Headline: Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force
DG Okonjo-Iweala said: “I warmly welcome Argentina’s formal acceptance of the WTO Agreement on Fisheries Subsidies. As one of the world’s leading fishing nations and exporters, Argentina’s commitment underscores this Agreement’s importance for protecting marine ecosystems and promoting responsible practices for people’s livelihoods and food security. This milestone brings us closer to the shared goal of curbing harmful fisheries subsidies worldwide: we are only five ratifications away from the Agreement entering into force.”
Ambassador Lunazzi said: “Today, with the deposit of the instrument of ratification of the Agreement on Fisheries Subsidies, the Argentine Republic is taking an important step. This firm commitment to fairer and freer trade not only strengthens our economy, but also protects the marine resources in the South Atlantic, preserving them for future generations. We look forward to the rapid entry into force of this Agreement, which reflects the collaborative spirit of WTO members and their commitment to the founding principles of the Organization.”
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. The list of the 106 WTO members which have deposited their instruments of acceptance with the WTO is available here.
At the WTO’s 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.
The Fish Fund launched a Call for Proposals on 6 June, inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. The WTO Fish Fund portal can be found here.
WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
Information for members on how to accept the Protocol of Amendment is available here.
Headline: Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force
DG Okonjo-Iweala said: “I warmly welcome Argentina’s formal acceptance of the WTO Agreement on Fisheries Subsidies. As one of the world’s leading fishing nations and exporters, Argentina’s commitment underscores this Agreement’s importance for protecting marine ecosystems and promoting responsible practices for people’s livelihoods and food security. This milestone brings us closer to the shared goal of curbing harmful fisheries subsidies worldwide: we are only five ratifications away from the Agreement entering into force.”
Ambassador Lunazzi said: “Today, with the deposit of the instrument of ratification of the Agreement on Fisheries Subsidies, the Argentine Republic is taking an important step. This firm commitment to fairer and freer trade not only strengthens our economy, but also protects the marine resources in the South Atlantic, preserving them for future generations. We look forward to the rapid entry into force of this Agreement, which reflects the collaborative spirit of WTO members and their commitment to the founding principles of the Organization.”
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. The list of the 106 WTO members which have deposited their instruments of acceptance with the WTO is available here.
At the WTO’s 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.
The Fish Fund launched a Call for Proposals on 6 June, inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. The WTO Fish Fund portal can be found here.
WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
Information for members on how to accept the Protocol of Amendment is available here.
Headline: Windows 11 is the home for AI on the PC, with more experiences available today
AI is changing the way we use our PCs. According to a new consumer AI report commissioned by Microsoft, nearly 60% of people report using generative AI for work and business purposes in the past year. Even more (64%) report using AI for hobbies and personal interests like art, music and DIY projects.
As the world adapts to this new era of AI infused with daily life, Windows is here to meet you where you are, with intuitive experiences built in to make what you already do on your PC even easier.
Windows 11 is the home for AI, offering the most expansive and capable AI experiences for consumers today on Copilot+ PCs—with exclusive AI superpowers like Recall (preview), Click to Do (preview) and improved Windows search, as well as groundbreaking new ways to interact with your PC, like Copilot Vision on Windows, all available now.
Today, we continue to make new experiences generally available for Windows 11 and Copilot+ PC users that make Windows more intuitive, more accessible and ultimately more useful.
Read on to discover what’s available and how to get started using these experiences today.
Changing Windows Settings has never been easier, with Windows’ first agent
It’s never been easier to adjust your settings in Windows. Now on Copilot+ PCs, you can use your own words in the settings search box to describe something you’d like to change, and instantly get recommendations, including actions to adjust the relevant setting with one click.
This is made possible through the new agent in Settings, Windows’ first agent optimized for Copilot+ PCs.
Hundreds of settings across displays, connectivity, accessibility and much more are now customizable through the agent in Settings, with the ability to enable or undo any setting you change.
To use the agent in Settings:
Open Settings from the Taskbar or Start Menu
Type in the Settings search box what you want to change using your own words, such as “I want to enable quiet hours” or “connect Bluetooth device.” For some settings, you can even make specific requests, such “change my resolution to 1920×1080.”
If the agent can make the change, it will offer an option to complete the action to change the setting, as well as an option to undo any setting you change.
When settings are unable to be adjusted by the agent, improved Windows search will surface relevant settings to help you get closer to what you’re looking for, faster.
The agent in Settings begins to become available starting today for Windows customers using English on Snapdragon-powered Copilot+ PCs, with availability on Intel and AMD devices coming at a later datei.
Learn more about how you can use Settings agent and other Windows features like Copilot Vision on Windows to troubleshoot your PC.
Do even more with Click to Do (preview)
Click to Do keeps you in the flow to get things done faster, providing contextual actions to text and images on your screen.
After invoking Click to Do, relevant text or visual actions will appear that include the ability to prompt Copilot, search the web, create bulleted lists, start a draft of a document or email, or even schedule a Teams meeting—all without leaving your current window.
New actions available starting today includeii:
Practice in Reading Coachiii is a new Click to Do text action that helps you improve reading fluency and pronunciation. Select text on your screen, choose Practice in Reading Coach, and read the text aloud. Reading Coach gives you feedback and shows where to improve.
Read with Immersive Reader is a new text action in Click to Do that displays text in a focused, distraction-free environment. It helps improve reading and writing for all skill levels and abilities. You can adjust text size, spacing, font and background theme, have text read aloud, break words into syllables and highlight parts of speech. The picture dictionary shows images for unfamiliar words.
Draft with Copilot in Wordiv is a new text action enabling you to quickly turn any recognized text into a full draft. Whether it’s a sentence in an email or a snippet on your screen, press Win + Click on the recognized text, then select Draft with Copilot in Word. No more blank pages. No more writer’s block. Just momentum.
Click to Do now supports actions through Microsoft Teams. When you select an email address recognized by Click to Do on your screen, you can choose to send a Teams message or schedule a Teams meeting. These options make it easy to ask a question or set up time to talk without interrupting your workflow.
To get started with Click to Do:
Press the Windows key + mouse click, Windows key + Q, or access through the Start menu and Snipping Tool.
Click to Do also supports hardware-specific options like double clicking your pen on your pen-capable device or swiping from the right with your pen or finger on your touch screen.
Learn more about all the ways you can use Click to Do to get more done on your Copilot+ PC.
Photos relight brings professional lighting controls to your pictures
Relight in the Photos app brings professional lighting controls to your snapshots. Open any image in Photos, select Edit > Relight, and then click to place up to three virtual light sources around your subject.
Adjust each light’s intensity, color and position with simple sliders, or choose from built-in presets like “Studio Portrait” and “Cinematic Glow.”
To use relight in Photos:
Open the Photos app and select the image you want to relight.
Select Edit, then select Relight from the available options.
Choose one of the lighting presets, and optionally customize each light’s location, brightness, softness or color, and the overall intensity of the effect.
Learn more about tips to get the most out of your photos.
This feature is available now on Copilot+ PCs with Snapdragon X Series processors, with support for Copilot+ PCs powered by Intel and AMD coming soon.
Paint adds even more creative capabilities with sticker generator and object select
In May, we introduced multiple enhancements to elevate your creative experience, now available on Copilot+ PCs.
Sticker generatorv is a new AI-powered feature in Paint that lets you create custom stickers by simply typing a prompt. To get started, click on the Sticker generator button in the Copilot menu. From there, you can type in a description of the sticker you want to create, like “a cat wearing sunglasses,” and hit the Generate button.
Paint will then generate a set of unique stickers based on your prompt. Once the stickers are generated, you can click on any one of them to instantly apply it to your canvas, copy the sticker for use in other applications, or save it for later. To access your recently generated stickers, click on the new Stickers option in the Paint toolbar.
We’re also releasing object select, a smart selection tool that uses AI to help you isolate and edit individual elements in your image. To get started, click on the Object select tool in the toolbar and simply pinpoint specific elements on the canvas to select and make edits instantly.
To use the new updates in Paint:
Open the Paint app.
Explore the new welcome experience to learn more about features like Cocreator, generative erase, sticker generator, object select and Layers.
Try out the new sticker generator and object select features.
Be more productive with Snipping Tool perfect screenshot and color picker
Snipping Tool’s screen capture and perfect screenshot capturing a specific area of the screen.
We’ve also added two new features to Snipping Tool—perfect screenshot and color picker.
Perfect screenshot is a new AI-powered feature exclusive to Copilot+ PCs that allows you to precisely capture content on your screen with the Snipping Tool app without the need to crop or resize it post-capture.
To try Snipping Tool perfect screenshot:
Invoke the Snipping Tool capture toolbar from within the app or by using the Print Screen keyboard shortcut.
Select the Perfect screenshot button from the toolbar when in rectangle mode and start selecting a region of your screen.
Once activated, perfect screenshot will intelligently resize based on the content in your selection. You can also quickly enable perfect screenshot by holding the Ctrl keyboard shortcut after invoking Snipping Tool while selecting a region of your screen.
Move or edit the area before confirming your capture, ensuring you get the perfect screenshot every time!
For all Windows 11 PCs, we have also added the ability to easily identify and capture colors seen on your screen through the introduction of color picker. Color picker is great for anyone who might need to quickly match a color you see on your screen as part of a project—whether that be designers, developers or everyday color aficionados.
Snipping Tool’s color picker tool selecting a color on the screen to inspect.
To try color picker in Snipping Tool:
Invoke the Snipping Tool capture toolbar from within the app or by using the Print Screen keyboard shortcut.
Select Color picker from the toolbar and then inspect or select a color code on your screen, choosing from HEX, RGB or HSL values. Need to be more precise? You can zoom by scrolling in on your pointer or using by using the Ctrl +/- keyboard shortcuts.
Do more with Microsoft Copilot and Edge on Windows 11
Copilot Vision on Windows, now available in the U.S., is a new way to engage with your Windows 11 PC. When you enable it, it can see what you see on your device and talk to you about it in real time.
It acts as your second set of eyes, able to analyze content, help when you’re lost, provide insights and answer your questions as you go. Whether you’re browsing, working or deep in a project, Copilot Vision offers instant insights and answers.
And with Highlights, you can go a step further and ask Copilot “show me how” for a specific task and it will show you within the app you’re in where to click and what to do. On Windows, Copilot can help you navigate multiple apps at once, including your full desktop, serving as a true companion to help you accomplish any task.
To get started with Copilot Vision on Windows:
Open the Copilot app and click the glasses icon in your composer.
Select which browser window or app you want to share.
Ask Copilot to help with whatever you’re working on. To stop sharing, press ‘Stop’ or ‘X’ in the composer. It’s a fully opt-in experience that always puts you at the controls.
Microsoft Edge is also the only browser built for Windows, offering the most seamless PC browsing experience with AI-powered tools, productivity features, and built-in performance and security features that help you browse quickly and safely.
With features like Edge Game Assist, now available on Windows 11vi, you can get tips and guides for many of the top PC games, easy access to essential sites like Discord, Spotify, and Twitch, and more — all right in your game.
To use Edge Game Assist, simply press Win+G to open Game Bar and start using Microsoft Edge for a seamless and immersive gaming experience.
Learn more about how you can get the most out of Edge on Windows.
Making the unexpected easier with faster recovery
Unexpected restarts are frustrating, that’s why starting today, people will begin to experience several improvements that make this experience quicker and more user friendly so you can pick up right where you left off.
With quick machine recovery, a new recovery mechanism for Windows 11 PCs, your PC will automatically detect and fix widespread issues during an unexpected restart using the Windows Recovery Environment (WinRE).
We’ve also streamlined the unexpected restart experience, reducing the time users spend on the screen from 40 seconds to just 2 seconds for most consumer devices on Windows 11, version 24H2.vii
As part of these changes, we also made an update to how our interface appears during an unexpected restart, introducing a simplified user interface (UI) that pairs with the shortened experience to display a more readable layout while keeping the technical details visible.
Learn more about the changes to the unexpected restart experience here.
Move forward with Windows 11
From modern security to faster performance and the latest features and experiences, Windows 11 is built to help you work, play and create with ease. With support for Windows 10 ending on Oct. 14, 2025, we’re here to ensure your transition is smooth, secure and up to date.
