SANTA CLARA, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced that its 2024 TCAD Baseline Release simulation platform with digital twin modeling, provides support for planar CMOS, FinFET and Gate-All-Around (GAA) transistor technologies, enabling semiconductor companies to accelerate technology development.
Silvaco’s latest TCAD technology platform, enables advanced CMOS Process and Device simulation to support the development of next-generation semiconductor devices. This platform boosts performance, yield and efficiency across the evolving semiconductor design and manufacturing landscape. The solution enables highly accurate 3D process simulation, using digital twin-like precision and integrates stress simulation to model deformed structures. Additionally, the platform supports cryogenic applications through an atomistic quantum transport approach, enabling straightforward modeling of transistor structures down to 1 Kelvin.
“Our TCAD platform has gained significant traction in the Display, Photonics, Memory and Power Semiconductor markets, where our solutions have been instrumental in driving innovation and enhancing performance,” said Dr. Babak Taheri, Chief Executive Officer, Silvaco. “We have now extended our comprehensive suite of tools to the advanced CMOS market, enabling next-generation advancements in technologies to address growing markets such as foundries, 5G, AI and high-performance computing. Our newly released TCAD platform has been utilized by a strategic customer for the past few years and is now available for broad market adoption. This new capability for advanced CMOS technology enables customers to accelerate their technology development with significant cost savings.”
“Nanotechnology, like GAA, exhibits advanced quantum physical effects,” said Tillmann Kubis, Associate Professor in the Elmore Family School of Electrical and Computer Engineering at Purdue University. “Over the past six years, our team of scientists has collaborated with Silvaco to enable the simulation of full devices, such as nanowires and GAAs, powered by NEMO5 which is an NEGF-based atomistic quantum transport simulation tool developed at Purdue and licensed by Silvaco. This collaboration is now enabling Silvaco’s TCAD simulation performance with atomistic accuracy.”
“This latest release of our TCAD platform is the culmination of years of intensive development, refinement and industry collaboration in order to meet the demanding needs of designing in advanced CMOS process technologies,” said Eric Guichard, Senior VP and General Manager TCAD Business Unit, Silvaco. “The latest release of our TCAD platform now incorporates digital twin modeling for CMOS technologies, as well as atomistic simulation technologies to provide a highly competitive and attractive alternative solution for semiconductor companies designing in advanced Planar CMOS, FinFET and emerging GAA process technologies.”
About Silvaco
Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high-performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” provisions of those sections. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations, beliefs, intentions, plans, or strategies related to the release and adoption of its 2024 TCAD Baseline Release simulation platform, the anticipated benefits of this platform for advanced CMOS, FinFET, GAA, and other emerging technologies, and the potential advantages for customers in terms of performance, cost savings, and accelerated technology development. Forward-looking statements are typically identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and similar expressions, although not all forward-looking statements contain these words.
These statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties, and other factors, including those described in the Company’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. These factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Media Contact Tyler Weiland +1 972-571-7834 press@silvaco.com
New research from Bank of New Zealand (BNZ) shows a significant jump in scam activity over the past 12 months, with nine out of ten New Zealanders targeted by a scam, up 13 percent on the same time last year.
But while the volume of scams has surged, New Zealanders are getting more scam savvy, with only one in ten falling victim.
The research comes as BNZ launches its annual Scam Savvy Week to raise awareness, help people know how to identify scams, and be safer online.
BNZ’s Head of Financial Crime, Ashley Kai Fong, says, “While it’s fantastic that New Zealanders are learning to spot the red flags, the sheer volume of scams is a stark reminder for all of us to remain vigilant.
“All scams require people to do something – whether that’s clicking on a link, engaging in a conversation, or sending money. Ultimately the best defence against scams is you. If you can recognise the signs of a scam, you’re less likely to fall victim. That’s why BNZ has developed tools and resources to help New Zealanders get scam savvy at www.getscamsavvy.co.nz.”
Businesses getting “con-conscious”
Businesses have also improved their ability to identify and avoid scams, with the number of small and medium enterprises (SMEs) falling victim to scams dropping from 47 percent in 2022 to 34 percent in 2023.
“Scams are a significant threat to our business community, but these figures show that SMEs are taking the right steps to protect themselves,” says Kai Fong.
Despite the reduction, businesses are not being complacent. Reporting of scams to banks has seen a marked increase, with 60 percent of businesses scammed in 2023 reporting the incident, compared to 39 percent in the previous year.
“This underscores the growing awareness among businesses of the importance of swift reporting and robust prevention measures. It’s a clear indication that the business community is recognising the threat posed by scammers,” says Kai Fong.
More people reporting scams, but further progress needed
Reporting by individuals also increased with 64 percent of individuals impacted by a scam reporting it, up from 46 percent last year.
“Reporting scams is a crucial step in fighting fraud,” says Kai Fong. “It provides valuable data to help us understand and combat these threats more effectively, making it harder for scammers to operate.
“It’s great that Kiwis are increasingly reporting scams, but there is still a lot of room for improvement. Too many of us don’t report scams, or even tell loved ones, due to embarrassment or shame, but we need to remember that this is a scammer’s fulltime job.
“Every minute of every day, they are out there thinking of new ways to take people’s hard-earned money. There is nothing to be embarrassed about if you do experience a scam, and by reporting it, you could be helping someone avoid being scammed in the future.”
Top three scams
Government impersonation scams were the most prevalent over the last 12 months (45%), followed by bank impersonation scams (31%), and fake lottery, prize or grant scams (24%).
Email was found to be the most common channel for scams (40%), followed by text (34%), and social media (28%).
“Scammers are becoming increasingly sophisticated, impersonating trusted brands and institutions and exploiting a range of channels to deceive New Zealanders,” says Kai Fong.
Despite the rise in scams, the research shows that educating New Zealanders to spot and avoid scams is helping to keep them safe.
“Around two-thirds of those surveyed reported having seen educational material about scam prevention,” he says. “Knowledge is power. We want as many people as possible to get Scam Savvy as the more we know about scams, the better equipped we are to spot and avoid them.”
Don’t click on links or open attachments sent by someone you don’t know or seem out of character for someone you do know. Hover over links to reveal the actual site.
If it doesn’t seem right, call the sender using contact details you already have or that are available on their public website.
Urgency is a red flag – scammers will try to rush you.
Banks will never ask for your bank account details, password or pin number, nor will they send you an email or text message with a link asking you to log in.
Keep your computer and phone security software up to date.
If you think you’ve been scammed, contact your bank as soon as possible.
Trust your gut – if it feels wrong, it probably is.
Scam Savvy Research
Other key findings from BNZ’s research:
One in ten New Zealanders have fallen victim to a scam in the last 12 months, losing money, personal information, bank or card details, or device access
Of those that lost money, two thirds (69%) lost under $500, 26 percent between $500 and $5,000, and five percent over $5,000
Email is the most common way to have fallen victim to a scam (40%), followed by text (34%), social media (28%), phone calls (18%), online websites (9%) or by someone you know (3%)
Those aged 15 – 34 years are more likely to have been targeted via social media (44%)
Social media and online website scams are harder for victims to recover stolen money, with 56 percent of victims who were targted via social media and 22 percent of victims targeted via an online website saying they couldn’t recover their money
Those over the age of 50 are more likely to be targeted by tech scam calls
One in ten males has responded to a dating or romance scam in the last 12 months, significantly higher than females
Females are more likely to be more concerned about their personal data online
Business stats
45 percent of SMEs reported being the target of scam attempts in the last year
Of those targeted, one third have responded to a scam attempt, by clicking on a link (15%), or replying to the scam via email, text, or phone call (14%)
Almost half (47%) of scam attempts are by email, with another 38% by text message. One third (33%) are by phone calling, with websites (19%) and social media (18%) rounding out the top 5
One in five (22%) of SMEs reported falling victim to a scam in the last 12 months
43 percent of businesses that fell for a scam reported a financial loss. Of those, more than half lost less than $500, 38 percent between $501 and $5,000, and 11 percent lost more than $5,000. It is important to note that losses to scams are not just financial, and can include data loss, operational impacts, technical damage and/or reputational damage
Bank of New Zealand (BNZ) today announced all of its branches across New Zealand will open at least five days a week by April 2025, in response to growing customer demand for more face-to-face interactions.
Anna Flower, BNZ Executive Personal and Business Banking, says BNZ’s focus is on being available for our customers when they need us.
“In recent years, we saw a massive shift in customer demand towards online and call centre services, which was accelerated hugely during the pandemic. We adapted quickly at that time by moving our bankers to where our customers needed us most, which saw us reduce the number of days many of our branches were open,” says Flower.
“Post-Covid, customer preferences have continued to evolve, and in those moments that matter, such as starting a business, dealing with a bereavement, or buying a home, we’ve heard from our communities and our personal and business customers that they want more opportunities to talk to us face-to-face.
“For those significant moments, we understand it’s the personal touch that counts. That’s why we’re bringing back 5 day a week opening to give customers access to our bankers’ expertise when and where they need us.
“This means where there’s a BNZ branch near you, the doors will be open 9.30am until 4.00pm, a minimum of 5 days a week,” says Flower.
The first BNZ branches to transition to opening five days a week are:
Feilding
Matamata
Oamaru
Te Awamutu
Thames
Te Puke
Wānaka
The remaining branches will move to full week-day operating hours by April 2025.
Bank of New Zealand (BNZ) today released the findings of its inaugural Māori Business Sentiment Survey, aimed at providing insights into the current state and future prospects of Māori enterprises. The survey highlights the economic challenges being faced by Māori businesses, while also revealing their resilience and potential for growth.
Whetu Rangi, BNZ’s Head of Māori Business, says the survey aims to address the lack of comprehensive data on the experiences and perspectives of Māori businesses.
“The data gap around the sector has been a barrier to understanding and supporting the Māori economy. By launching this survey and committing to conducting it regularly, we are aiming to bridge this gap and foster ongoing collaboration and knowledge sharing. We believe that this survey will become a valuable tool to promote better understanding of the sector and help facilitate the flow of capital within the Māori economy.”
The survey, which received 125 responses from those involved with Māori businesses, revealed that economic conditions pose the most significant challenge for Māori enterprises, with 71% of respondents selecting it as their top concern. The findings also showed that nearly half (46%) of the respondents observed deteriorating business conditions over the past 12 months, while only a small fraction (15%) witnessed improvements.
Mike Jones, BNZ’s Chief Economist, says that the survey results broadly mirror weak business confidence across the economy.
“The sentiment expressed in these findings echoes what we’re witnessing in other parts of the economy as we navigate through the trough of the economic cycle. If anything, the confidence levels amongst survey respondents are on the weaker side of broader confidence indicators. This may reflect the Māori economy’s considerable investments in agriculture, forestry, and property – sectors that are currently under some strain,” he says.
Other findings include:
The majority (82%) of respondents expect costs to increase further over the coming 12 months.
Over the coming 12 months, more survey respondents expect profitability to deteriorate than to improve (27% increase vs. 33% decrease).
A similar proportion of respondents expect employment levels in their business to drop (29% increase vs. 34% decrease)
Opportunities amidst adversity
Despite the challenges, the survey also revealed signs of resilience and optimism among Māori businesses. While only 15% of respondents saw improvements in business conditions over the past year, a higher proportion (26%) anticipate better conditions in the coming 12 months.
Furthermore, more than 1 in 3 (37%) of those responding to the survey intend to boost investment in the coming year versus 24% that expect it to decrease. This may be signalling confidence in future growth potential.
“The investment plans reported in our survey are more robust compared to what we’ve seen in other business confidence surveys. As the economic cycle matures, we’ll be closely monitoring whether these intentions gain further momentum,” says Jones.
About the BNZ Māori Business Sentiment Survey
The launch of this survey is a continuation of BNZ’s commitment to Māori business and contributes to its wider strategy to facilitate financial solutions for Māori and enable whānau Māori and businesses to prosper.
More detailed findings and analysis are available here.
The survey was in field May 2024 with base n = 125. Results are indicative, collected using a sample of convenience including BNZ Māori business customers. Results are intended only for discussion and should not be relied upon for decision-making or regarded as representative of the Māori business sector as a whole. For more information on how BNZ can support Māori businesses, visit Māori Business – BNZ.
BNZ welcomes changes to the Credit Contracts and Consumer Finance Regulations and an update to the Responsible Lending Code.
The changes, announced by Commerce and Consumer Affairs Minister Andrew Bayly, are designed to give lenders more flexibility in how they assess consumer loan affordability, while still ensuring responsible lending practices.
James Leydon, GM Home Lending Product says, “At BNZ, we’re committed to supporting our customers’ financial aspirations. Whether you’re buying your first home, upsizing for a growing family, or undertaking your dream reno, we’ll be able to assess your loan application with more flexibility, in line with the updated Responsible Lending Code.
“By giving lenders more flexibility in assessing loan affordability, we can better serve New Zealanders. This approach ensures that creditworthy customers aren’t unnecessarily held back by prescriptive affordability requirements. This will help unlock opportunities for many, without compromising our responsible lending obligations.
“We look forward to implementing these changes promptly when they take effect on July 31st, ensuring our customers can benefit from a more streamlined lending process as soon as possible.”
BNZ is offering targeted support for customers affected by severe weather and flooding in Hawke’s Bay and the East Coast.
“We recognise that some of our customers may be facing unexpected challenges due to the severe weather,” says Anna Flower, BNZ Executive Personal and Business Banking.
“As they focus on the clean-up and recovery, we want to offer practical support to help relieve some of the financial pressure during this time.”
Available immediately, BNZ is offering a range of targeted assistance options for affected customers on a case-by-case basis, from access to temporary overdrafts for both personal and business customers to the ability to review home lending facilities.
“There are also a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” she said.
Business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ.
BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz
A BNZ survey has highlighted the importance of financial education as Sorted Money Month 2024 begins. Coordinated by Te Ara Ahunga Ora Retirement Commission, the annual campaign aims to equip New Zealanders with education, resources, and tools to better navigate their financial journey.
The survey* uncovered some significant concerns about retirement preparedness:
Nearly four in ten (39%) respondents aren’t confident they’ll have saved enough for retirement
One quarter lacked confidence in making investment decisions, with younger people (aged 25-44), lower-income households, and non-homeowners particularly affected
74% felt they can’t rely on NZ Super for their retirement, including those who believed it won’t provide sufficient income, or had concerns it may change in the future
Anna Flower, Executive, Personal and Business Banking at BNZ, says, “These findings highlight the importance of financial education and early planning. Money Month is an opportunity for people to take that crucial first step towards financial preparedness.”
Continuing and building on last year’s theme “Pause. Get sorted,” Money Month 2024 focuses on actions to help people grow their money and build resilience.
“Understanding concepts like compounding interest and starting your savings journey early – even with small, regular amounts – can significantly enhance financial outcomes,” Flower says.
The survey also highlighted KiwiSaver’s role in long-term financial health, with 89% of respondents enrolled. However, 16% revealed they aren’t making regular contributions, highlighting the need for ongoing education and engagement.
“People think investing is for the wealthy, but investing is for everyone, and KiwiSaver is the easiest and most accessible way to get started,” Flower says.
“For those not contributing, it’s important to understand that you could be leaving money on the table. With KiwiSaver, in addition to your own savings, you can benefit from both government and employer contributions. These additional contributions can make a real difference to your savings over time, helping put you in a much stronger position for retirement or buying your first home.”
Supporting your goals
While Money Month shines a spotlight on financial health, BNZ is committed to supporting financial wellbeing throughout the year.
“Our free Banking Reviews are designed to align customers’ banking with their financial goals and enhance their overall financial health,” Flower says.
These reviews involve building a comprehensive understanding of an individual’s financial goals and needs – from day-to-day transactions to borrowing, investments, and insurance. This holistic approach allows for tailored advice and personalised recommendations to support overall financial health.
“Our experts are always here to discuss your savings goals, advise on home loans, or help you use our BNZ KiwiSaver Scheme Navigator to understand how to get on track with your retirement savings. These reviews ensure that banking solutions work for what’s important to customers now and in the future,” she says.
In addition, BNZ offers a range of online tools and resources to help New Zealanders take control of their finances. The BNZ app’s Activity tab enables customers to track their spending, categorise transactions, and manage cashflow across personal accounts. For homeowners, the MyProperty tool provides insights into home loans, allowing users to explore scenarios like changing repayments or assessing the impact of different interest rates and what impact this may have on their mortgage free date. These digital tools, along with comprehensive calculators and other resources, support customers in making informed financial decisions.
“Don’t let another year pass without taking charge of your financial future. Whether you’re just starting out or looking to optimise your investments for retirement, now is the time to act. Small steps today, like ensuring you’re making the most of your KiwiSaver or booking a Banking Review, can lead to meaningful improvements in your financial well-being tomorrow.”
For more information on Money Month initiatives and to access financial resources, visit www.sorted.org.nz
Bank of New Zealand (BNZ) has taken another critical step toward open banking—better described as open data—becoming the first bank in New Zealand to meet a major milestone set by Payments NZ.
BNZ has implemented the Payments NZ Account Information API v2.1 standards, which when open banking is fully operational, will enable New Zealanders to safely and securely share their financial information with approved providers.
“While it sounds a little dull, API v2.1 is really the engine room of open data. It’s the piece of the tech puzzle that means our customers have full control over what data they share, who they share it with and importantly, it gives them control to stop sharing their data too,” says Karna Luke, BNZ’s Executive of Customer Products and Services.
Payments NZ plays a key role in establishing the open banking system and has set New Zealand’s major banks the task of implementing Account Information API v2.1 standards by November this year. This follows the May 2024 requirement for major banks to support payments via APIs, enabling direct account payments through third-party apps. BNZ achieved this in 2023.
“That we’ve been able to reach this milestone three months ahead of the deadline reflects the commitment that BNZ has made to support the implementation of open banking. Over 250,000 BNZ customers are already benefitting from innovative services made possible through this technology, including services from Xero, Volley, and Blinkpay, all of which connect to BNZ through secure APIs,” says Luke.
What it all means for customers
This secure access to real-time financial data empowers third-party providers and fintechs to provide customers with new, innovative, and highly personalised financial products and services. Potential use cases include:
Personalised budgeting tools: Apps that offer tailored budgeting advice based on real-time financial data and spending habits, helping users manage their finances more effectively.
Customised savings plans: Solutions that design personalised savings plans and automate transfers based on users’ financial behaviour and goals.
