Global energy leaders from the power and utilities, oil and gas, and mining sectors are turning to the power of data and AI for streamlined workflows, more efficient operating systems, and better performing assets—the types of changes that help companies to empower their people and grow sustainable business. We’re prioritizing this work with customers and partners because we believe that widespread AI adoption signifies a pivotal shift for the energy industry, with huge value to be gained from digital and AI transformation. But beyond the individual productivity and efficiency gains that AI brings for any single company or industry, it can help us collectively expand renewables, decarbonize the energy value chain, and ignite climate innovation—and that’s a win for everyone.
We look forward to participating in CERAWeek 2025 to connect with business leaders, policymakers, and entrepreneurs across the global energy ecosystem from March 10 to 14, 2025, where we’ll explore the theme of “Moving ahead: energy strategies for a complex world”. This year’s theme covers a variety of topics across energy sectors and technologies and will include deep dives into geopolitics, business strategies, AI transformation, and climate impact.
Microsoft at CERAWeek
Power the new energy future with AI.
AI innovation and digital transformation in energy
Across the energy ecosystem, AI-powered solutions are becoming the foundation of global success stories in which companies like Maaden save thousands of hours of worktime, while Aydem Energy boosts customer satisfaction with a digital assistant powered by Microsoft Azure OpenAI Sevice. Another one of our leading customers, JERA, Japan’s largest power generation company, uses Azure OpenAI to drive digital transformation. The collaboration helps JERA to access advanced AI tools and cloud infrastructure, facilitating innovation and the development of new energy solutions for energy performance management, failure prediction, and advanced maintenance, leading to significant cost savings and increased reliability. JERA’s Digital Power Plant (DPP) project is improving functionality in the areas of operations, maintenance, performance management and health, safety, security, and environment (HSSE), and helps promote innovation and workplace safety at power stations. As a result, the number of remote monitoring sites provided by the Global Data Analyzing Center increased by 25% last year, and the number of sites offering 24-hour services tripled. JERA also implemented a dedicated AI agent called Emily which is being used by 3,000 employees and in some cases, has achieved operational efficiencies of more than 90%. By utilizing AI and data analytics, JERA can make more informed decisions, improve energy management, and support Japan’s energy transition efforts.
We’re eager to highlight these and other success stories at CERAWeek, where leaders from our energy, sustainability, cloud and AI, and security teams will share perspectives on the role of AI and digital technologies in the energy sector. For example, we will dive into sustainability topics such as carbon capture and emissions reduction, highlighting the many ways AI and cloud solutions are reshaping the energy landscape and driving net-zero goals across the energy value chain like Cosmo Energy who harnesses the power of Microsoft AI solutions to better analyze data and improve its ESG results. We’ll also discuss the latest learnings and opportunities around innovative services such as direct air capture and CO2 as a service.
Cybersecurity is another topic of increasing urgency, especially in the power and utilities sector. Throughout the week, we’ll discuss AI-powered approaches to securing grid infrastructure, as well as how to address vulnerabilities to allow resilient energy delivery. We’ll also join other power and utilities leaders at a fireside chat to discuss how AI adoption can help grid operators break through common industry roadblocks and drive faster, more secure innovation.
I look forward to participating in a Strategic Roundtable conversation on the topic of “AI Applications and Impacts in Action,” where we’ll discuss the challenges and opportunities of AI in driving sustainable business initiatives.
These conversations are both inspiring and insightful, as we’re witnessing every day the impact AI is having across the industry. Whether it’s Uniper strengthening cybersecurity, Petrobras streamlining employee workflows, or Enerjisa Uretim accelerating data processing for improved decision making, AI is changing the way we work in energy. We’re looking forward to not only sharing success stories, but also hearing from other technology and energy experts about how AI is creating more value for them.
Startups accelerate AI transformation and the energy transition
The climate crisis impacts everyone, and diversity in the startup ecosystem helps to ensure that solutions also reach everyone. People of color are disproportionately affected by climate change, yet Black and Latino founders receive less than 1.5% of total United States venture capital funding, women-founded organizations receive 1.9% of those funds, and Black and Latino women founders less than 0.1%1.
An important outcome of CERAWeek is knowledge sharing with a diverse group of global energy leaders that represent vastly different backgrounds and stages of business experience. Energy startups are a tremendous source of knowledge and innovation driving real impact across the industry. Transformation starts with people, not technology, and Microsoft is proud to support climate technology from underrepresented startups and CEOs. This year, we’ll hear from nine innovative startups sharing their unique perspectives on advancing diversity and inclusion in energy, and how they think creatively to secure reliable and sustainable energy sources.
Partnership, collaboration, and AI innovation in energy
The energy industry’s biggest challenges call for strategic collaboration and innovation across sectors and geographies, as real progress cannot be accomplished alone. Our partners are at the forefront of accelerating data modernization and AI innovation, helping to improve safety, efficiency, and productivity for the industry at large. You can hear from many of them at this year’s Innovation Agora, a marketplace buzzing with energy innovation and emerging technologies. The Agora promotes partnership, connection, and sharing among the energy community, and we’re excited to uncover new synergies, lead demonstrations, and explore opportunities to learn from other industry leaders.
At the Microsoft Agora House, we’re joined by partners and customers in sharing some of the ways they empower an AI-first energy workforce, operate for a secure and efficient energy future, advance their net-zero journeys, and grow sustainable and AI-powered businesses. Be sure to explore the Microsoft Experience Zone, featuring presentations from many partners that showcase transformative solutions and foster insightful discussions on energy innovation.
We’re honored to highlight many of the change-makers attending CERAWeek with us this year, including the following partners:
Accenture
Hertha Metals*
AIQ
Honeywell
Amperon
IBM
Aveva
IFS
Axis Sky Renewables*
Kanin*
Baker Hughes
Kauel*
c3.AI
Kongsberg Digital
Carbon Negative Solutions*
Loop Bioproducts*
Cegal
Mars Materials*
Cognite
NobleAI
Context Labs
NVIDIA
Crux OCM*
Schneider Electric
Decimetrix*
SLB
EY
Worlds
Halliburton
*Microsoft startup partner
Recently, Microsoft, alongside our partners SLB, Halliburton, Cognite, and AspenTech, convened in Munich, Germany with many of our customers, who shared AI-powered transformation stories driving increased productivity and improved operating efficiencies. Events like this allow us to not only highlight the work of our industry partners and customers, but also to share their expertise and create new opportunities for collaboration and innovation.
Power an AI-first energy future
Together with our customers and partners, we’re collectively empowering organizations to innovate for a new energy future and advance sustainability goals with AI you can trust. We look forward to engaging with you on the future of carbon markets, regional energy challenges, latest developments in consumer energy, and unlocking AI to transform the energy and resources value chain.
Learn more about Microsoft at CERAWeek.
Learn how Microsoft can help accelerate your AI and digital transformation journey:
Source:
1McKinsey and Company, Underrepresented start-up founders: The untapped opportunity, June 2023.
Darryl Willis
Corporate Vice President, Worldwide Energy and Resources Industry
Darryl leads a global team driving digital transformation across the energy sector through the deployment of Microsoft’s cloud and AI technology and partner solutions. With a deep knowledge of the global energy sector, Darryl leads this cross-functional team in building strategic partnerships and helping enable the energy transition, reduce carbon emissions, and fulfill growing demand with renewable sources.
Headline: Teachers: As March 14 approaches, design interactive Pi Day activities
Celebrate Pi Day 2025 and support math skill building in your classroom with PiCraft, Ratio Riddles, Math Progress, and more.
Pi Day, celebrated March 14 each year, is the perfect opportunity to fuel students’ love of math through hands-on and engaging math practice. By connecting abstract mathematical ideas like pi (𝜋) to real-world applications, you can create immersive experiences to boost student learning while strengthening their confidence in math.
Pi Day not only highlights the importance of this fundamental concept but also serves as a reminder of the beauty and wonder of mathematics. Whether students are exploring fractions through the new Minecraft Education world Ratio Riddles or geometry through PiCraft, building skills with Math Progress, or engaging with activities you designed with Microsoft 365 Copilot Chat, find creative and innovative ways to make math more meaningful for Pi Day 2025.
Solve Ratio Riddles with Minecraft and Cambridge Mathematics
Ratio Riddles, a brand-new mathematics lesson from Minecraft Education, introduces the concepts of ratio, proportion, fractions, and scale through a series of three engaging games designed for students ages 8-14. This is an easy-to-teach lesson designed to engage learners in foundational mathematics principles while fostering curiosity and confidence.
Help the Professor of Cartography rescue students from the gardens using fractions.
Assist the Guild Master with the installation of new stained-glass windows using scale factors.
Compete in the Professor of Alchemy’s well-diving challenge by using ratios to concoct powerful potions.
Solve Ratio Riddles
Made in collaboration with Cambridge Mathematics and accompanied by lesson guides, Ratio Riddles makes these essential mathematics concepts concrete and fun! For educators new to teaching with Minecraft Education, explore more easy math lessons and resources.
Immerse students in the world of math
As Pi Day approaches, we invite educators, students, and families to embark on an educational adventure with PiCraft! This student workbook offers a unique blend of gaming and learning that transforms the abstract concept of pi into a tangible, interactive experience. By engaging in activities such as estimating and calculating the area of a circle within the Minecraft universe, students can grasp the practical applications of pi in geometry. This hands-on approach demystifies complex mathematical concepts, making learning both accessible and enjoyable.
Discover PiCraft
Designed for students ages 8-14, PiCraft encourages critical thinking and problem-solving through immersive challenges. Along the way, students also learn coding with Microsoft MakeCode, applying mathematical concepts through block-based or Python programming. Easily integrate these activities into your Pi Day lesson plans and encourage students to explore math in a dynamic, engaging way.
Personalize math practice with Math Progress
Click to enlarge
Bring engaging math practice to your classroom on Pi Day and throughout the year. Math Progress, a powerful Learning Accelerator, streamlines math assignment creation, provides student performance insights, and helps educators determine course trends at the student or class level. With Math Progress, you can tailor your teaching strategies and differentiate instruction to support student success. Get started with Math Progress with Microsoft Teams for Education and use it to assign personalized math problems to your students.
Explore Math Progress
Math Progress offers access to:
Problem generator – Easily create sets of math problems based on specific concepts or assign custom problems tailored to your class needs.
Customizable assignments – Personalize assignments by allowing students to “Show their work,” requesting they upload images or links to OneNote pages to demonstrate their problem-solving process.
Real-time feedback – Students can work through problem sets at their own pace, receiving immediate guidance to reinforce key concepts and address common mistakes.
Performance insights – Access powerful insights at both the student and class level to prepare for upcoming math topics with student performance data, misconceptions, and the most frequent question difficulty ratings.
Inclusive learning – Math Progress is available in over 80 languages, making it easily accessible to a diverse population of learners.
Start the Math Progress learning module
Immerse students in deliberate practice with real-time coaching on key math concepts—while streamlining and simplifying lesson planning. Use Math Progress to help your students improve math fluency, build confidence, and celebrate their progress.
Enhance math instruction with assistance from Copilot Chat
Pi Day is a great time to reimagine math instruction, and enriching your math lessons doesn’t have to stop there. Copilot Chat can be your math instructional assistant year-round. Whether brainstorming creative activities, solving complex problems, or generating fun math challenges, Copilot Chat can help you make learning more interactive.
Try Copilot Chat
Take your math instruction to the next level with support from generative AI. Try these customizable Copilot Chat prompts to spark curiosity, reinforce key concepts, and make learning more engaging throughout the year:
Explain how [math concept] is used in real life, especially in [industry or career]. Provide examples that students in [grade level] can relate to.
Suggest interactive, hands-on activities to teach [math topic], using [list available classroom materials or technology].
Give me three thought-provoking questions to start a class discussion on [math concept].
Create a math challenge in which I ask students questions about [topic], and students must answer before receiving the next clue or question in a fun, game-like format.
Create a problem based on [math topic] with a common mistake and generate a question I can ask students to identify and correct the error, explaining their reasoning.
Refine your responses by providing more details in the prompts or selecting questions suggested by Copilot Chat. Interested in learning more about prompting? Check out five prompting tips to get more from your AI assistant.
For Pi Day 2025, explore math in fun and engaging ways with your students. Bring essential math concepts to life with Ratio Riddles, PiCraft, Math Progress, and Copilot Chat. Create impactful learning opportunities that inspire curiosity and confidence in your students, making Pi Day—and every day—a journey of discovery and encouragement in mathematics.
The TTD platform, which improves on the previous Tariff Analysis Online facility, aggregates official information about applied tariffs and import data notified by WTO members to the WTO’s Integrated Data Base (IDB), and bound duties (agreed maximum tariffs) and other commitments recorded in the WTO’s Consolidated Tariff Schedules (CTS) database. This data is supplemented by the WTO Analytical Database (ADB), which integrates WTO sources such as regional trade agreements (RTA) and external partners such as the International Trade Centre, UN Comtrade and Trade Data Monitor. The platform follows a multi-tiered update schedule, with updates ranging from daily to monthly, depending on the data source.
The TTD features include:
Profiles for over 150 economies containing key statistical indicators on tariffs and trade
Bilateral trade dataset of annual bilateral flows broken down by product categories
Imports and exports pattern reports containing trade values and shares by partner and product
Time series reports providing tariffs and trade at aggregated level for multiple years since 1996
More detailed tariff information and import data at the tariff line level
Data download capabilities
A comprehensive inventory of notes on data coverage and other references and links to other WTO portals
Public access (no log-in required)
TTD also complements other WTO initiatives aimed at creating integrated and interactive databases of trade measures across the organization. Additional functionalities and features are planned for future updates.
For questions or feedback on Tariff & Trade Data, please contact [email protected].
Headline: Tony Hawk’s Pro Skater 3 + 4 arrives on July 11 with new skaters, parks, music and more
Multiple new skaters are joining the original line-up, and you’ll also be able to create your own skater, not only customizing their appearance, but their hometown, skating style, and more. And of course, no Tony Hawk game would be complete without music, and you’ll be skating along to tracks from the original soundtrack, as well as new tracks.
THPS 3+4 builds on the work started by Tony Hawk’s Pro Skater 1 + 2, bringing the easy-to-learn, hard-to-master controls and handling you’d expect – and for those taking on the series for the first time, an in-depth tutorial from Tony Hawk himself will walk you through exactly how to play.
Welcome to Waterpark
You may have caught a glimpse of an unfamiliar location in today’s reveal trailer – this is Waterpark, a new level added to THPS 3+4. Introduced as part of the revamped THPS 4 Tour, this is a broken-down, dried-out park in the heart of the Mojave desert – perfect for budding skaters.
The rides might not be functional any more, but they’re more than open for finding lines and trick opportunities. Six rides are open for you to try and trick off of – Down the Drain, Peak Cyclone, Twisted Vipers and more offer challenging trips down to ground level. Just skate to the entrance of each one, and you’ll be transported to the top to try your luck.
If you’re looking for something a little more chill, take a trip down the Lazy River, which snakes around the entire map, head to the Marquee for a ramp-filled area perfect for combos, or find a way to open up the Castle Slide for even more opportunities to earn points.
Pre-Order Now for Early Access and More
Pre-orders for Tony Hawk’s Pro Skater 3 + 4 open today, and will give you access to the Foundry Demo (not available on Nintendo Switch). Kicking off in June, this demo will include two skaters and two parks to try out – and your pre-order will also net you an extra in-game shader for Tony Hawk at full game launch.
Pre-ordering the Digital Deluxe Edition will give you three days of Early Access to the full game – as well as some far more unexpected bonuses. Play as both the Doom Slayer (with two outfits, two unique tricks, and a hoverboard) or a Revenant (with its own two unique tricks), not to mention themed skate decks, Create-a-Skater items and bonus soundtracks.
And if you want to go all-out, the Collector’s Edition of Tony Hawk’s Pro Skater 3 + 4 will come complete with a limited-edition, full-size Birdhouse skateboard deck (deck-only, other skateboard components not included) featuring a reissued version of the iconic Wings graphic and a printed Tony Hawk autograph. The Collector’s Edition includes a physical copy of the game, and all the Digital Deluxe Edition benefits.
Tony Hawk’s Pro Skater 3 + 4 launches on July 11. Pre-orders open today. Learn more ontonyhawkthegame.com.
Tony Hawk’s Pro Skater 3 + 4 – Digital Deluxe Edition
Headline: Securing generative AI models on Azure AI Foundry
New generative AI models with a broad range of capabilities are emerging every week. In this world of rapid innovation, when choosing the models to integrate into your AI system, it is crucial to make a thoughtful risk assessment that ensures a balance between leveraging new advancements and maintaining robust security. At Microsoft, we are focusing on making our AI development platform a secure and trustworthy place where you can explore and innovate with confidence.
Here we’ll talk about one key part of that: how we secure the models and the runtime environment itself. How do we protect against a bad model compromising your AI system, your larger cloud estate, or even Microsoft’s own infrastructure?
