TORONTO , Sept. 24, 2024 (GLOBE NEWSWIRE) — AGF Management Limited (TSX: AGF.B), is pleased to announce a partnership with Archer Holdco, LLC (“Archer”) to help further grow its Separately Managed Accounts (SMA) model business.
AGF will leverage the technology capabilities and infrastructure of Archer, a leading technology-enabled service provider to the investment management industry.
“We believe Archer will be a key partner as our SMA model business continues to gain momentum and we look to broaden our product offerings and onboard additional investment strategies throughout North America,” said Judy Goldring, President and Head of Global Distribution, AGF Management Limited. “While focusing on new opportunities, we will benefit from Archer’s expertise as they support our business with solutions aligned to meet our evolving needs and our continued growth.”
“At Archer, we are committed to partnering with leading asset managers to help build their business through our customized service model,” said, Bryan Dori, President and CEO of Archer. “We look forward to developing our relationship with AGF as the firm leverages our expertise in operations and technology to grow and support their SMA presence.”
Several leading investment strategies are currently available on the following SMA platforms: Envestnet Asset Management, Inc., Vestmark Advisory Solutions Inc. and SMArtX Advisory Solutions LLC.
As well, the AGF Global Select ADR Constrained Strategy was recently named the winner in the Global category at the SMArtX 2024 X Awards* and AGF U.S. Large Cap Growth Equity Strategy was named a finalist in the Large Cap category.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $50 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
About AGF Investments
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.
AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.
About Archer
Archer is a technology-enabled service provider that helps investment managers deliver solutions aligned with investor needs. With Archer, investment managers can maintain their proven investment process while outsourcing operations and technology to benefit from a service model geared for growth. Archer has expansive connectivity across the industry and deep experience working with asset managers to help them swiftly streamline operations, enter new distribution channels, and launch new products.
Candidates for the Awards are derived from the SMArtX Select List, which ranks asset managers using a proprietary quantitative screening based on a robust four-step methodology:
Ability to generate alpha compared to the strategy peer group benchmark
Favorable risk-adjusted returns that emphasize positive skew
Effective downside and tail-risk management
Consistent return generation
The Awards calculations add an additional metric to this existing quantitative screening, namely performance exclusive to the full previous year. This year, 30 eligible strategies competed with winners ultimately chosen across 10 categories. These categories are grouped by market capitalization, geographic focus, and investment type.
AGF Investments America Inc.’s AGF Global Select ADR Constrained Strategy was awarded SMARTX’s X award in the Global category on May 29, 2024. The award was a based on the SMARTX methodology above for the period ending December 31, 2023. AGFA’s AGF U.S. Large Cap Growth Equity Strategy was also a finalist in the Large Cap category.
AGF Investments did not pay or provide compensation to participate in the SMArtX 2024 X Award ranking or to be included in the eligible strategies list.
Commander 3XL to be used as a primary transport vehicle for the TB2 Aerospace DROPS UAV Cargo POD for autonomous tactical resupply
Saskatoon Sask, Sept. 24, 2024 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce that it has received a purchase order from TB2 Aerospace (TB2) for Commander 3XL Drones to be deployed with TB2 Drone Recharging Operational Payload System Pods (DROPS) within the DoD for various mission types. This order represents the beginning of the deployment and scaling of the DROPs system in conjunction with the Draganfly line of drones.
The Commander 3XL will be utilized to carry out various logistics missions. The Commander 3XL is well suited as a transport vehicle, as is the entire Draganfly drone product line for TB2 Aerospace’s smart logistics PODs, as Draganfly Drones are interoperable, providing operators a variety of aircraft size, payload capacity and weight configurations that utilize common communication, counter electronic warfare options, mission planning software, accessories, payloads and more. TB2 Aerospace and Draganfly have collaborated to integrate TB2’s DROPS Pods on Draganfly’s drones, positioning Draganfly as a primary transport vehicle for TB2 Aerospace deployments within the DoD.
“We are honored to be doing this exciting work with TB2 and to have been selected for this important work in the military logistics sector,” said Cameron Chell, CEO of Draganfly. “Draganfly thrives at working to provide exceptional capabilities by integrating our line of drones, experience, and technology stack into mission profiles and use cases with our commercial and military partners—and doing it within time frames and at costs that few others can.”
“We chose Draganfly to be our launch and developmental partner as they have a fantastic series of UAVs,” said Hank Scott, CEO of TB2. “Their aircraft are very stable, easy to fly and set up, and we were impressed by the commonality between their three UAVs. Common controllers, batteries, motors, and parts mean that the DoD can train a Warfighter to operate three different-sized UAVs with a simple, standardized training package. The commonality and interchangeable components will reduce DoD operational and training costs, and standardize the supply chain. Adding the DROPS system will make each of their UAVs a Multi-Mission Payload capable system too. It’s a win-win.”
About Draganfly
Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and serve their stakeholders. Recognized as being at the forefront of technology for over 24 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
For more information on Draganfly, please visit us at www.draganfly.com. For additional investor information, visit:
TB2 Aerospace from Golden, Colorado, USA is the developer the Drone Recharging Operational Payload System. This system enables a UAV to turn into a Multi-Mission Payload System capable of autonomously capturing, delivering, and recovering Cargo Pod and other payloads such as Weapons Systems and Ground Sensors without the need to place a Warfighter in harm’s way.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements include, but are not limited to, statements with respect to the purchase order positioning Draganfly as a primary transport vehicle for TB2 Aerospace deployments within the DoD. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the potential impact of epidemics, pandemics or other public health crises, including the COVID-19 pandemic, on the Company’s business, operations and financial condition; the successful integration of technology; the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of cost estimates; the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions; and liability, competition, loss of key employees and other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority BaFin warns consumers against offers on website esx-gruppe.com. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Helmut Schlesinger turns 100 on 4 September, an anniversary that adds a wholly new numerical dimension to the honorary title of former Bundesbank President. Helmut Schlesinger is certainly no stranger to accolades celebrating his milestone birthdays. The “Börsen-Zeitung”, for one, marked his 80th birthday by writing that his name is synonymous with the pursuit of monetary stability, in a reference to the Bundesbank’s particular culture of stability, in which Mr Schlesinger’s thinking and attitudes resonate to this day. Mr Schlesinger’s presidency marked the pinnacle of over 41 years at the Bundesbank and in pursuit of a stable currency. He is rightly regarded as one of the most influential Bundesbankers of all time. The “Börsen-Zeitung” once dubbed him a home-grown product of the Bundesbank, a description that I like a lot. It wrote that Helmut Schlesinger embodied an exceptional period of monetary history, which came to an end as it were with the transition to the euro, characterised, on balance, by the continuity of success. During the 1950s and 1960s, in the early days of the Deutsche Mark, Mr Schlesinger followed an unusually steep career as a Bundesbank civil servant, culminating in him heading the Economics and Statistics Department. It was a time in which West Germany was experiencing the economic miracle. Under the fixed exchange rate regime, the Bundesbank led the money and credit sector out of planning and currency reform until it was finally opened and liberalised in 1958. Over the entire period, the Bundesbank succeeded in keeping the Deutsche Mark stable. In 1972, Mr Schlesinger was appointed to the Bundesbank’s Directorate and became its chief economist. The circumstances of the time required a complete realignment of monetary policy: the Bretton Woods exchange rate system teetered and finally collapsed in 1973. Western Europe’s exchange rates entered a new equilibrium – first in the European exchange rate arrangement, then in the European Monetary System (EMS). In economic terms, the 1970s were dominated by oil crises and rising unemployment. The combination of high inflation and a stagnant economy led to a new term being coined: stagflation. At that time, the Bundesbank was the first central bank to introduce monetary targeting. Mr Schlesinger played a key role in translating monetarist theory into a monetary policy strategy. He always saw the importance of explaining monetary policy, in personal contributions and in the Bundesbank’s Monthly Report, which he edited meticulously and with a sure sense of style. Many at the Bundesbank will remember the notes he made in pencil – he preferred an HB, or medium, hardness grade. As a monetary policymaker, however, some considered him a hard pencil lead, his argumentation consistent, but never simplistic. Time and again, he demonstrated the interaction between economic analysis, theoretical monetary concepts, political decision-making and historical change. During the 1970s and 1980s, the Deutsche Mark proved one of the world’s most stable currencies. Mr Schlesinger, who was made Vice-President in 1980, was regarded as the “conscience of stability policy”. US Treasury Secretary James A. Baker III is once said to have accused Schlesinger of seeing inflation under every pebble. This period saw the Deutsche Mark evolve into the anchor currency of the EMS. In 1991, Schlesinger was promoted from Vice-President to President – for a tumultuous 26 months. The Bundesbank used interest rate hikes in a bid to bring down the inflation caused by German reunification. Its stubborn high-interest-rate policy met with criticism within Germany and elsewhere. Many of the EMS partner countries likewise blamed the Bundesbank for the currency crises and rounds of depreciation of 1992‑93. When the United Kingdom was forced to withdraw from the EMS in 1992, UK politicians and the British media levelled serious accusations at Mr Schlesinger. Yet he was never a narrow-minded monetary policy nationalist; he followed a clear monetary compass. When Mr Schlesinger, a passionate hillwalker, was asked on a Himalayan tour about the importance of the oldest Buddhist mantra om mani padme hum, he is said to have answered: keep the money supply tight. Nowadays, the monetary targeting he introduced and that proved so successful back then has a different role to play. The structure of the economy has changed fundamentally. Mr Schlesinger himself always underscored that monetary policy strategy had to be adapted to structural change if it was to maintain monetary stability. Another of Mr Schlesinger’s insights also remains as true now as it was then: Stable money not only needs stability-oriented policies from both the government and the central bank. Business, employers and trade unions, and consumers also need to behave appropriately – what you might call a culture of stability. He established this culture of stability not just within the Bundesbank, but throughout west German society and later German society as a whole. It is a culture that is an obligation to all of his successors in the office of Bundesbank President. As the fifth in this line, I am honoured to offer my felicitations: heartfelt congratulations on your 100th birthday, Helmut Schlesinger!
A staff member walks past the Shenzhen Stock Exchange in Shenzhen, south China’s Guangdong province, Sept. 21, 2020. [Photo/Xinhua]
Chinese stocks rallied on Tuesday, fueled by a package of stimulus measures announced on the same day.
The benchmark Shanghai Composite Index was up 4.15% to 2,863.13 points, and the Shenzhen Component Index closed 4.36% higher at 8,435.7 points.
China’s central bank, top securities regulator and financial regulator earlier in the day announced a raft of monetary stimulus, property market support and capital market strengthening measures to support the country’s high-quality economic development at a press conference.
The country will cut the reserve requirement ratio, lower mortgage rates on existing home loans, and create new monetary policy tools to support the stock market, among others.
These policies, which exceed market expectations, will boost market confidence, stimulate the vitality of market entities, stabilize credit levels, and enhance the sustainability of financial support for the real economy, said Wen Bin, chief economist at China Minsheng Bank.
Gains are seen across the board on the two bourses, with shares related to steel and coal leading the surge.
The combined turnover of stocks covered by the two indices stood at 974.8 billion yuan (about $138.25 billion), up from 551 billion yuan recorded on the previous trading day.
The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, surged 5.54% to close at 1,615.32 points Tuesday.
Source: Hong Kong Government special administrative region
Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, today (September 24):Vice President Vo (Vice President of the Vietnam Chamber of Commerce and Industry Mr Vo Tan Thanh), distinguished guests, ladies and gentlemen, Good afternoon, xin chào buổi trưa. Firstly, a very warm welcome, a very big thank you to all of you joining our forum this afternoon co-organised by the Department of Justice of Hong Kong, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry. The theme of today’s forum is “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”. In my opening remarks, I simply wish to try to answer two questions, two very obvious questions that I suppose you have in mind. Firstly, who we are; secondly, why are we here. For the purpose of this forum, I have a very big delegation consisting not simply of government lawyers from my Department. The Department of Justice of Hong Kong is in fact quite similar to the Ministry of Justice in Vietnam. So, a lot of people would think I will be responsible for criminal prosecutions, giving advice to the Government. But perhaps not so well known is that, it is also one of my duties to promote legal services in Hong Kong to friends outside the jurisdiction. Apart from my colleagues from the Department of Justice, I am very fortunate to have the support of about 15 legal practitioners from Hong Kong. They are very experienced legal practitioners specialised in different areas. And in fact we have all together, if I recall correctly, six supporting organisations. And you can tell from the nature of the organisations to have some idea as to who these legal practitioners are representing. We have representatives from the two legal professional bodies in Hong Kong, the Hong Kong Bar Association and the Law Society of Hong Kong. In Hong Kong, we still adopt the British system, we still have a divided legal profession. We have barristers who go to the courts to do advocacy work, and then we have solicitors handling all sorts of legal matters from non-contentious commercial matters to dispute resolution. So the representatives from two legal professional bodies, and then we have representatives from the main arbitration institutions in Hong Kong, including the Hong Kong International Arbitration Centre, HKIAC, which is the main arbitration institute in Hong Kong. We also have the South China International Arbitration Center (Hong Kong), which is also a very important institution. And then we have the AALCO, Asian African Legal Consultative Organization, with a regional arbitration centre in Hong Kong. We also have a representative from eBRAM which provides electronic services, not just for dispute resolution, but also for deal making. So from looking at the nature of these organisations, I hope you will be convinced that we have a wide spectrum of legal practitioners who are going to share their experiences and their knowledge about Hong Kong legal services to you in due course. Having told you very briefly who we are, the second question perhaps is even more relevant and important: Why are we here? What do we aim to achieve in the next couple of hours? We have two hours for the forum. We decided to share with you some of the things about Hong Kong which you may be interested in for the two hours. And I believe many of you will join our dinner after the forum, so it will be around four hours. A lot can be achieved within four hours. As I said earlier, I come across this question quite often. People wonder, in my capacity as the Secretary for Justice, I should be responsible for legal matters. It is not really my responsibility to promote trade and finance. I am not a minister of commerce. So what on earth am I doing here? To answer this very pertinent question, I think we should remind ourselves of the very close relationship between Vietnam and Hong Kong. I think we have to set the scene, we have to put things in context first. As a matter of fact. I am sure you would agree that Hong Kong and Vietnam share very close ties both as a matter of history and also at present. Now we are in the beautiful city of Ho Chi Minh City. Ho Chi Minh is the founding father of Vietnam, and I am sure you would remember that Mr Ho Chi Minh actually founded the Communist Party of Vietnam in Hong Kong in the early 1930s. I had a very quick chat with Vice President Vo just a moment ago. He reminded me that in the last century, from the 60s, 70s, all the way up to 90s, a lot of trade concerning Vietnam actually went through Hong Kong for a lot of reasons. And then fast forward, what is the position as at today? At the moment, I think there are more than 7 000 Vietnamese settling in Hong Kong, because I attended the national day celebration held by the Consul-General of Vietnam last week, so I got all the figures. There are more than 7 000 Vietnamese settling in Hong Kong. We have a lot of good Vietnam restaurants. I like the pho and banh mi. But more than that, we have roads and streets in Hong Kong named after places in Vietnam. We have the Saigon Street, Hanoi Road, so on and so forth. Last October, the Hong Kong Government has relaxed some immigration regulations, and as a result, it is much easier and convenient for Vietnamese talent to come to work in Hong Kong. In addition, the criteria for taking multiple visas, either as tourists or on business, have also been relaxed. And a little bit closer to today, about two months ago, the Chief Executive of the Hong Kong Government came to Vietnam. I think he held a forum exactly in this particular venue. On that occasion, I was told that altogether 22 co-operation agreements have been signed between business people in Ho Chi Minh City and Hong Kong, covering a wide range of areas. And you look at the figures, look at the statistics, Vietnam is Hong Kong’s second-largest trading partner within ASEAN (Association of Southeast Asian Nations) countries. I don’t remember the exact figures, but the amount is huge. And in terms of direct investment in Vietnam, the Vice President also confirmed to me that Hong Kong ranks among the top five. So plainly, if you put the matter in context, the relationship between Vietnam and Hong Kong has always been very close. And we look to the future. The Permanent Deputy Prime Minister of Vietnam actually paid a visit to Hong Kong about two weeks ago to attend the Belt and Road Summit. And he gave a very inspiring speech touching upon the relationship between Vietnam and Hong Kong. He mentioned the development plan of “Two Corridors, One Belt”, which is a very important development plan of Vietnam. He said he is hoping that we can connect the Vietnamese “Two Corridors, One Belt” plan with the Belt and Road Initiative proposed by China. So these two plans actually can have a sort of very good synergy. So this is the background that I would like to remind ourselves. But still you might think, well, I haven’t answered the very pertinent question yet, because so far I did not mention the word “law” very often. So how is legal service, how are lawyers in Hong Kong relevant to what I have said to the future relationship between the jurisdictions? I think the answer must be obvious, because most of you are very successful, very influential business people in Vietnam, and most of you will be engaged in international commercial investment transactions. And you must recognise that no matter how much you hate lawyers, in particular the fees that they are charging you, lawyers are indispensable from the moment you decided to set up a business in a foreign place to the point you have to negotiate or conclude a contract with a foreign party; when it comes to how to manage your risk when you set up a business in a particular place, including: should I be concerned about the labour law there, tax or whatsoever; and in the im
portant event that you run into dispute with your business partner or other people that clearly you will require legal service to assist you to resolve dispute. So the point that I wish to make is that, in the whole business cycle, I would use the analogy “from cradle to grave” but need to be more precise in the context from the inception of a business to the termination, to the point when you rip your profit from your joint venture, at each and every stage, legal service would be indispensable. But that still doesn’t answer the question. Assuming legal service is indispensable, obviously you have to consider who should I instruct? Legal services of which jurisdiction would be to my advantage, would serve my best interest? Now, here comes the ultimate objective of today’s event. I am hoping that after four hours, you will be convinced that Hong Kong will be your best choice. I am not suggesting that Hong Kong is the only choice because the choice is yours, but I am assisting you to make an informed choice. We will be trying our best to persuade you that among all the options, Hong Kong is the best choice. Why? Because Hong Kong is a common law gateway for Vietnamese businesses to China and beyond. This is my short answer. We do have a long answer, but I am afraid that the long answer is not going to be given by me. It is going to be provided by my eminent friends coming from Hong Kong. They will speak from their own area of practices, from their experiences to substantiate the point that I wish to make. And of course, after they share their experiences and what they wish to tell you, at dinner time, I am hoping that most of you would join the dinner, I will have the chance to speak to you again, just to do my closing submission. I will wait for your verdict at the end of your dinner. On this note, I hope you all have a very enjoyable afternoon and a very fruitful afternoon. And I hope that I will be able to convince you, because the duty of a lawyer is to convince people. I will be failing my duty if I am unsuccessful in this respect. I need your support and I am very optimistic because I have very good friends with me doing the job together with me. Thank you very much.
FRISCO, TX, Sept. 24, 2024 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (NYSE:CRK) plans to release its third quarter 2024 results on October 30, 2024 after the market closes and host its quarterly conference call at 10:00 a.m. CT on October 31, 2024 to discuss the third quarter results.
Parties interested in participating in the conference call telephonically will need to register at https://register.vevent.com/register/BI25940ff3de024e45b06512519e9e6a64. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call.
