I’m here for my dear students and let me tell you, dear students, those who are in the last benches, there are no back benchers here. Only they sit on back benches so, my greetings to those at the end also.
It is an absolute privilege and honour to impart convocation address at an institution that bears the name it does. The last century had not seen stalwarts of the nature, very few of them, like Chaudhary Devi Lal. When I look at them, they have served India and done their mission, time for us to resolve, We will do the same, we will serve the Nation. हम भारतीय हैं, भारतीयता हमारी पहचान है, राष्ट्रधर्म सर्वोपरि है।
We have to put nation first always. There can be no interest higher than national interest. Personal and political interests are insignificant.
A convocation address is not easy to deliver because students expect something really amazing. I will make an earnest effort. My first sermon to you is, I have throughout been a gold medalist, that was an obsession with me. I was always in fear what will happen if I don’t come at number one. Let me share it with you, कुछ नहीं होता, थोड़ा खेल ज्यादा खेल लेता, दोस्तों से बात कर लेता। Therefore do not be obsessed, allow your life to go like a river not like a canal built by parents.
ज़माना था बच्चा पैदा हुआ मा बाप ने तय कर दिया डॉक्टर बनेगा, इंजीनियर बनेगा, आईएएस बनेगा। If you look around, boys and girls, your basket of opportunities is ever-enlarging. It is there in blue economy, it is there in space economy. You are in Bharat at a time when no Nation in last decade has grown as fast and as large as Bharat. Big economic upsurge, phenomenal infrastructure growth, deep digitisation, technological penetration.
If I share some figures with you, you will be surprised. Per capita internet consumption of Bharat is more than that of China and USA taken together. If we go about our digital transactions, the digital transactions are four times the combined transactions of USA, UK, France, and Germany.
If you examine our economy, that was very fragile a decade ago. When I with the blessings of Chaudhary Devi Lal, had the occasion to enter Parliament as a Member of Parliament and became a Minister with his blessings and guidance, what was the economic situation? सोने की चिड़िया कहलाने वाले देश का सोना विदेश में गिरवी रखना पड़ा। It was placed to two banks of Switzerland, airlifted to sustain our credibility. Our foreign exchange reserves today are over 700 billion.
You are lucky to be living in times when Bharat is dotted with hope and possibility. There is an ecosystem in place of affirmative government policies, hand-holding policies that allow you full legroom to exploit your talent and potential, realise your ambitions and aspirations. Meritocracy prevails now. When that is the scenario, you must think big. Never be under stress, never be under tension. Fear of failure is the worst fear in life because it is a myth. There is nothing like failure, it is an attempt that has not succeeded. Some people were so pessimistic that Chandrayaan-2 was called by them as failure.
I was governor of the state of West Bengal. I was in the Science City, boys and girls of your age was with me, it was around 2 a.m. I remember September 2019. Chandrayaan-2 came very close to the lunar surface but could not touch it. It was, according to me, more than 90% success. And that is why Chandrayaan-3 became a success and therefore, failure is a myth. Failure gives you an opportunity to further improve. Many greatest accomplishments in history have never succeeded in the first attempt.
If you have boys and girls, a brilliant idea in your mind, don’t allow that idea to be parked in your mind. That will be the greatest injustice to you and to humanity. Experiment, think out of the box. Look at what has happened in this country, particularly last decade. Startups, unicorns, and of huge dimensions.
Therefore, never fear, never have tension, never have stress. Go for experimentation; go as per your attitude. You will have enough to contribute for the Nation. If International Monetary Fund called India as a favorite global destination of investment and opportunity, boys and girls, it was not for government jobs. It was on account of the opportunities and those opportunities today are available at sea surface, deep sea, ground, deep ground, sky and space. You only have to think big. Take a leap.
Convocation is not an end of education because education is always about learning. Let me quote a pre Socrates era, I am quoting Heraclitus. Heraclitus, a great philosopher, gave us one aspect in life which is often quoted. ‘The only constant in life is the change,’ and he buttressed it by an illustration. ‘The same person cannot be in the same river twice, because neither the river is the same, nor the person is the same.’
So change has to be there, and right now the change is epochal, change is much beyond any hurricane. Disruptive technologies, Artificial Intelligence, Internet of Things, Blockchain, Machine Learning, and every moment we are having paradigm shift. Every moment is a change that brings huge challenges and every challenge has to be converted into an opportunity that is to be done by you, boys and girls.
When you will step into the new building of Parliament, you will come to know that, in the face of COVID, the greatest pandemic we faced in the century, in less than 30 months the building came up, the entire infrastructure came up. And our 5,000 years of civilizational reflection is there in Parliament.
Boys and girls, no Nation in the world has grown as fast with such a big leap as Bharat in last decade. This has given one situation, people have tasted development, they have seen development. They are there, for aspirational mode and if people are in aspirational mode, there can be restive situation, there can be restlessness, a problem but that problem has to be addressed by each and every individual.
Let me give you certain suggestions. Dear boys and girls, always put Civic Duties, Fundamental Duties over rights. Always nurture your family, your teachers, your elders, your neighborhood, because that is our civilizational culture. Believe in the environment, because that is something we are concerned. Alarmingly, a worrisome scenario is there. We do not have another earth to live in. The situation is cliff hanging. We are virtually collapsing. We have to find a way out.
I will conclude by leaving a thought with you. We all need to promote economic nationalism. Gandhi Ji gave us the slogan Swadesi. The Prime Minister has given, ‘Be Vocal for Local.’ If we do not have avoidable imports, we’ll be saving more than hundreds of billions of dollars in our foreign kitty. That will give work to our people. Entrepreneurship will blossom. You can do it. In this room, if you’ll find out our clothing, you’ll come to know that they are stitched outside the country. Better quality is available here so, national interest, national economic interest can never be compromised on fiscal gains.