Advanced financial insights: Tools that provide detailed analysis of spending patterns and identify new financial opportunities, enhancing users’ understanding of their financial situation.
Streamlined loan applications: More efficient loan processes that simplify and speed up approval by leveraging comprehensive account information.
Fraud detection and prevention: Facilitating third party apps or services to use real-time account data to identify unusual activity, improving security.
“Being the first bank in New Zealand to deliver this API demonstrates our focus on helping drive the future of open banking in New Zealand,” says Luke.
“We’re excited to see more fintechs and developers join those we’re already working with to leverage this technology to create innovative solutions that will benefit our customers and the country.”
“It’s also important to remember that banking services are just the beginning. The Customer and Product Data Bill currently progressing through Parliament will establish a Consumer Data Right (CDR) in New Zealand, enabling open data sharing across multiple sectors.”
This will further unlock digital innovation, making it possible to do things like instantly and securely verifying your identity online, via the information held about you by your bank, insurer or power company, or finding the best deal across utility or insurance companies and switching easily.
For more information about the Account Information API v2.1 and its capabilities, please visit https://developer.bnz.co.nz/
Botswana’s economic growth is expected to slow to 1 percent in 2024 primarily because of a diamond market contraction, before picking up next year. Inflation has declined sharply since the peak of mid-2022 and returned to the central bank’s medium-term objective range of 3–6 percent, where it is expected to remain in the medium term.
The government plans a fiscal expansion in FY2024 followed by two years of substantial fiscal adjustment. Public debt is low (20 percent of GDP), but government deposits at the central bank have significantly reduced over the past decade.
The financial sector is sound, stable, and resilient.
Washington, DC: On August 28, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Botswana and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]
Botswana’s economic growth decelerated from 5.5 percent in 2022 to 2.7 percent in 2023, below the long-run potential growth of 4 percent. A sharp decline in diamond trading and mining activities was the main contributor to the slowdown, as global demand for rough diamonds decreased. Inflation has remained below the ceiling of the central bank’s medium-term objective range since July 2023. Despite lower diamond exports, FX reserves increased in 2023 supported by higher customs union receipts. The financial sector is broadly sound, stable, and resilient.
Botswana’s economy is expected to decelerate further this year, with growth projected at 1 percent. The continued slowdown is mainly due to a fall in diamond production, partly offset by construction projects financed by the fiscal expansion. Growth is forecast to rebound – averaging 5 percent over the next two years – due to higher prices and quantities of diamonds produced. Inflation is projected to remain within the central bank’s objective range of 3–6 percent.
The fiscal deficit is projected to widen further to 6 percent of GDP in FY2024, reflecting a further decline in mineral revenues and higher capital expenditure. The government plans a substantial fiscal adjustment in the following two years to reach a fiscal surplus. The external position should soften over the medium term (with FX reserves decreasing to 5 months of imports) due to weak growth in customs revenues and higher government foreign debt repayments. Risks to the outlook remain elevated due to the emergence of cheaper lab-grown diamonds, and uncertainty over the recovery of major export markets.
Executive Board Assessment
In concluding the 2024 Article IV consultation with Botswana, Executive Directors endorsed staff’s appraisal, as follows:
Botswana is facing a severe slowdown from a diamond market contraction in 2023 and 2024. Growth is expected to fall to 1.0 percent this year, from 2.7 percent in 2023 and 5.5 percent in 2022. This reflects weaker global demand for diamonds and a sharp increase in inventories.
Real GDP growth should rebound next year, although risks to the outlook remain elevated. A strong recovery is projected in 2025, driven by the rebound in diamond production and trade. But the economic outlook is highly uncertain, with the emergence of cheaper lab-grown diamonds, and the announced sale of De Beers by its UK parent company.
In the near term, the fall in diamond revenues could be accommodated by a mix of higher fiscal deficit and reprioritization of capital expenditure. Some fiscal relaxation is warranted in light of the widening of the output gap, but staff encourages the authorities to reprioritize capital projects to limit the increase in the deficit and ensure that they achieve the highest value for money.
Over the medium term, the authorities’ planned fiscal consolidation is critical to put a stop to the depletion of government’s financial buffers, build resilience against shocks, and preserve fiscal sustainability. Staff assesses that targeting a 1 percent of GDP fiscal surplus would generate sufficient savings to protect the budget against major economic shocks. While the authorities’ adjustment plan focuses mostly on expenditure restraint, there is also scope to increase revenues. The medium-term adjustment should be supported by institutional reforms, including a fiscal rule, more credible medium-term budgeting, and possibly a well-designed SWF.
The monetary policy stance is appropriate. Inflation has declined since August 2022 and is projected to remain within the central bank’s objective range in the medium term. Underlying pressures, as measured by core inflation indicators, seem contained, while inflation expectations are well anchored. The 2023 external position is assessed to be broadly in line with fundamentals and desirable policies.
The authorities’ plans to strengthen financial sector oversight, deepening, and inclusion are welcomed. The financial sector is broadly sound and stable despite the economic slowdown. Faster implementation of the 2023 FSAP recommendations will further reduce financial risks. These include moving to implement Basel III liquidity standards, enhancing risk-based supervision of banks, reinforcing the crisis management framework (ELA, bank resolution), and deploying macroprudential tools to address household debt risk.
Accelerating growth and job creation requires a fundamental shift towards greater private sector participation, a more diversified export base, and a more efficient public sector. The authorities should prioritize SOE modernization, improved infrastructure for doing business (internet, energy, logistics), trade facilitation measures, more efficient social protection, and financial inclusion reforms that support small entrepreneurs. These goals could be enshrined in the new NDP, supported by time-bound and well-prioritized action plans.
Botswana: Selected Economic and Social Indicators, 2020-20291
Gross investment (including change in inventories)
32.8
27.4
25.0
30.3
35.4
34.1
35.0
35.5
36.7
37.5
Public
6.5
5.5
5.4
7.1
8.4
7.0
6.2
6.0
5.5
5.2
Private
26.3
21.9
19.6
23.2
26.9
27.1
28.8
29.5
31.2
32.3
Gross savings
26.6
28.1
24.9
29.9
33.4
35.6
36.2
36.8
37.3
37.7
Public
-4.3
0.7
4.0
3.0
2.4
4.2
5.4
6.1
5.9
5.5
Private
30.8
27.5
20.8
26.9
31.0
31.4
30.9
30.7
31.4
32.2
Central Government Finances3
Total revenue and grants
25.6
29.0
29.1
28.4
28.2
28.8
28.6
28.8
27.6
26.7
SACU receipts
9.1
6.5
5.5
9.1
9.6
7.0
6.4
6.6
6.3
5.9
Mineral revenue
5.3
10.6
13.3
7.4
5.8
9.5
9.9
9.8
8.9
8.4
Total expenditure and net lending
36.5
31.4
29.1
33.1
34.2
30.6
29.1
28.3
27.1
26.2
Overall balance (deficit –)
-10.9
-2.4
0.0
-4.7
-6.0
-1.7
-0.5
0.5
0.5
0.5
Non-mineral non-SACU balance4
-25.3
-19.5
-18.8
-21.3
-21.3
-18.2
-16.7
-15.9
-14.7
-13.8
Net Debt
15.3
12.8
12.6
16.9
22.2
21.6
20.2
18.2
16.2
14.6
Total central government debt5
18.7
18.7
18.1
20.1
22.6
22.1
20.7
20.1
20.0
20.0
Government deposits with the BoB6
3.4
5.9
5.5
3.3
0.4
0.4
0.6
1.9
3.8
5.5
External Sector
Trade balance
-13.2
-3.5
2.7
-2.4
-6.9
-0.9
0.2
0.3
0.0
0.0
Current account balance
-10.3
-1.7
-1.2
-0.6
-2.0
1.5
1.2
1.2
0.6
0.2
Overall Balance
-11.7
-1.4
1.8
0.6
-0.9
1.3
1.3
1.5
0.9
0.5
Nominal effective exchange rate (2018=100)7
94.0
94.1
90.8
86.4
–
–
–
–
–
–
Real effective exchange rate (2018=100)7
94.4
97.7
99.1
94.7
–
–
–
–
–
–
Terms of trade (2005=100)
140.5
178.9
161.3
152.7
125.9
162.2
171.4
176.6
181.6
186.6
External central government debt5
7.8
8.4
7.5
8.9
8.3
6.7
5.6
4.8
3.9
3.5
Gross official reserves (end of period, millions of USD)
4,944
4,806
4,281
4,757
4,587
4,879
5,198
5,600
5,852
6,014
Months of imports of goods and services8
6.4
6.6
7.1
7.3
6.3
6.0
5.8
5.6
5.4
5.1
Months of non-diamond imports8
9.3
8.7
8.2
8.8
7.9
7.8
7.6
7.5
7.2
7.1
Percent of GDP
31.2
27.1
21.8
24.2
23.3
22.3
21.5
21.7
20.8
19.6
Sources: Botswana authorities and IMF staff estimates and projections.
1 This table is based on calendar years unless otherwise indicated.
2 Based on Atlas method from the World Bank.
3 Fiscal variables are based on fiscal years (starting on April 1).
4 The non-mineral non-SACU balance is computed as the difference between non-mineral non-SACU revenue and total expenditure.
5Excludes guarantees. Debt data measured at end of fiscal year.
6Government deposits with the BoB include Government Investment Account as well as other accounts. Deposits data measured at end of fiscal year.
7 For 2020-2023, both effective exchange rates are from IMF INS database.
8 Based on imports of goods and services for the following year.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
Washington, DC: On September 10, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with the Dominican Republic and considered and endorsed the staff appraisal without a meeting.[2]
A track record of sound policies and institutional policy frameworks has helped the Dominican Republic achieve robust and resilient economic growth and low inflation over the last two decades. Effective policies contributed to a growth moderation that appropriately supported inflation’s rapid and sustained return to its target last year and then aided the recovery, while close monitoring of the financial sector supported macro-financial stability. Planned enhancements to policy frameworks and deepening structural reforms—in particular, comprehensive fiscal and electricity reforms—have the potential to further support stability, competitiveness, and inclusive growth.
Following a strong post-pandemic recovery, economic growth slowed to 2.4 percent in 2023 due to tighter global and domestic financial conditions, weak export demand, and transient domestic factors, largely climate related. The growth slowdown, alongside lower commodity prices, drove inflation’s faster-than-expected convergence to its target range (4±1 percent). In response, the Central Bank of The Dominican Republic (BCRD) cautiously and appropriately reduced its key policy rate, allowing for greater exchange rate flexibility while increasing foreign exchange interventions to smooth daily exchange volatility. Fiscal policy was also prudently adjusted to support the economy. The current account deficit in 2023 narrowed markedly to 3.6 percent of GDP and was fully financed by foreign direct investment (FDI) flows. The financial sector weathered the period of tight monetary policy and slower growth and is adequately capitalized and profitable.
Supported by sound policies and macroeconomic fundamentals, the outlook is favorable despite elevated, mostly global, uncertainty. For 2024 and over the medium term, real GDP growth is projected around its long-term trend of 5 percent, with inflation around its 4 percent target. The current account deficit is projected to gradually narrow to less than 3 percent of GDP and continue being fully financed by FDI. Near-term risks to the outlook—including tighter global financial conditions, geopolitical tensions, and volatile commodity prices—have moderated since last year but remain elevated and tilted to the downside. Over the medium-term risks are more balanced and include upside risks if key domestic reforms are implemented successfully.
Executive Board Assessment
In concluding the 2024 Article IV Consultation with the Dominican Republic, Executive Directors endorsed staff’s appraisal, as follows:
A track record of sound policies and institutional policy frameworks has helped the Dominican Republic achieve robust and resilient economic growth and low inflation over the last two decades. Effective policies contributed to a growth moderation that appropriately supported inflation’s rapid and sustained return to its target in 2023. The authorities provided timely policy support to aid the recovery while monitoring closely the financial sector. The external position improved significantly in 2023 and was broadly in line with fundamentals and desirable policies.
The outlook is favorable despite elevated—mostly global—uncertainty. Real GDP growth is projected around its long-term trend of 5 percent in 2024 and thereafter, with inflation around its (4±1 percent) target. The current account deficit, expected to be fully financed by FDI, is projected to gradually narrow over the medium term. Downside risks dominate in the near‑term term—including tighter for longer monetary policy in the U.S., intensification of regional conflicts, or extreme local weather events—but are broadly balanced over the medium term, including upside risks if reforms are successfully implemented. Existing buffers, further contingency planning, and agile sound policy making can help face adverse shocks.
In the near term, policy priorities should remain focused on maintaining macroeconomic and financial stability, including further flexibility of the exchange rate. Monetary policy normalization can continue, given remaining economic slack and that inflation is firmly within the target range. Efforts to expedite the recapitalization of the central bank to reinforce its autonomy should remain a priority. Endeavors should continue to deepen the FX market, expand the use of hedging mechanisms and limit FXIs to large shocks that lead to destabilizing changes in hedging and financing premia to support further exchange rate flexibility, and therefore further enhance the effectiveness of the inflation targeting framework. While international reserves are broadly adequate based on traditional metrics, further reserve accumulation is necessary to increase buffers to deal with future shocks.
Fiscal policy should remain focused on rebuilding buffers and critical spending needs. The fiscal responsibility law and its planned implementation are welcomed and are important steps to better anchor medium-term policies and further secure debt sustainability. The authorities’ planned gradual fiscal consolidation, consistent with this law, is appropriate to place debt on a firmly downward path and build fiscal buffers. An integral fiscal reform that durably raises revenues—through elimination of tax exemptions and expansion of the tax base—and improves spending efficiency—especially by reducing electricity sector subsidies and untargeted transfers—is imperative. This can provide space for needed development spending (including disaster-resilient infrastructure) to promote inclusive growth.
The financial sector remains resilient and well capitalized, and efforts to bring the regulatory framework up to the latest international standards should continue. The sector weathered well the period of high interest rates and slower growth in 2023. Stress tests show that the banking sector can absorb a range of shocks. Continued close monitoring to contain any build‑up of vulnerabilities remains warranted amid higher for longer interest rates and past increases to credit growth. The modernization of the financial and prudential regulatory framework, alongside the expansion of the macroprudential toolkit, and closing regulatory/supervisory gaps (including for savings and loans cooperatives) will further increase financial sector resilience.
Ongoing efforts to improve public institutions and the business climate are essential to maintaining the strong investment and growth trajectory. The fiscal policy framework, and spending and revenue efficiency can be further enhanced by continued improvements to public financial management and further strengthening of revenue administration. Reforms to education and the labor market, alongside further improvements to social outcomes and implementation of climate adaptation and mitigation policies will be critical to support inclusive and resilient growth and continue to reduce vulnerabilities. The authorities should continue in their efforts to fully implement the Electricity Pact.
Sources: National authorities; World Bank; and IMF staff calculations.
1/ Latest available.
2/ The consolidated public sector includes the budgetary central government (CG); the rest of the Non-Financial Public Sector, i.e., extra-budgetary central government institutions (decentralized and autonomous institutions), social security funds, local governments and non-financial public companies; and the quasi-fiscal central bank debt. With the dissolution of the state electricity holding company (CDEEE) in 2022, the deficit of CDEEE from 2019 was transferred to the CG.
3/ Excluding reserves.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
Lesotho’s GDP growth has improved modestly, picking up to 2.2 percent in the fiscal year ending in March 2024. Inflation increased in the second half of 2023, peaking at 8.2 percent in January 2024. But upward pressures have eased, and inflation has since fallen to 6.5 percent in June.
The outlook for Lesotho’s fiscal and external balances has improved significantly owing to windfall transfers from the Southern African Customs Union (SACU) and renegotiated water royalties.
In this context, and amid Lesotho’s sizable development needs, a key challenge for the authorities will be to ensure that this revenue is saved wisely and spent strategically.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with the Kingdom of Lesotho.
GDP growth picked up modestly to 2.2 percent in 12-month period ending March 2024, compared with 1.6 percent a year earlier. This largely reflects accelerated construction from the Lesotho Highlands Water Project. Nonetheless, unemployment remains high, diamond and textile exports have been sluggish, and an exceptional dry season increased food-security concerns across the country.
Headline inflation reached 6.5 percent in June, up from 4.5 percent in July 2023, though down from a peak of 8.2 percent in January 2024. The increase in inflation was largely due to exogenous factors that will most likely fade going forward.
Lesotho registered a sizable fiscal surplus of 6.1 percent of GDP in during the fiscal year ending March 2024. In a change from past practice, transitory SACU transfers (10.4 percent of GDP higher than in FY22/23) were not accompanied by a parallel increase of the public wage bill. Instead, the authorities used the SACU proceeds to reduce arrears and rebuild deposits at the Central Bank.
In support of the Loti’s peg to the Rand, the Central Bank of Lesotho has kept the policy rate steady at 7.75 percent since May 2023, in line with policy rates in South Africa.
Financial conditions remain stable—private sector credit growth picked up to 12.5 percent in FY23/24, mainly due to construction, while the nonperforming loans have eased to 3.8 percent of total loans as of 2023 Q4.
Growth is projected to peak in the fiscal year ending in March 2025 (at 2.7 percent), while inflation is expected to ease slowly. Another year of windfall SACU transfers (6 percentage points of GDP above the 10-year average) will again bolster fiscal and external balances in FY24/25. These transfers are projected to fall sharply starting in FY25/26, though higher water royalties will help fill the gap. As a result, the fiscal balance is projected at a surplus of around 1 percent of GDP over the medium term, with the current account deficit at a modest 2.6 percent.
The authorities are encouraged to continue their prudent fiscal approach, ensuring that additional revenues are saved wisely and spent strategically, while also pushing ahead with reforms to support private sector-led growth.
Directors agreed with the thrust of the staff appraisal. They welcomed the recent pickup in growth but concurred that Lesotho’s economy faces substantial challenges, including high unemployment, widespread poverty, and sluggish growth. They also noted the risks posed by global growth shocks, extreme weather events, uncertain transfers from the South African Customs Union (SACU), and commodity price volatility. Against this background, Directors welcomed the authorities’ commitment to strengthening policy frameworks, supported by Fund capacity development as needed.
Directors emphasized the need for continued fiscal prudence to strengthen foreign exchange reserve coverage, safeguard the peg, and preserve medium-term debt sustainability. They agreed that containing the public wage bill, increasing spending efficiency, and prioritizing social spending on the most vulnerable remain critical. Given increased water royalties, Directors encouraged the authorities to establish a well-governed savings framework anchored by a credible fiscal rule to build buffers and support Lesotho’s long-term development objectives.