A replay of the third quarter 2024 conference call will be available for twelve months beginning at 1:00 p.m. CT on October 31, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/27pqb8gi.
About Comstock Resources:
Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.
A slide show presentation on the financial results will be available on Comstock’s website at www.comstockresources.com. Click on “Quarterly Results” to view the slide show.
BOSTON, Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, Tyton Partners, a strategy consulting and investment banking firm focused on the education sector, unveiled Listening to Learners 2024: Stay Safe, Stay Informed: How Awareness of Support Services and Safety Relate to Re-enrollment, focusing on student learning outcomes. Following its widely cited debut last year, the second annual installment dives into the student perspective, linking it to institutional practices and technologies to spotlight impactful trends supporting student success in and outside the classroom.
With data from 3,000 higher education administrators, frontline advising staff, and students, Listening to Learners 2024 offers an in-depth analysis across six pivotal areas: Safety, Learner Awareness, Basic Needs Costs, Generative AI, Stopped-out Learners, and the Equity-Excellence Imperative. These areas are critical in understanding and bridging gaps between what students need to succeed and institutional efforts.
Safety Concerns: Although rarely discussed during advising sessions, students are four times more likely to want to discuss safety issues as a topic than advisors, highlighting a disconnect that impacts re-enrollment.
Learner Awareness: Only 54% of institutions effectively communicate available student support services, underscoring an awareness gap that could significantly boost retention and re-enrollment rates. This gap is larger for students with disabilities and online students.
Basic Needs Costs: 60% of students cite the cost of course materials as a crucial factor in course selection, stressing the financial burdens impacting their academic choices.
Generative AI: 50% of students would continue using generative AI tools even if banned, indicating robust student interest in these technologies.
Stopped-out Learners: FAFSA delays have had disproportional effects on re-enrolled learners’ decisions to re-enroll and potentially transfer to a different college or university
Equity-Excellence Imperative: Despite having a perspective on which student populations are most at risk, 54% of academic advisors don’t know if student utilization of support services is tracked by at-risk sub-populations (e.g., students who are working while in school or from rural areas), suggesting a lack of targeted support.
“At Tyton Partners, we believe deeply in the power of data to inform actionable insights,” said Catherine Shaw, Managing Director at Tyton Partners and lead author of Listening to Learners. “Through Listening to Learners, we aim to bridge the gap between student experiences and institutional strategies, fostering environments that support all aspects of student success, both in and outside the classroom.”
“This research underscores the urgent need for higher education to equip learners with the skills for a lifelong learning journey,” said Dr. Cristi Ford, Vice President of Academic Affairs at D2L. “As people live and work longer, the traditional three-stage model of education, employment, and retirement must transform into a continuous cycle of learning and earning.”
This year’s research, supported by the Bill & Melinda Gates Foundation, D2L, and Lumina Foundation, highlights the critical need for educational institutions to align more closely with student needs. By bridging this gap, we can not only enhance equity and effectiveness within the educational landscape but also pave the way for innovative practices that will shape the future of learning.
About Tyton Partners Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.
Acquisition of German HESA Solutions GmbH – MySchleppApp
Nextalia SGR and Alkemia Capital SGR lead the Series B round of the Italian scale-up in the digital motor assistance sector
MILAN, Sept. 24, 2024 (GLOBE NEWSWIRE) — hlpy, the leading Italian scale-up in full digital services for mobility and vehicle assistance, has successfully completed a capital raise of 18 millioneuros aimed at strengthening its growth process in major European markets and acquiring a leading operator in Germany in digital roadside assistance: HESASolutionsGmbH–MySchleppApp.
The operation was co-led by Nextalia SGR through the Nextalia Venture fund and the current partner Sinergia Venture Fund of Alkemia Capital SGR, with the participation of all major shareholders of hlpy, including TheTechshopSGR,CDPVentureCapital –fondoCorporatePartnersI,ServiceTech, and Simest. The Series B consists of 80% capital increase and 20% long-term financing provided by credit institutions.
Thanks to this financial injection, hlpy accelerates its international expansion plan and announces its first M&A operation in Europe with the acquisition of 100% of thecapital of HESA Solutions GmbH, commercially known as MySchleppApp, one of the leading digital roadside assistance companies in Germany and Austria, with annualgrowthratesexceeding130%.
The acquisition of MySchleppApp allows hlpy to consolidate its position as theprimary European operator of full-digital roadside assistance, offering its services not only in Italy, France, and Spain but also in Germany and Austria. These services include assistance, repair, and vehicle maintenance through the use of a software platform based on machine learning and artificial intelligence.
MySchleppApp delivers its services through a network of over 1,500 partners on the ground, with operations and a technology platform that integrate well with hlpy’s.
“This operation,” explained Valerio Chiaronzi, CEO of hlpy,“supported by leadinginvestors,strengthenshlpy’sleadershipintheEuropeanmarketfordigitalcarassistance.The capital increase reflects our shareholders’ confidence in hlpy’s growth path, whichrecorded a revenue increase of 157% in 2023 compared to 2022, and this year will alsogrowbytripledigits.Despiteexponentialorganicgrowth,wesawtheopportunitypresentedbyMySchleppAppastherightonetoseizetoenteranimportantmarketlike Germanyandclearlymarkourgrowthtrajectoryandfuture:tobecomealeaderinmobilityservices, redefining the rules and standards in roadside assistance, as well as in vehiclerepair and maintenance, without any geographical limits. We are excited to welcome theMySchleppAppteam,withwhomwehaveformedauniquesynergyfromdayone,thanksto shared corporate values, an operational model, and a technological approach alignedwithourvision.
“We also believe that the integration of our realities can bring concrete benefits to ourbusinesspartners–manyofwhomarecommonandcross-country–who,post-integration,willhaveaholisticviewoftheirvehiclesanddriversinmultiplecountries.”
“We are proud and excited to join the hlpy group,” added Santosh Satschdeva, CEOofHESASolutionsGmbH.“TheintegrationbetweenhlpyandMySchleppApprepresentsthe union of two of the most technologically advanced entities in the vehicle assistancesectorinEurope,withthecommongoalofprovidingourcommercialpartnersanddriverswith a superior customer experience, while also reducing operational costs and vehicledowntime. Together, we can expand a unique service model without any geographicalbarriers,acceleratingthegrowthofthenetworkandcustomerbase.”
hlpy was born in Milan in May 2020 with the aim of reinventing vehicle assistance. Thanks to its innovative digital platform, hlpy aims to create value for insurance companies, car manufacturers, rental companies, rescue operators, and, above all, to make the service more reliable and secure for end users.
HESA Solutions GmbH, with its brand MySchleppApp, was founded in Germany in 2016. The business focus is on roadside assistance and support in the event of vehicle breakdowns. MySchleppApp’s approximately 75 clients include automobile manufacturers, fleet managers, and leasing companies. Its strength lies in the fully digital management of rescue requests, with a highly efficient rescuer engagement process and short waiting times for customers.
Photos accompanying this announcement are available at:
SUFFOLK, Va. and MIDLOTHIAN, Va., Sept. 24, 2024 (GLOBE NEWSWIRE) — Hampton Roads based TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) (“Village”), the parent company of Village Bank, today announced the signing of a definitive agreement and plan of reorganization pursuant to which TowneBank will acquire Village and Village Bank. The proposed transaction will enhance TowneBank’s continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment.
“Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully enhancing our Richmond presence, which is core to our franchise and future growth.”
“We’re excited to partner with TowneBank,” said Jay Hendricks, President and Chief Executive Officer of Village. “This merger is not just a business decision but a strategic move to enhance the value we deliver to our customers. This partnership will give us the ability to continue to meet our customers’ banking needs with greater resources and products while providing increased opportunities for our employees.”
Based on financials reported as of June 30, 2024, the combined companies would have total assets of $17.8 billion, loans of $12.1 billion and deposits of $14.9 billion. Under the terms of the agreement, shareholders of Village will receive $80.25 per share in cash for each share of Village outstanding common stock. This corresponds to an aggregate transaction value of approximately $120.0 million, based on Village common stock currently outstanding.
TowneBank expects the transaction to be approximately 6% accretive to earnings per share with fully phased-in cost savings on a GAAP basis.
In consideration of the transaction, extensive due diligence was performed by the management teams of TowneBank and Village. The definitive agreement was approved by the boards of directors of TowneBank and Village. The transaction is expected to close in the first half of 2025 and is subject to customary conditions, including regulatory approval, as well as the approval of Village’s shareholders.
Piper Sandler & Co. served as the financial advisor and Troutman Pepper Hamilton Sanders LLP served as legal counsel to TowneBank in the transaction. Janney Montgomery Scott served as the financial advisor and Williams Mullen served as legal counsel to Village in the transaction.
About TowneBank: Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, the bank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. TowneBank offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.1 billion as of June 30, 2024, TowneBank is one of the largest banks headquartered in Virginia.
About Village Bank and Trust Financial Corp. Headquartered in Midlothian, Virginia, Village Bank and Trust Financial Corp. is the holding company for Village Bank. Village Bank was founded in 1999 and operates nine branch offices serving the greater Richmond Metropolitan area and Williamsburg, Virginia. Village Bank and Trust Financial Corp. had total assets of $747.7 million as of June 30, 2024. Additional information is available at the company’s website, http://www.villagebank.com.
Media contact: G. Robert Aston, Jr., Executive Chairman, TowneBank, 757-638-6780 William I. Foster III, Chief Executive Officer, TowneBank, 757-417-6482 James E. Hendricks Jr., Chief Executive Officer, Village Bank and Trust Financial Corp., 804-419-1253
Investor contact: William B. Littreal, Chief Financial Officer, TowneBank, 757-638-6813 Deborah M. Golding, Vice President, Village Bank and Trust Financial Corp., 804-897-3900
Cautionary Note Regarding Forward-Looking Statements This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and Village and their respective management teams regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of TowneBank and Village. Forward-looking statements may be identified by the use of such words as: “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional terms, such as “will,” “would,” “should,” “could,” “may,” “likely,” “probably,” or “possibly.” These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management, including statements about (i) the benefits of the transaction, including future financial and operating results, cost savings, enhancement to revenue and accretion to reported earnings that may be realized from the transaction and (ii) TowneBank’s and Village’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. In addition, these forward-looking statements are subject to various risks, uncertainties, estimates and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Although TowneBank’s and Village’s respective management teams believe that estimates and assumptions on which forward-looking statements are based are reasonable, such estimates and assumptions are inherently uncertain. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the business of Village and Village Bank may not be successfully integrated into TowneBank, or such integration may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the transaction may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating costs, customer losses and business disruption following the transaction, including adverse effects on relationships with employees and customers, may be greater than expected; (4) the regulatory approvals required for the transaction may not be obtained on the proposed terms or on the anticipated schedule; (5) the shareholders of Village may fail to approve the transaction; (6) economic, legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which TowneBank and Village are engaged; (7) competitive pressures in the banking industry that may increase significantly; (8) changes in the interest rate environment that may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; (9) an unforeseen outflow of cash or deposits or an inability to access the capital markets, which could jeopardize TowneBank’s or Village’s overall liquidity or capitalization; (10) changes in the creditworthiness of customers and the possible impairment of the collectability of loans; (11) insufficiency of TowneBank’s or Village’s allowance for credit losses due to market conditions, inflation, changing interest rates or other factors; (12) adverse developments in the financial industry generally, such as the recent bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior; (13) general economic conditions, either nationally or regionally, that may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; (14) weather-related or natural disasters, acts of war or terrorism, or public health events (such as the COVID-19 pandemic); (15) changes in the legislative or regulatory environment, including changes in accounting standards and tax laws, that may adversely affect TowneBank’s or Village’s businesses; (16) cybersecurity threats or attacks, whether directed at us or at vendors or other third parties with which we interact, the implementation of new technologies, and the ability to develop and maintain reliable electronic systems; (17) competitors may have greater financial resources and develop products that enable them to compete more successfully; (18) changes in business conditions; (19) changes in the securities market; and (20) changes in the local economies with regard to TowneBank’s and Village’s respective market areas.
Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in TowneBank’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Federal Deposit Corporation (“FDIC”) and Village’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the U.S. Securities and Exchange Commission (“SEC”). TowneBank and Village undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information This press release does not constitute a solicitation of any vote or approval. Village will deliver a definitive proxy statement to its shareholders seeking approval of the transaction and related matters. In addition, each of TowneBank and Village may file other relevant documents concerning the proposed transaction with the FDIC and SEC.
Investors, TowneBank shareholders and Village shareholders are strongly urged to read the definitive proxy statement regarding the proposed transaction when it becomes available and other relevant documents filed with the FDIC and SEC, as well as any amendments or supplements to those documents, because they will contain important information about TowneBank, Village and the proposed transaction. Free copies of the definitive proxy statement, as well as other filings containing information about Village, may be obtained after their filing at the SEC’s website (http://www.sec.gov). In addition, free copies of the definitive proxy statement, when available, also may be obtained by directing a request by telephone or mail to Village Bank and Trust Financial Corp., 13319 Midlothian Turnpike, Midlothian, Virginia 23113, Attention: Investor Relations (telephone: (804) 897-3900), or by accessing Village’s website at https://www.villagebank.com under “About Us Investor Relations.” The documents described above also may be obtained by directing a request by telephone or mail to TowneBank, 6001 Harbour View Boulevard, Suffolk, Virginia 23425, Attention: Investor Relations (telephone: (757) 638-6794), or by accessing TowneBank’s website at https://townebank.com under “Investor Relations.” The information on TowneBank’s and Village’s websites is not, and shall not be deemed to be, a part of this presentation or incorporated into other filings either company makes with the FDIC or SEC.
TowneBank, Village, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Village in connection with the proposed transaction. Information about the directors and executive officers of Village and other persons who may be deemed participants in the solicitation, including their interests in the transaction, will be included in the proxy statement when it becomes available. Information about TowneBank’s directors and executive officers can be found in TowneBank’s definitive proxy statement in connection with its 2024 annual meeting of shareholders, filed with the FDIC on April 11, 2024. Additional information about Village’s directors and executive officers can be found in Village’s definitive proxy statement in connection with its 2024 annual meeting of shareholders filed with the SEC on April 9, 2024. Free copies of each document may be obtained as described in the preceding paragraph.
Fort Lauderdale, Sept. 24, 2024 (GLOBE NEWSWIRE) — Cross Keys Capital, LLC, a leading independent investment banking firm providing M&A advisory services, is pleased to announce it acted as the exclusive financial advisor to Propel Engineering, a distinguished civil engineering firm based in West Palm Beach, FL, in its partnership with Traffic & Mobility Consultants (TMC), a portfolio company of Grovecourt Capital Partners.
Founded in 2013, Propel Engineering has built an impressive reputation for delivering high-quality civil engineering services, with a particular focus on highway design, traffic analysis, and structural design. The firm’s expertise in working with both public and private sector clients, including the Florida Department of Transportation (FDOT), aligns perfectly with TMC’s growth strategy and commitment to excellence in transportation engineering.
Traffic & Mobility Consultants is a Florida-based engineering company specializing in Transportation Planning and Traffic Engineering. Founded in 2012, TMC serves private clients and governmental agencies at the local, county, and state levels. TMC’s goal is to provide its clients with the highest quality services, offering innovative, strategic, and effective solutions for safe and efficient mobility.
Maj Alam, Founder and President of Propel Engineering, commented, “Over the past decade, Propel Engineering has established itself as a trusted partner in Florida’s transportation infrastructure development. By joining TMC, we’re not just combining our expertise – we’re amplifying our ability to deliver innovative solutions for complex engineering challenges. This partnership will allow us to take on larger, more impactful projects and contribute even more significantly to Florida’s rapidly evolving transportation landscape. We’re excited about the enhanced value we’ll bring to our clients and the new opportunities this creates for our talented team.”
Neil Dhruve, Director at Cross Keys Capital, shared his excitement, saying that “Working with Maj was an absolute pleasure, and we are excited to watch unfold all the incredible opportunities the combined companies are able to realize.”
The financial terms of the acquisition were not disclosed. Greenberg Traurig acted as legal advisor to TMC. Cross Keys Capital acted as M&A advisor to Propel, and De Biase | Alvarez acted as legal advisor to Propel Engineering
About Cross Keys Capital
Cross Keys Capital is a leading middle-market investment bank providing a full range of investment banking merger and acquisition advisory services to a variety of businesses.
This was Cross Keys’ 10th successful sell-side engagement completed in 2024.
Source: Africa Press Organisation – English (2) – Report:
NEW YORK, United States of America, September 24, 2024/APO Group/ —
The African Development Bank (www.AfDB.org) has urged Development Finance Institutions (DFIs) and other development partners to scale up innovative partnerships and initiatives to build peace and security in Africa, home to eleven of the world’s most conflict-affected states.
Marie-Laure Akin-Olugbade, African Development Bank Vice-President for Regional Development, Integration and Business Delivery Complex led the charge during a session held September 21, on the sidelines of the 79th Assembly of the United Nations titled: Investing in Prevention: Scaling up Peace – A Call to Action for DFIs.
Over the last 20 years, the level of global conflict has escalated, with one-fifth of Africa’s population residing in conflict affected areas, affecting the future of the world’s fastest-growing continent.
“Our goal today is very clear. We would like to mobilise institutions to prioritise peace building and through innovative partnerships and new financial mechanisms. This is a call for action.” Akin-Olugbade said in opening remarks.
The New Agenda for Peace, which is at center stage of the UN’s Summit of the Future, highlights how different actors, including DFIs can serve as peace agents, and emphasises the role of partnerships, especially in the context of fragile and conflict affected countries, urging increased political and financial mobilisation to prevent conflicts.
The effect of three decades of a devastating civil war in Mozambique are still evident, Amilcar Tivane, Mozambique’s Vice-Minister of Economy and Finance told participants, stressing the need for prevention.
The Mozambique government has learned innovative solutions to deal with the root causes of conflict and to address lingering security challenges in northern Mozambique such as terrorism and insurgency. What has worked is a resilience building strategy together with partnerships, Tivane said. The country is also launching a new initiative for peace for the reconstruction of affected tourism areas
« We have learned that prevention is critical, » he said. « Sometimes its difficult (for governments) to acknowledge that the social dimensions could have a significant impact.»
Issa Faye, Director General of the Islamic Development Bank ( IsDB) said his institution’s blend of ordinary and concessional financing has been key to the successful financial support for 32 fragile African countries out of the 52 they support.
The IsDB have aided thousands of refugees through programmes to address skills gap, training and education, combining economic empowerment and food security.
Faye underlined Islamic financing as a concept framing a lot of the institution’s programmes and stressed the need to find alternative financing which is dedicated, responsive and resilient.
Risk perception, another major constraint to financing peace initiatives in Africa, was the subject of Pradeep Kurukulasuriya, the Executive Secretary of the UN Capital Development Fund (UN CDF), submission. He offered a concrete example of successful de-risking of a peace initiative in Burundi.
« UN DCRF works to de-risk so that larger streams of finance can flow from the larger and more established institutions, » he said.
Since 2021, UNCDF has been working in collaboration with the UN Peacebuilding Fund and the Government of Burundi to address interconnected and transnational root-causes of instability and nature loss in the Kibara National Park and surrounding buffer zones. The joint initiative with several partners including UNESCO, uses a unique blended finance approach.