Always take pride in the person, in whose name, in whose memory the institutions are there. People have glorified human beings very rarely, you can get Padma Bhushan, you can get Bharat Ratna, you can get all awards but where do you get title of Rashtrapita? Where do you get title of Sardar? Where do you get title of ‘Tau? Tau is here, Tau oversees us.
I have been mentored in politics by Tau. What I learned from him is keep on working for development of the society and never ignore rural landscape and the farmers.
MAHWAH, N.J., March 05, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced it signed a managed security service provider (MSSP) agreement with CHT Security (stock code: 7765). The new agreement represents an expansion of an existing relationship. CHT Security, one of Taiwan’s leading MSSPs, is a subsidiary and security arm of Chunghwa Telecom Co., Ltd., the largest telco in the country.
CHT Security is leveraging Radware’s AI-powered Cloud Application Protection Services to further enhance its product portfolio and offer customers across Taiwan state-of-the-art application security. CHT Security also uses Radware’s on-prem DefensePro® DDoS Protection to defend its customers against cyber attacks.
The agreement comes at a time when the frequency and intensity of cyber attacks is increasing in the region. According to a Radware threat advisory, Pro-Russian hacktivist groups, including NoName057(16), RipperSec, and the Cyber Army of Russia, launched a series of DDoS attacks against more than 50 targets in Taiwan, including government sites, airports, and financial services organizations. In addition, the rapid development of network technology and continuous software and hardware updates are creating security gaps for enterprise websites and applications, leaving them vulnerable to zero-day attacks and exposing them to the risk of hacker extortion and data leakage.
To address organizations’ application security needs, Radware’s Cloud Application Protection Service offers a one-stop shop that includes an industry-leading web application firewall (WAF), bot detection and management, API protection, client-side protection, and application-layer DDoS protection. Combining end-to-end automation, AI-powered algorithms, behavioral-based detection, and 24/7 managed services, the solution defends against 150+ known attack vectors. This includes the OWASP’s Top 10 Web Application Security Risks, Top 10 API Security Vulnerabilities, and Top 21 Automated Threats to Web Applications.
“We are looking forward to partnering with Radware to expand our product offering and engage with customers at an even higher level of service,” said Jeff Hung, general manager from CHT Security. “Combined with CHT Security’s rich practical experience and 24X7 expert SOC team, we can provide our customers with multi-layered defense services against today’s most sophisticated threats.”
Today, CHT Security offers cybersecurity services to more than 300 large-sized enterprises, more than 40,000 small and medium-sized enterprises, and a million individual and household clients. The company’s clientele includes government agencies, financial institutions, high-tech companies, healthcare, retail, and critical infrastructure sectors.
“We are excited to expand our long-standing relationship with CHT Security,” said Yaniv Hoffman, Radware’s vice president of sales in APAC. “It is becoming increasingly difficult for already short-staffed security teams to defend against a threat landscape that is constantly evolving with more frequent and complex attacks. Through our joint efforts, we can not only help organizations solve these challenges and increase the security around their critical assets, but also create a win-win for the Taiwan market.”
Radware has received numerous awards for its solutions. Industry analysts such as Aite-Novarica Group, Forrester Research, Gartner, GigaOm, IDC, KuppingerCole, and Quadrant Knowledge Solutions continue to recognize Radware as a market leader in cyber security.
About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that through our joint efforts, we can not only help organizations solve these challenges and increase the security around their critical assets, but also create a win-win for the Taiwan market, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively;a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing businessin countries with a history of corruption or with foreign governments;changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website atwww.radware.com.
Honourable members of the Government, esteemed representatives of the diplomatic corps, respected business leaders, dear fellow economists, ladies and gentlemen,
I would like to begin by saying, after the introductory remarks, that we should remember that the word “artificial intelligence” contains an essential falsehood in its name: artificial intelligence does not exist because creativity is inherently human. Artificial intelligence operates based on algorithms and the data input into the tools you have, such as your mobile phone. The trend of applying so-called artificial intelligence in all fields will ultimately have two consequences that are unacceptable for human civilisation – losing the truth and not knowing what is true versus what is a deep fake, and losing the human being, who is the only creative entity capable of making decisions and creating what is called “intelligence”. While artificial intelligence can perform many technical processes faster, easier, and more efficiently, it cannot think.
Some say that one should not live in the past but always move forward. However, we have an obligation to respect the past to better understand where we are today and to have guidance for the future.
And the past teaches us that nothing should be taken for granted, as there are no final victories! Neither peace nor stability should be assumed, as they are not a given! That is why I will reiterate my conclusions from the previous two forums – what distinguishes theory from practice is our responsibility towards people, growth and development, and social stability. We depend on the conditions of the times we live in, but also on the decisions which we make and for whose consequences we bear responsibility.
Ladies and gentlemen,
(Slide 2) In October 2024, Serbia officially received an investment-grade credit rating! Congratulations to everyone!
I always emphasise, and I will do so again today, that on the economic front, no one can achieve much alone. No matter how brilliant they may be. This historic success is the result of teamwork by the President, the Government of the Republic of Serbia, and the National Bank of Serbia, and it belongs to all our citizens.
By joining the ranks of the one-third of the world’s countries characterised by high business certainty, i.e. low investment risk, we have received yet another confirmation of the economic progress made over the past decade.
Most of those present today surely remember the period when Serbia had one major portfolio investor who invested in the Republic of Serbia’s bonds. Just one. And that investor only invested in our country’s securities because the interest rates were exceptionally high, which brought them excellent returns.
For many years now, the Republic of Serbia’s bonds have been recognised as comparable to those of countries with investment-grade ratings, sought after by a large number of the world’s largest global investors – those who have recognised our economic reform programme and all the results achieved over the past decade.
