Source: Government of Ireland – Department of Jobs Enterprise and Innovation
14th April 2025
The Minister for Enterprise, Tourism and Employment, Peter Burke, today welcomed the launch of a public consultation to obtain the views of interested stakeholders across the wider enterprise and employment sectors on the content of Ireland’s forthcoming action plan on collective bargaining.
The EU Directive on Adequate Minimum Wages requires member states where the collective bargaining rate is less than a threshold of 80% (as ina majority of member states, including Ireland) to establish an action plan to promote collective bargaining by the end of 2025.
Announcing the launch of the consultation, the Minister stated:
“The Programme for Government contains the commitment to finalise an action plan on the promotion of collective bargaining by the end of 2025. I am strongly committed to working towards this with our social partners.
It is intended that this consultation process will help guide us on the proposals which may be included in the action plan. I hope that there will be a strong response from a wide variety of stakeholders, and I would encourage all interested parties to engage with the consultation.
We want to ensure all workers receive fair wages and decent terms and conditions.
A strong and well-functioning collective bargaining system is an important element in the economy to support and promote fair wages, particularly in low paid sectors. Collectively bargained agreements also play a positive role in increasing productivity for businesses and promote the protection of industrial harmony, which is critical to our economy. I hope that Ireland’s action plan will be instrumental in promoting collective bargaining and raising Ireland’s collective bargaining rates.”
Also welcoming the consultation, Minister of State for Small Businesses and Retail, Alan Dillon stated:
“I fully recognise the importance of consultation and want to make the process of finalising an action plan on the promotion of collective bargaining as open and transparent as possible by allowing participation from members of the public and interested stakeholders.
We hope that when Ireland’s action plan is published, it will promote collective bargaining and increase Ireland’s collective bargaining rates.”
Reacting to news that parliament is to be recalled on Saturday 12th April to discuss the future of British Steel, Green MP Ellie Chowns said:
“The Green party will be backing nationalisation of British Steel – which is now clearly the only sure way to secure this strategically important sector so vital to national security and British jobs. Public ownership of key sectors such as water and transport has always been Green party policy, and where it is in the public interest to have public ownership of a key strategic industry, which appears to be the case with Scunthorpe Steelworks, Greens are in full support.
“Taking British Steel into public ownership provides the opportunity to help drive the green industrial revolution, supporting Scunthorpe Steelworks to make the transition from blast furnaces to electric arcs, which are cheaper and far better for the environment to run. Supporting decarbonisation of steel will further enable the UK to produce the green steel necessary to transition to a green economy, such as wind turbines and trains.
“We must not leave the future of steel communities to the whims of multinational companies or unhinged American presidents. These communities deserve better and green steel in public ownership is the way to ensure these communities not only survive but thrive into the future.”
Source: United Kingdom – Executive Government & Departments
Press release
Insolvency Service disqualified more than 1,000 directors in 2024-25
The latest statistics for Insolvency Service enforcement outcomes also outline Covid loan abuse and bankruptcy restriction orders.
More than 1,000 directors disqualified following Insolvency Service investigations.
Of these, 736 were banned for Covid loan abuse.
The report also highlights the average length of a ban was eight years.
Latest figures from the Insolvency Service show the agency banned more than 1,000 directors in 2024-25, of which 736 were for Covid loan abuse.
The Insolvency Service enforcement outcomes report for 2024-25 was published on 14 April 2025.
The report shows that of the 1,036 directors who were disqualified, 736 were for Covid loan abuse and the average length of a ban was eight years.
The report also shows that there have been 131 bankruptcy restriction orders put in place, 87 of which were related to the abuse of Covid loans.
Dave Magrath, Director of Investigation and Enforcement Services at the Insolvency Service, said:
Disqualifications for more than one thousand directors demonstrates the impact our investigative work is having.
Whether it be Covid loan abuse or directors breaching disqualification restrictions, we are consistently tackling misconduct and bringing those responsible to account.
The end result is a reminder to all businesses to operate appropriately, within the law, and helping to protect the public from rogue business and their directors.
Directors can be banned from being the director of a company for actions including:
failing to maintain adequate accounting records.
not paying tax or VAT that is owed to HMRC
securing a Covid Bounce Back loan they were not entitled to
A director can be disqualified for up to 15 years. During this time, they cannot be a director of a company in the UK, or an overseas company which has connections with the UK and they cannot be involved in forming, promoting or running a company.
Breaking the terms of a disqualification can result in a fine or a prison sentence of up to two years.
Bounce Back loans were introduced in 2020 to help support businesses affected by Covid-19, on the condition that they were used for the economic benefit of the business and not for personal purposes.
A bankruptcy already places restrictions on what a person can do for a set period. If a person is dishonest or is to blame for their debts, the court can make a bankruptcy restrictions order (BRO) which extends this period of restrictions for between two and 15 years, and subject to further restrictions.
Source: United Kingdom – Executive Government & Departments
Press release
Sarah Newton Reappointed as Chair of the Health and Safety Executive.
The Department for Work and Pensions has reappointed Sarah Newton as Chair of the Health and Safety Executive (HSE) Board.
The Health and Safety Executive is Britain’s national regulator for workplace health and safety and advises the DWP.
Sarah Newton “delighted” to continue her work on delivering on its 10-year strategy.
The Department for Work and Pensions has reappointed Sarah Newton as Chair of the Health and Safety Executive (HSE) Board.
The reappointment will last for two years starting from 1 August 2025 to 31 July 2027.
Sarah Newton has led HSE since 2020, overseeing its important role in ensuring the health, safety, and welfare of workers across Great Britain.
During her tenure, she has driven strategic improvements, strengthened regulatory frameworks, and championed HSE’s mission to protect people and places.
Minister for Social Security and Disability, Sir Stephen Timms, said:
I congratulate Sarah on her reappointment as HSE chair, and I look forward to continuing to work with her over the next few years.
As we overhaul our employment support system and give workers the skills and support they need to succeed in their careers, the role of HSE will be vital to ensure workplaces are safe environments for them to flourish in.
Chair of the HSE Board, Sarah Newton, said:
I am delighted to be reappointed as the Chair of the HSE to deliver our ten-year strategy, Protecting People and Places, while supporting the Government’s aim to improve the productivity of and growth in the UK economy.
HSE does this by supporting business-led innovation and employers in their duty to prevent work related fatalities, ill health and injuries.
Over the past five years, HSE has significantly expanded the scope of our work, taking on the responsibility of regulating chemicals in Great Britain and setting up the Building Safety Regulator for England.
Throughout this journey, it has been a privilege to work with the non-executive and executive leadership team and many dedicated HSE employees. I look forward to tackling the challenges ahead.
The Health and Safety Executive is Britain’s national regulator for workplace health and safety. It is dedicated to protecting people and places and helping everyone lead safer and healthier lives.
The HSE Board oversees the activities of HSE, ensuring that high standards of corporate governance and ways of working are maintained.
The HSE 10-year strategy sets out clear objectives and core themes to ensure people are protected in the workplace. The strategy prioritises on delivering a reduction in occupational ill health, specifically focusing on work-related stress and mental health.
Additional Information
About Sarah Newton
Sarah has 30 years’ experience of strategic planning, leadership and change management, dealing with complex issues across the business, voluntary and governmental sectors. She has considerable experience of building partnerships between diverse people and organisations to deliver shared aims. She has served on a wide range of boards and is currently a Non-Executive Director of the Royal Cornwall Hospitals NHS Trust.
Between 2010 and 2019 she was an MP and served for 3 years as a Member of the Science and Technology Select Committee before becoming a Minister in the Home Office and latterly at the Department of Work and Pensions, where she had the honour of working with the HSE and leading the Health and Work unit. Amongst other responsibilities while at the Home Office she led work on tackling modern slavery, human trafficking and human exploitation.
Before entering the House of Commons, she was Director of the International Longevity Centre – UK, Age Concern England and American Express Europe. She also served as a Councillor in the London Borough of Merton.
Sarah was educated at Falmouth Comprehensive School and Kings College London. Sarah won a Rotary International postgraduate scholarship in the USA.
Source: United Kingdom – Executive Government & Departments
Scientists comment on the British Steel factory situation.
Dr Julian Steer, a Research Fellow from Cardiff University’s School of Engineering, said:
How hot do the blast furnaces get? How do the blast furnaces work? And why do we need these certain ores/materials to keep them running?
“The hottest part of the furnace can get to temperatures of up to 2200°C; the blast furnace converts Iron Oxide, supplied as Iron ore, to Iron by a counter current chemical reduction reaction where raw materials descend through the furnace as hot gases rise up through the furnace. The blast furnace is a very well optimized process that requires the reactions to occur at an even rate throughout the process. To do this, raw materials are selected based on the properties needed to produce iron continuously and efficiently.”
Why are the blast furnaces so difficult to switch back on if they turn off?
“The size, dimensions, and complex reactions in the blast furnace mean that heat distribution and heat transfer through the furnace are absolutely critical to stable iron production. Raw materials are continuously added to the top of the furnace as hot molten iron is continuously tapped from the bottom, the shear scale of this process means that the distribution of the heat through the furnace is critical at all times.”
Why is it crucial that they need to mobilise these supplies of fuel etc.?
“The production efficiency and stability of the whole process of iron production requires careful raw material selection to maintain consistent, and uniform reactions through the furnace and process.”
What can the government do if these blast furnace turn cold?
“If the furnace goes cold, the molten materials inside become solid, blocking the furnace and making any form of restart very difficult, costly and potentially terminally damaging to the furnace.”
Dr Abigail K Ackerman, Royal Academy of Engineering Research Fellow, Department of Materials, Imperial College London, said:
Blast Furnace Operation:
“A blast furnace is used to convert iron ore (hematite, Fe2O3) to pig iron (Fe) by mixing it with coke (carbon), limestone and hot air.
“Limestone is used to remove impurities, forming slag which is a waste material. The slag collects impurities, primarily silica, and is removed and used in construction materials like cement.
“The coke, which is a derivative of coal, reacts with the hot air, which is blown in at the bottom of the furnace at around 1000degC, and forms carbon monoxide (CO). The carbon monoxide reacts with the iron ore to produce molten iron and CO2, which is released as gas.
“The resultant molten liquid iron ore is tapped out at the bottom of the furnace, and is referred to as pig iron.”
Blast Furnace Temperatures:
“Blast furnaces have ‘heat zones’ in order to drive the different chemical reactions which occur within the furnaces. They are set up in a large chimney like structure and have 3 main zones:
“Top (throat) – 200degC to 600degC – Raw materials are poured in
“Middle (Stack) – 600degC to 1200degC – Iron ore starts to reduce forming gases (mainly CO) and the initial reduction of iron ore occurs. The initial reaction has the iron ore (Fe2O3) eventually reducing to FeO.
“Middle (Bosh) – 1200degC to 1600degC – The main chemical reaction occurs, where FeO reduced to Fe. The slag forms here, where limestone reacts with impurities.
