For years, scholars and practitioners have sought ways to prevent workplace aggression and mitigate its negative consequences. One proposed solution is bystander intervention, where employees who witness or hear about aggression step in to stop or address it.
However, results from our recent meta-analysis cast doubt on the effectiveness of bystander intervention as a reliable solution. We integrated research findings from 149 articles, which included data from 111,466 participants. Alarmingly, we found that bystanders intervened only in the artificial safety of experiments, but not in real work settings.
Not all employees feel equipped to address workplace aggression, and organizations should not over-rely on employees to take action. Instead, we highlighted the crucial role leaders can play. Leaders can effectively interrupt incidents of workplace aggression, act as influential role models for others and ultimately foster inclusive climates.
Leaders must step up
Leaders can become aware of workplace aggression in various ways, including overhearing rude comments in a meeting, receiving written complaints or being approached for advice on handling inappropriate jokes. When this happens, leaders must decide whether to act and how.
Several barriers may prevent leaders from responding constructively. Like anyone else, leaders are prone to cognitive distortions. They may downplay an incident as a joke, hesitate to confront a high-performing employee who is the instigator, or even blame the target for provoking the behaviour.
Some leaders may also feel it’s not their responsibility to intervene. If they have demanding jobs, they might not have time or energy to get involved in interpersonal issues that are not central to their jobs.
Too often, employees remain silent when it comes to dealing with aggressive behaviours due to their perceived lack of power or ability to make a difference. (Shutterstock)
However, the cost of leader inaction is high. In 2022, Nike faced a harassment and discrimination lawsuit with female employees raising concerns that “Nike’s management were unlikely to address their concerns” about unwanted sexual advances, sexist attitudes, and discrimination.
When leaders ignore workplace aggression, organizations can suffer reputational and financial damage. But most importantly, employees can experience serious distress, including post-traumatic stress disorder, anxiety disorder, and depression.
Responding to aggressive incidents
One survey found that only 44 per cent of employees at U.S. companies strongly agree that their companies have a culture where employees are encouraged to speak up. Too often, employees remain silent when it comes to dealing with aggressive behaviours due to their perceived lack of power or ability to make a difference.
Leaders, however, have the power to resist pushback, hold instigators accountable and create a supportive workplace environment. Leaders must take an active role in both preventing and responding to aggressive workplace incidents.
First, leaders should acknowledge that addressing aggression is a part of their job. Aside from legal obligations to address aggression, leaders’ actions set the tone for what is considered acceptable. Demonstrating a commitment to civility can signal their ethical leadership, a highly valued leadership style.
Second, leaders need to also address what might seem like minor incidents. A common misconception among bystanders is that minor incidents of aggression aren’t serious or harmful enough to act on.
Minor incidents of aggression include low-intensity behaviors, such as sarcastic remarks, offensive jokes, eye-rolling, or dismissive gestures. More severe aggression includes such behaviors as yelling, intimidation, throwing objects in anger, or even inflicting physical harm.
Aggression often starts with relatively minor acts that may escalate to more severe ones when left unchecked, so these smaller acts need to be addressed. Once aggression escalates in intensity or frequency, it becomes part of the organizational culture, making it much harder to change.
It might seem surprising, but minor and severe aggression can be equally harmful to victims. Minor incidents are often subtle, which can lead to excessive rumination (e.g., was it intentional?), self-doubt (e.g., am I misinterpreting it?) and lowered self-esteem. This is particularly problematic because minor incidents are significantly more prevalent at work.
How leaders can intervene effectively
Leaders also need to learn how to appropriately intervene in incidents of aggression. For minor incidents, leaders can take immediate actions by redirecting attention from the target and stopping the incident by shifting the conversation or suggesting a quick break.
Leaders should also privately address the aggressive behaviour with the instigator. Aggressive behaviours, especially in minor forms, are sometimes unintentional, so it’s best to approach the conversation in a non-confrontational manner that prompts the instigator to reflect on their behaviour and recognize the harmful nature of their actions.
Leaders should privately address any aggressive behaviour with instigators. (Shutterstock)
Since employees commonly become defensive or deny wrongdoing during such conversations, leaders should focus on discussing behaviours rather than personality, and provide actionable suggestions for positive behavioural change.
It is also important to provide support to the target. Sometimes, employees react negatively toward victims of workplace aggression, such as blaming them for provoking the aggression rather than supporting them, which can damage their social standing within the team. When leaders support victims, it signals to others how they should respond, which can help victims retain their social status.
Leaders can also create opportunities for the target to showcase their skills, reaffirming the importance of their role within the team and the organization, or engaging in acts of leader allyship toward victims.
Innovating bystander training
While our findings cast doubt on the effectiveness of bystander intervention among regular employees, they underscore the critical role of those in positions of authority and power to take action to address workplace aggression.
Leaders should adopt innovative training programs, including bystander intervention training. While many organizations already provide such training, it often only involves educational videos or lectures. Research shows the best way to learn is by practicing, not passively listening. Training should take this into account.
But how can employees practice interventions in a safe environment? One way organizations can do this is by taking advantage of recent technological developments, such as generative artificial intelligence, to create realistic training simulations.
Trainees can engage in simulated conversations with a virtual instigator or victim and practice their intervention skills. Such conversations can be done in real-time with an avatar through video or voice, allowing employees build confidence and refine their approach in a controlled setting.
Leaders have both the power and responsibility to create safer workplaces. By taking action to interrupt aggression and support victims, leaders can be role models for employees and ultimately foster a more productive work environment. Needless to say, leaders should address the problem, not contribute to it.
Zhanna Lyubykh receives funding from the Social Sciences and Humanities Research Council of Canada.
Sandra L. Robinson receives funding from the Social Sciences and Humanities Research Council of Canada.
Sandy Hershcovis receives funding from the Social Sciences and Humanities Research Council of Canada.
Rui Zhong and The Ton Vuong do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cario, a blockchain-powered vehicle titling platform, is leading the charge to modernize the outdated, paper-based system that governs car ownership in the United States. With the country’s newfound focus on government efficiency, a rare opportunity has emerged to transition vehicle titles into a secure, digital format. If this moment is not seized, self-sovereign ownership of vehicles could be replaced by centralized government databases, limiting individual control and future industry innovation.
Vehicle titles remain one of the last major assets still reliant on paper, creating inefficiencies that affect consumers, dealerships, lenders, and the entire automotive industry. The current system is plagued by delays, red tape, and high operational costs, preventing dealers from legally selling vehicles until physical titles arrive by mail. Consumers, meanwhile, spend hours navigating DMV bureaucracy, while state governments face ongoing expenses tied to outdated technology.
Blockchain as the future of vehicle titling
Blockchain technology offers a secure and transparent alternative, creating a tamper-resistant record shared among all stakeholders, including dealerships, insurers, lienholders, and DMVs. This approach enables near-instant verification and transfers while preserving the individual’s ownership rights. Unlike centralized databases, blockchain-based titles ensure that vehicle ownership remains in the hands of individuals rather than government-controlled registries and paves the way for a programmable asset future.
A cost-free solution for state governments
The American Association of Motor Vehicle Administrators (AAMVA) has made slow progress toward e-titling, but existing solutions remain centralized and costly for states. Cario’s model, by contrast, is free for state governments. The cost burden shifts to dealers and lenders, who benefit from faster, more efficient title processing. This eliminates the need for expensive government contracts and taxpayer-funded technology overhauls. It also fundamentally aligns the incentives of government services with end-users, a key shift from how these services are designed today.
A critical window for action
With the launch of the Department of Government Efficiency (DOGE), the U.S. government is finally taking a deep look at reforming public services, making this a pivotal moment to advocate for blockchain-based titling. If blockchain solutions are not implemented, states may adopt centralized digital titles, which could limit individual access and control and hamstring future RWA innovation for decades. Cario urges consumers and industry stakeholders to take action before legacy systems cement a future of restricted ownership.
How to get involved
Digitize your title: Vehicle owners can convert their titles into blockchain-based assets through Cario at no cost.
Spread the word:Follow us on X and sound off publicly – and to your friends and family who aren’t terminally online – about the importance of self-sovereign ownership for one of life’s most important assets.
Demand better: Join our campaign to let your state’s DMV and congressional representatives know that a blockchain solution for digital titling exists—and it’s cheaper, more transparent, and more efficient. Joining the campaign is quick and easy, just sign up with an email, enter in your address, and we’ll look up your representatives and craft an email for you to send (same way StandwithCrypto works).
A new era for vehicle ownership
Blockchain-based vehicle titling has the potential to save millions of dollars, streamline operations across the automotive industry, reduce bureaucratic inefficiencies, and protect individual ownership rights. As government agencies explore modernization efforts, stakeholders must ensure that the future of vehicle ownership remains open, secure, and decentralized.
To learn more or to digitize your vehicle title, visit Cario’s website.
About Cario
Cario is a venture-backed technology company dedicated to modernizing vehicle titling through blockchain solutions. The company has completed two rounds of funding and is actively seeking strategic partners passionate about decentralization and digital ownership.
Disclaimer:This press release is provided by Cario. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.
Source: United States Senator for Nebraska Deb Fischer
Yesterday, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee, questioned Director of the National High Intensity Drug Trafficking Area (HIDTA) program Shannon Kelly on the program to locate and intercept illegal drugs within the United States. She highlighted HIDTA’s successes in Nebraska, especially for the Panhandle’s Western Nebraska Intelligence and Narcotics Group (WING) Task Force.
During the hearing, Senator Fischer asked Ms. Kelly what future challenges she anticipates in achieving the program’s goals. She also asked about the benefits of a government-wide shared map to identify the reach of transnational drug trafficking organizations.
Click the image above to watch a video of Senator Fischer’s questioning
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Senator Fischer questions Shannon Kelly:
Senator Fischer: Ms. Kelly, I think a key step in addressing the illicit drug threat is ensuring the existing programs within the government are working. As you know, the High Intensity Drug Trafficking Areas program, known as HIDTA, is a cornerstone of how we combat regional drug trafficking throughout the United States. And I have seen firsthand in my state of Nebraska, especially for law enforcement in rural areas with fewer local resources, how important this is. For example, HIDTA is the primary resource for the WING Task Force that covers 11 of our Panhandle counties. Through HIDTA, the task force has developed a uniquely cooperative investigative program, which is helping Western Nebraska law enforcement more actively manage narcotic and criminal investigations. In your view, how would you evaluate HIDTA’s effectiveness nationwide?
Shannon Kelly: Thank you so much, Senator Fischer, for your support and for the question. Nationwide, we’re extremely proud of the work that HIDTA’s been doing. One of the things that we often tout is that for every dollar invested in the HIDTA program, the rate of return is $63, which is a pretty phenomenal testament to the success of the program overall. In 2023, HIDTA has collectively disrupted or dismantled more than 3,000 drug trafficking organizations or money laundering organizations, and collectively they seized more than 2,000 metric tons of drugs, which I think also completes the narrative here. Often when we’re talking about drug interdiction, we have a tendency to focus on the ports of entry and at the borders, which is critical to our overall success. But we often like to point to the work of the HIDTAs interdicting drugs within the interior of the United States. And I think the success rate there is phenomenal as well.Senator Fischer: What challenges do you see or that you possibly anticipate in the future in meeting your goals that you have out there?
Shannon Kelly: Thank you, Senator, for asking that question. We do face a myriad of challenges. In some communities, the focus on drug trafficking is often subordinate to other threats, which is certainly a challenge in terms of making sure that there are state and local resources to put on HIDTA task forces. I would also say fatigue is a huge element for us, and I think it’s why the focus on border security and interdiction at the ports of entry and at the borders is key because I think we’re asking an awful lot of our state and local task force officers when they are being asked to interdict drugs that did evade the borders, and when they’re being asked to investigate the types of networks that are directly linked to cartels. That’s a huge challenge. It’s a training challenge, and it’s a resource challenge for all of our task forces.
Senator Fischer: You know, you brought up the border, and obviously the southern border is a major disruption zone. In years past, we’ve struggled with all the different agencies out there using different intel, using different maps, whether it’s DEA or FBI or CBP or the Department of Defense, as well. I think we have to have a shared map, government-wide shared map, to identify the threats that we have. In your testimony, you noted efforts by the Drug Enforcement Administration to map out this data comprehensively. Can you speak about that further please?
Shannon Kelly: Thank you so much for that question, Senator Fischer. I agree. I think we all agree that a common operating picture is imperative, and a big challenge for us too is making sure that we are in a place where we can share information freely—from the fed, from the IC, all the way down to our state and local partners. This is where we really rely on the work of our federal agencies to be the bridge so that, as you say, the map, the common operating picture, can be not just conceived, but then communicated from top to bottom.
Senator Fischer: And how do we achieve that?
Shannon Kelly: How we achieve that is a work in progress. It is, I won’t lie, it’s a challenge. It’s a challenge both in terms of the security levels, but it’s also a challenge in terms of culture and promoting information sharing. We’re talking about people who are accustomed to building trust with each other as people to share information, and sometimes, when we’re working across communities like that, we have to figure out not just one bridge but multiple ways to bridge that gap.
Senator Fischer: Thank you very much.
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Spree Finance, the blockchain-native commerce, rewards, and credit infrastructure network, today announces an exclusive partnership to power payments and rewards for BookIt, the next-gen booking “super-app” from global travel and rewards technology leaders OneCompany and Superlogic. This partnership enables Spree and Bookit to reward consumers for accessing coveted travel, entertainment, and premium retail products and experiences.
First-of-its-kind Decentralized Commerce Network
This first-of-its-kind partnership marks the first time cryptocurrency holders can seamlessly transact with 2M+ Real-World merchants and brands in travel, entertainment, and retail directly from their self-custodied wallets, enabling crypto for real-world commerce. Spree’s on-chain payments and Commerce DeFi credit rails will integrate with BookIt’s premium travel and retail merchant network starting today. Users can pay with 3,000+ supported cryptocurrencies and tokens for travel and retail purchases while earning stable-coin-backed rewards: Spree Points.
“Blockchain technology has proven its major use case of digital-asset-to-digital-asset ‘Trade’, but to reach mass-consumer adoption, we need to solve the use case of digital-asset-to-real-world-commerce ‘Pay’ use case,” said Jared Christopherson, Spree Co-founder. “While many blockchain protocols today are fast and charge low fees, bringing real-world merchants and brands on-chain at scale has been challenging, until now! With 2M+ merchants in its network, BookIt is the perfect partner for Spree to enable the future of decentralized commerce.”
A Next-Generation Commerce and Credit Infrastructure
Spree is redefining the future of digital payments with its innovative Commerce DeFi infrastructure, integrating crypto commerce with a robust DeFi credit infrastructure. This approach enables users to transact in digital assets effortlessly while providing merchants with instant liquidity.
At the heart of the Spree Network is a pair of tokens. Spree token which governs the network while SP (Spree Points), a stable-coin backed “universal rewards” token can not only incentivize users and facilitate transactions across its extensive network of merchants, but also power Spree’s Defi-lending protocol to enable instant settlement for merchants and credit orchestration for consumers. Unlike legacy payment rails like Visa and Mastercard, merchants pay up to 90% less in processing fees when accepting payments over Spree’s decentralized payments network, which leverages secure blockchain-native rails to remove friction and middlemen, and reduce excess fees. Significantly lower fees allow merchants to take control of their revenue and directly reward the end consumer without middlemen.
Revolutionizing Rewards and Loyalty
Offering consumers more than just travel, Bookit provides elite access to VIP experiences, from front-row seats at major sporting events, to exclusive concerts, private wine tours, and celebrity chef tastings. Bookit members can earn up to 10x the rewards of competing platforms, using SP as its native rewards token, providing consumers with additional benefits on purchases, and flexibility when redeeming SP universal rewards points across its network of 2M+ merchants and brands.
“Our mission with BookIt is to reimagine the e-commerce journey for travel, entertainment and retail as a “consumer-first” experience, where your loyalty is our priority and your rewards is an asset – not something that corporations can arbitrarily devalue,” said Lin Dai, CEO of Superlogic, co-creator of BookIt super-app. “Integrating with Spree’s next-gen commerce and rewards rails is revolutionary for the entire travel and loyalty industry, and we are proud to be the first of many major enterprise partners to partner with Spree.”
A veteran in blockchain solutions for enterprises, Lin Dai has worked closely with world-class brands including Warner Music Group, American Express, Pepsi, Anheuser-Busch and more on Web3 initiatives. As part of the new partnership, Lin Dai will be joining Spree’s board to guide its strategy and adoption with enterprise clients.
Spree Finance at ETH Denver 2025: Buildathon, Partnerships & Exclusive Events
Spree will have a dynamic presence at ETH Denver 2025, with co-founder and head of technology Carter Razink actively participating in the Buildathon. As part of its commitment to fostering innovation, Spree will sponsor the Buildathon winner’s trip to the next year’s EthDenver conference, empowering emerging developers to further their journey.
On February 28, Spree will co-host an exclusive event with leading EthDenver communities including Spork DAO and Pudgy Penguins, bringing together industry leaders, builders, and Web3 enthusiasts, followed by an after-party at Temple nightclub.
On Mar 1, at the BuiDl stage of the EthDenver conference, at 12:05pm, Lin Dai, Co-CEO of Bookit, Pat Yiu, of MEGA, and Carter Razink, co-founder and head of technology at Spree, will be interviewed live on stage to discuss the partnership and the future of decentralized commerce and credit, while any conference attendees can visit the Spree booth where the team will be showcasing the BookIt super app and Spree’s innovative Commerce DeFi solutions in action. For a limited time, conference attendees visiting the Spree booth will receive a complimentary pre-registration for Gold-tier membership to BookIt, a $99 value, to unlock higher rewards and build up their status towards future on-chain benefits.
To close ETH Denver in style, Spree Finance is hosting a private dinner together with leading hedge fund ETH Strategy bringing together key industry leaders and investors from both blockchain and enterprise world, to cross-pollinate ideas and collaborate on the future of mass-consumer adoption.
