Source: Northern Territory Police and Fire Services
Comparing energy suppliers and carefully reviewing your bills are key steps in becoming an informed consumer.
Ongoing cost of living pressures continue to impact household budgets.
With all Canberrans trying to make their dollars stretch further, here are some tips that may help you become a savvy consumer and save some money along the way.
Set up a realistic budget
Shop around
Read and keep paperwork in relation to purchases
Look after your receipts
Know your consumer guarantee rights and when you’re entitled to a refund, repair or replacement
If something goes wrong with a purchase, talk to the business and describe the problem and explain how you would like them to fix it.
Considering unit pricing is one way to help you budget and save while grocery shopping.
Unit pricing at supermarkets shows not just the cost of a product, but the value of that product as a cost per standard unit of measurement. This is usually displayed on shelf labels.
Unit pricing allows you to compare the cost of grocery products quickly and accurately – for example between brands, specials and package sizes, between packaged and unpackaged, or between fresh and frozen.
Other tips to help you get the most out of your grocery shopping
Meal plan and check what you’ve got in your cupboards, fridge and freezer before going shopping, so you use up things before they go out of date
Write a shopping list
Choose in season fruit and vegetables
Shop around for the best prices
Try supermarket or home brands.
Review your memberships and subscription services
Whether it’s a gym membership, newspaper subscription, streaming service or food delivery service you’re signed up to, it pays to review your memberships regularly. These small monthly costs can soon add up.
Before signing up to a new subscription, make sure you read and understand the terms and conditions and are aware of any ongoing fees before clicking through online.
When reviewing membership and subscription services consider:
What services do I use?
Is there a better deal or a cheaper plan?
Is there a low-cost alternative?
Can I rotate through subscriptions?
Look for the best deal before filling up
Feeling the pinch at the petrol bowser? Doing a little research before you fill up might help save you money.
While a lot of factors can influence the price you pay for fuel, a quick look at a petrol price app or website before you fill up can help you compare and save.
Have a look at the list of fuel price reporting apps and websites available.
When it comes to paying utilities or renewing annual insurances beware of paying a ‘loyalty or lazy tax’.
A loyalty tax refers to the practice of businesses offering lower rates or premiums to new customers while charging higher rates or premiums to long-term customers, who have been loyal to a company or institution for many years.
Consider comparison websites
It pays to shop around and compare premiums with other providers to ensure you’re getting the best product, premium or policy based on your circumstances.
To compare energy suppliers and make sure you’re getting the best deal, you can use the Australian Government’s Energy Made Easy website.
Using comparison websites can be helpful but they have limitations and may not cover all your options. ASIC’s Moneysmart website has tips on using comparison websites.
If you’re finding it hard to keep up with regular payments like gas, electricity and phone, visit Moneysmart for steps you can take to sort things out.
You can also call the free National Debt Helpline on 1800 007 007.
Visit ASIC’s Moneysmart website
ASIC’s Moneysmart website contains tips, tools and resources to help you manage your money, reduce your debt and plan for your future.
It also has information on budgeting, reducing living costs and getting help if you need it.
Find support
Do you know what concessions, rebates and other supports are available to Canberrans from the ACT Government? See what you might be eligible for.
If you require emergency support or financial assistance, you can find contact details for a range of support services on the Australian Government website.
Get ACT news and events delivered straight to your inbox, sign up to our email newsletter:
Source: United States Small Business Administration
SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Wyoming of the April 21, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning Aug. 19, 2024.
The disaster declaration covers the counties of Albany, Goshen, Laramie and Platte in Wyoming, as well as Larimer and Weld counties in Colorado, and Banner and Kimball counties in Nebraska.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to the SBA no later than April 21.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Source: United States Small Business Administration
SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Iowa of the April 21, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and tornadoes occurring April 26-27, 2024.
The disaster declaration covers the counties of Clarke, Crawford, Harrison, Pottawattamie, Ringgold, Shelby and Union.
Under the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature impacted by financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
“SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to the SBA no later than April 21.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Source: Federal Bureau of Investigation (FBI) State Crime News
The defendants defrauded CARES Act and other programs out of more than $4.8 million
PROVIDENCE – Four Florida residents convicted in U.S. District Court in Rhode Island for executing one of the largest schemes in the country to defraud Coronavirus Aid, Relief and Economic Security (CARES) Act programs, including in Rhode Island, have been sentenced to federal prison, announced Acting United States Attorney Sara Miron Bloom.
Court documents illustrate that the defendants defrauded various federally funded programs of more than $4.8 million.
Each of the defendants pleaded guilty to charges of conspiracy to commit wire fraud and aggravated identity theft. The schemes involved obtaining and using stolen personal identifying information to submit fraudulent applications to multiple state unemployment agencies, including the Rhode Island Department of Labor and Training, and to submit fraudulent Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loan applications, for pandemic-related benefits made available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act.
Additionally, the defendants submitted fraudulent applications in the names of other persons to federal and state agencies to obtain tax refunds, stimulus payments, and disaster relief funds and loans.
The scheme also involved using the stolen personal identifying information to open bank accounts that were used to receive, deposit, and transfer fraudulently obtained government benefits and payments and to obtain debit cards for the fraudulently opened bank that were used to withdraw the fraudulently obtained funds.
U.S. District Court Judge Mellisa R. DuBose sentenced
Tony Mertile 33, of Miramar, FL, identified in court documents as the leader of the conspiracy, to a term of 72 months of incarceration to be followed by three years of supervised release;
Junior Mertile, 35,of Pembroke Pines, FL, to a term of 54 months of incarceration to be followed by three years of supervised release.
Allen Bien-Aime, 33, of Lehigh Acres, FL, to a term of imprisonment of 48 months to be followed by three years of supervised release;
James Legerme, 33, of Sunrise, FL, to a term of imprisonment of 48 months of incarceration to be followed by three years of supervised release; and
In accordance with signed plea agreements filed with the court, the government moved to forfeit a total of $4,857,191 in funds, or $1,214,294.75 from each defendant, that constitutes proceeds of the conspiracy. The defendants have also forfeited hundreds of thousands of dollars’ worth of Rolex watches and assorted jewelry, and over $1.1 million dollar in cash seized from the residences of Tony Mertile, Junior Mertile, and James Legerme at the time of their arrests. Each defendant is also jointly and several liable for $4,456,927.36 in restitution to be paid to agencies and financial intuitions that were defrauded.
The case was jointly prosecuted in U.S. District Court by Assistant U.S. Attorneys Denise M. Barton and Stacey A. Erickson and Special Assistant United States Attorney and Rhode Island Assistant Attorney General John M. Moreira, Chief of the Rhode Island Attorney General’s Public Integrity Unit.
The investigation was conducted by the United States Attorney’s Office, Rhode Island Department of the Attorney General, Federal Bureau of Investigation, Department of Labor – Office of Inspector General, Rhode Island State Police, and the Internal Revenue Service – Criminal Investigations, with substantial assistance from the United States Postal Inspection Service, United States Secret Service, and United States Social Security Administration, Office of Inspector General/Office of Investigations.
Acting United States Attorney Bloom, FBI Boston Division Special Agent in Charge Jodi Cohen, and Jonathan Mellone, Special Agent in Charge of Department of Labor, Office of Inspector General thank the Miami Division of the FBI, the Fort Myers Resident Agency of the FBI Tampa Division, the FBI’s Complex Financial Crimes Unit, and the U.S. Marshal Service in Florida for their assistance at the time the defendants were arrested and detained in Florida.
Acting United States Attorney Bloom also extends her gratitude to prosecutors in the Middle District of Florida and the Southern District of Florida for their assistance.
Rhode Islanders who believe their personal identification has been stolen and used to fraudulently obtain unemployment benefits from the RIDLT are urged to contact the Rhode Island State Police at financialcrimes@risp.gov or the FBI Providence office at (401) 272-8310.
Volta Finance Limited (VTA / VTAS) February 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, March 21st, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for February 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
Volta Finance’s net performance for the month of February established at +1.6%, taking the Aug 2024-to-date performance at +13.1%. Both our investments in CLO Debt and CLO Equity performed positively over the course of the month, with European CLO Equities benefiting from a strong price appreciation despite market volatility.
Volatility intensified in February as US policy and mixed economic data releases triggered a repricing of risk across the board. The pursuit of a tariff strategy from the US administration sent a cautionary message regarding the near-term inflation outlook, and raised concerns regarding the sustainability of US growth in the context of current expansion being supported by a steady consumer spending momentum. The interest rate on 10-year U.S. government bonds fluctuated, going up to 4.60% and then dropping back to 4.20%. Additionally, the number of people filing for unemployment benefits hit its highest level this year due to job cuts in companies and federal agencies. Following unsuccessful mediation talks between the US and Ukraine at the White House on February 28th – and the radical shift in US foreign policy strategy – the European Commission suggested allowing countries to spend more on defense without strict budget rules for four years. Germany also announced plans to change its Constitution to borrow €900 billion for defense and infrastructure projects. As a result, European government bond yields changed noticeably, while the Euro and European stock markets improved. The uncertainty in politics and the economy led to increased volatility in credit markets: the European High Yield index (Xover) took a “V” shape over the month and closed around 15bps wide of the tights. On the Loan side, Euro Loans closed c. 30cts up at 98.70px (Morningstar European Leveraged Loan Index) on the back of strong technicals, while US Loans were down 45cts at 97.15px. Primary CLO markets remained busy, although we noticed softer subscription levels. In terms of performance, CLO markets performed in line with broader Credits on a rating adjusted basis: BBs total returns stood at +0.9% while US High Yield returned +0.65% in the same period, Euro High Yield was up +1% and Global Loans gained +0.3%. Looking at Volta Finance’s cashflow, the portfolio generated c. €28m equivalent of interests and coupons over the last six months, representing c.20% of February’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned a 2.4% performance** while CLO Debt tranches returned +1.7% performance**, cash representing c. 9.8% of the NAV.
Volta is around 21% exposed to USD, the February currency moves had no meaningful impact on the overall performance (+0.02%) although we anticipate FX moves to have a greater impact next month.
As of end of February 2025, Volta’s NAV was €283.5m, i.e. €7.75 per share.