“Bottom (Hearth) – up to 2000degC – Hot air (1000degC to 1200degC) is blown in at the bottom of the furnace, which causes the coke to combust and release heat and CO2.
“The molten iron and slag are collected. The slag is lighter that the molten iron so is floats on top of it and can be collected by tapping, or drilling a hole, above the molten iron and allowing the slag to flow out..
“The molten pig iron is removed by tapping, or drilling, a hole in the bottom of the furnace, and flows through guide channels to be collected and transferred to a basic oxygen furnace (BOF) to mix with carbon and make steel.
“Tap holes are made roughly every couple of hours, and then plugged back up with a clay mixture to contain the heat and molten materials in the furnace.
Essential Materials:
“Coking coal, iron ore and limestone are essential to keep the blast furnaces in Scunthorpe running, and these are the critical raw materials that are being sourced. Without these materials in the correct amounts, the chemical reaction will be disrupted and the furnace will cool as the chemical reaction absorbs heat, which is provided by the burning of coke.”
Why can’t you let it go cold?
“The high temperature of the blast furnace means the iron and slag are molten at the bottom, they are in liquid form at around 1500degC. If the furnace is allowed to cool, these materials solidify and can stick to the interior of the furnace. When the metal cools it contracts, which can cause the lining of the furnace to become damaged resulting in expensive repairs to the furnace interior before it can be heated up again.
“Additionally, blast furnaces have various inlets and outlets for pumping in hot air and extracting the molten material. When this solidifies, these can become blocked and are extremely difficult and costly to fix.
“The chemical reaction is disrupted when the furnace goes cold, and restarting this reaction can be complicated due to the heat required to melt the solicited materials, and the balance of gas and materials needed to obtain the correct chemical reaction.
“Finally, a large amount of fuel is required to restart a furnace, which is costly, and it can take anything from days to weeks to get the furnace back up to temperature and getting the correct chemical reaction to occur. It takes much more energy to melt the materials back down than to keep them at temperature. And, of course, there’s a loss of production which costs money.”
Why is it crucial to keep the Scunthorpe furnaces running?
“The Scunthorpe blast furnaces are the last remaining blast furnaces operating in the UK, and therefore the only method for the UK to produce ‘virgin’ steel, which is steel that has not been used in any other process. Other steel producers in the UK, such as TATA, have moved to using recycled steel and electric arc furnaces (EAF). Without the Scunthorpe plant, there will be an impact of the supply chain of steel to essential services such as construction, rail and defence. There will also be an impact on the Scunthorpe community, with a loss of work for the many steelworkers.”
What can the Government do if they turn cold?
“If the furnaces go cold, the options are to restart the furnaces, which will be more costly that obtaining the raw materials required to continue steel production due to the damage that will occur within the furnace from the solidification of the iron and slag, and the large amount of energy required to restart the furnaces.
“The government can choose to change the type of steel production to, for example, recycled steel using EAFs, like Port Talbot, however this will most likely result in job losses, economic impact on the people of Scunthorpe and the UK economy, and significant disruption to the UK supply chain. There is also not enough scrap steel to supply EAFs, so primary virgin steel will need to be sourced from elsewhere. The National Grid is also not set up to supply the energy required to fuel EAFs at this scale so it would be a timely and costly option.
“There is also the option to start producing green steel, which uses hydrogen as a reduction agent rather than coal based coke. However, this requires a large amount of hydrogen and the UK hydrogen economy is not set up for this scale of production currently. Nevertheless, this is the best option for long term CO2 goals.
“Finally, there is the option to close British Steel. This would again have a significant impact on the UK economy, supply chain and the local area. The loss of steel sovereignty could impact the supply chain in the long run as there would be an increased dependence on external steel suppliers, which is impacted by geopolitics.”
Prof Barbara Rossi, Associate Professor of Engineering Science, University of Oxford, said:
“Steel is the most commonly used metal in the world. Blast furnaces and electric arc furnaces are present everywhere, all over the world. There is worldwide 1.9 billion tonnes of crude steel produced per annum. UK in 2020 (then still a EU member state) was the 8th largest steel producer in the European union, which produced in total >150 million tonnes of steel in 2019, only 8% of the world total. Japan alone produced roughly 100 million tonnes, while the biggest steel producing country is currently China, which accounted for above 50% of world steel production in 2020. Globally, the steel industry emits 25% of all industrial greenhouse gases, which is more than any other industrial sector.
“The construction sector is the largest steel using sector and that is not likely to change. It accounts for more than 50% of the world steel demand, with the other major uses being the manufacture of vehicles, industrial equipment and final goods. The global population is forecast to increase to more than 9 billion people over the next 40 years. The population growth rate in Europe (and the UK) is only expected to start decreasing slightly by 2050. And, by then, about 75% will live in cities (~50% today). We still have to build the buildings and infrastructures for these cities and replace those that are damaged. When our country needs more and more new homes, new buildings, new infrastructure, we will have to go higher, more slender and leaner in dense populated areas and the need for ultra-strong and highly ductile materials like steel will become increasingly pressing.
“Steel is indefinitely recyclable, and, while it is recycled, it does not lose its performance which is an extraordinary ability inexplicably often ignored. It isn’t the case of most construction materials: other than steel, aluminium or stainless steel, you can only recycle glass indefinitely provided that you sort the type of glass appropriately. Steel is not just downcycled into a less noble material, just like an old jewel can be turned into a new one, steel can be melted over and over again.
“Recycled steel is one of the industry’s most important raw materials. We have accumulated almost 1 billion tonnes of steel only in the UK, all of which must be recycled, and, today, we generate about 10 million tonnes of scrap a year. Studies show that in the next 10-15 years, that availability of steel scrap will rise from 10 million to 20 million tonnes (global flow of steel scrap are likely to treble in the next 30 years) because all the steel made in the past will be recycled. In 2018, in Europe, this exceeded 110 million tonnes, showing that there is no scrap shortage. Despite its weak position in the scene of steel production, this is one of the advantages by which the UK could profit in the current global change of steel production.
“We have already produced the steel that we will need tomorrow. With increased availability of scrap and under our nation’s commitment to cut its domestic emissions by 2050, we can anticipate a global shift from blast furnace to electric arc furnace production. Roughly 2/3 of today’s liquid steel is made from iron ore, with the rest made from scrap, but at present >50% of the scrap originates from the manufacturing process, rather than from end-of-life recuperation. This is even though (1) on average, steel products have an approximate life horizon of 35-40 years, before being scrapped, and (2), apart from ~10% of steel that is buried (e.g., oil pipes or in building foundations), most end-of-life steel can be easily collected for recycling. Even if the total demand for steel production will increase, one can demonstrate that if most old steel is recycled, future requirements could be met entirely through increased production from scrap via electric arc furnaces. In America today, >50% of all domestic steel demand is already made by recycling domestic scrap. And since steel recycling causes significantly less greenhouse gas emissions than blast furnaces (topped by the fact that the UK already produces low emissions electricity grid, with high potential for further improvement, so recycling steel in the UK today leads to a reduction in emissions of > 2/3 compared to global average primary steel), UK need for steel recycling can be expected to grow significantly and rapidly. This will increase with more renewable generation capacity and will grow strategically important as global pressure to alleviate climate change increases.
“UK’s commitment to decarbonization need to address the emissions which are released from within UK borders. Although closing steel plants in the UK would lead to a reduction in the emissions, our future demand for steel may lead to higher global emissions if the emissions intensity in other countries is greater than that in the UK. Rather than providing extensive efforts in technologies allowing reduced emissions in primary production which require major capital investment, a more effective contribution to global mitigation would be to produce our domestic steel through electric arc furnaces combined with a massive decrease of their emissions which are directly linked to the emissions intensity of local electricity generation.
“There is nonetheless a technical limitation on the extent to which scrap can be substituted for iron ore: contaminants. Scrap composed of large pieces such as that from construction, have well controlled composition while scrap collecting from mixed waste streams have higher levels of contamination. The latter is usually sourced when scrap prices are high. As a consequence of contamination, the degree to which recycled steel can replace primary steel is capped by the inability of (a) imperfect control of metal composition in scrap steel collection and (b) today’s technologies to adjust the chemical composition of liquid steel produced with electric arc furnaces. Therefore, steel scrap supplies have to date been mostly absorbed by the lowest grade products (such as reinforcement bars).
“It is possible to vaporise unwanted metal contaminants from liquid steel by vacuum arc re-melting. This is already a commercial strength in the UK and used for making some of the highest quality steels for e.g., aerospace components. The innovation opportunity is to replicate this success at higher speed and lower cost. Other processes than vacuum arc re-melting have been tested in research laboratories but were abandoned due to lack of economic incentive. The UK, with its high volumes of scrap and its commitment to act on climate mitigation is well placed to lead the development of these technologies.
“We cannot replace steel, it’s ridiculously cheap, ultra-strong and highly ductile, and completely recyclable, fitting into any story about a circular economy. Not a single construction material taken alone can compete with steel today. But we can produce low carbon steel and build better structures, lasting longer, not harming our environment. If UK would recycle its own scrap to deliver high-quality steel satisfying its domestic demand in a closed loop it would lead to massive decrease of UK Iron and Steel emissions. This necessitates to (a) establish low-carbon steelmaking plants based on electric arc furnace, (b) develop technologies to make high quality steel from recycled scrap, i.e., examine and mitigate the causes of scrap contamination and develop the opportunities to control the chemical composition of liquid steel made via electric arc furnace, and (c) develop innovative business models to allow UK downstream steel supply-chains to prosper.”
Declared interests
Dr Julian Steer: in receipt of funding from British Steel to measure, and optimise, the performance and selection of their injection coals.
For all other experts, no reply to our request for DOIs was received.
Source: United Kingdom – Executive Government & Departments
Press release
Government steps in to back British business in changing world
The Chancellor announces a multi-billion-pound increase in government-backed financing.
British businesses across the country have today been given further stability and certainty with access to new support through a multi-billion-pound increase in government-backed financing as the world enters a new era of global trade.
The new package will give UK Export Finance (UKEF) the power to expand financing support for British businesses by £20 billion, with small businesses also able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.
Thousands of companies are expected to benefit from the move, including those directly affected by tariffs – with iconic British brands like Rolls Royce through to local businesses like Alicat Workboats previously benefitting from similar programmes.
Today’s boost reaffirms government’s commitment to free and open trade, and means an £80 billion boost for businesses, meaning they can access government-backed finance and support to grow their presence both domestically and overseas, create new jobs and drive economic growth as part of the Plan for Change.
New measures come as prime minister goes further and faster to boost growth, working in partnership with business to deliver it.
This week alone has seen swift and decisive action from the government to protect UK businesses and workers by:
Taking action to keep British Steel operating, saving thousands of jobs
Increasing flexibility on the zero-emission vehicle (ZEV) mandate to help British carmakers
Cutting the red tape that slows down clinical trials in the life sciences sector
Investing up to £600 million in a new Health Data Research Service
Backing a £30 million package to support the reopening of Doncaster Sheffield Airport which is expected to support 5,000 jobs and boost the economy by £5 billion
Chancellor of the Exchequer, Rachel Reeves said:
The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead.