How Microsoft protects data and software in AI systems
But before we set off on that, let me set to rest one very common misconception about how data is used in AI systems. Microsoft does not use customer data to train shared models, nor does it share your logs or content with model providers. Our AI products and platforms are part of our standard product offerings, subject to the same terms and trust boundaries you’ve come to expect from Microsoft, and your model inputs and outputs are considered customer content and handled with the same protection as your documents and email messages. Our AI platform offerings (Azure AI Foundry and Azure OpenAI Service) are 100% hosted by Microsoft on its own servers, with no runtime connections to the model providers. We do offer some features, such as model fine-tuning, that allow you to use your data to create better models for your own use—but these are your models that stay in your tenant.
So, turning to model security: the first thing to remember is that models are just software, running in Azure Virtual Machines (VM) and accessed through an API; they don’t have any magic powers to break out of that VM, any more than any other software you might run in a VM. Azure is already quite defended against software running in a VM attempting to attack Microsoft’s infrastructure—bad actors try to do that every day, not needing AI for it, and AI Foundry inherits all of those protections. This is a “zero-trust” architecture: Azure services do not assume that things running on Azure are safe!
Now, it is possible to conceal malware inside an AI model. This could pose a danger to you in the same way that malware in any other open- or closed-source software might. To mitigate this risk, for our highest-visibility models we scan and test them before release:
Malware analysis: Scans AI models for embedded malicious code that could serve as an infection vector and launchpad for malware.
Vulnerability assessment: Scans for common vulnerabilities and exposures (CVEs) and zero-day vulnerabilities targeting AI models.
Backdoor detection: Scans model functionality for evidence of supply chain attacks and backdoors such as arbitrary code execution and network calls.
Model integrity: Analyzes an AI model’s layers, components, and tensors to detect tampering or corruption.
You can identify which models have been scanned by the indication on their model card—no customer action is required to get this benefit. For especially high-visibility models like DeepSeek R1, we go even further and have teams of experts tear apart the software—examining its source code, having red teams probe the system adversarially, and so on—to search for any potential issues before releasing the model. This higher level of scanning doesn’t (yet) have an explicit indicator in the model card, but given its public visibility we wanted to get the scanning done before we had the UI elements ready.
Defending and governing AI models
Of course, as security professionals you presumably realize that no scans can detect all malicious action. This is the same problem an organization faces with any other third-party software, and organizations should address it in the usual manner: trust in that software should come in part from trusted intermediaries like Microsoft, but above all should be rooted in an organization’s own trust (or lack thereof) for its provider.
For those wanting a more secure experience, once you’ve chosen and deployed a model, you can use the full suite of Microsoft’s security products to defend and govern it. You can read more about how to do that here: Securing DeepSeek and other AI systems with Microsoft Security.
And of course, as the quality and behavior of each model is different, you should evaluate any model not just for security, but for whether it fits your specific use case, by testing it as part of your complete system. This is part of the wider approach to how to secure AI systems which we’ll come back to, in depth, in an upcoming blog.
Using Microsoft Security to secure AI models and customer data
In summary, the key points of our approach to securing models on Azure AI Foundry are:
Microsoft carries out a variety of security investigations for key AI models before hosting them in the Azure AI Foundry Model Catalogue, and continues to monitor for changes that may impact the trustworthiness of each model for our customers. You can use the information on the model card, as well as your trust (or lack thereof) in any given model builder, to assess your position towards any model the way you would for any third-party software library.
All models hosted on Azure are isolated within the customer tenant boundary. There is no access to or from the model provider, including close partners like OpenAI.
Customer data is not used to train models, nor is it made available outside of the Azure tenant (unless the customer designs their system to do so).
Learn more with Microsoft Security
To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.
Headline: North America’s largest wind turbines head for construction in Nova Scotia
“The Port Hawkesbury Paper wind project will play a crucial role in reducing the carbon footprint in Nova Scotia… and contribute significantly to the region’s economic growth,” Jean Habel, senior director for Québec and Atlantic Canada at CanREA. Read more.
The post North America’s largest wind turbines head for construction in Nova Scotia appeared first on Canadian Renewable Energy Association.
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Headline: AI-powered sales journeys: Personalization for exceptional customer experiences
Personalized customer engagement is no longer just an advantage; it’s an expectation. Sales teams are increasingly tasked with delivering real-time, tailored interactions across multiple touchpoints, all while managing a growing number of prospects and customers. The challenge is maintaining that high level of personalization without overwhelming the team or losing the quality of engagement.
We see that many businesses encounter significant challenges when attempting to scale personalized interactions to meet the needs of a diverse and growing customer base. Traditional methods that worked well with smaller datasets and pipelines simply can’t keep up with the demands of a modern, fast-paced sales environment. Companies are looking for better ways to manage and orchestrate customer journeys to deliver relevant, personalized experiences at every stage.
Microsoft Dynamics 365 Sales
Elevate your customer experiences by personalizing them at scale.
The complexity of personalizing at scale
Using outdated CRM systems or doing things manually often means sales teams have to send out generic messages that don’t really connect with individual customers. This makes the engagement feel off, and opportunities slip through the cracks.
The main issue here is that most systems don’t provide real-time insights into what customers are doing. Without up-to-date data, sales teams end up reacting to customer actions instead of anticipating them. As the number of leads grows, it’s nearly impossible to maintain the kind of deep engagement needed to really connect with customers at every stage.
Orchestrating seamless customer journeys with Microsoft AI-driven insights
AI helps companies take a proactive approach to personalizing customer journeys. By analyzing customer behaviors in real-time and delivering actionable recommendations, AI gives sales teams the insights they need to anticipate customer needs and offer solutions before prospects even ask for them.
Beyond insights, AI orchestrates the entire customer journey, helping to ensure that interactions across channels are cohesive and relevant. Whether a prospect first interacts with a brand through email, social media, or a sales meeting, AI helps to ensure that their journey is connected, personalized, and moves them further down the funnel.
Dynamics 365 optimizes every step of the customer journey
Let’s explore how AI-powered insights optimize key stages of the sales journey, enabling sales teams to focus on high-value tasks while still delivering tailored customer experiences.
Enhancing customer interactions with Microsoft 365 Copilot
Effective customer interactions are built on understanding the customer’s history, preferences, and current pain points. However, gathering that information can be tedious and fragmented when done manually, leading to inconsistent and incomplete preparation.
With AI-generated opportunity summaries, sales teams can walk into every meeting fully prepared. Real-time insights about the customer’s journey—including previous interactions, product interests, and engagement history—help to ensure that each interaction is tailored to the customer’s needs. Instead of scrambling to piece together information, sales teams can focus on building relationships and delivering value from the outset.
Investec is a great example here. By using Microsoft 365 Copilot for Sales, they have been able to improve their client relationships while saving about 200 hours a year. This allows them to redirect efforts from routine tasks towards providing a personalized customer experience.
Streamlining post-sale engagement and follow-ups
Maintaining customer satisfaction post-sale is critical for retention, but many organizations struggle with post-sale engagement. Inconsistent follow-ups or delayed CRM system updates lead to disengaged customers and missed upsell opportunities.
AI-powered systems automate the process, ensuring timely follow-ups and engagement reminders. For example, sales reps can receive real-time notifications when a customer interaction is needed—whether it’s a check-in call, a product recommendation, or a renewal reminder. This automation helps to ensure that no opportunity falls through the cracks, supporting teams to strengthen customer relationships and increase long-term value.
Just look at the work that Lynk & Co is doing to transform car usage by offering flexible options for customers to buy, borrow, or subscribe to vehicles. Using Microsoft Dynamics 365 customizable tools, they were able to quickly build an infrastructure that could create unique processes and drive highly personalized experiences.
Creating a cohesive, multi-channel experience
We know that customers engage across multiple channels—email, phone, social media, webinars, and more. Managing these touchpoints individually often results in a fragmented customer journey. Customers can feel disconnected from the brand if interactions on different platforms don’t align.
AI-powered tools help orchestrate seamless interactions across channels, ensuring that customers receive consistent messaging regardless of how they choose to engage. Whether it’s a follow-up after a demo, a personalized offer via SMS, or an email post-webinar, AI helps to ensure that the message is both relevant and timely. Sales teams can manage more channels without sacrificing personalization, improving the customer experience and keeping prospects engaged.
An interesting story here is Zurich Insurance Group. To optimize processes and handle increasing customer data, they chose Microsoft solutions, including Dynamics 365 Customer Insights, to help them find new ways to reach customers and shape customer journeys. As a result, they’ve been able to increase their lead quality by over 40%.
AI’s role in optimizing customer journeys
By continuously analyzing real-time customer behavior, AI provides sales teams with recommendations on what to do next—whether that’s sending a follow-up email, scheduling a demo, or offering a personalized discount.
For sales leaders, this means moving beyond surface-level engagement to deep, data-driven interactions that anticipate customer needs. Rather than reacting to each customer interaction as it happens, AI supports proactive strategies that keep prospects moving smoothly through the sales funnel.
Microsoft Dynamics 365 and Microsoft Copilot: Delivering personalization at scale
The challenges of scaling personalization can be daunting, but solutions like Dynamics 365 and Copilot allow businesses to turn customer data into actionable strategies, delivering relevant, personalized interactions from the first touchpoint to post-sale follow-up.
With Dynamics 365 and Copilot, organizations are experiencing the following benefits: 1
15% increase in revenue per customer journey.
75% time savings on customer journey development.
50% reduction in physical marketing spend.
Here’s how Dynamics 365 addresses the key challenges of scaling personalized engagement:
Natural language data exploration. Sales teams can instantly access customer insights by asking questions in simple language, such as “Which customers are nearing their renewal date?”. This streamlines data access and empowers quick, targeted action.1
Segment creation with Query Assist. Easily create customer segments by describing desired traits, helping sales teams target high-value groups with precision.2
AI-assisted journey creation. Define customer journey goals in plain language, and Copilot builds personalized journeys across channels, boosting engagement and conversions.3
Content generation and refinement. Quickly draft messages or emails with Copilot, using tone and key point inputs to tailor content. This speeds up customer response and helps to ensure alignment with brand goals.4
AI can scale personalized customer engagement
When talking to customers, it is recommended that businesses consider personalizing engagement across their large pipelines. This can indeed be a major challenge, but with AI-powered tools like Dynamics 365 and Copilot, sales teams can effortlessly maintain meaningful, personalized interactions at every stage of the customer journey. By turning data into actionable insights, AI empowers companies to create proactive and tailored experiences that drive both loyalty and growth. Using AI allows you to scale engagement without sacrificing the personal touch, making it a valuable investment for enhancing customer relationships.
Access the resources below to get started on your AI journey today. You can also stay connected on LinkedIn with more information about innovation and AI transformation.
Learn more about how to personalize at scale with Microsoft Dynamics 365.
Sources:
1 “Dialog with Data.” Microsoft Dynamics 365 Customer Insights Documentation. Microsoft, Inc., 2024.
Corporate Vice President, Business Applications, Commercial Solution Area
Jonathan Hunt is Microsoft’s Corporate Vice President, Business Applications. In this role, Hunt’s focus is on helping Microsoft’s customers and partners successfully navigate their digital transformation by harnessing the power of technology to understand their data, their customers, and their systems – and to achieve more within an ethical, inclusive, and secure framework. Hunt has spent 20+ years helping organizations scale through technology, process, and change management. Prior to joining Microsoft, he led Go-to-Market Strategy & Operations for Databricks and spent 11 years at Salesforce, most recently serving as COO, North America. Hunt has a wealth of knowledge and experience in optimizing and scaling Go-to-Market models, building high-performing teams and strategic partnerships, and driving business growth, both regionally and globally. Hunt lives in the San Francisco Bay area and enjoys spending time outdoors with his wife and three children. He is an aspiring runner and cyclist and enjoys seeking adventures in the backcountry when time permits.
In February 2025, the foreign-exchange reserve increased by kr. 3.4 billion to kr. 657.0 billion. The increase reflects Danmarks Nationalbank’s net purchase of foreign exchange for kr. 3.3 billion, and the central government’s net borrowing of foreign debt for kr. 0.1 billion, cf. table 1.
For settlement in February, Danmarks Nationalbank has not intervened in the foreign exchange market.
Danmarks Nationalbank’s net foreign-exchange purchases and the change in the foreign-exchange reserve – table 1
Kr. billion
February 2025
January 2025 – February 2025
Danmarks Nationalbank’s interventions* to purchase foreign exchange, net
0.0
0.0
Other**
3.3
0.4
Danmarks Nationalbank’s net foreign-exchange purchases
3.3
0.4
The central government’s net foreign borrowing***
0.1
2.2
Change in the foreign-exchange reserve
3.4
2.6
Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.
* Intervention takes place when Danmarks Nationalbank purchases and sells foreign exchange for Danish kroner in the foreign-exchange market in order to stabilise the exchange rate.
** Comprises e.g. interest accrued on the foreign-exchange reserve, the central government’s net payments in foreign exchange, and changes in the banks’ deposits in euro-denominated accounts at Danmarks Nationalbank.
*** Including net payments to the central government in foreign exchange as a result of currency swaps.
DEVELOPMENT IN LIQUIDITY
In February, the central government’s net financing requirement amounted to kr. -22.7 billion. Since the turn of the year, the central government’s net financing requirement has been kr. -22.3 billion, cf. table 2.
The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 19.5 billion in February, to an outstanding amount of kr. 237.1 billion. In February, the central government’s liquidity impact decreased the net position by kr. 22.8 billion.
Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank – table 2
Kr. billion
February 2025
January 2025 – February 2025
The central government’s net financing
-22.7
-22.3
Redemption on domestic central-government debt*
7.0
13.4
Net bond purchases by the government funds and own portfolio and financing of social housing
1.1
-1.3
Other**
-0.2
0.1
The central government’s gross domestic financing requirement
-14.9
-10.0
The central government’s gross domestic borrowing***
7.9
15.4
The central government’s liquidity impact
-22.8
-25.4
Danmarks Nationalbank’s net foreign-exchange purchases
3.3
0.4
Danmarks Nationalbank’s net bond purchases
0.0
-0.2
Other factors****
0.0
1.8
Change in net position
-19.5
-23.4
Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.
* Including krone-denominated payments by the central government in currency swaps.
** Comprises foreign net financing requirement and changes in net collateral for the government’s swap portfolio.
*** Gross long-term borrowing, net short-term borrowing and krone-denominated payments to the central government in currency swaps.
**** Comprises e.g. changes in banknotes and coins in circulation.
DANMARKS NATIONALBANK’S INTEREST RATES
Since 31 January 2025 the discount rate has been 2.35 pct. p.a., since 31 January 2025 the current-account interest rate has been 2.35 pct. p.a., since 31 January 2025 the lending rate has been 2.5 pct. p.a. and since 31 January 2025 the rate of interest on certificates of deposit has been 2.35 pct. p.a.
Enquiries can be directed to press advisor Teis Hald Jensen on tel. +45 3363 6066.
BALANCE SHEET OF DANMARKS NATIONALBANK 28 FEBRUARY 2025
Assets
2025
2025
1000 kr.
28/02
31/01
Stock of gold
40,309,044
40,309,044
Foreign assets
563,349,604
558,010,180
Claims on the International Monetary Fund
58,683,071
58,714,478
Claims related to banks’ and mortgage credit institutes’ TARGET accounts in ECB
32,772
30,579
Monetary-policy lending
–
–
Other lending
1,037,197
1,114,997
– Banks’1)
1,037,197
1,114,997
– Miscellaneous loans
–
–
Domestic bonds
33,648,312
33,648,312
Financial fixed assets, etc.
131,550
131,550
Tangible and intangible fixed assets
715,190
716,825
Other assets
4,872,019
5,138,110
702,778,759
697,814,075
1) Other lending to banks include loans for cash deposits.
Liabilities
2025
2025
1000 kr.
28/02
31/01
Banknotes
46,880,067
46,956,721
Coins
6,101,100
6,117,406
Monetary-policy deposits
237,050,144
256,550,805
– Current accounts
237,050,144
256,550,805
– Certificates of deposit
–
–
Other deposits
15,191,388
15,546,285
– Deposits related to banks’ and mortgage credit institutes’ TARGET accounts in ECB
32,772
30,579
– Other deposits from banks’ and mortgage credit institutes’
1,407,732
1,437,503
– Miscellaneous deposits
13,750,884
14,078,203
Central government
239,437,163
216,526,715
Foreign liabilities
5,300,892
3,382,533
Counterpart of Special Drawing Rights allocated by the IMF (SDR)
45,039,776
45,039,776
Other liabilities
24,071,249
23,986,854
Capital and reserves
83,706,980
83,706,980
702,778,759
697,814,075
Note: The monthly balance sheet is calculated at beginning of year values +/- accumulated transaction values. The monthly balance does not include value adjustments and accruals, as these are only calculated at year-end, cf. Danmarks Nationalbank’s accounting principles.