Peace finance needs new a lens
Itonde Kakoma, President of Interpeace said a new paradigm approach, which moved away from the donor focus and instead sees development partners investing in peace investment hubs and creating a pipeline of peace positive projects, is much needed.
He said the need to connect development finance and peace building while leveraging the private sector to build peace, safety and social cohesion between communities living in complex environments, was more imperative than ever.
« We have a conviction that the Sustainable Development Goals can be unlocked by peace finance, » Kakoma said.
Other participants such as Elizabeth Spehar, Assistant Secretary General, United Nations Peacebuilding Support stressed the importance of inclusion and the role of DFI’s such as the African Development Bank.
“We need the economic might of the DFI’s. We have to work on this together,” she said.
Spehar paid tribute to the African Development Bank which emphasizes peace and security as public goods in its new Ten-year strategy (2024-2033). The Bank’s joint pilot project in Central African Republic with UNHCR has the UN “working with communities on the peace part and the African Development Bank working on the employment part,” Spehar said.
The Bank has been on the forefront of systematically addressing issues of fragility in Africa and has built up over 20 years of experience in building Africa’s resilience by providing intellectual leadership and dedicated financial instruments, such as the Transition Support Facility, which mobilizes additional resources for affected countries. The Bank’s Private Sector Credit Enhancement Facility allows it to do more private investments in these riskier markets.
The audience also heard from the g7+, Asian Development Bank, Civil Society Platform for Peacebuilding and Statebuilding (CSPPS), the World Economic Forum (WEF), the Aswan Forum, UNHCR, and the African Union Peace Fund whose Director Dagmawit Moges spoke of the institution’s reforms and the importance of governance.
“We’ve gone beyond theory and talk. We at the African Development Bank are interested in strengthening partnerships. We are not going to work in silos. We are looking forward to continuing this discussion at COP 29 and at the Africa Resilience Forum next year,” Akin-Olugbade said.
This post originally appeared on theTransform with Google Cloud blog. It was first published April 12, 2024; last updated with new use cases September 24, 2024.
Since generative AI first captured the world’s attention, there’s been a vigorous discussion about what, exactly, the new technology is best used for. While we all enjoyed those early funny chats and witty limericks, we’ve quickly discovered that many of the biggest AI opportunities are clearly in the enterprise, government, and with exciting new companies.
When we first published this post during Google Cloud Next ‘24, we showcased 101 of the best use cases out of the hundreds featured across the event. Now, we’re adding another 84 to the list as customers across the globe continue to put generative AI to work.
[If you’ve visited this post in the past, you can find the newest use cases listed at the top of each section.]
In a matter of months, organizations have gone from AI helping answer questions, to AI making predictions, to generative AI agents. What makes AI agents unique is that they can take actions to achieve specific goals, whether that’s guiding a shopper to the perfect pair of shoes, helping an employee looking for the right health benefits, or supporting nursing staff with smoother patient hand-offs during shifts changes.
In our work with customers, we keep hearing that their teams are increasingly focused on improving productivity, automating processes, and modernizing the customer experience. These aims are now being achieved through the AI agents they’re developing in six key areas: customer service; employee empowerment; code creation; data analysis; cybersecurity; and creative ideation and production.
Hundreds of Google Cloud customers have now put AI agents and gen-AI solutions into production throughout their businesses and the world — with many seeing a tangible return on investment. They have come to rely on Google Cloud technologies that include our AI infrastructure, Gemini models, Vertex AI platform, Google Workspace, and Google Distributed Cloud.
Here’s a snapshot of how 185 of these industry leaders are putting AI to use today, creating real-world use cases that will transform tomorrow.
Customer agents
Similar to great sales and service people, customer agents are able to listen carefully, understand your needs, and recommend the right products and services. They work seamlessly across channels including the web, mobile, and point of sale, and can be integrated into product experiences with voice and video.
1.Alaska Airlines is developing natural language search, providing travelers with a conversational experience powered by AI that’s akin to interacting with a knowledgeable travel agent. This chatbot aims to streamline travel booking, enhance customer experience, and reinforce brand identity.
2. Bennie Health uses Vertex AI to power its innovative employee health benefits platform, providing actionable insights and streamlining data management in order to enhance efficiency and decision-making for employees and HR teams.
3. Beyond 12, a tech-enabled nonprofit focused on student empowerment, has developed an AI-powered college coach to offer scalable coaching to first-generation students that’s available over text, app, and the web.
4. CareerVillage is building an app called Coach to empower job seekers, especially underrepresented youth, in their career preparedness; already featuring 35 career development activities, the aim is to have more than 100 by next year.
5. Character.ai built its realistic conversational chat platform using the full stack of Google Cloud AI services, including for model training and daily operations, allowing it to manage terabytes of conversations each day without interruption.
6. Click Therapeutics develops prescription digital therapeutics designed to treat disease. Its Clinical Operations team leverages Gemini for Google Workspace to transform complex operations data into actionable insights, so they can quickly pinpoint ways to streamline the patient experience in clinical trials.
7. Formula E can now summarize a two-hour long race commentary into a 2-minute podcast in any language, incorporating driver data and ongoing seasonal storylines.
8. General Motors’ OnStar has been augmented with new AI features, including a virtual assistant powered by Google Cloud’s conversational AI technologies that are better able to recognize the speaker’s intent.
9. Gojek, an Indonesia-based super app, launched “Dira by GoTo AI,” a Bahasa Indonesia AI-powered voice assistant integrated into their GoPay service, allowing customers to use voice command to eliminate typing and scrolling, and complete tasks like bill payments and money transfers with fewer steps.
10. GroupBy, an ecommerce service provider, developed an AI-first Search and Discovery Platform powered by Vertex AI Search for Retail. This solution is meticulously designed to optimize revenue, strengthen brand loyalty, and drive sales growth for B2C and B2B retailers.
11. Hotelplan Suisse built a chatbot trained on the business’s travel expertise to answer customer inquiries in real-time, and, following that success, it plans to use gen AI to create travel content.
12. Justicia Lab is developing an AI-powered assistant that will simplify legal processes for asylum seekers and immigrants; by uploading a picture from a legal letter or document, users can extract valuable information and then receive personalized guidance and next steps.
13. Mercado Libre has incorporated semantic search into its digital shopping platforms, using AI embeddings from the Vertex AI Agent Builder, which greatly improved product recommendations and discoverability for more than 200 million consumers across Latin America.
14. Motorola’s Moto AI leverages Gemini and Imagen to help smartphone users unlock new levels of productivity, creativity, and enjoyment with features such as conversation summaries, notification digests, image creation, and natural language search — all with reliable responses grounded in Google Search.
15. mRelief has built an SMS-accessible AI chatbot to simplify the application process for the SNAP food assistance program in the U.S., featuring easy-to-understand eligibility information and direct assistance within minutes rather than days.
16. Personal AI offers a “personal language model” using only the data of one individual or brand and allowing them to control and own how it is used. Built on your own data, facts, and opinions, it creates a responsive and interactive messaging experience that helps people be more productive and deepen relationships.
17. PODS worked with the advertising agency Tombras to create the “World’s Smartest Billboard” using Gemini — a campaign on its trucks that could adapt to each neighborhood in New York City, changing in real-time based on data. It hit all 299 neighborhoods in just 29 hours, creating more than 6,000 unique headlines.
18. Quora developed Poe, its own generative AI platform for people to discover and chat with AI-powered bots, including Gemini, Anthropic’s Claude, Meta’s Llama, and Mistral’s Large 2 — many of which are hosted on Google Cloud’s purpose-built AI infrastructure.
19. ScottsMiracle-Gro built an AI agent on Vertex AI to provide tailored gardening advice and product recommendations for consumers.
20. Snap has deployed the multimodal capability of Gemini within its “My AI” chatbot and has since seen over 2.5-times as much engagement within Snapping to My AI in the United States.
21. Tabiya has built a conversational interface, Compass, that helps young people find employment opportunities; the platform asks questions and requests information, drawing out skills and experiences and matching those to appropriate roles.
22. Telecom Italia (TIM) implemented a Google-powered voice agent to address many customer calls, increasing efficiency by 20%.
23. UPS Capital launched DeliveryDefense Address Confidence, which uses machine learning and UPS data to provide a confidence score for shippers to help them determine the likelihood of a successful delivery.
24. Volkswagen of America built a virtual assistant in the myVW app, where drivers can explore their owners’ manuals and ask questions, such as, “How do I change a flat tire?” or “What does this digital cockpit indicator light mean?” Users can also use Gemini’s multimodal capabilities to see helpful information and context on indicator lights simply by pointing their smartphone cameras at the dashboard.
25. ADT is building a customer agent to help its millions of customers select, order, and set up their home security.
26. Alaska Airlines is developing a personalized travel search experience using advanced AI techniques, creating hyper-personalized recommendations that engage customers early and foster loyalty through AI-generated content.
27. Best Buy is using Gemini to launch a generative AI-powered virtual assistant this summer that can troubleshoot product issues, reschedule order deliveries, manage Geek Squad subscriptions, and more; in-store and digital customer-service associates are also gaining gen-AI tools to better serve customers anywhere they need help.
28. The Central Texas Regional Mobility Authority is using Vertex AI to modernize transportation operations for a smoother, more efficient journey.
29. Etsy uses Vertex AI training to optimize their search recommendations and ads models, delivering better listing suggestions to buyers and helping sellers grow their businesses.
30. IHG Hotels & Resorts is building a generative AI-powered chatbot to help guests easily plan their next vacation directly in the IHG One Rewards mobile app.
31. ING Bank aims to offer a superior customer experience and has developed a gen-AI chatbot for workers to enhance self-service capabilities and improve answer quality on customer queries.
32. Magalu, one of Brazil’s largest retailers, has put customer service at the center of its AI strategy, including using Vertex AI to create “Lu’s Brain” to power an interactive conversational agent for Lu, Magalu’s popular brand persona (the 3D bot has more than 14 million followers between TikTok and Instagram).
33. Mercedes Benz will infuse e-commerce capabilities into its online storefront with a gen AI-powered smart sales assistant. Mercedes also plans to expand its use of Google Cloud AI in its call centers and is using Vertex AI and Gemini to personalize marketing campaigns.
34. Oppo/OnePlus is incorporating Gemini models and Google Cloud AI into their phones to deliver innovative customer experiences, including news and audio recording summaries, AI toolbox, and more.
35. Samsung is deploying Gemini Pro and Imagen 2 to their Galaxy S24 smartphones so users can take advantage of amazing features like text summarization, organization, and magical image editing.
36. The Minnesota Division of Driver and Vehicle Services helps non-English speakers get licenses and other services with two-way real-time translation.
37. Pepperdine University has students and faculty who speak many languages, and with Gemini in Google Meet, they can benefit from real-time translated captioning and notes.
38. Sutherland, a leading digital transformation company, is focused on bringing together human expertise and AI, including boosting its client-facing teams by automatically surfacing suggested responses and automating insights in real time.
39. Target uses Google Cloud to power AI solutions on the Target app and Target.com, including personalized Target Circle offers and Starbucks at Drive Up, their curbside pickup solution.
40. Tokopedia, an Indonesian ecommerce leader, is using Vertex AI to improve data quality, increasing unique products being sold by 5%.
41. US News saw a double-digit impact in key metrics like click-through rate, time spent on page, and traffic volume to its pages after implementing Vertex AI Search.
42-45. IntesaSanpaolo, MacquarieBank, and Scotiabank are exploring the potential of gen AI to transform the way we live, work, bank, and invest — particularly how the new technology can boost productivity and operational efficiency in banking.
Employee agents
Employee agents help workers be more productive and collaborate better together. These agents can streamline processes, manage repetitive tasks, answer employee questions, as well as edit and translate critical communications.
46. 2bots offers technology solutions, such as chatbots and virtual agents, built with Google Cloud’s AI solutions; these intelligent chatbots and content generation tools are transforming the way companies interact with their customers.
47. Augment is building an AI personal assistant that offers enhanced note-taking and collects information across your apps, including calendar, email, texts, and social media, so users can more quickly and easily find personal information and keep their lives organized.
48. Bayes Impact builds AI products to support nonprofits, and its flagship product, CaseAI, is a digital case manager that integrates with an NGO’s current system to add smart features to draft action plans tailored to a beneficiary’s unique history; caseworkers have saved 25 hours of work per week on average.
49. Bell Canada has built customizable contact center solutions for its business customers that offer AI-powered agents to address callers, and Agent Assist, which listens when a human agent is on, offering suggestions and sentiment analysis. AI has contributed $20 million in savings across customer operations.
50. Best Buy can generate conversation summaries in real time using Contact Center AI, allowing live agents to give their full attention to understanding and supporting customers, resulting in a 30-to-90-second reduction in average call time and after-call work. Both customers and agents have cited improved satisfaction.
51. Camanchaca, a Chilean seafood company, took only six weeks to develop Elon, a virtual assistant that aims to provide more efficient customer service through digital channels, enhancing Camanchaca’s customer interactions.
52. Certify OS is automating credentialing, licensing, and monitoring of medical providers for healthcare networks, relieving the burden of time-consuming and often siloed information.
53. Mark Cuban’s Cost Plus Drugs widely uses Gemini for Google Workspace, estimating that employees are saving an average five hours per week just with AI capabilities in Gmail. Gemini is also streamlining time-consuming, manual processes through uses like AI-generated transcriptions and auto-formatting of pharmaceutical lab results or FDA compliance documentation.
54. Dun & Bradstreet built an email-generation tool with Gemini that helps sellers create tailored, personalized communications to prospects and customers for its research services. The company also developed intelligent search capabilities to help users with complex queries like, “Find me all the companies in this area with a high ESG rating.”
55. England’s Football Association is training Vertex AI on the FA’s historical and current scouting reports so they can be transformed into concise summaries, helping national teams discover future talent.
56. Fireflies.ai can transcribe, summarize, and analyze meetings, recordings, and other voice conversations to save time and improve collaboration and information sharing across teams.
57. Fluna, a Pan-African digital services company, has automated the analysis and drafting of legal agreements using Vertex AI, Document AI, and Gemini 1.5 Pro, achieving an accuracy of 92% in data extraction while ensuring security and reliability for sensitive information.
58. Hemominas, Brazil’s largest blood bank, partnered with Xertica to develop an omnichannel chatbot for donor search and scheduling, streamlining processes and enhancing efficiency. The AI solution has the potential to save half-a-million lives annually by attracting more donors and optimizing blood supply management.
59. Hiscox used BigQuery and Vertex AI to create the first AI-enhanced lead underwriting model for insurers, automating and accelerating the quoting for complex risks from three days down to a few minutes.
60. LiveX AI delivers AI Agents that swiftly enhance product education, boost customer conversion, reduce churn, and provide personalized customer support, with the goal of offering everyone a seamless VIP experience across their customer journey.
61. Opportunity@Work is applying gen AI to scale a suite of software tools and APIs that help employers identify “STAR” job candidates — “skilled through alternative routes” such as community college, military service, and on-the-job experience — helping fill roles in a tight market and expand opportunities.
62. QuantumMetric has introduced Felix AI, powered by Gemini Pro, to simplify digital analytics and decision making. Felix AI automatically summarizes a user’s web or mobile session and consolidates the moments that matter most into short, readable summaries for customer service workers.
63. Randstad, a large HR services and talent provider, is using Gemini for Workspace across its organization to transform its work culture, leading to a more culturally diverse and inclusive workplace that’s seen a double-digit reduction in sick days.
64. Sprinklr built Sprinklr AI+ into its unified customer experience management platform, giving brands gen-AI capabilities for customer service, insights, social media management, and marketing that has enterprise-grade governance, security, and data privacy built-in.
65. Thomson Reuters added Gemini Pro to its suite of large language models approved for employee use; with its 2-million-token context window, Gemini makes some tasks as much as 10-times faster to process and can process entire documents in context.
66. Warner Bros. Discovery built an AI captioning tool with Vertex AI and saw a 50% reduction in overall costs, and an 80% reduction in the time it takes to manually caption a file without the use of machine learning.
67. The U.S. Air Force built a new proof-of-concept portal for searching, browsing, and reading e-published PDFs — all within a 90-day deadline that leveraged the prebuilt tools and speed of Vertex AI Search and Conversation.
68. Avery Dennison empowered their employees with generative AI to enable secure, flexible, and borderless collaboration for enhanced productivity to drive growth.
69. Bank of New York Mellon built a virtual assistant to help employees find relevant information and answers to their questions.
70. Bayer is building a radiology platform that will assist radiologists with data analysis, intelligent search, and to create documents that meet healthcare requirements needed for regulatory approval. The bioscience company is also harnessing BigQuery and Vertex AI to develop additional digital medical solutions and drugs more efficiently.
71. Bristol Myers Squibb is transforming its document processes for clinical trials using Vertex AI and Google Workspace. Now, documentation that took scientists weeks now gets to a first draft in minutes.
72. BenchSci develops generative AI solutions empowering scientists to understand complex connections in biological research, saving them time and financial resources and ultimately bringing new medicine to patients faster.
73. Cintas is using Vertex AI Search to develop an internal knowledge center for customer service and sales teams to easily find key information.
74. Covered California, the state’s healthcare marketplace, is using Document AI to help improve the consumer and employee experience by automating parts of the documentation and verification process when residents apply for coverage.
75. Dasa, the largest medical diagnostics company in Brazil, is helping physicians detect relevant findings in test results more quickly.
76. DaVita leverages DocAI and Healthcare NLP to transform kidney care, including analyzing medical records, uncovering critical patient insights, and reducing errors. AI enables physicians to focus on personalized care, resulting in significant improvements in healthcare delivery.
77. Discover Financial helps their 10,000 contact center representatives to search and synthesize information across detailed policies and procedures during calls.
78. HCA Healthcare is testing Cati, a virtual AI caregiver assistant that helps to ensure continuity of care when one caregiver shift ends and another begins. They are also using gen AI to improve workflows on time-consuming tasks, such as clinical documentation, so physicians and nurses can focus more on patient care.
79. The Home Depot has built an application called Sidekick, which helps store associates manage inventory and keep shelves stocked; notably, vision models help associates prioritize which actions to take.
80. Los Angeles Rams are utilizing AI across the board from content analysis to player scouting.
81. McDonald’s will leverage data, AI, and edge technologies across its thousands of restaurants to implement innovation faster and to enhance employee and customer experiences.
82. Pennymac, a leading US-based national mortgage lender, is using Gemini across several teams including HR, where Gemini in Docs, Sheets, Slides and Gmail is helping them accelerate recruiting, hiring, and new employee onboarding.
83. Robert Bosch, the world’s largest automotive supplier, revolutionizes marketing through gen AI-powered solutions, streamlining processes, optimizing resource allocation, and maximizing efficiency across 100+ decentralized departments.
84. Symphony, the communications platform for the financial services industry, uses Vertex AI to help finance and trading teams collaborate across multiple asset classes.
85. Uber is using AI agents to help employees be more productive, save time, and be even more effective at work. For customer service representatives, they’ve launched new tools that summarize communications with users and can even surface context from previous interactions, so front-line staff can be more helpful and effective.
86. The U.S. Dept. of Veterans Affairs is using AI at the edge to improve cancer detection for service members and veterans. The Augmented Reality Microscope (ARM) is deployed at remote military treatment facilities around the world. The prototype device is helping pathologists find cancer faster and with better accuracy.