Spree is a blockchain-native decentralized commerce and rewards protocol that enables frictionless real-world transactions by humans or AI agents. Powered by Spree, 3,000+ tokens can be used with 2M+ major Real-World merchants in travel, entertainment, and retail, earning consumers up to 30% back in on-chain rewards, while reducing merchant processing fees by up to 90%. Users can follow Spree on: https://x.com/spreefinance
About BookIt
BookIt is a next-gen platform that rewards consumers for booking coveted travel and entertainment experiences and purchasing premium retail products, co-created by Superlogic, the leader in experiential rewards technology, and Open Network Exchange, the leader in global travel and leisure-based commerce solutions. For more users can visit Bookit.
Governor Kathy Hochul today announced that Binghamton will receive $10 million in funding as the Southern Tier winner of the eighth round of the Downtown Revitalization Initiative, and the Villages of Bath and Dryden will each receive $4.5 million as the Southern Tier winners of the third round of NY Forward. For Round 8 of the Downtown Revitalization Initiative and Round 3 of the NY Forward Program, each of the State’s 10 economic development regions are being awarded $10 million from each program to make for a total state commitment of $200 million in funding and investments, to help communities boost their economies by transforming downtowns into vibrant neighborhoods.
“By investing in the future of these Southern Tier communities, this funding will revitalize their downtown areas by building vibrant and thriving destinations where businesses, families and visitors can flourish,” Governor Hochul said. “With our Pro-Housing Communities initiative, we’re giving local leaders the tools to transform their cities, towns and villages into hubs of opportunity, culture and affordable living. This is how we build stronger, more connected communities that work for everyone across New York.”
To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program — an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential. Governor Hochul’s Pro-Housing Communities initiative allocates up to $650 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, 273 communities across New York have been certified as Pro-Housing Communities. This year, Governor Hochul is proposing an additional $100 million in funding to cover infrastructure projects necessary to create new housing in Pro-Housing Communities, and a further $10 million to technical assistance to help communities seeking to foster housing growth and associated municipal development.
Many of the projects funded through the DRI and NY Forward support Governor Hochul’s affordability agenda. The DRI has invested in the creation of more than 4,400 units of housing — 1,823 of which are affordable or workforce. The programs committed over $8.5 million to 11 projects that provide affordable or free child care and child care worker training. DRI and NY Forward have also invested in the creation of public parks, public art (such as murals and sculptures) and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.
$10 Million Downtown Revitalization Initiative Award for Binghamton
The City of Binghamton’s Clinton Street Neighborhood Business District is primed for revitalization. Its historic storefronts, walkable footprint, development ready spaces and proximity to Binghamton’s urban core make it ready-built as the next great downtown in Upstate New York. The Clinton Street corridor is recognized as the “backbone” of the City’s First Ward, providing a social center with dense commercial activity proximate to nearby residential areas. The area has a storied history of immigration, a legacy still felt today in the diverse churches and neighborhoods of the First Ward. The area also boasts a history of a “walk to work” culture fostered by General Aniline and Film (GAF)/Anitec Industries, a former area employer who attracted economic and social activity in the neighborhood. Binghamton seeks to make Clinton Street a reinvigorated corridor better connected to the city and serving the First Ward neighborhood through support for infill development, expanded affordable housing, adaptive reuse and rehabilitation and enhanced public infrastructure. Combined, these improvements will offer a welcoming, eclectic atmosphere fostering innovation, entrepreneurship and retail activity while retaining cultural and historical heritage.
$4.5 Million NY Forward Award for Bath
Situated along the scenic Cohocton River, the Village of Bath is a historic planned community that serves as a “Gateway” to Keuka Lake — renowned for its scenery, wineries and vineyards. The Village of Bath has experienced significant changes over the past decade and has recognized the need to strengthen its core and return to its role as the downtown neighborhood that people experience and enjoy. The Village’s Liberty Street Historic District revitalization is the next step in this journey. The Village seeks to bolster growth by creating an active downtown with enhanced public spaces, strategic placement of amenities and new housing opportunities that will attract visitors and foster an atmosphere that will retain and attract residents and businesses.
$4.5 Million NY Forward Award for Dryden
Dryden is an ideal place for young families to grow and for older generations to age. Home to just over 2,000 residents, Dryden has developed over time as a small bedroom community to the nearby cities and universities and as an extremely high traveled and visited community. With median home values and rents that are affordable to all, Dryden’s parks, tree-lined sidewalks and friendly neighborhoods make it a desirable small community to live in, promoting a high quality of life. Dryden seeks to reinvest in its historic downtown by continuing to support an attractive and inviting Main Street with a robust mix of shopping, dining and residential spaces to foster a high quality of life for its residents. The Village will foster a welcoming and walkable downtown community where residents can live a sustainable lifestyle in friendly neighborhoods with convenient access to goods and services.
New York Secretary of State Walter T. Mosley said, “The Downtown Revitalization Initiative and NY Forward program are playing a pivotal part in the resurgence of the Southern Tier region. The three communities selected as winners for this round — Binghamton, Bath and Dryden — are all focused on creating walkable downtowns with increased housing and economic opportunities that will improve the quality of life for existing residents and attract even more people to their communities. We look forward to seeing the exciting projects these communities select to make their visions for the future become a reality.”
Empire State Development President, CEO and Commissioner Hope Knight said, “These dynamic, community-led Downtown Revitalization Initiative and NY Forward investments will further fuel the economic engines needed to support local businesses, create new housing and foster growth in the City of Binghamton and the villages of Bath and Dryden. The transformational, inclusive plans will infuse new life into these communities, creating innovative spaces and places that will benefit both current and future generations of residents and visitors, showcasing all that the Southern Tier region has to offer.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Today’s $19 million investment in Bath, Dryden and Binghamton’s Clinton Street Neighborhood, continue the Downtown Revitalization Initiative and NY Forward’s history of having a transformative impact on communities across New York. These three communities will soon experience benefits including increased housing supply and improved infrastructure that will enhance vibrancy and promote walkability. Thank you to Governor Hochul for her continued commitment to these targeted investments that create new economic opportunities in the Southern Tier.”
State Senator Lea Webb said, “It is exciting to see continued investments in our downtowns, which are integral in community development. The City of Binghamton and Village of Dryden will receive funding through the Downtown Revitalization Initiative and the New York Forward programs. These state initiatives provide critical funding to support the revitalization and growth of downtowns small and large across New York. I am excited to see the full potential of the Clinton Street Corridor unlocked with this funding so that it can continue its growth as a vibrant neighborhood, attracting more businesses, residents and visitors to Binghamton’s First Ward. I am also thrilled to see the Village of Dryden receive this transformative funding, which will help reenergize the downtown, support long-term growth and economic prosperity.”
State Senator Thomas O’Mara said, “This is great news for the Village of Bath that will allow local leaders to move forward on development projects that will strengthen our entire region. State investments through the NY Forward program and other initiatives have had an enormously positive impact on communities I represent across the Southern Tier and Finger Lakes regions. These critical state investments have helped our local leaders bolster local communities and economies, spark economic growth and opportunity within the tourism sector and other small businesses and industries, ease the burden on local property taxpayers and strengthen the overall quality of life for community residents and families.”
Assemblymember Anna Kelles said, “I was thrilled to learn of this award and excited for all the creative and thoughtful initiatives the Village of Dryden will invest in with this NY Forward Grant award. These much-needed funds will play a key role in revitalizing the village’s original business section on West Main Street, an area rich with history. By restoring and enhancing this district, the grant will not only preserve the village’s heritage, but also foster economic growth by attracting new businesses and visitors to support a vibrant walkable downtown. Additionally, these improvements will foster a strong pedestrian-friendly hub, encouraging community engagement and making Dryden an even more welcoming place to live, work and explore. I want to thank Governor Hochul and the Regional Economic Development Council for committing to our growth and helping build our communities.”
Assemblymember Donna Lupardo said, “I am thrilled that the City of Binghamton’s proposal to revitalize Clinton Street won this year’s Downtown Revitalization Initiative. They have exciting plans to develop this historically important section of the city into a thriving hub once again. The DRI and NY-Forward initiatives deliver resources that are reimagining important community spaces across the State. Over the years, we have seen real results from these efforts here in the Southern Tier. I’d like to thank the Governor, the Southern Tier Regional Economic Development Council and all of the awardees for their effort to transform our downtowns.”
Assemblymember Philip A. Palmesano said, “This is terrific news for the Village of Bath and the surrounding community. The Village has worked tirelessly, finding ways to move forward with the strategic goals outlined in their Economic Development Strategic Action Plan, Housing Demand Study and Liberty Street Building Evaluation and Design Guidelines. Funding from the NY Forward program will give them the ability to implement that vision to benefit the whole community by promoting economic growth and strengthening the Village’s position as a hub for increased tourism and local investment. Thank you to the Regional Economic Development Council and Governor Hochul for recognizing the hard work and commitment of our local leaders.”
Binghamton Mayor Jared Kraham said, “From my first days in office, we’ve been fighting for the First Ward. I made a commitment early on to invest in the Clinton Street neighborhood and work alongside community partners to unlock its potential as the Southern Tier’s next great downtown. Today’s announcement of $10 million in State funding kicks that work into overdrive and brings us one major step closer to making our vision a reality. Clinton Street’s time is now. With this historic investment from New York State and the hard work of our First Ward partners, the team at City Hall has never been better equipped to deliver on the promise of a better future for the First Ward and our community as a whole. I am grateful to Governor Kathy Hochul and the Regional Economic Development Council for recognizing our vision and supporting our efforts to make it a reality.”
Village of Dryden Mayor Michael Murphy said, “We are incredibly excited and grateful that the Village of Dryden has been awarded $4.5 million from the NY Forward Grant Program! This achievement represents the culmination of a collaborative effort between the Village Board, our dedicated staff, the Dryden Business Association and passionate community members. With the combined support of state and private funding, the Village of Dryden is poised to transform into a thriving destination for new businesses and families. We extend our heartfelt thanks to Governor Hochul for this incredible program and for recognizing the potential of the Village of Dryden. Together, we are building a brighter future for our residents and businesses!”
Village of Bath Mayor Michael Sweet said, “We are incredibly grateful to Governor Kathy Hochul for awarding this NY Forward grant and to the members of the Regional Economic Development Council for their support in making this possible. A special thank you to Omar Sanders, Regional Director; Judy McKinney-Cherry, Executive Director of SCOPED; Jamie Johnson, Executive Director of the Steuben County IDA; and Matthew Bull, Director of Community and Infrastructure Development at the Steuben County IDA, for their unwavering commitment to our community’s growth. Your leadership and dedication are truly making a lasting impact, and we deeply appreciate all that you do.”
Southern Tier Regional Economic Development Council Co-Chairs Judy McKinney-Cherry and Dr Mary Bonderoff said, “The STREDC is incredibly proud to continue our support for the City of Binghamton and the villages of Dryden and Bath, and their promising futures thanks to the Governor’s Downtown Revitalization and NY Forward Initiatives. These targeted, community-driven projects will benefit both residents and visitors alike, promoting economic growth and creating more vibrant downtowns where people will want to live, work and play for generations to come.”
Binghamton, Bath and Dryden will now begin the process of developing a Strategic Investment Plan to revitalize their downtowns. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders, will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will guide the investment of DRI and NY Forward grant funds in revitalization projects that are poised for implementation, will advance the community’s vision for their downtown and can leverage and expand upon the State’s investment.
The Southern Tier Regional Economic Development Council conducted a thorough and competitive review process of proposals submitted from communities throughout the region and considered all criteria before recommending these communities as nominees.
About the Downtown Revitalization Initiative
The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all 10 regions of the State to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through eight rounds, the DRI will have awarded a total of $900 million to 89 communities across every region of the State.
About the NY Forward Program
First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.
NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program will have awarded a total of $300 million to 60 communities across every region of the State.
The Minister for Education and Lifelong Learning, Deputy Rob Ward, has signed a Ministerial order which increases the funding for a number of grants for higher education students from 1 September 2025.
These changes contribute towards one of this Government’s top strategic priorities, to ‘increase the provision of lifelong learning and skills development’, by implementing sustainable higher education student finance.
For most grants, the amount a student can receive depends on household income thresholds. These thresholds will increase by 5.2%. The increase has been based on the economic assumptions on average incomes in Jersey published by the Fiscal Policy Panel in 2024.
The income threshold to receive:
the maximum maintenance grant will increase from £50,000 to £52,600
the maximum tuition grant will increase from £110,000 to £115,720
the clinical component grant will increase from £100,000 to £105,200
a grant to attend an interview will increase from £50,000 to £52,600
a grant for specialist equipment for a student with a disability will increase from £90,000 to £94,680.
Maintenance grants will receive an uplift of 2.5%, based on the *Consumer Price Index for December 2024 published by the Office for National Statistics. The maximum maintenance grant will increase from £8,915 to £9,138.
Tuition fee grants will increase by 3.1% to align with the new higher cap in England and Wales. The new maximum tuition grant will increase from £9,250 to £9,535.
Deputy Ward said: ‘It is important we continue to review the support we have available for our students to continue their education post the age of 18.
‘These changes ensure we are in line with increases to the cost of living and will help to reduce any cost-based barriers that may prevent our young people from continuing their studies, particularly when the majority of our young adults study in the UK and so living at home to reduce those costs isn’t an option.’
*As most students study in the UK, that is where the majority of their maintenance money is spent.
2025: ON TRACK TO DELIVERc.$100 MILLION NET CASH FLOW
Q4
FY1
Revenue2
$339M
$ 1,117M (-1%)
Adjusted EBITDA3
$157M
$455M (+14%)
Net Cash-Flow
$27M
$56M (+73%)
Sophie Zurquiyah,Chief Executive Officerof Viridien, said:
“In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.
In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.
In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”
2024Highlights2
Group2
IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
Overall stable group revenue at $1,117 million.
Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
33% revenue growth for New Businesses, exceeding our 30% target.
Group adjusted EBITDA3 of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).
Digital, Data and Energy Transition (DDE)
Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%). $(12) million penalty vs $(13) million in Q4 2023.
Geoscience:
Revenue at $404 million (+20%). $107 million in Q4 (+10%).
GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).
New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.
Earth Data:
Revenue at $383 million (+14%). $131 million in Q4 (+27%).
Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
$252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.
Sensing and Monitoring (SMO)
Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023. $100 million in Q4 (-16%).
Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
Market trends
E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
Evolving Industry Trends:
Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
Middle East growth expected with investments in advanced imaging and digital solutions.
Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
New Businesses:
Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
Increased interest from the Minerals & Mining sector for subsurface characterization.
Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
New reporting KPI for EDA
Starting in Q1 2025, we will change the reporting KPIs for EDA:
To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.
Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).
Full year 2025 financial outlook
In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
Geoscience: growth backed by industry leading technology and strong backlog.
Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
Sensing & Monitoring: further savings expected from the restructuring plan.
New Businesses: growth and first year positive contribution to the group’s profitability.
Financial objective: net cash flow of c.$100m.
Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.
Full Year 2024 Conference call
The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
An English language analysts conference call is scheduled today at 6.00 pm (CET).
Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.
The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.
About Viridien:
Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method
50.1
19.9
Income taxes
24
(13.4)
(14.0)
Net income (loss) before share of net income (loss) from companies accounted for under the equity method
36.6
5.9
Net income (loss) from companies accounted for under the equity method
8
(0.5)
(2.0)
Net income (loss) from continuing operations
36.1
3.9
Net income (loss) from discontinued operations
5
14.7
12.3
Consolidated net income (loss)
50.8
16.2
Attributable to:
Owners of Viridien S.A
49.8
12.9
Non-controlling interests
1.0
3.3
Weighted average number of shares outstanding (a)
29
7,150,958
7,131,286
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (a)
29
7,184,713
7,171,894
Net income (loss) per share(in US$)
(1) – Base (a)
6.97
1.81
(2) – Diluted (a)
6.93
1.80
Net income (loss) from continuing operations per share(in US$)
(3) – Base (a)
$
4.91
0.08
(4) – Diluted (a)
$
4.89
0.08
Net income (loss) from discontinued operations per share(in US$)
(5) – Base (a)
$
2.06
1.72
(6) – Diluted (a)
$
2.05
1.72
(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated statement of comprehensive income (loss)
In millions of US$
December 31
(2) 2024(a)
2023(a)
Net income (loss) from consolidated statement of operations
50.8
16.2
Other comprehensive income to be reclassified in profit (loss) in subsequent period:
Net gain (loss) on cash flow hedges
0.4
2.0
Variation in translation adjustments
(23.0)
14.2
Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1)
(22.7)
16.2
Other comprehensive income not to be classified in profit (loss) in subsequent period:
Net gain (loss) on actuarial changes on pension plan
3.6
(4.6)
Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2)
3.6
(4.6)
Total other comprehensive income (loss) for the period, net of taxes (1)+(2)
(19.1)
11.6
Total comprehensive income (loss) for the period
31.8
27.8
Attributable to:
Owners of Viridien S.A
31.3
25.1
Non-controlling interests
0.5
2.7
(a) Including other comprehensive income related to discontinued operations which is not material.
The accompanying notes are an integral part of the consolidated financial statements.
