Source: Government of Sweden
The countries are working together to build economic resiliency and provide new market opportunities for Canadian and Swedish businesses. The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, and Ebba Busch, Minister for Energy, Business and Industry and Deputy Prime Minister of Sweden made the following statement.
Source: United Kingdom – Executive Government & Departments
The company also received a £150,000 fine from the Information Commissioner’s Office
Mohammed Liaqat and Rubani Ghulam were directors of a company which harassed people with nuisance cold-calls in 2020 and 2021
Posh Windows UK Ltd, based in Stoke-on-Trent, made more than 400,000 unsolicited marketing calls trying to sell home improvements within a nine-month period
Both have now been disqualified as company directors following investigations by the Insolvency Service
Two businessmen from Stoke-on-Trent who allowed their home improvements company to make hundreds of thousands of nuisance cold-calls have been banned as directors.
Mohammed Liaqat, 37, and Rubani Ghulam, 55, were directors of Posh Windows UK Ltd, which specialised in a range of products including windows, doors and conservatories.
However, the company made 461,062 unsolicited marketing calls in a nine-month period between August 2020 and April 2021.
The calls were to people who had registered with the Telephone Preference Service (TPS), a statutory register of people who have said they do not want to receive marketing calls.
Posh Windows UK Ltd was fined £150,000 by the Information Commissioner’s Office (ICO) in 2022 but went into liquidation in the same year without having paid any of the fine.
Liaqat, of Clarke Street, and Ghulam, of Thorndyke Street, have now been disqualified as company directors for four years.
Simon Gillett, Chief Investigator at the Insolvency Service, said:
Mohammed Liaqat and Rubani Ghulam allowed their company to make nearly half a million nuisance calls to people who had explicitly said they did not want to receive marketing calls, causing significant inconvenience to members of the public.
Many of the victims were also subjected to aggressive pressure tactics and repeated calls.
Directors who ignore privacy regulations and allow their companies to harass the public through relentless cold-calling will face the consequences. In this case, both Liaqat and Ghulam have been banned from running companies for four years, protecting consumers from further misconduct.
Posh Windows UK Ltd was based on Cheapside in Stoke-on-Trent, with Liaqat and Ghulam appointed as directors in 2018.
The company first came to the attention of the ICO in January 2021 when one of its employees received an unsolicited direct marketing call in the evening.
During the call, the caller referred to government grants for home improvements and wanted to book an appointment for the following day.
They only hung up when the recipient told them that the telephone number was registered with the TPS.
Further complaints to the TPS and ICO indicated that pressure tactics were being used and constant calls were made, often outside standard business hours. Some callers were called more than 10 times, even after they had told them to stop.
In total, Posh Windows UK Ltd made 630,971 calls between 1 August 2020 and 30 April 2021. Of those, 461,062 were made to subscribers whose telephone numbers had been registered with the TPS for more than 28 days
All but 84 of the 461,062 calls were made from a withheld number, breaching privacy regulations.
ICO investigations began in March 2021 but Liaqat still allowed the company to trade for more than a year without the ability to adequately screen numbers against the TPS register.
Andy Curry, Head of Investigations at the ICO, said:
We welcome the decision to disqualify Mohammed Liaqat and Rubani Ghulam as directors of Posh Windows UK Ltd.
Nobody should be made to feel uncomfortable or distressed after simply answering the phone, and our investigation found that this company showed complete disregard for both the law and the thousands of people they were aggressively pestering.
Our Financial Investigation Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Mohammed Liaqat and Rubani Ghulam, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.
The Secretary of State for Business and Trade accepted disqualification undertakings from Liaqat and Ghulam, and their bans started on Thursday 31 July.
The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court.
Mohammed Liaqat is of Clarke Street, Stoke-on-Trent. His date of birth is 2 May 1988
Rubani Ghulam is of Thorndyke Street, Stoke-on-Trent. His date of birth is 31 August 1969
Posh Windows UK Ltd (company number 09223929)
Individuals subject to a disqualification order or undertaking are bound by a range of restrictions
The Insolvency Service is a government agency that helps to deliver economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors.
The Insolvency Service is an executive agency, sponsored by the Department for Business and Trade.
Journalists with enquiries can call the Insolvency Service Press Office on 0303 003 1743 or email press.office@insolvency.gov.uk (Monday to Friday, 9am to 5pm).
For any out of hours media enquiries, please contact the Department for Business and Trade (DBT) newsdesk on 020 7215 2000.
Source: GlobeNewswire (MIL-OSI)
SHENZHEN, China, July 31, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it plans to incorporate products from Figma, a world – renowned design platform, into its service offerings. Figma’s tools will empower Aurora Mobile to revolutionize the way it approaches design within its business model, ecosystems, and various services.
How Aurora Mobile’s Business Model Will Benefit from Figma
Aurora Mobile’s business model is centered on providing comprehensive services to mobile app developers, leveraging vast amounts of real – time and anonymous device – level mobile behavioral data. By integrating Figma’s design services, Aurora Mobile can enhance the user interface (UI) and user experience (UX) of its own platforms and the solutions it offers its clients.
Figma’s intuitive design tools will enable Aurora Mobile’s design teams to create more engaging and user – friendly interfaces for its data analytics dashboards, marketing campaign management platforms, and customer engagement tools.
Strengthening Aurora Mobile’s Ecosystem with Figma
Aurora Mobile has built a robust ecosystem with partnerships across multiple industries, including mobile app developers, telecommunications carriers, data analytics providers, and AI technology firms. Figma’s stools will play a crucial role in enhancing the design – related aspects of this ecosystem.
For mobile app developers within Aurora Mobile’s network, Figma’s design capabilities can be integrated into the app development process. Designers and developers can collaborate more efficiently using Figma’s real – time collaboration features, ensuring that the final versions of apps have a seamless and attractive design. This will not only improve the quality of apps but also reduce the time – to – market.
In the context of vertical application service offerings, Figma can be leveraged to design more effective data visualization tools. By presenting data in a more visually appealing and understandable way, Aurora Mobile can help its partners to extract deeper insights from the data, leading to better – informed business decisions.
With the services of Figma, Aurora Mobile can enhance the design of its AI – powered solutions, such as GPTBots.ai. A well – designed interface for AI agents can improve user interaction, making it easier for enterprises to use these services and unlocking greater value from the AI technology.
Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “We are thrilled about the potential of integrating Figma’s services into our operations. Design is playing an increasingly vital role in the success of our services and the overall user experience. By leveraging Figma’s world – class design platform, we will drive innovation across our business model, ecosystems, and services, ultimately delivering greater value to our customers and partners.”
About Aurora Mobile Limited
Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.
For more information, please visit https://ir.jiguang.cn/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
Aurora Mobile Limited
E-mail: ir@jiguang.cn
Christensen
In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
Source: APO
Customer expectations are evolving, and businesses must keep pace to stay competitive. The Customer Experience Africa Summit (CEM), hosted by Vuka Group (www.WeAreVUKA.com) on 12 – 14 August 2025 at Century City Conference Centre in Cape Town, is set to be a defining moment for the industry. CEM Africa is where customer experience leaders meet to explore industry shifts, solve pressing CX challenges, and innovate solutions that create measurable business impact. Featuring impactful presentations and workshops led by CX leaders like Zendesk, Cisco and CX Experts, this event will unpack the transformative role of AI and other innovations in reshaping customer engagement.
Here’s why the summit is a must-attend for anyone looking to lead in the CX space.
AI: The Engine of CX Transformation
Artificial intelligence is no longer a buzzword, it’s a cornerstone of modern customer experience. Delegates will be treated to an exciting keynote, delivered by Ahmad Zureiki, Director of Cisco Collaboration Business for MEA. Titled “Driving Business Success: AI’s Role in Redefining Customer Experience,” Zureiki’s session will explore what it truly takes to unlock AI’s potential for reimagining customer interactions and driving enterprise success. Moving beyond hype to practical applications, Cisco’s insights will set the stage for a summit focused on actionable strategies.
This theme of AI-driven transformation runs through the summit’s workshops. For example, Zendesk’s James Stubbs and Matt Harman will lead “Beyond Bots: AI at Every Stage of the Customer Journey,” a 60-minute interactive session. This workshop will showcase how Zendesk AI enhances self-service resolutions, empowers agents with real-time insights, and streamlines contact centre workflows. Through practical examples, attendees will learn how to embed AI to tackle complex issues, boost productivity, and deliver seamless customer experiences.
Practical Strategies for Exceptional CX
Delivering outstanding customer experiences requires more than technology, it demands strategy and execution. The summit’s workshops address this head-on. One session, “Practical Insights on Delivering a Great Customer Experience,” will explore how organizations can blend proactive engagement, digital channels, and AI-driven solutions to achieve meaningful outcomes. Attendees will tackle key challenges, such as where to begin and how to prioritise, to create CX strategies that drive results.
Another workshop, “Delivering Great CX from Within: Enhancing Employee Experiences with AI,” highlights the critical link between employee empowerment and customer satisfaction. This session will demonstrate how AI can streamline workflows for customer-facing teams, enabling agents and supervisors to deliver better experiences with greater efficiency. By focusing on employee experience, organisations can create a ripple effect that transforms customer interactions.
Learning from AI’s Real-World Impact
As AI reshapes CX, real-world lessons are invaluable. The workshop “Realisation of AI in the Customer Experience Domain – Lessons Learnt So Far” will delve into the evolving landscape of AI adoption. This session will cover trends, challenges, and insights from early adopters, offering practical guidance for organizations at any stage of their AI journey. Whether you’re just starting or refining existing strategies, this workshop will help you avoid common pitfalls and embrace sustainable AI adoption.
Why CEM Africa Summit Matters
The stakes for CX are higher than ever. A recent study by PwC found that 73% of consumers prioritise experience over price, making CX a key driver of loyalty and revenue. The CEM Africa Summit addresses this reality by bringing together industry leaders like Cisco and Zendesk to share actionable insights. As Terry Southam, Group Director: Retail at Vuka Group, notes: “CEM Africa is a catalyst for redefining how businesses connect with customers. By bringing together visionaries like Cisco’s Ahmad Zureiki and Zendesk’s James Stubbs and Matt Harman, we are equipping attendees with the tools to lead in CX innovation.”
Looking Ahead
CEM Africa Summit, taking place at Century City Conference Centre in Cape Town, is more than an event, it is a glimpse into the future of customer experience. By spotlighting AI’s transformative power, practical CX strategies, and real-world lessons, the summit will inspire and empower professionals to drive meaningful change.
Learn more and register at www.CEMAfricaSummit.com
Distributed by APO Group on behalf of VUKA Group.
For media enquiries, contact:
Steven Dennett
steven.dennett@wearevuka.com
Social Media:
Join the conversation on social media by following CEM on LinkedIn: http://apo-opa.co/45e91fs
Source: People’s Republic of China – State Council News
The summer session of the 14th Beijing Tour for Overseas Talents, a crucial channel for overseas talent to connect with Beijing and develop in the city, commenced on Tuesday at HICOOL industrial park in Beijing’s Shunyi district.
As a platform of international talent exchange and cooperation, the tour brought nearly 30 representatives of student associations and international students from 16 prestigious universities — including Yale University, Columbia University, New York University, and the University of Milan — to engage in networking and matchmaking sessions with leading enterprises and innovation parks in the Chinese capital.
At the opening ceremony, the Investment Promotion Service Center of Shunyi District presented the region’s development environment, highlighting its unique advantages in industrial clusters and business-friendly policies. A service station for overseas student associations was also established to provide comprehensive support for international students who intend to start their careers in Beijing.
During the tour, overseas talent will also visit selected districts in Beijing and the Xiong’an New Area to gain firsthand insight into the city’s innovation and entrepreneurship environment, as well as the latest development in Xiong’an.
The “Hong Kong Talents Beijing Tour” was held concurrently, with 32 outstanding individuals from seven renowned universities — including the University of Hong Kong, the Hong Kong University of Science and Technology, and the Chinese University of Hong Kong — invited to visit and engage in exchange activities in Beijing.
Source: European Banking Authority
The European Banking Authority (EBA) today launched a public consultation on its draft Implementing Technical Standards (ITS) for the supervisory reporting of third-country branches under the Capital Requirements Directive (CRD). This initiative aims to establish uniform formats, definitions, and reporting frequencies for third-country branches, ensuring a consistent and comprehensive approach to regulatory and financial information reporting across the EU. The consultation runs until 31 October 2025.
The draft ITS not only aim at harmonising reporting formats and definitions but also at enhancing supervisory oversight of third-country branches. By introducing structured data collection – covering both the third-country branches and their head undertakings – the ITS support the effective supervision of third-country branches by addressing previous inconsistencies in national approaches and enabling a standardised reporting of their activities across the Union. The new templates should provide a clear picture of the financial soundness, risk exposures, and intra-group dependencies of third-country branches, thereby supporting more effective and consistent supervision across the EU. Importantly, the ITS incorporate a proportionate approach through a “core + supplement” model, ensuring that reporting obligations are tailored to the systemic relevance of each third-country branch. This ensures that supervisory scrutiny is risk-sensitive while maintaining a level playing field.
Comments on the draft ITS can be submitted to the EBA by clicking on the “send your comments” button on the consultation page. The deadline for the submission of comments is 31 October 2025. All contributions received will be published after the consultation closes, unless requested otherwise.
A public hearing on the draft ITS will take place on 5 September from 10:00 to 12:00 CEST. The deadline for registration is 2 September 2025, 16:00 CEST.
The EBA has developed these draft ITS in accordance with Article 48l(1) of Directive 2013/36/EU, which mandates the EBA to specify uniform formats, definitions, and reporting frequencies for the supervisory reporting of third-country branches.
The consultation period will run for three months, during which the EBA invites comments and feedback from stakeholders. Following the consultation, the EBA will finalise the draft ITS and submit them to the European Commission by January 10, 2026. The first reference date for the application of these ITS is anticipated to December 2026, so as to grant Competent Authorities and third-country branches to have an implementation period of approximately one year.
Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation
Donald Trump’s lawyers are pushing to get Rupert Murdoch deposed, and quickly.
The US president is suing the billionaire media owner, alongside the Wall Street Journal and Dow Jones and others, for libel after it published an article alleging that Trump once wrote a “bawdy” birthday letter to the convicted sex offender, the late Jeffrey Epstein.
Trump is seeking US$10 billion in damages. In a court filing in late July, his lawyers asked the court to order a swift deposition, citing Murdoch’s age at 94.
Trump and Murdoch have a transactional friendship that goes back decades. Despite past tensions, this rupture is something new in a relationship that has continued to serve both men’s interests.