We understand that moving to a new PC can take time, and we’re here to support you throughout the process. The Windows 10 Extended Security Updates (ESU) program is designed to keep your current Windows 10 PC protected after support ends—helping you stay secure during the transition.
Starting today, individuals will begin to see an enrollment wizard through notifications and in Settings, making it simple to select the best option for you and enroll in ESU directly from your personal Windows 10 PC.
Learn more about Windows 10 end of support and explore the tools and resources available to help you transition with confidence.
How to get these updates
Over the next month, we will be gradually rolling out several of these features via controlled feature rollout (CFR) to consumers. Some of these experiences are available today via this month’s Windows non-security preview update, as well as updates available in the Microsoft Store.
Consumers who would like to be among the first to experience new enhancements can simply go to Settings > Windows Update and turn on “Get the latest updates as soon as they’re available.” Then select “Check for updates” to download and install the most recent non-security preview release.
Ensure that Microsoft Paint, Photos and Copilot applications are updated to the latest versions available.
For a full list of features available via today’s Windows Update, learn more here.
End notes:
i Available now in most global markets on Copilot+ PCs with Snapdragon® X Series. Limited initially to English-language inputs. See aka.ms/copilotpluspcs processors.
ii These Click to Do actions are not available in the European Economic Area.
iii To use this feature, install the free Microsoft Reading Coach app from the Microsoft Store.
iv For “Draft with Copilot in Word” – a Microsoft 365 Copilot subscription is required.
v Optimized for English text prompts and requires a Microsoft account and internet connection to access cloud services that help ensure the responsible use of AI.
vi Game Assist is available where Edge is available. Enhanced game content is available English-only at this time. Game Assist experience may also vary depending on game and geography.
vii Source: Internal testing of Windows 11 memory dump write speed, October 2022.
Headline: Introducing Surface Laptop 5G: Seamless connectivity, built for business
We’re excited to announce the expansion of our Surface Copilot+ PC portfolio for business customers. The new Surface Laptop 5G, 13.8-inch powered by Intel Core Ultra (Series 2) processors, will begin shipping Aug. 26, and the new Surface Laptop, 13-inch and Surface Pro, 12-inch are available starting today.[1]
AI is every organization’s competitive edge—but only when it’s accessible the moment it’s needed. Surface Laptop 5G delivers that advantage with a 40+ trillion operations per second (TOPS) Neural Processing Unit (NPU) that powers fast, on-device intelligence, making everyday workflows more intuitive and efficient. Whether it’s staying focused in meetings, finding and acting on information faster, or reducing routine tasks, AI accelerates what matters most. With an integrated 5G modem, users stay continuously connected to Microsoft 365 Copilot[2] and other cloud tools, enabling deeper insights and real-time collaboration.
Adding 5G to Surface Laptop has been one of the most requested features from our business customers. But the ask was never just about adding a modem—it reflected a deeper need to eliminate friction, with the ability to connect instantly, securely and reliably without worrying about signal strength or searching for a hotspot.
Meeting that need was the driving force behind the design of Surface Laptop 5G. We set out to build the best 5G-connected laptop—one where connectivity fades into the background. Whether you’re a consultant joining a Teams call on a train, a field engineer uploading site data from the field or a sales leader finishing a proposal in a hotel lobby, Surface Laptop 5G keeps business moving wherever work happens.
Surface Laptop 5G represents Microsoft’s end-to-end innovation in action. Hardware, software and cloud services come together to deliver intelligent, secure and connected experiences for today’s mobile workforce. The Surface for Business portfolio offers a complete solution for every user scenario, from tablet-first flexibility to high-performance laptops, all supported by Microsoft’s modern management and industry-leading security.
Engineered for seamless 5G performance
Adding 5G to Surface Laptop required more than just dropping in a modem. Every layer of Surface Laptop 5G was reengineered to deliver a seamless, reliable and secure experience, while preserving the design, performance and portability our customers expect.
Dynamic antenna system
At the heart of Surface Laptop 5G is a dynamic antenna system that continuously adapts to its environment. With six strategically placed antennas, the device automatically adjusts signal paths and power based on how it’s being held or used, ensuring strong, reliable connectivity exactly when and where it’s needed.[4] As users move between environments, the device seamlessly transitions between 5G and Wi-Fi networks, keeping a steady and secure connection to cloud-based apps, updates, and corporate resources. This innovative antenna design also enables Surface Laptop 5G to act as a mobile hotspot, securely sharing its 5G connection with other devices when Wi-Fi isn’t available.[3]
Thoughtfully designed hardware
Many laptops place antennas near the base, where signals are more likely to be blocked by objects or the user’s legs. Surface Laptop 5G was designed differently, with antennas strategically positioned higher on the device to reduce interference and maintain a strong, reliable and consistent connection.
This design required a new material, one that allows radio signals to pass through without impacting performance, while still delivering the durability, premium feel and lightness our customers are looking for. We developed a custom multi-layered laminate that meets all of these needs, enabling reliable 5G performance without compromising portability or design.
Surface Laptop 5G also includes both NanoSIM and eSIM options, integrated to preserve its slim profile while enabling global connectivity.[4] Weighing under 3 pounds, it is light and easy to carry across campuses, through airports or from meeting to meeting.
Tested for the real world
In Surface we don’t just simulate real-world use, we build for it. Surface Laptop 5G was tested in homes, apartments and active office environments replicating everyday scenarios. Moving between rooms, switching networks, multitasking and working from laps helped us fine-tune antenna placement, thermal performance and connectivity behavior to reflect how people actually work.
To ensure global performance, the 5G hardware was field-tested with over 100 mobile operators across more than 50 countries. The result is reliable 5G connectivity that travels with your workforce around the world.[5]
Secure and connected for smarter management
With support for 5G built-in, Surface Laptop devices stay continuously connected, enabling IT to deliver security updates, enforce policies and access real-time insights, from almost anywhere. This integration is possible because Surface is engineered in partnership with Windows and Intune, combining hardware, software and cloud-based management into a unified Microsoft solution.
IT can remotely deploy and manage eSIM profiles, allowing cellular connectivity to be preconfigured and pushed to enrolled Surface devices.6 Paired with Windows Autopilot, it enables a true zero-touch deployment experience where devices arrive fully configured, secured and ready to use.
The Surface Management Portal within the Intune Admin Center provides centralized visibility into device health, compliance and usage across the Surface fleet. Now with Security Copilot integrated, IT can act faster with AI-powered tools to detect issues, assess risk and respond with greater confidence.
For an extra layer of protection, the PanzerGlass Privacy Screen Protector helps safeguard on-screen information and can reduce the risk of visual data exposure when working in public spaces.[6]
Surface is where Microsoft’s hardware, software and cloud come together to deliver an experience that’s easy to manage, safe to deploy and ready for AI from day one.
A connected future, built for business
Surface offers powerful protection that safeguards your data and privacy while enabling your employees to achieve more.
Surface Laptop 5G joins a growing portfolio of Copilot+ PCs designed to meet the evolving needs of today’s workforce. With the Surface Pro for Business, 12-inch and Surface Laptop for Business, 13-inch now shipping, and Surface Laptop 5G arriving on Aug. 26, organizations have more choice than ever to modernize their device fleets with powerful, secure and AI-ready tools.
When paired with Verizon’s secure, reliable 5G network, Surface devices unlock even greater productivity. The combination of Surface Copilot+ PCs, Microsoft 365 Copilot and high-speed mobile connectivity enables a seamless experience that helps businesses work easier and efficiently, in the office or out in the field. In the U.S., Surface for Business devices are available through a broad network of partners, including Verizon Business, with selected Verizon stores rolling out in the coming months.
With support ending for Windows 10 PCs on Oct. 14, 2025, now is the time to begin the transition to a modern Windows experience—one that’s optimized for AI, secured by design and built for mobility.
To learn more about the new Surface Laptop 5G, Surface Pro, 12-inch and Surface Laptop, 13-inch visit Surface.com/Business to find an authorized reseller, or visit the Microsoft Store. When you shop at Microsoft.com, you’ll get free shipping and an extended 60-day price protection and return window. For a deeper technical dive, see the Surface IT Pro Blog.
[1] 5G will be available later in 2025 and only on specific SKUs of Surface Laptop for Business 13.8-inch | Intel, but not in all areas; compatibility and performance depends on carrier network, plan and other factors. See carrier for details and pricing.
[2] Per user license sold separately; also requires eligible Microsoft 365 plan.
[3] Mobile hotspot support may vary by country and/or carrier; additional fees may apply.
[4] eSIM support and availability may vary by carrier and country.
[5] Service availability and performance subject to service provider’s network. Contact your service provider for details, compatibility, pricing, SIM card and activation. See all specs and frequencies at surface.com. Availability of data plans for eSIM varies by market and by carrier.
WASHINGTON, DC – On Sunday, President Trump congratulated Bill Pulte, Fannie Mae’s chairman and director of U.S. Federal Housing, acknowledging the work he’s doing for the housing market and people across the country.
The message recognized the “outstanding” work Director Pulte has done since the president appointed him earlier this year to lead U.S. Federal Housing and encouraged him to keep moving forward. Since he was confirmed, Director Pulte has led Fannie Mae’s efforts to be a more efficient company focused on its core mission.
With $4.4 trillion in total assets, Fannie Mae provides a reliable source of affordable mortgage credit that supports homebuyers and renters across the country. The company is foundational to the housing market in the United States. The housing market generally makes up 15-18% of the United States’ GDP, so a strong housing market means a stronger American economy.
Samsung Electronics today announced the availability of the One UI 8 Watch update1 for Galaxy Watch Ultra, unlocking the motivational health features and refined, intuitive interface unveiled with the new Galaxy Watch8 series to a wider Galaxy users. With the update, Galaxy Watch Ultra users now have access to powerful tools2 like Running Coach, Vascular Load and Antioxidant Index — all designed to help users build healthier habits through motivational insights.
With One UI 8 Watch, the user interface is optimized to deliver essential information at a glance on a smartwatch-sized screen. Multi-Info Tiles pull everything from health metrics to weather into a customizable view, delivering the information users need, exactly when they need it. Now Bar3 ensures that whatever users are working on is always accessible. These One UI 8 Watch features integrate seamlessly with Galaxy Watch Ultra’s robust performance and durability.
Galaxy Watch Ultra remains the ultimate wearable companion for those who love outdoor adventure, all available in four stunning titanium finishes — including the newly introduced Titanium Blue. Meanwhile, Galaxy Watch8 is designed for everyday wellness with comfort and style, while Galaxy Watch8 Classic offers timeless sophistication paired with advanced functionality. Galaxy Watch8, Galaxy Watch8 Classic and Galaxy Watch Ultra in Titanium Blue will soon be globally launched.
For more details about the Galaxy Watch Ultra, visit https://www.samsung.com/galaxy-watch/.
1 One UI 8 Watch update will be progressively rolled out to previous Galaxy Watch models. All functionality, features, specifications and other product information provided in this document including, but not limited to benefits, design, pricing, components, performance, availability, and capabilities of the product are subject to change without notice.
2 Availability and features may vary depending on market, model and the smartphone paired; visit https://www.samsungmobilepress.com/feature-stories/great-health-can-happen-overnight-with-galaxy-watch for details. Not intended for use in detection, diagnosis, treatment of any medical condition. The result is for your personal reference only. Please consult a medical professional for advice.
3 Availability of functions supported within the apps may vary by market. Some functional widgets may require a network connection and/or Samsung Account login.
Current accounts in major economies diverged significantly in 2024, widening global current account balances by 0.6 percentage points of world GDP. This widening, driven by domestic macro imbalances, represents a sizable reversal from the post-pandemic narrowing. Staff assessment suggests that excess current account balances account for about two-thirds of the widening in global current account balances. The assessed increase in excess current account balances is the largest in a decade, with major economies—China, the United States and the euro area—driving the increase. Such rapid and globally sizable increase in excess current account balances in major economies can generate significant negative cross-border spillovers. In 2025 and over the medium term, a delay in macroeconomic adjustments to correct the post-pandemic domestic macro imbalances could result in continued current account divergence in major economies, while addressing domestic imbalances could bring about a convergence of major current account balances.