Headline: Apple introduces iPad Air with powerful M3 chip and new Magic Keyboard
March 4, 2025
PRESS RELEASE
Apple introduces iPad Air with powerful M3 chip and new Magic Keyboard
CUPERTINO, CALIFORNIA Apple today introduced the faster, more powerful iPad Air with the M3 chip and built for Apple Intelligence. iPad Air with M3 brings Apple’s advanced graphics architecture to iPad Air for the first time — taking its incredible combination of power-efficient performance and portability to a new level. iPad Air with M3 is nearly 2x faster compared to iPad Air with M1,1 and up to 3.5x faster than iPad Air with A14 Bionic.2 Users will feel the speed of M3 in everything they do, from creating engaging content faster than ever to playing demanding, graphics-intensive games. Available in two sizes and four gorgeous finishes that users love, the 11-inch iPad Air is super portable while on the go, and the 13-inch model provides an even larger display for more room to be creative and productive. Designed for iPad Air, the new Magic Keyboard enhances its versatility and delivers more capabilities at a lower price. With iPadOS 18, support for Apple Intelligence, advanced cameras, fast wireless 5G connectivity, and compatibility with Apple Pencil Pro and Apple Pencil (USB-C), the new iPad Air offers an unrivaled experience.
With the same starting price of just $599 for the 11-inch model and $799 for the 13-inch model, the new iPad Air is a fantastic value. And for education, the 11-inch iPad Air starts at just $549, and the 13-inch model starts at just $749. Customers can pre-order the new iPad Air with M3 and Magic Keyboard for iPad Air starting today, with availability beginning Wednesday, March 12.
“iPad Air is so popular because of its unmatched combination of powerful performance, portability, and support for advanced accessories, all at an affordable price,” said Bob Borchers, Apple’s vice president of Worldwide Product Marketing. “For everyone from college students taking notes with Apple Pencil Pro, to travelers and content creators who need powerful productivity on the go, iPad Air with M3, Apple Intelligence, and the new Magic Keyboard take versatility and value to the next level.”
Supercharged Performance with M3
iPad Air with M3 empowers users to be productive and creative wherever they are, from aspiring creatives using demanding apps and working with large files, to travelers editing content on the go. The powerful M3 chip offers a number of improvements over M1 and previous-generation models. Featuring a more powerful 8-core CPU, M3 is up to 35 percent faster for multithreaded CPU workflows than iPad Air with M1. M3 features a 9-core GPU with up to 40 percent faster graphics performance over M1. M3 also brings Apple’s advanced graphics architecture to iPad Air for the first time with support for dynamic caching, along with hardware-accelerated mesh shading and ray tracing. For graphics-intensive rendering workflows, iPad Air with M3 offers up to 4x faster performance than iPad Air with M1, enabling more accurate lighting, reflections, shadows, and extremely realistic gaming experiences.3
The faster Neural Engine in M3 means iPad Air users can enjoy even more AI capabilities in iPadOS. Compared to M1, the Neural Engine in M3 is up to 60 percent faster for AI-based workloads. Other improvements over iPad models with A-series chips include support for Apple Intelligence, the choice of 11- and 13-inch sizes, and support for advanced accessories, including the new Magic Keyboard and Apple Pencil Pro.
iPad Air: Built for Apple Intelligence
iPad Air is built for Apple Intelligence, the personal intelligence system that delivers helpful and relevant intelligence.4 In Photos, the Clean Up tool makes it easy to remove distracting elements in images, and natural language search allows users to search for just about any photo or video by simply describing what they are looking for. With Image Wand in the Notes app, users can make notes more visually engaging by turning rough sketches into delightful images, just by drawing a circle around the sketch with their Apple Pencil. Users can even circle empty space within a note, and Image Wand will gather context from the surrounding area to create a relevant image that complements the note and makes it more visual.
Apple Intelligence helps users explore creative new ways to express themselves visually with Image Playground, create the perfect emoji with Genmoji, and make their writing even more dynamic with Writing Tools. Users can now type to Siri, and Siri is more conversational with the ability to follow along if users stumble over their words. Siri can also maintain context from one request to the next, and with extensive product knowledge, Siri can answer thousands of questions about the features and settings of Apple products, so users can learn how to do things like take a screen recording.
With ChatGPT seamlessly integrated into Writing Tools and Siri, users can tap into ChatGPT’s expertise without jumping between applications, so they can get things done faster and easier than ever before. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. Users can choose whether to enable ChatGPT integration, and are in full control of when to use it and what information is shared with ChatGPT.
Designed to protect users’ privacy at every step, Apple Intelligence uses on-device processing, meaning that many of the models that power it run entirely on device. For requests that require access to larger models, Private Cloud Compute extends the privacy and security of iPad into the cloud to unlock even more intelligence. When using Private Cloud Compute, users’ data is never stored or shared with Apple; it is used only to fulfill their request.
All-New Magic Keyboard for iPad Air
The all-new Magic Keyboard for iPad Air expands what users can do at an even lower price. The larger built-in trackpad brings greater precision for detail-oriented tasks, and a new 14-key function row allows easy access to features like screen brightness and volume controls. The new Magic Keyboard attaches magnetically, and the Smart Connector immediately connects power and data without the need for Bluetooth; a machined aluminum hinge also includes a USB-C connector for charging. Now starting at just $269 for the 11-inch model and $319 for the 13-inch model, the new Magic Keyboard for iPad Air features the magical floating design customers love and comes in white.
iPad Updated with Double the Starting Storage and the A16 Chip
Apple today also updated iPad with double the starting storage and the A16 chip, bringing even more value to customers. The A16 chip provides a jump in performance for everyday tasks and experiences in iPadOS, while still providing all-day battery life. Compared to the previous generation, the updated iPad with A16 is nearly 30 percent faster.5 In fact, compared to iPad with A13 Bionic, users will see up to a 50 percent improvement in overall performance,5 and A16 makes the updated iPad up to 6x faster than the best-selling Android tablet.6
Powerful and Intelligent Features with iPadOS 18
iPadOS 18 offers powerful features that enhance the iPad experience, making it more versatile and intelligent than ever:7
Designed for the unique capabilities of iPad, Calculator delivers an entirely new way to use Apple Pencil to solve expressions. With Math Notes, users are now able to write out mathematical expressions or type to see them instantly solved in handwriting like their own. They can also create and use variables, and add an equation to insert a graph. Users can access their Math Notes in the Notes app and use all of the math functionality in any of their other notes.
In Notes, handwritten notes become more fluid and flexible. Smart Script unleashes powerful new capabilities for users editing handwritten text, allowing them to easily add space or even paste typed text in their own handwriting. And as users write with Apple Pencil, their handwriting will be automatically refined in real time to be smoother, straighter, and more legible.
With new Audio Recording and Transcription, iPad can capture a lecture or conversation, and transcripts are synced with the audio, so users can search for an exact moment in the recording.
Users now have even more options to express themselves through the Home Screen. App icons and widgets can take on a new look with a dark or tinted effect, and users can make them appear larger to create the experience that’s perfect for them. A redesigned Control Center provides easier access to many of the things users do every day, including the option to organize new controls from third-party apps.
Better for the Environment
The new iPad Air and updated iPad are designed with the environment in mind. As part of Apple 2030, the company’s ambitious goal to be carbon neutral across its entire carbon footprint by the end of this decade, Apple is transitioning to renewable electricity for manufacturing, and investing in wind and solar projects around the world to address the electricity used to charge all Apple products, including the new iPad Air and iPad. Today, all Apple facilities run on 100 percent renewable electricity — including the data centers that power Apple Intelligence.
To achieve Apple 2030, the company is designing products with more recycled and renewable materials, which further drives down the carbon footprint. The new iPad Air and iPad each feature at least 30 percent recycled content overall, including 100 percent recycled aluminum in the enclosure and 100 percent recycled rare earth elements in all magnets. The batteries contain 100 percent recycled cobalt and — in a first for iPad — over 95 percent recycled lithium. The new iPad Air and iPad meet Apple’s high standards for energy efficiency, and are free of mercury, brominated flame retardants, and PVC. The packaging is also entirely fiber-based, bringing Apple closer to its goal of removing plastic from its packaging by the end of this year.8
Pricing and Availability
Customers can pre-order the new iPad Air with M3 starting today, March 4, on apple.com/store, and in the Apple Store app in 29 countries and regions, including the U.S. It will begin arriving to customers, and will be in Apple Store locations and Apple Authorized Resellers, starting March 12.
The 11-inch and 13-inch iPad Air with M3 will be available in blue, purple, starlight, and space gray, with 128GB, 256GB, 512GB, and 1TB configurations.
The 11-inch iPad Air starts at $599 (U.S.) for the Wi-Fi model, and $749 (U.S.) for the Wi-Fi + Cellular model. The 13-inch iPad Air starts at $799 (U.S.) for the Wi-Fi model, and $949 (U.S.) for the Wi-Fi + Cellular model.
For education, the new 11-inch iPad Air starts at $549 (U.S.), and the 13-inch model starts at $749 (U.S.). Education pricing is available to current and newly accepted college students and their parents, as well as faculty, staff, and home-school teachers of all grade levels. For more information, visit apple.com/us-hed/shop.
The new Magic Keyboard, available in white, is compatible with the 11-inch and 13-inch iPad Air. The 11-inch Magic Keyboard is available for $269 (U.S.), and the 13-inch Magic Keyboard is available for $319 (U.S.). For education, the 11-inch Magic Keyboard is available for $249 (U.S.), and the 13-inch Magic Keyboard is available for $299 (U.S.).
Customers can pre-order the new iPad with A16 starting today, March 4, on apple.com/store, and in the Apple Store app in 29 countries and regions, including the U.S. It will begin arriving to customers, and will be in Apple Store locations and Apple Authorized Resellers, starting March 12.
The new iPad starts with 128GB of storage, and is also available in 256GB and a new 512GB configuration. Available in blue, pink, yellow, and silver, Wi-Fi models of the new iPad are available with a starting price of $349 (U.S.), and Wi-Fi + Cellular models start at $499 (U.S.). For education, Wi-Fi models of the new iPad are available with a starting price of $329 (U.S.), and Wi-Fi + Cellular models start at $479 (U.S.).
Magic Keyboard Folio for iPad is available for $249 (U.S.) and comes in white. For education, the Magic Keyboard Folio is available for $229 (U.S.).
Apple Pencil Pro and Apple Pencil (USB-C) are compatible with the new iPad Air. Apple Pencil (USB-C) and Apple Pencil (1st generation) are compatible with the new iPad. Apple Pencil Pro is available for $129 (U.S.), and $119 (U.S.) for education. Apple Pencil (USB-C) is available for $79 (U.S.), and $69 (U.S.) for education.
Apple offers great ways to save on the latest iPad. Customers can trade in their current iPad and get credit toward a new one by visiting the Apple Store online, the Apple Store app, or an Apple Store location. To see what their device is worth and for terms and conditions, customers can visit apple.com/shop/trade-in.
Customers in the U.S. who shop at Apple using Apple Card can pay monthly at 0 percent APR when they choose to check out with Apple Card Monthly Installments, and they’ll get 3 percent Daily Cash back — all up front. More information — including details on eligibility, exclusions, and Apple Card terms — is available at apple.com/apple-card/monthly-installments.
About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
Testing conducted by Apple in January and February 2025. See apple.com/ipad-air for more information.
Testing conducted by Apple in January and February 2025 using preproduction iPad Air 11-inch (M3) and iPad Air 13-inch (M3) units as well as production iPad Air (4th generation) units. Tested with Procreate Dreams v1.0.14 by exporting a 29-second project. Performance tests are conducted using specific iPad units and reflect the approximate performance of iPad Air.
Testing conducted by Apple in January and February 2025 using preproduction iPad Air 11-inch (M3) and iPad Air 13-inch (M3) units as well as production iPad Air (5th generation) units. Octane X 2024.1.01 for iPad tested using a scene with 770,000 meshes and 8 million unique primitives, utilizing hardware-accelerated ray tracing on M3-based systems and software-based ray tracing on all other units. Performance tests are conducted using specific iPad units and reflect the approximate performance of iPad Air.
Apple Intelligence is available on iPad mini (A17 Pro) and iPad models with M1 and later, in localized English for Australia, Canada, Ireland, New Zealand, South Africa, the UK, and the U.S. Additional languages — including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, Chinese (simplified), English (Singapore), and English (India) — will be available in April, with more languages coming over the course of the year, including Vietnamese. Some features, applications, and services may not be available in all regions or all languages.
Testing conducted by Apple in January and February 2025 using preproduction iPad (A16) units as well as production iPad (10th generation) units. Tested with a selection of tasks using Microsoft Excel for iPad v2.93. Performance tests are conducted using specific iPad units and reflect the approximate performance of iPad.
Testing conducted by Apple in January and February 2025 using preproduction iPad (A16) units with Apple A16, as well as production Qualcomm SM6375-based Android tablet units with the latest version of Android 14 available at the time of testing. Best-selling Android tablet based on publicly available sales data over the last 12 months. Tested with common tasks in commercial applications and select industry-standard benchmarks. Performance depends on device settings, usage, environment, and many other factors. Performance tests are conducted using specific systems and reflect the approximate performance of iPad.
Some features may not be available for all countries or all areas. For more information on iPadOS 18, visit apple.com/ipados/ipados-18.
Based on retail packaging as shipped by Apple. Breakdown of U.S. retail packaging by weight. Adhesives, inks, and coatings are excluded from calculations of plastic content and packaging weight.
WASHINGTON – Independent Petroleum Association of America (IPAA) President & CEO Jeff Eshelman issued the following statement ahead of President Donald Trump’s address to a Joint Session of Congress:
“President Trump’s address today comes at a historic time; last week both chambers passed the first Congressional Review Act resolution of the year which nullifies the methane tax regulations on energy producers put in place by the Biden Administration, an issue IPAA has active in since the tax’s wrongful inclusion in the Inflation Reduction Act. Our association was the first to testify in opposition to the methane tax and supported its elimination in H.R. 1 last Congress. This Congress’ action to nullify this tax helps American consumers, and we urge President Trump to quickly sign the CRA resolution as part of his larger energy dominance agenda.
“Independent oil and natural gas producers will also be listening to the address for news on tariffs. While IPAA supports the pro-domestic energy and pro-jobs agenda of the Trump Administration, steel and aluminum tariffs increase the cost of well construction for U.S. oil and natural gas producers. Steel imports are essential to the industry and imports comprise up to half of the U.S. supply for the specific quality of steel in the line pipe and oil country tubular goods (OCTG) marketplace. The new tariffs on steel and aluminum imports could undermine the successes of the Administration’s goal of American Energy Dominance.”
Quantum dots have attracted attention as a next-generation material for a wide range of applications including displays, medical devices and solar cells. In 2014, Samsung Electronics developed the world’s first no-cadmium quantum dot material and successfully commercialized quantum dot technology with its SUHD TVs. Since 2017, the company has continued to build on its legacy of quantum dot mastery through QLED — its own quantum dot TV series. Samsung Newsroom explored how quantum dots are taking Samsung displays to the next level.
Quantum Dots: The Next Generation of Display Innovation
Quantum dots are ultra-fine semiconductor particles with physical characteristics that allow them to provide higher level of color accuracy and brightness. Since inception, their physical characteristics had them positioned to revolutionize display technology.
When used in displays, quantum dots support a wide color gamut that closely matches colors perceived by the human eye and facilitate pixel-level light adjustment for more accurate black levels. Emitting light in all directions, quantum dots deliver uniform luminance and consistent color from any viewing angle while minimizing blue light exposure for a more comfortable viewing experience.
What Sets Samsung QD TVs Apart: Content, Film Quality and No-Cadmium Technology
The TV industry continues research and development into the commercialization of quantum dots as the material becomes a game-changer in display technology. For that reason, a variety of quantum dot TVs have hit the market recently — offering a wide range of options to customers.
However, key differences in quantum dot TVs lie in how the technology is implemented and the overall quality of the display. To ensure a premium viewing experience, factors such as the amount of quantum dot content, the quality of quantum dot film and the innovative use of no-cadmium materials must be considered.
Quantum Dot Content
The true quality of a quantum dot TV is defined by its quantum dot content. Higher concentrations of Quantum Dots in the QD layer are required to achieve the vivid, rich picture quality and color expression that QLED displays are known for.
Quantum Dot Film
Quantum dot displays have a simpler and more efficient structure compared to LCDs. Samsung QLEDs eliminate the need for a phosphor layer, as the QD layer itself, together with the blue backlight combine to enhance brightness and deliver more vivid color. .
A dedicated quantum dot film that contains sufficient quantum dots is key in delivering top-class picture quality and longevity.
No Cadmium
In the early stages of developing quantum dot TVs, cadmium was considered the most efficient material for producing quantum dots and essential to achieving the technology’s key benefits of quantum dots such as color reproduction and contrast ratio.