In this episode of The Conversation Weekly podcast, professor of journalism Andrew Dodd at the University of Melbourne takes us back to where their relationship began in 1970s New York, to understand how Murdoch helped to build brand Trump.
Murdoch was already a very successful media magnate in Australia and the UK before he made his move to America. In 1976, after dabbling in two newspapers in Texas, he bought the New York Post.
“ Murdoch wanted to make it big in the US and to do that he really needed to break into New York,” says Dodd. US television networks were all based in US, he explains, “so by influencing what was going on in Manhattan, he was influencing the entire country’s media.”
Meanwhile, Trump was a young property developer from Queens. “ He’s wanting to develop and build, and he’s also wanting a profile because the profile will help him along the way,” says Dodd. “But he’s also an egomaniac. He needs publicity for its own sake, and so he’s attracted to the media.” Trump became easy and frequent fodder for the new Page Six gossip column of Murdoch’s New York Post.
Dodd says that both men saw in each other “opportunities for their own advancement”. For Trump, it was about access to notoriety. For Murdoch, a newcomer and foreigner in New York, he needed to make friends quickly and start establishing relationships. “He’s becoming ingratiated with power in the city, and so they’re all using one another,” he says.
Listen to the conversation with Andrew Dodd about Trump and Murdoch and the power they now wield over each other, on The Conversation Weekly podcast.
This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware with assistance from Ashlynne McGhee. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.
Newclips in this episode from ITV News, MSNBC and The Independent.
Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts or Spotify.
Andrew Dodd does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. How Rupert Murdoch helped to build brand Trump – podcast – https://theconversation.com/how-rupert-murdoch-helped-to-build-brand-trump-podcast-262158
MIL OSI –
Source: United Kingdom – Executive Government & Departments
New members appointed to the Office for Product Safety and Standards Advisory Board.
Five new members have been appointed to the Office for Product Safety and Standards (OPSS) Advisory Board. They are:
OPSS welcomes these new members of its Advisory Board, who have a wealth of experience in areas including engineering, regulation, research and standards development.
The OPSS Advisory Board typically meets once a quarter. Its members act as critical friends, providing external challenge and bringing fresh perspectives and ideas, ensuring OPSS is best prepared to deal with current and future challenges. The group is not involved in operational decisions, such as handling individual regulatory incidents.
Source: United Kingdom – Executive Government & Departments
Yorkshire Water has been fined £865,000 after a South Yorkshire water treatment works pumped out millions of litres of chlorinated water for almost a month.
The water company appeared at Sheffield Magistrates’ Court on 30 July for sentence after previously pleading guilty in February to one charge of polluting Ingbirchworth Dike near Barnsley.
The court heard that Ingbirchworth Water Treatment Works illegally discharged chlorinated water into the watercourse, which connects Ingbirchworth and Scout Dike reservoirs.
Approximately 1 million litres per day of chlorinated water was discharged – which even at low levels of chlorine is toxic to fish and other aquatic life – resulting in over 430 dead fish being found in one day.
Yorkshire Water was fined £865,000, ordered to pay costs of £34,979.79 and a victim surcharge of £170.
Jacqui Tootill, Water Industry Regulation Manager for the Environment Agency in Yorkshire, said:
This pollution was not caused by an unforeseen event or extreme weather. The systems were simply not robust enough and this wouldn’t have happened if proper checks had taken place.
We expect full compliance from water companies and are committed to taking robust enforcement action where we see serious breaches.
We’re pleased Yorkshire Water has now been dealt with by the courts following our investigation.
Ingbirchworth Water Treatment Works provides 90,000 people in Barnsley and South Yorkshire with drinking water every day and is fed by Ingbirchworth and Royd Moor reservoirs.
Water from the reservoirs passes through the works for treatment. It includes an underground ‘clean water wash tank’, containing chlorine.
When operating normally the level in this tank fluctuates. At 87% capacity an inlet valve automatically opens allowing the tank to refill and when it reaches 91% capacity it should close.
As a back-up, if it reached 96% capacity it would discharge via an overflow pipe into Ingbirchworth Dike. The works has an environmental permit which allows, in emergency situations, the discharge of the chlorinated water into the Dike.
However, both before and during this incident, a capacity alarm was set at 97% meaning the overflow pipe would be discharging before the alarm was activated.
On 1 November 2017 an alarm was received in the Yorkshire Water control room that indicated the inlet valve to the tank had failed. The valve was then manually opened to allow the tank to fill and maintain the water supply.
But due to a series of failures by the water company, maintenance operatives were unaware that the capacity alarm was set above the overflow pipe level. This led to intermittent but regular discharges for 27 days.
On 26 November Barnsley Trout Club reported dead fish at Scout Dike Reservoir. Officers attended and counted 434 dead fish in a 1.5km stretch of water between the treatment works and the reservoir.
At this stage the discharge had been ongoing for almost four weeks and in passing sentence District Judge Tim Spruce agreed with the Environment Agency’s assertion that the fish death total is likely to have been substantially higher.
The Environment Agency alerted Yorkshire Water about the incident and the inlet valve of the clean water wash tank was returned to automatic operation.
The court agreed that the series of failures by Yorkshire Water showed a high degree of negligence, resulting in ‘a prolonged and catastrophic loss of aquatic life’.
Judge Spruce said that the company’s previous convictions, including several since this incident, suggested that despite higher fines available to courts being an incentive for Yorkshire Water to improve regulatory compliance, that incentive has had ‘a lukewarm reception’.
A Yorkshire Water-commissioned ecology report concluded that there was mortality in aquatic insect population but that the impact had a ‘significant but reversible impact to aquatic or groundwater dependent nature conservation’.
Since the incident Yorkshire Water has made a number of improvements to the tank. It has amended the alarm trigger so that it is activated before the overflow point is reached, and the inlet valve has been replaced.
It has also introduced a new regime of weekly proactive checks and has improved internal communication with operatives.
The discharge pipes from the tank have also been moved so that it discharges into on site lagoons rather than the watercourse.
After substantially reducing the fine due to Yorkshire Water’s guilty plea, District Judge Spruce said the subsequent measures illuminated the inadequacies of the pre-incident systems.
Full charge
Between 01 November 2017 and 29 November 2017 Yorkshire Water Services Ltd caused a water discharge activity, namely the discharge of chlorinated potable water into inland freshwaters, namely Ingbirchworth Dike, otherwise than in accordance with an environmental permit
Contrary to Regulations 12(1)(b) and 38(1)(a) Environmental Permitting (England & Wales) Regulations 2016
Source: City of Stoke-on-Trent
Published: Thursday, 31st July 2025
Stoke-on-Trent City Council is stepping up its crackdown on illegal tobacco and vape sales after seizing more illegal cigarettes, tobacco and vapes.
Trading Standards officers carried out a visit to a storage facility in Etruria on Wednesday 23 July, supported by police officers and a tobacco dog and handler from JMS Accelerant Search.
The teams seized 638,380 cigarettes, 108kg of hand rolling tobacco and 1262 vapes – with a total retail value of £671,363.
The individual who hired the two shipping containers, which stored the illegal goods, is now under investigation.
The work is part of Operation CeCe – a national operation with HMRC and National Trading Standards to tackle illegal tobacco.
Councillor Amjid Wazir, cabinet member for city pride, environment and sustainability at Stoke-on-Trent City Council, said: “This work clearly shows that illegal tobacco sales will not be tolerated. Those involved in the storage, distribution, or sale of illicit tobacco will face serious consequences.
“Smuggling and counterfeiting on this scale is organised crime – the shops these goods were destined for don’t care who they sell to and are happy to sell to the city’s children.
“Our message is clear, those engaging in crime will be held accountable. We are committed to making Stoke-on-Trent a greener, fairer, cleaner, safer city and keeping these substances off our streets.”
Lord Michael Bichard, Chair, National Trading Standards, said: “The illicit tobacco trade is driven by organised criminal gangs and poses serious risks to local communities, especially young people.
“Since its launch in January 2021, Operation CeCe – a National Trading Standards initiative in partnership with HMRC – has removed 69 million illegal cigarettes, 19,750kg of hand-rolling tobacco and almost 175kg of shisha products from sale, helping to clamp down on this illicit trade and protect communities and honest businesses across the UK.”
Anyone with concerns about illegal tobacco, vapes and underage sales can contact Trading Standards on the hotline at 01782 238884 or visit www.stoke.gov.uk/tradingstandards
Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
BEIJING, July 31 (Xinhua) — Did you know that out of five Russian Kamchatka crabs eaten by Chinese, four came from the border town of Hunchun, (Yanbian Korean Autonomous Prefecture, Northeast China’s Jilin Province), which is not actually a coastal town?
At the King Crab Exhibition Hall located in the Northeast Asia Cross-Border E-Commerce Industrial Park in Hunchun, hundreds of blue and red king crabs from the Bering Strait live comfortably in a huge pool.
The cool air in the exhibition hall mixes with the faint salty taste of sea water. It turns out that the pool is filled with sea water from the “native land” of king crabs, and its temperature is maintained at about 2 degrees Celsius.
“The king crabs, which cost more than 320 yuan (US$44.5) per kilogram, were transported to China using original transport and water environment to ensure their longer life,” said Cui Ling, an employee of Hunchun Shengjin International Trade Co., Ltd., adding that July to August is the busiest time of the year. On average, up to 150 king crabs are sold per day through online and offline sales. These king crabs are shipped from here and delivered across the country within two weeks. In many regions, customers who order this seafood delicacy in the morning receive it the next day.
Why hasn’t the coastal city of Hunchun become the key hub for importing Russian Kamchatka crabs?
Previously, Kamchatka crabs imported from Russia to China had to be transported through the Republic of Korea and Japan, which led to higher costs and a deterioration in the quality of king crabs.
After Hunchun Port was approved as a specialized port for importing chilled seafood and edible aquatic animals, this “golden corridor” for importing king crabs into China was opened. In addition, the Kamchatka-Zarubino-Hunchun route made the transportation of aquatic products between China and Russia more stable and smooth.
To ensure the freshness of imported seafood, Hunchun Customs has opened a “green channel” to provide inspection and release services by appointment all year round and around the clock, speeding up customs clearance.
“In 2024, about 1.5 million pieces of king crab worth 3.31 billion yuan were imported into China through Hunchun Port, accounting for more than 80 percent of the country’s total market,” said Sun Jufeng, head of the Hunchun Port Management Service Center.
According to him, in recent years the efficiency of customs clearance has been constantly improving. If the driver registers in advance, the passage through the checkpoint can be completed in a matter of minutes.
Let us recall that last year, construction of a new terminal began in Hunchun on the territory of the checkpoint in order to meet the increasing volumes of cargo flow between China and Russia. The new terminal with a design capacity of 2 million tons will be put into operation during this year, and then the volume of transportation through the Hunchun checkpoint will increase more than fourfold.
In recent years, Chinese consumers’ interest in Russian Kamchatka crabs has grown rapidly. According to the General Administration of Customs of China, the total value of China’s imports of live, fresh and frozen crabs from Russia exceeded US$1.14 billion last year, up 16.7 percent from the previous year. -0-
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
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Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne
Labor is well-placed to win three seats in the electorate of Bass at the Tasmanian election, although its party totals imply it deserves only two. This would give left-leaning MPs a total of 20 of 35 seats. Interstate, New South Wales Labor has surged to a large lead in a Resolve poll.
The postal receipt deadline for the July 19 Tasmanian state election passed at 10am Tuesday. Final statewide vote shares
were 39.9% Liberals (up 3.2% since the March 2024 election), 25.9% Labor (down 3.2%), 14.4% Greens (up 0.5%), 2.9% Shooters, Fishers and Farmers (up 0.6%), 1.6% Nationals (new) and 15.3% independents (up 5.7%).
Tasmania uses the proportional Hare-Clark system to elect its lower house. There are five electorates corresponding to Tasmania’s five federal seats, and each electorate returns seven members, for a total of 35 lower house MPs.
Under this system, a quota for election is one-eighth of the vote or 12.5%, but half of this (6.2%) is usually enough to give a reasonable chance of election. There’s no above the line section like for the federal Senate. Instead, people vote for candidates not parties, with at least seven preferences required for a formal vote.
Robson rotation means that candidates for each party are randomised across ballot papers for that electorate, so that on some ballot papers a candidate will appear at the top of their party’s ticket and on others at the bottom.
This means parties can’t control the ordering of their candidates. Independents can be listed in single-candidate columns.
Leakage occurs when party candidates with more than one quota are elected and their surplus distributed, or when minor candidates are excluded and their preferences distributed. In the federal Senate, the large majority of votes are cast above the line, and these votes cannot leak from the party that received a first preference vote.
The consequence of leakage is that parties will lose votes from their totals during the distribution of preferences when their own candidates are elected or excluded. Single-candidate tickets can’t lose votes, and will only gain as other candidates are excluded.
Unlike other states and federally, the Tasmanian distribution of preferences is done manually. Before the distributions, analyst Kevin Bonham had called 14 of the 35 seats for the Liberals, ten for Labor, five for the Greens and four for left-leaning independents, leaving two undecided (the final seats in Bass and Lyons).
Final primary votes in Bass gave the Liberals 3.34 quotas, Labor 2.20, the Greens 1.32, the Shooters 0.32 and independent George Razay 0.27. The Shooters and Razay had single-candidate tickets that can’t leak votes.
After three days of preference distributions, vote shares in Bass are 3.30 quotas for the Liberals, 2.25 for Labor, 1.31 for the Greens, 0.40 for the Shooters and 0.37 for Razay.
On quota fractions, the final seat in Bass looks as if it should go to the Shooters or Razay. However, with one Labor candidate already elected, the two leading Labor candidates (Jess Greene and Geoff Lyons) each have about 0.37 quotas with two Labor candidates still to be excluded.
If the remaining Labor votes divide roughly evenly between Greene and Lyons, they would each have about 0.62 quotas. Greens preferences will then favour Labor whether their final opponent is the Shooters or the Liberals. So Labor is well-placed to win three seats in Bass despite their party total implying they only deserve two.
If Labor wins the final Bass seat, Labor, the Greens and left-leaning independents would have a total of 20 of the 35 seats, making any Labor attempt to form government easier.
In Lyons, final primary votes gave the Liberals 3.36 quotas, Labor 2.27, the Greens 1.08, the Shooters 0.53 and the Nationals 0.33. The Shooters had a single-candidate ticket.
The Liberals now have 3.36 quotas, Labor 2.44, the Greens one, the Shooters 0.68 and the Nationals 0.34. Neither Labor nor the Liberals have any chance of pulling off an even split across candidates, so the Shooters will win the final Lyons seat.