Samsung, India’s largest consumer electronics brand, has further solidified its premium retail presence with the opening of a new premium experience store at Lotus Trade Centre, Andheri West, Mumbai.
Spanning 1,600 sq. ft., this expansive store serves as a comprehensive destination for customers to explore Samsung’s latest innovations and its seamlessly connected ecosystem, all in one place.
Strategically located in one of Mumbai’s key retail and lifestyle hubs, the store features dedicated zones showcasing Samsung’s full range of Galaxy devices, including the latest smartphones, tablets, laptops, smartwatches, smart rings, and the advanced SmartThings ecosystem. With interactive displays and experiential zones, visitors can discover how Samsung technology enhances productivity, entertainment, wellness, and smart home automation for a truly connected lifestyle.
“At Samsung, we are dedicated to bringing innovation closer to our customers through inspiring retail experiences. The launch of our premium experience store in Andheri West, Mumbai, marks a significant milestone in our journey to expand our premium retail footprint and create holistic, all-in-one destinations for technology, engagement, and service,” said Sumit Walia, Vice President, Head of D2C Business & Corporate Marketing at Samsung India.
As part of Samsung’s flagship ‘Learn @ Samsung’ initiative, the store will host regular workshops focused on AI-powered photography, productivity, creativity, and doodling using Galaxy devices. These workshops aim to empower millennials and Gen Z consumers to maximize their device usage in everyday life. In addition, the store features a full-fledged service centre, ensuring customers receive prompt and reliable post-purchase support.
Through Samsung Store+, a digital interface within the store, customers can seamlessly browse products and arrange home delivery for their selected items. Furthermore, a dedicated service centre within the store ensures enhanced post-purchase support for customers.
To celebrate the launch, customers visiting the Andheri West experience store can enjoy exclusive Paytm First benefits, including:
Special travel and dining offers
Over 30 free subscriptions across leading OTT, music, wellness, and infotainment platforms
Exclusive discounts on over 40 brand gift cards and more than 25 top deals from premium brands
Buy-1-Get-1-Free buffet deals across over 100 premium restaurants nationwide
Headline: Group CTO Tatsuo Ogawa: Beyond Reform—Technology Future Vision’s Progress and Direction for the Next Generation
The Panasonic Group is implementing extensive management reform, but which direction is technology pointing us in? What sort of future is taking shape before our eyes in this era of transformation? To explore the heart of the matter, we spoke with Tatsuo Ogawa, Executive Officer of Panasonic Holdings Corporation and Group CTO overseeing technology strategy.
One year later: Three concepts and an unshakable commitment
We unveiled our Technology Future Vision in July 2024. Since then we’ve received a remarkable amount of internal and external feedback. The support we’ve received, and the specific discussions relating to possible collaboration, have been very encouraging. We see many exciting challenges ahead as we work to realize the vision. The future it embodies remains the same, and we continue to create new technology and businesses as we map out our unique path and push forward.
In particular, the three core concepts of energy and resources, nurturing a sense of fulfillment, and co-caring are vital guiding principles, as we integrate Panasonic technologies to achieve our overall goal of enhancing quality of life for everyone. We are pressing forward with research and development, so I would like to take this opportunity to update you on the progress we are making in multiple directions.
1. Toward a society where energy and resources flow: Tackling the hard challenges of the global environment
We are boldly tackling global environmental challenges through a wide range of R&D initiatives centered on the Green Transformation and Manufacturing Innovation Divisions.
Perovskite solar cells
These glass panels can generate energy where conventional solar panels cannot, for example as windows in dense urban areas. We already have a pilot manufacturing line producing near-commercial-size construction elements (1.0 m × 1.8 m). Our industrial inkjet printing system used to produce these panels is so advanced that it received the prestigious Okochi Memorial Technology Prize. Our goal is to integrate renewable energy generation into everyday urban infrastructure for better energy self-sufficiency and greater resilience in case of disasters.
A Perovskite panel on display at Osaka’s Expo 2025 demonstrates the design potential this technology offers.
Novitek Bio-CO₂ Transformation technology
This biostimulant technology promotes plant growth by harnessing the power of photosynthesis, and represents an important step toward turning CO2 into a valuable resource. Field trials are underway in collaboration with Sumitomo Chemical Company, Limited, and Novitek is showing promise as a driver of sustainable agriculture with higher productivity and lower environmental impact.
Panasonic has developed moldable materials that are fully biodegradable in marine environments. It achieved this by taking its proprietary technology for blending high concentrations of plant-based cellulose fibers into resins and applying it to marine-biodegradable, plant-derived resins. In April 2025, Panasonic received the Ichimura Prize in Industry against Global Warming for this and related technologies.
Tracephere traceability technology
This technology uses the blockchain to make resource recycling and reuse transparent and trustworthy. It can bring us closer to realizing the circular economy by encouraging the use of recycled materials and preventing illegal dumping.
Design for Circular Economy (DfCE)
This initiative aims to drive the transition to a circular economy by designing products with ease of disassembly and recycling in mind. The effort is based on the MI Division’s perspective of maintaining and regenerating value in manufacturing, and will extend product lifespans and reduce waste.
We also want to expand the positive impacts our activities are having on the environment in FY2025. Efforts in this direction are critically important, not only to halt but reverse biodiversity loss. To this end, we are investing resources in activities that directly support natural capital restoration. An example is our promotion of Nature Symbiosis Site research in areas where biodiversity is already being actively protected by companies, local government, NGOs, and others. These sites are part of Japan’s strategy to meet the global “30 by 30” goal of conserving at least 30% of land and sea by 2030. Another example would be conserving and regenerating blue carbon ecosystems by applying robotics and IoT technologies in collaboration with seaweed aquaculture startups. To ensure transparency and demonstrate our commitment to the environment, we are TCFD* disclosure-compliant and are working to meet TNFD** standards.
* TCFD: Task Force on Climate-related Financial Disclosures. This organization promotes disclosure by enterprises and other entities of information relating to their climate change-related activities and policies, and how these relate to their financial posture.
** TNFD: Taskforce on Nature-related Financial Disclosures. An international organization founded to structure frameworks for corporate risk management relating to natural capital, and for related disclosure.
2. Toward a society of fulfillment: Creating meaningful time
We want our technology to help every member of society find fulfillment in their work and daily activities, and be able to have more meaningful, quality time. At the heart of this concept are initiatives from the Digital Transformation & Cyber-Physical Systems Division.
With digital collection and analysis of data from frontline environments like manufacturing sites, and by providing optimized feedback, we are working to boost operational efficiency and quality and create safer, more secure working environments. We plan to evolve beyond straightforward Kaizen toward Gemba CPS 2.0, a next-generation approach where we reimagine business processes ourselves from the design stage.
We are also developing systems that provide direct support to keep workers safe and enhance their productivity. One of these is Reliable/Safe Operation Support, which helps users prevent work-related accidents.
3. Toward a society of co-caring: Caring for self and others
The third concept is a society where a harmonious state of mind and body encourages co-caring relationships with the people around us. The key to realizing this society is technology that deepens Human Insight.
Verification test environment for time value enhancement of travel experience
Human Insight technology
This uses advanced sensing to collect a wide range, not only of biometric data like heart rate, respiration, and physical movements, but also of behavioral data. It then applies AI to model the individual’s physical and mental condition and characteristics, and even aspects of interactions with others. Then, by stimulating the five senses through environmental parameters including light, sound, scent, and temperature sensations, it aims to guide the individual toward an enhanced state of well-being.
We are developing technologies that use heart rate to identify different types of stress, score a subject’s degree of meditative depth and provide constructive feedback, apply measured levels of concentration to the improvement of work environments, and other applications. We are also exploring unique research topics. Biophilic Hi-Res Sound enhances relaxation through wide-band audio and can strengthen brainwaves associated with relaxation. Therapeutic Sound promotes mental and physical well-being using sound with inaudible components, and can reduce stress levels during cognitive tasks.
These technologies are undergoing development and field testing in a range of settings and realistic use cases. The success of this work will enhance physical and mental well-being and help people realize more creative, fulfilling lives.
Cell therapy solutions
Regenerative medicine is a key area of focus. Treatments that utilize the patient’s own cells and iPS cells offer great promise. Nevertheless, cell manufacturing remains inefficient, labor-intensive, and costly. We are currently collaborating with partners including the Center for iPS Cell Research and Application (CiRA) at Kyoto University to develop an automated system that reliably produces high-quality therapeutic cells in a cost-effective way by combining Panasonic expertise in biotechnology, precision manufacturing equipment, data analysis, and simulation. We are confident we can help make individually-tailored treatments accessible to more people, and contribute materially to extending healthy life span and improving quality of life.
Synergy between structural reform and technology development: Focusing on what truly matters
Panasonic is implementing group-wide management reform, and the impact of these efforts naturally extends to our technology divisions. Budget cuts are part of our efforts to optimize our operations, but I don’t view this as a negative. Instead, I see it as a great opportunity to focus our resources on the initiatives that truly matter as we extend our technological development.
Most important is to select the themes that are likely to have the greatest impact toward realizing our Future Technology Vision, and apply our limited resources to investments that will generate the greatest return.
As we do so, open innovation-style collaboration with universities and enterprises will only become more important. To enhance the speed and quality of our development, we will actively incorporate external knowledge and technologies rather than attempt to go it alone.
What matters most is that we foster a culture of embracing challenges. As our founder Konosuke Matsushita once said, “Don’t fear mistakes. Fear a lack of resolve.” The process of creating new value inevitably includes setbacks. What can we learn from them? How can we apply those lessons? I’m convinced that such experiences strengthen our entire technology organization.
How will AI illuminate the future?
AI is a critical enabling technology for current and future innovation. To reinforce our group commitment to AI, we have launched a new initiative called Panasonic Go. Its goal is to expand the share of AI-related businesses to 30% of group sales by FY2035. In my view, this transformation will mark our evolution into a new breed of enterprise, with seamless vertical and horizontal connections across multiple layers of the organization.
While we are still defining specific business targets for FY2035, our goal is to leverage AI and data to connect value that is now provided through individual products and services. We will not simply embed AI in products, but apply it across R&D workflows to boost efficiency and boldly tackle the challenge of creating new value.
As AI extends into every corner of society, security technology becomes more and more important. From individual product security to security for whole factories and complete IT systems, we are reinforcing our efforts to deliver safety and peace of mind to customers by combining cutting-edge AI with expertise accumulated over many years. We are already contributing to society in tangible ways, such as shielding manufacturing lines from malware, or structuring security systems for entire office buildings.
Panasonic means hope to everyone invested in the future
From my perspective as CTO, I’m continually giving thought to how Panasonic technologies can contribute to future society. I think the answer begins in our founding DNA, which embodies a deep-rooted desire to improve people’s lives through manufacturing.
To those who will lead tomorrow’s society, especially young people shaping the future, and to our engineers at Panasonic, I would say this: Don’t do only what you can do, but keep asking yourself what you should do. No matter how challenging the circumstances, I hope you’ll never lose your optimism. My own motto is, “Good fortune comes to those who smile.” If you’re always optimistic and willing to tackle challenges, I’m confident that a path forward is certain to open up.
For more than a century, Panasonic has been a part of people’s lives through technology. The trust and technological achievement we have accumulated throughout our history are precious assets. Nevertheless, we must keep our eyes on the future and continue to challenge ourselves to create new value.
With the Future Technology Vision to guide us, we will achieve transformation as a united Panasonic Group, and do our utmost to deliver futures filled with promise.
Headline: Group CTO Tatsuo Ogawa: Beyond Reform—Technology Future Vision’s Progress and Direction for the Next Generation
The Panasonic Group is implementing extensive management reform, but which direction is technology pointing us in? What sort of future is taking shape before our eyes in this era of transformation? To explore the heart of the matter, we spoke with Tatsuo Ogawa, Executive Officer of Panasonic Holdings Corporation and Group CTO overseeing technology strategy.
One year later: Three concepts and an unshakable commitment
We unveiled our Technology Future Vision in July 2024. Since then we’ve received a remarkable amount of internal and external feedback. The support we’ve received, and the specific discussions relating to possible collaboration, have been very encouraging. We see many exciting challenges ahead as we work to realize the vision. The future it embodies remains the same, and we continue to create new technology and businesses as we map out our unique path and push forward.