However, cadmium’s toxicity and environmental impact became a significant obstacle to the commercialization of quantum dot technology. The element posed threats to the environment — making its widespread use difficult, despite being the most suitable material for implementing quantum dot technology.
In response to this challenge, Samsung developed and patented the world’s first no-cadmium quantum dot material in 2014 and successfully commercialized quantum dot technology with its SUHD TVs in the following year to open a new era of quantum dot TVs.
10 Years of Quantum Dot Innovation and Leadership
Samsung has quickly recognized the potential of quantum dot technology and led innovation in the global display market over the past decade through continuous research and investment.
Samsung began researching and developing quantum dot technology in 2001 — at a time when there was limited research on non-cadmium materials. Achieving vivid colors required making the nano-sized particles uniform, but the lack of technology and research made mass production extremely challenging.
Despite these obstacles, Samsung succeeded in creating a no-cadmium nanocrystal material in 2014. Since then, the company has accumulated extensive expertise — registering more than 150 patents — and continuously worked on advancing the technology. As noted above, delivered another innovation in 2015 when it unveiled the world’s first SUHD TVs with no-cadmium quantum dot technology.
Samsung’s QLED lineup was revealed in 2017, setting a new standard for premium TVs that overcame the limitations of OLED TVs. By applying metal quantum dot technology, Samsung achieved the Digital Cinema Initiative’s color standard DCI-P3 and achieved 100% color volume for the first time in the world — thereby presenting unparalleled color expression. Notably, the use of inorganic quantum dot technology protected the screens from burn-in2 to ensure consistent picture quality over time.
Following its success in developing a red light-emitting element for displays in 2019, the company enhanced the luminous efficiency of blue self-emitting QLEDs — considered the most challenging to implement among the three primary QLED colors1 — to an industry-leading 20.2%.2
“Discovering a blue material for self-emitting QLEDs and demonstrating industry-leading performance at the device level were significant achievements of this research,” said Dr. Eunjoo Chang, a fellow at Samsung Advanced Institute of Technology. “Samsung’s distinctive quantum dot technology has once again overcome technical barriers.”
Our latest Samsung Neo QLED TV models take things one step further by replacing standard LEDs with a higher number of mini-LEDs, allowing for even more detail, brightness, and vivid colors, and are available with both 4K and 8K resolution.
Samsung remains dedicated to advancing quantum dot technology through continuous innovation. The company continues to invest in leading display technology by offering high brightness, color accuracy and frequency. Driven by unrivaled quantum dot innovations from Samsung, the future of display technology is brighter than ever.
The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 12 March 2025. For the 1-month BoBC paper maturing on 2 April 2025, the stop-out yield decreased from 2.25 percent to 2.24 percent. The summarised results of the auction held on 4 March 2025, are attached below:
By train to the plane: now even easier. Bookings with Lufthansa Express Rail now include the Deutsche Bahn (DB) City-Ticket. This allows customers to also use local public transportation during their trip. Lufthansa boarding passes are also valid for travel by bus, tram, underground and suburban railway to and from the Express Rail station.
All Lufthansa Express Rail destinations except Siegburg and Basel will receive the convenient upgrade. In a total of 26 German cities, customers can use local public transportation before and after their trip. The City-Ticket is valid on the day of validity once in each direction for the trip to the Express Rail station or from there to the destination of the trip.
Demand for Lufthansa Express Rail has risen continuously in recent years. In 2024 alone, around 500,000 passengers used the service for their arrival and departure at Frankfurt Airport. With the integration of the City-Ticket, Lufthansa and DB are further enhancing their intermodal offering.
Lufthansa Express Rail is part of a more than 20-year cooperation between Lufthansa and DB. With just one booking step, customers can purchase a combined ticket for train and flight and thus conveniently use the train as a shuttle to Frankfurt Airport from a total of 28 cities in Germany. This means that Lufthansa Express Rail connects more than twice as many cities in Germany as Lufthansa currently serves by air. Every day, DB and Lufthansa offer more than 240 ICE connections with a Lufthansa flight number (codeshare numbers).
Thanks to the Alliance for Innovative Regulation for organizing this event and for bringing together banks, fintechs, and regulators to collaborate and foster responsible innovation.1
Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. Innovation can make financial products and services better, cheaper, and safer. It can make banking accessible to more consumers, advancing financial inclusion. It can modernize our financial infrastructures, creating efficiencies and providing new tools for banks to manage risk.
Innovation also comes with risks that need to be managed responsibly. Responsible innovation is in everyone’s interest. Consumers want the benefits of innovation through products and services they can trust. Banks have an interest in managing the complexities of innovation responsibly, ensuring that they recognize new and evolving risks to safety and soundness, follow relevant laws, and protect and serve their customers. Fintechs often play a key role in offering products and services that allow banks to meet these needs. And regulators and supervisors should develop regulatory and supervisory frameworks that allow banks to clearly understand and manage the risks associated with innovative activities. To achieve that, regulators should provide ongoing transparency and clarity on our approach.
Today, I’d like to share how the Federal Reserve’s Novel Activities Supervision Program, launched in the summer of 2023, plays an important role in supporting responsible innovation at our supervised institutions.2 Prior to this program, the Federal Reserve established temporary working groups and task forces to better understand evolving technologies to inform supervision. Ultimately, though, we determined we needed a dedicated supervisory function for novel activities. There were a number of factors driving that decision that guided how we designed the Program.
First, we understood that the pace of innovation was rapid. And we knew there would, of course, be benefits and risks stemming from innovation in the financial system. So we tasked the Novel Program with monitoring and understanding how these innovations and associated novel activities are used in banking and what benefits and risks they would pose. We gave them the mandate to keep up with the expertise related to use of new technologies and to employ new tools and data analytics in supervision. We invested time and research in understanding new technologies and businesses because we understood the importance of allowing innovation in the sector and avoiding excessively rigid stances on risk that don’t take into account the potential to make advancements in the sector and economy that benefit all of society.
Second, we recognized that many financial institutions across the country are exploring and using many of the same technologies and similar novel business models. We felt it was important to create a coordinated approach to supervising novel activities across the Federal Reserve System. We initially identified two dozen firms, including firms of all sizes, for supervision by the Novel Activities Program. Firms are added or removed from the Program based on their engagement in novel activities. The supervisory program is designed to build a broad-based perspective of novel activities, the benefits and risks, and how those risks are managed. In this way, the Novel Program helps to enable similar supervision of similar risks, in a manner that reflects our current understanding of those activities in a variety of contexts.
Third, while the technologies and products used by banks may be similar, their application and thus the benefits and risks may vary across business models. We understand the importance of tiering supervision to the type, extent, and level of risk posed by the novel activities and varied business models of supervised institutions and not imposing undue burden on firms. The Novel Activities Program employs a risk-based approach to supervision-meaning that the intensity of supervision is commensurate with the risk and scale of the activity. There is no one-size-fits-all model. Experts from the Novel team join the traditional supervisory teams that banks are used to working with on a regular basis, so there is no disruption or change in how we engage with banks. The Program is dynamic. As a bank changes its activities in this space, the rigor of the supervision similarly changes.3
The Novel Activities Program serves as a central point of expertise on new and innovative activities, supporting coordinated and risk-based supervision, and facilitating collaboration and communication between supervisors and stakeholders, all of whom contribute to supporting responsible innovation.
Next, let me speak to two important principles in our Novel Program-clarity and collaboration.
Clarity
Starting with clarity: for banks beginning to explore new technologies, supervisors should engage early in the process to understand the technology and the risks and provide a clear sense of their expectations along the way. Engagement allows for banks and their supervisors to share perspectives on effective risk management practices and the application of new technologies. Early and open dialogue creates opportunities for supervisors to provide feedback to banks on necessary risk management frameworks early on in their innovation process and to have an open dialogue that builds trust as products go to market.
As novel activities become more developed, we can issue guidance, resources, and other types of communications to further disseminate information, gather input, and provide clarity on effective risk management for novel activities. For example, in May 2024, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a guide to assist community banks in developing and implementing third-party risk management practices, which could be a useful resource for banks seeking to engage in novel, technology-based partnerships.4A few months later, the agencies issued a joint statement on arrangements with third parties to deliver bank deposit products and services, which discusses the risks these arrangements can present, offers examples of practices to manage those risks, and reminds banks of existing requirements and supervisory expectations.5There is no-one-size-fits-all approach in how we engage and communicate guidance to our firms, but it is essential that engagement happen to provide clarity to both sides.
I have said it before many times and want to reiterate it here: the Federal Reserve neither prohibits nor discourages banking organizations from providing banking services to customers of any specific class or type, as permitted by law or regulation. It is up to banks to choose their own customers, and not supervisors. That has been and will continue to be our practice. In fact, banks supervised by the Federal Reserve provide material and important services to the crypto-industry. For example, banks supervised by the Fed operate real-time, 24/7 payment platforms that serve as a primary mechanism for companies to exchange dollars to settle crypto-asset transactions. We monitor that activity from both a safety and soundness and financial stability lens, but we do not tell banks to serve or not serve those customers.
Collaboration
Turning to collaboration, the private sector is at the forefront of innovation and that ongoing engagement and collaboration with industry gives supervisors insight into the evolving nature of novel innovations and developments. Insights gathered from supervision, analysis, and monitoring activities, and industry engagement, can identify real improvements to how financial services are delivered to households and businesses and how risks are managed by banks. Collaboration can also reveal areas where we can provide regulatory clarity for banks looking to engage in new activities.
I want to emphasize the importance of hearing from the public through tools like requests for information, or RFIs. The bank regulatory agencies published an interagency RFI on bank-fintech arrangements last July.6 The purpose of the RFI was to build on the agencies’ understanding of these arrangements by soliciting updated input on the nature of bank-fintech arrangements. This included effective risk management practices regarding those arrangements, and the implications of such arrangements for bank risk management, safety and soundness, and compliance with applicable laws and regulations. We were also interested in understanding whether enhancements to existing supervisory guidance would be considered helpful in addressing the risks associated with these types of arrangements. We received over 100 comments. Respondents shared their insights on many topics, including the risks and benefits of these arrangements and how the agencies can bring additional clarity to our supervisory expectations. Some in the banking sector commented that the Novel Activities Program is an example of how cross-team collaboration might deepen an agency’s understanding of technology and innovation. The Federal Reserve and the other agencies are carefully considering the feedback we received as we consider how we can continue to support responsible innovation.
We will continue to invest time and resources learning more about innovative technologies such as distributed ledger technology and bank-fintech partnerships to understand how they may benefit the institutions we supervise and their customers. Moreover, interagency coordination and knowledge-sharing with federal and state regulators and the private sector continue to be critical sources of discussion, engagement, and knowledge-building.
In Closing
In closing, thank you for this opportunity to outline the Fed’s Novel Activities Program, which I believe has already improved the clarity and consistency of our supervision related to innovative technologies and fostered collaboration as banks and supervisors seek to better understand the risks associated with these activities. I believe this approach will support innovation that benefits consumers while supporting safety and soundness. Thank you.
It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view is slightly different than at that time, and I thought it would be a good time to share my thoughts on the critical role community banks play, not only in the U.S. banking system but also as drivers of local and regional economic growth and as anchors of their local communities. I will also explore the responsibility of bank regulators to support community banks.
In a broad and diverse economy, banks of all sizes play an important role in the creation and funding of business and consumer opportunities and investments. Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location. There is little doubt that community banks have an extensive presence across this landscape and that they are essential to the success of the American economy.
No other country in the world enjoys this direct access to and presence of financial services in remote and rural areas. These bankers are members of the community. They are neighbors and friends, and their kids attend local schools and play sports in the local recreational league. The term “relationship” banking has true meaning in this context.
The direct relationships provide an opportunity for bankers to understand the unique financing needs of local businesses and enables them to develop specialized services for specific segments of the local economy, including agriculture and small business lending.2
Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region. I served as one of those community leaders while I was a banker in Council Grove. That experience-whether serving as the President of the local Chamber of Commerce or the Rotary Club-provided a unique view into the local economy. And today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious-especially in today’s regulatory environment-and it is a seven days a week job. Bankers are often “working” while engaged in social activities, attending church or their kids athletic events, and shopping at the grocery store, and I often hear about customers giving a loan payment to their banker in the grocery store or asking about financing terms for the new car they might have their eye on.
Once a policymaker grasps the perspective of community banking from this vantage point, it becomes clear that the regulatory approach is much more complex than necessary to address many small bank issues. A community bank that has no out-of-market customers applying for new accounts likely does not need the same know-your-customer processes as a large or regional bank that opens accounts online and may be more vulnerable to fraud. A community bank can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks that offer a broader range of products and may be exposed to wider range of risks. A number of onerous requirements imposed on community banks seem to reflect an assumption of an indirect and less personal banking relationship.
Public debates about the banking system often feature academics that tend to downplay the significant role of community banks in the financial system. Instead, they imagine a banking system with fewer banks as equally effective in meeting the banking needs of every community throughout the United States. The eight largest U.S. banks hold $15.4 trillion in assets, which is several times larger than the assets controlled by the more than 4,000 community banks in the United States.3But as we all know, aggregate asset size is not an accurate indication of these banks’ importance.
Of course, metrics do not provide the full picture of how relationship-based lending practices drive local economic activity. They ignore that banking has a regional component, where local knowledge and expertise-and a commitment to the local community-can help enable the community to thrive. There is an important place for the largest banks and regional banks in the banking system, but it is a fallacy to assume that the presence of fewer community banks would not have devastating consequences for a number of consumers and businesses. Some community banks serve rural and underserved banking markets and may be the only option for consumers and businesses, especially those that have unique balance sheets or less pristine credit histories. If community banks were to disappear, many communities would be left with few or no alternative options for banking services.
While metrics do not tell the whole story, this is not meant to downplay the importance of data, research, and analysis, all of which assist us in our understanding of the banking system and how that understanding could be improved. Data can help us identify issues that must be addressed or remediated. Data can help us evaluate which elements of the current bank regulatory framework may be effective or ineffective. And data can help regulators update regulations and guidance with a clearer understanding of the intended and unintended consequences.
Over the past 20 years, we have seen the number of community banks continue to decline. Bank consolidation through mergers has contributed to this decline, and de novo bank formation has been largely nonexistent. Many factors have contributed to the bank consolidation trend, including competition from nonbank financial service providers and the ever-increasing regulatory burdens on the community banking model. Many of these same challenges have acted as a deterrent to bankers who have considered pursuing a de novo bank charter. And while many factors influence the health of the community bank model-including the interest rate environment, economic conditions, and alternative sources of competition for credit-we should consider whether there are actions regulators can take to support and ensure the future of community banks.
The Benefits of Experience
One of the biggest barriers to the community bank model is the competition for qualified bank management and staff. Attracting, developing, and retaining future and current bank leadership is a significant challenge. Yet, one of the most important priorities for bank management is to develop the next generation of leadership. Educational programs like this institute, bank and regulator internships, and regional graduate schools of banking can help develop this pipeline of talent to support the industry and supervisory responsibilities. These programs also help regulators recruit the next generation of bank examiners.
Working in my family’s community bank reinforced the mission focus and relationship model of community banking for me. This holds true for many family-owned community banks across the country.
Since we are on the campus of Fort Hays State University today and we have a number of students in the audience, part of my message today is to encourage each of you to consider exploring a career in the financial services industry-including in community banking or with a state or federal banking regulator. Whether that experience becomes a lifelong career or a stepping stone along your path, having experience in banking provides valuable perspective on how local economies function and the importance of access to banking services and financial inclusion. This experience has helped to shape my perspective and approach as the state bank commissioner and as a member of the Board of Governors of the Federal Reserve System.
This experience is also not something that I take for granted-seeing different perspectives empowers me to be a better policymaker. For example, as a bank compliance officer you understand the challenges of ensuring the bank is in compliance with rules and guidance and is prepared for interactions with bank examiners. Further, having this perspective enables a policymaker to approach the process of drafting rules and guidance and relaying supervisory messages in a way that recognizes a need for clarity, efficiency, and simplicity. The outcomes of our work are enhanced by a better understanding of the costs and unintended consequences of getting it wrong.
The Responsibility of Regulators
Overregulation and unnecessary rules and guidance imposed on smaller and community banks create disproportionate burdens on these banks, eventually eroding the viability of the community banking model.
Policymakers and regulators have a responsibility to ensure that the banking and financial systems encourage growth and innovation and foster a strong and growing economy. One of the great strengths of the U.S. banking system is the variety of institutions that meet the needs of consumers and businesses, not only through offering a range of products and services but also by reaching customers throughout the country, including in the most rural and remote locations. Our goal must be to facilitate a banking and regulatory environment that enables banks of all types and sizes to thrive. For community banks, this includes building a better regulatory and supervisory framework to effectively support the unique characteristics of these institutions.
What should that framework look like?
First, it includes thresholds that better reflect risk and business model.
