SUFFOLK, Va. and MIDLOTHIAN, Va., Sept. 24, 2024 (GLOBE NEWSWIRE) — Hampton Roads based TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) (“Village”), the parent company of Village Bank, today announced the signing of a definitive agreement and plan of reorganization pursuant to which TowneBank will acquire Village and Village Bank. The proposed transaction will enhance TowneBank’s continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment.
“Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully enhancing our Richmond presence, which is core to our franchise and future growth.”
“We’re excited to partner with TowneBank,” said Jay Hendricks, President and Chief Executive Officer of Village. “This merger is not just a business decision but a strategic move to enhance the value we deliver to our customers. This partnership will give us the ability to continue to meet our customers’ banking needs with greater resources and products while providing increased opportunities for our employees.”
Based on financials reported as of June 30, 2024, the combined companies would have total assets of $17.8 billion, loans of $12.1 billion and deposits of $14.9 billion. Under the terms of the agreement, shareholders of Village will receive $80.25 per share in cash for each share of Village outstanding common stock. This corresponds to an aggregate transaction value of approximately $120.0 million, based on Village common stock currently outstanding.
TowneBank expects the transaction to be approximately 6% accretive to earnings per share with fully phased-in cost savings on a GAAP basis.
In consideration of the transaction, extensive due diligence was performed by the management teams of TowneBank and Village. The definitive agreement was approved by the boards of directors of TowneBank and Village. The transaction is expected to close in the first half of 2025 and is subject to customary conditions, including regulatory approval, as well as the approval of Village’s shareholders.
Piper Sandler & Co. served as the financial advisor and Troutman Pepper Hamilton Sanders LLP served as legal counsel to TowneBank in the transaction. Janney Montgomery Scott served as the financial advisor and Williams Mullen served as legal counsel to Village in the transaction.
About TowneBank: Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, the bank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. TowneBank offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.1 billion as of June 30, 2024, TowneBank is one of the largest banks headquartered in Virginia.
About Village Bank and Trust Financial Corp. Headquartered in Midlothian, Virginia, Village Bank and Trust Financial Corp. is the holding company for Village Bank. Village Bank was founded in 1999 and operates nine branch offices serving the greater Richmond Metropolitan area and Williamsburg, Virginia. Village Bank and Trust Financial Corp. had total assets of $747.7 million as of June 30, 2024. Additional information is available at the company’s website, http://www.villagebank.com.
Media contact: G. Robert Aston, Jr., Executive Chairman, TowneBank, 757-638-6780 William I. Foster III, Chief Executive Officer, TowneBank, 757-417-6482 James E. Hendricks Jr., Chief Executive Officer, Village Bank and Trust Financial Corp., 804-419-1253
Investor contact: William B. Littreal, Chief Financial Officer, TowneBank, 757-638-6813 Deborah M. Golding, Vice President, Village Bank and Trust Financial Corp., 804-897-3900
Cautionary Note Regarding Forward-Looking Statements This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and Village and their respective management teams regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of TowneBank and Village. Forward-looking statements may be identified by the use of such words as: “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional terms, such as “will,” “would,” “should,” “could,” “may,” “likely,” “probably,” or “possibly.” These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management, including statements about (i) the benefits of the transaction, including future financial and operating results, cost savings, enhancement to revenue and accretion to reported earnings that may be realized from the transaction and (ii) TowneBank’s and Village’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. In addition, these forward-looking statements are subject to various risks, uncertainties, estimates and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Although TowneBank’s and Village’s respective management teams believe that estimates and assumptions on which forward-looking statements are based are reasonable, such estimates and assumptions are inherently uncertain. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the business of Village and Village Bank may not be successfully integrated into TowneBank, or such integration may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the transaction may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating costs, customer losses and business disruption following the transaction, including adverse effects on relationships with employees and customers, may be greater than expected; (4) the regulatory approvals required for the transaction may not be obtained on the proposed terms or on the anticipated schedule; (5) the shareholders of Village may fail to approve the transaction; (6) economic, legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which TowneBank and Village are engaged; (7) competitive pressures in the banking industry that may increase significantly; (8) changes in the interest rate environment that may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; (9) an unforeseen outflow of cash or deposits or an inability to access the capital markets, which could jeopardize TowneBank’s or Village’s overall liquidity or capitalization; (10) changes in the creditworthiness of customers and the possible impairment of the collectability of loans; (11) insufficiency of TowneBank’s or Village’s allowance for credit losses due to market conditions, inflation, changing interest rates or other factors; (12) adverse developments in the financial industry generally, such as the recent bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior; (13) general economic conditions, either nationally or regionally, that may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; (14) weather-related or natural disasters, acts of war or terrorism, or public health events (such as the COVID-19 pandemic); (15) changes in the legislative or regulatory environment, including changes in accounting standards and tax laws, that may adversely affect TowneBank’s or Village’s businesses; (16) cybersecurity threats or attacks, whether directed at us or at vendors or other third parties with which we interact, the implementation of new technologies, and the ability to develop and maintain reliable electronic systems; (17) competitors may have greater financial resources and develop products that enable them to compete more successfully; (18) changes in business conditions; (19) changes in the securities market; and (20) changes in the local economies with regard to TowneBank’s and Village’s respective market areas.
Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in TowneBank’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Federal Deposit Corporation (“FDIC”) and Village’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the U.S. Securities and Exchange Commission (“SEC”). TowneBank and Village undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information This press release does not constitute a solicitation of any vote or approval. Village will deliver a definitive proxy statement to its shareholders seeking approval of the transaction and related matters. In addition, each of TowneBank and Village may file other relevant documents concerning the proposed transaction with the FDIC and SEC.
Investors, TowneBank shareholders and Village shareholders are strongly urged to read the definitive proxy statement regarding the proposed transaction when it becomes available and other relevant documents filed with the FDIC and SEC, as well as any amendments or supplements to those documents, because they will contain important information about TowneBank, Village and the proposed transaction. Free copies of the definitive proxy statement, as well as other filings containing information about Village, may be obtained after their filing at the SEC’s website (http://www.sec.gov). In addition, free copies of the definitive proxy statement, when available, also may be obtained by directing a request by telephone or mail to Village Bank and Trust Financial Corp., 13319 Midlothian Turnpike, Midlothian, Virginia 23113, Attention: Investor Relations (telephone: (804) 897-3900), or by accessing Village’s website at https://www.villagebank.com under “About Us Investor Relations.” The documents described above also may be obtained by directing a request by telephone or mail to TowneBank, 6001 Harbour View Boulevard, Suffolk, Virginia 23425, Attention: Investor Relations (telephone: (757) 638-6794), or by accessing TowneBank’s website at https://townebank.com under “Investor Relations.” The information on TowneBank’s and Village’s websites is not, and shall not be deemed to be, a part of this presentation or incorporated into other filings either company makes with the FDIC or SEC.
TowneBank, Village, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Village in connection with the proposed transaction. Information about the directors and executive officers of Village and other persons who may be deemed participants in the solicitation, including their interests in the transaction, will be included in the proxy statement when it becomes available. Information about TowneBank’s directors and executive officers can be found in TowneBank’s definitive proxy statement in connection with its 2024 annual meeting of shareholders, filed with the FDIC on April 11, 2024. Additional information about Village’s directors and executive officers can be found in Village’s definitive proxy statement in connection with its 2024 annual meeting of shareholders filed with the SEC on April 9, 2024. Free copies of each document may be obtained as described in the preceding paragraph.
Source: Africa Press Organisation – English (2) – Report:
NEW YORK, United States of America, September 24, 2024/APO Group/ —
The African Development Bank (www.AfDB.org) has urged Development Finance Institutions (DFIs) and other development partners to scale up innovative partnerships and initiatives to build peace and security in Africa, home to eleven of the world’s most conflict-affected states.
Marie-Laure Akin-Olugbade, African Development Bank Vice-President for Regional Development, Integration and Business Delivery Complex led the charge during a session held September 21, on the sidelines of the 79th Assembly of the United Nations titled: Investing in Prevention: Scaling up Peace – A Call to Action for DFIs.
Over the last 20 years, the level of global conflict has escalated, with one-fifth of Africa’s population residing in conflict affected areas, affecting the future of the world’s fastest-growing continent.
“Our goal today is very clear. We would like to mobilise institutions to prioritise peace building and through innovative partnerships and new financial mechanisms. This is a call for action.” Akin-Olugbade said in opening remarks.
The New Agenda for Peace, which is at center stage of the UN’s Summit of the Future, highlights how different actors, including DFIs can serve as peace agents, and emphasises the role of partnerships, especially in the context of fragile and conflict affected countries, urging increased political and financial mobilisation to prevent conflicts.
The effect of three decades of a devastating civil war in Mozambique are still evident, Amilcar Tivane, Mozambique’s Vice-Minister of Economy and Finance told participants, stressing the need for prevention.
The Mozambique government has learned innovative solutions to deal with the root causes of conflict and to address lingering security challenges in northern Mozambique such as terrorism and insurgency. What has worked is a resilience building strategy together with partnerships, Tivane said. The country is also launching a new initiative for peace for the reconstruction of affected tourism areas
« We have learned that prevention is critical, » he said. « Sometimes its difficult (for governments) to acknowledge that the social dimensions could have a significant impact.»
Issa Faye, Director General of the Islamic Development Bank ( IsDB) said his institution’s blend of ordinary and concessional financing has been key to the successful financial support for 32 fragile African countries out of the 52 they support.
The IsDB have aided thousands of refugees through programmes to address skills gap, training and education, combining economic empowerment and food security.
Faye underlined Islamic financing as a concept framing a lot of the institution’s programmes and stressed the need to find alternative financing which is dedicated, responsive and resilient.
Risk perception, another major constraint to financing peace initiatives in Africa, was the subject of Pradeep Kurukulasuriya, the Executive Secretary of the UN Capital Development Fund (UN CDF), submission. He offered a concrete example of successful de-risking of a peace initiative in Burundi.
« UN DCRF works to de-risk so that larger streams of finance can flow from the larger and more established institutions, » he said.
Since 2021, UNCDF has been working in collaboration with the UN Peacebuilding Fund and the Government of Burundi to address interconnected and transnational root-causes of instability and nature loss in the Kibara National Park and surrounding buffer zones. The joint initiative with several partners including UNESCO, uses a unique blended finance approach.
Peace finance needs new a lens
Itonde Kakoma, President of Interpeace said a new paradigm approach, which moved away from the donor focus and instead sees development partners investing in peace investment hubs and creating a pipeline of peace positive projects, is much needed.
He said the need to connect development finance and peace building while leveraging the private sector to build peace, safety and social cohesion between communities living in complex environments, was more imperative than ever.
« We have a conviction that the Sustainable Development Goals can be unlocked by peace finance, » Kakoma said.
Other participants such as Elizabeth Spehar, Assistant Secretary General, United Nations Peacebuilding Support stressed the importance of inclusion and the role of DFI’s such as the African Development Bank.
“We need the economic might of the DFI’s. We have to work on this together,” she said.
Spehar paid tribute to the African Development Bank which emphasizes peace and security as public goods in its new Ten-year strategy (2024-2033). The Bank’s joint pilot project in Central African Republic with UNHCR has the UN “working with communities on the peace part and the African Development Bank working on the employment part,” Spehar said.
The Bank has been on the forefront of systematically addressing issues of fragility in Africa and has built up over 20 years of experience in building Africa’s resilience by providing intellectual leadership and dedicated financial instruments, such as the Transition Support Facility, which mobilizes additional resources for affected countries. The Bank’s Private Sector Credit Enhancement Facility allows it to do more private investments in these riskier markets.
The audience also heard from the g7+, Asian Development Bank, Civil Society Platform for Peacebuilding and Statebuilding (CSPPS), the World Economic Forum (WEF), the Aswan Forum, UNHCR, and the African Union Peace Fund whose Director Dagmawit Moges spoke of the institution’s reforms and the importance of governance.
“We’ve gone beyond theory and talk. We at the African Development Bank are interested in strengthening partnerships. We are not going to work in silos. We are looking forward to continuing this discussion at COP 29 and at the Africa Resilience Forum next year,” Akin-Olugbade said.
MSF suspended outreach activities in Yei, Central Equatoria state, South Sudan, after a critical security incident.
MSF cannot resume activities until the safety of our staff is assured.
Juba – Médecins Sans Frontières (MSF) has suspended all outreach activities in Yei, in Central Equatoria state, South Sudan, until further notice, following a critical security incident involving MSF staff and staff from a partner organisation on Friday, 20 September 2024. We strongly condemns this attack against health workers in an area where people already face difficulty accessing healthcare.
“We are deeply shocked by this unacceptable attack on the provision of neutral and impartial humanitarian assistance for communities in need,” says Iqbal Huda, MSF’s Head of Mission in South Sudan. “As a result of the attack, our outreach movements and activities to communities surrounding Yei and Morobo have been suspended until we can have concrete guarantees that medical humanitarian services and lifesaving work can continue unhindered in the area.”
At approximately 3 pm on Friday, two clearly marked MSF vehicles were coming back to the town of Yei from an outreach activity, when along the road unknown armed men forced our staff to disembark from their vehicles at gunpoint, while looting MSF and the staff’s personal belongings. The armed men then forcibly took an MSF staff member and a staff member of a partner organisation to the bush, while letting the two remaining MSF staff members, the drivers, proceed with their vehicles.
While the two abducted staff were safely released 24 hours later, this is the third attack on humanitarian organisations occurring around Yei in three months, pointing to a systematic attack on the provision of humanitarian aid. Until the safety of MSF activities and staff are assured, MSF cannot guarantee resumption of activities in the area.
The real victims of these incidents are the most vulnerable people living in underserved areas, as MSF is the only provider of healthcare services in this area outside of Yei town.
“Attacks against humanitarians and healthcare workers are unacceptable and they directly affect the provision of healthcare for communities who desperately need it. We call on all armed groups to uphold their responsibilities under international humanitarian law and respect the provision of humanitarian assistance,” says Huda.