Directors agreed that public financial management (PFM) should be strengthened. They encouraged passage of PFM-related legislation, and improved budget processes, strengthened internal controls, and enhanced financial reporting. Directors also underscored the importance of boosting public investment efficiency, through a prioritized capital project pipeline with enhanced project management capacity.
Directors concurred that monetary policy should focus on price stability and safeguarding the exchange rate peg. They noted the slowdown in inflation, but urged the authorities to monitor price dynamics closely and stand ready to adjust monetary policy if inflationary pressures reemerge. Directors encouraged the authorities to improve central bank governance and coordinate closely across institutions on fiscal and monetary policies.
Directors noted that the financial sector remains stable and encouraged continued monitoring of risks, including from the nonbank financial sector. They concurred that an updated national financial inclusion strategy would be key to improving financial intermediation and supporting private sector growth. They welcomed the progress made in strengthening legal and regulatory frameworks for financial stability and AML/CFT.
Directors strongly encouraged the authorities to implement much-needed structural reforms to catalyze job-rich inclusive growth, including by improving the business environment, strengthening governance, and reducing corruption risks. They lauded the authorities’ commitment to improving data quality and timeliness to support policymaking.
(excluding imports for LHWP-II, months of imports)
4.2
4.5
4.3
4.5
5.0
5.9
6.3
6.4
6.4
6.5
Money and Credit
Net international reserves
(US$ millions)
718
846
671
755
916
1,121
1,258
1,343
1,417
1,513
(Percent of M1 Plus)
109
127
111
114
137
163
179
185
190
197
(US$ millions, CBL calculation)
777
843
698
755
843
…
…
…
…
…
(Percent of M1 Plus, CBL calculation)
118
127
116
114
126
…
…
…
…
…
Domestic credit to the private sector
-3.0
6.7
8.7
12.5
9.0
8.1
8.0
8.3
7.4
7.7
Reserve money
16.5
1.0
24.5
24.0
1.9
1.2
1.6
1.6
2.1
2.3
Broad money
12.2
0.0
8.7
15.2
3.9
5.0
5.1
5.4
5.1
5.4
Interest rate (percent)3
3.8
3.5
3.5
4.7
…
…
…
…
…
…
(Percent of GDP, unless otherwise indicated)
Public Debt
54.7
58.4
64.5
61.5
59.9
59.7
59.8
59.8
59.5
59.5
External public debt
42.9
42.3
47.2
47.8
46.6
46.4
46.2
46.2
46.0
46.0
Domestic public debt
11.7
16.1
17.3
13.7
13.3
13.3
13.5
13.5
13.5
13.5
Central Government Fiscal Operations
Revenue
54.4
48.8
44.6
56.5
63.4
61.1
57.8
55.6
55.6
54.8
Domestic revenue (excluding SACU transfers and grants)
25.1
27.2
27.6
29.3
31.0
36.6
34.9
33.7
33.7
33.7
SACU transfers
26.2
16.7
14.0
24.5
25.6
19.3
18.5
17.5
17.5
17.5
Grants
3.1
4.9
3.0
2.8
6.9
5.2
4.3
4.3
4.3
3.6
Recurrent expenditure
43.0
38.6
40.5
40.8
42.0
40.9
40.9
40.8
40.8
40.8
Of which: wages, including social contributions
17.6
17.0
18.0
17.1
16.8
16.7
16.6
16.4
16.4
16.4
Capital expenditure
11.4
15.5
9.6
9.6
16.3
14.3
13.9
14.0
14.1
13.5
Additional fiscal measures
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Overall balance
0.0
-5.4
-5.5
6.1
5.1
5.8
3.0
0.8
0.6
0.5
(excluding SACU transfers and grants)
-29.3
-27.0
-22.5
-21.1
-27.3
-18.6
-19.8
-21.1
-21.3
-20.6
Operating balance
0.0
-5.4
-5.5
6.1
5.1
5.8
3.0
0.8
0.6
0.5
Primary balance
1.6
-4.0
-3.6
8.1
6.7
7.5
4.8
2.7
2.6
2.6
(excluding SACU transfers and grants)
-27.7
-25.6
-20.6
-19.2
-25.7
-17.0
-18.0
-19.2
-19.3
-18.6
Statistical discrepancy
-0.6
0.6
2.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Sources: Lesotho authorities, World Bank, and IMF staff calculations.
1 The fiscal year runs from April 1 to March 31.
2 IMF Information Notice System trade-weighted; end of period.
3 12-month time deposits rate.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
Washington, DC: On September 9, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Bhutan[1].
During the past decade Bhutan adeptly balanced economic growth and poverty reduction with environmental sustainability. Sustained growth increased incomes, lifting living conditions and eliminating extreme monetary poverty by 2022. Bhutan has a long history of leading environmental conservation and climate change action and is committed to remaining carbon neutral. While the pandemic hindered economic development, strong policies limited its health impact.
Growth remained subdued during 2023. Large-scale emigration and policies to curb imports hindered a more robust recovery. Inflation accelerated in the second half of 2023, driven by wage increases in the public sector. The current account deficit (CAD) widened to around 30 percent of GDP driven by a large investment in crypto assets mining and the slow recovery in tourism. The fiscal deficit narrowed but remained high and non-hydro debt nearly doubled from pre-pandemic levels.
Boosted by hydro-power projects and grant-financed capital investment, growth is projected to accelerate over the medium term, averaging 6.3 percent of GDP, but to remain volatile. A gradual easing of inflation towards 4 percent is expected as the impact of wage increase subside. The CAD is expected to narrow, supported by higher electricity exports due to the commissioning of new hydropower plants, a continued recovery in tourism, and crypto assets exports. Securing diverse sources of growth that provide quality employment opportunities while preserving Bhutan’s commitment to environmental sustainability remains a key medium‑term challenge.
Uncertainty remains elevated with the balance of risks tilted to the downside. Domestic risks include slippages on implementation of the goods and services tax, delays in hydropower projects, and fiscal risks from the materialization of contingent liabilities in the financial sector. External risks include volatile commodity prices—particularly of fuel—and a global slowdown that could hinder non-hydro exports. Bhutan is vulnerable to climate change, given the importance of hydroelectricity and agriculture. Crypto mining entails significant upside and downside risks given their price volatility. Overall, the large external debt and persistent CADs—while supporting growth-enhancing investments and financed by development partners—are nonetheless a source of vulnerability. On the upside, the pursuit of stronger‑than-envisaged fiscal consolidation would accelerate the pace at which fiscal and external buffers are rebuilt.
Executive Directors agreed with the thrust of the staff appraisal. They commended Bhutan’s significant reduction in poverty and inequality during the last decade. Directors welcomed that growth is expected to accelerate over the medium term, boosted by a large hydroproject, higher capital spending, and the slowdown of emigration. Noting downside risks to the outlook, they underscored that tighter fiscal and monetary policies are needed to support the peg, reduce domestic and external imbalances, and rebuild buffers; while carefully managing potential risks stemming from crypto assets operations is also needed. Directors called for structural reforms to foster high-quality jobs in the private sector and diversify the economy, and commended the authorities’ commitment to ecological conservation and climate change action. They noted that continued support from the Fund’s capacity development is important.
Directors stressed that a gradual and sustained fiscal consolidation, based on revenue mobilization and spending restraint, is essential to rebuild buffers and preserve debt sustainability. They welcomed the authorities’ commitment to a timely implementation of the Goods and Services Tax and to undertaking additional tax and revenue administration measures to achieve the planned fiscal consolidation. Directors recommended strengthening public financial management, public investment management, and domestic debt management.
Directors underscored that monetary policy needs to be tightened in tandem with fiscal policy to ease balance-of-payment pressures and rebuild reserves. They stressed the need for a well-functioning domestic liquidity management framework to support the monetary policy operation function. Directors encouraged the authorities to phase out existing exchange restrictions once conditions allow. They noted the need to address remaining financial sector vulnerabilities, particularly given the expiration of COVID-related support measures. In this context, they welcomed the new guidelines and regulations to address credit quality and the progress in moving toward risk-based supervision. Directors recommended further enhancing the AML/CFT framework.
Directors called for structural reforms to diversify the economy and foster the creation of private sector jobs for high-skilled workers. They recommended improving the business environment, strengthening human capital accumulation, and improving active labor market policies. Directors welcomed efforts toward a new FDI policy, which relaxes some restrictions, including access to foreign currency, local employment requirements, and caps on foreign ownership. They also welcomed the improvements in data quality and called for further progress in this area.
Directors stressed the need to further strengthen public sector governance, including the Royal Monetary Authority’s (RMA) governance framework and independence as well as the transparency in the operations of state-owned enterprises. Noting the need to mitigate the potential risks stemming from crypto asset operations, they welcomed RMA’s efforts to strengthen its reserve management strategy and the forthcoming audited financial statements of crypto-mining operations.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the
views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation
Leading New Zealand law firm MinterEllisonRuddWatts’ diversity leadership was again recognised at the Women on Boards New Zealand’s Women in Governance Awards 2024 last night.
MinterEllisonRuddWatts was awarded top honours for the Gender Diverse Organisation Leader (with more than 50 employees) category.
The firm’s Chief Executive,Andrew Poolesays ” This award is a reflection of the gender diversity within our board and the progress we’ve made across the firm. We recognise that there’s more work to be done but we are proud of our progress to encourage and support diversity and inclusion in all its forms. It’s the foundation of our firm’s unique culture.”
Board member, Partner and the firm’s EDI Committee Chair,Janine Stewartaccepted the award on behalf of MinterEllisonRuddWatts, commenting ” Setting both aspirational and achievable goals is vital to make a difference, and there needs to be some quick wins. This helps to build the momentum needed to tackle larger goals. We are proud of our work so far, but we acknowledge there is more to be done within our firm and the wider legal profession.”
MinterEllisonRuddWatts is a proven leader in diversity and is proud of its progress and achievements to encourage and support greater gender equity. Examples of the firm’s commitment to empowerment, diversity, and inclusion (EDI) include:
Its established EDI Committee comprises partners and staff and focuses on advancing diversity in all its forms.
Being the first New Zealand law firm to publicly report its gender and ethnic pay gap via Mind the Gap.
Supporting the New Zealand Law Society’s Gender Equitable Engagement and Instruction Policy.
Paying the living wage as a minimum since 2021, and ensuring our key contractors are also paying their staff the living wage as a minimum.
Fostering cultural diversity by actively supporting cultural celebrations such as Māori language week, Diwali and Lunar New Year and Te Reo language classes are offered to all staff.
Supporting TupuToa’s scholarship programme to grow more Māori and Pacific leaders, by offering students fully paid internships and employment opportunities during their tertiary studies.
Partnering with the ICE Base and Global Women to support the next generation of women leaders.
Being Rainbow Tick certified which demonstrates our commitment to a LGBTTQIA+ inclusive culture and systems, and showing that we are a safe and welcoming workplace for employees who are members of the Rainbow community.
Providing unconscious bias training to all staff as part of our induction, and cultural intelligence training to leaders across the firm.
Being named National Firm of the Year for Gender Diversity at the Asia-Pacific Women in Business Law Awards 2023, for the sixth time. The awards recognise the best initiatives for gender diversity, innovation, mentoring, work-life balance, pro bono work and talent management.
The Women in Governance Awards are New Zealand’s only awards celebrating women in governance, and organisations and individuals with a strong commitment to gender equity and diversity.
MinterEllisonRuddWattsis a top tier New Zealand law firm known for providing clients with technically excellent legal solutions and innovative advice. We are trusted advisors and work alongside our clients to ensure success. We are proud to be a New Zealand law firm offering a global outlook. Our offices in Auckland and Wellington can access an international network through our firm’s strategic alliance with MinterEllison, a leading firm in the Asia-Pacific. The firm supports numerous charitable endeavours and organisations through its pro bono and fundraising initiatives.
Helmut Schlesinger turns 100 on 4 September, an anniversary that adds a wholly new numerical dimension to the honorary title of former Bundesbank President. Helmut Schlesinger is certainly no stranger to accolades celebrating his milestone birthdays. The “Börsen-Zeitung”, for one, marked his 80th birthday by writing that his name is synonymous with the pursuit of monetary stability, in a reference to the Bundesbank’s particular culture of stability, in which Mr Schlesinger’s thinking and attitudes resonate to this day. Mr Schlesinger’s presidency marked the pinnacle of over 41 years at the Bundesbank and in pursuit of a stable currency. He is rightly regarded as one of the most influential Bundesbankers of all time. The “Börsen-Zeitung” once dubbed him a home-grown product of the Bundesbank, a description that I like a lot. It wrote that Helmut Schlesinger embodied an exceptional period of monetary history, which came to an end as it were with the transition to the euro, characterised, on balance, by the continuity of success. During the 1950s and 1960s, in the early days of the Deutsche Mark, Mr Schlesinger followed an unusually steep career as a Bundesbank civil servant, culminating in him heading the Economics and Statistics Department. It was a time in which West Germany was experiencing the economic miracle. Under the fixed exchange rate regime, the Bundesbank led the money and credit sector out of planning and currency reform until it was finally opened and liberalised in 1958. Over the entire period, the Bundesbank succeeded in keeping the Deutsche Mark stable. In 1972, Mr Schlesinger was appointed to the Bundesbank’s Directorate and became its chief economist. The circumstances of the time required a complete realignment of monetary policy: the Bretton Woods exchange rate system teetered and finally collapsed in 1973. Western Europe’s exchange rates entered a new equilibrium – first in the European exchange rate arrangement, then in the European Monetary System (EMS). In economic terms, the 1970s were dominated by oil crises and rising unemployment. The combination of high inflation and a stagnant economy led to a new term being coined: stagflation. At that time, the Bundesbank was the first central bank to introduce monetary targeting. Mr Schlesinger played a key role in translating monetarist theory into a monetary policy strategy. He always saw the importance of explaining monetary policy, in personal contributions and in the Bundesbank’s Monthly Report, which he edited meticulously and with a sure sense of style. Many at the Bundesbank will remember the notes he made in pencil – he preferred an HB, or medium, hardness grade. As a monetary policymaker, however, some considered him a hard pencil lead, his argumentation consistent, but never simplistic. Time and again, he demonstrated the interaction between economic analysis, theoretical monetary concepts, political decision-making and historical change. During the 1970s and 1980s, the Deutsche Mark proved one of the world’s most stable currencies. Mr Schlesinger, who was made Vice-President in 1980, was regarded as the “conscience of stability policy”. US Treasury Secretary James A. Baker III is once said to have accused Schlesinger of seeing inflation under every pebble. This period saw the Deutsche Mark evolve into the anchor currency of the EMS. In 1991, Schlesinger was promoted from Vice-President to President – for a tumultuous 26 months. The Bundesbank used interest rate hikes in a bid to bring down the inflation caused by German reunification. Its stubborn high-interest-rate policy met with criticism within Germany and elsewhere. Many of the EMS partner countries likewise blamed the Bundesbank for the currency crises and rounds of depreciation of 1992‑93. When the United Kingdom was forced to withdraw from the EMS in 1992, UK politicians and the British media levelled serious accusations at Mr Schlesinger. Yet he was never a narrow-minded monetary policy nationalist; he followed a clear monetary compass. When Mr Schlesinger, a passionate hillwalker, was asked on a Himalayan tour about the importance of the oldest Buddhist mantra om mani padme hum, he is said to have answered: keep the money supply tight. Nowadays, the monetary targeting he introduced and that proved so successful back then has a different role to play. The structure of the economy has changed fundamentally. Mr Schlesinger himself always underscored that monetary policy strategy had to be adapted to structural change if it was to maintain monetary stability. Another of Mr Schlesinger’s insights also remains as true now as it was then: Stable money not only needs stability-oriented policies from both the government and the central bank. Business, employers and trade unions, and consumers also need to behave appropriately – what you might call a culture of stability. He established this culture of stability not just within the Bundesbank, but throughout west German society and later German society as a whole. It is a culture that is an obligation to all of his successors in the office of Bundesbank President. As the fifth in this line, I am honoured to offer my felicitations: heartfelt congratulations on your 100th birthday, Helmut Schlesinger!
An undated file photo shows the entrance to the Chinese Ministry of Commerce in Beijing, capital of China. [Photo/Xinhua]
China’s Ministry of Commerce said Tuesday that it will probe into PVH Corp. of the United States under the unreliable entity list framework for suspected discriminatory measures and other practices violating market trading principles regarding Xinjiang-related products.
The U.S. company is suspected of boycotting cotton products from China’s Xinjiang Uygur Autonomous Region without any factual basis, which seriously undermined the legitimate rights and interests of relevant Chinese enterprises, and jeopardized China’s sovereignty, security and development interests, said the ministry.
