THE WOODLANDS, Texas, March 04, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), a global leader in oilfield technology, announced today its ChampionX Emissions Technologies’ Aerial Optical Gas Imaging (AOGI) platform has received approval from the U.S. Environmental Protection Agency (EPA) for the Methane Alternative Test Method outlined in OOOOb. This approval marks a significant milestone in emissions management, empowering operators to integrate AOGI into their emissions monitoring programs to detect and locate fugitive methane emissions with unmatched efficiency and precision.
ChampionX’s AOGI platform has gained industry-wide recognition for its ability to complement fugitive emissions screening processes. It helps create efficiency with the possibility of surveying over 150 sites per day. By leveraging Optical Gas Imaging (OGI) technology, AOGI offers a scalable solution with the intent of reducing the time and cost required for emissions monitoring for operators of all sizes.
“As the first component-level platform approved by the EPA, AOGI represents a new standard in emissions monitoring,” said Sivasankaran ‘Soma’ Somasundaram, President & CEO of ChampionX. “This advanced method enables operators to monitor emissions to assist operators in taking action to meet regulatory requirements efficiently while seamlessly integrating into their existing workflows.”
This proven method combines high-definition OGI technology with an advanced gimbal system to detect, locate, and visualize methane leaks with pinpoint accuracy. The OGI technology has been refined for a variety of applications, including handheld, fixed, drone, and aerial systems.
“It’s the ultimate use of OGI, a familiar and trusted technology to pinpoint leaks quickly and efficiently from the air,” said Shankar Annamalai, Senior Vice President of Emissions Technologies and Permian Geomarket. “Given the scale of the oil and gas industry, streamlining the leak detection process is a big relief to operators, especially for small businesses.”
“This approval underscores our commitment to innovation and reinforces the United States’ position as a leading producer of efficient and sustainable oil and gas,” said Somasundaram.
Using our 140 years of oilfield expertise, ChampionX has, and will, continue to support the oil and gas sectors with cutting-edge technologies – ike AOGI, the Aura OGI™ camera, Soofie® continuous monitors, drones with HALO OGI® or Open Path Laser Spectrometer (OPLS) technology, and fixed-wing surveys – to address the evolving environmental and operational challenges.
For more information on how AOGI can complement your emissions monitoring program, visit ChampionX Emissions Technologies | AOGI or contact us at contactemissions@championx.com.
About ChampionX Emissions Technologies ChampionX Emissions Technologies combines deep industry expertise with advanced technology to effectively tackle environmental challenges. By continuously enhancing our solutions, we assist clients in managing the complexities of emissions, ensuring a cleaner and more sustainable future.
About ChampionX ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championx.com.
MOUNTAIN VIEW, Calif., March 04, 2025 (GLOBE NEWSWIRE) — Terecircuits Corporation, a venture-backed startup in advanced materials for the semiconductor industry, today announced that it has joined the National Semiconductor Technology Center (NSTC), a public-private consortium established under the CHIPS and Science Act.
“Terecircuits is proud to be a Member of the National Semiconductor Technology Center as it expands its membership and impact,” says Wayne Rickard, Terecircuits CEO. “We fully support NSTC’s mission to accelerate U.S. led semiconductor research, strengthen domestic manufacturing and build a skilled workforce. With our expertise in the synthesis, characterization and delivery of polymers, encapsulants and thin film coatings for advanced packaging, we look forward to collaborating with fellow Members to drive innovation and global leadership in semiconductor technology.”
Operated by Natcast, an independent non-profit entity, the mission of the NSTC is to convene Members, now numbering more than 100, from across the U.S. semiconductor value chain, academia and government to advance three shared and strategic goals: strengthen U.S. semiconductor leadership; reduce time from lab-to-fab; and expand the U.S. semiconductor workforce. NSTC Members benefit from access to leading-edge research, state-of-the-art facilities, shared physical and digital assets, dedicated events and collaboration opportunities, and employer-driven workforce development programming.
“As a deep tech startup, our NSTC Membership gives us access to invaluable resources and collaboration opportunities that would be difficult or impossible to acquire independently,” says Rickard. “By working alongside industry leaders across the U.S. semiconductor ecosystem, we can accelerate the development of advanced material solutions for heterogeneous integration. Membership offers a unique opportunity to tackle critical challenges in high-density, high-performance chip manufacturing while strengthening domestic capabilities.”
To view a comprehensive list of NSTC Members and learn how to join, visit natcast.org/nstcmembership/members. For more information on opportunities to engage with Terecircuits on NSTC-related efforts, please visit www.terecircuits.com.
ABOUT TERECIRCUITS CORPORATION
Terecircuits Corporation is a venture-backed startup, launched by founders with previous startup success, years of experience, and new and inventive materials and processes that increase current semiconductor yield and throughput while reducing cost compared to current technology. These improvements mitigate the low cost of offshore labor, presenting an opportunity for reshoring packaging and assembly. Terecircuits’ technology is ideal for achieving scale with reduced waste, while meeting critical assembly challenges such as heterogeneous assembly, 3D assembly, IoT, SiC die attach, flexible circuits, chiplets, and MicroLED.
ABOUT THE NSTC AND NATCAST
Natcast is a purpose-built, non-profit entity designated to operate the National Semiconductor Technology Center (NSTC) by the Department of Commerce. Established by the CHIPS and Science Act of the U.S. government, the NSTC is a public-private consortium dedicated to semiconductor R&D in the U.S. The NSTC convenes industry, academia and government from across the semiconductor ecosystem to address the most challenging barriers to continued technological progress in the domestic semiconductor industry, including the need for a skilled workforce. The NSTC reflects a once-in-a-generation opportunity for the U.S. to drive the pace of innovation, set standards and secure global leadership in semiconductor design and manufacturing. Learn more at natcast.org.
PETAH TIKVA, Israel, March 04, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a global leader in satellite networking technology, solutions, and services and Waveform Architecture for Virtualized Ecosystems (WAVE) Consortium are proud to announce the appointment of Dubi Lever, Chief Technology Officer (CTO) at Gilat Satellite Networks, as the new Chair of the WAVE Board. Lever, who brings over 27 years of experience at Gilat, steps into this role with a clear vision for advancing the WAVE mission: transforming the satellite communications (SATCOM) industry through open, interoperable, and virtualized networks.
Formed under the auspices of IEEE-ISTO, WAVE comprises leading companies, government agencies, and research institutions working together to establish standardized architectures and specifications for waveform virtualization. WAVE’s foundational goal is to ensure that next-generation SATCOM networks can take advantage of commodity hardware and novel software approaches, achieving greater agility, scalability, and cost-effectiveness. As the WAVE Board Chair, Lever will lead strategic initiatives to strengthen cross-industry collaboration, streamline technology adoption, and accelerate the consortium’s efforts to create innovative solutions that serve both commercial and defense markets.
“We are excited to have Dubi Lever’s passion and success help drive WAVE forward,” said Dr. Juan Deaton, Executive Director of the WAVE Consortium. “Dubi’s proven leadership in SATCOM technologies and track record of innovation at Gilat will be instrumental. We look forward to working together as WAVE moves into future success.”
“The hardware abstraction layer marks the next step in actualizing WAVE’s mission,” said Dubi Lever, Chief Technology Officer at Gilat. “By allowing multiple waveforms to be deployed seamlessly on common hardware, we bring new flexibility and readiness to commercial and defense customers who demand greater efficiency and faster adaptability. This project directly aligns with our longstanding vision at Gilat, where open standards and reprogrammable solutions are key to driving better performance at lower costs.”
About WAVE
Waveform Architecture for Virtualized Ecosystems (WAVE), created under the auspices of IEEE-ISTO, envisions a future where SATCOM networks are built on agile, scalable, and cost-effective commodity platforms, facilitating rapid innovation and more competitive offerings. The consortium includes prominent players in commercial and government sectors, working together to define and implement an interoperable environment for next-generation waveform virtualization. For membership details and more information, visit waveconsortium.org.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.
Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.
Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect Gilat’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the war and hostilities between Israel and Hamas, Hezbollah, Iran and Yemen and the instability in the middle east; and other factors discussed under the heading “Risk Factors” in Gilat’s most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and Gilat undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
NASHVILLE, Tenn., March 04, 2025 (GLOBE NEWSWIRE) — UPAY Inc. (“UPAY” or the “Company”) (OTCQB: UPYY) is pleased to announce the successful participation of its subsidiary, HUNTPAL, at the 2024 Safari Club International (SCI) Annual Convention and the Ultimate Sportsmen’s Market. This prestigious event, held at the Music City Center in Nashville, Tennessee, brought together thousands of passionate hunters, outfitters, and industry leaders from around the world, celebrating SCI’s ongoing commitment to hunting advocacy and wildlife conservation.
HUNTPAL made a strong impression at the convention, supporting one of its premier outfitters and introducing its brand to SCI attendees and the global hunting community. This event served as a pivotal moment for HUNTPAL, reinforcing its role in connecting hunters with top-tier outfitters while promoting ethical and sustainable hunting practices.
Jaco Fölscher, CEO of UPAY and Director of HUNTPAL, commented: “The SCI Convention provided an unparalleled platform for HUNTPAL to engage with passionate hunters and industry leaders. Our presence not only strengthened our relationships with outfitters but also showcased HUNTPAL’s mission to revolutionize the hunting experience by offering seamless, trusted connections between hunters and professional outfitters worldwide.”
The SCI Convention featured over 800 exhibitors, presenting world-class hunting opportunities, cutting-edge hunting gear, and luxury goods. Attendees had the chance to explore a diverse range of products, book premium hunting trips, and engage with leading experts in the field. The event also included educational seminars, celebrity appearances, and record-breaking auctions that raised millions for SCI’s advocacy and conservation efforts.
HUNTPAL’s participation at SCI Nashville highlights its commitment to enhancing the hunting industry by fostering meaningful connections and supporting conservation initiatives. The overwhelming success of this year’s convention marks an exciting milestone for HUNTPAL as it continues to expand its footprint in the global hunting community.
For media inquiries, please contact:
CONTACT INFORMATION UPAY INC. Email: info@upaytechnology.com
About UPAY Inc.: UPAY Inc. is a forward-thinking US public company dedicated to providing cutting-edge financial solutions to its clients. With a focus on innovation and user-centric design, UPAY remains at the forefront of technology in the fintech sector.
About HUNTPAL: HUNTPAL partners with top-tier outfitters and specializes in all-inclusive hunting and adventure travel packages. With a commitment to responsible hunting and conservation, HUNTPAL offers unforgettable experiences to US hunters while preserving South Africa’s wildlife and supporting local communities.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS: The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of UPAY Inc. This publication contains forward-looking statements, which are not guarantees of future performance. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
A partnership that offers electric cargo bike deliveries for businesses is being extended for a further year, following support from Oxford City Council.
In March 2024, Oxford City Council and Velocity Cycle Couriers launched a 12-week trial offering same-day and next-day zero-emission deliveries by electric cargo bike for Oxford businesses to destinations within the ring road.
The trial was extended twice, following successful feedback from businesses participating in the scheme. Now, the Council is extending the partnership for a year until 28 February 2026.
Under the partnership, businesses can book deliveries to be carried out by a Velocity rider using the dedicated Oxford’s Covered Market e-cargo bike, supported by Velocity’s fleet of e-cargo bikes.
Oxford City Council subsidises 50% of each delivery, with participating businesses paying the remaining cost. This subsidy has allowed the partnership to continue for as long as possible, enabling businesses to explore zero emission deliveries for longer.
Funding for the extended partnership has come from an air quality grant, helping to support businesses with zero emission deliveries.
This electric cargo bike partnership aims to support businesses as they explore how they can move towards zero-emission deliveries.
Since its launch, the partnership has made around 2236 deliveries within the Oxford ring road covering approximately 6259 miles, and supporting 27 businesses. In total, the initiative is estimated to have saved an estimated 1650 tons of carbon.
Participating businesses includes:
Truck Store
MacSimple
Oxford Mutual Aid
Hamblin Bakery
Iscream
Wicked Chocolate,
Oxford Cheese
Oxford Soap Company
Market Garden
Jemini
Gulp Fiction
Blue Blood
Oxunboxed
Woolhound
Market Cellar Door
Hamblin Kiosk
YOU Underwear
Nothing
Oxford Sandwich Company
Market Tap
David John
Walters
Taylors
Hoyles
Fresh Connection
Objects of Use
Scriptum
Businesses that want to take part in the partnership can contact Velocity at hello@velocitycc.co.uk or by calling Velocity on 01865 249 854.
“I am delighted that we are extending this partnership for another year, allowing us to continue to support local businesses, reduce carbon emissions and improve air quality. We encourage more businesses to join us in this journey towards a greener, cleaner Oxford!”
Anna Railton, Deputy Leader and Cabinet Member for Zero Carbon Oxford, Oxford City Council
“After delivering Oxford City Council’s pilot for 12 months, we are delighted that so many businesses and traders have reaped the benefits of the council’s subsidised scheme to encourage zero emission deliveries. Our e-cargo bike deliveries have generated more than 1650 KgCo2e of carbon savings; they’ve reduced congestion within the ring road and have contributed to better conditions in the city centre for pedestrians and cyclists. We’re looking to bring more businesses into the scheme to offer them fast, reliable and sustainable deliveries while improving air quality and reducing pollution across our city.”
LONDON, March 04, 2025 (GLOBE NEWSWIRE) — iFX EXPO, the world’s leading event for online trading and fintech, has named Lissele Pratt as its first-ever Brand Ambassador. This appointment marks a new chapter for iFX EXPO as it continues to expand its reach and influence within the global fintech community.
Lissele is the founder of Capitalixe, a fintech advisory firm that specialises in payments and banking solutions for high-risk industries. With over 10+ years of experience in payments and banking, she has built a reputation for helping businesses access advanced financial solutions and is recognised as a prominent figure in the fintech sector.
“It’s an absolute honour to become iFX EXPO’s first Brand Ambassador,” said Lissele Pratt. “This is an exciting opportunity to work alongside fintech pioneers and share my experiences with a global audience. I’m eager to spark honest discussions about the challenges facing the industry and the bold strategies needed to tackle them. I want to offer real, actionable insights. For me, this role is about connecting with innovators, driving meaningful change, and helping the industry move forward.”
“We are thrilled to welcome Lissele as our inaugural Brand Ambassador,” said Vitaly Bugaenko, Head of Marketing at iFX EXPO. “Her passion for fintech and strong industry presence align perfectly with our mission. Lissele brings a fresh perspective that will help us engage with an even broader audience.”
As Brand Ambassador, Lissele will represent iFX EXPO at global events, during speaking engagements, participate in digital campaigns, and engage with industry professionals to support the event’s mission of connecting leaders in online trading and fintech.