*It should be noted that approximately 4.49% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 4.38% as at 31 January 2025, 0.11% as at 30 September 2024.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
*****
ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.
*****
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
Through Opportunity Now, Colorado has distributed nearly $90 million to grant recipients across the state to expand workforce development, create career pathways, and connect Coloradans with in-demand careers
DENVER — Governor Polis visited Opportunity Now grantee CrossPurpose to see firsthand how Opportunity Now investments are strengthening Colorado’s workforce and creating new career pathways for Coloradans. In 2024, CrossPurpose received $1.86 million in Opportunity Now grants to support initiatives that are equipping individuals with professional certifications and pre-apprenticeships that expand access to in-demand, good-paying jobs.
“It’s great to see Opportunity Now grants in action helping Coloradans gain new skills to join our state’s growing workforce, and support our booming economy. Partners like CrossPurpose are important for continuing Colorado’s work to invest in workforce opportunities that help people and businesses now and in the future,” said Gov. Polis.
Yesterday, Gov. Polis toured CrossPurpose’s facilities in Denver meeting with members of the organization who help to provide Coloradans with the skills needed to secure high-paying, in-demand jobs. CrossPurpose provides coaching, case management, and workforce training in high-demand fields like healthcare, skilled trades, and transportation to help those impacted by the COVID-19 pandemic gain employment and achieve economic stability. By partnering with industry, CrossPurpose connects graduates with employers while offering ongoing upskilling and financial planning support to ensure long-term success.
Gov. Polis’ visit followed the Opportunity Now Regional Talent Summit held earlier this week in the Denver region, one of a series of summits bringing together industry and education leaders focused on connecting Coloradans to good-paying jobs and meeting the needs of regions’ employers.
Opportunity Now has invested nearly $90 million distributed to 89 grant recipients statewide, funding regional partnerships between educational institutions, industry leaders, and employers to address Colorado’s workforce needs in high-demand industries. Established under HB22-1350, the initiative prioritizes key sectors such as healthcare, education, and infrastructure and construction to ensure a skilled workforce for the state’s growing economy.
FRESNO, Calif. — Abreiana Rogers, 29, of Los Angeles, made an initial appearance in federal court in Fresno Thursday for charges stemming from her participation in a year-long bank fraud scheme that sought to defraud credit unions of nearly $1 million, Acting U.S. Attorney Michele Beckwith announced.
Five co-defendants in the scheme made their initial appearances in November 2024: Fresno residents Nyric Hinton, 26; Zion Brewer, 39; Zorian Temple, 23; Davonntae Barfield, 30; and Harry Cooper Neal, 29.
All six defendants were charged with conspiracy to commit bank fraud. Rogers was also charged with four counts of bank fraud and one count of aggravated identity theft. Hinton was charged with one count of bank fraud. Temple and Barfield were also each charged with two counts of bank fraud.
According to court documents, between April 2022 and Jan. 31, 2023, the defendants used Facebook and Facebook Messenger to recruit bank account holders, promising these account holders a cut of any fraudulent funds deposited into their accounts. The defendants then used those individuals’ bank accounts to deposit stolen and fraudulent checks. Brewer, a U.S. Postal Service employee, assisted by stealing mail containing checks and other financial information, and by providing that information to his co-conspirators.
The defendants and others would then rapidly deplete the fraudulently deposited funds from the account holders’ accounts using electronic transfers and cash withdrawals. The defendants then shared the proceeds among themselves and other co-conspirators. To circumvent financial institutions’ fraud protection systems, the defendants shared information about known weaknesses in the financial institutions’ fraud protection systems. To conceal the fraud, the defendants instructed account holders to claim that their accounts had been compromised if contacted by the financial institutions about the fraudulent deposits.
The defendants are alleged to have attempted at least $1 million in fraudulent transactions with financial institutions, fraudulently used over 100 bank accounts, and obtained hundreds of thousands of dollars from the financial institutions.
This case is the product of an investigation by the U.S. Postal Inspection Service, the Federal Bureau of Investigation, the U.S. Postal Service Office of Inspector General, and the Fresno Police Department. Assistant U.S. Attorney Jeffrey A. Spivak is prosecuting the case.
The case is set for a status conference on June 4, 2025.
If convicted, the defendants face a maximum statutory penalty of 30 years in prison and a $250,000 fine for conspiracy to commit bank fraud and for any count of bank fraud. Rogers also faces a two-year mandatory consecutive prison sentence for aggravated identity theft if convicted. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.
I am delighted to participate in this year’s Annual Conference of the RBI Ombudsmen. The Reserve Bank has been organising this conference on or around the World Consumer Rights Day, that is, 15th March. World Consumer Rights Day is celebrated every year with the aim of raising global awareness about consumer rights and needs. We organise this conference to reflect on our achievements with regard to consumer services and to deliberate on how to improve services and reduce grievances. We need to improve consumer services, not only because it is our duty to do so, but because it is in our selfish interest to do so. In this age of competition, we would not survive long if we do not provide quality service to our consumers.
2. We have made tremendous strides in improving consumer services over the years. We have enabled internet banking and mobile banking. Most of the banking services, be it opening a deposit account, or taking a small loan have been digitised, adding to the convenience and speed. We are making record number of digital transactions through UPI and other means of digital payments. Many among the younger generation may have never visited a bank branch. We have even enabled opening of accounts using video KYC.
3. While we have enhanced customer experience over the years, the high number of customer grievances continues to be a matter of serious concern. I am told that last year (2023-24), the 95 Scheduled Commercial Banks alone received over 10 million complaints from their customers. If we take into account the complaints received at other RBI-regulated entities (REs), the number would be even higher. One may argue that this amounts to only four complaints per thousand accounts per year as there are about 2.5 billion bank accounts. But, for us, even one complaint is a cause of concern. We have 10 million complaints and with the rapidly growing customer base and expanding suite of products, this may grow, if we do not get our act together.
Customer satisfaction – a cornerstone for banking and other financial services
4. Excellent customer service, in fact excellent customer experience is a sine qua non in any service industry. Our effort should be to enhance the total customer experience. The experience should be such that there is no cause for a grievance that requires a redress. Let me state a fundamental truth: every complaint is a test of trust. When a consumer files a grievance – whether for a disputed transaction, a lapse in service, inappropriate pricing or charges or an unfair practice – it is a signal that our system has fallen short. Left unresolved, such issues can erode consumer confidence and tarnish the entire ecosystem.
5. I am reminded of a real story about customer service. Some of you, especially the management graduates, may have heard it but it is so appropriate for today’s theme that it is worth being retold. In the winter of 1975, in a town in Alaska, a man walked into a store and complained to the salesman present that the snow tyres that he bought some time ago were not holding. The salesman was a little puzzled. He said that he could not replace them but will check what he could do and went to the back of the store. Those of you, who have visited departmental stores in the USA, would know that refunds are processed at the back of the store. The salesman came back after some time and handed over some cash as refund and the customer left satisfied. Can anyone guess why this was unique, as no questions asked policy for refunds is fairly common in the USA? It is because the company in question is Nordstrom which does not even sell tyres. It sells apparel and shoes. But, for Nordstrom, customer comes first. Trusting him and winning his trust is more important than anything else.
6. Some say that this is not a true story. How is this possible? How could a company offer refund for a product which it never sold? Nordstrom, however, insists that this incident did take place. Nordstrom had acquired three stores from another company that sold miscellaneous articles including tyres. The customer did not realise that the store had changed and walked in with his complaint. The key message is that Nordstrom saw itself being in the business of customer service, and not just selling goods. We too need to realise that we are in the business of providing unalloyed customer service and not just selling banking and other financial services.
Top management to accord priority to customer service
7. I am sure you will all agree that we are indeed in the business of customer service. However, I suspect that we are not spending enough time on customer service and grievance redressal as a result of which not only are there a large number of complaints being received by banks and NBFCs but in the absence of satisfactory resolution, a large number of them are getting escalated to RBI Ombudsmen.
8. Let me give you some perspective. The number of complaints received under RBI’s Integrated Ombudsman Scheme increased at a compounded average growth rate of almost 50 per cent per year over last two years to 9.34 lakh in 2023-24. The number of complaints processed at the Office of RBI Ombudsman increased by 25 per cent from about 2,35,000 in 2022-23 to almost 2,94,000 in 2023-24. Not only are large number of complaints getting escalated, a large proportion of them – nearly 57 per cent of the maintainable complaints last year – required mediation or formal intervention by the RBI Ombudsmen. You would all agree that this is a highly unsatisfactory situation and needs our urgent attention.
9. I would, therefore, strongly urge all the MD&CEOs, Zonal and Regional Managers and the Branch Managers to spend some time every week, if not every day on grievance redressal. This is a must. All great CEOs find time to do it. We too must keep some time in our diary for improving customer service and grievance redressal.
Improving customer service systems
10. Customer complaints aren’t a nuisance – they are in fact opportunities to improve, innovate, and build trust. Handling them well can define your success. Each unresolved grievance is a missed opportunity for regulated entities to reaffirm customer trust and loyalty. It is also a warning signal as repeat complaints are often signs of systemic flaws. Today, complaints often surface on social media even before reaching official channels, highlighting the need for proactive measures.
11. The effort thus should be to not only resolve the complaints but also to ensure that the same type of complaint does not arise again. Many of the complaints like digital transaction disputes, unauthorized charges, or miscommunication frequently recur. These are clearcut symptoms of underlying issues in the overall customer service framework of the regulated entities. A thorough root cause analysis should be performed for each complaint so as to enable remedial action and avoid repetition of same type of complaint.
12. In fact, I would go a step further. Best service is not one in which there is no occasion for grievance redressal but one in which there is no occasion for the customer service department to step in. Systems should work seamlessly and conveniently so that customers do not have to call the branch or the customer service centre or talk to anyone in the Bank or NBFC. Systems have to be so user-friendly that customers can rely on self-service rather than being dependent on anyone else.
