CHICAGO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Clearcover, a next-generation insurance company, announces the launch of Clearcover Inter-Insurance Exchange (CIX), a reciprocal exchange designed to extend the company’s reach into the non-standard auto market.
CIX represents a groundbreaking step in Clearcover’s strategy to enhance profitability, drive growth, and redefine the auto insurance experience. Initially launching in Illinois, the exchange is set to scale its operations to additional markets in the near future.
“Launching CIX marks a turning point as we continue to redefine auto insurance,” said Clearcover CEO and Co-founder Kyle Nakatsuji. “By broadening our market focus and harnessing our tech-driven platform, we’re empowering more customers and agents while delivering unmatched efficiency and competitive pricing.”
The company recently began expanding its appetite to provide insurance solutions to a broader range of customers in Texas through Clearcover General Agency (CGA). Together, these initiatives highlight Clearcover’s drive to create flexible, customer-centric offerings that align with evolving market needs.
Key Benefits Include:
1. Expanded Reach
Agents can serve a broader range of customers, including those with inconsistent insurance histories, foreign licenses, or fewer than three years of driving experience.
2. Maximized Earnings
Competitive commission structures enable agents to grow their sales pipelines by connecting more drivers to affordable and personalized insurance solutions.
3. Advanced Technology
AI-powered tools are designed to empower customers with seamless self-service capabilities and streamline agent workflows.
Delivering Value Through Subscriber Participation
CIX is structured as a reciprocal exchange, providing enhanced value to its policyholders, known as ‘subscribers.’ As a reciprocal exchange, subscribers participate in forming and owning part of CIX, which in turn may keep premiums lower as member contributions accrue and offset operating expenses.
A Strategic Path to Sustainable Growth
With the launch of CIX and the Texas-based MGA, Clearcover unlocks new revenue streams while strengthening its commitment to innovation in a competitive and evolving industry.
For more information about Clearcover, visit Clearcover.com.
About Clearcover Clearcover is a next-generation insurance company that provides customers with market-leading technology solutions needed to confidently make smart decisions at every step. Clearcover challenges the status quo with hassle-free products and services that redefine what it means to put the customer first, delivering affordable car insurance with one of the industry’s fastest claims experiences. Founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover includes: Clearcover Insurance Company, Clearcover Insurance Agency and Clearcover General Agency. In 2025, Clearcover began operating a reciprocal exchange, Clearcover Inter-Insurance Exchange (“CIX”). Ranked on the Inc. 5000 Fastest Growing Privately Held Companies list and the Deloitte Technology Fast 500™ list, Clearcover has raised more than $560 million in funding to date. The company was featured on Insurance Business America’s 2024 Top Insurance Employers list, CNBC’s 2024 World’s Top Insurtech Companies and Forbes’ 2025 America’s Best Insurance Companies. For more information, visit Clearcover.com.
Supporting Businesses and Working Parents to Solve the Childcare Shortage: Lt. Gov. Austin Davis and Second Lady Blayre Holmes Davis Call for New Investments in Childcare Workforce
Lt. Gov. Austin Davis and Second Lady Blayre Holmes Davis joined local business leaders, parents and providers for a roundtable conversation at Sheetz’s corporate support center in Claysburg to highlight the Shapiro-Davis Administration’s 2025-26 proposed budget, which continues vital investments in childcare and early learning and includes a new proposal to address shortages in the childcare workforce.
“The childcare workforce shortage hurts working families, and it hurts our economy, likely in the range of billions of dollars in lost earnings, productivity and revenue,” said Lt. Gov. Davis, who is co-chair of the Early Learning Investment Commission (ELIC), a public-private partnership that brings together leaders to make recommendations and policy for early learning. “That’s why our new proposed budget would fund $1,000 bonuses to recruit and retain childcare workers across the Commonwealth. These workers are caring for our most valuable resource – our children. Many of them are mothers, who are also trying to make ends meet for their own families. They work hard, and they deserve it.”
“The Lieutenant Governor and I know about this issue firsthand – our daughter, Harper, attends a wonderful childcare facility that we were incredibly fortunate to find,” said Second Lady Holmes Davis. “We want working parents all across this Commonwealth to have the same access to affordable, high-quality care that we have, and we want every Pennsylvania child to have the same opportunities our daughter has – opportunities to learn, play and grow in a safe and loving environment.”
Roundtable Participants Include: Lieutenant Governor Austin A. Davis Second Lady Blayre Holmes Davis Sheetz EVP of People and Culture Stephanie Doliveira Bright Horizons Divisional VP Julie Beam Litte Sproutz Teacher Chelsey Morse Sheetz Employee Relations Lauren Harris Blair County Commissioner Laura O. Burke, Esq. Altoona Blair County Development Corporation – VP of Business Retention & Expansion Matt Fox Blair Companies President & CEO Phil Devorris
ST. PETERSBURG, Fla., Feb. 12, 2025 (GLOBE NEWSWIRE) — Solodev, the cloud platform for developers, is redefining identity management with the launch of Keycloak Serverless and Managed Keycloak—two powerful cloud-based solutions designed to help businesses scale authentication and access security with greater ease and flexibility. Keycloak Serverless is powered by an advanced cloud architecture and deployed on AWS, the world’s most trusted cloud provider. Both services are managed by Solodev and are available now in the AWS Marketplace.
Moving to a Passwordless World Identity and access management (IAM) is one of the top cybersecurity concerns today. Research shows that up to 30% of data breaches at organizations are caused by individual users sharing and reusing passwords—and data breaches are estimated to cost an average of $4 million per incident.
As organizations navigate the growing complexities of securing digital identities across cloud environments, traditional authentication models can be resource-intensive, and enterprise platforms like Okta are simply too expensive for most organizations to adopt. Solodev is tackling this challenge head-on by introducing serverless and fully managed options for Keycloak—the leading open-source single sign-on (SSO) and IAM solution for modern applications and services.
Keycloak simplifies SSO. Rather than handling authentication separately for each app, users log in once through Keycloak, reducing the need for custom authentication mechanisms in individual apps. Keycloak also supports user federation like LDAP and Active Directory, allowing you to sync from external sources and eliminate the burden of user management. Keycloak also supports widely used authentication protocols like OAuth 2.0, OpenID Connect, and SAML 2.0 to enable secure access and authorization flows, including multi-factor authentication (MFA) and Passkeys for passwordless strategies.
Introducing Keycloak Serverless: Fast, Scalable, and Cost-Efficient IAM With Keycloak Serverless, businesses can now deploy Keycloak on-demand without managing infrastructure. Solodev’s unique serverless approach eliminates the need for manual setup, allowing teams to scale authentication dynamically while reducing costs. Supported by Solodev and its U.S.-based resources, Keycloak Serverless is a frictionless launchpad for connecting your customer portals or internal applications via SSO on the AWS global infrastructure at any scale.
Managed Keycloak: Enterprise-Grade SSO Without the Overhead For organizations that require a hands-free identity solution, Managed Keycloak offers a fully supported, enterprise-ready deployment. This allows businesses to focus on growth while Solodev handles the heavy lifting of IAM management. With Managed Keycloak, experienced engineers provide the setup and configuration of your Keycloak Serverless instance, including 24/7 monitoring, automated updates, and compliance-driven security configurations. You also get a uniquely branded SSO interface that aligns with your visual presentation and provides a seamless gateway to all your websites and applications.
Simplifying Identity Across Industries Businesses rely on a growing ecosystem of cloud applications, from digital marketing to payment processing. Solodev’s Keycloak solutions deliver trusted, high-availability performance for any identity or authorization utility, across any industry. With Solodev’s Keycloak Serverless and Managed Keycloak, brands can ensure seamless authentication across their martech stacks, ad tech platforms, and commerce systems—streamlining access while reinforcing security.
“Identity security is at the heart of digital transformation,” said Shawn Moore, CTO at Solodev. “With Keycloak Serverless and Managed Keycloak, we’re making it easier than ever for organizations to implement robust authentication, whether they want full control or a completely managed experience.”
Solodev Keycloak Solutions are Available in the AWS Marketplace
About Solodev Solodev helps developers around the globe build amazing customer experiences and collaborate on digital transformation, from code to cloud. The Solodev Platform provides the most complete ecosystem for developing apps and launching brands powered by cutting-edge technologies—including AI, Cloud, Metaverse, Digital, Blockchain, and more. Solodev also provides world-class consulting, training, managed services, and 24/7 human support. An Amazon Web Services Advanced Tier Partner, Solodev has achieved AWS competencies in Government, Education, Advertising & Marketing Technology, and Public Safety. Solodev products and services can be purchased at www.solodev.com or in the AWS Marketplace.
We are in the early days of a seismic shift in the global AI industry. DeepSeek, a previously little-known Chinese artificial intelligence company, has produced a “game changing”“ large language model that promises to reshape the AI landscape almost overnight.
But DeepSeek’s breakthrough also has wider implications for the technological arms race between the US and China, having apparently caught even the best-known US tech firms off guard. Its launch has been predicted to start a “slow unwinding of the AI bet” in the west, amid a new era of “AI efficiency wars”.
In fact, industry experts have been speculating for years about China’s rapid advancements in AI. While the supposedly free-market US has often prioritised proprietary models, China has built a thriving AI ecosystem by leveraging open-source technology, fostering collaboration between government-backed research institutions and major tech firms.
This strategy has enabled China to scale its AI innovation rapidly while the US – despite all the tub-thumping from Silicon Valley – remains limited by restrictive corporate structures. Companies such as Google and Meta, despite promoting open-sourceinitiatives, still rely heavily on closed-source strategies that limit broader access and collaboration.
What makes DeepSeek particularly disruptive is its ability to achieve cutting-edge performance while reducing computing costs – an area where US firms have struggled due to their dependence on training models that demand very expensive processing hardware.
Where once Silicon Valley was the epicentre of global digital innovation, its corporate behemoths now appear vulnerable to more innovative, “scrappy” startup competitors – albeit ones enabled by major state investment in AI infrastructure. By leveraging China’s industrial approach to AI, DeepSeek has crystallised a reality that many in Silicon Valley have long ignored: AI’s centre of power is shifting away from the US and the west.
It highlights the failure of US attempts to preserve its technological hegemony through tight export controls on cutting-edge AI chips to China. According to research fellow Dean Ball: “You can keep [computing resources] away from China, but you can’t export-control the ideas that everyone in the world is hunting for.”
DeepSeek’s success has forced Silicon Valley and large western tech companies to “take stock”, realising that their once-unquestioned dominance is suddenly at risk. Even the US president, Donald Trump, has proclaimed that this should be a “wake-up call for our industries that we need to be laser-focused on competing”.
But this story is not just about technological prowess – it could mark an important shift in global power. Former US secretary of state Mike Pompeo has framed DeepSeek’s emergence as a “shot across America’s bow”, urging US policymakers and tech executives to take immediate action.
DeepSeek’s rapid rise underscores a growing realisation: globally, we are entering a potentially new AI paradigm, one where China’s model of open-source innovation and state-backed development is proving more effective than Silicon Valley’s corporate-driven approach.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
I’ve spent much of my career analysing the transformative role of AI on the global digital landscape – examining how AI shapes governance, market structures and public discourse, and exploring its geopolitical and ethical dimensions, now and far in the future.
I also have personal connections with China, having lived there while teaching at Jiangsu University, then written my PhD thesis on the country’s state-led marketisation programme. Over the years, I have studied China’s evolving tech landscape, observing firsthand how its unique blend of state-driven industrial policy and private-sector innovation has fuelled rapid AI development.
I believe this moment may come to be seen as a turning point not just for AI, but for the geopolitical order. If China’s AI dominance continues, what could this mean for the future of digital governance, democracy, and the global balance of power?
China’s open-source AI takeover
Even in the early days of China’s digital transformation, analysts predicted the country’s open-source focus could lead to a major AI breakthrough. In 2018, China was integrating open-source collaboration into its broader digitisation strategy, recognising that fostering shared development efforts could accelerate its AI capabilities.
Unlike the US, where proprietary AI models dominated, China embraced open-source ecosystems to bypass western gatekeeping, scale innovation faster, and embed itself in global AI collaboration. China’s open-source activity surged dramatically in 2020, laying the foundation for the kind of innovation seen today. By actively fostering an open-source culture, China ensured that a broad range of developers had access to AI tools, rather than restricting them to a handful of dominant companies.
The trend has continued in recent years, with China even launching its own state-backed open-source operating systems and platforms in 2023, to further reduce its dependence on western technology. This move was widely seen as an effort to cement its AI leadership and create an independent, self-sustaining digital ecosystem.
Video: BBC.
While China has been steadily positioning itself as a leader in open-source AI, Silicon Valley firms remained focused on closed, proprietary models – allowing China to catch up fast. While companies like Google and Meta promoted open-source initiatives in name, they still locked key AI capabilities behind paywalls and restrictive licenses.
In contrast, China’s government-backed initiatives have treated open-source AI as a national resource, rather than a corporate asset. This has resulted in China becoming one of the world’s largest contributors to open-source AI development, surpassing many western firms in collaborative projects. Chinese tech giants such as Huawei, Alibaba and Tencent are driving open-source AI forward with frameworks like PaddlePaddle, X-Deep Learning (X-DL) and MindSpore — all now core to China’s machine learning ecosystem.
But they’re also making major contributions to global AI projects, from Alibaba’s Dragonfly, which streamlines large-scale data distribution, to Baidu’s Apollo, an open-source platform accelerating autonomous vehicle development. These efforts don’t just strengthen China’s AI industry, they embed it deeper into the global AI landscape.
This shift had been years in the making, as Chinese firms (with state backing) pushed open-source AI forward and made their models publicly available, creating a feedback loop that western companies have also – quietly – tapped into. A year ago, for example, US firm Abicus.AI released Smaug-72B, an AI model designed for enterprises that built directly upon Alibaba’s Qwen-72B and outperformed proprietary models like OpenAI’s GPT-3.5 and Mistral’s Medium. But the potential for US companies to further build on Chinese open-source technology may be limited by political as well as corporate barriers.
In 2023, US lawmakers highlighted growing concerns that China’s aggressive investment in open-source AI and semiconductor technologies would eventually erode western leadership in AI. Some policymakers called for bans on certain open-source chip technologies, due to fears they could further accelerate China’s AI advancements.
But by then, China’s AI horse had already bolted.
AI with Chinese characteristics
DeepSeek’s rise should have been obvious to anyone familiar with management theory and the history of technological breakthroughs linked to “disruptive innovation”. Latecomers to an industry rarely compete by playing the same game as incumbents – they have to be disruptive.
China, facing restrictions on cutting-edge western AI chips and lagging behind in proprietary AI infrastructure, had no choice but to innovate differently. Open-source AI provided the perfect vehicle: a way to scale innovation rapidly, lower costs and tap into global research while bypassing Silicon Valley’s resource-heavy, closed-source model.
From a western and traditional human rights perspective, China’s embrace of open-source AI may appear paradoxical, given the country’s strict information controls. Its AI development strategy prioritises both technological advancement and strict alignment with the Chinese Communist party’s ideological framework, ensuring AI models adhere to “core socialist values” and state-approved narratives. AI research in China has thrived not only despite these constraints but, in many ways, because of them.
Video: CNBC.
China’s success goes beyond traditional authoritarianism; it embodies what Harvard economist David Yang calls “Autocracy 2.0”. Rather than relying solely on fear-based control, it uses economic incentives, bureaucratic efficiency, and technology to manage information and maintain regime stability.
The Chinese government has strategically encouraged open-source development while maintaining tight control over AI’s domestic applications, particularly in surveillance and censorship. Indeed, authoritarian regimes may have a significant advantage in developing facial-recognition technology due to their extensive surveillance systems. The vast amounts of data collected through these networks enable private AI companies to create advanced algorithms, which can then be adapted for commercial uses, potentially accelerating economic growth.
China’s AI strategy is built on a dual foundation of state-led initiatives and private-sector innovation. The country’s AI roadmap, first outlined in the 2017 new generation artificial intelligence development plan, follows a three-phase timeline: achieving global competitiveness by 2020, making major AI breakthroughs by 2025, and securing world leadership in AI by 2030. In parallel, the government has emphasised data governance, regulatory frameworks and ethical oversight to guide AI development “responsibly”.
A defining feature of China’s AI expansion has been the massive infusion of state-backed investment. Over the past decade, government venture capital funds have injected approximately US$912 billion (£737bn) into early-stage firms, with 23% of that funding directed toward AI-related companies. A significant portion has targeted China’s less-developed regions, following local investment mandates.
Compared with private venture capital, government-backed firms often lag in software development but demonstrate rapid growth post-investment. Moreover, state funding often serves as a signal for subsequent private-sector investment, reinforcing the country’s AI ecosystem.
China’s AI strategy represents a departure from its traditional industrial policies, which historically emphasised self-sufficiency, support for a handful of national champions, and military-driven research. Instead, the government has embraced a more flexible and collaborative approach that encourages open-source software adoption, a diverse network of AI firms, and public-private partnerships to accelerate innovation. This model prioritises research funding, state-backed AI laboratories, and AI integration across key industries including security, healthcare, and infrastructure.
Despite strong state involvement, China’s AI boom is equally driven by private-sector innovation. The country is home to an estimated 4,500 AI companies, accounting for 15% of the world’s total.
As economist Liu Gang told the Chinese Communist Party’s Global Times newspaper: “The development of AI is fast in China – for example, for AI-empowered large language models. Aided with government spending, private capital is flowing to the new sector. Increased capital inflow is anticipated to further enhance the sector in 2025.”