Today’s announcement will do that just, with thousands of businesses right across the country set to benefit.
We are going further and faster to boost growth, but we cannot do it alone. Only by working with businesses will we achieve our Plan for Change and put more money into people’s pockets.
Business and Trade Secretary, Jonathan Reynolds said:
Our message to British business is clear – we’ve got your back. This package, backed by the British Business Bank and UKEF, will be a crucial shot in the arm to exporters and small firms looking to trade around the world.
Within a changing world, we need to adapt, and as part of our Plan for Change, this Government is responding. These changes will help to boost growth support jobs and supercharge thousands of businesses across all four corners of the country.
UKEF will also offer businesses partial loan guarantees through more flexible uses of its Export Development Guarantee, helping to mitigate the impact of new tariffs and associated economic uncertainty. Of the £80 billion, up to £10 billion will be allocated to ensure that businesses significantly impacted in the short term by the current situation have access to the finance they need to grow.
The British Business Bank will also expand its Growth Guarantee Scheme by £500 million, which will provide vital finance for smaller businesses as they look to invest and grow. This scheme provides the lender with a 70% government-backed guarantee against loans or other types of finance, enabling lenders to support smaller businesses that would struggle to obtain financing through traditional means – and has so far enabled more than £2.1 billion of lending.
This comes on top of £1 billion of funding for British Business Bank programmes for this financial year, confirmed at Autumn Budget 2024. This includes additional support for smaller housebuilders through the ENABLE Build programme, funding for Start Up Loans and additional funding for three equity programmes supporting innovative high growth businesses
This week, the Chancellor and Business and Trade Secretary also took part in the 13th UK-India Economic and Financial Dialogue (EFD) in order to strengthen ties between the two countries. In addition to India, the UK is negotiating trade deals with partners including the Gulf Cooperation Council, South Korea and Switzerland, which will give businesses more opportunities than ever before to expand into new markets.
First Minister John Swinney has announced he will bring forward the Scottish Government’s legislative programme to ensure the country is as prepared as possible to secure its future in the face of the uncertainty facing the global economy.
Speaking during a press conference at Bute House, the First Minister announced the Programme for Government will be presented to the Scottish Parliament on Tuesday 6 May 2025.
It will set out the actions the Scottish Government will take to ensure resilience and deliver on the four core priorities to eradicate child poverty, grow the economy, tackle the climate emergency and ensure high quality and sustainable public services.
The First Minister also set out plans to immediately begin work with key partners in the business community and trade unions to map out the actions required in Scotland, and the UK as a whole, to respond to emerging economic challenges and ensure the needs of the devolved nations are at the heart of UK decision-making.
First Minister John Swinney said:
“I know that this is a time of great uncertainty for people, that many families and businesses are worried about what global events will mean for them.
“We face yet another storm, after almost two decades of knocks and challenges – the financial crisis, austerity, Brexit, Covid, the energy price spike following Russia’s invasion of Ukraine, the subsequent inflation spike. Each has weakened us in some way, but none has defeated us.
“The Programme for Government will be laser-focused on delivery. It will set out what I believe my government can and will deliver for the people of Scotland over the coming year.
“The economic headwinds are blowing strong across the Atlantic and they demand a response that is both immediate and measured. My Programme for Government will set out what practical steps we will take to strengthen our response to those headwinds and ensure Scottish business and our economy is positioned well to create jobs and grow the economy.
“I want to make sure the UK Government understands where we need them to do much more to protect Scotland’s economic interests. As a result, I will be bringing together our key partners in the business community and the trades union movement on Wednesday to map out the actions we can take, here in Scotland, and which can be complemented across the UK, to respond to the emerging economic realities. That work will influence my government’s approach, and I want it to shape the response at a UK level into the bargain.
“A Scotland that is wealthier, fairer, more resilient – that is my ambition. I want people feeling more confident about the future and more secure in the midst of the uncertainties, because they have a government that is fighting Scotland’s corner.
“A government that is bringing people together, so that our response to the challenges we face is rooted in a Scotland that is united, prepared and determined, a Scotland confident in its ability to, once again, weather the storm and come out of that storm a great deal stronger.”
Background
The first roundtable with the business community and trade unions to determine the actions required to ensure the resilience of Scotland’s economy will be held on Wednesday 16 April 2025.
New Chair of the Audit and Risk Assurance Committee named, as three board members reappointed
A series of appointments and reappointments have been made to the Board of the Environment Agency.
Jon Watts has been appointed as a Non-Executive Board Member, as well as Chair of the Audit and Risk Assurance Committee. His appointment began on 1 April 2025 and will run for three years until 31 March 2028. The Committee provides essential scrutiny, challenge, and oversight of the Environment Agency’s risk controls and governance.
Furthermore, Stewart Davies, Lilli Matson, and Ines Faden da Silva have been reappointed as board members for second terms, all of which commenced on 1 February 2025 and will run for eighteen months until 1 July 2026. Ines Faden da Silva has also been appointed as the new Deputy Chair of the Board. All appointments have been made on merit and in accordance with the Ministerial Governance Code on Public Appointments.
The Environment Agency would like to thank Judith Batchelar, Robert Gould, and John Lelliott for their exemplary service and commitment as they step down from the Board.
Biographies
Jon Watts
Jon is a finance leader with a career spanning global businesses and the third sector. Jon is a trustee of the Eden Trust and chair of the Finance Audit and Risk Committee. He has held senior leadership roles, including regional Chief Financial Officer of Unilever Latin America, Director of Finance and Control at SABMiller, and as global Chief Financial Officer for Save the Children and for the Children’s Investment Fund Foundation. He currently advises foundations and NGOs on organisational capability and resilience.
Stewart Davies
Stewart is Chair of OPRL Ltd, which serves over 900 companies across the packaging cycle, collaborating to drive circularity and a transformation in packaging resource efficiency. He is founding Chair of the Bradford Sustainable Development Partnership. Stewart’s prior career was as an executive in regulated industries, including petrochemicals, steel, cement and waste management. He has served as Chair of the Environmental Services Association and as a Non-Executive Director on the board of Innovate UK.
Lilli Matson
Lilli has worked for Transport for London since 2006, currently as Chief Officer of Safety, Health & Environment, where she leads initiatives to enhance safety and environmental performance across London’s transport network. Previously, Lilli was a member of the UK Government’s Commission for Integrated Transport and ran her own transport consultancy, leading major projects on sustainable transport for a range of clients.
Ines Faden da Silva
Ines Faden da Silva is a part-time consultant at Tideway London, the company delivering London’s super sewer. She is a Committee Member of the Transition Pathway Initiative and Member of the Expert Panel for Accounting for Sustainability. Prior to Tideway, Ines worked for Citigroup where she advised and arranged financing for infrastructure and energy projects and later managed a portfolio of structured assets.
Notes for Editors
The Environment Agency works to create better places for people and wildlife, and supports sustainable development. It is an executive non-departmental public body, sponsored by the Department for Environment, Food & Rural Affairs.
The Environment Agency Board currently comprises a Chair and eight members.
The last few weeks have given me so many reasons to be proud of our region but my recent trips to the MIPIM Real Estate Summit and China have really brought this home for me.
I’ve been reminded of just how much Derby has to offer not only to the rest of the UK but internationally. We’re seeing record rates of investment into our city by key players who also recognise the potential of our relatively small but very mighty city.
MIPIM, the world’s leading real estate event, gave Team Derby the opportunity to spend time with potential investors, not only telling them all about Derby’s incredible regeneration story, but taking time to listen to what they have to say. The event was the perfect opportunity to launch Derby’s ‘City Centre First for Offices’ prospectus, showcasing office opportunities and supporting a drive to get more people into our city centre and supporting the local economy. A big thanks once again to Marketing Derby for coordinating Derby’s part in the event.
We’re passionate about collaboration and partnership so it’s important to learn what our potential investors think. The message was loud and clear from investors and developers alike: stability and confidence is key. This has been crucial in attracting the big investors and names we see here now and those in the pipeline. Finally, we are a city on the up!
Whilst in China, I had the opportunity to spend time with trade leaders discussing potential investments into our region and strengthening partnerships that will unlock new opportunities for our economic growth. The week-long visit had a packed agenda, and we six Mayors and Deputy Mayors worked really hard to promote our regions and the UK as a prime place to invest.
The trip was a significant step forwards in the UK’s efforts to secure its position as a global leader in trade, technology, and innovation – setting the stage for a new era of international collaboration. I’m confident that by forging deeper ties with China, we can revitalise the UK’s economic foundations by boosting trade, creating new jobs and securing investment opportunities that will ensure long-term prosperity.
It was a fantastic opportunity and I’m very excited to see the impact that these two trips will have on our city over the coming months and years.
Of course, I can’t talk about the last few weeks without mentioning our wonderful new city centre venue! It was thrilling to attend the Vaillant Live opening event at the start of this month and see the venue alive with people having a fantastic time. Thinking back to what the site looked like the first time I visited in June 2023, the transformation that has taken place is staggering and I’m so proud of all we’ve achieved. The excitement really was palpable on opening day and the feedback that we’ve received has been overwhelmingly positive.
This is yet another example of international players, such as ASM Global and Vaillant, choosing to invest into Derby. With their headquarters in Belper and manufacturing site at Indurent Park Derby, Vaillant have already invested heavily in Derbyshire, and I’m pleased to see this continue into the Becketwell development. I was able to go along to the opening of Vaillant’s heat pump manufacturing site, which is just outside of the city centre, at the end of March and see first-hand the impact of their investment.
Looking ahead, I’m incredibly excited for the Market Hall re-opening next month and cannot wait for everyone to see all the hard work that has been poured into revitalising one of our beloved buildings. We made our intention to transform our city centre into a vibrant heart very clear when we came into power almost two years ago and it’s fantastic to see this start to come to life.
Confidence in Derby as a vibrant, pioneering city and a centre for manufacturing excellence is sky-high right now. Backed by support from partners locally and across the globe, we’re creating a vibrant city centre with culture at its heart and I’m very proud to be a part of the journey.
(Joshua Quek and Edmund Tan, Operations Managers of Primech A & P)
SINGAPORE, April 14, 2025 (GLOBE NEWSWIRE) — Primech Holdings Limited (the “Company”) (Nasdaq: PMEC), an established technology-driven facility services provider in the public and private sectors operating mainly in Singapore, today announced its strategic transformation initiatives that are revolutionizing the industry through cutting-edge innovation, operational excellence, and sustainable growth strategies.
“We’re not just adapting to the future of facility services—we’re actively creating it,” said Mr. Kin Wai Ho, Chief Executive Officer of Primech Holdings. “Through our comprehensive integration of AI, robotics, and digital solutions, Primech A & P is establishing new benchmarks for efficiency, quality, and sustainability in the facility services sector.”