About iFX EXPO
iFX EXPO is the world’s leading event for online trading, financial services, and fintech, bringing together thousands of professionals from over 120 countries. It provides a platform for industry leaders, technology providers, and financial institutions to connect, collaborate, and grow.
About Capitalixe
Capitalixe is an award-winning fintech advisory specialising in payments and banking solutions for high-risk industries. With over 20 years of combined experience, Capitalixe connects businesses with leading financial institutions and payment providers, empowering them to access the latest fintech innovations.
Contact co-founder and CGO Lissele Pratt Capitalixe tillie@capitalixenews.com
VICTORIA, Seychelles, March 04, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Roam (ROAM) on its platform. Trading for ROAM/USDT will commence on 6 March 2025, 10:00 (UTC).
Roam is the largest decentralized wireless network worldwide. Roam’s vision is to create a decentralized future where users are rewarded for sharing network data, thus encouraging a more collaborative and privacy-conscious online environment. Roam ensures automated wireless connections, seamless switching between different networks, and secure connectivity for individuals, smart devices, and AI agents. By leveraging a blockchain-based credential infrastructure, Roam has facilitated the widespread adoption of WiFi OpenRoaming, offered global smart eSIM services, and enabled a privacy-protected data layer for AI applications.
To celebrate this listing, Bitget launches an exclusive promotion, Candybomb. The CandyBomb promotional event offers Bitget users the chance to earn ROAM through deposits and trading activity. A total of 1,675,000 ROAM tokens have been allocated for this campaign, which runs from 6 March 2025, 10:00 to 13 March 2025, 10:00 (UTC). The ROAM airdrop is divided into spot trading pools and futures trading pools. New spot traders and new futures traders can join the campaign via the CandyBomb page. The first 5,560 new users to complete the spot trading task will evenly share 1,390,000 ROAM, with each receiving 250 ROAM.
This listing positions ROAM within Bitget’s expanding portfolio of assets available in the Innovation, WEB3, and Depin Zone, underlining the platform’s commitment to offering users access to promising projects that align with the broader principles of blockchain technology, emphasizing transparency, security, and decentralization.
Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON.
For more information on Roam (ROAM), users can visit here.
About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Risk Warning:Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to ourTerms of Use.
LONDON, March 04, 2025 (GLOBE NEWSWIRE) — Virturo has announced the latest expansion of its AI-powered risk management tools, designed to help traders navigate the ongoing volatility in cryptocurrency markets. With market fluctuations persisting in early 2025, the company has enhanced its automated analysis features to provide real-time insights and customizable trading strategies for digital asset CFDs.
“With advanced AI-driven analysis and human supervision, Virturo enables traders to take advantage of market opportunities, ensuring a robust investment strategy,” says Alex Melnyk, Senior Investment Specialist at Virturo.
Why Cryptocurrencies Are an Investment Essential in 2025
Cryptocurrencies are reshaping financial markets, offering investors new opportunities for diversification, inflation hedging, and high-growth potential. As the digital economy expands, assets like Bitcoin and Ethereum are becoming crucial in long-term portfolio strategies.
Hedge Against Inflation – Digital currencies like Bitcoin, often referred to as “digital gold,” provide protection against currency devaluation and economic uncertainty.
Diversification Benefits – With markets shifting, cryptocurrencies reduce reliance on traditional assets like stocks and bonds, offering alternative growth avenues.
High Growth Potential – As blockchain technology advances, digital assets continue to show strong potential for long-term value appreciation.
Navigating Volatility: Risk Management with Virturo
Cryptocurrency markets are known for their volatility, requiring traders to employ risk management tools to safeguard positions. Virturo’s AI-powered platform offers traders real-time data tracking, predictive market analysis, and automated risk management tools to help safeguard investments.
“Our AI tools, combined with expert oversight, provide personalized trading strategies to ensure crypto investments align with long-term financial goals,” adds Melnyk. From stop-loss orders to take-profit mechanisms, Virturo equips traders with the risk management solutions needed for stability in a fluctuating market.
The Virturo Edge: AI-Powered Crypto Investing
Virturo is redefining CFD crypto trading with a powerful blend of AI-driven insights and expert supervision. The platform equips traders with cutting-edge tools that analyze market trends, automate risk management, and optimize trade execution, all in real time.
Smart trading signals for optimal entry and exit points
Custom risk controls to protect against market swings
Seamless execution across diverse crypto assets
From first-time investors to experienced traders, Virturo delivers the insights and technology needed to trade digital markets with confidence.
Users can discover the future of crypto investing and visit Virturo | Virtue in Every Trade to explore AI-powered trading solutions and take control of the portfolio.
About Virturo
Virturo, a leading broker in CFD trading and financial technology, is redefining investment strategies with its AI-driven automated trading and advanced risk management solutions.
Source: Africa Press Organisation – English (2) – Report:
ACCRA, Ghana, March 4, 2025/APO Group/ —
Ghana’s mining industry stands as a key driver of economic growth – with GDP projections reaching 1.5% by 2025 (https://apo-opa.co/4klB6s7) – fueled by expanding opportunities within the sector. A stable political and business environment, coupled with the discovery of new mineral reserves and a well-established mining ecosystem, Ghana is an attractive investment destination for global mining institutions. The upcoming Mining in Motion Summit, taking place in Accra on June 2 – 4 will further highlight lucrative investment opportunities, connecting Ghanaian stakeholders with international financiers and technology providers to enhance collaboration across the mining value chain.
Rich Mineral Resources
Ghana leads Africa in gold production and ranks 6th globally. In 2024 alone, artisanal miners contributed over $5 billion in foreign exchange earnings, underscoring the vast potential of Ghana’s gold sector. Ongoing industrial-scale projects like Goldstone’s Homase Mine Expansion, Cardinal Namdini Mine and Newmont’s Ahafo North Project continue to expand investment opportunities in the gold industry. In addition to gold, Ghana is the world’s 4th-largest manganese producer, presenting attractive prospects for investors seeking exposure to high-value minerals. The country’s untapped reserves of lithium, iron ore and bauxite also offer substantial growth potential as the demand for these minerals expand owing to the energy transition.
Strong, Investor-Friendly Regulatory Framework
Ghana introduced incentives including as tax breaks, customs duty exemptions and foreign ownership rights, attracting significant foreign direct investment. For example, Atlantic Lithium secured $6.7 million to accelerate the Ewoyaa Lithium Project, while Asante Gold committed $525 million to expand its Bibiani and Chirano Mines. Policies such as the Green Minerals Policy (2023) streamline entry for critical mineral investors, while the Equipment Tracking Regulations (2020) simplify equipment procurement and transportation processes for mining projects.
Skilled Workforce Availability
Ghana’s mining history has fostered a highly skilled workforce, making it easier for international investors to recruit trained personnel for their operations. Partnerships with global institutions, including the World Bank, have led to initiatives like the Ghana Landscape Restoration and Small-Scale Mining Project, which equips miners with modern, sustainable practices. Additionally, programs focused on apprenticeship, mentorship and capacity-building continue to enhance the local workforce. AngloGold Ashanti graduated 1,010 apprentices in October 2023 and added 140 more in February 2024, supporting Ghana’s local content development.
Infrastructure Readiness
Ghana’s infrastructure readiness further strengthens its appeal as a mining investment hub. Recent developments include the inauguration of the Royal Ghana Gold Refinery in Accra in August 2024, which allows for local gold processing, streamlining operations and boosting export revenues through the sale of refined gold. The Ministry of Lands and Natural Resources in collaboration with testing laboratories company Intertek launched a new testing laboratory (https://apo-opa.co/3FeePMx) in Tarkwa, in 2023. The laboratory offers faster mineral sample analysis for over 500 exploration projects and 23 large-scale operations. Furthermore, the continuous modernization of the Tema and Takoradi ports has improved export logistics, ensuring that Ghana’s minerals reach international markets efficiently.
Amid these investor-friendly conditions established by Ghana, Mining in Motion will further unveil burgeoning and lucrative opportunities within the West African nation’s mining sector. The summit will serve as a platform to connect stakeholders, foster partnerships, and facilitate deal signings that drive growth and investment.
Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MininginMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org.
The US President’s Emergency Plan for AIDS Relief has been a cornerstone of global HIV/Aids prevention, care and treatment for over two decades. Pepfar has enjoyed broad bipartisan support in the US, but its future is now uncertain. Public health scholars Eric A. Friedman, Sarah A. Wetter and Lawrence O. Gostin explain Pepfar’s history and impacts, as well as what may lie ahead.
The early years
Many people today have forgotten the sheer devastation that the Aids pandemic wrought on the African continent, first spreading widely in east Africa in the 1980s. By the end of the 20th century, life expectancy in the region had decreased from 64 to 47 years.
Millions of children were infected and many grew up as orphans, with HIV taking the life of one or both of their parents. Children, especially girls, were taken out of school to nurse sick relatives or because school fees were unaffordable.
Underfunded health systems were near collapse, as were the economies of many African countries.
These devastating figures persisted despite the discovery of highly effective antiretroviral therapies in the 1990s. These drugs rapidly became widely available in rich countries, beginning in 1996, leading to an 84% decline in death rates over four years.
But cost kept the drugs out of reach for African countries.
Only about 100,000 of the 20 million people infected with HIV in Africa were accessing drug treatment in 2003.
The turnaround
A major breakthrough came when US president George W Bush proposed a bold global initiative, Pepfar, in his 2003 State of the Union Address. Pepfar would dedicate US$15 billion over five years with the goals of preventing 7 million new infections, treating 2 million people, and caring for another 10 million infected with HIV or orphaned by the disease.
By 2005, more than 800,000 people were being treated for HIV in Africa – an eightfold increase from only two years prior. Under Pepfar, the costs of antiretroviral treatment per person per year in low- and middle-income countries fell from US$1,200 in 2003 to just US$58 in 2023.
Pepfar maintained bipartisan support throughout both Democratic and Republican-led administrations and Congresses. Through 2018, it had been reauthorised three times, each for five years.
The programme has lived up to its promise. The investment of over US$110 billion since being launched has been transformative, with sub-Saharan Africa benefiting the most.
Its importance extends beyond Aids. The programme directly supports more than 340,000 health workers, a tremendous contribution in Africa especially, given severe health worker shortages in much of the continent.
A key member of Congress, along with organisations against abortion, raised concerns that Pepfar was supporting abortions, even though there was no such evidence at the time. In fact, by law Pepfar is prohibited from supporting abortions.
Ever since then, the threats posed to a five-year Pepfar reauthorisation have grown.
The Trump effect
In January, Pepfar reported to Congress that its own investigators had found that four nurses in Mozambique had used Pepfar funding to perform abortions (which are legal in Mozambique), 21 in all. Pepfar officials froze funds to the four nurses and required staff to attest to understanding that they were prohibited from providing abortion as part of US-funded health services.
Days later Pepfar, along with most other US foreign assistance programmes, suffered a severe blow. President Donald Trump signed an executive order pausing all further disbursements and new obligations of foreign assistance funds for 90 days, pending a sweeping review.
Four days later, secretary of state Marco Rubio issued a directive that went even further, also requiring organisations to stop work, even those that had already received funds needed to operate.
By 27 January, virtually all US foreign assistance programmes had come to a halt, including Pepfar programmes.
Following an outcry, Rubio issued a waiver for lifesaving humanitarian assistance on 28 January. With confusion over what was covered, including whether the waiver encompassed HIV medicines, he issued another waiver on 1 February, covering Pepfar treatment and care programmes, including prevention of and treatment for TB and other opportunistic infections, as well as prevention of mother-to-child transmission programmes.
But organisations receiving US foreign assistance funds needed to get individual approval to resume, and the administration had put much of USAid’s staff on administrative leave. USAid (along with the US Centers for Disease Control and Prevention) has a central role in administering Pepfar. Many others, including contractors embedded in USAid operations, have been furloughed or fired.
Very few people existed to process requests to resume work. Furthermore, USAid’s payment system appeared not to be working.
The decisions of the Trump administration are being challenged in court in the US on the grounds that they are illegal and unconstitutional because they are usurping Congress’s power to determine how the US government spends funds, among other violations of the law.
Nonetheless, as of this writing, despite a court order to resume funding, it remains entirely frozen, and most programmes are still shut down. The day after the court ordered the government to pay nearly US$2 billion it owes organisations for work already done, the administration revealed that it had terminated the vast majority of foreign assistance awards, including some for Pepfar. Details have not been made public. Meanwhile, the US Supreme Court put a short-term pause on the lower court’s order to immediately pay the money already owed.
The impact
The impact has been immediate. People on HIV treatment could not pick up additional medicine, leading to treatment interruption. Pepfar-funded health services had to turn away patients. Health workers supported by Pepfar, among them 40,000 in Kenya, could no longer be paid.
Many organisations that relied on Pepfar funds also had to lay off staff. Community groups have been affected and many have suspended their services entirely.
It remains unclear what the future holds – how severe the cuts will be, and to what programmes. In the near term, much depends on the courts and whether the administration implements court orders, as it has yet to do. In the longer term, Congress could seek to resume Pepfar to its former strength, though this would mean acting against the administration’s wishes. Even then, it is not clear whether the administration would spend the money allocated, and the damage already done to Pepfar programmes and trust in the US government will not be repaired quickly.
Pepfar is currently funded at US$7.5 billion annually. It accounts for over 10% of all US foreign assistance and over half of US global health assistance.
The separate Pepfar waiver suggests the deepest support for Pepfar is for HIV treatment programmes, as well as others meant to be protected under the waiver. Barring vast cuts to foreign assistance and Pepfar, these programmes are most likely to be at least spared, though the administration has terminated even some grants that had been covered by the waiver.
Other Pepfar programmes, particularly with respect to HIV prevention, are most vulnerable.
Rethinking priorities
The vulnerability of different African countries to Pepfar cuts varies widely. Some fund most of their own HIV programmes. South Africa’s HIV programmes are 74% domestically funded, with the balance coming from Pepfar (17%) and the Global Fund (7%).
But Pepfar funding accounts for about 90% of all HIV funding in Tanzania and Côte d’Ivoire, and more than half of HIV medicines purchased for the Democratic Republic of Congo, Mozambique and Zambia are purchased by the US.
If there are significant Pepfar funding cuts, it is doubtful that other wealthy countries will be able to compensate. And because the US, through Pepfar, is the largest contributor to the Global Fund, it is unlikely that the Global Fund could fill the gap either.
Under these circumstances, unless countries increase their domestic HIV spending, the dramatic progress in combating HIV/Aids in Africa could begin to become undone.
The conversation in Africa must focus on ending reliance on foreign assistance and developing resilient financing mechanisms to continue the fight to end Aids.