China’s tech giants including Baidu, Alibaba, Tencent and SenseTime have all benefited from substantial government support while remaining competitive on the global stage. But unlike in the US, China’s AI ecosystem thrives on a complex interplay between state support, corporate investment and academic collaboration.
Recognising the potential of open-source AI early on, Tsinghua University in Beijing has emerged as a key innovation hub, producing leading AI startups such as Zhipu AI, Baichuan AI, Moonshot AI and MiniMax — all founded by its faculty and alumni. The Chinese Academy of Sciences has similarly played a crucial role in advancing research in deep learning and natural language processing.
Unlike the west, where companies like Google and Meta promote open-source models for strategic business gains, China sees them as a means of national technological self-sufficiency. To this end, the National AI Team, composed of 23 leading private enterprises, has developed the National AI Open Innovation Platform, which provides open access to AI datasets, toolkits, libraries and other computing resources.
DeepSeek is a prime example of China’s AI strategy in action. The company’s rise embodies the government’s push for open-source collaboration while remaining deeply embedded within a state-guided AI ecosystem. Chinese developers have long been major contributors to open-source platforms, ranking as the second-largest group on GitHub by 2021.
Founded by Chinese entrepreneur Liang Wenfeng in 2023, DeepSeek has positioned itself as an AI leader while benefiting from China’s state-driven AI ecosystem. Liang, who also established the hedge fund High-Flyer, has maintained full ownership of DeepSeek and avoided external venture capital funding.
Though there is no direct evidence of government financial backing, DeepSeek has reaped the rewards of China’s AI talent pipeline, state-sponsored education programs, and research funding. Liang has engaged with top government officials including China’s premier, Li Qiang, reflecting the company’s strategic importance to the country’s broader AI ambitions.
In this way, DeepSeek perfectly encapsulates “AI with Chinese characteristics” – a fusion of state guidance, private-sector ingenuity, and open-source collaboration, all carefully managed to serve the country’s long-term technological and geopolitical objectives.
Recognising the strategic value of open-source innovation, the government has actively promoted domestic open-source code platforms like Gitee to foster self-reliance and insulate China’s AI ecosystem from external disruptions. However, this also exposes the limits of China’s open-source ambitions. The government pushes collaboration, but only within a tightly controlled system where state-backed firms and tech giants call the shots.
Reports of censorship on Gitee reveal how Beijing carefully manages innovation, ensuring AI advances stay in line with national priorities. Independent developers can contribute, but the real power remains concentrated in companies that operate within the government’s strategic framework.
The conflicted reactions of US big tech
DeepSeek’s emergence has sparked intense debate across the AI industry, drawing a range of reactions from leading Silicon Valley executives, policymakers and researchers. While some view it as an expected evolution of open-source AI, others see it as a direct challenge to western AI leadership.
Microsoft’s CEO, Satya Nadella, emphasised its technical efficiency. “It’s super-impressive in terms of both how they have really effectively done an open-source model that does this inference-time compute, and is super-compute efficient,” Nadella told CNBC. “We should take the developments out of China very, very seriously”.
Silicon Valley venture capitalist Marc Andreessen, a prominent advisor to Trump, was similarly effusive. “DeepSeek R1 is one of the most amazing and impressive breakthroughs I’ve ever seen – and as open source, a profound gift to the world,” he wrote on X.
For Yann LeCun, Meta’s chief AI scientist, DeepSeek is less about China’s AI capabilities and more about the broader power of open-source innovation. He argued that the situation should be read not as China’s AI surpassing the US, but rather as open-source models surpassing proprietary ones. “DeepSeek has profited from open research and open source (e.g. PyTorch and Llama from Meta),” he wrote on Threads. “They came up with new ideas and built them on top of other people’s work. Because their work is published and open source, everyone can profit from it. That is the power of open research and open source.”
Not all responses were so measured. Alexander Wang, CEO of Scale AI – a US firm specialising in AI data labelling and model training – framed DeepSeek as a competitive threat that demands an aggressive response. He wrote on X: “DeepSeek is a wake-up call for America, but it doesn’t change the strategy: USA must out-innovate & race faster, as we have done in the entire history of AI. Tighten export controls on chips so that we can maintain future leads. Every major breakthrough in AI has been American.”
Elon Musk added fuel to speculation about DeepSeek’s hardware access when he responded with a simple “obviously” to Wang’s earlier claims on CNBC that DeepSeek had secretly acquired 50,000 Nvidia H100 GPUs, despite US export restrictions.
Beyond the tech world, US policymakers have taken a more adversarial stance. House speaker Mike Johnson accused China of leveraging DeepSeek to erode American AI leadership. “They abuse the system, they steal our intellectual property. They’re now trying to get a leg up on us in AI.”
For his part, Trump took a more pragmatic view, seeing DeepSeek’s efficiency as a validation of cost-cutting approaches. “I view that as a positive, as an asset … You won’t be spending as much, and you’ll get the same result, hopefully.”
The rise of DeepSeek may have helped jolt the Trump administration into action, leading to sweeping policy shifts aimed at securing US dominance in AI. In his first week back in the White House, the US president announced a series of aggressive measures, including massive federal investments in AI research, closer partnerships between the government and private tech firms, and the rollback of regulations seen as slowing US innovation.
The administration’s framing of AI as a critical national interest reflects a broader urgency sparked by China’s rapid advancements, particularly DeepSeek’s ability to produce cutting-edge models at a fraction of the cost traditionally associated with AI development. But this response is not just about national competitiveness – it is also deeply entangled with private industry.
Musk’s growing closeness to Trump, for example, can be viewed as a calculated move to protect his own dominance at home and abroad. By aligning with the administration, Musk ensures that US policy tilts in favour of his AI ventures, securing access to government backing, computing power, and regulatory control over AI exports.
At the same time, Musk’s public criticism of Trump’s US$500 billion AI infrastructure plan – claiming the companies involved lack the necessary funding – was as much a warning as a dismissal, signalling his intent to shape policy in a way that benefits his empire while keeping potential challengers at bay.
Not unrelated, Musk and a group of investors have just launched a US$97.4 billion (£78.7bn) bid for OpenAI’s nonprofit arm, a move that escalates his feud with OpenAI CEO Sam Altman and seeks to strengthen his grip on the AI industry. Altman has dismissed the bid as a “desperate power grab”, insisting that OpenAI will not be swayed by Musk’s attempts to reclaim control. The spat reflects how DeepSeek’s emergence has thrown US tech giants into what could be all-out war, fuelling bitter corporate rivalries and reshaping the fight for AI dominance.
And while the US and China escalate their AI competition, other global leaders are pushing for a coordinated response. The Paris AI Action Summit, held on February 10 and 11, has become a focal point for efforts to prevent AI from descending into an uncontrolled power struggle. France’s president, Emmanuel Macron, warned delegates that without international oversight, AI risks becoming “the wild west”, where unchecked technological development creates instability rather than progress.
But at the end of the two-day summit, the UK and US refused to sign an international commitment to “ensuring AI is open, inclusive, transparent, ethical, safe, secure and trustworthy … making AI sustainable for people and the planet”. China was among the 61 countries to sign this declaration.
Concerns have also been raised at the summit about how AI-powered surveillance and control are enabling authoritarian regimes to strengthen repression and reshape the citizen-state relationship. This highlights the fast-growing global industry of digital repression, driven by an emerging “authoritarian-financial complex” that may exacerbate China’s strategic advancement in AI.
Equally, DeepSeek’s cost-effective AI solutions have created an opening for European firms to challenge the traditional AI hierarchy. As AI development shifts from being solely about compute power to strategic efficiency and accessibility, European firms now have an opportunity to compete more aggressively against their US and Chinese counterparts.
Whether this marks a true rebalancing of the AI landscape remains to be seen. But DeepSeek’s emergence has certainly upended traditional assumptions about who will lead the next wave of AI innovation – and how global powers will respond to it.
End of the ‘Silicon Valley effect’?
DeepSeek’s emergence has forced US tech leaders to confront an uncomfortable reality: they underestimated China’s AI capabilities. Confident in their perceived lead, companies like Google, Meta, and OpenAI prioritised incremental improvements over anticipating disruptive competition, leaving them vulnerable to a rapidly evolving global AI landscape.
In response, the US tech giants are now scrambling to defend their dominance, pledging over US$400 billion in AI investment. DeepSeek’s rise, fuelled by open-source collaboration, has reignited fierce debates over innovation versus security, while its energy-efficient model has intensified scrutiny on AI’s sustainability.
Yet Silicon Valley continues to cling to what many view as outdated economic theories such as the Jevons paradox to downplay China’s AI surge, insisting that greater efficiency will only fuel demand for computing power and reinforce their dominance. Companies like Meta, OpenAI and Microsoft remain fixated on scaling computational power, betting that expensive hardware will secure their lead. But this assumption blinds them to a shifting reality.
DeepSeek’s rise as the potential “Walmart of AI” is shaking Silicon Valley’s foundation, proving that high-quality AI models can be built at a fraction of the cost. By prioritising efficiency over brute-force computing power, DeepSeek is challenging the US tech industry’s reliance on expensive hardware like Nvidia’s high-end chips.
This shift has already rattled markets, driving down the stock prices of major US firms and forcing a reassessment of AI dominance. Nvidia, whose business depends on supplying high-performance processors, appears particularly vulnerable as DeepSeek’s cost-effective approach threatens to reduce demand for premium chips.
Video: CBS News.
The growing divide between the US and China in AI, however, is more than just competition – it’s a clash of governance models. While US firms remain fixated on protecting market dominance, China is accelerating AI innovation with a model that is proving more adaptable to global competition.
If Silicon Valley resists structural change, it risks falling further behind. We may witness the unravelling of the “Silicon Valley effect”, through which tech giants have long manipulated AI regulations to entrench their dominance. For years, Google, Meta,and OpenAI shaped policies that favoured proprietary models and costly infrastructure, ensuring AI development remained under their control.
More than a policy-driven rise, China’s AI surge reflects a fundamentally different innovation model – fast, collaborative and market-driven – while Silicon Valley holds on to expensive infrastructure and rigid proprietary control. If US firms refuse to adapt, they risk losing the future of AI to a more agile and cost-efficient competitor.
A new era of geotechnopolitics
But China is not just disrupting Silicon Valley. It is expanding “geotechnopolitics”, where AI is a battleground for global power. With AI projected to add US$15.7 trillion to the global economy by 2030, China and the US are racing to control the technology that will define economic, military and political dominance.
DeepSeek’s advancement has raised national security concerns in the US. Trump’s government is considering stricter export controls on AI-related technologies to prevent them from bolstering China’s military and intelligence capabilities.
As AI-driven defence systems, intelligence operations and cyber warfare redefine national security, governments must confront a new reality: AI leadership is not just about technological superiority, but about who controls the intelligence that will shape the next era of global power.
China’s AI ambitions extend beyond technology, driving a broader strategy for economic and geopolitical dominance. But with over 50 state-backed companies developing large-scale AI models, its rapid expansion faces growing challenges, including soaring energy demands and US semiconductor restrictions.
China’s president, Xi Jinping, remains resolute, stating: “Whoever can grasp the opportunities of new economic development such as big data and artificial intelligence will have the pulse of our times.” He sees AI driving “new quality productivity” and modernising China’s manufacturing base, calling its “head goose effect” a catalyst for broader innovation.
To counter western containment, China has embraced a “guerrilla” economic strategy, bypassing restrictions through alternative trade networks, deepening ties with the global south, and exploiting weaknesses in global supply chains. Instead of direct confrontation, this decentralised approach uses economic coercion to weaken adversaries while securing China’s own industrial base.
Video: AP.
China is also leveraging open-source AI as an ideological tool, presenting its model as more collaborative and accessible than western alternatives. This narrative strengthens its global influence, aligning with nations seeking alternatives to western digital control. While strict state oversight remains, China’s embrace of open-source AI reinforces its claim to a future where innovation is driven not by corporate interests but through shared collaboration and global cooperation.
But while DeepSeek claims to be open access, its secrecy tells a different story. Key details on training data and fine-tuning remain hidden, and its compliance with China’s AI laws has sparked global scrutiny. Italy has banned the platform over data-transfer risks, while Belgium and Ireland launched privacy probes.
Under Chinese regulations, DeepSeek’s outputs must align with state-approved narratives, clashing with the EU’s AI Act, which demands transparency and protects political speech. Such “controlled openness” raises many red flags, casting doubt on China’s place in markets that value data security and free expression.
Many western commentators are seizing on reports of Chinese AI censorship to frame other models as freer and more politically open. The revelation that a leading Chinese chatbot actively modifies or censors responses in real time has fuelled a broader narrative that western AI operates without such restrictions, reinforcing the idea that democratic systems produce more transparent and unbiased technology. This framing serves to bolster the argument that free societies will ultimately lead the global AI race.
But at its heart, the “AI arms race” is driven by technological dominance. The US, China, and the EU are charting different paths, weighing security risks against the need for global collaboration. How this competition is framed will shape policy: lock AI behind restrictions, or push for open innovation.
DeepSeek, for all its transformational qualities, continues to exemplify a model of AI where innovation prioritises scale, speed and efficiency over societal impact. This drive to optimise computation and expand capabilities overshadows the need to design AI as a truly public good. In doing so, it eclipses this technology’s genuine potential to transform governance, public services and social institutions in ways that prioritise collective wellbeing, equity and sustainability over corporate and state control.
A truly global AI framework requires more than political or technological openness. It demands structured cooperation that prioritises shared governance, equitable access, and responsible development. Following a workshop in Shanghai hosted by the Chinese government last September, the UN’s general secretary, António Guterres, outlined his vision for AI beyond corporate or state control: “We must seize this historic opportunity to lay the foundations for inclusive governance of AI – for the benefit of all humanity. As we build AI capacity, we must also develop shared knowledge and digital public goods.”
Both the west and China frame their AI ambitions through competing notions of “openness” – each aligning with their strategic interests and reinforcing existing power structures.
Western tech giants claim AI drives democratisation, yet they often dominate digital infrastructure in parts of Africa, Asia and Latin America, exporting models based on “corporate imperialism” that extract value while disregarding local needs. China, by contrast, positions itself as a technological partner for the rest of the global south; however, its AI remains tightly controlled, reinforcing state ideology.
China’s proclaimed view on international AI collaboration emphasises that AI should not be “a game of rich countries”“, as President Xi stated during the 2024 G20 summit. By advocating for inclusive global AI development, China positions itself as a leader in shaping international AI governance, especially via initiatives like the UN AI resolution and its AI capacity-building action plan. These efforts help promote a more balanced technological landscape while allowing China to strengthen its influence in global AI standards and frameworks.
However, beneath all these narratives, both China and the US share a strategy of AI expansion that relies on exploited human labour, from data annotation to moderation, exposing a system driven less by innovation than by economic and political control.
Seeing AI as a connected race for influence highlights the need for ethical deployment, cross-border cooperation, and a balance between security and progress. And this is where China may face its greatest challenge – balancing the power of open-source innovation with the constraints of a tightly controlled, authoritarian system that thrives on restriction, rather than openness.
To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.
Peter Bloom does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Ivo Vlaev, Professor of Behavioural Science, Warwick Business School, University of Warwick
Sir Keir Starmer has become the first sitting UK prime minister to publicly take an HIV test to reduce stigma around Aids and encourage more people to get tested.
There are historical parallels. In 1956, when Elvis Presley, at the height of his fame, was filmed receiving his polio vaccine on US television.
Do these high-profile gestures really change attitudes and behaviour, or are they just headline-grabbing stunts?
A closer look at the behavioural science behind celebrity endorsements suggests that, under the right conditions, public demonstrations by famous figures can indeed shift social norms, reduce stigma and influence health outcomes. However, the effects depend a lot on the credibility of the endorser, the authenticity of the act and the presence of sustained, follow-up campaigns.
Elvis Presley’s polio jab is one of the most iconic examples of celebrity-led health campaigns. But many other well-known figures have encouraged the public to adopt protective health measures, from actors promoting annual flu jabs to footballers advocating organ donation drives.
The premise is that a celebrity’s endorsement can normalise certain behaviour by tapping into the principles of “social learning theory”, particularly observational learning. That is, when we see someone we admire or trust do something, we are more likely to follow suit.
In the 1950s, polio was a serious threat, capable of causing paralysis or death. After witnessing Elvis roll up his sleeve on national television, many teenagers – previously sceptical or apathetic – became far more willing to accept the polio vaccine. That event is now hailed as a masterclass in leveraging popular culture to address a public health crisis.
A masterclass in leveraging popular culture.
A cornerstone of behavioural science is the recognition that who delivers a message can be as important as – or sometimes more important than – what the message contains. The so-called “messenger effect” highlights how we are often more persuaded by people we perceive to be credible, relatable or high status.
In the case of Elvis, he was already idolised by millions. He was the perfect conduit to promote vaccination among teenagers who might otherwise dismiss appeals from older authority figures.
Starmer occupies a different kind of influence. Supporters of the Labour party may see him as a trustworthy figure, while others could be sceptical of a politician’s motives. This underscores a key aspect of the messenger effect: if a large segment of the target audience views the figure as partisan or self-serving, the endorsement can backfire or simply fail to register.
Another powerful effect identified in behavioural science is social norms – our shared understandings of what is typical or appropriate – which strongly influence whether we take certain actions.
Stigma around HIV remains a major barrier to testing and treatment. Even though medical advances have changed the landscape of HIV/Aids care, many people still fear the societal consequences of a positive diagnosis. According to the UK Health Security Agency, around 5,000 people in the UK are unaware they are living with HIV, partly because they hesitate to test in the first place.