Source: Hong Kong Government special administrative region
Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, today (September 24):Vice President Vo (Vice President of the Vietnam Chamber of Commerce and Industry Mr Vo Tan Thanh), distinguished guests, ladies and gentlemen, Good afternoon, xin chào buổi trưa. Firstly, a very warm welcome, a very big thank you to all of you joining our forum this afternoon co-organised by the Department of Justice of Hong Kong, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry. The theme of today’s forum is “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”. In my opening remarks, I simply wish to try to answer two questions, two very obvious questions that I suppose you have in mind. Firstly, who we are; secondly, why are we here. For the purpose of this forum, I have a very big delegation consisting not simply of government lawyers from my Department. The Department of Justice of Hong Kong is in fact quite similar to the Ministry of Justice in Vietnam. So, a lot of people would think I will be responsible for criminal prosecutions, giving advice to the Government. But perhaps not so well known is that, it is also one of my duties to promote legal services in Hong Kong to friends outside the jurisdiction. Apart from my colleagues from the Department of Justice, I am very fortunate to have the support of about 15 legal practitioners from Hong Kong. They are very experienced legal practitioners specialised in different areas. And in fact we have all together, if I recall correctly, six supporting organisations. And you can tell from the nature of the organisations to have some idea as to who these legal practitioners are representing. We have representatives from the two legal professional bodies in Hong Kong, the Hong Kong Bar Association and the Law Society of Hong Kong. In Hong Kong, we still adopt the British system, we still have a divided legal profession. We have barristers who go to the courts to do advocacy work, and then we have solicitors handling all sorts of legal matters from non-contentious commercial matters to dispute resolution. So the representatives from two legal professional bodies, and then we have representatives from the main arbitration institutions in Hong Kong, including the Hong Kong International Arbitration Centre, HKIAC, which is the main arbitration institute in Hong Kong. We also have the South China International Arbitration Center (Hong Kong), which is also a very important institution. And then we have the AALCO, Asian African Legal Consultative Organization, with a regional arbitration centre in Hong Kong. We also have a representative from eBRAM which provides electronic services, not just for dispute resolution, but also for deal making. So from looking at the nature of these organisations, I hope you will be convinced that we have a wide spectrum of legal practitioners who are going to share their experiences and their knowledge about Hong Kong legal services to you in due course. Having told you very briefly who we are, the second question perhaps is even more relevant and important: Why are we here? What do we aim to achieve in the next couple of hours? We have two hours for the forum. We decided to share with you some of the things about Hong Kong which you may be interested in for the two hours. And I believe many of you will join our dinner after the forum, so it will be around four hours. A lot can be achieved within four hours. As I said earlier, I come across this question quite often. People wonder, in my capacity as the Secretary for Justice, I should be responsible for legal matters. It is not really my responsibility to promote trade and finance. I am not a minister of commerce. So what on earth am I doing here? To answer this very pertinent question, I think we should remind ourselves of the very close relationship between Vietnam and Hong Kong. I think we have to set the scene, we have to put things in context first. As a matter of fact. I am sure you would agree that Hong Kong and Vietnam share very close ties both as a matter of history and also at present. Now we are in the beautiful city of Ho Chi Minh City. Ho Chi Minh is the founding father of Vietnam, and I am sure you would remember that Mr Ho Chi Minh actually founded the Communist Party of Vietnam in Hong Kong in the early 1930s. I had a very quick chat with Vice President Vo just a moment ago. He reminded me that in the last century, from the 60s, 70s, all the way up to 90s, a lot of trade concerning Vietnam actually went through Hong Kong for a lot of reasons. And then fast forward, what is the position as at today? At the moment, I think there are more than 7 000 Vietnamese settling in Hong Kong, because I attended the national day celebration held by the Consul-General of Vietnam last week, so I got all the figures. There are more than 7 000 Vietnamese settling in Hong Kong. We have a lot of good Vietnam restaurants. I like the pho and banh mi. But more than that, we have roads and streets in Hong Kong named after places in Vietnam. We have the Saigon Street, Hanoi Road, so on and so forth. Last October, the Hong Kong Government has relaxed some immigration regulations, and as a result, it is much easier and convenient for Vietnamese talent to come to work in Hong Kong. In addition, the criteria for taking multiple visas, either as tourists or on business, have also been relaxed. And a little bit closer to today, about two months ago, the Chief Executive of the Hong Kong Government came to Vietnam. I think he held a forum exactly in this particular venue. On that occasion, I was told that altogether 22 co-operation agreements have been signed between business people in Ho Chi Minh City and Hong Kong, covering a wide range of areas. And you look at the figures, look at the statistics, Vietnam is Hong Kong’s second-largest trading partner within ASEAN (Association of Southeast Asian Nations) countries. I don’t remember the exact figures, but the amount is huge. And in terms of direct investment in Vietnam, the Vice President also confirmed to me that Hong Kong ranks among the top five. So plainly, if you put the matter in context, the relationship between Vietnam and Hong Kong has always been very close. And we look to the future. The Permanent Deputy Prime Minister of Vietnam actually paid a visit to Hong Kong about two weeks ago to attend the Belt and Road Summit. And he gave a very inspiring speech touching upon the relationship between Vietnam and Hong Kong. He mentioned the development plan of “Two Corridors, One Belt”, which is a very important development plan of Vietnam. He said he is hoping that we can connect the Vietnamese “Two Corridors, One Belt” plan with the Belt and Road Initiative proposed by China. So these two plans actually can have a sort of very good synergy. So this is the background that I would like to remind ourselves. But still you might think, well, I haven’t answered the very pertinent question yet, because so far I did not mention the word “law” very often. So how is legal service, how are lawyers in Hong Kong relevant to what I have said to the future relationship between the jurisdictions? I think the answer must be obvious, because most of you are very successful, very influential business people in Vietnam, and most of you will be engaged in international commercial investment transactions. And you must recognise that no matter how much you hate lawyers, in particular the fees that they are charging you, lawyers are indispensable from the moment you decided to set up a business in a foreign place to the point you have to negotiate or conclude a contract with a foreign party; when it comes to how to manage your risk when you set up a business in a particular place, including: should I be concerned about the labour law there, tax or whatsoever; and in the im
portant event that you run into dispute with your business partner or other people that clearly you will require legal service to assist you to resolve dispute. So the point that I wish to make is that, in the whole business cycle, I would use the analogy “from cradle to grave” but need to be more precise in the context from the inception of a business to the termination, to the point when you rip your profit from your joint venture, at each and every stage, legal service would be indispensable. But that still doesn’t answer the question. Assuming legal service is indispensable, obviously you have to consider who should I instruct? Legal services of which jurisdiction would be to my advantage, would serve my best interest? Now, here comes the ultimate objective of today’s event. I am hoping that after four hours, you will be convinced that Hong Kong will be your best choice. I am not suggesting that Hong Kong is the only choice because the choice is yours, but I am assisting you to make an informed choice. We will be trying our best to persuade you that among all the options, Hong Kong is the best choice. Why? Because Hong Kong is a common law gateway for Vietnamese businesses to China and beyond. This is my short answer. We do have a long answer, but I am afraid that the long answer is not going to be given by me. It is going to be provided by my eminent friends coming from Hong Kong. They will speak from their own area of practices, from their experiences to substantiate the point that I wish to make. And of course, after they share their experiences and what they wish to tell you, at dinner time, I am hoping that most of you would join the dinner, I will have the chance to speak to you again, just to do my closing submission. I will wait for your verdict at the end of your dinner. On this note, I hope you all have a very enjoyable afternoon and a very fruitful afternoon. And I hope that I will be able to convince you, because the duty of a lawyer is to convince people. I will be failing my duty if I am unsuccessful in this respect. I need your support and I am very optimistic because I have very good friends with me doing the job together with me. Thank you very much.
Members of the UConn community and the general public are invited to join in a bipartisan conversation about fostering civic and democratic engagement at The Dodd Center for Human Rights at UConn Storrs on Thursday, September 26, 2024, when Congress to Campus comes to UConn.
The flagship program of the nonprofit organization FMC – a bipartisan, voluntary alliance of former U.S. Senators and Representatives who advocate for representative democracy at home and abroad – Congress to Campus offers a unique civic educational experience by engaging honest dialogue with bipartisan teams of former members of Congress, congressional staff, and American diplomats.
“We know from our own work at UConn on programs like Democracy and Dialogues just how powerful it can be to engage in meaningful and civil discussion on the most critical issues we, as a society, are facing,” says James Waller, the inaugural Christopher J. Dodd Chair in Human Rights Practice at UConn and director of Dodd Human Rights Impact Programs, which is hosting the Congress to Campus event.
“We hope that this event will showcase how civil discourse, and even disagreement, can be a productive and healthy part of our democracy,” Waller says.
Congress to Campus sessions have been held on 183 campuses in 43 states and seven countries, reaching more than 57,000 students in the last 10 years alone.
Loretta Sanchez (contributed photo)
UConn’s Congress to Campus event will feature a discussion with the Honorable Loretta Sanchez (D-CA, 1997-2017), a former senior member of the Armed Services and Homeland Security Committees; and the Honorable Fred Upton (R-MI, 1987-2023), a former chairman of the Committee on Energy and Commerce and top Republican leader of the Subcommittee on Energy.
Their discussion will be moderated by NBC Connecticut anchor and reporter Amber Diaz ’11 (CLAS), and UConn President Radenka Maric will deliver welcoming remarks
While visiting UConn, Reps. Sanchez and Upton will also engage with members of the broader community in a series of workshops small group discussions, keynotes, and classroom visits on topics including civil discourse, messaging and disinformation, democracy and human rights, and participation and inclusion.
The event is co-sponsored by UConn’s Gladstein Family Human Rights Institute, School of Public Policy, Department of Political Science, Undergraduate Student Government, Department of Residential Life, Community Outreach, Office of Outreach and Engagement, and the Nancy A. Humphreys Institute for Political Social Work.
Fred Upton (contributed photo)
It’s supported by Citizen Travelers, the nonpartisan civic engagement initiative of Travelers.
“We’re so grateful for our many partners on this event, and we hope students as well as members of our UConn community and the greater public will join us for this important conversation,” says Waller.
The Dodd Center is home to robust academic programs and innovative external engagement in human rights, including the Gladstein Family Human Rights Institute, its Dodd Human Rights Impact Programs, the University Archives and Special Collections, and the Center for Judaic and Contemporary Jewish Life.
The outreach and engagement arm of human rights at UConn, Dodd Human Rights Impact works to develop and support programs and initiatives that seek to directly impact local and global communities by helping them meet their human rights challenges.
Space is limited. Please click here to register for this event.
For more information about Dodd Impact, visithumanrights.uconn.edu/dodd-impact-programs.
CINCINNATI, Sept. 24, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced a suite of innovative features designed to transform time-off management for the modern workforce. These cutting-edge additions to Paycor’s HCM platform streamline time-off operations through automation, real-time visibility and proactive controls to drive efficiency and promote employee well-being.
“It’s so important for workers to feel in control of their time, and Paycor’s new time-off features help leaders address this pain point,” said Ryan Bergstrom, Chief Product & Technology Officer at Paycor. “Our new experience helps workers unplug, empowers employees and leaders to take control of time-off management, reduces stress, and ensures smooth operations. We’re proud to offer flexible solutions that not only meet the needs of today’s workforce but also set a new standard for the future of work.”
Key benefits include:
Better Insights & Visibility to Help Leaders Make Decisions Paycor now offers seamless integration of time-off requests with scheduling, providing leaders with real-time visibility of these requests while building schedules. This feature allows for enhanced productivity and coordination through comprehensive visibility into time-off schedules for employees and leaders. Seamless integration across our ecosystem through APIs and data streams, including automatic syncing to cloud-based calendars, ensures accurate and up-to-date information.
Faster Communication and Approvals Time Off Advisor provides employees with peak time visibility through blackout dates and balance forecasting, enabling better planning and communication with managers for time-off planning. Within this module, leaders can establish predefined criteria for automatically approving or denying time off requests. Additionally, managers can conveniently manage approvals on-the-go through preferred methods, such as the mobile app or email.
Prevent Burn-out and Encourage Time Away Paycor Paths offers bite-sized training to empower leaders to recognize and prevent causes of burnout while easily accessing time-off balances and requests to identify potentially at-risk employees via the COR Leadership Dashboard.
Paycor has received several accolades for these enhancements, including “Best Advance in Time” and “Best Advancement in Online Coaching Tools” from Brandon Hall Group and “Business Intelligence Solution” from Titan Business Awards.
To learn more about how our time experience can streamline operations and provide flexibility to your workforce, visit Paycor Time & Attendance.
About Paycor Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding, and payroll to career development and retention, but what really sets us apart is our focus on leaders. For more than 30 years, we’ve been listening to and partnering with leaders, so we know what they need: a unified HR platform, easy integration with third party apps, powerful analytics, talent development tools, and configurable technology that supports specific industry needs. That’s why more than 30,000 customers trust Paycor to help them solve problems and achieve their goals. Learn more at paycor.com.
Media Relations: Carly Pennekamp 513-954-7282 PR@paycor.com
Investor Relations: Rachel White 513-954-7388 IR@paycor.com
BURLINGTON, Mass., Sept. 24, 2024 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced that Tuya Smart (NYSE: Tuya, HKEX: 2391), a global cloud platform service provider, is partnering with Cerence to provide multi-lingual text-to-speech (TTS) for its cloud developer platform designed specifically for two-wheeled vehicles, including motorcycles, e-bikes, and more.
Tuya’s cloud developer platform provides its customers – in this case, the more than 100 two-wheeler manufacturers using the “Works with Smart Life” app – with a complete set of smart solutions, including apps, cloud capabilities, hardware, and more. Tuya will integrate Cerence TTS into its cloud developer platform designed for two-wheeler solutions, which will further enable riders to request and hear via voice real-time riding speed, riding time, battery information, phone and text messages, etc., making each ride safer and more enjoyable. In the future, the companies will partner to bring additional Cerence solutions to Tuya’s cloud developer platform, further enhancing voice-powered interaction for two-wheeler riders.
“As voice-powered interaction continues to gain relevance and usage among consumers, it only makes sense that we would enhance our offerings with voice capabilities,” said Tony Kong, General Manager of Outdoor Business Department, Tuya Smart. “By leveraging Cerence’s industry-leading TTS, we bring best-in-class technology to our customers looking to enhance the two-wheeler rider experience with improved safety and functionality.”
“Two-wheelers continue to present an exciting opportunity for Cerence to expand its industry-leading innovation to new areas of transportation,” said Nils Schanz, Chief Product Officer, Cerence. “We look forward to expanding the reach of our two-wheeler solutions, and transforming the rider experience, by partnering with Tuya to reach developers driving innovation within two-wheeler manufacturers.”
About Cerence Inc. Cerence (NASDAQ: CRNC) is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world’s leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, AI-powered interaction between humans and their vehicles, connecting consumers’ digital lives to their daily journeys no matter where they are. Cerence’s track record is built on more than 20 years of knowledge and 500 million cars shipped with Cerence technology. Whether it’s connected cars, autonomous driving, e-vehicles, or two-wheelers, Cerence is mapping the road ahead. For more information, visit www.cerence.com.
About Tuya Smart Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI Agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.
Source: Africa Press Organisation – English (2) – Report:
NEW YORK, United States of America, September 24, 2024/APO Group/ —
The African Development Bank (www.AfDB.org) has urged Development Finance Institutions (DFIs) and other development partners to scale up innovative partnerships and initiatives to build peace and security in Africa, home to eleven of the world’s most conflict-affected states.
Marie-Laure Akin-Olugbade, African Development Bank Vice-President for Regional Development, Integration and Business Delivery Complex led the charge during a session held September 21, on the sidelines of the 79th Assembly of the United Nations titled: Investing in Prevention: Scaling up Peace – A Call to Action for DFIs.
Over the last 20 years, the level of global conflict has escalated, with one-fifth of Africa’s population residing in conflict affected areas, affecting the future of the world’s fastest-growing continent.
“Our goal today is very clear. We would like to mobilise institutions to prioritise peace building and through innovative partnerships and new financial mechanisms. This is a call for action.” Akin-Olugbade said in opening remarks.
The New Agenda for Peace, which is at center stage of the UN’s Summit of the Future, highlights how different actors, including DFIs can serve as peace agents, and emphasises the role of partnerships, especially in the context of fragile and conflict affected countries, urging increased political and financial mobilisation to prevent conflicts.
The effect of three decades of a devastating civil war in Mozambique are still evident, Amilcar Tivane, Mozambique’s Vice-Minister of Economy and Finance told participants, stressing the need for prevention.
The Mozambique government has learned innovative solutions to deal with the root causes of conflict and to address lingering security challenges in northern Mozambique such as terrorism and insurgency. What has worked is a resilience building strategy together with partnerships, Tivane said. The country is also launching a new initiative for peace for the reconstruction of affected tourism areas
« We have learned that prevention is critical, » he said. « Sometimes its difficult (for governments) to acknowledge that the social dimensions could have a significant impact.»
Issa Faye, Director General of the Islamic Development Bank ( IsDB) said his institution’s blend of ordinary and concessional financing has been key to the successful financial support for 32 fragile African countries out of the 52 they support.
The IsDB have aided thousands of refugees through programmes to address skills gap, training and education, combining economic empowerment and food security.
Faye underlined Islamic financing as a concept framing a lot of the institution’s programmes and stressed the need to find alternative financing which is dedicated, responsive and resilient.
Risk perception, another major constraint to financing peace initiatives in Africa, was the subject of Pradeep Kurukulasuriya, the Executive Secretary of the UN Capital Development Fund (UN CDF), submission. He offered a concrete example of successful de-risking of a peace initiative in Burundi.
« UN DCRF works to de-risk so that larger streams of finance can flow from the larger and more established institutions, » he said.
Since 2021, UNCDF has been working in collaboration with the UN Peacebuilding Fund and the Government of Burundi to address interconnected and transnational root-causes of instability and nature loss in the Kibara National Park and surrounding buffer zones. The joint initiative with several partners including UNESCO, uses a unique blended finance approach.
Peace finance needs new a lens
Itonde Kakoma, President of Interpeace said a new paradigm approach, which moved away from the donor focus and instead sees development partners investing in peace investment hubs and creating a pipeline of peace positive projects, is much needed.
He said the need to connect development finance and peace building while leveraging the private sector to build peace, safety and social cohesion between communities living in complex environments, was more imperative than ever.
« We have a conviction that the Sustainable Development Goals can be unlocked by peace finance, » Kakoma said.
Other participants such as Elizabeth Spehar, Assistant Secretary General, United Nations Peacebuilding Support stressed the importance of inclusion and the role of DFI’s such as the African Development Bank.
“We need the economic might of the DFI’s. We have to work on this together,” she said.
Spehar paid tribute to the African Development Bank which emphasizes peace and security as public goods in its new Ten-year strategy (2024-2033). The Bank’s joint pilot project in Central African Republic with UNHCR has the UN “working with communities on the peace part and the African Development Bank working on the employment part,” Spehar said.
The Bank has been on the forefront of systematically addressing issues of fragility in Africa and has built up over 20 years of experience in building Africa’s resilience by providing intellectual leadership and dedicated financial instruments, such as the Transition Support Facility, which mobilizes additional resources for affected countries. The Bank’s Private Sector Credit Enhancement Facility allows it to do more private investments in these riskier markets.
The audience also heard from the g7+, Asian Development Bank, Civil Society Platform for Peacebuilding and Statebuilding (CSPPS), the World Economic Forum (WEF), the Aswan Forum, UNHCR, and the African Union Peace Fund whose Director Dagmawit Moges spoke of the institution’s reforms and the importance of governance.
“We’ve gone beyond theory and talk. We at the African Development Bank are interested in strengthening partnerships. We are not going to work in silos. We are looking forward to continuing this discussion at COP 29 and at the Africa Resilience Forum next year,” Akin-Olugbade said.