And I will reiterate today that the credit rating is the result of good political and economic decisions in the country, as one cannot be separated from the other. The continuity of political stability is a necessary precondition for the substantial and by no means easy structural reforms that develop the society we are part of.
We must preserve stability if we want a high-income economy – and I am sure that is the desire of everyone present at this forum today!
We must preserve stability in this competitive world full of challenges, where changes in the global order are happening faster than ever, and where the economic gap between key economies is widening!
This stability, along with sound policies, has enabled Serbia, even in the most complex conditions, to achieve numerous records last year!
Last year, we returned inflation within the target tolerance band of 3±1.5%, with growth that was among the highest in Europe!
We secured the country’s record-high FX reserves of EUR 29.3 bn, which is 120% higher than in the pre-pandemic period. Gold reserves also reached a record-high level, currently standing at 48.7 tonnes.
Dinar savings increased by nearly 40% last year.
We also saw record-high FDI worth EUR 5.2 bn.
Formal employment in the private sector is at a record high, with over 160,000 more people employed than in the pre-pandemic period.
The unemployment rate is at its lowest level.
(Slide 3) The list of achievements is quite long, but the list of global risks is growing longer… That is why today, as we summarise the results and analyse the challenges, I will divide my presentation into four parts:
I will start with inflation factors.
I will continue with the measures of monetary and macroprudential policy.
I will specifically discuss the indicators of our economy’s resilience to external risks.
I will conclude with the National Bank of Serbia’s February projections, with a special focus on risks, various forms of risks, and their different effects on society and the economy.
I will proceed in order.
(Slide 4) Excellent news – in June last year, inflation was twice as low compared to end-2023, based on all key components – energy and food prices, as well as prices within core inflation.
Amid unfavourable global and domestic weather conditions, inflation stabilised at around 4.3% in the second half of last year.
(Slide 5) It was precisely the unfavourable weather conditions that caused the prices of certain food commodities, such as cocoa and coffee, to rise sharply on global exchanges, which affected global food prices.
Additionally, the rise in prices of personal services remained elevated in many countries, which can be linked to the high growth in real wages, which constitute a significant part of the service sector’s costs.
(Slide 6) When it comes to inflation factors, in the next few minutes, I will share the findings of our two studies.
The first analysis provides additional quantitative evidence in support of lower inflationary pressures by comparing the distribution of y-o-y price increases for goods and services in the consumer basket, as seen in the charts. The data confirm that in 2024, there was a significant reduction in the share of goods and services that recorded double-digit growth. Around 25% of goods and services did not become more expensive, and 100 products and services in the consumer basket became cheaper in 2024.
In the second analysis, we examined the phenomenon of faster price increases for cheaper brands compared to more expensive brands of the same products, creating an impression of higher inflation than the actual rate. This phenomenon has been colloquially termed cheapflation.
The analysis shows that in Serbia, during the period from 2022 to 2024, which was marked by increased global pressures, the cumulative price increase for cheaper brands within the food and beverages category was 5 pp higher than for more expensive brands of the same products.
One of the reasons for this phenomenon is the low elasticity of demand for food, which is the lowest for the cheapest brands.
Also, more pronounced price increases often lead to the substitution of more expensive products with cheaper alternatives, thereby increasing demand for the cheapest brands and generating additional price pressures.
However, there is also the issue of an imperfect market structure, which makes it easier for increased costs of producers and merchants to be passed on to retail prices more than fully, a problem I have pointed out on several occasions.
To conclude the first topic.
Inflation has been curbed both domestically and globally. The good news is that in Serbia, we achieved this result in terms of inflation alongside high GDP growth!
However, there is no room for complacency. Uncertain and dynamic developments in international commodity and financial markets call for caution, as evidenced by the rise in inflation late last year in many countries.
(Slide 7) The second topic builds on the first – namely, the measures of monetary and macroprudential policy in 2024.
With inflation returning within the target band in May last year, and with projections indicating movement around the midpoint by the end of the monetary policy horizon, conditions were created for the start of monetary easing.
Namely, we cut the key policy rate three times, by a total of 75 bp, to 5.75%.
Our measures were transmitted to money and credit market interest rates, with lending activity increasing by 8.2% and the dinarisation of receivables also going up.
Dinar savings recorded a record nominal increase of over RSD 53 bn, reaching over RSD 191 bn. This means that dinar savings are almost eleven times higher than in 2012! Let me remind you that the results of our latest analysis of the profitability of dinar and FX savings confirm that over the past twelve years, dinar savings have been more profitable than FX savings, both in the short and long term.
To protect the interests of financial service consumers, we also decided to temporarily cap interest rates on loan agreements concluded with citizens, which will be specifically regulated by law.
We also adopted regulations under our jurisdiction that will enable the implementation of the government programme for housing loans for young people.
In addition, and thanks to all of this, the share of NPLs in total loans fell to its lowest level of 2.5% in December.
I conclude this topic by stating that our cautious approach is justified and that this is confirmed by the fact that we have achieved all three goals – low inflation in the medium term, high economic growth, and preserved financial stability of the country!
(Slide 8) The third topic I will discuss is the resilience of the Serbian economy, which was confirmed even during 2024, amid continuous external shocks.
First, in 2024, we maintained relative stability of the dinar exchange rate against the euro, with the dinar gaining 0.1%.
Last year, we bought over EUR 2.7 bn net in the FX market, or EUR 11.2 bn since 2017, which has been an important factor behind the growth in FX reserves.
FX reserves stood at their record high of EUR 29.3 bn at end-2024, covering over seven months of imports of goods and services and 167% of money supply M1.
