipated to have been the lowest greenhouse gas emissions show of its size ever staged.
As an ’Accelerator City’ Liverpool, which has just announced huge plans for the future of its music sector, will expand on this use of policy, technology, infrastructure, and transport practices to pilot and then embed decarbonisation methods into the fabric of the city, extending the scope of this work to include national film and television institutions; establishing cross-sectoral solutions with clean, green providers and sustainability-focused event & onscreen producers.
The world-leading Accelerator City programme is supported by Ecotricity and is comprised of a partnership network of private, public sector, and UN organisations including BBC, BAFTA Albert, BFI, Earth Percent, Equity, BECTU, The European Space Agency, A Greener Future, Association of Independent Festivals, UN Climate Change, UNESCO, ZENOBE Energy, and numerous transport, food and local service providers.
Simon Stiell, Executive Secretary of UN Climate Change, said: “I commend the city of Liverpool on its ambitious plans to dramatically speed up decarbonisation in this vital sector. Cities and towns are absolutely essential in picking up the pace and scale of climate action – and the cultural sector plays a vital role in unlocking innovation and promoting sustainable behaviours. I applaud Liverpool’s initiative and look forward to identifying other ‘Accelerator Cities’ in the future.”
UK Climate Minister Kerry McCarthy MP, said: “I am proud and delighted that Liverpool – as famous for its cultural exports as it is for its maritime history – will be the UN’s first Accelerator City for climate change action.
“I would especially like to congratulate the artists, scientists, providers and the city council who have made huge efforts and driven innovative solutions to tackle greenhouse gas emissions and are having their work recognised in this way. Dynamic projects like these are completely in line with our mission for the UK to become global leaders in this action once again, and with our efforts to boost clean, green, highly skilled jobs at home to drive economic growth and achieve clean power by 2030.”
Robert Del Naja, (3D – Massive Attack), said: “Our recent Bristol show demonstrated beyond question that major live music events can be Paris 1.5 compatible, and that audiences will embrace change enthusiastically. The vast scope of work in Liverpool and UN recognition means we can now concentrate more dynamic pilots and experiments to rapidly phase out fossil fuels. This idea and this insistence are not going back in any box. We’re delighted to see artists like Coldplay testing elements like localised ticket pre-sales and 100% renewable energy as recommended in the Tyndall Centre Paris 1.5 decarbonisation road map and encourage other artists to do so freely. The talking stage is over, it’s time to act.”
Councillor Liam Robinson, Leader of Liverpool City Council, said: ‘Liverpool has redefined the transformative power of culture over the past 25 years by blending imagination and innovation with a passion to deliver amazing results – be it staging the best-ever Eurovision to playing a leading role in the UK’s recovery from Covid. Now we’re ready to apply all of our best efforts to tackling the biggest challenge humanity faces and we are deeply honoured the UN has recognised our commitment to decarbonise our cultural sector and appointed Liverpool as the World’s First “Accelerator City” for Climate Action.
“What is so fantastic about this status, is not just the plans we have to help decarbonise music, events and filming, but also the way that this project will educate and motivate audiences through something they really care about – music and entertainment. Liverpool is a city that has always strived to innovate and inspire, and this award recognises that on a global scale.“
Steve Rotheram, Metro Mayor of the Liverpool City Region, said: “Liverpool has always been a city of firsts but being named the world’s first ‘Accelerator City’ is huge for our region, and another example of how we’re leading the charge on climate action. We’re not just talking about change; we’re making it happen. By bringing innovation to the sectors that define us—like music, film and TV —we’re showing the world how culture can drive real, meaningful climate action. Together, we’re proving that the Liverpool City Region isn’t just making headlines; it’s helping to write the playbook for building a fairer, greener future a reality for everyone.”
Matt Scarff, Managing Director BAFTA Albert, said: “The screen industries are uniquely placed to help drive forward the vital progress and innovation needed to protect the future of our planet. BAFTA albert is proud to support this brilliant UN initiative and support the city of Liverpool as we work to make it a hub of sustainable creativity for generations to come.”
Professor Carly McLachlan, Director of Tyndall Centre for Climate Change Research, said: “This city level action to transform live music and film and TV production is really exciting in its ambition and the critical combination of collaboration and regulation. We need to move fast on decarbonisation and that means innovation and new ways of working, but crucially it also means sharing learning, getting the right infrastructure in place and ratcheting up minimum standards. Liverpool’s global recognition as such a culturally rich city make it a brilliant location to demonstrate to the world how things can be done differently.”
Dale Vince OBE, Founder of Ecotricity, said: “Big congrats to Liverpool, leading the way by adopting Act 1.5 across the city. We’ve been working with Massive Attack on the music side and with partners in film and tv production to show that it’s possible for the live event sector to operate this way – that’s important not just for the sake of its own … footprint but because of the platform it has – we can reach huge amounts of people this way and show them there is another way to live. I love the scale and the ambition.”
Oxfam leaders, experts, and partners are joining the UN 79th General Assembly, Summit of the Future, and Climate Action week in New York, hosting and attending events focused on UN Security Council Reform, gender, digital rights, inequality, climate action, and humanitarian issues. They will be urging global leaders to take bold decisions and action as they deliberate on the pressing issues of our time.
This year’s theme is “Leaving No One Behind: Acting Together for the Advancement of Peace, Sustainable Development and Human Dignity for Present and Future Generations.”
Here is an overview of Oxfam’s key events, including a press conference on a report on UN Security Council Reform, media spokespeople, and products:
“Our global systems have failed to address the unprecedented challenges we face today, leaving millions behind. Conflict is rampant, the climate crisis is at a breaking point, and inequality is soaring. As we gather at this year’s Assembly, leaders cannot squander the opportunity to restore people’s faith in the UN’s role as the flagbearer for global peace, security, and cooperation. They must move beyond mere rhetoric and make bold choices to create a system that serves all of humanity, not just the powerful few.”
Amitabh Behar, Oxfam International Executive Director
Oxfam International
A few highlights from Oxfam’s agenda at UNGA (all times in EST):
Thursday, September 19: Oxfam will publish a report titled,“Vetoing Humanity,”which highlights how the five UN Security Council Permanent Member States’ (P5) have abused the veto and negotiating powers in their own geopolitical interests; and how they have paralyzed the Council’s ability to maintain international peace and security or mitigate prolonged conflicts and human suffering.
At 8:30am, Oxfam will be hosting a photo call at an art installation in Tudor City outside the UN, featuring a large dove shackled to a “veto” weight, signifying how the Security Council veto has restrained efforts for global peace. Brooklyn-based artist Miles Giordani built the installation with Oxfam.
At 11:00 am, Oxfam will also hold a press conference on the “Vetoing Humanity”report in the UN Correspondents Association briefing room.
Saturday, September 21: Oxfam and partners will host a Summit of the Future Action Days Official Side Event on“Reforming the UN Security Council for an Equal and Sustainable Future”at the UN Headquarters. Speakers will include Amitabh Behar, Oxfam International Executive Director; Anne-Marie Slaughter, CEO of the New America; Ambassador Lazalous Kapambwe former Zambia Permanent Representative to the UN and 67th President of UN ECOSOC; Wameedh Shakir, Founder and Chairperson of Itar Foundation in Yemen; Augusto Lopez-Claros, Executive Director and Chair – Global Governance Forum and Ishaan Shah co-founded Stolen Dreams.Registerto participate or watch the Livestream here:Reforming the UN Security Council for an Equal and Sustainable Future (Side Event, Action Day 2, Summit of the Future) | UN Web TV
Monday, September 23: Oxfam will publish“Multilateralism in an Era of Global Oligarchy: How Extreme Inequality Undermines International Cooperation,”a report highlighting how ultrawealthy individuals — often enabled by the richest countries — exert disproportionate influence over policy decision. The paper proposes the solutions needed for progress and provides new global data prepared for UNGA. On Thursday, September 26, a joint event with the Ford Foundation will outline key aspects the report; the panelists will include:Oxfam International Executive Director Amitabh Behar; Ronald Lamola, South African Minister of International Relations and Cooperation; and Nanjala Nyabola, Kenyan writer, researcher, and political analyst; moderated byThe Washington Post’s Karen Attiah.
Reactive Statements:
Oxfam will be making statements regarding Summit of the Future outcomes, Heads of State Speeches during the High-Level Debate and other developments throughout.
Oxfam Spokespeople:
Amitabh Behar, Oxfam International, Executive Director: Sustainable Development Goals, UN Reform, Inequality, Climate, Democracy, Human Rights, war in Gaza
Abby Maxman, Oxfam America President and CEO: Sustainable Development Goals, Inequality, Humanitarian Issues
Lebogang Ramafoko, Oxfam South Africa Executive Director:Summit of the Future,Climate and Inequality
Brenda Mofya, Head of Oxfam New York Office: Sustainable Development Goals, The Summit of the Future, Humanitarian Issues
Dr. Tawanda Mutasah, Oxfam America Vice President of Global Partnerships and Impact:Sustainable Development Goals, UN Reform
Ashfaq Khalfan, Oxfam America Director of Climate Justice:U.S. position and context on climate issues in UN agenda, Climate and Inequality, Future Generations
Nabil Ahmed, Oxfam America Director of Economic and Racial Justice:Economic/Wealth Inequality, Progressive Taxation, Corporate Power, Multilateralism
Pauline Chetcuti, Oxfam International Head of Humanitarian Advocacy and Campaigns; Humanitarian and Climate Financing, Humanitarian Issues
Neal McCarthy, Oxfam America Associate Director of Digital in Program:Summit of the Future Digital Compact
Rebecca Shadwick, Oxfam International Gender Rights & Justice Policy & Advocacy Lead:Gender Justice and Rights in the Summit of the Future
Abdulwasea Mohammed, Oxfam in Yemen Advocacy, Policy, and Campaigns Lead; Yemen, Inclusive Peace and Security
Partners:
Marinel Ubaldo, Climate Activist from the Philippines;Climate and Youth Activism
Hilda Nakabuye, Climate Activist from Uganda:Climate and Youth Activism
Wameedh Shakir, Chairwoman of Itar Foundation for Social Development in Yemen;Yemen, Gender, UN Reform
OXFAM REPORT + PRESS CONFERENCE + PHOTO CALL: Oxfam is publishing the report “Vetoing Humanity: How a few powerful nations hijacked global peace and why reform is needed at the UN Security Council.”
As detailed above, Oxfam will be presenting the report at a press conference and presenting a temporary art installation featuring a dove of peace shackled by the weight of the veto by Brooklyn-based artist Miles Giordani.
OXFAM + TRUST AFRICA EVENT: African Civil Society Dialogue on the Summit of the Future LOCATION: Jay Suites – Fifth Avenue, 15 W 38th Street Note: This event continues to September 21. For more information contact Gail Smith (gail.smith@oxfam.org.za). Saturday, September 21:
OXFAM EVENT: “Connecting the Global North and South in fulfilling existing legal obligations on climate finance, including loss and damage” TIME: 11:00am-12:30pm LOCATION: Oxfam NY Office, 369 Lexington Avenue Note: For more information contact Karelia Pallan (karelia.pallan@oxfam.org)
OXFAM + IMPACT COALITION ON AI EVENT: Oxfam’s Neal McCarthy will be speaking on the Panel on AI & Technology Governance” TIME: 4:00-5:15pm LOCATION: UNHQ – CR12 Monday, September 23:
OXFAM REPORT: “Multilateralism in an Era of Global Oligarchy” will outline how extreme economic inequality undermines multilateral efforts to effectively respond to critical global challenges like global taxation, health, and debt and propose the solutions needed for progress. The paper provides new global data prepared for UNGA.
OXFAM STATEMENT: Oxfam will issue a media reaction to the Pact of the Future and Summit of the Future outcomes
OXFAM STATEMENT: Oxfam will issue a statement ahead of President Biden’s address at the General Debate
OXFAM SPEAKING ON DEVEX PANEL: “Food as a weapon in the new age of starvation.” Oxfam in Yemen’s Abdulwasea Mohammed, Advocacy, Policy and Media Lead, will speak about the food security crisis in Yemen TIME: 10:25-11:00am LOCATION: In-person in New York and online athttps://pages.devex.com/devex-at-unga-79.html Thursday, September 26:
OXFAM + FORD FOUNDATION EVENT: “Multilateralism in an Era of Oligarchy” will explore how extreme economic inequality undermines multilateral efforts to effectively respond to critical global challenges like global taxation, health, and debt; Oxfam panelists will be moderated byThe Washington Post’s Karen Attiah. TIME: 12:30-2:30pm LOCATION: Ford Foundation, 320 E 43rd Street Note: Please contact Shelby Bolen (shelby.bolen@oxfam.org) to be added to the RSVP list.
ABOUT OXFAM
Oxfam is a global organization that fights inequality to end poverty and injustice and will highlight the urgent need in tackling the intersections of rising inequality, humanitarian emergencies, and the climate crisis.
Headline: WPFD, Indonesia and media ‘open door’ to West Papua – Analysis published with permission of PMC
Event date and time:
Thu, 03/05/2018 – 4:03pm – 6:00pm
PACIFIC MEDIA CENTRE SEMINAR 3/2018:
WPFD, INDONESIA AND MEDIA ‘OPEN DOOR’ TO WEST PAPUA
As the world marks World Press Freedom Day on May 3, Pacific Media Centre’s director, Professor David Robie, talks about the challenges of “press freedoms” in the world’s most populous Muslim nation, Indonesia. David was one of only two New Zealanders among the 1500 global journalists, media policy makers and communication researchers present at the last WPFD conference in Jakarta last May. He was also a keynote speaker at the “Press Freedom in West Papua” seminar in Jakarta organised by the Papuan chapter of the Alliance of Independent Journalists (AJI) in spite of attempts by local authorities to gag the issue at the conference. David also visited a progressive new research library founded by celebrated Australian author, researcher, activist and Indonesian affairs expert Max Lane in the cultural and educational city of Yogyakarta on this trip. he also spoke to Papuan university students at Universitas Gadjah Mada (UGM) while he was in Yogya.