It’s been less than six months since Google Cloud Next, and the pace of innovation across industries has been nothing short of extraordinary. We’re proud of our AI leadership and differentiation as we continue pushing the technology frontier for our customers. From launching more powerful versions of Gemini 1.5 Pro, to rolling out general availability for Gemini Flash and Imagen 3, to investing in our Vertex AI platform, our teams have been building off the product momentum of Next. And all of this innovation is driving incredible use of our products.
Today, as part of our Gemini at Work global event, we are showcasing nearly 50 new customer stories from organizations around the world to highlight just how impactful generative AI can be when you put it to work at scale — including Pods, Snap, Volkswagen US, Warner Bros. Discovery and many others. We’re inspired by what customers are building and excited by how quickly they’ve been able to move ideas from experimentation into production with our Vertex AI platform. We’re also seeing major boosts in productivity through Gemini for Google Workspace, with customers saving an average of 105 minutes per user, per week, according to our recent study of enterprise customers.
They can access and customize the best foundation models from both Google and the industry, including Gemini. We are the only Cloud provider to offer widely-used first-party, third-party, and open models. Enterprises want to choose a platform that gives them choice.
They can create sophisticated gen AI agents and experiences faster with our single, integrated development platform, Vertex AI. It sits on top of our world-class infrastructure and is the only unified platform that lets customers discover and access models, tune and augment models, and create, ground, deploy, and manage AI agents and experiences.
They can be more productive with our AI agents. We offer Gemini for Google Cloud and Gemini for Google Workspace, as well as purpose-built agents for Customer Engagement and Search. Customers are really appreciating these packaged agents, in addition to building their own.
They are deploying models with confidence, with the most comprehensive approach to grounding in enterprise truth. This significantly improves response accuracy and completeness, and lets them control their brand voice and customer experience.
Six types of AI agents
We continue to see customers and partners benefiting from AI agents — intelligent systems that go beyond simple chat and predictions, to proactively take actions. What makes AI agents unique is they help achieve specific goals, whether that’s guiding a shopper to the perfect pair of shoes, helping an employee look for the right health benefits, or supporting nursing staff with smoother patient hand-offs during shift changes. We see AI agents centering around six use cases:
Customer agents help make great recommendations
Customer agents work seamlessly across channels including the web, mobile, and point of sale, and can be integrated into product experiences with voice and video.
Bell Canada pioneered using digital agents to provide self-service — improving customer experience and delivering $20 million in cost savings.
Best Buy resolves issues up to 90 seconds faster using automated call summarization.
GoTo Group launched Dira, a Bahasa Indonesia AI-powered voice assistant integrated into their GoPay fintech app. Customers use voice commands and complete tasks like bill payments and money transfers with fewer steps. Check out a live demo of the app from GoTo in this video.
ScottsMiracle-Gro built an AI agent on Google Cloud Vertex AI to provide tailored gardening advice and product recommendations.
Snap deployed the multimodal capability of Gemini within their “My AI” chatbot and has since seen over 2.5x as much engagement within Snapping to My AI in the United States.
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Telecom Italia (TIM) implemented a Google-powered voice agent to address many customer calls, increasing efficiency by 20%.
UPS Capital uses an agent built on Google Cloud technology to analyze package movements, insurance claims, and address data in real time to identify anomalies.
Volkswagen US built a virtual assistant in the myVW app, where drivers can explore their owners’ manuals and ask questions such as, “How do I change a flat tire?” or “What does this digital cockpit indicator light mean?” Users can also use Gemini’s multi-modal capabilities to see helpful information and context on indicator lights simply by pointing their smartphone cameras at their dashboards. Watch how the myVW app works in this demo.
We continue to build on this momentum with our own packaged agents. For example, today we are announcing Customer Engagement Suite with Google AI, an end-to-end application that combines the rich features of our leading Contact Center AI solution with the latest gen AI capabilities.
This new solution offers four key benefits:
Omnichannel features, so you can orchestrate consistent customer experiences across web, mobile, voice, email, and apps with a single platform.
Multimodal approach, so your customers can use text, voice, and images.
Rule-based controls AND generative AI so you can address a broad range of issues that may come up from your customers. For instance, a customer speaking with a bank representative may have to verify their identity through a specific set of verification questions. At the same time, they may ask the bank: “Tell me what’s the best mortgage offering for me? Can you compare it across the products you offer?” The first requires a deterministic flow. The second requires a generative flow.
Grounding to provide the highest levels of accuracy
All of this can be connected with any customer service application — whether it’s a SaaS application like Salesforce, Servicenow, SAP, Dynamics, or Oracle — or an on-premise app.
Employee agents help workers collaborate and get more done
Employee agents can streamline processes, manage repetitive tasks, answer employee questions, as well as edit and translate critical communications.
Click Therapeutics develops prescription digital therapeutics designed to treat disease. Their Clinical Operations team leverages Gemini for Google Workspace to transform complex operations data into actionable insights; so they can quickly pinpoint ways to streamline the patient experience in clinical trials.
Dun & Bradstreet built an email-generation tool with Gemini that helps sellers create tailored, personalized communications to prospects and customers for its research services. They also developed intelligent search capabilities to help users with complex queries like, “Find me all the companies in this area with a high ESG rating.”
Elanco, a world leader in animal health, has implemented a gen AI framework, powered by Vertex AI and Gemini, to support critical business processes, such as Pharmacovigilance, Customer Orders, and Clinical Insights. This has resulted in an estimated ROI of $1.9 million since launching last year.
Randstad is using Gemini for Google Workspace to enhance our relationships internally and externally with candidates, making them more efficient and giving them time back to focus on the human aspect of their work.
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SURA Investments, the largest Asset Manager in Latin America, developed a gen AI-powered analysis model for employees built on Google Cloud that allows them to better understand customer needs. It has already improved sentiment analysis on more than 90% of calls and delivered a 10-point increase in customer satisfaction.
Thomson Reuters added Gemini Pro to its suite of large language models (LLM). The 2 million token context window makes some skills as much as 10x times faster to process and unlocks the ability to create new skills that require the LLM to process entire documents in context
The employee agents we deliver through Gemini for Google Workspace, our leading collaboration and productivity tools, are helping customers get more done, with greater confidence and in less time. In a recent survey of our enterprise customers using Gemini, we found they save an average of 105 minutes per user, per week. And it’s not just about getting more done, but getting it done really well — 75% of daily Gemini for Workspace users say it improves the quality of their work.
To help more people boost productivity with AI, we’re making the Gemini app with enterprise-grade data protection available as part of existing Google Workspace subscriptions. Starting next month, customers will have a round-the-clock brainstorming partner, research assistant, and more, to help where they need it most.
Data agents help you do research and data analysis more effectively
Data agents can help answer questions about internal and external sources, synthesize research, develop new models — and, best of all, help find the questions we haven’t even thought to ask yet, and then get the answers.
Bayer’s Crop Science team developed a Field Answers application built on Vertex AI to make critical, timely decisions in the field, contributing to more sustainable and efficient farming.
The CME Group is building a first-of-its-kind cloud-based commodities trading platform with Google Cloud’s AI tools built in, offering CME’s trading customers access to deeper insights and smarter trades as well as rapid experimentation on new trading strategies that won’t interrupt existing trade flows
Hiscox, one of the oldest syndicates in Lloyd’s of London, used BigQuery and Vertex AI to create the first AI-enhanced lead underwriting model, automating quoting for complex risks, from three days down to a few minutes.
Ipsos, a multinational market research firm, built a data analysis tool grounded in Google Search for its market researchers, eliminating the need for time-consuming requests to analysts.
Intelligencia AI, a healthcare technology company, uses Cloud SQL for Postgres for the data infrastructure that powers its AI-driven drug development predictions, enabling the company to deliver accurate and transparent results to customers, while reducing overhead.
NeuroPace, a medical device company, built a solution using Google Cloud gen AI technologies, to quickly identify effective epilepsy treatment options. By analyzing brainwave patterns, they can find similar patients and apply successful therapies faster.
Warner Bros. Discovery built an AI captioning tool with Vertex AI and saw a 50% reduction in overall costs, and an 80% reduction in the time it takes to manually caption a file without the use of machine learning.
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Security agents significantly increase the speed of investigations
Security agents automate monitoring and response for greater vigilance and compliance controls. They can also help guard data and models from cyberattacks, such as malicious prompt injection.
Apex Fintech has accelerated the creation of complex threat detections, reducing the time required from hours to mere seconds with Google SecOps.
Certify OS is working with Google Cloud to automate credentialing, licensing, and monitoring of medical providers for healthcare networks, relieving the burden of time-consuming and often siloed information.
Fiserv is working with Gemini in Security Operations to summarize threats, find answers, and detect, validate, and respond to security events faster.
NetRise‘s “Trace” product is enabling AI-powered semantic search — built using Google Cloud gen AI — in the software supply chain.
Creative agents can help everyone build design, artistic or production skills
Creative agents can empower organizations with the best design and production skills, working across images, slides, and more. Many businesses are building agents alongside their marketing teams, audio and video production teams, and creative teams to help explore and build creative concepts.
Formula E is using Google Cloud gen AI to summarize two-hour-long race commentary into a two-minute podcast in any language, using driver data and ongoing seasonal storylines.
Globo, the largest media group in Latin America, is using Google Cloud’s AI to hyper-personalize content for its streaming users, and create a better experience for spectators.
PODS, working with advertising agency Tombras, used Gemini to create the “World’s Smartest Billboard,” a campaign on their trucks that could adapt to each neighborhood in New York City. The ads used live feeds of data so they updated in real-time hitting all 299 neighborhoods in just 29 hours creating more than 6,000 headlines.
10:25
PUMA is using Imagen to customize product photos on their website, saving time and ensuring they are locally relevant. Puma India has already seen a 10% increase in click-through rate, and they share how they did it in this demo.
Radisson Hotel Group worked with Accenture and Google Cloud to use Vertex AI and Gemini models to personalize its advertising at scale by training AI models on extensive datasets stored in BigQuery; ad teams saw productivity rise 50% while revenue increased from AI-powered campaigns by more than 20%.
Google’s open platform drives more momentum with partners and customers
The success of AI depends on an open platform that offers choice, is easy to integrate with existing systems, and is supported by a broad ecosystem. Google Cloud works closely with important partners, like Accenture and Deloitte, who report more than 45% of their Google Cloud gen AI projects have moved from proof of concept to production. In addition, expanded partnerships and dedicated Google Cloud centers of excellence with Accenture, BCG, Cognizant, Deloitte, HCLTech, KPMG, McKinsey, PwC, and Wipro have spurred thousands of successful projects. This collaborative ecosystem is the key to unlocking AI’s true potential. At Google Cloud, we truly value our partnership with this ecosystem, which is vital to helping our entire industry in its transformation — from systems updates to organizational change management to an overall mindset shift.
We’re inspired by the ingenuity and speed with which our customers are embracing gen AI. And we continue to work hard to partner with customers to help them deliver real business value in the form of incremental leads, conversions, sales, and profits. We’re committed to taking a bold and responsible approach to make AI helpful for everyone, helping organizations of all sizes solve real-world challenges in entirely new ways.
This is the new way to cloud. It’s a journey we’re on together with all of you — our customers and partners — all around the world.
This post originally appeared on theTransform with Google Cloud blog. It was first published April 12, 2024; last updated with new use cases September 24, 2024.
Since generative AI first captured the world’s attention, there’s been a vigorous discussion about what, exactly, the new technology is best used for. While we all enjoyed those early funny chats and witty limericks, we’ve quickly discovered that many of the biggest AI opportunities are clearly in the enterprise, government, and with exciting new companies.
When we first published this post during Google Cloud Next ‘24, we showcased 101 of the best use cases out of the hundreds featured across the event. Now, we’re adding another 84 to the list as customers across the globe continue to put generative AI to work.
[If you’ve visited this post in the past, you can find the newest use cases listed at the top of each section.]
In a matter of months, organizations have gone from AI helping answer questions, to AI making predictions, to generative AI agents. What makes AI agents unique is that they can take actions to achieve specific goals, whether that’s guiding a shopper to the perfect pair of shoes, helping an employee looking for the right health benefits, or supporting nursing staff with smoother patient hand-offs during shifts changes.
In our work with customers, we keep hearing that their teams are increasingly focused on improving productivity, automating processes, and modernizing the customer experience. These aims are now being achieved through the AI agents they’re developing in six key areas: customer service; employee empowerment; code creation; data analysis; cybersecurity; and creative ideation and production.
Hundreds of Google Cloud customers have now put AI agents and gen-AI solutions into production throughout their businesses and the world — with many seeing a tangible return on investment. They have come to rely on Google Cloud technologies that include our AI infrastructure, Gemini models, Vertex AI platform, Google Workspace, and Google Distributed Cloud.
Here’s a snapshot of how 185 of these industry leaders are putting AI to use today, creating real-world use cases that will transform tomorrow.
Customer agents
Similar to great sales and service people, customer agents are able to listen carefully, understand your needs, and recommend the right products and services. They work seamlessly across channels including the web, mobile, and point of sale, and can be integrated into product experiences with voice and video.
1.Alaska Airlines is developing natural language search, providing travelers with a conversational experience powered by AI that’s akin to interacting with a knowledgeable travel agent. This chatbot aims to streamline travel booking, enhance customer experience, and reinforce brand identity.
2. Bennie Health uses Vertex AI to power its innovative employee health benefits platform, providing actionable insights and streamlining data management in order to enhance efficiency and decision-making for employees and HR teams.
3. Beyond 12, a tech-enabled nonprofit focused on student empowerment, has developed an AI-powered college coach to offer scalable coaching to first-generation students that’s available over text, app, and the web.
4. CareerVillage is building an app called Coach to empower job seekers, especially underrepresented youth, in their career preparedness; already featuring 35 career development activities, the aim is to have more than 100 by next year.
5. Character.ai built its realistic conversational chat platform using the full stack of Google Cloud AI services, including for model training and daily operations, allowing it to manage terabytes of conversations each day without interruption.
6. Click Therapeutics develops prescription digital therapeutics designed to treat disease. Its Clinical Operations team leverages Gemini for Google Workspace to transform complex operations data into actionable insights, so they can quickly pinpoint ways to streamline the patient experience in clinical trials.
7. Formula E can now summarize a two-hour long race commentary into a 2-minute podcast in any language, incorporating driver data and ongoing seasonal storylines.
8. General Motors’ OnStar has been augmented with new AI features, including a virtual assistant powered by Google Cloud’s conversational AI technologies that are better able to recognize the speaker’s intent.
9. Gojek, an Indonesia-based super app, launched “Dira by GoTo AI,” a Bahasa Indonesia AI-powered voice assistant integrated into their GoPay service, allowing customers to use voice command to eliminate typing and scrolling, and complete tasks like bill payments and money transfers with fewer steps.
10. GroupBy, an ecommerce service provider, developed an AI-first Search and Discovery Platform powered by Vertex AI Search for Retail. This solution is meticulously designed to optimize revenue, strengthen brand loyalty, and drive sales growth for B2C and B2B retailers.
11. Hotelplan Suisse built a chatbot trained on the business’s travel expertise to answer customer inquiries in real-time, and, following that success, it plans to use gen AI to create travel content.
12. Justicia Lab is developing an AI-powered assistant that will simplify legal processes for asylum seekers and immigrants; by uploading a picture from a legal letter or document, users can extract valuable information and then receive personalized guidance and next steps.
13. Mercado Libre has incorporated semantic search into its digital shopping platforms, using AI embeddings from the Vertex AI Agent Builder, which greatly improved product recommendations and discoverability for more than 200 million consumers across Latin America.
14. Motorola’s Moto AI leverages Gemini and Imagen to help smartphone users unlock new levels of productivity, creativity, and enjoyment with features such as conversation summaries, notification digests, image creation, and natural language search — all with reliable responses grounded in Google Search.
15. mRelief has built an SMS-accessible AI chatbot to simplify the application process for the SNAP food assistance program in the U.S., featuring easy-to-understand eligibility information and direct assistance within minutes rather than days.
16. Personal AI offers a “personal language model” using only the data of one individual or brand and allowing them to control and own how it is used. Built on your own data, facts, and opinions, it creates a responsive and interactive messaging experience that helps people be more productive and deepen relationships.
17. PODS worked with the advertising agency Tombras to create the “World’s Smartest Billboard” using Gemini — a campaign on its trucks that could adapt to each neighborhood in New York City, changing in real-time based on data. It hit all 299 neighborhoods in just 29 hours, creating more than 6,000 unique headlines.
18. Quora developed Poe, its own generative AI platform for people to discover and chat with AI-powered bots, including Gemini, Anthropic’s Claude, Meta’s Llama, and Mistral’s Large 2 — many of which are hosted on Google Cloud’s purpose-built AI infrastructure.
19. ScottsMiracle-Gro built an AI agent on Vertex AI to provide tailored gardening advice and product recommendations for consumers.
20. Snap has deployed the multimodal capability of Gemini within its “My AI” chatbot and has since seen over 2.5-times as much engagement within Snapping to My AI in the United States.
21. Tabiya has built a conversational interface, Compass, that helps young people find employment opportunities; the platform asks questions and requests information, drawing out skills and experiences and matching those to appropriate roles.
22. Telecom Italia (TIM) implemented a Google-powered voice agent to address many customer calls, increasing efficiency by 20%.
23. UPS Capital launched DeliveryDefense Address Confidence, which uses machine learning and UPS data to provide a confidence score for shippers to help them determine the likelihood of a successful delivery.
24. Volkswagen of America built a virtual assistant in the myVW app, where drivers can explore their owners’ manuals and ask questions, such as, “How do I change a flat tire?” or “What does this digital cockpit indicator light mean?” Users can also use Gemini’s multimodal capabilities to see helpful information and context on indicator lights simply by pointing their smartphone cameras at the dashboard.
25. ADT is building a customer agent to help its millions of customers select, order, and set up their home security.
26. Alaska Airlines is developing a personalized travel search experience using advanced AI techniques, creating hyper-personalized recommendations that engage customers early and foster loyalty through AI-generated content.
27. Best Buy is using Gemini to launch a generative AI-powered virtual assistant this summer that can troubleshoot product issues, reschedule order deliveries, manage Geek Squad subscriptions, and more; in-store and digital customer-service associates are also gaining gen-AI tools to better serve customers anywhere they need help.
28. The Central Texas Regional Mobility Authority is using Vertex AI to modernize transportation operations for a smoother, more efficient journey.
29. Etsy uses Vertex AI training to optimize their search recommendations and ads models, delivering better listing suggestions to buyers and helping sellers grow their businesses.