Pioneering Smart Cleaning Through Technology Primech A & P has invested significantly in AI-powered cleaning robots and IoT-enabled monitoring systems operating across high-traffic commercial spaces. These autonomous solutions ensure consistent hygiene standards while effectively addressing labor shortages in the industry.
The Company’s technological ecosystem includes:
Cloud-based workforce management systems for real-time operations tracking
Equipment health monitoring via software API to minimize downtime
Resource allocation optimization through performance metrics analysis
This digital transformation has enhanced service delivery while optimizing operational costs, directly benefiting customers through higher quality and more reliable facility services.
Excellence Through People and Performance Primech A & P’s market leadership is built on a foundation of workforce development and superior service standards. The Company has implemented comprehensive training and upskilling programs that equip employees with cutting-edge industry knowledge and technological expertise.
The Company currently maintains facilities at several of Singapore’s most prestigious locations, including:
Singapore’s internationally acclaimed airport
Premium commercial office buildings
Essential public spaces, including food courts
Private residential condominiums
Government housing developments
Strategic Expansion into High-Value Sectors As part of its growth strategy, Primech A & P is actively expanding into specialized sectors requiring advanced cleaning solutions:
Healthcare and Hospitals: Providing hygiene-critical cleaning for medical facilities, laboratories, and pharmaceutical environments
Road Sweeping Innovation: Conducting in-depth assessments to drive technological advancements in public infrastructure maintenance
High-Tech Environments: Delivering precision cleaning for semiconductor cleanrooms and cloud data centers
Luxury Residential and Commercial: Increasing market share in premium property segments
Environmental Leadership Primech A & P has integrated substantial eco-friendly practices into its operations, including:
Deployment of an electric vehicle fleet to reduce carbon emissions
Installation of solar panels at company headquarters
Development of sustainable cleaning methodologies
With a strong market presence, a commitment to AI-driven innovation, and a roadmap for expansion, Primech A & P presents an exciting investment opportunity. The Company’s leadership team continues to drive operational excellence, digital transformation, and sustainable growth—paving the way for the next era of smart cleaning and automation.
Primech A & P is not just shaping the future of facility services—it is revolutionizing the industry through technology, excellence, and forward-thinking solutions.
About Primech Holdings Limited Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
Forward-Looking Statements Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
We hope you will join us in May for the next offering of our Orientation to Legal Research webinar focusing on U.S. federal statutes, and an Orientation to Law Library Collections (OLLC) webinar, which will feature the Alaska State Court Law Library as part of our 50 State Law Libraries Outreach Project. The 50 State Law Libraries Outreach Project aims to strengthen the ties between the Law Library of Congress and state law libraries by sharing information about our collections, products, and services with one another and with the public. Susan Falk, state law librarian, will present from the Alaska State Court Law Library during the webinar. The Law Library will also offer a Lunch and Learn webinar, which will focus on public international law and the general principles of law as they relate to international law. We hope you will join us for these upcoming webinars in May!
An Orientation to Legal Research: U.S. Federal Statutes
Content: This webinar is designed to give a basic introduction to legal sources and research techniques. This entry in the series provides an overview of U.S. statutory and legislative research, including information about how to find and use the U.S. Code, the U.S. Statutes at Large, and U.S. federal bills and resolutions.
Instructor: Jason Zarin. Jason is a legal reference specialist at the Law Library. Jason has a B.A. in economics from Tufts University, an M.A. in economics from UCLA, a J.D. from the University of Southern California, an LL.M. in taxation from Georgetown University, and a Master of Science in information systems from the University of Texas at Austin.
Register here.
An Orientation to Law Library Collections Webinar Featuring the Alaska State Court Law Library
Content: This webinar will feature a special appearance by law librarians from the Alaska State Court Law Library as part of the State Law Libraries Outreach Project. The purpose of the State Law Libraries Outreach Project is to strengthen the ties between the Law Library of Congress and state law libraries by sharing information about our collections, products, and services with one another and with the public. This project involves providing a guest spot for state law librarians, or their designees, to discuss the collections and services they offer during our Orientation to Law Library Collections Webinars.
Instructor: Sarah Friedman. Sarah Friedman is a legal reference librarian at the Law Library of Congress. Sarah holds a B.A. in English literature and criticism from the University of Massachusetts Dartmouth and a J.D. from Roger Williams University School of Law.
Register here.
Flyer announcing the Lunch and Learn webinar titled, An Overview of Public International Law. Created by Taylor Gulatsi.
A Lunch and Learn Webinar: An Overview of Public International Law
Content: This entry in the series provides an introduction to treaty practice and international conventions, international customary law and its relationship to international law, general principles of law as they relate to international law, and a final category covering other evidence for international law. The presentation also briefly discusses the inclusion of international governmental organizations, such as the United Nations, within the framework of international law.
Instructor: Louis Myers. Louis Myers holds a B.A. in history from Kent State University, a J.D. from the University of Idaho College of Law, and an M.L.I.S. from Kent State University.
Register here.
To learn about other upcoming classes on domestic and foreign law topics, visit the Legal Research Institute. Please request ADA accommodations at least five business days in advance by contacting (202) 707-6362 or [email protected].
TOKYO and CHICAGO, April 14, 2025 (GLOBE NEWSWIRE) — Tokyo-based Sumitomo Mitsui Trust Bank (“SuMi TRUST”), a leading trust bank, and Chicago-based GCM Grosvenor Inc. (“GCM Grosvenor”) (Nasdaq: GCMG), a leading global alternative asset management solutions provider, have announced a strategic partnership to offer clients best-in-class alternative investment products to capitalize on the attractive Japanese market demand for alternative investment solutions that add value to investment portfolios.
The strategic partnership further strengthens a long-term collaboration between the firms. The partnership will significantly expand both firms’ presence in global markets by leveraging SuMi TRUST’s strong presence in Japan and GCM Grosvenor’s decades of private markets expertise. SuMi TRUST Group collectively has one of the largest asset bases in Asia, with a particularly diverse client base in the Japanese market. The partnership aims to expand SuMi TRUST’s initiatives in private markets assets, expand the distribution of GCM Grosvenor’s private market investment products to investors in Japan, and jointly develop private markets investment products focused on Japanese markets for distribution to SuMi TRUST clients in Japan as well as to GCM Grosvenor clients globally. The two firms are targeting at least $1.5 billion of additional assets under management from the partnership by 2030.
“Our strategic plan envisions significant growth in private markets strategies through 2030,” said Futoshi Itani, Representative Director and Deputy President of SuMi TRUST. “We have a strong, long-standing relationship with GCM Grosvenor, built on trust, cultural alignment and a successful track record. They are a perfect partner to help us deliver opportunities to invest in private assets as market conditions and regulatory environments evolve. We will provide these private assets solutions to investors, through our strong and various channels.”
“We are thrilled to deepen our strong relationship with SuMi TRUST,” said Michael Sacks, Chairman and CEO of GCM Grosvenor. “Japan is a key growth market for GCM Grosvenor, with strong and growing demand for alternative investment solutions that match our firms’ investment capabilities, and SuMi TRUST is an ideal partner to capture the growth in this market together. This partnership aligns well with both firms’ strategic plans, and we are honored to be working with SuMi TRUST on this important initiative. The combination of our extensive private markets manufacturing experience and SuMi TRUST’s installed client base and distribution capabilities should enhance both of our firms’ growth rates.”
The two companies have collaborated since 2016 across private equity, credit, and infrastructure strategies. As part of this partnership, SuMi TRUST has agreed to purchase $50 million in newly issued shares of GCM Grosvenor Class A common stock and committed $100 million in the fourth quarter of 2024 to Elevate, GCM Grosvenor’s private equity seeding strategy.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Sumitomo Mitsui Trust Bank Sumitomo Mitsui Trust Bank, Limited forms the core of SuMi TRUST Group, a listed trust bank group in Japan, which excels in numerous trust-related business areas, such as asset management and wealth management. SuMi TRUST Group collectively has one of the largest asset bases in Asia, including both assets under custody and assets under management. With a diverse client base ranging from pension funds and other financial institutions to individuals, SuMi Trust offers a wide range of investment products, including alternative investment solutions.
About GCM Grosvenor GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.
Forward Looking Statements This press release contains forward-looking statements with respect to GCM Grosvenor under federal securities laws. All statements other than statements of historical facts contained herein, including without limitation statements regarding the expected closing of the sale of stock by GCM Grosvenor to SuMi TRUST and the strategic partnership between the parties are forward-looking statements reflecting the current beliefs and expectations of GCM Grosvenor management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, including those included in GCM Grosvenor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent filings with the Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release, and GCM Grosvenor does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
SAN JUAN, Puerto Rico, April 14, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, has successfully closed the previously announced registered direct offering with certain institutional investors for the purchase and sale of 4,724,412 shares of common stock resulting in gross proceeds of approximately $30 million, before deducting placement agent fees and other offering expenses. The offering closed on April 11, 2025.
“We believe this financing positions Red Cat for significant growth in the drone industry focused on aerospace and defense technologies, establishing Red Cat as one of the fastest growing drone companies based in the United States,” said Jeff Thompson, Founder, Chairman and Chief Executive Officer of Red Cat.
Red Cat remains focused in the near term on driving growth through being the previously announced sole winner of the U.S. Army Short Range Reconnaissance (SRR) Program of Record and will continue to grow sales of its Black Widow, Edge 130 and FANG product offerings and invest in new product offerings.
Red Cat is reiterating its calendar 2025 guidance of $80-120 million, driven by military contracts and strategic partnerships, including the recently announced partnership with Palantir Technologies, which integrates Palantir’s Visual Navigation (VNav) and Warp Speed manufacturing operating system.
Red Cat continues to hire strategic talent, most recently adding Christian Koji Ericson as CFO, previously with PricewaterhouseCoopers and Shawn Webb as President of FlightWave Aerospace, leveraging his 25 years of aerospace and defense experience, including a leadership role at AeroVironment (Nasdaq: AVAV), to enhance the company’s military drone production capabilities.
The Company intends to use net proceeds from the offering for general corporate purposes, including working capital.
Northland Capital Markets acted as the exclusive placement agent and Ladenburg Thalmann served as financial advisor for the transaction.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.
Safe Harbor Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Such statements include, but are not limited to, statements relating to the expected timing of the offering and the satisfaction of customary closing conditions related to the offerings, and our intended use of proceeds from the offering. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-KT filed with the Securities and Exchange Commission on March 31, 2025. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.
TORONTO, April 14, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for artificial intelligence networks, today announced significant new customer engagement in response to live demonstrations of the POET Teralight™ line of 1.6T transmit and receive optical engines that broke performance expectations at the 2025 Optical Fiber Communications (OFC) Conference at the Moscone Center in San Francisco, California.
POET also debuted POET Blazar™, a groundbreaking external light source (ELS) that promises to shrink costs by an order of magnitude with the potential to disrupt the AI connectivity ecosystem at a time when the industry is in need of viable new solutions.