He will share his experiences and reflect on media freedom issues in Indonesia amid a disturbing and growing intolerance towards the secular traditions of the republic and the implications for West Papua.
David’s trip to WPFD was funded by the School of Communication Studies and he has had research papers published in Media Asia and other publications about the issues. David is editor of Pacific Journalism Review and Asia Pacific Report and convenor of Pacific Media Watch freedom project at AUT.
PACIFIC MEDIA CENTRE SEMINAR 3/2018:
WPFD, INDONESIA AND ‘OPEN DOOR’ TO WEST PAPUA
As the world marks World Press Freedom Day on May 3, Pacific Media Centre’s director, Professor David Robie, talks about the challenges of “press freedoms” in the world’s most populous Muslim nation, Indonesia. David was one of only two New Zealanders among the 1500 global journalists, media policy makers and communication researchers present at the last WPFD conference in Jakarta last May
Source: Dr David Robie – Café Pacific – Analysis-Reportage:
Headline: Flashback to the 1968 My Lai massacre: ‘Something dark and bloody’
RT’s special report on the My Lai massacre and the cover-up of this atrocity.
THE MELBOURNE Sunday Observer — the original paper of that name which campaigned against Australian involvement as a US surrogate in the Vietnam War — published photographs of the My Lai massacre in December 1969. It was prosecuted for “obscenity” for reporting the obscenity but the charge was later dropped.
From today, members of the BNZ KiwiSaver Scheme and investors in YouWealth have the option of investing into High Growth Fund options.
The two High Growth Funds invest 100% in growth assets, providing the potential for higher returns for those who are more long-term minded and understand that it means holding investments through the market cycle which can have its ups and downs.
BNZ’s General Manager of Wealth Peter Forster says the funds provide those with a long investment timeframe with the opportunity to take a more aggressive approach.
“We’re excited to give our customers the choice of a fund that will suit people who are prepared to weather the inevitable market turbulence through their investment journey,” he says.
BNZ has chosen to charge the same low 0.45% per annum fee for the two High Growth Funds as it does across the majority of its BNZ KiwiSaver Scheme and YouWealth funds (the exceptions being the BNZ KiwiSaver Scheme Cash (0.30% p.a. and Default (0.35% p.a. funds).
“A management fee of just 0.45% for funds that invest 100% in equities represents real value in a market where investors are frequently charged in excess of 1% for more aggressive funds,” says Mr Forster.
BNZ is also launching an updated version of its KiwiSaver Navigator tool today that will recommend the High Growth Fund when appropriate.
The tool will provide users with a detailed breakdown of steps they need to take to get back on track if they are not currently predicted to reach their savings targets. These steps could include increasing contribution rate, changing fund choice or delaying retirement or first home purchase.
BNZ customers can request a KiwiSaver Navigator session by visiting a BNZ branch or over the phone.
Disclaimer:
BNZ Investment Services Limited, a wholly owned subsidiary of Bank of New Zealand (‘BNZ’), is the issuer and manager of the BNZ KiwiSaver Scheme and YouWealth. Download a copy of the relevant Product Disclosure Statement from bnz.co.nz/kiwisaver or bnz.co.nz/youwealth.
Investments made in the BNZ KiwiSaver Scheme or YouWealth do not represent deposits or other liabilities of BNZ or any other member of the National Australia Bank Limited group, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of BNZ or any other member of the National Australia Bank Limited group, the Supervisor, and any director of any of them, the Crown or any other person guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or YouWealth, or the repayment of capital.
Fifty CommBank business customers will have the opportunity to have the CommBank Matildas promote their business as the bank launches marketing support for its customers.
CommBank’s business customers will have the opportunity to have some CommBank Matildas promote their business, as the bank launches further support to help its customers with the rising costs of doing business.
The Aussie sporting legends will lend a helping hand to 50 customers across the country by promoting their business and helping spread the word about the products and services that particular business offers.
Commonwealth Bank Executive General Manager Small Business Banking, Rebecca Warren, said many small business owners were facing challenges on multiple fronts as revenues decline with tightening household budgets and costs of doing business continue to rise.
Recent research commissioned by CommBank1 shows 70 per cent of Australian small to medium businesses have had to cut costs in the last 12 months due to economic pressures, with marketing being one of the top categories where they’ve reduced spend.
“Running a small business is hard work, and often stressful. We know that right now small business owners are finding it particularly tough, and our customers are showing incredible resilience,” Ms Warren said.
“One of the best ways of maximising spending events, especially if you’re running a small business, is targeting your local community with promotions, and a little marketing budget can go a long way.
“We wanted to see what else we could do to back our small business customers at this time, to complement our existing suite of measures to support with cash flow or expenses.
“Whether you’re a dog walker on the Central Coast of NSW, a baker in Fremantle WA, or an online fashion brand based in Melbourne, our business customers could soon have some CommBank Matildas feature on their ads, all paid for by us. We’re excited to be shining a spotlight on some of the amazing businesses around the country.”
The campaign is designed to boost the visibility of the winning businesses with their target audience, be it their local community or online target demographics, and help with the costs of marketing. Along with providing the opportunity to have some CommBank Matildas promote the winning business, CBA will be paying to run the ads in the business’ local area.
To be eligible, applicants must hold an active CommBank Business Transaction Account, have an ABN and operate in Australia. The competition, which can be accessed online, launches today and closes on 1 December 2024. For full details, visit: commbank.com.au/backingbusiness
1 YouGov research conducted on behalf of CommBank (August 2024)
About YouGov research
All figures, unless otherwise stated, are from YouGov. Total sample size was 510 adults. Fieldwork was undertaken between 1 – 7 August 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian small and medium business owners and decision makers (aged 18+).
International travel: July 2024 – 11 September 2024 – International travel covers the number and characteristics of overseas visitors and New Zealand resident travellers (short-term movements) entering or leaving New Zealand.
Key facts Monthly arrivals – overseas visitors Overseas visitor arrivals were 221,800 in the July 2024 month, an increase of 8,000 from the July 2023 month. The biggest changes were in arrivals from:
Australia (up 11,400)
China (up 10,000)
United States (down 13,100).
July 2023 saw a boost in overseas visitor arrivals from the United States, coinciding with the FIFA Women’s World Cup 2023 hosted by New Zealand and Australia.
Visit our website to read this information release:
MOFA response to public comments by US Deputy Secretary of State Campbell on UNGA Resolution 2758 and cross-strait peace and stability
Date：2024-09-20 Data Source：Department of North American Affairs
September 20, 2024
The US House of Representatives Committee on Foreign Affairs held a hearing on “Great Power Competition in the Indo-Pacific” on September 18. In response to a question concerning the fact that Taiwan’s status was not mentioned in United Nations General Assembly Resolution 2758, US Deputy Secretary of State Kurt Campbell agreed, pointing out that China was using the resolution as a diplomatic tool to falsely portray Taiwan’s status as illegitimate and that China was conflating its interpretation with its “one China principle” in order to suppress Taiwan. Deputy Secretary Campbell reaffirmed the unwavering US commitment to Taiwan and the long-standing US efforts to preserve peace and stability across the Taiwan Strait, emphasizing that this was a bipartisan consensus.
The Ministry of Foreign Affairs (MOFA) welcomes and appreciates that yet another high-level US diplomat has publicly pointed out China’s misrepresentation of UNGA Resolution 2758 and reiterated bipartisan US support for maintaining peace and stability across the Taiwan Strait. The comments follow remarks made earlier by US Deputy Assistant Secretary of State for East Asian and Pacific Affairs Mark Lambert and Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink.
MOFA is pleased that in addition to the United States, like-minded nations including Australia and the Netherlands have adopted friendly resolutions or motions stating that UNGA Resolution 2758 made no reference to Taiwan. MOFA calls on the international community to jointly take concrete actions to refute China’s misrepresentation of the resolution and oppose its spurious claims of there being an international consensus on its “one China principle.” Taiwan will continue to cooperate with the United States and other like-minded countries and together preserve peace and stability across the Taiwan Strait and throughout the Indo-Pacific.
There was nothing in the Reserve Bank’s (RBNZ) announcement to greatly challenge our view of the world. The Official Cash Rate (OCR) was lowered 25bps to 5.25% as we expected. The interest rate brake is still on, just less so than before.
The most important aspect of the meeting in our view was the confirmation that the OCR will move a lot lower over the coming 18 months.
It needs to. Our rough estimate of the ‘real’ (inflation-adjusted) cash rate has increased in recent months, even with this week’s cut. And it’s a long way down for the OCR to the RBNZ’s estimate of the long-run neutral rate around 3%.
Chart 2: Chop
The RBNZ’s updated forecasts were a shadow of their former selves. GDP growth, inflation and OCR forecasts got a chop while unemployment rate expectations were lifted ½% or so to a 5½% peak.
This brings the RBNZ’s view of the economy down to, or even a touch weaker than, where we’ve been seeing things. Importantly, CPI inflation is now seen well inside the 1-3% target range in Q3 (2.3%y/y from 3.0% in May). As of yesterday, we concur.
It means there’s a higher hurdle for incoming data to surprise the RBNZ on the downside. That doesn’t rule out a larger 50bps OCR cut being deployed at some point, but it does lean against the possibility in the short term.
Chart 3: Joining the rate race
Having been something of an outlier for a while, NZ is now back in the policy easing peloton. Most developed markets anticipate sizeable interest rate cuts over the coming 12 months.
Markets price a better than even chance of a 50bp start to the US Federal Reserve’s easing cycle next month which, if delivered, may embolden global rate cut pricing further.
Of those markets covered opposite, implied policy easing to February 2025 is most aggressive for the US (-185bps), NZ (-150bps), and Canada (-130bps), with Australia (-65bps) and Japan (+10bps) at the other end of the field.
Chart 4: US sniffles
Global financial markets have recovered much of their poise following the steep equity market declines of early last week. Sentiment is not what it was though. Investors are suddenly alert to any number of global fragilities.
Most of the ‘blame’ for the wobble has been pinned on cooling tech/AI exuberance and US growth concerns. The outsized reaction last week may reflect the additional, creeping reliance on the US to drive the global expansion this year. The old ‘US catches a cold’ adage is still relevant.
Chart 5: Jobs growth stalled
The number of people employed nudged up 0.4% in the June quarter, according to official figures released last week. We’d pencilled in a small decline. Unemployment still rose to 4.6% as expected.
Q2’s employment kick is unlikely to be repeated this quarter, and it also doesn’t change the broader narrative of jobs growth effectively stalling around mid-2023.
Amongst the sectoral detail, it’s clear that the construction sector has been at the vanguard of the changing employment market.
Chart 6: Relocating for work
The lift in NZ’s unemployment rate in Q2 maintained a ½ percentage point gap to the (4.1%) Aussie equivalent.
It doesn’t sound large, but that gap is the widest since 2013. Not coincidentally, net migration outflows to Australia are also running at the strongest level since 2013. People move to where the jobs are.
Our forecasts imply both trends have got a ways to run. A climb in the NZ unemployment rate to a 5.5% peak in early 2025 against a lower (4.6%) peak in Australia would, on past form, be consistent with an acceleration in net outflows.
Chart 7: Green f(lags)
Wage inflation peaked in NZ about a year ago. We saw another notch in the downtrend last week. The private sector Labour Cost Index eased to 3.6%y/y in June, down from 3.8% the prior quarter and the 4.5% peak.
More of the same easing is expected over the coming 12 months. It’s something that should help drain still-elevated domestic services inflation pressure. So, it’s not that high interest rates have been ineffective on non-tradables inflation, it’s that the impacts take time to turn up. The lags are real!
Chart 8: No retail respite
The trend in NZ retail card spending abruptly turned in early 2023, and it’s been downhill ever since. July’s 0.1%m/m contraction was the 6th consecutive monthly decline. Discretionary categories remain the hardest hit.
The weakness is even more pronounced once buoyant population growth is accounted for. Our estimate of the average monthly spend per (working age) person is 8% below March 2023 levels. It’s a deeper and longer contraction than during the 2008 GFC.
We’re hopeful the downtrend soon stabilises. Tax and interest rate cuts are supports, but falling population growth and job security are not.
Chart 9: Housing market in focus
The release of July REINZ housing market numbers has been shunted out to Tuesday, thus missing the cut for this edition of TEITC.
But, it’s fair to say, housing stats will be watched more closely than usual as folk scour for green shoots in a sector likely to be one of the earlier responders to (recent and expected) falls in retail interest rates. There are stirrings in some of the anecdote and surveys, but we think the prognosis is more stabilisation than acceleration, for now.
In the least, we’d expect a hearty bounce-back in July sales activity following the outsized, Matariki holiday-related, drop in June. That’s what we saw from this week’s Barfoot & Thompson figures covering a share of the Auckland market.
Chart 10: Food for thought
Food prices lifted 0.4%m/m (seasonally adjusted) in July. Prices have been flattish for the past year, but they’re still up 24% on 2020 levels.
As you’d expect, there’s been a fair bit of variation amongst the components over that time. If you’re partial to an omelette and/or yogurt for breakfast you will be feeling the pinch a lot more than some. At least your morning brew is still, relatively speaking, cost effective.
Disclaimer: This publication has been produced by Bank of New Zealand (BNZ). This publication accurately reflects the personal views of the author about the subject matters discussed, and is based upon sources reasonably believed to be reliable and accurate. The views of the author do not necessarily reflect the views of BNZ. No part of the compensation of the author was, is, or will be, directly or indirectly, related to any specific recommendations or views expressed. The information in this publication is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. Any statements as to past performance do not represent future performance, and no statements as to future matters are guaranteed to be accurate or reliable. To the maximum extent permissible by law, neither BNZ nor any person involved in this publication accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any, opinion, information, representation or omission, whether negligent or otherwise, contained in this publication.