6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In millions of US$
Notes
(3) Dec 31, 2024
Dec 31, 2023
ASSETS
Cash and cash equivalents
28
301.7
327.0
Trade accounts and notes receivable, net
3, 18
339.9
310.9
Inventories and work-in-progress, net
4
163.3
212.9
Income tax assets
24
22.9
30.8
Other current assets, net
4
74.0
92.1
Assets held for sale, net
5
24.5
–
Total current assets
926.2
973.7
Deferred tax assets
24
43.6
29.9
Other non-current assets, net
16
8.9
6.8
Investments and other financial assets, net
7
25.7
22.7
Investments in companies accounted for under the equity method
8
1.1
2.2
Property plant & equipment, net
9
220.6
206.1
Intangible assets, net
10
535.4
579.7
Goodwill, net
11
1,082.8
1,095.5
Total non-current assets
1,918.1
1,942.9
TOTAL ASSETS
2,844.3
2,916.6
LIABILITIES AND EQUITY
Financial debt – current portion
13
56.9
58.0
Trade accounts and notes payable
3
120.9
86.4
Accrued payroll costs
84.5
89.1
Income taxes payable
24
20.4
12.5
Advance billings to customers
19.2
24.0
Provisions – current portion
16
19.7
8.7
Other current financial liabilities
14
0.5
21.3
Other current liabilities
12
182.5
250.3
Liabilities associated with non-current assets held for sale
5
2.4
–
Total current liabilities
507.0
550.3
Deferred tax liabilities
24
18.4
24.3
Provisions – non-current portion
16
28.8
30.1
Financial debt – non-current portion
13
1,165.6
1,242.8
Other non-current financial liabilities
14
–
0.5
Other non-current liabilities
12
1.7
4.3
Total non-current liabilities
1,214.5
1,302.0
Common stock (a)
15
8.7
8.7
Additional paid-in capital
118.7
118.7
Retained earnings
1,036.5
980.4
Other Reserves
55.2
27.3
Treasury shares
(20.1)
(20.1)
Cumulative income and expense recognized directly in equity
(1.1)
(1.4)
Cumulative translation adjustments
(113.3)
(90.8)
Equity attributable to owners of Viridien S.A.
1,084.7
1,022.8
Non-controlling interests
38.1
41.5
Total Equity
1,122.8
1,064.3
TOTAL LIABILITIES AND EQUITY
2,844.3
2,916.6
(a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.
The accompanying notes are an integral part of the consolidated financial statements.
6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS
In millions of US$
Notes
December 31
(4) 2024
2023
OPERATING ACTIVITIES
Consolidated net income (loss)
1, 19
50.8
16.2
Less: Net income (loss) from discontinued operations
5
(14.7)
(12.3)
Net income (loss) from continuing operations
36.1
3.9
Depreciation, amortization and impairment
1, 19, 28
124.7
91.5
Impairment and amortization of Earth Data surveys
1, 10, 28
261.4
153.1
Amortization and depreciation of Earth Data surveys, capitalized
10
(16.6)
(15.4)
Variance on provisions
14.3
(2.6)
Share-based compensation expenses
3.4
2.8
Net (gain) loss on disposal of fixed and financial assets
(3.7)
(1.7)
Share of (income) loss in companies recognized under equity method
0.5
2.0
Other non-cash items
(0.3)
5.2
Net cash flow including net cost of financial debt and income tax
419.8
238.8
Less: Cost of financial debt
97.2
95.3
Less: Income tax expense (gain)
13.4
14.0
Net cash flow excluding net cost of financial debt and income tax
530.4
348.1
Income tax paid – Net (a)
(12.4)
5.5
Net cash flow before changes in working capital
518.0
353.6
Changes in working capital
(61.2)
54.7
– Change in trade accounts and notes receivable
(128.4)
51.8
– Change in inventories and work-in-progress
28.1
49.2
– Change in other current assets
10.5
(9.9)
– Change in trade accounts and notes payable
26.8
(5.4)
– Change in other current liabilities
1.8
(31.0)
Net cash flow from operating activities
456.7
408.3
INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys)
9
(32.9)
(60.9)
Investments in Earth Data surveys
10
(252.1)
(171.1)
Proceeds from disposals of tangible and intangible assets
28
6.8
0.4
Proceeds from divestment of activities and sale of financial assets
28
–
6.2
Dividends received from investments in companies under the equity method
0.5
–
Acquisition of investments, net of cash & cash equivalents acquired
28
–
(1.9)
Variation in other non-current financial assets
28
(8.2)
(5.2)
Net cash-flow used in investing activities
(286.0)
(232.5)
FINANCING ACTIVITIES
Repayment of long-term debt
13, 28
(59.4)
(1.8)
Total issuance of long-term debt
13, 28
0.1
23.9
Lease repayments
13, 28
(55.7)
(57.0)
Financial expenses paid
13, 28
(85.6)
(90.7)
Net proceeds from capital increase:
– from shareholders:
–
0.1
– from non-controlling interests of integrated companies
–
–
Dividends paid and share capital reimbursements:
–
–
– Equity attributable to owners of Viridien S.A.
–
–
– to non-controlling interests of integrated companies
(3.8)
(0.9)
Net cash-flow from (used in) financing activities
(204.4)
(126.4)
Effect of exchange rate changes on cash
(11.0)
2.6
Net cash flows incurred by discontinued operations
5
19.3
(23.0)
Net increase (decrease) in cash and cash equivalents
(25.3)
29.0
Cash and cash equivalents at beginning of year
327.0
298.0
Cash and cash equivalents at end of period
301.7
327.0
(a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.
The accompanying notes are an integral part of the consolidated financial statements.
6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
In millions of US$, except for share data
Number of shares issued(a)
Share capital
Additional paid-in capital
Retained earnings
Other reserves
Treasury shares
Income and expense recognized directly in equity
Cumu-lative translation adjust-ment
Viridien S.A. – Equity attributable to owners of Viridien S.A.
Non-controlling interests
Total equity
Balance at January 1, 2023
7,123,573
8.7
118.6
967.9
50.0
(20.1)
(3.4)
(102.4)
1,019.3
39.5
1,058.8
Net gain (loss) on actuarial changes on pension plan (1)
(4.6)
(4.6)
(4.6)
Net gain (loss) on cash flow hedges (2)
2.0
2.0
2.0
Net gain (loss) on translation adjustments (3)
14.8
14.8
(0.6)
14.2
Other comprehensive income (1)+(2)+(3)
–
–
(4.6)
–
–
2.0
14.8
12.2
(0.6)
11.6
Net income (loss) (4)
12.9
12.9
3.3
16.2
Comprehensive income (1)+(2)+(3)+(4)
–
–
8.3
–
–
2.0
14.8
25.1
2.7
27.8
Exercise of warrants
238
0.1
0.1
0.1
Dividends
–
(1.0)
(1.0)
Cost of share based payment
12,951
2.6
2.6
2.6
Transfer to retained earnings of the parent company
–
–
Variation in translation adjustments generated by the parent company
(22.7)
(22.7)
(22.7)
Changes in consolidation scope and other
1.6
(3.2)
(1.6)
0.3
(1.3)
Balance at December 31, 2023
7,136,763
8.7
118.7
980.4
27.3
(20.1)
(1.4)
(90.8)
1,022.8
41.5
1,064.3
(a) Pro forma following Reverse Share Split (see note 2 – Significant events, acquisitions and divestitures).
In millions of US$, except for share data
Number of shares issued(b)
Share capital
Additional paid-in capital
Retained earnings
Other reserves
Treasury shares
Income and expense recognized directly in equity
Cumu-lative translation adjust-ment
Viridien S.A. – Equity attributable to owners of Viridien S.A.
Non-controlling interests
Total equity
Balance at January 1, 2024
7,136,763
8.7
118.7
980.4
27.3
(20.1)
(1.4)
(90.8)
1,022.8
41.5
1,064.3
Net gain (loss) on actuarial changes on pension plan (1)
3.6
3.6
3.6
Net gain (loss) on cash flow hedges (2)
0.4
0.4
0.4
Net gain (loss) on translation adjustments (3)
(22.5)
(22.5)
(0.6)
(23.0)
Other comprehensive income (1)+(2)+(3)
–
–
3.6
–
–
0.4
(22.5)
(18.5)
(0.6)
(19.1)
Net income (loss) (4)
49.8
49.8
1.0
50.8
Comprehensive income (1)+(2)+(3)+(4)
–
–
53.4
–
–
0.4
(22.5)
31.3
0.5
31.8
Exercise of warrants
Dividends
–
(3.8)
(3.8)
Cost of share based payment
24,703
2.7
2.7
2.7
Transfer to retained earnings of the parent company
–
–
Variation in translation adjustments generated by the parent company
28.0
28.0
28.0
Changes in consolidation scope and other
Balance at December 31, 2024
7,161,465
8.7
118.7
1,036.5
55.2
(20.1)
(1.1)
(113.3)
1,084.7
38.1
1,122.8
(b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.
The accompanying notes are an integral part of the consolidated financial statements.
1All variations refer tothe same period last year 2Unlessotherwise stated, all figures and commentsare referring to “Segment” (i.e. pre-IFRS 15), as defined in the2023 and2024UniversalRegistrationDocuments’ glossaries, under section 8.7 3Adjusted fornon-recurringitems
It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1 I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view is slightly different than at that time, and I thought it would be a good time to share my thoughts on the critical role community banks play, not only in the U.S. banking system but also as drivers of local and regional economic growth and as anchors of their local communities. I will also explore the responsibility of bank regulators to support community banks. In a broad and diverse economy, banks of all sizes play an important role in the creation and funding of business and consumer opportunities and investments. Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location. There is little doubt that community banks have an extensive presence across this landscape and that they are essential to the success of the American economy. No other country in the world enjoys this direct access to and presence of financial services in remote and rural areas. These bankers are members of the community. They are neighbors and friends, and their kids attend local schools and play sports in the local recreational league. The term “relationship” banking has true meaning in this context. The direct relationships provide an opportunity for bankers to understand the unique financing needs of local businesses and enables them to develop specialized services for specific segments of the local economy, including agriculture and small business lending.2 Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region. I served as one of those community leaders while I was a banker in Council Grove. That experience—whether serving as the President of the local Chamber of Commerce or the Rotary Club—provided a unique view into the local economy. And today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious—especially in today’s regulatory environment—and it is a seven days a week job. Bankers are often “working” while engaged in social activities, attending church or their kids athletic events, and shopping at the grocery store, and I often hear about customers giving a loan payment to their banker in the grocery store or asking about financing terms for the new car they might have their eye on. Once a policymaker grasps the perspective of community banking from this vantage point, it becomes clear that the regulatory approach is much more complex than necessary to address many small bank issues. A community bank that has no out-of-market customers applying for new accounts likely does not need the same know-your-customer processes as a large or regional bank that opens accounts online and may be more vulnerable to fraud. A community bank can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks that offer a broader range of products and may be exposed to wider range of risks. A number of onerous requirements imposed on community banks seem to reflect an assumption of an indirect and less personal banking relationship. Public debates about the banking system often feature academics that tend to downplay the significant role of community banks in the financial system. Instead, they imagine a banking system with fewer banks as equally effective in meeting the banking needs of every community throughout the United States. The eight largest U.S. banks hold $15.4 trillion in assets, which is several times larger than the assets controlled by the more than 4,000 community banks in the United States.3 But as we all know, aggregate asset size is not an accurate indication of these banks’ importance. Of course, metrics do not provide the full picture of how relationship-based lending practices drive local economic activity. They ignore that banking has a regional component, where local knowledge and expertise—and a commitment to the local community—can help enable the community to thrive. There is an important place for the largest banks and regional banks in the banking system, but it is a fallacy to assume that the presence of fewer community banks would not have devastating consequences for a number of consumers and businesses. Some community banks serve rural and underserved banking markets and may be the only option for consumers and businesses, especially those that have unique balance sheets or less pristine credit histories. If community banks were to disappear, many communities would be left with few or no alternative options for banking services. While metrics do not tell the whole story, this is not meant to downplay the importance of data, research, and analysis, all of which assist us in our understanding of the banking system and how that understanding could be improved. Data can help us identify issues that must be addressed or remediated. Data can help us evaluate which elements of the current bank regulatory framework may be effective or ineffective. And data can help regulators update regulations and guidance with a clearer understanding of the intended and unintended consequences. Over the past 20 years, we have seen the number of community banks continue to decline. Bank consolidation through mergers has contributed to this decline, and de novo bank formation has been largely nonexistent. Many factors have contributed to the bank consolidation trend, including competition from nonbank financial service providers and the ever-increasing regulatory burdens on the community banking model. Many of these same challenges have acted as a deterrent to bankers who have considered pursuing a de novo bank charter. And while many factors influence the health of the community bank model—including the interest rate environment, economic conditions, and alternative sources of competition for credit—we should consider whether there are actions regulators can take to support and ensure the future of community banks. The Benefits of ExperienceOne of the biggest barriers to the community bank model is the competition for qualified bank management and staff. Attracting, developing, and retaining future and current bank leadership is a significant challenge. Yet, one of the most important priorities for bank management is to develop the next generation of leadership. Educational programs like this institute, bank and regulator internships, and regional graduate schools of banking can help develop this pipeline of talent to support the industry and supervisory responsibilities. These programs also help regulators recruit the next generation of bank examiners. Working in my family’s community bank reinforced the mission focus and relationship model of community banking for me. This holds true for many family-owned community banks across the country. Since we are on the campus of Fort Hays State University today and we have a number of students in the audience, part of my message today is to encourage each of you to consider exploring a career in the financial services industry—including in community banking or with a state or federal banking regulator. Whether that experience becomes a lifelong career or a stepping stone along your path, having experience in banking provides valuable perspective on how local economies function and the importance of access to banking services and financial inclusion. This experience has helped to shape my perspective and approach as the state bank commissioner and as a member of the Board of Governors of the Federal Reserve System. This experience is also not something that I take for granted—seeing different perspectives empowers me to be a better policymaker. For example, as a bank compliance officer you understand the challenges of ensuring the bank is in compliance with rules and guidance and is prepared for interactions with bank examiners. Further, having this perspective enables a policymaker to approach the process of drafting rules and guidance and relaying supervisory messages in a way that recognizes a need for clarity, efficiency, and simplicity. The outcomes of our work are enhanced by a better understanding of the costs and unintended consequences of getting it wrong. The Responsibility of RegulatorsOverregulation and unnecessary rules and guidance imposed on smaller and community banks create disproportionate burdens on these banks, eventually eroding the viability of the community banking model. Policymakers and regulators have a responsibility to ensure that the banking and financial systems encourage growth and innovation and foster a strong and growing economy. One of the great strengths of the U.S. banking system is the variety of institutions that meet the needs of consumers and businesses, not only through offering a range of products and services but also by reaching customers throughout the country, including in the most rural and remote locations. Our goal must be to facilitate a banking and regulatory environment that enables banks of all types and sizes to thrive. For community banks, this includes building a better regulatory and supervisory framework to effectively support the unique characteristics of these institutions. What should that framework look like? First, it includes thresholds that better reflect risk and business model. As currently defined, community banks are those with less than $10 billion in assets. The Federal Reserve divides banks into distinct supervisory portfolios that oversee “community,” “regional,” and four categories of larger banks.4 The portfolio approach helps regulators differentiate standards and supervisory focus based on bank characteristics and risks. In theory, it allows examiners to better organize supervisory activities and to provide specialized training to help examiners focus on issues that are most relevant for the institutions being examined. If appropriately executed, this portfolio-based approach should lead to better and more risk-focused supervision, and in turn a safer and more sound banking system. An organizational structure that better allocates and directs supervisory resources seems like a worthwhile goal, but over time, it becomes clear that there are downsides to this approach. One of these downsides is the static nature of the fixed thresholds defining the categories. Currently, our framework includes fixed thresholds that are not adjusted with economic growth, inflation, or the growth in deposits from unexpected sources and fiscal programs, like those from the COVID era. They also do not account for changed industry dynamics, especially those resulting from a particular bank’s activities or risk profile. In this environment, some firms with stable growth, a static business model, and a straightforward risk profile cross the $10 billion threshold unintentionally, subjecting them to additional regulatory and supervisory requirements that were specifically designed and implemented for larger and more complex firms. Banks approaching the $10 billion threshold often choose to curtail their asset growth to stay below the threshold. Another significant problem with the current approach—that specifically challenges community banks—is the failure to index and update how a community bank is defined. Given the low fixed-dollar asset thresholds, regulators must focus on ensuring that asset-based benchmarks remain reasonable and appropriate in their work to supervise banks, especially as they apply tailored, but static, supervisory standards. As is the case now, over time, economic growth and inflation have created an environment in which thresholds are inappropriately low. We also need to implement a better, more timely, transparent, and viable path for all bank regulatory applications. The application process can be a significant obstacle to applications activity, in particular mergers and acquisitions. Applications often experience significant delays between the application filing date and before receiving final regulatory approval. In some cases, even for non-complex transactions, the regulatory approval process has taken more than a year. A healthy banking system is one in which banks can make decisions to merge with peers or acquire new assets or business lines, and one that allows new bank formation, in a reasonable amount of time in accordance with statutory timelines. As the bank applications process has become a barrier to bank merger activity, we have seen credit unions acquiring community banks in record numbers. In the absence of a better functioning bank applications process, institutions will explore other options, including credit union acquisitions. I think this trend should be a wake up call for regulators to reevaluate our approaches to many areas of our responsibility, but especially whether our applications processes are operating as effectively and efficiently as they should. It is important that the regulatory framework ensures that competition and broader availability of banking services remain a feature of the U.S. banking system. A necessary approach to solving this is by making targeted improvements to the applications process. If you follow my work, you know that I often discuss how the applications process can be improved.5 So I will note some of the important changes that I believe would be a catalyst to returning our bank applications review function to an appropriate processing timeline. These are simply threshold steps that should be easy to accomplish and would be a great start to fundamentally improving the process. I believe that we should not be complacent when facing excessive and longstanding delays. For bank applications, we must focus our resources and expertise to review and promptly act on all bank applications, to streamline the required forms and procedures, and to provide clear standards for approval. Bank regulators should be prepared to act promptly on applications, and yet the significant delays in applications processing we see suggests we can do better. The published statistics on applications processing also tell an incomplete story, as they do not reflect the time spent by applicants who withdraw applications before final regulatory action or that simply forgo business opportunities that require an application out of concern that the regulatory approval process is too uncertain and unpredictable.6 Many banks experience these frictions in the applications process firsthand. And judging from the number of bankers that contact me as they experience unexplained and prolonged delays, there is clear need for improvement. Uncertainty regarding the status of the application and an expected timeline for resolution creates challenges in moving forward with related business processes often resulting in costly delays for systems conversions and unhealthy uncertainty among bank staff. We can certainly learn from the inefficiencies in the current process and leverage these experiences by consulting with banks about these challenges and identifying a clear path to improve the process. One step could be to ensure that our applications teams have access to specialized knowledge required to more effectively approach applications for infrequent activities, like de novo formations. We should ensure that a Reserve Bank has the resources necessary to assist them in making the applications process smooth, and ensuring prompt action is taken on the application. We also know that the applications process itself can be a significant barrier and has in recent years been used by regulators to delay decisions. While many activities that require regulatory approval rely on common application forms, some bank applications require regulatory approvals from multiple regulators. Even where only one primary federal regulator must act on an application, there may be requirements to solicit views from other regulators, or the need to request additional information from the applicant that was not included in the initial filing forms. Each additional step in the process can lead to delays and prolonged uncertainty. Without question, there is a better process, and it should start with aligned requirements across the banking agencies, coordinated review processes, and clearer standards for approval. The standards for approval should be clear to all applicants and consistently applied. This must include transparency not only in approval standards but also in timelines, which are equally critical to banks seeking regulatory approval. Banking applications are not filed without extensive work up front and specific plans in mind. For example, a merger application will include information about the pro forma institution’s management team, geographies to be served in the merged institution’s banking footprint, what products will be offered, and how the application will be consistent with the various statutory approval standards. If we determine that we consistently need more information to process an application, we should amend the applications form instead of relying on time-consuming additional information requests that extend the decision timeline. And if there are standards we expect applicants to meet—for example, the minimum amount of capital required for a de novo bank formation or an expansionary proposal—we should be clear and transparent about those expectations in advance. Uncertainty in the standards and timelines for action on bank applications can contribute to a regulatory environment that favors nonbanks. This more favorable treatment includes allowing them to engage in the same activities without the same regulatory burdens, like more favorable tax and regulatory treatment for credit unions and the exemption from Community Reinvestment Act requirements for nonbank financial institutions, again, including credit unions. Why would a new business choose to become a bank if they can avoid the complexities of the banking regulatory framework and still provide similar services? TailoringWhile these steps—developing a pipeline of future leadership for community banks and promoting a more efficient bank applications process—would help support the community banking system generally, perhaps the most critical feature of the framework that affects community banks is tailoring to address the ongoing burden of compliance. Tailoring is the term we use in banking to describe an approach to regulation that strives to match regulation and supervision with the size, risk, complexity, and business model of an institution. Tailoring helps us calibrate regulation and supervision to the activities and risks at every tier within our framework, but it is particularly important when we think about its application for smaller and community banks. Frankly, when you consider the fundamental differences between the largest banks and the smallest, tailoring seems like common sense rather than a distinct regulatory philosophy. But in the absence of industry experience among bank policymakers, the trend over time has been an erosion of tailoring in favor of one-size-fits-all approaches. Pushing down requirements more appropriate for larger institutions to smaller banks—either formally through regulation or informally through supervisory messaging—encourages homogenization of the industry. This trend becomes even more concerning when regulators “grade on a curve” by evaluating a bank relative to other institutions, instead of evaluating a bank against a clear legal standard. It is also important for regulators evaluating regulations and supervisory approach to consider the aggregate benefits and costs of the framework, rather than looking at each part of the framework on a piecemeal basis. Often, the regulations and supervisory guidance issued by regulators has a “cumulative” or “compounding” effect on banks. A piecemeal approach ensures that banks cannot go to a single source or one regulation to understand supervisory expectations or requirements for a particular activity. While it may be possible to justify or explain any single regulation or piece of guidance on a standalone basis, when we consider the aggregate effects, it is clear that we need to rethink our approach and recommit to tailoring. Regulatory ambivalence to tailoring comes at a significant cost. If current trends continue—where we push down requirements from large banks to small and attempt to “smooth” or standardize requirements and expectations across all banks—we will eventually find ourselves achieving the academically preferred end state of only a few large banks ineffectively serving the financial needs of the entire U.S. economy. In this state of the world, not only will community banks suffer but so will the communities they serve. Closing ThoughtsThank you again for the invitation to join you today. It is wonderful to see the ongoing success and commitment of the Robbins Banking Institute in preparing the next generation of leaders to play an important role in the banking and financial system. While I have expressed concern about some recent trends, one of the many benefits of our system is that there are always opportunities to change course, and I am confident that with committed and experienced leadership we can. I am also confident that the future of community banking is bright, as long as we focus on right sized and appropriate regulations and guidance and a recognition that investment in innovation and growth is a necessity, not a roadblock. Regulators have an important opportunity now to prioritize changes that will support the safe and sound operation of community banks while allowing these banks to support the U.S. economy, serve their communities, innovate, and grow. Community banks enable the economic success of our country and will continue to support financial opportunities for many future generations. I look forward to seeing how the students in attendance here today will be a part of and shape that bright future.