Improving internal grievance redressal systems
13. While improving systems to reduce grievances is important, setting up a robust grievance redressal system is equally important for all regulated entities. I would urge you all to review the same. While the regulations do not make any prescription for the organisational structure for grievance redressal, my experience suggests that there should be at least two levels for grievance redressal in large REs, with unresolved grievances getting escalated from the lower to the higher level. The highest level should be at a fairly high rank. This to ensure that requests do not get rejected without having been examined by a senior functionary who is empowered to take decisions in consumer interest. This will help reduce grievances getting escalated to the Ombudsman. It must also be ensured that there are sufficient number of grievance redress officers at all levels including in the Internal Ombudsman office.
14. I would also like to draw your attention to the misclassification of complaints as requests, queries, and disputes by the regulated entities. This results in the complainants’ grievances remaining unaddressed. Moreover, this is also a gross regulatory violation.
Major areas of service improvement
15. Let me now briefly allude to some of the major areas where we need to improve. These relate to KYC, digital frauds, mis-selling, and aggressive recovery practices.
16. As for KYC, we need to ensure that once a customer has submitted documents to a financial institution, we do not insist on obtaining the same documents again. Once the customer has updated his details, for example, his residential address, with one regulated entity of any financial sector regulator, it gets updated in CKYCR and other REs are notified of the updation. PML Rules made by the Department of Revenue in the Ministry of Finance and RBI’s Master Directions on KYC mandate regulated entities to check the CKYCR system before seeking KYC documents for opening an account. However, most banks and NBFCs have not enabled the same in their branches/business outlets, causing avoidable inconvenience to customers. This may be facilitated early. This will be in the interest of all.
17. Another important issue connected to customer protection is rising digital frauds. It is a matter of great concern that innocent customers continue to fall prey to scamsters. While this could be attributed to rise in digital transactions and innovative methods adopted by fraudsters, lack of customer awareness is also a major reason for the same. To mitigate this menace, REs not only need to put in place robust internal controls but also enhance digital financial literacy.
18. The issues of mis-selling and aggressive recovery practices have been highlighted earlier too. In this context too, I would request you to keep consumer interest supreme.
Embracing technology – the AI way
19. Let me now come to the theme of this year’s conference: AI’s potential to revolutionize grievance redressal. We are entering an exciting era where technology, particularly artificial intelligence (AI), can drive remarkable improvements in speed, accuracy, and fairness of complaint resolution.
20. AI can help categorize incoming complaints by urgency, complexity, or subject area, ensuring minimal delay in reaching the right people or the right team. AI can also help in optimising complaint routing. Further, it can assist in decision-making and reducing processing time.
21. Secondly, AI can be used to pinpoint systemic gaps by analysing both structured and unstructured data such as emails, chat logs, and call transcripts. This will aid in identifying training needs and guiding necessary process reforms. Using data from millions of consumer branch visits, call centre logs, mobile apps, and social media, a unified, AI-driven view of all these interactions can help identify common pain points more efficiently. Leveraging data analytics, sentiment analysis, and predictive models, AI can be used to analyse large volumes of data to detect spikes in issues – such as ATM failures or erroneous charges – and alert REs pre-emptively.
22. Lastly, in a linguistically diverse country like India, AI-driven chatbots and voice recognition tools can eliminate language barriers by operating in local languages. Moreover, the implementation of conversational AI in chatbots, voicebots, and advanced IVR systems can handle routine queries round the clock, thereby freeing people to focus on cases that require empathy and complex problem-solving.
23. In short, integrating AI at every stage – from complaint lodging to closure – can result in a seamless, efficient, and data-driven grievance redressal system. Such a framework not only reduces processing times and addresses repetitive complaints but also fosters equitable outcomes by mitigating human biases. It is time that the banking industry explores and pioneers the integration of technology – including AI – to strengthen the grievance resolution mechanisms and make it best in class across the globe.
Challenges and guardrails in AI driven grievance redressal system
24. While AI presents unparalleled opportunities, we need to be cognizant of the challenges and risks that its adoption poses. There are concerns on data privacy, algorithmic bias and complexity in AI-driven models. As we embrace AI in grievance redressal or any other process, we must also remain mindful of ethical considerations. Human oversight, bias mitigation and data privacy must be integrated into the AI Systems to ensure transparent and consistent outcomes.
Investing in human resources
25. While technology in all its forms is a powerful enabler, I would like to emphasise that it is no substitute for integrity, empathy, and human judgment. In a world increasingly driven by data, algorithms, and automation, it is all too easy to lose sight of the human element. Every transaction represents not just a number in a ledger, but the hard-earned savings of a family, the dreams of a small entrepreneur, or the lifelong savings of a senior citizen. It is, therefore, critical that REs continue to invest in human resources dedicated for customer service and grievance redressal. It is essential to invest in training of staff, especially in behavioural aspects of customer service. Moreover, the staff needs to be empowered to take decisions based on their judgement to redress consumer grievances, enhance customer satisfaction and win consumer trust.
RBI as a facilitator
26. In the end, I would like to assure you that, while we exhort you to provide services efficiently to customers, we in the Reserve Bank shall also provide various services, approvals, clarifications, etc. to the regulated entities in a timely manner. We already have a citizen’s charter. We are in the process of reviewing the charter. We will make the charter comprehensive to include all services that we offer either to the REs or directly to citizens. Moreover, we are reviewing the timelines for each service. It will be our endeavour to provide all approvals, etc. within the timelines. We are also making mandatory the use of PRAVAAH, which is RBI’s secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made to the Reserve Bank in a timely manner. This will help us in expediting the disposal of applications received by the Reserve Bank.
Conclusion
27. We stand at a pivotal juncture as India looks to realise its dream of a more resilient and inclusive Viksit Bharat. With the financial sector touching the lives of almost the entire population, we have a critical role. To succeed in this role, we must continue to enhance customer service and customer protection.
First Minister John Swinney has today set out his commitment to continue working with the business community to grow Scotland’s economy, during a speech to the Confederation of British Industry (CBI).
Speaking at an event to mark the CBI’s 60th anniversary, Mr Swinney also called on their representatives to join the mission to deliver a Scottish Graduate Visa and retain top talent in Scotland.
First Minister John Swinney said:
“Scotland consistently ranks as the UK’s top investment destination outside of London and the South East of England. We have significant offshore renewables resources, and we’re ranked first amongst the UK’s nations and regions for green growth potential and opportunity.
“There are many reasons to be optimistic about Scotland’s economic potential and Scotland’s economic performance, but there’s also a need to be realistic about the challenges and the issues that the business community and the Scottish economy faces at this time.
“Since I came into office, I’ve set out a clear and focused agenda for the government around eradicating child poverty, about supporting the transition to Net Zero, about improving our public services, and particularly our National Health Service, which are fundamentally anchored on delivering higher levels of economic growth within Scotland, because we cannot hope to achieve our objectives on Net Zero, or on eradicating child poverty, or on improving our public services without generating the wealth that is going to be at the heart of future success for our country.”
He added:
“We have to act to take steps to boost the working age population in Scotland. The proposals I’ve put forward around a dedicated Scottish graduate visa where we enable international students who come to Scotland to be able to develop longer routes and stay for a longer period, will help to encourage the growth of our working age population and also to boost economic activity within Scotland.
“And we pursue those proposals with the United Kingdom Government because for Scotland, measures of that type are critical, mission critical, for enabling us to fulfil our growth ambitions and your support in persuading the UK Government within that step would be enormously welcome.”
What is your technology, what is innovative about it, and how will it change the world? These are the initial questions the innovation management team at the U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) asks researchers when they have new inventions with commercialization potential.
Researchers submit their innovative ideas as records of invention (ROI) or software records, thus initiating a collaborative review and discussion with members of NREL’s Technology Transfer Office and Office of General Counsel. Technologies that pass muster and show potential for measurable market impacts may move on to the multiyear process with the U.S. Patent and Trademark Office to secure the patent rights necessary to bring yesterday’s ideas into today’s practical use.
In Fiscal Year 2024, researchers at NREL submitted a record-breaking 294 innovations, representing potentially patentable inventions or copyrightable software. This remarkable level of innovation productivity resulted in 46 awarded U.S. patents and 12 NREL-enabled startup companies—an unprecedented amount of growth for this DOE laboratory focused on integrated energy solutions for an affordable and secure energy future.
To Eric Payne, licensing executive lead for the tech transfer office, NREL’s record year signals that researchers are more engaged than ever before in the commercialization process as a means for their research to have impact.
“NREL scientists are among the most inventive in the national lab system, and this record year reflects their continued dedication to having commercial impacts in the U.S. energy economy,” Payne said.
A subtle, yet crucial, distinction about patents, Payne explained, is that they are “a snapshot back in time” of the research NREL was conducting three to five years ago.
“Patent issuances are actually a lagging indicator of innovation, because if you think about the timeline, a researcher will first file an ROI. We typically file a patent application about six to 12 months after that, and then the patent application is pending within the U.S. Patent and Trademark Office for at least two to five years,” Payne said.
The process can sometimes take even longer, partly due to the volume of applications received at the U.S. Patent Office and partly due to the complexity of the technology itself. The more complicated the technology, the more time it takes for a patent application to be examined, with NREL’s team of patent attorneys expertly navigating the prosecution process. Because research at the laboratory is often early stage, researchers will typically use this waiting period to continue developing their technologies toward market readiness.
In the case of FY 2024, the “oldest” awarded patent originated from an ROI submitted in 2014, though most patents were initiated in 2019 or later.
So, what was cutting edge at NREL five years ago? In short: NREL’s origins as a solar research institute still shine, accompanied by advances in wind, hydropower, geothermal, and bioenergy fields. The patents overwhelmingly represent improvements in the efficiency of energy systems and manufacturing processes to make technology easier to scale and cheaper to use. New materials and advanced composites were introduced, and methods that reduce the amount of energy needed to power everyday lives were proposed.
Protecting Power Grids From Cyberattacks
With the rise of new technologies, power grids are becoming more vulnerable to advanced malware capable of infiltrating a utility company and toggling the on/off switch of electricity for millions of customers at once, remotely.
Joshua Rivera and Vivek Kumar Singh, two researchers at NREL’s Cybersecurity Research Center, aim to get ahead of these threats by exploring how modern cybersecurity concepts—like cloud-based programs, process automation, and even artificial intelligence—can be applied to the energy grid to make it more resilient.