30. IHG Hotels & Resorts is building a generative AI-powered chatbot to help guests easily plan their next vacation directly in the IHG One Rewards mobile app.
31. ING Bank aims to offer a superior customer experience and has developed a gen-AI chatbot for workers to enhance self-service capabilities and improve answer quality on customer queries.
32. Magalu, one of Brazil’s largest retailers, has put customer service at the center of its AI strategy, including using Vertex AI to create “Lu’s Brain” to power an interactive conversational agent for Lu, Magalu’s popular brand persona (the 3D bot has more than 14 million followers between TikTok and Instagram).
33. Mercedes Benz will infuse e-commerce capabilities into its online storefront with a gen AI-powered smart sales assistant. Mercedes also plans to expand its use of Google Cloud AI in its call centers and is using Vertex AI and Gemini to personalize marketing campaigns.
34. Oppo/OnePlus is incorporating Gemini models and Google Cloud AI into their phones to deliver innovative customer experiences, including news and audio recording summaries, AI toolbox, and more.
35. Samsung is deploying Gemini Pro and Imagen 2 to their Galaxy S24 smartphones so users can take advantage of amazing features like text summarization, organization, and magical image editing.
36. The Minnesota Division of Driver and Vehicle Services helps non-English speakers get licenses and other services with two-way real-time translation.
37. Pepperdine University has students and faculty who speak many languages, and with Gemini in Google Meet, they can benefit from real-time translated captioning and notes.
38. Sutherland, a leading digital transformation company, is focused on bringing together human expertise and AI, including boosting its client-facing teams by automatically surfacing suggested responses and automating insights in real time.
39. Target uses Google Cloud to power AI solutions on the Target app and Target.com, including personalized Target Circle offers and Starbucks at Drive Up, their curbside pickup solution.
40. Tokopedia, an Indonesian ecommerce leader, is using Vertex AI to improve data quality, increasing unique products being sold by 5%.
41. US News saw a double-digit impact in key metrics like click-through rate, time spent on page, and traffic volume to its pages after implementing Vertex AI Search.
42-45. IntesaSanpaolo, MacquarieBank, and Scotiabank are exploring the potential of gen AI to transform the way we live, work, bank, and invest — particularly how the new technology can boost productivity and operational efficiency in banking.
Employee agents
Employee agents help workers be more productive and collaborate better together. These agents can streamline processes, manage repetitive tasks, answer employee questions, as well as edit and translate critical communications.
46. 2bots offers technology solutions, such as chatbots and virtual agents, built with Google Cloud’s AI solutions; these intelligent chatbots and content generation tools are transforming the way companies interact with their customers.
47. Augment is building an AI personal assistant that offers enhanced note-taking and collects information across your apps, including calendar, email, texts, and social media, so users can more quickly and easily find personal information and keep their lives organized.
48. Bayes Impact builds AI products to support nonprofits, and its flagship product, CaseAI, is a digital case manager that integrates with an NGO’s current system to add smart features to draft action plans tailored to a beneficiary’s unique history; caseworkers have saved 25 hours of work per week on average.
49. Bell Canada has built customizable contact center solutions for its business customers that offer AI-powered agents to address callers, and Agent Assist, which listens when a human agent is on, offering suggestions and sentiment analysis. AI has contributed $20 million in savings across customer operations.
50. Best Buy can generate conversation summaries in real time using Contact Center AI, allowing live agents to give their full attention to understanding and supporting customers, resulting in a 30-to-90-second reduction in average call time and after-call work. Both customers and agents have cited improved satisfaction.
51. Camanchaca, a Chilean seafood company, took only six weeks to develop Elon, a virtual assistant that aims to provide more efficient customer service through digital channels, enhancing Camanchaca’s customer interactions.
52. Certify OS is automating credentialing, licensing, and monitoring of medical providers for healthcare networks, relieving the burden of time-consuming and often siloed information.
53. Mark Cuban’s Cost Plus Drugs widely uses Gemini for Google Workspace, estimating that employees are saving an average five hours per week just with AI capabilities in Gmail. Gemini is also streamlining time-consuming, manual processes through uses like AI-generated transcriptions and auto-formatting of pharmaceutical lab results or FDA compliance documentation.
54. Dun & Bradstreet built an email-generation tool with Gemini that helps sellers create tailored, personalized communications to prospects and customers for its research services. The company also developed intelligent search capabilities to help users with complex queries like, “Find me all the companies in this area with a high ESG rating.”
55. England’s Football Association is training Vertex AI on the FA’s historical and current scouting reports so they can be transformed into concise summaries, helping national teams discover future talent.
56. Fireflies.ai can transcribe, summarize, and analyze meetings, recordings, and other voice conversations to save time and improve collaboration and information sharing across teams.
57. Fluna, a Pan-African digital services company, has automated the analysis and drafting of legal agreements using Vertex AI, Document AI, and Gemini 1.5 Pro, achieving an accuracy of 92% in data extraction while ensuring security and reliability for sensitive information.
58. Hemominas, Brazil’s largest blood bank, partnered with Xertica to develop an omnichannel chatbot for donor search and scheduling, streamlining processes and enhancing efficiency. The AI solution has the potential to save half-a-million lives annually by attracting more donors and optimizing blood supply management.
59. Hiscox used BigQuery and Vertex AI to create the first AI-enhanced lead underwriting model for insurers, automating and accelerating the quoting for complex risks from three days down to a few minutes.
60. LiveX AI delivers AI Agents that swiftly enhance product education, boost customer conversion, reduce churn, and provide personalized customer support, with the goal of offering everyone a seamless VIP experience across their customer journey.
61. Opportunity@Work is applying gen AI to scale a suite of software tools and APIs that help employers identify “STAR” job candidates — “skilled through alternative routes” such as community college, military service, and on-the-job experience — helping fill roles in a tight market and expand opportunities.
62. QuantumMetric has introduced Felix AI, powered by Gemini Pro, to simplify digital analytics and decision making. Felix AI automatically summarizes a user’s web or mobile session and consolidates the moments that matter most into short, readable summaries for customer service workers.
63. Randstad, a large HR services and talent provider, is using Gemini for Workspace across its organization to transform its work culture, leading to a more culturally diverse and inclusive workplace that’s seen a double-digit reduction in sick days.
64. Sprinklr built Sprinklr AI+ into its unified customer experience management platform, giving brands gen-AI capabilities for customer service, insights, social media management, and marketing that has enterprise-grade governance, security, and data privacy built-in.
65. Thomson Reuters added Gemini Pro to its suite of large language models approved for employee use; with its 2-million-token context window, Gemini makes some tasks as much as 10-times faster to process and can process entire documents in context.
66. Warner Bros. Discovery built an AI captioning tool with Vertex AI and saw a 50% reduction in overall costs, and an 80% reduction in the time it takes to manually caption a file without the use of machine learning.
67. The U.S. Air Force built a new proof-of-concept portal for searching, browsing, and reading e-published PDFs — all within a 90-day deadline that leveraged the prebuilt tools and speed of Vertex AI Search and Conversation.
68. Avery Dennison empowered their employees with generative AI to enable secure, flexible, and borderless collaboration for enhanced productivity to drive growth.
69. Bank of New York Mellon built a virtual assistant to help employees find relevant information and answers to their questions.
70. Bayer is building a radiology platform that will assist radiologists with data analysis, intelligent search, and to create documents that meet healthcare requirements needed for regulatory approval. The bioscience company is also harnessing BigQuery and Vertex AI to develop additional digital medical solutions and drugs more efficiently.
71. Bristol Myers Squibb is transforming its document processes for clinical trials using Vertex AI and Google Workspace. Now, documentation that took scientists weeks now gets to a first draft in minutes.
72. BenchSci develops generative AI solutions empowering scientists to understand complex connections in biological research, saving them time and financial resources and ultimately bringing new medicine to patients faster.
73. Cintas is using Vertex AI Search to develop an internal knowledge center for customer service and sales teams to easily find key information.
74. Covered California, the state’s healthcare marketplace, is using Document AI to help improve the consumer and employee experience by automating parts of the documentation and verification process when residents apply for coverage.
75. Dasa, the largest medical diagnostics company in Brazil, is helping physicians detect relevant findings in test results more quickly.
76. DaVita leverages DocAI and Healthcare NLP to transform kidney care, including analyzing medical records, uncovering critical patient insights, and reducing errors. AI enables physicians to focus on personalized care, resulting in significant improvements in healthcare delivery.
77. Discover Financial helps their 10,000 contact center representatives to search and synthesize information across detailed policies and procedures during calls.
78. HCA Healthcare is testing Cati, a virtual AI caregiver assistant that helps to ensure continuity of care when one caregiver shift ends and another begins. They are also using gen AI to improve workflows on time-consuming tasks, such as clinical documentation, so physicians and nurses can focus more on patient care.
79. The Home Depot has built an application called Sidekick, which helps store associates manage inventory and keep shelves stocked; notably, vision models help associates prioritize which actions to take.
80. Los Angeles Rams are utilizing AI across the board from content analysis to player scouting.
81. McDonald’s will leverage data, AI, and edge technologies across its thousands of restaurants to implement innovation faster and to enhance employee and customer experiences.
82. Pennymac, a leading US-based national mortgage lender, is using Gemini across several teams including HR, where Gemini in Docs, Sheets, Slides and Gmail is helping them accelerate recruiting, hiring, and new employee onboarding.
83. Robert Bosch, the world’s largest automotive supplier, revolutionizes marketing through gen AI-powered solutions, streamlining processes, optimizing resource allocation, and maximizing efficiency across 100+ decentralized departments.
84. Symphony, the communications platform for the financial services industry, uses Vertex AI to help finance and trading teams collaborate across multiple asset classes.
85. Uber is using AI agents to help employees be more productive, save time, and be even more effective at work. For customer service representatives, they’ve launched new tools that summarize communications with users and can even surface context from previous interactions, so front-line staff can be more helpful and effective.
86. The U.S. Dept. of Veterans Affairs is using AI at the edge to improve cancer detection for service members and veterans. The Augmented Reality Microscope (ARM) is deployed at remote military treatment facilities around the world. The prototype device is helping pathologists find cancer faster and with better accuracy.
87. The U.S. Patent and Trademark Office has improved the quality and efficiency of their patent and trademark examination process by implementing AI-driven technologies.
88. Verizon is using generative AI to help teams in network operations and customer experience get the answers they need faster.
89. Victoria’s Secret is testing AI-powered agents to help their in-store associates find information about product availability, inventory, and fitting and sizing tips, so they can better tailor recommendations to customers.
90. Vodafone uses Vertex AI to search and understand specific commercial terms and conditions across more than 10,000 contracts with more than 800 communications operators
91. WellSky is integrating Google Cloud’s healthcare and Vertex AI capabilities to reduce the time spent completing documentation outside work hours.
92. Woolworths, the leading retailer in Australia, boosts employees’ confidence in communications with “Help me write” across Google Workspace products for more than 10,000 administrative employees. It’s also using Gemini to create next-generation promotions, as well as for quickly assisting customer service reps in summarizing all previous customer interactions in real time.
93-97. Box, Typeface, Glean, CitiBank, and Securiti AI discuss developing AI-powered apps across the enterprise, with measurable returns on investment for marketing, financial services, and HR use cases.
98-99. Highmark Health and Freenome join Bristol Myers Squibb to explore how AI can improve efficiency and innovation across care delivery, drug discovery, clinical trial planning, and bringing medicines to market.
Code agents
Code agents are helping developers and product teams to design, create, and operate applications faster and better, and to ramp up on new languages and code bases. Many organizations are already seeing double-digit gains in productivity, leading to faster deployment and cleaner, clearer code.
100. Labelbox has built a fully managed AI model evaluation solution directly integrated into the Vertex AI platform, allowing Google Cloud users to seamlessly launch human evaluation jobs and set specific criteria for evaluation, such as question-answering and summarization; this eases and accelerates the ability to deploy human-in-the-loop AI systems with higher levels of trust and authority.
101. Leroy Merlin, a global home improvement retailer, developed its Pull Request Analyzer using Vertex AI. This generative AI solution summarizes code changes, helping developers understand projects faster and improve code review efficiency.
102. Linear, a product development platform, built Similar Issues, a feature that uses AI to detect and prevent duplicate or overlapping tickets and ensures cleaner and more accurate data representation.
103. Magic is building a developer platform with a 100-million-token context window, so organizations can upload extremely large code bases and more easily query and build on them using gen AI assistance.
104. Pinecone provides infrastructure for developers to build accurate, secure, and scalable AI applications, allowing companies to easily ground gen AI apps in their proprietary data for use in AI search, retrieval-augmented generation, coding agents, and more.
105. Regnology built its Ticket-to-Code Writer tool with Gemini 1.5 Pro to automate the conversion of bug tickets into actionable code, significantly streamlining the software development process.
106. Weights & Biases, a creator of AI tools for developers, created W&B Weave, a lightweight toolkit to track, evaluate, and debug gen AI applications built with Gemini, so teams can confidently go from demo to production.
107. Capgemini has been using Code Assist to improve software engineering productivity, quality, security, and developer experience, with early results showing workload gains for coding and more stable code quality.
108. Commerzbank is enhancing developer efficiency through Code Assist’s robust security and compliance features.
109. Quantiphi saw developer productivity gains of more than 30% during their Code Assist pilot.
110. Replit developers will get access to Google Cloud infrastructure, services, and foundation models via Ghostwriter, Replit’s software development AI, while Google Cloud and Workspace developers will get access to Replit’s collaborative code editing platform.
111. Seattle Children’s hospital is using AI to boost data engineering productivity and accelerate development.
112. Turing is customizing Gemini Code Assist on their private codebase, empowering their developers with highly personalized and contextually relevant coding suggestions that have increased productivity around 30 percent and made day-to-day coding more enjoyable.
113. Wayfair piloted Code Assist, and those developers with the code agent were able to set up their environments 55 percent faster than before, there was a 48 percent increase in code performance during unit testing, and 60 percent of developers reported that they were able to focus on more satisfying work.
Data agents
Data agents are like having knowledgeable data analysts and researchers at your fingertips. They can help answer questions about internal and external sources, synthesize research, develop new models — and, best of all, help find the questions we haven’t even thought to ask yet, and then help get the answers.
114. 180Seguros is powering its data management platform for employees with Google Cloud AI and BigQuery to improve operational metric tracking, allowing for 3X faster query times.
115. Addy AI is helping mortgage lenders and banks automate their lending processes with custom AI models trained on Vertex AI. For example, the platform can extract loan opportunity details from lengthy email threads with numerous attachments.
116. Bayer Crop Science has developed Climate FieldView, a comprehensive agricultural platform with more than 250 layers of data and billions of data points; AI-powered recommendations allow farmers to design and monitor their fields for greater yields and efficient fertilization, with the added benefit of reduced carbon emissions.
117. CME Group is building a first-of-its-kind cloud-based commodities trading platform with AI tools built-in, offering CME’s trading customers access to deeper insights and smarter trades as well as rapid experimentation on new trading strategies that won’t interrupt existing trade flows.
118. Digits is developing next-gen accounting software for startups and small businesses; using AI-driven bookkeeping, expense management, and financial analysis, Digits enables business owners to achieve financial clarity and focus on growth.
119. Elanco, a leader in animal health, has implemented a gen AI framework supporting critical business processes, such as Pharmacovigilance, Customer Orders, and Clinical Insights. The framework, powered by Vertex AI and Gemini, has resulted in an estimated ROI of $1.9 million since launching last year.
120. Full Fact, a UK-based nonprofit working in 18 countries to combat misinformation, is now using gen AI to actively monitor stories so its 30 fact-checking partner organizations can focus on addressing specific claims and harmful information.
121. Fullstory, a digital behavioral data platform, is building the ability to analyze and summarize user behavior on a site to create more informed and enriching chatbot experiences; responses are more relevant and accurate, ultimately improving virtual agent performance and customer experience
122. GamudaBerhad, a Malaysian infrastructure and property management company, has integrated a Gemini-powered conversational agent into its cloud-based Tunnel Insight platform, providing faster information and insights during construction projects.
123. IntelligenciaAI is using AI models to research novel new drugs, relying on Google Cloud’s AI-optimized infrastructure to deliver scalable research that is accurate and transparent to meet the stringent needs of medicine.
124. IPRally built a custom machine-learning platform that uses natural language processing on the text of more than 120 million global patent documents, creating an accurate, easily searchable database that adds more than 200,000 new sources a week.
125. Ipsos built a data analysis tool for its teams of market researchers, eliminating the need for time-consuming requests to data analysts, which is powered by Gemini 1.5 Pro and Flash models as well as Grounding with Google Search to enhance real-world accuracy from contemporaneous Search information.
126. Materiom, a startup researching zero-waste, bio-based alternatives to fossil-fuel-made products like plastics, is creating a gen AI tool that enables entrepreneurs to develop novel compostable materials with broad applications; AI offers faster research and information gathering to speed up the development process.
127. Mendel has built a clinical AI system designed to break down the longstanding silos in medical data, boosting accuracy, accessibility, and ultimately patient health outcomes.
128. NeuroPace, a medical device company, built a solution to quickly identify effective epilepsy treatment options best suited to different patients; by analyzing brainwave patterns, it can find similar patients and apply successful therapies, streamlining personalized care.
129. NotCo, a Chilean food tech company, partnered with Eleven Solutions to develop a conversational AI chatbot powered by Gemini; the chatbot has revolutionized data access, allowing employees to instantly query their SAP system and gain real-time insights for faster, data-driven decision-making.
130. SURA Investments, the largest asset manager in Latin America, developed an AI-based analysis model for employees that allows them to better understand customer needs and improve customer experience and satisfaction.
131. AI21 Labs offers a BigQuery integration called Contextual Answers that allows users to query data conversationally and get high-quality answers quickly.
132. Anthropic has partnered with Google Cloud to offer its family of Claude 3 models on Vertex AI — providing organizations with more model options for intelligence, speed, cost-efficiency, and vision for enterprise use cases.
133. The Asteroid Institute is using AI to discover hidden asteroids in existing astronomical data. This is a major focus for astronomers researching the evolution of the Solar System, investors and businesses hoping to fly missions to asteroids, and for all of us who want to prevent future large asteroid impacts on Earth.
134. Contextual is working with Google Cloud to offer enterprises fully customizable, trustworthy, privacy-aware AI grounded in internal knowledge bases.