A New South Wales state Resolve poll for The Sydney Morning Herald, conducted July 13–18 from a sample of 1,054, gave Labor 38% of the primary vote (up five since April), the Coalition 32% (down four), the Greens 13% (up two), independents 8% (down six) and others 10% (up four).
Resolve does not usually give a two-party estimate for its state polls, but The Poll Bludger estimated a Labor lead by 57–43. Despite the strong voting intentions for Labor, Labor incumbent Chris Minns’ lead over Liberal Mark Speakman as preferred premier narrowed from 40–15 to 35–16. This indicates that Labor’s surge is due to the federal election result.
Resolve polls taken well before an election have overstated the independent vote as they give independent as an option in all seats, when many seats don’t have viable independents. The six-point drop for independents in this poll suggests a different method is now being used.
By 32–25, respondents expected their personal outlook in the next year to get better rather than worse, but by 25–21 they expected the NSW state outlook to get worse.
I previously covered a national Resolve poll for Nine newspapers that gave Labor a 56–44 lead. On reforms, 36% thought the government should take the opportunity from its landslide re-election to undertake reforms, while 32% thought it should restrict itself to policies put forward at the election.
By 47–20, respondents opposed raising the GST rate even if it would reduce other taxes. By 31–26, they supported reducing or ditching negative gearing concessions. By 36–27, they supported reducing or ditching capital gains tax concessions on properties.
By 57–18, respondents thought the opposition should work with the government to negotiate changes, rather than just oppose major reforms.
By 53–18, respondents thought Donald Trump’s election as United States president last November a bad outcome for Australia (68–11 bad in April, after Trump’s “liberation day” tariffs).
By 46–22, they thought Australia becoming more independent from the US on foreign policy and national security would be good. By 38–26, voters blamed Trump more than Albanese for the lack of a meeting.
Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Labor well-placed to win three Bass seats in Tasmanian election, giving left a total of 20 of 35 MPs – https://theconversation.com/labor-well-placed-to-win-three-bass-seats-in-tasmanian-election-giving-left-a-total-of-20-of-35-mps-261751
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
Espionage cost Australia $12.5 billion in 2023-24, according to a study by ASIO and the Australian Institute of Criminology.
The figure includes the direct costs of known espionage incidents, including state-sponsored theft of intellectual property, as well as the indirect costs of countering and responding.
Details of the Cost of Espionage report were released by the head of ASIO, Mike Burgess, in delivering the annual Hawke Lecture on Thursday night. Espionage is defined as “the theft of Australian information by another country that is seeking an advantage over Australia”.
Burgess said the Institute estimated foreign cyber spies stole nearly $2 billion from Australian companies and businesses in trade secrets and intellectual property in 2023-24.
In one instance, spies hacked into a major Australian exporters computer network, stealing commercially sensitive information.
“The theft gave the foreign country a significant advantage in subsequent contract negotiations, costing Australia hundreds of millions of dollars.”
Burgess pointed to another espionage incident several years ago when an overseas delegation visited a sensitive Australian horticultural facility.
A delegation member entered a restricted area and photographed a rare, valuable variety of fruit tree. A staff member intervened and deleted the image but it later turned out several of the tree’s branches had been stolen and smuggled out of Australia.
“Almost certainly, the stolen plant material allowed scientists in the other country to reverse engineer and replicate two decades of Australian research and development.”
In another instance, an Australian defence contractor invented and sold a world-leading innovation.
At first sales boomed but then they collapsed, and “customers began flooding the company’s repair centre with faulty products. While the returns looked genuine, closer examination revealed they were cheap and nasty knock offs.
“An investigation uncovered what happened.
“One year earlier, a company representative attended a defence industry event overseas and was approached by an enthusiastic local. She insisted on sharing some content via a USB, which was inserted into a company laptop. The USB infected the system with malware allowing hackers to steal the blueprints for the product.
“Almost certainly, the ‘enthusiastic local’ worked for a foreign intelligence service. The blueprints were given to a state-owned enterprise which mass-produced the knock-offs and deprived the Australian company millions of dollars in lost revenue – the tangible cost of espionage.”
Burgess said many entities do not realise their secrets have been stolen by espionage.
He stressed the institute was deliberately conservative, only modelling costs it could confirm and calculate.
“That means many of the most serious, significant and cascading costs of espionage are not included in the 12.5 billion dollar figure. The potential loss of strategic advantage, sovereign decision-making and warfighting capacity hold immense value, but not a quantifiable dollar value.”
“The Institute estimates Australia prevented tens of billions of dollars of additional costs by stopping or deterring spying,” Burgess said.
He said ASIO estimated the espionage threat “will only intensify. It is already more serious and sophisticated than ever before, so our response must also be more serious and sophisticated than ever before.”
Burgess confirmed that in 2022 a number of “undeclared Russian intelligence officers” were removed from Australia.
“The decision followed a lengthy ASIO investigation that found the Russians recruiting proxies and agents to obtain sensitive information, and employing sophisticated tradecraft to disguise their activities.”
Last year, two Russian born Australian citizens were charged with an espionage related offence.
Russian remained a persistent and aggressive espionage threat, Burgess said. “But Russia is by no means the only country we have to deal with.
“You would be genuinely shocked by the number and names of countries trying to steal our secrets.
“The obvious candidates are very active – I’ve previously named China, Russia and Iran – but many other countries are also targeting anyone and anything that could give them a strategic or tactical advantage, including sensitive but unclassified information.”
Burgess said increasingly foreign intelligence services were broadening their collection efforts beyond traditional categories. They were aggressively targeting science and technology, and public and private sector projects, negotiations and investments. This includes Antarctic research, green technology, critical minerals and rare earths extraction and processing.
Burgess said foreign intelligence services were “taking a very unhealthy interest in AUKUS and its associated capabilities.”
“Australia’s defence sector is a top intelligence collection priority for foreign governments seeking to blunt our operational edge, gain insights into our operational readiness and tactics, and better understand our allies’ capabilities.
“Targets include maritime and aviation-related military capabilities, but also innovations with both commercial and military applications.
“And with AUKUS, we are not just defending our sovereign capability. We are also defending critical capability shared by and with our partners.”
He said foreign intelligence services were “proactive, creative and opportunistic” in targeting present and former defence employees.
There was relentless cyber espionage, in-person targeting and technical collection.
“In recent years, for example, defence employees travelling overseas have been subjected to covert room searches, been approached at conferences by spies in disguise and given gifts containing surveillance devices.”
Burgess said that ASIO had detected and disrupted 24 major cases of foreign interference in the last three years alone.
This was more than in the previous eight years combined. They were just the major disruptions – there were many other cases. Among the examples he gave were:
spies recruited a security clearance holder who handed over official documents on free trade negotiations
foreign companies connected to intelligence services sought to buy access to personal data sets; sought to buy land near sensitive military sites, and sought to collaborate with researchers developing sensitive technologies
foreign intelligence services tried to get someone employed as a researcher in a media outlet, aiming to shape reporting and receive early warning of critical stories
spies convinced a state bureaucrat to login to a database to obtain details of people considered dissidents by a foreign regime
nation state hackers compromised a peak industry body’s network getting sensitive information
a foreign intelligence service had multiple agents and their family members apply for Australian government jobs to get access to classified information.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Espionage cost Australia $12.5 billion in 2023-24, ASIO boss Mike Burgess says – https://theconversation.com/espionage-cost-australia-12-5-billion-in-2023-24-asio-boss-mike-burgess-says-262349
Source: Government of India
Source: Government of India (4)
Tata Motors Limited has announced plans to acquire Iveco Group N.V., a leading European commercial vehicle and mobility company, through an all-cash voluntary tender offer valued at approximately €3.8 billion.
The proposed acquisition is subject to regulatory approvals and the successful separation of Iveco’s defence business. The deal aims to create a powerful global player in the commercial vehicle industry, combining complementary capabilities, a broader market presence, and a shared commitment to sustainable mobility.
Under the terms of the deal, Tata Motors will acquire all issued common shares of Iveco Group—excluding its defence division—at €14.1 per share in cash. Completion of the transaction is conditional upon the separation of the defence business, which is expected to be finalised by March 31, 2026.
The offer represents a 22–25% premium over Iveco’s average share price in the three months ending July 17, 2025. Factoring in the estimated €5.5–€6.0 per share extraordinary dividend from the defence division’s sale, the premium could increase to 34–41%.
The merger will combine Tata Motors’ commercial vehicle division with Iveco’s operations, bringing together annual sales of approximately 540,000 units and revenues of €22 billion (INR 2.2 lakh crore). The combined revenue base will be spread across Europe (50%), India (35%), and the Americas (15%).
“This is a logical next step following the demerger of Tata Motors’ Commercial Vehicle business,” said Tata Motors Chairman Natarajan Chandrasekaran. “It will allow the combined group to compete globally with two strategic home markets in India and Europe.”
Olof Persson, CEO of Iveco Group, said the partnership with Tata Motors would strengthen industrial capabilities, accelerate innovation in zero-emission transport, and expand the company’s presence in key global markets.
Tata Motors has secured full financing for the acquisition through a consortium led by Morgan Stanley and MUFG Bank. Clifford Chance, PwC, and Kearney are advising Tata Motors, while Goldman Sachs and law firms De Brauw and PedersoliGattai are advising Iveco Group.
— ANI
Source: Hong Kong Government special administrative region – 4
Hong Kong Customs yesterday (July 30) detected a case involving a local watch company that conducted a cash transaction valued at over HK$120,000, while not being a Category B registrant under the Dealers in Precious Metals and Stones Regulatory Regime. A director of the company was arrested.
The investigation is ongoing. The arrested person has been released on bail.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect on April 1, 2023. Any person who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise.
In particular, no person other than a Category B registrant may carry out a cash transaction with a total value at or above HK$120,000 in the course of business of dealing in precious metals and stones. Any dealer who is not a Category B registrant, who claims to be a Category B registrant, claims to be authorised to carry out, or carries out any cash transaction(s) with a total value at or above HK$120,000, commits an offence and is liable on conviction to a maximum fine of HK$100,000 and imprisonment for six months.
Customs reminds dealers in precious metals and stones that they must obtain the relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.
For the forms, procedures and guidelines to submit applications for registration, please visit the website for the Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Customs’ webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).
Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Source: Hong Kong Government special administrative region – 4
The Government today (July 31) announced the revision of the eligibility criteria for government-subsidised post-secondary student places and subsidies: introducing two categories of tuition fees and revising the eligibility criteria. The revision will apply to the 2027/28 academic year and thereafter (the application cycle for the 2027/28 academic year commencing in October 2026). This will allow the affected persons reasonable time to make their own plans and the Joint University Programmes Admissions System (JUPAS) Office and the admissions offices of various institutions (including the University Grants Committee (UGC)-funded universities, the Hong Kong Academy for Performing Arts, and the Vocational Training Council) sufficient time to make corresponding administrative arrangements.
A Government spokesperson said, “Under the current admissions arrangements, dependant visa/entry permit holders who were below 18 years old when first issued with such visa/entry permit by the Immigration Department (ImmD) are considered local students. There has been recent concern that some of these students did not come to reside in Hong Kong but applied for government-subsidised student places at UGC-funded universities as local students, which affected opportunities for university admission and the targeted use of public funds.
“To clarify the eligibility criteria for government-subsidised post-secondary student places and subsidies, and to ensure the proper use of public funds, the Education Bureau, having regard to overseas practices and the practical situation in Hong Kong, considers it necessary for dependant children to reside in Hong Kong for two years before becoming eligible for government-subsidised post-secondary student places. Holders of a full-time employment visa/work permit or a visa/entry permit for various admission schemes will no longer be eligible for government-subsidised post-secondary student places.”
Two categories of tuition fees are introduced under the revision. Category I refers to subsidised fees. Persons holding the following documents are eligible for government-subsidised student places in relation to sub-degree, undergraduate and taught postgraduate programmes:
Category II refers to non-subsidised fees and applies to persons not meeting the eligibility criteria in the above-mentioned Category I. These persons include:
Category II persons may still apply for government-subsidised sub-degree, undergraduate and taught postgraduate programmes but have to pay non-subsidised fees. The institutions may determine appropriate non-subsidised fee levels, following the established principles, having regard to their own circumstances and programme costs, and taking a holistic view of various factors. The levels have to be at least sufficient to recover all additional direct costs, and to be on par with those applicable to non-local students.
The Government will put in place a transitional arrangement for the above-mentioned revision, whereby the residency requirement for the 2027/28 academic year (its application cycle commencing in October 2026) will be set at one year. The two-year residency requirement will be implemented starting from the 2028/29 academic year.
The spokesperson said, “When formulating the revision, the Government fully listened to various views in society and struck the right balance. The revision is not expected to have a significant impact on families with genuine intentions to come to Hong Kong for development.”
Regarding the residency requirement for JUPAS applications for government-subsidised first-year-first-degree student places, applicants are required to provide the following proof:
(a) proof from the applicant that he or she is enrolled as a full-time student in a school offering a formal curriculum in Hong Kong for the two-year period ending on May 31 in the year in which his or her respective programme begins; or
(b) for those who cannot provide the proof in (a) above, a statement of travel records of the applicant which can be obtained at a fee from the ImmD covering the two-year period to demonstrate that the applicant is not absent from Hong Kong for a maximum of 90 days in each year of the two-year period.
Regarding other government-subsidised post-secondary student places, including those in relation to sub-degree, senior year undergraduate and taught postgraduate programmes of UGC-funded universities, the relevant institutions are required to process the applications in an approach similar to the above-mentioned one.
The eligibility criteria and related arrangements for government scholarship, fellowship or subsidy schemes which are currently premised on the definitions of “local students” and “non-local students” (such as the Hong Kong Future Talents Scholarship Scheme for Advanced Studies, the Tuition Waiver for Local Research Postgraduate Students, the Study Subsidy Scheme for Designated Professions/Sectors, and the Non-means-tested Subsidy Scheme for Self-financing Undergraduate Studies in Hong Kong) will also be correspondingly revised to ensure consistency.
Source: European Parliament
Priority question for written answer P-003079/2025
to the Commission
Rule 144
Isabella Tovaglieri (PfE)
The Commission said that Putin’s Russia may have been behind the motion of censure against President von der Leyen. According to Commission spokesperson Thomas Reigner, the motion was part of Moscow’s plans, and independent fact-checkers have confirmed that fact[1].
One of the fact-checkers that the Commission explicitly refers to is Check First. However, that company appears to receive direct funding from the European Union, which is also visible on their page[2].
Specifically, it is receiving EU funds for the Crossover and OKSA projects[3], financed by means of EU funds, and is part of the European Fact-Checking Standards Network, which is also co-financed through EU programmes to fight disinformation[4].
