LONDON, March 04, 2025 (GLOBE NEWSWIRE) — iFX EXPO, the world’s leading event for online trading and fintech, has named Lissele Pratt as its first-ever Brand Ambassador. This appointment marks a new chapter for iFX EXPO as it continues to expand its reach and influence within the global fintech community.
Lissele is the founder of Capitalixe, a fintech advisory firm that specialises in payments and banking solutions for high-risk industries. With over 10+ years of experience in payments and banking, she has built a reputation for helping businesses access advanced financial solutions and is recognised as a prominent figure in the fintech sector.
“It’s an absolute honour to become iFX EXPO’s first Brand Ambassador,” said Lissele Pratt. “This is an exciting opportunity to work alongside fintech pioneers and share my experiences with a global audience. I’m eager to spark honest discussions about the challenges facing the industry and the bold strategies needed to tackle them. I want to offer real, actionable insights. For me, this role is about connecting with innovators, driving meaningful change, and helping the industry move forward.”
“We are thrilled to welcome Lissele as our inaugural Brand Ambassador,” said Vitaly Bugaenko, Head of Marketing at iFX EXPO. “Her passion for fintech and strong industry presence align perfectly with our mission. Lissele brings a fresh perspective that will help us engage with an even broader audience.”
As Brand Ambassador, Lissele will represent iFX EXPO at global events, during speaking engagements, participate in digital campaigns, and engage with industry professionals to support the event’s mission of connecting leaders in online trading and fintech.
About iFX EXPO
iFX EXPO is the world’s leading event for online trading, financial services, and fintech, bringing together thousands of professionals from over 120 countries. It provides a platform for industry leaders, technology providers, and financial institutions to connect, collaborate, and grow.
About Capitalixe
Capitalixe is an award-winning fintech advisory specialising in payments and banking solutions for high-risk industries. With over 20 years of combined experience, Capitalixe connects businesses with leading financial institutions and payment providers, empowering them to access the latest fintech innovations.
Contact co-founder and CGO Lissele Pratt Capitalixe tillie@capitalixenews.com
VICTORIA, Seychelles, March 04, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Roam (ROAM) on its platform. Trading for ROAM/USDT will commence on 6 March 2025, 10:00 (UTC).
Roam is the largest decentralized wireless network worldwide. Roam’s vision is to create a decentralized future where users are rewarded for sharing network data, thus encouraging a more collaborative and privacy-conscious online environment. Roam ensures automated wireless connections, seamless switching between different networks, and secure connectivity for individuals, smart devices, and AI agents. By leveraging a blockchain-based credential infrastructure, Roam has facilitated the widespread adoption of WiFi OpenRoaming, offered global smart eSIM services, and enabled a privacy-protected data layer for AI applications.
To celebrate this listing, Bitget launches an exclusive promotion, Candybomb. The CandyBomb promotional event offers Bitget users the chance to earn ROAM through deposits and trading activity. A total of 1,675,000 ROAM tokens have been allocated for this campaign, which runs from 6 March 2025, 10:00 to 13 March 2025, 10:00 (UTC). The ROAM airdrop is divided into spot trading pools and futures trading pools. New spot traders and new futures traders can join the campaign via the CandyBomb page. The first 5,560 new users to complete the spot trading task will evenly share 1,390,000 ROAM, with each receiving 250 ROAM.
This listing positions ROAM within Bitget’s expanding portfolio of assets available in the Innovation, WEB3, and Depin Zone, underlining the platform’s commitment to offering users access to promising projects that align with the broader principles of blockchain technology, emphasizing transparency, security, and decentralization.
Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON.
For more information on Roam (ROAM), users can visit here.
About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Risk Warning:Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to ourTerms of Use.
LONDON, March 04, 2025 (GLOBE NEWSWIRE) — Virturo has announced the latest expansion of its AI-powered risk management tools, designed to help traders navigate the ongoing volatility in cryptocurrency markets. With market fluctuations persisting in early 2025, the company has enhanced its automated analysis features to provide real-time insights and customizable trading strategies for digital asset CFDs.
“With advanced AI-driven analysis and human supervision, Virturo enables traders to take advantage of market opportunities, ensuring a robust investment strategy,” says Alex Melnyk, Senior Investment Specialist at Virturo.
Why Cryptocurrencies Are an Investment Essential in 2025
Cryptocurrencies are reshaping financial markets, offering investors new opportunities for diversification, inflation hedging, and high-growth potential. As the digital economy expands, assets like Bitcoin and Ethereum are becoming crucial in long-term portfolio strategies.
Hedge Against Inflation – Digital currencies like Bitcoin, often referred to as “digital gold,” provide protection against currency devaluation and economic uncertainty.
Diversification Benefits – With markets shifting, cryptocurrencies reduce reliance on traditional assets like stocks and bonds, offering alternative growth avenues.
High Growth Potential – As blockchain technology advances, digital assets continue to show strong potential for long-term value appreciation.
Navigating Volatility: Risk Management with Virturo
Cryptocurrency markets are known for their volatility, requiring traders to employ risk management tools to safeguard positions. Virturo’s AI-powered platform offers traders real-time data tracking, predictive market analysis, and automated risk management tools to help safeguard investments.
“Our AI tools, combined with expert oversight, provide personalized trading strategies to ensure crypto investments align with long-term financial goals,” adds Melnyk. From stop-loss orders to take-profit mechanisms, Virturo equips traders with the risk management solutions needed for stability in a fluctuating market.
The Virturo Edge: AI-Powered Crypto Investing
Virturo is redefining CFD crypto trading with a powerful blend of AI-driven insights and expert supervision. The platform equips traders with cutting-edge tools that analyze market trends, automate risk management, and optimize trade execution, all in real time.
Smart trading signals for optimal entry and exit points
Custom risk controls to protect against market swings
Seamless execution across diverse crypto assets
From first-time investors to experienced traders, Virturo delivers the insights and technology needed to trade digital markets with confidence.
Users can discover the future of crypto investing and visit Virturo | Virtue in Every Trade to explore AI-powered trading solutions and take control of the portfolio.
About Virturo
Virturo, a leading broker in CFD trading and financial technology, is redefining investment strategies with its AI-driven automated trading and advanced risk management solutions.
BAWAG Group today hosts its second Investor Day following our IPO in October 2017. After over seven years as a public company, we are taking stock on what we have achieved to date and more importantly focusing on how we have positioned our franchise for growth. Following our transformation over the past decade, BAWAG Group today ranks among the most profitable and efficient banks in Europe, with the financial strength to support our customers and local communities.
We have already delivered all our medium-term financial targets laid out in 2021. The team takes a great deal of pride in delivering on our commitments, but we also recognize there is much more ahead.
For our Investor Day, we are outlining a new set of medium-term financial targets. By 2027, we plan to generate over €2.7 billion net profit from 2025 through 2027, with net profit of > €1 billion in 2027. We also plan to generate over €1 billion in excess capital, after accounting for a 55% dividend payout ratio, which we hope to deploy towards incremental organic growth above our stated net profit target, further M&A, and/or capital distributions. As we have done in the past, we will assess our capital position at the end of each year and communicate distributions according to our capital distribution framework. We are targeting to deliver a return on tangible common equity (RoTCE) > 20% across all cycles and plan to achieve a cost-income ratio (CIR) < 33% by 2027.
“This past year we delivered a return on tangible common equity of 26% and have averaged 18% over the last 13 years, which included 8 years of zero or negative rates, of which we underearned as a franchise. After delivering a record year in 2024 and closing two transformative acquisitions, BAWAG Group stands as one of the best performing European banks, an achievement that has been years in the making and a tremendous source of pride for our team.
However, our best years lie ahead. Our goal is ‘1+1’ in 2027: We are targeting net profit > €1 billion in 2027 while also generating excess capital > €1 billion through 2027. The resilience of our franchise lies in our ability to deliver results across all cycles as we are built for all seasons. Going forward we will be able to deliver continued positive operating leverage with significant revenue growth while keeping our cost discipline. Our approach is consistent: focus on the things you control, be patient and disciplined, keep a conservative risk appetite, be good stewards of capital, and build the right culture. Our team is focused on delivering on our commitments and deeply committed to the long-term success of the franchise”, comments Anas Abuzaakouk, CEO of BAWAG Group.
The presentation is available on our website www.bawaggroup.com and the webcast will start at 3pm CET.
About BAWAG Group
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need. BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.
Forward looking statement
This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.
Source: United Kingdom – Executive Government & Departments
Press release
Wales to get £100 million to restore pride in neighbourhoods and boost growth
Wales to receive a share of £1.5 billion creating local growth and opportunities through new Plan for Neighbourhoods.