Even in the 21st century, social class is a part of being British. We talk of living in a post-class era but, in reality, our backgrounds affect our life chances and even just the way we interact with each other. We have a sense of our own class and make assumptions about others with class in the back of our minds.
In a recent documentary about their rise to fame, David and Victoria Beckham squabbled about the latter’s claim to come from a working class family. She was derided across the internet for the claim, too.
Is Victoria Beckham working class? You may scoff at the very thought. But then consider when she stopped being working class and you start to see the problem. If a wealthy British person who owns her own business is not working class, when did she cease to be so? Are her parents still working class if she is not?
For much of the 20th century, class identities were clearer. There was also a strong, clear relationship between class and political preference. After all, one of the two main parties was established explicitly to represent the labour movement. It was loudly and proudly a political manifestation of the working class.
There were of course exceptions but, by and large, if someone knew your class, they could make a fairly safe guess as to how you would vote. That is no longer true.
This is what I’m exploring in a new podcast series Know your place: what happened to class in British politics on The Conversation Documentaries. Listen to the trailer now ahead of the series launch on October 7.
Over the course of five episodes, I’ll be speaking to leading politics experts across the UK to find out why Labour can no longer take the working class vote for granted but also why the Conservatives can’t either.
We’ll find out the truth behind the Liberal Democrats’ “Gail’s strategy” to capture the middle classes. We’ll explore how class is even defined in the 21st century and pinpoint when it stopped being the case that your background shaped your politics.
And as the UK ushers in ostensibly the most working-class parliament that has been seen in years, we’ll investigate what difference it makes when people from working-class backgrounds hold the levers of power.
Follow The Conversation Documentaries to listen to Know Your Place: what happened to class in British politics from October 7. The Conversation Documentaries, formerly called The Anthill, is the home for in-depth documentary podcast series from The Conversation.
Know Your Place: what happened to class in British politics is produced and mixed by Anouk Millet for The Conversation. It’s supported by the National Centre for Social Research.
AUSTIN, Texas, Sept. 24, 2024 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services today announced the agenda and speaker lineup for its annual customer event, XDay 2024 North America. The event takes place Thursday, October 3, 2024 from 9:00 a.m. – 5:00 p.m. (U.S. Central Time) at the Thompson Austin in Austin, Texas. The event features keynotes, in-depth panels, and one-to-one chats with industry leaders on a range of topics related to the future of insights, experience, and delight.
The day begins with opening remarks from Vivek Bhaskaran, QuestionPro’s founder and CEO, whose irreverent personality is combined with deep industry knowledge and vision. He will unveil exciting new products and feature updates across QuestionPro product lines and set the stage for a day of innovation and inspiration.
Bhaskaran is followed immediately by the morning keynote from Dr. Dipul Patadia, a visionary healthcare executive with over 20 years of experience of leadership, innovation and insights. As the Head of Health System Strategy and Innovation at Salesforce, he has been pivotal in aligning technology with the unique needs of health systems. His extensive background, including roles as Chief Medical Officer at hospitals within Ascension and Advocate Health, uniquely equips him with insights into the melding of data, and new trends.
Attendees will benefit from his leadership in national healthcare organizations and advisory roles with multiple healthcare startups. Expect to gain actionable insights into transforming your data, AI-driven empowerment, and leading with human centric data.
Following the morning keynotes will be a series of practitioner-led breakouts featurimg experts who have held senior roles at some of the most recognized brands in the world, including: Microsoft, Twitch, HubSpot, Cost Plus World Market and others. Panels, workshops and keynotes will cover workplace experience; AI in research and experience; deep dives on CX and many others. A full agenda is available via the web at: https://www.questionpro.com/xday/2024/
The afternoon keynote address will be delivered by Tim Sanders, currently the Vice President of Research Insights at G2. He brings a deep understanding of AI, digital transformation, and customer-centric strategies after serving as Vice President of Client Strategy at Upwork and many other prestigious institutions. As an Executive Fellow at Harvard’s Digital Data Design Institute, he drives AI adoption and data-driven business decisions. With a rich history at Yahoo and a bestselling author, Tim’s insights on leadership, digital transformation, and change management are not to be missed.
The event concludes with a rooftop dinner reception at Arriba Abajo, on top of the Thompson Hotel. Arriba Abajo beckons guests with its unique blend of cantina concept and elevated hospitality while captivating guests with its awe-inspiring rooftop patio and pool.
About QuestionPro: Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.
BRISBANE, Australia, Sept. 24, 2024 (GLOBE NEWSWIRE) — Softlink Information Centres, a Volaris Group company, has acquired Aurora Information Technology (AIT), developer of library automation software used in public and special libraries. Their flagship product, Aurora Library Management System (LMS), is based on Aurora Montage – a patron web catalogue. This year, a new, cloud-based library staff solution called Aurora Astria was introduced to the market.
AIT was established in the late 1990s. Co-founders, Doug Coulson and Martin Fisk, designed and developed the product.
“It took us almost one year to build Aurora software to the point of winning business. Our first customer was the Royal Blind Society (NSW) which over time became part of Vision Australia. AIT is now providing software for Vision Australia’s major digital transformation project. With software capabilities for Libraries for the Blind, we also won business with national organisations in New Zealand and South Africa.” Doug Coulson, AIT Co-founder.
Today, Aurora is found in large and small public libraries, predominantly in Australia. This includes the Rural Libraries Queensland network, managed by the State Library of Queensland. The solution supports the delivery of a centralised catalogue and networked library services throughout the State.
For more than 10 years, AIT has donated Aurora LMS software, hosting and services to all indigenous knowledge centres through Queensland.
“The average life of a small business is less than 9 years, so to have been in business now for 28 years, still having our original customers and being able to help support indigenous library services along the way, is something for which AIT founders are very grateful.We are pleased that Aurora has found a home at Softlink Information Centres.” Doug Coulson, AIT Co-founder.
Sarah Thompson, General Manager of Softlink Information Centres adds: “It is exciting to include AIT as part of our wider community of software businesses across the globe that work tirelessly to provide exceptional solutions to librarians, researchers and library managers.”
The AIT team will join Softlink Information Centres, led by Sarah Thompson.
About Softlink Information Centres
Softlink Information Centres has been a leader in providing library, knowledge and research management solutions for over 40 years. Our products are trusted by hundreds of businesses worldwide, including some of the largest multi-branch law firms, parliamentary, government libraries and top management consulting firms. We combine the latest technology with ease of use and affordability, enabling our clients to adapt, grow and deliver superior services. Visit us at Softlink Information Centres [https://ic.softlinkint.com/].
For further information on Softlink Information Centres, please visit ic.softlinkint.com
About Volaris Group
Volaris acquires, strengthens and grows vertical market technology companies. As an operating group of Constellation Software Inc., Volaris is all about strengthening businesses within the markets they compete and enabling them to grow – whether that growth comes through organic measures such as new initiatives and product development, day-to-day business, or through complementary acquisitions. Learn more at www.volarisgroup.com.
For more information, please contact:
Sarah Thompson General Manager Softlink Information Centres Sarah.Thompson@softlinkint.com
It’s been less than six months since Google Cloud Next, and the pace of innovation across industries has been nothing short of extraordinary. We’re proud of our AI leadership and differentiation as we continue pushing the technology frontier for our customers. From launching more powerful versions of Gemini 1.5 Pro, to rolling out general availability for Gemini Flash and Imagen 3, to investing in our Vertex AI platform, our teams have been building off the product momentum of Next. And all of this innovation is driving incredible use of our products.
Today, as part of our Gemini at Work global event, we are showcasing nearly 50 new customer stories from organizations around the world to highlight just how impactful generative AI can be when you put it to work at scale — including Pods, Snap, Volkswagen US, Warner Bros. Discovery and many others. We’re inspired by what customers are building and excited by how quickly they’ve been able to move ideas from experimentation into production with our Vertex AI platform. We’re also seeing major boosts in productivity through Gemini for Google Workspace, with customers saving an average of 105 minutes per user, per week, according to our recent study of enterprise customers.
They can access and customize the best foundation models from both Google and the industry, including Gemini. We are the only Cloud provider to offer widely-used first-party, third-party, and open models. Enterprises want to choose a platform that gives them choice.
They can create sophisticated gen AI agents and experiences faster with our single, integrated development platform, Vertex AI. It sits on top of our world-class infrastructure and is the only unified platform that lets customers discover and access models, tune and augment models, and create, ground, deploy, and manage AI agents and experiences.
They can be more productive with our AI agents. We offer Gemini for Google Cloud and Gemini for Google Workspace, as well as purpose-built agents for Customer Engagement and Search. Customers are really appreciating these packaged agents, in addition to building their own.
They are deploying models with confidence, with the most comprehensive approach to grounding in enterprise truth. This significantly improves response accuracy and completeness, and lets them control their brand voice and customer experience.
Six types of AI agents
We continue to see customers and partners benefiting from AI agents — intelligent systems that go beyond simple chat and predictions, to proactively take actions. What makes AI agents unique is they help achieve specific goals, whether that’s guiding a shopper to the perfect pair of shoes, helping an employee look for the right health benefits, or supporting nursing staff with smoother patient hand-offs during shift changes. We see AI agents centering around six use cases:
Customer agents help make great recommendations
Customer agents work seamlessly across channels including the web, mobile, and point of sale, and can be integrated into product experiences with voice and video.
Bell Canada pioneered using digital agents to provide self-service — improving customer experience and delivering $20 million in cost savings.
Best Buy resolves issues up to 90 seconds faster using automated call summarization.
GoTo Group launched Dira, a Bahasa Indonesia AI-powered voice assistant integrated into their GoPay fintech app. Customers use voice commands and complete tasks like bill payments and money transfers with fewer steps. Check out a live demo of the app from GoTo in this video.
ScottsMiracle-Gro built an AI agent on Google Cloud Vertex AI to provide tailored gardening advice and product recommendations.
Snap deployed the multimodal capability of Gemini within their “My AI” chatbot and has since seen over 2.5x as much engagement within Snapping to My AI in the United States.
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Telecom Italia (TIM) implemented a Google-powered voice agent to address many customer calls, increasing efficiency by 20%.
UPS Capital uses an agent built on Google Cloud technology to analyze package movements, insurance claims, and address data in real time to identify anomalies.
Volkswagen US built a virtual assistant in the myVW app, where drivers can explore their owners’ manuals and ask questions such as, “How do I change a flat tire?” or “What does this digital cockpit indicator light mean?” Users can also use Gemini’s multi-modal capabilities to see helpful information and context on indicator lights simply by pointing their smartphone cameras at their dashboards. Watch how the myVW app works in this demo.
We continue to build on this momentum with our own packaged agents. For example, today we are announcing Customer Engagement Suite with Google AI, an end-to-end application that combines the rich features of our leading Contact Center AI solution with the latest gen AI capabilities.
This new solution offers four key benefits:
Omnichannel features, so you can orchestrate consistent customer experiences across web, mobile, voice, email, and apps with a single platform.
Multimodal approach, so your customers can use text, voice, and images.
Rule-based controls AND generative AI so you can address a broad range of issues that may come up from your customers. For instance, a customer speaking with a bank representative may have to verify their identity through a specific set of verification questions. At the same time, they may ask the bank: “Tell me what’s the best mortgage offering for me? Can you compare it across the products you offer?” The first requires a deterministic flow. The second requires a generative flow.
Grounding to provide the highest levels of accuracy
All of this can be connected with any customer service application — whether it’s a SaaS application like Salesforce, Servicenow, SAP, Dynamics, or Oracle — or an on-premise app.
Employee agents help workers collaborate and get more done
Employee agents can streamline processes, manage repetitive tasks, answer employee questions, as well as edit and translate critical communications.
Click Therapeutics develops prescription digital therapeutics designed to treat disease. Their Clinical Operations team leverages Gemini for Google Workspace to transform complex operations data into actionable insights; so they can quickly pinpoint ways to streamline the patient experience in clinical trials.
Dun & Bradstreet built an email-generation tool with Gemini that helps sellers create tailored, personalized communications to prospects and customers for its research services. They also developed intelligent search capabilities to help users with complex queries like, “Find me all the companies in this area with a high ESG rating.”
Elanco, a world leader in animal health, has implemented a gen AI framework, powered by Vertex AI and Gemini, to support critical business processes, such as Pharmacovigilance, Customer Orders, and Clinical Insights. This has resulted in an estimated ROI of $1.9 million since launching last year.
Randstad is using Gemini for Google Workspace to enhance our relationships internally and externally with candidates, making them more efficient and giving them time back to focus on the human aspect of their work.
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SURA Investments, the largest Asset Manager in Latin America, developed a gen AI-powered analysis model for employees built on Google Cloud that allows them to better understand customer needs. It has already improved sentiment analysis on more than 90% of calls and delivered a 10-point increase in customer satisfaction.
Thomson Reuters added Gemini Pro to its suite of large language models (LLM). The 2 million token context window makes some skills as much as 10x times faster to process and unlocks the ability to create new skills that require the LLM to process entire documents in context
The employee agents we deliver through Gemini for Google Workspace, our leading collaboration and productivity tools, are helping customers get more done, with greater confidence and in less time. In a recent survey of our enterprise customers using Gemini, we found they save an average of 105 minutes per user, per week. And it’s not just about getting more done, but getting it done really well — 75% of daily Gemini for Workspace users say it improves the quality of their work.
To help more people boost productivity with AI, we’re making the Gemini app with enterprise-grade data protection available as part of existing Google Workspace subscriptions. Starting next month, customers will have a round-the-clock brainstorming partner, research assistant, and more, to help where they need it most.
Data agents help you do research and data analysis more effectively
Data agents can help answer questions about internal and external sources, synthesize research, develop new models — and, best of all, help find the questions we haven’t even thought to ask yet, and then get the answers.
Bayer’s Crop Science team developed a Field Answers application built on Vertex AI to make critical, timely decisions in the field, contributing to more sustainable and efficient farming.