As currently defined, community banks are those with less than $10 billion in assets. The Federal Reserve divides banks into distinct supervisory portfolios that oversee “community,” “regional,” and four categories of larger banks.4 The portfolio approach helps regulators differentiate standards and supervisory focus based on bank characteristics and risks. In theory, it allows examiners to better organize supervisory activities and to provide specialized training to help examiners focus on issues that are most relevant for the institutions being examined. If appropriately executed, this portfolio-based approach should lead to better and more risk-focused supervision, and in turn a safer and more sound banking system.
An organizational structure that better allocates and directs supervisory resources seems like a worthwhile goal, but over time, it becomes clear that there are downsides to this approach. One of these downsides is the static nature of the fixed thresholds defining the categories. Currently, our framework includes fixed thresholds that are not adjusted with economic growth, inflation, or the growth in deposits from unexpected sources and fiscal programs, like those from the COVID era. They also do not account for changed industry dynamics, especially those resulting from a particular bank’s activities or risk profile. In this environment, some firms with stable growth, a static business model, and a straightforward risk profile cross the $10 billion threshold unintentionally, subjecting them to additional regulatory and supervisory requirements that were specifically designed and implemented for larger and more complex firms. Banks approaching the $10 billion threshold often choose to curtail their asset growth to stay below the threshold.
Another significant problem with the current approach-that specifically challenges community banks-is the failure to index and update how a community bank is defined. Given the low fixed-dollar asset thresholds, regulators must focus on ensuring that asset-based benchmarks remain reasonable and appropriate in their work to supervise banks, especially as they apply tailored, but static, supervisory standards. As is the case now, over time, economic growth and inflation have created an environment in which thresholds are inappropriately low.
We also need to implement a better, more timely, transparent, and viable path for all bank regulatory applications. The application process can be a significant obstacle to applications activity, in particular mergers and acquisitions. Applications often experience significant delays between the application filing date and before receiving final regulatory approval. In some cases, even for non-complex transactions, the regulatory approval process has taken more than a year. A healthy banking system is one in which banks can make decisions to merge with peers or acquire new assets or business lines, and one that allows new bank formation, in a reasonable amount of time in accordance with statutory timelines. As the bank applications process has become a barrier to bank merger activity, we have seen credit unions acquiring community banks in record numbers. In the absence of a better functioning bank applications process, institutions will explore other options, including credit union acquisitions.
I think this trend should be a wake up call for regulators to reevaluate our approaches to many areas of our responsibility, but especially whether our applications processes are operating as effectively and efficiently as they should. It is important that the regulatory framework ensures that competition and broader availability of banking services remain a feature of the U.S. banking system.
A necessary approach to solving this is by making targeted improvements to the applications process. If you follow my work, you know that I often discuss how the applications process can be improved.5So I will note some of the important changes that I believe would be a catalyst to returning our bank applications review function to an appropriate processing timeline. These are simply threshold steps that should be easy to accomplish and would be a great start to fundamentally improving the process.
I believe that we should not be complacent when facing excessive and longstanding delays. For bank applications, we must focus our resources and expertise to review and promptly act on all bank applications, to streamline the required forms and procedures, and to provide clear standards for approval.
Bank regulators should be prepared to act promptly on applications, and yet the significant delays in applications processing we see suggests we can do better. The published statistics on applications processing also tell an incomplete story, as they do not reflect the time spent by applicants who withdraw applications before final regulatory action or that simply forgo business opportunities that require an application out of concern that the regulatory approval process is too uncertain and unpredictable.6
Many banks experience these frictions in the applications process firsthand. And judging from the number of bankers that contact me as they experience unexplained and prolonged delays, there is clear need for improvement. Uncertainty regarding the status of the application and an expected timeline for resolution creates challenges in moving forward with related business processes often resulting in costly delays for systems conversions and unhealthy uncertainty among bank staff.
We can certainly learn from the inefficiencies in the current process and leverage these experiences by consulting with banks about these challenges and identifying a clear path to improve the process. One step could be to ensure that our applications teams have access to specialized knowledge required to more effectively approach applications for infrequent activities, like de novo formations. We should ensure that a Reserve Bank has the resources necessary to assist them in making the applications process smooth, and ensuring prompt action is taken on the application.
We also know that the applications process itself can be a significant barrier and has in recent years been used by regulators to delay decisions. While many activities that require regulatory approval rely on common application forms, some bank applications require regulatory approvals from multiple regulators. Even where only one primary federal regulator must act on an application, there may be requirements to solicit views from other regulators, or the need to request additional information from the applicant that was not included in the initial filing forms.
Each additional step in the process can lead to delays and prolonged uncertainty. Without question, there is a better process, and it should start with aligned requirements across the banking agencies, coordinated review processes, and clearer standards for approval.
The standards for approval should be clear to all applicants and consistently applied. This must include transparency not only in approval standards but also in timelines, which are equally critical to banks seeking regulatory approval. Banking applications are not filed without extensive work up front and specific plans in mind. For example, a merger application will include information about the pro forma institution’s management team, geographies to be served in the merged institution’s banking footprint, what products will be offered, and how the application will be consistent with the various statutory approval standards.
If we determine that we consistently need more information to process an application, we should amend the applications form instead of relying on time-consuming additional information requests that extend the decision timeline. And if there are standards we expect applicants to meet-for example, the minimum amount of capital required for a de novo bank formation or an expansionary proposal-we should be clear and transparent about those expectations in advance.
Uncertainty in the standards and timelines for action on bank applications can contribute to a regulatory environment that favors nonbanks. This more favorable treatment includes allowing them to engage in the same activities without the same regulatory burdens, like more favorable tax and regulatory treatment for credit unions and the exemption from Community Reinvestment Act requirements for nonbank financial institutions, again, including credit unions. Why would a new business choose to become a bank if they can avoid the complexities of the banking regulatory framework and still provide similar services?
Tailoring
While these steps-developing a pipeline of future leadership for community banks and promoting a more efficient bank applications process-would help support the community banking system generally, perhaps the most critical feature of the framework that affects community banks is tailoring to address the ongoing burden of compliance.
Tailoring is the term we use in banking to describe an approach to regulation that strives to match regulation and supervision with the size, risk, complexity, and business model of an institution. Tailoring helps us calibrate regulation and supervision to the activities and risks at every tier within our framework, but it is particularly important when we think about its application for smaller and community banks.
Frankly, when you consider the fundamental differences between the largest banks and the smallest, tailoring seems like common sense rather than a distinct regulatory philosophy. But in the absence of industry experience among bank policymakers, the trend over time has been an erosion of tailoring in favor of one-size-fits-all approaches.
Pushing down requirements more appropriate for larger institutions to smaller banks-either formally through regulation or informally through supervisory messaging-encourages homogenization of the industry. This trend becomes even more concerning when regulators “grade on a curve” by evaluating a bankrelativeto other institutions, instead of evaluating a bankagainst a clear legal standard.
It is also important for regulators evaluating regulations and supervisory approach to consider the aggregate benefits and costs of the framework, rather than looking at each part of the framework on a piecemeal basis. Often, the regulations and supervisory guidance issued by regulators has a “cumulative” or “compounding” effect on banks. A piecemeal approach ensures that banks cannot go to a single source or one regulation to understand supervisory expectations or requirements for a particular activity. While it may be possible to justify or explain any single regulation or piece of guidance on a standalone basis, when we consider the aggregate effects, it is clear that we need to rethink our approach and recommit to tailoring.
Regulatory ambivalence to tailoring comes at a significant cost. If current trends continue-where we push down requirements from large banks to small and attempt to “smooth” or standardize requirements and expectations across all banks-we will eventually find ourselves achieving the academically preferred end state of only a few large banks ineffectively serving the financial needs of the entire U.S. economy. In this state of the world, not only will community banks suffer but so will the communities they serve.
Closing Thoughts
Thank you again for the invitation to join you today. It is wonderful to see the ongoing success and commitment of the Robbins Banking Institute in preparing the next generation of leaders to play an important role in the banking and financial system. While I have expressed concern about some recent trends, one of the many benefits of our system is that there are always opportunities to change course, and I am confident that with committed and experienced leadership we can.
I am also confident that the future of community banking is bright, as long as we focus on right sized and appropriate regulations and guidance and a recognition that investment in innovation and growth is a necessity, not a roadblock. Regulators have an important opportunity now to prioritize changes that will support the safe and sound operation of community banks while allowing these banks to support the U.S. economy, serve their communities, innovate, and grow. Community banks enable the economic success of our country and will continue to support financial opportunities for many future generations. I look forward to seeing how the students in attendance here today will be a part of and shape that bright future.
Good morning, distinguished guests, colleagues, and friends,
It is my great pleasure to welcome you all to the 4th Workshop on Data Science in Central Banking organized by the BIS Irving Fisher Committee on Central Bank Statistics (IFC) and hosted by the Bank of Italy.
As we gather today, we are reminded of the rapid advancements in data science and its profound impact on central banking. Indeed, the sheer volume and complexity of financial data now available call for more sophisticated techniques for data management and analysis. This trend is reinforced by the new opportunities opened up by artificial intelligence and machine learning. This workshop is a testimony to our collective commitment to harnessing innovation to enhance central bank’ operations, policy-making, and overall effectiveness.
As emphasized in the last 2024 IFC’s Annual Report just endorsed by the BIS All Governors a few weeks ago, the current focus on data science and AI supports the broader objective of improving statistical methods and fostering innovation in central banks. This IFC report underscores that leveraging new technologies can be instrumental to enhance data quality, improve analytical capabilities, and support evidence-based policymaking. The Report also calls for reviewing the related ongoing initiatives pursued by central banks and for providing a platform for sharing knowledge and best practices.
Let me recall that the three previous IFC data science workshops have been dealing with, respectively, (1) machine learning applications; (2) applications and tools in data science; and (3) data access and sharing. This time we will over the next three days delve into the various aspects related to the use of generative AI in central bank activities. We will hear from esteemed experts and practitioners who will share their insights and experiences, providing us with valuable knowledge and practical tools to navigate the evolving landscape of data science.
I would like first to extend a special welcome to our keynote speaker, Julien Simon, Chief Evangelist at Arcee.ai, who will be discussing the tailoring of small language models for enterprise use cases. His expertise and vision will undoubtedly set the tone for our discussions.
Then the sessions of the workshop will cover various critical areas, such as natural language processing tools, AI for summarization and information extraction, supervisory technology, text analysis for market monitoring and monetary policy purposes, and data privacy and anonymization.
Let me share with you a few thoughts on these issues:
First, the new techniques we will discuss are not only very timely, but they are also essential to leverage data science to address the complex challenges we face in modern central banking. In particular, the integration of generative AI and advanced data analytics into central banks’ operations can significantly enhance their ability to make informed decisions, assess economic trends, and work to promote monetary and financial stability. More generally, IT innovation provides brand new perspectives. For instance, open-source software offer numerous benefits supporting official statistics and data analysis, including cost savings, flexibility, and the ability to customize solutions to meet specific needs. Another example is that modern data management approaches such as data lakes and data meshes architectures allow for new ways to store, organize, and access data. This calls for careful planning and for not blindly following the crowd and fashionable buzz words. The main goal is to concretely help central banks to more effectively leverage their information assets, improve the integration and quality of their data, and support more sophisticated analytical techniques.
Second, your presence here today, coming from various jurisdictions all over the world and representing central banks, other public authorities, international organizations, academia and the private sector, underlines the importance of the goal of this workshop, which is to showcase concrete projects, share experiences, develop in-house knowledge and also reduce reliance on external service providers.
Third, central banks, as producers of official data, have a key role to play to promote the access and dissemination of credible information to various external stakeholders, including other domestic authorities, international institutions, academia, and the general public. But better data is also key for supporting real-time, evidence-based policymaking in central banks, which increasingly rely on trustworthy data and sophisticated analytical and forecasting capacities to support their decisions.
Fourth, the relevance of artificial intelligence for central banks cannot be overstated, as it offers immense opportunities to enhance productivity, improve decision-making, and foster innovation. In particular, Generative AI has the potential to revolutionize data analysis and interpretation, offering deeper insights and more accurate predictions. For instance, the use of large language models can significantly enhance our ability to process and understand vast amounts of unstructured data, ranging from economic reports to news articles, thereby enabling us to make more informed policy decisions especially in the areas of monetary policy, financial stability, and regulatory oversight.
However, and this is my fifth point, GenAI also presents significant challenges and risks. Central banks must navigate issues such as data privacy, security, and ethical considerations. The potential for systemic risks, such as homogenization of information and procyclicality, requires careful management. As central banks increasingly rely on data-driven approaches, it is essential to ensure that sensitive information is protected, and that data is used ethically and responsibly.
And my last point is that addressing these challenges calls for developing robust governance frameworks. This is key so that we can harness the power of AI while mitigating its risks, ensuring that our financial systems remain stable and resilient. At the same time investing in advanced IT infrastructure and fostering collaboration and coordination as we do today can help to stay abreast of emerging threats and implement best practices.
To conclude, this workshop aims to gather a diverse audience of practitioners, specialists, and interested stakeholders from central banks, international organizations, national statistical offices, and beyond. Our primary objective is to highlight ongoing projects and exchange experiences that can help foster in-house expertise and lessen reliance on external service providers. For instance, a number of projects that will be presented in the next few days have replicable codes developed with open-source software and can be usefully shared among all interested stakeholders. Moreover, the presentations will enhance our understanding of the opportunities and risks associated with new Generative AI technologies. This is key for central banks willing to navigate the evolving financial landscape and ensure that they are well-positioned to meet future challenges.
I therefore encourage you all to actively participate in the sessions, engage with the speakers, and share your own experiences and perspectives. It is through this collaborative spirit that we can truly advance our understanding and application of data science in our field. Before closing, I would like to thank the organizers, speakers, and all participants for your dedication and contributions to this workshop. I am confident that our time together will be both enlightening and inspiring, and I look forward to the fruitful discussions and innovative ideas that will emerge.
Thank you, and welcome once again to the 4th Workshop on Data Science in Central Banking.
Thank you for the invitation to speak at Stellenbosch University today. I’m visiting South Africa in my capacity as a Deputy Governor of the Bank of England, attending the bi-monthly meetings of the Bank for International Settlements, starting later today in Cape Town. This morning I’m speaking as one of nine members of the Bank’s Monetary Policy Committee (MPC), which has responsibility for setting monetary policy in the UK, with the primary objective of keeping UK inflation at 2% sustainably over the medium term.
In my speech today I want to set out how my views on monetary policy in the UK have evolved over recent months in response to my changing assessment of the outlook for the economy. That could sound like a relatively narrow focus but I hope my focus on the challenge of setting monetary policy against a back-drop of heightened uncertainties is of wider relevance.
Uncertainty is going to be a recurring theme of my speech. There are three dimensions that I’m going to bring out. The majority of my speech is going to be devoted to the prevailing uncertainty about the state of the UK economy; in particular the state of the UK labour market and the persistence of inflationary pressures. Most economies face some of the same uncertainties given the huge shocks that have hit the global economy but the UK is experiencing more than most.
The second aspect of uncertainty is about global developments, whether that be geopolitics or trade and financial fragmentation. The UK is a relatively small open economy so these matter and I will return to this aspect towards the end of my speech.
The third dimension is the impact domestic and global uncertainty has on the actions of businesses and consumers and what that means for the outlook for the economy.
In February/March each year, the Centre for Monetary Economics (CME) presents a report commissioned by the Ministry of Finance on Norges Bank’s monetary policy. A committee of independent economists assesses Norges Bank’s conduct of monetary policy. The reports are published by the CME in its Norges Bank Watch Report Series.
First, I would like to thank the members of this year’s committee. A regular assessment of our conduct of monetary policy by an external body is both useful and important. I would also like to thank the Centre for Monetary Economics for hosting this event and for the opportunity to comment on the report.
Let me begin by saying a few words about the conduct of monetary policy in 2024 before commenting on three topics raised by Norges Bank Watch (NBW): how we take international trends into account, our communication of uncertainty and, finally, the trade-offs we make in monetary policy.
Quantifying the value of natural capital and ecosystem services is essential for governments to make more informed decisions that account for how ecosystem health contributes to economic growth, improve fiscal management, and support communities that depend on natural resources. These metrics also create opportunities to attract investments that jointly support fiscal sustainability, sustainable development, and long-term economic resilience by underscoring the economic benefits of nature.
Understanding the value of natural capital aids in assessing the economic viability of investments and enhancing ecosystem management. In the Cook Islands, the valuation of the benefits provided by the Muri Lagoon can guide investment decisions for proposed wastewater treatment plants. In the People’s Republic of China, efforts to estimate the value of the ecosystem services of the South Dongting Lake’s wetlands, a critical resource that supports tourism and livelihoods of millions, helped prioritize key interventions. Moreover, pilot ecosystem service accounts are being developed in many Asia Pacific countries such the Philippines, Armenia, and Sri Lanka to enhance watershed management planning.