Lawrence O. Gostin is Director of the WHO Collaborating Center on Global Health Law
Eric Friedman and Sarah Wetter do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Specialists from the Company’s subsidiaries became winners of the XXV All-Russian competition “Engineer of the Year – 2024” in the nominations “Professional Engineers” and “Engineering Art of the Young”.
Leading engineer of Vostsibneftegaz Alexander Nigay developed and implemented into production a portable acoustic chamber for testing ultrasonic gas flow meters and a galvanometric tape measure for reliable measurement of the level of bottom water in steel tanks. He actively implements additive technologies into the production process. Alexander is the author of 30 scientific publications and one Russian patent.
Head of drilling projects at Samaraneftegaz Alexey Khramtsov is involved in the development of natural bitumen deposits in the north of the Samara Region. He has developed three rationalization proposals related to the use of alternative wellhead equipment, marker diagnostics, and the reduction of capital investments in well development. He is the author of four scientific publications, including one Russian patent for a software component.
Dmitry Narushev, supervisor of Samaraneftegaz, has implemented 32 rationalization proposals for improving well repair technologies. He oversees the implementation of new equipment and technologies in production. He is the author of two scientific publications, including one Russian patent for a utility model.
Anna Mamurova, a chemist at ANHK, is involved in monitoring the state of atmospheric air in Angarsk, is a mentor for young specialists, and teaches at the Inter-Industry Training Center. She has developed 15 new laboratory control methods. All of them have passed metrological certification and state expertise and are successfully used in the company’s activities.
The winner of the competition for participants under 30 was Mikhail Klochkov, leading engineer of RN-Vankor. Mikhail regularly wins scientific conferences at the regional, all-Russian and international levels. Following the results of the Interregional Scientific and Technical Conference of Young Specialists of Rosneft, his solution for autonomous power supply of remote well clusters was recommended for implementation, which will allow the development of oil and gas infrastructure in remote regions.
Another winner of the competition in the category “Engineering Art of the Young” was Anastasia Mikhailova, an employee of the Company’s scientific institute in Samara. At the scientific institute, she is engaged in the development and implementation of projects aimed at environmental protection.
Alexander Lenskikh, an engineer at Slavneft-Krasnoyarskneftegaz, has published scientific papers and a patent for the invention of a device for cleaning the cavity of a pipeline. Alexander is a multiple winner of industry scientific and technical conferences and engineering championships.
Rosneft is a leader in the field of high-quality modernization and innovative changes in the Russian oil and gas industry. The Company’s efforts are aimed at developing the intellectual and technological potential of the industry based on the strong foundation of the Russian oil and gas school. The Company creates conditions for maximum involvement in innovative, research and project activities. Rosneft employees regularly participate in corporate scientific and technical conferences, as well as in regional and all-Russian competitions.
Reference:
The “Engineer of the Year” competition is held with the support of the Government of the Russian Federation. The winners are awarded the title of Laureate of the competition and are presented with diplomas, commemorative medals, certificates and silver badges “Professional Engineer of Russia”.
Department of Information and Advertising of PJSC NK Rosneft March 4, 2025
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.
BAWAG Group today hosts its second Investor Day following our IPO in October 2017. After over seven years as a public company, we are taking stock on what we have achieved to date and more importantly focusing on how we have positioned our franchise for growth. Following our transformation over the past decade, BAWAG Group today ranks among the most profitable and efficient banks in Europe, with the financial strength to support our customers and local communities.
We have already delivered all our medium-term financial targets laid out in 2021. The team takes a great deal of pride in delivering on our commitments, but we also recognize there is much more ahead.
For our Investor Day, we are outlining a new set of medium-term financial targets. By 2027, we plan to generate over €2.7 billion net profit from 2025 through 2027, with net profit of > €1 billion in 2027. We also plan to generate over €1 billion in excess capital, after accounting for a 55% dividend payout ratio, which we hope to deploy towards incremental organic growth above our stated net profit target, further M&A, and/or capital distributions. As we have done in the past, we will assess our capital position at the end of each year and communicate distributions according to our capital distribution framework. We are targeting to deliver a return on tangible common equity (RoTCE) > 20% across all cycles and plan to achieve a cost-income ratio (CIR) < 33% by 2027.
“This past year we delivered a return on tangible common equity of 26% and have averaged 18% over the last 13 years, which included 8 years of zero or negative rates, of which we underearned as a franchise. After delivering a record year in 2024 and closing two transformative acquisitions, BAWAG Group stands as one of the best performing European banks, an achievement that has been years in the making and a tremendous source of pride for our team.
However, our best years lie ahead. Our goal is ‘1+1’ in 2027: We are targeting net profit > €1 billion in 2027 while also generating excess capital > €1 billion through 2027. The resilience of our franchise lies in our ability to deliver results across all cycles as we are built for all seasons. Going forward we will be able to deliver continued positive operating leverage with significant revenue growth while keeping our cost discipline. Our approach is consistent: focus on the things you control, be patient and disciplined, keep a conservative risk appetite, be good stewards of capital, and build the right culture. Our team is focused on delivering on our commitments and deeply committed to the long-term success of the franchise”, comments Anas Abuzaakouk, CEO of BAWAG Group.
The presentation is available on our website www.bawaggroup.com and the webcast will start at 3pm CET.
About BAWAG Group
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need. BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.
Forward looking statement
This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.
Steve Hughes, Chief Executive of Plymouth City Centre Company and Cllr Tudor Evans, Leader of the Council
The first of 169 new trees destined for Armada Way have been planted in the ground as the regeneration continues to progress at pace.
Three silver limes have been anchored today and six cockspur hawthorns and 10 double crimson hawthorns will be arriving in the next few weeks to be planted between existing single rows of trees on both sides of Zone 1a – near the Copthorne Hotel.
A second row is being created on each side to create the avenue of trees that will line either side of this important city centre street.
Tree pits, a metre deep, had already been dug in readiness and ground workers will backfill the planted trees with soil that’s good for tree root growth and topsoil.
Council leader Tudor Evans OBE said: “We wanted to mark this moment – it is a big deal. “Anyone who has been in the city centre recently will know that the scheme is cracking on at an incredible pace. There’s a lot still to do but this marks the start of the re-greening of Armada Way.”
City Centre manager Steve Hughes added: “We know that companies are in conversation about sites in the city centre as a direct result of the recently completed work on Old Town Street.
“We also know that investors are keeping a watching eye on this scheme. We are aware there’s a bit of pain for some traders – but long term there’s a lot to be gained. This project will be transformational.”
Trees are semi mature on arrival and because of their height, will be put into position by mechanical excavators for planting.
A bit more about the trees:
Silver limes – very suitable for inner city planting near surface infrastructure – 6.5 metres on arrival
Cockspur hawthorns – good for urban and coastal planting, tolerant of air pollution and does well in very wet and dry soil. Measuring around 4.5 metres when planted
Double crimson hawthorns – resilient and thrive in nearly all locations, a fantastic flower display in May. Measuring five metres when planted.
Public urged to reduce their electrical waste to mark NI Repair Week
4 March 2025
Derry City and Strabane District Council and Repair and Share Foyle are highlighting ways to repair household electrical items and keep them out of landfill as part of NI Repair Week.
Events, workshops and tutorials are being hosted across Northern Ireland to celebrate Repair Week from March 3rd to 9th and encourage people to consider repairing their old items and learning the skills needed to do it.
Locally, a repair cafe will be held this weekend at the Repair and Share Foyle Headquarters in Rathmore Business Park.
A successful repair café event also took place at the weekend in Strabane’s Fountain Centre.
Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi-Barr, urged the public to consider ways they can reduce their own electrical waste.
“Electrical waste is the fastest growing waste stream in the world,” she noted. “Many household items such as handheld fans, electric toothbrushes, smart phones, TVs and white goods are presenting longevity and repairability challenges.
“Many of these items can be repaired or used for parts which keeps them in use for longer rather than committing them to landfill.
“The workshops being hosted locally this week are an opportunity to learn more about safely repairing some of those items which can benefit the environment and your pocket by saving you money on purchasing replacement items.”
Repair and Share Foyle launched their first repair café in 2022 and are led almost entirely by volunteers.
They have embraced waste head on by sharing skills and resources in the community, including the North West’s first tools and equipment library the ‘Library of Things’.
The group accept donations of small working household electricals for their ‘rehome your electricals’ campaign and encourage community groups to sign up as redistribution partners.
In addition to small household electricals, Repair and Share Foyle’s in-house ‘Laptop Doctors’ have been collecting unwanted laptops from drop-off points across the district.
The laptops are professionally wiped of data before being given a new lease of life and a new battery or charger.
Caroline McGuinness-Brooks, Managing Director, explained more about their service: “If you or someone in your community is in need of say a kettle, a lamp, a hoover, your local community organisation can make a request to us for a donation of such an item if we have it in stock,” she said.
“Anything with a plug, battery, or cable can and should be recycled.
“Donated items can be dropped off to our workshop at the RathMor Business Park Monday through to Saturday or during Repair Café events.”
To learn more and stay up to date with Repair and Share Foyle, you can subscribe to their e-newsletter via their website at linktr.ee/repairandsharefoyle
The Repair Cafe will take place this Saturday March 8th at Repair and Share’s premises in Rathmore from 10.30am to 12.30pm.
Items that can be fixed include small household electricals, laptops, textiles and leather, toys, sewing machines and small pieces of furniture.
Unwanted laptops can be dropped off at the Foyle Hospice Furniture Outlet, the Guildhall, Eglinton Community Centre, Waterside Shared Village, Strahans Road Recycling Centre and the Alley Theatre.
Full details about how NI Repair Week is being marked locally are available at derrystrabane.com/repair.
SAN JOSE, Calif., March 04, 2025 (GLOBE NEWSWIRE) — Atsign, the originator of security through invisibility, today announced a groundbreaking solution that delivers secure, global access to locally running AI models, without exposing them to the public internet. This innovation, integrating with platforms like Ollama and popular LLMs such as DeepSeek, Mistral, Llama, and Gemma, empowers people to harness the full potential of AI from anywhere, while maintaining privacy and control.
Building on the success of its invisible cloud deployments on Google Cloud Platform and Oracle Cloud Infrastructure, Atsign is now extending its approach to AI security. Using Atsign’s NoPorts, organizations and individuals can create direct, peer-to-peer connections to their home, office, or private cloud based AI models, without having to know its IP address and eliminating the need for port forwarding. This means authorized people, entities, and things gain secure, remote access without the risk of public exposure.
“The AI revolution should be personal and private,” said Colin Constable, CTO at Atsign. “With NoPorts, people and organizations can now enjoy the power of private AI models without compromising their data or exposing their systems to vulnerabilities. We’re making AI truly accessible on your terms while making it invisible to prying eyes.”
Key Benefits
Enhanced Privacy and Security – AI models remain invisible to bad actors on the public internet, and direct, peer-to-peer connections eliminate the risk of unauthorized access and data breaches.
Global Accessibility – Access your AI models from anywhere in the world, without the complexities of VPNs, port forwarding or public IP addresses.
Seamless Integration – Works effortlessly with Ollama and popular AI models like DeepSeek, Mistral, Llama 2, and Gemma.
Complete Control – Maintain full ownership and control over data and AI models.
Atsign’s technology eliminates the need for exposing sensitive local resources to the public internet, offering a paradigm shift in how humans interact with AI models and other services. This innovative approach ensures that humans can leverage the power of private AI models without sacrificing security or privacy.
“We are committed to empowering individuals and organizations with secure and private access to their digital resources,” added Constable. “Our solution for private AI Models is another step towards realizing our vision of an internet where privacy is the default.”
About Atsign
Atsign specializes in embedded security technology infrastructure, software solutions, and SDKs. The company is providing the technology for the next generation of the Internet with simplicity, security, and privacy built in. Atsign’s products are based on the promise of a new approach to networking using public key cryptography and personal data services. Learn more at Atsign.com.
About NoPorts
NoPorts simplifies and secures remote access. With a zero trust architecture, end-to-end encryption ensuring data privacy, and the elimination of network attack surfaces, NoPorts offers the most secure tunnel for remote access. NoPorts empowers businesses to achieve greater operational efficiency, improved scalability, and enhanced security—all while reducing costs and complexity. Learn more at NoPorts.com.
Media Contact:
Scott Hetherington Atsign Scott@Atsign.com 844-827-0985
CHICAGO, March 04, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today reported net income of $17.1 million for the year ended December 31, 2024, compared to net income of $16.1 million for the year ended December 31, 2023. The Company recorded earnings per share of $3.91 for 2024 as compared to earnings of $3.69 per share for the year ended December 31, 2023.
At December 31, 2024, total assets were $2.208 billion, an increase of $66 million, or 3%, compared to $2.142 billion at December 31, 2023. Total loans decreased by $19.3 million, to $1.405 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $30.0 million, or 2%, to $1.740 billion compared to $1.710 billion at the end of 2023.
Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the increase in consolidated earnings was a higher level of realized and unrealized gains on the Company’s equity portfolio in 2024. The increase in realized and unrealized gains on the Company’s equity portfolio was partially offset by a decrease in net interest income and an increase in provision for credit losses.”
Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.
Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Marquette National Corporation and Subsidiaries
Financial Highlights
(Unaudited)
(in thousands, except share and per share data)
Balance Sheet
12/31/24
12/31/23
Percent Change
Total assets
$2,207,663
$2,142,039
3
%
Total loans, net
1,390,799
1,410,345
-1
%
Total deposits
1,739,799
1,709,750
2
%
Total stockholders’ equity
173,579
159,053
9
%
Shares outstanding
4,367,477
4,381,162
0
%
Book value per share
$39.74
$36.30
9
%
Tangible book value per share
$31.65
$28.24
12
%
Operating Results
Year Ended December 31,
Percent Change
2024
2023
Net Interest income
$45,032
$48,654
-7
%
Provision for credit losses
3,700
2,619
41
%
Realized securities gains (losses), net
1,947
(662
)
*
Unrealized holding gains on equity securities and exchange traded funds
MAHWAH, N.J., March 04, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it is holding its Hackers Challenge on March 13, 2025, in Lima, Peru at the Westin Lima Hotel and Convention Center. The flagship event, which brings together global security and technology experts from the private and public sector, will combine learning, collaboration and innovation to help companies solve their most pressing cybersecurity issues.
According to Piero Garmendia, Radware’s regional manager for the South of Latin America region, “Radware’s Hackers Challenge offers organizations a unique opportunity to watch hackers in live action and then apply that learning in strengthening their own cyber defense strategies. We are convinced the simulation will serve as a key platform to inspire ideas and prepare security professionals for the cyber challenges of the future.”