Gold reserves, which traditionally serve as a safe haven, rose to a record level of 48.7 tonnes, with their value being over seven times higher than in July 2012. The adequacy of our decisions is also confirmed by the fact that the price of gold in the global market increased by around 30% last year, and the rise continues this year.
GDP growth of 3.9% in 2024 was among the highest in Europe, driven by fixed investment and private consumption. The investment growth was supported by record-high profitability of the corporate sector, high FDI inflows, and government capital investment. At the same time, the growth in private consumption was driven by further increases in employment and real disposable income of the population.
The value of exports of goods and services in 2024 reached EUR 43 bn, which is nearly 85% higher than in the pre-pandemic year of 2019. Within the goods sector, manufacturing exports grew by nearly 3%, despite still weak external demand. The reason for this resilience is the strategic focus on production and geographical diversification of markets and investors. Exports of services are also growing on solid foundations, driven by exports of information and telecommunications services.
(Slide 9) FDI inflows were also record-high at over EUR 5.2 bn, despite all the uncertainties in the global market.
An important element of resilience is the responsible conduct of fiscal policy, with a fiscal deficit of 2% of GDP, despite strong government capital investment. Particularly important is the fact that the growth in fiscal revenues is based on solid foundations – increased profitability and positive factors in the labour market, while the application of special fiscal rules for pension and public sector wage growth continues.
Esteemed participants of the Forum,
All these results we are achieving, even in an environment characterised by low growth among our key trading partners, have secured us, for the first time in history, an investment-grade credit rating from Standard & Poor’s. Once again, congratulating all citizens on this success, I would like to say that we would certainly have received not only a positive outlook from Fitch but also the rating if political circumstances had not led to the agency’s caution.
(Slide 9) The final topic concerns our expectations going forward and the challenges facing economic policymakers. However, before I move on to the projections, I would like to highlight the trends I have been discussing for years, often at this very place. However, it seems to me that it has never been more important to discuss this!
“Say goodbye to the world you knew – today we live in a new era!” The conditions in which we operate economically are the most challenging, and technologically the most advanced! This is a time of enormous social divisions in all countries. In diplomatic terms, we define this as an unprecedented polarisation of society. “People always know about misfortune and evil, but good remains hidden”, said Meša Selimović.
A particular challenge today is conducting policies in the era of fake news, and in an environment where individuals believe that policies can be pursued through social networks. I have been highlighting this phenomenon for several years as a major risk to society and democracy. And it has long been said that people can be divided into two groups: those who move forward and achieve something, and those who follow them and criticise. I will reiterate: healthy scientific and social scepticism that questions everything is always welcome, and that is why we are here. However, scepticism that questions growth and development has no social or economic basis. And any influence that leads to a slowdown in potential growth has a direct negative effect on people’s standard of living and prospects for progress!
I will now move on to the projections.
Regarding inflation, we expect that in Q1, y-o-y inflation will move around the upper bound of the target tolerance band. For the rest of the year, we expect it to gradually slow down and approach the midpoint by the end of the year, which is the level around which it will move until the end of the projection horizon.
Such inflation dynamics will be supported by continued restrictive monetary policy conditions, lower imported inflation, an expected slowdown in real wage growth, an expected decline in petroleum product prices, in line with futures, and an expected decline in fruit and vegetable prices, assuming an average agricultural season this year.
In terms of economic activity, we expect a further acceleration in GDP growth to 4.5% this year. For the next two years, we project growth between 4% and 5%, i.e. closer to 5% in 2027, when the “Expo” will be held.Such GDP growth will be driven by domestic demand, with growth in private consumption supported by:
positive trends in the labour market and further increases in disposable income, as well as
more favourable monetary conditions. At the same time, we expect that wage growth in the medium term will be in line with productivity growth, contributing to medium-term price stability.
Fixed investment growth will be supported by:
increased profitability of the corporate sector in previous years,
planned high government capital investment in transport, energy, and utility infrastructure, as well as
more favourable financial conditions.
We also expect continued FDI inflows, which will, through new technologies and more modern equipment, as well as new knowledge, contribute to the growth in total factor productivity.
All of this together will contribute to further growth in both private and government investment, as well as its share in GDP of over 25% in the medium term.
Due to the acceleration of the investment cycle and growth in private consumption, we expect that this year and the next, imports of goods and services will grow slightly faster than exports, resulting in a negative contribution of net exports to economic growth. On the other hand, in 2027, when the “Expo” will be held, we expect the contribution of net exports to be positive.
Of course, these, like all macroeconomic projections, are accompanied by numerous global risks, which I will present in a slightly different way than usual. I repeat, I will provide a global context.
First, long-standing geopolitical tensions have been further exacerbated by the rise of global protectionism. Along with disruptions related to climate change, they continue to influence the volatility of global energy and other primary commodity prices and may have negative effects on both global economic growth and inflation.
Furthermore, one of the growing structural problems, which the IMF particularly highlighted in October, is the widening income gap between Europe and the United States. The income gap reflects declining productivity growth in Europe, which extends to the level of individual enterprises. The response to such movements implies structural changes in the European economy, of which we are a part, with the aim of increasing productivity and competitiveness.
This is also supported by the accelerated development of the so-called artificial intelligence, which brings enormous transformative changes, creating both opportunities and challenges! According to the findings of the World Economic Forum, in the period from 2025 to 2030, structural changes driven by artificial intelligence in the labour market will create around 14% of new jobs, while around 7% of existing jobs will be eliminated. Thus, the net effect of these changes will be positive in terms of creating new jobs, but the distribution of these changes across regions and countries remains to be seen. For our region to have such an outcome, we must work together to ensure that the transformation, which is inevitable, proceeds in a way that the closure of some jobs opens doors to others, of higher quality.