In particular, the three core concepts of energy and resources, nurturing a sense of fulfillment, and co-caring are vital guiding principles, as we integrate Panasonic technologies to achieve our overall goal of enhancing quality of life for everyone. We are pressing forward with research and development, so I would like to take this opportunity to update you on the progress we are making in multiple directions.
1. Toward a society where energy and resources flow: Tackling the hard challenges of the global environment
We are boldly tackling global environmental challenges through a wide range of R&D initiatives centered on the Green Transformation and Manufacturing Innovation Divisions.
Perovskite solar cells
These glass panels can generate energy where conventional solar panels cannot, for example as windows in dense urban areas. We already have a pilot manufacturing line producing near-commercial-size construction elements (1.0 m × 1.8 m). Our industrial inkjet printing system used to produce these panels is so advanced that it received the prestigious Okochi Memorial Technology Prize. Our goal is to integrate renewable energy generation into everyday urban infrastructure for better energy self-sufficiency and greater resilience in case of disasters.
A Perovskite panel on display at Osaka’s Expo 2025 demonstrates the design potential this technology offers.
Novitek Bio-CO₂ Transformation technology
This biostimulant technology promotes plant growth by harnessing the power of photosynthesis, and represents an important step toward turning CO2 into a valuable resource. Field trials are underway in collaboration with Sumitomo Chemical Company, Limited, and Novitek is showing promise as a driver of sustainable agriculture with higher productivity and lower environmental impact.
Panasonic has developed moldable materials that are fully biodegradable in marine environments. It achieved this by taking its proprietary technology for blending high concentrations of plant-based cellulose fibers into resins and applying it to marine-biodegradable, plant-derived resins. In April 2025, Panasonic received the Ichimura Prize in Industry against Global Warming for this and related technologies.
Tracephere traceability technology
This technology uses the blockchain to make resource recycling and reuse transparent and trustworthy. It can bring us closer to realizing the circular economy by encouraging the use of recycled materials and preventing illegal dumping.
Design for Circular Economy (DfCE)
This initiative aims to drive the transition to a circular economy by designing products with ease of disassembly and recycling in mind. The effort is based on the MI Division’s perspective of maintaining and regenerating value in manufacturing, and will extend product lifespans and reduce waste.
We also want to expand the positive impacts our activities are having on the environment in FY2025. Efforts in this direction are critically important, not only to halt but reverse biodiversity loss. To this end, we are investing resources in activities that directly support natural capital restoration. An example is our promotion of Nature Symbiosis Site research in areas where biodiversity is already being actively protected by companies, local government, NGOs, and others. These sites are part of Japan’s strategy to meet the global “30 by 30” goal of conserving at least 30% of land and sea by 2030. Another example would be conserving and regenerating blue carbon ecosystems by applying robotics and IoT technologies in collaboration with seaweed aquaculture startups. To ensure transparency and demonstrate our commitment to the environment, we are TCFD* disclosure-compliant and are working to meet TNFD** standards.
* TCFD: Task Force on Climate-related Financial Disclosures. This organization promotes disclosure by enterprises and other entities of information relating to their climate change-related activities and policies, and how these relate to their financial posture.
** TNFD: Taskforce on Nature-related Financial Disclosures. An international organization founded to structure frameworks for corporate risk management relating to natural capital, and for related disclosure.
2. Toward a society of fulfillment: Creating meaningful time
We want our technology to help every member of society find fulfillment in their work and daily activities, and be able to have more meaningful, quality time. At the heart of this concept are initiatives from the Digital Transformation & Cyber-Physical Systems Division.
With digital collection and analysis of data from frontline environments like manufacturing sites, and by providing optimized feedback, we are working to boost operational efficiency and quality and create safer, more secure working environments. We plan to evolve beyond straightforward Kaizen toward Gemba CPS 2.0, a next-generation approach where we reimagine business processes ourselves from the design stage.
We are also developing systems that provide direct support to keep workers safe and enhance their productivity. One of these is Reliable/Safe Operation Support, which helps users prevent work-related accidents.
3. Toward a society of co-caring: Caring for self and others
The third concept is a society where a harmonious state of mind and body encourages co-caring relationships with the people around us. The key to realizing this society is technology that deepens Human Insight.
Verification test environment for time value enhancement of travel experience
Human Insight technology
This uses advanced sensing to collect a wide range, not only of biometric data like heart rate, respiration, and physical movements, but also of behavioral data. It then applies AI to model the individual’s physical and mental condition and characteristics, and even aspects of interactions with others. Then, by stimulating the five senses through environmental parameters including light, sound, scent, and temperature sensations, it aims to guide the individual toward an enhanced state of well-being.
We are developing technologies that use heart rate to identify different types of stress, score a subject’s degree of meditative depth and provide constructive feedback, apply measured levels of concentration to the improvement of work environments, and other applications. We are also exploring unique research topics. Biophilic Hi-Res Sound enhances relaxation through wide-band audio and can strengthen brainwaves associated with relaxation. Therapeutic Sound promotes mental and physical well-being using sound with inaudible components, and can reduce stress levels during cognitive tasks.
These technologies are undergoing development and field testing in a range of settings and realistic use cases. The success of this work will enhance physical and mental well-being and help people realize more creative, fulfilling lives.
Cell therapy solutions
Regenerative medicine is a key area of focus. Treatments that utilize the patient’s own cells and iPS cells offer great promise. Nevertheless, cell manufacturing remains inefficient, labor-intensive, and costly. We are currently collaborating with partners including the Center for iPS Cell Research and Application (CiRA) at Kyoto University to develop an automated system that reliably produces high-quality therapeutic cells in a cost-effective way by combining Panasonic expertise in biotechnology, precision manufacturing equipment, data analysis, and simulation. We are confident we can help make individually-tailored treatments accessible to more people, and contribute materially to extending healthy life span and improving quality of life.
Synergy between structural reform and technology development: Focusing on what truly matters
Panasonic is implementing group-wide management reform, and the impact of these efforts naturally extends to our technology divisions. Budget cuts are part of our efforts to optimize our operations, but I don’t view this as a negative. Instead, I see it as a great opportunity to focus our resources on the initiatives that truly matter as we extend our technological development.
Most important is to select the themes that are likely to have the greatest impact toward realizing our Future Technology Vision, and apply our limited resources to investments that will generate the greatest return.
As we do so, open innovation-style collaboration with universities and enterprises will only become more important. To enhance the speed and quality of our development, we will actively incorporate external knowledge and technologies rather than attempt to go it alone.
What matters most is that we foster a culture of embracing challenges. As our founder Konosuke Matsushita once said, “Don’t fear mistakes. Fear a lack of resolve.” The process of creating new value inevitably includes setbacks. What can we learn from them? How can we apply those lessons? I’m convinced that such experiences strengthen our entire technology organization.
How will AI illuminate the future?
AI is a critical enabling technology for current and future innovation. To reinforce our group commitment to AI, we have launched a new initiative called Panasonic Go. Its goal is to expand the share of AI-related businesses to 30% of group sales by FY2035. In my view, this transformation will mark our evolution into a new breed of enterprise, with seamless vertical and horizontal connections across multiple layers of the organization.
While we are still defining specific business targets for FY2035, our goal is to leverage AI and data to connect value that is now provided through individual products and services. We will not simply embed AI in products, but apply it across R&D workflows to boost efficiency and boldly tackle the challenge of creating new value.
As AI extends into every corner of society, security technology becomes more and more important. From individual product security to security for whole factories and complete IT systems, we are reinforcing our efforts to deliver safety and peace of mind to customers by combining cutting-edge AI with expertise accumulated over many years. We are already contributing to society in tangible ways, such as shielding manufacturing lines from malware, or structuring security systems for entire office buildings.
Panasonic means hope to everyone invested in the future
From my perspective as CTO, I’m continually giving thought to how Panasonic technologies can contribute to future society. I think the answer begins in our founding DNA, which embodies a deep-rooted desire to improve people’s lives through manufacturing.
To those who will lead tomorrow’s society, especially young people shaping the future, and to our engineers at Panasonic, I would say this: Don’t do only what you can do, but keep asking yourself what you should do. No matter how challenging the circumstances, I hope you’ll never lose your optimism. My own motto is, “Good fortune comes to those who smile.” If you’re always optimistic and willing to tackle challenges, I’m confident that a path forward is certain to open up.
For more than a century, Panasonic has been a part of people’s lives through technology. The trust and technological achievement we have accumulated throughout our history are precious assets. Nevertheless, we must keep our eyes on the future and continue to challenge ourselves to create new value.
With the Future Technology Vision to guide us, we will achieve transformation as a united Panasonic Group, and do our utmost to deliver futures filled with promise.
Source: ASEAN – Association of SouthEast Asian Nations
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered Pre-Recorded Remarks at the Opening Ceremony of the 20th Asia Media Summit held in Siem Reap, Cambodia. Under the theme of “Celebrating Two Decades of Excellence and Beyond,” the summit gathers broadcasters, decision makers, media professionals, regulators, scholars, and stakeholders from within and outside the region to address challenges and opportunities in the media industry. In his remarks, Dr. Kao reflected on the achievements of the Asia Media Summit, and highlighted ASEAN’s developments in response to the evolving information and media landscape.
The post Secretary-General of ASEAN delivers Pre-Recorded Remarks at the 20th Asia Media Summit appeared first on ASEAN Main Portal.
Headline: Rally Estonia: Day 4
Sensational Solberg debut secures 100th WRC triumph for TOYOTA
Oliver Solberg has secured a sensational victory on debut for TOYOTA GAZOO Racing World Rally Team at Rally Estonia, claiming both his first win as well as the 100th for TOYOTA in the history of the FIA World Rally Championship.
aRepresentatives of the APEC Business Advisory Council (ABAC) met in Hai Phong, Viet Nam to finalize their recommendations to APEC Leaders and seven Sectoral Ministerial Meetings to be held in Korea later this year. During the meeting, ABAC members reiterated an urgent call to APEC Leaders to reaffirm their commitment to open, rules-based, non-discriminatory, predictable and competitive markets in the face of mounting trade tensions, policy volatility and global uncertainty.
APEC’s prosperity has long rested on reducing distortions and opening markets, anchored by transparent, rules-based trade but today, that foundation is under threat.
Escalating trade frictions and uncertainty are disrupting supply chains, inflating costs, shaking business confidence and threatening jobs and living standards. This is throttling growth and distracting from the critical work of revitalizing businesses and our economies. In a ‘Statement on Open Markets’, ABAC underscored that the business community needs a return to the stable trade and economic environment that has underpinned decades of prosperity for every APEC economy.
As leaders of the Asia-Pacific business community, ABAC recognizes that artificial intelligence (AI) is reshaping our economies, societies and daily lives. Yet the full benefits of AI cannot be realized without robust, efficient and sustainable infrastructure to support its development and deployment. In its Declaration on Sustainable AI Infrastructure and Investment, ABAC reaffirmed its commitment to shaping an AI-powered future that is not only innovative and inclusive, but also environmentally responsible.
Priorities for Inclusive and Sustainable Growth
In the 2025 Report to APEC Leaders, ABAC finalized the recommendations it will present later this year to drive sustainable and inclusive growth in the region including the following:
Accelerating the realization of the Free Trade Area of the Asia-Pacific (FTAAP), with early deliverables like the APEC Centre of Excellence on Paperless Trade, a new equal pay framework and a Greener Trade Framework.
Reforming and modernizing the WTO including making permanent the E-Commerce Moratorium for digital products.
Mobilizing investment to fund energy transitions, digital infrastructure, and disaster response.
Leading in Digital Transformation by ensuring equitable access to secure, sustainable digital infrastructure, shaping responsible AI deployment and governance and developing interoperable digital trade rules.
Strengthening healthcare supply chains and market access for innovations like genomics and AI.
Tackling demographic shifts by promoting workforce participation, labor mobility, skills recognition, pensions reform and leveraging emerging technologies.