87. The U.S. Patent and Trademark Office has improved the quality and efficiency of their patent and trademark examination process by implementing AI-driven technologies.
88. Verizon is using generative AI to help teams in network operations and customer experience get the answers they need faster.
89. Victoria’s Secret is testing AI-powered agents to help their in-store associates find information about product availability, inventory, and fitting and sizing tips, so they can better tailor recommendations to customers.
90. Vodafone uses Vertex AI to search and understand specific commercial terms and conditions across more than 10,000 contracts with more than 800 communications operators
91. WellSky is integrating Google Cloud’s healthcare and Vertex AI capabilities to reduce the time spent completing documentation outside work hours.
92. Woolworths, the leading retailer in Australia, boosts employees’ confidence in communications with “Help me write” across Google Workspace products for more than 10,000 administrative employees. It’s also using Gemini to create next-generation promotions, as well as for quickly assisting customer service reps in summarizing all previous customer interactions in real time.
93-97. Box, Typeface, Glean, CitiBank, and Securiti AI discuss developing AI-powered apps across the enterprise, with measurable returns on investment for marketing, financial services, and HR use cases.
98-99. Highmark Health and Freenome join Bristol Myers Squibb to explore how AI can improve efficiency and innovation across care delivery, drug discovery, clinical trial planning, and bringing medicines to market.
Code agents
Code agents are helping developers and product teams to design, create, and operate applications faster and better, and to ramp up on new languages and code bases. Many organizations are already seeing double-digit gains in productivity, leading to faster deployment and cleaner, clearer code.
100. Labelbox has built a fully managed AI model evaluation solution directly integrated into the Vertex AI platform, allowing Google Cloud users to seamlessly launch human evaluation jobs and set specific criteria for evaluation, such as question-answering and summarization; this eases and accelerates the ability to deploy human-in-the-loop AI systems with higher levels of trust and authority.
101. Leroy Merlin, a global home improvement retailer, developed its Pull Request Analyzer using Vertex AI. This generative AI solution summarizes code changes, helping developers understand projects faster and improve code review efficiency.
102. Linear, a product development platform, built Similar Issues, a feature that uses AI to detect and prevent duplicate or overlapping tickets and ensures cleaner and more accurate data representation.
103. Magic is building a developer platform with a 100-million-token context window, so organizations can upload extremely large code bases and more easily query and build on them using gen AI assistance.
104. Pinecone provides infrastructure for developers to build accurate, secure, and scalable AI applications, allowing companies to easily ground gen AI apps in their proprietary data for use in AI search, retrieval-augmented generation, coding agents, and more.
105. Regnology built its Ticket-to-Code Writer tool with Gemini 1.5 Pro to automate the conversion of bug tickets into actionable code, significantly streamlining the software development process.
106. Weights & Biases, a creator of AI tools for developers, created W&B Weave, a lightweight toolkit to track, evaluate, and debug gen AI applications built with Gemini, so teams can confidently go from demo to production.
107. Capgemini has been using Code Assist to improve software engineering productivity, quality, security, and developer experience, with early results showing workload gains for coding and more stable code quality.
108. Commerzbank is enhancing developer efficiency through Code Assist’s robust security and compliance features.
109. Quantiphi saw developer productivity gains of more than 30% during their Code Assist pilot.
110. Replit developers will get access to Google Cloud infrastructure, services, and foundation models via Ghostwriter, Replit’s software development AI, while Google Cloud and Workspace developers will get access to Replit’s collaborative code editing platform.
111. Seattle Children’s hospital is using AI to boost data engineering productivity and accelerate development.
112. Turing is customizing Gemini Code Assist on their private codebase, empowering their developers with highly personalized and contextually relevant coding suggestions that have increased productivity around 30 percent and made day-to-day coding more enjoyable.
113. Wayfair piloted Code Assist, and those developers with the code agent were able to set up their environments 55 percent faster than before, there was a 48 percent increase in code performance during unit testing, and 60 percent of developers reported that they were able to focus on more satisfying work.
Data agents
Data agents are like having knowledgeable data analysts and researchers at your fingertips. They can help answer questions about internal and external sources, synthesize research, develop new models — and, best of all, help find the questions we haven’t even thought to ask yet, and then help get the answers.
114. 180Seguros is powering its data management platform for employees with Google Cloud AI and BigQuery to improve operational metric tracking, allowing for 3X faster query times.
115. Addy AI is helping mortgage lenders and banks automate their lending processes with custom AI models trained on Vertex AI. For example, the platform can extract loan opportunity details from lengthy email threads with numerous attachments.
116. Bayer Crop Science has developed Climate FieldView, a comprehensive agricultural platform with more than 250 layers of data and billions of data points; AI-powered recommendations allow farmers to design and monitor their fields for greater yields and efficient fertilization, with the added benefit of reduced carbon emissions.
117. CME Group is building a first-of-its-kind cloud-based commodities trading platform with AI tools built-in, offering CME’s trading customers access to deeper insights and smarter trades as well as rapid experimentation on new trading strategies that won’t interrupt existing trade flows.
118. Digits is developing next-gen accounting software for startups and small businesses; using AI-driven bookkeeping, expense management, and financial analysis, Digits enables business owners to achieve financial clarity and focus on growth.
119. Elanco, a leader in animal health, has implemented a gen AI framework supporting critical business processes, such as Pharmacovigilance, Customer Orders, and Clinical Insights. The framework, powered by Vertex AI and Gemini, has resulted in an estimated ROI of $1.9 million since launching last year.
120. Full Fact, a UK-based nonprofit working in 18 countries to combat misinformation, is now using gen AI to actively monitor stories so its 30 fact-checking partner organizations can focus on addressing specific claims and harmful information.
121. Fullstory, a digital behavioral data platform, is building the ability to analyze and summarize user behavior on a site to create more informed and enriching chatbot experiences; responses are more relevant and accurate, ultimately improving virtual agent performance and customer experience
122. GamudaBerhad, a Malaysian infrastructure and property management company, has integrated a Gemini-powered conversational agent into its cloud-based Tunnel Insight platform, providing faster information and insights during construction projects.
123. IntelligenciaAI is using AI models to research novel new drugs, relying on Google Cloud’s AI-optimized infrastructure to deliver scalable research that is accurate and transparent to meet the stringent needs of medicine.
124. IPRally built a custom machine-learning platform that uses natural language processing on the text of more than 120 million global patent documents, creating an accurate, easily searchable database that adds more than 200,000 new sources a week.
125. Ipsos built a data analysis tool for its teams of market researchers, eliminating the need for time-consuming requests to data analysts, which is powered by Gemini 1.5 Pro and Flash models as well as Grounding with Google Search to enhance real-world accuracy from contemporaneous Search information.
126. Materiom, a startup researching zero-waste, bio-based alternatives to fossil-fuel-made products like plastics, is creating a gen AI tool that enables entrepreneurs to develop novel compostable materials with broad applications; AI offers faster research and information gathering to speed up the development process.
127. Mendel has built a clinical AI system designed to break down the longstanding silos in medical data, boosting accuracy, accessibility, and ultimately patient health outcomes.
128. NeuroPace, a medical device company, built a solution to quickly identify effective epilepsy treatment options best suited to different patients; by analyzing brainwave patterns, it can find similar patients and apply successful therapies, streamlining personalized care.
129. NotCo, a Chilean food tech company, partnered with Eleven Solutions to develop a conversational AI chatbot powered by Gemini; the chatbot has revolutionized data access, allowing employees to instantly query their SAP system and gain real-time insights for faster, data-driven decision-making.
130. SURA Investments, the largest asset manager in Latin America, developed an AI-based analysis model for employees that allows them to better understand customer needs and improve customer experience and satisfaction.
131. AI21 Labs offers a BigQuery integration called Contextual Answers that allows users to query data conversationally and get high-quality answers quickly.
132. Anthropic has partnered with Google Cloud to offer its family of Claude 3 models on Vertex AI — providing organizations with more model options for intelligence, speed, cost-efficiency, and vision for enterprise use cases.
133. The Asteroid Institute is using AI to discover hidden asteroids in existing astronomical data. This is a major focus for astronomers researching the evolution of the Solar System, investors and businesses hoping to fly missions to asteroids, and for all of us who want to prevent future large asteroid impacts on Earth.
134. Contextual is working with Google Cloud to offer enterprises fully customizable, trustworthy, privacy-aware AI grounded in internal knowledge bases.
135. Cox 2M, the commercial IoT division of Cox Communications, is able to make smarter, faster business decisions using AI-powered analytics.
136. Essential AI, a developer of enterprise AI solutions, is using Google Cloud’s AI-optimized TPU v5p accelerator chips to train its own AI models.
137. Generali Italia, Italy’s largest insurance provider, used Vertex AI to build a model evaluation pipeline that helps ML teams quickly evaluate performance and deploy models.
138. Globo, one of Brazil’s largest media networks, is using Service Extensions and Media CDN to fight piracy during live events by blocking pirated streams in real time.
139. Golden State Warriors are using AI to improve the fan experience content in their Chase Center app.
140. Hugging Face is collaborating with Google across open science, open source, cloud, and hardware to enable companies to build their own AI with the latest open models from Hugging Face and Google Cloud hardware and software.
141. Kakao Brain, part of Korean technology company Kakao Group, has built a large-scale AI language model that is the largest Korean language-specific LLM in the market, with 66 billion parameters. They’ve also developed a text-to-image generator called Karlo.
142. Mayo Clinic has given thousands of its scientific researchers access to 50 petabytes worth of clinical data through Vertex AI search, accelerating information retrieval across multiple languages.
143. McLaren Racing is using Google AI to get up-to-the-millisecond insights during races and training to gain a competitive edge.
144. Mercado Libre is testing BigQuery and Looker to optimize capacity planning and reservations with delivery carriers and airlines to fulfill shipments faster.
145. Mistral AI will use Google Cloud’s AI-optimized infrastructure, to further test, build, and scale up its LLMs, all while benefiting from Google Cloud’s security and privacy standards.
146. MSCI uses machine learning with Vertex AI, BigQuery and Cloud Run to enrich its datasets to help our clients gain insight into around 1 million asset locations to help manage climate-related risks.
147. NewsCorp is using Vertex AI to help search data across 30,000 sources and 2.5 billion news articles updated daily.
148. Orange operates in 26 countries where local data must be kept in each country. They are using AI on Google Distributed Cloud to improve network performance and deliver super-responsive translation capabilities.
149. Spotify leveraged Dataflow for large-scale generation of ML podcast previews, and they plan to keep pushing the boundaries of what’s possible with data engineering and data science to build better experiences for their customers and creators.
150. UPS is building a digital twin of its entire distribution network, so both workers and customers can see where their packages are at any time.
151. Workday is using natural language processing in Vertex Search and Conversation to make data insights more accessible for technical and non-technical users alike.
152. Woven — Toyota‘s investment in the future of mobility — is partnering with Google to leverage vast amounts of data and AI to enable autonomous driving, supported by thousands of ML workloads on Google Cloud’s AI Hypercomputer. This has resulted in resulting in 50% total-cost-of-ownership savings to support automated driving.
152-153. Broward County, Florida, and Southern California Edison are using geospatial capabilities and AI to improve infrastructure planning and monitoring, generate new insights, and create regional resilience for communities facing climate challenges today and tomorrow.
154-155. Kinaxis and Dematic are building data-driven supply chains to address logistics use cases including scenario modeling, planning, operations management, and automation.
156-157. NOAA and USAID are among the U.S. government agencies using Google Cloud AI to unlock critical data insights to streamline operations and improve mission outcomes — all with an emphasis on responsible AI.
Security agents
Security agents assist security operations by radically increasing the speed of investigations, automating monitoring and response for greater vigilance and compliance controls. They can also help guard data and models from cyberattacks, such as malicious prompt injection.
158. Apex Fintech is using Gemini in Security to accelerate the writing of complex threat detections from hours to a matter of seconds.
159. Exabeam has built a generative AI copilot for security analysts into its New-Scale Security Operations Platform.
160. Fiserv, a developer of financial services technology, can now summarize threats, find answers, and detect, validate, and respond to security events faster with the Gemini in Security Operations platform.
161. NetRise developed Trace to provide software supply chain security by introducing AI-powered intent-driven searches; these allow users to search their assets based on the underlying motives or purposes behind the code and configurations, rather than solely relying on signature-based methods.
162. Palo Alto Networks is using Gemini to create a grounded AI assistant for 24/7 security platform support in order to improve agent efficiency and response time; grounding the assistant in organizational data and security protocols has greatly improved the accuracy of responses.
163. BBVA uses AI in Google SecOps to detect, investigate, and respond to security threats with more accuracy, speed, and scale. The platform now surfaces critical security data in seconds, when it previously took minutes or even hours, and delivers highly automated responses.
164. Behavox is using Google Cloud technology and LLMs to provide industry leading regulatory compliance and front office solutions for financial institutions globally.
165. Charles Schwab has integrated their own intelligence into the AI-powered Google SecOps, so analysts can better prioritize work and respond to threats.
166. Fiserv’s security operations engineers create detections and playbooks with much less effort, while analysts get answers more quickly.
167. Grupo Boticário, one of the largest beauty retail and cosmetics companies in Brazil, employs real-time security models to prevent fraud and to detect and respond to issues.
168. Palo Alto Networks’ Cortex XSIAM, the AI-driven security operations platform, is built on more than a decade of expertise in machine-learning models and the most comprehensive, rich, and diverse data store in the industry. Backed by Google’s advanced cloud infrastructure and advanced AI services, including BigQuery and Gemini models, the combination delivers global scale and near real-time protection across all cybersecurity offerings.
169. Pfizer can now aggregate cybersecurity data sources, cutting analysis times from days to seconds.
Creative agents
Creative agents can expand your organization with the best design and production skills, working across images, slides, and exploring concepts with workers. Many organizations are building agents for their marketing teams, audio and video production teams, and all the creative people that can use a hand. With creative agents, anyone can become a designer, artist, or producer.
170. AdoreMe marketers write differentiated product descriptions in one hour, a tedious task which used to take 30-40 hours a month thanks to Gemini for Google Workspace.
171. Globo, the largest media group in Latin America, is using Google Cloud’s AI to hyper-personalize content for its streaming users, and create a better experience for spectators.
172. Higgsfield.ai built a number of text-to-video apps for consumers, including Diffuse 2.0, which can combine users photos, videos, and texts through AI models to create more realistic avatars.
173. Jasper trains its suite of creativity-, writing-, and marketing-focused AI models on Google’s AI infrastructure, delivering on-brand, data-optimized assets faster and at scale to teams large and small.
174. Puma is using Imagen to customize product photos on its website, saving time and ensuring they are locally relevant across markets; PUMA India has already seen a 10% increase in click through rate.
175. RadissonHotel Group personalized its advertising at scale in collaboration with Accenture and using Vertex AI and Gemini models, training them on extensive datasets stored in BigQuery; ad teams saw productivity rise around 50% while revenue increased from AI-powered campaigns by more than 20%
176. SquareEnix is using customer data to develop AI-optimized marketing assets to keep its gamers engaged, sharing personalized emails suited to each player’s preferences, leading to a 20% increase in email opens and a 10% increased retention rate.
177. Urmobo, a mobile-device management platform, created a virtual agent, Odin, that significantly improved user experience and reduced support tickets by enabling clients to interact with the platform using natural language.
178. The World Bank is developing a tool to extract key information from research literature on the causal impact of development interventions, with the ultimate goal to empower decision-makers to allocate the $220B in annual aid and trillions in annual impact investing more effectively.
179. Belk ECommerce is using generative AI to craft better product descriptions, a necessary yet time-consuming task for digital retails that has often been done manually.
180. Canva is using Vertex AI to power its Magic Design for Video, helping users skip tedious editing steps while creating shareable and engaging videos in a matter of seconds.
181. Carrefour used Vertex AI to deploy Carrefour Marketing Studio in just five weeks — an innovative solution to streamline the creation of dynamic campaigns across various social networks. In just a few clicks, marketers can build ultra-personalized campaigns to deliver customers advertising that they care about.
182. Major League Baseball continues to innovate its Statcast platform, so teams, broadcasters, and fans have access to live in-game insights.
183. Paramount currently relies on manual processes to create the essential metadata and video summaries used across its Paramount+ platform for showcasing content and creating personalized experiences for viewers. VertexAI Text Bison is now helping to streamline this process.
184. Procter & Gamble used Imagen to develop an internal gen AI platform to accelerate the creation of photo-realistic images and creative assets, giving marketing teams more time to focus on high-level planning and delivering superior experiences for its consumers.
185. WPP will integrate Google Cloud’s gen AI capabilities into its intelligent marketing operating system, called WPP Open, which empowers its people and clients to deliver new levels of personalization, creativity, and efficiency. This includes the use of Gemini 1.5 Pro models to supercharge both the accuracy and speed of content performance predictions.
To find even more customers using our AI tools to build agents and solutions for their most important enterprise projects, visit the Google Cloud customer hub.
Sri Lanka has sworn in 55-year-old leftist politician Anura Kumara Dissanayake as its new president. There was no clear winner after the first round of votes from Saturday’s election had been counted. But Dissanayake, who is commonly known by his initials AKD, emerged victorious after a count of the second-choice votes.
His election is something of a watershed. It was the first time since Sri Lanka gained independence in 1948 that the presidential race was decided by a second round of counting after either of the top two candidates failed to win the mandatory 50% of the vote. And it was also the only time that voters have elected a candidate who does not belong to the country’s traditional ruling elite.
Sri Lanka has long been held in the tight grip of a handful of powerful political families. The Rajapaksa dynasty, for example, had dominated Sri Lankan politics for well over two decades before mass protests over a severe economic crisis unseated the country’s leader, Gotabaya Rajapaksa, in 2022.
AKD’s campaign rhetoric centred largely around corruption as the key culprit in the economic woes facing the country. Previous governments have been linked not only to corruption, but also to human rights abuses and the military’s encroachment on the civilian space. Persuaded by his logic of openness and transformation, voters saw AKD as an opportunity to change Sri Lanka’s stale political system.
Following his election, AKD declared in characteristic Marxian mode: “This victory belongs to all of us.” Assuaging the demands of the masses for change will be a priority.
Voters have chosen a new president for the first time since mass protests unseated Sri Lanka’s leader in 2022. Color Collector / Shutterstock
AKD comes from a strong leftwing ideological background. He leads a political outfit called the Janatha Vimukti Peramuna (JVP), which is by no means a heavyweight party. It has only three members in the country’s 225-member parliament, and does not come with an attractive pedigree.
The JVP is seen in Sri Lanka as a fringe reactionary party due to its involvement in violent insurrections and targeted assassinations that left thousands dead in the 1980s. Given Sri Lanka’s fractious ethno-nationalist politics, how the JVP and its new national leader carry the masses forward on a national regeneration project would be anybody’s guess.
But AKD has shown himself to be aware of the underlying tensions in the country and, since becoming the JVP’s leader in 2008, has apologised for the party’s past violence. In his swearing-in speech, AKD declared: “We need to establish a new clean political culture … We will do the utmost to win back the people’s respect and trust in the political system.”
The road ahead
There are several critical challenges that AKD needs to face head on – the most important of which concerns the country’s failing economy. After all, it was acute economic hardship that drove the citizenry to vote for political change.