This also requires a deeper analysis of demographic trends, namely the process of reducing the working-age population, which is a challenge for all countries. And that is why it is important to invest in people and activate that part of the population that is outside the active labour force.
When it comes to new sources of growth, I first want to state that the current growth model in Serbia has proven to be good. Ten years ago, in 2014, the share of investment in GDP was around 16%, and in 2024 – around 24%. The share of government investment was only 2.2%, and in recent years, it has been over 7%. The unemployment rate has been reduced from over 20% to around 8%, while youth unemployment has more than halved, and the number of formally employed people has increased by almost 400,000! The coverage of the average consumer basket by the average wage is at its highest level, around 95%, and is 30 pp higher than ten years ago! Thus, the current growth model has proven to be good!
When we talk about the coming period and new sources of growth, it is certainly best to have innovations and new technologies, where domestic companies should also play a significant role. Unfortunately, the key new technologies that will shape the world in the coming decades are in the hands of the United States and China, and the technological gap is widening. And it is precisely here, and for this reason, that there is room for greater cooperation and integration at the level of the entire European market.
I will also recall the October analysis by the IMF, which highlights that a deeper and larger single European market would stimulate the necessary growth in productivity. It notes that the two previous waves of enlargement – in 1995 and 2004 – brought benefits not only to the countries joining the EU but also to the founding member states of the EU, which experienced significant income growth. Therefore, a joint response in terms of developing new technologies could have a multiplier effect on the growth and development of all European economies!
Esteemed participants of the Business Forum,
I have spoken about global risks and potential responses, particularly from policymakers in Europe, of which we are a part. Among domestic risks, I highlight the potentially missed opportunities for high growth and the time needed to return to the trajectory we have secured, which places us at the top of Europe in terms of growth.
That is why today, as in previous forums, I will remind everyone that we have an obligation never to forget that stability is priceless, and there is no alternative to it. Without stability, any discussion about sustainable income growth and societal development loses its meaning!
On behalf of the NBS, I can promise:
we will continue to work in the public interest,
relative exchange rate stability has no alternative,
there will be no negative interest rates in Serbia, as money must fulfil one of its fundamental roles – to earn through savings and the concept of interest. “Negative interest rates are a sign of central banks’ desperation, not a solution to economic problems.”
In every decision we make, we have been and will continue to be guided by the stability of the system! I believe that in these uncertain times, this is the key to duration. We cannot influence the policies and decisions of major powers, but we can and must support our development opportunities.
Finally, I congratulate the Serbian Association of Economists on their well-deserved selection as the host of the 21st World Congress of Economists, which will be held in June next year!
And finally, I ask you all, not expecting an answer: how many phone numbers do you know if you were to lose your phone and the contacts stored in it? Do you know how to calculate a discount on prices when you’re out shopping? And how will your children, who rely on ChatGPT and mobile phones to do their homework, manage if, at some point, they can’t charge their phone or if someone, just for fun, takes away their phone and all these devices that represent progress and development? Never forget that, above all, we are human beings who must think for ourselves, make our own decisions, and not forget the most basic things – to use our own brains and our own hearts!
Thank you all. I wish you a successful 32nd Kopaonik Business Forum.
TAINAN and HSINCHU, Taiwan and MUMBAI, India, March 05, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (“Himax” or “Company”) (Nasdaq: HIMX), an industry leader in fabless display driver ICs and other semiconductor products, today announced a Memorandum of Understanding (MoU) with Tata Electronics, a pioneering leader in India’s electronics manufacturing sector, and Powerchip Semiconductor Manufacturing Corporation (PSMC), a leading Taiwanese Foundry and Technology Transfer Partner of Tata Electronics, to revolutionize India’s display and ultralow power AI sensing product and technology ecosystem. This MoU marks a significant step forward for Tata Electronics, Himax, and PSMC in expanding their market outreach and jointly exploring the growing market of display semiconductors and ultralow power AI sensing in India as well as globally.
Tata Electronics, Himax, and PSMC aim to leverage their respective strengths to deliver comprehensive, end-to-end display semiconductor solutions for their mutual customers, from chip design to chip manufacturing and packaging, as well as electronics manufacturing services (EMS) to deliver system-level solutions, to both the Indian and global markets. The parties will collaborate closely to develop solutions focusing on “Made in India” requirements. The partnership also encompasses designing and manufacturing next-generation solutions to meet global demand while enhancing supply chain resilience.
Building on the landmark 2024 agreement between Tata Electronics and PSMC to establish advanced semiconductor manufacturing capabilities in India, today’s announcement paves the way for innovative display solutions tailored to the domestic market.
Dr Randhir Thakur, CEO and MD of Tata Electronics, said, “This MoU with Himax and PSMC will enable the development of differentiated solutions for display-related semiconductor products for our mutual customers. By combining Tata Electronics’ capabilities with Himax’s unparalleled expertise in display semiconductors and WiseEye™ ultralow power AI sensing and PSMC’s proven manufacturing solutions, we are creating a powerful ecosystem that addresses both domestic and global needs for the display semiconductor market. Together, we will drive innovation and develop next-generation technologies to meet the growing demands of display and ultralow power AI sensing technologies across key industries while contributing to a resilient semiconductor supply chain.”
Mr. Jordan Wu, Co-Founder and CEOof Himax Technologies, Inc., said, “We are delighted to join forces with Tata Electronics and PSMC to drive innovation in India’s rapidly expanding display semiconductor market. India is emerging as a key hub for electronics development and manufacturing, presenting immense opportunities for growth and technological advancement. Through this collaboration, we aim to bring Himax’s industry-leading expertise in display semiconductors and WiseEye™ ultralow power AI sensing to support India’s ‘Made in India’ initiative while enhancing global supply chain resilience. This partnership underscores our commitment to delivering cutting-edge display solutions that cater to the evolving needs of both Indian and international markets.”