Médecins Sans Frontières (MSF) has been working in the region that today constitutes the Republic of South Sudan since 1983. In Yei, MSF offers primary healthcare services by supporting four Ministry of Health facilities, delivering outpatient consultations, routine vaccinations, and maternal and child healthcare. MSF also conducts mobile clinics and provides community-based healthcare through the Boma Health Initiative programme in the area.
In South Sudan, MSF teams provide a range of services including general healthcare, mental healthcare and specialist hospital care. Our mobile teams also provide health assistance to displaced people and remote communities in six of the country’s 10 states and in two administrative areas. In addition to responding to emergencies and disease outbreaks, we also carry out preventative activities, such as vaccination campaigns, seasonal malaria chemo-prevention, safe drinking water and distribution of non-food items.
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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.
Source: United Kingdom – Executive Government & Departments
Following the G7 Foreign Ministers’ Meeting at the High-Level Week of the UN General Assembly, the following statement was made by Chair Antonio Tajani.
1. Introduction
In today’s meeting in New York, in the wake of the Summit of the Future, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the High Representative of the European Union reiterated their commitment to upholding the rule of law, humanitarian principles and international law, including the Charter of the United Nations, and to protecting human rights and dignity for all individuals.
They re-emphasized their determination to foster collective action in order to preserve peace and stability to address global challenges, such as the climate crisis and to advance the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).
In doing so, the G7 members renewed their commitment to the promotion of free societies and democratic principles, where all persons can freely exercise their rights and freedoms.
2. Summit for the Future
In the spirit of the renewed determination to strengthen the multilateral system based on the UN Charter’s principles, as reflected in the Pact for the Future adopted at the Summit of the Future by world Leaders, the G7 members committed to continue working with countries and all relevant stakeholders within the UN system through dialogue, mutual understanding and respect in the pursuit of common solutions, with the aim of upholding and reforming the multilateral system so that it better reflects today’s world and is fit to respond to the complex global challenges of the future. They reaffirmed their commitment to work with all UN member states to strengthen the roles of the UNSG as well as the UNGA. They also recommitted to the reform of the UNSC.
3. Steadfast Support to Ukraine
The G7 members reaffirmed their unwavering support to Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, against Russia’s brutal and unjustifiable war of aggression. The G7 members strongly condemned Russia’s blatant breach of international law, including the UN Charter, and of the basic principles that underpin the international order. They strongly condemned the serious violations of international humanitarian law perpetrated by Russia’s forces in Ukraine, which have caused a devastating impact on the civilian population. Violence against civilians, including women, children, and prisoners of war is unacceptable.
They expressed their outrage at Russia’s repeated attacks against critical infrastructure and they condemned in the strongest possible terms any targeting of civilian buildings and even hospitals. Ensuring the protection and resilience of Ukraine’s energy grid and its power generation capacity remains a fundamental and urgent priority as winter approaches. They welcomed the international conference on energy security held on August 22. .as well as the ongoing coordination of the G7 energy group. They reiterated their commitment to help Ukraine meet its urgent short-term financing needs, as well as support its long-term recovery and reconstruction priorities.
Russia must end its war of aggression and pay for the damage it has caused to Ukraine. The G7 members reiterated their commitment to explore and use all possible lawful avenues by which Russia is made to meet those obligations.
The launch of the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, as mandated by G7 leaders, will make available approximately USD 50 billion in additional funding to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.
The G7 Foreign Ministers and the High Representative are working, together with Finance Ministers, to operationalize the G7 Leaders’ commitment by the end of the year. They will maintain solidarity in this commitment to providing this support to Ukraine. The G7 members confirmed that, consistent with all applicable laws and their respective legal systems, Russia’s sovereign assets in their jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.
They also committed to strengthening the Ukraine Donor Platform to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb. This will play a key role in advancing Ukraine’s reforms in line with its European path and in contributing to a successful Ukraine Recovery Conference to be held in Italy in 2025.
Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. They therefore condemned in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric, as well as its posture of strategic intimidation. They also expressed their deepest concern about the reported use of chemical weapons as well as riot control agents as a method of warfare by Russia in Ukraine.
The G7 members remained committed to holding those responsible accountable for atrocities in Ukraine, in line with international law. They also condemned the seizures of foreign companies and called on Russia to reverse these measures and seek acceptable solutions with the companies targeted by them.
They condemned Russia’s seizure and continued control and militarization of Zaporizhzhia nuclear power plant, which poses severe risks for nuclear safety and security, potentially affecting the entire international community. They reiterated their support to the International Atomic Energy Agency’s efforts directed at mitigating such risks.
They underlined once again their support for Ukraine’s right of self-defense and reiterated their commitment to Ukraine’s long-term security, recalling the launch of the Ukraine Compact in Washington on 11 July 2024. They re-affirmed the intention to increasing industrial production and delivery capabilities to assist Ukraine’s self-defense. They highlighted their support to Ukraine in its efforts to modernize its armed forces and strengthen its own defense industry. They expressed their resolve to bolster Ukraine’s air defense capabilities to save lives and protect critical infrastructure.
They remained committed to raising the costs of Russia’s war of aggression by building on the comprehensive package of sanctions and economic measures already in place. Though existing measures have had a significant impact on Russia’s war machine and ability to fund its invasion, its military is still posing a threat not just to Ukraine but also to international security.
The G7 members expressed the intention to continue taking appropriate measures, consistent with their legal systems, against actors in China and in third countries that materially support Russia’s war machine, including financial institutions, and other entities that facilitate Russia’s acquisition of items for its defense industrial base.
They expressed their intention to continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, including against Russia’s shadow fleet, while working to maintain market stability.
They especially emphasized the urgency to support Ukraine’s energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group. They underscored the importance to continue working with the Ukrainian authorities and International Financial Institutions through the Ukraine Donor Platform, and by mobilizing private investments and fostering participation of civil society.
They highlighted the reality of millions of internally displaced Ukrainians and the importance of an inclusive rights-based, gender-responsive recovery, including the reintegration of veterans and civilians with disabilities, and to address the needs of women, children as well as other population groups who have been disproportionately affected by Russia’s war of aggression. They reiterated their condemnation of Russia’s unlawful deportation of Ukrainian children and welcomed coordinated efforts to secure their safe return. They called on Russia to release all persons it has unjustly detained and safely return all civilians it has illegally transferred or deported, starting with children. They welcomed the Ministerial Conference on the Human Dimension of Ukraine’s 10 point peace formula that will be hosted by Canada on October 30-31.
They reiterated the need to support Ukraine’s agriculture sector, which is critical for global food supply, particularly for the most vulnerable nations, and called for unimpeded exports of grain, foodstuffs, fertilizers and inputs from Ukraine.
They acknowledged the importance to involve the private sector in the sustainable economic recovery of Ukraine. They welcomed and underscored the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law. These endeavors are in line with the Euro-Atlantic path Ukraine has embraced. The G7 members were unanimous on the need to continue to support efforts of the Ukrainian government and people in these endeavors.
They resolutely condemned Russia’s holding of illegitimate ‘elections’ in the occupied Ukrainian Autonomous Republic of Crimea and the city of Sevastopol. Russia’s actions once again demonstrate its blatant disregard for Ukraine’s territorial integrity, sovereignty and independence, and the UN Charter. They called on all members of the international community to refrain from recognizing Russia’s illegitimate actions.
They welcomed the Summit on Peace in Ukraine that took place in Switzerland on June 15-16 and its focus on the key priorities needed to achieve a framework for peace based on international law, including the UN Charter and its principles, and respect for Ukraine’s sovereignty and territorial integrity. They remained committed to follow up on the Conference through constructive engagement with all international partners to reach a comprehensive, just and lasting peace.
The G7 members acknowledged that Russia continues to expand its campaigns of foreign information manipulation and interference (FIMI). They condemned Russia’s use of FIMI to support its war of aggression against Ukraine. They reiterated their determination to bolster the G7 Rapid Response Mechanism by developing a collective response framework to counter foreign threats to democracies.
4. Situation in the Middle East
The G7 members reiterated their condemnation of Hamas’ horrendous attacks on October 7, 2023. 101 hostages are still in the hands of Hamas. They noted with deep concern the trend of escalatory violence in the Middle East and its repercussions on regional stability and on the lives of civilians shattered by this conflict, from the Gaza Strip to the Israeli-Lebanese Blue Line. Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences. They called for a stop to the current destructive cycle, while emphasizing that no country stands to gain from a further escalation in the Middle East.
They expressed their deep concern about the situation along the Blue Line. They recognized the essential stabilizing role played by the Lebanese Armed Forces and the UN Interim Force in Lebanon in mitigating that risk. They demanded the full implementation of UNSCR 1701 (2006) and urged that all relevant actors implement immediate measures towards de-escalation.
The G7 members reaffirmed their strong support for the ongoing mediation efforts undertaken by the United States, Egypt and Qatar to reach a resolution between the parties to the conflict in Gaza. They reiterated their full commitment for the implementation of the UNSC Resolution 2735 (2024) and the comprehensive deal outlined by President Biden in May that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, to secure a pathway to a two-state solution with a safe Israel alongside a sovereign Palestinian state. They urged the parties to the conflict to unequivocally accept the ceasefire proposal, stressing the need for countries in a position to directly influence the parties to cooperate in strengthening mediation efforts. They called for the full implementation of the terms of the ceasefire proposal without delay and without conditions.
They called on all parties to fully comply with international law, including international humanitarian law. They expressed their deep alarm for the heavy toll this conflict has taken on civilians, deploring all losses of civilian lives equally and noting with great concern that, after nearly a year of hostilities and regional instability, it is mostly civilians, including women and children, who are paying the highest price. Protection of civilians must be an absolute priority for all parties at all times.
The G7 members expressed concern at the unprecedented level of food insecurity affecting most of the population in the Gaza Strip. Securing full, rapid, safe, and unhindered humanitarian access in all its forms and through all relevant crossing points remains an absolute priority. They urged all parties to allow the unimpeded delivery of aid and ensure protection of humanitarian workers by properly implementing de-confliction measures. They recognized the crucial role played by UN agencies and other humanitarian actors in delivering assistance especially health care for the most vulnerable persons, including the polio vaccination campaign. They expressed their support for UNRWA to effectively uphold its mandate, emphasizing the vital role that the UN Agency plays.
The G7 members reaffirmed their unwavering commitment, through reinvigorated efforts in the Middle East Peace Process, to the vision of a two-state solution where two democratic states, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under Palestinian Authority. We note that mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process. They expressed their concern about the risk of weakening the Palestinian Authority and underlined the importance of maintaining economic stability in the West Bank. They welcomed the EU’s 400 million Euro emergency package for the Palestinian Authority. All parties must refrain from unilateral actions and from divisive statements that may undermine the prospect of a two-state solution, including the Israeli expansion of settlements and the “legalization” of settlement outposts. They condemned the rise in extremist settler violence committed against Palestinians, which undermines security and stability in the West Bank and threatens prospects for a lasting peace. They expressed their deep concern regarding the deteriorating security situation in the West Bank.
They reiterated their commitment to working together – and with other international partners – to closely coordinate and institutionalize their support for civil society peacebuilding efforts, ensuring that they are part of a larger strategy to build the foundation necessary for a negotiated and lasting Israeli-Palestinian peace. The G7 members called on Iran to contribute to de-escalation of tensions in the region. They demanded that Iran cease its destabilizing actions in the Middle East. They underlined that they stand ready to adopt further sanctions or take other measures in response to further destabilizing initiatives.
They reiterated their determination that Iran must never develop or acquire a nuclear weapon and that the G7 will continue working together, and with other international partners, to address Iran’s nuclear escalation. A diplomatic solution remains the best way to resolve this issue. As the IAEA remains unable to verify that Iran’s nuclear program is exclusively peaceful, they urged Iran’s leadership to cease and reverse nuclear activities that have no credible civilian justification and to cooperate with the IAEA without further delay to fully implement their legally binding safeguards agreement and their commitments under UNSCR 2231(2015).
They condemned in the strongest possible terms Iran’s export and Russia’s procurement of Iranian ballistic missiles. Evidence that Iran has continued to transfer weaponry to Russia despite repeated international calls to stop represents a further escalation of Iran’s military support to Russia’s war of aggression against Ukraine. Russia has used Iranian weaponry such as UAVs to kill Ukrainian civilians and strike their critical infrastructure.
They reiterated that Iran must immediately cease all support to Russia’s illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs and related technology, which constitute a direct threat to the Ukrainian people as well as European and international security more broadly.
They reaffirmed their steadfast commitment to hold Iran to account for its unacceptable support for Russia’s illegal war in Ukraine that further undermines global security. In line with their previous statements on the matter, they underscored that they are already responding with new and significant measures.
They also reiterated their deep concern about Iran’s human rights violations, especially against women and minority groups. They reiterated their call on Iran to allow access to the country to relevant UN Human Rights Council Special Procedures mandate holders.
De-escalation efforts in the region must also include the immediate and unconditional termination of any attack by the Houthis against international and commercial vessels transiting the Gulf of Aden, the Bab al-Mandeb Strait and the Red Sea. The G7 members reiterated their strong condemnation of these attacks and the right of countries to defend their vessels from attacks. They called for the immediate release by the Houthis of the Galaxy Leader and its crew. They expressed their strong concern about the August 21 attack on the merchant vessel Sounion and the ongoing risk of an environmental catastrophe as salvage operations continue. They welcomed the efforts by the EU maritime operation Aspides and by the US-led Operation Prosperity Guardian to protect vital sea lanes. They appreciated the efforts of those countries that are committed to protect freedom of navigation and trade, as well as maritime security, in line with UNSCR 2722 (2024) and in accordance with international law.
5. Fostering partnerships with African Countries
The G7 members reaffirmed their commitment to support African nations in the pursuit of sustainable development as well as the creation of jobs and growth. The focus remains on fostering fair partnerships, built on shared principles, democratic values, local leadership, and practical initiatives.
They reiterated their intention to align actions with the African Union’s Agenda 2063 and the specific needs of African countries, including plans to improve local and regional food security, infrastructure, trade, and agricultural productivity. They expressed their support for the implementation of the African Continental Free Trade Area, a crucial factor for Africa’s growth in the next decade.