“Blazar represents a new class of laser and is designed to drive AI connectivity to the next level. It can transform the economics of AI connectivity with an architecture that reduces costs and increases scale and manufacturing efficiency,” said Dr. Suresh Venkatesan, the Company’s Chairman & CEO. “With the massive amount of compute power that AI demands, we believe that Blazar offers an economically superior solution for co-packaged optics (CPO) applications and, more importantly, for chip-to-chip, light-based connectivity in AI clusters.”
“The period immediately following OFC is a crucial one for POET and we are seeing robust engagement with existing and new customers alike,” commented Raju Kankipati, POET’s Chief Revenue Officer. “We are laser focused on driving revenue this year and preparing for substantial revenue growth in 2026.”
About POET Technologies Inc. POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.
Forward-Looking Statements This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, including its Teralight and Blazar product lines, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its technology to meet performance requirements, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to be included in products aimed at AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Federal Bureau of Investigation (FBI) State Crime News
HOUSTON – A 62-year-old Houston resident has admitted to laundering proceeds from a large-scale bank fraud scheme, announced U.S. Attorney Nicholas J. Ganjei.
William Mills admitted that from 2014 to 2023, he conspired with others in a bank fraud scheme involving dozens of loans totaling at least $35 million in fraudulent loan proceeds.
As part of the plea, Mills acknowledged opening and maintaining shell companies and bank accounts to collect money from the scheme. He then laundered the fraud proceeds by wiring them to bank accounts other co-conspirators controlled.
Mills and others accomplished the bank fraud by preparing loan applications that contained false and fraudulent information and documents, including fake equipment sales invoices, income tax returns and financial and bank statements.
U.S. District Keith Ellison will impose sentencing June 27. At that time, Mills faces up to 10 years in federal prison and a possible $250,000 maximum fine or twice the amount involved in the transaction.
He will remain in custody pending that hearing.
Two other Houston residents charged in the case, Jeremiah Almaguer, 45, Bun Khath, 44, both of Houston, previously pleaded guilty to money laundering in the same scheme and are awaiting sentencing. Another Houston resident charged in the case – Hugo Villanueva, 70, – is considered a fugitive, and a warrant remains outstanding for his arrest. Anyone with information about his whereabouts is asked to contact the FBI at 713-693-5000.
The Federal Housing Finance Agency-Office of Inspector General (OIG), IRS Criminal Investigation, FBI and Federal Deposit Insurance Corporation-OIG conducted the investigation. Assistant U.S. Attorney Belinda Beek is prosecuting the case.
NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI), today announced the Company will hold a conference call to review its first quarter 2025 financial results on Friday, April 25, 2025 at 10:00 a.m. Eastern Time. The Company’s first quarter 2025 financial results will be released after the market closes on Thursday, April 24, 2025. During the conference call, Company officers will review first quarter 2025 performance, discuss recent events and conduct a question-and-answer period.
To register for the call, please use the following link:
After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.
About Apollo Commercial Real Estate Finance, Inc. Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $751 billion of assets under management as of December 31, 2024.
Additional information can be found on the Company’s website at www.apollocref.com.
Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Source: People’s Republic of China – State Council News
HAIKOU, April 14 — The fifth China International Consumer Products Expo (CICPE), held on the tropical island province of Hainan, has reaffirmed the country’s position as a vital marketplace for global enterprises.
This year’s expo has drawn record participation from over 4,100 brands across 71 countries and regions, reflecting the expanding international appetite for engagement with China’s vast consumer market and its evolving landscape.
The UK, this year’s guest country of honor, brought 27 companies spanning fashion, beauty, and other fields. Flagship brands like Burberry and Bentley showcased their latest offerings, with a strong emphasis on green technology and sustainable development.
“I have seen the tremendous innovation and growth taking place within China’s economy in recent years, not least in digital technologies, life sciences and green energy,” said Douglas Alexander, minister of state of the UK’s Department for Business and Trade.
These areas present significant opportunities for both economies, he said, emphasizing the UK’s commitment to deepening economic ties with China.
Burberry Greater China President Josie Zhang noted the value of the expo in facilitating foreign firms to engage with local partners. “By deepening cooperation with various stakeholders, we aim to explore new market opportunities and achieve mutual growth,” she said in a written interview with Xinhua.
Slovakia also made a notable debut with its first-ever national pavilion. Andrea Jancekova, CEO of Slovak brand Truscada, praised the expo’s global reach. “You can have a good connection also with people from all over the world.”
Slovak Deputy Prime Minister Denisa Saková highlighted the expanding trade ties between the two countries. “China is one of our most important trading partners outside the European Union,” she said. “The growing volume of trade is a testament to the strength and dynamism of our economic relationship.”
Among the newcomers was Japan’s Eda Livestock Co., Ltd., known for its premium Wagyu beef. “We plan to establish a foreign trade company in Hainan as our strategic entry point into the Chinese market,” said Rei Tanaka, the firm’s chief operating officer, who participated in the CICPE for the first time.
This year’s expo also gathered an array of top-tier global luxury brands. Richemont’s TimeVallée debuted as an independent exhibitor, while LVMH and Kering Group brands made notable appearances, reflecting confidence in China’s premium consumption growth.
“Luxury consumers in China are significantly younger than those in many overseas markets, and that presents a major opportunity for us,” said Nancy Liu, president of luxury travel retailer DFS China. The company has introduced tailored services to cater to the expectations of these emerging consumer groups.
Beyond luxury, sectors like automotive and technology are repositioning China from being a mere sales destination to a research and innovation hub.
Amid China’s technological innovation momentum, this year’s expo for the first time introduced dedicated zones for artificial intelligence and the low-altitude economy, showcasing cutting-edge technologies and products from leading tech companies around the world.
“Since 2020, Volkswagen has invested over 10 billion euros in China. In particular, we have established a research and development center in China in 2023, the largest outside Germany,” said Su Bahong, vice president of Volkswagen Group China. “This shows the trend where China is becoming the global technological innovation hub.”
As a child, Tehreem Fatima ’28 (CLAS) spent hours reconstructing microscopes from secondhand parts and conducting various science experiments at home.
As she finishes her first year at UConn, Fatima has channeled that curiosity to research glioblastoma, an aggressive and deadly form of brain cancer originating in the brain’s glial cells. The research, which she conducted with no professional support or academic resources, has been accepted into dozens of academic and professional conferences.
“I never imagined that so many conferences would accept my work,” Fatima says. “It’s exciting, but since I’m conducting this research independently, I don’t have the funding to attend all of them.”
Fatima’s interest in glioblastoma began after her five-year-old cousin, who lived in Pakistan was diagnosed and later died from the disease in February 2025.
“When he was diagnosed, I thought, ‘Okay, he’s in Pakistan—there’s nothing I can do for him,’” Fatima says. “But something valuable I can do is apply my skill set. So, I did a lot of research and asked, ‘Where is there a gap in the research?’”
Fatima, a physiology and neurobiology major on a fullSTEM scholarship, an honors program which provides financial support to promising students, first delved into research during high school through a three-year college program in Albany, New York.
Early Drive for Research
During her sophomore year of high school, Fatima was selected for a competitive three-year program sponsored by SUNY Albany calledScience Research, which required students to secure a mentor and participate in research.
Tehreem Fatima at the Yale Undergraduate Research Conference. (Contributed by Tehreem Fatima).
At just 15 years old, she struggled to find academic researchers willing to take her on. But she persisted and eventually convinced J. Andrew Berglund, distinguished professor of biology and director of SUNY Albany’s RNA Institute, to mentor her.
“Even before I had a mentor, I was driven to understand how research worked,” Fatima says. “I wanted to build the skills necessary to contribute meaningfully.”
Before joining Berglund’s lab, Fatima had taught herself research fundamentals by conducting literature reviews and enrolling in independent courses on platforms like Udemy.
Her initial work at the RNA Institute focused on statistical analysis rather than lab experiments, since her young age prevented her from working in an in-person laboratory. Over time, she took on more responsibilities, and by the end of the three-year program, she was leading a summer course at the institute, teaching bioinformatics to students ranging from high school to graduate levels.
Independent Research on Glioblastoma
During her first year at UConn, Fatima explored a wide range of interests, taking classes across multiple disciplines, writing poetry, and meeting new people. But she also wanted to build on her research experience and continue to study glioblastoma treatments.
She designed a study using open-source data, compiling and analyzing chemotherapy treatment datasets. Her goal was to determine whether, when used together, a combination of two widely used chemotherapies could target additional genetic markers compared to using each drug individually.
Her work focused on immune checkpoint genes or molecules that glioblastoma tumors use to evade detection by the immune system. By analyzing patient data, she aimed to identify correlations among gene expression, patient survival, and chemotherapy effectiveness. Her findings suggested potential avenues for improving glioblastoma treatment strategies.
“Some labs have already collected similar data, but funding constraints have limited further research,” she says. “I wanted to see if my analysis could stand on its own and be useful to the professional community.”
Fatima submitted her findings to multiple academic conferences throughout the U.S. as well as internationally, hoping for at least one acceptance. Instead, her research was accepted into over 25 conferences, including those at Brown University, Harvard University, and Yale University.
She plans to attend as many of the symposiums as she can, both in-person and online.
Next Steps in Her Research
This summer, Fatima will participate in a bioinformatics cybersecurity internship at SUNY Albany, where she hopes to expand on her previous research and refine her analysis of glioblastoma therapies.
Fatima says it will provide her with valuable skills and resources to further advance her research, and help her as she works toward earning both medical and law degrees. Her long-term goal is to bridge the gap between medicine and public policy.
“I want to make science more accessible,” she says. “A lot of times, science is seen as a prestigious field that’s difficult to enter.”
Fatima hopes her research will contribute to the fight against glioblastoma and offer hope to families affected by the disease.
“Your only limit is yourself,” she says. “I constantly remind myself that if I want to accomplish something, the only thing stopping me is me.”
ANDOVER, Mass., April 14, 2025 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, today announced that the Company will release first quarter 2025 financial results after market close on Wednesday, May 7, 2025.
A conference call with management will be held on Thursday, May 8, 2025 at 8:30 a.m. (Eastern Time). A live and archived webcast of the call can be accessed on the company’s website at https://investor.mks.com/, or by registering as a Participant by clicking here. We encourage participants to register at least 15 minutes prior to the start of the call.
About MKS Instruments
MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.
Stockwiks annual report and sustainability report for financial year 2024 has been published on our website, www.stockwik.se.
This information is being disclosed by Stockwik Förvaltning AB (publ) in compliance with the Market Securities Act. The information was submitted for publication at 14:00 (CEST) on April 14th, 2025, through the designated contact person provided below.
For further information, please contact: Urban Lindskog, President and CEO Stockwik Förvaltning AB (publ) E-mail: info@stockwik.se
About Stockwik
Stockwik offers a stable platform for small businesses to develop both organically and through acquisitions. Stockwik’s companies offer value-adding products and services to corporate customers. Stockwik is listed on Nasdaq Stockholm Small Cap with the short name STWK.