Asia and the Pacific face a daunting infrastructure challenge, requiring sustained investment to enhance connectivity, safety, and resilience. While road networks dominate spending, underinvestment in maintenance and limited private-sector involvement threaten long-term sustainability.
Asia and the Pacific will require about $43 trillion from 2020 to 2035 to develop, maintain, repair, and climate-proof its transport infrastructure, according to the Asian Transport Observatory. This represents about 2% of the region’s GDP, averaging roughly $2.7 trillion annually.
Infrastructure investment requirements have tripled, increasing from roughly $750 billion annually between 2000 and 2020 to $2.7 trillion.
Failing to secure the needed resources risks inadequate infrastructure development, leading to deterioration, costly repairs, and transport disruptions over time.
Traffic congestion currently represents about 2-4% of GDP in Asia’s major cities. Road traffic fatalities and severe injuries cost $1.5 trillion in 2021, factoring in the loss of lives, assets, and workforce productivity.
The health consequences of PM2.5 air pollution also contributed to a further loss of at least $4 trillion in 2019. Climate-related challenges may also bring significant expenses, with potential damages to Asia’s transport infrastructure approaching $54 billion.
Moreover, delays and interruptions due to weakened transport infrastructure could lead to logistical losses estimated annually at $43 billion in 2023. It’s estimated that inadequate transport infrastructure directly threatens about 7% of GDP.
Tackling these challenges requires a forward-thinking approach emphasizing infrastructure maintenance, capacity enhancement, safety enforcement, and disaster preparedness to mitigate these considerable costs.
The infrastructure investment needs across the region are vast and varied. The largest share of the investment needs lies within East Asia (58%) and South Asia (17%) sub-regions, representing 73% of the population.
Our projections suggest that investment in transport infrastructure within high-income economies will stagnate by 2035, influenced by an aging population, stabilized travel demand, and well-established infrastructure networks.
On the other hand, low- and middle-income economies are expected to see a sharp rise in investment requirements, driven by inadequate access to transport infrastructure and increasing demand for passenger and freight transport.
Upper-middle-income economies are set to spearhead transport infrastructure investments, maintaining a significant share of 67% of total investment from 2000 to 2020, followed by 65% from 2020 to 2035.
About 74% of total investment needs over the next decade will be concentrated in East and South Asia, propelled by the ongoing rapid growth of transport demand in India and the People’s Republic of China.
Road transport will continue to secure bulk investments from 2020 to 2035, accounting for 63% of total investments (approximately 1.3% of GDP). This is required to bridge the infrastructure gap and improve access and connectivity.
The remaining investment needs are as follows: 17% for railways, including high-speed rail (around 0.4% of GDP), 11% for raid urban transit (about 0.2% of GDP), 4% for ports (0.1% of GDP), and 5% for airports (0.1% of GDP).
Urban rail investment will equal that of heavy rail infrastructure for the first time. Investment in metro systems is expected to increase from 7% of total investments between 2000 and 2020 to 10% from 2020 to 2035. Other than that, we don’t see a significant shift in the pattern of infrastructure spending.
Maintenance is crucial for transport infrastructure, guaranteeing assets’ durability, safety, and effectiveness. Studies show that every dollar invested in maintenance saves $4-$5 later required for reconstruction.
However, there’s a worrying trend of underinvestment in maintenance. This underinvestment will likely persist. On average, maintenance costs for transport infrastructure are expected to represent approximately 24% of total investment expenses from 2020 to 2035.
Nonetheless, maintenance expenditures differ across various modes and countries. New construction projects often receive significant media and political attention, but maintenance initiatives, which are vital for the long-term viability of transport infrastructure, are usually overlooked and go underfunded.
Regrettably, the issue of insufficient maintenance funding is a persistent challenge in Asia.
With nearly 1.8 billion people lacking access to transport infrastructure in Asia, countries are rapidly building infrastructure. But even with a $43 trillion investment by 2035, the infrastructure gap with the global North will continue to exist.
By 2035, Asia’s average transport infrastructure per capita is projected to still be 70% lower than current levels in wealthier countries, as measured by OECD country levels. However, the silver lining is that we will bridge the gap in specific modes at a lower income level.
For example, the average availability of urban rapid transit per capita in Asia and the Pacific is expected to double, rising from 6 kilometers in 2020 to 12 kilometers per million people by 2035. OECD countries had similar access back in 2013, having a GDP per capita nearly four times higher.
Maintaining a sustained annual investment rate of 2.3% of GDP is a challenge in itself. Identifying who will provide that investment is another complex question. While infrastructure development offers clear socio-economic benefits, investments in this area have declined as a percentage of GDP.
This shift raises concerns, especially given the limited involvement of private funding in the region’s infrastructure development. Historically, governments have been the leading financiers.
However, the aftermath of COVID-19 has strained public finances and increased debt burdens. Public-private partnerships show potential but have not expanded enough to meet the growing transport infrastructure demands.
There is an urgent need for a significant increase in private investment to bridge this gap. Attracting such capital depends on the government’s ability to create a more favorable regulatory and planning environment.
Moreover, there is considerable potential for optimizing public infrastructure investments. Governments should explore alternative funding methods, such as raising user fees, leveraging land value, and adopting innovative financing techniques.
Strategic investments, regulatory reforms, and innovative funding solutions are essential to ensuring Asia’s transport infrastructure meets future demands.
TheAsian Transport Observatorywas developed by the Asian Development Bank to strengthen the knowledge base on transport in Asia and the Pacific, and to support better informed investments and policies in the sector.
Headline: Thales reports its 2024 full-year results
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Order intake: €25.3 billion, up 9% (+6% on an organic basis1)
Sales: €20.6 billion, up 11.7% (+8.3% on an organic basis)
Adjusted EBIT2: €2,419 million, up 13.4% (+5.7% on an organic basis)
Adjusted net income, Group share2: €1,900 million, up 7%
Consolidated net income, Group share: €1,420 million, up sharply by 39%
Free operating cash flow from continuing operations2,3: €2,142 million, up 9%
Free operating cash flow2: €2,027 million, stable against 2023
Dividend4of €3.70 per share, representing 40% of Adjusted net income, Group share
Non-financial performance: steady progress towards medium to long-term targets
2025 objectives:
Book-to-bill5above 1
Organic sales growth of between +5% and +6%, corresponding to sales between €21.7 billion and €21.9 billion
Adjusted EBIT margin between 12.2% and 12.4%
Thales’s Board of Directors (Euronext Paris: HO) met on March 3, 2025 to review the 2024 financial statements6.
“2024 was once again a year of strong profitable growth for Thales. Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital, maintained excellent sales momentum throughout the year, achieving a record order intake of more than €25 billion. The record order book provides unprecedented visibility for all our activities. Sales exceeded the €20 billion mark with organic growth of 8.3%, above expectations. Defence activities, underpinned by an ongoing increase in the Group’s production capacity, the technological excellence of our products and the commitment from all our colleagues, contributed in particular to this performance. Thales also demonstrated once again its ability to generate profitable growth, with an increase in EBIT in absolute terms and as a percentage, reflecting the strength of its operating leverage. Thanks to its unique business model based on world-class products, systems and services, Thales generated free operating cash flow of more than €2 billion. Non-financial performance was also remarkable in 2024. The validity of our CSR strategy was acknowledged as Thales joined the CAC 40 ESG index in 2024. This historic performance is the result of the unfailing commitment of our 83,000 employees, and I would like to thank them sincerely for their dedication to our clients. We are starting 2025 with confidence and determination and a positive outlook for the vast majority of our activities. Thales presented its new strategic roadmap in November 2024. By drawing on its unique leadership positions serving growing markets and its ability to innovate and anticipate technological breakthroughs, the Group affirms its ambition to deliver accelerated, profitable and sustainable growth over the coming years, starting in 2025.” Patrice Caine, Chairman & Chief Executive Officer
Key figures
Order intake for the 2024 financial year increased by 9% compared with 2023 at €25,289 million and by +6% on an organic basis (i.e. at constant scope and exchange rates). Commercial performance was once again supported by strong demand in the Defence segment and by continued sustained momentum in the Aerospace segment. As at 31 December 2024, the consolidated order book amounted to nearly €51 billion, a record level, up by nearly €5.4 billion compared with the end of 2023.
Sales totaled €20,577 million, up 11.7% from 2023 (+8.3% in organic growth). This robust growth reflects in particular the solid performance of the Defence business throughout the year.
Adjusted EBIT7 stood at €2,419 million in 2024 (11.8% of sales), compared with €2,132 million (11.6% of sales) in 2023, an increase of 13.4% (+5.7% organic change).
At €1,900 million, Adjusted net income,Group share7 was up +7% compared to 2023.
Consolidated net income, Group share, stood at €1,420 million, up sharply by +39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme. These commitments were transferred to Rothesay at the end of 2023.
Free operating cash flow from continuing operations7,9 amounted to €2,142 million, compared with €1,968 million in 2023. Including the contribution of discontinued operations, free operating cash flow7 amounted to €2,027 million, compared with €2,026 million in 2023. Calculated on the basis of the scope of continuing operations, the cash conversion ratio of Adjusted net income, Group share, into operating free cash flow was 114%. This once again exceptional performance, which saw the cash conversion ratio exceed 100% for the fifth consecutive year, reflects the excellent momentum of new orders, the phasing effects on cash inflows related to contracts’ execution and the continued Group’s mobilization of its CA$H! plan aimed at optimizing this conversion ratio.
In this context, the Board of Directors decided to propose the payment of a dividend of €3.70 per share, corresponding to a payout ratio of 40% of the Adjusted net income, Group share. An interim dividend of €0.85 per share was paid on December 5, 2024. The balance of €2.85 will be paid on May 22, 2025.
Order intake
Order intake for the 2024 financial year totaled €25,289 million, up 9% from 2023 in total change and up +6% at constant scope and exchange rates11. For the fourth consecutive year, the order intake was more than 20% higher than sales (book-to-bill). Thebook-to-bill ratio was 1.23, flat against 2023, and 1.28 excluding the Cyber & Digital business, where the order intake is structurally very close to sales.
In 2024, Thales signed 35 large orders with a unit value of over €100 million, representing a total of €8,674 million:
Four large orders booked in Q1 2024:
The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN);
Order of an aerial surveillance system for a military customer in the Middle East;
Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles.
Eight large orders booked in Q2 2024:
Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
Service contract for the maintenance of the Royal Australian Navy fleet;
Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition.
Seven major orders recorded in Q3 2024:
Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5;
Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
Order for the renovation of an air traffic management system;
Order from the UK Ministry of Defence for the supply of Lightweight Multi-role Missiles (LMM) to strengthen Ukraine’s air defence capabilities;
Order of LMM for the British armed forces;
Order for the supply of Ground Fire multifunction radar and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program.
Sixteen large orders booked in Q4 2024:
Order for the supply of a satellite for the European Space Agency’s EnVision scientific mission to understand the planet Venus;
Contract amendment signed with OHB System for the payload of the third satellite of the European CO2M mission focused on CO2 emissions generated by human activity;
Amendment to the contract with the European Space Agency for the development of the ESPRIT communications and refueling module for the future lunar space station, Gateway;
Order for the development of the world’s first quantum key distribution (QKD) system from geostationary orbit, in collaboration with Hispasat;
Contract with the Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module on board the future lunar space station Gateway;
Entry into force of the contract for the supply of 12 Rafale to Serbia;
Order from Naval Group for the supply of equipment for the submarine delivery contract in the Netherlands;
Order under the AJISS contract to provide In-Service Support to Royal Canadian Navy ships;
Order for the development and production of 430 new-generation MICA-NG interception, combat and self-defence missile seekers;
Order from the UK Ministry of Defence for the development and preparation of large-scale production of STARStreak HVMs (High Velocity Missiles) for the armed forces;
Order from the French Air Navigation Services Directorate (DSNA) aimed at improving the 4-Flight air traffic management system;
Amendment to the CONTACT contract with the DGA providing the armed forces with a range of software-defined radios designed for collaborative combat;
Order from the UK Ministry of Defence to ensure the permanence and maneuverability of the Royal Navy’s operational communications;
Order from the DGA as part of the SYRACUSE IV program to equip the French army’s SCORPION vehicles with Thales’ secure satellite communications solution;
Order from the DGA for the design, delivery and maintenance of a resilient communication system;
Order from the DGA to produce an encryption key management and distribution system and key injector for the Ministry of the Armed Forces.
With a total amount of €16,615 million, order intake with a unit value of less than €100 million continued to record favorable momentum.
Geographically12, order intake in mature markets amounted to €19,010 million, very close to that recorded in 2023, which though included the £1.8 billion MSET contract in the United Kingdom. Sales momentum elsewhere was also solid, particularly in the rest of Europe (up by 16% on an organic basis) and in Australia and New Zealand (up by 13% on an organic basis). Order intake in emerging markets was up sharply in 2024, amounting to €6,279 million (+39% at constant scope and exchange rates) thanks to continued strong momentum in the Near and Middle East (with an organic increase of 80%).
Order intake in the Aerospace segment totaled €6,434 million compared to €5,606 million in 2023 (+14% at constant scope and exchange rates). This solid growth reflects several trends.
The different segments of the Avionics market continued to record sustained demand in 2024;
The Space business posted sustained growth in order intake, including five orders with a unit value of more than €100 million recorded in the fourth quarter, four of which in OEN (Observation, Exploration & Science and Navigation) activities.
At December 31, 2024, the segment’s order book stood at €10.5 billion, up 13% from 2023.
At €14,723 million compared to €13,944 million in 2023, order intake in the Defence segment set a new record (+5% at constant scope and exchange rates). The book-to-bill ratio was 1.34, above 1.2 for the sixth consecutive year. This high level is explained by continued strong demand in all activities, with twenty-seven contracts with a unit value of more than €100 million recorded in 2024. The segment’s order book reached a new record at €39.2 billion (up 12%), corresponding to 3.6 years of sales, offering strong visibility for the years ahead.
At 4,032 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.
Sales
Note: full-year 2023 figures have been restated to reflect the transfer of cyber civil activities from the Defence segment to the Cyber & Digital segment.
Sales for the 2024 financial year totaled €20,577 million, compared to €18,428 million in 2023, up 11.7% in total change and 8.3% in organic terms (at constant scope and exchange rates14), driven in particular by the robust performance of the Defence segment.
Geographically15, sales recorded solid growth in both mature markets (+7.9% in organic terms) and emerging markets (+9.6% in organic terms), driven by double-digit growth in Asia.
Sales in the Aerospace segment totaled €5,471 million, up 4.8% from 2023 (+2.9% at constant scope and exchange rates). Momentum in this segment reflects contrasting trends:
The Avionics business posted mid-single digit organic growth in 2024, notably driven by strong momentum in both original equipment activities and aftermarket services, with a return to pre-Covid levels in air traffic. However, as expected, the fourth quarter was impacted by delays in aircraft deliveries to airlines, which postponed in-flight entertainment (IFE) sales;
As expected, sales were almost flat in the Space business. The telecommunications segment continued to be impacted by structurally lower demand in the geostationary satellite market. Conversely, trends remain positive for OEN activities.
Sales in the Defence segment totaled €10,969 million, up 13.9% from 2023 (+13.3% at constant scope and exchange rates). This strong growth came against a backdrop of steady growth in the Group’s production capacity, enabling it to meet high demand in all product lines. Growth was notably driven by land and air systems, such as tactical vehicles and systems or surface radars. The fourth quarter of 2024 also benefited from favorable cut-off effects.
At €4,024 million, sales in the Cyber & Digital segment increased by 1.4% at constant scope and exchange rates (and +14.8% in total change including the positive scope effect of the acquisitions of Imperva and Tesserent). This moderate organic sales growth reflects different trends depending on the activities:
Strong momentum continued for cyber businesses, including a strong performance from Imperva;
Against a high comparison basis in 2023, payment services sales were impacted by destocking by our customers in North America;
Lastly, the digitalization of secure connectivity solutions maintained its strong growth. Sales generated in fully digital connectivity solutions (including eSIMs and on-demand connectivity platforms) recorded double-digit organic growth and accounted for more than half of sales of this secure connectivity solutions business in 2024.
Results
For 2024, the Group posted Adjusted EBIT16 of €2,419 million, or 11.8% of sales, compared to €2,132 million (11.6% of sales) in 2023.
The Aerospace segment recorded Adjusted EBIT of €391 million (7.2% of sales), compared with €369 million (7.1% of sales) in 2023. The segment’s Adjusted EBIT margin is driven by the Avionics business, which posted a double-digit margin and improving, including the contribution of Cobham AeroComms. However, Space activities weighed on the segment’s margin, recording as expected a negative Adjusted EBIT margin in 2024 resulting from several factors: an expected increase in R&D spending, restructuring costs linked to the adaptation plan announced in March 2024 and the impact of inflation not reflected on past contracts.