During the event, hackers will go head-to-head with Radware’s security experts and web application and API protection defenses, trying to breach protected web applications by circumventing tools designed to block their malicious attempts. While witnessing the hackers’ techniques, the live audience will learn corresponding protection strategies.
In addition, participants will learn how artificial intelligence can be used to manage security vulnerabilities across corporate networks. They also will get firsthand insights from a panel of cybersecurity and digital transformation experts representing government offices and leading financial institutions from Peru as well as an international embassy.
“In a world that is becoming more inter-connected, cybersecurity is a fundamental pillar for progress,” said Arie Simchis, Radware’s regional director in Latin America. “Our event reflects Radware’s leadership and ongoing commitment to cybersecurity innovation in the region. Operating for nearly 20 years in Latin America, we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region.”
Radware’s Latin American presence spans Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Mexico, Panama, and Peru. In addition, the company has cloud security service centers in Chile and Brazil. The Latin American facilities are part of Radware’s worldwide network of over 50 cloud security service centers, which offer a combined mitigation capacity of 15Tbps. The company plans to continue to grow its global footprint, opening more cloud security service centers in 2025.
Visit Radware’s Hackers Challenge website for more information.
About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively;a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing businessin countries with a history of corruption or with foreign governments;changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website atwww.radware.com.
Aktsiaselts Infortar holds a 90% shareholding in the subsidiary OÜ INF Saue, which owns a property located at Saue tee 10 in Laagri, covering an area of 76,879 m².
OÜ INF Saue, as the lessor, has entered into a long-term lease agreement with Rimi Eesti Foods AS, under which the lessor has developed a logistics centre on the property with a net area of 24,745 m². The building was constructed by OÜ INF Ehitus and developed by Infortar, the building has now been handed over to the tenant, Rimi Eesti Foods AS.
Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Specialists from the Company’s Moscow scientific institute, in collaboration with the Geophysical Center of the Russian Academy of Sciences, have created a geomagnetic model* that allows for high-precision control of the well trajectory during drilling.
The use of innovative development is especially relevant in areas with an abnormal geomagnetic field, where accumulations of rocks distort the Earth’s magnetic field. Without taking into account the distortions, it is impossible to correctly determine the position of the borehole for drilling.
The model created by scientists allows obtaining geomagnetic data with a detail of 38 km. This is one of the highest resolutions in the world.
The reliability of the forecast is confirmed by the results of actual instrumental observations at the Priobskoye and Prirazlomnoye fields of Rosneft in Western Siberia. In addition, the criteria for applicability in various territories have been clarified.
Development of knowledge-intensive potential is one of the key elements of the Rosneft-2030 strategy. The company prioritizes innovation activities, defining technological leadership as a key factor in competitiveness in the oil market.
*The geomagnetic model is a mathematical description of the Earth’s magnetic field
Department of Information and Advertising of PJSC NK Rosneft March 4, 2025
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.
Any pet owner who has been told their animal has cancer knows the two emotions: anxiety for the beloved pet’s life, and hope for an effective treatment. “Many people consider their dogs and cats members of the family,” says Food and Drug Administration veterinarian Lisa Troutman. “Just as the FDA reviews drugs for humans for safety and effectiveness before they can go on the market, the agency does the same for treatments for animals.” Take, for instance, cancer, which accounts for almost half of the deaths of pets over 10 years of age. Although pets of any age can have cancer, the longer they live, the greater the likelihood of developing it. Dogs get cancer at roughly the same rate as humans. “Pets are living longer because of preventative health care. And we’re able to diagnose cancers earlier. As a result there is an increased need for better cancer treatments,” Troutman notes. Until very recently, the only drugs available to treat cancer in animals were those approved for use in humans. But in the last few years, veterinary drug sponsors (the pharmaceutical companies developing the drugs) have brought to market treatments meant specifically for animals. Troutman explains, “the FDA works closely with these companies to discuss how they can demonstrate that their innovative veterinary drugs are safe and effective, and to address questions that arise while working toward approval of their drug.” FDA Evaluates Safety and Effectiveness of Medicines To evaluate the safety of any new veterinary drug, companies typically conduct a study in a small number of healthy animals in the same species that the drug is intended for. For example, if the drug is for dogs, it will be tried first in healthy dogs. The findings help the veterinarian anticipate potential side effects when the drug is used to treat a patient and help minimize adverse events that might affect the pet’s quality of life. Companies also must show in controlled studies that the drug works — that it is effective when used according to the label. For example, for a drug intended for a particular kind of cancer, companies typically run a clinical trial at multiple animal hospitals where pets are being treated for that cancer. In these studies, the patients may receive either the drug being studied or a control. Although the owners and veterinarians are aware that their pets and patients could receive either the experimental drug or the control — a placebo — they don’t know which treatment they actually get. In either case, owners have the option to drop out of a study at any time. When the goal is to treat a form of cancer that affects smaller numbers of animals, drug companies can use a pathway called conditional approval to bring drug treatments to market more quickly. Conditional approval allows a company to make its drug available to patients after proving the drug fully meets the FDA standard for safety and showing that there is a reasonable expectation that the drug is effective for the intended purpose. “Often small exploratory studies are conducted to support a reasonable expectation of effectiveness,” Troutman says. Conditional approvals have both pros and cons. On the plus side, they allow veterinary drug sponsors to provide patients quicker access to innovative treatments without waiting for the development of “substantial evidence” of effectiveness that would satisfy the requirement for a full approval. “On the other hand, because the studies used to support a reasonable expectation of effectiveness are small, the drugs may not turn out to be effective when they are used in greater numbers of animals,” Troutman says. The FDA may allow, through annual renewals, the conditionally-approved products to stay on the market for up to five years while the company collects the remaining effectiveness data required to support a new animal drug application for full approval. Conditional approval automatically expires at the end of five years and the drug is removed from the market if the company has not fully demonstrated that the drug is effective. FDA-Approved Drugs for Cancer in Dogs Troutman says that sponsors are continuing to develop innovative treatments for different types of cancer in dogs. “We’re looking at therapies that are more targeted now,” she says. Scientists are identifying proteins or other substances unique to cancer cells and developing treatments that target those substances without harming healthy cells. Currently, three drugs are approved, and another drug is conditionally approved to treat cancer in dogs:
Palladia (toceranib phosphate), to treat mast cell tumors, was approved in 2009; Stelfonta (tigilanol tiglate injection), to treat mast cell tumors, was approved in 2020; Tanovea-CA1 (rabacfosadine for injection), to treat lymphoma, conditionally approved in 2016 and fully approved in 2021; and Laverdia-CA1 (verdinexor tablets), to treat lymphoma, conditionally approved in 2021
To date, there are no FDA-approved treatments for cancer in cats. Most cancer treatments for dogs and cats use drugs the FDA has approved for use in humans. What are the Warning Signs? The warning signs of cancer in dogs are similar to those in people, Troutman says: a lump or bump, a wound that doesn’t heal, any kind of swelling, abnormal bleeding. But generally, a pet owner should keep an eye out for what Troutman calls “the basics —changes in the normal functions of eating, drinking, peeing, pooping and sleeping — and contact their veterinarian if they have concerns. “Emotional state, such as being withdrawn and irritable, can be another sign,” she says. Both general veterinary practitioners and veterinary oncologists, as well as other specialists, treat cancer in cats and dogs. In general, veterinary practitioners work with veterinary oncologists to provide the diagnosis and the follow-up care for the pet during treatment, which may include blood work and imaging, such as x-rays or ultrasound examinations, to monitor the animal’s progress. There’s a fundamental difference between treating cancer in pets versus people. “Side effects from cancer treatment are usually fewer than those seen in people, and veterinarians work very hard to manage those side effects and maintain quality of life,” Troutman says. “There are even drugs that have been brought to market with the intent of managing common side effects, like vomiting or lack of appetite.” Questions to Ask Your Veterinarian Questions that pet owners may want to ask their veterinarian and veterinary oncologist when their pet has been diagnosed with cancer include:
What treatments are available? What is the prognosis with each treatment? What are the side effects of each treatment and how will they affect my pet’s quality of life? How long will I need to treat my pet? Will this treatment cure my pet’s cancer? Will it make him more comfortable? What is the cost of each treatment? How many visits back to the veterinarian are needed?
Pet owners who want to investigate clinical trials for their animal can go to the American Veterinary Medicine Association website. back to top
Español Multivitamins, vitamin D, echinacea, and fish oil are among the many dietary supplements lining store shelves or available online. Perhaps you already take a supplement or are thinking about using one. Dietary supplements can be beneficial to your health, but they can also involve health risks. So, it’s important that you talk with a health care professional to help you decide if a supplement is right for you. Read on to learn what dietary supplements are, are not, what role the U.S. Food and Drug Administration has in regulating them, and how to make sure you and your family use supplements safely. What Are Dietary Supplements? Dietary supplements are intended to add to or supplement the diet and are different from conventional food. Generally, to the extent a product is intended to treat, diagnose, cure, or prevent diseases, it is a drug, even if it is labeled as a dietary supplement. Supplements are ingested and come in many forms, including tablets, capsules, soft gels, gel caps, powders, bars, gummies, and liquids. Common supplements include:
Vitamins: such as multivitamins or individual vitamins like vitamin D and biotin Minerals: such as calcium, magnesium, and iron Botanicals or herbs: such as echinacea and ginger Botanical compounds: such as caffeine and curcumin Amino acids: such as tryptophan and glutamine Live microbials: commonly referred to as “probiotics”
What Are the Benefits of Dietary Supplements? Dietary supplements can help you improve or maintain your overall health, and supplements can also help you meet your daily requirements of essential nutrients. For example, calcium and vitamin D can help build strong bones, and fiber can help to maintain bowel regularity. While the benefits of some supplements are well established, other supplements need more study. Also, keep in mind that supplements should not take the place of the variety of foods that are important for a healthy diet. What Are the Risks of Dietary Supplements? Before buying or taking a dietary supplement, talk with a health care professional—such as your doctor, nurse, registered dietician, or pharmacist—about the benefits and risks. Many supplements contain ingredients that can have strong effects in the body. Additionally, some supplements can interact with medications, interfere with lab tests, or have dangerous effects during surgery. Your health care professional can help you decide what supplement, if any, is right for you. When taking dietary supplements, be alert to the possibility of a bad reaction or side effect, also known as an adverse event. Problems can occur especially if you:
If you experience an adverse event while taking a dietary supplement, immediately stop using the supplement, seek medical care or advice, and report the adverse event to the FDA. How Are Dietary Supplements Regulated? The Law The Federal Food, Drug, and Cosmetic Act was amended in 1994 by the Dietary Supplement Health and Education Act, often referred to as DSHEA, which defined “dietary supplement” and set out the FDA’s authority regarding such products. Under existing law:
The FDA does NOT have the authority to approve dietary supplements for safety and effectiveness, or to approve their labeling, before the supplements are sold to the public. Under the FD&C Act, it is the responsibility of dietary supplement companies to ensure their products meet the safety standards for dietary supplements and are not otherwise in violation of the law. Dietary supplement labels are required to have nutrition information in the form of a Supplement Facts label that includes the serving size, the number of servings per container, a listing of all dietary ingredients in the product, and the amount per serving of those ingredients. They also must have a statement on the front of the product identifying it as a “dietary supplement” or similar descriptive term, e.g., “herbal supplement” or “calcium supplement”.
In general, even if a product is labeled as a dietary supplement, a product intended to treat, prevent, cure, or alleviate the symptoms of a disease is a drug, and subject to all requirements that apply to drugs. The FDA’s Role and Actions to Help Keep You Safe Even though the FDA does not approve dietary supplements, there are roles for the agency in regulating them.
Since companies can often introduce a dietary supplement to the market without notifying the FDA, the agency’s role in regulating supplements primarily begins after the product enters the marketplace. The FDA periodically inspects dietary supplement manufacturing facilities to verify companies are meeting applicable manufacturing and labeling requirements. The FDA also reviews product labels and other labeling information, including websites, to ensure products are appropriately labeled and that they do not include claims that may render the products drugs, e.g., claims to treat, diagnose, cure, or prevent diseases. The FDA monitors adverse event reports submitted by dietary supplement companies, health care professionals, and consumers as well as other product complaints for valuable information about the safety of products once they are on the market. If a product is found to be unsafe or doesn’t otherwise comply with the law, the FDA can:
Work with the company to bring the product into compliance. Ask the company to voluntarily recall the product. Take action to remove a dangerous product from the market.
Tips to Be a Safe and Informed Consumer Before taking a dietary supplement, talk with your health care professional. They can help you decide which supplements, if any, are right for you. You can also contact the manufacturer for information about the product.
Take only as described on the label. Some ingredients and products can be harmful when consumed in high amounts, when taken for a long time, or when used in combination with certain drugs or foods. Do not substitute a dietary supplement for a prescription medicine or for the variety of foods important to a healthy diet. Do not assume that the term “natural” to describe a product ensures that it is safe. Be wary of hype. Sound health advice is generally based upon research over time, not a single study. Learn to spot false claims. If something sounds too good to be true, it probably is.
Why Is It Important to Report an Adverse Event? If you experience adverse event, also known as a side effect or bad reaction, the FDA encourages both you and your health care professional to report the adverse event to the FDA. You can help the FDA, yourself, and other consumers by reporting an adverse event. A single adverse event report can help us identify a potentially dangerous product and possibly remove it from the market. For a list of potential serious reactions to watch for, and to learn how to report an adverse event, please see the FDA’s webpage, How to Report a Problem with Dietary Supplements. Adverse events can also be reported to the product’s manufacturer or distributor through the address or phone number listed on the product’s label. Dietary supplement firms are required to report serious adverse events they receive about their dietary supplements to the FDA within 15 days. As a part of FDA modernization efforts for field operations, all of our Centers now directly receive reports of problems or adverse reactions with FDA-regulated products. Please direct concerns to the appropriate FDA center by visiting our SmartHub webpage, which will guide you to the appropriate webform or phone number. If you are not able to use the SmartHub, you may also call 1-888-INFO-FDA and follow the prompts to report a problem. If you require the use of a Relay Service, please call the Federal Relay Services at 800-877-8339. This is a toll-free relay service to call federal agencies from TTY devices. NOTE: The ORA consumer complaint coordinator telephone numbers previously available are no longer in use. Additional Resources:
DCCA NEWS RELEASE: DCCA TO HOST NATIONAL CONSUMER PROTECTION WEEK FAIR
Posted on Mar 3, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA OHAWAIʻI
DEPARTMENT OF COMMERCE AND CONSUMERAFFAIRS
KA ʻOIHANA PILIKĀLEPA
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
NADINE Y. ANDO
DIRECTOR
KA LUNA HOʻOKELE
DCCA TO HOST NATIONAL CONSUMER PROTECTION WEEK FAIR
Annual Event Brings Together Dozens of Organizations
FOR IMMEDIATERELEASE
March 3, 2025
HONOLULU — National Consumer Protection Week (NCPW) starts today, March 3, 2025, and serves as a significant annual event dedicated to raising awareness about consumer rights and educating the public on avoiding frauds and scams. The Department of Commerce and Consumer Affairs (DCCA) will commemorate NCPW by hosting a free Consumer Protection Fair from 11:00 a.m. to1:30p.m.on Thursday, March 6 on the fourth floor of the State Capitol at 415 South Beretania Street. Metered parking is available for the public.