BOSTON, April 14, 2025 (GLOBE NEWSWIRE) — Today, Flywire Corporation (Flywire) (Nasdaq: FLYW), a global payments enablement and software company, announced that its first quarter financial results will be released after market close on Tuesday, May 6, 2025. Flywire will host a conference call to discuss its first quarter financial results at 5:00pm ET the same day. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO.
The conference call will be webcast live from Flywire’s investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.
About Flywire Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports more than 4,500 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.
TORONTO, April 14, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, today announced that it will be presenting at the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub on Wednesday, April 23, 2025 at 5:30 PM (Local Time -PST). Sandeep Mendiratta, CEO of NowVertical will be hosting the presentation and answering questions at the conclusion.
To access the live presentation, please use the following information:
If you would like to book 1×1 investor meetings with NowVertical, and to attend the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub, please make sure you are registered here: REGISTER
1×1 meetings will be scheduled and conducted in person at the conference venue: Paris Hotel & Casino in Las Vegas, NV
The Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub website is available here: HOME PAGE
If you can’t make the live presentation, all company presentations “webcasts” will be available directly on the conference event platform on this link under the tab “Agenda”: AGENDA
About NowVertical Group Inc.
The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investor Relations: Bristol Capital Ltd. Stefan Eftychiou stefan@bristolir.com (905) 326-1888 x60
About Planet MicroCap
Planet MicroCap is a global multimedia financial news, publishing and events company for the MicroCap investing community. We have cultivated an active and engaged audience of folks that are interested in learning about and to stay ahead of the curve in the MicroCap space.
If you would like to attend the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub, please register here: REGISTER
Forward-Looking Statements
This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, the alignment of the Company’s leadership and shareholders, and the associated results of the transactions contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
DALLAS, April 14, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced the appointment of Jenarae Garland as Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, effective immediately. Ms. Garland brings with her a wealth of industry experience, having served as a key strategic legal partner to executive leadership teams and boards of major energy corporations, including advising on capital markets and commercial and strategic transactions.
Fernando Araujo, Berry’s Chief Executive Officer, commented, “We are excited to welcome Jenarae to our executive leadership team during this pivotal time for our business. She is an accomplished lawyer and business leader, with experience that will have an immediate, positive impact as we work hard to accelerate growth, drive a high-performance culture and create long-term value for our Company and our stakeholders. Working closely with our board of directors and executive leadership team, Jenarae will be a critical partner in driving sustainable and profitable growth.”
Prior to joining Berry, Ms. Garland served in roles of increasing responsibility in the legal department of Phillips 66 (NYSE: PSX), a Fortune 50 integrated downstream energy provider, most recently as Deputy General Counsel, Corporate and Assistant Corporate Secretary. Before joining Phillips 66, she served in various leadership roles within the legal department of Occidental Petroleum Corporation (NYSE: OXY), most recently as Assistant General Counsel, Oxy Low Carbon Ventures. She began her career as a corporate associate at Vinson & Elkins LLP representing public and private companies primarily within the energy industry in capital markets offerings, mergers and acquisitions, financial reporting and corporate governance matters. Ms. Garland holds a Bachelor of Science degree in Communications from the University of Texas at Austin and graduated magna cum laude from Tulane University Law School.
About Berry Corporation (BRY)
Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.
COMPANY CONTACT:
Christopher Denison – Investor Relations ir@bry.com (661) 616-3811
Forward Looking Statements
This news release contains forward-looking statements. Berry’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate Berry’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our capital program and development and production plans; potential acquisitions and other strategic opportunities; reserves; hedging activities; and the other factors described in the “Risk Factors” section of Berry’s most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. Berry undertakes no obligation to publicly update or revise any forward-looking statements.
SINGAPORE, April 14, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced an expanded collaboration with TransUnion, a global information and insights company, to launch the innovative Credit Hero Club in Hong Kong in Q2 2025.
This joint effort builds on the success of its pilot program in 2023, during which MoneyHero launched a free credit score-checking mobile app in collaboration with TransUnion. The expanded collaboration aims to empower consumers to understand, manage, and improve their credit health more effectively, serving as a significant growth strategy and revenue driver for MoneyHero’s core credit products in Hong Kong.
Empowering Consumers with Financial Clarity
Hong Kong’s consumer credit market surpassed HK$160 billion in outstanding balance between September 2024 and November 20241. However, access to real-time credit insights remains fragmented. Credit Hero Club aims to bridge this gap, positioning MoneyHero as the leading gateway for smarter, data-driven financial decisions. Through Credit Hero Club, consumers in Hong Kong will receive the following from the MoneyHero platform:
Obtain unlimited free access to their personal credit scores, updated monthly.
Get personalized, actionable tips to enhance their creditworthiness and financial profiles.
Benefit from tailored recommendations for credit cards, loans, mortgages, and other financial products.
In the future, consumers may be able to utilize tool, which would provide an estimated probability of acceptance for various financial products in the market for their reference.
Credit Hero Club enables consumers to make informed decisions and achieve better financial outcomes, thereby strengthening MoneyHero’s relationships with customers and financial institutions alike.
Stronger Financial Outcomes for Consumers and Institutions
“We’re excited to deepen our partnership with TransUnion following our successful pilot,” said Rohith Murthy, CEO of MoneyHero. “Credit Hero Club will significantly enhance transparency and simplicity in the consumer credit journey, driving higher user engagement and conversion rates. By empowering our customers to better manage their financial health, we are simultaneously unlocking value for financial institutions, which benefit from increased access to informed, creditworthy consumers.”
“At TransUnion, we are dedicated to empowering consumers with credit literacy to pursue important life goals,” said Terri Yang, Head of Consumer Interactive Business for Asia Pacific at TransUnion. “We are excited to expand our successful collaboration with MoneyHero, which shares our vision of enabling more consumers to take control of their credit health through financial inclusion. Together, we aim to create more opportunities for consumers by facilitating proactive credit management, ultimately helping them to gain better access to financial services and achieve more in life.”
Accelerating MoneyHero’s Growth Strategy
The launch of Credit Hero Club marks a strategic milestone for MoneyHero, reinforcing its position as a leading provider of innovative digital financial services. By delivering superior customer experiences and comprehensive credit insights, MoneyHero anticipates accelerated user acquisition, increased customer lifetime value, and stronger revenue performance across its credit product portfolio in Hong Kong.
MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 270 commercial partner relationships as at September 30, 2024, and had approximately 7.4 million Monthly Unique Users across its platform for the three months ended September 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.
MONTCLAIR, N.J., April 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ: TURN) (“180 Degree Capital”) provided the following update regarding its portfolio company holdings during the first quarter of 2025.
“As we mentioned in our press release on March 24, 2025, that noted the filing of our preliminary joint proxy statement/prospectus, Q1 2025 has been positive for a number of portfolio holdings,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “Our preliminary net asset value per share (“NAV”) as of March 31, 2025, of $4.42, is the result of strong performance from our public investments that outperformed the Russell Microcap Index by approximately 1900bps offset by expenses related to our proposed all-stock merger with Mount Logan Capital, Inc. (the “Business Combination”). On a relative basis, our gross total return of +4.5% compares favorably to the –14.4% total return for the Russell Microcap Index.1 The difference between our gross total return and our net total return, or change in NAV, of -4.7% was primarily the result of expenses related to our Business Combination and included almost $300,000 in additional professional fees resulting from the public efforts to derail our proposed Business Combination. Our day-to-day operating expenses declined by over 30% from Q1 2024.”
Mr. Rendino continued, “We are certainly open and interested in the perspectives of our shareholders and are always available to speak with any and every shareholder. That said, we would prefer to allocate our capital to efforts to grow our NAV rather than adding unnecessary expense to this proposed Business Combination. While the direct merger-related expenses incurred in Q1 2025 were material, we continue to believe that this investment will result in significant future value creation for 180 Degree Capital shareholders through their material ownership of the merged company. We believe the capabilities of Mount Logan will greatly advance our ability to provide more comprehensive solutions to public companies, and we remain fully convinced that this is the right path for value creation for 180 Degree Capital’s shareholders.”
Daniel Wolfe, President of 180 Degree Capital added, “Along with providing this preliminary NAV as of March 31, 2025, we thought it would also be useful to note the performance of our individual portfolio companies in the quarter. Q1 2025 provided a lot of positive momentum, overall, in our efforts on the investment front to build maximum net asset value for 180 Degree Capital shareholders as we head into our proposed Business Combination with Mount Logan Capital. As Kevin noted above, our gross total return during Q1 2025 that was approximately 1900 basis points above the benchmark represents extraordinary gross performance for us. Q2 2025 has started off with significant headwinds resulting from the potential impacts of tariffs and increases in the probability of a recession. While our largest investments have little to no direct exposure to the proposed or implemented tariffs, they are not immune to potential collateral impacts, including a recession and/or material declines in consumer spending. Even with these headwinds, as of the close of the public markets on April 11, 2025, our estimated gross and net total return in 2025 continues to be approximately 1800bps and 1000bps ahead of the Russell Microcap Index.1 As always, we are laser-focused on our resolve to navigate these uncertain times and set a floor for potential future value creation for our collective shareholders.”
Exited Positions:
Intevac, Inc. (IVAC) – On February 13, 2025, IVAC announced it entered into a definitive agreement to be acquired by Seagate Technology Holdings plc. The acquisition closed on March 31, 2025. In addition to the acquisition price of $4.00 per share, IVAC issued aggregate distributions to shareholders of an additional $0.102 per share. The total proceeds of $4.102 per share was a 20.6% premium to the closing price of IVAC on December 31, 2024, and increased NAV by $0.07.
Brightcove, Inc. (BCOV) – On February 4, 2025, Bending Spoons completed its acquisition of BCOV for $4.45 per share, or a 2.3% premium to the closing price of BCOV on December 31, 2024, and increased NAV by 0.01.
Ongoing Positions (Largest to Smallest by Value):
Potbelly Corporation (PBPB) – While PBPB reported Q4 2024 results that beat guidance and analyst estimates, Q1 2025 guidance included negative comps that were weaker than analyst estimates due to inclement weather in January and February in key market areas in the Midwest, DC and Texas. Weeks in Q1 2025 with no weather impact showed year-over-year growth in comps, and without inclement weather, PBPB believed comps for Q1 would have been positive. March comps were communicated to be back on track with positive comps. Even with the weather-related headwinds in Q1 2025, PBPB’s full-year 2025 guidance included comps to increase between 1.5-2.5% and EBITDA was in-line with estimates. PBPB expects to open at least 38 stores this year, with about 85% of that number being franchised shops. PBPB’s stock price increased from $9.42 on December 31, 2024, to $9.51 on March 31, 2025, or +1.0%, and increased NAV by $0.01.