£100 million for five Welsh communities through the UK Government’s Plan for Neighbourhoods
Wales to receive a share of £1.5 billion to foster stronger, better connected and healthier communities across the UK.
High streets, local parks, youth clubs, cultural venues, libraries and more in scope of regeneration, creating local growth and opportunities through new Plan for Neighbourhoods.
New neighbourhood boards across the 75 selected communities will bring together residents and businesses to decide how to spend the money in their area.
The latest step in the government’s ambitious Plan for Change, kickstarting national renewal, taking back control of our streets and putting more money in local people’s pockets
Local people in Wales to see their high streets revived, community hubs saved and public services transformed with £100 million funding through the government’s Plan for Neighbourhoods to tackle deprivation and turbocharge growth, as every area joins the decade of national renewal committed to in our Plan for Change.
A total of 75 areas will each receive up to £20 million of funding and support over the next decade through the plan, with ministers vowing it will help transform “left behind” areas by unleashing their full potential by investing in delivering improved vital community services from education, health and employment, to tackling local issues like crime. Transformation will be holistic, long-term, and sustainable to deliver meaningful change in the day-to-day lives of local people.
In Wales areas due to receive funding through the plan include:
Barry
Wrexham
Rhyl
Cwmbrân
Merthyr Tydfil
Each board will decide how to spend up to £20 million of funding and support – they can choose from options ranging from repairs to pavements and high streets, to setting up low-cost community grocers providing low-cost alternatives when shopping for essentials, as well as co-operatives or even neighbourhood watches.
This is the latest step in the government’s ambitious Plan for Change missions to grow the UK economy, deliver safer streets and create opportunities for everyone.
UK Government will work with the Welsh Government to ensure the Plan for Neighbourhoods compliments, supports, and aligns with the Welsh Government’s existing work and policies on regeneration and local economic growth.
Today’s announcement is in contrast to unfunded pledges from the previous government. The Plan for Neighbourhoods doubles the scope of the types of projects that can benefit and is now fully aligned with the Government’s long-term Plan for Change missions: breaking down barriers to opportunity and kickstarting economic growth.
Deputy Prime Minister and Secretary of State for Housing, Communities and Local Government Angela Rayner MP said:
For years, too many neighbourhoods have been starved of investment, despite their potential to thrive and grow. Communities across the UK have so much to offer – rich cultural capital, unique heritage but most of all, an understanding of their own neighbourhood.
We will do things differently, our fully funded Plan for Neighbourhoods puts local people in the driving seat of their potential, having control of where the Whitehall cash goes – what issues they want to tackle, where they want to regenerate and what growth they want turbocharge.”
Minister for Local Growth and Building Safety, Alex Norris MP, said:
When our local neighbourhoods thrive, the rest of the country thrives too. That’s why we are empowering communities to take control of their futures and create the regeneration and growth they want to see.
Our Plan for Neighbourhoods we will deliver long-term funding that will bolster that inner community spirit in us all and relight the fires in corners of the UK that have for too long been left fighting for survival.
“This, along with our ambitious reforms to streamline the planning system, devolve powers and strengthen workers’ rights, will help get places and people thriving once again.”
Secretary of State for Wales Jo Stevens MP said:
The UK Government’s Plan for Neighbourhoods is fantastic news for Wales, providing £100 million to boost growth by investing in high streets, parks, cultural venues, youth clubs and more. We are working with the Welsh Government to help local people from Rhyl to Merthyr Tydfil transform their communities.
Our Plan for Change sets out how we want to the grow the economy, create jobs and put more money in people’s pockets. Targeted local funding is a vital part of our economic growth mission and will support the fantastic work the Welsh Government are already doing to regenerate communities across Wales.”
In each area, the government will support the establishment of a new ‘Neighbourhood Board’, bringing together residents, local businesses, and grassroots campaigners to draw up and implement a new vision for their neighbourhood.
Each board will decide how to spend up to £20 million of funding and support. The government’s Plan for Neighbourhoods’ ultimate aim is to create thriving places, strengthen communities, and empower local people to take back control in towns across the country.
By creating thriving places, strengthening communities, and empowering people to take back control areas can drive forward their priorities and the Government’s long-term Plan for Change missions: breaking down barriers to opportunity and kickstarting economic growth.
We will work with the Welsh Government through the normal intergovernmental structures to make boards’ work stronger and more effective by ensuring greater strategic alignment across the priorities of both governments.
The Green Party has called on Prime Minister Christopher Luxon to rule out Aotearoa New Zealand joining the AUKUS military technical pact in any capacity following the row over Ukraine in the White House over the weekend.
President Donald Trump’s “appalling treatment” of his Ukrainian counterpart Volodymyr Zelenskyy was a “clear warning that we must avoid AUKUS at all costs”, said Green Party foreign affairs and Pacific issues spokesperson Teanau Tuiono.
“Aotearoa must stand on an independent and principled approach to foreign affairs and use that as a platform to promote peace.”
US President Donald Trump has paused all military aid for Ukraine after the “disastrous” Oval Office meeting with President Zelenskyy in another unpopular foreign affairs move that has been widely condemned by European leaders.
Oleksandr Merezhko, the chair of Ukraine’s Parliamentary Foreign Affairs Committee, declared that Trump appeared to be trying to push Kyiv to capitulate on Russia’s terms.
He was quoted as saying that the aid pause was worse than the 1938 Munich Agreement that allowed Nazi Germany to annex part of Czechoslovakia.
‘Danger of Trump leadership’ Tuiono, who is the Green Party’s first tagata moana MP, said: “What we saw in the White House at the weekend laid bare the volatility and danger of the Trump leadership — nothing good can come from deepening our links to this administration.
“Christopher Luxon should read the room and rule out joining any part of the AUKUS framework.”
Tuiono said New Zealand should steer clear of AUKUS regardless of who was in the White House “but Trump’s transactional and hyper-aggressive foreign policy makes the case to stay out stronger than ever”.
“Our country must not join a campaign that is escalating tensions in the Pacific and talking up the prospects of a war which the people of our region firmly oppose.
“Advocating for, and working towards, peaceful solutions to the world’s conflicts must be an absolute priority for our country,” Tuiono said.
Five Eyes network ‘out of control’ Meanwhile, in the 1News weekly television current affairs programme Q&A, former Prime Minister Helen Clark challenged New Zealand’s continued involvement in the Five Eyes intelligence network, describing it as “out of control”.
Her comments reflected growing concern by traditional allies and partners of the US over President Trump’s handling of long-standing relationships.
Clark said the Five Eyes had strayed beyond its original brief of being merely a coordinating group for intelligence agencies in the US, Canada, UK, Australia, and New Zealand.
“There’s been some talk in the media that Trump might want to evict Canada from it . . . Please could we follow?” she said.
“I mean, really, the problem with Five Eyes now has become a basis for policy positioning on all sorts of things.
“And to see it now as the basis for joint statements, finance minister meetings, this has got a bit out of control.”
CHICAGO, March 04, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today reported net income of $17.1 million for the year ended December 31, 2024, compared to net income of $16.1 million for the year ended December 31, 2023. The Company recorded earnings per share of $3.91 for 2024 as compared to earnings of $3.69 per share for the year ended December 31, 2023.
At December 31, 2024, total assets were $2.208 billion, an increase of $66 million, or 3%, compared to $2.142 billion at December 31, 2023. Total loans decreased by $19.3 million, to $1.405 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $30.0 million, or 2%, to $1.740 billion compared to $1.710 billion at the end of 2023.
Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the increase in consolidated earnings was a higher level of realized and unrealized gains on the Company’s equity portfolio in 2024. The increase in realized and unrealized gains on the Company’s equity portfolio was partially offset by a decrease in net interest income and an increase in provision for credit losses.”
Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.
Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Marquette National Corporation and Subsidiaries
Financial Highlights
(Unaudited)
(in thousands, except share and per share data)
Balance Sheet
12/31/24
12/31/23
Percent Change
Total assets
$2,207,663
$2,142,039
3
%
Total loans, net
1,390,799
1,410,345
-1
%
Total deposits
1,739,799
1,709,750
2
%
Total stockholders’ equity
173,579
159,053
9
%
Shares outstanding
4,367,477
4,381,162
0
%
Book value per share
$39.74
$36.30
9
%
Tangible book value per share
$31.65
$28.24
12
%
Operating Results
Year Ended December 31,
Percent Change
2024
2023
Net Interest income
$45,032
$48,654
-7
%
Provision for credit losses
3,700
2,619
41
%
Realized securities gains (losses), net
1,947
(662
)
*
Unrealized holding gains on equity securities and exchange traded funds
MAHWAH, N.J., March 04, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it is holding its Hackers Challenge on March 13, 2025, in Lima, Peru at the Westin Lima Hotel and Convention Center. The flagship event, which brings together global security and technology experts from the private and public sector, will combine learning, collaboration and innovation to help companies solve their most pressing cybersecurity issues.