“Consumer awareness is the first line of defense against fraud and exploitation. As we commemorate National Consumer Protection Week through our annual fair, the DCCA remains committed to providing the public with the resources and support necessary to navigate the complexities of today’s marketplace,” said DCCA Director Nadine Ando.
Organizations participating in the National Consumer Protection Week Fair on Thursday, March 6, include:
Better Business Bureau
Blood Bank of Hawai‘i
Elderly Affairs Division – City and County of Honolulu
Tax Relief Section – City and County of Honolulu
Real Property Assessment Division – City and County of Honolulu
Executive Office on Aging – Senior Medicare Patrol (SMP)
Hawai‘i Credit Union League
Hawai‘i Emergency Management Agency (HIEMA)
Hawai‘i Family Caregiver Coalition
Hawai‘i HomeOwnership Center
Hawai‘i Pacific University
Hawai‘i State Health Insurance Assistance Program (Hawai‘i SHIP)
Hawaiian Community Assets
Hawaiian Electric Co.
HMSA
Honolulu Fire Department – City and County of Honolulu
IRS – Taxpayer Advocate Service
Long-Term Care Ombudsman Program – State of Hawai‘i
Neighborhood Commission Office
911 Board – State of Hawai‘i
Dept. of Taxation – State of Hawai‘i
Public Utilities Commission – State of Hawai‘i
Mediation Center of the Pacific
U.S. Attorney’s Office – District of Hawai‘i
The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA)
Business Action Center
Investor Education Program
Consumer Education Program
Division of Financial Institutions
Insurance Division
Office of Consumer Protection
Personnel Office
Public Utilities Commission
Real Estate Branch
Regulated Industries Complaints Office – Consumer Resource Center
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Media Contact:
Communications Office Department of Commerce and Consumer Affairs
Thanks to the Alliance for Innovative Regulation for organizing this event and for bringing together banks, fintechs, and regulators to collaborate and foster responsible innovation.1
Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. Innovation can make financial products and services better, cheaper, and safer. It can make banking accessible to more consumers, advancing financial inclusion. It can modernize our financial infrastructures, creating efficiencies and providing new tools for banks to manage risk.
Innovation also comes with risks that need to be managed responsibly. Responsible innovation is in everyone’s interest. Consumers want the benefits of innovation through products and services they can trust. Banks have an interest in managing the complexities of innovation responsibly, ensuring that they recognize new and evolving risks to safety and soundness, follow relevant laws, and protect and serve their customers. Fintechs often play a key role in offering products and services that allow banks to meet these needs. And regulators and supervisors should develop regulatory and supervisory frameworks that allow banks to clearly understand and manage the risks associated with innovative activities. To achieve that, regulators should provide ongoing transparency and clarity on our approach.
Today, I’d like to share how the Federal Reserve’s Novel Activities Supervision Program, launched in the summer of 2023, plays an important role in supporting responsible innovation at our supervised institutions.2 Prior to this program, the Federal Reserve established temporary working groups and task forces to better understand evolving technologies to inform supervision. Ultimately, though, we determined we needed a dedicated supervisory function for novel activities. There were a number of factors driving that decision that guided how we designed the Program.
First, we understood that the pace of innovation was rapid. And we knew there would, of course, be benefits and risks stemming from innovation in the financial system. So we tasked the Novel Program with monitoring and understanding how these innovations and associated novel activities are used in banking and what benefits and risks they would pose. We gave them the mandate to keep up with the expertise related to use of new technologies and to employ new tools and data analytics in supervision. We invested time and research in understanding new technologies and businesses because we understood the importance of allowing innovation in the sector and avoiding excessively rigid stances on risk that don’t take into account the potential to make advancements in the sector and economy that benefit all of society.
Second, we recognized that many financial institutions across the country are exploring and using many of the same technologies and similar novel business models. We felt it was important to create a coordinated approach to supervising novel activities across the Federal Reserve System. We initially identified two dozen firms, including firms of all sizes, for supervision by the Novel Activities Program. Firms are added or removed from the Program based on their engagement in novel activities. The supervisory program is designed to build a broad-based perspective of novel activities, the benefits and risks, and how those risks are managed. In this way, the Novel Program helps to enable similar supervision of similar risks, in a manner that reflects our current understanding of those activities in a variety of contexts.
Third, while the technologies and products used by banks may be similar, their application and thus the benefits and risks may vary across business models. We understand the importance of tiering supervision to the type, extent, and level of risk posed by the novel activities and varied business models of supervised institutions and not imposing undue burden on firms. The Novel Activities Program employs a risk-based approach to supervision-meaning that the intensity of supervision is commensurate with the risk and scale of the activity. There is no one-size-fits-all model. Experts from the Novel team join the traditional supervisory teams that banks are used to working with on a regular basis, so there is no disruption or change in how we engage with banks. The Program is dynamic. As a bank changes its activities in this space, the rigor of the supervision similarly changes.3
The Novel Activities Program serves as a central point of expertise on new and innovative activities, supporting coordinated and risk-based supervision, and facilitating collaboration and communication between supervisors and stakeholders, all of whom contribute to supporting responsible innovation.
Next, let me speak to two important principles in our Novel Program-clarity and collaboration.
Clarity
Starting with clarity: for banks beginning to explore new technologies, supervisors should engage early in the process to understand the technology and the risks and provide a clear sense of their expectations along the way. Engagement allows for banks and their supervisors to share perspectives on effective risk management practices and the application of new technologies. Early and open dialogue creates opportunities for supervisors to provide feedback to banks on necessary risk management frameworks early on in their innovation process and to have an open dialogue that builds trust as products go to market.
As novel activities become more developed, we can issue guidance, resources, and other types of communications to further disseminate information, gather input, and provide clarity on effective risk management for novel activities. For example, in May 2024, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a guide to assist community banks in developing and implementing third-party risk management practices, which could be a useful resource for banks seeking to engage in novel, technology-based partnerships.4A few months later, the agencies issued a joint statement on arrangements with third parties to deliver bank deposit products and services, which discusses the risks these arrangements can present, offers examples of practices to manage those risks, and reminds banks of existing requirements and supervisory expectations.5There is no-one-size-fits-all approach in how we engage and communicate guidance to our firms, but it is essential that engagement happen to provide clarity to both sides.
I have said it before many times and want to reiterate it here: the Federal Reserve neither prohibits nor discourages banking organizations from providing banking services to customers of any specific class or type, as permitted by law or regulation. It is up to banks to choose their own customers, and not supervisors. That has been and will continue to be our practice. In fact, banks supervised by the Federal Reserve provide material and important services to the crypto-industry. For example, banks supervised by the Fed operate real-time, 24/7 payment platforms that serve as a primary mechanism for companies to exchange dollars to settle crypto-asset transactions. We monitor that activity from both a safety and soundness and financial stability lens, but we do not tell banks to serve or not serve those customers.
Collaboration
Turning to collaboration, the private sector is at the forefront of innovation and that ongoing engagement and collaboration with industry gives supervisors insight into the evolving nature of novel innovations and developments. Insights gathered from supervision, analysis, and monitoring activities, and industry engagement, can identify real improvements to how financial services are delivered to households and businesses and how risks are managed by banks. Collaboration can also reveal areas where we can provide regulatory clarity for banks looking to engage in new activities.
I want to emphasize the importance of hearing from the public through tools like requests for information, or RFIs. The bank regulatory agencies published an interagency RFI on bank-fintech arrangements last July.6 The purpose of the RFI was to build on the agencies’ understanding of these arrangements by soliciting updated input on the nature of bank-fintech arrangements. This included effective risk management practices regarding those arrangements, and the implications of such arrangements for bank risk management, safety and soundness, and compliance with applicable laws and regulations. We were also interested in understanding whether enhancements to existing supervisory guidance would be considered helpful in addressing the risks associated with these types of arrangements. We received over 100 comments. Respondents shared their insights on many topics, including the risks and benefits of these arrangements and how the agencies can bring additional clarity to our supervisory expectations. Some in the banking sector commented that the Novel Activities Program is an example of how cross-team collaboration might deepen an agency’s understanding of technology and innovation. The Federal Reserve and the other agencies are carefully considering the feedback we received as we consider how we can continue to support responsible innovation.
We will continue to invest time and resources learning more about innovative technologies such as distributed ledger technology and bank-fintech partnerships to understand how they may benefit the institutions we supervise and their customers. Moreover, interagency coordination and knowledge-sharing with federal and state regulators and the private sector continue to be critical sources of discussion, engagement, and knowledge-building.
In Closing
In closing, thank you for this opportunity to outline the Fed’s Novel Activities Program, which I believe has already improved the clarity and consistency of our supervision related to innovative technologies and fostered collaboration as banks and supervisors seek to better understand the risks associated with these activities. I believe this approach will support innovation that benefits consumers while supporting safety and soundness. Thank you.
It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view is slightly different than at that time, and I thought it would be a good time to share my thoughts on the critical role community banks play, not only in the U.S. banking system but also as drivers of local and regional economic growth and as anchors of their local communities. I will also explore the responsibility of bank regulators to support community banks.
In a broad and diverse economy, banks of all sizes play an important role in the creation and funding of business and consumer opportunities and investments. Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location. There is little doubt that community banks have an extensive presence across this landscape and that they are essential to the success of the American economy.
No other country in the world enjoys this direct access to and presence of financial services in remote and rural areas. These bankers are members of the community. They are neighbors and friends, and their kids attend local schools and play sports in the local recreational league. The term “relationship” banking has true meaning in this context.
The direct relationships provide an opportunity for bankers to understand the unique financing needs of local businesses and enables them to develop specialized services for specific segments of the local economy, including agriculture and small business lending.2
Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region. I served as one of those community leaders while I was a banker in Council Grove. That experience-whether serving as the President of the local Chamber of Commerce or the Rotary Club-provided a unique view into the local economy. And today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious-especially in today’s regulatory environment-and it is a seven days a week job. Bankers are often “working” while engaged in social activities, attending church or their kids athletic events, and shopping at the grocery store, and I often hear about customers giving a loan payment to their banker in the grocery store or asking about financing terms for the new car they might have their eye on.
Once a policymaker grasps the perspective of community banking from this vantage point, it becomes clear that the regulatory approach is much more complex than necessary to address many small bank issues. A community bank that has no out-of-market customers applying for new accounts likely does not need the same know-your-customer processes as a large or regional bank that opens accounts online and may be more vulnerable to fraud. A community bank can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks that offer a broader range of products and may be exposed to wider range of risks. A number of onerous requirements imposed on community banks seem to reflect an assumption of an indirect and less personal banking relationship.
Public debates about the banking system often feature academics that tend to downplay the significant role of community banks in the financial system. Instead, they imagine a banking system with fewer banks as equally effective in meeting the banking needs of every community throughout the United States. The eight largest U.S. banks hold $15.4 trillion in assets, which is several times larger than the assets controlled by the more than 4,000 community banks in the United States.3But as we all know, aggregate asset size is not an accurate indication of these banks’ importance.
Of course, metrics do not provide the full picture of how relationship-based lending practices drive local economic activity. They ignore that banking has a regional component, where local knowledge and expertise-and a commitment to the local community-can help enable the community to thrive. There is an important place for the largest banks and regional banks in the banking system, but it is a fallacy to assume that the presence of fewer community banks would not have devastating consequences for a number of consumers and businesses. Some community banks serve rural and underserved banking markets and may be the only option for consumers and businesses, especially those that have unique balance sheets or less pristine credit histories. If community banks were to disappear, many communities would be left with few or no alternative options for banking services.
While metrics do not tell the whole story, this is not meant to downplay the importance of data, research, and analysis, all of which assist us in our understanding of the banking system and how that understanding could be improved. Data can help us identify issues that must be addressed or remediated. Data can help us evaluate which elements of the current bank regulatory framework may be effective or ineffective. And data can help regulators update regulations and guidance with a clearer understanding of the intended and unintended consequences.
Over the past 20 years, we have seen the number of community banks continue to decline. Bank consolidation through mergers has contributed to this decline, and de novo bank formation has been largely nonexistent. Many factors have contributed to the bank consolidation trend, including competition from nonbank financial service providers and the ever-increasing regulatory burdens on the community banking model. Many of these same challenges have acted as a deterrent to bankers who have considered pursuing a de novo bank charter. And while many factors influence the health of the community bank model-including the interest rate environment, economic conditions, and alternative sources of competition for credit-we should consider whether there are actions regulators can take to support and ensure the future of community banks.
The Benefits of Experience
One of the biggest barriers to the community bank model is the competition for qualified bank management and staff. Attracting, developing, and retaining future and current bank leadership is a significant challenge. Yet, one of the most important priorities for bank management is to develop the next generation of leadership. Educational programs like this institute, bank and regulator internships, and regional graduate schools of banking can help develop this pipeline of talent to support the industry and supervisory responsibilities. These programs also help regulators recruit the next generation of bank examiners.
Working in my family’s community bank reinforced the mission focus and relationship model of community banking for me. This holds true for many family-owned community banks across the country.
Since we are on the campus of Fort Hays State University today and we have a number of students in the audience, part of my message today is to encourage each of you to consider exploring a career in the financial services industry-including in community banking or with a state or federal banking regulator. Whether that experience becomes a lifelong career or a stepping stone along your path, having experience in banking provides valuable perspective on how local economies function and the importance of access to banking services and financial inclusion. This experience has helped to shape my perspective and approach as the state bank commissioner and as a member of the Board of Governors of the Federal Reserve System.
This experience is also not something that I take for granted-seeing different perspectives empowers me to be a better policymaker. For example, as a bank compliance officer you understand the challenges of ensuring the bank is in compliance with rules and guidance and is prepared for interactions with bank examiners. Further, having this perspective enables a policymaker to approach the process of drafting rules and guidance and relaying supervisory messages in a way that recognizes a need for clarity, efficiency, and simplicity. The outcomes of our work are enhanced by a better understanding of the costs and unintended consequences of getting it wrong.
The Responsibility of Regulators
Overregulation and unnecessary rules and guidance imposed on smaller and community banks create disproportionate burdens on these banks, eventually eroding the viability of the community banking model.