Adjusted EBIT for the Defence segment amounted to €1,432 million, compared with €1,270 million in 2023 (an increase of +13.0% at constant scope and exchange rates). The margin for this segment was stable at 13.1%, compared to 13.2% in 2023.
At €585 million (14.5% of sales), Adjusted EBIT in the Cyber & Digital segment recorded solid growth in both value and margin. The improvement in profitability was notably due to the successful integration of Imperva and the robust margin on payment services and secure connectivity solutions for mobile networks in highly competitive markets.
Naval Group’s contribution to the Group’s Adjusted EBIT amounted to €93 million in 2024, compared with €91 million in 2023.
At -€166 million, compared with €2 million in 2023, net financial interest increased sharply, as expected. This increase was mainly linked to the substantial rise in debt following the acquisitions made in 2023. Other adjusted financial income16 stood at €35 million in 2024 versus -€37 million in 2023, reflecting the exceptional positive impact of dividends on non-consolidated affiliates and foreign exchange gains. The adjusted financial expense on pensions and other long-term employee benefits16 improved significantly (-€49 million compared with -€76 million in 2023), reflecting the removal of the interest expense following the transfer of UK pension obligations in December 2023.
At €21 million, compared with €105 million in 2023, the Adjusted net income, Group share, from discontinued operations16 was in line with trends in the Transport business, which was sold on May 31, 2024.
As a result, Adjusted net income, Group share16 was €1,900 million, compared to €1,768 million in 2023, after an adjusted income tax charge16 of -€427 million, compared to -€370 million in 2023. At 20.4% in 2024 compared to 20.1% in 2023, the effective tax rate was stable.
The Adjusted net income, Group share, per share16 amounted to €9.24, up 9% from 2023 (€8.48).
Consolidated net income, Group share, stood at €1,420 million, up 39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme.
Financial position at December 31, 2024
Free operating cash flow17 amounted to €2,027 million compared to €2,026 million in 2023. It included a contribution of €2,142 million from continuing operations and -€116 million from discontinued operations. For continuing operations, the cash conversion ratio of Adjusted net income, Group share, into free operating cash flow was 114%.
The net balance of acquisitions and disposals of subsidiaries and affiliates amounted to €359 million. Under its acquisition strategy, the Group completed two major operations in 2024:
The acquisition (on April 2, 2024) of Cobham Aerospace Communications, a leading supplier of cutting-edge technologies enabling flexible, integrated and more-autonomous avionics systems, based primarily in the United States and generating sales of approximately $200 million in 2023 (see press releases dated July 12, 2023 and April 2, 2024);
The sale (on 31 May 2024) to Hitachi Rail of the Transport business, a global leader in rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions (see press releases dated August 4, 2021 and May 31, 2024). This business generated sales of €1,822 million in 2023.
As part of the share buyback program covering a maximum of 3.5% of the capital announced in March 2022 and completed in March 2024, 1,245,757 shares were repurchased during 2024, representing 0.6% of the share capital, for €176 million. The Group repurchased a total of 7,469,396 shares under this program, 3.5% of the share capital.
At December 31, 2024, net debt amounted to €3,044 million compared with €4,190 million at December 31, 2023. This decrease reflects the impact of free operating cash flow generation, acquisitions and disposals for -€359 million (€3,464 million in 2023), the payment of €708 million in dividends (€634 million in 2023), new lease liabilities for €143 million (€166 million in 2023) and the share buyback program.
Equity, Group share amounted to €7,515 million, compared with €6,830 million at December 31, 2023. This increase reflects the positive contribution of consolidated net income, Group share (€1,420 million) less the dividend payout (-€708 million) and share buybacks (-€176 million).
Non-financial performance
In line with its corporate purpose of “Building a future we can all trust”, Thales has set itself the ambition in terms of Corporate Social Responsibility (CSR): to contribute to a safer, greener and more inclusive world. First, the Group will seek to maximize the contribution of its portfolio of solutions to the planet and society. Secondly, Thales has set itself ambitious targets on three main priorities:
The fight against global warming;
Strengthening gender diversity at all levels;
The implementation of the best standards in terms of ethics and compliance.
In terms of the fight against global warming, scope 1 & 2 CO2 emissions fell by 56.8% in 2024 compared to 2018 and scope 3 emissions fell by 24.7% compared to 2018. The Group has thus achieved its 2030 targets ahead of schedule for the second consecutive year. The absolute value reduction targets for carbon footprint remain relevant for 2030 given the Group’s growth prospects. To raise employee awareness to climate change and its impacts on society and on the Group, a voluntary training named “Thales Climate Passport” was deployed in 2024 with the aim of training 50% of managers. Over 67.4% of managers, representing around 35,000 employees, completed this training course in 2024, demonstrating the great success of this training.
With regard to strengthening diversity, Thales has set itself an ambitious target for 2026 to have 75% of management committees with at least 4 women. Thus, at the end of 2024, 61.5% of the Group’s management committees had at least 4 women, compared to 52.6% at the end of 2023. The highest levels of responsibility comprised 21.1% women at the end of 2024[1]; a performance in line with the Group’s trajectory to reach the set goal of 22.5% by 2026 (compared to 20.4% at the end of 2023 and 16.6% at the end of 2018).
In the area of ethics and compliance, 100% of employees concerned by the 2024 anti-corruption training campaign have been trained, demonstrating the Group’s continuous commitment to train all employees potentially exposed to risk situations. In 2024, the ISO 37001 certification “Anti-bribery management systems” was renewed for 3 years and extended to Germany, Australia, and New Zealand after Canada and the United States in 2023, and the United Kingdom and the Netherlands in 2022. Thus, in 2024, the revenue generated by certified entities represents 64% of the Group’s revenue (vs. 58% in 2023).
[1] Percentage of women in the total workforce: 27.4%.
Proposed dividend
The Board of Directors decided to propose to the shareholders, who will convene at the Annual General Meeting on May 16, 2025, the payment of a dividend of €3.70 per share. This corresponds to a payout ratio of 40% of the Adjusted net income, Group share, per share.
If approved, the ex-dividend date will be May 20, 2025, and the payment date will be May 22 2025. This dividend will be paid fully in cash and will amount to €2.85 per share, after deducting the interim dividend of €0.85 per share paid in December 2024.
Outlook
Thales is embarking on 2025 with confidence, bolstered by good visibility in the vast majority of its activities.
In 2025, the Avionics business will be driven by both the original equipment and aftermarket services activities, the continued growth of the Cobham AeroComms business, and the gradual recovery of the IFE business. In the Space business, the outlook remains positive, particularly in the Observation, Exploration & Science, Navigation and military telecommunications activities. However, the structural weakness of demand in the geostationary satellite market will dampen the growth of this activity. Thales will continue to implement its cost adaptation plan, with the objective of an Adjusted EBIT margin of 7%+ in the Space business in 2028.
The Defence segment, which enjoys a record order book, will be further supported by strong demand in 2025, against a backdrop of increasing military spending, particularly in the geographical areas where the Group operates. With the increase in its production capacity over the past several years and a portfolio of premium solutions incorporating differentiating leading technologies, Thales is ideally positioned to meet its customers’ needs.
Lastly, the Cyber and Digital segment will benefit from positive momentum in 2025, supported by Thales’ unique positioning and leadership. The continued development of Imperva will strengthen the differentiating value proposition in cybersecurity activities in order to take advantage of the buoyant environment. The payment services business is also expected to gradually return to growth.
The Group expects net investment expenses to slightly exceed €700 million in 2025 (after €617 million in 2024) to meet the need to increase production capacity, particularly in the Defence business.
As a result, Thales sets the following targets for 2025:
A book-to-bill ratio above 1;
Organic sales growth of between +5% and +6%, corresponding to sales in the range of €21.7 billion to €21.9 billion;
An Adjusted EBIT18 margin between 12.2% and 12.4%, up 40 to 60 basis points from 2024.
The Group also expects to maintain a high cash conversion ratio of between 95% and 100% in 2025.
Note: assuming no new major disruptions of macroeconomic and geopolitical context; including tariff increase.
Impact of new tax measures in France
Following the adoption of the 2025 budget, which introduces various tax changes, the impacts for the Thales Group are as follows:
An additional tax expense of ~€80 million related to the temporary additional corporate tax charge, giving rise to an additional tax of 41.2% in 2025, resulting in an overall tax rate of 36.13% (instead of the current rate of 25.83%);
~€8 million in taxes payable on share cancellations made in October 2024 as part of the share buyback program.
The temporary additional contribution to corporate tax for Naval Group could have a negative impact of around €8 million on Thales’ Adjusted EBIT in 2025.
These different impacts will represent an equivalent cash outflow in 2025.
****
This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).
1 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 18 and calculation on page 23.
2 Non-GAAP financial indicators, see definitions in the appendices, page 18. The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.
3 Operating free cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.
4 Proposed to the Annual General Meeting on May 16, 2025.
5 Ratio of order intake to sales.
6 As at the date of this press release, the verification process on the sustainability information is ongoing. With the exception of the possible impact of the conclusions of this process, the audit procedures have been carried out. The audit report will be issued following the Board of Directors’ meeting on April 2, after the finalization of the procedures related to sustainability information.
7 Non-GAAP financial indicators, see definitions in the appendices, page 18.
8 Proposed to the Annual General Meeting on May 16, 2025.
9 Free operating cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.
10 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.
11 Taking into account a currency effect of €49 million and a net scope effect of €625 million.
12 See table on page 22.
13 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.
14 The calculation of the organic change in sales is shown on page 23.
15 See table on page 22.
16 Non-GAAP financial indicator, see definition in the appendices, page 18 and calculation, pages 20 and 21.
17 Non-GAAP financial indicator, see definition in the appendices, page 18.
18 The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.
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Headline: Huawei Unveils the AI WAN Solution, Accelerating Transition to the Net5.5G Intelligent Network Era
[Barcelona, Spain, March 3, 2025] At MWC Barcelona 2025, Leon Wang, President of Huawei’s Data Communication Product Line, officially unveiled the AI WAN Solution during the product and solution launch event. He noted that carriers are accelerating the convergence of networks and AI. AI WAN comprehensively empowers IP networks in the Net5.5G era using AI. The solution enables carriers to build networks with optimal TCO, expand service boundaries, improve operations efficiency, and stimulate new service growth.
Leon Wang, President of Huawei’s Data Communication Product Line, unveiling the AI WAN Solution
Three-Layer AI WAN Architecture: Enabling New Network Intelligence Capabilities
The AI WAN Solution features a three-layer architecture consisting of AI routers, AI new connections, and AI new brain, comprehensively enhancing network performance and intelligence. AI routers integrate millisecond-level flow reporting, high-accuracy flow identification, and efficient security protection engines, building an AI WAN foundation for intelligent capabilities. AI new connections enable flow-level scheduling to meet the diverse network requirements of various applications, allowing carriers to offer a wider array of value-added services. By harnessing Network Digital Map and Network Foundation Model, the AI new brain creates network AI agents to assist carriers in online change simulation, fault diagnosis, and fault handling, ultimately improving O&M efficiency.
AI WAN Inspires New Growth of Traditional Services and Opens Up New Market Space
Accelerated ROI for individual services: To address the challenges of base station traffic management for carriers, AI WAN utilizes predictive operations to efficiently identify sites with suppressed traffic, enabling carriers to make targeted investments. MTN South Africa operates over 7,000 base stations, and 10% of them experienced severe link congestion, compromising traffic experiences of users. By leveraging AI WAN’s millisecond-level traffic collection and minute-level prediction capabilities, MTN has secured an efficient capacity expansion solution. Following deployment, the dataflow of usage (DOU) in Johannesburg rose by 25%, while traffic grew by 15.4%.
Experience monetization–driven new revenue for home services: By harnessing AI-powered inference technology, AI WAN enables accurate identification of encrypted flows, unlocking new opportunities for carriers through monetization of differentiated experiences. Carrier CTM partnered with Huawei to optimize network services using an AI computing engine. This resulted in a dramatic reduction in game latency, a significant decrease in user churn rate, and an estimated 28% increase in average revenue per user (ARPU). In addition, another carrier cooperated with Huawei to conduct experience-centric operations based on AI-powered poor-QoE analysis, providing deterministic cloud-network services. This innovative solution not only significantly enhanced user experience but also attracted a substantial number of new cloud broadband package subscribers. Consequently, the ARPU is expected to see a substantial increase.
New service offerings with security protection and computing-network integration for enterprise services: AI WAN offers value-added intelligent flash defense services that can accurately identify attack flows, enabling carriers to provide efficient security protection services for enterprise users. The revenue is expected to increase by 35%. In addition, AI WAN provides elastic and lossless transmission capabilities, helping carriers expand new ToB integrated computing-network services. Huawei and China Telecom Shanghai have collaborated to innovate the AI WAN Solution for computing WAN scenarios, creating an end-to-end 400GE computing WAN plane. Key technologies, such as lossless WAN, were employed to enable efficient transmission of computing power services. Ultimately, computing power leasing and computing network services were provided to industry customers.
Wang emphasized that Huawei will remain at the forefront of network intelligence innovation, developing industry-leading products and solutions. It will work closely with partners to build AI WAN, accelerate carriers’ service growth, and jointly move toward the Net5.5G intelligent network era.
MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world.
For more information, please visit: https://carrier.huawei.com/en/events/mwc2025
Headline: Huawei Hosts Digital Economy Development Forum
[Barcelona, Spain, March 4, 2025] Huawei hosted a Digital Economy Development Forum today at the Mobile World Congress (MWC) Barcelona 2025. David Wang, Director of the Board and Chairman of the ICT Infrastructure Managing Board at Huawei, kicked off the event which was themed “From Insight to Impact for a Thriving Digital Economy”. The forum was well attended by policy makers from multiple countries, heads of international industry associations, consulting institution experts, and industry leaders.
The speakers examined the opportunities and challenges arising in the digital economy, and discussed the importance of solid digital infrastructure, strong industry collaboration, and open and collaborative digital ecosystems. Many also provided their own recommendations on digital strategy and roadmaps for high-quality development of the global digital economy.
Industry adoption of digital technologies like AI, 5G-A, and green energy is accelerating as more applications drive increases in productivity. The digital economy has also become a major driver of global economic growth, and more than 170 countries have released dedicated national strategies on digital development.
Digitalization remains uneven between various regions, but many report seeing some common challenges:
How can governments stimulate digital demand to drive economic growth?
What is the best roadmap for building digital infrastructure?
How should governments be measuring digital economy development?
National development of a high-quality, sustainable digital economy has also become a common concern of many governments.
David Wang, Director of the Board and Chairman of the ICT Infrastructure Managing Board at Huawei, opening the Digital Economy Development Forum
During his speech, Wang outlined five ways ICT infrastructure can drive digital economy development, based on current success stories they’ve studied from across the globe. His five takeaways were:
A thriving digital economy needs solid digital infrastructure, especially ubiquitous connectivity.
The digital economy grows faster when governments and industries accelerate their own digital and intelligent transformation.
Future-oriented industry policy brings vitality to the digital economy.
More digital talent needs to be trained to overcome the growing global talent shortage plaguing the digital and intelligent sectors.
Open and collaborative industry ecosystems make digital economies more resilient. This is because ecosystems create a space for industry players around the world to collaborate and innovate. This space lets them build on each other’s strengths.
He concluded by saying, “A thriving digital economy needs a wide array of digital technologies. No single country or company can do it all alone. That’s why Huawei has been a longtime supporter of cross-region collaboration and robust industry ecosystems.”
At the forum, attendees also shared insights and best practices on digital transformation, and called for future collaboration on the digital economy. Jeffrey Zhou, ICT Marketing President of Huawei, affirmed, “Huawei looks forward to working with industry partners to overcome challenges and seize opportunities. From insight to impact, we will create a thriving digital economy.”
More on Huawei’s research into the global digital economy can be found in the Global Digitalization Index (GDI) that the company released in 2024. This index is a tool that countries can use to assess the maturity of their own ICT industries. It also provides recommendations for digital economy development.
MWC Barcelona 2025 will be held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world.
For more information, please visit: https://carrier.huawei.com/en/events/mwc2025
Headline: MWC Barcelona 2025: Huawei Unveils Global Showcases Alongside Customers and Launches 10 Industry Solutions with Partners
[Barcelona, Spain, March 3, 2025] During MWC Barcelona 2025, Huawei held the Industrial Digital and Intelligent Transformation Summit 2025, bringing together global customers and partners to explore innovative industrial digital and intelligent transformation practices. Together with its industry customers, Huawei unveiled 83 global showcases for industrial digital & intelligent transformation for 71 key scenarios. In addition, Huawei and its partners jointly launched 10 major solutions to accelerate intelligent transformation across various industries such as public sectors, education, finance, electric power, transportation, oil and gas, chemicals, and retail.