According to Piero Garmendia, Radware’s regional manager for the South of Latin America region, “Radware’s Hackers Challenge offers organizations a unique opportunity to watch hackers in live action and then apply that learning in strengthening their own cyber defense strategies. We are convinced the simulation will serve as a key platform to inspire ideas and prepare security professionals for the cyber challenges of the future.”
During the event, hackers will go head-to-head with Radware’s security experts and web application and API protection defenses, trying to breach protected web applications by circumventing tools designed to block their malicious attempts. While witnessing the hackers’ techniques, the live audience will learn corresponding protection strategies.
In addition, participants will learn how artificial intelligence can be used to manage security vulnerabilities across corporate networks. They also will get firsthand insights from a panel of cybersecurity and digital transformation experts representing government offices and leading financial institutions from Peru as well as an international embassy.
“In a world that is becoming more inter-connected, cybersecurity is a fundamental pillar for progress,” said Arie Simchis, Radware’s regional director in Latin America. “Our event reflects Radware’s leadership and ongoing commitment to cybersecurity innovation in the region. Operating for nearly 20 years in Latin America, we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region.”
Radware’s Latin American presence spans Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Mexico, Panama, and Peru. In addition, the company has cloud security service centers in Chile and Brazil. The Latin American facilities are part of Radware’s worldwide network of over 50 cloud security service centers, which offer a combined mitigation capacity of 15Tbps. The company plans to continue to grow its global footprint, opening more cloud security service centers in 2025.
Visit Radware’s Hackers Challenge website for more information.
About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. 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Thanks to the Alliance for Innovative Regulation for organizing this event and for bringing together banks, fintechs, and regulators to collaborate and foster responsible innovation.1
Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. Innovation can make financial products and services better, cheaper, and safer. It can make banking accessible to more consumers, advancing financial inclusion. It can modernize our financial infrastructures, creating efficiencies and providing new tools for banks to manage risk.
Innovation also comes with risks that need to be managed responsibly. Responsible innovation is in everyone’s interest. Consumers want the benefits of innovation through products and services they can trust. Banks have an interest in managing the complexities of innovation responsibly, ensuring that they recognize new and evolving risks to safety and soundness, follow relevant laws, and protect and serve their customers. Fintechs often play a key role in offering products and services that allow banks to meet these needs. And regulators and supervisors should develop regulatory and supervisory frameworks that allow banks to clearly understand and manage the risks associated with innovative activities. To achieve that, regulators should provide ongoing transparency and clarity on our approach.
Today, I’d like to share how the Federal Reserve’s Novel Activities Supervision Program, launched in the summer of 2023, plays an important role in supporting responsible innovation at our supervised institutions.2 Prior to this program, the Federal Reserve established temporary working groups and task forces to better understand evolving technologies to inform supervision. Ultimately, though, we determined we needed a dedicated supervisory function for novel activities. There were a number of factors driving that decision that guided how we designed the Program.
First, we understood that the pace of innovation was rapid. And we knew there would, of course, be benefits and risks stemming from innovation in the financial system. So we tasked the Novel Program with monitoring and understanding how these innovations and associated novel activities are used in banking and what benefits and risks they would pose. We gave them the mandate to keep up with the expertise related to use of new technologies and to employ new tools and data analytics in supervision. We invested time and research in understanding new technologies and businesses because we understood the importance of allowing innovation in the sector and avoiding excessively rigid stances on risk that don’t take into account the potential to make advancements in the sector and economy that benefit all of society.
Second, we recognized that many financial institutions across the country are exploring and using many of the same technologies and similar novel business models. We felt it was important to create a coordinated approach to supervising novel activities across the Federal Reserve System. We initially identified two dozen firms, including firms of all sizes, for supervision by the Novel Activities Program. Firms are added or removed from the Program based on their engagement in novel activities. The supervisory program is designed to build a broad-based perspective of novel activities, the benefits and risks, and how those risks are managed. In this way, the Novel Program helps to enable similar supervision of similar risks, in a manner that reflects our current understanding of those activities in a variety of contexts.
Third, while the technologies and products used by banks may be similar, their application and thus the benefits and risks may vary across business models. We understand the importance of tiering supervision to the type, extent, and level of risk posed by the novel activities and varied business models of supervised institutions and not imposing undue burden on firms. The Novel Activities Program employs a risk-based approach to supervision-meaning that the intensity of supervision is commensurate with the risk and scale of the activity. There is no one-size-fits-all model. Experts from the Novel team join the traditional supervisory teams that banks are used to working with on a regular basis, so there is no disruption or change in how we engage with banks. The Program is dynamic. As a bank changes its activities in this space, the rigor of the supervision similarly changes.3
The Novel Activities Program serves as a central point of expertise on new and innovative activities, supporting coordinated and risk-based supervision, and facilitating collaboration and communication between supervisors and stakeholders, all of whom contribute to supporting responsible innovation.
Next, let me speak to two important principles in our Novel Program-clarity and collaboration.
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.
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.
60% of weekly deliveries at Abertay University are now from the local area
Abertay University’s Commercial Services have adapted their operating model to focus on a more sustainable future.
Taking a comprehensive approach to food procurement and services on campus, the University integrates environmental, ethical, and social responsibility across its food services, sourcing, and waste management practices.
Prioritising local suppliers, 60% of the weekly catering deliveries now originate from Dundee, with 100% of suppliers based in Scotland. Through partnerships with TUCO (The University Caterers’ Organisation) and APUC (Advanced Procurement for Universities and Colleges), Abertay adheres to high sustainability standards, including the selection of Fairtrade-certified products when importing goods.
This localisation not only reduces food miles but also supports the regional economy.
Commercial Services have streamlined operations by reducing the number of food suppliers by 22% since 2020 and consolidating orders to minimise delivery frequencies.
Waste reduction initiatives encourage students and staff to use reusable mugs, with a discount offered at campus coffee shops.
In addition, a wide selection of plant-based milk and a growing range of vegan and vegetarian options further support healthier, low-impact food choices.
Unsold food items are donated to students and all food waste, including coffee grounds, is composted.
Energy-efficient equipment, such as Marco Ecoboilers and low-power Merrychef ovens, are used across coffee shops and the catering team follows strict guidelines to turn off non-essential equipment overnight and when outlets are closed, while motion-sensor lighting and efficient refrigeration further contribute to minimising energy consumption.
Chief Estates Officer, Cullen Warnock said:
By embedding sustainability into our approach to food services we can have an impact for the local economy and make a positive difference to Net Zero goals. We recognise that there’s more to be done and will keen working with our staff, students and suppliers to improve the way we interact with food and catering on campus.
Seniors and Quebecers Report the Greatest Fraud Concerns – Equifax Canada Market Pulse Fraud Trends and Consumer Survey Report –
TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — Concerns about fraud are escalating among Canadians, with a new Equifax Canada survey* conducted ahead of Fraud Prevention Month revealing that 89 per cent of those surveyed believe companies must do more to protect personal data. Seniors and Quebec residents are particularly worried, demanding stronger fraud prevention measures and broader fraud education.
Key findings of the survey:
More than half (55 per cent) of respondents believe identity thieves will always be one step ahead, with 51 per cent unsure of how to respond to fraud.
Seniors aged 65+ feel most at risk, with 96 per cent agreeing that companies must improve fraud protections, compared to 75 per cent of those aged 18-24.
Quebec (94 per cent) residents demanded the most action from companies on fraud prevention, while Alberta (86 per cent) was the lowest.
64 per cent of respondents recognize that financial fraud fuels serious crimes like human trafficking and illegal weapons trade.
58 per cent of respondents struggle to keep up with the latest scams, leaving many feeling vulnerable.
48 per cent of respondents personally know someone who has been a victim of identity theft.
“Fraud prevention is a major concern for many Canadians. Research shows that every dollar lost to a fraudster costs individuals and banks significantly more money. Companies must act now to strengthen fraud protection,”said Carl Davies, Head of Fraud & Identity at Equifax Canada.“Canadians, especially older adults, are demanding better safeguards to prevent financial crimes and identity theft.”
The Auto Industry: A Hotspot for Fraud Auto fraud is a major concern with rates escalating in most provinces, particularly Ontario. According to recent Equifax Canada data, auto application fraud rate in Q4 2024 reached 0.26 per cent, up by 2 bps from Q3 2024 and up 9 bps when compared to 24 months ago. Falsified documents and inflated income are key drivers of first-party fraud in this sector, making up close to 80 per cent of all fraudulent applications. Consumers who are new-to-credit and new-to-Canada had significantly higher auto fraud rates in 2024 than other consumers — more than double the fraud rate that we see from consumers with more established credit files. Auto application fraud rates for those New to Canada/New to Credit in 2024 was 0.51 per cent compared to existing consumers at 0.22 per cent.