This thought led to the Cybersecurity Research Center’s first patent, issued in February 2024, titled “Network visualization, intrusion detection, and network healing.” Rivera and Kumar Singh are coinventors along with NREL’s Adarsh Hasandka and Joshua Van Natta.
The patent proposes a system that detects, visualizes, and mitigates anomalies in power grids automatically. The system’s rapid response lies in the rule-based, model-based, and AI-driven methods it was developed with. By comparing incoming data to preestablished models, plotted by the team, the system can immediately trigger corrective actions when disruptions are found.
Vivek Kumar Singh (presenting) describes the NREL-patented tool for protecting power grids. Photo from Vivek Kumar Singh, NREL
The team’s ROI for the technology was initiated in 2019, “at the right place and the right time,” according to Rivera and Kumar Singh.
“In 2019, we were trying to capture the moment; we were forecasting that people were really going to care about AI,” Rivera added. “Terms like virtualization, software-defined networking, automation, and orchestration are common in IT and cloud security for ensuring resilience. So, we set out to adapt those philosophies with these new detection methodologies and apply them specifically to power systems. By combining them, we realized we could create something truly novel at the time.”
As electrical grids become more connected and vulnerable to online threats, cybersecurity is now a core component of energy systems rather than an afterthought. To refine and bring technologies like this patent to market, the team said that partnerships and collaborations will be essential.
“This patent required a diverse team of people with different domain expertise and different capabilities,” Rivera said. “The more collaboration and involvement we get from others, the more likely we can build something that will be successful.”
Matereal’s NIPU Foam Replaces Traditional Polyurethane
For retired NREL researcher Phil Pienkos, his renewable, nontoxic polyurethane product, trademarked as Polaris, came closer to commercialization in FY 2024 with a new patent for the technology.
Developed with Tao Dong and Lieve Laurens of NREL, Pienkos’ non-isocyanate polyurethane (NIPU) foam can be made from readily available oils, such as linseed or soybean oil, as well as oils derived from algae or food waste. It is synthesized without petroleum-based chemicals and isocyanates: hazardous chemicals that are known to cause irritation, asthma, and severe lung issues. And its end product offers both recyclable and biodegradable options for polyurethane used in everything from textiles, automotive interiors, mattress cushioning, and more.
Phil Pienkos (right) holds a prototype of his non-isocyanate polyurethane material, while Eric Payne (left) holds the patent license agreement that helped Pienkos form his company, Matereal. Photo from Eric Payne, NREL
This latest patent, “Non-isocyanate polyurethane products and methods of making the same,” specifically addresses the method of making NIPU foam. By increasing the reaction speed between amines and cyclic carbonates, the building blocks of the material, researchers have made NIPU foam synthesis more comparable to conventional polyurethane production, which is crucial for uptake by industry partners.
“It’s got regulation push. It’s got market pull,” Pienkos said of the opportunities for commercialization. “It’s got everything.”
As of summer 2024, Pienkos’ startup company, Matereal, had completed a round of seed funding, raising $4.5 million to continue Polaris’ development after early partnerships with brands like Patagonia, the outdoor company, and Tempur Sealy, the mattress company.
Ocean Wave Energy Converters Make a Splash
Two patents issued in the last fiscal year centered on marine energy and the conversion of the ocean’s waves into “something more useful,” said Blake Boren, a senior engineer on NREL’s water power research and development team—be it electricity or desalinating seawater into drinkable fresh water.
Boren was a lead researcher on the patent titled “Flexible wave energy converter,” also known as a flexWEC, a device that can bend, flex, and/or stretch to generate electricity from ocean waves. Where traditional wave energy converters are typically rigid and move within one degree of freedom, a flexWEC is innately able to move in several degrees of freedom and can therefore interact with a broader range of ocean wave periods and frequencies than what would otherwise be directly possible. With many small energy transducers embedded across the device, instead of concentrated at central point, the flexWEC can better adapt to changing wave environments and continue operating even if some transducers fail.
A prototype of the inflatable pump Jenne built in his garage. Photo by Scott Jenne, NREL
“If a couple of the smaller energy transducers fail, it’s not ideal, but the overall energy conversion structure should largely still operate as intended, and in that way, flexible wave energy converters could be more robust than a more conventional WEC,” Boren said.
The flexWEC is an ocean wave energy converter based on distributed embedded energy converter technologies (DEEC-Tec), a new type of marine energy innovation that was patented in September 2022 by Boren and Jochem Weber, chief engineer for NREL’s water power program, also named on the new patent.
Dale “Scott” Jenne’s FY 2024 patent, “Inflatable pressure absorption wave actuated pump,” also described a wave energy converter, though based on a different mechanism than the flexWEC. After six years of working on desalination technologies, Jenne—a multidisciplinary research engineer on the water power team—noticed a common theme.
“Almost every wave energy converter that I had worked with or analyzed was, in some way, pumping a fluid. And a lot of companies earlier on were using what we call hydraulic systems: a piston that is pushing up and down, then that motion runs a motor, which can then run a generator,” Jenne said.
But hydraulic systems are expensive, prone to leaks, and rely on rigid parts like gearboxes that could break over time, leading Jenne to question, “How do you simplify that process and make a system that pumps water with the simplest mechanism possible?”
The result, a prototype Jenne built in his garage with $150 of supplies, is a modified version of a diaphragm pump that relies on the kinetic energy of a moving wave to pressurize a bag. Squeezing the bag then forces air through a column to generate electricity. The inflatable pump has no moving parts and reduces the complexity of mechanical systems with hydraulic seals. And the prototype’s low-cost build implies the technology could be scaled inexpensively.
NREL researchers Blake Boren and Stephen Chamot (from left to right), with Isabel Hess, a Ph.D. student from the University of Florida, do final checks to the distributed embedded energy conversion technology (DEEC-Tec) equipment before testing it in the Wave Tank at the NREL Flatirons Campus. Photo by Gregory Cooper, NREL
In December 2024, Jenne’s team applied for a Technology Commercialization Fund grant from DOE to advance the inflatable pump for high-pressure scenarios, like those needed for desalination.
In both cases, the flexWEC and the inflatable pump hold promise for generating energy from the harsh environment of ocean waves, particularly in areas affected by hurricanes or in remote coastal areas that lack reliable infrastructure. Ocean wave energy has unique advantages in niche applications like those, filling in gaps where wind and solar renewables are less effective. Demonstrating that WECs can succeed in smaller-scale systems—such as powering oceanographic sensors for data collection, desalinating seawater, or supplying energy to microgrids in island communities—could build momentum for larger-scale applications of marine renewable energy technologies in the future.
Solar Panels, Minus the Lengthy Setup
Innovations in solar energy technologies represented a majority of the patents NREL acquired in FY 2024, mirroring the growing role solar plays in the global electricity market at-large. As the most abundant renewable resource, solar is predicted to account for 40% of the U.S. electricity supply by 2035 and 45% by 2050.
One standout solar technology comes from researchers Bryon Larson and Obadiah Reid of NREL’s chemistry and nanoscience program. Their patent, “Microwave photoconductance spectrometer and methods of using the same,” describes a technique to analyze materials used in photovoltaics (PV) quickly and efficiently, without needing to build a full solar panel device first.
The device could help solar panel manufacturers implement real-time quality control monitoring on production lines and facilitate more efficient research on PV materials beyond silicon. Where traditional silicon solar panels have established metrics for quality, new materials, such as perovskites, are less well characterized and require more meticulous processing to achieve optimal performance.
Reid and Larson’s spectrometer works by aiming microwaves at a film of semiconducting material. When the waves bounce back, they are carrying information about the material’s quality at high speed, allowing manufacturers to adjust factors to improve the material’s conductivity in real-time. The spectrometer is built to incorporate into a future where solar panels are manufactured on a roll-to-roll press akin to a newspaper printing press.
“The technique is contactless, so you are essentially pointing a probe at a running web of material that is moving very rapidly,” Larson said. “The faster you run the printing press, the higher the yields in solar panel production—per hour, day, or year. That’s important because, in a manufacturing setting, the less downtime you have, the more likely you’ll be profitable.”
After the ROI was filed in 2018, DOE selected Reid and Larson’s spectrometer for its Small Business Innovation Research grants where industry competed to advance the technology. Oregon-based Tau Science Corporation adapted the team’s research tool into a commercial prototype, and along the way, Reid and Larson made the technology even better. Though their original spectrometer is 1,000 times more sensitive than traditional methods, today’s version is even more precise, enabling research into higher-quality perovskites, cadmium telluride, and other trending semiconducting materials.
Chemistry researchers Bryon Larson (left) and Obadiah Reid demonstrate a commercial prototype of their microwave spectrometer. Photo by Werner Slocum, NREL
Reid predicts that as the solar industry adopts roll-to-rolling printing—projected to be a $50 billion annual market in the next two decades—the microwave spectrometer will naturally transition to industrial applications.
“I have pretty high hopes that it will be adopted by research laboratories because it is super useful as a way of characterizing the material you’re making before going all the way to a full device,” Reid said. “If that happens, if the people developing the materials are trained with this particular technique, they’re going to want that same feedback in their systems when they join industry.”
These and NREL’s remainingpatents from FY 2024 have been added to an ever-expanding portfolio of technologies that Payne’s office is managing, including 750 patented technologies and 700 commercial and open-source software records. Each invention isavailable for licensingthrough NREL’s Technology Transfer Office.
Bridging the gap between academia and key industry sectors at the heart of the North East of Scotland’s economy is the key aim for three new business development executives at the University of Aberdeen.
The three new posts have been created by the 430-year-old institution in order to build and strengthen links and partnerships with the business community across energy, health and life sciences, and digital and creative industries.
It’s hoped that the initiative will foster greater collaboration as part of a wider drive by the University to support regional economic development.
Responsible for the health and life sciences portfolio is Dr Marina Kovaleva who boasts 25 years in the sector working within academia and biotech and pharma companies.
Marina pioneered the discovery of new drug therapies developed from the shark immune system, leading to the first preclinical study on shark-based drugs for rheumatoid arthritis and designing targeted tumour therapies. This research was spun out into the biotech company Elasmogen Ltd in 2016, of which Marina is a founding team member.