Mr. Martin Chu, President of PSMC, said, “PSMC’s portfolio of semiconductor fabrication technologies is well-suited to meet the growing ‘Made in India’ requirements. We look forward to this partnership with Tata Electronics and Himax, as it provides a unique opportunity to expand our collective footprint and gain significant share in both the domestic and global display semiconductors and ultralow power AI sensing markets.”
About Tata Electronics Private Limited Tata Electronics Pvt. Ltd. is a prominent global player in the electronics manufacturing industry, with fast-emerging capabilities in Electronics Manufacturing Services, Semiconductor Assembly & Test, Semiconductor Foundry, and Design Services. Established in 2020 as a greenfield venture of the Tata Group, the company aims to serve global customers through integrated offerings across a trusted electronics and semiconductor value chain. With a rapidly growing workforce, the company currently employs over 65,000 people and has significant operations in Gujarat, Assam, Tamil Nadu, and Karnataka, India. Tata Electronics is committed to creating a socio-economic footprint by employing many women in its workforce and actively supporting local communities through initiatives in environment, education, healthcare, sports and livelihood.
About Powerchip Semiconductor Manufacturing Corporation Powerchip Semiconductor Manufacturing Corporation (PSMC) is the world’s seventh-largest pure-play foundry, with four 12-inch and two 8-inch fabs in Taiwan, capable of producing over 2.1 million 12-inch equivalent wafers annually. Since its establishment in 1994, the company transitioned successfully from DRAM manufacturing to advanced foundry services for memory and logic chips. Ranked seventh in global semiconductor ESG evaluations, PSMC demonstrates strong governance and environmental commitment. In May 2024, PSMC’s new 12-inch fab in Taiwan’s Tongluo Science Park began operations with a planned capacity of 1.2 million wafers annually, using advanced 28nm and wafer stacking technologies.
About Himax Technologies, Inc. Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ ultralow power AI sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.
Forward Looking Statements Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.
Himax Contacts
Eric Li, Chief IR/PR Officer Himax Technologies, Inc. Tel: +886-6-505-0880 Fax: +886-2-2314-0877 Email: hx_ir@himax.com.tw www.himax.com.tw
March 5 2025 – The global economy could now be on the brink of “its most severe disruption since the 2007-2008 financial crisis, besides the pandemic,” warns the CEO of global financial advisory giant, deVere Group.
The comments from Nigel Green of deVere Group comes after in his highly anticipated address to Congress, US President Donald Trump doubled down on the most aggressive tariff policies seen since the 1940s in some respects, delivering a speech that, despite its rhetoric of economic strength, is set to cause concern through financial markets.
He argued that “tariffs are not just about protecting American jobs, they’re about protecting the soul of our country,” but admitted they would cause “disturbance”.
“Tariffs are about making America rich again, and making America great again,” he said. “And it’s happening, and it will happen rather quickly.”
“There will be a little disturbance, but we’re okay with that,” he continued.
In response, deVere Group’s Nigel Green says: “This is no longer just a warning sign. This is seemingly turning into an all-out trade war.
“The immediate market reaction to Trump’s sweeping tariffs on Canada and Mexico was stark, with declines across major indices, reflecting investor fears of a prolonged and damaging standoff.
“The true extent of the fallout, however, has yet to be fully realized, especially as wider reciprocal tariffs are set to be rolled on April 2, according to Trump in his address.”
Donald Trump said “countless” nations charge the US “tremendously higher tariffs than we charge them”. The president said China’s average tariff on US products were twice what America charges Beijing.
He added the average South Korean tariff was four times higher than what the US imposes on Seoul.
The deVere CEO comments: “History has proven that protectionist policies of this magnitude don’t end in prosperity, but in economic isolation, slower growth, and inflationary pressures that ultimately hit consumers and businesses hardest.”
“Tariffs are not a win for American workers or businesses—they’re taxes.”
Companies across industries, from manufacturing to tech, are expected to bear the brunt of these costs, leading to price hikes, squeezed margins, and reduced competitiveness.
“Trump’s assertion that these measures will strengthen the US economy is, at best, disingenuous.
“The reality is that higher costs on imported goods will ripple through supply chains, forcing firms to either absorb the added expense or pass it onto consumers.” Either way, the result is likely economic pain.
“The global repercussions cannot be overstated. Tariffs on key trading partners set off a chain reaction—retaliatory measures, shifting supply chains, capital flight, and a decline in investor confidence,” notes Nigel Green.
Emerging markets, already grappling with tighter financial conditions, will be particularly vulnerable.
The world is entering a period of heightened economic uncertainty, and with central banks already stretched in their policy responses, there is no easy fix on the horizon.
Despite Trump’s assurances of an economic renewal, his trade war stance directly undermines long-term stability.
“The lessons of past crises should serve as a stark reminder: economic nationalism and aggressive tariffs do not fuel growth; they suffocate it. The financial landscape is shifting rapidly, and businesses and investors must now brace for a turbulent period ahead.”
What happens next will depend on how global markets, policymakers, and businesses react in the coming weeks.
“It can be reasonably assumed that the fallout from Trump’s trade war is only just beginning. Households, businesses and investors need to buckle up,” concludes Nigel Green.
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.
To unpack that and much, much more today, let’s bring in our political panel, LNP Senator Paul Scarr and Assistant Minister for Competition Andrew Leigh.
Welcome to you both to the program. There is plenty of news to get through today. Paul let’s start with you quickly first. You’re in Queensland, which is in the path of Cyclone Alfred.
Paul Scarr:
Yep.
Caisley:
How prepared is your community?