In the light of the above:
Submitted: 24.7.2025
Source: Government of Ireland – Department of Jobs Enterprise and Innovation
31st July 2025
Minister for Enterprise, Tourism and Employment, Peter Burke, today published a Report entitled “Market Demand for and Supply of Scaling Finance in Ireland”.
The Report concludes that there is a gap in equity financing for Irish enterprises at the point where they are looking to scale up their businesses and realise their potential. It estimates that gap at about €1.1 billion over the next 2 to 5 years. It finds that demand for equity finance amongst scaling firms has increased in Ireland over the last decade and expects that trend will continue.
The Report, which was prepared by SQW Economic Research Consultants for the Department of Enterprise, Tourism and Employment, also finds that the gap is particularly acute for –
The Report goes on to describe other features of the gap and identify several factors that contribute to firms failing to secure adequate finance.
Commenting on the Report, Minister Burke said:
“One of the key commitments in the Programme for Government is to help Irish businesses scale up and grow internationally, retaining a substantial workforce here as well as building abroad. Ireland ranks highly in Europe for the number of start-ups, many of them truly pioneering. So, we have an excellent starting point to delivering on that commitment.
I know from my engagement with enterprises across the country, that one of the key challenges they face is a gap in accessing capital. It can be the reason preventing them from realising their potential and growing into large, even multinational, businesses.
The Report published today confirms and quantifies the gap in available finance for firms looking to scale up. The Report also provides us with insights on the nature, as well as the size, of that gap.
These findings will inform the development of appropriate and targeted policy measures, which I intend to bring to Government later this year.”
The Report can be found at: Market Demand for and Supply of Scaling Finance in Ireland
NOTES FOR EDITORS:
The Department of Enterprise, Tourism and Employment commissioned SQW Economic Research Consultants to conduct a market analysis to quantify the scaling finance gap.
SQW, supported by Middlesex University in London and the Oxford Innovation WorkIQ in Dublin, conducted research to define and quantify the market gap for Irish firms seeking equity capital to scale up their enterprises. The focus was on equity finance – venture capital (VC) and private equity (PE) – covering deal sizes from €2m to €50m for innovative firms in their late-stage growth phase.
The study gathered evidence through an e-survey of ‘potential scale-up firms’ in Ireland (166 responses); and interviews with fund managers, stakeholders and Irish firms. Across these interviews, feedback was obtained from nearly 60 individuals. The fieldwork was supported by analysis of private market data from PitchBook relating to potential scale-up firms in Ireland, investment funds, and fund managers (these data are not comprehensive).
The market gap (defined as the sum of ‘unmet’ and ‘discouraged’ demand) for scaling firms in Ireland was modelled using ‘Monte Carlo’ simulations: a statistical technique that helps to address the uncertainty associated with firm e-survey responses and the modest sample size. Monte Carlo simulated the likely equity needs and outcomes of fundraising at the firm level for an assumed population of potential scale-ups in Ireland (1,000 companies).
The report concludes that the equity market gap, for scaling firms in Ireland, is estimated to be approximately €1.1bn over the next 3 to 5 years.
They also identified the gap is:
The report found that the demand for equity finance amongst scaling firms has increased in Ireland over the last decade, including for larger deal sizes, and is expected to continue. The pace of funding delivery can be challenging, whether through slow release of finance or the peak and trough nature of its release however, transaction costs were generally not perceived to be a barrier on the demand or supply side.
Additional contributing factors resulting in the lack of securing funding include:
On the supply side, the report found that most Irish funds are too small to execute scaling strategies or lead larger deals at later stage, especially in the range before international capital comes in. These Irish funds are smaller in size compared to their European counterparts. The average fund size in Ireland is just under €70m and Irish VC funds are even smaller at €60m on average. According to stakeholder consultees, an optimal fund size to execute a scaling strategy is in the region of €200m-€300. The lack of institutional capital is another barrier to increasing fund sizes.
There are only a limited number of funds actively investing in later stages with average deal sizes in Ireland at €6.5m compared to the European average of €8.9m. For many VCs, the focus was on earlier stage investment with only some follow-on at later stage.
Next Steps
The Department is developing proposals for actions to address the gap. The Minister intends to bring those proposals to Government later this year.
ENDS
Source: GlobeNewswire (MIL-OSI)
In a digital world where algorithms grow more powerful by the day, Sidetrade, a pioneer in AI-powered cash flow management, reaffirms its role as a responsible leader. Today, the company releases its 2024 CSR Report, marking a new milestone in its commitment to sustainable technology, ethical governance, and inclusive growth.
Structured in accordance with the voluntary CSRD VSME framework, Sidetrade’s 2024 report tells a standout story in the tech industry: a company that, in 2024, achieved remarkable revenue growth (+26%) while reducing its carbon footprint by 3.3%. This contrast reflects Sidetrade’s core ambition: to decouple business growth from environmental impact.
“Cash is still the oxygen that fuels business growth. But that growth must no longer come at any cost. We have set a new standard, one that aligns performance with purpose,” said Olivier Novasque, CEO and founder at Sidetrade. “Our agentic AI, Aimie, must be useful, efficient, and capable of delivering business value, operational excellence, and positive societal impact.”
In 2024, Sidetrade launched an ambitious digital sobriety program. With a virtualization rate of 95.6%, data centers powered by renewable energy (both in Europe and North America), and a Power Usage Effectiveness of 1.39 (well below the EU average*), Sidetrade is redefining SaaS industry benchmarks.
Sidetrade also made a notable impact in non-financial ratings, earning a Platinum Medal from EthiFinance and a Silver Medal from EcoVadis, placing it among the top 15% of rated companies in Europe. This recognition highlights both its tangible carbon reductions and the strength of its CSR governance, led by a dedicated committee reporting to executive leadership.
“Excellence and ambition are the dual engines of our CSR journey,” said Philippe Gangneux, CFO and CSR Ambassador at Sidetrade. “Excellence ensures discipline in our commitments; ambition pushes us to aim higher, to reach further, and to generate lasting impact.”
As an active member of the United Nations Global Compact, Sidetrade has aligned its roadmap with 10 of the UN’s Sustainable Development Goals, including climate action, workplace equity, ethical governance, and digital resilience.
The 2024 Sidetrade CSR report, with detailed performance indicators, is available here.
*source: ADEME, 2024
Investor & Media relations @Sidetrade
Christelle Dhrif +33 6 10 46 72 00 cdhrif@sidetrade.com
About Sidetrade (www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its new-generation agentic AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 40 million buyers worldwide. Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States, and Canada, serving global businesses in more than 85 countries. Among them: AGFA, BMW Financial Services, Bunzl, DXC, Engie, Inmarsat, KPMG, Lafarge, Manpower, Morningstar, Page, Randstad, Safran, Saint-Gobain, Securitas, Siemens, UGI, Veolia.
For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.
Attachments
Source: GlobeNewswire (MIL-OSI)
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
| 1. | KEY INFORMATION | ||||||||||||||||||||||||
| (a) | Full name of discloser: | Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3. | |||||||||||||||||||||||
| (b) | Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. |
||||||||||||||||||||||||
| (c) | Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree |
International Personal Finance PLC | |||||||||||||||||||||||
| (d) | If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: | ||||||||||||||||||||||||
| (e) | Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure |
30 July 2025 | |||||||||||||||||||||||
| (f) | In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” |
N/A | |||||||||||||||||||||||
| 2. | POSITIONS OF THE PERSON MAKING THE DISCLOSURE | ||||||||||||||||||||||||
| If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. | |||||||||||||||||||||||||
| (a) | Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) | ||||||||||||||||||||||||
| Class of relevant security: | 10p ordinary (GB00B1YKG049) | ||||||||||||||||||||||||
| Interests | Short Positions | ||||||||||||||||||||||||
| Number | % | Number | % | ||||||||||||||||||||||
| (1) | Relevant securities owned and/or controlled: | 6,560,666 | 2.99 % | ||||||||||||||||||||||
| (2) | Cash-settled derivatives: | ||||||||||||||||||||||||
| (3) | Stock-settled derivatives (including options) and agreements to purchase/sell: | ||||||||||||||||||||||||
| Total | 6,560,666 * | 2.99 % | |||||||||||||||||||||||
| * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 18,517 shares that are included in the total above. | |||||||||||||||||||||||||
| All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). |
|||||||||||||||||||||||||
| (b) | Rights to subscribe for new securities (including directors’ and other employee options) | ||||||||||||||||||||||||
| Class of relevant security in relation to which subscription right exists: | |||||||||||||||||||||||||
| Details, including nature of the rights concerned and relevant percentages: | |||||||||||||||||||||||||
| 3. | DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE | ||||||||||||||||||||||||
| Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated. |
|||||||||||||||||||||||||
| (a) | Purchases and sales | ||||||||||||||||||||||||
| Class of relevant security | Purchase/sale | Number of securities | Price per unit | ||||||||||||||||||||||
| (b) | Cash-settled derivative transactions | ||||||||||||||||||||||||
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit | |||||||||||||||||||||
| (c) | Stock-settled derivative transactions (including options) | ||||||||||||||||||||||||
| (i) | Writing, selling, purchasing or varying | ||||||||||||||||||||||||
| Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit | ||||||||||||||||||
| (ii) | Exercise | ||||||||||||||||||||||||
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit | |||||||||||||||||||||
| (d) | Other dealings (including subscribing for new securities) | ||||||||||||||||||||||||
| Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) | ||||||||||||||||||||||
| 4. | OTHER INFORMATION | ||||||||||||||||||||||||
| (a) | Indemnity and other dealing arrangements | ||||||||||||||||||||||||
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” |
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| None | |||||||||||||||||||||||||
| (b) | Agreements, arrangements or understandings relating to options or derivatives | ||||||||||||||||||||||||
| Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none” |
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| None | |||||||||||||||||||||||||
| (c) | Attachments | ||||||||||||||||||||||||
| Is a Supplemental Form 8 (Open Positions) attached? | NO | ||||||||||||||||||||||||
| Date of disclosure | 13 August 2025 | ||||||||||||||||||||||||
| Contact name | Thomas Hone | ||||||||||||||||||||||||
| Telephone number | +44 20 3033 3419 | ||||||||||||||||||||||||
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)
Operations Update
Prospera continues to demonstrate strong operational performance, averaging gross production of 859 boe/d (97% oil) from July 1st to July 23rd. This sustained growth follows the successful completion of numerous projects across the company’s properties including well reactivations, rod repairs, sand control upgrades, engine maintenance and tune-ups, lease upgrades, mineral rights acquisitions, coil-tubing cleanouts, and waterflood optimizations. Nine additional wells have come online in the last 10 days and are currently in stages of load fluid recovery or initial optimization.
Notably, these figures exclude production from the recently acquired White Tundra Petroleum assets, which remains subject to TSXV acceptance. Comprehensive well-by-well analysis is now being conducted weekly, with production enhancement changes implemented on a daily basis through communication with field operations personnel. Concurrently, Prospera’s service rig continues to systematically work through a robust inventory of over 150 remaining workover and reactivation candidates across its heavy oil properties, further enhancing operational efficiency.
Prospera’s predominantly heavy oil production base continues to operate in favorable pricing conditions with WCS (Western Canadian Select) differentials in an optimal range, contributing to enhanced revenue and cash flow. The Corporation’s high netbacks support our strategy to reallocate capital efficiently into high-impact and reliable projects, with 50+ projects now completed and plans finalized for its Q3 and Q4 service rig programs including nine Luseland reactivations that have completed engineering and planning stages.
Cuthbert
Production at the Cuthbert pool has been rising steadily, averaging 356 boe/d (100% oil) from July 1st to July 23rd. This sustained growth is supported by ongoing waterflood optimization, increased pump speeds, and the completion of critical maintenance across wellsite and battery infrastructure.
A high-impact remediation project on the 16-28 HZ well has been successfully completed, involving the installation of a downhole bridge plug to isolate a section of the well previously drilled into coal and water-bearing part of the formation. Additionally, a high-impact remediation project on the 08-02 HZ well has been fully funded and is awaiting mobilization after lease conditions dry up. This project includes a casing cut and cementing to block water production from the heel of the well.
Hearts Hill
Production at the Hearts Hill pool remains stable, averaging 230 boe/d (91% oil) from July 1st to 23rd. The Corporation is actively advancing waterflood pattern optimization and fluid level drawdown initiatives to enhance reservoir performance. A comprehensive line-by-line review of all pipelines in the area has been completed to confirm injection volumes, validate pipeline integrity, and support the development of a final field reactivation and workover plan. Earlier Sparky zone recompletions continue to deliver consistent oil production, with future Sparky waterflood development held in inventory. Prospera is also actively evaluating uphole recompletion opportunities in the Waseca and Rex zones to further unlock production potential.
Luseland
The Corporation continues to advance its growth trajectory at the Luseland pool, averaging production of 193 boe/d (100% oil) from July 1st to 23rd. This performance is supported by ongoing workovers, well reactivations, and field optimizations. In the past 10 days, five reactivated wells have been brought online, with two additional wells recently completed under Single Well Battery setups and awaiting start-up.
Numerous other wells are currently undergoing optimization, including the installation of recycle pumps, application of sand suspension chemical treatments, increased pump speeds to accelerate fluid drawdown, flushby operations, and well loads to bring sand up the wellbore. These efforts are complemented by various initiatives aimed at reducing operating costs. Prospera’s engineering team is focused on well-by-well monitoring of all new reactivations to maximize production rates and enhance reservoir understanding while minimizing well failures and decline rates.
Several high-performing Luseland wells are featured in the accompanying Key Wells Report, demonstrating the success of Prospera’s strategic focus on revitalizing legacy wells with significant original oil in place (OOIP). By reactivating these assets, the company is effectively converting wells previously classified as No Reserves Associated (NRA) and burdened solely with Asset Retirement Obligations (ARO) into actively producing wells with meaningful Proved Developed Producing (PDP) reserves—resulting in sustainable revenue generation and positive cash flow.
Production, Workover Tracker, and Key Wells Report
Prospera is enhancing its transparency measures with the publishing of its updated production, workover tracker, and key wells report. Production volumes on each field will continue to be reported on a monthly basis, along with corporate revenue information. A detailed workover tracker will share production rates from all workovers and reactivations completed, with information on capital spend and cumulative production since start-up to be added to the August iteration of this report. Additionally, numerous key wells and their production graphs are explained in detail as the company further proves out its highly capital-efficient workover and reactivation business model.