By publicly taking an HIV test, Starmer aimed to shift perceptions and normalise testing. In terms of social identity theory, seeing a prominent figure within the national community – especially one involved in shaping policies – undergo testing can communicate that “people like us” view HIV testing as a routine, responsible health measure. This may be particularly powerful for people who identify politically with Starmer or who respect his leadership position.
Despite the potential of celebrity or high-profile endorsements, behavioural science also points to authenticity as a vital ingredient. Audiences are more likely to change their behaviour if they believe the celebrity genuinely cares about the issue rather than simply seeking publicity. If endorsements are perceived as insincere or politically opportunistic, their effect can be muted or even counterproductive.
In Elvis’s case, he was known for engaging with young fans and had a track record of public good works, which helped bolster the sense that his polio vaccination was done for more than just a publicity boost.
For Starmer, sustaining the momentum beyond a single test – through continued advocacy, support of free testing programmes, and visibility in HIV-awareness campaigns – could reinforce the perception of a real commitment rather than a fleeting photo opportunity.
Nudges
Behavioural scientists also often talk about “nudges” – small interventions that change people’s choices without forbidding options or significantly changing incentives. A celebrity endorsement can serve as a nudge by making a desirable health behaviour (like getting tested) more top-of-mind or socially acceptable.
However, historically, Elvis’s vaccination was not a standalone act. It was part of a broader public health strategy involving schools, local campaigns and continued outreach. Those elements ensured that once people were motivated to get the polio jab, they could do so easily.
For HIV testing, the same principle applies: visible leadership from Starmer may spark initial interest, but practical measures – such as pop-up testing centres, free home-test kits and confidential testing support – are vital to maintain engagement.
Is Keir Starmer the new Elvis? In reality, the two scenarios differ in time and context. A 21st-century political leader raising awareness about HIV testing in the UK operates within a more complex media landscape than a 1950s rock ’n’ roll icon on American primetime television. Yet, there is a parallel: both used their public status to tackle a widespread health concern, hoping to overcome stigma and promote an important preventative measure.
Ultimately, celebrity moments can open the door, but only a sustained, evidence-based strategy will keep it open – and encourage people to walk through.
Anyone in England can order a free and confidential HIV test from www.freetesting.hiv to do the test at home.
Ivo Vlaev does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United States Senator for North Dakota John Hoeven
02.12.25
WASHINGTON – Senator John Hoeven issued the following statement after President Donald Trump nominated North Dakota’s State Superintendent of Public Instruction Kirsten Baesler to serve as the Assistant Secretary for Elementary and Secondary Education (OESE) at the U.S. Department of Education (ED).Hoeven worked with incoming Education Secretary Linda McMahon during her time as the Director of the Small Business Administration (SBA) and recommended to McMahon both in person and over the phone that Baesler be nominated to this position.
“We appreciate President Trump and Department of Education Secretary-elect McMahon nominating Kirsten to this position. Kirsten has done a tremendous job overseeing the education of students in North Dakota and will be a great asset to the Trump administration,” said Hoeven. “Kirsten has spent her career focused on education and has experience ranging from teaching in a classroom to leading the NDPPI. We congratulate her on her nomination and will work with our colleagues to ensure she is confirmed by the Senate as quickly as possible.”
Baesler has served as state school superintendent since January 2013, where she leads the 86-person team responsible for overseeing the education of both public and nonpublic school students in North Dakota. Prior to her election as superintendent, Baesler spent 24 years working in the Bismarck Public School System including as a vice principal, classroom teacher and library media specialist. She spent nine years on the Mandan School Board, serving as president of the board for seven years. Baesler is a native of Flasher and graduated from Bismarck State College, Minot State University and Valley City State University.
SHREVEPORT, La. – Acting United States Attorney Alexander C. Van Hook announced that Shaquaila Lewis a/k/a Shaquaila Lewis-Chatman, 36, of Gibsland, Louisiana, has been sentenced on one count of wire fraud. United States District Judge S. Maurice Hicks, Jr. sentenced Lewis to 27 months in prison, followed by 3 years of supervised release. Restitution will be determined at a later date.
In March 2020 Congress enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act which was designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. As part of the CARES Act, the Small Business Administration (SBA) provided Economic Injury Disaster Loans (EIDL), which were low-interest financing to small businesses, renters and homeowners in regions affected by declared disasters. The CARES Act also provided authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (“PPP”).
Lewis devised a scheme to defraud the SBA and various financial institutions by falsifying PPP and EIDL Program loan applications, forms, and other documents, and submitting fraudulent loan applications. At the sentencing hearing, the court found that Lewis was responsible for over $1.1 million in loss as a result of multiple fraudulent loans involving herself and others.
As an example, in February 2021, Lewis electronically submitted a false and fraudulent PPP application to Square Capital in the name of Perfect Memories Travel seeking approximately $20,833 in PPP funds. Lewis signed the application and falsely certified that the application and all information provided was true and accurate. Lewis falsely certified that the funds would be used “to retain workers and maintain payroll.” She also falsely certified that she had used the full loan amount from a prior PPP application submitted on behalf of Perfect Memories Travel only for eligible expenses. A few days later, Square Capital disbursed approximately $20,583 in loan benefits to a bank account held by Lewis, and she used those funds for personal expenses.
The case was investigated by the Internal Revenue Service-Criminal Investigation and prosecuted by Assistant U.S. Attorney Seth D. Reeg and Assistant Chief Justin M. Woodard of the Department of Justice Criminal Division – Fraud Section.
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON — U.S. Sen. MarkR. Warner (D-VA) joined Sen. Jack Reed (D-RI) and a number of their Senate colleagues in a letter demanding that the Consumer Financial Protection Bureau (CFPB) perform its essential work supervising and investigating violations of consumer financial protection laws and taking forceful enforcement actions against scammers and payday lenders. This letter comes on the heels of an ill-advised move by the Trump administration to shutter the CFPB, which collects, investigates, and monitors consumer complaints about financial products and services, and provides relief to consumers who have been wronged by unscrupulous financial providers.
As a consumer watchdog, the CFPB looks out for Americans’ financial wellbeing, preventing scams and holding offenders accountable. This is especially true for servicemembers, veterans, and their families, Since the agency’s inception, the CFPB has returned over $21 billion back to consumers who have fallen victim to abusive and illegal activity.
“This morning, in your capacity as Acting Director of the Consumer Financial Protection Bureau (CFPB), you issued a directive to employees to cease all work without your express written approval. This includes investigations, supervision, enforcement, and litigation activities, as well as all stakeholder engagement and public communications. This decision leaves all Americans susceptible to predatory lending and other abusive practices, but in particular, it eliminates protections that prevent servicemembers from being exploited,” wrote the senators.
In this letter, the Senators also express The Trump Administration’s decision to stop supervision, enforcement, and litigation eliminates key protections enacted by Congress through the Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) to protect servicemembers, who are disproportionally targeted by predatory lenders and schemes, and often face greater financial risks than civilian borrowers due to the nature of their military service. The financial and legal protections in these bipartisan laws – most notably a temporary reduction in interest rates on mortgages, credit cards, and auto loans – are critical to national defense and military readiness.
“Nullifying the MLA and imperiling servicemembers’ rights under the SCRA will degrade military readiness, cost taxpayers money, and tarnish servicemembers’ records. The Department of Defense (DOD) has stated that ‘high-cost debt can detract from mission focus, reduce productivity, and require the attention of supervisors and commanders.’ Morale suffers when servicemembers and their families are trapped in cycles of debt. And taxpayers are on the hook when our servicemembers leave the military due to avoidable personal issues like financial insecurity. According to DOD, each separated servicemember costs the Pentagon more than $58,000,” they continued.
“Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness. We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA,” the letter concluded.
In addition to Sens. Warner and Reed, the letter was signed by U.S. Sens. Jeanne Shaheen (D-NH), Ben Ray Lujan (D-NM), Gary Peters (D-MI), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Cory Booker (D-NJ), John Hickenlooper (D-CO), and Edward Markey (D-MA).
A copy of the letter is available here and below:
Dear Director Vought:
This morning, in your capacity as Acting Director of the Consumer Financial Protection Bureau (CFPB), you issued a directive to employees to cease all work without your express written approval. This includes investigations, supervision, enforcement, and litigation activities, as well as all stakeholder engagement and public communications. This decision leaves all Americans susceptible to predatory lending and other abusive practices, but in particular, it eliminates protections that prevent servicemembers from being exploited.
This funding, supervision, enforcement, and communications freeze will hit military families especially hard. Without a functional CFPB, military families will be stripped of their financial protections under the bipartisan Military Lending Act (MLA) that they have earned and deserve by serving our Nation. The CFPB is the primary agency responsible for supervising and enforcing the MLA against nonbank financial companies, including payday lenders, pawnshops, and debt collectors who have charged servicemembers interest rates as high as 600% and who have threatened to derail their careers if they do not pay up.
The agency’s supervision and enforcement program has delivered concrete results for the military. The CFPB has resolved 39 cases involving harm to servicemembers and veterans, returning $363 million to victims, including six enforcement actions for violations of the MLA. Two additional MLA cases are currently pending in court, alleging that a pawn shop and an installment lender charged sky high interest rates to military families and engaged in deceptive practices to illegally harvest fees. With these cases frozen, no supervision, staff locked out, and additional enforcement off the table, unscrupulous lenders will exploit these circumstances to engage in additional predatory lending. The actions that you have taken since being installed as Acting Director betray our servicemembers and empower scammers who want to rip them off.
Further, recent CFPB research identified a long-running pattern of lenders failing to decrease servicemembers’ interest rates while on active duty as required by the Servicemembers Civil Relief Act (SCRA). These failures cost servicemembers thousands of dollars per year. The CFPB’s public communications have held lenders accountable and helped servicemembers exercise their rights under Federal law.
Nullifying the MLA and imperiling servicemembers’ rights under the SCRA will degrade military readiness, cost taxpayers money, and tarnish servicemembers’ records. The Department of Defense (DOD) has stated that “high-cost debt can detract from mission focus, reduce productivity, and require the attention of supervisors and commanders.” Morale suffers when servicemembers and their families are trapped in cycles of debt. And taxpayers are on the hook when our servicemembers leave the military due to avoidable personal issues like financial insecurity. According to DOD, each separated servicemember costs the Pentagon more than $58,000.
Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness. We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA.
We request your commitment no later than February 12, 2025. Thank you for your attention to this important matter.
A public consultation has been launched asking businesses and residents to comment on a vision to grow Liverpool’s multi-billion-pound economy over the next 15 years.
The Inclusive Economic Growth Strategy will set the framework for growth up to 2040 and the eight-week consultation, hosted by Liverpool City Council, aims to inform the development of the resulting action plan.
The vision for Liverpool 2040 is to create a strong and inclusive economy that leaves no one behind.
The strategy focuses on strengthening foundations to build a fairer, more prosperous, and sustainable city that creates opportunities for a good life for all its residents.
The draft strategy focuses on several key themes, including:
Strengthening key sectors to drive growth, innovation, investment and productivity Key sectors include: Health & Life Sciences, Creative and Digital industries, Advanced Manufacturing and Maritime.
Build a vibrant, productive and resilient business base
Ensure access to skills development, employment opportunities and career building
Place people at the heart of growth activity and supporting aspirations and networks
Several public engagement events will be staged over the coming months to gather views from the public. People can also go online at www.liverpool.gov.uk/growthstrategyconsultation to find out more and give their feedback.
Liverpool currently powers a £16.7 billion economy, with over 14,000 businesses and around 230,000 people in employment.
However, significant challenges remain, including low productivity and investment, financial pressures on public services, inequality of opportunity in some communities, and health challenges.
In light of these challenges, the Council, which recently submitted a New Town bid to Government to regenerate a huge part of North Liverpool, is committed to supporting businesses and residents. Delivering an inclusive economy a core pillar for Liverpool’s Strategic Partnership plan for 2040.
To further underline the Council’s commitment, since June 2023, its Business Support Service has provided advice and guidance to over 1,000 Liverpool businesses and supported 300+ residents with direct advice on starting up a new business.
The Adult Learning and Skills team has also supported over 4,500 residents to develop essential workplace skills, and the Ways to Work team has supported 1,708 economically inactive and unemployed residents with employment and skills services.
Councillor Nick Small, Liverpool City Council’s Cabinet Member for Development and Growth, said: “This draft Inclusive Economic Growth Strategy is a vital piece of work and one which will come to define the conditions that support our businesses to grow.
“Feedback to this draft strategy is crucial, it needs to reflects the views and needs of our businesses, non-profit organizations, charities, and voluntary organization – be it education, transport, housing or digital connectivity.
“We also want to hear residents’ views to ensure we create a strong, relevant and deliverable strategy, one that will inform the initiatives, interventions and investment into the infrastructure the city needs to underpin our future economy.
“All of this feedback will help us strengthen the strategy, ensure we deliver the right action for economic growth, and best placing us to build inclusivity so residents and communities thrive.”
Councillor Lila Bennett, Liverpool City Council’s Cabinet Member for Employment, Educational Attainment and Skills, said “The success of this strategy will be deeply rooted in the strength and diversity of our partnerships and our collective commitment and action. All our partners have a key role in driving economic growth and ensuring benefits are felt across all communities.
“We also want our partners, including the business community, to embrace and deliver for our residents by realising opportunities and addressing challenges, from climate change to AI, to train and upskill their workforce to be ready for the economy of the future.”
Samsung, India’s largest consumer electronics brand, today announced the launch of Galaxy F06 5G, its most affordable 5G smartphone in India. Galaxy F06 5G is set to revolutionize the 5G segment with the perfect blend of high-performance and style. Galaxy F06 5G will provide a complete 5G experience at an affordable price, making 5G technology accessible for more consumers and accelerating its widespread adoption across the country. Galaxy F06 5G supports 12 5G bands across all telecom operators.
“We are proud to announce our most affordable 5G smartphone, designed to make next-generation connectivity accessible to everyone. The launch of Galaxy F06 5G reflects our commitment to bridging the digital divide and empowering millions of consumers with a complete 5G experience, superior performance, and an all-new stylish design at an introductory price starting INR 9499. With Galaxy F06 5G, we are not just launching a smartphone, but new possibilities for every Indian,” said Akshay S Rao, General Manager, MX Business, Samsung India.
Full 5G Experience
Galaxy F06 5G is built to deliver unmatched connectivity, supporting 12 5G bands across all telecom operators. It comes with Carrier Aggregation to deliver faster download and upload speeds. Galaxy F06 5G is also enabled to provide a smoother live streaming and video calling experience.
All-New Design and Display
Galaxy F06 5G features a ‘Ripple Glow’ finish that shimmers with every movement exuding elegance and sophistication. Featuring a 6.7” large HD+ display with 800 Nits brightness, Galaxy F06 5G offers consumers stunning visuals and an elevated viewing experience. The smartphone is 8mm sleek and weighs only 191 grams, making it incredibly ergonomic to use. Galaxy F06 5G will be available in two strikingly bold and mesmerizing colours – Bahama Blue and Lit Violet.
Camera
Galaxy F06 5G houses a striking new camera deco. The high-resolution 50MP wide-angle lens with F1.8 aperture captures vibrant, detailed photos, while the 2MP depth-sensing camera delivers pictures with enhanced clarity. The 8MP front camera ensures your selfies are crisp and clear.
Multitasking & Gaming
Galaxy F06 5G is powered by MediaTek D6300, one of the segment’s best processor having an AnTuTu score of upto 416K making it fast and power-efficient, allowing you to multi-task smoothly. Galaxy F06 5G delivers a swift mobile gaming experience with high-speed connectivity along with high-quality audio and visuals.
Battery & Fast Charging
Galaxy F06 5G packs in 5000mAh battery that enables long sessions of browsing, gaming and binge watching. Galaxy F06 5G allows users to stay connected, entertained and productive without interruption. Galaxy F06 5G supports segment-leading 25W fast charging, giving more power in less time.
Galaxy Foundation
Samsung is reaffirming its commitment to customer satisfaction by providing best-in-segment 4 generations of OS upgrades and 4 years of security updates with Galaxy F06 5G, ensuring users can enjoy the latest features and enhanced security for years to come.
Galaxy F06 5G will feature one of Samsung’s most innovative security features: Samsung Knox Vault. The hardware-based security system offers comprehensive protection against both hardware and software attacks. Additionally, Galaxy F06 5G is set to revolutionize consumer experience with innovations such as Voice Focus that cuts the ambient noise for a clear calling experience and the Quick Share feature which enables users to instantly share files, photos and documents with any other device, even if they are faraway, including your laptop and tab, privately.
Product
Variant
Introductory Price
Offers
Source: The White House
class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION
1. On January 19, 2018, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effect of imports of aluminum on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232). The Secretary found and advised me of the Secretary’s opinion that aluminum is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
2. In Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), I concurred in the Secretary’s finding that aluminum was being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of aluminum articles by imposing a 10 percent ad valorem tariff on such articles imported from most countries. Proclamation 9704 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and any such country arrive at a satisfactory alternative means to address the threat to the national security such that I determine that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on aluminum articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.
3. In Proclamation 9704, I also directed the Secretary to monitor imports of aluminum articles and inform me of any circumstances that in the Secretary’s opinion might indicate the need for further action under section 232 with respect to such imports. Pursuant to Proclamation 9704, the Secretary was authorized to provide relief from the additional duties, based on a request from a directly affected party located in the United States, for any aluminum article determined not to be produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, or based upon specific national security considerations. Proclamation 9776 of August 29, 2018, and Proclamation 9980 of January 24, 2020, similarly authorized the Secretary to provide relief from certain tariffs on other aluminum products and derivatives set forth in those proclamations.