Policymakers and regulators have a responsibility to ensure that the banking and financial systems encourage growth and innovation and foster a strong and growing economy. One of the great strengths of the U.S. banking system is the variety of institutions that meet the needs of consumers and businesses, not only through offering a range of products and services but also by reaching customers throughout the country, including in the most rural and remote locations. Our goal must be to facilitate a banking and regulatory environment that enables banks of all types and sizes to thrive. For community banks, this includes building a better regulatory and supervisory framework to effectively support the unique characteristics of these institutions.
What should that framework look like?
First, it includes thresholds that better reflect risk and business model.
As currently defined, community banks are those with less than $10 billion in assets. The Federal Reserve divides banks into distinct supervisory portfolios that oversee “community,” “regional,” and four categories of larger banks.4 The portfolio approach helps regulators differentiate standards and supervisory focus based on bank characteristics and risks. In theory, it allows examiners to better organize supervisory activities and to provide specialized training to help examiners focus on issues that are most relevant for the institutions being examined. If appropriately executed, this portfolio-based approach should lead to better and more risk-focused supervision, and in turn a safer and more sound banking system.
An organizational structure that better allocates and directs supervisory resources seems like a worthwhile goal, but over time, it becomes clear that there are downsides to this approach. One of these downsides is the static nature of the fixed thresholds defining the categories. Currently, our framework includes fixed thresholds that are not adjusted with economic growth, inflation, or the growth in deposits from unexpected sources and fiscal programs, like those from the COVID era. They also do not account for changed industry dynamics, especially those resulting from a particular bank’s activities or risk profile. In this environment, some firms with stable growth, a static business model, and a straightforward risk profile cross the $10 billion threshold unintentionally, subjecting them to additional regulatory and supervisory requirements that were specifically designed and implemented for larger and more complex firms. Banks approaching the $10 billion threshold often choose to curtail their asset growth to stay below the threshold.
Another significant problem with the current approach-that specifically challenges community banks-is the failure to index and update how a community bank is defined. Given the low fixed-dollar asset thresholds, regulators must focus on ensuring that asset-based benchmarks remain reasonable and appropriate in their work to supervise banks, especially as they apply tailored, but static, supervisory standards. As is the case now, over time, economic growth and inflation have created an environment in which thresholds are inappropriately low.
We also need to implement a better, more timely, transparent, and viable path for all bank regulatory applications. The application process can be a significant obstacle to applications activity, in particular mergers and acquisitions. Applications often experience significant delays between the application filing date and before receiving final regulatory approval. In some cases, even for non-complex transactions, the regulatory approval process has taken more than a year. A healthy banking system is one in which banks can make decisions to merge with peers or acquire new assets or business lines, and one that allows new bank formation, in a reasonable amount of time in accordance with statutory timelines. As the bank applications process has become a barrier to bank merger activity, we have seen credit unions acquiring community banks in record numbers. In the absence of a better functioning bank applications process, institutions will explore other options, including credit union acquisitions.
I think this trend should be a wake up call for regulators to reevaluate our approaches to many areas of our responsibility, but especially whether our applications processes are operating as effectively and efficiently as they should. It is important that the regulatory framework ensures that competition and broader availability of banking services remain a feature of the U.S. banking system.
A necessary approach to solving this is by making targeted improvements to the applications process. If you follow my work, you know that I often discuss how the applications process can be improved.5So I will note some of the important changes that I believe would be a catalyst to returning our bank applications review function to an appropriate processing timeline. These are simply threshold steps that should be easy to accomplish and would be a great start to fundamentally improving the process.
I believe that we should not be complacent when facing excessive and longstanding delays. For bank applications, we must focus our resources and expertise to review and promptly act on all bank applications, to streamline the required forms and procedures, and to provide clear standards for approval.
Bank regulators should be prepared to act promptly on applications, and yet the significant delays in applications processing we see suggests we can do better. The published statistics on applications processing also tell an incomplete story, as they do not reflect the time spent by applicants who withdraw applications before final regulatory action or that simply forgo business opportunities that require an application out of concern that the regulatory approval process is too uncertain and unpredictable.6
Many banks experience these frictions in the applications process firsthand. And judging from the number of bankers that contact me as they experience unexplained and prolonged delays, there is clear need for improvement. Uncertainty regarding the status of the application and an expected timeline for resolution creates challenges in moving forward with related business processes often resulting in costly delays for systems conversions and unhealthy uncertainty among bank staff.
We can certainly learn from the inefficiencies in the current process and leverage these experiences by consulting with banks about these challenges and identifying a clear path to improve the process. One step could be to ensure that our applications teams have access to specialized knowledge required to more effectively approach applications for infrequent activities, like de novo formations. We should ensure that a Reserve Bank has the resources necessary to assist them in making the applications process smooth, and ensuring prompt action is taken on the application.
We also know that the applications process itself can be a significant barrier and has in recent years been used by regulators to delay decisions. While many activities that require regulatory approval rely on common application forms, some bank applications require regulatory approvals from multiple regulators. Even where only one primary federal regulator must act on an application, there may be requirements to solicit views from other regulators, or the need to request additional information from the applicant that was not included in the initial filing forms.
Each additional step in the process can lead to delays and prolonged uncertainty. Without question, there is a better process, and it should start with aligned requirements across the banking agencies, coordinated review processes, and clearer standards for approval.
The standards for approval should be clear to all applicants and consistently applied. This must include transparency not only in approval standards but also in timelines, which are equally critical to banks seeking regulatory approval. Banking applications are not filed without extensive work up front and specific plans in mind. For example, a merger application will include information about the pro forma institution’s management team, geographies to be served in the merged institution’s banking footprint, what products will be offered, and how the application will be consistent with the various statutory approval standards.
If we determine that we consistently need more information to process an application, we should amend the applications form instead of relying on time-consuming additional information requests that extend the decision timeline. And if there are standards we expect applicants to meet-for example, the minimum amount of capital required for a de novo bank formation or an expansionary proposal-we should be clear and transparent about those expectations in advance.
Uncertainty in the standards and timelines for action on bank applications can contribute to a regulatory environment that favors nonbanks. This more favorable treatment includes allowing them to engage in the same activities without the same regulatory burdens, like more favorable tax and regulatory treatment for credit unions and the exemption from Community Reinvestment Act requirements for nonbank financial institutions, again, including credit unions. Why would a new business choose to become a bank if they can avoid the complexities of the banking regulatory framework and still provide similar services?
Tailoring
While these steps-developing a pipeline of future leadership for community banks and promoting a more efficient bank applications process-would help support the community banking system generally, perhaps the most critical feature of the framework that affects community banks is tailoring to address the ongoing burden of compliance.
Tailoring is the term we use in banking to describe an approach to regulation that strives to match regulation and supervision with the size, risk, complexity, and business model of an institution. Tailoring helps us calibrate regulation and supervision to the activities and risks at every tier within our framework, but it is particularly important when we think about its application for smaller and community banks.
Frankly, when you consider the fundamental differences between the largest banks and the smallest, tailoring seems like common sense rather than a distinct regulatory philosophy. But in the absence of industry experience among bank policymakers, the trend over time has been an erosion of tailoring in favor of one-size-fits-all approaches.
Pushing down requirements more appropriate for larger institutions to smaller banks-either formally through regulation or informally through supervisory messaging-encourages homogenization of the industry. This trend becomes even more concerning when regulators “grade on a curve” by evaluating a bankrelativeto other institutions, instead of evaluating a bankagainst a clear legal standard.
It is also important for regulators evaluating regulations and supervisory approach to consider the aggregate benefits and costs of the framework, rather than looking at each part of the framework on a piecemeal basis. Often, the regulations and supervisory guidance issued by regulators has a “cumulative” or “compounding” effect on banks. A piecemeal approach ensures that banks cannot go to a single source or one regulation to understand supervisory expectations or requirements for a particular activity. While it may be possible to justify or explain any single regulation or piece of guidance on a standalone basis, when we consider the aggregate effects, it is clear that we need to rethink our approach and recommit to tailoring.
Regulatory ambivalence to tailoring comes at a significant cost. If current trends continue-where we push down requirements from large banks to small and attempt to “smooth” or standardize requirements and expectations across all banks-we will eventually find ourselves achieving the academically preferred end state of only a few large banks ineffectively serving the financial needs of the entire U.S. economy. In this state of the world, not only will community banks suffer but so will the communities they serve.
Closing Thoughts
Thank you again for the invitation to join you today. It is wonderful to see the ongoing success and commitment of the Robbins Banking Institute in preparing the next generation of leaders to play an important role in the banking and financial system. While I have expressed concern about some recent trends, one of the many benefits of our system is that there are always opportunities to change course, and I am confident that with committed and experienced leadership we can.
I am also confident that the future of community banking is bright, as long as we focus on right sized and appropriate regulations and guidance and a recognition that investment in innovation and growth is a necessity, not a roadblock. Regulators have an important opportunity now to prioritize changes that will support the safe and sound operation of community banks while allowing these banks to support the U.S. economy, serve their communities, innovate, and grow. Community banks enable the economic success of our country and will continue to support financial opportunities for many future generations. I look forward to seeing how the students in attendance here today will be a part of and shape that bright future.
Good morning, distinguished guests, colleagues, and friends,
It is my great pleasure to welcome you all to the 4th Workshop on Data Science in Central Banking organized by the BIS Irving Fisher Committee on Central Bank Statistics (IFC) and hosted by the Bank of Italy.
As we gather today, we are reminded of the rapid advancements in data science and its profound impact on central banking. Indeed, the sheer volume and complexity of financial data now available call for more sophisticated techniques for data management and analysis. This trend is reinforced by the new opportunities opened up by artificial intelligence and machine learning. This workshop is a testimony to our collective commitment to harnessing innovation to enhance central bank’ operations, policy-making, and overall effectiveness.
As emphasized in the last 2024 IFC’s Annual Report just endorsed by the BIS All Governors a few weeks ago, the current focus on data science and AI supports the broader objective of improving statistical methods and fostering innovation in central banks. This IFC report underscores that leveraging new technologies can be instrumental to enhance data quality, improve analytical capabilities, and support evidence-based policymaking. The Report also calls for reviewing the related ongoing initiatives pursued by central banks and for providing a platform for sharing knowledge and best practices.
Let me recall that the three previous IFC data science workshops have been dealing with, respectively, (1) machine learning applications; (2) applications and tools in data science; and (3) data access and sharing. This time we will over the next three days delve into the various aspects related to the use of generative AI in central bank activities. We will hear from esteemed experts and practitioners who will share their insights and experiences, providing us with valuable knowledge and practical tools to navigate the evolving landscape of data science.
I would like first to extend a special welcome to our keynote speaker, Julien Simon, Chief Evangelist at Arcee.ai, who will be discussing the tailoring of small language models for enterprise use cases. His expertise and vision will undoubtedly set the tone for our discussions.
Then the sessions of the workshop will cover various critical areas, such as natural language processing tools, AI for summarization and information extraction, supervisory technology, text analysis for market monitoring and monetary policy purposes, and data privacy and anonymization.
Let me share with you a few thoughts on these issues:
First, the new techniques we will discuss are not only very timely, but they are also essential to leverage data science to address the complex challenges we face in modern central banking. In particular, the integration of generative AI and advanced data analytics into central banks’ operations can significantly enhance their ability to make informed decisions, assess economic trends, and work to promote monetary and financial stability. More generally, IT innovation provides brand new perspectives. For instance, open-source software offer numerous benefits supporting official statistics and data analysis, including cost savings, flexibility, and the ability to customize solutions to meet specific needs. Another example is that modern data management approaches such as data lakes and data meshes architectures allow for new ways to store, organize, and access data. This calls for careful planning and for not blindly following the crowd and fashionable buzz words. The main goal is to concretely help central banks to more effectively leverage their information assets, improve the integration and quality of their data, and support more sophisticated analytical techniques.
Second, your presence here today, coming from various jurisdictions all over the world and representing central banks, other public authorities, international organizations, academia and the private sector, underlines the importance of the goal of this workshop, which is to showcase concrete projects, share experiences, develop in-house knowledge and also reduce reliance on external service providers.
Third, central banks, as producers of official data, have a key role to play to promote the access and dissemination of credible information to various external stakeholders, including other domestic authorities, international institutions, academia, and the general public. But better data is also key for supporting real-time, evidence-based policymaking in central banks, which increasingly rely on trustworthy data and sophisticated analytical and forecasting capacities to support their decisions.
Fourth, the relevance of artificial intelligence for central banks cannot be overstated, as it offers immense opportunities to enhance productivity, improve decision-making, and foster innovation. In particular, Generative AI has the potential to revolutionize data analysis and interpretation, offering deeper insights and more accurate predictions. For instance, the use of large language models can significantly enhance our ability to process and understand vast amounts of unstructured data, ranging from economic reports to news articles, thereby enabling us to make more informed policy decisions especially in the areas of monetary policy, financial stability, and regulatory oversight.
However, and this is my fifth point, GenAI also presents significant challenges and risks. Central banks must navigate issues such as data privacy, security, and ethical considerations. The potential for systemic risks, such as homogenization of information and procyclicality, requires careful management. As central banks increasingly rely on data-driven approaches, it is essential to ensure that sensitive information is protected, and that data is used ethically and responsibly.
And my last point is that addressing these challenges calls for developing robust governance frameworks. This is key so that we can harness the power of AI while mitigating its risks, ensuring that our financial systems remain stable and resilient. At the same time investing in advanced IT infrastructure and fostering collaboration and coordination as we do today can help to stay abreast of emerging threats and implement best practices.
To conclude, this workshop aims to gather a diverse audience of practitioners, specialists, and interested stakeholders from central banks, international organizations, national statistical offices, and beyond. Our primary objective is to highlight ongoing projects and exchange experiences that can help foster in-house expertise and lessen reliance on external service providers. For instance, a number of projects that will be presented in the next few days have replicable codes developed with open-source software and can be usefully shared among all interested stakeholders. Moreover, the presentations will enhance our understanding of the opportunities and risks associated with new Generative AI technologies. This is key for central banks willing to navigate the evolving financial landscape and ensure that they are well-positioned to meet future challenges.
I therefore encourage you all to actively participate in the sessions, engage with the speakers, and share your own experiences and perspectives. It is through this collaborative spirit that we can truly advance our understanding and application of data science in our field. Before closing, I would like to thank the organizers, speakers, and all participants for your dedication and contributions to this workshop. I am confident that our time together will be both enlightening and inspiring, and I look forward to the fruitful discussions and innovative ideas that will emerge.
Thank you, and welcome once again to the 4th Workshop on Data Science in Central Banking.