The G7 members emphasized the need to strengthen mutually beneficial cooperation with African countries and regional organizations. In addition to maintaining financial support for African nations, they expressed their determination to improve the coordination and effectiveness of G7 resources, mobilizing domestic resources and encouraging increased private investments.
They welcomed the African Union’s permanent membership in the G20, and the creation of an additional Chair for Sub-Saharan Africa on the IMF Executive Board in November.
They reaffirmed their commitment to the G20 Compact with Africa, a tool aimed at enhancing private investment, driving structural reforms, supporting local entrepreneurship, and fostering cooperation, particularly in the energy sector. The G7 Partnership for Global Infrastructure and Investment (PGII), and initiatives like the EU’s Global Gateway can contribute to promote sustainable, resilient, and economically viable infrastructure in Africa, ensuring transparency in project selection, procurement, and financing. In this framework, they welcomed Italy’s Mattei Plan for Africa.
They recognized that sustainable development, peace and security and democracy go hand in hand, reaffirming their commitment to help African governments in strengthening democratic governance and respect for human rights, while addressing conditions conducive to terrorism, violent extremism, and instability.
They expressed their deep concern about the destabilizing activities of the Kremlin-backed Wagner Group and other Russia-supported entities. They called for accountability for all those responsible for human rights violations and abuses.
6. Indo-Pacific
The G7 members reiterated their commitment to a free and open Indo-Pacific, based on the rule of law, which is inclusive, prosperous and secure, grounded on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights. They reaffirmed the importance of working together with regional partners and organizations, notably the Association of Southeast Asian Nations (ASEAN). They reaffirmed their thorough support for ASEAN centrality and unity. They reaffirmed their intention to work to support Pacific Island Countries’ priorities, as articulated through the 2050 Strategy for the Blue Pacific Continent.
As they seek constructive and stable relations with China, they recognized the importance of direct and candid engagement to express concerns and manage differences. They reaffirmed their readiness to cooperate with China to address global challenges. They expressed their deep concern at the China’s support to Russia. They called on China to step up efforts to promote international peace and security, and to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine. They encouraged China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine. They also expressed their deep concern at China’s ongoing support for Russia’s defense industrial base, which is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications. They called on China to cease the transfer of dual-use materials, including weapons components and equipment, that are inputs for Russia’s defense sector.
They recognized the importance of China in global trade. However, they expressed their concerns about China’s persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors, undermining our workers, industries and economic resilience and security, as well as impacting on currencies. The G7 members are not decoupling or turning inwards. They are de-risking and diversifying supply chains where necessary and appropriate and fostering resilience to economic coercion. They called on China to refrain from adopting export control measures, particularly on critical minerals, that could lead to significant supply chain disruptions. Together with partners, the G7 members will invest in building their respective industrial capacities, promote diversified and resilient supply chains, and reduce critical dependencies and vulnerabilities.
They remained seriously concerned about the situation in the East and South China Seas and reiterated their strong opposition to any unilateral attempt to change the status quo by force or coercion. They reaffirmed that there is no legal basis for China’s expansive maritime claims in the South China Sea, and they reiterated their opposition to China’s militarization and coercive and intimidation activities in the South China Sea. They re-emphasized the universal and unified character of the United Nations Convention on the Law of the Sea (UNCLOS) and reaffirmed UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. They reiterated that the award rendered by the Arbitral Tribunal on 12 July 2016 is a significant milestone, which is legally binding upon the parties to those proceedings and a useful basis for peacefully resolving disputes between the parties. They reiterated their strong opposition to China’s dangerous use of coast guard and maritime militia in the South China Sea and its repeated obstruction of countries’ high seas freedom of navigation. They expressed deep concern about the dangerous and obstructive maneuvers, including water cannons and ramming, by the China Coast Guard and maritime militia against Philippines vessels.
The G7 members reaffirmed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity, and called for the peaceful resolution of cross-Strait issues. There is no change in the basic position of the G7 members on Taiwan, including stated One-China policies. They supported Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is.
They remained concerned by the human rights situation in China, including in Xinjiang and Tibet. They are also worried about the crackdown on Hong Kong’s autonomy and independent institutions, and ongoing erosion of rights and freedoms. They urged China and the Hong Kong authorities to act in accordance with their international commitments and applicable legal obligations.
The G7 members strongly condemned North Korea’s continuing expansion of its unlawful nuclear and ballistic missile programs in violation of multiple UNSC resolutions and its continuous destabilizing activities. They reiterated their call for the complete denuclearization of the Korean Peninsula and demanded that North Korea abandons all its nuclear weapons, existing nuclear programs, and any other WMD and ballistic missile programs in a complete, verifiable and irreversible manner, in accordance with all relevant UNSC resolutions. They called on North Korea to return to dialogue to promote peace and stability in the Korean peninsula. They urged all UN Member States to fully implement all relevant UN Security Council resolutions. They reiterated their deep disappointment with Russia’s veto last March on the mandate renewal of the UNSC 1718 Committee Panel of Experts.
They condemned in the strongest possible terms the increasing military cooperation between North Korea and Russia, including North Korea’s export and Russia’s procurement of North Korean ballistic missiles and munitions in direct violation of relevant UNSCRs, as well as Russia’s use of these missiles and munitions against Ukraine. They are also deeply concerned about the potential for any transfer of nuclear or ballistic missiles-related technology to North Korea, in violation of the relevant UNSCRs. They urged Russia and North Korea to immediately cease all such activities and abide by relevant UNSCRs. They urged North Korea to respect human rights, facilitate access for international humanitarian organizations, and resolve the abductions issue immediately.
They called on China not to conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions, and to act in strict accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular Relations.
7. Regional Issues
Venezuela
The G7 members reiterated their deep concern about the situation in Venezuela, following the vote on July 28.
They emphasized that the announced victory of Maduro lacks credibility and democratic legitimacy, as indicated by reports of the UN Panel of Experts and independent international observers as well as data published by the opposition. They underscored that it is essential for electoral results to be complete and independently verified to ensure respect for the will of the Venezuelan people.
They expressed their outrage for the arrest warrant and constant threats to the security of Edmundo Gonzalez Urrutia, who decided to seek refuge in Spain. According to the above-mentioned independent reports, Edmundo Gonzalez Urrutia appears to have won the most votes.
They urged Venezuelan representatives to cease all human rights violations and abuses, arbitrary detentions and widespread restrictions on fundamental freedoms, particularly affecting the political opposition, human rights defenders, and representatives of independent media and civil society. They called for the release of all political prisoners and for a path to freedom and democracy for the people of Venezuela.
They urged the international community to keep Venezuela high on the diplomatic agenda and they expressed their support for efforts by regional partners to facilitate the Venezuelan-led democratic and peaceful transition that the people of Venezuela have clearly chosen in the polls.
Haiti
The G7 members expressed their determination to continue supporting Haitian institutions – including the Transitional Presidential Council (CPT) and the Government of Prime Minister Conille – in their commitment to create the necessary conditions of general security and stability for the convening, by February 2026, of free and fair elections. The expression of popular will would set the foundation for the full restoration of democracy and the rule of law in Haiti.
They also expressed full support to the Multinational Security Support (MSS) mission, which is providing critical support to the Haitian National Police as they counter criminal gangs engaged in illicit trafficking and inflicting brutal violence upon the population.
The G7 members emphasized the importance of continued support to the MSS mission through financial contributions to the UN Trust Fund as well as contributions in kind. They expressed their strong appreciation for the commitment of the Government of Kenya – which has already deployed 380 personnel on the ground – to support the Haitian National Police in restoring peace and security.
They called on all countries that have committed to deploy their contingents to the MSS mission to do so as soon as possible, to consolidate the mission and its fundamental role in the Country. They called on Haiti’s partners to continue their humanitarian assistance to the Haitian people and to expedite their financial and in-kind contributions to the MSS mission to help ensure that the mission is resourced for success.
They called also on the United Nations Security Council to consider a UN Peace Operation to maintain the security gains of the Haiti National Police and the MSS mission for holding free and fair elections and called on the Secretary-General accordingly to provide support.
The G7 members welcomed the work of the G7 Working Group on Haiti in monitoring institutional, political, social and security developments in Haiti, with a view to supporting the stabilization of the country and the restoration of full democratic governance.
Libya
The G7 members reiterated their unwavering commitment to Libyan stability, sovereignty, independence and unity. They expressed deep concern about recent developments in the country, in particular those involving the leadership of the Central Bank of Libya and the High Council of State, which show the fragility and unsustainability of the present status quo. They urged relevant Libyan parties to rapidly reach the necessary compromises to begin to restore the institutional integrity of the Central Bank of Libya and its standing with the international financial community. They called on Libyan political actors to refrain from taking harmful unilateral actions that create further political tension and fragmentation and make the country vulnerable to harmful foreign interference.
They noted advances made in the organization of local elections and they called for a free, fair and inclusive participation of all Libyans. It is now imperative to relaunch a Libyan-led and Libyan-owned political process facilitated by the UN towards free and fair presidential and parliamentary elections.
They expressed their support and commended the efforts made by UNSMIL officer in charge Stephanie Koury in support of the stabilization of Libya. They called on the Secretary General to appoint a new Special Representative without delay.
Sudan
The G7 members reiterated their grave concern over the ongoing fighting, mass-displacement and famine in Sudan.
They condemned the serious human rights violations and abuses against the civilian population, including widespread sexual and gender-based violence, as well as international humanitarian law violations by both sides to the conflict. They called for an immediate end to the escalating violence, which is creating further displacement, and urged the warring parties to ensure the protection of civilians. They reiterated their commitment to holding accountable all those responsible for violations of international law in Sudan.
They condemned the emergence of famine in Sudan as a direct consequence of efforts to restrict access of humanitarian actors. They noted recent progress in relation to the re-opening of the Chad-Sudan Adre border crossing, in the wake of the Paris Conference and of the Geneva talks. They called for full, rapid, safe, and unhindered humanitarian access both into Sudan and across lines of conflict so aid can reach all those in need.
They urged all parties to cease hostilities immediately and to engage in serious negotiations aimed at achieving a lasting ceasefire, humanitarian access and protection of civilians without pre-conditions.
They called on external actors to refrain from fueling the conflict, to respect the UN arms embargo on Darfur, and to play a responsible role in resolving the crisis.
They welcomed mediation efforts by regional and international actors and organizations to facilitate a durable peace for the country.
Inclusive, national dialogue, aimed at restoring democracy, re-establishing and strengthening the civilian and representative institutions after the end of the conflict, is a prerequisite for lasting peace. The G7 Members emphasized that it is necessary for representatives of Sudanese civil society, including women, to be fully engaged in the reflection on the political future of the country.
VANCOUVER, British Columbia, Sept. 24, 2024 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a leading near-commercial lithium company, today announced its financial and operating results for the fiscal fourth quarter and year ended June 30, 2024.
“We delivered on our promises in fiscal 2024 with the advancement of our world-class lithium brine assets and by securing a strategic partnership with global energy major, Equinor,” said David Park, CEO and Director of Standard Lithium. “Standard Lithium holds globally-significant lithium brine assets in the Smackover with the potential to help meet the growing demand for sustainable lithium production in the U.S. We are the most advanced DLE play in North America, having proven direct lithium extraction at a commercial scale. The Standard Lithium team has done an outstanding job of differentiating itself from the pack by systematically de-risking its business, including the consummation of it’s partnerships with Equinor and Koch. Now, with the recent announcement of the conditional DOE grant of US$225 million, is the time for us to prioritize, focus and execute. We look forward to working closely with our partners to advance our South West Arkansas and East Texas projects.”
Highlights Subsequent to the Fourth Quarter Ended June 30, 2024
All amounts are in US dollars unless otherwise indicated.
Received conditional $225 million grant from the U.S. Department of Energy (“DOE”) for the South West Arkansas Project.The grant is expected to support the construction of the Central Processing Facility for Phase 1 of the SWA project and is dependent on successful negotiations with the DOE. The grant is one of the largest ever awarded to a U.S. critical minerals project.
Appointed David Park as Chief Executive Officer and Director of the Company. On September 1, 2024, Mr. Park, a highly experienced executive with a strong energy and industrial sector background, assumed the position of Chief Executive Officer. Mr. Park joined the company as a strategic advisor in July 2023 following his retirement from Koch Industries after 28 years.
Fourth Quarter and Full Year 2024 Highlights
Secured strategic partnership with global energy major Equinor to advance the South West Arkansas (“SWA”) and East Texas projects.Equinor ASA (“Equinor”) acquired a 45% interest in two Standard Lithium entities holding the SWA and East Texas projects for a gross investment of up to $160 million. The transaction immediately strengthened the Company’s financial position and resulted in no dilution to existing shareholders.
De-risked commercialization of the direct lithium extraction (“DLE”) process. The Company successfully installed, commissioned, and continues to operate the Li-ProTM Lithium Selective Sorption commercial scale unit at its Demonstration Plant in El Dorado, Arkansas. The Company’s partner, Koch Technology Solutions, supplied the commercial scale unit, which is believed to be the largest commercial-scale column operating in a DLE facility globally. The results to date have exceeded design parameters, including average lithium recovery of 97.3%, key contaminant rejection of greater than 99%, and boron rejection greater than 95%.
Executed drilling programs yielding the highest-ever reported lithium brine values in North America. The South West Arkansas Project’s current resource averages among the highest lithium concentrations in North America. As part of its PFS for SWA, the Company reported an Upper Smackover Indicated and Middle Smackover Inferred resource of 1.4 Mt and 0.4 Mt lithium carbonate equivalent, respectively, at an average lithium concentration of 437 mg/L. In East Texas, the Company delivered globally-significant results with confirmed lithium concentrations up to 806 mg/L and an average concentration of 644 mg/L in the drilled area. The drill results represent the highest-ever reported and confirmed lithium brine concentrations in North America.