The CME Group is building a first-of-its-kind cloud-based commodities trading platform with Google Cloud’s AI tools built in, offering CME’s trading customers access to deeper insights and smarter trades as well as rapid experimentation on new trading strategies that won’t interrupt existing trade flows
Hiscox, one of the oldest syndicates in Lloyd’s of London, used BigQuery and Vertex AI to create the first AI-enhanced lead underwriting model, automating quoting for complex risks, from three days down to a few minutes.
Ipsos, a multinational market research firm, built a data analysis tool grounded in Google Search for its market researchers, eliminating the need for time-consuming requests to analysts.
Intelligencia AI, a healthcare technology company, uses Cloud SQL for Postgres for the data infrastructure that powers its AI-driven drug development predictions, enabling the company to deliver accurate and transparent results to customers, while reducing overhead.
NeuroPace, a medical device company, built a solution using Google Cloud gen AI technologies, to quickly identify effective epilepsy treatment options. By analyzing brainwave patterns, they can find similar patients and apply successful therapies faster.
Warner Bros. Discovery built an AI captioning tool with Vertex AI and saw a 50% reduction in overall costs, and an 80% reduction in the time it takes to manually caption a file without the use of machine learning.
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Security agents significantly increase the speed of investigations
Security agents automate monitoring and response for greater vigilance and compliance controls. They can also help guard data and models from cyberattacks, such as malicious prompt injection.
Apex Fintech has accelerated the creation of complex threat detections, reducing the time required from hours to mere seconds with Google SecOps.
Certify OS is working with Google Cloud to automate credentialing, licensing, and monitoring of medical providers for healthcare networks, relieving the burden of time-consuming and often siloed information.
Fiserv is working with Gemini in Security Operations to summarize threats, find answers, and detect, validate, and respond to security events faster.
NetRise‘s “Trace” product is enabling AI-powered semantic search — built using Google Cloud gen AI — in the software supply chain.
Creative agents can help everyone build design, artistic or production skills
Creative agents can empower organizations with the best design and production skills, working across images, slides, and more. Many businesses are building agents alongside their marketing teams, audio and video production teams, and creative teams to help explore and build creative concepts.
Formula E is using Google Cloud gen AI to summarize two-hour-long race commentary into a two-minute podcast in any language, using driver data and ongoing seasonal storylines.
Globo, the largest media group in Latin America, is using Google Cloud’s AI to hyper-personalize content for its streaming users, and create a better experience for spectators.
PODS, working with advertising agency Tombras, used Gemini to create the “World’s Smartest Billboard,” a campaign on their trucks that could adapt to each neighborhood in New York City. The ads used live feeds of data so they updated in real-time hitting all 299 neighborhoods in just 29 hours creating more than 6,000 headlines.
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PUMA is using Imagen to customize product photos on their website, saving time and ensuring they are locally relevant. Puma India has already seen a 10% increase in click-through rate, and they share how they did it in this demo.
Radisson Hotel Group worked with Accenture and Google Cloud to use Vertex AI and Gemini models to personalize its advertising at scale by training AI models on extensive datasets stored in BigQuery; ad teams saw productivity rise 50% while revenue increased from AI-powered campaigns by more than 20%.
Google’s open platform drives more momentum with partners and customers
The success of AI depends on an open platform that offers choice, is easy to integrate with existing systems, and is supported by a broad ecosystem. Google Cloud works closely with important partners, like Accenture and Deloitte, who report more than 45% of their Google Cloud gen AI projects have moved from proof of concept to production. In addition, expanded partnerships and dedicated Google Cloud centers of excellence with Accenture, BCG, Cognizant, Deloitte, HCLTech, KPMG, McKinsey, PwC, and Wipro have spurred thousands of successful projects. This collaborative ecosystem is the key to unlocking AI’s true potential. At Google Cloud, we truly value our partnership with this ecosystem, which is vital to helping our entire industry in its transformation — from systems updates to organizational change management to an overall mindset shift.
We’re inspired by the ingenuity and speed with which our customers are embracing gen AI. And we continue to work hard to partner with customers to help them deliver real business value in the form of incremental leads, conversions, sales, and profits. We’re committed to taking a bold and responsible approach to make AI helpful for everyone, helping organizations of all sizes solve real-world challenges in entirely new ways.
This is the new way to cloud. It’s a journey we’re on together with all of you — our customers and partners — all around the world.
This post originally appeared on theTransform with Google Cloud blog. It was first published April 12, 2024; last updated with new use cases September 24, 2024.
Since generative AI first captured the world’s attention, there’s been a vigorous discussion about what, exactly, the new technology is best used for. While we all enjoyed those early funny chats and witty limericks, we’ve quickly discovered that many of the biggest AI opportunities are clearly in the enterprise, government, and with exciting new companies.
When we first published this post during Google Cloud Next ‘24, we showcased 101 of the best use cases out of the hundreds featured across the event. Now, we’re adding another 84 to the list as customers across the globe continue to put generative AI to work.
[If you’ve visited this post in the past, you can find the newest use cases listed at the top of each section.]
In a matter of months, organizations have gone from AI helping answer questions, to AI making predictions, to generative AI agents. What makes AI agents unique is that they can take actions to achieve specific goals, whether that’s guiding a shopper to the perfect pair of shoes, helping an employee looking for the right health benefits, or supporting nursing staff with smoother patient hand-offs during shifts changes.
In our work with customers, we keep hearing that their teams are increasingly focused on improving productivity, automating processes, and modernizing the customer experience. These aims are now being achieved through the AI agents they’re developing in six key areas: customer service; employee empowerment; code creation; data analysis; cybersecurity; and creative ideation and production.
Hundreds of Google Cloud customers have now put AI agents and gen-AI solutions into production throughout their businesses and the world — with many seeing a tangible return on investment. They have come to rely on Google Cloud technologies that include our AI infrastructure, Gemini models, Vertex AI platform, Google Workspace, and Google Distributed Cloud.
Here’s a snapshot of how 185 of these industry leaders are putting AI to use today, creating real-world use cases that will transform tomorrow.
Customer agents
Similar to great sales and service people, customer agents are able to listen carefully, understand your needs, and recommend the right products and services. They work seamlessly across channels including the web, mobile, and point of sale, and can be integrated into product experiences with voice and video.
1.Alaska Airlines is developing natural language search, providing travelers with a conversational experience powered by AI that’s akin to interacting with a knowledgeable travel agent. This chatbot aims to streamline travel booking, enhance customer experience, and reinforce brand identity.
2. Bennie Health uses Vertex AI to power its innovative employee health benefits platform, providing actionable insights and streamlining data management in order to enhance efficiency and decision-making for employees and HR teams.
3. Beyond 12, a tech-enabled nonprofit focused on student empowerment, has developed an AI-powered college coach to offer scalable coaching to first-generation students that’s available over text, app, and the web.
4. CareerVillage is building an app called Coach to empower job seekers, especially underrepresented youth, in their career preparedness; already featuring 35 career development activities, the aim is to have more than 100 by next year.
5. Character.ai built its realistic conversational chat platform using the full stack of Google Cloud AI services, including for model training and daily operations, allowing it to manage terabytes of conversations each day without interruption.
6. Click Therapeutics develops prescription digital therapeutics designed to treat disease. Its Clinical Operations team leverages Gemini for Google Workspace to transform complex operations data into actionable insights, so they can quickly pinpoint ways to streamline the patient experience in clinical trials.
7. Formula E can now summarize a two-hour long race commentary into a 2-minute podcast in any language, incorporating driver data and ongoing seasonal storylines.
8. General Motors’ OnStar has been augmented with new AI features, including a virtual assistant powered by Google Cloud’s conversational AI technologies that are better able to recognize the speaker’s intent.
9. Gojek, an Indonesia-based super app, launched “Dira by GoTo AI,” a Bahasa Indonesia AI-powered voice assistant integrated into their GoPay service, allowing customers to use voice command to eliminate typing and scrolling, and complete tasks like bill payments and money transfers with fewer steps.
10. GroupBy, an ecommerce service provider, developed an AI-first Search and Discovery Platform powered by Vertex AI Search for Retail. This solution is meticulously designed to optimize revenue, strengthen brand loyalty, and drive sales growth for B2C and B2B retailers.
11. Hotelplan Suisse built a chatbot trained on the business’s travel expertise to answer customer inquiries in real-time, and, following that success, it plans to use gen AI to create travel content.
12. Justicia Lab is developing an AI-powered assistant that will simplify legal processes for asylum seekers and immigrants; by uploading a picture from a legal letter or document, users can extract valuable information and then receive personalized guidance and next steps.
13. Mercado Libre has incorporated semantic search into its digital shopping platforms, using AI embeddings from the Vertex AI Agent Builder, which greatly improved product recommendations and discoverability for more than 200 million consumers across Latin America.
14. Motorola’s Moto AI leverages Gemini and Imagen to help smartphone users unlock new levels of productivity, creativity, and enjoyment with features such as conversation summaries, notification digests, image creation, and natural language search — all with reliable responses grounded in Google Search.
15. mRelief has built an SMS-accessible AI chatbot to simplify the application process for the SNAP food assistance program in the U.S., featuring easy-to-understand eligibility information and direct assistance within minutes rather than days.
16. Personal AI offers a “personal language model” using only the data of one individual or brand and allowing them to control and own how it is used. Built on your own data, facts, and opinions, it creates a responsive and interactive messaging experience that helps people be more productive and deepen relationships.
17. PODS worked with the advertising agency Tombras to create the “World’s Smartest Billboard” using Gemini — a campaign on its trucks that could adapt to each neighborhood in New York City, changing in real-time based on data. It hit all 299 neighborhoods in just 29 hours, creating more than 6,000 unique headlines.
18. Quora developed Poe, its own generative AI platform for people to discover and chat with AI-powered bots, including Gemini, Anthropic’s Claude, Meta’s Llama, and Mistral’s Large 2 — many of which are hosted on Google Cloud’s purpose-built AI infrastructure.
19. ScottsMiracle-Gro built an AI agent on Vertex AI to provide tailored gardening advice and product recommendations for consumers.
20. Snap has deployed the multimodal capability of Gemini within its “My AI” chatbot and has since seen over 2.5-times as much engagement within Snapping to My AI in the United States.
21. Tabiya has built a conversational interface, Compass, that helps young people find employment opportunities; the platform asks questions and requests information, drawing out skills and experiences and matching those to appropriate roles.
22. Telecom Italia (TIM) implemented a Google-powered voice agent to address many customer calls, increasing efficiency by 20%.
23. UPS Capital launched DeliveryDefense Address Confidence, which uses machine learning and UPS data to provide a confidence score for shippers to help them determine the likelihood of a successful delivery.
24. Volkswagen of America built a virtual assistant in the myVW app, where drivers can explore their owners’ manuals and ask questions, such as, “How do I change a flat tire?” or “What does this digital cockpit indicator light mean?” Users can also use Gemini’s multimodal capabilities to see helpful information and context on indicator lights simply by pointing their smartphone cameras at the dashboard.
25. ADT is building a customer agent to help its millions of customers select, order, and set up their home security.
26. Alaska Airlines is developing a personalized travel search experience using advanced AI techniques, creating hyper-personalized recommendations that engage customers early and foster loyalty through AI-generated content.
27. Best Buy is using Gemini to launch a generative AI-powered virtual assistant this summer that can troubleshoot product issues, reschedule order deliveries, manage Geek Squad subscriptions, and more; in-store and digital customer-service associates are also gaining gen-AI tools to better serve customers anywhere they need help.
28. The Central Texas Regional Mobility Authority is using Vertex AI to modernize transportation operations for a smoother, more efficient journey.
29. Etsy uses Vertex AI training to optimize their search recommendations and ads models, delivering better listing suggestions to buyers and helping sellers grow their businesses.
30. IHG Hotels & Resorts is building a generative AI-powered chatbot to help guests easily plan their next vacation directly in the IHG One Rewards mobile app.
31. ING Bank aims to offer a superior customer experience and has developed a gen-AI chatbot for workers to enhance self-service capabilities and improve answer quality on customer queries.
32. Magalu, one of Brazil’s largest retailers, has put customer service at the center of its AI strategy, including using Vertex AI to create “Lu’s Brain” to power an interactive conversational agent for Lu, Magalu’s popular brand persona (the 3D bot has more than 14 million followers between TikTok and Instagram).
33. Mercedes Benz will infuse e-commerce capabilities into its online storefront with a gen AI-powered smart sales assistant. Mercedes also plans to expand its use of Google Cloud AI in its call centers and is using Vertex AI and Gemini to personalize marketing campaigns.
34. Oppo/OnePlus is incorporating Gemini models and Google Cloud AI into their phones to deliver innovative customer experiences, including news and audio recording summaries, AI toolbox, and more.
35. Samsung is deploying Gemini Pro and Imagen 2 to their Galaxy S24 smartphones so users can take advantage of amazing features like text summarization, organization, and magical image editing.
36. The Minnesota Division of Driver and Vehicle Services helps non-English speakers get licenses and other services with two-way real-time translation.
37. Pepperdine University has students and faculty who speak many languages, and with Gemini in Google Meet, they can benefit from real-time translated captioning and notes.
38. Sutherland, a leading digital transformation company, is focused on bringing together human expertise and AI, including boosting its client-facing teams by automatically surfacing suggested responses and automating insights in real time.
39. Target uses Google Cloud to power AI solutions on the Target app and Target.com, including personalized Target Circle offers and Starbucks at Drive Up, their curbside pickup solution.
40. Tokopedia, an Indonesian ecommerce leader, is using Vertex AI to improve data quality, increasing unique products being sold by 5%.
41. US News saw a double-digit impact in key metrics like click-through rate, time spent on page, and traffic volume to its pages after implementing Vertex AI Search.
42-45. IntesaSanpaolo, MacquarieBank, and Scotiabank are exploring the potential of gen AI to transform the way we live, work, bank, and invest — particularly how the new technology can boost productivity and operational efficiency in banking.
Employee agents
Employee agents help workers be more productive and collaborate better together. These agents can streamline processes, manage repetitive tasks, answer employee questions, as well as edit and translate critical communications.