Scarr:
I think the community is as prepared as it can be. There’s very close liaison between all 3 levels of government: the federal government, the state government, the local government authorities. Sandbags are being made available, people are being given warnings and suggestions and recommendations as to how to prepare. And the community’s coming together, as Queenslanders always come together, whether or not it’s in North Queensland or in the southeast corner, we come together at times like this and help each other.
Caisley:
And Paul, we just heard there before the WA Premier Roger Cook referring to the American Vice President as a ‘knob’ over that extraordinary argument that took place in the Oval Office over the weekend. Is that an appropriate way for a state leader to be speaking?
Scarr:
I don’t believe so. I don’t believe it is. And I don’t believe it’s helpful. And from my perspective, I think our focus here in Australia should be on Australia’s commitment to the people of the Ukraine, and in respect of that commitment, it’s quite bipartisan.
And before the last election, the Coalition government had a very strong position with respect to assisting the people of Ukraine and Ukraine’s right to its sovereignty, its own secure sovereign borders, and that policy has continued, notwithstanding there was a change in government after the last election. So, I think we should focus on what Australia’s policy is.
Caisley:
And Andrew, what did you think?
Andrew Leigh:
Well, US politics is endlessly interesting, and it’s always tempting to express your view every time something happens over in the US. But we’re really focused right now on the challenges that Australia faces.
As Paul said, preparing for Cyclone Alfred, which is looking like making landfall either on Thursday or Friday of this week.
I would urge any of your viewers who are able‑bodied to consider signing up for EV CREW, a great on‑the‑ground operation which allows you to help out in the local community.
And as Paul said, there’s bipartisan support for Ukraine. Australia has given $1.5 billion in assistance, of which $1.3 billion is military aid.
Caisley:
We have just seen in the past couple of hours the United States announcing that it’s actually going to freeze aid or support to Ukraine. Could I get both of your response to that? Let’s start with you, Paul.
Scarr:
Well, again, that’s a matter for the United States government, and again, I think we should focus on what Australia’s position is. And I attended a campaign rally on the third anniversary of the invasion of Ukraine. There were representatives, again, from all levels of government, both major political parties in Australia, and we’re on the same page in terms of continuing to provide our support to the people of Ukraine. And that’s the way it should be.
Caisley:
I was watching Donald Trump’s press conference in the early hours of this morning, and in it, he said that Volodymyr Zelenskyy needs to show more appreciation. We then have seen these reports that aid will be paused until Volodymyr Zelenskyy demonstrates a good faith commitment to peace.
How does this at all, or if at all, Andrew, change the security equation for Australia?
Leigh:
Well, you’ve seen in London a range of European powers stepping in and taking important steps towards peace. It is really important that we see peace in Ukraine. This is a war started by Russian aggression. Australia has stood steadfastly with the people of Ukraine.
I joined with a range of parliamentarians who met with the Ukrainian Ambassador to Australia during the most recent parliamentary sitting to again show the solidarity of Australians for Ukraine.
We’ve got the Bushmasters there, the Abrams tanks. We have been a strong supporter of the people of Ukraine, as is appropriate for a fellow democracy seeing the brutality that has been waged on the people of Ukraine through an utterly unprovoked war started by Russia.
Caisley:
There’s bipartisanship when it comes to support for Ukraine, but we have seen a point of difference emerging between Peter Dutton and Anthony Albanese when it comes to boots on the ground or potential peacekeeping missions. The Prime Minister today not ruling out sending troops over there; this is in contrast to the Opposition Leader.
Paul, on the politics of this, is Labor outmanoeuvring the Coalition here on an issue that the Coalition usually feels pretty comfortable in?
Scarr:
I don’t believe so. And I think the Coalition was in government when Russia launched its illegal invasion of Ukraine, and we were at the forefront in terms of an appropriate policy response to that, including providing humanitarian places for refugees from Ukraine to Queensland, many of whom I met shortly after their first arrival.
In terms of so‑called boots on the ground, I think the point Peter Dutton has made, and I think he’s correct, the onus should really be on the Europeans in terms of providing boots on the ground as peacekeepers, and they’ve got the capacity to do that. Australia has its own obligations in the Asia‑Pacific region and from my perspective, given the Europeans have the capacity and we have our own obligations in our own region, I think that’s where our focus should be.
Caisley:
Okay. Andrew, I just wanted to get a sense from you from the government’s perspective. So, this openness, I guess, to having boots on the ground is a shift or 180 from the Prime Minister’s office position yesterday. They provided the ABC with a statement saying the deployment of troops wasn’t under consideration. Today, there has been a shift in that view. What has, I guess, prompted that change?
Leigh:
Well, Olivia, I think we probably don’t want to get ahead of ourselves in this. The Prime Minister has simply said that Australia would consider such a request if it was to come through.
Paul’s quite right that the primary role is going to be played here by the Europeans, as it has been throughout this terrible conflict.
Caisley:
Do you think, Paul, that it’s even possible to get out from under the US security umbrella, given how close we are as allies with the United States? Is it something that should be considered given the, I guess, particularly febrile environment in the Oval Office right now?
Scarr:
Well, the United States is one of our closest allies and our most important ally, and I think that will continue for decades and decades to come. And the historical links between the 2 countries and, more recently, developments such as AUKUS just demonstrate the continuity of that relationship. And I just don’t see any change in that relationship, either in the short term, medium term, or even the long term.
Caisley:
Andrew, the Coalition today say they want to stop public servants from working from home. The Independent Senator David Pocock has described this as a culture war distraction. What’s your response to that?
Leigh:
Well, another day, another attack on the public service from Peter Dutton. First, he’s saying that we should fire one in five public servants and go back to the days of Robodebt and excessive waiting times. Now he’s suggesting that the kind of modern working arrangements that big Australian corporations extend to their workers shouldn’t exist in the public service.