ABAC’s work and recommendations are guided by the theme this year—“Bridge. Business. Beyond.” This reflects what is needed to deliver ABAC’s vision: bridge divides, empower businesses to drive growth and look beyond short-term challenges to long-term prosperity.
ABAC stands ready to work with APEC Leaders to shape a future of inclusive, sustainable growth for all.
ABAC 2025 Chairman H.S. Cho thanked His Excellency Luong Cuong, President of Viet Nam, who opened the ABAC meeting.
ABAC expressed its appreciation to ABAC Viet Nam for the excellent arrangements and the leaders of Hai Phong City for supporting the meeting. Prior to the start of the ABAC meeting, members joined participants to the Hai Phong Investment Promotion Conference held prior to their Meeting where they engaged with H.E. President of Viet Nam, Hai Phong City Leaders and local business owners.
For further information, please contact:
Hyungkon Park (Mr), ABAC Executive Director 2025 at +82 2 6050 3686 and [email protected] Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]
At the invitation of the Government of the People’s Republic of China, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will undertake a visit to the People’s Republic of China and take part in the 2025 World AI Conference, from 23 to 26 July 2025.
During his stay in Beijing and Shanghai, SG Dr. Kao will have several key engagements, including a bilateral meeting with H.E. Wang Yi, Minister of Foreign Affairs of the People’s Republic of China, as well as meeting with other senior government officials and private sectors such as Asian Infrastructure Investment Bank (AIIB) and Shanghai Cooperation Organisation (SCO), among others.
SG Dr. Kao will also take the opportunity to meet with the ASEAN Committee in Beijing (ACB) and to speak at the Opening Ceremony of the 2025 World Artificial Intelligence Conference as well as at the High-Level Meeting on Global AI Governance. His participation reflects ASEAN’s continued commitment to advancing the ASEAN-China Comprehensive Strategic Partnership and to delivering this year’s priorities, particularly in deepening digital collaboration in the fields of artificial intelligence and emerging technologies.
The post Secretary-General of ASEAN to pay a visit to the People’s Republic of China and to attend 2025 World AI Conference appeared first on ASEAN Main Portal.
At the invitation of the Government of the People’s Republic of China, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will undertake a visit to the People’s Republic of China and take part in the 2025 World AI Conference, from 23 to 26 July 2025.
During his stay in Beijing and Shanghai, SG Dr. Kao will have several key engagements, including a bilateral meeting with H.E. Wang Yi, Minister of Foreign Affairs of the People’s Republic of China, as well as meeting with other senior government officials and private sectors such as Asian Infrastructure Investment Bank (AIIB) and Shanghai Cooperation Organisation (SCO), among others.
SG Dr. Kao will also take the opportunity to meet with the ASEAN Committee in Beijing (ACB) and to speak at the Opening Ceremony of the 2025 World Artificial Intelligence Conference as well as at the High-Level Meeting on Global AI Governance. His participation reflects ASEAN’s continued commitment to advancing the ASEAN-China Comprehensive Strategic Partnership and to delivering this year’s priorities, particularly in deepening digital collaboration in the fields of artificial intelligence and emerging technologies.
The post Secretary-General of ASEAN to pay a visit to the People’s Republic of China and to attend 2025 World AI Conference appeared first on ASEAN Main Portal.
Source: African Development Bank Group Day breaks in Mékro, some 300 km from Abidjan, in central Côte d’Ivoire. The first rays of sun announce the start of what promises to be another sweltering day in a region known for its intense heat. Some women return from the backwaters bringing water to supply the family beehives.
Source: African Development Bank Group Who: African Development Bank Group, Human Rights 2 Water, Water Research Commission
What: A presentation of a joint publication, Water Policies to Support Investment in Humans and Nature: A Compilation of Good Practices in Africa
When: Wednesday, 23 July 2025; 10:00 – 11:30 GMT
Source: Independent Petroleum Association of America
Headline: Coalition Letter RE: Oversight hearing titled “Permitting Purgatory: Restoring Common Sense to NEPA Reviews.”
Jul 21, 2025 Coalition Letter RE: Oversight hearing titled “Permitting Purgatory: Restoring Common Sense to NEPA Reviews.”
DearChairmanWesterman:
…Reformingthenation’soutdatedpermitting systemis criticalto bolsteringenergy security, growing jobs,andbuilding much-neededenergy infrastructure to supportthe projected energy demandsof ourcountryinthe coming years.According toLawrenceBerkeleyNational Laboratory,as of2022ittookanaverage of five yearsforanenergy infrastructure projecttomovefrom initialpermitting to operation,more than double thetime ittookin 2000.Compounding thesedelays,Stanford Universityreports thatnearly 30% ofmajor energyandinfrastructureprojectsrequiring anenvironmentalimpactstatement face predevelopment litigation, often based on meritless or duplicative claims under the National Environmental Policy Act (NEPA). These lawsuits have become a tool to delay or price projects out of existence. Delays discourage investment and threaten our energy security. Many projects take even longer or are ultimately cancelled as funding is lost, or companies decide to invest in regions with more stable and predictable permitting regimes.
Source: Independent Petroleum Association of America
Headline: Oil and Natural Gas Trades Urge Congress to Push Permitting Reform
Jul 21, 2025 Oil and Natural Gas Trades Urge Congress to Push Permitting Reform
WASHINGTON — A group of eight oil and natural gas trade associations today called on lawmakers in the U.S. House of Representatives to “take swift action on permitting reform.” In a letter to Chairman Bruce Westerman ahead of an oversight hearing tomorrow in the House Natural Resources Committee, the coalition underscored the need to streamline the process to approving federal permitting for energy production, expressed their priority principles, and pointed to recent legislative proposals as vehicles for a bipartisan path forward.
The coalition, comprised of Energy Workforce & Technology Council, Gulf Energy Alliance, International Association of Drilling Contractors, Independent Petroleum Association of America, National Ocean Industries Association, Texas Alliance of Energy Producers, U.S. Oil & Gas Association, and Western Energy Alliance, warns that delays in reform threaten America’s economic growth.
The following are statements from members of the coalition:
Dan Naatz, COO and EVP of the Independent Petroleum Association of America: “The Biden Administration used the federal permitting process as a tool to hamper production and took every action to create greater hardship for America’s oil and natural gas producers. IPAA encourages legislators to act quickly to reform our current outdated permitting system and set the course straight to unleash America’s full energy potential. Reform is critical to bolster America’s energy security and build energy infrastructure to support our nation’s projected energy demands in the coming years.”
Melissa Simpson, president of Western Energy Alliance: “Across the political aisle everybody knows the federal energy permitting process is broken, particularly on federal lands in the West. Oil and natural gas require multiple federal approvals for everything from exploration and leasing to drilling, transportation, and export. Incremental progress has been made over the past few years, and the path to reform has been established. It’s now up to Congress to act. We hope lawmakers will move quickly to remove impediments, create interagency collaboration for simultaneous reviews, and improve the delivery of energy to all Americans.”
Tim Tarpley, president of Energy Workforce & Technology Council: “The current permitting system is a chokepoint for domestic energy development. Our members are ready to build, drill, and deliver, but red tape and frivolous lawsuits holds back investment, innovation, and jobs. Congress must cut through the bureaucracy and enact reforms to ensure the U.S. remains the global leader in energy production.”
Erik Milito, president of the National Ocean Industries Association: “Permitting reform must be at the top of the national energy agenda. Offshore companies work within one of the most complex and highly regulated environments in the world. If we want to unlock the full potential of American energy, support good-paying jobs, and strengthen our national security, we need a permitting system that matches the scale, urgency, and innovation of today’s offshore energy industry.”
Karr Ingham, Economist, president, Texas Alliance of Energy Producers: “While we don’t have much in the way of production on federal lands and waters in Texas, access to markets for Texas and U.S.-produced crude oil and natural gas is critical and has long been hampered by abuses in the permitting process. Additional pipeline and export capacity, including new LNG export facilities, is required to support the extraordinary growth in production accomplished by the U.S. domestic oil and gas industry. Moving products to domestic and global markets more quickly meets growing energy needs at home and abroad, meets those needs in much cleaner fashion compared to non-U.S. production, and reduces the need to flare natural gas.”
Tim Stewart, president of the U.S. Oil & Gas Association: “We need to get back to building things in this country. Thankfully, the Supreme Court has clarified that the National Environmental Policy Act (NEPA) is a procedural statute designed to assist agencies in deciding rather paralyzing them. It’s time to end decades of permitting delays, driven by misuse of NEPA to obstruct not just a final decision but the ‘next step’ of every step of the regulatory process. Chairman Westerman is providing a badly needed a course correction to align permitting with NEPA’s statutory intent with common sense so we can start building big things like we used to.”
The full letter to Chairman Westerman detailing the coalition’s call for action is available here.
Source: International Association of Drilling Contractors – IADC
Headline: Jason McFarland’s Story
Jason McFarland –IADC President
Jason McFarland (left) and his mentor, Ken Fischer, are pictured in Dubai while on a trip together in 2008.
When I think about the importance of mentorship in our industry, one person is top of mind: Ken Fischer. Our professional relationship spanned decades, and he fundamentally shaped who I am today.
Over Thanksgiving in 2008, Ken and I traveled to the UAE on IADC business, then to Oman for the IADC Well Control Middle East Conference. I was IADC’s VP of Membership at the time; I’d been working with Ken since 1996, a year after I started with our Association in what’s known today as the IADC Bookstore.
We were staying at the Grand Hyatt Muscat Oman, and the hotel was hosting a Thanksgiving dinner for its American guests. Ken and I got our plates and sat out on the patio, and that’s when a seemingly ordinary moment changed the trajectory of my career and my life.
After our meal, Ken pulled out a scrap piece of paper that had the cab driver’s phone number from the night before. He started drawing out a leadership assessment grid, listing key attributes like vision, leadership, management, and technical competency. Then, he began evaluating several individuals—including me—and grading them on each of these attributes.
The exercise Ken drew out and the conversation that followed were straightforward, because that was Ken’s way, but they changed my life. There were two things that made this moment transformative for me.
Most importantly, this was the first time anyone had pulled me aside and told me that they thought I had potential. He believed in me at a time when I didn’t yet believe in myself. He showed me that I have something to offer, even though it took me a while to fully believe what we discussed that day.
Jason is pictured with Faisal, a representative from an IADC member company that hosted Jason and Ken in Abu Dhabi during their visit to the Middle East in 2008.
Secondly, he provided a clear, honest roadmap for my personal and professional growth. We talked about my weaknesses and the areas I could improve in, which motivated me to take action.
At the time of our conversation, serving as IADC’s president was simply nowhere on my radar. But I kept that piece of paper with me, a constant reminder of Ken’s wisdom and encouragement. Years later, in 2015, I was honored to be given an opportunity to serve as IADC’s President—a journey, I believe, that truly began with that simple but powerful conversation in Oman.
A few years ago, I visited Ken at his ranch during his battle with cancer. I pulled out the same worn piece of paper from Oman. He was astonished I still had it, and I told him what a pivotal moment that had been for me. I’m so grateful I had the opportunity to express to Ken how much he meant to me and what an impact he’d had on my personal and professional life before he passed away.
Mentors like Ken don’t just guide careers—they change lives. They see potential in young professionals and nurture it with care, wisdom, and genuine belief. In our industry, these connections can be a truly invaluable resource.
To everyone reading this: If you have a mentor who’s inspired you, tell them. Let them know how much you appreciate them and the impact they’ve had on you. And if you’re in a position to mentor others, don’t underestimate the profound impact you can have on someone with a simple, encouraging conversation.
Source: International Association of Drilling Contractors – IADC
Headline: Jason McFarland’s Story
Jason McFarland –IADC President
Jason McFarland (left) and his mentor, Ken Fischer, are pictured in Dubai while on a trip together in 2008.
When I think about the importance of mentorship in our industry, one person is top of mind: Ken Fischer. Our professional relationship spanned decades, and he fundamentally shaped who I am today.
Over Thanksgiving in 2008, Ken and I traveled to the UAE on IADC business, then to Oman for the IADC Well Control Middle East Conference. I was IADC’s VP of Membership at the time; I’d been working with Ken since 1996, a year after I started with our Association in what’s known today as the IADC Bookstore.