1. The views expressed in these remarks are my own and do not necessarily reflect those of my colleagues on the Board of Governors of the Federal Reserve System or the Federal Open Market Committee. Return to text 2. Allen N. Berger, Nathan H. Miller, Mitchell A. Petersen, Raghuram G. Rajan, and Jeremy C. Stein, “Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks (PDF),” National Bureau of Economic Research, Working Paper 8752 (Cambridge, MA: NBER, February 2002). Return to text 3. See, e.g., Board of Governors of the Federal Reserve System, Supervision and Regulation Report (PDF) (Washington: Board of Governors, November 2024), Table 2, Summary of organizations supervised by the Federal Reserve (as of 6/30/2024). Return to text 4. Larger banks are defined using tests that look primarily at asset size but may include other metrics like cross-jurisdictional activity, nonbank assets, short-term wholesale funding, or off-balance sheet exposures. Return to text 5. Michelle W. Bowman, “Brief Remarks on the Economy and Accountability in Supervision, Applications, and Regulation (PDF)” (remarks at the American Bankers Association 2025 Conference for Community Bankers, Phoenix, AZ, February 17, 2025). Return to text 6. See, e.g., Board of Governors of the Federal Reserve System, Banking Applications Activity Semiannual Report, January 1-June 30, 2024 (PDF) (Washington, Board of Governors, October 2024). Return to text
MINNEAPOLIS – A Minneapolis non-profit executive and business consultant pleaded guilty to leading a scheme to defraud a number of federal, state, local, private programs and other sources of funding, resulting in a loss of over $6 million, and also to illegally possessing a firearm after a felony, announced Acting U.S. Attorney Lisa D. Kirkpatrick.
According to court documents, from 2020 until 2024, Tezzaree El-Amin Champion, 28, engaged in a fraud scheme through two Minneapolis-based entities he founded and controlled: a marketing company he owned, Futuristic Management LLC, and a non-profit organization he led, Encouraging Leaders.
Encouraging Leaders, under Champion’s direction, submitted at least 42 grant and public-contract applications with related follow-up correspondence containing material false misrepresentations, in order to obtain funding. Fraudulent applications were submitted to the U.S Department of Justice, Hennepin County, the City of Minneapolis, the Center for Disease Control Foundation, the Minnesota Department of Education, the Minnesota Department of Human Services, the Minnesota State Arts Board, the Otto Bremer Trust, the Greater Twin Cities United Way, and others. False statements included false rosters of Encouraging Leaders’ board of directions; false assertions that Encouraging Leaders had been independently audited; false claims that certain local governments, companies, and community organizations had agreed to partner with Encouraging Leaders; requests for payment based on overstated hours of work; and false claims that Encouraging Leaders administered events that either never occurred or were organized by others. Champion misused significant portions of the funds that Encouraging Leaders received in response to the applications, for example by transferring funds to himself and using organizational funds for personal matters. Based on the fraudulent applications, Encouraging Leaders sought more than $3.8 million in funding through 42 grants, was awarded 27 grants for more than $2.7 million in funding. Encouraging Leaders actually received approximately $1.5 million in funding as part of the scheme.
Through Futuristic Management, Champion recruited and assisted clients in submitting fraudulent applications to Hennepin County’s Small Business Relief grant program as well as the U.S. Small Business Administration’s Paycheck Protection and Economic Injury Disaster Loan programs. The applications dramatically overstated applicant incomes and expenses, and were supported by fake tax records and fake lease documents that Champion obtained. Champion also submitted nine fraudulent applications on his own behalf. Simultaneously, Champion defrauded Hennepin County, for whom his company was serving as a business advisor under the County’s Elevate Business program. As part of the program, Champion agreed to provide free marketing services to local small businesses. But rather than provide free services, Champion billed and received payments from the County for services for which he had already been paid by his clients. Many of these clients were the same businesses and individuals Champion had assisted with false PPP, EIDL, and SBR applications. Champion also used his company to fraudulently obtain loans marketed by PayPal Business Loan and issued by WebBank. In the PayPal applications, Champion overstated his company’s gross sales and attached fake Wells Fargo bank statements inflating his bank balances and deposits. In total, the part of the scheme relating to Futuristic Management resulted in a loss of more than $2.1 million.
During the investigation of Champion’s offenses, law enforcement searched Champion’s home. Officers found Futuristic Management financial records, a safe containing $127,000 in U.S. currency, and a Ruger LCR .357 revolver with Champion’s DNA on it. Due to a 2018 conviction in Hennepin County for second-degree assault with a dangerous weapon, Champion is prohibited under federal law from possessing firearms or ammunition at any time.
Champion pleaded guilty in U.S. District Court yesterday before Judge Katherine M. Menendez to one count of wire fraud, one count of money laundering, and one count of illegally possessing a firearm as a felon. Champion agreed to pay restitution of at least $3,479,575 to the victims of his offenses. Earlier this month, Champion’s co-defendant Marcus A. Hamilton pleaded guilty to participating in the Futuristic Management part of the scheme. Sentencing hearings for both defendants will be scheduled at a later date.
This case is the result of an investigation conducted by IRS-Criminal Investigations, the U.S. Postal Inspection Service, the Minnesota Bureau of Criminal Apprehension, and the Minneapolis Police Department’s Special Crimes Investigations Division.
Assistant U.S. Attorneys Matthew D. Forbes and Joseph H. Thompson are prosecuting the case.
Manama, Kingdom of Bahrain – 27 February 2025 – The Central Bank of Bahrain (“CBB”) received a high-level business delegation from France as part of a two-day visit organised by French Business Confederation “MEDEF International”, the first network for entrepreneurs in France.
HE Khalid Humaidan, CBB Governor, welcomed the delegation and praised the confederation’s role in supporting economic and investment relations between the Kingdom of Bahrain and the French Republic. HE Humaidan also discussed CBB’s priorities for the coming period and opportunities for cooperation in the financial services sector, being one of the priority sectors in the Kingdom.
The delegation, which was headed by Mr. Frédéric Sanchez Chairman of MEDEF International, discussed the confederation’s objectives and roles in addition to discussed topics of common interest.
IAM International President Brian Bryant recently led a delegation of top IAM officials to meet with Local 839 and District 70 leadership to discuss the Boeing Co.’s upcoming acquisition of Spirit AeroSystems.
IAM Local 839 in Wichita, Kan. represents approximately 6,000 members at Spirit, a key supplier for Boeing aerostructures, including 737 fuselages. Boeing, the former parent company of Spirit, announced in July 2024 that it had entered into an agreement to reacquire Spirit. The transaction is expected to close in mid-2025.
“The IAM Union is completely united in ensuring that our Local 839 membership at Spirit AeroSystems benefits from this upcoming acquisition,” said IAM International President Brian Bryant. “We had great discussions with leaders at Local 839 and District 70 leaders about how to protect our membership throughout this process and make sure that Boeing fulfills its obligations to our members and the community.”
In June 2023, IAM members at Spirit ratified a four-year contract that included improvements in wages, prescription drug coverage and overtime rules.
“Our membership is watching the company’s actions closely as we move toward Boeing’s reacquisition of Spirit,” said IAM District 70 President and Directing Business Representative Lisa Whitley. “We look forward to working at all levels of our union to engage our members, while maintaining and growing the quality of life for our dedicated membership at Spirit.”
In addition to Boeing and Spirit, the IAM is proud to represent workers at Lockheed Martin, Pratt and Whitney, GE Aerospace, and other major aerospace companies.
“Our Local 839 membership at Spirit AeroSystems are leaders not only in the Wichita community, but in the entire aerospace industry,” said IAM Southern Territory General Vice President Craig Martin. “We will use all IAM resources necessary to make sure we continue to grow Wichita’s reputation as the ‘air capital of the world.’”
“As the largest and most powerful aerospace union in North America, the IAM is laser-focused on continuing to make gains for all aerospace workers,” said IAM Resident General Vice President Jody Bennett. “We will stop at nothing to ensure that the generational, skilled workers at Spirit are protected throughout this acquisition.”
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Blockgraph, the privacy-first data collaboration platform designed to fuel the future of connected TV advertising, today announced the successful integration of its identity and data collaboration platform with VideoAmp, a leader in cross-platform media measurement and optimization. The integration provides a streamlined, high-fidelity approach that allows VideoAmp and their clients to leverage first and third party data to enable more accurate planning and measurement, and ultimately, drive better business outcomes.
VideoAmp’s integration is one of the largest and most advanced measurement implementations of Blockgraph’s Identity Platform to date and strengthens VideoAmp’s measurement offerings, enabling seamless, privacy-compliant identity resolution with media publishers, agencies, advertisers and partners. Blockgraph will also now be a foundational component of VALID™, which powers all of VideoAmp’s industry-leading Big Data and technology solutions. With the integration, VideoAmp’s clients will be able to utilize the recently launched Blockgraph OnDemand offering so advertisers of all sizes can use their first party data in VideoAmp solutions in a privacy centric manner.
“The combination of VideoAmp’s cross-platform measurement expertise and Blockgraph’s household identity and data collaboration platform will deliver more comprehensive and powerful planning and measurement solutions for advertisers and publishers,” said Jason Manningham, CEO of Blockgraph. “This new integration reflects our commitment to enabling solutions that allow all parties to more easily, quickly and accurately move data in a privacy compliant manner.”
Key benefits of the integration include:
Enhanced Speed and Accuracy: Blockgraph’s identity platform facilitates accelerated campaign measurement and optimization for VideoAmp customers while providing a direct high-fidelity household-level match between advertiser audiences and video viewing data.
Easy First-Party Data Deployment: Advertisers of any size can upload their first-party data with ease via the Blockgraph OnDemand product, resulting in more precise planning and measurement when using VideoAmp products.
Reduced Friction and Privacy Compliance: Blockgraph’s platform makes data collaboration and measurement more efficient, eliminating many of the traditional operational and technical challenges while maintaining rigorous privacy safeguards.
“VideoAmp’s new integration with Blockgraph and Blockgraph OnDemand will enable our customers and partners to more easily and effectively leverage their first-party data for both planning and measurement of their target audiences,” said Randy Laughlin, SVP Business Development at VideoAmp. “As a result, they can quickly assess what is working and optimize cross platform campaigns to maximize reach, ROI, and business outcomes.”
Blockgraph’s relationship with VideoAmp ultimately allows publishers and advertisers to extract more insights from their multiscreen measurement, delivering a more transparent and unified view of audiences across connected TV, digital, and linear environments and unlocking data-driven insights that inform smarter media investment.
About Blockgraph Blockgraph is a leading privacy-centric identity and data collaboration platform designed to fuel the future of connected TV advertising. The world’s leading media, technology, and information services companies collaborate with trusted partners using Blockgraph’s privacy-focused platform to create and implement identity-based targeting and measurement solutions for multiscreen advertising. Blockgraph is owned by Charter Communications Inc., Comcast NBCUniversal, and Paramount. For more information, please visit Blockgraph a www.blockgraph.co.
About VideoAmp VideoAmp is a media measurement company transforming advertising. By leveraging the power of currency-grade, big data, VideoAmp’s solutions allow clients to access advanced audiences and real-time insights to plan, optimize and measure media investments across platforms. With these solutions, media sellers can maximize the value of their inventory, while advertisers can benefit from increased return on investment. VideoAmp has seen incredible adoption for its measurement and currency solutions with 13 major linear and streaming publishers on board, along with all major media holding companies and several independent agencies, with hundreds of advertisers now utilizing VideoAmp to guarantee their media investments. VideoAmp is headquartered in Los Angeles and New York with offices across the United States. To learn more, visit www.videoamp.com.