4. In subsequent proclamations, the President adjusted the tariffs applicable to aluminum articles imports from Argentina, Australia, Canada, Mexico, the European Union (EU), and the United Kingdom (UK), after engaging in discussions with each of those parties on alternative ways to address the threat to the national security from such imports.
5. The Secretary has informed me that, notwithstanding the 10 percent ad valorem tariff imposed by Proclamation 9704 that mitigated the threatened impairment of our national security, aluminum imports into the United States have continued at unacceptable levels as the global aluminum excess capacity crisis continues. In addition, the exclusion of certain countries and products from the tariff and efforts by foreign producers to circumvent the tariff have undermined the purpose of Proclamation 9704, which was to adjust the level of imports of aluminum to remove the threatened impairment of the national security. This has again resulted in aluminum smelter capacity utilization rates in the domestic aluminum industry that are well below the target level recommended in the Secretary’s January 19, 2018, report. This indicates that the initial tariff of 10 percent ad valorem is not high enough to address the threatened impairment to our national security posed by aluminum imports.
6. In particular, the Secretary has informed me that global primary aluminum capacity has continued to increase, fueled by expansions in the People’s Republic of China (China) and South America, which is seen in rising aluminum imports that continue to weigh on the price domestic aluminum producers may charge. There has also been a significant increase in Chinese investment in Mexico, driven by massive Chinese government subsidies and the continued ability to exploit loopholes in U.S. trade policy.
7. Domestic aluminum producers have been forced to idle additional production and shut down facilities. Two primary aluminum smelters within the United States have closed since Proclamation 9704 was promulgated. In addition, U.S. primary aluminum production decreased by 30 percent from 2020 to 2024, and U.S. smelter capacity utilization was only 52 percent in 2024. Overcapacity for primary aluminum has harmed downstream aluminum producers, including producers of aluminum extrusions and aluminum sheet. To allow U.S. aluminum producers to restart production and to incentivize new capacity, additional adjustments to section 232 tariffs on aluminum need to be made, including limiting exemptions and increasing the tariff rate.
8. The Secretary has informed me that imports of aluminum articles from countries that are excluded from the tariff regime or have alternative arrangements have remained significantly elevated at levels that once again threaten to impair the national security of the United States. The volume of U.S. imports of aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK in 2024 was approximately 14 percent higher than the average volume of such imports in 2015 through 2017. In particular, the volume of U.S. imports of primary aluminum from Canada in 2024 was approximately 18 percent higher than the average volume for 2015 through 2017.
Notwithstanding Proclamation 10782 of July 10, 2024, which imposed higher tariffs on certain aluminum imports from Mexico, imports of aluminum from Mexico have continued to surge beyond historical volumes. The volume of U.S. imports of aluminum articles from Mexico in 2024 was approximately 35 percent higher than the average volume for 2015 through 2017. Proclamation 10782 did not resolve the surge of imports of aluminum from Mexico. Mexican producers are using unfair trade to gain market share in the United States and are leveraging their access to unfairly traded global primary aluminum to do so. I understand that Mexican producers are commingling primary aluminum from China and the Russian Federation (Russia) with primary aluminum from other countries to produce downstream aluminum articles. These practices are distortive and provide continued outlets to absorb the massive amount of global excess capacity and must be remedied. The volume of U.S. imports of primary aluminum from Australia has also surged and in 2024 was approximately 103 percent higher than the average volume for 2015 through 2017. Australia has disregarded its verbal commitment to voluntarily restrain its aluminum exports to a reasonable level.
9. These volume increases occurred even though demand for aluminum in the United States and Canada (the market measured by industry) has generally remained flat, averaging about 20 percent since 2018.
10. These increasing import volumes support the conclusion that aluminum producers in countries subject to the additional ad valorem tariff proclaimed in Proclamation 9704 are engaging in transshipment or further processing of upstream aluminum products in countries that have since been exempted from that tariff. Foreign producers have shifted assembly or manufacturing operations to third countries, such as Mexico. For example, Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminum to the United States through Mexico while avoiding the tariff.
11. The Secretary has informed me that producers in countries that remain subject to the ad valorem tariff have continued to evade the tariff by processing covered aluminum articles into additional downstream derivative products that were not included in the additional ad valorem tariffs proclaimed in Proclamation 9704 and Proclamation 9980. Foreign producers are continuing to expand downstream production to absorb the global excess capacity. Imports of additional derivative aluminum products have increased significantly since the issuance of Proclamation 9704 and Proclamation 9980, eroding the domestic industry’s customer base and resulting in depressed demand for aluminum articles produced in the United States.
12. The Secretary has also informed me of the impact of the product exclusion process authorized by Proclamation 9704, Proclamation 9776, and Proclamation 9980 and implemented by subsequent regulations. This process has resulted in exclusions for a significant volume of imports, in a manner that undermines the purpose of the section 232 measures and threatens to impair the national security of the United States. Certain general approved exclusions remain in effect for entire tariff lines of aluminum imports, notwithstanding the domestic industry’s potential to produce many excluded products.
13. I determine that these developments and modifications to the original tariff regime as proclaimed in Proclamation 9704 have undermined the regime’s national security objectives by preventing the domestic aluminum industry (including derivatives) from achieving sustained production capacity utilization of at least 80 percent, as determined in the Secretary’s January 19, 2018, report. I also determine that the modifications failed to achieve their articulated objectives. As a result, I determine that these modifications have resulted in significantly increasing imports of aluminum articles that once again threaten to impair the national security of the United States.
14. In light of the Secretary’s findings, I have determined that it is necessary and appropriate to adjust the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, to increase the tariff rate from 10 percent ad valorem to 25 percent ad valorem. These actions are necessary and appropriate to remove the threatened impairment of the national security of the United States.
15. In light of the Secretary’s findings regarding the alternative agreements with Argentina proclaimed in Proclamation 9758 of May 31, 2018; Australia proclaimed in Proclamation 9758; Canada proclaimed in Proclamation 9893 of May 19, 2019, and Proclamation 10106 of October 27, 2020; Mexico proclaimed in Proclamation 9893 and Proclamation 10782 of July 10, 2024; the European Union proclaimed in Proclamation 10327 of December 27, 2021, and Proclamation 10690 of December 28, 2023; and the United Kingdom proclaimed in Proclamation 10405 of May 31, 2022, I have decided that it is necessary to terminate these agreements as of March 12, 2025. As of March 12, 2025, all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the additional ad valorem tariff proclaimed in Proclamation 9704, as amended, with respect to aluminum articles and Proclamation 9980, as amended, with respect to derivative aluminum articles. Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the revised tariff rate of 25 percent ad valorem established in clause 2 of this proclamation, commensurate with the tariff rate imposed on such articles imported from most other countries. In my judgment, these modifications are necessary to address the significantly increasing imports of aluminum articles and derivative aluminum articles from these sources, which threaten to impair the national security of the United States. Replacing the alternative agreements with the additional ad valorem tariffs will be a more robust and effective means of ensuring that the objectives articulated in the Secretary’s January 19, 2018, report and subsequent proclamations are achieved.
16. In light of the information provided by the Secretary that the significant increase of imports of certain derivative aluminum articles has depressed demand for aluminum articles produced by domestic aluminum producers, I have determined that it is necessary to adjust the tariff proclaimed in Proclamation 9704 and Proclamation 9980 to apply to additional derivative aluminum articles.
17. I have also determined that it is necessary to terminate the product exclusion process as authorized in clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980.
18. Section 232, as amended, authorizes the President to take action to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States.
19. Section 604 of the Trade Act of 1974, as amended, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, section 604 of the Trade Act of 1974, as amended, and section 232, do hereby proclaim as follows:
(1) The provisions of Proclamation 9758 with respect to imports of aluminum articles from the Argentina; Proclamation 9758 with respect to imports of aluminum articles from the Australia; Proclamation 9893 and Proclamation 10106 with respect to imports of aluminum articles from Canada; Proclamation 9893 and Proclamation 10782 with respect to imports of aluminum articles and derivative aluminum articles from Mexico; Proclamation 10327 and Proclamation 10690 with respect to imports of aluminum articles and derivative aluminum articles from the European Union; and Proclamation 10405 with respect to imports of aluminum articles and derivative aluminum articles from the United Kingdom shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025. The provisions of clause 1 of Proclamation 9980 as applicable to imports of derivative aluminum articles from Argentina, Australia, Canada, and Mexico shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025; all imports of aluminum articles and derivative aluminum articles from these countries shall be subject to the additional ad valorem tariffs proclaimed in Proclamation 9704, as amended, and Proclamation 9980, as amended. Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the United Kingdom will be subject to the revised tariff rate of 25 percent ad valorem established in clauses (2) and (3) of this proclamation, commensurate with the tariff rate imposed on such articles imported from most countries, as amended by this proclamation.
(2) As of 12:01 a.m. on March 12, 2025, the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, are adjusted to increase the respective tariff rates from an additional 10 percent ad valorem to an additional 25 percent ad valorem.
(3) Clause 2 of Proclamation 9704, as amended, is further amended in the second sentence by deleting “and” before “(k)”; replacing “11:59 p.m. eastern standard time on December 31, 2025” after (k) with “12:01 a.m. eastern time on March 12, 2025”; and inserting before the period at the end: “, and (l) on or after 12:01 a.m. on March 12, 2025, at a revised rate of an additional 25 percent ad valorem rate, from all countries except from Russia.”
(4) The first two sentences of clause 1 of Proclamation 9980 are revised to read as follows:
(5) Except as otherwise provided in this proclamation, all imports of derivative aluminum articles specified in Annex I to this proclamation or any subsequent annex published in the Federal Register pursuant to this Proclamation shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9. For any derivative aluminum article identified in Annex I that is not in Chapter 76 of the HTSUS, the additional ad valorem duty shall apply only to the aluminum content of the derivative article. These rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries, except Russia, but shall not apply to derivative aluminum articles processed in another country from aluminum articles that were smelted and cast in the United States. Further, all imports of derivative aluminum articles specified in Annex I to this proclamation that are the product of Russia and all imports of derivative aluminum articles specified in Annex I to this proclamation where any amount of primary aluminum used in the manufacture of the derivative aluminum articles is smelted in Russia, or the derivative aluminum articles are cast in Russia, shall be subject to the 200 percent ad valorem rate of duty established in Proclamation 10522, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9. Primary aluminum is defined as new aluminum metal that is produced from alumina (or aluminum oxide) by the electrolytic Hall-Heroult process. The Secretary shall continue to monitor imports of the derivative articles described in Annex I to this proclamation, and shall, from time to time, in consultation with the United States Trade Representative, the Secretary of Defense, or other officials as appropriate, review the status of such imports with respect to the national security of the United States.
(6) The Secretary shall not consider any new product exclusion requests under clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, or clause 2 of Proclamation 9980, or renew any such product exclusions in effect as of the date of this proclamation. Granted product exclusions shall remain effective until their expiration date or until excluded product volume is imported, whichever occurs first. The Secretary shall take all actions, including publication in the Federal Register, necessary to terminate the product exclusion process. In addition, all general approved exclusions shall be ineffective as of March 12, 2025, and the Secretary shall publish a notice in the Federal Register to this effect. I have determined that this is necessary to ensure that these general exclusions do not allow high volumes of imports, including of products that the domestic industry can produce and supply, to undermine the objectives articulated in the Secretary’s January 2018 report and relevant subsequent proclamations. Following the elimination of quantitative restrictions on certain sources pursuant to this proclamation, and subject to any restrictions set forth in or pursuant to other provisions of applicable law, imports of any aluminum article or derivative article from any source and in any quantity will be available to domestic importers, provided that the additional ad valorem tariffs are paid upon entry or withdrawal from warehouse for consumption. For purposes of implementing the requirements in this proclamation, importers of aluminum derivative articles shall provide to CBP any information necessary to identify the aluminum content used in the manufacture of aluminum derivative articles imports covered by this Proclamation. CBP is hereby authorized and directed to publish regulations or guidance implementing this requirement as soon as practicable.
(7) Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative aluminum articles within the scope of the ad valorem duties proclaimed in Proclamation 9704, as amended, Proclamation 9980, as amended, and clause 5 of this proclamation. In addition to inclusions made by the Secretary, this process shall provide for including additional derivative aluminum articles at the request of a producer of an aluminum article or derivative aluminum article within the United States, or an industry association representing one or more such producers, establishing that imports of a derivative aluminum article have increased in a manner that threatens to impair the national security or otherwise undermine the objectives set forth in the Secretary’s January 19, 2018 report or any Proclamation issued pursuant thereto. When the Secretary receives such a request from a domestic producer or industry association, it shall issue a determination regarding whether or not to include the derivative aluminum article or articles within 60 days of receiving the request.
(8) The provisions of clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980, or any other provisions authorizing the Secretary to grant relief for certain products from the additional ad valorem duties or quantitative restrictions set forth in the prior proclamations described herein are hereby revoked, except to the extent required to implement clause 5 of this proclamation.
(9) The modifications made by this proclamation with respect to derivative aluminum articles identified in the annex that are not in chapter 76 of the HTSUS shall be effective upon public notification by the Secretary of Commerce, that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for covered articles.
(10) Any aluminum article or derivative article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation and that is admitted into a U.S. foreign trade zone on or after the Commerce certification date, in accordance with clause 9, may be admitted only under “privileged foreign status” as defined in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading.
(11) The United States International Trade Commission, in consultation with the Secretary, the Commissioner of United States Customs and Border Protection (CBP) within the Department of Homeland Security, and the heads of other relevant executive departments and agencies, shall revise the HTSUS so that it conforms to the amendments and effective dates directed in this proclamation within ten days of the date of this proclamation. The Secretary is authorized and directed to publish any such modifications to the HTSUS in the Federal Register.
(12) CBP shall prioritize reviews of the classification of imported aluminum articles and derivative aluminum articles and, in the event that it discovers misclassification resulting in loss of revenue of the ad valorem duties proclaimed herein, it shall assess monetary penalties in the maximum amount permitted by law.In addition, CBP shall promptly notify the Secretary regarding evidence of any efforts to evade payment of the ad valorem duties proclaimed herein through processing or alteration of aluminum articles or derivative aluminum articles as a disguise or artifice prior to importation.In such circumstances, the Secretary shall consider the processed or altered aluminum articles or derivative aluminum articles for inclusion as derivative aluminum articles pursuant to clause 5 of this proclamation.
(13) No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
(14) The Secretary may issue regulations and guidance consistent with this proclamation, including to address operational necessity.
(15) Any provision of a previous proclamation or Executive Order that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.
IN WITNESS WHEREOF, I have hereunto set my hand thistenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.
Source: United Kingdom – Executive Government & Departments
Consumers appeared to be misdirected into paying monthly direct debits
Investigations into Drawntear Limited showed that the company appeared to take direct debit payments from consumers without their knowledge or authorisation
Drawntear claimed in previous accounts that it marketed adult movies but no evidence was provided about how the company traded or who really controlled its business activities
The company has now been wound-up in court following an application by the Insolvency Service
A company which claimed to sell adult films has been shut down following concerns it was being used as a direct debit scam.
Drawntear Limited was wound-up at a hearing of the High Court in Manchester on Wednesday 12 February.
The company, which said it was based in Hull before moving its registered office address to Kings Langley in Hertfordshire just last month, failed to co-operate with investigations by the Insolvency Service.
Investigators however found evidence that those behind the company were actually based in the Czech Republic and Monaco.
Complaints made to Action Fraud also indicated that the company took unauthorised payments from members of the public.
David Usher, Chief Investigator at the Insolvency Service, said:
There was a complete lack of transparency over who controlled Drawntear, the real nature of its trading activities, and unexplained payments of more than £280,000 from its bank account.
We were concerned that the company was being used as a vehicle for fraud and the absence of any accounting records meant it was necessary for us to take decisive action to prevent further harm to the public.
The Insolvency Service will not hesitate to take robust action to protect consumers and we would encourage everyone to be vigilant against such objectionable rogue operators.
Drawntear was incorporated on Companies House in November 2019, describing its business as “other retail sale in non-specialised stores”.
Accounts for the period up to the end of November 2022 however stated that its principal activity was “the online marketing of adult movies”.
There is also some suggestion it provided some form of undisclosed digital streaming services.
Attempts by the Insolvency Service to establish the true nature of the company’s trading activities were met with insufficient co-operation.
The failure to produce accounting records also meant that payments into Drawntear’s account of £283,098 and receipts of £294,234 were not explained.
Complaints from consumers indicated the company was taking direct debit payments without their permission.
In one example, a complainant identified recurring payments of £29.99 from their bank account to Drawntear which they were unaware of authorising.
A second consumer said that monthly payments which totalled £333.50 had been taken from their account.
The Official Receiver has been appointed as liquidator of Drawntear Limited.
All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.
The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here
Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Todd Young (R-IN) are leading bipartisan legislation to extend federal funding and protections for the Great Lakes. The senators introduced the Great Lakes Restoration Initiative Act of 2025 to reauthorize the Great Lakes Restoration Initiative (GLRI) through 2031 and increase the program’s annual authorized funding levels from $475 million to $500 million. The GLRI is the most significant investment ever made to restore and protect the Great Lakes. The GLRI combines federal and nonfederal efforts to stop the spread of carp and other invasive species, restore coastline and habitats connecting streams and rivers, clean up environmentally damaged Areas of Concern, and prevent future contamination. While providing vital support for these efforts, the GLRI also helps ensure we can address new and emerging threats to the Great Lakes.