Thank you for the invitation to speak at Stellenbosch University today. I’m visiting South Africa in my capacity as a Deputy Governor of the Bank of England, attending the bi-monthly meetings of the Bank for International Settlements, starting later today in Cape Town. This morning I’m speaking as one of nine members of the Bank’s Monetary Policy Committee (MPC), which has responsibility for setting monetary policy in the UK, with the primary objective of keeping UK inflation at 2% sustainably over the medium term.
In my speech today I want to set out how my views on monetary policy in the UK have evolved over recent months in response to my changing assessment of the outlook for the economy. That could sound like a relatively narrow focus but I hope my focus on the challenge of setting monetary policy against a back-drop of heightened uncertainties is of wider relevance.
Uncertainty is going to be a recurring theme of my speech. There are three dimensions that I’m going to bring out. The majority of my speech is going to be devoted to the prevailing uncertainty about the state of the UK economy; in particular the state of the UK labour market and the persistence of inflationary pressures. Most economies face some of the same uncertainties given the huge shocks that have hit the global economy but the UK is experiencing more than most.
The second aspect of uncertainty is about global developments, whether that be geopolitics or trade and financial fragmentation. The UK is a relatively small open economy so these matter and I will return to this aspect towards the end of my speech.
The third dimension is the impact domestic and global uncertainty has on the actions of businesses and consumers and what that means for the outlook for the economy.
In February/March each year, the Centre for Monetary Economics (CME) presents a report commissioned by the Ministry of Finance on Norges Bank’s monetary policy. A committee of independent economists assesses Norges Bank’s conduct of monetary policy. The reports are published by the CME in its Norges Bank Watch Report Series.
First, I would like to thank the members of this year’s committee. A regular assessment of our conduct of monetary policy by an external body is both useful and important. I would also like to thank the Centre for Monetary Economics for hosting this event and for the opportunity to comment on the report.
Let me begin by saying a few words about the conduct of monetary policy in 2024 before commenting on three topics raised by Norges Bank Watch (NBW): how we take international trends into account, our communication of uncertainty and, finally, the trade-offs we make in monetary policy.
Quantifying the value of natural capital and ecosystem services is essential for governments to make more informed decisions that account for how ecosystem health contributes to economic growth, improve fiscal management, and support communities that depend on natural resources. These metrics also create opportunities to attract investments that jointly support fiscal sustainability, sustainable development, and long-term economic resilience by underscoring the economic benefits of nature.
Understanding the value of natural capital aids in assessing the economic viability of investments and enhancing ecosystem management. In the Cook Islands, the valuation of the benefits provided by the Muri Lagoon can guide investment decisions for proposed wastewater treatment plants. In the People’s Republic of China, efforts to estimate the value of the ecosystem services of the South Dongting Lake’s wetlands, a critical resource that supports tourism and livelihoods of millions, helped prioritize key interventions. Moreover, pilot ecosystem service accounts are being developed in many Asia Pacific countries such the Philippines, Armenia, and Sri Lanka to enhance watershed management planning.
Asia and the Pacific face a daunting infrastructure challenge, requiring sustained investment to enhance connectivity, safety, and resilience. While road networks dominate spending, underinvestment in maintenance and limited private-sector involvement threaten long-term sustainability.
Asia and the Pacific will require about $43 trillion from 2020 to 2035 to develop, maintain, repair, and climate-proof its transport infrastructure, according to the Asian Transport Observatory. This represents about 2% of the region’s GDP, averaging roughly $2.7 trillion annually.
Infrastructure investment requirements have tripled, increasing from roughly $750 billion annually between 2000 and 2020 to $2.7 trillion.
Failing to secure the needed resources risks inadequate infrastructure development, leading to deterioration, costly repairs, and transport disruptions over time.
Traffic congestion currently represents about 2-4% of GDP in Asia’s major cities. Road traffic fatalities and severe injuries cost $1.5 trillion in 2021, factoring in the loss of lives, assets, and workforce productivity.
The health consequences of PM2.5 air pollution also contributed to a further loss of at least $4 trillion in 2019. Climate-related challenges may also bring significant expenses, with potential damages to Asia’s transport infrastructure approaching $54 billion.
Moreover, delays and interruptions due to weakened transport infrastructure could lead to logistical losses estimated annually at $43 billion in 2023. It’s estimated that inadequate transport infrastructure directly threatens about 7% of GDP.
Tackling these challenges requires a forward-thinking approach emphasizing infrastructure maintenance, capacity enhancement, safety enforcement, and disaster preparedness to mitigate these considerable costs.
The infrastructure investment needs across the region are vast and varied. The largest share of the investment needs lies within East Asia (58%) and South Asia (17%) sub-regions, representing 73% of the population.
Our projections suggest that investment in transport infrastructure within high-income economies will stagnate by 2035, influenced by an aging population, stabilized travel demand, and well-established infrastructure networks.
On the other hand, low- and middle-income economies are expected to see a sharp rise in investment requirements, driven by inadequate access to transport infrastructure and increasing demand for passenger and freight transport.
Upper-middle-income economies are set to spearhead transport infrastructure investments, maintaining a significant share of 67% of total investment from 2000 to 2020, followed by 65% from 2020 to 2035.
About 74% of total investment needs over the next decade will be concentrated in East and South Asia, propelled by the ongoing rapid growth of transport demand in India and the People’s Republic of China.
Road transport will continue to secure bulk investments from 2020 to 2035, accounting for 63% of total investments (approximately 1.3% of GDP). This is required to bridge the infrastructure gap and improve access and connectivity.
The remaining investment needs are as follows: 17% for railways, including high-speed rail (around 0.4% of GDP), 11% for raid urban transit (about 0.2% of GDP), 4% for ports (0.1% of GDP), and 5% for airports (0.1% of GDP).
Urban rail investment will equal that of heavy rail infrastructure for the first time. Investment in metro systems is expected to increase from 7% of total investments between 2000 and 2020 to 10% from 2020 to 2035. Other than that, we don’t see a significant shift in the pattern of infrastructure spending.
Maintenance is crucial for transport infrastructure, guaranteeing assets’ durability, safety, and effectiveness. Studies show that every dollar invested in maintenance saves $4-$5 later required for reconstruction.
However, there’s a worrying trend of underinvestment in maintenance. This underinvestment will likely persist. On average, maintenance costs for transport infrastructure are expected to represent approximately 24% of total investment expenses from 2020 to 2035.
Nonetheless, maintenance expenditures differ across various modes and countries. New construction projects often receive significant media and political attention, but maintenance initiatives, which are vital for the long-term viability of transport infrastructure, are usually overlooked and go underfunded.
Regrettably, the issue of insufficient maintenance funding is a persistent challenge in Asia.
With nearly 1.8 billion people lacking access to transport infrastructure in Asia, countries are rapidly building infrastructure. But even with a $43 trillion investment by 2035, the infrastructure gap with the global North will continue to exist.
By 2035, Asia’s average transport infrastructure per capita is projected to still be 70% lower than current levels in wealthier countries, as measured by OECD country levels. However, the silver lining is that we will bridge the gap in specific modes at a lower income level.
For example, the average availability of urban rapid transit per capita in Asia and the Pacific is expected to double, rising from 6 kilometers in 2020 to 12 kilometers per million people by 2035. OECD countries had similar access back in 2013, having a GDP per capita nearly four times higher.
Maintaining a sustained annual investment rate of 2.3% of GDP is a challenge in itself. Identifying who will provide that investment is another complex question. While infrastructure development offers clear socio-economic benefits, investments in this area have declined as a percentage of GDP.
This shift raises concerns, especially given the limited involvement of private funding in the region’s infrastructure development. Historically, governments have been the leading financiers.
However, the aftermath of COVID-19 has strained public finances and increased debt burdens. Public-private partnerships show potential but have not expanded enough to meet the growing transport infrastructure demands.
There is an urgent need for a significant increase in private investment to bridge this gap. Attracting such capital depends on the government’s ability to create a more favorable regulatory and planning environment.
Moreover, there is considerable potential for optimizing public infrastructure investments. Governments should explore alternative funding methods, such as raising user fees, leveraging land value, and adopting innovative financing techniques.
Strategic investments, regulatory reforms, and innovative funding solutions are essential to ensuring Asia’s transport infrastructure meets future demands.
TheAsian Transport Observatorywas developed by the Asian Development Bank to strengthen the knowledge base on transport in Asia and the Pacific, and to support better informed investments and policies in the sector.
Headline: Thales reports its 2024 full-year results
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Order intake: €25.3 billion, up 9% (+6% on an organic basis1)
Sales: €20.6 billion, up 11.7% (+8.3% on an organic basis)
Adjusted EBIT2: €2,419 million, up 13.4% (+5.7% on an organic basis)
Adjusted net income, Group share2: €1,900 million, up 7%
Consolidated net income, Group share: €1,420 million, up sharply by 39%
Free operating cash flow from continuing operations2,3: €2,142 million, up 9%
Free operating cash flow2: €2,027 million, stable against 2023
Dividend4of €3.70 per share, representing 40% of Adjusted net income, Group share
Non-financial performance: steady progress towards medium to long-term targets
2025 objectives:
Book-to-bill5above 1
Organic sales growth of between +5% and +6%, corresponding to sales between €21.7 billion and €21.9 billion
Adjusted EBIT margin between 12.2% and 12.4%
Thales’s Board of Directors (Euronext Paris: HO) met on March 3, 2025 to review the 2024 financial statements6.
“2024 was once again a year of strong profitable growth for Thales. Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital, maintained excellent sales momentum throughout the year, achieving a record order intake of more than €25 billion. The record order book provides unprecedented visibility for all our activities. Sales exceeded the €20 billion mark with organic growth of 8.3%, above expectations. Defence activities, underpinned by an ongoing increase in the Group’s production capacity, the technological excellence of our products and the commitment from all our colleagues, contributed in particular to this performance. Thales also demonstrated once again its ability to generate profitable growth, with an increase in EBIT in absolute terms and as a percentage, reflecting the strength of its operating leverage. Thanks to its unique business model based on world-class products, systems and services, Thales generated free operating cash flow of more than €2 billion. Non-financial performance was also remarkable in 2024. The validity of our CSR strategy was acknowledged as Thales joined the CAC 40 ESG index in 2024. This historic performance is the result of the unfailing commitment of our 83,000 employees, and I would like to thank them sincerely for their dedication to our clients. We are starting 2025 with confidence and determination and a positive outlook for the vast majority of our activities. Thales presented its new strategic roadmap in November 2024. By drawing on its unique leadership positions serving growing markets and its ability to innovate and anticipate technological breakthroughs, the Group affirms its ambition to deliver accelerated, profitable and sustainable growth over the coming years, starting in 2025.” Patrice Caine, Chairman & Chief Executive Officer
Key figures
Order intake for the 2024 financial year increased by 9% compared with 2023 at €25,289 million and by +6% on an organic basis (i.e. at constant scope and exchange rates). Commercial performance was once again supported by strong demand in the Defence segment and by continued sustained momentum in the Aerospace segment. As at 31 December 2024, the consolidated order book amounted to nearly €51 billion, a record level, up by nearly €5.4 billion compared with the end of 2023.
Sales totaled €20,577 million, up 11.7% from 2023 (+8.3% in organic growth). This robust growth reflects in particular the solid performance of the Defence business throughout the year.
Adjusted EBIT7 stood at €2,419 million in 2024 (11.8% of sales), compared with €2,132 million (11.6% of sales) in 2023, an increase of 13.4% (+5.7% organic change).
At €1,900 million, Adjusted net income,Group share7 was up +7% compared to 2023.
Consolidated net income, Group share, stood at €1,420 million, up sharply by +39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme. These commitments were transferred to Rothesay at the end of 2023.
Free operating cash flow from continuing operations7,9 amounted to €2,142 million, compared with €1,968 million in 2023. Including the contribution of discontinued operations, free operating cash flow7 amounted to €2,027 million, compared with €2,026 million in 2023. Calculated on the basis of the scope of continuing operations, the cash conversion ratio of Adjusted net income, Group share, into operating free cash flow was 114%. This once again exceptional performance, which saw the cash conversion ratio exceed 100% for the fifth consecutive year, reflects the excellent momentum of new orders, the phasing effects on cash inflows related to contracts’ execution and the continued Group’s mobilization of its CA$H! plan aimed at optimizing this conversion ratio.
In this context, the Board of Directors decided to propose the payment of a dividend of €3.70 per share, corresponding to a payout ratio of 40% of the Adjusted net income, Group share. An interim dividend of €0.85 per share was paid on December 5, 2024. The balance of €2.85 will be paid on May 22, 2025.
Order intake
Order intake for the 2024 financial year totaled €25,289 million, up 9% from 2023 in total change and up +6% at constant scope and exchange rates11. For the fourth consecutive year, the order intake was more than 20% higher than sales (book-to-bill). Thebook-to-bill ratio was 1.23, flat against 2023, and 1.28 excluding the Cyber & Digital business, where the order intake is structurally very close to sales.
In 2024, Thales signed 35 large orders with a unit value of over €100 million, representing a total of €8,674 million:
Four large orders booked in Q1 2024:
The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN);
Order of an aerial surveillance system for a military customer in the Middle East;
Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles.
Eight large orders booked in Q2 2024:
Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
Service contract for the maintenance of the Royal Australian Navy fleet;
Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition.
Seven major orders recorded in Q3 2024:
Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5;
Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
Order for the renovation of an air traffic management system;
Order from the UK Ministry of Defence for the supply of Lightweight Multi-role Missiles (LMM) to strengthen Ukraine’s air defence capabilities;
Order of LMM for the British armed forces;
Order for the supply of Ground Fire multifunction radar and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program.
Sixteen large orders booked in Q4 2024:
Order for the supply of a satellite for the European Space Agency’s EnVision scientific mission to understand the planet Venus;
Contract amendment signed with OHB System for the payload of the third satellite of the European CO2M mission focused on CO2 emissions generated by human activity;
Amendment to the contract with the European Space Agency for the development of the ESPRIT communications and refueling module for the future lunar space station, Gateway;
Order for the development of the world’s first quantum key distribution (QKD) system from geostationary orbit, in collaboration with Hispasat;
Contract with the Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module on board the future lunar space station Gateway;
Entry into force of the contract for the supply of 12 Rafale to Serbia;
Order from Naval Group for the supply of equipment for the submarine delivery contract in the Netherlands;
Order under the AJISS contract to provide In-Service Support to Royal Canadian Navy ships;
Order for the development and production of 430 new-generation MICA-NG interception, combat and self-defence missile seekers;
Order from the UK Ministry of Defence for the development and preparation of large-scale production of STARStreak HVMs (High Velocity Missiles) for the armed forces;
Order from the French Air Navigation Services Directorate (DSNA) aimed at improving the 4-Flight air traffic management system;
Amendment to the CONTACT contract with the DGA providing the armed forces with a range of software-defined radios designed for collaborative combat;
Order from the UK Ministry of Defence to ensure the permanence and maneuverability of the Royal Navy’s operational communications;
Order from the DGA as part of the SYRACUSE IV program to equip the French army’s SCORPION vehicles with Thales’ secure satellite communications solution;
Order from the DGA for the design, delivery and maintenance of a resilient communication system;
Order from the DGA to produce an encryption key management and distribution system and key injector for the Ministry of the Armed Forces.