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Thanks to the Alliance for Innovative Regulation for organizing this event and for bringing together banks, fintechs, and regulators to collaborate and foster responsible innovation.1 Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. Innovation can make financial products and services better, cheaper, and safer. It can make banking accessible to more consumers, advancing financial inclusion. It can modernize our financial infrastructures, creating efficiencies and providing new tools for banks to manage risk. Innovation also comes with risks that need to be managed responsibly. Responsible innovation is in everyone’s interest. Consumers want the benefits of innovation through products and services they can trust. Banks have an interest in managing the complexities of innovation responsibly, ensuring that they recognize new and evolving risks to safety and soundness, follow relevant laws, and protect and serve their customers. Fintechs often play a key role in offering products and services that allow banks to meet these needs. And regulators and supervisors should develop regulatory and supervisory frameworks that allow banks to clearly understand and manage the risks associated with innovative activities. To achieve that, regulators should provide ongoing transparency and clarity on our approach. Today, I’d like to share how the Federal Reserve’s Novel Activities Supervision Program, launched in the summer of 2023, plays an important role in supporting responsible innovation at our supervised institutions.2 Prior to this program, the Federal Reserve established temporary working groups and task forces to better understand evolving technologies to inform supervision. Ultimately, though, we determined we needed a dedicated supervisory function for novel activities. There were a number of factors driving that decision that guided how we designed the Program. First, we understood that the pace of innovation was rapid. And we knew there would, of course, be benefits and risks stemming from innovation in the financial system. So we tasked the Novel Program with monitoring and understanding how these innovations and associated novel activities are used in banking and what benefits and risks they would pose. We gave them the mandate to keep up with the expertise related to use of new technologies and to employ new tools and data analytics in supervision. We invested time and research in understanding new technologies and businesses because we understood the importance of allowing innovation in the sector and avoiding excessively rigid stances on risk that don’t take into account the potential to make advancements in the sector and economy that benefit all of society. Second, we recognized that many financial institutions across the country are exploring and using many of the same technologies and similar novel business models. We felt it was important to create a coordinated approach to supervising novel activities across the Federal Reserve System. We initially identified two dozen firms, including firms of all sizes, for supervision by the Novel Activities Program. Firms are added or removed from the Program based on their engagement in novel activities. The supervisory program is designed to build a broad-based perspective of novel activities, the benefits and risks, and how those risks are managed. In this way, the Novel Program helps to enable similar supervision of similar risks, in a manner that reflects our current understanding of those activities in a variety of contexts. Third, while the technologies and products used by banks may be similar, their application and thus the benefits and risks may vary across business models. We understand the importance of tiering supervision to the type, extent, and level of risk posed by the novel activities and varied business models of supervised institutions and not imposing undue burden on firms. The Novel Activities Program employs a risk-based approach to supervision—meaning that the intensity of supervision is commensurate with the risk and scale of the activity. There is no one-size-fits-all model. Experts from the Novel team join the traditional supervisory teams that banks are used to working with on a regular basis, so there is no disruption or change in how we engage with banks. The Program is dynamic. As a bank changes its activities in this space, the rigor of the supervision similarly changes.3 The Novel Activities Program serves as a central point of expertise on new and innovative activities, supporting coordinated and risk-based supervision, and facilitating collaboration and communication between supervisors and stakeholders, all of whom contribute to supporting responsible innovation. Next, let me speak to two important principles in our Novel Program—clarity and collaboration. ClarityStarting with clarity: for banks beginning to explore new technologies, supervisors should engage early in the process to understand the technology and the risks and provide a clear sense of their expectations along the way. Engagement allows for banks and their supervisors to share perspectives on effective risk management practices and the application of new technologies. Early and open dialogue creates opportunities for supervisors to provide feedback to banks on necessary risk management frameworks early on in their innovation process and to have an open dialogue that builds trust as products go to market. As novel activities become more developed, we can issue guidance, resources, and other types of communications to further disseminate information, gather input, and provide clarity on effective risk management for novel activities. For example, in May 2024, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a guide to assist community banks in developing and implementing third-party risk management practices, which could be a useful resource for banks seeking to engage in novel, technology-based partnerships.4 A few months later, the agencies issued a joint statement on arrangements with third parties to deliver bank deposit products and services, which discusses the risks these arrangements can present, offers examples of practices to manage those risks, and reminds banks of existing requirements and supervisory expectations.5 There is no-one-size-fits-all approach in how we engage and communicate guidance to our firms, but it is essential that engagement happen to provide clarity to both sides. I have said it before many times and want to reiterate it here: the Federal Reserve neither prohibits nor discourages banking organizations from providing banking services to customers of any specific class or type, as permitted by law or regulation. It is up to banks to choose their own customers, and not supervisors. That has been and will continue to be our practice. In fact, banks supervised by the Federal Reserve provide material and important services to the crypto-industry. For example, banks supervised by the Fed operate real-time, 24/7 payment platforms that serve as a primary mechanism for companies to exchange dollars to settle crypto-asset transactions. We monitor that activity from both a safety and soundness and financial stability lens, but we do not tell banks to serve or not serve those customers. CollaborationTurning to collaboration, the private sector is at the forefront of innovation and that ongoing engagement and collaboration with industry gives supervisors insight into the evolving nature of novel innovations and developments. Insights gathered from supervision, analysis, and monitoring activities, and industry engagement, can identify real improvements to how financial services are delivered to households and businesses and how risks are managed by banks. Collaboration can also reveal areas where we can provide regulatory clarity for banks looking to engage in new activities. I want to emphasize the importance of hearing from the public through tools like requests for information, or RFIs. The bank regulatory agencies published an interagency RFI on bank-fintech arrangements last July.6 The purpose of the RFI was to build on the agencies’ understanding of these arrangements by soliciting updated input on the nature of bank-fintech arrangements. This included effective risk management practices regarding those arrangements, and the implications of such arrangements for bank risk management, safety and soundness, and compliance with applicable laws and regulations. We were also interested in understanding whether enhancements to existing supervisory guidance would be considered helpful in addressing the risks associated with these types of arrangements. We received over 100 comments. Respondents shared their insights on many topics, including the risks and benefits of these arrangements and how the agencies can bring additional clarity to our supervisory expectations. Some in the banking sector commented that the Novel Activities Program is an example of how cross-team collaboration might deepen an agency’s understanding of technology and innovation. The Federal Reserve and the other agencies are carefully considering the feedback we received as we consider how we can continue to support responsible innovation. We will continue to invest time and resources learning more about innovative technologies such as distributed ledger technology and bank-fintech partnerships to understand how they may benefit the institutions we supervise and their customers. Moreover, interagency coordination and knowledge-sharing with federal and state regulators and the private sector continue to be critical sources of discussion, engagement, and knowledge-building. In ClosingIn closing, thank you for this opportunity to outline the Fed’s Novel Activities Program, which I believe has already improved the clarity and consistency of our supervision related to innovative technologies and fostered collaboration as banks and supervisors seek to better understand the risks associated with these activities. I believe this approach will support innovation that benefits consumers while supporting safety and soundness. Thank you.
1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text 2. See Board of Governors of the Federal Reserve System, “Creation of Novel Activities Supervision Program,” SR letter 23-7 (August 8, 2023). Return to text 3. As of today, there are 22 Federal Reserve supervised firms in the Novel Activities Supervision Program. Return to text 4. Board of Governors of the Federal Reserve System, “Third-Party Risk Management: A Guide for Community Banks (PDF),” SR letter 24-2 / CA letter 24-1 (May 7, 2024). Return to text 5. Board of Governors of the Federal Reserve System, “Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services,” SR letter 24-5 (July 25, 2024). Return to text 6. Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses, 89 Fed. Reg. 61,577 (July 31, 2024). Return to text
Headline: Microsoft AI ignites telecom innovation and growth
The telecommunications industry is experiencing significant AI advancements, emerging as the leading adopter of generative and agentic AI to drive automation, personalization, and data-driven decisions. According to a recent IDC white paper, telecom and media companies are seeing nearly four times the return on investment (ROI) on every dollar invested in AI. Additionally, by 2027, almost 90% of telecom providers are expected to use generative AI to improve customer experiences, up from 62% today.
96% of our tier-1 telecom customers are already adopting Microsoft AI solutions. Our ecosystem of customers and partners are harnessing the power of AI to reimagine customer experiences, modernize networks, automate business operations, and drive growth.
Ahead of Mobile World Congress 2025 (MWC), we’re sharing new capabilities and customer momentum that show how telecoms are adopting the Microsoft Cloud and AI capabilities to support their AI journey and empower the next generation of telecom solutions.
We invite you to join us next week at MWC to learn more about our new announcements and see firsthand how Microsoft AI is transforming the telecom industry. Experience live demos, attend insightful sessions, and meet our experts to learn how you can drive innovation and growth with Microsoft AI technologies.
Data is the fuel that powers AI: Telco data model
Telecom networks are recognized for their complex, data-rich environments. This data is the fuel that powers AI and forms the foundation upon which next-generation telecom systems are built. To convert this massive potential into actionable intelligence, organizations need a unified platform that can seamlessly connect, manage, and analyze their data. Microsoft Fabric is the end-to-end data platform designed to power customer AI transformation and help organizations reimagine how they unlock value from their data and revolutionize the services they offer.
Today we announce the Telco industry data model in Microsoft Fabric, designed to unify all data—from network performance metrics to customer interactions, within a single analytics environment. As an integral Fabric workload, telecom providers can use the Telco industry data model to manage and streamline how all their data is ingested, modelled, and analyzed through:
Native Fabric integration—a unified pipeline within Fabric’s analytics, governance, and visualization framework means faster time to market, with better insights.
Expanded data model—pre-built telecom-specific schemas covering network data, customer insights, and operational metrics drives operational efficiency.
Developer and visualization tools—simplified, AI-ready solution building that dramatically reduces development and testing time, making networks more resilient.
More than 50% of our telecom customers are leveraging Fabric for real-time business insights to optimize business and network operations. Leading customers like Telefónica, KPN, One NZ, and partners like Accenture, Infosys, and LigaData are using Fabric to achieve business results. The broader customer adoption for Fabric is more than 19,000 customers, including 70% of the Fortune 500. The Telco industry data model in Microsoft Fabric enables telecoms to establish a strong data foundation to unlock AI-powered insights that fuel innovation, operational efficiency, and greater value across the entire organization.
“Microsoft Fabric, powered by Telco data model and AI capabilities, has revolutionized our solutions by providing real-time insights throughout the customer journey, potentially increasing operational efficiency by 40%. Our solution offers preventive insights across the entire order lifecycle and its auto-healing capability for enhanced jeopardy management, significantly improving the management of complex B2B orders and enhancing the customer experience.”
The Telco industry data model in Microsoft Fabric will be available early in April 2025.
Telecom customers around the world are taking advantage of the cloud and AI in new and innovative ways. The collaborations we recently announced with KT Corporation, Lumen, Telstra, and Vodafone demonstrate how telecoms are innovating to elevate customer experiences, streamline business operations, modernize networks, and unlock new revenue streams. Additionally, we’re introducing new collaborations with top telecom providers that exemplify how they’re building the foundation to successfully implement AI, benefiting their organization, employees, and customers.
Spark, New Zealand’s leading telecom provider, is joining forces with Microsoft in the country’s largest Microsoft public cloud partnership, highlighting how AI and the Cloud are helping to transform telecom worldwide. Spark will migrate a portion of its workloads to Microsoft Azure and roll out one of New Zealand’s largest Microsoft 365 Copilot deployments. For more, read the press release.
Microsoft and Telefónica are extending their strategic collaboration to co-develop digital solutions using Open Gateway, a GSMA-led initiative that transforms communication networks into programmable platforms via Telefónica’s AI platform, Kernel. Both companies will work together to migrate Kernel’s capacities to Azure as part of a software as a service (SaaS) offering. The collaboration also encompasses a joint go-to-market strategy, which will bring a suite of digital products and services to other telecoms, developers, and telecom entities—available on Azure Marketplace and integrated into Microsoft’s overall telecom solutions. For more, read the press release.
We are also announcing that Surface for Business with 5G devices and Microsoft 365 Copilot will be available in all Verizon Business channels starting in April 2025. This launch marks a decade of partnership between Microsoft and Verizon Business, offering cellular connected Surface for Business devices and Microsoft services. Customers are choosing Surface Copilot+ PCs today for their exceptional performance, battery life, and security. Now, with the Verizon 5G network, the combination of Surface and Microsoft 365 Copilot offers an unparalleled mobile experience for business customers. For more, read the Surface IT Pro blog.
Telecoms accelerate growth in the next wave of AI: Agentic AI
As the AI platform shift accelerates, it’s inspiring to see customers and partners harness AI, generative AI, and agentic AI to drive transformation—reshaping both their businesses and the industry at large.
Elevating customer experiences
A recent IDC white paper showed AI-powered customer engagement is a top priority for businesses, with 92% of organizations currently using AI for marketing and public relations (PR) and 77% using it for customer service. Telecom providers are delivering frictionless customer experiences with AI-infused customer care at-scale with Dynamics 365. With a comprehensive view of the customer, telecoms obtain real-time insights into accounts and next-best actions to take. They also enable their customers through AI-powered automation for self-service. Additionally, Amdocs has created the Customer Engagement Platform that is fully integrated with Dynamics 365, to reimagine customer experience and identify new revenue opportunities for telecoms.
Since last MWC, we announced Dynamics 365 Contact Center, a powerful solution that works with existing customer relationship management systems (CRMs) and unifies interactions, streamlines support, and boosts customer satisfaction. With this solution, consumers can engage and self-serve in their channel of choice while reps can handle billing and tech issues faster with a single view. Built-in Copilot capabilities and real-time analytics drive improvements and upselling, enhancing loyalty, and revenue.
Leading telecoms are also reimagining how they connect with customers by harnessing Microsoft 365 Copilot to capture real-time transcripts, gain contextual insights, and automate repetitive tasks. This reduces handling times, freeing representatives to tackle more complex customer needs.
Here are some examples of how telecoms customers are using Microsoft AI technologies to transform their business and reimagine customer experiences:
Telkomsel’s AI-powered solution Veronika, built on Azure and introduced at the end of 2023, is delivering impressive results. Telkomsel has increased self-service interactions by 62% and cut escalations to agents by 38%. The average monthly active users of Veronika also grew by 67%, rising from 1.3 million in the first half of 2023 to 2.2 million in the second half. These improvements have boosted agent productivity and service quality, making for a smoother, more efficient customer experience.
Vodafone is harnessing Microsoft 365 Copilot to empower 68,000 employees to boost productivity, innovation, and quality. They are also leveraged Azure OpenAI Service, Azure AI Studio, Kubernetes Service to develop Tobi and SuperAgent to empower their agents with real-time AI support to improve customer experience, decrease churn, and provide competitive advantage. This improved first-time resolution from 70% to 90%.
Lumen is leveraging Microsoft AI solutions to empower their employees and improve customer service.
“Lumen is building the trusted network for AI. By scaling our AI capabilities with tools like Copilot, Azure AI, and Azure ML, we’re empowering our employees to tackle complex challenges and prioritize high-impact activities that enhance customer experiences and satisfaction. As we navigate our transformation, Microsoft’s AI tools are essential in supporting our objectives and sustaining our competitive advantage.”
Ryan Asdourian, Executive Vice President and Chief Marketing Officer, Lumen Technologies
Optimizing operations and modernizing networks
To keep pace with increasing business demands, leading telecoms are optimizing business operations and modernizing their networks with AI and an integrated data backbone.
Here are examples of how customers are using Microsoft AI capabilities to drive operational efficiency, innovation and growth:
AT&T automates code conversion and human resources (HR) inquiries with Azure OpenAI Service, improving employee experience, cutting costs and boosting customer service.
KT Corporation is leveraging Microsoft AI to drive efficiency and innovation.
“The Microsoft AI-driven solutions have enabled KT Corporation to improve its work efficiency and drive significant work innovation. By introducing Microsoft 365 Copilot, KT Corporation empowered over 11,000 employees with the latest AI solutions. Additionally, by developing AI agents built on solutions such as Microsoft Sustainability Manager and Copilot, KT reduced task completion time by 50% and improved infrastructure efficiency by 20%.”Phil Oh, CTO, KT Corporation
Proximus and TCS’s GitHub Copilot journey showcases how Microsoft generative AI accelerates IT delivery in telecom, improving productivity, code quality, and developer experience.
“In terms of developer experience, that’s where we got phenomenal, satisfactory feedback from developers—about 90% plus positive feedback from all categories of developers.”
Muralidharan Murugesan, Head – AI, Telco, Media & Information Services Industry, TCS
NTT DATA is leveraging Microsoft AI to build agentic AI workloads.
“NTT DATA leverages Microsoft Copilot Studio to deliver agentic AI advisory, implementation, managed services, and connectivity. By providing industry-specific automation and utilizing our integrated managed services platform, we support clients throughout their agents’ lifecycle. This collaboration is pivotal in achieving our clients’ outcomes, enabling us to deliver tailored, efficient, and innovative solutions that drive business success and enhance decision-making processes.”
Aishwarya Sing, SVP, Global Head of Digital Collaboration, NTT
One NZ is using Microsoft Fabric for real-time analytics from unified data sources. With the integration of multiple systems and visualizing insights on a single pane, One NZ has rapidly streamlined processes and proactively addressed growth opportunities:
“Previously, you needed to be a data engineer or scientist to access and understand customer information. Now we’re making it user-friendly, so anyone can easily make data-driven decisions.”
Strathan Campbell, Channel Environment Technology Lead, One NZ
Telstra scales in-house generative AI tools, saving 90% of employees’ time and reducing follow-up contacts by 20%.
Unlocking new revenue streams in the enterprise
A recent IDC white paper reports that 63% of telco and media companies say they are currently monetizing or using AI to boost revenue. As a trusted partner, beyond supporting their own transformation, we equip telecom providers with comprehensive business-to-business (B2B) offerings to drive topline growth and better serve their enterprise customers.
For example, AT&T’s collaboration with Microsoft is reimagining enterprise connectivity. AI applications and AT&T’s connectivity are tackling the USD112 billion annual retail shrinkage issue head-on. By integrating Azure IoT with AT&T’s 5G network and leveraging Teams Phone Mobile for notifications, retailers receive alerts that minimize loss and ensure safer shopping experience. AT&T’s move into AI-powered connectivity has created new revenue streams, spanning cost savings, compliance, and collaboration.
“AT&T is a leader in enabling innovative AI solutions and continues to expand capabilities through our relationship with Microsoft. We’re excited to integrate Microsoft’s AI capabilities into our retail crime intelligence platform, which utilizes near real-time notifications via Teams Phone Mobile. This collaboration underscores the commitment of both companies to enhance retail security and contribute to a safer shopping environment for both employees and customers.”
Another partner, Norwood Systems, is extending traditional voice services with Voice AI, opening up a new revenue stream for telecoms. Its OpenSpan solution, built on Azure OpenAI Service and Azure AI Speech, enables telecoms to bridge public switched telephone network (PSTN) and mobile services, to deliver advanced features like real-time recording, transcription, and summarization. This provides seamless call management for users and deeper insights for the telecom providers:
“By integrating Norwood’s OpenSpan with our mobile and voice networks, BT is unlocking new possibilities in voice technology. This innovation bridges our award-winning networks with AI, creating opportunities to enhance customer experiences, drive new efficiencies, and shape the future of voice communications.”
Jon Martin, Senior Director, Unified Communications, BT
To continue our mission to help telecoms succeed in this era of AI platform shift, Microsoft is enabling telecoms to further capitalize on AI by offering generative AI-powered managed security services. This allows tier-1 telecoms to generate new revenue from reselling, implementation, and managed services, while also reducing security operations center (SOC) costs and accelerating threat responses.