In the past, a substantial portion of whatever Sri Lanka managed to procure through its two main sources of income, tourism and remittances sent home by citizens living abroad, went towards settling its external debts. However, these earnings were hit badly by the pandemic and the country’s economic woes spiralled out of control.
The rate of inflation soared and dwindling reserves of foreign currency resulted in acute shortages of essential goods and services. Then, in May 2022, Sri Lanka defaulted on its foreign debt for the first time in its history.
This scenario quickly led to a national emergency. Faced with the most devastating economic crisis since independence, a countrywide uprising (colloquially known as the aragalaya) ousted Gotabaya Rajapaksa from office.
The removal of Rajapaksa secured an uneasy peace, and things have since tentatively improved on the economic front. Ranil Wickremesinghe took over as the interim president in 2022 and his administration managed to secure a loan worth US$3 billion (£2.2 billion) from the International Monetary Fund.
The economy now appears to be on a slow path of recovery. It is expected to grow in 2024 for the first time in three years, supported by a narrower trade deficit and growing remittances.
Sri Lanka’s interim president, Ranil Wickremesinghe, has congratulated Dissanayake on winning the election. Ruwan Walpola / Shutterstock
AKD is aware of the enormity of the burden he carries. As he admitted while accepting the role of president: “I have said before that I am not a magician – I am an ordinary citizen. There are things I know and don’t know. My aim is to gather those with the knowledge and skills to help lift this country.”
His pro-working class and anti-political elite campaigning without doubt made AKD popular among youth, and helped him secure victory. But his ideology may well be at odds with the foreign lenders who have kept the economy afloat for past two decades.
Sri Lanka’s new president faces a precarious balancing act to satisfy both a population high on hopes of populist subsidies and the demands of external lenders to tighten the country’s belts.
Amalendu Misra is a recipient of British Academy and Nuffield Foundation Fellowships.
Source: The Conversation – UK – By Orlaith Darling, PhD Candidate, Contemporary English Literature and Critical Theory, Trinity College Dublin
On the level of theme, the Irish writer Sally Rooney is firmly in her wheelhouse in her new novel Intermezzo. We find Peter and Ivan Koubek having just lost their father and trying to forge a life through and past this bereavement by way of intimate relationships.
Peter, a barrister in his early 30s, is embroiled in a semi-secret situation-ship with a much younger college student and former sex worker, Naomi. He balances this with his longstanding and largely chaste relationship with a former long-term girlfriend, Sylvia.
Ivan, a decade younger and aeons less suave than his older brother, has meanwhile taken up with Margaret, a 36-year-old woman he meets while playing chess in Leitrim, a county in the north-west of Ireland.
So far, so familiar. Anyone seeking plot-driven fiction without a romantic bent from Rooney should know better by now.
The minor stylistic differences between Intermezzo and her other books reviewers have noted are all moderated by the manifest continuities in Rooney’s authorly concerns.
We read Rooney because she is that unusual writer whose characters raise serious and abiding questions about the particular historical, social and economic moments they inhabit. Her characters manage to do so without ever feeling like anything less than fully developed, psychologically complex individuals.
In Conversations with Friends and Normal People, the faltering of young relationships and first love tested the characters’ ideologies against their behaviours, their politics against their morals. In Beautiful World, emails allowed Alice and Eileen the space to describe what it feels like to live in a moment of historical crisis even as life (in the alternating chapters) carries on unchanged.
This very Rooney-esque tension is, in Intermezzo, parlayed as a struggle between brothers, where Peter castigates various beliefs of Ivan’s and Ivan accuses Peter of privileging principle over conduct.
Ivan thinks that “Peter is the kind of person who goes along the surface of life very smoothly.” This, for the record, is not at all reflected in Peter’s inner monologue, which proceeds via truncated sentence fragments and is peppered by wishes that he was dead.
Life, for Peter, seems to be closing in, and is all the more claustrophobic given the seemingly total clarity with which he remembers “When life was perfect.” He at once envies and feels a great depth of compassion for those whose lives are constantly buffeted by the material forces from which his well-paying job shields him.
Ivan has, at various times, felt himself existing outside of life. He can explain eloquently his opinions on the late capitalist economy (fake), he has a physics degree, a formidable reputation in competitive chess and a history of subscribing to questionable YouTube channels of a distinctly incel flavour. Yet, in Ivan, we see Rooney’s great optimism for people and how they might be redeemed.
Ivan frequently confronts the difficulty of paying rent, of living in a world where a person cannot do something as prosaic as have a dog. But these problems are tempered by a feeling that the world is nevertheless beginning to open up for him. As he muses, it is surely better to face down these “never-ending struggle[s]” with optimism than be worn down by them. When he meets Margaret, he feels increasingly assured that the world does “make room for goodness and decency.”
This newest book is perhaps Rooney’s most mature reflection on how relationships operate as exercises in optimism, both in each other and in the world itself. Intermezzo is remarkable and bracing on the exchange of promises that happens in relationships, on the currency of hope they run on, and mutual, voluntary emotional debts they create. These debts, of course, are not always repaid, and that is part of the point: the stakes of love are high, and we run the risk of defaulting and being defaulted on.
And yet, for Rooney, this risk is always worth taking. It must be, because it is all there is. Rooney’s is a world in which relationships sustain us and in which small daily miracles make life seem more bearable than is proportionate. This might be as simple as the unthinking care enacted by such an everyday chore as “making up [a] packed lunch, Nutella sandwiches, an apple wrapped in kitchen roll” for someone else, or the unrationed totality of love a dog shows its owner after an absence.
As with each of her novels before this, Rooney’s power as a writer is to focus attention on the crazy hope we place in other people’s ability to sustain us and the anxiety we feel about what we could possibly offer in return. And, against all suggestions of departure, this is the main point of continuity across Rooney’s oeuvre.
Rooney appears to share the views of many of her characters. Like Frances in Conversations with Friends who says “[y]ou live through certain things before you understand them. You can’t always take the analytical position”. Like Marianne in Normal People who believes that “people can really change one another”. Like Eileen in Beautiful World who hopes that “the most ordinary thing about human beings is not violence or greed but love and care.” And, like Ivan in Intermezzo, she is an optimist.
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Orlaith Darling receives funding from the Irish Research Council.
Source: United Kingdom – Executive Government & Departments
Following the G7 Foreign Ministers’ Meeting at the High-Level Week of the UN General Assembly, the following statement was made by Chair Antonio Tajani.
1. Introduction
In today’s meeting in New York, in the wake of the Summit of the Future, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the High Representative of the European Union reiterated their commitment to upholding the rule of law, humanitarian principles and international law, including the Charter of the United Nations, and to protecting human rights and dignity for all individuals.
They re-emphasized their determination to foster collective action in order to preserve peace and stability to address global challenges, such as the climate crisis and to advance the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).
In doing so, the G7 members renewed their commitment to the promotion of free societies and democratic principles, where all persons can freely exercise their rights and freedoms.
2. Summit for the Future
In the spirit of the renewed determination to strengthen the multilateral system based on the UN Charter’s principles, as reflected in the Pact for the Future adopted at the Summit of the Future by world Leaders, the G7 members committed to continue working with countries and all relevant stakeholders within the UN system through dialogue, mutual understanding and respect in the pursuit of common solutions, with the aim of upholding and reforming the multilateral system so that it better reflects today’s world and is fit to respond to the complex global challenges of the future. They reaffirmed their commitment to work with all UN member states to strengthen the roles of the UNSG as well as the UNGA. They also recommitted to the reform of the UNSC.
3. Steadfast Support to Ukraine
The G7 members reaffirmed their unwavering support to Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, against Russia’s brutal and unjustifiable war of aggression. The G7 members strongly condemned Russia’s blatant breach of international law, including the UN Charter, and of the basic principles that underpin the international order. They strongly condemned the serious violations of international humanitarian law perpetrated by Russia’s forces in Ukraine, which have caused a devastating impact on the civilian population. Violence against civilians, including women, children, and prisoners of war is unacceptable.
They expressed their outrage at Russia’s repeated attacks against critical infrastructure and they condemned in the strongest possible terms any targeting of civilian buildings and even hospitals. Ensuring the protection and resilience of Ukraine’s energy grid and its power generation capacity remains a fundamental and urgent priority as winter approaches. They welcomed the international conference on energy security held on August 22. .as well as the ongoing coordination of the G7 energy group. They reiterated their commitment to help Ukraine meet its urgent short-term financing needs, as well as support its long-term recovery and reconstruction priorities.
Russia must end its war of aggression and pay for the damage it has caused to Ukraine. The G7 members reiterated their commitment to explore and use all possible lawful avenues by which Russia is made to meet those obligations.
The launch of the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, as mandated by G7 leaders, will make available approximately USD 50 billion in additional funding to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.
The G7 Foreign Ministers and the High Representative are working, together with Finance Ministers, to operationalize the G7 Leaders’ commitment by the end of the year. They will maintain solidarity in this commitment to providing this support to Ukraine. The G7 members confirmed that, consistent with all applicable laws and their respective legal systems, Russia’s sovereign assets in their jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.
They also committed to strengthening the Ukraine Donor Platform to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb. This will play a key role in advancing Ukraine’s reforms in line with its European path and in contributing to a successful Ukraine Recovery Conference to be held in Italy in 2025.
Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. They therefore condemned in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric, as well as its posture of strategic intimidation. They also expressed their deepest concern about the reported use of chemical weapons as well as riot control agents as a method of warfare by Russia in Ukraine.
The G7 members remained committed to holding those responsible accountable for atrocities in Ukraine, in line with international law. They also condemned the seizures of foreign companies and called on Russia to reverse these measures and seek acceptable solutions with the companies targeted by them.
They condemned Russia’s seizure and continued control and militarization of Zaporizhzhia nuclear power plant, which poses severe risks for nuclear safety and security, potentially affecting the entire international community. They reiterated their support to the International Atomic Energy Agency’s efforts directed at mitigating such risks.
They underlined once again their support for Ukraine’s right of self-defense and reiterated their commitment to Ukraine’s long-term security, recalling the launch of the Ukraine Compact in Washington on 11 July 2024. They re-affirmed the intention to increasing industrial production and delivery capabilities to assist Ukraine’s self-defense. They highlighted their support to Ukraine in its efforts to modernize its armed forces and strengthen its own defense industry. They expressed their resolve to bolster Ukraine’s air defense capabilities to save lives and protect critical infrastructure.
They remained committed to raising the costs of Russia’s war of aggression by building on the comprehensive package of sanctions and economic measures already in place. Though existing measures have had a significant impact on Russia’s war machine and ability to fund its invasion, its military is still posing a threat not just to Ukraine but also to international security.
The G7 members expressed the intention to continue taking appropriate measures, consistent with their legal systems, against actors in China and in third countries that materially support Russia’s war machine, including financial institutions, and other entities that facilitate Russia’s acquisition of items for its defense industrial base.
They expressed their intention to continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, including against Russia’s shadow fleet, while working to maintain market stability.
They especially emphasized the urgency to support Ukraine’s energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group. They underscored the importance to continue working with the Ukrainian authorities and International Financial Institutions through the Ukraine Donor Platform, and by mobilizing private investments and fostering participation of civil society.
They highlighted the reality of millions of internally displaced Ukrainians and the importance of an inclusive rights-based, gender-responsive recovery, including the reintegration of veterans and civilians with disabilities, and to address the needs of women, children as well as other population groups who have been disproportionately affected by Russia’s war of aggression. They reiterated their condemnation of Russia’s unlawful deportation of Ukrainian children and welcomed coordinated efforts to secure their safe return. They called on Russia to release all persons it has unjustly detained and safely return all civilians it has illegally transferred or deported, starting with children. They welcomed the Ministerial Conference on the Human Dimension of Ukraine’s 10 point peace formula that will be hosted by Canada on October 30-31.
They reiterated the need to support Ukraine’s agriculture sector, which is critical for global food supply, particularly for the most vulnerable nations, and called for unimpeded exports of grain, foodstuffs, fertilizers and inputs from Ukraine.
They acknowledged the importance to involve the private sector in the sustainable economic recovery of Ukraine. They welcomed and underscored the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law. These endeavors are in line with the Euro-Atlantic path Ukraine has embraced. The G7 members were unanimous on the need to continue to support efforts of the Ukrainian government and people in these endeavors.
They resolutely condemned Russia’s holding of illegitimate ‘elections’ in the occupied Ukrainian Autonomous Republic of Crimea and the city of Sevastopol. Russia’s actions once again demonstrate its blatant disregard for Ukraine’s territorial integrity, sovereignty and independence, and the UN Charter. They called on all members of the international community to refrain from recognizing Russia’s illegitimate actions.
They welcomed the Summit on Peace in Ukraine that took place in Switzerland on June 15-16 and its focus on the key priorities needed to achieve a framework for peace based on international law, including the UN Charter and its principles, and respect for Ukraine’s sovereignty and territorial integrity. They remained committed to follow up on the Conference through constructive engagement with all international partners to reach a comprehensive, just and lasting peace.
The G7 members acknowledged that Russia continues to expand its campaigns of foreign information manipulation and interference (FIMI). They condemned Russia’s use of FIMI to support its war of aggression against Ukraine. They reiterated their determination to bolster the G7 Rapid Response Mechanism by developing a collective response framework to counter foreign threats to democracies.
4. Situation in the Middle East
The G7 members reiterated their condemnation of Hamas’ horrendous attacks on October 7, 2023. 101 hostages are still in the hands of Hamas. They noted with deep concern the trend of escalatory violence in the Middle East and its repercussions on regional stability and on the lives of civilians shattered by this conflict, from the Gaza Strip to the Israeli-Lebanese Blue Line. Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences. They called for a stop to the current destructive cycle, while emphasizing that no country stands to gain from a further escalation in the Middle East.
They expressed their deep concern about the situation along the Blue Line. They recognized the essential stabilizing role played by the Lebanese Armed Forces and the UN Interim Force in Lebanon in mitigating that risk. They demanded the full implementation of UNSCR 1701 (2006) and urged that all relevant actors implement immediate measures towards de-escalation.
The G7 members reaffirmed their strong support for the ongoing mediation efforts undertaken by the United States, Egypt and Qatar to reach a resolution between the parties to the conflict in Gaza. They reiterated their full commitment for the implementation of the UNSC Resolution 2735 (2024) and the comprehensive deal outlined by President Biden in May that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, to secure a pathway to a two-state solution with a safe Israel alongside a sovereign Palestinian state. They urged the parties to the conflict to unequivocally accept the ceasefire proposal, stressing the need for countries in a position to directly influence the parties to cooperate in strengthening mediation efforts. They called for the full implementation of the terms of the ceasefire proposal without delay and without conditions.
They called on all parties to fully comply with international law, including international humanitarian law. They expressed their deep alarm for the heavy toll this conflict has taken on civilians, deploring all losses of civilian lives equally and noting with great concern that, after nearly a year of hostilities and regional instability, it is mostly civilians, including women and children, who are paying the highest price. Protection of civilians must be an absolute priority for all parties at all times.
The G7 members expressed concern at the unprecedented level of food insecurity affecting most of the population in the Gaza Strip. Securing full, rapid, safe, and unhindered humanitarian access in all its forms and through all relevant crossing points remains an absolute priority. They urged all parties to allow the unimpeded delivery of aid and ensure protection of humanitarian workers by properly implementing de-confliction measures. They recognized the crucial role played by UN agencies and other humanitarian actors in delivering assistance especially health care for the most vulnerable persons, including the polio vaccination campaign. They expressed their support for UNRWA to effectively uphold its mandate, emphasizing the vital role that the UN Agency plays.
The G7 members reaffirmed their unwavering commitment, through reinvigorated efforts in the Middle East Peace Process, to the vision of a two-state solution where two democratic states, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under Palestinian Authority. We note that mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process. They expressed their concern about the risk of weakening the Palestinian Authority and underlined the importance of maintaining economic stability in the West Bank. They welcomed the EU’s 400 million Euro emergency package for the Palestinian Authority. All parties must refrain from unilateral actions and from divisive statements that may undermine the prospect of a two-state solution, including the Israeli expansion of settlements and the “legalization” of settlement outposts. They condemned the rise in extremist settler violence committed against Palestinians, which undermines security and stability in the West Bank and threatens prospects for a lasting peace. They expressed their deep concern regarding the deteriorating security situation in the West Bank.
They reiterated their commitment to working together – and with other international partners – to closely coordinate and institutionalize their support for civil society peacebuilding efforts, ensuring that they are part of a larger strategy to build the foundation necessary for a negotiated and lasting Israeli-Palestinian peace. The G7 members called on Iran to contribute to de-escalation of tensions in the region. They demanded that Iran cease its destabilizing actions in the Middle East. They underlined that they stand ready to adopt further sanctions or take other measures in response to further destabilizing initiatives.
They reiterated their determination that Iran must never develop or acquire a nuclear weapon and that the G7 will continue working together, and with other international partners, to address Iran’s nuclear escalation. A diplomatic solution remains the best way to resolve this issue. As the IAEA remains unable to verify that Iran’s nuclear program is exclusively peaceful, they urged Iran’s leadership to cease and reverse nuclear activities that have no credible civilian justification and to cooperate with the IAEA without further delay to fully implement their legally binding safeguards agreement and their commitments under UNSCR 2231(2015).
They condemned in the strongest possible terms Iran’s export and Russia’s procurement of Iranian ballistic missiles. Evidence that Iran has continued to transfer weaponry to Russia despite repeated international calls to stop represents a further escalation of Iran’s military support to Russia’s war of aggression against Ukraine. Russia has used Iranian weaponry such as UAVs to kill Ukrainian civilians and strike their critical infrastructure.
They reiterated that Iran must immediately cease all support to Russia’s illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs and related technology, which constitute a direct threat to the Ukrainian people as well as European and international security more broadly.
They reaffirmed their steadfast commitment to hold Iran to account for its unacceptable support for Russia’s illegal war in Ukraine that further undermines global security. In line with their previous statements on the matter, they underscored that they are already responding with new and significant measures.
They also reiterated their deep concern about Iran’s human rights violations, especially against women and minority groups. They reiterated their call on Iran to allow access to the country to relevant UN Human Rights Council Special Procedures mandate holders.
De-escalation efforts in the region must also include the immediate and unconditional termination of any attack by the Houthis against international and commercial vessels transiting the Gulf of Aden, the Bab al-Mandeb Strait and the Red Sea. The G7 members reiterated their strong condemnation of these attacks and the right of countries to defend their vessels from attacks. They called for the immediate release by the Houthis of the Galaxy Leader and its crew. They expressed their strong concern about the August 21 attack on the merchant vessel Sounion and the ongoing risk of an environmental catastrophe as salvage operations continue. They welcomed the efforts by the EU maritime operation Aspides and by the US-led Operation Prosperity Guardian to protect vital sea lanes. They appreciated the efforts of those countries that are committed to protect freedom of navigation and trade, as well as maritime security, in line with UNSCR 2722 (2024) and in accordance with international law.
5. Fostering partnerships with African Countries
The G7 members reaffirmed their commitment to support African nations in the pursuit of sustainable development as well as the creation of jobs and growth. The focus remains on fostering fair partnerships, built on shared principles, democratic values, local leadership, and practical initiatives.