135. Cox 2M, the commercial IoT division of Cox Communications, is able to make smarter, faster business decisions using AI-powered analytics.
136. Essential AI, a developer of enterprise AI solutions, is using Google Cloud’s AI-optimized TPU v5p accelerator chips to train its own AI models.
137. Generali Italia, Italy’s largest insurance provider, used Vertex AI to build a model evaluation pipeline that helps ML teams quickly evaluate performance and deploy models.
138. Globo, one of Brazil’s largest media networks, is using Service Extensions and Media CDN to fight piracy during live events by blocking pirated streams in real time.
139. Golden State Warriors are using AI to improve the fan experience content in their Chase Center app.
140. Hugging Face is collaborating with Google across open science, open source, cloud, and hardware to enable companies to build their own AI with the latest open models from Hugging Face and Google Cloud hardware and software.
141. Kakao Brain, part of Korean technology company Kakao Group, has built a large-scale AI language model that is the largest Korean language-specific LLM in the market, with 66 billion parameters. They’ve also developed a text-to-image generator called Karlo.
142. Mayo Clinic has given thousands of its scientific researchers access to 50 petabytes worth of clinical data through Vertex AI search, accelerating information retrieval across multiple languages.
143. McLaren Racing is using Google AI to get up-to-the-millisecond insights during races and training to gain a competitive edge.
144. Mercado Libre is testing BigQuery and Looker to optimize capacity planning and reservations with delivery carriers and airlines to fulfill shipments faster.
145. Mistral AI will use Google Cloud’s AI-optimized infrastructure, to further test, build, and scale up its LLMs, all while benefiting from Google Cloud’s security and privacy standards.
146. MSCI uses machine learning with Vertex AI, BigQuery and Cloud Run to enrich its datasets to help our clients gain insight into around 1 million asset locations to help manage climate-related risks.
147. NewsCorp is using Vertex AI to help search data across 30,000 sources and 2.5 billion news articles updated daily.
148. Orange operates in 26 countries where local data must be kept in each country. They are using AI on Google Distributed Cloud to improve network performance and deliver super-responsive translation capabilities.
149. Spotify leveraged Dataflow for large-scale generation of ML podcast previews, and they plan to keep pushing the boundaries of what’s possible with data engineering and data science to build better experiences for their customers and creators.
150. UPS is building a digital twin of its entire distribution network, so both workers and customers can see where their packages are at any time.
151. Workday is using natural language processing in Vertex Search and Conversation to make data insights more accessible for technical and non-technical users alike.
152. Woven — Toyota‘s investment in the future of mobility — is partnering with Google to leverage vast amounts of data and AI to enable autonomous driving, supported by thousands of ML workloads on Google Cloud’s AI Hypercomputer. This has resulted in resulting in 50% total-cost-of-ownership savings to support automated driving.
152-153. Broward County, Florida, and Southern California Edison are using geospatial capabilities and AI to improve infrastructure planning and monitoring, generate new insights, and create regional resilience for communities facing climate challenges today and tomorrow.
154-155. Kinaxis and Dematic are building data-driven supply chains to address logistics use cases including scenario modeling, planning, operations management, and automation.
156-157. NOAA and USAID are among the U.S. government agencies using Google Cloud AI to unlock critical data insights to streamline operations and improve mission outcomes — all with an emphasis on responsible AI.
Security agents
Security agents assist security operations by radically increasing the speed of investigations, automating monitoring and response for greater vigilance and compliance controls. They can also help guard data and models from cyberattacks, such as malicious prompt injection.
158. Apex Fintech is using Gemini in Security to accelerate the writing of complex threat detections from hours to a matter of seconds.
159. Exabeam has built a generative AI copilot for security analysts into its New-Scale Security Operations Platform.
160. Fiserv, a developer of financial services technology, can now summarize threats, find answers, and detect, validate, and respond to security events faster with the Gemini in Security Operations platform.
161. NetRise developed Trace to provide software supply chain security by introducing AI-powered intent-driven searches; these allow users to search their assets based on the underlying motives or purposes behind the code and configurations, rather than solely relying on signature-based methods.
162. Palo Alto Networks is using Gemini to create a grounded AI assistant for 24/7 security platform support in order to improve agent efficiency and response time; grounding the assistant in organizational data and security protocols has greatly improved the accuracy of responses.
163. BBVA uses AI in Google SecOps to detect, investigate, and respond to security threats with more accuracy, speed, and scale. The platform now surfaces critical security data in seconds, when it previously took minutes or even hours, and delivers highly automated responses.
164. Behavox is using Google Cloud technology and LLMs to provide industry leading regulatory compliance and front office solutions for financial institutions globally.
165. Charles Schwab has integrated their own intelligence into the AI-powered Google SecOps, so analysts can better prioritize work and respond to threats.
166. Fiserv’s security operations engineers create detections and playbooks with much less effort, while analysts get answers more quickly.
167. Grupo Boticário, one of the largest beauty retail and cosmetics companies in Brazil, employs real-time security models to prevent fraud and to detect and respond to issues.
168. Palo Alto Networks’ Cortex XSIAM, the AI-driven security operations platform, is built on more than a decade of expertise in machine-learning models and the most comprehensive, rich, and diverse data store in the industry. Backed by Google’s advanced cloud infrastructure and advanced AI services, including BigQuery and Gemini models, the combination delivers global scale and near real-time protection across all cybersecurity offerings.
169. Pfizer can now aggregate cybersecurity data sources, cutting analysis times from days to seconds.
Creative agents
Creative agents can expand your organization with the best design and production skills, working across images, slides, and exploring concepts with workers. Many organizations are building agents for their marketing teams, audio and video production teams, and all the creative people that can use a hand. With creative agents, anyone can become a designer, artist, or producer.
170. AdoreMe marketers write differentiated product descriptions in one hour, a tedious task which used to take 30-40 hours a month thanks to Gemini for Google Workspace.
171. Globo, the largest media group in Latin America, is using Google Cloud’s AI to hyper-personalize content for its streaming users, and create a better experience for spectators.
172. Higgsfield.ai built a number of text-to-video apps for consumers, including Diffuse 2.0, which can combine users photos, videos, and texts through AI models to create more realistic avatars.
173. Jasper trains its suite of creativity-, writing-, and marketing-focused AI models on Google’s AI infrastructure, delivering on-brand, data-optimized assets faster and at scale to teams large and small.
174. Puma is using Imagen to customize product photos on its website, saving time and ensuring they are locally relevant across markets; PUMA India has already seen a 10% increase in click through rate.
175. RadissonHotel Group personalized its advertising at scale in collaboration with Accenture and using Vertex AI and Gemini models, training them on extensive datasets stored in BigQuery; ad teams saw productivity rise around 50% while revenue increased from AI-powered campaigns by more than 20%
176. SquareEnix is using customer data to develop AI-optimized marketing assets to keep its gamers engaged, sharing personalized emails suited to each player’s preferences, leading to a 20% increase in email opens and a 10% increased retention rate.
177. Urmobo, a mobile-device management platform, created a virtual agent, Odin, that significantly improved user experience and reduced support tickets by enabling clients to interact with the platform using natural language.
178. The World Bank is developing a tool to extract key information from research literature on the causal impact of development interventions, with the ultimate goal to empower decision-makers to allocate the $220B in annual aid and trillions in annual impact investing more effectively.
179. Belk ECommerce is using generative AI to craft better product descriptions, a necessary yet time-consuming task for digital retails that has often been done manually.
180. Canva is using Vertex AI to power its Magic Design for Video, helping users skip tedious editing steps while creating shareable and engaging videos in a matter of seconds.
181. Carrefour used Vertex AI to deploy Carrefour Marketing Studio in just five weeks — an innovative solution to streamline the creation of dynamic campaigns across various social networks. In just a few clicks, marketers can build ultra-personalized campaigns to deliver customers advertising that they care about.
182. Major League Baseball continues to innovate its Statcast platform, so teams, broadcasters, and fans have access to live in-game insights.
183. Paramount currently relies on manual processes to create the essential metadata and video summaries used across its Paramount+ platform for showcasing content and creating personalized experiences for viewers. VertexAI Text Bison is now helping to streamline this process.
184. Procter & Gamble used Imagen to develop an internal gen AI platform to accelerate the creation of photo-realistic images and creative assets, giving marketing teams more time to focus on high-level planning and delivering superior experiences for its consumers.
185. WPP will integrate Google Cloud’s gen AI capabilities into its intelligent marketing operating system, called WPP Open, which empowers its people and clients to deliver new levels of personalization, creativity, and efficiency. This includes the use of Gemini 1.5 Pro models to supercharge both the accuracy and speed of content performance predictions.
To find even more customers using our AI tools to build agents and solutions for their most important enterprise projects, visit the Google Cloud customer hub.
One additional firm will not pay a penalty because it self-reported, self-policed, and demonstrated substantial efforts at compliance
The Securities and Exchange Commission today announced charges against 12 firms, comprising broker-dealers, investment advisers, and one dually-registered broker-dealer and investment adviser, for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications in violation of recordkeeping provisions of the federal securities laws.
The firms admitted the facts set forth in their respective SEC orders, acknowledged their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined civil penalties of $88,225,000 as outlined below, and have begun implementing improvements to their compliance policies and procedures to address these violations. The firms are as follows:
Stifel, Nicolaus & Company, Inc. agreed to pay a $35 million penalty;
Invesco Distributors, Inc., together with Invesco Advisers, Inc., agreed to pay a $35 million penalty;
CIBC World Markets Corp., together with CIBC Private Wealth Advisors, Inc., agreed to pay a $12 million penalty;
Glazer Capital, LLC agreed to pay a $2 million penalty;
Intesa Sanpaolo IMI Securities Corp., agreed to pay a $1.5 million penalty;
Canaccord Genuity LLC agreed to pay a $1.25 million penalty;
Regions Securities LLC agreed to pay a $750,000 penalty;
Alpaca Securities LLC agreed to pay a $400,000 penalty;
Focused Wealth Management, Inc. agreed to pay a $325,000 penalty; and
Qatalyst Partners LP will not pay a penalty.
“Today’s enforcement actions reflect the range of remedies that parties may face for violating the recordkeeping requirements of the federal securities laws. Widespread and longstanding failures, including where those failures potentially hinder the Commission’s investor protection function by compromising a firm’s response to SEC subpoenas, may result in robust civil penalties,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “On the other hand, firms that self-report and otherwise cooperate with the SEC’s investigations may receive significantly reduced penalties. Here, despite recordkeeping failures that involved communications by senior leadership and persisted after our first recordkeeping matters were announced in 2021, Qatalyst took substantial steps to comply, self-reported, and remediated and, therefore, received a no-penalty resolution.”
The SEC’s investigations into all the firms except for Qatalyst uncovered pervasive and longstanding use of unapproved communication methods, known as off-channel communications, at these firms. As described in the SEC’s orders, the firms admitted that during the periods relevant to each order, their personnel sent and received off-channel communications that were records required to be maintained under securities laws. The failure to maintain and preserve required records deprives the SEC of these communications in our investigations. The failures involved personnel at multiple levels of authority, including supervisors and senior managers.
In contrast, in response to the Commission’s recent off-channel enforcement actions, Qatalyst conducted an internal investigation and uncovered that Qatalyst personnel at various levels of authority sent and received off-channel communications, which Qatalyst did not maintain or preserve, that related to its broker-dealer business. Qatalyst will not pay a penalty because it self-reported its recordkeeping violations, cooperated with the staff’s investigation, and demonstrated substantial efforts at compliance with the recordkeeping requirements. Two additional firms, Canaccord and Regions, also self-reported their violations and, as a result, will pay significantly lower civil penalties than they would have otherwise.
The firms were each charged with violating certain recordkeeping provisions of the Securities Exchange Act or the Investment Advisers Act or both. In addition, all but one of the firms failed to reasonably supervise their personnel with a view to preventing and detecting those violations. The SEC’s order against Focused Wealth also found that the firm failed to adopt and implement policies and procedures reasonably designed to prevent the firm and its supervised persons from violating recordkeeping requirements.
Each of the firms was ordered to cease and desist from future violations of the relevant recordkeeping provisions and was censured. Ten of the firms also agreed to retain compliance consultants to, among other things, conduct comprehensive reviews of their policies and procedures relating to the retention of electronic communications found on personal devices and their respective frameworks for addressing non-compliance by their personnel with those policies and procedures.
Separately, the Commodity Futures Trading Commission announced a settlement with Canadian Imperial Bank of Commerce for related conduct.
The SEC’s investigations into Stifel, CIBC, Intesa, Canaccord, Alpaca, and Qatalyst were conducted by Laurel S. Fensterstock, Karolina Klyuchnikova, Austin Thompson, and Alison R. Levine. The SEC’s investigation into Focused Wealth was conducted by Bennett Ellenbogen and Michael Paley. Each of these matters was supervised by Thomas P. Smith, Jr. of the New York Regional Office. The SEC’s investigation into Invesco was conducted by Melanie Good, Craig Welter, and Nikolay Vydashenko, and supervised by Corey Schuster of the Enforcement Division’s Asset Management Unit. The SEC’s investigation into Glazer was conducted by Anne Hancock, Samantha Martin, and Christopher Rogers, and supervised by B. David Fraser of the Fort Worth Regional Office. The investigation into Regions was conducted by Katie D. Krysan and Amy S. Cotter, and supervised by Paul A. Montoya of the Chicago Regional Office.
Headline: Jefferson Parish Eligible for FEMA Assistance
Jefferson Parish Eligible for FEMA Assistance
BATON ROUGE, La. – Homeowners and renters in Jefferson Parish are now eligible for FEMA assistance to help them recover from Hurricane Francine.
Jefferson Parish joins Ascension, Assumption, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary and Terrebonne parishes, which were previously approved for Individual Assistance.
Assistance for eligible survivors can help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs. Also, low-interest disaster loans from the U. S. Small Business Administration (SBA) are available for businesses of all sizes (including landlords), private nonprofits, homeowners and renters.
How to Apply to FEMA
Homeowners and renters in Jefferson Parish and other designated parishes can apply several ways:
Go online to disasterassistance.gov.
Download the FEMA App for mobile devices.
Call the FEMA helpline at 800-621-3362 between 6 a.m. and 11 p.m. CT. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.
Visit any Disaster Recovery Center. For locations and hours, go online to fema.gov/drc.
View an accessible video about how to apply at Three Ways to Register for FEMA Disaster Assistance – YouTube.
Parishes Eligible for Public Assistance
Ascension, Assumption, Lafourche, St. Charles, St. Mary and Terrebonne parishes are now eligible for permanent work (Categories C-G); these parishes were previously designated for Individual Assistance and assistance for debris removal and emergency protective measures (Categories A and B), including direct federal assistance, under the Public Assistance program.
East Baton Rouge, East Feliciana, Livingston, Orleans, Plaquemines, St. Helena, St. Martin, St. Tammany, Washington and West Feliciana parishes are now eligible for Public Assistance Categories A-G.
Visit fema.gov/assistance/public/process to learn more about FEMA’s Public Assistance program including eligibility and the categories of work.
For the latest information visit fema.gov/4817. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and at facebook.com/femaregion6/.
SAN DIEGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that financial advisors Ken Hutkin and Ron Winkler have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch 57th Street Wealth Advisors. They reported serving approximately $400 million in advisory, brokerage and retirement plan assets* and join LPL from Wedbush Securities. They will operate the first Linsco office in New York City.
Hutkin brings more than 30 years of experience as a business owner and entrepreneur to the partnership. He prides himself on understanding the unique challenges faced by professionals and business owners, which gives him the ability to design custom-tailored strategies and financial plans. Winkler has spent nearly 40 years of his career as the founder and managing partner of Winkler & Co. CPAs, a tax and financial planning firm. Like Hutkin, Winkler’s passion for business and entrepreneurship drove his successful small business and ability to find approaches to even the toughest of clients’ financial challenges.
Together, the advisors aim to guide their clients through every step of their financial lives through attentive, personalized service and clear actionable plans. The 57th team also includes licensed Client Services Associate Margarita “Margie” Santiago and wealth associates Nathan Wild and Noah Hutkin.
“What makes our team distinctive and brings us the most pride is our commitment to both the execution of strategies and our service model,” Winkler said. “We are a process-driven, holistic multi-generational financial planning and asset management team, and we strive to offer exceptional service as we deliver tax-sensitive investment strategies and comprehensive wealth management.”
Looking to operate with greater autonomy while also evolving their practice, 57th Street Wealth Advisors turned to Linsco by LPL Financial.
The Linsco employee advisor model serves financial advisors seeking the core tenets of independence, including owning their client relationships and having the flexibility to run their practice on their own terms. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with the additional benefits of having support from an experienced branch management team and other dedicated consultants.
“We are truly setting up our practice for the future — both for our clients and legacy,” Hutkin said. “LPL is a recognized name in the industry with flexibility, scale and continued investment in resources, which can help us grow our team and ensure business continuity in the years to come. We are also excited for clients to have a successful and streamlined experience with LPL. We look forward to all the new opportunities ahead.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Ken, Ron and the entire 57th Street Wealth Advisors team to the LPL community. Through Linsco, advisors are empowered and have greater autonomy and flexibility to grow their practice on their terms. LPL’s integrated wealth management platform, robust business resources and support from our experienced branch management team and dedicated consultants can help them take their successful businesses to the next level. We look forward to supporting the 57th Street Wealth Advisors team as they continue to grow and serve their clients.”
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.
Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.
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.
LPL Financial does not offer tax advice or tax preparation services.
We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
*Value approximated based on asset and holding details provided to LPL from end of year, 2023.
CAMDEN, N.J., Sept. 24, 2024 (GLOBE NEWSWIRE) — Conner Strong & Buckelew, a leading insurance, risk management and employee benefits brokerage and consulting firm,is pleased to announce that President and Chief Executive Officer, Mike Tiagwad has been named one of Philadelphia Business Journal’s 2024 Most Admired CEOs. This honor is awarded to leaders in the region who have demonstrated exceptional business vision and organizational effectiveness while also making a positive impact in the community.
Under Mike’s visionary leadership Conner Strong & Buckelew has grown from a successful regional firm to one of the largest, most admired brokerage and employee benefits consulting firms in the country serving clients nationwide and abroad.