AI-powered Microsoft platforms and capabilities for co-innovation
Microsoft offers arguably the most comprehensive AI solutions. As a platform-first company, we also provide extensive tools to empower partners, developers and customers to build innovative cloud and AI solutions that meet the needs of telecom businesses.
Our adaptive cloud approach unifies hybrid, multi-cloud, and edge infrastructure through a single Azure Arc platform. We enable customers to build distributed, low-latency, high-performance applications and establish a common data foundation for current and future AI investments. For ultra-low latency or regulatory scenarios, we’re expanding Azure withAzure Local—cloud-connected infrastructure deployable at edge locations like retail sites and central offices. We continue to support existing Azure Operator Nexus customers as the solution evolves as part of our overall approach for Azure at the edge.
Accenture is spearheading an enterprise-ready private multi-access edge compute (MEC) solution built on Azure Local to deliver low latency, localized data processing, and meet regulatory requirements. Tejas Rao, Accenture, Managing Director, Accenture says, “Private 5G and edge computing are no longer experimental technologies, they are catalysts for enterprise transformation. By leveraging Azure Local, we help organizations harness ultra-low latency and localized data processing to unlock real-time insights, automate critical operations, and meet industry-specific compliance needs.”
Another partner,
Microsoft has also performed an initial integration of Project Janus into Academic institutions, such as the To learn more about how telecoms can modernize their networks with Project Janus, read this blog.
Vice President WW Telecommunications, Media and Gaming, Microsoft
Silvia Candiani leads Microsoft’s Worldwide Telecommunications, Media and Gaming Industry, overseeing industry strategy, go-to-market plan, ecosystem growth, and solution development. Silvia was formerly CEO of Microsoft Italy, focused on accelerating digital transformation. Prior to Microsoft, Silvia led Consumer Marketing for Vodafone in Italy and was previously a consultant at McKinsey in the Media and Telecommunication industries. She has a BA from Bocconi University and an MBA from INSEAD. Silvia is also a member of the Bocconi University Alumni Advisory Board and Lavazza Group.
Source: United States Small Business Administration
ATLANTA – The U.S. Small Business Administration (SBA) announced the opening of a Business Recovery Center (BRC) in Telfair County to assist small businesses and private nonprofit (PNP) organizations who sustained economic losses caused by Tropical Storm Debby and Hurricane Helene.
Beginning Thursday, Feb. 27, SBA customer service representatives will be on hand at the BRC to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC hours of operation is listed below.
Business Recovery Center (BRC)
Telfair County
Telfair Community Service Center
91 Telfair Ave #D
McRae-Helena, GA 31055
Opening: Thursday, Feb. 27, 12 p.m. to 5 p.m.
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Closed: Saturday and Sunday
“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.
The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadlines to return economic injury applications are June 24, 2025, for Tropical Storm Debby and June 30, 2025, for Hurricane Helene.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with India.
Despite recent moderation, India’s economic growth has remained robust, with GDP growth of 6 percent y/y in the first half of 2024/25. Inflation has broadly declined within the tolerance band, though food price fluctuations have created some volatility. The financial sector has remained resilient, with non-performing loans at multi-year lows. Fiscal consolidation has continued, and the current account deficit has remained well contained, supported by strong growth in service exports.
Real GDP is expected to grow at 6.5 percent in 2024/25 and 2025/26, supported by robust growth in private consumption on the back of sustained macroeconomic and financial stability. Headline inflation is expected to converge to target as food price shocks wane. The current account is expected to widen somewhat but remain moderate at -1.3 percent of GDP in 2025/26. Looking ahead, India’s financial sector health, strengthened corporate balance sheets, and strong foundation in digital public infrastructure underscore India’s potential for sustained medium-term growth and continued social welfare gains.
Risks to the economic outlook are tilted to the downside. Deepening geoeconomic fragmentation could affect external demand, while deepening regional conflicts could result in oil price volatility, weighing on India’s fiscal position. Domestically, the recovery in private consumption and investment may be weaker than expected if real incomes do not recover sufficiently. Weather shocks could adversely impact agricultural output, lifting food prices and weighing on the recovery in rural consumption. On the upside, deeper implementation of structural reforms could boost private investment and employment, raising potential growth.
Executive Directors commended the authorities’ prudent macroeconomic policies and reforms, which have contributed to making India’s economy resilient and once again the fastest growing major economy. Directors stressed that in the face of headwinds from geoeconomic fragmentation and slower domestic demand, continued appropriate policies remain essential to maintain macroeconomic stability. India’s strong economic performance provides an opportunity to advance critical and challenging structural reforms to realize India’s ambition of becoming an advanced economy by 2047.
Directors commended the authorities’ commitment to fiscal prudence and welcomed the adoption of a debt target as the medium-term fiscal anchor, which has enhanced transparency and accountability. Given significant development and social needs, Directors recommended continued, well-calibrated fiscal consolidation over the medium term to rebuild buffers, ease debt service, and reduce debt. They suggested a greater focus on domestic revenue mobilization, which together with current expenditure rationalization, such as better targeting of subsidies, can create space for growth-enhancing expenditure on infrastructure and health. Notwithstanding fiscal disparities across states, Directors also broadly agreed that a more holistic fiscal framework that includes state and central government, as well as a more detailed fiscal deficit path with sufficient flexibility, could be used as an operational guide.
Directors welcomed the Reserve Bank of India’s well-calibrated monetary policy with inflation remaining within the target band. They noted that opportunities could arise to gradually lower the policy rate further, and stressed that monetary policy should remain data-dependent and well communicated. Directors recommended greater exchange rate flexibility as the first line of defense in absorbing external shocks, with foreign exchange interventions limited to addressing disorderly market conditions. A few Directors also saw the need for foreign exchange interventions in other cases noting limitations in the current global financial safety net.
Directors welcomed the 2024 Financial System Stability Assessment, which points to the overall resilience of India’s financial system, and encouraged the authorities to use the current favorable environment to further strengthen financial resilience. Noting pockets of vulnerability from the interconnectedness among nonbank financial institutions, banks, and markets, as well as from concentrated exposures to the power and infrastructure sectors, Directors recommended further aligning India’s framework of financial sector regulation, supervision, resolution, and safety net with international standards. A number of Directors also suggested greater flexibility in priority sector lending. Directors encouraged the authorities to further improve the AML/CFT framework.
Directors emphasized that comprehensive structural reforms are crucial to create high-quality jobs, invigorate investment, and unleash higher potential growth. Efforts should focus on implementing labor market reforms, strengthening human capital, and supporting greater participation of women in the labor force. Boosting private investment and FDI is also vital and will require stable policy frameworks, greater ease of doing business, governance reforms, and increased trade integration which should include both tariff and nontariff reduction measures with all parties involved. In this context, Directors welcomed India’s recent tariff reductions, noting that these can enhance competitiveness and foster India’s role in global value chains. Directors commended India’s significant progress in emission intensity reduction and renewable energy deployment and agreed that a balanced climate policy framework, alongside greater access to concessional financing and technology, would be key to achieving net zero emissions by 2070. Directors also welcomed the ongoing capacity development provided to further upgrade the quality, availability, and timeliness of India’s macroeconomic and financial statistics.
Table 1. India: Selected Social and Economic Indicators, 2020/21-2025/26 1/
2020/21
2021/22
2022/23
2023/24
2024/25
2025/26
Est.
Projections
Growth (in percent)
Real GDP (at market prices)
-5.8
9.7
7.0
8.2
6.5
6.5
Prices (percent change, period average)
Consumer prices – Combined
6.2
5.5
6.7
5.4
4.8
4.3
Saving and investment (percent of GDP)
Gross saving 2/
29.8
30.9
31.0
32.6
32.7
32.2
Gross investment 2/
28.9
32.1
33.0
33.3
33.6
33.5
Fiscal position (percent of GDP) 3/
Central government overall balance
-8.5
-6.7
-6.6
-5.6
-4.8
-4.5
General government overall balance
-12.9
-9.4
-9.0
-8.1
-7.4
-7.0
General government debt 4/
88.4
83.5
82.0
82.7
82.7
81.4
Cyclically adjusted balance (% of potential GDP)
-7.6
-7.7
-8.4
-8.2
-7.4
-7.1
Cyclically adjusted primary balance (% of potential GDP)
-2.5
-2.6
-3.3
-2.8
-2.0
-1.6
Money and credit (y/y percent change, end-period)
Broad money
12.2
8.8
9.0
11.1
10.0
10.9
Domestic Credit
9.5
9.0
13.1
12.0
11.2
11.9
Financial indicators (percent, end-period)
91-day treasury bill yield (end-period)
3.3
3.8
6.7
7.0
…
…
10-year government bond yield (end-period)
6.3
6.9
7.3
7.1
…
…
Stock market (y/y percent change, end-period)
68.0
18.3
0.7
24.9
…
…
External trade (on balance of payments basis)
Merchandise exports (in billions of U.S. dollars)
296.3
429.2
456.1
441.4
443.3
458.7
(Annual percent change)
-7.5
44.8
6.3
-3.2
0.4
3.5
Merchandise imports (in billions of U.S. dollars)
398.5
618.6
721.4
686.3
728.8
768.6
(Annual percent change)
-16.6
55.3
16.6
-4.9
6.2
5.5
Terms of trade (G&S, annual percent change)
2.0
-8.7
-2.7
3.2
-1.3
0.2
Balance of payments (in billions of U.S. dollars)
Current account balance
24.0
-38.7
-67.0
-26.0
-34.7
-53.8
(In percent of GDP)
0.9
-1.2
-2.0
-0.7
-0.9
-1.3
Foreign direct investment, net (“-” signifies inflow)
-44.0
-38.6
-28.0
-10.1
1.9
-6.4
Portfolio investment, net (equity and debt, “-” = inflow)
-36.1
16.8
5.2
-44.1
-4.6
-20.4
Overall balance (“+” signifies balance of payments surplus)
87.3
47.5
-9.1
63.7
2.8
25.0
External indicators
Gross reserves (in billions of U.S. dollars, end-period)
577.0
607.3
578.4
646.4
649.2
674.2
(In months of next year’s imports (goods and services))
9.0
8.1
8.0
8.3
7.9
7.8
External debt (in billions of U.S. dollars, end-period)
573.7
619.1
624.1
668.9
726.5
787.3
External debt (percent of GDP, end-period)
21.4
19.5
18.6
18.7
18.9
18.6
Of which: Short-term debt
9.5
8.5
8.2
8.1
8.3
8.1
Ratio of gross reserves to short-term debt (end-period)
2.3
2.3
2.1
2.2
2.0
1.9
Real effective exchange rate (annual avg. percent change)
-0.8
0.3
-0.3
0.3
…
…
Memorandum item (in percent of GDP)
Fiscal balance under authorities’ definition
-9.2
-6.7
-6.5
-5.6
-4.8
-4.4
Sources: Data provided by the Indian authorities; Haver Analytics; CEIC Data Company Ltd; Bloomberg L.P.; World Bank, World Development Indicators; and IMF staff estimates and projections.
1/ Data are for April–March fiscal years.
2/ Differs from official data, calculated with gross investment and current account. Gross investment includes errors and omissions.
3/ Divestment and license auction proceeds treated as below-the-line financing.
4/ Includes combined domestic liabilities of the center and the states, and external debt at year-end exchange rates.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
The administration accidentally fired civil servants who were responsible for safeguarding the country’s nuclear weapons, preventing a bird flu epidemic and overseeing the nation’s electricity supply. A Veterans Administration official told NBC, “It’s leading to paralysis, and nothing is getting done.” A spokesperson at a nationwide program that provides meals to seniors, Meals on Wheels, which the government helps fund, said, “The uncertainty right now is creating chaos for local Meals on Wheels providers not knowing whether they should be serving meals today.”
Our recent book, “How Government Built America,” shows why the administration’s aim to eliminate government could result in an America that the country’s people have never experienced – one in which free-market economic forces operate without any accountability to the public.
The U.S. economy began in the Colonial era as a mix of government regulation and market forces, and it has remained so ever since. History shows that without government regulation, markets left to their own devices have made the country poorer, killed and injured thousands, increased economic inequality, and left millions of Americans mired in desperate poverty, among other economic and social ills.
Government funding and regulation have yielded countless economic benefits for the public, including the launch of many efforts later capitalized on by the private sector. Government funding delivered a COVID-19 vaccine in record time, many of the technologies – GPS, touchscreens and the internet – that are key to the functioning of the cellphone in your pocket, and the highway system that enables travel throughout the country.
Yet government has addressed these failings as Americans’ understanding of equality has evolved. Over the past century, rights for women, racial and ethnic minority groups and people with a range of sexualities and gender identities have been recognized in constitutional amendments, federallaws, state laws and Supreme Courtdecisions.
As our book shows, the responses haven’t always been immediate, but the president and Congress have addressed policy mistakes and incompetent administration by making appropriate adjustments to the mix of government and free markets, sometimes at the behest of court cases and more often through congressional action.
Many Trump voters cited economic factors as motivating their support. And our book documents how policies supported by both political parties – particularly globalization, which led to the flood of manufacturing jobs that went overseas – contributed to the economic struggles with which many Americans are burdened.
But based on the history of how government built America, we believe the most effective way to improve the economic prospects of those and other Americans is not to eliminate portions of the government entirely. Rather, it’s to adopt government programs that create economic opportunity in deindustrialized areas of the country.
These problems – economic inequality and loss of opportunity – were caused by the free market’s response to the lack of government action, or insufficient or misdirected action. The market cannot be expected to fix what it has created. And markets don’t answer to the American people. Government does, and it can take action.
Sidney Shapiro is affiliated with the Center for Progressive Reform.
Joseph P. Tomain does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with India.
Despite recent moderation, India’s economic growth has remained robust, with GDP growth of 6 percent y/y in the first half of 2024/25. Inflation has broadly declined within the tolerance band, though food price fluctuations have created some volatility. The financial sector has remained resilient, with non-performing loans at multi-year lows. Fiscal consolidation has continued, and the current account deficit has remained well contained, supported by strong growth in service exports.
Real GDP is expected to grow at 6.5 percent in 2024/25 and 2025/26, supported by robust growth in private consumption on the back of sustained macroeconomic and financial stability. Headline inflation is expected to converge to target as food price shocks wane. The current account is expected to widen somewhat but remain moderate at -1.3 percent of GDP in 2025/26. Looking ahead, India’s financial sector health, strengthened corporate balance sheets, and strong foundation in digital public infrastructure underscore India’s potential for sustained medium-term growth and continued social welfare gains.
Risks to the economic outlook are tilted to the downside. Deepening geoeconomic fragmentation could affect external demand, while deepening regional conflicts could result in oil price volatility, weighing on India’s fiscal position. Domestically, the recovery in private consumption and investment may be weaker than expected if real incomes do not recover sufficiently. Weather shocks could adversely impact agricultural output, lifting food prices and weighing on the recovery in rural consumption. On the upside, deeper implementation of structural reforms could boost private investment and employment, raising potential growth.
Executive Directors commended the authorities’ prudent macroeconomic policies and reforms, which have contributed to making India’s economy resilient and once again the fastest growing major economy. Directors stressed that in the face of headwinds from geoeconomic fragmentation and slower domestic demand, continued appropriate policies remain essential to maintain macroeconomic stability. India’s strong economic performance provides an opportunity to advance critical and challenging structural reforms to realize India’s ambition of becoming an advanced economy by 2047.
Directors commended the authorities’ commitment to fiscal prudence and welcomed the adoption of a debt target as the medium-term fiscal anchor, which has enhanced transparency and accountability. Given significant development and social needs, Directors recommended continued, well-calibrated fiscal consolidation over the medium term to rebuild buffers, ease debt service, and reduce debt. They suggested a greater focus on domestic revenue mobilization, which together with current expenditure rationalization, such as better targeting of subsidies, can create space for growth-enhancing expenditure on infrastructure and health. Notwithstanding fiscal disparities across states, Directors also broadly agreed that a more holistic fiscal framework that includes state and central government, as well as a more detailed fiscal deficit path with sufficient flexibility, could be used as an operational guide.
Directors welcomed the Reserve Bank of India’s well-calibrated monetary policy with inflation remaining within the target band. They noted that opportunities could arise to gradually lower the policy rate further, and stressed that monetary policy should remain data-dependent and well communicated. Directors recommended greater exchange rate flexibility as the first line of defense in absorbing external shocks, with foreign exchange interventions limited to addressing disorderly market conditions. A few Directors also saw the need for foreign exchange interventions in other cases noting limitations in the current global financial safety net.
Directors welcomed the 2024 Financial System Stability Assessment, which points to the overall resilience of India’s financial system, and encouraged the authorities to use the current favorable environment to further strengthen financial resilience. Noting pockets of vulnerability from the interconnectedness among nonbank financial institutions, banks, and markets, as well as from concentrated exposures to the power and infrastructure sectors, Directors recommended further aligning India’s framework of financial sector regulation, supervision, resolution, and safety net with international standards. A number of Directors also suggested greater flexibility in priority sector lending. Directors encouraged the authorities to further improve the AML/CFT framework.
Directors emphasized that comprehensive structural reforms are crucial to create high-quality jobs, invigorate investment, and unleash higher potential growth. Efforts should focus on implementing labor market reforms, strengthening human capital, and supporting greater participation of women in the labor force. Boosting private investment and FDI is also vital and will require stable policy frameworks, greater ease of doing business, governance reforms, and increased trade integration which should include both tariff and nontariff reduction measures with all parties involved. In this context, Directors welcomed India’s recent tariff reductions, noting that these can enhance competitiveness and foster India’s role in global value chains. Directors commended India’s significant progress in emission intensity reduction and renewable energy deployment and agreed that a balanced climate policy framework, alongside greater access to concessional financing and technology, would be key to achieving net zero emissions by 2070. Directors also welcomed the ongoing capacity development provided to further upgrade the quality, availability, and timeliness of India’s macroeconomic and financial statistics.