Advanced and de-risked the South West Arkansas Project. The Company delivered a Preliminary Feasibility Study (“PFS”) for the project in the first half of the fiscal year, demonstrating robust economics assuming average annual production of 30,000 tonnes per annum (“tpa”) of lithium hydroxide beginning in 2027. Post publishing the PFS, the Company secured brine production rights and purchased a 118-acre parcel of land to further advance the project. Most recently, SWA received a conditional $225 million grant from the U.S. Department of Energy in support of its construction and development. The grant was awarded based on an updated scope from the original PFS; the Project’s design is being updated and now targets a larger total output of 45,000 tpa of lithium carbonate to be developed in two phases of 22,500 tpa each. SWA is being developed in partnership with Equinor, with ownership shared 55% by Standard Lithium and 45% by Equinor. Ausenco Engineering Canada ULC is leading the Definitive Feasibility Study and Front-end Engineering and Design currently underway to support the larger project scope.
Strengthened the senior management team with the appointment of key executives. Michael Barman was appointed Chief Development Officer and Salah Gamoudi joined as Chief Financial Officer. Mr. Barman most recently served as Managing Director in Investment Banking at Stifel Nicolaus Canada Inc. (formerly GMP Securities L.P.) and brings over two decades of banking experience advising senior executives and their boards. Mr. Gamoudi brings extensive experience from the oil and gas sector. Prior to joining the Company, he served as Chief Financial Officer of SandRidge Energy, Inc. where he successfully generated significant value for its shareholders.
Delivered the Definitive Feasibility Study (“DFS”) for the Phase 1A project at LANXESS South Plant.The DFS assumed an average annual production of 5,400 tpa of lithium carbonate over a 25-year operating life beginning in 2026. Phase 1A represents a modest scale-up from the Company’s existing Demonstration Plant that has been operating since May 2020. Advancement of the Phase 1A project is dependent on ongoing commercial discussions with LANXESS and the finalization of the Arkansas lithium royalty.
Established an at-the-market equity program. Net proceeds to the Company for the fiscal year totaled C$2.8 million and US$13.3 million from the issuance of 1.5 million shares on the TSX Venture Exchange and 9.1 million shares on the NYSE American LLC, respectively. No issuances have been completed under the ATM Program since April 10, 2024.
Cash and working capital of C$52.9 million and C$39.6 million, respectively, as of June 30, 2024.
The Company has no term or revolving debt obligations as of June 30, 2024.
Consolidated Financial Statements
This news release should be read in conjunction with the Company’s Consolidated Financial Statements and MD&A for the year ended June 30, 2024, which are available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Q4 AND FISCAL YEAR 2024 RESULTS CONFERENCE CALL AND WEBCAST
The Company will hold a conference call and webcast to discuss its fourth quarter and fiscal year 2024 on Tuesday, October 1st at 3:30 p.m. ET. Access to the call is available via webcast or direct dial.
Conference Call and Webcast Details Standard Lithium Fourth Quarter and Fiscal Year 2024 Results Call and Webcast October 1, 2024 3:30 p.m. Eastern Time (US and Canada)
Participant Information: USA / International Toll +1 (646) 307-1963 USA – Toll-Free (800) 715-9871 Canada – Toronto (647) 932-3411 Canada – Toll-Free (800) 715-9871
Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.
Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
Qualified Person
Steve Ross, P.Geol., a qualified person as defined by National Instrument 43-101, and Vice President Resource Development for the Company, has reviewed and approved the relevant scientific and technical information in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
PORTLAND, Maine, Sept. 24, 2024 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that since June 30, 2024, the Bank has purchased primarily commercial real estate loans in the amount of unpaid principal balance of $805 million. Because the purchases closed primarily late in the quarter, there will be minimal impact on earnings for the first fiscal quarter of 2025. The Bank has funded and intends to fund the purchase of these loans primarily relying on brokered deposits and Federal Home Loan Bank advances.
Discussing the purchases, Rick Wayne, Chief Executive Officer said, “We are very pleased with this quarter’s purchased loan activity, which represents the second largest quarterly loan purchase volume in the Bank’s history. We have developed a reputation in the loan purchase market as a strong and reliable counterparty. Our experienced, professional, and dedicated team allows us to take advantage of the opportunities that have been and are available to the Bank.”
About Northeast Bank Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Federal Deposit Insurance Corporation (the “FDIC”), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in the local markets in which the Bank operates, including changes which adversely affect borrowers’ ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability and increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changing government regulation; competitive pressures from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural disasters, and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K and updated by our Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.
For More Information:
Richard Cohen, Chief Financial Officer Northeast Bank, 27 Pearl Street, Portland, ME 04101 207.786.3245 ext. 3249 www.northeastbank.com
DALLAS, Sept. 24, 2024 (GLOBE NEWSWIRE) — TriumphPay announced today the addition of Ascent Global Logistics (“Ascent”), a leading global provider of expedited, time-critical logistics solutions, to the TriumphPay Network, as a full audit and payments participant. By joining the TriumphPay Network, Ascent is taking a significant step toward providing a more streamlined payment experience.
“At Ascent, our carriers are at the heart of everything we do, and their success directly impacts the level of service we provide to our customers,” said Jack Korslin, chief financial officer of Ascent Global Logistics. “We’re excited to begin our partnership with TriumphPay by rolling out enhanced payment solutions to our carriers in our brokerage business segment, with plans to expand to the rest of our carrier network in the near future.”
Adding Ascent to the TriumphPay Network represents another significant milestone for the ongoing growth and expansion of the network. In the second quarter, network engagement was $51.3 billion in unique brokered freight transactions, nearing 50% of the freight market.
“We are thrilled to welcome Ascent Global Logistics to our network,” said Aaron P. Graft, vice chairman and chief executive officer of Triumph Financial. “As we continue to build the density of our network, adding new brokers is critical to achieving our long-term goals. Creating density is the foundation for delivering even greater efficiency and value to our customers. With each new participant, we’re enhancing the ecosystem and network effect, making it more beneficial for all participants.”
TriumphPay provides innovative payment processing solutions tailored for the transportation industry. These solutions empower freight brokers to achieve heightened operational efficiency, improved financial transparency, and enhanced fraud mitigation.
Ascent joins leading, notable U.S. freight brokers on the TriumphPay Network. For more information, visit www.ascentlogistics.com and www.triumphpay.com.
About TriumphPay TriumphPay is the premier network for freight brokers, factors, shippers and carriers in the North American trucking industry, offering a structured, secure data exchange. The TriumphPay Network and integrated technology solutions remove friction and reduce fraud in the presentment, audit and payment of approximately $51.3 billion in unique brokered freight transactions. TriumphPay is a division of TBK Bank, SSB, Member FDIC, and a member of the Triumph Financial, Inc. (Nasdaq: TFIN) portfolio of brands. For more information, visit us at www.triumphpay.com.
About Ascent Global Logistics Ascent Global Logistics, headquartered in Belleville, Michigan, is a leading global provider of expedited, time-critical logistics solutions and other direct transportation services. The company connects customers to its extensive carrier network, internal ground fleet and airline via its proprietary, digital PEAK freight marketplace, which provides robust carrier capacity and transparent pricing, backed by 24/7/365 logistics experts. Ascent’s offerings include air charter and ground expedited solutions as well as truckload, less-than-truckload, global forwarding, brokerage, and managed transportation services. The experienced Ascent team solves customers’ most challenging logistics needs by providing industry-leading service and top-tier satisfaction. To learn more, visit www.ascentlogistics.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2024. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.
Source: Triumph Financial, Inc.
Investor Relations Contact: Luke Wyse Triumph Financial, Inc. Senior Vice President, Head of Investor Relations lwyse@tfin.com
Media Contacts: Amanda Tavackoli Triumph Financial, Inc. Senior Vice President, Director of Corporate Communication atavackoli@tfin.com
Source: Africa Press Organisation – English (2) – Report:
ABIDJAN, Ivory Coast, September 24, 2024/APO Group/ —
The Board of Directors of the African Development Bank Group (www.AfDB.org) on 20 September 2024 approved a $129.71 million loan to Tanzania for the implementation of a youth-focused agribusiness program.
The loan will fund the first phase of the “Building a Better Tomorrow: Youth Initiatives for Agribusiness” program, which aims to create business opportunities and jobs for young people in key agricultural sectors.
The total cost of the project is estimated at $241.27 million. In addition to the Bank’s loan, which covers 53,76 percent of the cost, the funding package includes grants of $1.15 million from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund and $210,000 from tropical vegetable seed firm East-West Seed. The Tanzanian government will provide $110.41 million, representing 45.76 percent of the total.
Patricia Laverley, the Bank’s Country Manager for Tanzania, said: “This project is expected to incubate and empower approximately 11,000 ‘agripreneurs,’ including at least 6,000 young agribusiness owners.” She added that the program will facilitate access to finance for an additional 2,500 young people already involved in agribusiness but lacking access to commercial loans. We expect each agribusiness run by a young person will employ an average of five workers.”
The project will implement strategies to raise awareness and manage knowledge using youth-oriented information and communication technologies. It will also provide training and support for agrifood business incubation and acceleration, with a particular focus on the recruitment of female applicants.
Digital technologies, including satellite technology and artificial intelligence, will be utilized to improve agricultural productivity and decision-making processes for young farmer cooperatives.
As of 30 June 2024, the African Development Bank approved 25 projects in Tanzania, with a total commitment of $3.48 billion.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Investment-Group and the services it is offering. BaFin suspects the operators of the website trade-mgrp.pro of offering consumers financial and investment services without the required authorisation. The operators claim to be supervised by the European Financial Supervisory Authority. There is no such authority; BaFin has already issued a warning to this effect. On 1 July 2024, BaFin also published a warning regarding an identical offer on the website investmgrp.com.
Anyone wishing to conduct banking business or provide financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Dhaka (Agenzia Fides) – “The situation we find ourselves in after the political and social crisis of last August is delicate. There are still tensions in society, there are protests, especially among young people. The massive student protests have led the Prime Minister to leave the country and flee abroad. The new interim government led by Mohamed Yunus now has the difficult task of healing the political, social and economic wounds, restoring trust, but also maintaining the rule of law, because there are also some worrying signs,” said the Auxiliary Bishop of the Archdiocese of Dhaka, Subroto Boniface Gomes, in an interview with Fides.The Bishop points to possible “dangers” arising from the student protests. “For example, in some Catholic schools in the diocese of Dhaka, students tried to force the dismissal of some teachers, duly selected and paid by the school administration, just because they did not agree with the new course or because they dared to criticize the student protest. This led to a crisis in our schools, which are attended by 95% Muslim or non-Christian students,” he explains. “Faced with the attempt to impose this or other measures by force, such as admitting girls wearing burqas in school, the Archbishop first decided, in a resounding decision, to close two schools. One was a girls’ school, the other is run by the Brothers of the Holy Cross. The joint intervention of the parents’ committee, religious representatives and school staff enabled dialogue, a peaceful solution to the crisis and the reopening of the schools. We could not give up on our values and principles. But it is an example that the legitimate rights of students must not interfere with and undermine democracy, the rule of law or the rights of others,” said Bishop Gomes.Another aspect to keep under control “is the return or creation of radical Islamic groups and parties that could affect the lives of religious minorities or promote an Islamization agenda.” “We must be vigilant in this regard because the temptation of extremism is just around the corner. It is important not to polarize society. We trust that the new Yunus government will turn the tide in the spirit of upholding democratic principles, respect for the constitution and fundamental freedoms for all citizens, regardless of their religious affiliation,” said the bishop.In July this year, thousands of students took to the streets to protest the Supreme Court’s decision to reinstate a controversial quota system for access to coveted government jobs. The government of Prime Minister Shehik Hasina responded to the demonstrations by deploying police and paramilitary forces, who shot at the crowd. The protests thus became a movement against Hasina and his party, the Awami League, which has ruled the country for 15 years, often delegitimizing or arresting political opponents and dissidents. The official number of victims of the repression is around 1,000 dead and hundreds injured. On August 5, the head of government finally fled abroad, seeking refuge in India. The army then dissolved parliament and appointed 84-year-old economist Muhammad Yunus, known as the “banker of the poor”, as head of a transitional government. He is known for the “Grameen Bank”, which specializes in the microcredit system and for which he received the Nobel Peace Prize in 2006. His executive is now leading a delicate transition period until new elections.(PA) (Agenzia Fides, 24/9/2024)
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Good morning. I would like to thank the Kentucky Bankers Association for the invitation to join you today for your annual convention.1 I appreciate the opportunity to share my views on the U.S. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry. In light of last week’s Federal Open Market Committee (FOMC) meeting, I will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy. Update on the Most Recent FOMC MeetingIn order to address high inflation, for more than two years, the FOMC increased and held the federal funds rate at a restrictive level. At our September meeting, the FOMC voted to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent and to continue reducing the Federal Reserve’s securities holdings. As the post-meeting statement noted, I dissented from the FOMC’s decision, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point to 5 to 5‑1/4 percent. Last Friday, once our FOMC participant communications blackout period concluded, the Board of Governors released my statement explaining the decision to depart from the majority of the voting members. I agreed with the Committee’s assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. As my statement notes, I preferred a smaller initial cut in the policy rate while the U.S. economy remains strong and inflation remains a concern, despite recent progress. Economic Conditions and OutlookIn recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. The 12-month measure of core personal consumption expenditures (PCE) inflation, which provides a broader perspective than the more volatile higher-frequency readings, has moved down since April, although it came in at 2.6 percent in July, again remaining well above our 2 percent goal. In addition, the latest consumer and producer price index reports suggest that 12‑month core PCE inflation in August was likely a touch above the July reading. The persistently high core inflation largely reflects pressures on housing prices, perhaps due in part to low inventories of affordable housing. The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the Committee’s 2 percent goal. Prices remain much higher than before the pandemic, which continues to weigh on consumer sentiment. Higher prices have an outsized effect on lower- and moderate-income households, as these households devote a significantly larger share of income to food, energy, and housing. Prices for these spending categories have far outpaced overall inflation over the past few years. Economic growth moderated earlier this year after coming in stronger last year. Private domestic final purchases (PDFP) growth has been solid and slowed much less than gross domestic product (GDP), as the slowdown in GDP growth was partly driven by volatile categories including net exports, suggesting that underlying economic growth was stronger than GDP indicated. PDFP has continued to increase at a solid pace so far in the third quarter, despite some further weakening in housing activity, as retail sales have shown further robust gains in July and August. Although personal consumption has remained resilient, consumers appear to be pulling back on discretionary items and expenses, as evidenced in part by a decline in restaurant spending since late last year. Low- and moderate-income consumers no longer have extra savings to support this type of spending, and we have seen loan delinquency