Mortgage Fraud is Down but Falsified Financial Documents Remain a Challenge Equifax Canada is reporting that the Canadian mortgage market continues to slowly rebound from its lows in 2023, demonstrating growth in Q4 2024 with increased new mortgage accounts. Mortgage fraud rates have decreased significantly year-over-year, from 0.46 per cent in Q4 2023 to 0.19 per cent in Q4 2024. Despite this positive trend, falsified financial documents, such as bank statements and down payment information, remain a significant component of mortgage fraud at over 90 per cent. “This decline in fraud rates might be temporary. As interest rates gradually decrease, a potential surge in first-time buyers in 2025 could lead to increased fraudulent activity in mortgage credit applications. Consumers may misrepresent their financial information in an attempt to secure the best possible rates,” Davies warns.
A Call for Stronger Corporate and Government Action Canadian survey respondents believe financial institutions, businesses, and the government all have a role to play in strengthening fraud prevention measures:
88 per cent of respondents believe that both the public and private sectors must work together to combat financial crime
84 per cent believe the government must improve public fraud education, with 91 per cent of seniors (65+) strongly agreeing
77 per cent recognize the need to take personal steps to safeguard their data, but many feel unprepared
61 per cent say banks should implement stronger security protocols
59 per cent believe companies should leverage more sophisticated fraud detection tools
Equifax Canada urges Canadians to take active steps in protecting their identities by regularly reviewing their credit reports for unusual activity, enabling multi-factor authentication on sensitive accounts, avoiding public WiFi for financial transactions, educating themselves on new fraud schemes, and consider investing in fraud protection services such as those offered by Equifax Canada.
“As fraud tactics evolve, Canadians must remain vigilant,” added Davies. “By combining stronger corporate policies, government oversight, and personal diligence, we can make strides in fraud prevention.”
* Equifax surveyed 1,590 Canadians ages 18-65, Feb. 7-9. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.
About Equifax At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.
Proposals to the Annual General Meeting of Municipality Finance Plc
Municipality Finance Plc’s (hereinafter MuniFin) Board of Directors (the Board) and the Shareholders’ Nomination Committee (the Nomination Committee) have made the following proposals to the Annual General Meeting (the AGM) convening on 25 March 2025 at 10:00 (EET):
Use of profit shown on the balance sheet and the distribution of dividend
MuniFin has distributable funds of EUR 373,330,287.47 of which the profit for the financial year totaled EUR 73,737,412.43.
In accordance with the dividend policy MuniFin’s aim is to pay 30-60% of the Group’s financial year’s profit in dividends. The Board proposes to the AGM that a dividend of EUR 1.86 per share, totaling EUR 72,658,664.28 shall be distributed based on the balance sheet to be adopted for 2024. This corresponds to 54.8% of the Group’s financial year’s profit.
MuniFin’s profit for the financial year is strong. The Board considers the proposed payment of dividend justified. MuniFin clearly fulfils all the prudential requirements set to it. No substantial changes in the company’s financial position have occurred after the end of the financial year and the Board estimates that the distribution of dividends will not place the fulfilment of the capital requirements or the company’s liquidity in jeopardy nor is it incompatible with the legislation applicable to MuniFin.
The dividend is paid to a shareholder who is registered in the company’s shareholder register maintained by Euroclear Finland Ltd on the record date of dividend payment on 27 March 2025. The Board proposes that the dividend be paid 3 Aprill 2025 or as soon as possible thereafter.
Remuneration and composition of the Board
The Nomination Committee proposes to the AGM the following remuneration of the Board for the term from the closing of the 2025 AGM to the closing of the next AGM (the Term 2025-2026):
Annual fixed remuneration of the Chair of the Board EUR 51,000
Annual fixed remuneration of the Vice Chair of the Board EUR 33,000;
Annual fixed remuneration of the Chair of the Risk or Audit Committee EUR 36,000;
Annual Fixed remuneration of Board member EUR 28,000; and
For each Board and committee meeting as well as for each meeting required by the authorities, to the members and Vice chair of the Board, a fee of EUR 600 per meeting attended and to the Chairs, EUR 950 per meeting attended
The proposed remuneration means an increase of EUR 6,000 to the annual fixed remuneration of the Chair of the Board, an increase of EUR 4,000 to the annual fixed remuneration of the Vice Chair of the Board, an increase of EUR 5,000 to the annual fixed remuneration of the Chairs of the Risk and Audit Committees and an increase of EUR 3,000 to the annual fixed remuneration of a Board member.
The Nomination Committee proposes to the AGM that nine members will be elected to the Board for the Term 2025–2026. The Nomination Committee proposes that the following current members will be re-elected: Ms. Maaria Eriksson, Mr. Kari Laukkanen, Mr. Tuomo Mäkinen, Ms. Elina Stråhlman, Ms. Leena Vainiomäki and Mr. Arto Vuojolainen. In addition, the Nomination Committee proposes that Ms. Liisa Harju, Mr. Juho Malmberg and Mr. Henrik Rainio will be elected to the Board as new members. Mr. Markku Koponen and Mr. Dennis Standell, current members of the Board, will not be available to the Board for the next term.
Liisa Harjula serves as Senior Ministerial Adviser at the Ownership Steering Department of the Prime Minister’s Office. Harjula has extensive experience in private equity investment, financial management, and investor relations. Juho Malmberg is a professional board member with extensive experience from leadership roles in IT management across the banking sector and other industries. Henrik Rainio serves as the Director of Finance at the City of Porvoo. Rainio has essential expertise in the Finnish municipal sector, which is crucial for MuniFin’s business.
The Nomination Committee proposes to the Board to be elected by the AGM to reappoint Kari Laukkanen as the Chair and Maaria Eriksson as the Vice Chair.
Election and remuneration of the auditor
The Board proposes to the AGM to elect PricewaterhouseCoopers Oy as the company’s auditor for the Term 2025–2026. PricewaterhouseCoopers Oy has announced that if they are elected as the company’s auditor, Jukka Paunonen, APA, will act as the principal auditor. The Board proposes to the AGM that the auditor’s fees be paid according to the invoice approved by the company.
Sustainability reporting verifier and remuneration
The Board proposes to the Annual General Meeting that the authorized sustainability audit firm PricewaterhouseCoopers Oy be selected as the company’s sustainability reporting assurer for the term 2025-2026. PricewaterhouseCoopers Oy has informed the company that Tiina Puukkoniemi will act as the responsible sustainability reporting auditor. The Board proposes to the Annual General Meeting that the sustainability reporting assurer’s fees be paid according to the invoice approved by the company.
The invitation to the AGM, including relevant appendices, is available on MuniFin’s website in Finnish.
MUNICIPALITY FINANCE PLC
Further information:
Esa Kallio President and CEO tel. +358 50 337 7953
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.
MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
BEIJING, March 04, 2025 (GLOBE NEWSWIRE) — 36Kr Holdings Inc. (“36Kr” or the “Company”) (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced that it will report its second half and fiscal year 2024 unaudited financial results, on Tuesday, March 11, 2025, before the open of U.S. markets.
The Company’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 11, 2025 (8:00 p.m. Beijing/Hong Kong Time on March 11, 2025).
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.36kr.com.
A replay of the conference call will be available for one week from the date of the conference, by dialing the following telephone numbers:
United States:
+1-855-883-1031
International:
+61-7-3107-6325
Hong Kong, China:
800-930-639
Mainland China:
400-120-9216
Replay PIN:
10045861
About 36Kr Holdings Inc.
36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China’s New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China’s New Economy.
Employment Rights Bill to boost productivity for British workers and grow the economy
The Government will today table amendments to the Employment Rights Bill.
The Government will lay amendments to the Employment Rights Bill following weeks of consultation with business groups and unions.
The Bill will support the Government’s mission to increase productivity and create the right conditions for long-term sustainable, inclusive, and secure economic growth, delivering on the Plan for Change.
Improving workers’ rights is a key element of the government’s Plan for Change by putting more money in people’s pockets, improving working people’s day to day lives and delivering real life improvements felt by working people.
The Government will today [Tuesday 4 March] table amendments to the Employment Rights Bill following weeks of consultation and responses from business groups, trade unions and wider civil society.
These amendments demonstrate the Government’s commitment to working in partnership with businesses and trade unions to ensure the plan to Make Work Pay is firmly pro-business and pro-worker.
Responses to five consultations ranging from zero-hours contracts to Statutory Sick Pay will also be published which show how the Government has listened to the views of stakeholders.