They reiterated their intention to align actions with the African Union’s Agenda 2063 and the specific needs of African countries, including plans to improve local and regional food security, infrastructure, trade, and agricultural productivity. They expressed their support for the implementation of the African Continental Free Trade Area, a crucial factor for Africa’s growth in the next decade.
The G7 members emphasized the need to strengthen mutually beneficial cooperation with African countries and regional organizations. In addition to maintaining financial support for African nations, they expressed their determination to improve the coordination and effectiveness of G7 resources, mobilizing domestic resources and encouraging increased private investments.
They welcomed the African Union’s permanent membership in the G20, and the creation of an additional Chair for Sub-Saharan Africa on the IMF Executive Board in November.
They reaffirmed their commitment to the G20 Compact with Africa, a tool aimed at enhancing private investment, driving structural reforms, supporting local entrepreneurship, and fostering cooperation, particularly in the energy sector. The G7 Partnership for Global Infrastructure and Investment (PGII), and initiatives like the EU’s Global Gateway can contribute to promote sustainable, resilient, and economically viable infrastructure in Africa, ensuring transparency in project selection, procurement, and financing. In this framework, they welcomed Italy’s Mattei Plan for Africa.
They recognized that sustainable development, peace and security and democracy go hand in hand, reaffirming their commitment to help African governments in strengthening democratic governance and respect for human rights, while addressing conditions conducive to terrorism, violent extremism, and instability.
They expressed their deep concern about the destabilizing activities of the Kremlin-backed Wagner Group and other Russia-supported entities. They called for accountability for all those responsible for human rights violations and abuses.
6. Indo-Pacific
The G7 members reiterated their commitment to a free and open Indo-Pacific, based on the rule of law, which is inclusive, prosperous and secure, grounded on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights. They reaffirmed the importance of working together with regional partners and organizations, notably the Association of Southeast Asian Nations (ASEAN). They reaffirmed their thorough support for ASEAN centrality and unity. They reaffirmed their intention to work to support Pacific Island Countries’ priorities, as articulated through the 2050 Strategy for the Blue Pacific Continent.
As they seek constructive and stable relations with China, they recognized the importance of direct and candid engagement to express concerns and manage differences. They reaffirmed their readiness to cooperate with China to address global challenges. They expressed their deep concern at the China’s support to Russia. They called on China to step up efforts to promote international peace and security, and to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine. They encouraged China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine. They also expressed their deep concern at China’s ongoing support for Russia’s defense industrial base, which is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications. They called on China to cease the transfer of dual-use materials, including weapons components and equipment, that are inputs for Russia’s defense sector.
They recognized the importance of China in global trade. However, they expressed their concerns about China’s persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors, undermining our workers, industries and economic resilience and security, as well as impacting on currencies. The G7 members are not decoupling or turning inwards. They are de-risking and diversifying supply chains where necessary and appropriate and fostering resilience to economic coercion. They called on China to refrain from adopting export control measures, particularly on critical minerals, that could lead to significant supply chain disruptions. Together with partners, the G7 members will invest in building their respective industrial capacities, promote diversified and resilient supply chains, and reduce critical dependencies and vulnerabilities.
They remained seriously concerned about the situation in the East and South China Seas and reiterated their strong opposition to any unilateral attempt to change the status quo by force or coercion. They reaffirmed that there is no legal basis for China’s expansive maritime claims in the South China Sea, and they reiterated their opposition to China’s militarization and coercive and intimidation activities in the South China Sea. They re-emphasized the universal and unified character of the United Nations Convention on the Law of the Sea (UNCLOS) and reaffirmed UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. They reiterated that the award rendered by the Arbitral Tribunal on 12 July 2016 is a significant milestone, which is legally binding upon the parties to those proceedings and a useful basis for peacefully resolving disputes between the parties. They reiterated their strong opposition to China’s dangerous use of coast guard and maritime militia in the South China Sea and its repeated obstruction of countries’ high seas freedom of navigation. They expressed deep concern about the dangerous and obstructive maneuvers, including water cannons and ramming, by the China Coast Guard and maritime militia against Philippines vessels.
The G7 members reaffirmed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity, and called for the peaceful resolution of cross-Strait issues. There is no change in the basic position of the G7 members on Taiwan, including stated One-China policies. They supported Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is.
They remained concerned by the human rights situation in China, including in Xinjiang and Tibet. They are also worried about the crackdown on Hong Kong’s autonomy and independent institutions, and ongoing erosion of rights and freedoms. They urged China and the Hong Kong authorities to act in accordance with their international commitments and applicable legal obligations.
The G7 members strongly condemned North Korea’s continuing expansion of its unlawful nuclear and ballistic missile programs in violation of multiple UNSC resolutions and its continuous destabilizing activities. They reiterated their call for the complete denuclearization of the Korean Peninsula and demanded that North Korea abandons all its nuclear weapons, existing nuclear programs, and any other WMD and ballistic missile programs in a complete, verifiable and irreversible manner, in accordance with all relevant UNSC resolutions. They called on North Korea to return to dialogue to promote peace and stability in the Korean peninsula. They urged all UN Member States to fully implement all relevant UN Security Council resolutions. They reiterated their deep disappointment with Russia’s veto last March on the mandate renewal of the UNSC 1718 Committee Panel of Experts.
They condemned in the strongest possible terms the increasing military cooperation between North Korea and Russia, including North Korea’s export and Russia’s procurement of North Korean ballistic missiles and munitions in direct violation of relevant UNSCRs, as well as Russia’s use of these missiles and munitions against Ukraine. They are also deeply concerned about the potential for any transfer of nuclear or ballistic missiles-related technology to North Korea, in violation of the relevant UNSCRs. They urged Russia and North Korea to immediately cease all such activities and abide by relevant UNSCRs. They urged North Korea to respect human rights, facilitate access for international humanitarian organizations, and resolve the abductions issue immediately.
They called on China not to conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions, and to act in strict accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular Relations.
7. Regional Issues
Venezuela
The G7 members reiterated their deep concern about the situation in Venezuela, following the vote on July 28.
They emphasized that the announced victory of Maduro lacks credibility and democratic legitimacy, as indicated by reports of the UN Panel of Experts and independent international observers as well as data published by the opposition. They underscored that it is essential for electoral results to be complete and independently verified to ensure respect for the will of the Venezuelan people.
They expressed their outrage for the arrest warrant and constant threats to the security of Edmundo Gonzalez Urrutia, who decided to seek refuge in Spain. According to the above-mentioned independent reports, Edmundo Gonzalez Urrutia appears to have won the most votes.
They urged Venezuelan representatives to cease all human rights violations and abuses, arbitrary detentions and widespread restrictions on fundamental freedoms, particularly affecting the political opposition, human rights defenders, and representatives of independent media and civil society. They called for the release of all political prisoners and for a path to freedom and democracy for the people of Venezuela.
They urged the international community to keep Venezuela high on the diplomatic agenda and they expressed their support for efforts by regional partners to facilitate the Venezuelan-led democratic and peaceful transition that the people of Venezuela have clearly chosen in the polls.
Haiti
The G7 members expressed their determination to continue supporting Haitian institutions – including the Transitional Presidential Council (CPT) and the Government of Prime Minister Conille – in their commitment to create the necessary conditions of general security and stability for the convening, by February 2026, of free and fair elections. The expression of popular will would set the foundation for the full restoration of democracy and the rule of law in Haiti.
They also expressed full support to the Multinational Security Support (MSS) mission, which is providing critical support to the Haitian National Police as they counter criminal gangs engaged in illicit trafficking and inflicting brutal violence upon the population.
The G7 members emphasized the importance of continued support to the MSS mission through financial contributions to the UN Trust Fund as well as contributions in kind. They expressed their strong appreciation for the commitment of the Government of Kenya – which has already deployed 380 personnel on the ground – to support the Haitian National Police in restoring peace and security.
They called on all countries that have committed to deploy their contingents to the MSS mission to do so as soon as possible, to consolidate the mission and its fundamental role in the Country. They called on Haiti’s partners to continue their humanitarian assistance to the Haitian people and to expedite their financial and in-kind contributions to the MSS mission to help ensure that the mission is resourced for success.
They called also on the United Nations Security Council to consider a UN Peace Operation to maintain the security gains of the Haiti National Police and the MSS mission for holding free and fair elections and called on the Secretary-General accordingly to provide support.
The G7 members welcomed the work of the G7 Working Group on Haiti in monitoring institutional, political, social and security developments in Haiti, with a view to supporting the stabilization of the country and the restoration of full democratic governance.
Libya
The G7 members reiterated their unwavering commitment to Libyan stability, sovereignty, independence and unity. They expressed deep concern about recent developments in the country, in particular those involving the leadership of the Central Bank of Libya and the High Council of State, which show the fragility and unsustainability of the present status quo. They urged relevant Libyan parties to rapidly reach the necessary compromises to begin to restore the institutional integrity of the Central Bank of Libya and its standing with the international financial community. They called on Libyan political actors to refrain from taking harmful unilateral actions that create further political tension and fragmentation and make the country vulnerable to harmful foreign interference.
They noted advances made in the organization of local elections and they called for a free, fair and inclusive participation of all Libyans. It is now imperative to relaunch a Libyan-led and Libyan-owned political process facilitated by the UN towards free and fair presidential and parliamentary elections.
They expressed their support and commended the efforts made by UNSMIL officer in charge Stephanie Koury in support of the stabilization of Libya. They called on the Secretary General to appoint a new Special Representative without delay.
Sudan
The G7 members reiterated their grave concern over the ongoing fighting, mass-displacement and famine in Sudan.
They condemned the serious human rights violations and abuses against the civilian population, including widespread sexual and gender-based violence, as well as international humanitarian law violations by both sides to the conflict. They called for an immediate end to the escalating violence, which is creating further displacement, and urged the warring parties to ensure the protection of civilians. They reiterated their commitment to holding accountable all those responsible for violations of international law in Sudan.
They condemned the emergence of famine in Sudan as a direct consequence of efforts to restrict access of humanitarian actors. They noted recent progress in relation to the re-opening of the Chad-Sudan Adre border crossing, in the wake of the Paris Conference and of the Geneva talks. They called for full, rapid, safe, and unhindered humanitarian access both into Sudan and across lines of conflict so aid can reach all those in need.
They urged all parties to cease hostilities immediately and to engage in serious negotiations aimed at achieving a lasting ceasefire, humanitarian access and protection of civilians without pre-conditions.
They called on external actors to refrain from fueling the conflict, to respect the UN arms embargo on Darfur, and to play a responsible role in resolving the crisis.
They welcomed mediation efforts by regional and international actors and organizations to facilitate a durable peace for the country.
Inclusive, national dialogue, aimed at restoring democracy, re-establishing and strengthening the civilian and representative institutions after the end of the conflict, is a prerequisite for lasting peace. The G7 Members emphasized that it is necessary for representatives of Sudanese civil society, including women, to be fully engaged in the reflection on the political future of the country.
Coventry City Council has received an award for the way it works to support the Armed Forces.
The Council received the Silver Award from the Defence Employer Recognition Scheme.
Cllr Linda Bigham, the Council’s Armed Forces Champion, received the award at the National Memorial Arboretum from Air Vice Marshall Adam Sansom.
Cllr Bigham said: “The Council and the city of Coventry are proud supporters of our Armed Forces.
“They have done so much for us over the years, and we owe them a debt of gratitude. We are honoured to receive the Silver Award and we promise we will continue our work to help those who wear, or have worn their uniforms with such pride and courage.
“This award will help us to show them we are there for them and we care, and it will help us to inspire others to offer their support to the Forces, families, their veterans and cadets.
“Coventry is a city of peace and reconciliation and that work is supported so well by the Armed Forces. We look forward to building closer links in the years ahead.”
The Employer Recognition Scheme works to encourage employers to support the Armed Forces and their personnel and inspire others through their work. The award is open to all companies and businesses, as well as public organisations such as the emergency services, local authorities, and NHS trusts.
To earn the Silver Award, employers must have pledged to support the Armed Forces, including existing or prospective employees who are members of the community, and they must have signed the Armed Forces Covenant.
They have to promote being Armed Forces-friendly and be open to employing reservists, veterans (including the wounded, injured and sick), cadet instructors and military spouses/partners.
They have to proactively demonstrate that service personnel and the Armed Forces community are not unfairly disadvantaged as part of their recruiting and selection processes; and ensure that the workforce is aware of their positive policies towards defence people issues. They must also show support to training by providing at least five days’ additional unpaid/paid leave and demonstrate support to the Cadet movement.
The Council has been a long-time supporter of the Armed Forces and is proud to be signed up to the Armed Forces Covenant.
The Covenant is a promise to acknowledge and understand that those who serve or have served in the Armed Forces, and their families, should be treated with fairness and respect in the communities, economy, and society they serve with their lives.
Source: Hong Kong Government special administrative region
Hong Kong and Türkiye enter into tax pact Hong Kong and Türkiye enter into tax pact *****************************************
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed in Hong Kong today (September 24) a comprehensive avoidance of double taxation agreement (CDTA) with Türkiye. This signifies the Government’s sustained efforts in expanding Hong Kong’s CDTA network, in particular with tax jurisdictions participating in the Belt and Road Initiative. Representing the Government of Türkiye was the Commissioner of the Turkish Revenue Administration, Mr Bekir Bayrakdar. This CDTA is the 51st agreement that Hong Kong has concluded. It sets out the allocation of taxing rights between the two jurisdictions and will help investors better assess their potential tax liabilities from cross-border economic activities. Mr Hui said, “Türkiye is participating in the Belt and Road Initiative. The signing of the CDTA between Hong Kong and Türkiye at the Fifth Belt and Road Initiative Tax Administration Cooperation Forum highlights the commitment of the two jurisdictions to deepening tax co-operation under the Belt and Road Initiative. I have every confidence that this CDTA will further promote economic and trade relations between Hong Kong and Türkiye, and contribute to the high-quality development of the Belt and Road Initiative through enhanced connectivity. “We will continue to negotiate with trading and investment partners with a view to expanding Hong Kong’s CDTA network. This will enhance the attractiveness of Hong Kong as a business and investment hub, and consolidate the city’s status as an international economic and trade centre.” In accordance with the Hong Kong-Türkiye CDTA, Hong Kong companies can enjoy double taxation relief in that any tax paid in Türkiye, whether directly or by deduction, will be allowed as a credit against the tax payable in Hong Kong in respect of the same income, subject to the provisions of the tax laws of Hong Kong. Moreover, the Hong Kong-Türkiye CDTA also provides the following tax relief arrangements:(a) Türkiye’s withholding tax rate for Hong Kong residents on dividends will be capped at 5 per cent or 10 per cent (depending on the percentage of their shareholdings); while that on interest and royalties will be capped at 10 per cent, and further reduced to 7.5 per cent if the interest is received by a financial institution in respect of a loan or debt instrument with a maturity period exceeding two years, or if the royalties are for the use of, or the right to use, industrial, commercial or scientific equipment;(b) Hong Kong airlines operating flights to and from Hong Kong and Türkiye will be taxed at Hong Kong’s corporation tax rate on their profits, and will not be taxed in Türkiye; and(c) Profits from international shipping transport earned by Hong Kong residents arising in Türkiye will not be taxed in Türkiye. The CDTA will come into force after the completion of ratification procedures by both jurisdictions. In Hong Kong, the Chief Executive in Council will make an order under the Inland Revenue Ordinance (Cap. 112), which is subject to negative vetting by the Legislative Council. Details of the Hong Kong-Türkiye CDTA can be found on the Inland Revenue Department’s website (www.ird.gov.hk/eng/pdf/Agreement_Turkiye_HongKong.pdf).
Ends/Tuesday, September 24, 2024Issued at HKT 20:15
VANCOUVER, British Columbia, Sept. 24, 2024 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a leading near-commercial lithium company, today announced its financial and operating results for the fiscal fourth quarter and year ended June 30, 2024.
“We delivered on our promises in fiscal 2024 with the advancement of our world-class lithium brine assets and by securing a strategic partnership with global energy major, Equinor,” said David Park, CEO and Director of Standard Lithium. “Standard Lithium holds globally-significant lithium brine assets in the Smackover with the potential to help meet the growing demand for sustainable lithium production in the U.S. We are the most advanced DLE play in North America, having proven direct lithium extraction at a commercial scale. The Standard Lithium team has done an outstanding job of differentiating itself from the pack by systematically de-risking its business, including the consummation of it’s partnerships with Equinor and Koch. Now, with the recent announcement of the conditional DOE grant of US$225 million, is the time for us to prioritize, focus and execute. We look forward to working closely with our partners to advance our South West Arkansas and East Texas projects.”
Highlights Subsequent to the Fourth Quarter Ended June 30, 2024
All amounts are in US dollars unless otherwise indicated.
Received conditional $225 million grant from the U.S. Department of Energy (“DOE”) for the South West Arkansas Project.The grant is expected to support the construction of the Central Processing Facility for Phase 1 of the SWA project and is dependent on successful negotiations with the DOE. The grant is one of the largest ever awarded to a U.S. critical minerals project.
Appointed David Park as Chief Executive Officer and Director of the Company. On September 1, 2024, Mr. Park, a highly experienced executive with a strong energy and industrial sector background, assumed the position of Chief Executive Officer. Mr. Park joined the company as a strategic advisor in July 2023 following his retirement from Koch Industries after 28 years.
Fourth Quarter and Full Year 2024 Highlights
Secured strategic partnership with global energy major Equinor to advance the South West Arkansas (“SWA”) and East Texas projects.Equinor ASA (“Equinor”) acquired a 45% interest in two Standard Lithium entities holding the SWA and East Texas projects for a gross investment of up to $160 million. The transaction immediately strengthened the Company’s financial position and resulted in no dilution to existing shareholders.
De-risked commercialization of the direct lithium extraction (“DLE”) process. The Company successfully installed, commissioned, and continues to operate the Li-ProTM Lithium Selective Sorption commercial scale unit at its Demonstration Plant in El Dorado, Arkansas. The Company’s partner, Koch Technology Solutions, supplied the commercial scale unit, which is believed to be the largest commercial-scale column operating in a DLE facility globally. The results to date have exceeded design parameters, including average lithium recovery of 97.3%, key contaminant rejection of greater than 99%, and boron rejection greater than 95%.
Executed drilling programs yielding the highest-ever reported lithium brine values in North America. The South West Arkansas Project’s current resource averages among the highest lithium concentrations in North America. As part of its PFS for SWA, the Company reported an Upper Smackover Indicated and Middle Smackover Inferred resource of 1.4 Mt and 0.4 Mt lithium carbonate equivalent, respectively, at an average lithium concentration of 437 mg/L. In East Texas, the Company delivered globally-significant results with confirmed lithium concentrations up to 806 mg/L and an average concentration of 644 mg/L in the drilled area. The drill results represent the highest-ever reported and confirmed lithium brine concentrations in North America.
Advanced and de-risked the South West Arkansas Project. The Company delivered a Preliminary Feasibility Study (“PFS”) for the project in the first half of the fiscal year, demonstrating robust economics assuming average annual production of 30,000 tonnes per annum (“tpa”) of lithium hydroxide beginning in 2027. Post publishing the PFS, the Company secured brine production rights and purchased a 118-acre parcel of land to further advance the project. Most recently, SWA received a conditional $225 million grant from the U.S. Department of Energy in support of its construction and development. The grant was awarded based on an updated scope from the original PFS; the Project’s design is being updated and now targets a larger total output of 45,000 tpa of lithium carbonate to be developed in two phases of 22,500 tpa each. SWA is being developed in partnership with Equinor, with ownership shared 55% by Standard Lithium and 45% by Equinor. Ausenco Engineering Canada ULC is leading the Definitive Feasibility Study and Front-end Engineering and Design currently underway to support the larger project scope.