“The Great Lakes are a national treasure and central to our economy, environment, and way of life in Michigan. Since its creation, the Great Lakes Restoration Initiative has made significant headway in cleaning up Areas of Concern, protecting vital habitats, and restoring coastlines around the Great Lakes Basin,” said Senator Peters. “This bipartisan legislation will provide GLRI with the resources needed to build on that success and help protect and preserve the Great Lakes for future generations of Michiganders. I’m proud to again help lead the charge to strengthen this essential program.”
“The Great Lakes are an important part of Indiana’s ecosystem and economy,” said Senator Young. “The Great Lakes Restoration Initiative is a results-driven program that addresses the most serious issues threatening the wellbeing of the Great Lakes basin, including toxic substances, pollution, debris, and invasive species. Reauthorizing this program will continue to protect and preserve these lakes for generations to come.”
The Great Lakes Restoration Initiative Act of 2025 is cosponsored by U.S. Senators Amy Klobuchar (D-MN), Bernie Moreno (R-OH), Tammy Baldwin (D-WI), Jon Husted (R-OH), Dick Durbin (D-IL), Tina Smith (D-MN), Kirsten Gillibrand (D-NY), John Fetterman (D-PA), Elissa Slotkin (D-MI), Chuck Schumer (D-NY), and Tammy Duckworth (D-IL).
Since its inception, the GLRI has spurred tremendous progress throughout the Great Lakes region including nearly half of a million acres of habitat protected, restored, or enhanced, a five-fold increase in the successful cleanup and delisting of Areas of Concern, a ten-fold increase in the remediation of environmental and public health impairments, and reducing the threat of harmful algal blooms. The GLRI’s efforts have also resulted in economic returns of more than 3 to 1 across the region.
“The simple fact is the GLRI funds critical projects that make life better for the millions of Americans that depend on the Great Lakes. It also delivers a positive economic return on the government’s investment in cleaner water and healthier communities. Senator Peters and Senator Young along with other Great Lakes senators have our gratitude for introducing this important bill,” said Joel Brammeier, Alliance for the Great Lakes President and CEO.
“The GLRI is a landmark program that is making significant progress in restoring the waters, ecosystems, economies, and communities that make up the Great Lakes region,” said Erika Jensen, Executive Director of the Great Lakes Commission. “The Great Lakes Commission applauds Senators Peters and Young for introducing this important legislation, which will safeguard the economic and environmental health of the Great Lakes region for generations to come.”
“This bill is a winner for millions of people in the region,” said Laura Rubin, Director of the Healing Our Waters-Great Lakes Coalition. “We thank Sens. Gary Peters and Todd Young for their bipartisan leadership and commitment to tackle the serious threats to our region’s drinking water, public health, jobs, and quality of life. Federal investments to restore the Great Lakes have been producing results, but serious threats remain. We look forward to working with the Great Lakes congressional delegation to pass this bipartisan bill that supports common sense solutions. If we scale back investments now, the problems will only get worse and more expensive to solve.”
“The Great Lakes Restoration Initiative provides critical investments in the health of the Great Lakes and the communities and businesses that rely on clean water. Communities across the region realize the lasting benefits of clean and healthy lakes, which attract visitors, create jobs, and sustain the Great Lakes way of life,” said Peter Laing, Great Lakes Business Network Co-Chair.
The Great Lakes Restoration Initiative Act of 2025 enjoys broad support from Great Lakes advocates, including the Council of Great Lakes Governors, Great Lakes Fishery Commission, American Great Lakes Ports Association, Great Lakes and St. Lawrence Cities Initiative, American Sportfishing Association, Ducks Unlimited, Trout Unlimited, Congressional Sportsmen’s Foundation, League of Conservation Voters, National Wildlife Federation, Sierra Club, National Parks Conservation Association, Theodore Roosevelt Conservation Partnership, National Audubon Society – Great Lakes, Environmental Law & Policy Center, MI League of Conservation Voters, Save the Dunes, Citizens Campaign for the Environment, Clean Wisconsin, Ohio Environmental Council, Western Reserve Land Conservancy, and Minnesota Environmental Partnership.
SINGAPORE, Feb. 12, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.
What Is 100x Leverage and How Does It Work?
Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:
Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.
One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.
With BexBack’s deposit bonus
BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.
Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.
How Does the 100% Deposit Bonus Work? The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.
About BexBack?
BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.
Why recommend BexBack?
No KYC Required: Start trading immediately without complex identity verification.
High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.
Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.
Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.
Convenient Operation: No slippage, no spread, and fast, precise trade execution.
Global User Support: Enjoy 24/7 customer service, no matter where you are.
Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.
Take Action Now—Don’t Miss Another Opportunity!
If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.
Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!
Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Photos accompanying this announcement are available at
Municipality Finance Plc Financial Statements Bulletin 12 February 2025 at 5:00 pm (EET)
Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024
In brief: MuniFin Group in 2024
The Group’s net operating profit excluding unrealised fair value changes* increased by 2.9% (3.2%) in January–December and amounted to EUR 181 million (EUR 176 million). Net interest income* was at the same level as in year before and totalled EUR 260 million (EUR 259 million). Net operating profit excluding unrealised fair value changes was boosted by lower expenses and increased other income compared to the previous period.
Net operating profit* amounted to EUR 166 million (EUR 139 million). Unrealised fair value changes amounted to EUR -16 million (EUR -37 million) in the financial year. Unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.
Costs* in the financial year amounted to EUR 81 million (EUR 82 million).
The Group’s leverage ratio remained at a strong level, standing at 12.3% (12.0%) at the end of December.
At the end of December, the Group’s CET1 capital ratio was very strong at 107.7% (103.4%). CET1 capital ratio was over seven times the required minimum of 15.0% (13.9%), taking capital buffers into account.
Long-term customer financing (long-term loans and leased assets) excluding unrealised fair value changes* totalled EUR 35,787 million (EUR 32,948 million) at the end of December and saw an increase of 8.6% (7.5%). New long-term customer financing* increased by 17.1% (0.0%) in January–December 2024 and amounted to EUR 5,056 million (EUR 4,319 million). Short-term customer financing* totalled EUR 1,825 million (EUR 1,575 million).
Of all long-term customer financing, the amount of green finance* aimed at environmentally sustainable investments totalled EUR 6,817 million (EUR 4,795 million), and the amount of social finance* aimed at investments promoting equality and communality totalled EUR 2,536 million (EUR 2,234 million) at the end of December. The total amount of this financing increased by 33.1% (41.0%) from the previous year. The ratio of green and social finance to long-term customer financing excluding unrealised fair value changes* grew by 4.8% percentage points to 26.1% (21.3%).
In 2024, new long-term funding* reached EUR 8,922 million (EUR 10,087 million). At the end of December, the total funding* was EUR 46,737 million (EUR 43,320 million), of which long-term funding* made up EUR 43,328 million (EUR 39,332 million).
The Group’s total liquidity* is very strong, standing at EUR 11,912 million (EUR 11,633 million) at the end of the financial year. The Liquidity Coverage Ratio (LCR) stood at 341% (409%) and the Net Stable Funding Ratio (NSFR) at 124% (124%) at the end of the year.
In early 2024, MuniFin reviewed the future and development potential of the consulting services offered by its subsidiary company Financial Advisory Services Inspira Plc (Inspira) and decided to discontinue Inspira’s consulting services in summer 2024.
The Board of Directors proposes to the Annual General Meeting to be held in spring 2025 a dividend of EUR 1.86 per share, totalling EUR 72.7 million. The total dividend payment in 2024 was EUR 1.69 per share, totalling EUR 66.0 million.
Outlook for 2025: The Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.
Comparison figures deriving from the income statement and figures describing the change during the financial year are based on figures reported for the corresponding period in 2023. Comparison figures deriving from the balance sheet and other cross-sectional items are based on the figures of 31 December 2023 unless otherwise stated.
* Alternative performance measure.
Key figures (Group)
Jan–Dec 2024
Jan–Dec 2023
Change, %
Net operating profit excluding unrealised fair value changes (EUR million)*
181
176
2.9
Net operating profit (EUR million)*
166
139
19.5
Net interest income (EUR million)*
260
259
0.3
New long-term customer financing (EUR million)*
5,056
4,319
17.1
New long-term funding (EUR million)*
8,922
10,087
-11.6
Cost-to-income ratio, %*
27.7
32.2
-14.0**
Return on equity (ROE), %*
7.2
6.6
9.3**
31 Dec 2024
31 Dec 2023
Change, %
Long-term customer financing (EUR million)*
35,173
32,022
9.8
Green and social finance (EUR million)*
9,353
7,029
33.1
Balance sheet total (EUR million)
53,092
49,736
6.7
CET1 capital (EUR million)
1,646
1,550
6.2
Tier 1 capital (EUR million)
1,646
1,550
6.2
Total own funds (EUR million)
1,646
1,550
6.2
CET1 capital ratio, %
107.7
103.4
4.2**
Tier 1 capital ratio, %
107.7
103.4
4.2**
Total capital ratio, %
107.7
103.4
4.2**
Leverage ratio, %
12.3
12.0
2.5**
Personnel
178
185
-3.8
* Alternative performance measure. ** Change in ratio.
Comment on the 2024 financial year by President and CEO Esa Kallio
The operating environment in global economy and international politics went through a whirlwind of changes in 2024. Even in the turmoil, Finland stood steady and secure: our society is built on long-standing practices and institutions that have been developed together and tried and tested over time. This stability also helps safeguard MuniFin’s strong performance through shifts in the operating environment. Finnish society must continue to operate in broad collaboration and develop the structures of society in the long term. Sometimes this requires difficult decisions in society in the short term.
In 2024, the demand for MuniFin’s financing was especially high in the affordable social housing sector. In the future, however, the sector will be facing reductions on interest subsidy loan authorisations.
The Finnish system for affordable social housing is a success story that has served as a model across Europe – and will hopefully continue to do so, especially now that the rising cost of living has led to a surge in homelessness in many countries. Our state-subsidised housing production system has proven effective in reducing homelessness and regional segregation, increasing the supply of affordable social housing in growth centres, advancing municipalities’ housing policy goals of ensuring a diverse housing structure, and providing high-quality housing also to students, senior citizens and people with disabilities.
Especially in the past couple of years, affordable housing production has also significantly supported the vitality of the Finnish construction sector, helping offset the slump in housing construction. Finland’s well-functioning system should not be changed; rather, the current model and level of housing production subsidies should be kept as they are. Timely investments into affordable social housing production can also help level out construction cycles and support employment.
In 2024, MuniFin reached new milestones in sustainable investments. In October, we issued our tenth green bond, the high demand of which was once again testament to our strong position as an international forerunner in the financial sector. Moreover, sustainable finance made up the majority of the new long-term customer financing we granted in 2024.
Information on the Group results
Consolidated income statement
Jan–Dec 2024
Jan–Dec 2023
Change, %
Jul–Dec 2024
Jul–Dec 2023
Change, %
(EUR million)
Net interest income
260
259
0.3
132
135
-2.4
Other income
2
0
>100
1
-1
>100
Income excluding unrealised fair value changes
262
259
1.1
132
134
-1.4
Commission expenses
-17
-16
8.2
-9
-8
11.2
HR expenses
-21
-20
2.0
-10
-10
-4.3
Other items in administrative expenses
-23
-20
12.4
-12
-11
12.0
Depreciation and impairment on tangible and intangible assets
-6
-7
-7.8
-3
-3
-14.3
Other operating expenses
-14
-19
-27.0
-7
-7
-0.6
Costs
-81
-82
-1.9
-40
-39
3.0
Credit loss and impairments on financial assets
0
-1
-72.9
-1
-1
-38.7
Net operating profit excluding unrealised fair value changes
181
176
2.9
92
95
-2.8
Unrealised fair value changes
-16
-37
-58.4
-31
-33
-3.6
Net operating profit
166
139
19.5
61
62
-2.4
Income tax expense
-33
-28
17.3
-12
-12
-2.3
Profit for the period
133
111
20.1
48
50
-2.4
The Group’s net operating profit excluding unrealised fair value changes
MuniFin Group’s core business operations remained strong in 2024. The Group’s net operating profit excluding unrealised fair value changes increased by 2.9% (3.2%) and amounted to EUR 181 million (EUR 176 million). The growth was influenced both by an increase in other income and a decrease in costs as net interest income remained at the level of previous year.
The Group’s income excluding unrealised fair value changes was EUR 262 million (EUR 259 million) and grew by 1.1% (6.5%). Net interest income grew by 0.3% (7.5%), totalling EUR 260 million (EUR 259 million). Net interest income was positively affected by growing business volumes. The increase in funding costs due to the market conditions and the shape of the yield curve slowed the growth of net interest income.
Other income totalled EUR 2.0 million (EUR 0.1 million). It consisted mainly of the billing of MuniFin’s digital services and the turnover of the subsidiary company Inspira from the early part of the year. In the previous year, negative realised FX rate changes reduced other income. At 0.8% (0.1%), other income relative to income excluding unrealised fair value changes forms only a minor part of the Group’s income.
The Group’s costs were EUR 81 million (EUR 82 million), down by 1.9% from the year before (+12.4%). The reduction in expenses was due to the fact that no contribution fee was collected for the Single Resolution Fund in 2024.
Commission expenses totalled EUR 17 million (EUR 16 million), of which EUR 14 million (EUR 13 million) consisted of the guarantee commission collected by the Municipal Guarantee Board for guaranteeing MuniFin’s funding.
HR and administrative expenses grew by 7.2% (9.0%) and reached EUR 44 million (EUR 41 million). HR expenses comprised EUR 21 million (EUR 20 million) and other administrative expenses EUR 23 million (EUR 20 million). The average number of employees in the Group was 187 (183) during the financial year. Other items in administrative expenses grew by 12.4% (8.8%), mainly due to the increased costs of maintaining and developing information systems.
During the financial year, depreciation and impairment of tangible and intangible assets totalled EUR 6 million (EUR 7 million).
Other operating expenses were EUR 14 million (EUR 19 million). The main reason for this decrease is that there was no contribution fee to the Single Resolution Fund in 2024. Other operating expenses excluding fees collected by authorities grew by 22.1% (9.9%) to EUR 11 million (EUR 9 million).
Credit loss and impairments on financial assets were EUR 0.3 million (EUR 1.2 million). This item consists of expected credit losses (ECL). The Group updated the model used to estimate the probability of default and the forward-looking macro scenarios during the financial year. The Group’s management has assessed the impact of general cost inflation and increased interest rates on customer financing receivables and credit risk and decided to release the additional discretionary provision in full at the end of 2024 (the amount of the additional discretionary provision was EUR 0.6 million at the end of 2023, and in June 2024, EUR 0.4 million of the additional provision was released). The update of the probability of default model increased expected credit losses by EUR 0.9 million euros, as the amount of exposures that moved from stage 1 to stage 2 increased. Most of the transferred exposures were subject to the previous additional discretionary provision. Therefore, the Group’s management considered that there is no longer a basis for recording a group-specific additional provision.
The Group’s overall credit risk position has remained low. The amount of forborne loans was EUR 561 million (EUR 497 million), while non-performing exposures amounted to EUR 292 million (EUR 142 million) at the end of the year. These non-performing exposures represented 0.8% (0.4%) of total customer exposures. At the end of December, the Group had EUR 13 million in receivables due to the insolvency of customers, for which the collateral realisation process is ongoing, or the credit receivable is due for payment by the guarantor (there were no such receivables at the end of 2023). All the Group’s customer financing receivables are from Finnish municipalities, joint municipal authorities, wellbeing services counties or joint county authorities, or accompanied by a securing municipal, joint municipal authority, wellbeing services county or joint county authority guarantee or a state deficiency guarantee supplementing real estate collateral, and therefore no final credit losses will arise. According to the management’s assessment, all receivables from customers will be fully recovered. During the Group’s history of 35 years, it has never recognised any final credit losses in its customer financing.
The credit risk of the Group’s liquidity portfolio has likewise remained at a low level, and the average credit rating of the debt securities in the portfolio is AA+ (AA+).
The Group’s profit and unrealised fair value changes
The Group’s net operating profit was EUR 166 million (EUR 139 million). Unrealised fair value changes decreased the Group’s net operating profit by EUR 16 million (in 2023: decreased by EUR 37 million). In January–December, unrealised fair value changes in hedge accounting amounted to EUR -12 million (EUR -27 million) and unrealised net result on financial assets and liabilities through profit or loss to EUR -4 million (EUR -10 million).
The Group’s effective tax rate in the financial year was 19.9% (20.2%). Taxes in the Consolidated income statement amounted to EUR 33 million (EUR 28 million). After taxes, the Group’s profit for the financial year was EUR 133 million (EUR 111 million).
The Group’s full-year return on equity (ROE) was 7.2% (6.6%). Excluding unrealised fair value changes, the ROE was 7.9% (8.4%).
The Group’s other comprehensive income includes unrealised fair value changes of EUR 169 million (EUR 109 million). During the financial year, the most significant item affecting the other comprehensive income was net change in fair value due to changes in own credit risk of financial liabilities designated at fair value through profit or loss totalling EUR 137 million (EUR 75 million). The cost-of-hedging amounted to EUR 30 million (EUR 25 million). Net change in fair value of financial assets at fair value through other comprehensive income was EUR 2 million (EUR 8 million).