rates normalize from historically low levels during the pandemic. The most recent labor market report shows that payroll employment gains have slowed appreciably to a pace moderately above 100,000 per month over the three months ending in August. The unemployment rate edged down to 4.2 percent in August from 4.3 percent in July. While unemployment is notably higher than a year ago, it is still at a historically low level and below my and the Congressional Budget Office’s estimates of full employment. The labor market has loosened from the extremely tight conditions of the past few years. The ratio of job vacancies to unemployed workers has declined further to a touch below the historically elevated pre-pandemic level—a sign that the number of available workers and the number of available jobs have come into better balance. But there are still more available jobs than available workers, a condition that before 2018 has only occurred twice for a prolonged period since World War II, further signaling ongoing labor market strength despite the reported data. Although wage growth has slowed further in recent months, it remains indicative of a tight labor market. At just under 4 percent, as measured by both the employment cost index and average hourly earnings, wage gains are still above the pace consistent with our inflation goal given trend productivity growth. The rise in the unemployment rate this year largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs remain low. In addition to some cooling in labor demand, there are other factors likely contributing the increased unemployment. A mismatch between the skills of the new workers and available jobs could further raise unemployment, suggesting that higher unemployment has been partly driven by the stronger supply of workers. It is also likely that some temporary factors contributed to the recent rise in the unemployment rate, as unemployment among working age teenagers sharply increased in August. Preference for a More Measured Recalibration of PolicyThe U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target. In light of these economic conditions, a few further considerations supported the case for a more measured approach in beginning the process to recalibrate our policy stance to remove restriction and move toward a more neutral setting. First, I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy. In the current economic environment, with no clear signs of material weakening or fragility, in my view, beginning the rate-cutting cycle with a 1/4 percentage point move would have better reinforced the strength in economic conditions, while also confidently recognizing progress toward our goals. In my mind, a more measured approach would have avoided the risk of unintentionally signaling concerns about underlying economic conditions. Second, I was also concerned that reducing the policy rate by 1/2 percentage point could have led market participants to expect that the Committee would lower the target range by that same pace at future meetings until the policy rate approaches a neutral level. If this expectation had materialized, we could have seen an unwarranted decline in longer-term interest rates and broader financial conditions could become overly accommodative. This outcome could work against the Committee’s goal of returning inflation to our 2 percent target. I am pleased that Chair Powell directly addressed both of these concerns during the press conference following last week’s FOMC meeting. Third, there continues to be a considerable amount of pent-up demand and cash on the sidelines ready to be deployed as the path of interest rates moves down. Bringing the policy rate down too quickly carries the risk of unleashing that pent-up demand. A more measured approach wo
uld also avoid unnecessarily stoking demand and potentially reigniting inflationary pressures. Finally, in dialing back our restrictive stance of policy, we also need to be mindful of what the end point is likely to be. My estimate of the neutral rate is much higher than it was before the pandemic. Therefore, I think we are much closer to neutral than would have been the case under pre-pandemic conditions, and I did not see the peak stance of policy as restrictive to the same extent that my colleagues may have. With a higher estimate of neutral, for any given pace of rate reductions, we would arrive at our destination sooner. Ongoing Risks to the OutlookTurning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment. Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring. Therefore, I am taking less signal from the recent labor market data until there are clear trends indicating that both spending growth and the labor market have materially weakened. I suspect the recent immigration flows have and will continue to affect labor markets in ways that we do not yet fully understand and cannot yet accurately measure. In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases. In my view, the upside risks to inflation remain prominent. Global supply chains continue to be susceptible to labor strikes and increased geopolitical tensions, which could result in inflationary effects on food, energy, and other commodity markets. Expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long-standing limited supply, especially of affordable housing. While it has not been my baseline outlook, I cannot rule out the risk that progress on inflation could continue to stall. Although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2.5 percent, I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price-stability mandate. Accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term. In light of these considerations, I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions. The Path ForwardDespite my dissent at the recent FOMC meeting, I respect and appreciate that my FOMC colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target. I will continue to monitor the incoming data and information as I assess the appropriate path of monetary policy, and I will remain cautious in my approach to adjusting the stance of policy going forward. It is important to note that monetary policy is not on a preset course. My colleagues and I will make our decisions at each FOMC meeting based on the incoming data and the implications for and risks to the outlook guided by the Fed’s dual-mandate goals of maximum employment and stable prices. We need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions. By the time of our next meeting in November, we will have received updated reports on inflation, employment, and economic activity. We may also have a better understanding of how developments in longer-term interest rates and broader financial conditions might influence the economic outlook. During the intermeeting period, I will continue to visit with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance. As I noted earlier, I continue to view inflation as a concern. In light of the upside risks that I just described, it remains necessary to pay close attention to the price-stability side of our mandate while being attentive to the risks of a material weakening in the labor market. My view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. However, should the data evolve in a way that points to a material weakening in the labor market, I would support taking action and adjust monetary policy as needed while taking into account our inflation mandate. Closing ThoughtsIn closing, thank you again for welcoming me here today. It is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. And given the recent FOMC meeting decision and my dissent, I appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week’s FOMC meeting. I look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters.
1. The views expressed here are my own and not necessarily those of my colleagues on the Federal Open Market Committee or the Board of Governors. Return to text
On September 1, Cairo wrote to the UN security council to protest against Ethiopia’s continued filling of Africa’s second largest reservoir and bringing two more power generating turbines into operation. Egypt sees any new infrastructure development on the Nile as a potential threat, since the river is the source of over 98% of the country’s water.
Egypt calls this a violation of international law and Ethiopia’s obligations to “prevent significant harm”. Ethiopia’s policies, it says,
could result in an existential threat to Egypt … and would consequently jeopardise regional and international peace and security.
Ethiopia has told Egypt to “abandon its aggressive approach” towards the dam. Ethiopia says that it must allow the Blue Nile’s water to flow through the dam’s turbines and on to Egypt to generate the hydropower for which it has been built, thus guaranteeing the overall flow to Egypt.
I have tracked the Nile disputes since the 1970s, first as a development journalist, then as a civil engineer and senior public servant. More recently, my research on water and regional integration for regional development agencies has provided further insights. My 2021 study considered the lessons to be learnt for today’s water challenges from centuries of the use and management of Nile waters.
Ongoing tension between Egypt and Ethiopia over control of the Nile River has a long history. Therefore, in one sense, the row between Egypt and Ethiopia is nothing new.
The countries went to war as far back as 1874, even as they both were also battling European colonialism. Ethiopia won the war of 1874 and, 20 years later, beat back Italy’s attempt to colonise it, at the battle of Adwa.
However, Egypt gained long term advantage from treaties negotiated by the British, which gave Cairo almost total control over the Nile. Egypt is still asserting the rights and privileges conferred by those colonial era treaties even though they are being challenged by other Nile countries. In my view, this is because Egyptians are still trapped by their past fears. As Norwegian professor Torje Tvedt has explained, these fears were deliberately entrenched by past colonial authorities.
With these perspectives, my view is that the current controversy over the Ethiopian dam still reflects historical conflicts rather than a careful analysis of present challenges.
Now 90% complete, the Grand Ethiopian Renaissance Dam has begun to generate electricity. A series of good rainy seasons have allowed the reservoir to start filling rapidly without affecting Egypt’s water availability.
The Grand Ethiopian Renaissance Dam offers not just cheap green electricity for Ethiopia and the sub-region as well as reliable irrigation supplies and flood control for Sudan. Once filled, its storage could offer supply security and increase the amount of water available for Egypt as well.
The Grand Ethiopian Renaissance Dam
What, then, are the issues that have prompted Egypt’s recent protests and what are the possible solutions to the problems raised?
The immediate technical challenge is to continue filling the dam without disrupting flows to Sudan and Egypt. The filling process might have to be interrupted if there is a regional drought. So recent developments, notably the greater focus on the rate at which the dam will be filled rather than the legality of its construction, suggest that there is a shift in positions which neither side is yet willing to acknowledge publicly.
This shift will be supported when other future-focused issues are raised. For instance, there must be negotiations about the supply of electricity to support Sudan’s irrigation expansion, although this is on hold due to the war in Sudan. In the longer term, Egypt, Sudan and Ethiopia could cooperate to use the GERD’s storage to help Egypt to manage its Aswan High Dam more efficiently. Aswan currently suffers very high evaporation losses, which could be reduced if its reservoir levels were better controlled. The GERD could help to do this.
Unfortunately, the history of colonial Britain repeatedly threatening to cut Egypt’s Nile water supplies has been deeply imprinted in Egyptian public consciousness. It is understandable that Egyptians still fear a similar threat from Ethiopia. The responsibility now falls on Ethiopia to show good faith in its operation of the dam and to work with Egypt to change the combative discourse.
Potential for cooperation
Egypt’s repeated complaints have alerted Ethiopia and international organisations of the need to act carefully. If there is another regional drought, Ethiopia will need to slow the rate at which it completes filling its dam. Informal liaison structures are monitoring the situation and such a response would help to build a more constructive engagement with Egypt.
Water is a patient teacher. Every season provides an opportunity for those who live with its natural cycles to understand it better. The hope is that, if the three countries experience the benefits of some seasons of the dam’s operation, the natural cycle will reveal the potential for cooperation and mitigate the conflict.
When peace returns to Sudan, the Grand Ethiopian Renaissance Dam will enable a vast expansion of irrigation to develop its role as a regional breadbasket. The dam will also help to manage Nile floods which regularly cause death and destruction, even to Sudan’s capital, Khartoum.
Efforts to promote cooperation between the East African countries that share the White Nile have been relatively successful. However, such cooperation on the Blue Nile will need much greater trust between the parties. To achieve this trust, the countries and their people will have to overcome centuries of cultural and political preconceptions. This will require much patient work and interaction, which is not easy in the current climate.
Mike Muller has received funding from the African Development Bank and South Africa’s Water Research Comission for work on regional cooperation in water resource management. He has been a member of the Global Water Partnership’s Technical Committee, chaired the World Economic Forum’s Global Agenda Council on Water and been funded by the World Bank’s Cooperation in International Waters (CIWA) programme for contributions to the Nile Basin Initiative. He was also funded by UNESCO to attend a conference in Khartoum, organised with Sudan’s Ministry of Water Resources Irrigation and Electricity, on integrated and sustainable water management.
One additional firm will not pay a penalty because it self-reported, self-policed, and demonstrated substantial efforts at compliance
The Securities and Exchange Commission today announced charges against 12 firms, comprising broker-dealers, investment advisers, and one dually-registered broker-dealer and investment adviser, for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications in violation of recordkeeping provisions of the federal securities laws.
The firms admitted the facts set forth in their respective SEC orders, acknowledged their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined civil penalties of $88,225,000 as outlined below, and have begun implementing improvements to their compliance policies and procedures to address these violations. The firms are as follows:
Stifel, Nicolaus & Company, Inc. agreed to pay a $35 million penalty;
Invesco Distributors, Inc., together with Invesco Advisers, Inc., agreed to pay a $35 million penalty;
CIBC World Markets Corp., together with CIBC Private Wealth Advisors, Inc., agreed to pay a $12 million penalty;
Glazer Capital, LLC agreed to pay a $2 million penalty;
Intesa Sanpaolo IMI Securities Corp., agreed to pay a $1.5 million penalty;
Canaccord Genuity LLC agreed to pay a $1.25 million penalty;
Regions Securities LLC agreed to pay a $750,000 penalty;
Alpaca Securities LLC agreed to pay a $400,000 penalty;
Focused Wealth Management, Inc. agreed to pay a $325,000 penalty; and
Qatalyst Partners LP will not pay a penalty.
“Today’s enforcement actions reflect the range of remedies that parties may face for violating the recordkeeping requirements of the federal securities laws. Widespread and longstanding failures, including where those failures potentially hinder the Commission’s investor protection function by compromising a firm’s response to SEC subpoenas, may result in robust civil penalties,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “On the other hand, firms that self-report and otherwise cooperate with the SEC’s investigations may receive significantly reduced penalties. Here, despite recordkeeping failures that involved communications by senior leadership and persisted after our first recordkeeping matters were announced in 2021, Qatalyst took substantial steps to comply, self-reported, and remediated and, therefore, received a no-penalty resolution.”
The SEC’s investigations into all the firms except for Qatalyst uncovered pervasive and longstanding use of unapproved communication methods, known as off-channel communications, at these firms. As described in the SEC’s orders, the firms admitted that during the periods relevant to each order, their personnel sent and received off-channel communications that were records required to be maintained under securities laws. The failure to maintain and preserve required records deprives the SEC of these communications in our investigations. The failures involved personnel at multiple levels of authority, including supervisors and senior managers.
In contrast, in response to the Commission’s recent off-channel enforcement actions, Qatalyst conducted an internal investigation and uncovered that Qatalyst personnel at various levels of authority sent and received off-channel communications, which Qatalyst did not maintain or preserve, that related to its broker-dealer business. Qatalyst will not pay a penalty because it self-reported its recordkeeping violations, cooperated with the staff’s investigation, and demonstrated substantial efforts at compliance with the recordkeeping requirements. Two additional firms, Canaccord and Regions, also self-reported their violations and, as a result, will pay significantly lower civil penalties than they would have otherwise.
The firms were each charged with violating certain recordkeeping provisions of the Securities Exchange Act or the Investment Advisers Act or both. In addition, all but one of the firms failed to reasonably supervise their personnel with a view to preventing and detecting those violations. The SEC’s order against Focused Wealth also found that the firm failed to adopt and implement policies and procedures reasonably designed to prevent the firm and its supervised persons from violating recordkeeping requirements.
Each of the firms was ordered to cease and desist from future violations of the relevant recordkeeping provisions and was censured. Ten of the firms also agreed to retain compliance consultants to, among other things, conduct comprehensive reviews of their policies and procedures relating to the retention of electronic communications found on personal devices and their respective frameworks for addressing non-compliance by their personnel with those policies and procedures.