46. 2bots offers technology solutions, such as chatbots and virtual agents, built with Google Cloud’s AI solutions; these intelligent chatbots and content generation tools are transforming the way companies interact with their customers.
47. Augment is building an AI personal assistant that offers enhanced note-taking and collects information across your apps, including calendar, email, texts, and social media, so users can more quickly and easily find personal information and keep their lives organized.
48. Bayes Impact builds AI products to support nonprofits, and its flagship product, CaseAI, is a digital case manager that integrates with an NGO’s current system to add smart features to draft action plans tailored to a beneficiary’s unique history; caseworkers have saved 25 hours of work per week on average.
49. Bell Canada has built customizable contact center solutions for its business customers that offer AI-powered agents to address callers, and Agent Assist, which listens when a human agent is on, offering suggestions and sentiment analysis. AI has contributed $20 million in savings across customer operations.
50. Best Buy can generate conversation summaries in real time using Contact Center AI, allowing live agents to give their full attention to understanding and supporting customers, resulting in a 30-to-90-second reduction in average call time and after-call work. Both customers and agents have cited improved satisfaction.
51. Camanchaca, a Chilean seafood company, took only six weeks to develop Elon, a virtual assistant that aims to provide more efficient customer service through digital channels, enhancing Camanchaca’s customer interactions.
52. Certify OS is automating credentialing, licensing, and monitoring of medical providers for healthcare networks, relieving the burden of time-consuming and often siloed information.
53. Mark Cuban’s Cost Plus Drugs widely uses Gemini for Google Workspace, estimating that employees are saving an average five hours per week just with AI capabilities in Gmail. Gemini is also streamlining time-consuming, manual processes through uses like AI-generated transcriptions and auto-formatting of pharmaceutical lab results or FDA compliance documentation.
54. Dun & Bradstreet built an email-generation tool with Gemini that helps sellers create tailored, personalized communications to prospects and customers for its research services. The company also developed intelligent search capabilities to help users with complex queries like, “Find me all the companies in this area with a high ESG rating.”
55. England’s Football Association is training Vertex AI on the FA’s historical and current scouting reports so they can be transformed into concise summaries, helping national teams discover future talent.
56. Fireflies.ai can transcribe, summarize, and analyze meetings, recordings, and other voice conversations to save time and improve collaboration and information sharing across teams.
57. Fluna, a Pan-African digital services company, has automated the analysis and drafting of legal agreements using Vertex AI, Document AI, and Gemini 1.5 Pro, achieving an accuracy of 92% in data extraction while ensuring security and reliability for sensitive information.
58. Hemominas, Brazil’s largest blood bank, partnered with Xertica to develop an omnichannel chatbot for donor search and scheduling, streamlining processes and enhancing efficiency. The AI solution has the potential to save half-a-million lives annually by attracting more donors and optimizing blood supply management.
59. Hiscox used BigQuery and Vertex AI to create the first AI-enhanced lead underwriting model for insurers, automating and accelerating the quoting for complex risks from three days down to a few minutes.
60. LiveX AI delivers AI Agents that swiftly enhance product education, boost customer conversion, reduce churn, and provide personalized customer support, with the goal of offering everyone a seamless VIP experience across their customer journey.
61. Opportunity@Work is applying gen AI to scale a suite of software tools and APIs that help employers identify “STAR” job candidates — “skilled through alternative routes” such as community college, military service, and on-the-job experience — helping fill roles in a tight market and expand opportunities.
62. QuantumMetric has introduced Felix AI, powered by Gemini Pro, to simplify digital analytics and decision making. Felix AI automatically summarizes a user’s web or mobile session and consolidates the moments that matter most into short, readable summaries for customer service workers.
63. Randstad, a large HR services and talent provider, is using Gemini for Workspace across its organization to transform its work culture, leading to a more culturally diverse and inclusive workplace that’s seen a double-digit reduction in sick days.
64. Sprinklr built Sprinklr AI+ into its unified customer experience management platform, giving brands gen-AI capabilities for customer service, insights, social media management, and marketing that has enterprise-grade governance, security, and data privacy built-in.
65. Thomson Reuters added Gemini Pro to its suite of large language models approved for employee use; with its 2-million-token context window, Gemini makes some tasks as much as 10-times faster to process and can process entire documents in context.
66. Warner Bros. Discovery built an AI captioning tool with Vertex AI and saw a 50% reduction in overall costs, and an 80% reduction in the time it takes to manually caption a file without the use of machine learning.
67. The U.S. Air Force built a new proof-of-concept portal for searching, browsing, and reading e-published PDFs — all within a 90-day deadline that leveraged the prebuilt tools and speed of Vertex AI Search and Conversation.
68. Avery Dennison empowered their employees with generative AI to enable secure, flexible, and borderless collaboration for enhanced productivity to drive growth.
69. Bank of New York Mellon built a virtual assistant to help employees find relevant information and answers to their questions.
70. Bayer is building a radiology platform that will assist radiologists with data analysis, intelligent search, and to create documents that meet healthcare requirements needed for regulatory approval. The bioscience company is also harnessing BigQuery and Vertex AI to develop additional digital medical solutions and drugs more efficiently.
71. Bristol Myers Squibb is transforming its document processes for clinical trials using Vertex AI and Google Workspace. Now, documentation that took scientists weeks now gets to a first draft in minutes.
72. BenchSci develops generative AI solutions empowering scientists to understand complex connections in biological research, saving them time and financial resources and ultimately bringing new medicine to patients faster.
73. Cintas is using Vertex AI Search to develop an internal knowledge center for customer service and sales teams to easily find key information.
74. Covered California, the state’s healthcare marketplace, is using Document AI to help improve the consumer and employee experience by automating parts of the documentation and verification process when residents apply for coverage.
75. Dasa, the largest medical diagnostics company in Brazil, is helping physicians detect relevant findings in test results more quickly.
76. DaVita leverages DocAI and Healthcare NLP to transform kidney care, including analyzing medical records, uncovering critical patient insights, and reducing errors. AI enables physicians to focus on personalized care, resulting in significant improvements in healthcare delivery.
77. Discover Financial helps their 10,000 contact center representatives to search and synthesize information across detailed policies and procedures during calls.
78. HCA Healthcare is testing Cati, a virtual AI caregiver assistant that helps to ensure continuity of care when one caregiver shift ends and another begins. They are also using gen AI to improve workflows on time-consuming tasks, such as clinical documentation, so physicians and nurses can focus more on patient care.
79. The Home Depot has built an application called Sidekick, which helps store associates manage inventory and keep shelves stocked; notably, vision models help associates prioritize which actions to take.
80. Los Angeles Rams are utilizing AI across the board from content analysis to player scouting.
81. McDonald’s will leverage data, AI, and edge technologies across its thousands of restaurants to implement innovation faster and to enhance employee and customer experiences.
82. Pennymac, a leading US-based national mortgage lender, is using Gemini across several teams including HR, where Gemini in Docs, Sheets, Slides and Gmail is helping them accelerate recruiting, hiring, and new employee onboarding.
83. Robert Bosch, the world’s largest automotive supplier, revolutionizes marketing through gen AI-powered solutions, streamlining processes, optimizing resource allocation, and maximizing efficiency across 100+ decentralized departments.
84. Symphony, the communications platform for the financial services industry, uses Vertex AI to help finance and trading teams collaborate across multiple asset classes.
85. Uber is using AI agents to help employees be more productive, save time, and be even more effective at work. For customer service representatives, they’ve launched new tools that summarize communications with users and can even surface context from previous interactions, so front-line staff can be more helpful and effective.
86. The U.S. Dept. of Veterans Affairs is using AI at the edge to improve cancer detection for service members and veterans. The Augmented Reality Microscope (ARM) is deployed at remote military treatment facilities around the world. The prototype device is helping pathologists find cancer faster and with better accuracy.
87. The U.S. Patent and Trademark Office has improved the quality and efficiency of their patent and trademark examination process by implementing AI-driven technologies.
88. Verizon is using generative AI to help teams in network operations and customer experience get the answers they need faster.
89. Victoria’s Secret is testing AI-powered agents to help their in-store associates find information about product availability, inventory, and fitting and sizing tips, so they can better tailor recommendations to customers.
90. Vodafone uses Vertex AI to search and understand specific commercial terms and conditions across more than 10,000 contracts with more than 800 communications operators
91. WellSky is integrating Google Cloud’s healthcare and Vertex AI capabilities to reduce the time spent completing documentation outside work hours.
92. Woolworths, the leading retailer in Australia, boosts employees’ confidence in communications with “Help me write” across Google Workspace products for more than 10,000 administrative employees. It’s also using Gemini to create next-generation promotions, as well as for quickly assisting customer service reps in summarizing all previous customer interactions in real time.
93-97. Box, Typeface, Glean, CitiBank, and Securiti AI discuss developing AI-powered apps across the enterprise, with measurable returns on investment for marketing, financial services, and HR use cases.
98-99. Highmark Health and Freenome join Bristol Myers Squibb to explore how AI can improve efficiency and innovation across care delivery, drug discovery, clinical trial planning, and bringing medicines to market.
Code agents
Code agents are helping developers and product teams to design, create, and operate applications faster and better, and to ramp up on new languages and code bases. Many organizations are already seeing double-digit gains in productivity, leading to faster deployment and cleaner, clearer code.
100. Labelbox has built a fully managed AI model evaluation solution directly integrated into the Vertex AI platform, allowing Google Cloud users to seamlessly launch human evaluation jobs and set specific criteria for evaluation, such as question-answering and summarization; this eases and accelerates the ability to deploy human-in-the-loop AI systems with higher levels of trust and authority.
101. Leroy Merlin, a global home improvement retailer, developed its Pull Request Analyzer using Vertex AI. This generative AI solution summarizes code changes, helping developers understand projects faster and improve code review efficiency.
102. Linear, a product development platform, built Similar Issues, a feature that uses AI to detect and prevent duplicate or overlapping tickets and ensures cleaner and more accurate data representation.
103. Magic is building a developer platform with a 100-million-token context window, so organizations can upload extremely large code bases and more easily query and build on them using gen AI assistance.
104. Pinecone provides infrastructure for developers to build accurate, secure, and scalable AI applications, allowing companies to easily ground gen AI apps in their proprietary data for use in AI search, retrieval-augmented generation, coding agents, and more.
105. Regnology built its Ticket-to-Code Writer tool with Gemini 1.5 Pro to automate the conversion of bug tickets into actionable code, significantly streamlining the software development process.
106. Weights & Biases, a creator of AI tools for developers, created W&B Weave, a lightweight toolkit to track, evaluate, and debug gen AI applications built with Gemini, so teams can confidently go from demo to production.
107. Capgemini has been using Code Assist to improve software engineering productivity, quality, security, and developer experience, with early results showing workload gains for coding and more stable code quality.
108. Commerzbank is enhancing developer efficiency through Code Assist’s robust security and compliance features.
109. Quantiphi saw developer productivity gains of more than 30% during their Code Assist pilot.
110. Replit developers will get access to Google Cloud infrastructure, services, and foundation models via Ghostwriter, Replit’s software development AI, while Google Cloud and Workspace developers will get access to Replit’s collaborative code editing platform.
111. Seattle Children’s hospital is using AI to boost data engineering productivity and accelerate development.
112. Turing is customizing Gemini Code Assist on their private codebase, empowering their developers with highly personalized and contextually relevant coding suggestions that have increased productivity around 30 percent and made day-to-day coding more enjoyable.
113. Wayfair piloted Code Assist, and those developers with the code agent were able to set up their environments 55 percent faster than before, there was a 48 percent increase in code performance during unit testing, and 60 percent of developers reported that they were able to focus on more satisfying work.
Data agents
Data agents are like having knowledgeable data analysts and researchers at your fingertips. They can help answer questions about internal and external sources, synthesize research, develop new models — and, best of all, help find the questions we haven’t even thought to ask yet, and then help get the answers.
114. 180Seguros is powering its data management platform for employees with Google Cloud AI and BigQuery to improve operational metric tracking, allowing for 3X faster query times.
115. Addy AI is helping mortgage lenders and banks automate their lending processes with custom AI models trained on Vertex AI. For example, the platform can extract loan opportunity details from lengthy email threads with numerous attachments.
116. Bayer Crop Science has developed Climate FieldView, a comprehensive agricultural platform with more than 250 layers of data and billions of data points; AI-powered recommendations allow farmers to design and monitor their fields for greater yields and efficient fertilization, with the added benefit of reduced carbon emissions.
117. CME Group is building a first-of-its-kind cloud-based commodities trading platform with AI tools built-in, offering CME’s trading customers access to deeper insights and smarter trades as well as rapid experimentation on new trading strategies that won’t interrupt existing trade flows.
118. Digits is developing next-gen accounting software for startups and small businesses; using AI-driven bookkeeping, expense management, and financial analysis, Digits enables business owners to achieve financial clarity and focus on growth.
119. Elanco, a leader in animal health, has implemented a gen AI framework supporting critical business processes, such as Pharmacovigilance, Customer Orders, and Clinical Insights. The framework, powered by Vertex AI and Gemini, has resulted in an estimated ROI of $1.9 million since launching last year.
120. Full Fact, a UK-based nonprofit working in 18 countries to combat misinformation, is now using gen AI to actively monitor stories so its 30 fact-checking partner organizations can focus on addressing specific claims and harmful information.
121. Fullstory, a digital behavioral data platform, is building the ability to analyze and summarize user behavior on a site to create more informed and enriching chatbot experiences; responses are more relevant and accurate, ultimately improving virtual agent performance and customer experience
122. GamudaBerhad, a Malaysian infrastructure and property management company, has integrated a Gemini-powered conversational agent into its cloud-based Tunnel Insight platform, providing faster information and insights during construction projects.
123. IntelligenciaAI is using AI models to research novel new drugs, relying on Google Cloud’s AI-optimized infrastructure to deliver scalable research that is accurate and transparent to meet the stringent needs of medicine.