“The organization’s sustained success since Mike joined the firm in 2005 is a testament to the service-oriented structure and consultative approach he has created. He has elevated our ability to do more for our clients by spearheading investments in key areas like safety, risk management, data analytics, pharmacy services and claims advocacy,” said John Muscella, Executive Partner, Chief Financial Officer at Conner Strong & Buckelew. “By creating a client-centric business model focused on partnering with clients to ensure the best possible results, Mike has been instrumental in our ability to achieve a client retention rate near 99% and a Net Promoter Score among the highest in the industry.”
Creating Careers and a Unique Culture
Along with his team, Mike’s leadership has fostered a unique corporate culture of employee respect and empowerment that prioritizes professional development and mentoring and also promoting from within. A big believer in nurturing young talent, under Mike’s leadership, the organization has also built a nationally recognized internship program that has created a continual pipeline of talent to enter the insurance industry.
“Mike’s passion for attracting young people to the business and setting the stage for all employees to build lifelong careers here is reflected in our numbers. Today, 36 Conner Strong & Buckelew employees who started as interns are full time employees, including five who are partners. We have an impressive 97% employee retention rate and 69 employees that have been with the company for over 20 years,” commented Alexis Wolfson, Senior Partner, Chief Human Resources Officer at Conner Strong & Buckelew. “With Mike’s support we have also been able to build a long-term Diversity, Equity, Inclusion and Accessibility (DEIA) strategy that shatters DEIA program stereotypes and aligns with the company’s business objectives.”
Philanthropic Work
Beyond encouraging a company culture of giving that has translated to thousands of volunteer hours and donations to hundreds of worthy organizations, Mike has been a personal champion of helping individuals and families struggling with addiction. He created the annual Deb Tiagwad Memorial Golf Outing with all proceeds going to support Caron Treatment Centers, a nonprofit, comprehensive addiction treatment and behavioral health organization. To date, the event has raised over $1 million to provide scholarships for individuals to participate in a year-long, post-treatment recovery program.
When asked about being named one of the most admired CEOs, Mike said, “It is quite an honor, but the recognition goes to my colleagues at Conner Strong & Buckelew. Together as a team, we have achieved great success and that is a credit to all our employees.”
From his business acumen to his approach to corporate culture to his charitable endeavors, Mike Tiagwad is certainly a leader to be admired. We congratulate him along with all of the Philadelphia Business Journal’s 2024 Most Admired CEO Honorees.
About Conner Strong & Buckelew
Founded in 1959, Conner Strong & Buckelew is a privately held firm headquartered in Camden, NJ. An industry leader in providing complex businesses with comprehensive consulting and brokerage solutions for commercial insurance and employee benefits, we have unique resources and expertise in a variety of areas, including captive and alternative risk solutions, owner and contractor-controlled insurance programs, risk control services, claims advocacy and consulting, population health, data analytics, benefit consortiums and technology-driven solutions.
Since 2021 we have been an autonomously operated member of BroadStreet Partners, an insurance brokerage holding company that invests in high-performing independent agencies using a unique co-ownership business model. Collectively with BroadStreet Partners, we are among the 15 largest insurance brokerage, risk management and employee benefits consulting firms in the United States, serving clients throughout North America and abroad.
Conner Strong & Buckelew, National Headquarters, TRIAD1828 CENTRE, 2 Cooper Street, Camden, NJ 08102
SAN JOSE, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, Zoom announced several new add-on products and functionalities to further strengthen its advanced enterprise offerings portfolio for the Zoom platform. Zoom advanced enterprise offerings consist of a comprehensive portfolio of Zoom products and features that help organizations meet their compliance, security, privacy, survivability, and manageability requirements.
“Zoom’s advanced enterprise offerings reflect our commitment to empowering businesses and providing them with offerings that enable them to be more efficient, secure, compliant, and reliable,” said Smita Hashim, chief product officer, Zoom. “Our advanced enterprise products and features are essential tools built for Zoom Workplace and Zoom Business Services like Zoom Events and Zoom Contact Center that work behind the scenes as part of the Zoom network infrastructure to provide exceptional experiences to our customers. Our goal is to make communication and collaboration on Zoom foolproof, future-proof, and fail-proof.”
New offerings for enterprise customers
In 2023 alone, over $549 million in non-compliance penalties were issued globally, more than 353 million individuals were impacted by security breaches, and 31 percent of enterprises experienced unstable network or bandwidth constraints. Companies face urgent pressures to manage often complex compliance obligations, avoid hefty fines, safeguard their reputations against security threats, and prevent user dissatisfaction stemming from unreliable connectivity. Zoom’s newest additions to its advanced enterprise offerings are poised to help companies overcome these challenges.
Zoom Compliance Manager Plus: Launched in March and powered by Theta Lake, Zoom Compliance Manager (ZCM) is an all-in-one offering that provides archiving, eDiscovery, legal hold, and information protection offerings for enterprises. Zoom Compliance Manager Plus enhances ZCM with advanced features such as risk detection, data loss protection, and advanced trends analysis. These enhanced capabilities will further help organizations fulfill regulatory obligations and mitigate organizational communications compliance risks.
Zoom Meeting Survivability: Introduces a new level of network redundancy and enables business continuity, helping to ensure uninterrupted Zoom meeting service even during internet disruption due to outages from a storm, natural disaster, or carrier failure. Utilizing Zoom Node, a central hub for hosting Zoom workloads on premises, this functionality keeps meetings running smoothly via a failover to data centers where meetings are hosted on your local servers with minimal disruption to the end users.
Zoom Mesh for Meetings: With Zoom Mesh, companies can optimize bandwidth usage and save up to 60 percent on internet bandwidth and associated costs. Already available for Zoom Webinars and Zoom Events, this capability now extends to Zoom Meetings for an exceptional user experience regardless of bandwidth constraints.
Zoom Customer Managed Key (CMK) Hybrid: CMK Hybrid enhances Zoom’s current CMK data privacy offering by providing customers with more options to manage the encryption keys used to protect data maintained by Zoom. CMK Hybrid allows customers to control the entire encryption/decryption process on premises. Zoom Team Chat messages, for example, can be encrypted locally by the Zoom Workplace app (some Zoom cloud-based Team Chat functionalities will not be available as a result). Zoom CMK Hybrid will be available for Zoom Workplace starting with the support of Zoom Team Chat in Q4 2024.
An enterprise-grade offerings portfolio designed to meet organizations’ needs
The new advanced enterprise products and features introduced today bolster the existing robust portfolio of Zoom’s enterprise offerings, which are specifically designed to address the complex needs of large organizations and those in regulated industries such as finance, healthcare, and government agencies. These offerings are included with Zoom Workplace Enterprise licenses, help improve business continuity, optimize bandwidth, enhance security, simplify manageability, and support communications compliance. The advanced enterprise offerings are organized across six key categories:
Communications compliance: Archiving, Data Loss Prevention, Information Barrier, and Chat Etiquette solutions help address communications compliance requirements for regulated industries worldwide.
Data residency & privacy compliance: Tools to help meet local and regional customer data residency and privacy compliance requirements such as Customer Managed Key.
Policy & deployment management: Zoom Device Management, policy provisioning, and deployment tools to help ease implementation and support.
Security & access control: Encryption and virtual desktop infrastructure (VDI) offerings to provide enhanced security protection for data at rest and in transit.
Analytics & insights: A robust set of dashboards, monitoring, reporting, and alerting tools to improve overall operational visibility.
Network optimization & survivability: Zoom Mesh, Zoom Node, and Zoom survivability solutions help reduce bandwidth, optimize performance, and improve business continuity.
Several Zoom advanced enterprise offerings including end-to-end encryption, GDPR and privacy controls, management dashboards, and other capabilities are already available with Zoom Workplace Enterprise licenses while other features, including these new products, are available as paid add-ons. For more information on Zoom’s advanced enterprise offerings, please visit the Zoom advanced enterprise website. Zoom will also host technical sessions on its enterprise offerings at Zoomtopia 2024 for those interested in learning more.
About Zoom Zoom’s mission is to provide one platform that delivers limitless human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion that empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.
Source: Hong Kong Government special administrative region
Following is the speech by the Financial Secretary, Mr Paul Chan, at business luncheon Hong Kong-Spain: Partnering for Success in Madrid, Spain, today (September 24, Madrid time): Dr Peter Lam (Chairman of the Hong Kong Trade Development Council), Ms Jarillo (Deputy Director General for Asia, Europe and Oceania, Ministry of Economy, Trade and Enterprise of Spain, Ms Laura Jarillo), distinguished guests, ladies and gentlemen, Good afternoon. I’m delighted to be here, in Madrid, the dynamic capital and financial heart of Spain, a city renowned for its world-class museums and fine dining and wine, not to mention the best football club in Europe, if not the world. What more can a visitor ask for? Well, I can tell you that this speaker, and the young and energetic innovation and technology delegation here with me, are pleased to be here, with you, to talk about how Spanish and Hong Kong business can partner for success long-term, mutually rewarding success.Hong Kong, connecting Spain and Asia Ladies and gentlemen, like Spain, Hong Kong is back in business after the challenges of the COVID pandemic, back creating opportunity for a world of business. Spain, included of course. Hong Kong has long been recognised as one of the best connected cities in the world. Half the global population is no more than a five-hour flight away from us. Before the pandemic, Hong Kong International Airport operated 1 100 flights a day, covering 220 destinations. Today, passenger throughput is rebounding, reaching over 80 per cent of pre-pandemic levels on peak days, with full resumption expected by year’s end. As for cargo, our airport has been the busiest in the world for 13 of the last 14 years. This strategic connectivity is enhanced by Hong Kong’s institutional advantages, reinforcing our role as a “super connector” in Asia. The unique “one country, two systems” arrangement makes this possible. As part of China, Hong Kong enjoys convenient and sometimes priority access to the vast Mainland market, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, a city cluster comprising Hong Kong, Macao and nine Mainland cities in Guangdong province. The Greater Bay Area’s collective population counts more than 87 million, with a GDP exceeding 1.8 trillion euros, surpassing that of Australia and the Republic of Korea. And, on a purchasing power parity basis, the per capita GDP of the Greater Bay Area is US$40,000, 75 per cent of Spain’s. (Note: HK’s is US$71,500) Hong Kong, let me add, is the most international city in China, thanks to the “two systems” that distinguish us. We are the only jurisdiction in China practising the common law system, our judiciary exercising its powers independently. Information, capital, goods and people flow freely in and out of our city. Our taxes are low and simple, with a currency pegged to the US dollar. Our regulatory systems and professional services align with the best international standards. Our commitment to the rule of law is exemplified by the Rule of Law Index, produced by the World Justice Project. In the latest Index, Hong Kong ranked 23rd and Spain 24th, both ahead of the United States. Hong Kong’s enduring strengths will continue to thrive, as our country is committed to the “one country, two systems” principle for the long term. This commitment has been reiterated by President Xi Jinping on multiple occasions, and reaffirmed at various high-level state and party meetings in Beijing. Last year, China and Spain celebrated the 50th anniversary of diplomatic ties. And those ties continue to grow. Earlier this month, Prime Minister Sanchez was in Beijing, his second trip to the Chinese capital in two years. As political and economic ties between our two countries strengthen, Hong Kong is proud to play a pivotal role in fostering more two-way investments, and more economic, innovation and cultural exchanges.Financial Services One obvious area where we can contribute is financial services. Hong Kong, after all, is an international financial centre – number three worldwide, behind only New York and London, according to the latest Global Financial Centres Index, released today. We have a robust fund-raising market. Our stock market’s total capitalisation stands at 3.7 trillion euros, while assets managed by private equity and venture capital exceed 200 billion euros. Hong Kong is the leading biotech fund-raising hub in Asia, too. A defining feature of our capital market are the “Connect Schemes” with the Mainland. Under the schemes, Mainland investors can buy stock, bonds, ETFs and derivatives directly from Hong Kong, while foreign investors can buy similar financial products on the Mainland through Hong Kong. In short, Spanish companies looking to list or issue bonds in Hong Kong can tap the capital from both the Mainland and international markets. Hong Kong is also the world’s offshore renminbi hub. As the use of renminbi as a trade and reserve currency increases, businesses will naturally look for renminbi-denominated investment and risk-management tools. Hong Kong handles approximately 80 per cent of global offshore renminbi transactions, offering a wide range of investment and risk-management products. Then there’s green and sustainable finance. We have long been Asia’s leader in green finance, issuing, on average, more than 55 billion euros in green and sustainable debt a year over the past three years. Our green standards align with the best international practices. To take an example, the Hong Kong Taxonomy for Sustainable Finance, released in May, is highly compatible with the European Union’s Taxonomy for Sustainable Activities. For green projects looking for funding, Hong Kong is simply Asia’s premier destination.Innovation and Technology No less important is our commitment to rise as a global innovation and technology hub, together with the Greater Bay Area. We have what it takes to realise that ambition. Hong Kong is home to five global top 100 universities, and our two medical schools are among the world’s top 40. We also support 29 labs and research and development centres in collaboration with prestigious universities around the world. Our start-up system is thriving, offering a variety of innovative products in fintech, green tech, biotech, supply-chain management, big-data analytics and more. And 20 per cent of our 4 200 start-ups were founded by overseas entrepreneurs. Many of them are based in our two main innovation flagships: Science and Technology Park and Cyberport. And you will soon hear more from senior executives from these institutions, Albert and Eric. Let me add that our delegation members, many of them founders and CEOs of start-ups, are eager to talk to you, to explore business opportunities together. Hong Kong boasts a full-spectrum financing market, including banks, private equity funds, venture-capital funds and a well-developed stock and bond market. These provide abundant financial support for tech companies local and global, at different stages of growth. Greater Bay Area cities, let me add, each offers distinct strengths in innovation and technology; from basic research to technological application, commercialisation, and advanced manufacturing. This year, the World Intellectual Property Organization’s Global Innovation Index ranked the Shenzhen-Hong Kong-Guangzhou cluster second, globally, for the fifth consecutive year. Now, allow me now to highlight a few I&T areas where Hong Kong and the Greater Bay Area offer singular advantages, starting with artificial intelligence. Crucial to AI are algorithms, supercomputing power, data and application scenarios, all of which Hong Kong is blessed with. We serve as a convergence point for Mainland and international data. We are also investing in the necessary i
nfrastructure, including a supercomputer centre. Hong Kong and the Greater Bay Area provide many different application scenarios for AI. Many AI companies, let me add, are choosing Hong Kong to develop their large language models and to go global. Biotechnology is also a priority. And we are planning to conduct clinical trials for the Greater Bay Area. We are also working on a “primary evaluation system” that will allow medicine and medical devices approved in Hong Kong to be widely used in the Greater Bay Area, the Asian region and around the world. Then there’s the Northern Metropolis, a 300-square kilometre area in Hong Kong bordering Shenzhen. The Northern Metropolis is destined to rise as an innovation and technology hub, a vast bridgehead for Hong Kong’s co-operation with other Greater Bay Area cities. Ladies and gentlemen, that just touches on the opportunities Hong Kong is actively pursuing. But let me say that we’re particularly focused on four areas: AI, biotech, fintech and new energy and new materials. We are bringing in strategic companies to help us develop those sectors. Since the end of 2022, we have attracted over 100 tech companies to Hong Kong. Together, they will invest about 6 billion euros and create more than 15 000 jobs in our city. We are equally keen on attracting talent. Since the launch of the new talent admission schemes and updating existing ones, to date, we’ve received some 360 000 applications under our various talent admission schemes. About 226 000 applications have been approved, and 150 000 professionals have already arrived in Hong Kong, I’m pleased to say.Concluding remarks Ladies and gentlemen, Hong Kong offers boundless opportunities for Spanish companies – as a gateway to the Chinese Mainland and throughout Asia, and as a hub for financial services and I&T. My thanks to the Hong Kong Trade Development Council for hosting today’s luncheon, and to our Spanish partners, including CEOC, ICEX and the Spanish Chamber of Commerce, for make this welcome gathering possible. I am happy now to take your questions, to hear your thoughts and ideas on how our two economies and peoples can deepen our co-operation, creating far-reaching opportunities that benefit us all. Thank you.
Headline: Verizon Business inks 5G connected-vehicle deal with teledriving car-share company Vay
What you need to know:
Now live in Las Vegas, offers remotely driven electric vehicles (EV) that can be rented by the minute. When requesting a car through the app, a Vay teledriver delivers a vehicle to the user and picks it up after the journey is complete. Upon delivery, the user takes over and drives to their destination like in a regular car.
Verizon Business is providing 5G connectivity to Vay vehicles and custom data plans to help Vay handle the massive amounts of data generated by its teleoperated fleet.
Use cases include near real-time connectivity to provide mobility solutions for teledriven cars; transmitting telematics or diagnostic information from vehicles to Vay and/or Vay customers; and transmitting over-the-air updates to software and firmware in Vay vehicles.
NEW YORK, NY and Las Vegas, NV – Verizon Business and Vay Technology today announced an agreement bringing Verizon 5G connectivity to Vay’s fleet of teleoperated electric vehicles. The deal also includes custom data plans to help manage massive amounts of data generated by Vay vehicles’ sensors and cameras.
“Vay’s unique operational model shows the importance of mobile connectivity for the future of transportation. From Vay’s app-based user interface to their high-tech teledriving command centers to the vehicle fleet itself, connectivity touches all corners of the business,” said TJ Fox, Senior Vice President of Industrial IoT and Automotive, Verizon Business. “We’re thrilled to work with a company as innovative as Vay, which can use our unrivaled network to fuel their expansions throughout the U.S.”
“Verizon’s technology has been critical for Vay’s entry into the U.S. market from Europe, and we look forward to continuing our relationship with them as we expand our commercial and B2B businesses,” said Thomas von der Ohe, Vay co-founder and CEO. “Verizon’s coverage, performance and network reliability are essential for handling the data load inherent to teleoperating our fleet to the highest standards of safety and capability.”
Vay currently operates its commercial service in Las Vegas, where users can order an electric car via the Vay app and have it delivered to them by a Vay teledriver. While in the car, the users drive themselves, just like in a regular car. When the trip is complete, they end the rental in the app, exit the vehicle, and a Vay teledriver remotely drives it to the next customer. High-performance, low-latency Verizon 5G connectivity helps enable this operational model.
Verizon connectivity is used for data-intensive, mission-critical workloads such as providing mobility solutions for teleoperation-capable cars; transmitting telematics or diagnostic information from vehicles to Vay and/or Vay customers; and transmitting over-the-air updates to software and firmware in Vay vehicles.
Visit verizon.com/connectedvehicle to learn more about Verizon’s connected automotive solutions and capabilities.