Strengthened the senior management team with the appointment of key executives. Michael Barman was appointed Chief Development Officer and Salah Gamoudi joined as Chief Financial Officer. Mr. Barman most recently served as Managing Director in Investment Banking at Stifel Nicolaus Canada Inc. (formerly GMP Securities L.P.) and brings over two decades of banking experience advising senior executives and their boards. Mr. Gamoudi brings extensive experience from the oil and gas sector. Prior to joining the Company, he served as Chief Financial Officer of SandRidge Energy, Inc. where he successfully generated significant value for its shareholders.
Delivered the Definitive Feasibility Study (“DFS”) for the Phase 1A project at LANXESS South Plant.The DFS assumed an average annual production of 5,400 tpa of lithium carbonate over a 25-year operating life beginning in 2026. Phase 1A represents a modest scale-up from the Company’s existing Demonstration Plant that has been operating since May 2020. Advancement of the Phase 1A project is dependent on ongoing commercial discussions with LANXESS and the finalization of the Arkansas lithium royalty.
Established an at-the-market equity program. Net proceeds to the Company for the fiscal year totaled C$2.8 million and US$13.3 million from the issuance of 1.5 million shares on the TSX Venture Exchange and 9.1 million shares on the NYSE American LLC, respectively. No issuances have been completed under the ATM Program since April 10, 2024.
Cash and working capital of C$52.9 million and C$39.6 million, respectively, as of June 30, 2024.
The Company has no term or revolving debt obligations as of June 30, 2024.
Consolidated Financial Statements
This news release should be read in conjunction with the Company’s Consolidated Financial Statements and MD&A for the year ended June 30, 2024, which are available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Q4 AND FISCAL YEAR 2024 RESULTS CONFERENCE CALL AND WEBCAST
The Company will hold a conference call and webcast to discuss its fourth quarter and fiscal year 2024 on Tuesday, October 1st at 3:30 p.m. ET. Access to the call is available via webcast or direct dial.
Conference Call and Webcast Details Standard Lithium Fourth Quarter and Fiscal Year 2024 Results Call and Webcast October 1, 2024 3:30 p.m. Eastern Time (US and Canada)
Participant Information: USA / International Toll +1 (646) 307-1963 USA – Toll-Free (800) 715-9871 Canada – Toronto (647) 932-3411 Canada – Toll-Free (800) 715-9871
Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.
Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
Qualified Person
Steve Ross, P.Geol., a qualified person as defined by National Instrument 43-101, and Vice President Resource Development for the Company, has reviewed and approved the relevant scientific and technical information in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
I want to begin by thanking the Prime Minister of Antigua and Barbuda, Gaston Browne, and WHO Director-General, Dr. Tedros Ghebreyesusas, as well as all of our distinguished guests present for this special occasion.
Our gathering today marks a critical milestone; we are one year away from the next UN high-level meeting on NCDs, and just less than six years out from the 2030 SDG deadline.
Yet despite the ticking clock above our heads, underinvestment in health services has become a deadly norm; the gap between the need for, and availability of, quality care and support for people affected by NCDs remains as wide as ever.
Meanwhile, the SDGs, intricately linked with NCDs and mental illness, are careening off-track.
We are best placed to improve health outcomes for NCDs only if we fully know and understand the complex relationship between NCDs and the global goals.
Excellencies,
Let me briefly outline this connection on three fronts.
First, we must fully understand the link between health, climate change and air pollution.
Extreme weather events, such as heatwaves, storms and floods, impact people living with NCDs by worsening their conditions.
When food systems are disrupted, the opportunities and capacities to maintain healthy diets diminish.
When the air we breathe is toxic, our health can no longer be sustained. Ninety-nine per cent of humanity breathes polluted air – leading to an estimated 8 million premature deaths – including more than 700,000 children under five.
Small island nations understand this deadly interplay all too well, and I commend the bold action championed by many on this front.
Second, NCDs and the economy are inextricably linked.
High out-of-pocket payments for NCD treatment push many people into poverty. Chronic conditions also take people out of work with little or no alternative income, continuing the vicious cycle.
Third, and finally, let me underscore the tragic connection between health, conflict and emergencies.
We are living through a time where conflicts are raging across the globe. In times like these of crisis, the needs of people living with NCDs and mental health conditions, are often left unmet and left behind.
Access to essential medicines is cut off.
Acute mental distress increases.
The impacts of COVID-19 still linger on. The world is still catching up on delayed vaccinations and key health services, most of which are related to the prevention of NCDs.
Excellencies,
We are gathered here today because only political will can help turn the tide. Your political commitments and actions are critical to building more resilient health systems that address these equity gaps.
To succeed in the fight against NCDs, governments must act decisively by integrating One Health principles, strengthening national NCD action plans, ensuring equitable access for vulnerable populations, and allocating sustainable funding to public health initiatives that reduce NCD risk factors and address root causes.
The critical role of research for development, robust data systems, accelerating innovation and technologies in advancing solutions to NCDs is also key.
So today, my ask of you is simple: let’s collaborate across borders, sectors, and disciplines to build a more resilient, healthy world for all.
I hope our conversation today will spark optimism and the bold decision-making that is needed at this critical juncture.
We have 52 weeks left to the next high-level meeting on NCDs – let’s make them count.
CashX’s Self-Service Kiosks and Mobile Wallet App Launch Across the OPMX Retail Network in California, Colorado and Texas Beginning in October 2024
SAN DIEGO and SAN FRANCISCO, Sept. 24, 2024 (GLOBE NEWSWIRE) — CashXAI Inc. (“CashX”) and OPMX are pleased to announce that they have signed an international agreement to install CashX Self Service Financial Services Kiosks at OPMX customers’ retail locations including approximately 500 supermarkets in California, Colorado and Texas. This expands CashX’s reach to comprise 5,000 retailers across the United States and over 5,000 locations in Mexico and Latin America.
In addition to physical kiosk access, CashX offers its CashX Mobile Wallet Application, which enables consumers digital access to all their financial needs without an evaluation of financial history. This mobile solution consists of services including check cashing, money transfer, mobile recharge, bill payment, gift cards, e-tickets and other high demand financial transactions.
Stephen Combe, CEO of CashX, said, “We are delighted to partner with OPMX and expand their offering with accessible financial offerings, providing additional vital services to the Latin Community. Pharmacies and supermarkets have long been a hub in Latin neighborhoods and stocked with OPMX’s well known and trusted brands and products that provide that close-to-home feel to consumers from other countries. With our recent steps to innovate CashX’s financial services infused with AI retail sector marketing technology, we provide consumers an adjacent essential utility that digitizes and simplifies routine purchases.”
Fernando Garces, CEO of OPMX, commented, “We proudly maintain a strong presence in well-recognized locations that cater to the Hispanic community. Our strategic distribution network allows us to reach our valued customers in these vibrant communities, making our products readily available and accessible to those who matter most to us – adding Financial Services and helping our customer’s gain access to financial freedom is a key extension to our mission. We would also like to thank our channel partner, Mr. Quedon Baul for bringing this opportunity to us and facilitating the partnership between OPMX and CashX.”
CashXRollout Plan
Installation of CashX solutions will begin in October 2024 in approximately 500 retailers in California, Colorado and Texas, with a parallel rollout throughout Mexico. Further expansion to all states and additional key countries in Latin America is expected in early 2025. The total network is expected to cover 5 countries and over 15,000 retail locations.
The second phase of the rollout will launch CashX’s next generation of kiosks with AI integrated retail marketing strategies of consumers at point of sale, which is empowering the future interplay of business, consumers and retail advertising.
AboutCashXAIInc.
CashXAI Inc., a leader in financial innovation, offers a dynamic platform for individuals lacking traditional banking access. The CashXAI mobile app simplifies converting cash into digital currency, supporting transactions from check cashing to money transfer without requiring a bank account. With an extensive retail network, CashXAI provides unparalleled financial freedom and management capabilities, empowering users to effortlessly control their finances from anywhere. CashXAI stands at the forefront of bridging financial gaps for underbanked communities. Further illustrating CashX’s innovative business structure, its previously announced intellectual property license agreement with Alpha Modus permits CashX with the exclusive right to use all of Alpha Modus’ patented intellectual property in connection with CashX’s promotional, advertising, and operational functions, including co-development arrangements with Alpha Modus, within the Exclusive Industry. The “Exclusive Industry” means the industry relating to self-service kiosks located in retail food, drug and convenience stores for the purpose of serving Unbanked and Underbanked consumers, by offering banking, phone and insurance solutions to the consumer. An “Unbanked” consumer means a person that does not have a checking or savings account with an FDIC-insured institution, and an “Underbanked” consumer means a person that has or had a checking or savings account with an FDIC-insured institution, but regularly uses non-traditional banks such as Venmo or the Cash App, or lenders such as a check cashing company or payday lender.
For more information, please visit the CashX website at https://cashx.ai/.
AboutOPMX
OPMX are leaders in the Latino pharmaceutical market in the United States through stores and brands that connect consumers with their countries of origin, evoking trust and a feeling of being close to home.
Latino consumers have a strong sense of cultural identity and pride in their heritage, and by seeing brands that represent their culture, they can feel an emotional connection to the products and companies behind them. With a focus on quality, cultural relevance, and a dedication to serving the Hispanic market in the United States, our pharmaceutical products stand as a testament to our unwavering commitment to providing innovative, effective, and compassionate healthcare solutions to this vibrant and diverse audience. Discover more at www.opmx.us
Forward-LookingStatementsDisclaimer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at SEC.gov.
RISHON LEZION, Israel, Sept. 24, 2024 (GLOBE NEWSWIRE) — B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), an integrator for supply chain technologies, announced today that it will release its financial results for the third quarter of 2024 before the market opens on Wednesday, November 27, 2024 (instead of Thursday, November 28, 2024, as previously announced).
BOS will host a video conference call on November 27, 2024 at 8:30 a.m. EST.
To access the video conference call, please click on the following link:
BOS leverages cutting-edge technologies to optimize supply chain operations across three key divisions. The Intelligent Robotics division streamlines industrial and logistics inventory processes. The RFID division efficiently marks and tracks inventory, and the Supply Chain division effectively manages inventory supply.
PORTLAND, Maine, Sept. 24, 2024 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that since June 30, 2024, the Bank has purchased primarily commercial real estate loans in the amount of unpaid principal balance of $805 million. Because the purchases closed primarily late in the quarter, there will be minimal impact on earnings for the first fiscal quarter of 2025. The Bank has funded and intends to fund the purchase of these loans primarily relying on brokered deposits and Federal Home Loan Bank advances.
Discussing the purchases, Rick Wayne, Chief Executive Officer said, “We are very pleased with this quarter’s purchased loan activity, which represents the second largest quarterly loan purchase volume in the Bank’s history. We have developed a reputation in the loan purchase market as a strong and reliable counterparty. Our experienced, professional, and dedicated team allows us to take advantage of the opportunities that have been and are available to the Bank.”
About Northeast Bank Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Federal Deposit Insurance Corporation (the “FDIC”), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in the local markets in which the Bank operates, including changes which adversely affect borrowers’ ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability and increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changing government regulation; competitive pressures from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural disasters, and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K and updated by our Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.
For More Information:
Richard Cohen, Chief Financial Officer Northeast Bank, 27 Pearl Street, Portland, ME 04101 207.786.3245 ext. 3249 www.northeastbank.com
DALLAS, Sept. 24, 2024 (GLOBE NEWSWIRE) — TriumphPay announced today the addition of Ascent Global Logistics (“Ascent”), a leading global provider of expedited, time-critical logistics solutions, to the TriumphPay Network, as a full audit and payments participant. By joining the TriumphPay Network, Ascent is taking a significant step toward providing a more streamlined payment experience.
“At Ascent, our carriers are at the heart of everything we do, and their success directly impacts the level of service we provide to our customers,” said Jack Korslin, chief financial officer of Ascent Global Logistics. “We’re excited to begin our partnership with TriumphPay by rolling out enhanced payment solutions to our carriers in our brokerage business segment, with plans to expand to the rest of our carrier network in the near future.”
Adding Ascent to the TriumphPay Network represents another significant milestone for the ongoing growth and expansion of the network. In the second quarter, network engagement was $51.3 billion in unique brokered freight transactions, nearing 50% of the freight market.
“We are thrilled to welcome Ascent Global Logistics to our network,” said Aaron P. Graft, vice chairman and chief executive officer of Triumph Financial. “As we continue to build the density of our network, adding new brokers is critical to achieving our long-term goals. Creating density is the foundation for delivering even greater efficiency and value to our customers. With each new participant, we’re enhancing the ecosystem and network effect, making it more beneficial for all participants.”
TriumphPay provides innovative payment processing solutions tailored for the transportation industry. These solutions empower freight brokers to achieve heightened operational efficiency, improved financial transparency, and enhanced fraud mitigation.
Ascent joins leading, notable U.S. freight brokers on the TriumphPay Network. For more information, visit www.ascentlogistics.com and www.triumphpay.com.
About TriumphPay TriumphPay is the premier network for freight brokers, factors, shippers and carriers in the North American trucking industry, offering a structured, secure data exchange. The TriumphPay Network and integrated technology solutions remove friction and reduce fraud in the presentment, audit and payment of approximately $51.3 billion in unique brokered freight transactions. TriumphPay is a division of TBK Bank, SSB, Member FDIC, and a member of the Triumph Financial, Inc. (Nasdaq: TFIN) portfolio of brands. For more information, visit us at www.triumphpay.com.
About Ascent Global Logistics Ascent Global Logistics, headquartered in Belleville, Michigan, is a leading global provider of expedited, time-critical logistics solutions and other direct transportation services. The company connects customers to its extensive carrier network, internal ground fleet and airline via its proprietary, digital PEAK freight marketplace, which provides robust carrier capacity and transparent pricing, backed by 24/7/365 logistics experts. Ascent’s offerings include air charter and ground expedited solutions as well as truckload, less-than-truckload, global forwarding, brokerage, and managed transportation services. The experienced Ascent team solves customers’ most challenging logistics needs by providing industry-leading service and top-tier satisfaction. To learn more, visit www.ascentlogistics.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2024. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.
Source: Triumph Financial, Inc.
Investor Relations Contact: Luke Wyse Triumph Financial, Inc. Senior Vice President, Head of Investor Relations lwyse@tfin.com
Media Contacts: Amanda Tavackoli Triumph Financial, Inc. Senior Vice President, Director of Corporate Communication atavackoli@tfin.com
Agreements to Significantly Improve Balance Sheet by Reducing Total Debt, Deferring Principal and Interest Payments, and Substantially Lowering Near-Term Cash Needs
SEATTLE, Sept. 24, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it entered into agreements with lenders and service providers to write off up to $5.6 million of outstanding liabilities and restructure a further $19.2 million of its existing debt obligations, improving the Company’s overall financial position by amending certain credit obligations and extending the maturity of certain debt facilities. Including the previously executed Cantor Fitzgerald fee restructuring, this represents a total of $28.8 million in anticipated reduced and restructured liabilities.
Banzai has reached an agreement with creditors to eliminate approximately $15.3 million of debt via a combination of private placement and debt restructuring, with participation from insiders including Alco Investment Company (“Alco”).
As part of the debt restructuring, a term loan with CB BF Lending is being converted to a fixed-price convertible with a maturity date extended to February 19, 2027, a two-year extension. This substantially increases the cash runway and improves working capital; we believe it will also enable the Company to achieve its near-term growth initiatives.
“These agreements are delivering on our commitments and taking meaningful steps to significantly reduce our debt burden and strengthen Banzai’s financial position,” said Joe Davy, CEO of Banzai. “I am confident that this restructure will provide the financial flexibility needed to significantly improve the company’s balance sheet, allowing us to continue executing our strategy to build a data-driven platform with essential marketing technology solutions that integrate seamlessly.
“We are committed to making progress in improving liquidity and strengthening our capital structure to position us for long-term success. We appreciate the support of our lenders and stakeholders who have demonstrated their belief in the Company’s strategy and future,” concluded Davy.
About Banzai
Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.
Investor Relations: Chris Tyson Executive Vice President MZ Group – MZ North America 949-491-8235 BNZI@mzgroup.us www.mzgroup.us
Source: Africa Press Organisation – English (2) – Report:
ABIDJAN, Ivory Coast, September 24, 2024/APO Group/ —
The Board of Directors of the African Development Bank Group (www.AfDB.org) on 20 September 2024 approved a $129.71 million loan to Tanzania for the implementation of a youth-focused agribusiness program.
The loan will fund the first phase of the “Building a Better Tomorrow: Youth Initiatives for Agribusiness” program, which aims to create business opportunities and jobs for young people in key agricultural sectors.
The total cost of the project is estimated at $241.27 million. In addition to the Bank’s loan, which covers 53,76 percent of the cost, the funding package includes grants of $1.15 million from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund and $210,000 from tropical vegetable seed firm East-West Seed. The Tanzanian government will provide $110.41 million, representing 45.76 percent of the total.
Patricia Laverley, the Bank’s Country Manager for Tanzania, said: “This project is expected to incubate and empower approximately 11,000 ‘agripreneurs,’ including at least 6,000 young agribusiness owners.” She added that the program will facilitate access to finance for an additional 2,500 young people already involved in agribusiness but lacking access to commercial loans. We expect each agribusiness run by a young person will employ an average of five workers.”
The project will implement strategies to raise awareness and manage knowledge using youth-oriented information and communication technologies. It will also provide training and support for agrifood business incubation and acceleration, with a particular focus on the recruitment of female applicants.
Digital technologies, including satellite technology and artificial intelligence, will be utilized to improve agricultural productivity and decision-making processes for young farmer cooperatives.
As of 30 June 2024, the African Development Bank approved 25 projects in Tanzania, with a total commitment of $3.48 billion.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Investment-Group and the services it is offering. BaFin suspects the operators of the website trade-mgrp.pro of offering consumers financial and investment services without the required authorisation. The operators claim to be supervised by the European Financial Supervisory Authority. There is no such authority; BaFin has already issued a warning to this effect. On 1 July 2024, BaFin also published a warning regarding an identical offer on the website investmgrp.com.
Anyone wishing to conduct banking business or provide financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
TRENTON – Kicking off Climate Week, Environmental Protection Commissioner Shawn M. LaTourette today announced the release of the final 2024 New Jersey Statewide Water Supply Plan, which for the first time assesses water supply challenges resulting from climate change and offers climate resilience solutions. Climate Week provides an opportunity for the public to learn about the many ways climate change is threatening the planet and the steps that can be taken to become more resilient and mitigate its impacts.
The water supply plan concludes that, under normal conditions and in most regions, New Jersey has adequate volumes of source water supply and is well-positioned to address water supply challenges as long as the state continues to take actions to mitigate the threats of climate change, aging infrastructure and emerging contaminants.