We were staying at the Grand Hyatt Muscat Oman, and the hotel was hosting a Thanksgiving dinner for its American guests. Ken and I got our plates and sat out on the patio, and that’s when a seemingly ordinary moment changed the trajectory of my career and my life.
After our meal, Ken pulled out a scrap piece of paper that had the cab driver’s phone number from the night before. He started drawing out a leadership assessment grid, listing key attributes like vision, leadership, management, and technical competency. Then, he began evaluating several individuals—including me—and grading them on each of these attributes.
The exercise Ken drew out and the conversation that followed were straightforward, because that was Ken’s way, but they changed my life. There were two things that made this moment transformative for me.
Most importantly, this was the first time anyone had pulled me aside and told me that they thought I had potential. He believed in me at a time when I didn’t yet believe in myself. He showed me that I have something to offer, even though it took me a while to fully believe what we discussed that day.
Jason is pictured with Faisal, a representative from an IADC member company that hosted Jason and Ken in Abu Dhabi during their visit to the Middle East in 2008.
Secondly, he provided a clear, honest roadmap for my personal and professional growth. We talked about my weaknesses and the areas I could improve in, which motivated me to take action.
At the time of our conversation, serving as IADC’s president was simply nowhere on my radar. But I kept that piece of paper with me, a constant reminder of Ken’s wisdom and encouragement. Years later, in 2015, I was honored to be given an opportunity to serve as IADC’s President—a journey, I believe, that truly began with that simple but powerful conversation in Oman.
A few years ago, I visited Ken at his ranch during his battle with cancer. I pulled out the same worn piece of paper from Oman. He was astonished I still had it, and I told him what a pivotal moment that had been for me. I’m so grateful I had the opportunity to express to Ken how much he meant to me and what an impact he’d had on my personal and professional life before he passed away.
Mentors like Ken don’t just guide careers—they change lives. They see potential in young professionals and nurture it with care, wisdom, and genuine belief. In our industry, these connections can be a truly invaluable resource.
To everyone reading this: If you have a mentor who’s inspired you, tell them. Let them know how much you appreciate them and the impact they’ve had on you. And if you’re in a position to mentor others, don’t underestimate the profound impact you can have on someone with a simple, encouraging conversation.
Headline: Arbitrators issue award in EU-China intellectual property dispute
This is the second appeal arbitration conducted under the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to which both China and the European Union are participants.
Summary of key findings
Download:
In pdf format:
What is the MPIA?
The MPIA was agreed upon among its original 18 participating members in April 2020 to provide the possibility of resorting to arbitration under Article 25 of the DSU in case of an appeal in disputes between any two or more participating members. Currently the following WTO members are parties to the MPIA: Australia; Benin; Brazil; Canada; Chile; China; Colombia; Costa Rica; Ecuador; the European Union; Guatemala; Hong Kong, China; Iceland; Japan; Macao, China; Malaysia; Mexico; Montenegro; New Zealand; Nicaragua; Norway; Pakistan; Paraguay; Peru; the Philippines; Singapore; Switzerland; Ukraine; the United Kingdom; and Uruguay.
Headline: Arbitrators issue award in EU-China intellectual property dispute
This is the second appeal arbitration conducted under the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to which both China and the European Union are participants.
Summary of key findings
Download:
In pdf format:
What is the MPIA?
The MPIA was agreed upon among its original 18 participating members in April 2020 to provide the possibility of resorting to arbitration under Article 25 of the DSU in case of an appeal in disputes between any two or more participating members. Currently the following WTO members are parties to the MPIA: Australia; Benin; Brazil; Canada; Chile; China; Colombia; Costa Rica; Ecuador; the European Union; Guatemala; Hong Kong, China; Iceland; Japan; Macao, China; Malaysia; Mexico; Montenegro; New Zealand; Nicaragua; Norway; Pakistan; Paraguay; Peru; the Philippines; Singapore; Switzerland; Ukraine; the United Kingdom; and Uruguay.
Headline: Members highlight progress in sustainability discussions, discuss MC14 objectives
Ambassador Nadia Theodore of Canada, a co-convener of TESSD, welcomed the “important strides” made by the four working groups — each focused on a different key theme outlined above . As work intensifies in the lead-up to MC14, she noted: “It is useful to recall that, as an incubator of ideas, our aim is to identify where trade policy can best support members’ efforts to achieve their environmental and climate goals and promote more sustainable production and consumption.”
Progress in working groups
The facilitators of the four TESSD working groups updated members on progress made in recent technical discussions, with several highlighting advances in drafting outcome documents in preparation for MC14. Feedback from members is currently being incorporated into the outcome documents and revised versions will be circulated ahead of the next working group meetings in October.
Jean-Marie Meraldi of Switzerland, the facilitator of the Working Group on Trade-Related Climate Measures (TrCMs) highlighted the discussions held in May, which focused on the interoperability of carbon border adjustment mechanisms (CBAMs). Key topics included carbon standards, emissions measurement methodologies, and data exchange frameworks. Members also reviewed the first draft outcome document mapping trade-related climate policies. Work is now underway to refine the document’s structure and incorporate members’ feedback.
Ben Rake of the United Kingdom, co-facilitator of the Working Group on Environmental Goods and Services (EGS) reported that discussions have proceeded on two fronts: sector-specific topics such as sustainable agriculture and climate adaptation, and horizontal issues, including trade facilitation and regulatory practices. The group continued to develop its analytical summary. A revised version will be reviewed at the October meeting.
Taka Sashida of Japan and Nur Karabağ of Türkiye, the co-facilitators of the Working Group on Economy-Circularity reported that members had recently shared a range of experiences on promoting circularity in the textiles and battery sectors. Members also discussed a draft outcome document for MC14. They broadly supported compiling members’ practices and trade policy tools to capture trade-related aspects of circularity across four key sectors — textiles, batteries, electronics and renewable energy.
Tiffany Smith, co-facilitator of the Working Group on Subsidies said members have focused on policy incentives and international cooperation to support the decarbonization of energy-intensive industries — such as steel, aluminium and cement — as well as maritime transport. The first draft outcome document on key elements for subsidy design was introduced, including considerations for subsidy design and member experiences.
Members and stakeholders welcomed the progress achieved across the four TESSD working groups, with many emphasizing their value in fostering inclusive, practical and technical discussions at the intersection of trade and environmental sustainability. Members supported the continued development of the outcome documents, underscoring the importance of transparency, stakeholder engagement, and the sharing of national experiences.
They highlighted the need to address both horizontal and sector-specific issues and to include examples from developing members. Some suggested that members begin reflecting on the structure of the four working groups and the content of TESSD work beyond MC14. Some members asserted that TESSD has been successful in catalysing the uptake of multilateral discussions on trade-related climate measures and suggested shifting this work to the Committee on Trade and Environment.
TESSD publication for MC14
Ambassador Ronald Saborío of Costa Rica, also a co-convener of TESSD, introduced a draft annotated outline for planned TESSD publication for MC14 (INF/TE/SSD/W/40). The draft aims to consolidate key messages and substantive insights into how trade and trade policy can support climate and environmental goals, including the clean energy transition, decarbonization of industry and transport, climate adaptation, and biodiversity. The document also has a section on lessons learned and key messages for policymakers at both national and multilateral levels, along with a forward-looking vision for TESSD’s future work.
Delegates welcomed the co-convenors’ draft outline for this overarching MC14 output as a good basis for further discussion, recognizing its value in consolidating five years of substantive work and enhancing transparency and understanding for a wide range of policymakers and stakeholders.
Some members emphasized the importance of maintaining balance across different objectives, while others called for better integration of cross-cutting themes. Several delegates highlighted the importance of including case studies from members at different levels of development to reflect diverse experiences. Others stressed that the document should remain non-prescriptive.
In conclusion, Ambassador Saborío thanked participants for their constructive feedback. He reaffirmed TESSD’s commitment to helping members leverage trade to achieve environmental objectives. He said: “Over the past five years, TESSD has made remarkable progress toward its goals. We have created a platform for meaningful dialogue — one that is innovative, creative, active and transparent.” He encouraged continued collaboration in the lead-up to MC14 and assured members that their inputs would be reflected in the revised outcome document.
More information
Guided by its 2021 Ministerial Statement, TESSD seeks to complement the work of the WTO Committee on Trade and Environment and advance discussions at the intersection of trade and environmental sustainability towards identifying concrete actions that members could take individually or collectively. The initiative, which is open to all WTO members, is currently co-sponsored by 78 members representing all regions and all levels of development.
Headline: Members highlight progress in sustainability discussions, discuss MC14 objectives
Ambassador Nadia Theodore of Canada, a co-convener of TESSD, welcomed the “important strides” made by the four working groups — each focused on a different key theme outlined above . As work intensifies in the lead-up to MC14, she noted: “It is useful to recall that, as an incubator of ideas, our aim is to identify where trade policy can best support members’ efforts to achieve their environmental and climate goals and promote more sustainable production and consumption.”
Progress in working groups
The facilitators of the four TESSD working groups updated members on progress made in recent technical discussions, with several highlighting advances in drafting outcome documents in preparation for MC14. Feedback from members is currently being incorporated into the outcome documents and revised versions will be circulated ahead of the next working group meetings in October.
Jean-Marie Meraldi of Switzerland, the facilitator of the Working Group on Trade-Related Climate Measures (TrCMs) highlighted the discussions held in May, which focused on the interoperability of carbon border adjustment mechanisms (CBAMs). Key topics included carbon standards, emissions measurement methodologies, and data exchange frameworks. Members also reviewed the first draft outcome document mapping trade-related climate policies. Work is now underway to refine the document’s structure and incorporate members’ feedback.
Ben Rake of the United Kingdom, co-facilitator of the Working Group on Environmental Goods and Services (EGS) reported that discussions have proceeded on two fronts: sector-specific topics such as sustainable agriculture and climate adaptation, and horizontal issues, including trade facilitation and regulatory practices. The group continued to develop its analytical summary. A revised version will be reviewed at the October meeting.
Taka Sashida of Japan and Nur Karabağ of Türkiye, the co-facilitators of the Working Group on Economy-Circularity reported that members had recently shared a range of experiences on promoting circularity in the textiles and battery sectors. Members also discussed a draft outcome document for MC14. They broadly supported compiling members’ practices and trade policy tools to capture trade-related aspects of circularity across four key sectors — textiles, batteries, electronics and renewable energy.
Tiffany Smith, co-facilitator of the Working Group on Subsidies said members have focused on policy incentives and international cooperation to support the decarbonization of energy-intensive industries — such as steel, aluminium and cement — as well as maritime transport. The first draft outcome document on key elements for subsidy design was introduced, including considerations for subsidy design and member experiences.
Members and stakeholders welcomed the progress achieved across the four TESSD working groups, with many emphasizing their value in fostering inclusive, practical and technical discussions at the intersection of trade and environmental sustainability. Members supported the continued development of the outcome documents, underscoring the importance of transparency, stakeholder engagement, and the sharing of national experiences.
They highlighted the need to address both horizontal and sector-specific issues and to include examples from developing members. Some suggested that members begin reflecting on the structure of the four working groups and the content of TESSD work beyond MC14. Some members asserted that TESSD has been successful in catalysing the uptake of multilateral discussions on trade-related climate measures and suggested shifting this work to the Committee on Trade and Environment.
TESSD publication for MC14
Ambassador Ronald Saborío of Costa Rica, also a co-convener of TESSD, introduced a draft annotated outline for planned TESSD publication for MC14 (INF/TE/SSD/W/40). The draft aims to consolidate key messages and substantive insights into how trade and trade policy can support climate and environmental goals, including the clean energy transition, decarbonization of industry and transport, climate adaptation, and biodiversity. The document also has a section on lessons learned and key messages for policymakers at both national and multilateral levels, along with a forward-looking vision for TESSD’s future work.
Delegates welcomed the co-convenors’ draft outline for this overarching MC14 output as a good basis for further discussion, recognizing its value in consolidating five years of substantive work and enhancing transparency and understanding for a wide range of policymakers and stakeholders.
Some members emphasized the importance of maintaining balance across different objectives, while others called for better integration of cross-cutting themes. Several delegates highlighted the importance of including case studies from members at different levels of development to reflect diverse experiences. Others stressed that the document should remain non-prescriptive.