Price Hedging
The Corporation is pleased to announce that it has entered into a contract to hedge a portion of its oil production. From September 2025 through February 2026, Prospera has hedged 100 barrels of oil per day at an average price of approximately USD $67.00 per barrel of WTI. This strategic initiative is aimed at providing improved cash flow stability, strengthening corporate governance through proactive risk management, and capitalizing on current favorable market pricing. It represents a disciplined approach to managing commodity price exposure while preserving upside potential across the remainder of PEI’s production.
Shares for Debt
Prospera has entered into agreements with two vendors to settle outstanding trade payables through the issuance of common shares. The first vendor has agreed to settle a total of $28,900.45 through the issuance of 125,000 common shares at a deemed price of $0.231 per share. The second vendor has agreed to settle $7,392.55 through the issuance of 40,000 common shares at a deemed price of $0.185 per share. The shares will be subject to a trading restriction of four months and a day from the date of issuance and are subject to TSXV acceptance.
Loan Amendment
The Corporation announces a further amendment to its $11,000,000 promissory note, originally dated June 7, 2024, in collaboration with its principal lender. Following previous increases, an additional $2,000,000 has been added, bringing the total principal amount to $18,700,000. The note retains its original terms, including a 12% interest rate and a two-year maturity, with no other changes. The proceeds are earmarked specifically towards production-increasing capital projects. This amendment remains subject to acceptance by the TSXV.
Promissory Note Update
The Corporation provides an update regarding the previously disclosed one-year secured promissory note on January 9th, 2025. The promissory note component of the offering will now be unsecured. The placement closed with four subscribers, raising aggregate gross proceeds of $900,000. Each unit, priced at $1,000, consists of: (i) a one-year unsecured promissory note with a principal amount of $1,000, carrying a 12% annual interest rate, and (ii) 5,000 common share purchase warrants of the Corporation, exercisable at $0.05 for a period of one year, for a total of 4,500,000 warrants. Subscribers are entitled to a 5% gross overriding royalty (GORR) for every $1,000,000 of principal investment on revenue from all Prospera properties on incremental production above 1,363 barrels per day, calculated on a monthly average until the principal debt is fully repaid. Interest on the notes will accrue and be paid quarterly, accompanied by a 2% facility fee. This offering has been accepted by the TSX Venture Exchange.
Insiders have participated in this offering for a principal amount of $800,000, which results in this being a Related Party Transaction pursuant to TSXV Policy 5.9 and MI 61-101. The Corporation is relying upon numerous exemptions under these policies with respect to minority approval and valuation requirements, including those found in section 5.5 (a), (b), and (c) and 5.7 (a) and (b). The following reporting Insiders have participated in this offering:
Summerhill Investments Corp. subscribed for $500,000 and was issued an aggregate of 2,500,000 warrants, each exercisable at $0.05 per share for a period of one year from the date of issuance.
Mantl Canada Inc. subscribed for $200,000 and was issued an aggregate of 1,000,000 warrants, each exercisable at $0.05 per share for a period of one year from the date of issuance.
Countryman Investments Ltd. subscribed for $100,000 and was issued an aggregate of 500,000 warrants, each exercisable at $0.05 per share for a period of one year from the date of issuance.
About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Source: GlobeNewswire (MIL-OSI)
VICTORIA, Seychelles, July 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, today announced it has launched its exclusive ETH Launchpad subscription event, offering users the opportunity to share 100 ETH at unprecedented discount rates of up to 90% off in celebration of Ethereum’s 10th anniversary.
MEXC Launchpad is an innovative token issuance platform that provides users with guaranteed access to high-quality projects at discounted prices. In its previous BTC discount purchase event, MEXC Launchpad attracted over 90,000 participants, with 28,000 successful subscribers and a total subscription volume exceeding $3.3 million. New users achieved returns of up to 902.5%, with an annual percentage yield (APY) of 23,530.2%, while existing users earned 25.0% returns with an APY of 651.2%.
Key Event Information
Event Timeline
Subscription Pools
New User Exclusive Pool
To be eligible, new users must maintain a net deposit of at least 100 USDT, and complete at least 100 USDT in spot trading and 1,500 USDT in futures trading during the event period.
MX Pool (All Users)
To participate in the MX pool, users must complete at least 2,000 USDT in futures trading during the event.
Referral Rewards
Existing users can invite friends to join MEXC and share a 10,000 USDT bonus pool. Referrers will receive 20 USDT for each new user who signs up using their referral code and successfully subscribes to the USDT pool. Rewards are distributed on a first-come, first-served basis.
How to Participate:
MEXC’s User-First Philosophy
This ETH Launchpad event embodies MEXC’s unwavering commitment to prioritizing user benefits above all else through industry-leading discount rates. With industry-leading token listing efficiency, over 3,000 digital assets available, exceptional trading depth, low trading fees, and robust security infrastructure, MEXC has become the preferred platform for an increasing number of traders worldwide. MEXC will continue to roll out innovative events and substantial rewards that empower users and enhance their trading experience.
For more information and to participate in MEXC’s ETH Launchpad, please visit here.
About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, daily airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC
For media inquiries, please contact MEXC PR team: media@mexc.com
Risk Disclaimer:
The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02b063d4-732c-424b-aaa3-69b4ec191fdf
Source: GlobeNewswire (MIL-OSI)
Commerce’s open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver seamless, personalized experiences at scale
Commerce unveils unified AI vision to enable every merchant to thrive in the agentic commerce era
AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, today announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, effective on or about August 1, 2025, the Company’s common stock will begin trading on the Nasdaq Global Market under the ticker symbol “CMRC” and cease trading under “BIGC.” This strategic move introduces a bold vision for the future where AI navigates choices for consumers and businesses adapt with intelligent, composable tools.
In conjunction with the rebrand, Commerce also unveiled the company’s vision and strategy for powering agentic commerce where AI acts on behalf of consumers to research, recommend and even transact. To support this shift, Commerce is focused on enabling merchants with the data infrastructure and intelligent storefronts needed to thrive in this next chapter of digital commerce.
“Launching the Commerce brand is about more than a new name and logo,” said Commerce CEO Travis Hess. “It is a clear declaration to our customers, partners, investors and team that we are doubling down on innovation to give brands, retailers, manufacturers, distributors and wholesalers the flexibility, connectivity and care to help them move faster, scale smarter and grow on their terms. Agentic commerce requires a new playbook, and Commerce is here to deliver it with an open ecosystem built for speed, intelligence and flexibility.”
Unifying Three Market-leading Solutions
The individual BigCommerce, Feedonomics and Makeswift brands will continue to exist as three powerful solutions with a unified purpose:
Together, Commerce connects the tools and systems that drive growth, whether it is part of our family of brands or a trusted outside partner. Its open, intelligent ecosystem empowers businesses to unlock data potential and deliver seamless, personalized experiences at scale.
“Commerce is more than just another ecommerce company,” said Hess. “We are a trusted partner, an innovation engine and a champion that stands behind what we promise, and one of those promises is to provide an AI-driven ecosystem that aligns innovation with outcomes.”
Delivering AI to Drive Results
The way consumers discover and purchase products online is undergoing a dramatic transformation. Traditional organic search is rapidly losing ground as the “front door” of the internet. Instead, shoppers are turning to answer engines—AI-powered platforms like ChatGPT, Perplexity, Copilot and Google Cloud with Gemini—to find what they need and even buy it. In this new era, AI agents act on behalf of shoppers, searching, comparing, and even checking out across multiple channels, often without ever visiting a merchant’s website. These AI-driven experiences are seamless, contextual and increasingly the default for how consumers interact with commerce online.
For large retail brands and technology companies, this means that web traffic is already shifting as the old playbook of SEO and paid ads becomes less effective. The conversation is focused on regaining visibility and relevance in a fundamentally new digital landscape.
Commerce offers a complete solution for the AI era. Feedonomics optimizes merchant data for every touchpoint and holds strategic partnerships with leading AI platforms. BigCommerce provides the operating system for merchants of record. Makeswift powers AI-optimized storefronts. Every merchant needs an end-to-end strategy with these pillars for success in AI-driven commerce.
Over the last few weeks, Commerce brands BigCommerce and Feedonomics have expanded partnerships with AI leaders Perplexity and Google Cloud to help businesses capitalize on agentic commerce opportunities to meet consumer expectations and create a competitive advantage.
“At Commerce, we leverage AI where it delivers real, measurable results: powering personalization, automation and data orchestration across the entire customer journey from discovery to checkout,” said Vipul Shah, chief product officer at Commerce. “By delivering relevant, context-optimized data to digital channels including answer engines, and creating agentic tools to help merchants optimize their operations, Commerce helps businesses adapt in real time and grow intelligently. We’re not just following the AI wave; we’re in the room with the product and engineering teams from the leading AI companies shaping the future of the internet so that we are positioned to help our customers win.”
Adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak and Giro; global consumer brand URBN, the parent company of Urban Outfitters, Anthropologie and many others; and Tapestry, the parent company of fashion brands such as Coach and Kate Spade New York; and Dell Technologies are already leveraging Commerce’s product data integrations to improve visibility, protect brand consistency and boost performance across AI-driven search experiences.
“Since Travis stepped into the CEO role, he has assembled an experienced and visionary leadership team that came together with clarity and conviction to transform the company,” said Ellen Siminoff, executive chair of the board of directors at Commerce. “The launch of Commerce is the culmination of bold thinking, careful planning and hard work during a period of rapid industry change. This transformation positions the company for a return to long-term, sustainable growth. We are proud of our progress thus far and look forward to continuous execution.”
Conference Call Information
Commerce will host its first quarterly earnings call under the Commerce name later this morning at 7:00 a.m. CT (8:00 a.m. ET) Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.
Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.
About Commerce
Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.
BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
Media Contact:
Brad Hem
pr@commerce.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e3864e0-299e-4612-a8de-892adb7645e8
Source: GlobeNewswire (MIL-OSI)
MAHWAH, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released a new research report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks. The report reveals a paradigm shift in credential stuffing attacks. It underscores a fundamental transformation from volume-based attacks leveraging a series of repeated password attempts to sophisticated, multi-stage infiltration techniques.
“To bypass traditional defenses, modern credential stuffing attacks are shifting away from traditional password-spraying techniques in favor of business logic manipulation, cross-platform device spoofing, and strategic API exploitation,” said Arik Atar, senior cyber threat intelligence researcher at Radware. “The message for defending organizations is clear. To match this new reality, they must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows.”
Radware’s research examined 100 advanced credential stuffing configurations deployed through a well-known account takeover tool called SilverBullet.
Advanced attack methodologies
Primary targets
Centralized threat landscape
Radware’s complete report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks—can be downloaded here.
The research methodology was based on an analysis of 100 SilverBullet credential stuffing attack scripts to identify emerging trends, techniques, and tactics in modern account takeover (ATO) campaigns. The scripts were collected from Telegram channels of threat actors and published between December 2024 and May 2025.
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 encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.
©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.
THIS PRESS RELEASE AND RADWARE’S THE INVISIBLE BREACH: BUSINESS LOGIC MANIPULATION AND API EXPLOITATION IN CREDENTIAL STUFFING ATTACKS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.
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 to match this new reality, organizations must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows, 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, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; 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 cybersecurity 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, or 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; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; 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; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity 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 business in 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; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; 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 at www.radware.com.
Source: GlobeNewswire (MIL-OSI)
BEIJING, July 31, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited financial results for the three months and six months ended June 30, 2025 on Thursday, August 14, 2025, before the U.S. market opens.
JD.com’s management will hold a conference call at 8:00 am, Eastern Time on August 14, 2025, (8:00 pm, Beijing/Hong Kong Time on August 14, 2025) to discuss its financial results for the three months and six months ended June 30, 2025.
Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10048710-8s8fg7.html
CONFERENCE ID: 10048710
A telephone replay will be available for one week until August 21, 2025. The dial-in details are as follows:
| US: International: Hong Kong: Mainland China: Passcode: |
+1-855-883-1031 +61-7-3107-6325 800-930-639 400-120-9216 10048710 |
Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.
About JD.com, Inc.
JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.
For investor and media inquiries, please contact:
Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com
Media Relations
+86 (10) 8911-6155
Press@JD.com
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2025 financial and operating results. The company generated approximately $2.4 billion in cash from operating activities, $1.5 billion of adjusted funds flow and $355 million of free funds flow. Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d)1, reflecting planned turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Downstream crude throughput was 665,800 barrels per day (bbls/d), representing an overall utilization rate of 92% and including the successful completion of a turnaround at the Toledo Refinery 11 days ahead of schedule.
Highlights
“Operating performance this quarter was exceptional, with turnaround execution exceeding our targets, major project milestones achieved on time and on budget, and our staff safely and efficiently restoring Christina Lake production following disruption from a wildfire,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Through the hard work and determination of our people, we have arrived at an inflection point, nearing completion of numerous growth projects and successfully concluding significant maintenance events. As investment in these initiatives is completed, we expect to generate increasing free funds flow.”
Financial summary
| ($ millions, except per share amounts) | 2025 Q2 | 2025 Q1 | 2024 Q2 |
| Cash from (used in) operating activities | 2,374 | 1,315 | 2,807 |
| Adjusted funds flow2 | 1,519 | 2,212 | 2,361 |
| Per share (diluted)2 | 0.84 | 1.21 | 1.26 |
| Capital investment | 1,164 | 1,229 | 1,155 |
| Free funds flow2 | 355 | 983 | 1,206 |
| Excess free funds flow2 | (306) | 373 | 735 |
| Net earnings (loss) | 851 | 859 | 1,000 |
| Per share (diluted) | 0.45 | 0.47 | 0.53 |
| Long-term debt, including current portion | 7,241 | 7,524 | 7,275 |
| Net debt | 4,934 | 5,079 | 4,258 |
Production and throughput
| (before royalties, net to Cenovus) | 2025 Q2 | 2025 Q1 | 2024 Q2 |
| Oil and NGLs (bbls/d)1 | 624,000 | 670,900 | 656,300 |
| Conventional natural gas (MMcf/d) | 851.4 | 887.9 | 867.2 |
| Total upstream production (BOE/d)1 | 765,900 | 818,900 | 800,800 |
| Total downstream crude throughput (bbls/d) | 665,800 | 665,400 | 622,700 |
1See Advisory for production by product type and by operating segment.
2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.
Second-quarter results
Operating1
Cenovus’s total revenues were $12.3 billion in the second quarter, down from $13.3 billion in the first quarter of 2025. Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.