On the whole, unrealised fair value changes net of deferred tax affected the Group’s equity by EUR 122 million (EUR 57 million) and CET1 capital net of deferred tax in capital adequacy by EUR 13 million (EUR -3 million). The cumulative effect of unrealised fair value changes on the Group’s own funds in capital adequacy calculations was EUR 58 million (EUR 45 million).
Unrealised fair value changes reflect the temporary impact of market conditions on the valuation levels of financial instruments at the time of reporting. The value changes may vary significantly from one reporting period to another, causing volatility in profit, equity and own funds in capital adequacy calculations. The effect on individual contracts will be removed by the end of the contract period. In the financial year, unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.
In accordance with its risk management principles, the Group uses derivatives to financially hedge against interest rate, exchange rate and other market and price risks. Cash flows under agreements are hedged, but due to the generally used valuation methods, changes in fair value differ between the financial instrument and the respective hedging derivative. Changes in the shape of the interest rate curve and credit risk spreads in different currencies affect the valuations, which cause the fair values of hedged assets and liabilities and hedging instruments to behave in different ways. In practice, the changes in valuations are not realised on a cash basis because the Group holds financial instruments and their hedging derivatives almost always until the maturity date. The counterparty credit risk related to derivatives is comprehensively covered by collateral management. Changes in credit risk spreads are not expected to be materialised as credit losses for the Group, because the Group’s liquidity reserve has been invested in instruments with low credit risk.
The Parent Company and subsidiary company Inspira’s results
In 2024, MuniFin’s net interest income amounted to EUR 260 million (EUR 259 million) and net operating profit to EUR 166 million (EUR 139 million).
The turnover of MuniFin’s subsidiary company, Financial Advisory Services Inspira Ltd, was EUR 0.4 million (EUR 1.4 million), and its net operating result amounted to EUR -0.5 million (EUR 0.0 million). The Group discontinued Inspira’s advisory services in the spring. In the future, the subsidiary company will provide some of the digital added value services MuniFin offers to its customers.
The Group’s financial performance in July–December
In the second half of 2024, the Group’s net operating profit excluding unrealised fair value changes amounted to EUR 92 million (Jul–Dec 2023: EUR 95 million), remaining almost at the same level as in the year before. Net interest income totalled EUR 132 million (Jul–Dec 2023: EUR 135 million) and costs EUR 40 million (Jul–Dec 2023: EUR 39 million) in July–December. Unrealised fair value changes weakened the net operating profit by EUR 31 million (in the comparison period Jul–Dec 2023: weakened by EUR 33 million). The Group’s net operating profit amounted to EUR 61 million (Jul–Dec 2023: EUR 62 million) in July–December.
In the second half of the year, the Group’s net operating profit excluding unrealised fair value changes increased by 3.1% from the first half. Net interest income went up by 2.4% from the first half of the year. Costs amounted to EUR 40 million in July–December and to EUR 41 million in January–June. The Group’s net operating profit totalled EUR 61 million in July– December, decreasing by 42.4% from January–June. In the second half of the year, unrealised fair value changes affected the net operating profit by EUR -31 million, while in the first half of the year, their effect was EUR 16 million.
Outlook for 2025
Europe’s economy is starting 2025 off from a weaker position than anticipated. Business cycle expectations are subdued, and the global operating environment is fraught with uncertainty. Donald Trump’s presidential administration is expected to pursue protectionist trade policies, which could, at worst, severely slow down the euro area’s economic recovery.
However, if Europe is exempted from the planned universal tariff on all US imports and the euro continues to weaken, businesses in the euro area could even find new opportunities to expand their market share in the US. Europe could also suffer negative economic effects if capital needed to improve productivity is increasingly allocated to strengthening military defence and supply security. The political turmoil in France and Germany adds another layer of uncertainty into the euro area economy.
To counterbalance the growing economic uncertainty, the European Central Bank is expected to continue brisk interest rate cuts in 2025. Short-term market rates are projected to come down to about two per cent or even slightly below that by mid-year.
The sharp interest rate cuts will be the most crucial booster for the Finnish economy in 2025. Although the overall tone of the economic turnround is still relatively subdued, the simultaneous recovery of demand drivers could boost annual GDP growth to surprisingly strong figures. Even so, macroeconomic forecasts continue to be very uncertain. Finland’s two most important export markets, the US and Germany, both entail considerable risks, and a sharperthan-expected decline in employment casts a shadow over the recovery of the domestic market. From the Group’s perspective, the 2024 rise in credit risk spreads is expected to push up the cost of funding, weakening the Group’s net interest income in 2025.
Municipalities are undergoing sizeable adjustment programmes, but their financing deficit is nevertheless expected to grow again in 2025. Municipal finances are strained by several factors: central government transfer cuts resulting from the balancing of health and social services reform transfers, increased net investments, health and social services facilities that are left unused by wellbeing services counties but continue to incur maintenance, conversion and demolition costs, as well as uncertainty surrounding the actual costs of the employment services reform. In addition, the weakened employment outlook poses a serious risk to tax revenues.
Privately funded housing production is expected to take an upward turn in 2025, but its volume will nevertheless remain well below normal levels. The housing market is starting to gradually pick up, and housing prices are expected to start rising moderately from 2025 onwards. In contrast, state-subsidised housing production will see fewer building starts due to reductions on interest subsidy loan authorisations. In March 2025, the Housing Finance and Development Centre of Finland (Ara) will cease to operate as an independent government agency and its operations will instead be integrated under the Ministry of the Environment. This change does not mean the end of state-subsidised housing production; rather, it aims to improve the administration of affordable social housing production. According to MuniFin’s analysis, the integration will not have a direct effect on MuniFin’s business. Interest subsidy loans will continue to be granted to state-subsidised housing production, but the related processes will be administered at the Ministry of the Environment. MuniFin will monitor the practical implications closely. With the managing authority changing, the Company may need to make changes to some of its processes in response.
Considering the above-mentioned circumstances, the Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.
These estimates are based on a current assessment of the development of MuniFin Group’s operations and the operating environment.
Municipality Finance Plc
Further information:
Esa Kallio, President and CEO, tel. +358 50 337 7953
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.
MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic, but the Company operates in a completely global business environment. The Company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
JERSEY CITY, N.J., Feb. 12, 2025 (GLOBE NEWSWIRE) — Lender.Market, a leader in AI-driven lending solutions, is excited to announce the launch of AI Financial Advisor V2.0, a groundbreaking upgrade to its intelligent funding platform. Designed for construction companies, dental practices, healthcare providers, and small businesses, this next-generation AI tool streamlines financial analysis, optimizes loan matching, and empowers businesses with smarter, faster, and more customized funding solutions.
Industry-Specific Funding Recommendations AI tailors financial strategies for construction, dentistry, healthcare, and other capital-intensive industries.
Instant Bank Statement Analysis Processes multiple bank statements in seconds, reviewing debits, credits, revenue trends, and cash flow.
AI-Optimized Loan Matching Identifies the best funding options based on business performance, financial health, and industry benchmarks.
Real-Time Financial Advice Offers strategies to improve cash flow, optimize spending, and secure funding with manageable repayment plans.
Stronger AI Accuracy & Speed Upgraded algorithms provide deeper insights and more precise funding recommendations than ever before.
Transforming Access to Capital for Key Industries
Construction Secure project funding quickly for materials, labor, and equipment with AI-driven financial insights that align with construction business loans.
Dentistry: Get tailored financing for new equipment, office expansion, or practice acquisition, with AI analyzing patient volume and revenue streams find multiple Dentistry business loans.
Healthcare: Medical professionals can access funding for clinic upgrades, urgent care expansion, or telehealth services, ensuring smooth financial operations.
Small Businesses & Beyond: From startups to established enterprises, AI Financial Advisor V2.0 provides custom financial strategies to support sustainable growth.
Investor Opportunities: Join the Future of AI-Powered Finance
As Lender.Market continues to revolutionize AI-driven lending, the company is actively seeking strategic investors to accelerate its expansion into new markets. With its proven AI technology and growing demand for industry-specific funding solutions, Lender.Market presents an exciting investment opportunity in the future of AI-powered finance.
Lender.Market will host a virtual and in-person launch event to showcase AI Financial Advisor V2.0, including a live demo and insights from industry experts. Register today at Contact lender marketlender.market to secure your spot!
About Lender.Market
Lender.Market is an AI-driven lending platform that simplifies and accelerates business financing. By leveraging advanced AI algorithms, it provides real-time financial analysis, industry-specific funding solutions, and customized loan matching for businesses across various industries.
Name: Eli Ofel Email: eli@lender.market Phone: 732 808-3305 Business Name: Lender Market Eli ofel Founder and CEO also founder and chairman of leaa health Lender market – lending platform
Disclaimer: This content is provided by the Lender.Market. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.
The update will notably require that VAT be paid for services provided through online platforms, putting an end to an unfair distortion of competition. It will also fight VAT fraud.
On Wednesday, Parliament’s plenary approved the changes to the rules that member states indicated in November they wished to make to the VAT Directive. MEPs approved the rules with 589 votes in favour, 42 against and 10 abstentions.
These changes will require that by 2030 online platforms must pay VAT for services provided through them in most of the cases where the individual service providers do not charge VAT. This will put an end to a distortion of the market because similar services provided in the traditional economy are already subject to VAT. This distortion has been most significant in the short-term accommodation rental sector and the road passenger transport sector. Member states will have the possibility of exempting SMEs from this rule, an idea which Parliament had also pushed.
The update will also fully digitalise VAT reporting obligations for cross-border transactions by 2030 with businesses issuing e-invoices for cross-border business-to-business transactions and automatically reporting the data to their tax administration. With this, tax authorities should be in a better position to tackle VAT fraud.
To simplify the administrative burden for businesses, the rules beef-up online VAT one-stop-shops so that even more businesses with cross-border activity will be able to meet their VAT obligations through a single online portal and in one language.
Background
This update to the VAT rules has been over two years in the making. On 8 December 2022, the Commission presented the ‘VAT in the digital age’ package (ViDA package) which consisted of three proposals. One of these was the update to the VAT directive of 2006.
revenues every year for the next 10 years. Businesses will save €4.1 billion a year over the next 10 years in compliance costs, and €8.7 billion in registration and administrative costs over a ten year period.
Source: United States Small Business Administration
SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding private nonprofit (PNP) organizations in Arkansas of the March 12, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes and flooding that occurred May 24-27, 2024.
The disaster declaration covers the counties of Baxter, Benton, Boone, Carroll, Fulton, Madison, Marion, Nevada, Randolph and Sharp.
Under the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs that provide non-critical services of a governmental nature and suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
The loan amount can be up to $2 million with interest rates as low as 3.25%, 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 amount terms based on each applicant’s financial condition.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email 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.
Submit completed loan applications no later than March 12.
###
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, 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.
Headline: Unveiled: 2024 ICC Arbitration and ADR preliminary statistics
Alexander G. Fessas, Secretary General of the ICC International Court of Arbitration and Director of ICC Dispute Resolution Services, said:
“The preliminary figures highlight once more the confidence companies and states place in ICC as their preferred institution for resolving disputes. Staying close to the needs of ICC Arbitration and ADR users worldwide, we remain committed to delivering fair, efficient and transparent services that meet the evolving needs of domestic and international commerce”.
Caseload
In 2024, the number of new cases remained strong, with 831 cases filed under the ICC Arbitration Rules (of which 17 began with Emergency Arbitrator applications) and 10 cases under the ICC Appointing Authority Rules. This is similar to the average caseload of the last five years. In October, ICC reached a milestone when it registered its 29,000th case under the ICC Arbitration Rules. In total 1,789 cases were pending at the end of 2024.
Expedited procedure
In 2024, 152 new cases were administered under the Expedited Procedure Provisions (‘EPP’). The ICC Court has administered a total of 865 cases under the EPP since the procedure was established in 2017.
Parties
A total of 2,392 parties participated in ICC arbitrations in 2024, of which 1,100 were claimants and 1,292 were respondents. Parties originated from 136 jurisdictions, with an increased presence compared to 2023 in North and West Europe, Sub-Saharan Africa, Latin America and the Caribbean, South and East Asia, and the Pacific.
For new cases, the top 10 countries from which parties originated were the United States (167 parties) followed by Brazil (156), Spain (137), Mexico (106), Italy (101), the People’s Republic of China and Hong Kong SAR (98), Germany (85), Türkiye (80), and France and the United Arab Emirates (73 parties each).
A total of 45 states and 143 state-owned entities were involved in 159 cases filed during the year, accounting for 19% of new cases.
Place of arbitration
ICC arbitral tribunals were seated in 107 cities across 62 countries or independent territories on all continents. The top 10 jurisdictions were the United Kingdom (96 cases), France (91), Switzerland (83), the United States (72), the United Arab Emirates (38), Spain (33), Brazil and Mexico (30 each), Singapore (28), and Germany (20).
Amounts in dispute
Amounts in dispute in new cases varied significantly, ranging from just below US$10,000 to US$53 billion. The aggregate amount in dispute for new cases reached US$103 billion, with an average of US$130 million and a median of approximately US$5 million.
With a total of US$354 billion, the aggregate amount in dispute for pending cases sets an all-time record. The corresponding average and median amounts were US$211 million and US$14 million, respectively.
Claudia Salomon, President of the ICC International Court of Arbitration, said:
“The 2024 statistics underscore the ICC Court’s role as the leading arbitral institution. With so many parties from jurisdictions around the world and a record value of pending cases, it is clear that arbitration remains a vital tool for resolving domestic and cross-border disputes. As we move forward, we continue to prioritise accessibility, efficiency and innovation, ensuring that ICC remains a trusted and effective solution for businesses and States worldwide”.
ICC International Centre for ADR
A total of 61 requests were filed with the ICC ADR Centre in 2024: 37 under ICC Mediation Rules, 20 under the Expert Rules, three under DOCDEX Rules and one under the Dispute Board Rules.
The full 2024 ICC Dispute Resolution Statistics report will be released later this year. ICC DRS statistical reports since 1997 are available on the ICC Dispute Resolution Library (jusmundi.com).
Information presented herewith is subject to verification prior to publication in the complete 2024 annual statistical report.
Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Festival at SPbGASU
On February 11, the SPbGASU hosted the Regional Career Guidance Festival “Technical Professions of the 21st Century: Infrastructure of a Big City.” Students from grades 8–11 from 30 St. Petersburg schools took part in it. The students directly communicated with representatives of 10 universities and colleges that offer technical specialties and attended their master classes.
The festival is part of the Regional Career Guidance Marathon “Workshops of the Future”, which is held as part of the career guidance minimum in general education organizations and the federal project for early career guidance for schoolchildren “Ticket to the Future” with the support of the Education Committee of the Government of St. Petersburg.
The festival is organized by the Center for Advanced Professional Training of St. Petersburg and the Center for Children’s (Youthful) Technical Creativity of the Kirov District of the Northern Capital. Co-organizers are SPbGASU and the St. Petersburg State University of Industrial Technologies and Design.
The festival consists of two blocks: “Technical Professions of the 21st Century: Big City Industry” and “Technical Professions of the 21st Century: Big City Infrastructure”. The blocks are held on different days at different venues.
The festival venue at our university was the building on Serpukhovskaya Street, No. 10, which houses the Institute of Continuous Education.
Business Contact Exchange. Left – Olga Tatarinova
The festival included a business contacts exchange, where the children received information about technical universities and colleges first-hand. Our university was represented by the admissions committee staff. Olga Tatarinova, deputy executive secretary, and Elena Abashina, specialist, talked about the variety of technical areas at SPbGASU. They also told about the subjects required for admission, the number of points and individual achievements that are taken into account upon admission, the possibility of entering the university based on the results of Olympiads, and the specifics of creative entrance examinations at the architecture faculty. At the exchange, you could also watch how students of the architecture faculty draw and ask them questions about studying at our university.
According to Natalia Nikolaeva, a class teacher for the tenth grade of the Secondary Comprehensive School No. 187 in Krasnogvardeisky District, the advantage of this event is that schoolchildren can directly communicate with representatives of universities: “We took not only those who would like to enroll in technical programs, but also those who have not yet decided. They were able to ask questions and get answers to them.”
During the master classes, they designed a house using the Russian TIM Renga system, tested water for hardness and lead, designed airplane models, changed brake pads, and worked on a welding simulator.
“It’s five o’clock in the morning. You’ve found yourself in a typical car park…” – with these words, Igor Chernyaev, head of the department of technical operation of vehicles at SPbGASU, began his master class. Having chosen volunteers for the roles of a driver, logistician, mechanic, Igor Olegovich told them what the responsibilities of these specialists are and what knowledge they should have. The master class leader gave the children difficult tasks: to name the brand of a car by the sound of the engine, to determine which of the containers with different operating materials contains gasoline. As in real life, the participants’ time was limited: after all, the longer it takes to choose the right solution, the greater the non-production losses. At the end of the master class, Igor Olegovich invited them to apply to our university, which has its own driving school, training ground, and rally team. “Whatever your interests are, your knowledge will be used in the automotive industry,” Igor Chernyaev summed up.
Participants of the career guidance festival received not only useful information, but also many new vivid impressions. The experience gained will be useful to them in their future choice of profession.