Huawei proposed four key pathways to accelerate industrial intelligence
Huawei believes that global industries are rapidly advancing towards intelligence and are poised to be among the greatest beneficiaries of the AI era. In his keynote speech, Leo Chen, Huawei’s Corporate Senior Vice President and the President of Enterprise Sales, highlighted the four key pathways that are essential to accelerating intelligent transformation across industries. He stated, “Firstly, we must deeply integrate technologies into industry scenarios and build a target ICT architecture for industrial intelligent transformation based on industry requirements, pain points, and development stages. Secondly, we need to build advanced, AI-oriented ICT infrastructure to support the exponential growth of AI workloads. Thirdly, we must develop high-performance AI products that seamlessly integrate with open-source models, enhance AI development toolchains, and collaborate with industry partners, enabling AI to shift from technical showmanship to broad, inclusive accessibility, accelerating transformation in industries like healthcare and education. And fourthly, we must train ICT talent in a more targeted manner.”
Leo Chen, Corporate Senior Vice President, President of Enterprise Sales, Huawei
The Lighthouse that guides industries forward: Huawei launched 83 global showcases and 10 major solutions for industrial intelligence
Huawei takes action to demonstrate its commitment to offering customers first-hand experience. In collaboration with global customers across various industries, Huawei unveiled 83 global showcases, spanning 71 key scenarios of industrial digital and intelligent transformation. These showcases are open to customers worldwide, providing a valuable reference for their transformation journey.
Moreover, Huawei continuously deepens its collaboration with partners across industries and jointly innovates with them. At the summit, Huawei launched 10 major solutions jointly developed with its partners to expedite industrial intelligence: the Inclusive Connectivity – Digital Village Solution, Public Services Digitalization Solution, Digital Training Solution, Financial Data Center Resilience Solution, Intelligent Distribution Solution 2.0, Smart Railway Yard & Station Solution, Intelligent Multi-level Port Operation Management Solution, Intelligent Central Processing Facilities Solution, Intelligent Chemical Solution, and Smart Retail Solution 2.0.
To better empowering inclusive AI adoption in every industry, Huawei launched AI inference appliances which support over 50 mainstream large models. By deploying these AI appliances, industry customers can access and deploy AI applications more easily and advance towards a more intelligent future.
To cultivate ICT talents who integrate industry scenarios and technologies, Huawei also launched the Industry Elites in the ICT Classroom Program for enterprise customers; and the Leading ICT Talent Cultivation Program for universities.
In collaboration with global customers across various industries, Huawei unveiled 83 global showcasesi
Global customers and partners share innovative practices
Ciyong Zou, Deputy to the Director General and the Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO, delivered the opening remarks at the event, stating that “UNIDO-Huawei collaboration is a testament to the power of multi-stakeholder cooperation. Huawei has been instrumental in the AIM Global, playing a key role in accelerating the sustainable adoption of cutting-edge technologies. These partnerships reinforce our shared belief that technology must serve humanity—not the other way around. As we look ahead, three principles must guide us: equity, sustainability, and collaboration. Equity ensures that digital transformation benefits all, sustainability ensures that technology contributes to a greener future, and collaboration ensures that no country, industry, or entrepreneur is left behind.”
Mahmoud Bin Ahmed, CCO, Integrated Dawiyat, pointed out that “As a subsidiary of the SEC, Dawiyat is a fully integrated digital infrastructure provider, we take fibers as strategic assets to support SEC for highly reliable digital power services and Saudi Arabia 10Gbps society strategy. One fiber for multi services can empower more than power, we commit to provide smart grid communication with premium user experience and leverage our world-leading neutral infrastructure for digital economy growth in Saudi Arabia.”
Gil Brasileiro Fernandes, ICT Services Manager, Petrobras, pointed out that “For Petrobras, digital innovation is not just a choice, but the path to a more efficient, safer, and sustainable future. Petrobras believes that we can only achieve digitalization by investing in robust and scalable infrastructure to support digital operations; prioritizing solutions that enhance efficiency and safety in operations; using intelligent devices to promote mobility and collaboration and transforming connectivity into a competitive advantage.”
Miguel López-Valverde, Minister for Digitalization of the Community of Madrid, Spain, said that: “To address the digital transformation process, Comunidad de Madrid, through the Digitalization Strategy 2023-2026, has reformulated its vision, mission and values, with a clear orientation towards citizens and businesses, making them the true protagonists. Comunidad de Madrid will be the leading digitalization region in Europe.”
Guillaume Portier, EVP, VusionGroup, said: ” At VusionGroup, we aim to help build a more sustainable future by digitizing physical stores, as they play a pivotal role in this respect. By partnering with Huawei, we design innovations that serve this purpose, driving a greater impact for business and society. ”
Pioneering the in-depth integration of digital and intelligent technologies and industry scenarios
Huawei Enterprise Business Booth at MWC Barcelona 2025 with the theme of Accelerating Industrial Intelligence
The 1200 m2 Huawei Enterprise Business exhibition area features three themes: Accelerating Industrial Intelligence, Innovative ICT Infrastructure, and Partner Collaboration for Mutual Success. The exhibition highlights the deep integration of digital and intelligent technologies with industries, and the joint innovations and practices by Huawei, as well as its global partners and customers.
The Accelerating Industrial Intelligence area showcased Huawei’s cutting-edge scenario-based solutions and the latest practices of industries, such as public utilities, government, education, healthcare, finance, transportation, electric power, oil and gas, mining, ISP and Internet, manufacturing, and retail.
The Innovative ICT Infrastructure area fully demonstrated the Intelligent Campus and Intelligent Data Center scenarios, which presented Huawei’s latest products and portfolios in fields like data communication, all-optical network, data storage, and Huawei Cloud. Through continuous technological innovation, Huawei has enabled enterprise customers to build their intelligent, efficient, and reliable ICT infrastructure.
The Partner Collaboration for Mutual Success area presented Huawei’s latest partner policies for the commercial market and distribution business, as well as partner toolkits, marketable and star solutions, and more through various interactive demos that are easy to install and maintain.
Additionally, Huawei held a special event for its partners in the commercial market and distribution business, showcasing solutions for common scenarios, AI appliances, tools and digital platforms that support easy maintenance and service delivery, as well as a simulated HUAWEI eKit store. This allowed commercial partners and engineers an exclusive and immersive experience through interactive and in-depth exchanges.
MWC Barcelona 2025 is held at Fira Gran Via in Barcelona, Spain from March 3 to March 6. During the event, Huawei Enterprise Business exhibits under the theme of Accelerating Industrial Intelligence, with its booth at Stand 1H50 in Hall 1. We cordially invite you to visit the Huawei Enterprise Business booth to experience and join us on our journey to “Accelerate Industrial Intelligence.” For more details, please visit: https://e.huawei.com/eu/events/branding/mwc.
Aurojyoti Bose, Lead Analyst atGlobalData, a leading data and analytics company, offers his view:
“After the acquisition of Fenix Group and Rapid’s technology assets in 2024, Nokia has now completed the acquisition of Infinera. Infinera’s acquisition will complement Nokia’s optical network and enable in further improving its capabilities across this technology. Furthermore, the combined capabilities of Nokia and Infinera are anticipated to improve the competitive positioning in optical networking solutions and the move also forms a part of Nokia’s growth strategy to strengthen its presence in North America.
“Interestingly, Nokia’s decision to acquire companies while simultaneously selling certain assets seems like a strategic manoeuvre aimed at optimizing its business portfolio and enhancing its market position. This dual approach is primarily focused on strengthening its core business segments, particularly in Network Infrastructure and Optical Networks.
“For instance, in 2024, Nokia announced the sale of its Alcatel Submarine Networks business to the French State as part of a broader strategy to actively manage its portfolio and focus on more profitable segments within its Network Infrastructure business. The stratagem seems to be revolving around divesting less strategic businesses and investing in core areas where Nokia sees high growth potential.”
LIB Therapeutics (LIB) recently announced that the FDA has accepted its Biologics License Application (BLA) for lerodalcibep, a novel therapy designed to lower low-density lipoprotein cholesterol (LDL-C) in patients with atherosclerotic cardiovascular disease (ASCVD) or those at high or very high risk of developing ASCVD. If approved, lerodalcibep could be a key treatment option for patients needing additional LDL-C reduction beyond existing therapies, says GlobalData, a leading data and analytics company.
Lerodalcibep is a third-generation proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitor developed to treat hypercholesterolemia, particularly for patients with complex conditions like HeFH and those who fail to achieve adequate cholesterol reduction with statins alone.
Dr Shireen Mohammad, Senior Cardiovascular & Metabolic Disorders Analyst at GlobalData, comments: “Lerodalcibep, like established PCSK9 inhibitors such as Regeneron’s Praluent (alirocumab) and Amgen’s Repatha (evolocumab), targets the PCSK9 protein to help reduce LDL-C levels. However, it distinguishes itself with its unique design as a long-acting bispecific monoclonal antibody, which may provide an added advantage over existing treatments for dyslipidemia. Lerodalcibep offers the convenience of a once-monthly injection, reducing the dosing frequency compared to many other PCSK9 inhibitors.”
Key opinion leaders (KOLs) interviewed by GlobalData have noted that patients often prefer a once-monthly injection over daily pills, as it is more convenient and reduces the burden of daily medication, potentially improving adherence for life-long therapy needed in HeFH.
Mohammad concludes: “The FDA’s acceptance of the BLA marks a milestone for LIB Therapeutics in its pursuit of innovative lipid-lowering treatments. Submitted to the FDA in late 2024, the BLA is supported by data from multiple Phase 3 clinical trials assessing the efficacy and safety of lerodalcibep. This regulatory acceptance advances lerodalcibep into the FDA’s review process, bringing it closer to potential approval and offering hope for patients struggling to achieve their LDL-C goals despite existing treatments.”
Mexico is grappling with rising risks stemming from strained relations with the US during President Donald Trump’s second term. Trump’s “America First” policies, including a proposed 25% tariff on Mexican goods, pose a significant threat to Mexico’s export sector and could disrupt North American supply chains. Weak domestic demand is also expected to further hinder Mexico’s economic growth. Against this backdrop, Mexico’s GDP growth is forecast to slow to 1.1% in 2025, down from 1.5% in 2024 and 3.2% in 2023, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Macroeconomic Outlook Report: Mexico”, reveals that domestic demand in Mexico is expected to remain subdued due to a rising unemployment rate. Real household consumption expenditure growth is projected to decline to 1.8% in 2025, down from 2.0% in 2024 and 4.3% in 2023. Meanwhile, the unemployment rate is forecast to increase to 3% in 2025, compared to 2.7% in 2024 and 2.8% in 2023.
Mexico’s central bank, Banco de México, reduced the key policy rate six times since March 2024. The most recent cut occurred in February 2025, when the Governing Board lowered the overnight interbank interest rate by 50 basis points to 9.5%, driven by easing inflationary pressures. Inflation in January 2025 dropped to a four-year low of 3.6%.
Gayatri Ganpule, Economic Research Analyst at GlobalData, comments: “Mexico’s economic growth in 2025 is likely to encounter significant challenges, including uncertainty under a new US presidency and evolving global geopolitical dynamics. The US policy shifts, such as tariffs and immigration reforms, are expected to adversely impact trade and remittances. Investor sentiment may be further weakened by controversial judicial reforms, while Pemex’s financial struggles under revised energy policies could add to the economic strain. Additionally, rising public debt poses a risk of losing the nation’s investment-grade rating. As such, strategic actions will be essential to ensure stability.”
In terms of sectors, mining, manufacturing, and utility activities contributed 26.2% to Mexico’s gross value added (GVA) in 2024, followed by wholesale, retail, and hotels business activities (23.9%), and financial intermediation, real estate, and business activities (16.2%). In nominal terms, the three sectors are forecast to grow by 6.5%, 7.6%, and 7.4%, respectively, in 2025, compared to an estimated 6.8%, 8%, and 7.8% growth in 2024.
Ganpule adds: “The external sector is expected to face challenges as proposed tariff measures could sharply increase costs, disrupt the automotive and agriculture industries, and threaten millions of jobs across North America. Additionally, potential retaliatory actions from Mexico, as warned by President Claudia Sheinbaum, could further strain trade relations.”
According to GlobalData analysis using data from ITC Trade Map, vehicles and auto parts accounted for 27.6% of Mexico’s total exports to the US in 2023, followed by 19.5% for electrical machinery and 17.4% for nuclear reactors, boilers, and mechanical appliances. Trump’s proposed tariff could severely impact these sectors, disrupting trade and supply chains.
Ganpule continues: “The automotive industry, Mexico’s largest exporter, faces significant risks. Major automakers like Ford, Volkswagen, Toyota, Honda, General Motors, and Stellantis operate large manufacturing plants in Mexico, and tariffs could threaten exports, production, and investment stability.”
Beyond autos, Mexico’s state-owned oil company, Pemex, relies heavily on the US for its sales and could see revenue declines. In consumer goods, companies like Controladora Mabe (home appliances) and Becle (tequila producer) are particularly vulnerable, with a hefty share of their revenues coming from US sales. The agribusiness sector could also feel the impact, affecting firms such as Grupo Bimbo, Sigma Alimentos, Gruma, and Arca Continental, though their US operations may provide some buffer.
Mexico’s 2025 budget prioritizes fiscal discipline, aiming to reduce the budget deficit to 3.9% of GDP from 5.9% in 2024. The government plans significant spending cuts across sectors like defense, security, and the environment while focusing on achieving a primary budget surplus to ensure fiscal sustainability alongside economic growth and social development.
Mexico ranked 82nd out of 153 nations in the GCRI Q4 2024 update, with an overall risk score of 57.8, placing it in the medium-risk category (scores between 40 and 60). This indicates a higher risk than the North American average of 43.8 and the global average of 55.0.
Ganpule concludes: “Mexico’s economic trajectory depends on proactive fiscal policies, investment climate improvements, and strategic international negotiations. Strengthening trade alliances with other global partners and fostering domestic innovation will be crucial in mitigating external risks and ensuring long-term growth.”
Regulators and trade officials from APEC member economies are working to advance cooperation on artificial intelligence (AI) standards to support interoperability, regulatory alignment and responsible development across the region.
As AI technologies continue to transform industries and societies, discussions at the APEC Sub-Committee on Standards and Conformance meeting in Gyeongju last week focused on promoting recognition of AI-related standards to facilitate trade and ensure transparency in the digital economy.
Dr Byung Goo Kang, Chair of the APEC Sub-Committee on Standards and Conformance, emphasized the importance of international collaboration in AI standardization, noting that technical alignment can enhance trust in AI systems while reducing regulatory complexity for businesses.
The meeting laid the groundwork for the APEC AI Standards Forum Conference, to be held in August this year, aimed at strengthening mutual cooperation among APEC economies to share information on international standardization, regulatory frameworks and certification systems in AI.
“AI is revolutionizing industries around the world, and with the accelerating development of the technology, standards and conformance assessments to ensure reliability and interoperability are becoming increasingly important,” said Dr Kang.
“At the APEC AI Standards Forum Conference, we will exchange knowledge and best practices on AI standardization, discuss ways to improve interoperability, and build a network of AI-related experts to promote the safe and responsible development of AI,” Dr Kang added.
Members are also strengthening cooperation to develop the next generation of experts in standards and conformance, recognizing the critical role of technical expertise in facilitating trade and regulatory alignment.
A panel discussion at the meeting explored strategies to enhance training programs, institutional support, and international collaboration on capacity-building initiatives. Member economies shared approaches to integrating standardization education into professional development programs.
“As standardization is key to international trade, training and empowering the next generation of professionals is critical to the continued development of standards and conformity assessment. Therefore, enhanced cooperation among APEC economies is essential,” Dr Kang explained.
With businesses and regulators facing evolving market demands, members discussed the importance of harmonizing digital conformity assessment procedures and expanding e-certification to reduce administrative burdens. Strengthening cooperation on digital standards certification among APEC economies will enhance interoperability, improve efficiency, and support trade facilitation.
Discussions at the meeting also emphasized the need to expand Mutual Recognition Agreements (MRAs) and explore the impact of digital transformation on standards development. Efforts will focus on enhancing cross-border recognition of conformity assessment systems and aligning digital standards with global frameworks.
Members reaffirmed the importance of ensuring that digital certification systems are consistent with WTO Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) Agreements to promote regulatory coherence.
Members also intensified cooperation on sustainable energy standards to facilitate the transition to low-carbon technologies and renewable energy adoption. They explored ways to align renewable energy standards, expand carbon reduction initiatives, and enhance certification frameworks for clean energy technologies.
Additionally, members highlighted opportunities for greater collaboration with international standardization organizations, such as ISO and IEC, to support the development of global best practices for energy efficiency and sustainability.
“The APEC Sub-Committee on Standards and Conformance’s efforts have been instrumental in driving domestic regulatory development. It has played an important role in promoting economic growth and alignment with international standards,” Dr Kang said.
“Now, we need to continue working together to advance AI standardization, digital certification, and sustainable energy standards so that we can build a more resilient and innovative APEC region that supports businesses, consumers, and economies alike,” Dr Kang concluded.