124. IPRally built a custom machine-learning platform that uses natural language processing on the text of more than 120 million global patent documents, creating an accurate, easily searchable database that adds more than 200,000 new sources a week.
125. Ipsos built a data analysis tool for its teams of market researchers, eliminating the need for time-consuming requests to data analysts, which is powered by Gemini 1.5 Pro and Flash models as well as Grounding with Google Search to enhance real-world accuracy from contemporaneous Search information.
126. Materiom, a startup researching zero-waste, bio-based alternatives to fossil-fuel-made products like plastics, is creating a gen AI tool that enables entrepreneurs to develop novel compostable materials with broad applications; AI offers faster research and information gathering to speed up the development process.
127. Mendel has built a clinical AI system designed to break down the longstanding silos in medical data, boosting accuracy, accessibility, and ultimately patient health outcomes.
128. NeuroPace, a medical device company, built a solution to quickly identify effective epilepsy treatment options best suited to different patients; by analyzing brainwave patterns, it can find similar patients and apply successful therapies, streamlining personalized care.
129. NotCo, a Chilean food tech company, partnered with Eleven Solutions to develop a conversational AI chatbot powered by Gemini; the chatbot has revolutionized data access, allowing employees to instantly query their SAP system and gain real-time insights for faster, data-driven decision-making.
130. SURA Investments, the largest asset manager in Latin America, developed an AI-based analysis model for employees that allows them to better understand customer needs and improve customer experience and satisfaction.
131. AI21 Labs offers a BigQuery integration called Contextual Answers that allows users to query data conversationally and get high-quality answers quickly.
132. Anthropic has partnered with Google Cloud to offer its family of Claude 3 models on Vertex AI — providing organizations with more model options for intelligence, speed, cost-efficiency, and vision for enterprise use cases.
133. The Asteroid Institute is using AI to discover hidden asteroids in existing astronomical data. This is a major focus for astronomers researching the evolution of the Solar System, investors and businesses hoping to fly missions to asteroids, and for all of us who want to prevent future large asteroid impacts on Earth.
134. Contextual is working with Google Cloud to offer enterprises fully customizable, trustworthy, privacy-aware AI grounded in internal knowledge bases.
135. Cox 2M, the commercial IoT division of Cox Communications, is able to make smarter, faster business decisions using AI-powered analytics.
136. Essential AI, a developer of enterprise AI solutions, is using Google Cloud’s AI-optimized TPU v5p accelerator chips to train its own AI models.
137. Generali Italia, Italy’s largest insurance provider, used Vertex AI to build a model evaluation pipeline that helps ML teams quickly evaluate performance and deploy models.
138. Globo, one of Brazil’s largest media networks, is using Service Extensions and Media CDN to fight piracy during live events by blocking pirated streams in real time.
139. Golden State Warriors are using AI to improve the fan experience content in their Chase Center app.
140. Hugging Face is collaborating with Google across open science, open source, cloud, and hardware to enable companies to build their own AI with the latest open models from Hugging Face and Google Cloud hardware and software.
141. Kakao Brain, part of Korean technology company Kakao Group, has built a large-scale AI language model that is the largest Korean language-specific LLM in the market, with 66 billion parameters. They’ve also developed a text-to-image generator called Karlo.
142. Mayo Clinic has given thousands of its scientific researchers access to 50 petabytes worth of clinical data through Vertex AI search, accelerating information retrieval across multiple languages.
143. McLaren Racing is using Google AI to get up-to-the-millisecond insights during races and training to gain a competitive edge.
144. Mercado Libre is testing BigQuery and Looker to optimize capacity planning and reservations with delivery carriers and airlines to fulfill shipments faster.
145. Mistral AI will use Google Cloud’s AI-optimized infrastructure, to further test, build, and scale up its LLMs, all while benefiting from Google Cloud’s security and privacy standards.
146. MSCI uses machine learning with Vertex AI, BigQuery and Cloud Run to enrich its datasets to help our clients gain insight into around 1 million asset locations to help manage climate-related risks.
147. NewsCorp is using Vertex AI to help search data across 30,000 sources and 2.5 billion news articles updated daily.
148. Orange operates in 26 countries where local data must be kept in each country. They are using AI on Google Distributed Cloud to improve network performance and deliver super-responsive translation capabilities.
149. Spotify leveraged Dataflow for large-scale generation of ML podcast previews, and they plan to keep pushing the boundaries of what’s possible with data engineering and data science to build better experiences for their customers and creators.
150. UPS is building a digital twin of its entire distribution network, so both workers and customers can see where their packages are at any time.
151. Workday is using natural language processing in Vertex Search and Conversation to make data insights more accessible for technical and non-technical users alike.
152. Woven — Toyota‘s investment in the future of mobility — is partnering with Google to leverage vast amounts of data and AI to enable autonomous driving, supported by thousands of ML workloads on Google Cloud’s AI Hypercomputer. This has resulted in resulting in 50% total-cost-of-ownership savings to support automated driving.
152-153. Broward County, Florida, and Southern California Edison are using geospatial capabilities and AI to improve infrastructure planning and monitoring, generate new insights, and create regional resilience for communities facing climate challenges today and tomorrow.
154-155. Kinaxis and Dematic are building data-driven supply chains to address logistics use cases including scenario modeling, planning, operations management, and automation.
156-157. NOAA and USAID are among the U.S. government agencies using Google Cloud AI to unlock critical data insights to streamline operations and improve mission outcomes — all with an emphasis on responsible AI.
Security agents
Security agents assist security operations by radically increasing the speed of investigations, automating monitoring and response for greater vigilance and compliance controls. They can also help guard data and models from cyberattacks, such as malicious prompt injection.
158. Apex Fintech is using Gemini in Security to accelerate the writing of complex threat detections from hours to a matter of seconds.
159. Exabeam has built a generative AI copilot for security analysts into its New-Scale Security Operations Platform.
160. Fiserv, a developer of financial services technology, can now summarize threats, find answers, and detect, validate, and respond to security events faster with the Gemini in Security Operations platform.
161. NetRise developed Trace to provide software supply chain security by introducing AI-powered intent-driven searches; these allow users to search their assets based on the underlying motives or purposes behind the code and configurations, rather than solely relying on signature-based methods.
162. Palo Alto Networks is using Gemini to create a grounded AI assistant for 24/7 security platform support in order to improve agent efficiency and response time; grounding the assistant in organizational data and security protocols has greatly improved the accuracy of responses.
163. BBVA uses AI in Google SecOps to detect, investigate, and respond to security threats with more accuracy, speed, and scale. The platform now surfaces critical security data in seconds, when it previously took minutes or even hours, and delivers highly automated responses.
164. Behavox is using Google Cloud technology and LLMs to provide industry leading regulatory compliance and front office solutions for financial institutions globally.
165. Charles Schwab has integrated their own intelligence into the AI-powered Google SecOps, so analysts can better prioritize work and respond to threats.
166. Fiserv’s security operations engineers create detections and playbooks with much less effort, while analysts get answers more quickly.
167. Grupo Boticário, one of the largest beauty retail and cosmetics companies in Brazil, employs real-time security models to prevent fraud and to detect and respond to issues.
168. Palo Alto Networks’ Cortex XSIAM, the AI-driven security operations platform, is built on more than a decade of expertise in machine-learning models and the most comprehensive, rich, and diverse data store in the industry. Backed by Google’s advanced cloud infrastructure and advanced AI services, including BigQuery and Gemini models, the combination delivers global scale and near real-time protection across all cybersecurity offerings.
169. Pfizer can now aggregate cybersecurity data sources, cutting analysis times from days to seconds.
Creative agents
Creative agents can expand your organization with the best design and production skills, working across images, slides, and exploring concepts with workers. Many organizations are building agents for their marketing teams, audio and video production teams, and all the creative people that can use a hand. With creative agents, anyone can become a designer, artist, or producer.
170. AdoreMe marketers write differentiated product descriptions in one hour, a tedious task which used to take 30-40 hours a month thanks to Gemini for Google Workspace.
171. Globo, the largest media group in Latin America, is using Google Cloud’s AI to hyper-personalize content for its streaming users, and create a better experience for spectators.
172. Higgsfield.ai built a number of text-to-video apps for consumers, including Diffuse 2.0, which can combine users photos, videos, and texts through AI models to create more realistic avatars.
173. Jasper trains its suite of creativity-, writing-, and marketing-focused AI models on Google’s AI infrastructure, delivering on-brand, data-optimized assets faster and at scale to teams large and small.
174. Puma is using Imagen to customize product photos on its website, saving time and ensuring they are locally relevant across markets; PUMA India has already seen a 10% increase in click through rate.
175. RadissonHotel Group personalized its advertising at scale in collaboration with Accenture and using Vertex AI and Gemini models, training them on extensive datasets stored in BigQuery; ad teams saw productivity rise around 50% while revenue increased from AI-powered campaigns by more than 20%
176. SquareEnix is using customer data to develop AI-optimized marketing assets to keep its gamers engaged, sharing personalized emails suited to each player’s preferences, leading to a 20% increase in email opens and a 10% increased retention rate.
177. Urmobo, a mobile-device management platform, created a virtual agent, Odin, that significantly improved user experience and reduced support tickets by enabling clients to interact with the platform using natural language.
178. The World Bank is developing a tool to extract key information from research literature on the causal impact of development interventions, with the ultimate goal to empower decision-makers to allocate the $220B in annual aid and trillions in annual impact investing more effectively.
179. Belk ECommerce is using generative AI to craft better product descriptions, a necessary yet time-consuming task for digital retails that has often been done manually.
180. Canva is using Vertex AI to power its Magic Design for Video, helping users skip tedious editing steps while creating shareable and engaging videos in a matter of seconds.
181. Carrefour used Vertex AI to deploy Carrefour Marketing Studio in just five weeks — an innovative solution to streamline the creation of dynamic campaigns across various social networks. In just a few clicks, marketers can build ultra-personalized campaigns to deliver customers advertising that they care about.
182. Major League Baseball continues to innovate its Statcast platform, so teams, broadcasters, and fans have access to live in-game insights.
183. Paramount currently relies on manual processes to create the essential metadata and video summaries used across its Paramount+ platform for showcasing content and creating personalized experiences for viewers. VertexAI Text Bison is now helping to streamline this process.
184. Procter & Gamble used Imagen to develop an internal gen AI platform to accelerate the creation of photo-realistic images and creative assets, giving marketing teams more time to focus on high-level planning and delivering superior experiences for its consumers.
185. WPP will integrate Google Cloud’s gen AI capabilities into its intelligent marketing operating system, called WPP Open, which empowers its people and clients to deliver new levels of personalization, creativity, and efficiency. This includes the use of Gemini 1.5 Pro models to supercharge both the accuracy and speed of content performance predictions.
To find even more customers using our AI tools to build agents and solutions for their most important enterprise projects, visit the Google Cloud customer hub.
PALM BEACH, Fla., Sept. 24, 2024 (GLOBE NEWSWIRE) — FN Media GroupNews Commentary – Abuse-deterrent transdermal technology can be used to prevent the misuse of drugs with abuse potential, such as fentanyl, by incorporating aversive agents into transdermal patches. Abuse-deterrent opioid formulations (ADFs) are designed to make it more difficult to abuse opioids by making them less attractive or rewarding, or by increasing the difficulty of manipulating them. ADFs can help reduce the risk of adverse effects associated with snorting or injecting opioids, and may also help prevent medication errors. Active companies in the industry include: Nutriband Inc. (NASDAQ: NTRB), Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), Eli Lilly and Company (NYSE: LLY), Novartis AG (NYSE: NVS), Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX).
Some benefits of ADFs include:
Reduced risk of abuse: ADFs can help reduce the risk of abuse, addiction, and substance use disorder.
Reduced risk of overdose: ADFs can help reduce the risk of opioid overdose and poisoning.
Reduced risk of medication errors: ADFs can help prevent medication errors, such as when a caregiver crushes an extended-release opioid to mix into applesauce.
According to OXFORD Academic: “The misuse and abuse of prescription opioids constitute a growing public health problem, which is described in detail in The Burden of the Nonmedical Use of Prescription Opioid Analgesics. Recent efforts to decrease abuse of opioids through formulation engineering have focused on creating broader impediments to abuse, such as incorporating physical barriers, combining agonists with antagonists, including components that cause aversion, and formulating opioid prodrugs, with the goal of reducing abuse by oral and intranasal, as well as, routes. Several of these newer formulations are in late-stage clinical testing and, if approved, may reach the US market later this year. The true “abuse-resistance” or “abuse-deterrence” of these products will be established only when epidemiologic data on their impact confirming such effects are available.” As reported by the U.S. Food & Drug Administration: “The FDA is encouraging the development of prescription opioids with abuse-deterrent formulations (ADFs) to help combat the opioid crisis. The agency recognizes that abuse-deterrent opioids are not abuse- or addiction-proof but are a step toward products that may help reduce abuse.”
Nutriband Inc. (NASDAQ: NTRB)RECEIVES CHINA PATENT NOTICE OF ALLOWANCE FOR ITS AVERSA™ ABUSE DETERRENT TRANSDERMAL TECHNOLOGY
Notice of Allowance received from Chinese National Intellectual Property Administration (CNIPA) for a patent application covering its Nutriband AVERSA™ abuse deterrent transdermal technology
Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products
Nutriband Inc.(NASDAQ:NTRB) (NASDAQ:NTRBW), a company engaged in the development of prescription transdermal pharmaceutical products, today announced that it has received a Notice of Allowance from the Chinese National Intellectual Property Administration (CNIPA) for patent application entitled, “Abuse and Misuse Deterrent Transdermal Systems,” which protects its AVERSA™ abuse deterrent transdermal technology.
The Aversa™ abuse deterrent technology is now covered by a broad international intellectual property portfolio with patents issued in 46 countries including the United States, Europe, Japan, Korea, Russia, Mexico, Canada, Australia, and China.