Separately, the Commodity Futures Trading Commission announced a settlement with Canadian Imperial Bank of Commerce for related conduct.
The SEC’s investigations into Stifel, CIBC, Intesa, Canaccord, Alpaca, and Qatalyst were conducted by Laurel S. Fensterstock, Karolina Klyuchnikova, Austin Thompson, and Alison R. Levine. The SEC’s investigation into Focused Wealth was conducted by Bennett Ellenbogen and Michael Paley. Each of these matters was supervised by Thomas P. Smith, Jr. of the New York Regional Office. The SEC’s investigation into Invesco was conducted by Melanie Good, Craig Welter, and Nikolay Vydashenko, and supervised by Corey Schuster of the Enforcement Division’s Asset Management Unit. The SEC’s investigation into Glazer was conducted by Anne Hancock, Samantha Martin, and Christopher Rogers, and supervised by B. David Fraser of the Fort Worth Regional Office. The investigation into Regions was conducted by Katie D. Krysan and Amy S. Cotter, and supervised by Paul A. Montoya of the Chicago Regional Office.
Effective immediately, Canada is imposing sanctions against four individuals and two entities in response to the grave breach of international peace and security posed by their violent and destabilizing actions against Palestinian civilians and their property in the West Bank.
Effective immediately, Canada is imposing sanctions against four individuals and two entities in response to the grave breach of international peace and security posed by their violent and destabilizing actions against Palestinian civilians and their property in the West Bank.
Canadian measures
The Special Economic Measures (Extremist Settler Violence) Regulations imposes a prohibition on dealings related to the listed individuals and entities, effectively freezing any assets they may have in Canada. Persons in Canada and Canadians outside the country are prohibited from dealing with the listed individuals and entities. Additionally, the listed individuals are rendered inadmissible to Canada under the Immigration and Refugee Protection Act.
The specific prohibitions are set out in the Special Economic Measures (Extremist Settler Violence) Regulations.
The names of the individuals added to the schedule of these regulations are the following:
Neria Ben Pazi
Noam Federman
Eden Levi
Shlomo Sarid
The names of the entities added to the schedule of these regulations are the following:
Source: Republic of France in English The Republic of France has issued the following statement:
President of the General Assembly,
Deputy Secretary-General of the United Nations,
Heads of State and Government,
Ministers,
Ambassadors,
Colleagues,
We are gathered here today to reaffirm our commitment to an ambitious, effective and representative multilateralism to face the challenges of tomorrow. Many of you want to advance our multilateral system, a system founded on respect for the rule of law and clear principles established following the Second World War and on respect for the Charter of the United Nations, a system based on cooperation between nations, sustainable development for all and solidarity between countries.
Today, that system needs reform. For global governance must be both more representative and, collectively, more effective. Everyone needs to contribute, everyone needs to shoulder their responsibilities.
I would like to thank the Secretary-General for enabling us to move forward on this essential project for future generations, which France is supporting with strength and conviction.
This Summit of the Future, Secretary-General, should enable the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals in good time. We need to step up our efforts to address climate challenges.
True to its historical commitment within the United Nations, France has worked to ensure the Pact for the Future meets the expectations of the Member States when it comes to Security Council reform. We are advocating an expansion in both categories of members and a greater African presence, including among permanent members. In the same vein, we promote a joint initiative with Mexico to regulate the use of vetoes in the event of mass atrocities, which is already supported by 106 States from all world regions.
France has also been innovative in its proposals to reform the international financial architecture, in the spirit of the Paris Pact for Peoples and the Planet that the French President launched at the June 2023 Paris Summit.
The New Agenda for Peace should help modernize United Nations tools for international peace and security. We need to ensure that peace operations, which have evolved considerably, are suited to addressing new challenges. I would like to seize this opportunity to commend the work of the blue helmets who foster global peace and security every day. I have in mind the men and women of UNIFIL in Lebanon, including its French contingent. The Lebanese people are also in my thoughts right now: Israeli strikes have just killed hundreds of civilians, including dozens of children. These strikes, made from both sides of the Blue Line and more widely in the region, must cease immediately. France once again calls on the parties and their supporters to de-escalate and avoid a regional conflagration that would be devastating for everyone, starting with civilian populations. That is why I have called for an emergency Security Council meeting this week to discuss Lebanon.
In Lebanon and elsewhere, France will remain totally committed to resolving the major crises that shake the international order. It will take initiatives. It will continue to condemn Russia’s war of aggression against Ukraine unreservedly, and to demand peace and compliance with the law. It will continue to demand the release of all hostages, respect for international humanitarian law and a ceasefire in Gaza. France considers all human lives to be equal in dignity. France will not look away from any armed conflict. It will therefore continue its initiatives to support Sudan, alongside its partners.
Deputy Secretary-General, you want us to look together towards the future. That future will be marked by great progress in digital technologies, starting with artificial intelligence. The Global Digital Compact enshrines the commitment of the international community as a whole to coordinate on these new challenges. The digital revolution must not further widen the digital gap and must serve the Sustainable Development Goals. This will be a central priority at the AI Action Summit that will be held in France on 10 and 11 February 2025.
The fight against climate change and for the protection of the environment is not an issue for the future but a challenge for the present. The climate threat is devastating. Inaction and lack of ambition are culpable. We owe our people determined, tangible, immediate and effective action. It is in this spirit that the Presidents of France and Kazakhstan and the President of the World Bank are jointly organizing the One Water Summit this year.
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Leeds’s South Bank is to enjoy more affordable and lower carbon heating after £24.5m funding was secured to further expand the Leeds PIPES district heating network.
The expansion is planned to include up to 28 buildings, with up to 8,000 residents and mixed-use customers benefitting from connections, making it the most significant single investment into the project since its inception.
Households benefitting from the expansion will enjoy more reliable, more affordable, lower carbon heating.
By using heat recovered from the city’s non-recyclable domestic waste to provide warmth and hot water to buildings in the city, the Leeds PIPES district heating project is helping businesses and residents to move away from costly fossil-fuel powered heating systems.
The continued expansion of the district heating network is supporting efforts to end the city’s contribution to climate change by transitioning to lower carbon heating systems. Last year, 5,945 tonnes of carbon were saved through the network.
The original project connected over 1,900 homes and non-domestic buildings to the energy-from-waste scheme. Earlier this year, over two hundred and fifty council properties in Lovell Park Heights, Lovell Park Grange, and Lovell Park Towers were set up to receive heat from the network.
This year, connections have been completed at Leeds Conservatoire and the former Technology Campus Student Residential development and both sites are now receiving heat from the network.
Over the summer, agreements have also been signed with the new Railway Street affordable homes scheme, 24-28 Great George Street, which is to become student apartments with the Victoria Hotel pub reopening on the ground floor, Leeds College of Building’s North Street Campus and the Co-op Academy Brierley SEND School in Cross Green.
Councillor Mohammed Rafique, Leeds City Council’s executive member for climate, energy, environment and green space and Councillor Jessica Lennox, executive member for housing, said:
“We are both pleased that many more residents will soon be paying significantly less to heat their homes thanks to this latest expansion of the Leeds PIPES network.
“UK’s homes are some of the least efficient and most reliant on costly fossil fuel gas in Europe, and too many families in our city struggle to pay their energy bills. We are committed to helping households by making our homes greener and fit for the future.
“Leeds is working towards becoming the first net zero city in the UK, and connecting more homes to affordable low carbon heating like Leeds PIPES is a step in the right direction.”
WASHINGTON, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with Canadian Imperial Bank of Commerce (CIBC), a swap dealer, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to its business as a CFTC registrant.
The order imposes a $30 million civil monetary penalty; orders CIBC to cease and desist from further violations of recordkeeping and supervision requirements; and orders CIBC to engage in specific remedial undertakings. CIBC also admits the facts detailed in the order.
Case Background
The order finds that from at least Sept. 2018 to the present, CIBC failed to stop employees, including those at senior levels, from communicating using unapproved communication methods, including messages sent via personal text. CIBC was required to keep certain of these written communications because they related to the firm’s CFTC-registered business. These written communications generally were not maintained and preserved by CIBC, and CIBC generally would not have been able to provide them promptly to the CFTC if and when requested.
The order further finds the use of unapproved communication methods violated CIBC’s internal policies and procedures, which generally prohibited such communications. Further, some of the same supervisory personnel responsible for ensuring compliance with CIBC’s policies and procedures also used non-approved methods of communication to engage in business-related communications, in violation of firm policy
The order recognizes CIBC’s cooperation with the Division of Enforcement’s investigation.
Since Dec. 2021, the CFTC has imposed $1.237 billion in civil monetary penalties on 27 financial institutions for their use of unapproved methods of communication, in violation of CFTC recordkeeping and supervision requirements. [See CFTC Press Release Nos. 8470-21; 8599-22; 8699-23; 8701-23; 8762-23; 8763-23; 8794-23; 8880-24; 8943-24; 89-4524.]
Related Civil Actions
The Securities and Exchange Commission also announced today its filing and settling of charges against affiliates of CIBC, and imposed civil monetary penalties for recordkeeping and supervision violations related to the use of unapproved methods of communication.
The Division of Enforcement staff responsible for this matter are Katie Rasor, Alejandra de Urioste, David MacGregor, Lenel Hickson, Jr. and Manal M. Sultan.
Headline: New York State Joins the Global Offshore Wind Alliance
24 September 2024, New York, USA | The State of New York announced its membership of the Global Offshore Wind Alliance (GOWA) – joining a network of governments, international organizations, and private sector actors committed to expanding offshore wind capacity globally and driving the transition to a clean energy future.
GOWA is a multi-stakeholder alliance that aims to speed up the global deployment of offshore wind power. The alliance was launched at COP27 by Denmark, the International Renewable Energy Agency (IRENA), and the Global Wind Energy Council (GWEC). Twenty governments have already joined GOWA. The addition of the State of New York further strengthens the global collaboration between regional and national governments and creates a more unified and coordinated approach to offshore wind development across the globe.
Doreen M. Harris, President and CEO, New York State Energy Research and Development Authority (NYSERDA), said:“New York is honored to join the Global Offshore Wind Alliance as we work with other government partners to grow and build-out the offshore wind industry, which is a critical component of the renewable energy infrastructure in New York and worldwide. This collaboration, which spans from sharing lessons and best practices to helping scale up offshore wind projects, will help further advance and sustain this powerhouse industry as we harness its full potential to secure a clean energy future.”
“New York’s decision to join GOWA is a very timely step in uniting global efforts to expand the deployment of offshore wind energy. The commitment of New York not only enhances the alliance but also strengthens the collaboration between regional and national actors, improves energy security and pushes forward toward our shared global climate goals,” said Danish Minister for Climate, Energy and Utilities, Lars Aagaard.
Francesco La Camera, Director-General of IRENA, welcomed New York State joining GOWA: “Through GOWA, we work closely with governments, industry, and investors to accelerate the deployment of offshore wind projects worldwide. Offshore wind offers a pathway to decarbonize our power systems, create jobs, and stimulate economic growth. Our World Energy Transitions Outlook projects that offshore wind capacity must increase sevenfold by 2030 and more than thirtyfold by 2050 to limit global temperature rise to 1.5°C. We need policies that incentivize investment, streamlined permitting processes, and innovative financing solutions.”
As a pioneer in renewable energy, New York has already set ambitious targets under its Climate Leadership and Community Protection Act, including the deployment of at least 9 gigawatts of offshore wind by 2035, a goal of at least 70 percent of New York’s electricity being generated from renewable sources by 2030 and a commitment to 100 percent zero-emission electricity by 2040. By joining GOWA, New York contributes to the global effort to accelerate renewable energy development, including the push for tripling renewable energy capacity by 2030, a key global goal decided at COP28.
The GOWA membership fosters collaboration between regional and national governments, a partnership important for advancing the offshore wind industry. This cooperation enables more efficient offshore wind deployment by combining the innovation and localized expertise of regional governments with the broader policy frameworks and resources provided by national authorities.
“The continuous growth of GOWA’s membership reflects a steadfast commitment to offshore wind as a vital force in achieving net zero, supported by multi-national, national, and sub-national governments. I’m encouraged by the eagerness of key players to join our community, united in addressing the challenges of accelerating offshore wind development. New York’s decision to join GOWA at this critical juncture will bring invaluable expertise from a market that has weathered challenging conditions. I look forward to collaborating with New York and all GOWA members as we chart the global offshore wind pathway toward 2050.”– Amisha Patel, Head of Secretariat (Interim), Global Offshore Wind Alliance (GOWA).
Ben Backwell, CEO of GWEC,said: “The growth of the Global Offshore Wind Alliance demonstrates the vital role offshore wind plays in the energy transition and the importance of collaboration to delivering on the world’s renewable energy ambitions. The addition of the State of New York to the Alliance brings another strong voice and invaluable expertise to the group. The US offshore wind industry is a key part of the energy transition’s acceleration this decade, and we look forward to supporting the State of New York’s efforts in making their offshore wind sector an example for the rest of the world to follow”
He also highlighted GWEC’s research findings:
“GWEC’s research suggests the world could deliver GOWA’s target of 380 GW of offshore wind by 2030, but only with the right frameworks in place. The collaborative work of the Alliance is fundamental to establishing and expanding this framework around the world and ensuring offshore wind delivers on its potential as a key tool of the energy transition.”
GOWA’s goal is to significantly increase the global offshore wind capacity, aiming for a total of at least 380 GW by 2030 and at least 70 GW each year from 2030 onwards. This expansion is essential for reaching global climate neutrality by 2050 and limiting global warming to below 1.5°C, as outlined in the Paris Agreement.
With New York State as its newest member, GOWA now includes 21 member governments, including the European Commission and three subnational governments, and ten other key stakeholders, including the offshore wind sector, inter-governmental organizations, and non-governmental organizations.