In conclusion, Ambassador Saborío thanked participants for their constructive feedback. He reaffirmed TESSD’s commitment to helping members leverage trade to achieve environmental objectives. He said: “Over the past five years, TESSD has made remarkable progress toward its goals. We have created a platform for meaningful dialogue — one that is innovative, creative, active and transparent.” He encouraged continued collaboration in the lead-up to MC14 and assured members that their inputs would be reflected in the revised outcome document.
More information
Guided by its 2021 Ministerial Statement, TESSD seeks to complement the work of the WTO Committee on Trade and Environment and advance discussions at the intersection of trade and environmental sustainability towards identifying concrete actions that members could take individually or collectively. The initiative, which is open to all WTO members, is currently co-sponsored by 78 members representing all regions and all levels of development.
Headline: Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance
Download News Release PDF
Download 2Q Financials PDF
Download Infographic PDF
Download Non-GAAP Reconciliations PDF
Key 2Q 2025 Highlights
Grew industry-leading wireless service revenue1 to $20.9 billion
Expanded high-quality customer base, adding more than 300,000 net additions across mobility and broadband
Increased Consumer postpaid phone gross additions, both sequentially and year-over-year
Continued to take broadband market share with both fixed wireless access and best in class Fios offerings
Deepened customer relationships with segmentation and innovative products and services like Best Value Guarantee, myPlan, myHome, My Biz Plan and the customer service transformation
J.D. Power, for the 35th time, recognized Verizon for best wireless network quality2, and RootMetrics’ 1H 2025 Awards named Verizon the nation’s best, fastest, and most reliable 5G network3
NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ), serving the most mobility and broadband customers in the U.S.4, reported strong financial performance and customer growth for second-quarter 2025. The company’s diversified wireless and broadband portfolio, tailored to all market segments, and its diverse revenue streams continue to drive financial success. Verizon also made key moves to attract and retain customers in the second quarter with its 3-year price lock and free phone guarantee, and the industry-leading launch of AI-powered innovations for personalized customer service and an enhanced customer experience. Verizon will continue to focus on its three priorities of growing wireless service revenue, expanding adjusted EBITDA5 and generating strong free cash flow5 as it heads into the second half of the year with momentum.
“Verizon’s strong second-quarter financial performance reflects our high-quality, industry-leading customer base, our multiple growth paths, the success of our disciplined, segmented approach, and the inherent strength of our company,” said Verizon Chairman and CEO Hans Vestberg. “Our unmatched and award-winning network combined with our financial strength enables us to continually innovate and enhance our products and services, empowering how people live, work and play. With momentum and a clear path forward, we are raising our full-year guidance for adjusted EBITDA5, adjusted EPS5 and free cash flow5 as we move into the second half of the year and advance toward closing the Frontier acquisition.”
2Q 2025 Highlights
Consolidated: Strong financial performance with significant increases in net income, adjusted EBITDA5, earnings per share (EPS) and cash flow
EPS of $1.18 in second-quarter 2025 compared to EPS of $1.09 in second-quarter 2024; adjusted EPS5, excluding special items, of $1.22 compared to $1.15 in second-quarter 2024.
Total operating revenue of $34.5 billion in second-quarter 2025, up 5.2 percent year-over-year.
Cash flow from operations totaled $16.8 billion in first-half of 2025, up from $16.6 billion in first-half of 2024.
Free cash flow5 was $8.8 billion in first-half of 2025, up from $8.5 billion in first-half of 2024.
Consolidated net income for second-quarter 2025 was $5.1 billion compared to $4.7 billion in second-quarter 2024. Consolidated adjusted EBITDA5 was $12.8 billion in second-quarter 2025 compared to $12.3 billion in second-quarter 2024.
Wireless service revenue1 in second-quarter 2025 was an industry-leading $20.9 billion, up 2.2 percent year-over-year.
Wireless equipment revenue of $6.3 billion in second-quarter 2025, up 25.2 percent year-over-year.
Verizon’s total unsecured debt as of the end of second-quarter 2025 was $119.4 billion, compared to $117.3 billion at the end of first-quarter 2025 and $125.3 billion at the end of second-quarter 2024. The company’s net unsecured debt5 at the end of second-quarter 2025 was $116.0 billion. At the end of second-quarter 2025, Verizon’s ratio of unsecured debt to consolidated net income (LTM) was 6.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio5 was 2.3 times.
Broadband: Verizon continued to take broadband market share by offering customers unparalleled choice and flexibility
Delivered 293,000 broadband net additions in second-quarter 2025.
Total fixed wireless access net additions of 278,000 in second-quarter 2025, growing the base to over 5.1 million fixed wireless access subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
Total broadband connections grew to more than 12.9 million as of the end of second-quarter 2025, representing a 12.2 percent increase year-over-year.
Verizon is expanding its Fios footprint and remains on track to achieve 650,000 new passings in 2025.
Verizon Consumer: Customer engagement with offerings fueled a 6.9 percent year-over-year increase in Consumer revenue, which reached $26.6 billion in second-quarter 2025
Consumer wireless service revenue in second-quarter 2025 was $17.4 billion, up 2.3 percent year-over-year.
Consumer wireless retail postpaid churn was 1.12 percent in second-quarter 2025, and wireless retail postpaid phone churn was 0.90 percent.
Consumer wireless postpaid average revenue per account (ARPA) of $147.50 in second-quarter 2025, an increase of 2.3 percent year-over-year.
In second-quarter 2025, Consumer reported 51,000 wireless retail postpaid phone net losses compared to 109,000 postpaid phone net losses in second-quarter 2024.
In second-quarter 2025, Consumer reported 50,000 wireless retail core prepaid6 net additions compared to 12,000 net losses in second-quarter 2024.
In second-quarter 2025, Consumer operating income was $7.6 billion, an increase of 0.5 percent year-over-year, and segment operating income margin was 28.7 percent, compared to 30.5 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $11.2 billion, an increase of 2.1 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin5 in second-quarter 2025 was 42.1 percent compared to 44.1 percent in second-quarter 2024.
Verizon Business: Strong execution increased operating income 27.6 percent year-over-year
Total Verizon Business revenue was $7.3 billion in second-quarter 2025, a decrease of 0.3 percent year-over-year.
Business wireless service revenue in second-quarter 2025 was $3.6 billion, an increase of 1.6 percent year-over-year.
Business reported 65,000 wireless retail postpaid net additions in second-quarter 2025. This result included 42,000 postpaid phone net additions.
Business wireless retail postpaid churn was 1.61 percent in second-quarter 2025, and wireless retail postpaid phone churn was 1.26 percent.
In second-quarter 2025, Verizon Business operating income was $638 million, an increase of 27.6 percent year-over-year, resulting in segment operating income margin of 8.8 percent, an increase from 6.8 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $1.7 billion, an increase of 5.8 percent year-over-year. Segment EBITDA margin5 in second-quarter 2025 was 22.9 percent, an increase from 21.6 percent in second-quarter 2024.
Outlook and guidance
The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
Strong operational execution in the first half of 2025 coupled with favorable tax reform gives Verizon the confidence to provide the following updated guidance for the full year:
Adjusted EBITDA5 growth of 2.5 percent to 3.5 percent.
Adjusted EPS5 growth of 1.0 percent to 3.0 percent.
Cash flow from operations of $37.0 billion to $39.0 billion.
Free cash flow5 of $19.5 billion to $20.5 billion.
In addition, for 2025, Verizon continues to expect the following:
Total wireless service revenue1 growth of 2.0 percent to 2.8 percent.
Capital expenditures of $17.5 billion to $18.5 billion.
Our 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier.
1 Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.
2 Verizon is #1 for Network Quality in 4 regions (tied in the Southwest and North Central regions). Verizon has also received the highest number of awards in network quality for the 35th time as compared to all other brands in the J.D. Power 2003-2025 Volume 1 and 2 U.S. Wireless Network Quality Performance Studies. Network Quality measures customers’ satisfaction with their network performance with wireless carriers. For J.D. Power 2025 award information, visit jdpower.com/awards for more details.
3 Based on RootMetrics® US National RootScore® Report 1H2025. RootMetrics conducts rigorous, independent, and scientific testing to provide a comprehensive view of network performance. For more information on the RootMetrics methodology and results, visit rootmetrics.com.
4 Measurement is focused on retail connections and excludes reseller activity. Industry leading claims are based on publicly reported customer information or consensus expectations if results are not yet reported.
5 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
6 Represents total prepaid results excluding SafeLink brand. Includes both phone and non-phone net additions.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
Headline: Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance
Download News Release PDF
Download 2Q Financials PDF
Download Infographic PDF
Download Non-GAAP Reconciliations PDF
Key 2Q 2025 Highlights
Grew industry-leading wireless service revenue1 to $20.9 billion
Expanded high-quality customer base, adding more than 300,000 net additions across mobility and broadband
Increased Consumer postpaid phone gross additions, both sequentially and year-over-year
Continued to take broadband market share with both fixed wireless access and best in class Fios offerings
Deepened customer relationships with segmentation and innovative products and services like Best Value Guarantee, myPlan, myHome, My Biz Plan and the customer service transformation
J.D. Power, for the 35th time, recognized Verizon for best wireless network quality2, and RootMetrics’ 1H 2025 Awards named Verizon the nation’s best, fastest, and most reliable 5G network3
NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ), serving the most mobility and broadband customers in the U.S.4, reported strong financial performance and customer growth for second-quarter 2025. The company’s diversified wireless and broadband portfolio, tailored to all market segments, and its diverse revenue streams continue to drive financial success. Verizon also made key moves to attract and retain customers in the second quarter with its 3-year price lock and free phone guarantee, and the industry-leading launch of AI-powered innovations for personalized customer service and an enhanced customer experience. Verizon will continue to focus on its three priorities of growing wireless service revenue, expanding adjusted EBITDA5 and generating strong free cash flow5 as it heads into the second half of the year with momentum.
“Verizon’s strong second-quarter financial performance reflects our high-quality, industry-leading customer base, our multiple growth paths, the success of our disciplined, segmented approach, and the inherent strength of our company,” said Verizon Chairman and CEO Hans Vestberg. “Our unmatched and award-winning network combined with our financial strength enables us to continually innovate and enhance our products and services, empowering how people live, work and play. With momentum and a clear path forward, we are raising our full-year guidance for adjusted EBITDA5, adjusted EPS5 and free cash flow5 as we move into the second half of the year and advance toward closing the Frontier acquisition.”
2Q 2025 Highlights
Consolidated: Strong financial performance with significant increases in net income, adjusted EBITDA5, earnings per share (EPS) and cash flow
EPS of $1.18 in second-quarter 2025 compared to EPS of $1.09 in second-quarter 2024; adjusted EPS5, excluding special items, of $1.22 compared to $1.15 in second-quarter 2024.
Total operating revenue of $34.5 billion in second-quarter 2025, up 5.2 percent year-over-year.
Cash flow from operations totaled $16.8 billion in first-half of 2025, up from $16.6 billion in first-half of 2024.
Free cash flow5 was $8.8 billion in first-half of 2025, up from $8.5 billion in first-half of 2024.
Consolidated net income for second-quarter 2025 was $5.1 billion compared to $4.7 billion in second-quarter 2024. Consolidated adjusted EBITDA5 was $12.8 billion in second-quarter 2025 compared to $12.3 billion in second-quarter 2024.
Wireless service revenue1 in second-quarter 2025 was an industry-leading $20.9 billion, up 2.2 percent year-over-year.
Wireless equipment revenue of $6.3 billion in second-quarter 2025, up 25.2 percent year-over-year.
Verizon’s total unsecured debt as of the end of second-quarter 2025 was $119.4 billion, compared to $117.3 billion at the end of first-quarter 2025 and $125.3 billion at the end of second-quarter 2024. The company’s net unsecured debt5 at the end of second-quarter 2025 was $116.0 billion. At the end of second-quarter 2025, Verizon’s ratio of unsecured debt to consolidated net income (LTM) was 6.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio5 was 2.3 times.
Broadband: Verizon continued to take broadband market share by offering customers unparalleled choice and flexibility
Delivered 293,000 broadband net additions in second-quarter 2025.