Table 1. India: Selected Social and Economic Indicators, 2020/21-2025/26 1/
2020/21
2021/22
2022/23
2023/24
2024/25
2025/26
Est.
Projections
Growth (in percent)
Real GDP (at market prices)
-5.8
9.7
7.0
8.2
6.5
6.5
Prices (percent change, period average)
Consumer prices – Combined
6.2
5.5
6.7
5.4
4.8
4.3
Saving and investment (percent of GDP)
Gross saving 2/
29.8
30.9
31.0
32.6
32.7
32.2
Gross investment 2/
28.9
32.1
33.0
33.3
33.6
33.5
Fiscal position (percent of GDP) 3/
Central government overall balance
-8.5
-6.7
-6.6
-5.6
-4.8
-4.5
General government overall balance
-12.9
-9.4
-9.0
-8.1
-7.4
-7.0
General government debt 4/
88.4
83.5
82.0
82.7
82.7
81.4
Cyclically adjusted balance (% of potential GDP)
-7.6
-7.7
-8.4
-8.2
-7.4
-7.1
Cyclically adjusted primary balance (% of potential GDP)
-2.5
-2.6
-3.3
-2.8
-2.0
-1.6
Money and credit (y/y percent change, end-period)
Broad money
12.2
8.8
9.0
11.1
10.0
10.9
Domestic Credit
9.5
9.0
13.1
12.0
11.2
11.9
Financial indicators (percent, end-period)
91-day treasury bill yield (end-period)
3.3
3.8
6.7
7.0
…
…
10-year government bond yield (end-period)
6.3
6.9
7.3
7.1
…
…
Stock market (y/y percent change, end-period)
68.0
18.3
0.7
24.9
…
…
External trade (on balance of payments basis)
Merchandise exports (in billions of U.S. dollars)
296.3
429.2
456.1
441.4
443.3
458.7
(Annual percent change)
-7.5
44.8
6.3
-3.2
0.4
3.5
Merchandise imports (in billions of U.S. dollars)
398.5
618.6
721.4
686.3
728.8
768.6
(Annual percent change)
-16.6
55.3
16.6
-4.9
6.2
5.5
Terms of trade (G&S, annual percent change)
2.0
-8.7
-2.7
3.2
-1.3
0.2
Balance of payments (in billions of U.S. dollars)
Current account balance
24.0
-38.7
-67.0
-26.0
-34.7
-53.8
(In percent of GDP)
0.9
-1.2
-2.0
-0.7
-0.9
-1.3
Foreign direct investment, net (“-” signifies inflow)
-44.0
-38.6
-28.0
-10.1
1.9
-6.4
Portfolio investment, net (equity and debt, “-” = inflow)
-36.1
16.8
5.2
-44.1
-4.6
-20.4
Overall balance (“+” signifies balance of payments surplus)
87.3
47.5
-9.1
63.7
2.8
25.0
External indicators
Gross reserves (in billions of U.S. dollars, end-period)
577.0
607.3
578.4
646.4
649.2
674.2
(In months of next year’s imports (goods and services))
9.0
8.1
8.0
8.3
7.9
7.8
External debt (in billions of U.S. dollars, end-period)
573.7
619.1
624.1
668.9
726.5
787.3
External debt (percent of GDP, end-period)
21.4
19.5
18.6
18.7
18.9
18.6
Of which: Short-term debt
9.5
8.5
8.2
8.1
8.3
8.1
Ratio of gross reserves to short-term debt (end-period)
2.3
2.3
2.1
2.2
2.0
1.9
Real effective exchange rate (annual avg. percent change)
-0.8
0.3
-0.3
0.3
…
…
Memorandum item (in percent of GDP)
Fiscal balance under authorities’ definition
-9.2
-6.7
-6.5
-5.6
-4.8
-4.4
Sources: Data provided by the Indian authorities; Haver Analytics; CEIC Data Company Ltd; Bloomberg L.P.; World Bank, World Development Indicators; and IMF staff estimates and projections.
1/ Data are for April–March fiscal years.
2/ Differs from official data, calculated with gross investment and current account. Gross investment includes errors and omissions.
3/ Divestment and license auction proceeds treated as below-the-line financing.
4/ Includes combined domestic liabilities of the center and the states, and external debt at year-end exchange rates.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
A group of first graders from the Annie Fisher Magnet School in Hartford sat cross-legged on the floor at The Stowe Center for Literary Activism in Hartford on a recent Friday morning, eager to explain what the word “freedom’’ means to them.
The Stowe Center is the final home of Harriet Beecher Stowe, the acclaimed author of the anti-slavery novel “Uncle Tom’s Cabin,’’ published in 1852, which helped change Americans’ attitudes toward abolitionism.
The Stowe Center’s mission is to encourage social justice and literacy activism by exploring Harriet’s legacy and the ideas of others who advocate for hope and freedom. They seek a world in which engagement leads to empathy, empowerment, and change for good.
Karen Fisk, executive director of the Stowe Center for Literary Activism in Hartford, says she is grateful for the data analytics insight she received from a team of five UConn business undergraduate students. (Nathan Oldham / UConn School of Business photo)
“One could definitely argue that that perspective is needed now more than ever,’’ says Executive Director Karen Fisk, who, with her team, welcome some 5,000 visitors to the Center every year.
UConn Business Students Analyze, Organize Center’s Data
The Stowe Center, located on Forest Street and adjacent to the Mark Twain House, is one of the prized gems of Hartford, and has been recognized by the National Endowment for the Humanities as critical to American history and culture.
Although the leadership at the Stowe Center had reams of data about its visitors, it wasn’t in a format that could easily be organized, analyzed, and presented. They wanted to track where their visitors were coming from, what drew them to the Center, and the dates and times when visitation peaked. That information could guide strategy, staffing, and future growth.
Fisk reached out to the School of Business for help and was connected to staff at the Digital Frontiers Initiative (DFI), which sources, vets, and assigns STEM-based projects to students. Five undergraduate students took on the Stowe Center task as part of their senior Analytics and Information Management (AIM) Capstone Project last semester.
Aditya Mamidi ’25 (BUS) says he enjoyed the challenge and responsibility that he and his team experienced.
“The big thing I enjoyed was the creative freedom we had, without the strict guidelines you have with a traditional college project,’’ he says. “We put our heads together to come up with something that we hope The Stowe Center can use for a long time.’’
In addition to Mamidi, the project team included, from the School of Business: Gregory Bliss ‘25, Liam Wagner ‘25, Alexander Brynczka ’24 and Daniel Rodriguez ’24. Mamidi, Bliss, and Wagner are seniors, and Brynczka and Rodriguez graduated in December.
‘It Demonstrates What I Can Do and What I’ve Learned’
One thing that was important was presenting the data, which spanned from 2017 to today, in a way that was easy to understand for those without an analytics background.
“We took the time to create in-depth training videos so anyone watching would understand with no trouble,’’ says Mamidi, who plans to intern at Deloitte in Hartford after graduation and is considering an advanced degree in business analytics. “This is definitely going on my LinkedIn, and my resume, because it demonstrates what I can do and what I’ve learned.’’
Bliss also described the Capstone project as a great experience and says it prepared him for his career, particularly having to pivot in designing a project.
From left: UConn School of Business students Liam Wagner, Daniel Rodriguez, Alexander Brynczka and Aditya Mamidi (contributed photo)
The team originally recommended a program that was too expensive for the Stowe Center, and they realized they needed a more affordable plan. They were able to find a substitute plan that worked very well and cost just a fraction of the original price. It is a strategy Bliss knows he will use in the future.
“If one idea doesn’t work out you need to have a backup plan,’’ Bliss says. “It’s important to be prepared and willing to make adjustments when needed. I enjoyed working with ‘real’ data and knowing that it can benefit the Stowe Center.’’
Bliss says through this project, as well as his work at National Life Group, he’s confirmed how much he enjoys data project work and has a clearer idea of his immediate career path.
‘I Can’t Say Enough…About these Young People’
Fisk says the students exceeded her expectations with their abilities, professionalism, and project management.
“What they did was so thorough. They were patient, explained everything well, and were extremely professional. They were quite impressive,’’ she says. “I felt so well taken care of through the whole project.’’
If it weren’t for the students’ pro-bono work, Fisk says she would have had to start a fundraising initiative to pay to hire a data expert, and that would have greatly extended the project.
For OPIM professor Jon Moore, who oversaw the project alongside OPIM professor Stephen Fitzgerald, the Capstone project was a valuable experience not only for the students, but also for the Stowe Center and the broader community.
UConn School of Business student Gregory Bliss (contributed photo).
“The Stowe Center for Literacy Activism project was an amazing experience for the students, as they got to dive into the Center’s data to create dashboards, insights, and predictive models around attendance and engagement,’’ says Moore, who is also the executive director of DFI. “Their work helped the Stowe Center better understand trends and connect with visitors in smarter, more impactful ways.’’
“The OPIM department and the School of Business recognize the immense value of collaborating with local organizations like the Stowe Center, giving students the chance to tackle real-world challenges while making a meaningful difference in the community,’’ Moore says. “By leveraging Digital Frontiers as a bridge between academia and industry, the project exemplifies how UConn students gain hands-on experience while delivering meaningful solutions to real-world challenges.’’
CHARLOTTE, N.C., Feb. 27, 2025 (GLOBE NEWSWIRE) — Discovery Education, the creator of essential K-12 solutions used in classrooms around the world, today announced the launch of a new Digital Citizenship Initiative. The Digital Citizenship Initiative is a dynamic partnership that provides educators and students with free tools, resources, and the skills needed to thrive in today’s digital world.
The Digital Citizenship Initiative grew out of needs summarized in a dedicated white paper entitled Risks and Resilience: Why Digital Citizenship Matters in K12 Education. This study illuminated many of the issues facing today’s students, including cyberbullying, online privacy, and digital footprints. Furthermore, research shows that students remain largely unaware of the impacts of digital technologies on all aspects of life. Discovery Education defines digital citizenship as a set of strategies and behaviors designed to promote a safer online experience for everyone.
The Digital Citizenship Initiative partners include Impact Leader Verizon and Fortinet. Each partner has helped contribute expert insights to develop standards-aligned digital resources. Resources include ready-to-use materials, digital lessons, DEMystified series videos, and instructional materials spanning disciplines such as science, health, social studies, and English language arts. Educators can expect quarterly content releases covering a range of topics that address digital citizenship.
“At Verizon, we are driven by purpose and guided by values in all that we do. Being part of the Digital Citizenship Initiative is the latest building block in Verizon’s work to empower people to live, work, and play. Students are our future, and we are proud to support them as they learn to use digital technologies responsibly,” said Alex Servello, Associate Vice President of Responsible Business at Verizon.
“As a cybersecurity leader, we believe that staying ahead of sophisticated threats and cyber risks requires building a more cyber-aware society,” said Rob Rashotte, Vice President, Fortinet Training Institute. “To help achieve this, Fortinet partnered with educators to develop and make accessible a tailor-made security awareness curriculum to help prepare both educators and students to apply cybersecurity skills at school, at home, and everywhere they need it. We are proud that this curriculum will now be leveraged in the Digital Citizenship Initiative to further develop fundamental security skill sets across our global community.”
“Digital technology has revolutionized the way students learn, connect, and express themselves. Supporting digital citizenship is critical for preparing students to navigate an increasingly connected and complex online environment,” said Amy Nakamoto, Executive Vice President of Marketing and Strategic Alliances. “Thanks to our partners – Verizon and Fortinet – for your leadership in preparing students to navigate our tech-driven world responsibly.”
About Verizon Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
About Fortinet Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.
About Discovery Education Discovery Education is the worldwide edtech leader whose state-of-the-art, K-12, digital solutions support learning wherever it takes place. Through award-winning multimedia content, instructional supports, innovative classroom tools, and strategic alliances, Discovery Education helps educators deliver powerful learning experiences that engage all students and support higher academic achievement on a global scale. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in over 100 countries and territories. Through partnerships with districts, states, and trusted organizations, Discovery Education empowers teachers with essential edtech solutions that inspire curiosity, build confidence, and accelerate learning. Explore the future of education at www.discoveryeducation.com.
SAN DIEGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors Jim Murray, Larry Bernstein, Abby Goldstein, CFP®, Michael Kazmer, CFP®, Brett Goldberg and Wesley Wong of Townsgate Wealth Management have joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. They reported serving approximately $1.15 billion in advisory, brokerage and retirement assets* and join LPL from Wells Fargo Advisors Financial Network.
Based in Westlake Village, Calif., Townsgate Wealth Management was founded in 2016 and has since grown to an ensemble practice that serves primarily high-net-worth individuals, families and business owners. Complementing each other’s strengths, the advisors focus on several areas of investing, including in-depth portfolio management, fixed-income analysis and retirement planning, while partnering with CPAs and attorneys to create deeply personalized strategies for each client. They are supported by administrative assistants Sarah Levi-Sickman, Joni Melickian and Claire Trentacosta.
“Our clients are the center of everything we do at Townsgate,” Murray said. “We maintain a fiduciary focus for clients and take full discretion in trading, running portfolio models and creating highly customized plans to help them work toward their goals. Whether we are developing strategies that focus on preserving wealth, building a legacy or sharing wealth with the next generation, our priority is bringing our clients’ visions into reality.”
Looking to further grow their business while maintaining their client-first approach to service, the team embarked on a year-long due diligence process that led them to LPL.
“True independence is having the autonomy to operate on our terms, which is what we found in LPL,” Bernstein said. “LPL’s culture, strong reputation, integrated systems and innovative platform means they truly serve the needs of the advisors. With advisor-centric support and a client-centric advisory practice — our clients win.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome the advisors of Townsgate Wealth Management to LPL and congratulate the team on this milestone in the evolution of their practice. At LPL, independence means advisors benefit from book ownership, industry-leading technology and greater support to help them grow their practices while exceeding client expectations. We look forward to partnering with Townsgate for years to come.”
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.
Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. Townsgate Wealth Management and LPL are separate entities.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.
We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
*Value approximated based on asset and holding details provided to LPL from end of year, 2024.
SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — Today, Zoom Communications, Inc. (NASDAQ: ZM) and Mitel, a global leader in business communications, announced the global launch of a unique hybrid cloud solution that integrates Zoom Workplace and Zoom AI Companion with Mitel’s flagship communications platforms, including its leading telephony solutions. This marks a significant milestone in the strategic partnership between the companies announced in September 2024.
Today, organizations are navigating the adoption of emerging technologies like AI while maintaining security, business continuity, and flexibility when modernizing business communications. This new solution is designed to meet the growing enterprise demand for hybrid unified communications (UC) deployments by offering a “best-of-both-worlds” approach that empowers organizations to deliver mission-critical communications capabilities alongside exceptional collaboration functions to enhance business productivity.
The multi-phased rollout will see Zoom’s AI-first solution integrate seamlessly with existing Mitel software and devices, starting now with global availability for Mitel’s OpenScape Voice and OpenScape 4000 platforms. This will be expanded to include MiVoice Business solutions in the coming weeks, as well as MiVoice 5000 and MX-ONE solutions before the end of 2025. Device portfolios like the OpenScape CP and the Mitel 6900 Series are now Zoom Phone certified, with the full list of certified models available here. Certification of Mitel’s OpenScape SBC is also complete, enabling compatibility with Zoom’s Bring-Your-Own-PBX (BYOP) and Bring-Your-Own-Carrier (BYOC) direct routing capabilities. Mitel Border Gateway (MBG) certification will follow in the weeks ahead.
“As businesses navigate the connectivity requirements to support hybrid work, they need solutions that unite the benefits of on-prem or single-instance cloud communications infrastructure with Zoom’s industry-leading collaboration experiences, giving them the best of both while future-proofing their organizations,” said Graeme Geddes, chief sales and growth officer at Zoom. “The AI-first solution provided by Zoom and Mitel makes connecting and collaborating seamless and efficient while giving customers the flexibility to migrate to the cloud on their own terms and with their existing Mitel devices.”
“Recent research shows 92% of mid-to-large enterprises are considering hybrid deployments, and for good reason,” said David Petts, chief sales officer at Mitel*. “In today’s rapidly changing workplace, staying connected through video, chat, or voice is more important than ever and a vital part of business continuity planning. Mitel’s strategic partnership with Zoom has produced an offering that provides seamless access to these solutions while enabling compliance and security control in the most demanding use cases, industries, and geographies. With the integration of Zoom’s AI Companion, it’s a winning combination for organizations looking for an elevated collaboration experience that truly fits their overall communication needs.”
Deliver AI-first collaboration tools built for modern work With the Zoom Workplace app fully integrated with secure Mitel telephony and devices, users can call, meet, and chat from a single solution, including the ability to escalate from a Mitel-powered call directly into a Zoom meeting. Additionally, users can brainstorm ideas, develop content, and kickstart project plans with Zoom Docs, Zoom Whiteboard, Zoom Clips, and more. AI Companion is woven throughout to help users jumpstart content creation, stay focused, prioritize what’s important, and get answers fast.
Maintain control and maximize current investments With the joint hybrid solution, users can maintain unmatched control over mission-critical activities like release schedules, configurations, updates, system changes, and telephony while leveraging existing investments without isolation. For organizations in specialized industries like healthcare, hospitality, government, and financial services, this means having the ability to continue to leverage existing Mitel-certified vertical integrations along with specialized devices and workflows for frontline workers.
Blend on-prem and cloud capabilities to suit an organization’s unique requirements The hybrid architecture from Zoom and Mitel provides users with a simple approach to blending on-prem with the right mix of private and public cloud on their terms to meet their unique needs. It gives organizations the flexibility, tools, and resilience they need to future-proof their current systems while maintaining reliability throughout the process. Additionally, using the Zoom Workplace app, users will have access to a consistent modern user experience every step of the way. If UCaaS is ultimately their preferred deployment model, they can easily bring their certified Mitel devices with them.