Marina has degrees in Biochemistry, Biotechnology and Veterinary Medicine obtained from universities in Russia and Germany.
Taking on the digital and creative industries brief is Dr Allison Noble who has held various roles in both government and the charity sector.
Following roles involving helping NHS health boards address vaccine hesitancy and develop clear travel guidance during the pandemic and sustainability research with the Department for Digital, Culture, Media and Sport (DCMS), Allison comes to the University after two and a half years with Research Data Scotland (RDS). With RDS, Allison helped restructure the organisation’s information architecture and implemented AI safely at an institutional level whilst working with bodies such as National Records of Scotland, Scottish Government and Public Health Scotland.
These appointments demonstrate the University’s ongoing support for the region’s ambition to be an innovation-driven economy, leveraging our world-class research expertise to support business.” Professor Pete Edwards, Vice-Principal for Regional Engagement
Her doctorate from the University of Southampton investigated how music streaming platforms and their algorithms impact the creation, distribution, and consumption of music.
Aberdeen Geology and Petroleum Geology graduate, Dr Ian Brightmore, will be the lead for energy. He returns to the University, where he also obtained his PhD, with 15 years of international operator experience in the UK continental shelf, Norwegian continental shelf, Kurdistan and Barents.
Ian worked as geologist with ExxonMobil in Norway and Houston before returning to Aberdeen to take a position with Canadian Natural Resources (CNR) and has worked for numerous international operators since in the capacity of exploration geologist.
Dr Liz Rattray, University of Aberdeen Interim Chief Operating Officer and Director of Research and Innovation, said: “There is an abundance of cutting-edge research being carried out at the University of Aberdeen which could have real and immediate benefits for industry.
“The challenge is having key individuals in place with an overview of vital areas – such as energy, health and life science and digital and creative industries – who can act as a single point of contact between industry requirements and our researchers they could be collaborating with.
“The appointment of our three new business development executives to cover these key industry sectors is crucial to maximising collaboration, fostering long-term industry links and promoting the expertise that the University of Aberdeen boasts – to the benefit of all parties.”
Professor Peter Edwards, Vice-Principal for Regional Engagement, said: “These appointments demonstrate the University’s ongoing support for the region’s ambition to be an innovation-driven economy, leveraging our world-class research expertise to support business.
The University of Aberdeen hosts the largest concentration of academic researchers in the North of Scotland and the new business development executives will work with industry to understand their problems, before connecting them to the relevant academic experts, and providing advice on the most appropriate mechanism to facilitate joint work.”
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Banbridge proudly welcomed The King and Queen today (Friday 21st March) as they visited the town to celebrate its rich history, thriving economy, and vibrant arts and community sectors.
During their visit, Their Majesties engaged with local business owners, community organisations, and education representatives, recognising their contributions to economic growth, innovation, and social support in the region. From Banbridge’s long-standing linen industry to cutting-edge firms, the visit highlighted the town’s enduring significance in both heritage and modern enterprise. They also met with leaders in the creative industries, including those behind the internationally renowned Game of Thrones Studio Tour.
A key focus of the visit was Banbridge’s tradition of multi-generational, independent businesses and retailers. Their Majesties met with local entrepreneurs whose family-run businesses have been a cornerstone of the town’s economy for generations. These independent businesses, from retailers to manufacturers, continue to drive investment and employment, blending heritage with innovation to ensure a strong future for Banbridge’s high street and commercial sector.
The King and Queen also took time to speak with community groups providing vital support services, including mental health initiatives, cancer support networks, and organisations dedicated to improving health and well-being. Their visit highlighted the dedication of local volunteers and businesses in shaping Banbridge into a dynamic and welcoming place.
A key highlight of the day was an exhibition showcasing Banbridge’s industrial past and present, from its deep-rooted industrial heritage to its modern role as a key hub along the Belfast-Dublin economic corridor. The warmth of the welcome received by Their Majesties reflected the town’s strong sense of identity and community pride.
Deputy Lord Mayor of Armagh City, Banbridge & Craigavon Borough, Councillor Kyle Savage, said,
“It has been an honour and privilege to welcome Their Majesties to Banbridge. Today’s visit has been a truly momentous occasion to showcase the rich heritage, innovation and community spirit and it has shone a spotlight on the people and industries that make our town thrive.
“I extend my thanks to everyone who contributed to making this visit such a success. It really is a proud day for Banbridge, and we look forward to building on this legacy for the future.”
Children, refugees and displaced people worldwide are paying the price for the deep-seated funding crisis that has engulfed the international aid sector, made worse by pronounced cuts in Washington, the UN children’s and refugee agencies said on Friday.
Spokespersons for UNICEF and UNHCR in Geneva warned that the liquidity crunch has jeopardized lifesaving work, including progress in reducing child mortality, which has fallen by 60 per cent since 1990.
By slashing severe acute malnutrition by one-third since 2000, UNICEF’s efforts have kept 55 million children alive, through simple interventions, it insisted.
“There are ways in which we can still be optimistic if we know that we can do it,” said Kitty van der Heijden, UNICEF’s Deputy Executive Director said from Abuja, Nigeria.
But that work can only get done with the support of a “conveyor belt” of partners in government, philanthropy, and the private sector.
Donors are essential to delivering lifesaving assistance to children and mothers worldwide, Ms. Van der Heijden insisted: “We never do this alone.”
Advances being rolled back
But these gains are now at risk of being rolled back by recent pullouts, she warned, adding that the issue does not lie with a single benefactor.
“It is the fact that it’s a cumulative set of donors that are doing this. That really risks rolling back that progress,” she said.
“These decisions have impacts on real children, real lives every day in the here and now.”
Due to funding shortages, around 1.3 million children could lose access to life-saving support and ready-to-use therapeutic foods this year in Nigeria and Ethiopia.
In 2025, some 213 million children in 146 countries will need lifesaving humanitarian support, according to the UNICEF spokesperson.
Supply chain break down
In the Afar region of northeast Ethiopia, UNICEF runs 30 mobile clinics – which Ms. van der Heijden visited last week and described as a “sheet under a shaded tree”.
The facilities, aimed at supporting impoverished pastoralist communities that are on the move, provide pregnant and lactating mothers as well as children with the “bare minimum”, she said, including supplementary vitamin A, iron deficiency, malnutrition and malaria treatments.
Only seven out of these 30 clinics remain, with the others shut by the wave of financial cutbacks.
“Without new funding, we will run out of our supply chain by May,” she said. “And that means that 70,000 children in Ethiopia depend on this type of treatment cannot be served.”
Similarly, in Nigeria, UNICEF could run out of supplies between this month and May.
Beyond treatment, prevention
Investing in prevention, nutrient supplementation and early screenings is also crucial to preventing more unnecessary deaths.
“It’s not just about the treatment. We have to be able to prevent it getting to this stage.”
Earlier this week, Ms. van der Heijden visited a Nigerian hospital and saw a child so malnourished that his skin was peeling off.
“That’s the level of malnutrition that we’re seeing here,” she said, stressing the importance of prevention.
“As needs are rising, we need the global community to step up to the plate, to rise to the occasion, to keep investing in the art of the possible,” Ms. Van der Heijden stressed, adding that UNICEF will not retreat.
“All over the world, the price is the same. It’s children that bear the brunt of decisions in capitals.”
Failing the children
“If you’re holding a child that is about to die of a totally preventable, treatable disease. It is nothing short of heartbreaking,” said Ms. van der Heijden. “We should not allow the global community to fail children in this way.”
The severe financial crisis underway is also posing a security risk to staff, hampering humanitarians’ ability to deliver.
UNHCR downsizing operations
Finding itself in a similar position, UNHCR has also announced cuts to operations and programmes.
It is the latest agency to face painful cutbacks in the field and at headquarters following the announcement of a drastic drawdown in funding from the United States Government.
“The biggest concern that we have is, of course, in all of this for refugees, for the displaced, they will be feeling the brunt of these cuts,” said Matthew Saltmarsh, a spokesperson for UNHCR.
Mr. Saltmarsh said the agency was conducting a review to determine how many staff would have to be let go.
UNHCR has already has to halt multiple initiatives including in South Sudan, Bangladesh and Europe, and closed offices in countries like Türkiye.
In Ethiopia, the organization has suspended operations at a safehouse for women facing death threats, Mr. Saltmarsh said.
“In South Sudan, only 25 per cent of the dedicated spaces supported by UNHCR for women and girls at risk of violence are currently operational. That has left some 80,000 people without access to services like emergency psychosocial support and legal and medical assistance.”
Today, Prime Minister Carney announced that the Government of Canada will cancel the proposed hike in the capital gains inclusion rate. Cancelling the increase of the capital gains inclusion rate is a recognition of the vital role that builders and small businesses play in shaping Canada’s future. It will strengthen Canada’s ability to catalyze the enormous private investment needed to create jobs and opportunities and to build a stronger future.
In addition, the government will maintain the increase in the Lifetime Capital Gains Exemption limit to $1,250,000 on the sale of small business shares and farming and fishing property. The government will introduce legislation affecting the increase in the Lifetime Capital Gains Exemption limit in due course.
The new government is focused on catalyzing investment, incentivizing builders for taking risks, and rewarding them when they succeed. It is time to build.
Quote
“Canada is a country of builders. Cancelling the hike in capital gains tax will catalyze investment across our communities and incentivize builders, innovators, and entrepreneurs to grow their businesses in Canada, creating more higher paying jobs. It’s time to build one Canadian economy – the strongest economy in the G7.”
Trade infrastructure and transportation corridors enable Canada to get its products to global markets. That is why the Government of Canada is making investments to open new potential markets through the Arctic and secure reliable surface transportation through northern Manitoba.
Today, the Minister of Environment and Climate Change Canada, the Honourable Terry Duguid, on behalf of the Minister of Transport and Internal Trade, the Honourable Chrystia Freeland, announced an investment of $175 million over five years to support operations and maintenance of the Hudson Bay Railway (HBR) and pre-development activities at the Port of Churchill, owned by Arctic Gateway Group (AGG).
AGG is a partnership of 29 First Nations and 12 isolated communities served by HBR in Northern Manitoba. The Hudson Bay Railway is critical to Indigenous reconciliation, connecting communities, and economic development, including the development of critical minerals and tourism, in northern Manitoba. Both the HBR and the Port of Churchill play an important role in ensuring supplies reach northern Manitoba and Nunavut.