Total operating margin3 was $2.1 billion, compared with $2.8 billion in the previous quarter. Upstream operating margin4 was $2.1 billion, down from $3.0 billion in the first quarter due to lower benchmark oil prices, as well as lower production and sales volumes. The company had a Downstream operating margin4 shortfall of $71 million compared with a shortfall of $237 million in the previous quarter, benefiting from rising U.S. market crack spreads and a higher Canadian upgrading differential, as well as lower run-rate operating costs, excluding turnarounds, in both businesses. Operating margin in the U.S. Refining segment was a shortfall of $178 million, which included a $62 million inventory holding loss and $238 million of turnaround expenses.
Total Upstream production was 765,900 BOE/d in the second quarter, a decrease from 818,900 BOE/d in the first quarter. Christina Lake production was 217,900 bbls/d compared with 237,800 bbls/d in the prior quarter, as a wildfire near the facility temporarily impacted production in the second quarter. The field was shut in on May 29 and operations were restarted safely on June 3, with a return to full production about one week later. Foster Creek production was 186,100 bbls/d compared with 202,700 bbls/d in the first quarter, reflecting planned maintenance during the quarter that was successfully completed with production returning earlier than forecasted. Sunrise production was 50,300 bbls/d compared with 52,100 bbls/d in the first quarter due to planned maintenance at the facility.
Production from the Lloydminster thermal assets was 97,800 bbls/d, a decrease from 109,900 bbls/d in the prior quarter due to an unplanned outage at the Rush Lake facilities in west-central Saskatchewan. The company responded in early May to a steam release from a casing failure in an injection well and as a result, the Rush Lake facilities have been temporarily shut-in. The well has been brought under control, and the company is undertaking an investigation and developing a plan to safely restart production. Lloydminster conventional heavy oil output of 25,000 bbls/d increased from 21,800 bbls/d in the first quarter. Production in the Conventional segment was 119,800 BOE/d, down from 123,900 BOE/d in the previous quarter due in part to third-party outages.
In the Offshore segment, production was 66,300 BOE/d compared with 68,800 BOE/d in the first quarter. In Asia Pacific, production volumes were 53,800 BOE/d, lower than the 57,200 BOE/d in the previous quarter, primarily due to planned maintenance at the Liwan Gas Project. In the Atlantic region, production was 12,500 bbls/d, an increase from 11,600 bbls/d in the prior quarter, due to a full quarter of production from the White Rose field, offset in part by maintenance at the partner-operated Terra Nova field in June.
Total Downstream crude throughput in the second quarter was 665,800 bbls/d, up from 665,400 bbls/d in the first quarter. Crude throughput in Canadian Refining was 112,400 bbls/d, representing a utilization rate of 104%, compared with 111,900 bbls/d in the previous quarter.
In U.S. Refining, crude throughput was 553,400 bbls/d, representing a utilization rate of 90%, compared with 553,500 bbls/d in the first quarter, reflecting early completion of a planned turnaround at the Toledo Refinery. U.S. Refining revenues were $6.5 billion, slightly higher than $6.4 billion in the previous quarter. Adjusted market capture5 in U.S. Refining was 58%, compared with 62% in the first quarter, due primarily to a narrower heavy oil price differential.
3Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
4Specified financial measure. See Advisory.
5Adjusted market capture excludes the impact of inventory holding gains or losses. Contains a non-GAAP financial measure. See Advisory.
Financial
Cash from operating activities in the second quarter increased to approximately $2.4 billion from $1.3 billion in the first quarter. Adjusted funds flow was $1.5 billion, compared with $2.2 billion in the prior quarter, and excess free funds flow (EFFF) was a shortfall of $306 million, compared with a surplus of $373 million in the first quarter. Net earnings in the second quarter declined slightly to $851 million from $859 million in the previous quarter. Second-quarter financial results were impacted by lower benchmark oil prices, lower Upstream production and higher planned maintenance costs relative to the first quarter.
Long-term debt, including the current portion, was $7.2 billion as at June 30, 2025. Net debt was $4.9 billion as at June 30, 2025, slightly reduced from the previous quarter, as free funds flow of $355 million and a $923 million release of non-cash working capital more than offset returns to shareholders of $819 million, including the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025 for $150 million. Subsequent to the quarter on July 15, the company repaid its 5.38% unsecured notes with a principal of US$133 million in full. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time, in accordance with its financial framework.
Growth projects
In the Oil Sands segment, Narrows Lake achieved first oil in mid-July and will continue ramping up through the remainder of the year. The optimization project at Foster Creek is approximately 87% complete and four new boilers that will add approximately 80,000 bbls/d of steam capacity were brought online in July. The project is expected to produce first oil in early 2026. At Sunrise, one well pad was started up early in the quarter and the drilling program remains on track to increase production and fully utilize the asset’s steam capacity.
Significant progress has been made on the West White Rose project. The CGS was towed out and installed on the seabed ahead of schedule during the second quarter and the project’s topsides were safely lifted and set in place atop the CGS in mid-July. Hookup and commissioning have commenced, and the project is approximately 92% complete. Drilling is expected to begin by the end of the year and the project remains on schedule to produce first oil in the second quarter of 2026.
2025 guidance update
Cenovus has revised its 2025 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on cenovus.com under Investors.
Changes to the company’s 2025 guidance include:
The company has also updated its commodity price assumptions and guidance range for cash taxes. Cenovus continues to execute its capital program and there has been no change to the expected capital investment range of $4.6 billion to $5.0 billion.
Sustainability
Cenovus’s 2024 Corporate Social Responsibility report, highlighting the company’s performance in safety, Indigenous reconciliation, and acceptance and belonging, was released today and is now available on the company’s website.
Dividend declarations and share purchases
The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on September 29, 2025, to shareholders of record as of September 15, 2025.
In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1 and Series 2 – payable on October 1, 2025 to shareholders of record as of September 15, 2025, as follows:
Preferred shares dividend summary
| Share series | Rate (%) | Amount ($/share) |
| Series 1 | 2.577 | 0.16106 |
| Series 2 | 4.374 | 0.27562 |
All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.
In the second quarter, the company returned $819 million to shareholders, composed of $301 million from its purchase of 17.2 million shares through its normal course issuer bid, $368 million through common and preferred share dividends, and $150 million through the redemption of Cenovus’s Series 7 preferred shares. Subsequent to the quarter, the company purchased 6.6 million common shares through July 28, 2025 for $129 million.
2025 planned maintenance
The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.
Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)
| (MBOE/d or Mbbls/d) | Q3 | Q4 | Annualized impact |
| Upstream | |||
| Oil Sands | 5 – 7 | – | 7 – 9 |
| Offshore | 2 – 4 | – | 1 – 2 |
| Conventional | – | – | – |
| Downstream | |||
| Canadian Refining | – | – | – |
| U.S. Refining | – | 10 – 15 | 12 – 14 |
Potential turnaround expenses
| ($ millions) | Q3 | Q4 | Annualized impact |
| Downstream | |||
| Canadian Refining | – | – | – |
| U.S. Refining | 55 – 70 | 45 – 60 | 420 – 450 |
Conference call today
Cenovus will host a conference call today, July 31, 2025, starting at 9 a.m. MT (11 a.m. ET).
For analysts wanting to join the call, please register in advance.
To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.
An audio webcast will also be available and archived for approximately 30 days.
Advisory
Basis of Presentation
Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.
Barrels of Oil Equivalent
Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.
Product types
| Product type by operating segment | Three months ended June 30, 2025 |
| Oil Sands | |
| Bitumen (Mbbls/d) | 552.1 |
| Heavy crude oil (Mbbls/d) | 25.0 |
| Conventional natural gas (MMcf/d) | 16.5 |
| Total Oil Sands segment production (MBOE/d) | 579.8 |
| Conventional | |
| Light crude oil (Mbbls/d) | 4.5 |
| Natural gas liquids (Mbbls/d) | 20.4 |
| Conventional natural gas (MMcf/d) | 569.2 |
| Total Conventional segment production (MBOE/d) | 119.8 |
| Offshore | |
| Light crude oil (Mbbls/d) | 12.5 |
| Natural gas liquids (Mbbls/d) | 9.5 |
| Conventional natural gas (MMcf/d) | 265.7 |
| Total Offshore segment production (MBOE/d) | 66.3 |
| Total Upstream production (MBOE/d) | 765.9 |
Forward‐looking Information
This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “plan”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt target; returning Excess Free Funds Flow to shareholders; growth plans and projects; maximizing value; production guidance; timing of startup of the Foster Creek optimization project; ramping up production at Narrows Lake; investigating the Rush Lake incident and developing a plan to restart production; the Sunrise drilling program; the hookup and commissioning of, and timing of drilling at the West White Rose project; executing the capital program; 2025 planned maintenance; and dividend payments.
Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.
The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.
Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and June 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).
Specified Financial Measures
This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended June 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.
Upstream Operating Margin and Downstream Operating Margin
Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.
Total Operating Margin
Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.
| Upstream (6) | Downstream (6) | Total | |||||||
| ($ millions) | Q2 2025 | Q1 2025 | Q2 2024 | Q2 2025 | Q1 2025 | Q2 2024 | Q2 2025 | Q1 2025 | Q2 2024 |
| Revenues | |||||||||
| Gross Sales | 7,394 | 9,252 | 8,715 | 7,743 | 7,705 | 8,750 | 15,137 | 16,957 | 17,465 |
| Less: Royalties | (621) | (906) | (859) | — | — | — | (621) | (906) | (859) |
| 6,773 | 8,346 | 7,856 | 7,743 | 7,705 | 8,750 | 14,516 | 16,051 | 16,606 | |
| Expenses | |||||||||
| Purchased Product | 1,111 | 1,167 | 815 | 6,878 | 7,082 | 7,796 | 7,989 | 8,249 | 8,611 |
| Transportation and Blending | 2,621 | 3,247 | 3,043 | — | — | — | 2,621 | 3,247 | 3,043 |
| Operating | 896 | 893 | 889 | 947 | 854 | 1,099 | 1,843 | 1,747 | 1,988 |
| Realized (Gain) Loss on Risk Management | 8 | (9) | 20 | (11) | 6 | 8 | (3) | (3) | 28 |
| Operating Margin | 2,137 | 3,048 | 3,089 | (71) | (237) | (153) | 2,066 | 2,811 | 2,936 |
6Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements. Revenues and purchased product for Q2 2024 Downstream operations were revised. See Note 21 of our June 30, 2025, interim Consolidated Financial Statements.
Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow
The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.
| Three Months Ended | |||
| ($ millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 |
| Cash From (Used in) Operating Activities (7) | 2,374 | 1,315 | 2,807 |
| (Add) Deduct: | |||
| Settlement of Decommissioning Liabilities | (68) | (36) | (48) |
| Net Change in Non-Cash Working Capital | 923 | (861) | 494 |
| Adjusted Funds Flow | 1,519 | 2,212 | 2,361 |
| Capital Investment | 1,164 | 1,229 | 1,155 |
| Free Funds Flow | 355 | 983 | 1,206 |
| Add (Deduct): | |||
| Base Dividends Paid on Common Shares | (364) | (327) | (334) |
| Purchase of Common Shares under Employee Benefit Plan | (15) | (58) | — |
| Dividends Paid on Preferred Shares | (4) | (6) | (9) |
| Settlement of Decommissioning Liabilities | (68) | (36) | (48) |
| Principal Repayment of Leases | (94) | (83) | (75) |
| Acquisitions, Net of Cash Acquired | (129) | (100) | (5) |
| Proceeds From Divestitures | 13 | — | — |
| Excess Free Funds Flow | (306) | 373 | 735 |
7Found in the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.
Adjusted Market Capture
Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.
The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.
| ($ millions) | Three months ended June 30, 2025 |
Three months ended March 31, 2025 |
| Revenues (8) | 6,455 | 6,423 |
| Purchased Product (8) | 5,838 | 6,006 |
| Gross Margin | 617 | 417 |
| Inventory Holding (Gain) Loss | 62 | 23 |
| Adjusted Gross Margin | 679 | 440 |
| Total Processed Inputs (Mbbls/d) | 594.2 | 581.0 |
| Adjusted Gross Margin ($/bbl) | 12.57 | 8.41 |
| Operable Capacity (Mbbls/d) | 612.3 | 612.3 |
| Operable Capacity by Regional Benchmark (percent) | ||
| Chicago 3-2-1 Crack Spread Weighting | 81 | 81 |
| Group 3 3-2-1 Crack Spread Weighting | 19 | 19 |
| Benchmark Prices and Exchange Rate | ||
| Chicago 3-2-1 Crack Spread (US$/bbl) | 21.64 | 13.68 |
| Group 3 3-2-1 Crack Spread (US$/bbl) | 23.07 | 16.48 |
| RINs (US$/bbl) | 6.12 | 4.76 |
| US$ per C$1 – Average | 0.723 | 0.697 |
| Weighted Average Crack Spread, Net of RINs ($/bbl) | 21.86 | 13.58 |
| Adjusted Market Capture (percent) | 58 | 62 |
8Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.
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Cenovus contacts
Investors
Investor Relations general line
403-766-7711
Media
Media Relations general line
403-766-7751
Source: GlobeNewswire (MIL-OSI)
LONDON, July 31, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.
“Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth,” said Carl Hess, WTW’s Chief Executive Officer. “I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”
Consolidated Results
As reported, USD millions, except %
| Key Metrics | Q2-25 | Q2-242 | Y/Y Change |
| Revenue1 | $2,261 | $2,265 | Reported (0)% | CC (1)% | Organic 5% |
| Income from Operations | $368 | $212 | 74% |
| Operating Margin % | 16.3% | 9.4% | 690 bps |
| Adjusted Operating Income | $419 | $385 | 9% |
| Adjusted Operating Margin % | 18.5% | 17.0% | 150 bps |
| Net Income | $332 | $142 | 134% |
| Adjusted Net Income | $285 | $247 | 15% |
| Diluted EPS | $3.32 | $1.36 | 144% |
| Adjusted Diluted EPS | $2.86 | $2.39 | 20% |
| 1 | The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis. |
| 2 | Refer to “WTW Non-GAAP Measures” below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures. |
Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.
Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.
Cash Flow and Capital Allocation
Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.
Second Quarter 2025 Segment Highlights
Health, Wealth & Career (“HWC”)
As reported, USD millions, except %
| Health, Wealth & Career | Q2-25 | Q2-24 | Y/Y Change |
| Total Revenue | $1,180 | $1,260 | Reported (6)% | CC (8)% | Organic 4% |
| Operating Income | $280 | $276 | 1% |
| Operating Margin % | 23.8% | 21.9% | 190 bps |
The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.
Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.
Risk & Broking (“R&B”)
As reported, USD millions, except %
| Risk & Broking | Q2-25 | Q2-24 | Y/Y Change |
| Total Revenue | $1,047 | $979 | Reported 7% | CC 6% | Organic 6% |
| Operating Income | $222 | $202 | 10% |
| Operating Margin % | 21.2% | 20.6% | 60 bps |
The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.
Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.
Select 2025 Financial Considerations
Changes to Non-GAAP financial measures:
Business mix:
Free cash flow:
Capital allocation:
Foreign exchange:
Adjusted operating margin outlook:
The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.
Conference Call
The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.
WTW Non-GAAP Measures
In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.
We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.
Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:
We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.
We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.
Our non-GAAP measures and their accompanying definitions are presented as follows:
Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.
Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.
Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.
Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.
Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.
Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.
Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.
Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.
Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.
Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.
These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.
WTW Forward-Looking Statements
This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.
There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.
The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.
Contact
INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com
| WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited) |
||||||||||||||||||
| REVENUE | ||||||||||||||||||
| Components of Revenue Change(i) | ||||||||||||||||||
| Less: | Less: | |||||||||||||||||
| Three Months Ended June 30, |
As Reported | Currency | Constant Currency | Acquisitions/ | Organic | |||||||||||||
| 2025 | 2024 | % Change | Impact | Change | Divestitures | Change | ||||||||||||
| Health, Wealth & Career | ||||||||||||||||||
| Revenue excluding interest income | $ | 1,173 | $ | 1,251 | (6)% | 1% | (7)% | (12)% | 4% | |||||||||
| Interest income | 7 | 9 | ||||||||||||||||
| Total | 1,180 | 1,260 | (6)% | 1% | (8)% | (12)% | 4% | |||||||||||
| Risk & Broking | ||||||||||||||||||
| Revenue excluding interest income | $ | 1,024 | $ | 950 | 8% | 1% | 6% | 0% | 6% | |||||||||
| Interest income | 23 | 29 | ||||||||||||||||
| Total | 1,047 | 979 | 7% | 1% | 6% | 0% | 6% | |||||||||||
| Segment Revenue | $ | 2,227 | $ | 2,239 | (1)% | 1% | (2)% | (7)% | 5% | |||||||||
| Corporate, reimbursable expenses and other | 24 | 20 | ||||||||||||||||
| Interest income | 10 | 6 | ||||||||||||||||
| Revenue | $ | 2,261 | $ | 2,265 | 0% | 1% | (1)% | (6)% | 5%(ii) | |||||||||
| Components of Revenue Change(i) | ||||||||||||||||||
| Less: | Less: | |||||||||||||||||
| Six Months Ended June 30, | As Reported | Currency | Constant Currency | Acquisitions/ | Organic | |||||||||||||
| 2025 | 2024 | % Change | Impact | Change | Divestitures | Change | ||||||||||||
| Health, Wealth & Career | ||||||||||||||||||
| Revenue excluding interest income | $ | 2,331 | $ | 2,578 | (10)% | 0% | (10)% | (13)% | 3% | |||||||||
| Interest income | 14 | 18 | ||||||||||||||||
| Total | 2,345 | 2,596 | (10)% | 0% | (10)% | (13)% | 3% | |||||||||||
| Risk & Broking | ||||||||||||||||||
| Revenue excluding interest income | $ | 2,029 | $ | 1,900 | 7% | 0% | 7% | 0% | 7% | |||||||||
| Interest income | 45 | 57 | ||||||||||||||||
| Total | 2,074 | 1,957 | 6% | 0% | 6% | 0% | 6% | |||||||||||
| Segment Revenue | $ | 4,419 | $ | 4,553 | (3)% | 0% | (3)% | (7)% | 5% | |||||||||
| Corporate, reimbursable expenses and other | 45 | 41 | ||||||||||||||||
| Interest income | 20 | 12 | ||||||||||||||||
| Revenue | $ | 4,484 | $ | 4,606 | (3)% | 0% | (3)% | (7)% | 5%(ii) | |||||||||
| (i) | Components of revenue change may not add due to rounding. |
| (ii) | Interest income did not contribute to organic change for the three and six months ended June 30, 2025. |
BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME
| Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
| HWC | R&B | Corporate | Total | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||
| Book-of-business settlements | $ | — | $ | — | $ | 3 | $ | 2 | $ | — | $ | — | $ | 3 | $ | 2 | ||||||||||||||||
| Interest income | 7 | 9 | 23 | 29 | 10 | 6 | 40 | 44 | ||||||||||||||||||||||||
| Total | $ | 7 | $ | 9 | $ | 26 | $ | 31 | $ | 10 | $ | 6 | $ | 43 | $ | 46 | ||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
| HWC | R&B | Corporate | Total | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||
| Book-of-business settlements | $ | 2 | $ | — | $ | 3 | $ | 4 | $ | — | $ | — | $ | 5 | $ | 4 | ||||||||||||||||
| Interest income | 14 | 18 | 45 | 57 | 20 | 12 | 79 | 87 | ||||||||||||||||||||||||
| Total | $ | 16 | $ | 18 | $ | 48 | $ | 61 | $ | 20 | $ | 12 | $ | 84 | $ | 91 | ||||||||||||||||
SEGMENT OPERATING INCOME (i)
| Three Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| Health, Wealth & Career | $ | 280 | $ | 276 | ||||
| Risk & Broking | 222 | 202 | ||||||
| Segment Operating Income | $ | 502 | $ | 478 | ||||
| Six Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| Health, Wealth & Career | $ | 591 | $ | 612 | ||||
| Risk & Broking | 448 | 405 | ||||||
| Segment Operating Income | $ | 1,039 | $ | 1,017 | ||||
| (i) | Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes. |
SEGMENT OPERATING MARGINS
| Three Months Ended June 30, | ||||
| 2025 | 2024 | |||
| Health, Wealth & Career | 23.8% | 21.9% | ||
| Risk & Broking | 21.2% | 20.6% | ||
| Six Months Ended June 30, | ||||
| 2025 | 2024 | |||
| Health, Wealth & Career | 25.2% | 23.6% | ||
| Risk & Broking | 21.6% | 20.7% | ||
RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Segment Operating Income | $ | 502 | $ | 478 | ||||
| Amortization | (49 | ) | (60 | ) | ||||
| Restructuring costs | — | (3 | ) | |||||
| Transaction and transformation(i) | (2 | ) | (97 | ) | ||||
| Unallocated, net(ii) | (83 | ) | (106 | ) | ||||
| Income from Operations | 368 | 212 | ||||||
| Interest expense | (64 | ) | (68 | ) | ||||
| Other income, net | 9 | 23 | ||||||
| Income from operations before income taxes and interest in earnings of associates | $ | 313 | $ | 167 | ||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Segment Operating Income | $ | 1,039 | $ | 1,017 | ||||
| Amortization | (97 | ) | (120 | ) | ||||
| Restructuring costs | — | (21 | ) | |||||
| Transaction and transformation(i) | (2 | ) | (222 | ) | ||||
| Unallocated, net(ii) | (140 | ) | (162 | ) | ||||
| Income from Operations | 800 | 492 | ||||||
| Interest expense | (129 | ) | (132 | ) | ||||
| Other (loss)/income, net | (55 | ) | 49 | |||||
| Income from operations before income taxes and interest in earnings of associates | $ | 616 | $ | 409 | ||||
| (i) | In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program. |
| (ii) | Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes. |
| WTW Reconciliations of Non-GAAP Measures (In millions of U.S. dollars, except per share data) (Unaudited) |
||||||||
| RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE | ||||||||
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Net income attributable to WTW | $ | 331 | $ | 141 | ||||
| Adjusted for certain items: | ||||||||
| Amortization | 49 | 60 | ||||||
| Restructuring costs | — | 3 | ||||||
| Transaction and transformation | 2 | 97 | ||||||
| Provision for specified litigation matter (i) | — | 13 | ||||||
| Net periodic pension and postretirement benefits | (13 | ) | (21 | ) | ||||
| Tax effect on certain items listed above(ii) | (10 | ) | (39 | ) | ||||
| Tax effect of significant adjustments | (74 | ) | (7 | ) | ||||
| Adjusted Net Income | $ | 285 | $ | 247 | ||||
| Weighted-average ordinary shares, diluted | 100 | 103 | ||||||
| Diluted Earnings Per Share | $ | 3.32 | $ | 1.36 | ||||
| Adjusted for certain items:(iii) | ||||||||
| Amortization | 0.49 | 0.58 | ||||||
| Restructuring costs | — | 0.03 | ||||||
| Transaction and transformation | 0.02 | 0.94 | ||||||
| Provision for specified litigation matter (i) | — | 0.13 | ||||||
| Net periodic pension and postretirement benefits | (0.13 | ) | (0.20 | ) | ||||
| Tax effect on certain items listed above(ii) | (0.10 | ) | (0.38 | ) | ||||
| Tax effect of significant adjustments | (0.74 | ) | (0.07 | ) | ||||
| Adjusted Diluted Earnings Per Share(iii) | $ | 2.86 | $ | 2.39 | ||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Net income attributable to WTW | $ | 566 | $ | 331 | ||||
| Adjusted for certain items: | ||||||||
| Amortization | 97 | 120 | ||||||
| Restructuring costs | — | 21 | ||||||
| Transaction and transformation | 2 | 222 | ||||||
| Provision for specified litigation matter(i) | — | 13 | ||||||
| Net periodic pension and postretirement benefits | 62 | (43 | ) | |||||
| Gain on disposal of operations | (14 | ) | — | |||||
| Tax effect on certain items listed above(ii) | (38 | ) | (85 | ) | ||||
| Tax effect of significant adjustments | (74 | ) | (7 | ) | ||||
| Adjusted Net Income | $ | 601 | $ | 572 | ||||
| Weighted-average ordinary shares, diluted | 100 | 104 | ||||||
| Diluted Earnings Per Share | $ | 5.64 | $ | 3.20 | ||||
| Adjusted for certain items:(iii) | ||||||||
| Amortization | 0.97 | 1.16 | ||||||
| Restructuring costs | — | 0.20 | ||||||
| Transaction and transformation | 0.02 | 2.14 | ||||||
| Provision for specified litigation matter(i) | — | 0.13 | ||||||
| Net periodic pension and postretirement benefits | 0.62 | (0.42 | ) | |||||
| Gain on disposal of operations | (0.14 | ) | — | |||||
| Tax effect on certain items listed above(ii) | (0.38 | ) | (0.82 | ) | ||||
| Tax effect of significant adjustments | (0.74 | ) | (0.07 | ) | ||||
| Adjusted Diluted Earnings Per Share(iii) | $ | 5.99 | $ | 5.53 | ||||
| (i) | Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. |
| (ii) | The tax effect was calculated using an effective tax rate for each item. |
| (iii) | Per share values and totals may differ due to rounding. |
RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA
| Three Months Ended June 30, | |||||||||
| 2025 | 2024 | ||||||||
| Net Income | $ | 332 | 14.7% | $ | 142 | 6.3% | |||
| (Benefit from)/provision for income taxes | (21 | ) | 26 | ||||||
| Interest expense | 64 | 68 | |||||||
| Depreciation | 57 | 57 | |||||||
| Amortization | 49 | 60 | |||||||
| Restructuring costs | — | 3 | |||||||
| Transaction and transformation | 2 | 97 | |||||||
| Provision for specified litigation matter(i) | — | 13 | |||||||
| Net periodic pension and postretirement benefits | (13 | ) | (21 | ) | |||||
| Adjusted EBITDA and Adjusted EBITDA Margin | $ | 470 | 20.8% | $ | 445 | 19.6% | |||
| Six Months Ended June 30, | |||||||||
| 2025 | 2024 | ||||||||
| Net Income | $ | 571 | 12.7% | $ | 336 | 7.3% | |||
| Provision for income taxes | 44 | 74 | |||||||
| Interest expense | 129 | 132 | |||||||
| Depreciation | 111 | 116 | |||||||
| Amortization | 97 | 120 | |||||||
| Restructuring costs | — | 21 | |||||||
| Transaction and transformation | 2 | 222 | |||||||
| Provision for specified litigation matter(i) | — | 13 | |||||||
| Net periodic pension and postretirement benefits | 62 | (43 | ) | ||||||
| Gain on disposal of operations | (14 | ) | — | ||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | $ | 1,002 | 22.3% | $ | 991 | 21.5% | |||
| (i) | Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. |
RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME
| Three Months Ended June 30, | |||||||||
| 2025 | 2024 | ||||||||
| Income from operations and Operating margin | $ | 368 | 16.3% | $ | 212 | 9.4% | |||
| Adjusted for certain items: | |||||||||
| Amortization | 49 | 60 | |||||||
| Restructuring costs | — | 3 | |||||||
| Transaction and transformation | 2 | 97 | |||||||
| Provision for specified litigation matter(i) | — | 13 | |||||||
| Adjusted operating income and Adjusted operating income margin | $ | 419 | 18.5% | $ | 385 | 17.0% | |||
| Six Months Ended June 30, | |||||||||
| 2025 | 2024 | ||||||||
| Income from operations and Operating margin | $ | 800 | 17.8% | $ | 492 | 10.7% | |||
| Adjusted for certain items: | |||||||||
| Amortization | 97 | 120 | |||||||
| Restructuring costs | — | 21 | |||||||
| Transaction and transformation | 2 | 222 | |||||||
| Provision for specified litigation matter(i) | — | 13 | |||||||
| Adjusted operating income and Adjusted operating income margin | $ | 899 | 20.0% | $ | 868 | 18.8% | |||
| (i) | Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. |
RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Income from operations before income taxes and interest in earnings of associates | $ | 313 | $ | 167 | ||||
| Adjusted for certain items: | ||||||||
| Amortization | 49 | 60 | ||||||
| Restructuring costs | — | 3 | ||||||
| Transaction and transformation | 2 | 97 | ||||||
| Provision for specified litigation matter(i) | — | 13 | ||||||
| Net periodic pension and postretirement benefits | (13 | ) | (21 | ) | ||||
| Adjusted income before taxes | $ | 351 | $ | 319 | ||||
| (Benefit from)/provision for income taxes | $ | (21 | ) | $ | 26 | |||
| Tax effect on certain items listed above(ii) | 10 | 39 | ||||||
| Tax effect of significant adjustments | 74 | 7 | ||||||
| Adjusted income taxes | $ | 63 | $ | 72 | ||||
| U.S. GAAP tax rate | (6.8 | )% | 15.6 | % | ||||
| Adjusted income tax rate | 18.0 | % | 22.4 | % | ||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Income from operations before income taxes and interest in earnings of associates | $ | 616 | $ | 409 | ||||
| Adjusted for certain items: | ||||||||
| Amortization | 97 | 120 | ||||||
| Restructuring costs | — | 21 | ||||||
| Transaction and transformation | 2 | 222 | ||||||
| Provision for specified litigation matter(i) | — | 13 | ||||||
| Net periodic pension and postretirement benefits | 62 | (43 | ) | |||||
| Gain on disposal of operations | (14 | ) | — | |||||
| Adjusted income before taxes | $ | 763 | $ | 742 | ||||
| Provision for income taxes | $ | 44 | $ | 74 | ||||
| Tax effect on certain items listed above(ii) | 38 | 85 | ||||||
| Tax effect of significant adjustments | 74 | 7 | ||||||
| Adjusted income taxes | $ | 156 | $ | 166 | ||||
| U.S. GAAP tax rate | 7.1 | % | 18.1 | % | ||||
| Adjusted income tax rate | 20.5 | % | 22.3 | % | ||||
| (i) | Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. |
| (ii) | The tax effect was calculated using an effective tax rate for each item. |
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | $ | 326 | $ | 431 | ||||
| Less: Additions to fixed assets and software | (109 | ) | (126 | ) | ||||
| Free Cash Flow | $ | 217 | $ | 305 | ||||
| WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited) |