Jim Lundy, Founder & CEO of Aragon Research, confirms that “The Mitel-Zoom partnership is a game changer, offering businesses a path to hybrid communications with AI collaboration and communications capabilities.”
The joint solution is now available to customers worldwide. Further advanced capabilities are underway as part of the multi-phase partnership plan. For more information about the joint solution, please visit https://www.mitel.com/products/zoom-workplace.
* According to a June 2024 global survey of 1,954 organizations conducted by Mitel and Techaisle.
About Zoom Zoom’s mission is to provide one platform that delivers limitless human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion that empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ: ZM) and headquartered in San Jose, California. Get more information at zoom.com.
About Mitel Mitel is a global leader in business communications, providing businesses with advanced communication, collaboration, and contact center solutions. With more than 70 million users across over 100 countries, Mitel empowers organizations to connect, communicate, and collaborate seamlessly, with the flexibility and choice they need to thrive, both now and for the future. Through proven experience and innovative solutions, Mitel delivers communications without compromise. For more information, go to www.mitel.com and follow us on LinkedIn.
Mitel is the registered trademark of Mitel Networks Corporation. All other trademarks are the property of their respective owners.
SINGAPORE and SAN DIEGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport AI” or the “Company”), an AI technology company serving enterprise clients with intelligent customer communication software, services, and solutions, today announced significant advancements to its knowledge base. Designed to optimize enterprise knowledge management, the latest updates introduce AI-powered self-learning, multimodal data integration, and enhanced real-time knowledge retrieval capabilities. These improvements are expected to further Helport AI’s mission to empower everyone to work as an expert through intelligent, efficient, and scalable AI solutions.
Transforming Enterprise Knowledge with AI
Knowledge bases are centralized sources of data, facts, and rules that AI systems use to understand, reason, and make decisions. Helport AI’s expertise in knowledge base creation and utilization is a key part of the Company’s value creation and growth to date. As part of this proprietary process, a unique, company-specific knowledge base is created for each enterprise customer which includes proprietary data, processes, and best practices refined over years of operation.
Built on proprietary AI models, Helport AI’s improved knowledge base development process now leverages enhanced self-learning capabilities to automate data curation, enhance accuracy, and streamline enterprise-wide information access. The enhanced system continuously refines its data by integrating real-time updates and contextual insights, reducing manual intervention and improving knowledge retrieval efficiency.
Designed for seamless enterprise integration, the knowledge base supports multiple languages and provides real-time, situationally aware insights. Its contextual search engine is built to provide users with precise, relevant responses, reducing time spent on manual searches. It aims to help customer service agents resolve inquiries faster, equip sales teams with the latest product details, and assist decision-makers with up-to-date information. Integrated with Helport AI’s speech navigation and real-time guidance technologies, the knowledge base is expected to enhance productivity and streamline knowledge transfer.
“Organizations need knowledge solutions that evolve with them,” said Guanghai Li, CEO of Helport AI. “With these enhancements, our knowledge base doesn’t just store information—it actively learns, adapts, and provides real-time insights to support enterprise operations at scale.”
Key Enhancements:
AI-Driven Self-Learning: Proprietary algorithms analyze historical data and user interactions, enabling the knowledge base to refine itself dynamically, improving overall accuracy.
Multimodal Data Integration: Enhanced RAG (Retrieval-Augmented Generation) technology now supports text, audio, and video inputs, achieving over 90% accuracy in multimodal data parsing.
High-Speed Response & Scalability: Optimized query processing delivers AI-powered responses in under 800ms, helping enterprises access critical information with minimal latency.
OpenAPI for Seamless Integration: A full-process API framework supports integration with existing CRM, ASR, and enterprise systems to reduce implementation time.
Enterprise-Grade Security: Advanced encryption, access controls, and compliance adherence help facilitate secure knowledge management at scale.
Advancing Business Intelligence & Customer Experience
By integrating these new capabilities, Helport AI’s enhanced knowledge base aims to increase customer engagement, improve service efficiency, and enhance decision-making capabilities for businesses across finance, customer service, healthcare, and the public sector.
“This evolution aligns with our commitment to continuous innovation,” added Li. “By providing enterprises with an AI-driven, intelligent knowledge management solution, we help ensure that businesses stay competitive in an increasingly digital world.”
About Helport AI
Helport AI (NASDAQ: HPAI) is an AI technology company dedicated to optimizing customer communication through its digital platform and intelligent software solutions. Offering enterprise-level customer contact services, Helport AI’s mission is to empower everyone to work as an expert. Learn more at www.helport.ai.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport AI’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport AI’s current expectations and projections about future events that Helport AI believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport AI undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Helport AI believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and Helport AI cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in Helport AI’s registration statement and other filings with the U.S. Securities and Exchange Commission.
SEATTLE, Feb. 27, 2025 (GLOBE NEWSWIRE) — Radix Financial Group, a financial services firm with over $600 million secured in funding for small businesses, today announced the launch of Go SBA Express by Radix, a U.S. Small Business Administration (SBA) loan program designed to support the growth and success small businesses without predatory lending practices that are rampant in the industry.
Go SBA Express by Radix is a fast-track lending program that matches small business owners with a loan that fits their unique needs in as little as two weeks. The loan program is tailored to help business owners overcome many of the challenges they face accessing capital today, such as high interest rates, high credit score qualifications, and a slow, complex lending landscape crowded with predatory programs. Go SBA Express by Radix offers business owners accessible financing, competitive terms and flexible repayment options with an unmatched SBA lending experience.
“Our mission at Radix has always been to help small businesses access the capital they need to thrive,” said Abe Treiger, owner and founder of Radix Financial Group. “With Go SBA Express, we are building on our mission and providing even more opportunities for businesses to secure capital when they need it.”
Key features of Go SBA Express by Radix include:
Working capital in two weeks
Secure, confidential process
Simple, three-step application
10-year term on loans
Monthly payments
Financing to borrowers with a personal credit score of 660+
Lending options for businesses showing significant losses
Radix Financial Group, a family-owned firm with more than a decade of SBA lending experience and over $600 million in secured funding, will oversee the Go SBA Express loan program. The firm will bring the first-class services and solutions it is known for to small businesses seeking funds.
“Our team of loan experts is ready to help business owners navigate this complicated environment, so they don’t have to finance their dreams with high-interest loans, cash advances, or predatory tactics,” Treiger said. “There is a need for a solution like this and we are thrilled to bring Go SBA Express to market.”
For more information about Go SBA Express by Radix, please visit: GoSBAExpress.com
About Radix Financial Group
Radix Financial Group is a family-run financial services firm with more than a decade of SBA lending experience and over $600 million in secured funding. Radix has a stellar 4.9-star Google Business rating and a proven record of closing 3,000+ SBA loans in the last 10 years. The company continues to be a trusted leader to small businesses nationwide and maintains its commitment to delivering personalized services that match businesses with loan programs likely to fund their business, avoiding wasted time and high-interest solutions. Learn how Radix and GoSBAExpress help small businesses expand and thrive.
Media Contact Madison Thomas CSG for Go SBA Express by Radix Financial Radix@wearecsg.com
In June 2020, the business-review website Yelp introduced a feature allowing consumers to search for Black-owned restaurants. As professors who study digitization, inequality and the economics of technology, we were interested in understanding its effect. So we analyzed more than two years of data from Yelp.
We found that restaurants labeled as Black-owned saw a 65% increase in online traffic, more searches and calls, and higher sales through food orders and in-person visits. These results suggest that for many Black-owned businesses, a simple change in their visibility can create new opportunities for growth.
However, the impact varied by location. The gains were strongest in politically liberal areas and places with lower levels of implicit racial bias, as measured by regional variation in implicit-association test scores. This suggests that platforms are in part channeling, as opposed to creating, customer demand. Interestingly, white customers drove most of the increase, suggesting the label helped raise awareness of businesses they might not have considered before.
This wasn’t just a 2020 trend – in follow-up analyses, we found similar results among businesses that opted into the feature later. We also collaborated with the online furniture company Wayfair, which launched a “Black Maker” label on its site in 2023, and found that it led to a 57% increase in web traffic. Finally, Yelp rolled out a Latino-owned label on the platform late that year, which led to a similar increase in consumer engagement.
Why it matters
This research has implications for business owners, digital platforms and policymakers. Growing awareness of racial inequality – partially driven by the Black Lives Matter movement, especially after the murder of George Floyd in 2020 — has led to increased corporate and customer interest in supporting minority-owned businesses. It also led many companies to make commitments to promote racial equity.
However, more recently, many companies have dismantled these efforts. For instance, Target recently announced that it was eliminating its program to spotlight Black-owned businesses. Our findings suggest that increasing the visibility of minority ownership – a relatively low-cost change – can substantially improve economic outcomes for Black-owned businesses.
Our results also show that diversity initiatives aren’t just about warm and fuzzy feelings. Businesses should measure and evaluate their impact to ensure their programs are effective. A well-designed program can benefit the bottom line, while a poorly designed one risks being ineffective or even counterproductive.
So it’s important to acknowledge the potential risks. Past research, including some of our own, indicates that revealing racial identity sometimes can lead to discrimination or backlash. While our findings suggest that labeling can have positive effects, a poorly implemented policy can backfire. Yelp’s initiative design empowered users looking to support Black-owned businesses while allowing other users to continue searching in alternative ways.
That means policy design is crucial. What matters isn’t just what information is revealed, but also how it’s communicated. Our analysis shows that customer demand and preferences vary considerably across locations and demographics, meaning that context also matters.
What still isn’t known
While our research suggests that businesses experienced economic benefits from adopting the label, it’s crucial to understand which policy designs work best in the long run. For instance, Yelp’s program used an opt-in feature, which may have contributed to its success.
However, open questions remain. How are platforms affected by labeling businesses? What other types of labels might be impactful, and for which types of businesses? Could some interventions backfire?
Another key question is, which customers respond to racial identity disclosures? Recent advances in data analytics can help companies refine their strategies, making it easier to target the right consumer groups for more effective initiatives.
Ultimately, our study is a step toward understanding how transparency and visibility can shape economic outcomes. It highlights a diversity initiative that has benefited both customers and businesses, and provides a road map for companies that want to design initiatives that matter. And, more broadly, it speaks to a question facing all companies: How can companies better understand and shape their societal footprint?
In the past, Oren Reshef has worked as an Economics Research Intern at Yelp. The company did not intervene in the analysis or the publication process of this article.
Michael Luca has done consulting for tech companies including Yelp.
Abhay Aneja does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Sundip Gill is a registered pharmacist trading from four separate business premises located in Wolverhampton, including chemist shops named Collateral, Your Pharmacy First, Low Hill Pharmacy, and Fallings Park Pharmacy. He is also a director of 2 pharmaceutical companies, Sync Chem Ltd and Collateral Ltd.
During the Covid 19 pandemic, the Government introduced grants to assist and support local businesses to continue to trade.
The City of Wolverhampton Council allocated extra funding through the introduction of its Relight Programme. The grants were designed to support local businesses to improve their premises and increase carbon efficiency, with 2 types of grants available, both intended to support the recovery of the local economy.
Businesses could apply for both grants and, if they met the qualifying criteria, would be awarded up to £5,000 for each successful application. Applications had to be accompanied by 2 like for like quotations for planned improvement works.
Gill submitted 8 grant applications to the Relight Programme and could potentially have received a total of £40,000.
However, the council’s Counter Fraud Team were alerted to discrepancies with the quotations supplied by Gill leading to further checks whereupon it was discovered that Gill had submitted fake quotations in support of his grant applications.
Following a detailed investigation, Gill was charged with 18 offences of dishonesty and Sync Chem Ltd and Collateral Ltd were charged with 6 offences of dishonesty, all under sections 1, 2 and 7 of the Fraud Act 2006.
Gill denied the charges but was subsequently found guilty on all counts and, at Dudley Magistrates Court on Friday (21 February, 2025), Gill was sentenced to 20 weeks imprisonment suspended for 12 months, 200 hours unpaid work to be completed within 12 months and ordered to pay £3,000 costs and a £128 victim surcharge. Meanwhile, Sync Chem Ltd was ordered to pay a fine of £12,000, £2,500 costs, and a £190 victim surcharge and Collateral Ltd was ordered to pay a fine of £6,000, £2,500 costs, and £190 victim surcharge.
During sentencing District Judge Graham Wilkinson told Gill: “You have been convicted for being fully involved in fraud and your attempts to exploit a system to assist legitimate businesses.” He added that Gill had shown “no remorse.”
Councillor Louise Miles, the council’s Cabinet Member for Resources, said: “The Relight Programme was designed to support local business through, and to recover from, the Covid-19 pandemic, and not to be abused in the way that it was by Sundip Gill.
“The council has a policy of zero tolerance towards public sector fraud. It is far from a victimless crime, and its impacts ripple through our society, affecting every individual and the services we all rely on, and we will not hesitate to take action in instances like this.”
DUBLIN, Feb. 27, 2025 (GLOBE NEWSWIRE) — via IBN – Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of gas and hydrogen energy solutions, today announced the appointment of Luisa Ingargiola to its Board of Directors, effective February 24, 2025. Ms. Ingargiola will serve as chairperson of the Audit Committee, replacing Rune Magnus Lundetrae, who will remain a member of the Board. She will also serve as a member of the Nominating Committee, Audit Committee, and Compensation Committee. Following Ms. Ingargiola’s appointment, the Board will be comprised of six directors, four of whom have been determined by the Board to be “independent directors” under the Nasdaq Listing Rules.
Commenting on the appointment, Jeffrey Schwarz, Chairman of Fusion Fuel, said, “Luisa’s extensive experience in public company governance, capital markets, and financial oversight, coupled with her track record of supporting high-growth companies through complex strategic and financial initiatives, make her a tremendous asset to Fusion Fuel. Her expertise will be invaluable as we continue to execute our business strategy and drive long-term value creation. On behalf of my fellow directors, I want to welcome Luisa and look forward to benefiting from her insight and leadership as we build the new Fusion Fuel and position the company for sustainable growth.”
Ms. Ingargiola currently serves as Chief Financial Officer of Avalon GloboCare Corp. (Nasdaq: ALBT) and as a board director for Vision Marine Technologies, Inc. (Nasdaq: VMAR) and BioCorRx Inc. (OTCQB: BICX), where she also chairs the Audit Committees. Earlier in her career, Ms. Ingargiola was CFO and co-founder of BBHC, Inc., formerly known as MagneGas Corporation. Ms. Ingargiola graduated from Boston University with a bachelor’s degree in Business Administration and a concentration in Finance. She also received a Master of Health Administration from the University of South Florida.
About Fusion Fuel Green PLC
Fusion Fuel Green PLC (Nasdaq: HTOO) is an emerging leader in the energy services sector, offering a comprehensive suite of energy engineering and advisory solutions through its Al-Shola Gas and BrightHy brands. Al Shola Gas provides full-service industrial gas solutions, including the design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as the transport and distribution of LPG to a broad range of customers across commercial, industrial, and residential sectors. BrightHy, the Company’s newly launched hydrogen solutions platform, focuses on delivering innovative engineering and advisory services that enable decarbonization across hard-to-abate industries.
This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations, including but not limited the ability of the investment reported on to be consummated as anticipated. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.
LEHI, Utah, Feb. 27, 2025 (GLOBE NEWSWIRE) — Emerging technologies like artificial intelligence can significantly improve business efficiency. At the same time, AI makes generating deepfakes to commit fraud and support crime easier. AI-generated deepfakes are increasingly used to cheat consumers and businesses, costing more than $12 billion in 2023 and expected to rise to $40 billion in losses by 2027. To help organizations combat deepfakes, Attestiv has upgraded its video deepfake detection platform with new Context Analysis capabilities so anyone can identify deepfake video threats before they lead to losses or harm.
Attestiv has added new Context Analysis features to Attestiv Video deepfake detection, using generative AI to identify digitally altered video content and uncover potential malicious deepfake scams. The new features examine a video file’s context, including metadata, descriptions, and transcript to detect signs of modifications that indicate deepfakes or malicious content.
The threat landscape for AI-powered deepfakes continues to expand, rising 700% in 2023. Cybercriminals use generative AI to create fictitious social media posts for social engineering, spear phishing, and confidence and investment fraud. Cybercriminals are increasingly targeting businesses, creating phony celebrity endorsements or deepfake content to impersonate company executives, law enforcement, and authority figures to commit fraud. The new Context Analysis in Attestiv Video helps quickly assess the validity of any video, providing a summary of authenticity at a glance.
“Attestiv represents a valuable tool in our arsenal to detect manipulated videos, particularly those created or edited using generative AI” said Steven Kline, founder of Pixel Analysis LLC a digital media forensics company based in Connecticut.
“As the deepfake threat landscape expands, we continue to level the playing field with new capabilities to defend against deepfakes,” said Nicos Vekiarides, CEO of Attestiv. “Our new Context Analysis adds generative AI technology to better uncover deepfakes. We believe everyone should have access to tools to protect themselves from deepfakes, so we offer Attestiv Video with Context Analysis for consumers and businesses, starting at no cost.”
Attestiv Video Deepfake Detection is available as a free, entry-level solution, enabling free scans of up to five videos per month. Those who need more scans and faster scan times can upgrade to Attestiv’s premium Video with enhanced scan fidelity, advanced analysis settings, and higher scan queue priority. Businesses likewise can upgrade to business or enterprise plans which offer even more features and dedicated or regional deployments that include APIs.
Attestiv offers the industry’s first cloud-scale fraud protection platform for videos, photos, and documents, serving the insurance, financial services, cybersecurity, news, and media sectors. Utilizing patented AI analysis and tamper-proofing technology, Attestiv enables protection against media tampering, alteration, and generative AI, ensuring the highest standards of trust for your business. For more information, please visit https://attestiv.com.
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Chairman of ASEAN Business Advisory Council (ASEAN-BAC) 2025 Tan Sri Nazir Razak. They discussed ASEAN-BAC’s support to ASEAN’s economic integration through its legacy projects, priorities, and initiatives under Malaysia’s chairmanship of ASEAN-BAC in 2025.
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