The Government’s Plan to Make Work Pay is a core part of the mission to grow the economy, raise living standards and create opportunities for people across the country. These amendments will deliver on the Plan for Change by tackling the low pay, poor working conditions and poor job security that has been holding the UK economy back.
This landmark Bill will extend the employment protections already given by the best British companies to millions more workers. This will put the UK back in step with competitors in other advanced economies, who are already acting to adapt to the changing world of work.
The Bill’s impact assessment, which was published last year, showed that many of the policies within the Employment Rights Bill could help support the Government’s Mission for Growth.” It concluded that that the package could have “a positive but small direct impact on economic growth” and will “help to raise living standards across the country and create opportunities for all.” This is the result of a pro-business, pro-worker, approach which is going to help usher in a decade of national renewal.
The Deputy Prime Minister Angela Rayner said:
For too long millions of workers have been forced to face insecure, low paid and irregular work, while our economy is blighted by low growth and low productivity.
We are turning the tide – with the biggest upgrade to workers’ rights in a generation, boosting living standards and bringing with it an upgrade to our growth prospects and the reforms our economy so desperately needs.
We have been working closely with businesses and workers to progress this landmark bill and deliver our Plan for Change – unleashing growth and making work pay for everyone.
Business Secretary Jonathan Reynolds said:
Past Governments’ low growth and low productivity economy simply did not deliver what the UK needs, which is why we are choosing stability, investment and reform, not chaos, austerity and decline. This is why our mission to grow the economy as part of our Plan for Change is based on putting more money in working people’s pockets by making wages fairer and work more secure.
Many businesses already have worker friendly practices in place and can attest to the positive impact they have on retention, productivity and job satisfaction. We want to go further and untap the UK’s full potential by attracting the best talent and giving business the confidence to hire to help the economy grow.
The amendments set out later today carefully consider different views and needs of workers, businesses and the whole economy and looks to deliver measures that support the mutual interests required to drive a growing, modern economy. We are delivering reform through our Plan for Change to create a decade of national renewal, meaning increased living standards across every part of the UK and putting politics back in the service of working people.
They come following responses received to five Government consultations:
Application of zero hours contracts measures to agency workers
All workers, including up to 900,000 agency workers in the UK, should be able to access a contract which reflects the hours they regularly work. These amendments will ensure that agency work does not become a loophole in our plans to end exploitative zero hours contracts. They will offer increased security for working people to receive reasonable notice of shifts and proportionate pay when shifts are cancelled, curtailed or moved at short notice – whilst retaining the necessary flexibility for employers in how they manage their workforces.
Strengthening remedies against abuse of rules on collective redundancy
The Government will increase the maximum period of the protective award from 90 days to 180 days and issue further guidance for employers on consultation processes for collective redundancies. Increasing the maximum value of the award means an Employment Tribunal will be able to grant larger awards to employees for an employer’s failure to meet consultation requirements. We want to enhance the deterrent against employers deliberately ignoring their collective consultation obligations and ensure it is not financially beneficial to do so.
Creating a Modern Framework for Industrial Relations
The government is updating the legislative framework in which trade unions operate to align it with modern work practices. We are ensuring industrial relations are underpinned by collaboration, proportionality, accountability, and a system that balances the interests of workers, businesses and the wider public, with further details in the consultation response.
Strengthening Statutory Sick Pay
The Government will ensure the safety net of Statutory Sick Pay is available to those who need it the most, making it a legal right for all workers for the very first time. Up to 1.3 million employees on low wages who find themselves unable to work due to sickness will either receive 80 per cent of their average weekly earnings or the current rate of Statutory Sick Pay – whichever is lower. We are also ensuring employees have a right to Statutory Sick Pay from the first day of sickness absence, so they are able to take the time off they need to recover and stay in work rather than risk dropping out altogether. The changes will also reduce the amount of people going to work when ill and therefore the spread of infections in the workplace – boosting productivity and benefiting businesses.
Tackling non-compliance in the umbrella company market
The Government will act to ensure that workers can access comparable rights and protections when working through a so-called umbrella company as they would when taken on directly by a recruitment agency. Enforcement action can be taken against any umbrella companies that do not comply.
A strong package of workers’ rights and protections goes hand in hand with a strong economy because a secure workforce will be more productive and have more confidence to spend in the economy. This contributes to growth – both through the work that people do, and the money that they spend.
As well as creating protections for people at work, the Government is determined to create a modern economy that works for businesses and workers alike. We are delivering these reforms collaboratively, pragmatically, and in a reasonable timeframe where businesses can prepare.
For businesses to thrive they must operate on a level playing field. The Fair Work Agency will take strong action against rogue employers that exploit their workers, and it will provide better support to the majority of businesses who want to do right by their staff.
The Government will continue to hold continuous extensive engagement as we develop our Plan to Make Work Pay and as the details of these polices are developed.
Paul Nowak, TUC General Secretary said:
Everyone deserves security and respect at work. These common-sense reforms will improve the quality of jobs in this country, boost growth and put more money into people’s pockets.
Policies like banning exploitative zero-hours contracts, ensuring protection from unfair dismissal from day one, and tackling ‘fire and rehire’ are long overdue and necessary.
This is about creating a modern economy that works for workers and business alike. Driving up employment standards in Britain will stop good employers from being undercut by the bad and will mean more workers benefit from a union voice.
Jane Gratton, Deputy Director of Public Policy at the BCC, said:
Employers will be relieved to see some amendments, at what is clearly a milestone moment for Government. It has consulted business – and this is reflected in some of the decisions on the future shape of the legislation. There is much here to welcome as sensible moves that will help ensure that employment works for both the business and the individual, including the nine-month statutory probation period and the promise of a light touch approach, as well as the return to the single establishment rule for collective redundancy.
But businesses remain cautious, and it is important to continue ensuring the Bill strikes the right balance. Employers will look forward to hearing, engaging with and shaping further detail. The government must continue its positive approach to engagement with firms and remain open to changes. Doing so will ensure this legislation is proportionate, affordable, and right for both firms and their employees.
Centrica Group Chief Executive, Chris O’Shea said:
We are fully supportive of this legislation. This isn’t just the right thing to do—it’s a foundation for the high-growth, high-skill economy the UK needs. While no one business has all the answers, our experience at Centrica shows that our business thrives when our people thrive – so stronger rights for workers mean stronger businesses, and that’s a win for everyone.
As we look to invest billions in green energy, nuclear, and hydrogen storage, having a skilled and engaged workforce is critical to delivering on the UK’s energy security and net zero ambitions. The Government’s wider growth and energy missions rely on businesses and workers pulling in the same direction—I hope this Bill helps make that possible.
Julie Abraham, CEO of Richer Sounds said:
At Richer Sounds, we have always put the treatment and wellbeing of our colleagues at the forefront of everything we do. Any responsible business will know that well-treated and well-paid colleagues will be beneficial in numerous ways.
Happy colleagues are likely to be more productive. This also leads to reduced stock loss and higher staff retention, which in turn, minimises recruitment and training costs, not to mention disruption to established teams. We support any government legislation that will help end exploitative working practices and improve the lives of working people.
Ann Francke OBE, Chief Executive Officer of the Chartered Management Institute (CMI), said:
The Employment Rights Bill represents a significant step forward in improving conditions for the UK’s workforce. Many of these measures reflect what successful, responsible and forward-looking employers are already doing.
CMI has welcomed the Government’s collaborative approach in progressing this Bill, working alongside both businesses and unions to find the balance needed. The real key to success, however, will be the ability of skilled managers to implement these changes, ensuring they get it right and can deliver growth and productivity benefits for organisations whilst ensuring individuals are treated fairly.
We look forward to working closely with the Fair Work Agency to ensure managers and leaders are equipped with the skills they need to navigate this milestone piece of legislation.
Simon Deakin, Professor of Law, University of Cambridge said:
The research we have done in Cambridge shows that on average, strengthening employment laws in this country in the last 50 years has had pro-employment effects.
The consensus on the economic impacts of labour laws is that, far from being harmful to growth, they contribute positively to productivity. Labour laws also help ensure that growth is more inclusive and that gains are distributed more widely across society.
Claire Costello, Chief of People and Inclusion Officer – Co-op
The Co-op support the Government’s ambitions to strengthen rights for workers through the Employment Rights Bill. It’s our belief that treating employees well – a key objective of this Bill – will promote productivity and generate the economic growth this country needs.
Neil Carberry, CEO of Recruitment & Employment Confederation, said:
Regulating the umbrella market closes a loophole in addressing non-compliance. Recruiters have long called for regulations that ensure a level playing-field. Like all aspects of the Government’s changes, proper enforcement will be key to protecting both businesses and workers.