Headline: Singapore steps up participation in global offshore wind development with new partnership to catalyse project and innovation opportunities
Global Wind Energy Council (GWEC) is a member-based organisation that represents the entire wind energy sector. The members of GWEC represent over 1,500 companies, organisations and institutions in more than 80 countries, including manufacturers, developers, component suppliers, research institutes, national wind and renewables associations, electricity providers, finance and insurance companies.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Dmitry Chernyshenko held a meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad
September 24, 2024
Dmitry Chernyshenko held a meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad
September 24, 2024
Dmitry Chernyshenko held a meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad
September 24, 2024
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Dmitry Chernyshenko held a meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad
A meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad was held under the chairmanship of Deputy Prime Minister Dmitry Chernyshenko.
The Director of the Federal Service for Financial Monitoring, Yuri Chikhanchin, also took part in it.
At the meeting, the program for the final stage of the fourth Olympiad, which will take place from September 30 to October 4 in the federal territory of Sirius, was approved, as well as the composition of the jury and the appeal committee.
In his opening remarks, Dmitry Chernyshenko noted the expansion of the geography of the participants of the International Financial Security Olympiad. This year, more than 550 finalists from 36 countries will come to the final in the hospitable federal territory of Sirius.
“Despite the current international situation, we have managed not only to maintain, but also to expand the level of organization and holding of the Olympiad. This year, more than 550 children from 36 countries will come to Sirius; last year, there were 19 countries. I consider it important that the Olympiad participants will not only win, but also receive opportunities to enter the country’s leading universities and employment prospects,” the Deputy Prime Minister emphasized.
He also recalled that on September 17, a founding conference was held at the site of the Financial University under the Government of the Russian Federation and the launch of the International Movement for Financial Security was launched, which united representatives from 36 countries.
According to Rosfinmonitoring Director Yuri Chikhanchin, schoolchildren, students, representatives of financial intelligence agencies, the business community, and the scientific and educational sphere will meet at the Sirius venues. The final stage program includes more than 40 educational events for schoolchildren and students, including meetings with future employers and career guidance events.
“The events of the final week of the Olympiad are aimed at achieving educational results, professional development of participants, creating conditions for the formation of a cultural and moral environment based on traditional civilizational values, as well as involving participants in the sports movement. As part of the educational direction, schoolchildren and students will be able not only to demonstrate their knowledge, but also to acquire new competencies in master classes, panel discussions and interactive workshops,” said the director of Rosfinmonitoring.
Deputy Minister of Science and Higher Education Dmitry Afanasyev shared details of the final stage of the Olympiad and reported on the results of the qualifying stages of the fourth Olympiad, noting that in 2024 the number of participants in the final has increased.
The program of the final stage of the fourth Olympiad includes a meeting of the Council of the International Network Institute in the field of AML/CFT, the international forum on financial security “Sirius-2024”, “Conversations on equal terms”, a phygital basketball tournament, master classes, panel discussions and a number of other events of educational, professional, cultural and sports orientation.
The meeting was also attended by Deputy Minister of Education Olga Koludarova, State Secretary – Deputy Head of Rospotrebnadzor Mikhail Orlov, Head of the educational foundation “Talent and Success” Elena Shmeleva, First Deputy Governor of Krasnodar Krai Igor Galas, General Director of ANO “National Priorities” Sofia Malyavina, representatives of the Executive Office of the Government of the Russian Federation, the Administration of the President of the Russian Federation, the Bank of Russia, the International Training and Methodological Center for Financial Monitoring (ITMCFM), PJSC Promsvyazbank and universities of the International Network Institute in the Sphere of AML/CFT.
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.
http://government.ru/nevs/52784/
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.
The ascent of Anura Kumara Dissanayake marks a break with the past and from the establishment parties and politicians blamed for taking the country to the brink of economic collapse in 2022.
Dissanayake characterized the victory as a “fresh start” for Sri Lanka – but he will nonetheless need to address the economic baggage left by his predecessors and the impact of an International Monetary Fund loan that came with painful austerity demands. The Conversation turned to Vidhura S. Tennekoon, an expert on Sri Lanka’s economy at Indiana University, to explain the task facing the new president – and how Dissanayake intends to tackle it.
What do we know about Sri Lanka’s new president?
Anura Kumara Dissanayake leads both the National People’s Power alliance, or NPP, and the Janatha Vimukthi Peramuna, or JVP. Rooted in Marxist ideology, the JVP was founded in the 1960s with the aim of seizing power through a socialist revolution. But after two failed armed uprisings in 1971 and 1987-89 – which resulted in the loss of tens of thousands of lives – the party shifted toward democratic politics and has remained so for over three decades.
Until this election, the JVP remained a minor third party in Sri Lanka’s political landscape, while power alternated between the alliances led by the two traditional political parties – the United National Party and the Sri Lanka Freedom Party – or their descendant parties.
In 2019, under Dissanayake’s leadership, the NPP was formed as a socialist alliance with several other organizations. While the JVP continues to adhere to Marxist principles, the NPP adopted a center-left, social democratic platform – aiming to attract broader public support.
But the political landscape shifted dramatically during the economic crisis of 2022. Many Sri Lankans, frustrated with the two traditional parties that had governed the country for over seven decades, turned to the NPP, seeing it as a credible alternative.
The party’s anti-corruption stance, in particular, resonated strongly because many people blamed political corruption for the economic collapse.
While a significant achievement, it also marks a historic first for Sri Lanka — Dissanayake is the first president to be elected without majority support; the remaining 58% of votes were split between candidates from the two traditional parties.
His immediate challenge will be to secure a parliamentary majority in the upcoming elections, a crucial step for his administration to govern effectively.
What kind of economy is Dissanayake inheriting?
Two and a half years ago, Sri Lanka experienced the worst economic crisis in its history. With foreign reserves nearly depleted, the country struggled to pay its bills, leading to severe shortages of essential goods. People waited in long lines for cooking gas and fuel, while regular blackouts became part of daily life. The Sri Lankan rupee plummeted to a record low, driving inflation to 70%. The economy was contracting, and the country defaulted on its international sovereign bonds for the first time.
This sparked a massive protest movement that ultimately forced President Gotabaya Rajapaksa to resign. In July 2022, Parliament appointed Ranil Wickremesinghe to complete the remainder of Rajapaksa’s term.
In the two years that followed, Sri Lanka’s economy made an unexpectedly rapid recovery under Wickremesinghe’s leadership. After securing an agreement with the International Monetary Fund, the currency stabilized, the central bank rebuilt foreign reserves, and inflation fell to single digits. By the first half of 2024, the economy had grown by 5%.
The government successfully restructured its domestic debt, followed by a restructuring of its bilateral debt – that is, government-to-government loans, mostly from China but also from India and Western counties, including the United States. Just days before the election, an agreement was reached with international bondholders to restructure the remaining sovereign debt.
Despite these achievements, Wickremesinghe was overtaken in the presidential race by both Dissanayake and opposition leader Sajith Premadasa. Wickremesinghe’s unpopularity stemmed largely from the harsh austerity measures implemented under the IMF-backed stabilization program.
Dissanayake now inherits an economy that, while more stable, remains vulnerable. He will have limited room to maneuver away from the carefully planned economic path laid out by his predecessor, even as voters expect him to fulfill popular demands.
How does Dissanayake plan to improve Sri Lanka’s economy?
As a leader from a Marxist party, Dissanayake will likely pursue policies to reflect collective decisions made by the politburos and central committees of the NPP and JVP, rather than his individual views. He advocates for an economic system where activities are coordinated through a central government plan, emphasizing the importance of “economic democracy.”
His party believes prosperity should be measured not just by economic growth but by the overall quality of life. They argue that people need more than just basic necessities — they require secure housing, food, health care, education, access to technology and leisure.
Dissanayake’s long-term vision is to transform Sri Lanka into a production-based economy, focusing on sectors like manufacturing, agriculture and information technology rather than service industries. One of the key policies is to promote local production of all viable food products to reduce reliance on imports. To support these activities, the NPP plans to establish a development bank. Additionally, they NPP proposes increasing government spending on education and health care, in line with Sri Lanka’s tradition of providing free, universal access to both.
Where does this leave the IMF loans?
Historically, Dissanayake’s party has been critical of the IMF and its policy recommendations. Given the severity of Sri Lanka’s economic crisis, Dissanayake has acknowledged the need to stay within the IMF program for now. But he has vowed to renegotiate with the IMF to make the program more “people-friendly.” Dissanayake’s proposals include raising the personal income tax exemption threshold to double its current level and removing taxes on essential goods. Dissanayake’s party also plans adding jobs to the public sector, despite the ongoing effort to reduce the government workforce to manage the deficit.
Dissanayake’s populist policies, aimed at attracting mass support during the campaign, will inevitably strain government revenues while increasing expenses. However, the IMF program requires Sri Lanka to maintain a primary budget surplus of at least 2.3% of gross domestic product to ensure debt sustainability. Dissanayake has promised not to jeopardize the country’s economic stability by deviating from this target. His strategy is to improve the efficiency of tax collection, which he believes will generate enough revenue to fund his policies.
Additionally, his party has criticized the deal struck by Wickremesinghe’s government with international lenders, calling it unfavorable to the country. Dissanayake has promised to seek better terms. However, since these agreements are already in place, it remains uncertain whether the new government will attempt to renegotiate them.
Vidhura Tennekoon was a former employee of the Central Bank of Sri Lanka.
Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)
Washington, DC — Today, Congresswoman Marcy Kaptur (OH-09) released the following statement regarding the ongoing war in Gaza, and recent escalation of conflict between Israel and Hezbollah in Lebanon.
“This weekend’s escalation in combat between Israel and 140,000 Hezbollah forces supported in southern Lebanon by Iran creates a powder keg. If not contained, this conflict could widen and adversely impact thousands more innocent people of adjacent nations, as well as destabilize global markets.
“This war must end. A ‘ceasefire’ is not enough. There must be a UN negotiated truce subject to multinational enforcement. The constituents I represent include thousands who trace their ancestry to Israel, Lebanon, Palestinian communities, and other impacted adjacent nations across the Middle East. I release this statement out of deep concern for them and the people of their ancestral lands. The road to peace must begin with the United Nations and its Security Council whose primary charge is the “maintenance of international peace and security.”
“The UN must demonstrate leadership and backbone in resolving this festering conflagration. With no intervention, the widening war of utter destruction across that war-torn region will escalate. It must end. An immediate truce is fundamental. It will require multinational enforced military lines of demarcation. Terrorist organizations cannot be voting parties to ongoing negotiations. States sponsoring terrorist organizations should face a strictly enforced multinational sanctions regime.
“I urge the Speaker and Minority Leader of the US House to bring forward this week, as the House reassembles, a first order of business House Privileged Resolution urging the United Nations be called into Special Session. The UN must address deescalating this widening carnage and ongoing war. In 1948, the United Nations following World War II acted with dispatch to address vast rebuilding and resettlement issues arising in post war regions of the Middle East and elsewhere.
“Today, the unresolved Israeli-Palestinian conflict in Gaza and the West Bank — inflamed by the Hamas terrorist organization in alliance with other terrorist organizations and supported by arms from Iran — continues to plague the people of that region. Ethnic and religious cleansing forms a brutal and nonviable substitute for a truce and contemporary compact among neighboring States. It is long overdue. The United Nations must step up to this crucial, modern-day challenge which the people of all sovereign nations know is necessary. The bloody fighting in the Middle East must be brought to a negotiated truce.
“The hatred unleashed by the October 7, 2023 attack by Hamas on Israel will reverberate across future generations of families on all sides of this conflict. Surely the people of the region and world seek a better road forward. The United Nations must rise to this compelling occasion.”
Since the start of the conflict in Gaza, Congresswoman Kaptur has remained actively engaged in urging an aggressive diplomatic path forward to address the ongoing conflict and work toward a negotiated two-state solution. On October 8th, Congresswoman Kaptur released a statement condemning the Hamas terror attacks. On November 3rd, Congresswoman Kaptur released a statement following a meeting with Egyptian Ambassador Zahran calling for a humanitarian pause so aid could be delivered and those seeking safety could reach it. On November 16th, Congresswoman Kaptur released a statement following a dialogue with Jordanian Ambassador Kawar in diplomatic efforts to secure a durable peace. On December 13th, Congresswoman Kaptur released a statement following a meeting with Lebanese Charge D’Affaires Hachem. On December 15th, Congresswoman Kaptur released a statement following a meeting with Apostolic Nuncio, Cardinal Pierre. On January 19th, Congresswoman Kaptur urged the State Department to affirm US opposition to forced displacement of Palestinians from Gaza. On January 31st, Congresswoman Kaptur published an opinion article in the Toledo Blade. On March 28th, Congresswoman Kaptur reaffirmed her support for a two-state solution. On April 4th, Congresswoman Kaptur released a statement following a call between Israeli Prime Minister Netanyahu and President Biden. On May 6th, Congresswoman Kaptur released a statement on the ongoing developments in Gaza. On June 3rd, Congresswoman Kaptur affirmed her support for a two-state solution, and applauded the peace plan for Israel and Gaza. On June 11th Congresswoman Kapturreleased a statement reaffirming her support for a Two-State Solution for the Israeli and Palestinian people, and applauding the United Nations Security Council vote to support the US diplomatic peace plan for Israel and Gaza.
The Privacy Commissioner has today issued a compliance notice to the Reserve Bank of New Zealand, triggered by a cyber-attack in December 2020. This is the first time the Privacy Commissioner has issued a compliance notice since receiving these new powers in the Privacy Act 2020. Privacy Commissioner John Edwards says, The cyber-attack was a significant breach of one of the Banks security systems and raised the possibility of systemic weakness in the Banks systems and processes for protecting personal information.
As part of the investigation into the breach the Bank engaged KPMG to undertake an independent review of its systems and processes. The review revealed multiple areas of non-compliance with Privacy Principle 5. Mr Edwards says, We are heartened by the speed and thoroughness of the Banks response.
MANILA, PHILIPPINES (24 September 2024) — The Asian Development Bank (ADB) today announced a set of actions to mainstream lead exposure mitigation into its operations, as part of its participation in the newly formed Partnership for a Lead-Free Future, a global initiative led by the United Nations Children’s Fund (UNICEF) and the United States Agency for International Development (USAID). The partnership aims to eliminate childhood lead exposure by 2040.