Nutriband’s AVERSA™ abuse-deterrent technology incorporates aversive agents into transdermal patches to prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential including opioids and stimulants. The AVERSA™ abuse-deterrent technology has the potential to improve the safety profile of transdermal drugs susceptible to abuse while making sure that these drugs remain accessible to those patients who really need them.
Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products. Preliminary studies have shown that the coating is very difficult to scrape off and the technology has a patented immediate and extended-release profile which presents an additional layer of deterrence to prevent the aversive layer from easily being washed off in an attempt to separate the drug from the aversive agents.
Nutriband is currently working with its partner Kindeva Drug Delivery, a leading global contract development and manufacturing organization focused on drug-device combination products, to develop its lead product, AVERSA™ Fentanyl, which incorporates Nutriband’s AVERSA™ abuse-deterrent transdermal technology into Kindeva’s FDA-approved transdermal fentanyl patch system.
AVERSA Fentanyl has the potential to be the world’s first abuse-deterrent opioid patch designed to deter the abuse and misuse and reduce the risk of accidental exposure of transdermal fentanyl patches. AVERSA Fentanyl has the potential to reach peak annual US sales of $80 million to $200 million. (Health Advances Aversa Fentanyl market analysis report 2022). CONTINUED…Read this full press release and more news for NTRB at:https://www.financialnewsmedia.com/news-ntrb
Other recent developments in the industry of note include:
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA)announced recently that a new analysis from the European cohort of the RIM-TD open-label extension (OLE) study revealed that deutetrabenazine treatment of patients with Tardive Dyskinesia (TD) was associated with long term improvement of TD symptoms. The improvement in symptoms was sustained throughout the three-year study, and deutetrabenazine was well tolerated. The data were presented at the European College of Neuropsychopharmacology (ECNP) annual congress in Milan.
TD is a stigmatising and debilitating involuntary movement disorder characterised by repetitive movements of the tongue, lower face, jaw, and limbs, which develops in around 15%-25% of patients receiving antipsychotic medications for conditions such as schizophrenia, bipolar disorder, and major depressive disorder.
As part of the Lilly 30×30 pipeline efforts, Eli Lilly and Company (NYSE: LLY) is collaborating with NIDA through a Screening Agreement to explore the potential of some early-phase therapies that might be repurposed for the treatment of opioid use disorder (OUD).
OUD is the chronic use of opioids that causes clinically significant distress or impairment. More than 9.5 million people over age 12 in the U.S. alone misused opioids in the past year. Opioid and other addictive disorders disproportionately affect people with limited resources. Nearly half of non-elderly adults with OUD in the United States have low incomes and almost a quarter live in poverty. Although there are three drugs approved by the U.S. Food and Drug Administration for the treatment of opioid dependence, misuse of opioids remains a significant public health concern, and there is a high unmet need to develop new and effective treatments for opioid and other addictive disorders.
Sandoz Inc., a Novartis AG (NYSE: NVS) division, and Pear Therapeutics, Inc., in 2019 announced the US commercial launch of reSET-O(TM) for patients with Opioid Use Disorder (OUD). reSET-O, cleared by the US Food and Drug Administration (FDA) in December, is immediately available.
The reSET-O prescription digital therapeutic (PDT) is a 12-week cognitive behavioral therapy intended to be used in addition to outpatient treatment. It includes transmucosal buprenorphine, a commonly used medication to treat opioid addiction, and contingency management designed to provide incentives to reinforce positive behaviors. reSET-O is available by prescription only for patients 18 years or older under the care of a clinician.
“The launch of reSET-O provides an important technology-based treatment option for patients with Opioid Use Disorder and may fundamentally change how they interact with their therapies,” said Richard Francis, CEO, Sandoz. “At Sandoz, we are proud and excited to push the frontiers of medical innovation.”
Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX) earlier this year announced the availability of Over the Counter (“OTC”) Naloxone Hydrochloride (Naloxone HCI) Nasal Spray, USP, 4mg, following Abbreviated New Drug Application (“ANDA”) approval from the U.S. Food and Drug Administration (“FDA”). Amneal’s Naloxone HCI Nasal Spray, manufactured in the U.S., is a generic equivalent to OTC NARCAN® HCI Nasal Spray, a medication that is widely used to help treat drug overdose from opioids, including heroin, fentanyl and prescription opioid medications.
“With today’s launch, Amneal is proud to help address this public health emergency by providing naloxone nasal spray at an affordable price and without a prescription. Our business is deeply rooted in a commitment to helping others. By enhancing access to naloxone nasal spray, we hope to get this affordable emergency treatment into the hands of even more people who could potentially save countless families and communities from further heartache and loss,” said Chirag and Chintu Patel, Co-Chief Executive Officers.
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CHICAGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — GCM Grosvenor (NASDAQ: GCMG), a leading global alternative asset management firm, today announced that its Infrastructure Advantage Strategy has acquired a 25% equity interest in Shepherds Flat (the “Transaction”), the largest repowered wind farm in North America, from Brookfield Asset Management (NYSE: BAM, TSX: BAM) and its institutional partners, including its listed affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) (“Brookfield”).
Shepherds Flat, located in north central Oregon, is a fully contracted 338-turbine wind farm with a nameplate capacity of 845 MW. The wind farm produces in excess of 2,000 GWh of electricity annually, which is enough to power ~185,000 average U.S. households and is fully supported by a long-term contract with a large-scale utility.
“We believe Shepherds Flat presents a rare opportunity to invest in a high-quality, hard-to-replicate, sustainable infrastructure asset alongside an experienced owner, operator, and developer of clean power,” said GCM Grosvenor Managing Director Matt Rinklin. “The Infrastructure Advantage Strategy is pleased to invest in contracted renewable power generation in the Pacific Northwest energy market. We are confident we can deliver long-term value to our investors through this strategic acquisition.”
Brookfield Renewable, a global platform for renewable power and decarbonization solutions, acquired Shepherds Flat in 2021. A comprehensive repowering which materially increased the wind farm’s generation capacity was performed under Brookfield Renewable’s ownership, enhancing the plant’s operational efficiency and substantially extending its lifespan.
“We are excited to partner with GCM Grosvenor while maintaining exposure to this high-quality asset that provides essential clean energy to customers throughout the Pacific Northwest. We continue to see opportunities to further enhance value at Shepherds Flat and are thrilled to be working with GCM,” said Jeh Vevaina, Managing Partner, Brookfield Asset Management.
GCM Grosvenor’s investment in Shepherds Flat was completed through its Infrastructure Advantage Strategy, which seeks to generate high-quality risk adjusted returns through alignment with key stakeholders, including union labor. As part of the transaction, the Shepherds Flat partnership has adopted a Responsible Contractor Policy which will apply to any material construction work at the site.
Thorndike Landing LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor on the transaction for GCM Grosvenor. BMO and Wells Fargo acted as financial advisor and King & Spalding LLP acted as legal advisor on the transaction for Brookfield.
About GCM Grosvenor
GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $79 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 540 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio totals over 34,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.
Source: Hong Kong Government special administrative region
Following is the speech by the Financial Secretary, Mr Paul Chan, at business luncheon Hong Kong-Spain: Partnering for Success in Madrid, Spain, today (September 24, Madrid time): Dr Peter Lam (Chairman of the Hong Kong Trade Development Council), Ms Jarillo (Deputy Director General for Asia, Europe and Oceania, Ministry of Economy, Trade and Enterprise of Spain, Ms Laura Jarillo), distinguished guests, ladies and gentlemen, Good afternoon. I’m delighted to be here, in Madrid, the dynamic capital and financial heart of Spain, a city renowned for its world-class museums and fine dining and wine, not to mention the best football club in Europe, if not the world. What more can a visitor ask for? Well, I can tell you that this speaker, and the young and energetic innovation and technology delegation here with me, are pleased to be here, with you, to talk about how Spanish and Hong Kong business can partner for success long-term, mutually rewarding success.Hong Kong, connecting Spain and Asia Ladies and gentlemen, like Spain, Hong Kong is back in business after the challenges of the COVID pandemic, back creating opportunity for a world of business. Spain, included of course. Hong Kong has long been recognised as one of the best connected cities in the world. Half the global population is no more than a five-hour flight away from us. Before the pandemic, Hong Kong International Airport operated 1 100 flights a day, covering 220 destinations. Today, passenger throughput is rebounding, reaching over 80 per cent of pre-pandemic levels on peak days, with full resumption expected by year’s end. As for cargo, our airport has been the busiest in the world for 13 of the last 14 years. This strategic connectivity is enhanced by Hong Kong’s institutional advantages, reinforcing our role as a “super connector” in Asia. The unique “one country, two systems” arrangement makes this possible. As part of China, Hong Kong enjoys convenient and sometimes priority access to the vast Mainland market, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, a city cluster comprising Hong Kong, Macao and nine Mainland cities in Guangdong province. The Greater Bay Area’s collective population counts more than 87 million, with a GDP exceeding 1.8 trillion euros, surpassing that of Australia and the Republic of Korea. And, on a purchasing power parity basis, the per capita GDP of the Greater Bay Area is US$40,000, 75 per cent of Spain’s. (Note: HK’s is US$71,500) Hong Kong, let me add, is the most international city in China, thanks to the “two systems” that distinguish us. We are the only jurisdiction in China practising the common law system, our judiciary exercising its powers independently. Information, capital, goods and people flow freely in and out of our city. Our taxes are low and simple, with a currency pegged to the US dollar. Our regulatory systems and professional services align with the best international standards. Our commitment to the rule of law is exemplified by the Rule of Law Index, produced by the World Justice Project. In the latest Index, Hong Kong ranked 23rd and Spain 24th, both ahead of the United States. Hong Kong’s enduring strengths will continue to thrive, as our country is committed to the “one country, two systems” principle for the long term. This commitment has been reiterated by President Xi Jinping on multiple occasions, and reaffirmed at various high-level state and party meetings in Beijing. Last year, China and Spain celebrated the 50th anniversary of diplomatic ties. And those ties continue to grow. Earlier this month, Prime Minister Sanchez was in Beijing, his second trip to the Chinese capital in two years. As political and economic ties between our two countries strengthen, Hong Kong is proud to play a pivotal role in fostering more two-way investments, and more economic, innovation and cultural exchanges.Financial Services One obvious area where we can contribute is financial services. Hong Kong, after all, is an international financial centre – number three worldwide, behind only New York and London, according to the latest Global Financial Centres Index, released today. We have a robust fund-raising market. Our stock market’s total capitalisation stands at 3.7 trillion euros, while assets managed by private equity and venture capital exceed 200 billion euros. Hong Kong is the leading biotech fund-raising hub in Asia, too. A defining feature of our capital market are the “Connect Schemes” with the Mainland. Under the schemes, Mainland investors can buy stock, bonds, ETFs and derivatives directly from Hong Kong, while foreign investors can buy similar financial products on the Mainland through Hong Kong. In short, Spanish companies looking to list or issue bonds in Hong Kong can tap the capital from both the Mainland and international markets. Hong Kong is also the world’s offshore renminbi hub. As the use of renminbi as a trade and reserve currency increases, businesses will naturally look for renminbi-denominated investment and risk-management tools. Hong Kong handles approximately 80 per cent of global offshore renminbi transactions, offering a wide range of investment and risk-management products. Then there’s green and sustainable finance. We have long been Asia’s leader in green finance, issuing, on average, more than 55 billion euros in green and sustainable debt a year over the past three years. Our green standards align with the best international practices. To take an example, the Hong Kong Taxonomy for Sustainable Finance, released in May, is highly compatible with the European Union’s Taxonomy for Sustainable Activities. For green projects looking for funding, Hong Kong is simply Asia’s premier destination.Innovation and Technology No less important is our commitment to rise as a global innovation and technology hub, together with the Greater Bay Area. We have what it takes to realise that ambition. Hong Kong is home to five global top 100 universities, and our two medical schools are among the world’s top 40. We also support 29 labs and research and development centres in collaboration with prestigious universities around the world. Our start-up system is thriving, offering a variety of innovative products in fintech, green tech, biotech, supply-chain management, big-data analytics and more. And 20 per cent of our 4 200 start-ups were founded by overseas entrepreneurs. Many of them are based in our two main innovation flagships: Science and Technology Park and Cyberport. And you will soon hear more from senior executives from these institutions, Albert and Eric. Let me add that our delegation members, many of them founders and CEOs of start-ups, are eager to talk to you, to explore business opportunities together. Hong Kong boasts a full-spectrum financing market, including banks, private equity funds, venture-capital funds and a well-developed stock and bond market. These provide abundant financial support for tech companies local and global, at different stages of growth. Greater Bay Area cities, let me add, each offers distinct strengths in innovation and technology; from basic research to technological application, commercialisation, and advanced manufacturing. This year, the World Intellectual Property Organization’s Global Innovation Index ranked the Shenzhen-Hong Kong-Guangzhou cluster second, globally, for the fifth consecutive year. Now, allow me now to highlight a few I&T areas where Hong Kong and the Greater Bay Area offer singular advantages, starting with artificial intelligence. Crucial to AI are algorithms, supercomputing power, data and application scenarios, all of which Hong Kong is blessed with. We serve as a convergence point for Mainland and international data. We are also investing in the necessary i
nfrastructure, including a supercomputer centre. Hong Kong and the Greater Bay Area provide many different application scenarios for AI. Many AI companies, let me add, are choosing Hong Kong to develop their large language models and to go global. Biotechnology is also a priority. And we are planning to conduct clinical trials for the Greater Bay Area. We are also working on a “primary evaluation system” that will allow medicine and medical devices approved in Hong Kong to be widely used in the Greater Bay Area, the Asian region and around the world. Then there’s the Northern Metropolis, a 300-square kilometre area in Hong Kong bordering Shenzhen. The Northern Metropolis is destined to rise as an innovation and technology hub, a vast bridgehead for Hong Kong’s co-operation with other Greater Bay Area cities. Ladies and gentlemen, that just touches on the opportunities Hong Kong is actively pursuing. But let me say that we’re particularly focused on four areas: AI, biotech, fintech and new energy and new materials. We are bringing in strategic companies to help us develop those sectors. Since the end of 2022, we have attracted over 100 tech companies to Hong Kong. Together, they will invest about 6 billion euros and create more than 15 000 jobs in our city. We are equally keen on attracting talent. Since the launch of the new talent admission schemes and updating existing ones, to date, we’ve received some 360 000 applications under our various talent admission schemes. About 226 000 applications have been approved, and 150 000 professionals have already arrived in Hong Kong, I’m pleased to say.Concluding remarks Ladies and gentlemen, Hong Kong offers boundless opportunities for Spanish companies – as a gateway to the Chinese Mainland and throughout Asia, and as a hub for financial services and I&T. My thanks to the Hong Kong Trade Development Council for hosting today’s luncheon, and to our Spanish partners, including CEOC, ICEX and the Spanish Chamber of Commerce, for make this welcome gathering possible. I am happy now to take your questions, to hear your thoughts and ideas on how our two economies and peoples can deepen our co-operation, creating far-reaching opportunities that benefit us all. Thank you.