“The Statewide Water Supply Plan plays a critical role to inform local water supply management decisions by presenting the newest science to better prepare us for the challenges brought on by our changing climate,” said Commissioner LaTourette. “In addition to upgrading our aging infrastructure, a healthy water supply is dependent on constant reevaluation of how we can use water more efficiently to protect it for future generations.”
Consistent with the state’s comprehensive approach to making New Jersey resilient to the worsening impacts of climate change, the 2024 plan seeks to assess the threats of climate change to the state’s water supply. Of particular concern are temperature, precipitation, and sea-level changes, which will significantly impact water quantity, where and when it is available, and its quality. The plan also examines how emerging contaminants may impact water supply.
“New Jersey’s climate is changing. From increased temperatures to sea-level rise, these climate impacts can pose a threat to our water supplies if not properly addressed by proactive planning, management, and permitting,” said State Geologist Steven Domber. “By conducting comprehensive monitoring that factors in climate impacts such as increased temperatures, we can develop models and identify trends that will help local water users make informed decisions to ensure New Jerseyans have access to reliable and safe supplies of water now and in the future.”
A 60-day public comment period followed the release of the draft plan on February 26, 2024. The DEP then held two public meetings (one in-person and one virtual) and reviewed and incorporated comments from those meetings before finalizing the plan. Both the plan and a summary response to comment report are available at dep.nj.gov/water-supply-plan.
The DEP has also developed a new interactive website that outlines key information from the plan for specific audiences, including residential users, water professionals and others to summarize key plan topics, such as climate change and environmental justice. The website can be found at dep.nj.gov/water-supply-plan/storymap. The site will be updated as additional data and plan updates become available.
Water Supply Planning
The Water Supply Management Act (N.J.S.A. 58:1A-13) directs the DEP to prepare the New Jersey Statewide Water Supply Plan, analyze water supply data, examine associated risks, study projections, and make recommendations for effective management of the state’s water supplies.
The initial version of the plan was adopted in 1982 and updated in 1983, 1985, 1987, 1991, and 1993. Major revisions occurred in 1996 and 2017. The 2024 plan will be updated again in five years, but some aspects may be revised sooner.
The plan must carry out its assessments and recommendations from both statewide and regional perspectives to pursue comprehensive management addressing the diversity of water supply issues faced in different areas of New Jersey.
Drafted to align with the DEP’s related water regulations and policies, the plan provides guidance for state and regional groups making decisions concerning water supply. One of the primary goals of the plan is to put forward defined, actionable steps that the DEP can take to ensure water supplies are sufficient, in quality and quantity, to meet existing and future needs.
Water Supply Challenges Assessed
New Jersey has repeatedly faced a confluence of water resource challenges that have tested both infrastructure and responsiveness. Extremely low precipitation and streamflow in summer 2022 led the DEP to declare a Drought Watch, the first in more than six years. During the same period, aging infrastructure failed, resulting in massive water main breaks; water systems were required to address sources contaminated with per- and polyfluoroalkyl substances (PFAS), and harmful algal blooms were worsened by extremely warm temperatures. Additional challenges occurred in 2023, with four months experiencing near record temperatures and the state having its wettest December on record.
The combination of these challenges in 2022 and 2023 severely tested the resilience of New Jersey’s management of water resources. Such conditions are expected to persist or worsen in the future, requiring the DEP and its partner institutions to delicately balance the management of water resources by carefully administering planning, regulatory, investment and incident response initiatives. Recommended Action Areas
The availability of surface water, unconfined groundwater, and confined aquifers, the use of which varies geographically, was modeled to investigate potential shortages. Although not evenly distributed throughout the state, total natural water resource availability (including reservoirs) remains about the same as the 2017 New Jersey Statewide Water Supply Plan determined. However, current and forecasted use did change, and a few regions showed potential shortages. The plan provides details and recommendations to address these areas.
To meet requirements and ensure that New Jerseyans continue to have ample, reliable, and safe supplies of water now and in the future, the following action areas are covered in the plan, with greater detail on each found in Chapter 8, and elsewhere throughout the plan:
Hydrologic Data, Monitoring, Models, and Assessments: The availability of long-term and real-time hydrologic datasets are critical pieces of information the DEP uses to quantify trends, characterize current conditions, and to build and calibrate models. This information is used to ultimately make informed decisions and to update future water supply plans.
Climate Change – Water Availability Research and Modeling: This plan and its recommendations benefit from the availability of sound and reliable climate change science. This science continues to evolve, and the DEP will remain committed to monitoring new developments, with a particularized focus on the regional and local impacts of climate change upon New Jersey and its natural resources. As new and additional climate change data becomes available, it will be utilized to improve DEP water supply models and monitoring methods to more effectively mitigate and manage climate change impacts to water resources.
Climate Change – Infrastructure Resilience Recommendations: The DEP develops recommendations and establishes criteria to improve the resilience of water infrastructure and mitigate the adverse impacts of climate change upon the state’s water supply, including through actions to reform relevant DEP policies, protocols, statutes, or regulations pertaining to water infrastructure assessments and modifications.
Regional and Statewide Water Supply Planning and Protection: Water supply planning is a critical element to ensure that the state continues to have adequate supplies of acceptable quality to meet all current and future needs, and to balance human uses with ecological needs. Regional and statewide planning is adaptive and evolves as new information becomes available or issues emerge. The plan prioritizes regions of New Jersey where future planning efforts should be focused.
Water Policy Modernization: The DEP is obligated and empowered to improve and protect water supply resources and water system infrastructure to ensure water availability and the delivery of safe drinking water to homes and businesses. In some cases, the federal and state laws and regulations that give rise to these obligations are fit for modernization to better position the state and its water providers to confront new and evolving water supply challenges.
Asset Management and Resilience: Maintenance and improvement of infrastructure is key to effective and successful water supply management, and critical to ensure the state has access to clean and plentiful drinking water. Proper asset management can reduce water incidents and emergencies, limit disruptions to customers, and reduce long-term costs.
Policies and Priorities for Efficient Water Use: The plan identifies key policy priorities for the DEP as it continues to regularly re-evaluate new technologies and research to ensure the responsible and efficient use of the state’s water resources.
Public Outreach: DEP is committed to continuing public education and engaging with people and communities it serves on key water supply issues and initiatives.
The DEP’s Our Water’s Worth It campaign works to draw attention to the importance of clean water in our lives, from drinking water to supporting vibrant ecosystems and health places for recreation. An important focus of the campaign is educating the public on reducing potential lead exposure in drinking water.
NEW YORK, NY — The U.S. Climate Alliance, a bipartisan coalition of 24 governors representing approximately 60 percent of the U.S. economy and 55 percent of the U.S. population, today launched the Governors’ Climate-Ready Workforce Initiative to grow career pathways in climate and clean energy fields, strengthen workforce diversity, and jointly train 1 million new registered apprentices by 2035 across the Alliance’s states and territories.
Today’s announcement was made at a Climate Week NYC event featuring Alliance co-chairs New York Governor Kathy Hochul and New Mexico Governor Michelle Lujan Grisham, founding member Washington Governor Jay Inslee, and White House National Climate Advisor Ali Zaidi.
“In New York, we’re showing how climate action and economic growth go hand-in-hand,” said New York Gov. Kathy Hochul. “As a co-chair of the U.S. Climate Alliance, I’m proud to be collaborating with states, industry leaders, labor unions, higher education and community organizations to create the jobs of the future required to build a clean, equitable, and resilient economy. A skilled and well-prepared workforce will drive innovation, create new businesses, and ensure a sustainable, resilient future for our country.”
“We need a climate-ready workforce — from EV technicians and heat pump installers to solar panel manufacturers — to meet our carbon reduction goals,” said New Mexico Gov. Michelle Lujan Grisham. “The Executive Order I’m issuing today in conjunction with the Alliance’s new Workforce Initiative will help ensure that workers from all backgrounds have access to the skills and training needed for high-quality, climate-ready jobs across New Mexico.”
“We’re aligning our ambitious climate policies with workforce development to have 1 million more workers poised to take these good-paying, union jobs that serve our communities and strengthen our economies,” said Washington Gov. Jay Gov. Inslee. “These are economy-wide jobs, not just in clean energy but building trades, land management, clean technology and more. Climate Alliance states have a track record of meeting our ambitious goals and that momentum continues today.”
“Under President Biden and Vice President Harris’s leadership, we are bringing down the barriers to economic opportunity, lowering costs for American families, and catalyzing a renaissance of American-made manufacturing that is creating jobs across America. In fact, just last year, we added over 250,000 new American energy jobs — with clean energy jobs growing twice as fast as the rest of the sector,” said White House National Climate Advisor Ali Zaidi. “Governors across America are at the forefront of our efforts to spur growth in union jobs, expand American energy production, and invest in the economic success of our communities. Today’s announcement will help capitalize on our momentum to create a climate-ready workforce that is rebuilding our nation’s infrastructure, communities, and industrial strength.”
The Initiative’s launch comes as historic federal investments, combined with ambitious state climate action, have unleashed a significant expansion of good-paying and union jobs in climate-ready fields — with millions more anticipated in the coming years under the Biden-Harris administration’s Inflation Reduction Act and Infrastructure Investment and Jobs Act. This includes high-quality jobs not only in clean energy and clean technology sectors — such as wind, solar, electric vehicles, energy efficiency, and batteries — but also in fields associated with climate resilience and natural climate solutions.
Under this Initiative, Alliance states and territories will collaborate to collectively support 1 million new workers in completing Registered Apprenticeship programs across the coalition by 2035. These programs, registered with the U.S. Department of Labor or federally approved State Apprenticeship Agencies, provide an especially valuable and proven career pathway, empowering workers to earn while they learn in key climate-ready occupations and industries.
Alliance members will also advance a series of collective goals aimed at strengthening and expanding pathways into a wide variety of climate-ready professions critical to building a clean, equitable, and resilient net-zero future. The Initiative’s goals include boosting job quality and ensuring climate-ready employment pathways lead to good-paying, high-quality jobs; expanding opportunities for workers from underrepresented and underserved communities; and promoting the use of stackable and portable credentials in climate-ready fields to build transferable skills, support reskilling and upskilling, and strengthen workers’ economic mobility. A full list of the Initiative’s goals can be found here.
Finally, to advance sector-specific strategies, Alliance members will work together through new multi-state cohorts focused on in-demand, climate-ready fields. These cohorts will provide a platform for states and territories to increase collaboration, share evidence-based practices, engage experts and stakeholders, and develop sectoral workforce solutions that can be scaled across the country. Cohorts to be launched in the Initiative’s first year will focus on careers in the following areas:
Clean Energy, Fuels, and Technologies: Led by Michigan and New Jersey, this cohort will focus on careers in the design, construction, and maintenance of a clean, affordable, and resilient power system; the manufacturing and deployment of zero-emission vehicles and technologies; and the development and distribution of alternative, low-carbon fuels.
Clean Buildings and Industry: Led by Maine and Massachusetts, this cohort will focus on careers in the engineering, design, construction, retrofitting, maintenance, and operation of buildings and industrial processes that are clean, energy-efficient, healthy, and resilient.
Resilient Communities and Lands: Led by Arizona and Vermont, this cohort will focus on careers in the development and maintenance of safe, livable, and resilient communities; preparedness for and response to climate impacts such as extreme heat, wildfires, severe storms, flooding, and drought; and the deployment of natural climate solutions and climate-smart stewardship of our lands and waters.
The Initiative will be led by Alliance states and territories with support from the Alliance’s Secretariat. In implementing the Initiative, Alliance members will customize efforts to meet their individual needs and challenges, while working together to achieve the collective goals. States and territories will also collaborate directly with their workforce development system partners, labor unions, higher education institutions, industry, and other key partners that bring substantial expertise and experience in this work.
This Initiative builds on a number of federal-state collaborations between the Alliance’s members and the Biden-Harris Administration, including a White House convening with Alliance governors’ offices in May focused on creating good-paying jobs and mobilizing a diverse workforce in climate and clean energy.
Additional information on the Governors’ Climate-Ready Workforce Initiative can be found here.
Good morning. I would like to thank the Kentucky Bankers Association for the invitation to join you today for your annual convention.1 I appreciate the opportunity to share my views on the U.S. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry. In light of last week’s Federal Open Market Committee (FOMC) meeting, I will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy. Update on the Most Recent FOMC MeetingIn order to address high inflation, for more than two years, the FOMC increased and held the federal funds rate at a restrictive level. At our September meeting, the FOMC voted to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent and to continue reducing the Federal Reserve’s securities holdings. As the post-meeting statement noted, I dissented from the FOMC’s decision, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point to 5 to 5‑1/4 percent. Last Friday, once our FOMC participant communications blackout period concluded, the Board of Governors released my statement explaining the decision to depart from the majority of the voting members. I agreed with the Committee’s assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. As my statement notes, I preferred a smaller initial cut in the policy rate while the U.S. economy remains strong and inflation remains a concern, despite recent progress. Economic Conditions and OutlookIn recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. The 12-month measure of core personal consumption expenditures (PCE) inflation, which provides a broader perspective than the more volatile higher-frequency readings, has moved down since April, although it came in at 2.6 percent in July, again remaining well above our 2 percent goal. In addition, the latest consumer and producer price index reports suggest that 12‑month core PCE inflation in August was likely a touch above the July reading. The persistently high core inflation largely reflects pressures on housing prices, perhaps due in part to low inventories of affordable housing. The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the Committee’s 2 percent goal. Prices remain much higher than before the pandemic, which continues to weigh on consumer sentiment. Higher prices have an outsized effect on lower- and moderate-income households, as these households devote a significantly larger share of income to food, energy, and housing. Prices for these spending categories have far outpaced overall inflation over the past few years. Economic growth moderated earlier this year after coming in stronger last year. Private domestic final purchases (PDFP) growth has been solid and slowed much less than gross domestic product (GDP), as the slowdown in GDP growth was partly driven by volatile categories including net exports, suggesting that underlying economic growth was stronger than GDP indicated. PDFP has continued to increase at a solid pace so far in the third quarter, despite some further weakening in housing activity, as retail sales have shown further robust gains in July and August. Although personal consumption has remained resilient, consumers appear to be pulling back on discretionary items and expenses, as evidenced in part by a decline in restaurant spending since late last year. Low- and moderate-income consumers no longer have extra savings to support this type of spending, and we have seen loan delinquency rates normalize from historically low levels during the pandemic. The most recent labor market report shows that payroll employment gains have slowed appreciably to a pace moderately above 100,000 per month over the three months ending in August. The unemployment rate edged down to 4.2 percent in August from 4.3 percent in July. While unemployment is notably higher than a year ago, it is still at a historically low level and below my and the Congressional Budget Office’s estimates of full employment. The labor market has loosened from the extremely tight conditions of the past few years. The ratio of job vacancies to unemployed workers has declined further to a touch below the historically elevated pre-pandemic level—a sign that the number of available workers and the number of available jobs have come into better balance. But there are still more available jobs than available workers, a condition that before 2018 has only occurred twice for a prolonged period since World War II, further signaling ongoing labor market strength despite the reported data. Although wage growth has slowed further in recent months, it remains indicative of a tight labor market. At just under 4 percent, as measured by both the employment cost index and average hourly earnings, wage gains are still above the pace consistent with our inflation goal given trend productivity growth. The rise in the unemployment rate this year largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs remain low. In addition to some cooling in labor demand, there are other factors likely contributing the increased unemployment. A mismatch between the skills of the new workers and available jobs could further raise unemployment, suggesting that higher unemployment has been partly driven by the stronger supply of workers. It is also likely that some temporary factors contributed to the recent rise in the unemployment rate, as unemployment among working age teenagers sharply increased in August. Preference for a More Measured Recalibration of PolicyThe U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target. In light of these economic conditions, a few further considerations supported the case for a more measured approach in beginning the process to recalibrate our policy stance to remove restriction and move toward a more neutral setting. First, I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy. In the current economic environment, with no clear signs of material weakening or fragility, in my view, beginning the rate-cutting cycle with a 1/4 percentage point move would have better reinforced the strength in economic conditions, while also confidently recognizing progress toward our goals. In my mind, a more measured approach would have avoided the risk of unintentionally signaling concerns about underlying economic conditions. Second, I was also concerned that reducing the policy rate by 1/2 percentage point could have led market participants to expect that the Committee would lower the target range by that same pace at future meetings until the policy rate approaches a neutral level. If this expectation had materialized, we could have seen an unwarranted decline in longer-term interest rates and broader financial conditions could become overly accommodative. This outcome could work against the Committee’s goal of returning inflation to our 2 percent target. I am pleased that Chair Powell directly addressed both of these concerns during the press conference following last week’s FOMC meeting. Third, there continues to be a considerable amount of pent-up demand and cash on the sidelines ready to be deployed as the path of interest rates moves down. Bringing the policy rate down too quickly carries the risk of unleashing that pent-up demand. A more measured approach wo
uld also avoid unnecessarily stoking demand and potentially reigniting inflationary pressures. Finally, in dialing back our restrictive stance of policy, we also need to be mindful of what the end point is likely to be. My estimate of the neutral rate is much higher than it was before the pandemic. Therefore, I think we are much closer to neutral than would have been the case under pre-pandemic conditions, and I did not see the peak stance of policy as restrictive to the same extent that my colleagues may have. With a higher estimate of neutral, for any given pace of rate reductions, we would arrive at our destination sooner. Ongoing Risks to the OutlookTurning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment. Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring. Therefore, I am taking less signal from the recent labor market data until there are clear trends indicating that both spending growth and the labor market have materially weakened. I suspect the recent immigration flows have and will continue to affect labor markets in ways that we do not yet fully understand and cannot yet accurately measure. In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases. In my view, the upside risks to inflation remain prominent. Global supply chains continue to be susceptible to labor strikes and increased geopolitical tensions, which could result in inflationary effects on food, energy, and other commodity markets. Expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long-standing limited supply, especially of affordable housing. While it has not been my baseline outlook, I cannot rule out the risk that progress on inflation could continue to stall. Although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2.5 percent, I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price-stability mandate. Accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term. In light of these considerations, I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions. The Path ForwardDespite my dissent at the recent FOMC meeting, I respect and appreciate that my FOMC colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target. I will continue to monitor the incoming data and information as I assess the appropriate path of monetary policy, and I will remain cautious in my approach to adjusting the stance of policy going forward. It is important to note that monetary policy is not on a preset course. My colleagues and I will make our decisions at each FOMC meeting based on the incoming data and the implications for and risks to the outlook guided by the Fed’s dual-mandate goals of maximum employment and stable prices. We need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions. By the time of our next meeting in November, we will have received updated reports on inflation, employment, and economic activity. We may also have a better understanding of how developments in longer-term interest rates and broader financial conditions might influence the economic outlook. During the intermeeting period, I will continue to visit with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance. As I noted earlier, I continue to view inflation as a concern. In light of the upside risks that I just described, it remains necessary to pay close attention to the price-stability side of our mandate while being attentive to the risks of a material weakening in the labor market. My view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. However, should the data evolve in a way that points to a material weakening in the labor market, I would support taking action and adjust monetary policy as needed while taking into account our inflation mandate. Closing ThoughtsIn closing, thank you again for welcoming me here today. It is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. And given the recent FOMC meeting decision and my dissent, I appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week’s FOMC meeting. I look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters.
1. The views expressed here are my own and not necessarily those of my colleagues on the Federal Open Market Committee or the Board of Governors. Return to text