Canada is strongest when we are united. There should be one Canadian economy, not thirteen. Creating one Canadian economy will create higher paying jobs, improve affordability, and strengthen our national security.
March 21, 2025 – Ottawa, Ontario — Women and Gender Equality Canada
A strong Canadian economy depends on everyone having the opportunity to fully participate in economic, social and cultural life. Removing systemic barriers to gender equality, while preventing and addressing all forms of gender-based violence, is essential to building a future where all Canadians can thrive.
Today, the Honourable Steven Guilbeault, Minister of Canadian Culture and Identity, Parks Canada and Quebec Lieutenant, who is responsible for the Department of Women and Gender Equality, announced up to $5.9 million for seven projects that will advance gender equality.
The following two organizations will receive up to $1.2 million to increase their capacity as well as the capacity of national women’s organizations to achieve their goals, build knowledge, and implement change:
Canadian Research Institute for the Advancement of Women (CRIAW)(Ottawa, ON)
Project name: Building the Capacity of National Women’s Rights Organizations
Women’s Program Funding Amount: $1,100,000
Famous 5 Foundation (Calgary, AB)
Project name: Advancing Equality on the Way to the 100th Anniversary of the ‘Persons’ Case
Women’s Program Funding Amount: up to $99,998
The following five organizations will receive up to $4.7 million to help support victims and survivors of gender-based violence by expanding the scope and effectiveness of their efforts, and will be another step towards ending gender-based violence:
Andrew Fleck Children’s Services (Ottawa, ON)
Project name: Equitable Start: Accessible Early Learning and Child Care for survivors of GBV
Gender-based Violence Program Funding Amount: up to $299,855
Ending Violence Association of Canada (Ottawa, ON)
Project name: Improving Institutional Accountability Project – Phase III
Gender-based Violence Program Funding Amount: up to $755,331
La rue des femmes de Montréal (Montréal, QC)
Project name: Relational Healing and Health in Women Survivors of GBV: Trauma-Informed Relational Care
Gender-based Violence Program Funding Amount: up to $1,256,918
Vesta Social Innovation Technologies (Toronto, ON)
Project name: Resilience in Action: Intersectional Approaches to Addressing GBV in Diverse Communities
Gender-based Violence Program Funding Amount: up to $1,988,556
Women’s Centre for Social Justice (WomenatthecentrE) (Toronto, ON)
Project name: Over-Represented, and Under-Protected: Building A Reproductive Justice Framework Centring Indigenous, Black, and Afro-Indigenous Communities in the GTA
Gender-based Violence Program Funding Amount: up to $400,000
Whether it is by supporting women in business, leadership, and culture, or ensuring their safety and security, everyone plays a role in advancing gender equality and ending gender-based violence. Investing in initiatives that empower women helps build a stronger, more sustainable future for all.
Initiative is set to be the largest Indigenous majority-owned infrastructure project in Canada
March 21, 2025 – Ottawa, Ontario
The Government of Canada understands the importance of diversifying Canada’s export market opportunities, supporting Indigenous economic reconciliation objectives and ensuring development is aligned with our climate and environmental goals. Supporting large-scale innovative projects will position Canada for a cleaner and stronger economy—and when done thoughtfully and strategically, one that is competitive in a low-carbon world. The Cedar LNG Project will also connect Canada’s natural resources sector to more export markets while creating more economic opportunities for Indigenous peoples and Canadians.
Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, on behalf of the Honourable Anita Anand, Minister of Innovation, Science and Industry, announced a contribution agreement under the Strategic Innovation Fund (SIF) of up to $200 million toward a $5.963 billion project with Cedar LNG Partners LP (Cedar LNG). This project will create approximately 300 full-time construction and trades jobs and 100 highly skilled jobs in Canada, with a strong focus on providing long term Indigenous employment opportunities. The project is expected to generate $275 million in gross domestic product (GDP) contributions over the construction phase and $85 million in annual GDP contributions during the operations phase.
Cedar LNG is a partnership between the Haisla Nation and Pembina Pipeline Corporation. This four‑year project consists of the construction, commissioning and operation of a new Indigenous majority-owned floating liquefied natural gas (FLNG) processing facility and marine export terminal in Kitimat, British Columbia. The facility will be powered by clean hydroelectricity from B.C.’s grid and will produce ultra low-carbon LNG that has the potential to displace the use of higher-emitting forms of energy in Asia. Once operational, the facility will have the capacity to process and liquefy 400 million standard cubic feet of natural gas per day and produce 3.3 million tons of liquefied natural gas (LNG) per year for international markets.
The Cedar LNG Project is a model for Indigenous ownership in natural resource projects. Partnering with Indigenous peoples, communities and businesses is critical to building an inclusive, sustainable and resilient natural resource sector in Canada. Cedar LNG will create jobs, drive economic growth, diversify our export markets, and support global energy security and the transition away from higher-emitting energy sources.
September 21, 2023 – New York City, New York – Department of Finance Canada
Yesterday in New York City, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, met with the United States Secretary of the Treasury, Janet Yellen.
The Deputy Prime Minister and the Secretary discussed Russia’s illegal invasion of Ukraine, and agreed on the importance of continuing their resolute commitment to ensuring Ukraine has the support it needs to defend its people, democracy, and territorial integrity.
The Deputy Prime Minister and the Secretary discussed how Canada’s $120 billion clean economy plan and the U.S. Inflation Reduction Act can work together to maximize economic benefits and fight climate change on both sides of the border. By working together, Canada and the United States can strengthen our national economies to deliver more good middle class jobs and better paycheques for both Canadians and Americans for generations to come.
The Deputy Prime Minister highlighted that Canada and the United States are natural partners, with highly integrated and competitive supply chains, and pointed to the capacity of Canadian steel and aluminum producers to supply the materials needed to grow the clean economy of the 21st century.
They also discussed the Organisation for Economic Co-operation and Development’s (OECD) two-pillar plan on international tax reform. The Deputy Prime Minister reiterated Canada’s priority and preference remains a multilateral approach to digital taxation.
The meeting reaffirmed the close ties and friendship between Canada and the United States. The Deputy Prime Minister and the Secretary discussed their respective work to tackle global macroeconomic challenges with modern supply side economic policies that grow the economy from the middle out, creating middle-class jobs and new opportunities for Canadians and Americans.
Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021: Clarifications
The Reserve Bank has received queries and suggestions from banks and Indian Banks’ Association (IBA) on certain aspects of disclosures in the notes to accounts to the financial statements as well as on the notes and instructions for compilation of balance sheet specified in the Annex II Part A of the Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021.
2. The queries and suggestions received, and the clarifications thereof are enclosed in the Annex.
Applicability
3. These instructions are applicable to all commercial and cooperative banks for preparation of financial statements for the financial year ending March 31, 2025 and onwards.
(Usha Janakiraman) Chief General Manager-in-Charge
Annex
Sr. No.
Queries / Suggestions
Clarification
1.
Reference is invited to Notes and Instructions for Compilation of Balance Sheet specified in Part A of Annex II with respect to Schedule 5: Other Liabilities and Provisions: Others (including provisions) of the Directions ibid in terms of which certain types of deposits where the repayment is not free, shall also be included under this head. We have received queries from banks on the classification in the balance sheet, of margin money received in the form of deposits, where lien is marked by banks in the ordinary course of business.
It is clarified that lien marked deposits shall continue to be classified under Schedule 3: Deposits with suitable disclosures.
2.
In terms of Notes and Instructions for Compilation for Balance Sheet in Annex II Part A for Schedule 9 (B) (ii): Advances Covered by Bank/Government Guarantee of the Directions ibid, whether advances guaranteed by Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) should be disclosed under Schedule 9 (B) (ii) (i.e., advances covered by bank/government guarantees) or under Schedule 9(B) (iii) (i.e., unsecured advances)?
It is clarified that advances, to the extent they are covered by Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) and individual schemes under National Credit Guarantee Trustee Company Ltd. (NCGTC), which are backed by explicit Central Government Guarantee, in terms of paragraph 5.2.3 and 5.2.4 of Master Circular DOR.CAP.REC.4/21.06.201/2024-25 on Basel III Capital Regulations dated April 1, 2024, as amended from time to time, shall also be disclosed under Schedule 9 (B) (ii) i.e. ‘Advances Covered by Bank/Government Guarantee’.
3.
Whether market value of repo and reverse repo transactions would better reflect the financials of banks instead of face value in terms of disclosures prescribed in Paragraph C. 3(e) of Annex III Disclosure in Financial Statements: Notes to Accounts to the Directions ibid ?
It is clarified that disclosures on repo/ reverse repo transactions shall be done in market value terms as well as face value terms.
Amortisation of additional pension liability – Implementation of Pension Scheme in Regional Rural Banks with effect from November 1, 1993 – Prudential Regulatory Treatment
In terms of NABARD circular NB.DoS.Pol.HO/2533/J-1/2019-20 dated December 12, 2019, Regional Rural Banks (RRBs) were earlier permitted to amortise their pension liability on account of RRB (Employee) Pension Scheme 2018 over a period of five years, beginning with financial year ending March 31, 2019. RRBs are now required to implement the pension scheme with effect from November 1, 1993. However, in view of the difficulties expressed in absorbing the increased liability in a single year, it has been decided that RRBs may take the following course of action in the matter:
The liability on account of applicability of pension scheme shall be fully recognised as per the applicable accounting standards.
The expenditure, on account of revision in the pension, may, if not fully charged to the Profit and Loss Account during the financial year 2024-25, be amortised over a period not exceeding five years beginning with the financial year ending March 31, 2025, subject to a minimum of 20 per cent of the total pension liability involved being expensed every year.
Appropriate disclosure of the accounting policy followed in this regard shall be made in the ‘Notes to Accounts’ to the financial statements. Banks shall also disclose the amount of unamortised expenditure and the consequential net profit if the unamortised expenditure had been fully recognised in the Profit & Loss Account.
Pension related unamortised expenditure would not be reduced from Tier 1 Capital of the RRBs.