Thanks so much to everybody. Good morning to you. Thank you for inviting me to join you for your 16th Judicial Conference.
You had me a couple of years ago. The fact that you welcomed me back notwithstanding the intervening time as Secretary I take as a mildly positive sign. We’ll see how the reviews are on that at the end of the speech.
Chief Judge [Michael] Allen, thank you so much for the introduction. It’s fitting that you’ve stepped up to Chief Judge during this conference because, as I gather, your introduction to Veterans law for the first time was when you accepted an invitation to speak to this very conference in 2006. And at that conference, you recognized the importance of Veterans law, and so here we are.
Thanks for all you have done for Veterans, even before you joined this Court. You became one of the first professors with expertise in Veterans law, and you founded one of the law school clinics providing pro bono legal access for our nation’s heroes. I appreciate that one of your very first actions as Chief Judge was to introduce me just now. And so, I take that very seriously. So, thanks for that. I hope the rest of your tenure is as auspicious.
Judge [Margaret] Bartley, also known as Chief Judge Bartley for the last five years, congratulations. And thank you for your 30 years of service to Veterans. You’ve worked to ensure that Veterans receive all the benefits and services they’ve deserved and they have so richly earned, provided them with pro bono representation yourself, clerked for this Court, been appointed as a judge on this Court, and elevated then to Chief Judge. Your service to Veterans, to the national interest, to the country, has been remarkable.
And thanks also to all of you here at this Court, including this Court’s other distinguished judges, VA employees from the Board of Veterans Appeals and Office of General Counsel, attorneys representing Veterans before the CAVC [Court of Appeals for Veterans Claims], law professors, law students, and of course Veterans. No matter your role, you all care deeply about our nation’s heroes.
One of the benefits of this biannual event is that it brings us all together. It might be on different sides of the table, but each one of us supports Veterans all the time.
Let me begin where this Court began.
During legislative hearings leading to passage of the Veterans’ Judicial Review Act in 1988, Sonny Montgomery—then-Chairman of the House Veterans Affairs Committee—said, “Accurate, informal, efficient, and fair. These are the goals which have guided the committee in … expanding judicial review of VA decision-making …. [It is] not intended to express displeasure with the BVA [Board of Veterans’ Appeals] method of reviewing claims or imply that the existing review process is unfair.”
“To the contrary,” he said, “the committee believes that Veterans presently receive every possible consideration where the BVA reviews a case, and the committee expects that the new court will be similarly inclined.”
That’s quite a statement from the chairman of a Congressional committee. And given that statement, and Chairman Montgomery’s observation about “Veterans [receiving] every possible consideration,” I’ve been wondering what he would think of the last few years, years which have seen significant improvements and significant developments in Veterans law.
Two changes in particular have impacted the Veterans law landscape.
First, the Appeals Modernization Act [AMA], implemented in 2019, has improved the appeals process—so far. The AMA has made appeals faster, it’s provided Veterans different options for addressing denied claims. But we are still operating in two separate legal systems, with different options for Veterans filing appeals, and thousands of Legacy claims being adjudicated.
Second, President Biden’s PACT Act in 2022 greatly expanded VA health care eligibility for toxic-exposed Veterans and extended enhanced eligibility for Vietnam era, Gulf War era, and Post-9/11 combat Vets. We’re seeing Veterans file more benefits claims than ever before.
In 2023, VA processed nearly 2 million benefits claims—a record high. So far this year, we’ve exceeded that by processing more than 2.4 million, with another 10 days left, yet, in the fiscal year, on pace to surpass last year’s record by more than 27%. The VBA grant rate for these claims is 64.2%—and as high as 75% for PACT Act claims. In 2024, the average overall disability rating granted to Veterans is 70%, with over $20,000 per year in disability compensation.
Now, I know I’ve just listed a bunch of stats. Nearly every one of them represents all-time VA highs. But let’s remember that behind every one of them is a Veteran and their family receiving life-changing benefits and care.
Now, breaking records is good. But it’s not good enough. Because here’s the bottom line: we have a lot of work left to do, a lot of improvement. In fact, we need to improve. We must keep Veterans at the heart of everything we do. Part of that involves the appeals process. So, let’s talk about what that looks like.
When Veterans aren’t satisfied with decisions they’ve received, they have several recourses under the AMA, as you well know. Over the last three years, the Board of Veterans Appeals has hired more than 50 Veterans Law Judges, hired more than 350 attorneys, and has issued more decisions than ever before.
In 2023, the Board issued 103,245 appeals decisions, again a record. And in 2024, the Board has already issued more than 111,000 decisions—another record again, with 10 days left in the fiscal year—so I don’t want any of the BVA personnel or the Board of Appeals team in the room there thinking that you can take the next 10 days off.
The appeal rate to this Court has dipped over the last several years also. And last year, it was 7.4% of cases. However, this year there will still be about 9,000 BVA decisions appealed to this Court. Nine thousand of our nation’s heroes who have not received all the benefits they believe they’re entitled to, and in fact they believe VA has wrongfully denied them access to.
Nine thousand.
It’s long and complicated, and many of appeals don’t result in the outcome they desire. But it’s not simply the denial of benefits that makes Veterans unhappy. It’s the process, which can involve remand after remand and years and years of waiting.
Each week, hundreds of Veterans send me letters. I’d estimate that a third of those express frustration—and let’s just say I’m being diplomatic here—frustration with the benefits claims and appeals process. Let me share selections from a few of them.
In June, Travis in North Carolina wrote me: “Dear Secretary McDonough, I am a military Veteran writing to express my deep frustration with the unacceptably long wait times for decisions on VA disability claims. After sacrificing for my country, I now find myself struggling with service-connected disabilities and trapped in a seemingly endless bureaucratic process. This unresolved claim has caused tremendous stress and hardship for myself and my family. We rely on disability compensation not only for income, but for access to VA health care critical for treating my service-connected disability.”
Later in June, I received a letter from Chris in California—U.S. Marine, Vietnam, now in his 70s. He described multiple remands from Board judges ordering tests from an orthopedic specialist and x-rays to determine service connection for arthritis. But, Chris wrote, a VA contractor sent him to urgent care, not a specialist, and sent him to an imaging center incapable of conducting x-rays. He’s still waiting to see a specialist. He’s still waiting for x-rays. Chris ended with, “I am dismayed, disappointed, even appalled that our government and country I was so excited and happy to serve at 17 years of age would treat me this way. Shame on you and on your team.”
Shame.
And in August, Deborah in Tennessee, emailed me. Her husband, Army Vet, had a disability compensation rating of 100%. “Since his death in 2022,” she wrote, “I’ve been trying to get widows benefits. I’ve filed, been rejected, appealed, got a Veterans assistance firm to help, but every time the VA comes up with some sort of excuse, in the hopes I’ll give up. I have to borrow money from family members just to pay utilities bills. I fear I’ll lose my home. I need help to get through the process. Please help me.”
Now, there’s countless other Veteran letters I receive that express similar disappointment, heartache, anger, betrayal. So how can we address—alleviate—that frustration that Veterans so clearly express with our appeals process?
Well, we do it by getting to the root of these issues.
The Board of Veterans Appeals grants Veterans relief about one third of the time. One third.
Yes, we have to follow the law, we want to follow the law, we do follow the law. There’s no way to wave a wand and grant every single appeal. But too many Veterans—caught in the endless churn of remand after remand, claims examination after examination, hearing after hearing—don’t trust the process. We need Veterans to trust us, to trust the appeals process, and to understand why we reach the decisions, even if, in fact particularly when, they walk away disappointed. We—the Board, this Court, private counsel—can gain trust through final decisions, and final decisions that are faster than Veterans get today.
Look, the AMA has enabled us to make the process better, although there is still more to be done. Over the last few years, the Board’s AMA decisions result in 20% fewer remands and 10% higher grant rates. On average, final resolution of all issues in AMA cases takes between two to three years, faster than the seven to 10-year average before the passage of the AMA. But still, two to three years is too long.
Here’s the reality. Today, Legacy appeals take about six years. That’s faster than before, but that’s still six years. None of us thinks six years is fast enough. That duration is going to tick up and up, and appeals are going to take longer and longer, because there’s 40,000 Legacy cases still at VA.
Each year this Court remands thousands of additional Legacy cases to the Board. At any given time, 54% of the Legacy cases the Board is adjudicating have already been seen by a Board judge at least twice, nearly 30% at least three times, and almost 10% have already been adjudicated five times or more.
Even after the Board resolves all issues, for many Veterans the journey’s not over. It can take years to get a decision from this Court or the Federal Circuit. Typically, that decision just returns the case to the Board for further adjudication.
I think we can do better for Veterans. I know some of you are talking about these issues in various settings, including sessions with the Bar Association. And that’s encouraging. Yes, it’s important to capture ideas and suggestions for change down the road, but let’s think about how we can help more Veterans now—improvements that VA, this Court, the private bar can implement sooner rather than later to benefit Vets. Now, none of us is immune here. We can all do better, no matter where we work.
First, the claims examination process. Contractors speeding through compensation and pension exams, or not carrying out clear instructions on what to focus on, or conducting exams rife with inaccuracies. VA can—in fact, must—ensure that these exams are more accurate, with higher quality, leading to more resolved claims. Under Secretary [of Benefits, Josh] Jacobs and his team are working hard to implement quality measures on C&P exams—reducing unnecessary exams where we can so as to get to a decision sooner.
Second, the Board of Veterans Appeals. I’ve challenged the Board to increase efficiencies. I’ve asked them to increase capacity, increase output. I’ve asked them to find ways to fill hearing slots that open up due to cancellations and increase appeal resolution rates so that we can reduce wait times for Veterans. I’ve also asked the Board to explore how we better inform Veterans of the expected wait times before their appeal will be issued. I know they are discussing these issues, and they’re figuring out how to do it. It’s not easy. The hiring process, which we’ve had our foot on the gas on over these last several years—also too slow.
Remands going back and forth between the Board and this Court often aren’t productive, in my view. We’ve heard concerns that sending remanded cases back to the same Board judge may not always be the best way to get finality.
Third, this Court. I ask you to ask yourselves, if we’re remanding 75% of appeals back to the Board, are we doing everything we can for Vets? Are we moving with efficiency and urgency? Vets don’t want to wait year after year, not knowing whether they’ll receive benefits or not. Veterans need timely, fair, final decisions on their claims, decisions that either grant their benefits, or fairly deny those benefits only after proper hearing, proper development, a full consideration of all the evidence developed, and a correct application of law. They don’t want to be stuck in legal limbo.
Fourth, private counsel. One of the AMA’s improvements is that it gives Veterans options besides filing an appeal with this Court. Consider whether you’re always choosing the best option for your client, especially when the Veteran, or their surviving family member, or their living family member, wants a final decision on the claim—and quickly. Is an appeal to this Court the best option for your client when you know there’s a strong likelihood of a remand, or even multiple remands, and no resolution for years and years? Or would it be better for the Veteran to file a supplemental claim that can be processed much faster than a remanded appeal?
To everyone, please think about what happens if the system stays the same. Thousands and thousands of Veterans will continue to wait, burdened by what to them is a broken bureaucracy. They will continue to view appeals with disappointment and anger.
What are Veterans doing to make the system work for them? They are turning to unaccredited representatives who call themselves “coaches” or “consultants,” charging Vets high amounts or outrageous percentages of future benefits. Veterans turn to these claim sharks because they promise the Veteran they’ll get a quicker resolution. And as payment, the Veteran signs over a portion of the benefits that Veteran earned serving our nation. This surely is not what we want.
We have to do better.
We need finality, and we need that finality more quickly. Finality in the appeals process isn’t dictated by just one factor or one specific actor. Getting to final decisions—and how we get there—depends on actions and decisions of VA, claimants, their lawyers, and judges. If we want Vets to receive benefits they are entitled to, and for their claims decided fairly and justly—which everyone in this room surely wants—we must focus on finality and achieving finality with urgency.
Let’s consider how we make the system better for Vets. Talk about this with each other during your time here and after you leave. Because what everyone wants, I know, is for Veterans to receive all the benefits they have earned, accurately, quickly, fairly—the goals Chairman Montgomery hoped this Court would achieve.
The President often says that our nation’s only sacred obligation is to prepare and equip the troops we send into harm’s way, and to care for them and their families when they come home. The second part of that solemn duty is VA’s to fulfill, each and every day. And in this instance, it’s not on VA alone. It’s on each of us here. Each decision at VBA, the Board, this Court, and counsel appearing before this Court has an impact on the Veteran. And often, the impact on a Veteran, their families, and survivors is, in fact, life changing.
Remember, justice delayed is justice denied. Veterans did not hesitate to raise their hands and put their lives on the line for all of us. They didn’t say wait. So, let’s not make them wait one second longer than they have to for their hard-earned benefits.
It’s on all of us to make that happen.
Thanks for letting me be here today with you, and now let’s hear from you on your questions.