With a total amount of €16,615 million, order intake with a unit value of less than €100 million continued to record favorable momentum.
Geographically12, order intake in mature markets amounted to €19,010 million, very close to that recorded in 2023, which though included the £1.8 billion MSET contract in the United Kingdom. Sales momentum elsewhere was also solid, particularly in the rest of Europe (up by 16% on an organic basis) and in Australia and New Zealand (up by 13% on an organic basis). Order intake in emerging markets was up sharply in 2024, amounting to €6,279 million (+39% at constant scope and exchange rates) thanks to continued strong momentum in the Near and Middle East (with an organic increase of 80%).
Order intake in the Aerospace segment totaled €6,434 million compared to €5,606 million in 2023 (+14% at constant scope and exchange rates). This solid growth reflects several trends.
The different segments of the Avionics market continued to record sustained demand in 2024;
The Space business posted sustained growth in order intake, including five orders with a unit value of more than €100 million recorded in the fourth quarter, four of which in OEN (Observation, Exploration & Science and Navigation) activities.
At December 31, 2024, the segment’s order book stood at €10.5 billion, up 13% from 2023.
At €14,723 million compared to €13,944 million in 2023, order intake in the Defence segment set a new record (+5% at constant scope and exchange rates). The book-to-bill ratio was 1.34, above 1.2 for the sixth consecutive year. This high level is explained by continued strong demand in all activities, with twenty-seven contracts with a unit value of more than €100 million recorded in 2024. The segment’s order book reached a new record at €39.2 billion (up 12%), corresponding to 3.6 years of sales, offering strong visibility for the years ahead.
At 4,032 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.
Sales
Note: full-year 2023 figures have been restated to reflect the transfer of cyber civil activities from the Defence segment to the Cyber & Digital segment.
Sales for the 2024 financial year totaled €20,577 million, compared to €18,428 million in 2023, up 11.7% in total change and 8.3% in organic terms (at constant scope and exchange rates14), driven in particular by the robust performance of the Defence segment.
Geographically15, sales recorded solid growth in both mature markets (+7.9% in organic terms) and emerging markets (+9.6% in organic terms), driven by double-digit growth in Asia.
Sales in the Aerospace segment totaled €5,471 million, up 4.8% from 2023 (+2.9% at constant scope and exchange rates). Momentum in this segment reflects contrasting trends:
The Avionics business posted mid-single digit organic growth in 2024, notably driven by strong momentum in both original equipment activities and aftermarket services, with a return to pre-Covid levels in air traffic. However, as expected, the fourth quarter was impacted by delays in aircraft deliveries to airlines, which postponed in-flight entertainment (IFE) sales;
As expected, sales were almost flat in the Space business. The telecommunications segment continued to be impacted by structurally lower demand in the geostationary satellite market. Conversely, trends remain positive for OEN activities.
Sales in the Defence segment totaled €10,969 million, up 13.9% from 2023 (+13.3% at constant scope and exchange rates). This strong growth came against a backdrop of steady growth in the Group’s production capacity, enabling it to meet high demand in all product lines. Growth was notably driven by land and air systems, such as tactical vehicles and systems or surface radars. The fourth quarter of 2024 also benefited from favorable cut-off effects.
At €4,024 million, sales in the Cyber & Digital segment increased by 1.4% at constant scope and exchange rates (and +14.8% in total change including the positive scope effect of the acquisitions of Imperva and Tesserent). This moderate organic sales growth reflects different trends depending on the activities:
Strong momentum continued for cyber businesses, including a strong performance from Imperva;
Against a high comparison basis in 2023, payment services sales were impacted by destocking by our customers in North America;
Lastly, the digitalization of secure connectivity solutions maintained its strong growth. Sales generated in fully digital connectivity solutions (including eSIMs and on-demand connectivity platforms) recorded double-digit organic growth and accounted for more than half of sales of this secure connectivity solutions business in 2024.
Results
For 2024, the Group posted Adjusted EBIT16 of €2,419 million, or 11.8% of sales, compared to €2,132 million (11.6% of sales) in 2023.
The Aerospace segment recorded Adjusted EBIT of €391 million (7.2% of sales), compared with €369 million (7.1% of sales) in 2023. The segment’s Adjusted EBIT margin is driven by the Avionics business, which posted a double-digit margin and improving, including the contribution of Cobham AeroComms. However, Space activities weighed on the segment’s margin, recording as expected a negative Adjusted EBIT margin in 2024 resulting from several factors: an expected increase in R&D spending, restructuring costs linked to the adaptation plan announced in March 2024 and the impact of inflation not reflected on past contracts.
Adjusted EBIT for the Defence segment amounted to €1,432 million, compared with €1,270 million in 2023 (an increase of +13.0% at constant scope and exchange rates). The margin for this segment was stable at 13.1%, compared to 13.2% in 2023.
At €585 million (14.5% of sales), Adjusted EBIT in the Cyber & Digital segment recorded solid growth in both value and margin. The improvement in profitability was notably due to the successful integration of Imperva and the robust margin on payment services and secure connectivity solutions for mobile networks in highly competitive markets.
Naval Group’s contribution to the Group’s Adjusted EBIT amounted to €93 million in 2024, compared with €91 million in 2023.
At -€166 million, compared with €2 million in 2023, net financial interest increased sharply, as expected. This increase was mainly linked to the substantial rise in debt following the acquisitions made in 2023. Other adjusted financial income16 stood at €35 million in 2024 versus -€37 million in 2023, reflecting the exceptional positive impact of dividends on non-consolidated affiliates and foreign exchange gains. The adjusted financial expense on pensions and other long-term employee benefits16 improved significantly (-€49 million compared with -€76 million in 2023), reflecting the removal of the interest expense following the transfer of UK pension obligations in December 2023.
At €21 million, compared with €105 million in 2023, the Adjusted net income, Group share, from discontinued operations16 was in line with trends in the Transport business, which was sold on May 31, 2024.
As a result, Adjusted net income, Group share16 was €1,900 million, compared to €1,768 million in 2023, after an adjusted income tax charge16 of -€427 million, compared to -€370 million in 2023. At 20.4% in 2024 compared to 20.1% in 2023, the effective tax rate was stable.
The Adjusted net income, Group share, per share16 amounted to €9.24, up 9% from 2023 (€8.48).
Consolidated net income, Group share, stood at €1,420 million, up 39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme.
Financial position at December 31, 2024
Free operating cash flow17 amounted to €2,027 million compared to €2,026 million in 2023. It included a contribution of €2,142 million from continuing operations and -€116 million from discontinued operations. For continuing operations, the cash conversion ratio of Adjusted net income, Group share, into free operating cash flow was 114%.
The net balance of acquisitions and disposals of subsidiaries and affiliates amounted to €359 million. Under its acquisition strategy, the Group completed two major operations in 2024:
The acquisition (on April 2, 2024) of Cobham Aerospace Communications, a leading supplier of cutting-edge technologies enabling flexible, integrated and more-autonomous avionics systems, based primarily in the United States and generating sales of approximately $200 million in 2023 (see press releases dated July 12, 2023 and April 2, 2024);
The sale (on 31 May 2024) to Hitachi Rail of the Transport business, a global leader in rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions (see press releases dated August 4, 2021 and May 31, 2024). This business generated sales of €1,822 million in 2023.
As part of the share buyback program covering a maximum of 3.5% of the capital announced in March 2022 and completed in March 2024, 1,245,757 shares were repurchased during 2024, representing 0.6% of the share capital, for €176 million. The Group repurchased a total of 7,469,396 shares under this program, 3.5% of the share capital.
At December 31, 2024, net debt amounted to €3,044 million compared with €4,190 million at December 31, 2023. This decrease reflects the impact of free operating cash flow generation, acquisitions and disposals for -€359 million (€3,464 million in 2023), the payment of €708 million in dividends (€634 million in 2023), new lease liabilities for €143 million (€166 million in 2023) and the share buyback program.
Equity, Group share amounted to €7,515 million, compared with €6,830 million at December 31, 2023. This increase reflects the positive contribution of consolidated net income, Group share (€1,420 million) less the dividend payout (-€708 million) and share buybacks (-€176 million).
Non-financial performance
In line with its corporate purpose of “Building a future we can all trust”, Thales has set itself the ambition in terms of Corporate Social Responsibility (CSR): to contribute to a safer, greener and more inclusive world. First, the Group will seek to maximize the contribution of its portfolio of solutions to the planet and society. Secondly, Thales has set itself ambitious targets on three main priorities:
The fight against global warming;
Strengthening gender diversity at all levels;
The implementation of the best standards in terms of ethics and compliance.
In terms of the fight against global warming, scope 1 & 2 CO2 emissions fell by 56.8% in 2024 compared to 2018 and scope 3 emissions fell by 24.7% compared to 2018. The Group has thus achieved its 2030 targets ahead of schedule for the second consecutive year. The absolute value reduction targets for carbon footprint remain relevant for 2030 given the Group’s growth prospects. To raise employee awareness to climate change and its impacts on society and on the Group, a voluntary training named “Thales Climate Passport” was deployed in 2024 with the aim of training 50% of managers. Over 67.4% of managers, representing around 35,000 employees, completed this training course in 2024, demonstrating the great success of this training.
With regard to strengthening diversity, Thales has set itself an ambitious target for 2026 to have 75% of management committees with at least 4 women. Thus, at the end of 2024, 61.5% of the Group’s management committees had at least 4 women, compared to 52.6% at the end of 2023. The highest levels of responsibility comprised 21.1% women at the end of 2024[1]; a performance in line with the Group’s trajectory to reach the set goal of 22.5% by 2026 (compared to 20.4% at the end of 2023 and 16.6% at the end of 2018).
In the area of ethics and compliance, 100% of employees concerned by the 2024 anti-corruption training campaign have been trained, demonstrating the Group’s continuous commitment to train all employees potentially exposed to risk situations. In 2024, the ISO 37001 certification “Anti-bribery management systems” was renewed for 3 years and extended to Germany, Australia, and New Zealand after Canada and the United States in 2023, and the United Kingdom and the Netherlands in 2022. Thus, in 2024, the revenue generated by certified entities represents 64% of the Group’s revenue (vs. 58% in 2023).
[1] Percentage of women in the total workforce: 27.4%.
Proposed dividend
The Board of Directors decided to propose to the shareholders, who will convene at the Annual General Meeting on May 16, 2025, the payment of a dividend of €3.70 per share. This corresponds to a payout ratio of 40% of the Adjusted net income, Group share, per share.
If approved, the ex-dividend date will be May 20, 2025, and the payment date will be May 22 2025. This dividend will be paid fully in cash and will amount to €2.85 per share, after deducting the interim dividend of €0.85 per share paid in December 2024.
Outlook
Thales is embarking on 2025 with confidence, bolstered by good visibility in the vast majority of its activities.
In 2025, the Avionics business will be driven by both the original equipment and aftermarket services activities, the continued growth of the Cobham AeroComms business, and the gradual recovery of the IFE business. In the Space business, the outlook remains positive, particularly in the Observation, Exploration & Science, Navigation and military telecommunications activities. However, the structural weakness of demand in the geostationary satellite market will dampen the growth of this activity. Thales will continue to implement its cost adaptation plan, with the objective of an Adjusted EBIT margin of 7%+ in the Space business in 2028.
The Defence segment, which enjoys a record order book, will be further supported by strong demand in 2025, against a backdrop of increasing military spending, particularly in the geographical areas where the Group operates. With the increase in its production capacity over the past several years and a portfolio of premium solutions incorporating differentiating leading technologies, Thales is ideally positioned to meet its customers’ needs.
Lastly, the Cyber and Digital segment will benefit from positive momentum in 2025, supported by Thales’ unique positioning and leadership. The continued development of Imperva will strengthen the differentiating value proposition in cybersecurity activities in order to take advantage of the buoyant environment. The payment services business is also expected to gradually return to growth.
The Group expects net investment expenses to slightly exceed €700 million in 2025 (after €617 million in 2024) to meet the need to increase production capacity, particularly in the Defence business.
As a result, Thales sets the following targets for 2025:
A book-to-bill ratio above 1;
Organic sales growth of between +5% and +6%, corresponding to sales in the range of €21.7 billion to €21.9 billion;
An Adjusted EBIT18 margin between 12.2% and 12.4%, up 40 to 60 basis points from 2024.
The Group also expects to maintain a high cash conversion ratio of between 95% and 100% in 2025.
Note: assuming no new major disruptions of macroeconomic and geopolitical context; including tariff increase.
Impact of new tax measures in France
Following the adoption of the 2025 budget, which introduces various tax changes, the impacts for the Thales Group are as follows:
An additional tax expense of ~€80 million related to the temporary additional corporate tax charge, giving rise to an additional tax of 41.2% in 2025, resulting in an overall tax rate of 36.13% (instead of the current rate of 25.83%);
~€8 million in taxes payable on share cancellations made in October 2024 as part of the share buyback program.
The temporary additional contribution to corporate tax for Naval Group could have a negative impact of around €8 million on Thales’ Adjusted EBIT in 2025.
These different impacts will represent an equivalent cash outflow in 2025.
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This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).
1 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 18 and calculation on page 23.
2 Non-GAAP financial indicators, see definitions in the appendices, page 18. The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.
3 Operating free cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.
4 Proposed to the Annual General Meeting on May 16, 2025.
5 Ratio of order intake to sales.
6 As at the date of this press release, the verification process on the sustainability information is ongoing. With the exception of the possible impact of the conclusions of this process, the audit procedures have been carried out. The audit report will be issued following the Board of Directors’ meeting on April 2, after the finalization of the procedures related to sustainability information.
7 Non-GAAP financial indicators, see definitions in the appendices, page 18.
8 Proposed to the Annual General Meeting on May 16, 2025.
9 Free operating cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.
10 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.
11 Taking into account a currency effect of €49 million and a net scope effect of €625 million.
12 See table on page 22.
13 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.
14 The calculation of the organic change in sales is shown on page 23.
15 See table on page 22.
16 Non-GAAP financial indicator, see definition in the appendices, page 18 and calculation, pages 20 and 21.
17 Non-GAAP financial indicator, see definition in the appendices, page 18.
18 The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.