Source: Hong Kong Government special administrative region
CMU OmniClear and HKEX sign MOU on enhancing post-trade securities infrastructure of Hong Kong’s capital markets (with photos) CMU OmniClear and HKEX sign MOU on enhancing post-trade securities infrastructure of Hong Kong’s capital markets (with photos) ******************************************************************************************
The following is issued on behalf of the Hong Kong Monetary Authority: CMU OmniClear Limited (CMU OmniClear), a wholly-owned subsidiary of the Exchange Fund, and Hong Kong Exchanges and Clearing Limited (HKEX) signed a Memorandum of Understanding (MOU) today (March 4) to deepen their collaboration in enhancing the post-trade securities infrastructure of Hong Kong’s capital markets, and supporting the long-term development of the city’s fixed-income and currencies (FIC) ecosystem. Based on the MOU, CMU OmniClear and HKEX will explore and pursue cooperation in areas such as realising cross-asset class efficiencies across equities and fixed income, expanding the use of Mainland bonds as collateral, enhancing Hong Kong as a bond issuance centre and developing an international central securities depository (ICSD) in Asia, with a view to consolidating and enhancing Hong Kong’s status as an international financial centre, a global risk management centre, and an offshore Renminbi (RMB) business hub. The Chief Executive of the Hong Kong Monetary Authority (HKMA) and the Chairperson of the Board of Directors of CMU OmniClear, Mr Eddie Yue, said “We are delighted to deepen the cooperation with HKEX on financial market infrastructures in Hong Kong. This MOU signifies an important milestone and our shared commitment to supporting the development of Hong Kong’s capital markets. This is also a pivotal step in accelerating the transformation of the Central Moneymarkets Unit (CMU) into an ICSD in Asia upon the establishment of CMU OmniClear. With our collective efforts, we believe we can offer the market a wider spectrum of products across asset classes, fostering the continued development and innovation in Hong Kong’s financial markets.” The Chief Executive Officer at HKEX, Ms Bonnie Chan, said, “We are delighted to be entering into this cooperation agreement with CMU OmniClear. This agreement underscores HKEX’s strategic commitment to build a vibrant, world-leading FIC ecosystem in Hong Kong. We look forward to working closely with the HKMA and CMU OmniClear to advance the development of Hong Kong’s fixed-income market, enabling the next chapter of RMB internationalisation and enhancing Hong Kong’s status as an international financial centre, a global risk management centre, and an offshore RMB business hub.”
Prime Minister Shri Narendra Modi addresses the post-budget webinars MSMEs play a transformative role in the economic growth of our country, We are committed to nurturing and strengthening this sector: PM
In the last 10 years, India has consistently shown its commitment towards reforms, financial discipline, transparency and inclusive growth: PM
Consistency and assurance of reforms, is such a change, that has brought new confidence in our industry: PM
Today every country in the world wants to strengthen its economic partnership with India: PM
Our manufacturing sector should come forward to take maximum advantage of this partnership: PM
We took forward the vision of self-reliant India and further accelerated our pace of reforms: PM
Our efforts reduced the impact of COVID on the economy, helping India become a fast-growing economy: PM
R&D has played an important role in India’s manufacturing journey ,it needs to be taken forward and accelerated: PM
Through R&D we can focus on innovative products, as well as add value to the products: PM
MSME sector is the backbone of India’s manufacturing and industrial growth: PM
Posted On: 04 MAR 2025 1:36PM by PIB Delhi
The Prime Minister Shri Narendra Modi today addressed the Post- Budget webinars via video conferencing. The webinars were held on MSME as an Engine of Growth; Manufacturing, Exports and Nuclear Energy Missions; Regulatory, Investment and Ease of doing business Reforms. Addressing the gathering on the occasion, he remarked that the post-budget webinars on manufacturing and export are of great importance. Mentioning that this budget is the first full budget of the Government’s third term, he emphasised that the most notable aspect of this budget is its delivery, which exceeded expectations. Shri Modi pointed out that in several sectors, the Government has taken steps beyond what experts had anticipated. He also highlighted that significant decisions have been made regarding manufacturing and export in this budget.
Pointing out that the country has witnessed consistent Government policies for over a decade, the Prime Minister highlighted that in the past 10 years, India had shown a commitment to reforms, financial discipline, transparency, and inclusive growth. He emphasized that the assurance of consistency and reforms has brought new confidence within the industry. He assured every stakeholder in manufacturing and export that this consistency will continue in the coming years. Encouraging stakeholders to take bold steps and open new avenues for manufacturing and export for the country, Shri Modi highlighted that every country in the world wants to strengthen its economic partnership with India. He urged the manufacturing sector to take full advantage of this partnership.
“Stable policy and a better business environment are crucial for the development of any country”, said the Prime Minister, highlighting that a few years ago, the Government introduced the Jan Vishwas Act and made efforts to reduce compliances. Over 40,000 compliances were eliminated at both central and state levels, promoting ease of doing business, he noted. Emphasizing that this exercise should continue, Shri Modi mentioned that the Government had introduced simplified income tax provisions and is working on the Jan Vishwas 2.0 Bill. A committee has been formed to review regulations in the non-financial sector, aiming to make them modern, flexible, people-friendly, and trust-based, he added further and highlighted the significant role of the industry in this exercise. He encouraged stakeholders to identify problems that take longer to resolve, suggest ways to simplify processes, and guide where technology can be used to achieve quicker and better results.
“The world is currently experiencing political uncertainty, and the entire world views India as a growth center”, said Shri Modi, highlighting that during the COVID crisis, when the global economy slowed down, India accelerated global growth. He added that this was achieved by advancing the vision of Aatmanirbhar Bharat and accelerating reforms. He emphasized that these efforts minimized the impact of COVID on the economy, helping India become one of the fastest-growing economies. He said, “India remains a growth engine for the global economy and has proven its resilience in challenging situations”. Pointing out that disruptions in the supply chain affect the global economy, and the world needs reliable partners that produce high-quality products and ensure reliable supply, Shri Modi emphasized that India was capable of fulfilling this need, presenting a significant opportunity for the country. He urged the industry not to be mere spectators but to actively seek their role and carve out opportunities. He pointed out that it is easier today compared to the past, as the country has friendly policies and the Government stands shoulder to shoulder with the industry. The Prime Minister called for a strong resolve, objectivity in seeking opportunities in the global supply chain, and accepting challenges. He emphasized that if every industry takes one step forward, collectively, they can achieve significant progress.
Highlighting that 14 sectors were currently benefiting from the PLI scheme, the Prime Minister said that under the scheme, more than 750 units have been approved, resulting in an investment of over ₹1.5 lakh crore, production worth over ₹13 lakh crore, and exports exceeding ₹5 lakh crore. He emphasized that this demonstrates how entrepreneurs can advance in new areas when given opportunities. Shri Modi announced the decision to launch two missions to promote manufacturing and export. He highlighted the focus on better technology and quality products, as well as the emphasis on skilling to reduce costs. He urged all stakeholders to identify new products in demand globally that can be manufactured in India and encouraged them to approach countries with export potential strategically.
“R&D has played a crucial role in India’s manufacturing journey and needs further advancement and acceleration”, remarked the Prime Minister. He highlighted that through R&D, the focus can be on innovative products and value addition to existing products. He emphasized that the world recognizes the potential of India’s toy, footwear, and leather industries and by combining traditional crafts with modern technologies, significant success can be achieved. He noted that India can become global champion in these sectors, leading to a substantial increase in exports. Shri Modi highlighted that this growth will create lakhs of job opportunities in labor-intensive sectors and promote entrepreneurship. Mentioning that the PM Vishwakarma Yojana provides end-to-end support to traditional artisans, he urged efforts to connect these artisans with new opportunities and called on all stakeholders to come forward to expand the hidden potential in these sectors.
“MSME sector is the backbone of India’s manufacturing and industrial growth”, said the Prime Minister. He highlighted that in 2020, the Government made a significant decision to revise the definition of MSMEs after 14 years, which eliminated the fear among MSMEs that they would lose government benefits if they grew. He noted that the number of MSMEs in the country has increased to over 6 crore, providing employment opportunities to crores. Shri Modi emphasized that in this budget, the definition of MSMEs has been further expanded to instill confidence in their continuous growth. This will create more employment opportunities for the youth, he said, highlighting that the biggest problem faced by MSMEs was the difficulty in obtaining loans. He added that ten years ago, MSMEs received loans worth approximately ₹12 lakh crore, which has now increased to around ₹30 lakh crore. The Prime Minister announced that in this budget, the guarantee cover for MSME loans has been doubled to ₹20 crore. Additionally, customized credit cards with a limit of ₹5 lakh will be provided to meet working capital needs.