Total fixed wireless access net additions of 278,000 in second-quarter 2025, growing the base to over 5.1 million fixed wireless access subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
Total broadband connections grew to more than 12.9 million as of the end of second-quarter 2025, representing a 12.2 percent increase year-over-year.
Verizon is expanding its Fios footprint and remains on track to achieve 650,000 new passings in 2025.
Verizon Consumer: Customer engagement with offerings fueled a 6.9 percent year-over-year increase in Consumer revenue, which reached $26.6 billion in second-quarter 2025
Consumer wireless service revenue in second-quarter 2025 was $17.4 billion, up 2.3 percent year-over-year.
Consumer wireless retail postpaid churn was 1.12 percent in second-quarter 2025, and wireless retail postpaid phone churn was 0.90 percent.
Consumer wireless postpaid average revenue per account (ARPA) of $147.50 in second-quarter 2025, an increase of 2.3 percent year-over-year.
In second-quarter 2025, Consumer reported 51,000 wireless retail postpaid phone net losses compared to 109,000 postpaid phone net losses in second-quarter 2024.
In second-quarter 2025, Consumer reported 50,000 wireless retail core prepaid6 net additions compared to 12,000 net losses in second-quarter 2024.
In second-quarter 2025, Consumer operating income was $7.6 billion, an increase of 0.5 percent year-over-year, and segment operating income margin was 28.7 percent, compared to 30.5 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $11.2 billion, an increase of 2.1 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin5 in second-quarter 2025 was 42.1 percent compared to 44.1 percent in second-quarter 2024.
Verizon Business: Strong execution increased operating income 27.6 percent year-over-year
Total Verizon Business revenue was $7.3 billion in second-quarter 2025, a decrease of 0.3 percent year-over-year.
Business wireless service revenue in second-quarter 2025 was $3.6 billion, an increase of 1.6 percent year-over-year.
Business reported 65,000 wireless retail postpaid net additions in second-quarter 2025. This result included 42,000 postpaid phone net additions.
Business wireless retail postpaid churn was 1.61 percent in second-quarter 2025, and wireless retail postpaid phone churn was 1.26 percent.
In second-quarter 2025, Verizon Business operating income was $638 million, an increase of 27.6 percent year-over-year, resulting in segment operating income margin of 8.8 percent, an increase from 6.8 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $1.7 billion, an increase of 5.8 percent year-over-year. Segment EBITDA margin5 in second-quarter 2025 was 22.9 percent, an increase from 21.6 percent in second-quarter 2024.
Outlook and guidance
The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
Strong operational execution in the first half of 2025 coupled with favorable tax reform gives Verizon the confidence to provide the following updated guidance for the full year:
Adjusted EBITDA5 growth of 2.5 percent to 3.5 percent.
Adjusted EPS5 growth of 1.0 percent to 3.0 percent.
Cash flow from operations of $37.0 billion to $39.0 billion.
Free cash flow5 of $19.5 billion to $20.5 billion.
In addition, for 2025, Verizon continues to expect the following:
Total wireless service revenue1 growth of 2.0 percent to 2.8 percent.
Capital expenditures of $17.5 billion to $18.5 billion.
Our 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier.
1 Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.
2 Verizon is #1 for Network Quality in 4 regions (tied in the Southwest and North Central regions). Verizon has also received the highest number of awards in network quality for the 35th time as compared to all other brands in the J.D. Power 2003-2025 Volume 1 and 2 U.S. Wireless Network Quality Performance Studies. Network Quality measures customers’ satisfaction with their network performance with wireless carriers. For J.D. Power 2025 award information, visit jdpower.com/awards for more details.
3 Based on RootMetrics® US National RootScore® Report 1H2025. RootMetrics conducts rigorous, independent, and scientific testing to provide a comprehensive view of network performance. For more information on the RootMetrics methodology and results, visit rootmetrics.com.
4 Measurement is focused on retail connections and excludes reseller activity. Industry leading claims are based on publicly reported customer information or consensus expectations if results are not yet reported.
5 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
6 Represents total prepaid results excluding SafeLink brand. Includes both phone and non-phone net additions.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
While public attention has been focused on the domestic fast-track consenting process for infrastructure and mining, Associate Minister of Finance David Seymour has been pushing through another fast-track process — this time for foreign investment in New Zealand.
There are valid concerns that piecemeal reforms to the current act have made it complex and unwieldy. But the new bill is equally convoluted and would significantly reduce effective scrutiny of foreign investments — especially in forestry.
A three-step test Step one of a three-step process set out in the bill gives the regulator — the Overseas Investment Office which sits within Land Information NZ — 15 days to decide whether a proposed investment would be a risk to New Zealand’s “national interest”.
If they don’t perceive a risk, or that initial assessment is not completed in time, the application is automatically approved.
Transactions involving fisheries quotas and various land categories, or any other applications the regulator identifies, would require a “national interest” assessment under stage two.
These would be assessed against a “ministerial letter” that sets out the government’s general policy and preferred approach to conducting the assessment, including any conditions on approvals.
Other mandatory factors to be considered in the second stage include the act’s new “purpose” to increase economic opportunity through “timely consent” of less sensitive investments. The new test would allow scrutiny of the character and capability of the investor to be omitted altogether.
If the regulator considers the national interest test is not met, or the transaction is “contrary to the national interest”, the minister of finance then makes a decision based on their assessment of those factors.
Inadequate regulatory process Seymour has blamed the current screening regime for low volumes of foreign investment. But Treasury’s 2024 regulatory impact statement on the proposed changes to international investment screening acknowledges many other factors that influence investor decisions.
Moreover, the Treasury statement acknowledges public views that foreign investment rules should “manage a wide range of risks” and “that there is inherent non-economic value in retaining domestic ownership of certain assets”.
Treasury officials also recognised a range of other public concerns, including profits going offshore, loss of jobs, and foreign control of iconic businesses.
The regulatory impact statement did not cover these factors because it was required to consider only the coalition commitment. The Treasury panel reported “notable limitations” on the bill’s quality assurance process.
A fuller review was “infeasible” because it could not be completed in the time required, and would be broader than necessary to meet the coalition commitment to amend the act in the prescribed way.
The requirement to implement the bill in this parliamentary term meant the options officials could consider, even within the scope of the coalition agreement, were further limited.
Time constraints meant “users and key stakeholders have not been consulted”, according to the Treasury statement. Environmental and other risks would have to be managed through other regulations.
Forestry ‘slash’ after Cyclone Gabrielle in 2023 . . . no need to consider foreign investors’ track records. Image: Getty/The Conversation
No ‘benefit to NZ’ test While the bill largely retains a version of the current screening regime for residential and farm land, it removes existing forestry activities from that definition (but not new forestry on non-forest land). It also removes extraction of water for bottling, or other bulk extraction for human consumption, from special vetting.
Where sensitive land (such as islands, coastal areas, conservation and wahi tapu land) is not residential or farm land, it would be removed from special screening rules currently applied for land.
There would no longer be a need to consider investors’ track records or apply a “benefit to New Zealand” test. Regulators may or may not be empowered to impose conditions such as replanting or cleaning up slash.
The official documents don’t explain the rationale for this. But it looks like a win for Regional Development Minister Shane Jones, and was perhaps the price of NZ First’s support.
Locked in forever? Finally, these changes could be locked in through New Zealand’s free trade agreements. Several such agreements say New Zealand’s investment regime cannot become more restrictive than the 2005 act and its regulations.
A “ratchet clause” would lock in any further liberalisation through this bill, from which there is no going back.
However, another annex in those free trade agreements could be interpreted as allowing some flexibility to alter the screening rules and criteria in the future. None of the official documents address this crucial question.
As an academic expert in this area I am uncertain about the risk.
But the lack of clarity underlines the problems exemplified in this bill. It is another example of coalition agreements bypassing democratic scrutiny and informed decision making. More public debate and broad analysis is needed on the bill and its implications.
While public attention has been focused on the domestic fast-track consenting process for infrastructure and mining, Associate Minister of Finance David Seymour has been pushing through another fast-track process — this time for foreign investment in New Zealand.
There are valid concerns that piecemeal reforms to the current act have made it complex and unwieldy. But the new bill is equally convoluted and would significantly reduce effective scrutiny of foreign investments — especially in forestry.
A three-step test Step one of a three-step process set out in the bill gives the regulator — the Overseas Investment Office which sits within Land Information NZ — 15 days to decide whether a proposed investment would be a risk to New Zealand’s “national interest”.
If they don’t perceive a risk, or that initial assessment is not completed in time, the application is automatically approved.
Transactions involving fisheries quotas and various land categories, or any other applications the regulator identifies, would require a “national interest” assessment under stage two.
These would be assessed against a “ministerial letter” that sets out the government’s general policy and preferred approach to conducting the assessment, including any conditions on approvals.
Other mandatory factors to be considered in the second stage include the act’s new “purpose” to increase economic opportunity through “timely consent” of less sensitive investments. The new test would allow scrutiny of the character and capability of the investor to be omitted altogether.
If the regulator considers the national interest test is not met, or the transaction is “contrary to the national interest”, the minister of finance then makes a decision based on their assessment of those factors.
Inadequate regulatory process Seymour has blamed the current screening regime for low volumes of foreign investment. But Treasury’s 2024 regulatory impact statement on the proposed changes to international investment screening acknowledges many other factors that influence investor decisions.
Moreover, the Treasury statement acknowledges public views that foreign investment rules should “manage a wide range of risks” and “that there is inherent non-economic value in retaining domestic ownership of certain assets”.
Treasury officials also recognised a range of other public concerns, including profits going offshore, loss of jobs, and foreign control of iconic businesses.
The regulatory impact statement did not cover these factors because it was required to consider only the coalition commitment. The Treasury panel reported “notable limitations” on the bill’s quality assurance process.
A fuller review was “infeasible” because it could not be completed in the time required, and would be broader than necessary to meet the coalition commitment to amend the act in the prescribed way.
The requirement to implement the bill in this parliamentary term meant the options officials could consider, even within the scope of the coalition agreement, were further limited.
Time constraints meant “users and key stakeholders have not been consulted”, according to the Treasury statement. Environmental and other risks would have to be managed through other regulations.
Forestry ‘slash’ after Cyclone Gabrielle in 2023 . . . no need to consider foreign investors’ track records. Image: Getty/The Conversation
No ‘benefit to NZ’ test While the bill largely retains a version of the current screening regime for residential and farm land, it removes existing forestry activities from that definition (but not new forestry on non-forest land). It also removes extraction of water for bottling, or other bulk extraction for human consumption, from special vetting.
Where sensitive land (such as islands, coastal areas, conservation and wahi tapu land) is not residential or farm land, it would be removed from special screening rules currently applied for land.
There would no longer be a need to consider investors’ track records or apply a “benefit to New Zealand” test. Regulators may or may not be empowered to impose conditions such as replanting or cleaning up slash.
The official documents don’t explain the rationale for this. But it looks like a win for Regional Development Minister Shane Jones, and was perhaps the price of NZ First’s support.
Locked in forever? Finally, these changes could be locked in through New Zealand’s free trade agreements. Several such agreements say New Zealand’s investment regime cannot become more restrictive than the 2005 act and its regulations.
A “ratchet clause” would lock in any further liberalisation through this bill, from which there is no going back.
However, another annex in those free trade agreements could be interpreted as allowing some flexibility to alter the screening rules and criteria in the future. None of the official documents address this crucial question.
As an academic expert in this area I am uncertain about the risk.
But the lack of clarity underlines the problems exemplified in this bill. It is another example of coalition agreements bypassing democratic scrutiny and informed decision making. More public debate and broad analysis is needed on the bill and its implications.
The Reserve Bank of India (RBl) has, by an order dated July 16, 2025, imposed a monetary penalty of ₹6 lakh (Rupees Six Lakh only) on Motiram Agrawal Jalna Merchants Co-operative Bank Limited, Jalna, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’ and ‘Limits on exposure to single and group borrowers / parties and large exposures and Revision in the target for priority sector lending – UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by RBI, with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:
The bank had sanctioned:
director related loans; and
loans and advances to certain connected borrowers beyond the applicable group exposure limit.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.