Synchronoss Technologies, Inc. (SNCR) – SNCR reported results for Q4 2024 that exceeded all analyst estimates. Guidance for 2025 included strong EBITDA and free cash flow generation enabled by increasing gross margins and continued subscriber growth amongst its largest customers. SNCR also reported progress towards the receipt of an expected $28 million plus interest tax refund from the IRS. SNCR’s stock price increased from $9.60 on December 31, 2024, to $10.89 on March 31, 2025, or +13.4%, and increased NAV by $0.12.2
Ascent Industries Co. (ACNT) – ACNT’s Q4 2024 results showed continued improvement in operating efficiency led to dramatic improvements in GM, EBITDA and profitability. The unlock of working capital and inventory led to an increase in cash on hand from $8m to $16m. ACNT also renegotiated a major chemical contract that, when combined with other operational improvements is currently expected to more than offset continued soft demand in the chemicals market—the recovery of which ACNT currently expects to H2 2025 or 2026. On March 12, 2025, ACNT announced the sale of its Bristol Metals subsidiary for $45 million as part of its continued effort to become a pure-play chemicals business. ACNT’s stock price increased from $11.18 on December 31, 2024, to $12.66 on March 31, 2025, or +13.2%, and increased NAV by $0.06.
comScore, Inc. (SCOR) – SCOR reported Q4 2024 results that included a return to top-line growth and meaningful EBITDA growth. Growth was strongest in its cross-platform and activation businesses at approximately 20%+, and such growth rate is currently expected to continue and potentially expand in 2025. In January 2025, SCOR announced a revised data licensing agreement with Charter that saves a minimum of $35 million over the remaining life of the data contract. Additionally, SCOR secured additional debt capital from Blue Torch to enable investment in growing businesses. SCOR’s stock price increased from $5.84 on December 31, 2024, to $6.87 on March 31, 2025, or +17.6%, and increased NAV by $0.04.
RF Industries, Ltd. (RFIL) – RFIL reported strong performance in its fiscal first quarter that ended on January 31, 2025, that exceeded analyst estimates and included strong year-over-year and quarter-over-quarter growth. RFIL’s management noted improving visibility across its customer base along with demand for its higher-gross-margin products. RFIL’s management noted that improvements in its operations to date and further optimization of its manufacturing over the ensuing quarters are expected to enable RFIL to reach its goal of EBITDA margins of at least 10%. RFIL’s stock price increased from $3.91 on December 31, 2024, to $4.69 on March 31, 2025, or +19.9%, and increased NAV by $0.04.
Arena Group Holdings, Inc. (AREN) – AREN currently expects to report its Q4 2024 and full year 2024 results on or before April 15, 2025. During Q1 2025, AREN announced the appointment of Paul Edmondson as Chief Executive Officer. AREN’s stock price increased from $1.34 on December 31, 2024, to $1.73 on March 31, 2025, or +29.1%, and increased NAV by $0.04.
Lantronix, Inc. (LTRX) – While LTRX’s FYQ2 25 (CYQ4 24) report beat estimates, FYQ3 (CYQ1 25) guidance trailed consensus estimates largely because estimates had revenue from Gridspertise continuing at similar levels to first two fiscal quarters of 2025 and instead no revenue is expected in FYQ3 and Q4 2025. This was the second quarter of beat on prior quarter, but guide down on subsequent quarter, which impacted credibility of management with investors. LTRX’s core out-of-band business is doing well with high margins. Overall margins are expected to improve as low-margin Gridspertise business rolls off. Even with the below consensus guide, LTRX expects to remain adj. EPS positive and cash flow positive. LTRX’s stock price decreased from $4.12 on December 31, 2024, to $2.49 on March 31, 2025, or -39.6%, and decreased NAV by $0.11.
Commercial Vehicle Group, Inc. (CVGI) – While CVGI reported results in Q4 2024 and EBTIDA guidance for 2025 that exceeded analyst estimates, revenue guidance for 2025 was materially below analyst estimates due to continued expected softness in construction and agricultural equipment markets. While CVGI expects to be able pass-through tariff costs to its customers, it is possible that such uncertainty may delay or reduce customer demand. CVGI has been able to obtain covenant relief from its lenders and is proactively taking steps to refinance its outstanding term loan and ABL facilities well ahead of the term loan maturity in 2027 and to establish a new set of covenants that better align with the current state of its business. The substantial decline in CVGI’s stock price during 2024 and continuing into 2025 will likely lead to CVGI being removed from the Russell Indices. CVGI’s stock price decreased from $2.48 on December 31, 2024, to $1.15 on March 31, 2025, or -53.6%, and decreased NAV by $0.05.
New Positions:
180 Degree Capital began building new positions in three publicly traded companies during Q1 2025, that it looks forward to discussing in future communications with investors.
Mr. Wolfe concluded, “We have used, and plan to continue to actively use, the ongoing volatility in the public markets to identify and take advantage of investment opportunities that we believe can lead to appreciation in 180 Degree Capital’s net asset value ahead of our proposed Business Combination. The timing of the sales of BCOV and IVAC could not have been better as they have provided us with substantial capital to take advantage of these opportunities as they present themselves. Meanwhile, this cash provides a cushion to the impact of the volatility on our current holdings and interest income. With regard to merger-related expenses, we currently believe that a substantial portion of these expenses were front-end loaded, and as such, future merger-related expenses will be materially lower than those incurred to date. We are actively managing these and our day-to-day expenses to minimize the impact to NAV as much as possible. We look forward to further discussions with shareholders including after we update our joint preliminary proxy statement/prospectus to include the U.S. GAAP financials for Mount Logan and to our continued progress toward the planned completion of our proposed Business Combination in the ensuing months.”
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.
Press Contact: Daniel B. Wolfe Robert E. Bigelow 180 Degree Capital Corp. 973-746-4500 ir@180degreecapital.com
Additional Information and Where to Find It
In connection with the agreement and plan of merger among 180 Degree Capital Corp. (“180 Degree Capital”), Mount Logan Capital Inc. (“Mount Logan”), Yukon New Parent, Inc. (“New Mount Logan”), Polar Merger Sub, Inc., and Moose Merger Sub, LLC, dated January 16, 2025, as it may from time to time be amended, modified or supplemented (the “Merger Agreement”) that details the proposed combination of the businesses of 180 Degree Capital and Mount Logan and any other transactions contemplated by and pursuant to the terms of the Merger Agreement (the “Business Combination”), 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, New Mount Logan plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.
Certain Information Concerning the Participants
180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.
Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 13, 2025, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.
Non-Solicitation
This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
This press release, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common shares or 180 Degree Capital’s common shares; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.
Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.
1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.
2. Inclusive of restricted stock units and options for the purchase of restricted stock issued to Kevin Rendino as compensation for service on the board of directors of SNCR. All economic benefit from these securities has been assigned to 180 Degree Capital.
SINGAPORE, April 14, 2025 (GLOBE NEWSWIRE) — CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced that it will report its full year 2024 financial results before the market opens on Wednesday, April 16, 2025.
Management will hold a conference call at 8:00 a.m. Eastern Time on Wednesday, April 16, 2025.
A live webcast of this conference call will be available at https://investors.currencgroup.com. A replay of the conference call will be available at the same link above.
About CURRENC Group Inc. CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.
Mr President of the Autonomous Province of Trento, Mr Mayor, Rector, Distinguished Authorities, Ladies and Gentlemen,
Let me begin by expressing my sincere gratitude to the organizers of the Festival of Economics – the Autonomous Province of Trento, Trentino Marketing, and the 24 Ore Group – as well as to the Fondazione Caritro, which graciously hosts us today, for their invitation to take part in this inaugural event.
The exhibition we are opening today offers a preview of the future Money Museum, whose permanent home will be in Rome, on Via Nazionale.
The Adventure of Money is a journey through five thousand years of history, a journey in which economics, society, politics and technology converge. It is a narrative that traces the evolution of the major monetary and financial phenomena, with the aim of making accessible a heritage often perceived as distant or obscure.
The past helps us understand the present better. Tools, technologies and objects now obsolete continue to speak to us: they reveal how societies have sought to meet needs that, in their essence, remain with us today.
The gold coins displayed here, for example, tell stories spanning centuries: bearing the likeness of emperors, recounting the economic might of cities such as Florence, or the maritime exploits of Venice.
Were we to melt them all down, we would be left with a single, modest ingot, and yet their value far exceeds the precious metal they contain. That added value stems from the trust that the issuing institutions were able to inspire – a trust that transformed simple metal discs into stable, recognized and widely accepted instruments of exchange.
From a certain point in history – illustrated with clarity throughout this exhibition – trust in money ceased to rest only on the material of which it was made or on the authority of the sovereign who issued it.
Over time, the foundation of trust in money shifted – from metal and monarch to the prudent governance of central banks, whose role is to preserve price stability, ensure the soundness of financial systems, and maintain public confidence. This remains the guiding purpose of the Bank of Italy and the entire European System of Central Banks. The decision to devote an exhibition – and soon a museum – to the history of money and finance is part of a broader financial education initiative, aimed at providing citizens with the tools to navigate complex areas such as payments, credit and the management of personal savings.
Money and finance are often viewed as technical, remote, even dry subjects. Precisely for this reason, the exhibition – and the museum that will follow – employs narrative techniques and immersive technologies, to make even the most intricate concepts accessible and to spark curiosity, especially among younger generations.
In the long historical development of payment instruments over time, there have been relatively few major milestones, yet each has marked a profound transformation. From minted coinage – often in precious metals – we moved to the banknote, first convertible, then purely fiduciary, and finally to modern electronic payment systems. Each of these transitions accompanied pivotal moments in economic history, contributing to ever greater speed, safety and efficiency in transactions.
Yet innovation continues. Today’s payment instruments, though highly advanced, still have limitations.
It is within this context that the ambitious European project of the digital euro takes shape: a digital form of central bank money, free of charge, accessible to all, privacy-protective, and anchored to the stable value of physical cash. This innovation will not replace current banknotes, but will complement them, thus expanding our options and strengthening our monetary system.
In this sense, The Adventure of Money is more than just the title of an exhibition. It is the thread that connects a millenary history – one that continues to evolve and, today in Trento, links itself to new generations and new horizons.
Two timeless pieces of wisdom were inscribed on the ancient walls of Apollo’s temple at Delphi: “Know yourself” and “Nothing in excess.”
These words were meant as philosophical guidance, but they evoke what a banking supervisor might advise today: “know your risks and don’t engage in excessive risk-taking!”
Risk-taking is intrinsic to banking – it’s what allows capital to be allocated and innovation to flourish. Yet, history has repeatedly shown us the dire consequences of losing sight of those Delphic maxims. Risk is a constant in finance, but the nature of that risk – and the task of managing it – has grown ever more complex in the 2,500 years since those words were carved in stone.
Technological progress has accelerated not only the pace at which we operate, but also the speed at which risks spread through the financial system. Artificial intelligence has the potential to rapidly and profoundly transform not just finance, but the broader economy and society as a whole too. Cyber risk is now easily a top priority for modern risk managers. Crypto-assets, stablecoins and central bank digital currencies may all transform the payments and banking landscape, reshaping how value is exchanged, how financial services are delivered, and even how monetary policy is transmitted.