Underlining that the Government had facilitated loan access and introduced a new type of loan, Shri Modi highlighted that people are now receiving loans without guarantees, something they never imagined before. Over the past 10 years, schemes like MUDRA, which provide loans without guarantees, have also supported small industries, he said, noting that the Trades portal is resolving many loan-related issues. The Prime Minister emphasized the need to develop new modes of credit delivery, ensuring that every MSME has access to low-cost and timely credit. He announced that five lakh first-time entrepreneurs from women, SC, and ST communities will receive loans of ₹2 crore. He highlighted that first-time entrepreneurs need not only credit support but also guidance and urged the industry to create a mentorship program to help these individuals.
Underscoring the role of states is crucial in boosting investment, Shri Modi emphasized that the more states promote ease of doing business, the more investors they will attract. He pointed out that this will benefit the respective states the most. He encouraged competition among states to see who can make the most of this budget. He noted that states with progressive policies will attract companies to invest in their regions.
Expressing confidence that all participants are seriously considering these topics, the Prime Minister emphasized that the webinar aims to determine actionable solutions. He highlighted the importance of participants’ cooperation in preparing policies, schemes, and guidelines. He noted that this will help in formulating implementation strategies post-budget. He concluded by expressing his belief that the participants’ contributions will prove to be very useful.
Several Union Ministers were present among other dignitaries over video conferencing on the occasion.
Background
The webinars will provide a collaborative platform for government officials, industry leaders, and trade experts to deliberate on India’s industrial, trade, and energy strategies. The discussions will focus on policy execution, investment facilitation, and technology adoption, ensuring seamless implementation of the Budget’s transformative measures. The webinars will engage private sector experts, industry representatives, and subject matter specialists to align efforts and drive impactful implementation of Budget announcements.
MSMEs play a transformative role in the economic growth of our country. We are committed to nurturing and strengthening this sector. Sharing my remarks during a webinar on the MSME sector. https://t.co/K93zTIcdVa
PRESS RELEASE 21 Feb 2025 – Today, the Governments of Australia and Samoa signed an agreement to increase Australia’s budget support to WST$28 million for the current financial year.
This additional support is part of Australia’s long-term contributions into Samoa’s development spanning over 8-years – from 2023 to 2031 – and totalling WST$187.7 million.
Signed by Australia’s High Commissioner to Samoa, His Excellency Mr William Robinson, and Samoa’s Minister of Finance, the Honourable Lautimuia Uelese Vaai, this support is underpinned by the deep trust the two nations share, and their joint commitment to enhancing service delivery for Samoa’s communities.
“Our signing of this agreement embodies the spirit of trust we have in one another, and an expression of our belief that our prosperity is best pursued together. This will support the Government of Samoa’s expenditure right across the board for things that matter most to Samoans – from paying teacher’s salaries, ensuring hospitals have the supplies they need, and maintaining quality roads,” said High Commissioner Robinson.
“On behalf of the Government and the people of Samoa, I express our heartfelt appreciation and gratitude to the Government and the people of Australia for their continuous support to Samoa’s development. The additional general budget support marks yet another milestone in the trusted-long lasting relationship and development partnership between our two countries – Australia and Samoa. We remain committed to addressing the priority needs of our people, through various initiatives and integrating priorities for development through general budget support. We are also appreciative of the commitment to the JPAM arrangement supporting high impact policies that inform and guide priorities for Samoa,” said Minister Lautimuia.
This additional budget support will contribute to the delivery of essential services that the people of Samoa rely on, including in health, education, gender, disability and social protection.
Australia’s budget support is delivered in partnership with New Zealand, World Bank, the Asian Development Bank, and the European Union through the Joint Policy Action Matrix (JPAM).
The JPAM is an economic reform agenda that enables best practice development partners to support Samoa’s development destiny with their expertise.
The United States should work with China in the same direction to resolve trade disputes through equal-footed consultation, a Chinese spokesperson said Tuesday. Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress, China’s national legislature, made the remarks at a press conference. Commenting on the U.S. decision to impose an additional 10-percent tariff on goods imported from China again, Lou said the U.S. unilateral tariff move violated the World Trade Organization rules, and disrupted the security and stability of global industrial and supply chains. China stands ready to work with the United States to address each other’s concerns through dialogue and consultation on the basis of mutual respect, equality, reciprocity and mutual benefit, but “will never accept any act of pressuring or threatening,” Lou said. “We will firmly defend our national sovereignty, security and development interests,” he said. China hopes the U.S. side can return to the path of resolving problems through dialogue and consultation, he said. China-U.S. economic and trade ties are mutually beneficial, and bilateral trade and investment have brought tangible benefits to both peoples and greatly promoted the development of the global economy, Lou said. A stable, sound and sustainable China-U.S. relationship is in the interests of both countries and meets the expectations of the international community, he said. China is also willing to enhance cooperation with other countries to safeguard the multilateral trading system, oppose unilateralism and protectionism, and promote universally beneficial and inclusive economic globalization, Lou said.
The Standing Committee of the National People’s Congress (NPC) approved 24 law bills since the 2024 NPC annual session, a spokesperson said on Tuesday. Over the past year, the NPC Standing Committee formulated six new laws, revised 14 existing laws and made four decisions on legal issues and major issues, said Lou Qinjian, spokesperson for the third session of the 14th NPC. The law on value-added tax was recently adopted to improve the tax system to promote high-quality development, social fairness and unified market, Lou said. He added that the accounting law and the statistics law had been revised to further safeguard the order of the market economy and protect public interests. The NPC Standing Committee formulated the tariff law to promote foreign trade and bolster high-standard opening up, Lou said. The anti-money laundering law was also revised to improve the national systems for the prevention and control of financial risks, he added.
A spokesperson for the upcoming 2025 session of the Chinese People’s Political Consultative Conference (CPPCC) National Committee reaffirmed China’s commitment to open wider to the world at a press conference Monday.
Liu Jieyi, spokesperson for the third session of the 14th CPPCC National Committee, speaks at a press conference at the Great Hall of the People in Beijing, March 3, 2025. [Photo by Zheng Liang/China.org.cn] “Economic globalization is an objective requirement for the development of social productive forces, a natural outcome of technological progress and a crucial path for the advancement of human society,” spokesperson Liu Jieyi told reporters. “It is an irreversible trend of our times. China firmly stands on the right side of history, and its doors will only open wider to the world.” According to Liu, over the past year, China has continued to serve as the largest engine of global economic growth, accelerating the development of a new system for a higher-level open economy. It has maintained its position as the world’s largest trader in goods and second-largest import market. Significant progress has been made in the high-quality joint development of the Belt and Road Initiative (BRI), while international events such as the China International Import Expo have provided a broad platform for promoting global economic cooperation. “We have focused on advancing inclusive and equitable economic globalization, championing the spirit of ‘shared responsibility and mutual benefit’ and ‘harmonious coexistence,’ actively participated in global economic governance, and demonstrated the responsibility of a major country in driving global development,” he said. Liu stressed that China will continue to improve high-level opening up mechanisms, expand institutional openness, deepen reforms in foreign investment and outbound investment systems, optimize regional opening up layouts, refine BRI joint development mechanisms, and implement broader, wider and deeper opening up. He also stated that China will promote implementation of the Global Development Initiative and advance economic globalization toward a more open, inclusive, balanced and universally beneficial direction. The spokesperson then introduced the CPPCC’s work over the past year, including a focus on expanding institutional openness, optimizing regional opening up layouts, and promoting high-quality BRI development through extensive consultations. It organized thematic and biweekly forums on high-level opening up and free trade zone upgrades, conducted BRI core area inspections, and provided insights to advance opening up. The CPPCC also oversaw the implementation of key opening up measures in the 14th Five-Year Plan, offering targeted recommendations. Members proposed valuable suggestions on improving free trade zone business environments, risk control, leveraging the role of Hong Kong and Macao in building a new system for a higher-level open economy, and advancing service trade innovation and cross-border data flows. Recommendations such as easing foreign investment restrictions in medical institutions and expanding pilot programs for opening up value-added telecommunications services were adopted by relevant government departments and translated into specific policies and measures, he revealed. “We will, as always, firmly support and participate in economic globalization, unwaveringly expand opening up, and work with countries around the world to share opportunities, create prosperity and jointly promote the building of an open world economy,” Liu said. The spokesperson also hailed China’s cultural charm, which attracted global audiences and tourists during the recent Spring Festival. He noted examples such as record-breaking box office earnings and movie attendance, the cross-border integration of traditional culture and high-tech leading to a series of hit products, and the visa-free transit policy fueling a surge in travel to China, with inbound tourists increasing by 150% year on year and reaching a historic high. “Following the Spring Festival’s inclusion on UNESCO’s Intangible Cultural Heritage list, China now has 44 UNESCO-listed heritage projects, the most globally, showcasing the immense charm of its outstanding traditional culture,” he said, adding that this culture embodies the deepest spiritual pursuits and unique identity of the Chinese nation, serving as invaluable nourishment for its continuous growth and development. He added that the CPPCC, deeply focused on China’s outstanding traditional culture, has promoted its creative transformation and innovative development. Last year, CPPCC members visited Shandong, Shanxi, Henan and other provinces, conducting research at museums, heritage sites and institutions, engaging with cultural workers, and proposing suggestions to revitalize cultural heritage. They also held consultations on cultural heritage protection and modern cultural industry development, with proposals adopted by relevant departments. The annual session of China’s top political advisory body opened on March 4 in Beijing and will run until March 10. During the session, national political advisors will hear and deliberate reports, sit in on the third session of the 14th National People’s Congress, discuss key documents including the government work report, and participate in plenary meetings and group consultations.