The Admissions Committee of SPbGASU, responsible for holding the event, thanks the Volunteer Club of our university for its assistance.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
ENGLEWOOD, Colo., Feb. 12, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) and Axens (“Axens”) are pleased to announce they have formed a new strategic alliance to accelerate development and commercialization of sustainable aviation fuel (“SAF”) using the ethanol-to-jet (“ETJ”) pathway. The goal of the alliance is to leverage the most advantaged technologies, which we believe is Axens’ best-in-class and commercialized Jetanol™ technology. The alliance brings each partner’s complementary value propositions, real-world experience, substantially de-risked technologies, plant integrations, and pre-engineered systems to the ETJ space. The parties are also combining their technical resources to accelerate commercialization of Gevo’s patented, next-generation ethanol-to-olefins (“ETO”) technology for further process and cost improvements.
“Today, Axens and Gevo are delivering the most cost-effective, commercially proven SAF technology with Axens Jetanol™ and Gevo’s process and business system,” says Dr. Paul Bloom, Chief Business Officer for Gevo. “By expanding our partnership to accelerate the commercialization of Gevo’s ETO technology, we’re combining our industry expertise to further reduce costs and create SAF that is competitive with fossil fuels while capitalizing on the growing carbon market.”
Axens and Gevo are building on their previous successful commercial cooperation to ensure they remain leaders in the ETJ space by partnering with IFPEN on the final development and commercial deployment of Gevo’s next-generation ETO process for fuel applications that are expected to achieve zero carbon intensity or better. Gevo’s ETO process produces light olefins from ethanol, which can then be converted to transportation fuels utilizing commercially proven oligomerization and hydrogenation technologies.
Provided the technology development is completed successfully, Gevo is expected to lead deployment of its ETO technology in North America with an effort to bring high-quality jobs and economic development to rural America, and Axens would provide process licensing, catalyst, equipment, and engineering services globally.
“The immense potential for both our companies to lead the future of air-travel decarbonization is an obvious way forward,” says Quentin Debuisschert, CEO of Axens. “The combination of Gevo market know-how and capacity of project development with Axens best-in-class technology, Jetanol™, is expected to allow a fast acceptance and adoption of the ETJ Pathway. The future ETO technology commercialization will keep Axens and Gevo on the cutting edge of the ETJ pathway by offering end-users and project developers the possibility to select the most attractive technology for their situation.”
“We believe that continuing to reduce production costs and capital costs for drop-in hydrocarbon fuels and chemicals has the potential to create large numbers of jobs, spur rural economic development, and create clear, market-based incentives for regenerative agriculture,” says Dr. Pat Gruber, Chief Executive Officer of Gevo. “It adds up to a practical approach for increased energy production and better energy security. This is a real way forward: it drives costs lower, uses the same, established fuel infrastructure, has proven and auditable improvements in sustainability, including how land is used, and offers large benefits to our society, and, in particular, strengthens our rural communities. We see this can be done, and we are pursuing it. It’s the right thing to do.”
About Gevo Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.
About Axens Axens Group provides a complete range of solutions for the conversion of oil and biomass to cleaner fuels, the production and purification of major petrochemical intermediates, the chemical recycling of plastics, all-natural gas treatment and conversion options, water treatment, as well as carbon capture and storage solutions. The offer includes technologies, equipment, furnaces, modular units, catalysts, adsorbents, and related services.
Forward Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the alliance between Gevo and Axens, Gevo’s ETO technology; the expected benefits of the alliance, the reduced costs from the alliance and applicable technologies, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
Media Contact Heather L. Manuel VP, Stakeholder Engagement & Partnerships PR@gevo.com
IR Contact Eric Frey VP, Corporate Development IR@Gevo.com
Oxford City Council data shows that footfall in the city centre in December 2024 surpassed 2023 and bucked national trends.
The data reveals:
2.68 million people visited Oxford city centre in December 2024, compared to 2.56 million in December 2023—an increase of 4.76%, outperforming the national average
The British Retail Consortium reported that high street footfall across the UK fell by 2.7% in December 2024 compared to the previous year.
Despite this trend, Oxford’s city centre continues to be a strong draw for visitors, particularly during the festive season. It is possible that Oxford’s performance reflects a broader trend of cities performing better than smaller towns as consumers looked for unique festive experiences.
Christmas in Oxford
December 2024 saw a new Christmas event on Broad Street, organised by Keston Events Ltd. Christmas in Oxford included a community stage with a varied programme of musical performances, an Alpine Lodge Bar, carousel and high-quality food, drink and gift stalls. The varied offering encouraged repeat visits and extended opening hours, from 23 November 2024 to 5 January 2025, gave people more opportunities to enjoy the festive atmosphere.
Oxford City Council continues to support the evolution of the city centre through initiatives included within the City Centre Action Plan, adopted in 2022. The Plan focuses on strengthening the city by ensuring it remains a vibrant, diverse, and sustainable destination for residents and visitors. This includes investing in public spaces, such as the pedestrian-friendly changes on Market Street and underway on St Michael’s Street, supporting local businesses and investing nearly £8 million to future-proof and upgrade the Covered Market.
Comment
“High streets across the UK have faced real challenges in the past few years, so we’re proud that Oxford has continued to thrive as a destination.
“Our city centre continues to evolve to meet changing needs, ensuring we provide fantastic experiences as well as being a shopping destination.
“Events like Christmas in Oxford are part of our commitment to making the city centre more vibrant and exciting throughout the year.
“We will continue to work hard to make sure Oxford remains a world-class city for residents and visitors.”
Councillor Alex Hollingsworth, Cabinet Member for Business, Culture and an Inclusive Economy
SAN DIEGO, Feb. 12, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq: LPLA) announced today that financial advisors Steve Schulte, CFP®, MBA, and Melissa Toler Short have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Southwest Advisory Group. They reported serving approximately $300 million in advisory, brokerage and retirement plan assets* and join LPL from Ameriprise.
Based in Yuma, Ariz., Schulte has provided financial guidance and wealth management for 25 years following an initial career in agriculture. Short transitioned from the hospitality industry to financial services in 2006. The advisors met at their local Rotary Club, striking up a friendship and eventual partnership, recognizing their skillsets, values and vision for their practice complemented each other. They are known for their collaborative approach, working closely with CPA firms and attorneys to provide holistic services that address each client’s entire financial situation. The team also includes client service associates Rhonda Kirk and Maren Green.
As they considered what’s best for the future of their growing practice, the advisors turned to Linsco by LPL. The move marked a return to LPL for Schulte, who was previously with the firm from 2010 to 2014.
Why they made the move to Linsco by LPL
Linsco serves financial advisors seeking the core tenets of independence, including owning their client relationships and having flexibility to run their practice their way. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with support from an experienced branch management team, dedicated marketing consultant and other resources that allow advisors to focus on their clients.
“Our move to LPL is a strategic decision that aligns with our desire for greater independence and autonomy,” said Schulte. “LPL’s commitment to advisor support and its absence of corporate influence and proprietary products make it the ideal partner as we seek new ways to elevate our practice and create differentiated experiences for clients.”
Short added, “LPL is the right fit because they are focused on taking care of advisors, allowing us to optimize our practice and run it how we see fit. LPL’s leadership understands the relationship between advisor and clients is key, and they offer ample tools and resources to enhance that relationship. With Linsco, especially, we can turn over day-to-day management of operational tasks and concentrate on what we want to do most: help our clients and grow our business.”
Both Schulte and Short are deeply involved in their community, with long-term memberships in Rotary International and the Yuma Elk Lodge. They emphasize the importance of community service and giving back.
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Steve and Melissa to the Linsco community and congratulate them on the launch of Southwest Advisory Group. At LPL, we are committed to creating a differentiated and compelling experience for both advisors and their clients. We do that by offering unprecedented flexibility, strategic resources and innovative technology designed to help advisors deliver great advice and run thriving practices. We are excited to expand our Linsco footprint in Arizona and look forward to a long-lasting relationship with the entire team at Southwest Advisory Group.”
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 (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC.
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.
PLAINVIEW, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) announced today a NSA500™ Nanosecond Annealing system shipment to a leading-edge semiconductor company for high-volume production of 2-nanometer gate-all-around logic chips. The shipment occurred during the fourth quarter of 2024.
Equally as important, the company’s NSA500™ evaluation programs at two other leading-edge customers are progressing well with multiple applications being considered. Interest from additional logic and memory customers to evaluate Veeco’s system also remains high.
Veeco’s recently launched next-generation annealing platform expands the company’s overall opportunity in laser annealing to leading-edge applications in logic and memory. New applications include precise shallow anneals for 3D devices, low thermal budget anneals, and material modification applications. Compared to traditional annealing solutions, the NSA500 system is capable of precisely annealing relevant surface layers without damaging the underlying device due to its combination of short dwell times in the nanosecond scale and high temperatures.
“Shipment of this NSA500™ Nanosecond Annealing system is an important milestone given the growing need for annealing solutions with advanced capabilities for leading-edge applications,” commented Adrian Devasahayam, Ph.D., Veeco’s Senior Vice President, Product Line Management. “We look forward to supporting our customers as they accelerate production of next-generation chips for growing markets such as artificial intelligence and high-performance computing. The broad applicability of Veeco’s NSA500 system provides a significant opportunity to expand Veeco’s served available market.”
About Veeco Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.
To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
LOS ANGELES, Feb. 12, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (Nasdaq: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today announced it hosted a Small Business Administration (SBA) disaster assistance seminar for homeowners, renters, nonprofits, and businesses of all sizes affected by the recent Los Angeles wildfires in partnership with the YMCA of LA. Hanmi and SBA Los Angeles District office personnel provided timely information regarding the various programs available and were on hand to answer questions and assist impacted community members with the application process.
In conjunction with the event, Hanmi Bank and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) presented the YMCA and the Korean American Federation of Los Angeles (KAFLA) with a $30,000 check each. Hanmi’s portion of the donations included employee contributions and company matching funds.
Anna Chung, Chief SBA Lending Officer at Hanmi Bank, said, “As a Los Angeles-headquartered community bank, we want to help the residents and businesses of our city get back on their feet as quickly as possible. Providing opportunities for those impacted by the fires to speak directly with SBA personnel and guide them through the relief application process is an important step in this journey. We know the road to recovery will be a long one and we will continue to identify ways to provide assistance and serve as a trusted resource.”
To make the funding available to the YMCA and KAFLA, Hanmi Bank partnered with FHLBank San Francisco in its wildfire relief and recovery matching funds initiative that is part of a suite of tools and resources that are available to help its member financial institutions address both urgent needs and longer-term recovery efforts in local communities. These tools and resources include discounted credit programs that support affordable housing, economic development, and community revitalization efforts.
“We are thankful to all of the first responders for their bravery and perseverance in battling the devastating wildfires in Southern California that destroyed over 10,000 homes, thousands of businesses, and displaced tens of thousands of people,” said Joe Amato, interim president and CEO, and chief financial officer with FHLBank San Francisco. “As the region begins a lengthy rebuilding effort, we will continue to serve and engage with our members, including Hanmi Bank, and community stakeholders to deliver much needed grants and funding to local organizations that serve a vital role in local community relief and recovery efforts.”
The seminar took place on February 11th at the Anderson Munger Family YMCA Community Room in Koreatown. The Koreatown YMCA has been playing a central role in supporting victims across the entire YMCA metropolitan Los Angeles area. Representatives from the SBA Los Angeles District Office introduced the various types of SBA disaster loan programs available to impacted individuals and business owners.
About Hanmi Financial Corporation Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of thirty-one full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington, and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.
Contact Juanita Gutierrez Vice President Financial Profiles, Inc. 310-622-8235 JGutierrez@finprofiles.com
QUEBEC CITY, Canada, Feb. 12, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, today provided a corporate update and announced financial results for the fiscal first quarter ended December 31, 2024.
“2025 is off to a very exciting start for LeddarTech, as we continue to make substantial progress on our strategic plan. In fiscal Q1, we announced our collaboration and license agreement with Texas Instruments (“TI”), a premier semiconductor partner in the automotive space. Following that, we recently announced our first OEM design win from a major commercial vehicle OEM,” said Frantz Saintellemy, President and CEO of LeddarTech. “These commercial successes demonstrate strong validation by industry leaders of our products and are accelerating interest from potential customers and partners across the ADAS and AD landscape, building on our already substantial pipeline of opportunities.”
Recent Business and Technology Highlights
Announced first OEM design win for LeddarVision. One of the world’s leading commercial vehicle OEMs has selected LeddarTech as the fusion and perception software supplier for their advanced driver assistance system (ADAS) program for 2028 model year vehicles. We expect to start generating engineering services revenue this fiscal year (FY2025).
Received US$8 million advanced royalty payments from TI. In January, LeddarTech received the second advanced royalty payment of US$3 million as part of its collaboration and license agreement with TI. This is in addition to the US$5 million received in December 2024.
Raised US$11.3 million under a standby equity purchase agreement (SEPA). In January, LeddarTech raised US$1.1 million (CA$1.4 million) by selling 600,000 shares at an average price of US$1.76. This is in addition to the US$10.2 million (CA$14.4 million) raised in fiscal Q1 2025 by selling 6.6 million shares at an average price of US$1.55 per share.
Conducted successful CES participation. LeddarTech completed a strong showing at the 2025 Consumer Electronics Show (CES), including the successful demonstration of LeddarVision Surround (LVS-2+) software utilizing TI TDA4VH-Q1 processor.
Announced listing transfer to Nasdaq Capital Market. Via this transfer, LeddarTech had cured the Nasdaq deficiencies and met the applicable listing standards.
Received ISO/IEC 27001 certification. LeddarTech proudly announced that the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) have awarded LeddarTech ISO/IEC 27001 certification, a key requirement for automotive customers.
Customer Traction and Development
LeddarTech has a robust pipeline of over 30 active opportunities with original equipment manufacturers (OEMs) and Tier 1 automotive suppliers to support consumer demands for improved safety features and satisfy upcoming regulatory deadlines.
During 2025, LeddarTech will continue to develop two new, revenue-generating products that are designed to accelerate revenue and adoption of LeddarVision. More information will be shared on these products when available.
Fiscal First Quarter 2025 Financial Highlights1
Revenue: Revenue from continuing operations for the fiscal first quarter of 2025, ending December 31, 2024, was $51,900, compared to $52,000 in the fiscal quarter ending December 31, 2023. Revenue excludes our discontinued modules and components business.
Net loss: Net loss for the fiscal first quarter of 2025, ending December 31, 2024, was $27.0 million, compared to a net loss of $61.5 million in the fiscal quarter ending December 31, 2023, representing a 56% decrease, primarily due to transaction costs that were incurred in fiscal Q1, 2024 and did not reoccur in 2025.
EBITDA and adjusted EBITDA2: EBITDA loss for the fiscal first quarter of 2025, ending December 31, 2024, was $22.1 million, compared to a $60.3 million loss in the fiscal quarter ending December 31, 2023, representing a 63% decrease, primarily due to transaction costs that were incurred in fiscal Q1, 2024 and did not reoccur in 2025. Adjusted EBITDA loss for the fiscal first quarter of 2025, ending December 31, 2024, was $11.1 million, compared to adjusted EBITDA loss of $8.6 million in the fiscal quarter ending December 31, 2023, representing a 11% increase, primarily due to a change in the amount of capitalized development costs.
Continuing operations
Q1-2025
Q1-2024
Revenues
$51,878
$52,000
Loss from operations
(13,218,705)
(63,912,986)
Finance costs, net
13,746,884
(2,422,558)
Loss before income taxes
(27,012,529)
(61,490,428)
Net loss and comprehensive loss
(27,012,664)
(61,490,428)
Net loss and comprehensive loss attributable to Shareholders of the Company
(27,012,664)
(61,188,116)
Loss per share
Net loss per share (basic and diluted) (in dollars)
(0.86)
(17.06)
Weighted average common shares outstanding (basic and diluted)
31,483,617
3,587,572
EBITDA (loss)
(22,059,095)
(60,290,981)
Adjusted EBITDA (loss)
(11,143,209)
(8,572,571)
The following table sets forth a reconciliation of adjusted EBITDA and EBITDA to net loss reported in accordance with IFRS for the three months ended December 31, 2024 and 2023.
Q1-2025
Q1-2024
Net loss from continued operations
($27,012,664)
($61,490,428)
Deferred income taxes
135
–
Depreciation of property and equipment
170,977
189,639
Depreciation of right-of-use assets
112,822
108,365
Amortization of intangible assets
165,134
137,112
Interest expenses
4,504,501
764,330
EBITDA loss from continuing operations
(22,059,095)
(60,290,981)
Foreign exchange loss (gain)
3,635,140
(67,715)
Loss (gain) on revaluation of financial instruments carried at fair value
5,602,056
(2,963,283)
Gain on lease modification
–
(166,661)
Stock-based compensation
1,678,690
(5,985,250)
Listing expense
–
59,139,572
Transaction costs
–
1,761,747
Adjusted EBITDA loss from continuing operations
(11,143,209)
(8,572,571)
Balance Sheet and Liquidity3
As of December 31, 2024, LeddarTech’s consolidated cash and cash equivalents balance totaled $17.7 million, compared to $5.3 million on September 30, 2024. Subsequent to the end of the quarter, the Company raised approximately $5.9 million, using a recent exchange rate of 1.43 Canadian dollars per US dollar. This included a US$3 million advance royalty payment from Texas Instruments and US$1.1 million from the sale of stock issuance under our standby equity purchase agreement or SEPA. LeddarTech’s cash balance as of Monday, February 10, 2025, was approximately $15.9 million.
Non-IFRS Financial Measures
A non-IFRS financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in Company’s consolidated primary financial statements.
In Q2-2024, the Company started to use two new non-IFRS financial measures because we believe these non-IFRS financial measures are reflective of our ongoing operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.
Below are descriptions of the non-IFRS financial measures that we use to explain our results and reconciliations to the most directly comparable IFRS financial measures.