The initiative, launched at the United Nations General Assembly today, will target high-risk countries including Bangladesh, Indonesia, India, and Nepal, among others throughout Asia and the Pacific.
ADB’s participation in the partnership underscores its ongoing commitment to addressing health and environmental challenges in developing Asia and the Pacific. Lead contamination, particularly from informal used lead-acid battery recycling sites, presents a major health crisis. Toxic lead exposure is affecting at least 400 million children in the region, leading to cognitive impairments, health complications, and major economic losses. The global economic cost of lead-related cognitive underdevelopment is estimated at about $1 trillion annually.
“Lead exposure doesn’t just affect children’s health—it holds back entire economies,” said ADB Vice-President for East and Southeast Asia, and the Pacific Scott Morris. “The Partnership for a Lead-Free Future is an important step in addressing this environmental, health, and economic issue. We will dedicate ADB’s expertise and resources to help ensure that countries across Asia and the Pacific can mitigate lead exposure, enhance public health, and secure a healthier, more productive future for all.”
ADB is embedding lead management into its broader environmental safeguards and technical assistance programs, and has already begun engaging with governments in Indonesia, India, and the Philippines to tackle lead contamination. The bank will co-host a technical side event on lead pollution at the 12th Asia Pacific Regional Forum on Health and Environment in Jakarta on 25 September, which will serve as a platform to advance the lead elimination agenda. Co-organized with the governments of Indonesia, Japan and Thailand, USAID, and the World Bank, the forum will highlight cutting-edge research on lead exposure and showcase effective strategies for reducing lead poisoning.
In collaboration with the Global Environment Facility and the United Nations Industrial Development Organization, ADB is also developing the Chemical and Wastes Financing Partnership Facility, the first of its kind. This facility will scale chemical management, including lead mitigation, across the region. The initiative complements ADB’s work in managing hazardous waste, providing governments with the resources to regulate industries, replace hazardous materials, and enforce environmental standards.
ADB plans to integrate lead elimination into its universal health care support programs, starting in the Philippines. Through these programs, ADB has been working to ensure equitable access to health services, address gender-specific health needs, and mitigate the health impacts of climate change.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
MANILA, PHILIPPINES (24 September 2024) — The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) with Fiji for 2024–2028, which will support Fiji’s resilience to economic and climate-related shocks.
“This new CPS will build on ADB’s ongoing assistance to support more resilient public finances, quality infrastructure and services, and a greener and more diversified private sector,” said ADB Director General for the Pacific Leah Gutierrez. “The strategic partnership will tailor ADB support towards Fiji’s recently launched National Development Plan 2025-2029.”
The new strategy will prioritize assistance for public sector management, improving access to climate-resilient transport infrastructure, and climate-resilient urban water and wastewater services. The CPS emphasizes emerging areas of engagement in coastal protection for vulnerable communities, upgrading national health care facilities, and accelerating Fiji’s renewable energy transition. It focuses on promoting private sector investment, accelerating progress in gender equality, and fostering regional cooperation and integration.
“The strategy reflects the close partnership between the Government of Fiji and ADB, aligning future support with Fiji’s National Development Plan 2025–2029,” said Fijian Deputy Prime Minister and Minister of Finance Biman Prasad.
The 5-year strategy will assist Fiji’s efforts to bolster climate and disaster resilience through innovative financial solutions, upgrading critical infrastructure, reinforcing climate policy reforms, and improving access to concessional climate finance.
ADB has been supporting Fiji since 1970, and has committed 117 public sector loans, grants, and technical assistance totaling $991 million to Fiji.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
CAF- development bank of Latin America and the Caribbean and the United Nations Office for Project Services (UNOPS) have signed a Memorandum of Understanding (MOU) to establish a framework for collaboration aimed at promoting sustainable development in Latin America and the Caribbean.
The agreement, signed by CAF’s Executive President Sergio Díaz-Granados and UNOPS Executive Director Jorge Moreira Da Silva, outlines key areas of cooperation. These include technical assistance and implementation of infrastructure projects, conducting feasibility studies and project structuring, development of joint training activities in project management and procurement, resource mobilization to support regional countries, as well as information exchange and capacity building initiatives.
This agreement strengthens the relationship between the two organizations, as since 2017, CAF and UNOPS have worked together in Latin America on technical assistance projects in Panama, Bolivia, Ecuador, Paraguay and Uruguay.
By combining CAF’s financial strength with UNOPS’ technical expertise, we are better positioned to address the complex challenges facing Latin America and the Caribbean
Sergio Díaz-Granados
Sergio Díaz-Granados, Executive President of CAF, stated: “This partnership with UNOPS represents a significant step towards enhancing our capacity to deliver impactful projects across the region. By combining CAF’s financial strength with UNOPS’ technical expertise, we are better positioned to address the complex challenges facing Latin America and the Caribbean, ultimately contributing to the sustainable development of our member countries.”
We’re consolidating the efforts we have made together with CAF to continue to improve the lives of millions of people across the Latin America and Caribbean region
Jorge Moreira Da Silva
“In a world facing multiple global crises, partnerships like this are instrumental. We’re consolidating the efforts we have made together with CAF to continue to improve the lives of millions of people across the Latin America and Caribbean region”, said Jorge Moreira Da Silva, UNOPS Executive Director.
The MOU provides a foundation for future specific agreements between the two organizations. It emphasizes the importance of knowledge sharing, joint communication efforts, and the potential for collaborative resource mobilization.
This collaboration between CAF and UNOPS is expected to bring valuable synergies to development efforts in the region, leveraging the strengths of both institutions to promote sustainable growth and improved quality of life for Latin American and Caribbean communities.
The Asian Development Bank (ADB) has approved a 500 million U.S. dollars loan for Indonesia to help the Southeast Asian country accelerate its energy transition agenda, the bank’s official said on Saturday.
ADB Country Director for Indonesia Jiro Tominaga said in a statement that the loan would support the development of Indonesia’s basic and collaborative policy that would be formulated to identify and address the complex challenges it faces in speeding up the transition into sustainable and clean energy.
“Indonesia is at a very important junction in its energy transition journey. It has rapid growth of power generation capacity that helps it overcome most of its electricity supply constraints. However, it has also made the country heavily dependent on fossil fuel-based power sources such as coal, gas and diesel,” Tominaga said.
Therefore, he said, the loan would be mainly used in efforts to build a strong policy and regulatory framework to facilitate the transition to clean energy, strengthen sector governance and financial sustainability, and ensure an equitable and inclusive transition.
Indonesia, one of the world’s largest producers and exporters of coal, is currently pursuing a reduction of carbon emissions to achieve net-zero emissions by 2060.
In the June quarter 2024, average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 196.5 cents per litre (cpl). This was an increase of 3.3 cpl from the March quarter 2024 (193.2 cpl).
“The lower prices since the end of the quarter have provided some relief to many motorists around the country,” ACCC Commissioner Anna Brakey said.
Average retail petrol prices across the five largest cities decreased in July and August 2024, following lower international refined petrol benchmark prices. On a monthly basis, average retail petrol prices across the five largest cities were 193.6 cpl in June 2024, and decreased by around 10 cpl to 183.7 cpl in August 2024.
The following chart shows 7-day rolling average retail petrol prices across the five largest cities from July 2022 to August 2024.
Seven-day rolling average retail petrol prices across the 5 largest cities in nominal terms
Source: ACCC calculations based on data from FUELtrac and Informed Sources. Notes: The grey shaded area in the chart represents the June quarter 2024. The blue shaded area in the chart represents July and August 2024. A 7-day rolling average price is the average of the current day’s price and prices on the 6 previous day.
Among the five largest cities in the June quarter 2024, average petrol prices increased the most in Sydney (by 5.7 cpl), with average Adelaide prices decreasing by 0.7 cpl, while Brisbane’s average retail petrol prices were the highest of the five largest cities (204.8 cpl).
Quarterly average retail petrol prices increased in Canberra, Hobart and Darwin. Average prices in Darwin were the third lowest among all eight capital cities, behind Adelaide and Perth. Quarterly average prices in Canberra were 205.1 cpl, the highest among the eight capital cities.
The ACCC’s latest report also gives results for the financial year 2023-24. Annual average retail petrol prices across the five largest cities were 195.1 cpl in 2023-24. This was the highest on record in nominal terms and the highest in 10 years in real (inflation adjusted) terms. After adjusting for inflation, annual average prices in 2013-14 were 196.6 cpl.
The ACCC encourages motorists to make the most of fuel price apps and websites
In August 2024, the ACCC released a report on fuel price apps and websites and petrol price cycles in Australia, illustrating the benefits of using one of the many free fuel price apps and websites to shop around for lower fuel prices. There are more than 40 free to use fuel price apps and websites available.
“In the current economic climate, making savings is important to many motorists. It can always be worth using a fuel price app or website to quickly check for a lower priced retailer near you before filling up,” Ms Brakey said.
The following chart shows a range of average petrol prices by major brand in Brisbane during a petrol price cycle in the June quarter 2024. The chart also shows the levels of terminal gate prices (or indicative wholesale prices), represented by the grey shaded area.
“There is often a range of petrol prices available across retail sites and using a fuel price app or website to find a lower priced site can result in large savings,” Ms Brakey said.
From April to early June 2024 in Brisbane, the range of retail petrol prices between the highest and lowest priced brands was around 19 cpl on average. The range varied from as high as 42 cpl (when retail prices were increasing in the cycle) to around 9 cpl (when prices were decreasing).
Daily average retail regular unleaded petrol prices by major brand and daily average terminal gate prices (lagged 7 days) in Brisbane
Source: ACCC calculations based on data from the Queensland Government open data portal – Fuel price reporting 2024. Notes: The grey shaded area in the chart represents average terminal gate prices in Brisbane (lagged by 7 days). Retail prices are averaged across sites on a brand basis using data from the Queensland Government fuel price transparency scheme. Major retail brand means a retail brand with at least 7 retail sites under one brand that sold regular unleaded petrol. The ‘Independent’ category represents a collection of other branded and unbranded sites. Daily average retail prices are calculated from price observations at 6 hour intervals.
Observing petrol price cycles in the five largest cities can also be a useful way for motorists to save on petrol. The ACCC web page – Petrol price cycles in major cities – includes up to date price charts, buying tips, and information on petrol price cycles in Sydney, Melbourne, Brisbane, Adelaide and Perth.
“We know that because of longer petrol price cycles, motorists in Sydney, Melbourne and Brisbane can’t always wait for the price cycle to reach the next low point,” Ms Brakey said.
“Where possible though, taking advantage of the low points of the cycle, and topping up or filling up before prices increase, can save money.”
Retail petrol price components
The following chart shows changes in the components of average retail petrol prices in the five largest cities between the March quarter 2024 and the June quarter 2024.
The largest components include the international price of refined petrol (Mogas 95) and excise and wholesale goods and services tax. The Australian/US dollar exchange rate can impact retail prices because international refined petrol is bought and sold in US dollars in global markets – although in the June quarter the exchange rate was relatively stable and had minimal impact on changes in average Mogas 95 prices in Australian dollar terms.
Other components include wholesale costs and margins (including international shipping costs and other import costs, and wholesale costs and margins) and retail costs and margins (represented by gross indicative retail differences).
Changes in the components of average retail petrol prices across the 5 largest cities – cents per litre (cpl)
Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office. Notes: cents per litre change from the previous quarter. The excise and wholesale goods and services tax component in this chart (65.9 cpl) is different to the excise and goods and services tax (wholesale and retail) component in the bowser, shown in the ‘June quarter 2024 – Petrol snapshot’. This is because a small amount of retail goods and services tax (1.6 cpl) is included in the gross indicative retail differences component in the above chart, for consistency in reporting gross indicative retail difference figures throughout this report. Total excise and goods and services tax was 67.5 cpl in the June quarter 2024, an increase of 0.6 cpl from the previous quarter.
Gross indicative retail differences increased to slightly above pre-pandemic levels
Average gross indicative retail differences across the five largest cities (in aggregate) were 17.2 cpl in the June quarter 2024. This was 1.8 cpl higher than the previous quarter (15.4 cpl). Gross indicative retail differences are a broad indicator of gross retail margins (including both retail operating costs and profits).
In the 2023-24 financial year, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, slightly higher than pre-pandemic levels on a real terms (inflation-adjusted) basis.
The level of gross indicative retail differences is not uniform across each of the five largest cities. In the June quarter 2024, quarterly gross indicative retail differences were lowest in Adelaide (9.2 cpl) and highest in Brisbane (25.6 cpl). In 2023–24, annual average gross indicative retail differences were lowest in Perth (10.7 cpl) and highest in Brisbane (22.0 cpl).
The ACCC will continue to closely monitor the levels of gross indicative retail differences, including the differences between cities.
Quarterly average regional retail petrol prices were marginally higher than prices across the five largest cities
The ACCC monitors fuel prices in all capital cities and over 190 regional locations across Australia. In the June quarter 2024, average regional retail petrol prices (regional prices) were 197.4 cpl, an increase of 3.7 cpl from the March quarter 2024.
Regional prices were 0.9 cpl higher than average retail petrol prices across the five largest cities (196.5 cpl).
Diesel prices were lower in many capital cities
Quarterly average retail diesel prices across the five largest cities were 194.5 cpl in the June quarter 2024, a decrease of 1.2 cpl from the March quarter 2024 (195.7 cpl).
Quarterly average retail diesel prices decreased in each of the capital cities except Canberra, where prices increased by 0.8 cpl. Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.
Petrol sales continue to remain below pre-pandemic levels
The volumes of regular unleaded petrol sales reduced by 2.8 per cent in the June quarter (to 2,196 million litres) and continue to remain below pre-pandemic levels.
“As consumers are increasingly switching from combustion engine vehicles to hybrid and electric vehicles, demand for fuel has reduced. Other factors would also be influencing demand such as working from home arrangements, vehicles becoming more fuel efficient, and changes in driving habits quite possibly due to cost of living pressures,” Ms Brakey said.
Note to editors
‘Petrol’ means regular unleaded petrol unless otherwise specified.
Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.
Background
The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.
On 14 December 2022, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.