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.
Source: United Kingdom – Executive Government & Departments 3
News story
UK and United Arab Emirates strengthen co-operation on illicit finance
Security Minister Dan Jarvis visited the United Arab Emirates to continue the 2 nations’ shared aim to tackle illicit finance and counter-terrorism financing.
Photo: Getty Images
The Security Minister met with Minister of State in the Ministry for Foreign Affairs, His Excellency Ahmed bin Ali Al-Sayegh, and completed a significant visit, including meeting with the Dubai Police Commander in Chief.
These meetings marked a significant step forward in the UK and United Arab Emirate’s (UAE) ongoing shared efforts to further deliver on the UK-UAE Partnership to Tackle Illicit Financial Flows. Both parties agreed to increase judicial co-operation, and ensure the continuous alignment in their approach to illicit finance.
It reaffirmed the UK and UAE’s commitment and ambition to increase co-operation and to build a stronger, more effective partnership in the fight against illicit finance, reinforcing both nations’ roles as leaders in global efforts to tackle this threat.
Security Minister, Dan Jarvis, said:
The government understands the importance of international co-operation in tracking, intercepting, and stopping the flow of illicit funds between the UK and UAE.
This partnership remains critical to our nations’ missions for countering global crimes and protecting national security, which is the foundation of our Plan for Change.
The UK and UAE have worked to target the financial infrastructures that organised crime groups heavily rely on. This includes the work of the Combined Anti-Money Laundering Operational Team (CAMLOT), a joint initiative designed to tackle money laundering operations and identify hidden financial networks tied to illicit activities.
Through this initiative, the UK and UAE have targeted criminal organisations, weakening the sophisticated financial operations used to fund crime globally.
Source: State University of Management – Official website of the State –
The National University of Management and the Europe and Asia Broadcasting Center of the People’s Republic of China Foreign Language Publication and Distribution Administration (Renmin Huabao Publishing House) organized a round table on “High-quality Development of China’s Economy” and the presentation of the 4th volume of the book “Xi Jinping on Public Administration” in Russian.
The event is timed to coincide with the opening of the 3rd session of the 14th National People’s Congress (NPC) on March 5, 2025 in Beijing.
The event was moderated by Hu Zhentao, head of the representative office of Renmin Huabao Publishing House in Moscow.
The speakers were: – Fanis Sharipov, Director of the Center for Socio-Economic and Political Research of China at the National University of Management; – Anastasia Pavlova, partner of the Russian-Chinese Committee of Friendship, Peace and Development; – Ekaterina Zaklyazminskaya, leading research fellow at the Center for World Politics and Strategic Analysis, member of the Council of Young Scientists at the Institute of Strategic Analysis of the Russian Academy of Sciences; – Yulia Manuilova, senior lecturer at the Department of Global Studies at the Faculty of Global Processes at Moscow State University.
The work was also attended by 2nd year students of the State University of Management, studying in the program “International Manufacturing Business”: Yulia Levchenko, Farida Alakaeva, Egor Gavrilyuk, Irina Afanasova, Yulia Kolontsova.
Fanis Sharipov began his speech by assessing the 4th volume of the book “Xi Jinping on Public Administration” in Russian. This volume includes the most important works of Xi Jinping for the period from February 3, 2020 to May 10, 2022, a total of 109 reports, talks, speeches, congratulatory letters and other works. It should be noted that during this period, the COVID-19 pandemic was raging, and enormous efforts were spent on organizing the fight against this terrible epidemic. “Development of the digital economy is a strategic choice that allows us to seize the opportunities of a new round of technological revolution and industrial transformation,” Xi Jinping emphasized.
Next, moving on to the topic of “High-quality development of the Chinese economy”, Fanis Sharipov noted that on January 27, a Chinese startup triggered a collapse in the value of shares of American IT companies; by the end of the week, the NASDAQ high-tech company index had lost 3.5%, which in monetary terms amounts to almost a trillion US dollars. For experts, the success of Chinese research in the field of artificial intelligence (AI) is the result of China’s systematic, long-term efforts in this area, which has been repeatedly noted in scientific articles and conference abstracts. The State Council of the PRC formulated a detailed plan for the modern development of new-generation AI in July 2017. It directly stated the intention to turn AI into the main driving force of industrial modernization and economic transformation, strengthening national defense, internal and external security, education, and medicine by 2025. It also stated the intention to turn China into a world leader in AI by 2030. It was planned to produce products and services using AI by the end of 2020 in the amount of 150 billion yuan, by 2025 – 400 billion yuan, by 2030 – about 1 trillion yuan. And China’s expenditure on scientific research in 2025 will reach 3.76 trillion yuan (over 580 billion dollars).
In conclusion, the Round Table participants discussed a very diverse agenda for Russian-Chinese cooperation in 2025.
Subscribe to the TG channel “Our GUU” Date of publication: 03/04/2025
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
On February 27, as part of the All-Russian campaign “Yolka Zhelaniy” (Wish Tree), the cherished dream of tenth-grader Elizaveta Tsaregorodtseva from the Saratov Region came true. The schoolgirl was able to visit the Higher School of Economics, talk to students and teachers, and walk around the university building. Liza learned first-hand how to enter one of the best universities in Russia, as well as why studying here is difficult but exciting.
The most cherished wishes tend to come true, and that’s a fact. Elizaveta Tsaregorodtseva took part in the “Yolka Zhelaniy” campaign for the third year in a row, and finally her ball was taken off the tree by the Russian Minister of Energy Sergey Tsivilev. Liza’s dream came true: she went to Moscow to visit Faculty of World Economy and World Politics (FMEiMP) HSE University.
“When I was choosing what wish to make, I was thinking about my future – about further education, about entering a university. That’s why I wrote about HSE, I wanted to see it, get to know the faculty,” the schoolgirl said. She is interested in studying languages, so her future path should be connected with the international direction.
“I also like economics and mathematics, I like to count and analyze economic processes. When I learned about studying global economics at the National Research University Higher School of Economics, I realized that this is exactly what suits me,” noted Elizaveta.
She was delighted with the HSE: “When I woke up in the morning, I felt excitement and anticipation, and when I saw the HSE building, my heart fluttered.”
Deputy Dean for work with applicants and graduates of the faculty Anna Zhikhareva, as well as fourth-year students of the OP ” gave Liza, her mother and Daria Gorbunova, a representative of the Ministry of Energy, a tour of the buildings of the Faculty of Economics and Management.World Economy” and members of the Student Council Mikhail Zavgorodniy and Vasily Arzumanyan. They told about all the features of studying at the HSE.
“We study economics with all the foreign policy circumstances in mind, as part of global world processes. It turns out to be a complex history that is the most honest in relation to our students. We pay less attention to the theory that does not work in practice or works, but not always,” Anna Zhikhareva noted.
Mikhail Zavgorodniy explained that students get acquainted with the basic principles of economics for the first year and a half to two years, then they are divided into trajectories depending on the interests of each student. “You can delve into finance or study a specific region. If you choose Chinese, then there are many subjects related to Chinese culture, economics and foreign policy,” he said.
“It is important to know that the policy of our program is that any economist should have a strong foundation in mathematics, so in the first year we teach mathematical analysis, linear algebra, and discrete mathematics,” added Vasily Arzumanyan.
Liza Tsaregorodtseva asked students many questions about HSE. For example, she was interested in how student life goes outside of studies. “We have an abundance of events – scientific, cultural, and entertaining, you can participate in everything,” Mikhail Zavgorodniy answered.
They told Liza about the help senior students give to first-year students and about the work of the study office. “Studying is difficult, students often ask: when will it be easy? When you have your diploma in hand,” shared Tatyana Bukanova, a specialist in educational and methodological work at the National Research University Higher School of Economics.
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