EBITDA (loss) is calculated as net earnings (loss) before interest expenses (income), deferred income taxes, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets.
EBITDA (loss) should not be considered an alternative to net loss in measuring performance or used as a measure of cash flow.
Adjusted EBITDA (loss) is calculated as EBITDA (loss), adjusted for foreign exchange gain (loss), loss (gain) on revaluation of financial instruments carried at fair value, gain or loss on lease modification, share‐based compensation, listing expense, transaction costs, restructuring costs and impairment loss on intangible assets.
About LeddarTech
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.
Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics and ability to comply with Nasdaq Capital Market listing standards in the future. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”
1 All amounts in Canadian dollars except where otherwise noted.
2 EBITDA and adjusted EBITDA are non-IFRS measures and are presented by the Company as they are used to assess operating performance. These non-IFRS measures do not have standardized meanings under IFRS and are not likely comparable to similarly designated measures reported by other corporations. The reader is cautioned that these measures are being reported in order to complement, and not replace, the analysis of financial results in accordance with IFRS. See “Non-IFRS Financial Measures” below.
3 All amounts in Canadian dollars except where otherwise noted.
AUSTIN, Texas, Feb. 12, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced the additions of Rob Walter as its chief revenue officer and Michelle Suzuki as company’s chief marketing officer.
Walter is a seasoned revenue leader with 20 years of ecommerce experience leading sales and go-to-market teams at successful companies including Salesforce, Ebay, ChannelAdviser and Amplience.
Suzuki brings more than 25 years of experience scaling and transforming high-growth companies, including renowned technology companies such as EMC, Ancestry and Ivanti.
“These additions strengthen BigCommerce’s senior leadership team and reflect our commitment to investing in top talent to help us achieve our goals across BigCommerce, Feedonomics and Makeswift,” said Travis Hess, CEO of BigCommerce. “Their experience and expertise will be huge contributors to the success of the company as we refocus on reigniting growth and improving shareholder value.”
Walter is an accomplished revenue growth and go-to-market executive with a proven track record of scaling teams, driving innovation and achieving exceptional revenue outcomes across the technology and retail sectors. With over two decades of leadership experience in sales, marketing, customer success and professional services, Walter has been instrumental in the growth and success of globally recognized organizations.
He previously spent six years as chief revenue officer at Amplience, a leading CMS provider and most recently at OroCommerce, a B2B ecommerce solution provider. At both companies Walter led strategy and oversaw sales, marketing, customer success and professional services operations. Under his leadership, Amplience and OroCommerce experienced significant growth.
“Ecommerce businesses today need to reach their customers in new and dynamic ways,” Walter said. “BigCommerce offers brands and retailers the flexibility to customize and meet their customers wherever they may be, and I look forward to working with our current customers and new ones to help them reach their goals.”
As CMO of BigCommerce, Suzuki defines strategy and builds high-performing teams responsible for demand generation, customer marketing, partner marketing, digital marketing, content, communications, social media and global regional marketing.
Previously, Suzuki was CMO at Glassbox, where she led strategy and oversaw a comprehensive suite of marketing functions including brand strategy, digital transformation, demand generation, content marketing, marketing operations, customer engagement, communications/social media and product marketing. Previously, she was senior vice president of global marketing at Instructure, where she was instrumental in transforming the company’s international regions into rapid-growth SaaS businesses. In 2021, she helped lead the company to a successful $3 billion IPO. She has extensive M&A experience—diligence, acquisition and integration—having completed more than 10 transactions in her career.
“I pride myself on being a data-centric growth marketer who harnesses the combination of creativity, content and data to connect with and delight customers through high-value, customized experiences,” she said. “I’m excited to join BigCommerce at this important time to help lead its return to fast growth and long-term success.”
About BigCommerce
BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.
BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.
Update on December 2024 and January 2025 rental data
The national-level stock measure for actual rentals for housing for December 2024 and January 2025 will be included in Selected price indexes: January 2025, which is due out on Friday 14 February.
The administrative data used for this measure is provided by the Ministry of Business, Innovation and Employment (MBIE), which recently upgraded their tenancy bond-lodgment system. The stock measure was not included in last month’s SPI release as time was needed to integrate the new system’s data into the rental price indexes.
The completed update does not affect the results for the December 2024 quarter consumers price index (CPI), so no revision is required.
The release does not include the flow of rental properties measures (national and regional) as we are still working to integrate the new system’s data for these measures. The flow measures, which do not affect the CPI, will be included when we are confident they meet customer expectations.
Stats NZ would like to thank MBIE and the Ministry of Housing and Urban Development (HUD) for collaborating on this work and making it possible to release the latest data. We will provide a further update in due course.
If you have any questions, please contact our Information Centre at info@stats.govt.nz.
Ends
The Government Statistician authorises all statistics and data we publish.
– First trial batch of SEALMINER A2 air cooled rigs have been delivered to our datacenters and are running smoothly.
– Completed acquisition of 101 MW site and gas-fired power plant project in Alberta to deliver the industry’s first fully vertically-integrated Bitcoin mining site.
SINGAPORE, Feb. 12, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced its unaudited mining and operations updates for January 2025.
Operational Update
Self-mined Bitcoin: 126 Bitcoins, down from the previous month due to temporary curtailments at our Bhutan site related to higher seasonal electricity prices.
Mining Rig Manufacturing and R&D:
SEALMINER A1:
Mass production of approximately 3.7 EH/s of mining rigs remains on track with 0.4 EH/s powered on, 0.5 EH/s delivered for installation, 0.4 EH/s in-transit to datacenters and 2.4 EH/s in production. The manufacture of SEALMINER A1 is now expected to be completed at end of February or early March 2025.
SEALMINER A2:
Production of approximately 35 EH/s of mining rigs through October 2025, delayed by approximately one month due to 6.4 magnitude earthquake that struck Taiwan on January 21, 2025.
First trial batch of air cooled rigs have been delivered to our mining datacenters for testing and are running stably.
~29,000 units (~7 EH/s out of the 35 EH/s) of SEALMINER A2s allocated for external sales are expected to begin shipment in March through Q2 2025.
SEALMINER A3:
SEAL03 initial tape-out sample wafers with an expected chip efficiency of approximately 10 J/TH are expected in Q1 2025.
SEALMINER A4:
SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q3 2025.
The Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce published a rule entitled “Implementation of Additional Due Diligence Measures for Advanced Computing Integrated Circuits”, in January 2025 (the “BIS Rules”). Based on preliminary review, the Company does not expect that the application of the BIS Rules will have any impact on the delivery of SEAL chips, as the outsourced semiconductor assembly and test (“OSAT”) companies for SEAL chips are Approved “OSAT” companies under BIS regulations.
HPC/AI:
Discussions are ongoing with multiple development partners and potential end users for select large scale sites in U.S. for HPC/AI.
Bitdeer AI Cloud, powered by NVIDIA DGX SuperPOD with H100, saw its average utilization rate drop to ~60% in January 2025 due to an initial shift toward R&D in model inference and AI Agents. In the short term, some DGX H100 systems will be allocated to deploying open-source models like DeepSeek, Llama, and Qwen, enhancing API support for AI Agents, optimizing platform services, and advancing related R&D.
Hosting:
Client-hosted machines increased by 2,000 units and overall hashrate increased by 0.5 EH/s as customers are replacing older mining rigs with high efficiency ones.
Infrastructure:
Tydal, Norway, 40 MW phase 1 expansion has completed installation of transformers, with delivery and installation of electrical equipment currently in progress. The energization application has entered into the fast track for final regulatory approval.
Rockdale, Texas, USA, 100 MW hydro-cooling conversion is on track for phased completion during Q1 2025.
Clarington Phase 2, Ohio, USA, 304 MW is still pending approval and in negotiation with the landlord.
Jigmeling, Bhutan, 500 MW construction is on track with the primary substation expected to be completed by Q1 2025.
Fox Creek, Alberta, 101 MW gas-fired power plant and 99 MW datacenter of capacity for Bitcoin mining planned for energization in Q4 2026.
Financing:
Successfully executed a $17M supply chain financing facility with a 10.2% interest rate with a Singapore financial institution and completed the drawdown of facility in January 2025.
Management Commentary
“Our strategic acquisition of the 101 MW site near Fox Creek, Alberta and gas-fired power plant project marks a significant step in our strategy to become a fully-vertically integrated Bitcoin miner,” stated Matt Kong, Chief Business Officer of Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”
Mr. Kong continued, “In terms of our ASICs roadmap, mass production of our SEALMINER A1s remain on schedule. SEALMINER A2s were slightly impacted by the 6.4 magnitude earthquake in Taiwan on January 21, 2025, and its mass production in H2 is expected to delay about one month. However, the first trial batch of SEALMINER A2 air cooled models have been delivered to our own datacenters for testing and are running smoothly. Further, we expect the initial tape-out sample wafers of our SEAL03 chip to be ready in March for testing. SEAL03 is expected to be the most advanced and energy-efficient Bitcoin mining chip on the market and represents a significant achievement for Bitdeer and the industry.”
Production and Operations Summary
Metrics
Jan 2025
Dec 2024
Nov 2024
Total hash rate under management1(EH/s)
22.4
21.6
20.7
– Proprietary hash rate
9.2
8.9
8.8
• Self-mining
8.7
8.5
8.2
• Cloud Hash Rate
0.0
0.0
0.2
• Delivered but not hashing
0.5
0.4
0.4
– Hosting
13.2
12.7
11.9
Mining machines under management
179,000
175,000
178,000
– Self-owned2
87,000
85,000
86,000
– Hosted
92,000
90,000
92,000
Bitcoins mined (self-mining only)
126
145
150
Bitcoin held3
724
594
443
1Total hash rate under management as of January 31, 2025 across the Company’s three primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
2Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business. 3Bitcoins held do not include the Bitcoins from deposits of the customers.
Infrastructure Construction Update
Rockdale, Texas– 100 MW Hydro-cooling conversion to be energized in phases in Q1 2025:
Cooling system will be delivered and installed in phases in Q1 2025.
Planning for phased energization by March 2025.
Tydal, Norway – 175 MW site expansion anticipated to be fully energized by mid-2025:
Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and drainage systems construction is ongoing.
Tydal, Norway Phase 1 40 MW expansion pending regulatory approval. Energization of the full 175 MW site is expected to occur no later than mid-2025, subject to regulatory approval.
Massillon, Ohio– 221 MW site construction has begun ahead of schedule:
Substation construction is underway and is expected to be completed in Q3 2025.
Building design is completed and construction has begun earlier than expected, estimated to be completed in phases between Q3 and Q4 2025.
Estimated energization timeline remains on track for mid-to-late 2025.
Clarington Phase 2, Ohio– 304 MW is still pending approval and in negotiation with the landlord.
Jigmeling, Bhutan– 500 MW site is progressing well, with the following key milestones achieved:
Construction of transformer and container foundations in progress and will be completed in phases, with the last phase expected by the end of February 2025.
132kv/140MW and 220kv/360MW substation designs are completed with construction anticipated to be finished by the end of Q1 2025.
Orders for the procurement of transformers and electrical equipment have been placed, with delivery and installation work to be completed in phases over Q1 and Q2 2025.
Procurement and delivery of containers and hydro-cooling systems are in progress, with completion expected in phases by the end of Q1 2025.
Fox Creek, Alberta– 101 MW site acquired in Alberta sits on 19 acres is fully licensed and permitted:
Acquisition includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.
Site / Location
Capacity (MW)
Status
Timing4
Electrical capacity
– Rockdale, Texas
563
Online
Completed
– Knoxville, Tennessee
86
Online
Completed
– Wenatchee, Washington
13
Online
Completed
– Molde, Norway
84
Online
Completed
– Tydal, Norway
50
Online
Completed
– Gedu, Bhutan
100
Online
Completed
Total electrical capacity
8955
Pipeline capacity
– Tydal, Norway Phase 1
40
In progress
Pending Regulatory Approval
– Tydal, Norway Phase 2
135
In progress
Mid 2025
– Massillon, Ohio
221
In progress
Mid-to-late 2025
– Clarington, Ohio Phase 1
266
In progress
Q3 2025
– Clarington, Ohio Phase 2
304
Pending approval
Estimate 2026
– Jigmeling, Bhutan
500
In progress
Mid-to-late 2025
– Rockdale, Texas
179
In planning
Estimate 2026
– Alberta, Canada
99
In planning
Q4 2026
Total pipeline capacity
1,744
Total global electrical capacity
2,639
4 Indicative timing. All timing references are to calendar quarters and years. 5 Figures may not add up due to rounding.
Upcoming Conferences and Events
March 11 – 12, 2025: Cantor Global Technology Conference in New York City
March 16 – 18, 2025: 37th Annual ROTH Growth Conference in Dana Point, California
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
Dr. Mansukh Mandaviya to Inaugurate First-Ever Regional Dialogue on Global Coalition for Social Justice in New Delhi on 24-25 Feb 2025 Hosted by Ministry of Labour & Employment in collaboration with CII-EFI
Coalition Theme is Responsible Businesses for Inclusive and Sustainable Societies
Mr. Gilbert F. Houngbo, Director-General of the International Labour Organisation (ILO) to Deliver Keynote Address
80+ Coalition partners from Asia Pacific region and beyond, including representatives from Governments, Employers’ and Workers’ Organizations, International Agencies, Research and Academic Institutions, International NGOs and Enterprises to Attend
Participating Ministries include Ministry of Commerce & Industry, Ministry of Corporate Affairs, Ministry of External Affairs, Ministry of Skill Development and Entrepreneurship
Posted On: 12 FEB 2025 5:41PM by PIB Delhi
Ministry of Labour & Employment, Government of India, in collaboration with Confederation of Indian Industry (CII)-Employers’ Federation of India (EFI), is set to host the first-ever Regional Dialogue on Social Justice on 24-25 February 2025 at Bharat Mandapam in New Delhi. This landmark event is a significant contribution to the Global Coalition for Social Justice.
Launched by ILO in 2023, the Coalition is a platform for governments, employers’ and workers’ organizations, international and regional organizations, financial institutions and development banks, enterprises, international non-governmental organizations and academia committed to advancing social justice and engaging in collaborative efforts to achieve shared objectives. The Coalition leverages collaboration among partners to amplify the unique strengths of each participant, comprehensively and coherently addressing social justice challenges.
As a member of the Asia Pacific Coordinating Group, India is spearheading the first ‘Regional Dialogue’ under the Global Coalition for Social Justice and championing the key intervention “Responsible Businesses for Inclusive and Sustainable Societies” under the Coalition’s thematic area of “Expanding access to and capabilities for Productive and freely chosen Employment and Sustainable Enterprises.”
The Regional Dialogue will bring together over 80+ Coalition partners from the Asia Pacific region and beyond to explore innovative approaches, exchange best practices, and strengthen collaboration to advancing social justice in the region.
Hon’ble Union Minister for Labour & Employment, Dr. Mansukh Mandaviya, Hon’ble Minister of State for Labour & Employment, Sushri Shobha Karandlaje and Secretary (Labour& Employment), Ms. Sumita Dawra will grace the inaugural session of this regional dialogue. The event will feature Mr. Gilbert F. Houngbo, Director-General of the ILO, as the keynote speaker.
The event will also mark the 74th Foundation Day of the Employees’ State Insurance Corporation (ESIC), celebrating its unwavering commitment to ensuring dignified healthcare and economic security for India’s workforce.The ESIC Foundation Day is an occasion to recognize the vital contribution of the organization in fostering social justice through the extension of comprehensive social security benefits for workers and their families in the formal sector.
Discussions will focus on critical dimensions of social justice, including responsible business conduct and social protection, aligning with the Coalition’s thematic priorities.
The event will feature exchange of knowledge and experience sharing through technical discussions and coalition partner’s experiences. The deliberations would strengthen the joint collaboration among partners in the area of promoting social justice in the region.
Key themes include:
Skills, Employment and Social Justice: Empowering Youth and Enterprises for Inclusive and Sustainable Growth
Social Protection to Social Justice: Ensuring No One is Left Behind
Responsible Businesses: Upholding Fair Working Conditions, Safety, and Health for Enhanced Productivity and Sustainability
Building a Bigger Table: Promoting Inclusion and Women’s Participation in the World of Work
Advancing Decent Work: Strengthening Corporate Governance and Sustainable Global Value Chains
Digitalization for Social Justice – Harnessing AI for Decent Work and Equity
Key Stakeholders: The thematic dialogue will bring together Coalition partners and other key stakeholders, including representatives from governments, employers’ and workers’ organizations, international and/or regional organizations, research organizations, academia, international NGOs and enterprises.
Event Highlights
Day 1 | 24 February 2025
The first day of the Regional Dialogue on Social Justice will commence with an Inaugural Session. Key highlights include the showcasing of Responsible Business Conduct by Indian employers’ organisation and international business chambers, a joint statement of workers and employers organisations on responsible business practices, and the launch of publications on social justice and social protection. Technical sessions will focus on skills and employment for youth, social protection for informal workers, and promoting women’s participation in the workforce, featuring insights from global partners and stakeholders.
Day 2 | 25 February 2025 The second day will delve into responsible business practices, emphasizing fair working conditions, occupational safety, and health, with contributions from the International Organizations and foreign business chambers. Discussions on sustainable global value chains will highlight the role of multinational enterprises in advancing decent work and ethical labour practices. The final session will explore digitalization and AI as tools for social justice, focusing on equitable access, worker rights, and aligning AI with the Sustainable Development Goals (SDGs).