Climate and nature-related risks are on the rise and a declining global commitment to mitigate and adapt to these climate risks could lead to more physical and transition risks in the future.
Globalisation has made the world more interconnected, contributing to economic prosperity, but it has also made it easier for risks to spread throughout the system. Because globalisation thrives on predictability and trust, it inherently relies on internationally agreed rules to provide stability, fairness and a level playing field. Yet, in recent years, rising geopolitical fragmentation has been putting pressure on these very rules and the institutions that uphold them.
CA Shri Charanjot Singh Nanda, President, Institute of Chartered Accountants of India; Chairpersons of the Audit Committee of the Boards, MDs & CEOs of NBFCs, and Statutory Auditors of NBFCs, Executive Directors from RBI and my colleagues from the Reserve Bank of India, Ladies and Gentlemen. A very good morning to all of you.
It is an honour to address this esteemed gathering representing the key pillars of the NBFC ecosystem -CEOs entrusted with driving business responsibly, Chairpersons of Audit Committees overseeing assurance, Statutory Auditors who ensure transparency and integrity, along with regulators and supervisors committed to maintaining financial stability and fostering a sound regulatory environment. The theme of our engagement today – “Shared Vision, Shared Responsibility – Strengthening the NBFCs” – could not be more timely or relevant.
The evolution of the NBFC sector is indeed a story of entrepreneurial energy, innovation and social impact. However, as the sector grows in scale and systemic importance, so too must our efforts to reinforce its foundations. A resilient, customer-centric, and well-governed NBFC sector is a shared aspiration – and delivering on it our shared responsibility.
NBFCs have emerged as powerful engines of credit. By complementing the traditional banking system, they have significantly expanded access to credit, particularly for segments that have historically been underserved or excluded. Through innovative credit delivery models that harness technology and local insights, NBFCs have been able to design customised financial products tailored to diverse borrower needs. Their agility and close connect with customers have enabled them to play a role that is not only complementary to the role traditionally played by banks but, in many instances, catalytic in building a financial ecosystem characterised by deeper intermediation and wider opportunity.
The importance of NBFCs has only grown with time. In fact, over the past decade, their growth has consistently outpaced that of banks – a trend that has become even more pronounced in the last few years. This rapid growth is a testament to the sector’s relevance and resilience – but it also raises the stakes. As NBFCs become more systemically important, the standards of governance, risk management, and customer treatment must rise accordingly.
Understanding the Risks- Need for Responsible Innovation
The business model of NBFCs – while effective – comes with its own set of structural risks. Their funding is short-term as compared to the maturity of their lending or is directed towards higher-risk customer segments.
This maturity and credit transformation is at the heart of the NBFC model – but it also demands a heightened focus on risk management. If not carefully managed, it can create vulnerabilities, especially during periods of market stress or liquidity shocks.
Risk-taking must be intelligent and well planned, and never beyond the risk absorption capacity of the entity concerned. Liquidity and credit risks must be rigorously assessed and managed. Asset-liability mismatches, nature and tenor of the funding sources, and concentration risks all need board-level oversight which should be ably supported by robust internal controls.
Growth with Fairness: Customer-Centricity is Non-Negotiable
Most importantly, even as we pursue scale, speed, and profits, we must not lose sight of fairness to the customer – that is the cornerstone of a sustainable business model. The NBFC sector must live up to its promise of inclusion by treating customers with dignity, transparency, and care. This entails ensuring transparent and easy-to-understand pricing, free from hidden charges or usurious interest rates. In instances of default, recovery practices must be conducted in an empathetic and respectful manner.
Unfortunately, some NBFCs think they can pursue a business model where it is par for the course to resort to weak underwriting in pursuit of quick growth, coupled with excessive and unsustainable interest rates – at times masked as upfront charges or processing fees – which is followed by aggressive recovery practices upon default. Let me state unequivocally: this is not an acceptable model. Financial inclusion cannot be used as a pretext for financial exploitation. I urge each one of you to commit your institutions to upholding fairness in all your dealings.
This responsibility for fair conduct is shared commitment by the CEO, the Board, and assurance functions in any entity. A customer-centric culture must be driven from the top and embedded at all levels.
How do we ensure that our shared vision is realised, and our collective responsibilities are fulfilled? One of the most effective ways is by strengthening both internal and external assurance mechanisms.
Strengthening Oversight: the Role of Audit Committee
Let me begin with the Audit Committee of the Board (ACB). Far from being a routine compliance requirement, the ACB is the lynchpin of institutional oversight and long-term financial health. It plays a critical role in reinforcing governance, guiding management on assurance, and ensuring the integrity of internal control systems. When functioning effectively, it becomes a proactive forum for identifying vulnerabilities and initiating timely corrective actions.
The role of the Audit Committee Chairperson is particularly significant in setting the tone for effective governance. It is essential that committee meetings are held regularly, conducted with clear purpose, and thoroughly documented to ensure accountability and follow-through.
The effectiveness of the Committee is in the substance of its deliberations. The ACB must actively monitor the adequacy and functioning of internal control systems – not merely to confirm their presence, but to ensure they are operating effectively in practice. Similarly, audit observations should not remain confined to meeting minutes; they must translate into timely and meaningful corrective actions. A strong ACB also tracks audit findings and ensures that corrective measures are implemented without delay.
Equally important is the establishment of an effective whistleblower mechanism overseen by the Board or the ACB which empowers employees and grants them anonymity, to report unethical or non-compliant behaviour, without fear of reprisal.
CEOs too have a crucial role in upholding the integrity of financial reporting. They must actively deter any attempts-whether deliberate or cleverly disguised-to misapply accounting standards or regulatory provisions. It is equally important to foster an environment where the Chief Financial Officer and Head of Internal Audit feel empowered to engage in open, honest, and transparent dialogue with the Audit Committee of the Board.
The Crucial Role of Statutory Auditors
Now let me come to the role of Statutory Auditors, who are an indispensable part of the assurance ecosystem. In fact, the role of auditors has never been more critical – not merely in checking compliance, but in upholding trust. And trust, once lost, is hard to rebuild.
Auditors are expected to provide an independent, professional opinion on whether the financial statements present a true and fair view of the NBFC’s financial position and comply with regulatory and accounting standards. However, in today’s complex and dynamic environment, this is no longer enough.
Recent incidents – both in India and abroad – have shown that traditional financial audits must evolve. Auditors must bring technical expertise, forensic insight, and an ethical lens to their work. Red flags must not be ignored. Complex structures, derivatives, off-balance sheet items, related party transactions, and provisioning policies must be closely examined.
Facilitative Role of Regulators and Supervisors
As regulators and supervisors, we shoulder a dual responsibility – to safeguard stability and discipline, while also fostering an environment that encourages innovation, inclusion, and sustainable growth. Contrary to perception in certain quarters, our approach actively seeks to strike the right balance. At the Reserve Bank of India, we are acutely aware that regulation is not merely about control; it is about enabling responsible financial intermediation within a well-defined and transparent framework. Several initiatives in recent years reflect this facilitative and proportionate approach to regulation. In my previous role as a commercial banker, I had the fortuitous opportunity to be closely associated with one such initiative -the Regulations Review Authority 2.0 – which reinforced the RBI’s strong commitment to easing the regulatory burden and streamlining compliance without compromising regulatory objectives.
The regulatory framework for NBFCs has evolved in the recent years with this understanding – gradually moving toward greater harmonisation with banks where warranted, while still preserving operational flexibility suited to the unique role NBFCs play in the financial system. The introduction of the scale-based regulatory framework explicitly recognises that the intensity of regulation and supervision must be proportionate to systemic importance. At the same time, the regulatory architecture encourages the development of responsible innovation and healthy competition in the sector.
Similarly, the role of the supervisor has also become more interactive and forward-looking. It is not just about identifying compliance breaches after the fact, but about engaging with entities to strengthen internal systems, enhance governance, and build resilience against emerging risks. Through onsite inspections, offsite surveillance, thematic reviews, and structured engagements, the supervisory process aims to be a partner in the financial sector’s long-term soundness – not an impediment to its progress.
Conclusion
Our shared vision is clear: a dynamic, inclusive, and trusted NBFC sector that complements the banking system and serves the evolving needs of the Indian economy. And the way to achieve it is through shared responsibility – in governance, in customer protection, in financial prudence, and in ethical conduct.
We in the regulatory community stand committed to supporting this journey. Our intent is not to stifle innovation but to ensure that growth is sustainable, risks are well-managed, and customer trust is never compromised. On behalf of the RBI, I can assure you that as regulators and supervisors we will remain committed to playing our part, not just as watchdogs, but as enablers of a robust, inclusive, and future-ready financial ecosystem.
This conference gives us an opportunity to reflect on how we can contribute to this shared agenda. Whether making strategic decisions, chairing audit committees, or signing off on financials, drafting regulations or conducting supervision – we are shaping the sector’s future.
Therefore, let us work together – with clarity of purpose and unity of action – to build a stronger, fairer, and more resilient NBFC ecosystem. Wealth creation should not just be for personal or institutional gain but to support the community, reflecting a sense of shared responsibility amongst all of us, in our pursuit to achieve an inclusive growth for all and realise the vision of Viksit Bharat 2047.
With this I wish you all fruitful and enriching deliberations over the course of this conference and look forward to the ideas and insights that will emerge in pursuit of our shared vision. Thank you for this opportunity and wish you all good luck, Jai Hind!
Thank you very much for inviting me to speak here today. Poland’s presidency of the Council of the European Union comes at time of exceptional uncertainty. The global economy is under strain from heightened geopolitical risks, trade tensions, and financial market volatility. Within Europe, this is adding to the pressure to revive growth and deepen the integration of the Single Market. Poland’s economic history holds important lessons, having made the transition from a centrally planned economy four decades ago to being a fully-fledged member of the EU for two decades.
I would like to focus on banking integration, one of the banking union’s main objectives and a key component of Poland’s economic transformation. Although more than ten years have passed since the banking union was established, its objectives could not be more relevant today. The banking union has clearly delivered in terms of providing better, more harmonised supervision, a stronger regulatory framework and a resolution regime. European banks have proven to be resilient to recent shocks, including the COVID-19 pandemic, the energy crisis and the banking market turmoil of March 2023. Better regulation and supervision have made a significant contribution to this, as has policy support for the real economy.
Yet hopes that the banking union would lead to closer integration of banking markets across Europe have not fully materialised. Cross-border mergers have remained relatively rare, about 75% of banks’ lending portfolios are invested in their home markets, and few banks have truly European business models.
Promotion of the Single Market for banking services by removing barriers to integration would offer many benefits. This would allow for better diversification of risks and better use of scale and scope. Banks could develop European strategies as a response to the digitalisation of financial services. Recent reports on the European economy stress the need to strengthen productivity by harnessing the Single Market’s scale, improving access to equity finance, reforming the labour market and implementing structural reforms. Consumers would benefit from these measures, which would also help to promote growth. Although these reports focus mainly on the real economy, similar factors are at play in the banking sector.