||||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 2,261 | $ | 2,265 | $ | 4,484 | $ | 4,606 | ||||||||
| Costs of providing services | ||||||||||||||||
| Salaries and benefits | 1,449 | 1,397 | 2,773 | 2,739 | ||||||||||||
| Other operating expenses | 336 | 439 | 701 | 896 | ||||||||||||
| Depreciation | 57 | 57 | 111 | 116 | ||||||||||||
| Amortization | 49 | 60 | 97 | 120 | ||||||||||||
| Restructuring costs | — | 3 | — | 21 | ||||||||||||
| Transaction and transformation | 2 | 97 | 2 | 222 | ||||||||||||
| Total costs of providing services | 1,893 | 2,053 | 3,684 | 4,114 | ||||||||||||
| Income from operations | 368 | 212 | 800 | 492 | ||||||||||||
| Interest expense | (64 | ) | (68 | ) | (129 | ) | (132 | ) | ||||||||
| Other income/(loss), net | 9 | 23 | (55 | ) | 49 | |||||||||||
| INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | 313 | 167 | 616 | 409 | ||||||||||||
| Benefit from/(provision for) income taxes | 21 | (26 | ) | (44 | ) | (74 | ) | |||||||||
| INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | 334 | 141 | 572 | 335 | ||||||||||||
| Interest in earnings of associates, net of tax | (2 | ) | 1 | (1 | ) | 1 | ||||||||||
| NET INCOME | 332 | 142 | 571 | 336 | ||||||||||||
| Income attributable to non-controlling interests | (1 | ) | (1 | ) | (5 | ) | (5 | ) | ||||||||
| NET INCOME ATTRIBUTABLE TO WTW | $ | 331 | $ | 141 | $ | 566 | $ | 331 | ||||||||
| EARNINGS PER SHARE | ||||||||||||||||
| Basic earnings per share | $ | 3.34 | $ | 1.37 | $ | 5.68 | $ | 3.22 | ||||||||
| Diluted earnings per share | $ | 3.32 | $ | 1.36 | $ | 5.64 | $ | 3.20 | ||||||||
| Weighted-average ordinary shares, basic | 99 | 103 | 100 | 103 | ||||||||||||
| Weighted-average ordinary shares, diluted | 100 | 103 | 100 | 104 | ||||||||||||
| WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited) |
||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,963 | $ | 1,890 | ||||
| Fiduciary assets | 10,720 | 9,504 | ||||||
| Accounts receivable, net | 2,364 | 2,494 | ||||||
| Prepaid and other current assets | 558 | 1,217 | ||||||
| Total current assets | 15,605 | 15,105 | ||||||
| Fixed assets, net | 696 | 661 | ||||||
| Goodwill | 8,938 | 8,799 | ||||||
| Other intangible assets, net | 1,232 | 1,295 | ||||||
| Right-of-use assets | 495 | 485 | ||||||
| Pension benefits assets | 578 | 530 | ||||||
| Other non-current assets | 934 | 806 | ||||||
| Total non-current assets | 12,873 | 12,576 | ||||||
| TOTAL ASSETS | $ | 28,478 | $ | 27,681 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Fiduciary liabilities | $ | 10,720 | $ | 9,504 | ||||
| Deferred revenue and accrued expenses | 1,726 | 2,211 | ||||||
| Current debt | 549 | — | ||||||
| Current lease liabilities | 124 | 118 | ||||||
| Other current liabilities | 752 | 765 | ||||||
| Total current liabilities | 13,871 | 12,598 | ||||||
| Long-term debt | 4,762 | 5,309 | ||||||
| Liability for pension benefits | 550 | 615 | ||||||
| Provision for liabilities | 369 | 341 | ||||||
| Long-term lease liabilities | 500 | 502 | ||||||
| Other non-current liabilities | 246 | 299 | ||||||
| Total non-current liabilities | 6,427 | 7,066 | ||||||
| TOTAL LIABILITIES | 20,298 | 19,664 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| EQUITY(i) | ||||||||
| Additional paid-in capital | 11,012 | 10,989 | ||||||
| (Accumulated deficit)/retained earnings | (206 | ) | 109 | |||||
| Accumulated other comprehensive loss, net of tax | (2,706 | ) | (3,158 | ) | ||||
| Total WTW shareholders’ equity | 8,100 | 7,940 | ||||||
| Non-controlling interests | 80 | 77 | ||||||
| Total Equity | 8,180 | 8,017 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 28,478 | $ | 27,681 | ||||
| (i) | Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024. | |
| WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited) |
||||||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| NET INCOME | $ | 571 | $ | 336 | ||||
| Adjustments to reconcile net income to total net cash from operating activities: | ||||||||
| Depreciation | 111 | 116 | ||||||
| Amortization | 97 | 120 | ||||||
| Non-cash restructuring charges | — | 12 | ||||||
| Non-cash lease expense | 47 | 49 | ||||||
| Net periodic cost/(benefit) of defined benefit pension plans | 94 | (11 | ) | |||||
| Provision for doubtful receivables from clients | 7 | 10 | ||||||
| Benefit from deferred income taxes | (70 | ) | (25 | ) | ||||
| Share-based compensation | 68 | 54 | ||||||
| Net gain on disposal of operations | (14 | ) | — | |||||
| Non-cash foreign exchange loss/(gain) | 30 | (12 | ) | |||||
| Other, net | 18 | 22 | ||||||
| Changes in operating assets and liabilities, net of effects from purchase of subsidiaries: | ||||||||
| Accounts receivable | 225 | 118 | ||||||
| Other assets | (99 | ) | (161 | ) | ||||
| Other liabilities | (778 | ) | (242 | ) | ||||
| Provisions | 19 | 45 | ||||||
| Net cash from operating activities | 326 | 431 | ||||||
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES | ||||||||
| Additions to fixed assets and software | (109 | ) | (126 | ) | ||||
| Acquisitions of operations, net of cash acquired | (14 | ) | (18 | ) | ||||
| Contributions to investments in associates | (8 | ) | — | |||||
| Net proceeds from sale of operations | 836 | — | ||||||
| Net purchases of held-to-maturity securities | (50 | ) | — | |||||
| Net purchases of available-for-sale securities | (43 | ) | (14 | ) | ||||
| Net cash from/(used in) investing activities | 612 | (158 | ) | |||||
| CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES | ||||||||
| Senior notes issued | — | 746 | ||||||
| Debt issuance costs | — | (9 | ) | |||||
| Repayments of debt | (2 | ) | (652 | ) | ||||
| Repurchase of shares | (700 | ) | (301 | ) | ||||
| Net proceeds from fiduciary funds held for clients | 141 | 783 | ||||||
| Payments of deferred and contingent consideration related to acquisitions | (15 | ) | — | |||||
| Cash paid for employee taxes on withholding shares | (43 | ) | (24 | ) | ||||
| Dividends paid | (179 | ) | (176 | ) | ||||
| Acquisitions of and dividends paid to non-controlling interests | (2 | ) | (3 | ) | ||||
| Net cash (used in)/from financing activities | (800 | ) | 364 | |||||
| INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 138 | 637 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 207 | (53 | ) | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i) | 4,998 | 3,792 | ||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i) | $ | 5,343 | $ | 4,376 | ||||
| (i) | The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section. | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash and cash equivalents | $ | 1,963 | $ | 1,247 | ||||
| Fiduciary funds (included in fiduciary assets) | 3,380 | 3,129 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 5,343 | $ | 4,376 | ||||
| Decrease in cash, cash equivalents and other restricted cash | $ | (3 | ) | $ | (154 | ) | ||
| Increase in fiduciary funds | 141 | 791 | ||||||
| Total (i) | $ | 138 | $ | 637 | ||||
| (i) | Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash. |
Source: APO
Today, Canon (https://en.Canon-CNA.com) is pleased to announce that it has been named as a Leader in The IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment [1]. The report highlights the increased demand for circularity and sustainability in the print and document solutions market and takes an in-depth look at the global, regional, and local level activities of eight major industry vendors.
The study looks specifically at device and consumables remanufacturing, assessing the capabilities of those surveyed through a number of factors including types of remanufactured products, levels of innovation, cost of ownership, sales strategy and distribution. With demand for remanufactured printing technology increasing as sustainability becomes an integral business priority, the report provides a strong reference point for businesses who wish to improve the carbon footprint of their print infrastructure.
The IDC MarketScape report highlighted Canon’s strengths including its remanufacturing history and resources, citing that “Canon has been remanufacturing its products since the last millennium and has a wealth of experience and resources across the globe to meet current and future market trends for reuse”. It also noted the breadth of Canon’s office multifunction printer portfolio, highlighting. that “Canon’s remanufactured devices include monochrome and colour A3 devices and cover a wide variety of speed segments”.
Building on this, Hiro Imamura, Executive Vice President, Digital Printing & Solutions at Canon Europe comments; “With a strong heritage in sustainability and global remanufacturing and refurbishing expertise, we are well placed to help our customers make concrete steps to improve their carbon footprint and meet their environmental goals. Reusing, recycling and repairing our products for a second life is a core part of this approach and we are delighted to be recognised as a Leader in this important IDC MarketScape report. We will continue to accelerate our efforts towards the circular economy, reducing impacts across every single part of our business and expanding our sustainable product range, from our printers to our papers, to further support our customers for the future”.
About Canon’s sustainability actions
Canon is committed to achieving carbon net zero emissions by 2050 and has recently been awarded with the EcoVadis Platinum Rating for its sustainability efforts, placing it within the top 1% of companies assessed, with an overall score in the 99th percentile. This accolade highlights Canon’s strong sustainability focus throughout its global business, across crucial areas covering environmental, social and governance criteria.
Circular approach
Support for the circular economy also forms a significant part of Canon’s sustainability strategy. The robust and durable nature of Canon’s products provides a strong platform for refurbishment and remanufacturing processes – supporting the organization in its efforts to recycle parts and hardware, where possible, for a second life.
Canon remanufactures its flagship imageRUNNER ADVANCE multifunction devices, which it markets as the imageRUNNER ADVANCE ES and ES+ range in the EMEA region, and as the Refreshed Series in Japan. This robust monochrome and colour A3 range is made with at least 90%+ reused parts, undergoing intensive cleaning, part replacement and rebuilding processes at Canon’s specialist factories. This result is a like new quality product which delivers optimal performance to support different business needs. Within its production print business, Canon also remanufactures its Arizona devices to support customers in the wide format segment.
Additionally, in EMEA, Canon also refurbishes its imageRUNNER ADVANCE range to create its Certified Used (CU range) – these multifunction devices deliver quality, high performance printers, which are designed for a second life.
Canon’s second life products are also supported by regular firmware and software updates – helping customers to deliver high levels of workflow productivity with security and further contributing towards their sustainability efforts.
Recycling
Canon also has a long-established inkjet cartridge recycling programme, which began in 1996 and is available in 15 countries across Europe. At Canon Bretagne in France, Canon operates a closed loop toner cartridge recycling programme and since 2011, has established a system for collecting used toner bottles, refilling them with toner, and supplying them to the European market, helping to further reduce Canon’s plastic usage.
To learn more about Canon’s approach to sustainability, please see here (http://apo-opa.co/46BqReK)
[1] Doc # EUR153222025, March 2025
Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).
Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com
APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.
About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (https://en.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.
Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.
Canon’s corporate philosophy is Kyosei (http://apo-opa.co/4moTJvy) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.
For more information: https://en.Canon-CNA.com
Source: People’s Republic of China – State Council News
China’s cyberspace regulator on Thursday summoned U.S. tech giant Nvidia over security risks concerning its H20 AI chip sold to China.
The company was asked to give explanations and submit relevant proof materials on this issue. This is aimed at safeguarding cyberspace and data security for Chinese users per laws on network and data security and personal information protection, according to the Cyberspace Administration of China (CAC).
Recently, Nvidia’s artificial intelligence chips have been alleged to pose serious security risks, and some U.S. lawmakers have called for advanced chips exported abroad to be equipped with “tracking and positioning” functions.
U.S. artificial intelligence experts disclosed that the “tracking and positioning” and “remote shutdown” technologies of Nvidia chips have matured, the CAC said in a statement.
Source: GlobeNewswire (MIL-OSI)
SYDNEY, July 31, 2025 (GLOBE NEWSWIRE) — Axi, an industry-leading global broker, has been recognised with five awards* from the World Business Outlook Awards for 2025, marking a significant milestone in its continued growth and commitment to excellence:
Best CFD Provider Australia
Best Forex Trading Platform Australia
Best 24/7 Customer Service Provider Australia
Best Forex Broker Australia
Most User-Friendly Trading Experience Australia
“We are beyond proud and humbled to receive five awards from World Business Outlook Awards,” said Louis Cooper, CCO at Axi. “This recognition reflects and reinforces our mission to help our traders and partners gain the edge they need to stay ahead in this rapidly evolving industry. From providing the best-in-class trading platform and backing it up with top-tier customer service, we’re incredibly excited to see our efforts reaffirmed.”
The latest accolade follows a series of other notable achievements for Axi. Earlier this year, Global Business and Finance Magazine Awards recognised Axi with the ‘Best Financial Institution 2025’ award for the UK, Middle East, and LatAm markets. In 2024, the broker received widespread industry acclaim with the ‘Innovator of the Year’ award at the 2024 Dubai Forex Expo. That same year, Axi was named Best Broker (MENA), Most Trusted Broker (LatAm), Most Reliable Broker (Europe), and Best Introducing Broker Program (Asia) by Global Forex Awards.
About Axi
Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.
For more information or additional comments from Axi, please contact: mediaenquiries@axi.com
*These awards are granted to the Axi group of companies.