Applicability
2. This circular is applicable to all the RRBs with effect from financial year 2024-25.
Today the Government Debt Management on behalf of the Treasury and primary dealers signed agreements regarding issuance and market making in Treasury securities. The objective of the agreements is to maintain the Treasury’s access to financing, to enhance price formation in the secondary market for Treasury securities and promote an active system of benchmark issues in Iceland.
As of 1 April 2025, five financial institutions have been appointed as “primary dealers in Treasury securities”. They are: Arion Banki hf., Fossar Investment Bank hf., Islandsbanki hf., Kvika banki hf. and Landsbankinn hf.
The following bullet points describe the main content of the primary dealer agreement:
Primary dealers have exclusive access to regular auctions of Treasury securities.
Primary dealers have exclusive access to special facilities such as repurchase agreements offered by the Government Debt Management on behalf of the Treasury.
Primary dealers are obliged to submit bids at each auction for a minimum of 100 m.kr. nominal value.
Primary dealers are Market Makers in the secondary market for government bond series. They are obliged to submit bid and ask offers on the stock exchange for at least 60 to 100 m.kr. nominal value in each benchmark series (as laid out in the agreements).
Primary dealers are in their bid and ask quotes governed by maximum spreads as laid out in the agreements.
Primary dealers are obliged to renew their offers within ten minutes after execution of transaction. The primary dealer is entitled to depart from the maximum spread requirement if certain conditions are fulfilled.
The agreement is valid from 1 April 2025 to 31 March 2026.
Further information can be obtained from Björgvin Sighvatsson, head of the Government Debt Management at +354 569 9600.
Source: United States Small Business Administration
WASHINGTON, D.C. – Today, pursuant to EO 14210, the U.S. Small Business Administration (SBA) announced its plans for an agency-wide reorganization. To return to its founding mission of empowering small businesses, and to restore accountability to taxpayers, the agency will reduce its workforce by 43% – ending the expansive social policy agenda of the prior Administration, eliminating non-essential roles, and returning to pre-pandemic staffing levels.
The strategic reorganization will begin a turnaround for the agency by restoring the efficiency of the first Trump Administration, as well as its focus on promoting small businesses. Core services to the public, including the agency’s loan guarantee and disaster assistance programs, as well as its field and veteran operations, will not be impacted.
The SBA’s reorganization will enable the agency to become a dynamic and efficient force for small businesses, manufacturing, and job creation in support of President Trump’s economic agenda. SBA will refocus its resources on the core missions of supplying capital, fostering innovation, supporting veteran small business owners, providing field support, and delivering timely disaster relief.
Key features of SBA’s reorganization include:
Promoting business formation and growth by shifting resources to expand capital formation functions and personnel, removing the emphasis from partisan programs of the past.
Prioritizing risk management and fraud prevention by centralizing these functions within the Office of the Chief Financial Officer, in the effort to restore integrity to agency programs, audits, and financial statements.
Expanding disaster response support by transferring disaster loan servicing functions and additional personnel into the Office of Disaster Recovery and Resilience. Additionally, the agency will cross-train field office personnel to support disaster recovery efforts.
Eliminating redundant pandemic-era positions associated exclusively with processing pandemic-era loans within the Office of Capital Access.
Ensuring that 30% of the agency is located in the field, by decentralizing services and working to better serve Main Streets across America.
Promoting veteran businesses and American manufacturing by preserving existing staffing levels within the Office of Veterans Business Development and the Office of Manufacturing and Trade.
Exempting key accountability offices from reductions at this timeincluding the Office of Advocacy and the Office of the Inspector General.
Much of the reorganization is targeted to reverse the broad and costly expansion of the SBA under the Biden Administration. Since the pandemic, the agency has nearly doubled in size, in part to support a suite of new progressive programs like the Green Lender Initiative, the Community Navigator Pilot Program, and DEI activities. This partisan agenda, promoted at the expense of America’s small businesses, predictably led to the deterioration of SBA’s services and financial performance. An estimated $200 billion in Paycheck Protection Program (PPP) and Covid Economic Injury Disaster Loan (EIDL) fraud was ignored for four years. Meanwhile, irresponsible Biden-era changes to the 7(a) loan program generated rising defaults and delinquencies, as well as negative cash flow for the first time in over a decade – which will have future, multi-year consequences for the program.
“The SBA was created to be a launchpad for America’s small businesses by offering access to capital, which in turn drives job creation, innovation, and a thriving Main Street. But in the last four years, the agency has veered off track – doubling in size and turning into a sprawling leviathan plagued by mission creep, financial mismanagement, and waste. Instead of serving small businesses, the SBA served a partisan political agenda – expanding in size, scope, and spending,” said SBA Administrator Kelly Loeffler.
“Just like the small business owners we support, we must do more with less. We have therefore submitted plans to pursue a strategic restructuring that will realign the agency and its resources with our founding mission. By eliminating non-mission-critical positions and consolidating functions, we will revert to the staffing levels of the last Trump Administration, which supported a historic economic boom. We will return our focus to driving private sector growth and delivering disaster relief with accountability, efficiency, and results.”
Under the reorganization plan, the agency will eliminate approximately 2,700 active positions out of a total active workforce of nearly 6,500 through voluntary resignations, the expiration of COVID-era and other term appointments, and a limited number of reductions in force (RIFs).
The average salary of an SBA employee is over $132,000 – more than double the national average wage. The reduction in workforce will save taxpayers more than $435 million annually by FY26.
SBA’s reorganization plan will provide for the preservation of public services through a strategic transfer of duties. It will be actioned in the coming weeks.
###
About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Nasdaq Copenhagen Nikolaj Plads 6 DK-1067 Copenhagen K
Copenhagen, 21 March 2025 ANNOUNCEMENT no. 8/2025
Next phase of the Moje Bielany residential development – zoning decision obtained
CeMat A/S has taken another step towards fulfilling its 2025-2027 strategy by obtaining a binding individual zoning decision for a residential development on a 4,797 sqm plot. This plot is part of a larger 13,303 sqm site, located in the Bielany district of Warsaw, Poland as of 24 March 2025, 13,402 sqm (8.4%) of the total 159,300 sqm land area in the Bielany district has been successfully re-zoned.
According to the new zoning decision and initial analyses, the site has the potential to accommodate between 119-128 residential units, with a total usable area ranging from 5,900 to 6,400 sqm. The final figures will be confirmed in the building permit process. This zoning decision marks the commencement of the next phase of the Moje Bielany project.
Pre-development activities, building permits, the pre-sale process, and bank financing are required to commence construction. Construction is expected to begin in mid-2026.
Following the zoning approval, CeMat has reassessed the fair value of the re-zoned part of the plot. Based on a Cushman & Wakefield report, the re-zoned property has an “as is” fair value of PLN 13.07 million (2024 report: PLN 2.99 million), or approximately DKK 23.26 million (2024 report: DKK 5.24 million).
As a result of this increase in property value, an additional DKK 18 million will be recognized in the company’s financial results for the year 2025.
Progress on the Moje Bielany project
In the first phase of the Moje Bielany project, CeMat successfully sold 79% of the flats, achieving an expected development margin in the range of 21-22%.
Cemat A/S
Frede Clausen Chairman of the Board
This announcement has been prepared in a Danish-language and an English-language version. In case of doubt, the Danish version prevails.
Strengthening EU Industry & Protecting Jobs: A transformative strategy to reinforce Europe’s industrial backbone through green innovation, circular economy, and fair trade.
From lowering energy costs for industries to preventing carbon leakage and boosting EU recycling capacities, this bold initiative secures Europe’s economic security, supports quality jobs, and drives the green and digital transition. With targeted investments in decarbonisation and stronger trade defences, Europe is building a more resilient, sustainable, and competitive future for its steel and metals sector.
Source: Organization for Security and Co-operation in Europe – OSCE
Headline: OSCE demonstrates its impact in mitigating virtual asset risks
Vera Strobachova-Budway, Head of OCEEA’s Economic Governance Unit, presenting at an event in Riga, Latvia, 20 March 2025. (OSCE) Photo details
The Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) shared its experience in tackling the multifaceted challenges posed by virtual assets during an event organized by the British Embassy and the Serious and Organised Crime Network in Riga, Latvia, on 20 March.
Participants discussed a wide range of virtual asset and cryptocurrency topics including digital asset seizure and confiscation, the 2025 Crypto Crime Report, and responses to virtual assets abuse. OCEEA presented the impact of its extra-budgetary project “Innovative policy solutions to mitigate money laundering risks of virtual assets” to an audience of practitioners, experts and policymakers from several OSCE participating States.
“There are three main takeaways from the OSCE’s work on virtual assets”, said Vera Strobachova-Budway, Head of OCEEA’s Economic Governance Unit, in her closing remarks. “First, international co-operation is a must — what we do in one country will have an impact on another; second, we need to learn from each other; and third, awareness raising and education on the risks and benefits of virtual assets is key.”
The OCEEA extra-budgetary project on virtual assets is financially supported by Germany, Italy, Poland, Romania, the United Kingdom and the United States of America.
SINGAPORE, March 21, 2025 (GLOBE NEWSWIRE) — Following President Donald Trump’s announcement to include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA) in the U.S. Strategic Crypto Reserve, the cryptocurrency market has experienced significant volatility. The Federal Reserve’s stance on cryptocurrencies has remained largely unchanged. As a result, analysts predict continued fluctuations in the market. Simply holding spot positions may not generate profits in such an environment. 100x leverage futures trading has become the preferred tool for experienced investors looking to maximize returns from market volatility. To meet the growing demand, BexBack Exchange is offering exclusive promotions:
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Disclaimer: This content is provided by BexBack.The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publishershall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
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by Marta ZhaoBeijing (Agenzia Fides) – The new church, recently inaugurated in Yiwu, in the diocese of Hangzhou, capital of Zhejiang Province, is named after Saint Joseph, Patron Saint of missions in China. And the mission entrusted to the local parish is unique, considering the location of the new parish. Indeed, Yiwu is home to the world’s largest wholesale market for small goods. It is also the starting point for many of the devotional objects sold in churches, parishes, and religious shops around the world, including those around the Vatican. Chinese merchants and businessmen from all over the world can now also visit the new church to pray, receive the sacraments, or perhaps experience the Christian proclamation for the first time. The new church was consecrated by Bishop Joseph Yang Yongqiang of Hangzhou on March 18, the eve of St. Joseph’s Day. The following day, the Feast of the Spouse of the Virgin Mary, the bishop administered the sacrament of Confirmation to approximately 40 adults of the new parish. More than 2,000 faithful participated in the ordination liturgy, celebrated by 23 priests from Hangzhou, the Diocese of Wenzhou, and Ningbo, together with the bishop.Retracing the parish’s history, Bishop Joseph Yang recalled that “the church is a home, a place of love and affection,” and thanked St. Joseph, who intercedes for the local Church as Patron of the mission in China. The city of Yiwu is located 300 kilometers from Shanghai. According to local statistics, there are more than 1,000 Catholics and nearly 20,000 Christians of other denominations. In addition, baptized businessmen, both from China and abroad, come to the city to work.Until 2001, there was no Catholic place of worship in this international hub. With the region’s economic growth, Chinese and foreign Catholics who do business, run factories, study, and work in Yiwu began to gather for prayer in private homes. In 2007, 500 Catholics gathered to celebrate Christmas together. On June 14, 2008, a Catholic church was opened in Yiwu that could accommodate approximately 200 people. Gradually, a faithful and vibrant community has emerged in this center of global trade, welcoming those who come from far away to work in the city. The diocese has sent three priests to oversee the pastoral care of the local community, which can now also count on the new St. Joseph’s Church to fulfill its mission of proclaiming the Gospel to the merchants at the Yiwu wholesale market.Masses are already being celebrated in Chinese, English, and Korean in the new church. Yiwu is a county-level city in Zhejiang Province and belongs to the Diocese of Hangzhou. In 2005, the United Nations, the World Bank, Morgan Stanley, and other international financial agencies jointly published the report “Shocking the World of China’s Numbers,” which described the Yiwu market as “the world’s largest wholesale market for small goods.” (Agenzia Fides, 21/3/2025)
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ZURICH, March 21, 2025 (GLOBE NEWSWIRE) — The XRP Ledger has long been a leader in speed, efficiency, and low fees, but there’s been one critical missing piece, a truly intelligent, AI-powered trading platform. While other blockchains have leveraged AI to dominate DeFi, XRP traders have been left behind until now.
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Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
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The common narrative around teenage behaviour in the UK sets parents up for a fairly sustained period of turbulence and unpleasantness.
But as I navigate the teenage years with my oldest daughter, now 16, my whole outlook on adolescence has undergone a meteoric transformation. I now hold supremely compassionate explanations for the unusual behaviour, mood swings and bad choices that appear to be abundant features of the adolescent years – and especially so for those who were growing up during the pandemic.
During the COVID pandemic, teens should have been busy cultivating independence, nurturing friendships and moulding their identities. Instead, they lived through a global public health crisis that resulted in not only catastrophic health and economic consequences, but also extreme disruptions in vital educational, social and family interactions over a sustained lockdown.
This has left a lasting legacy for the lives of young people and has potentially reshaped the landscape of their social and emotional development.
During the pandemic, I immersed myself in data – taken from research I was working on with a team of researchers who were monitoring the mental health of the UK population.
Mental health decline
In the early days, teens were – as they often do – getting bad press. They were “superspreaders”, they were breaking the rules, they were instructed by the then health secretary, Matt Hancock, not to “kill your gran”. They were, essentially, accused of spreading the virus through irresponsible behaviour.
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Some of these perspectives were borne out in our data. Young men aged 19-25, for example, were more likely than any other age group to be arrested for breaking social distancing rules. This reflects the inherent teenage drive to seek social connection, even if it means taking risks.
However, as we listened to the voices of young people in our research, the data began to tell us a more complex story. In a world where teens are already misunderstood, the pandemic actually seemed to be making all the existing struggles that young people face today worse, including loneliness, anxiety and depression.
Teens experienced uncertainty about the future and pressure around school, career and finances, resulting in a perceived lack of a sense of control over their lives.
We became very concerned about the increasing levels of distress that certain groups of young people were experiencing. This was particularly worrying when you bear in mind that adolescence is a critical period for developing mental health issues.
Our research showed that during the pandemic, around 30% of teens surveyed met the criteria for suffering from clinical levels of anxiety and depression. Over half – 53% – met the criteria for post-traumatic stress disorder related to COVID.
Other data shows that teens are suffering increasing mental health disorders and eating disorders. Mental health issues are affecting sleep and school attendance.
After the school years, the number of young people out of work due to ill health has more than doubled in the last decade, with mental health issues a significant driver.
These figures plainly present the extent of the challenge we face today in improving teenagers’ mental health and wellbeing. Underlying these figures are enduring struggles around loneliness and social connection, family functioning, anxiety and fear about unpredictable events, and learning to cope with adversity, especially in younger teens and those already disadvantaged through poverty and other social factors.
Feeling connected
However, and importantly, not all teens experienced lasting poorer mental wellbeing as a consequence of COVID. Some actually experienced positive wellbeing.
Our research found that young people who had the ability to tolerate uncertainty, had a sense of control over their lives, felt socially connected and had positive and quality relationships with family and friends were better able to adapt to the pandemic restrictions.
The crisis in young people’s mental health means securing a healthy, thriving adult population in the future becomes less certain. If young people cannot navigate the transition into adulthood successfully, this has huge implications for the next generation and whether they can contribute in positive ways, socially and economically, to society.
But there are lessons from the pandemic that can shine a light on the tools young people need to thrive. Young people received blame during the pandemic. Today, gen Z (those born between 1980 and 1994) have been given the derogatory label of the “snowflake generation” from a perception of their over-sensitivity and lack of resilience. But rather than being castigated, young people need support and connection. This helped them get through the pandemic, and it can help them now.
This means helping teens to combat loneliness, develop resilience and build functional, good quality relationships. It means helping them to increase their self-esteem and regain a sense of control. Crucially, the family remains a key source of support and guidance for young people.
Adolescence is a key transitional window during which young people can learn adaptive skills they will take with them into adulthood. Having the skills to build connections, resilience and self-esteem will help them address the challenges of this post-pandemic era.
Jilly Gibson-Miller receives funding from ESRC, Triumph and UK Research and Innovation funds.
Legend has it that William Tell shot an apple from his young son’s head. While there are many interpretations of the tale, from the perspective of the theory of technology, a few are especially salient.
First, Tell was an expert marksman. Second, he knew his bow was reliable but understood it was just a tool with no independent agency. Third, Tell chose the target.
What does all this have to do with artificial intelligence? Metaphorically, AI (think large language models or LLMs, such as ChatGPT) can be thought of as a bow, the user is the archer, and the apple represents the user’s goal. Viewed this way, it’s easier to work out how AI can be used effectively in the workplace.
To that end, it’s helpful to consider what is known about the limitations of AI before working out where it can – and can’t – help with efficiency and productivity.
First, LLMs tend to create outcomes that are not tethered in reality. A recent study showed that as much as 60% of their answers can be incorrect. Premium versions even incorrectly answer questions more confidently than their free counterparts.
Second, some LLMs are closed systems – that is, they do not update their “beliefs”. In a mutable world that is constantly changing, the static nature of such LLMs can be misleading. In this sense, they drift away from reality and may not be reliable.
What’s more, there is some evidence that interactions with users lead to a degradation in performance. For example, researchers have found that LLMs become more covertly racist over time. Consequently, their output is not predictable.
Third, LLMs have no goals and are not capable of independently discovering the world. They are, at best, just tools to which a user can outsource their exploration of the world.
Finally, LLMs do not – to borrow a term from the 1960s sci-fi novel Stranger in a Strange Land – “grok” (understand) the world they are embedded in. They are far more like jabbering parrots that give the impression of being smart.
Think of the ability of LLMs to mine data and consider statistical associations between words, which they use to mimic human speech. The AI does not know what statistical association between words mean. It does not know that the crowing of the rooster does not lead to a sunrise, for example.
Of course, an LLM’s ability to mimic speech is impressive. But the ability to mimic something does not mean it has the attributes of the original.
Lightening the workload
So how can you use AI more effectively? One thing it can be useful for is critiquing ideas. Very often, people prefer not to hear criticism and feel a loss of face when their ideas are criticised – especially when it happens in public.
But LLM-generated critiques are private matters and can be useful. I have done so for a recent essay and found the critique reasonable. Pre-testing ideas can also help avoid blind spots and obvious errors.
Second, you can use AI to crystallise your understanding of the world. What does this mean? Well, because AI does not understand the causes of events, asking it questions can force you to engage in sense-making. For example, I asked an LLM about whether my university (Bath) should widely adopt the use of AI.
While the LLM pointed to efficiency advantages, it clearly did not understand how resource are allocated. For example, administrative staff who are freed up cannot be redeployed to make high-level strategic decisions or teach courses. AI has no experience in the world to understand that.
Third, AI can be used to complement mundane tasks such as editing and writing emails. But here, of course, lies a danger – users will use LLMs to write emails at one end and summarise emails at the other.
You should consider when a clumsily written personal email might be a better option (especially if you need to persuade someone about something). Authenticity is likely to start counting more as the use of LLMs becomes more widespread. A personal email that uses the right language and appeals to shared values is more likely to resonate.
Fourth, AI is best used for low-stakes tasks where there is no liability. For example, it could be used to summarise a lengthy customer review, answer customer questions that are not related to policy or finance, generate social media posts, or help with employee inductions.
Where decisions might have serious consequences, human input is better. M Stocker/Shutterstock
Consider the opposite case. In 2022, an LLM used by Air Canada misinformed a passenger about a fee – and the passenger sued. The judge held the airline liable for the bad advice. So always think about liability issues.
Fans of AI often advocate it for everything under the sun. Yet frequently, AI comes across as a solution looking for a problem. The trick is to consider very carefully if there is a case for using AI and what the costs involved might be.
Chances are, the more creative your task is, or the more unique it is, and the more understanding it requires of how the world works, the less likely it is that AI will be useful. In fact, outsourcing creative work to AI can take away some of the “magic”. AI can mimic humans – but only humans “grok” what it is to be human.
Akhil Bhardwaj does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