What that would mean is that women with caring responsibilities, people with disabilities, would be fired in droves from the public service, and the Australian public would lose out from having less capable people working in the public service.
Just to take one example, the wait time for a parental leave application to be processed when we came to office was 31 days. We’ve got that down to 3 days. We had a backlog of 42,000 veterans claims, and we’ve dealt with 97 per cent of that backlog.
You can’t fire one in five public servants without dramatically worsening the public services in Australia and going back to Robodebt and long wait times.
Caisley:
Paul, I’ll give you an opportunity to defend the Coalition policy. Why is this a good idea to crack down on public servants working from home?
Scarr:
I think we’ve seen across the whole economy, both private sector and the public sector, dealing with this phenomenon that during the COVID‑19 pandemic, more and more people were working from home, and there were reasons for that. But there’s been a slow return back to the workplace, and a lot of the private sector businesses I speak to talk about the concern they’ve had in terms of collaboration in the office, in terms of communication, in terms of productivity.
And I think the obvious point is being made that when you’ve got people working together in the workplace, collaborating, having those hundreds of interactions you have every single day in a workplace, you’re more productive and quite often, you achieve better results.
So, the other thing to note is all existing agreements and arrangements will be respected. The simple policy point is if you are going to have a working from home policy, it needs to suit the individual, but it also needs to suit the workplace, and that means people need to work collaboratively together and adopt a common‑sense approach.
Caisley:
Just on that, though, Paul, can you give me a sense, is this something that’s being brought up with you in your electorate, is this a concern that’s been raised with you by your constituents?
Scarr:
I think the concern about the work from home phenomenon has been raised with me ever since we started coming out of the COVID‑19 pandemic. And just to give you one example, in many of the professional services firms, when I was a young lawyer I’d attend the workplace and you’d have the benefit of that interaction with mentors, with leaders, get all that guidance you got on an ad hoc basis, and a lot of young workers, new employees, have missed out on that because of this increase in working from home.
So, I think this isn’t an issue to be simplified. I note Andrew’s political spin on it, but there are real issues here in terms of how our workplaces function and how they can be the most productive in terms of what they’re doing.
Leigh:
Olivia, if I can just come back on that.
Caisley:
Yes, please.
Leigh:
I mean, you can either have the position that you want to have a reasonable discussion in respect of workplace arrangements, or you can have the announcement that the Coalition made today that all public servants are coming back into the office.
Either Paul is rejecting the policy that Jane Hume put forward, or else he is supporting that, and that would immediately mean that a whole lot of people would lose their jobs who have disabilities and caring responsibilities.
The fact is the Coalition want to play these kind of ideological games. They want to pretend that public servants are all in Canberra. Two‑thirds of our public servants are outside Canberra, and tens of thousands are working in the region.
Public servants are out there processing tax returns, dealing with cyber security, keeping Australians safe from terrorist threats, dealing with biosecurity challenges. You simply cannot manage a 21st‑century Australia by firing one in five public servants, as the ideologically driven Dutton Opposition would do.
Caisley:
So, Paul, maybe if I just go back to you quickly there. I mean, clearly, the public service is in the Coalition’s sights if they do form government. Ultimately, we saw Peter Dutton just a couple of weeks ago on making that Medicare announcement that ultimately he’ll help fund that by, I guess, cutting public servant jobs.
Scarr:
Well, I just want to come back to some of the points which Andrew made, and I think it’s really important to note that people need to consider what my good friend Jane Hume said in its totality. And in its totality, it referred to the fact that existing working arrangements will of course be respected, will of course be respected. And that’s the way it should be.
But in terms of moving forward, you need to have work from home arrangements – and it doesn’t matter if you’re the private sector or the public sector – which are in the best interests of both the employer, in this case the public service, the department, and also the employee.
So, I think what we’re seeing from Labor is a really disappointing scare campaign. A lot of businesses, a lot of workplaces across the world have struggled with this working from home phenomenon which broke out during the COVID‑19 pandemic, or certainly accelerated, and we’re now trying to achieve more balance.
Caisley:
Look, we do have some breaking news now. China will impose retaliatory additional tariffs of 10 to 15 per cent on certain US agricultural imports from March 10. That’s according to a statement from the Chinese Finance Ministry. These goods will include soy beans, pork, beef, fruits, vegetables and dairy products and those duties to kick in next week by the looks of things. I know this is just happening now, but Paul, do you have a response to that?
Scarr:
Well, I’d just say from an Australian perspective that tariffs, trade barriers are simply not in Australia’s best interests as a general principle. We are a trading nation. We depend upon trade. And free and open trade is so important to Australia’s economy.
So, it’s up to the Chinese government what its policy is, but from Australia’s perspective, looking at Australia’s perspective, we are a trading nation. And tariffs and other trade barriers are not in our best interests no matter who applies them.
Caisley:
I mean, and Andrew, I’d love your thoughts on this too. At the moment, Australia’s waiting to see if we’ll be slapped with 25 per cent tariffs on steel and aluminium. Now we’re hearing that China is slapping its own tariffs, retaliatory ones on the US. Do you have a view on this?
Leigh:
Well, economists disagree about a range of issues, but one thing on which there’s near universal consensus is on the benefits of open markets. Paul’s dead right on tariffs. A trade war doesn’t have any winners. Australia has been benefitted from open markets and from our engagement with the rest of the world.
We’re just 0.3 per cent of the world’s population, a small share of the world’s economy, and trade allows us to specialise in what we do best and enjoy higher living standards than if we were cut off from the rest of the world.
So, we’ll continue to argue for trade liberalisation, to work with through multilateral organisations for an open trading system, and to engage with like‑minded partners in order to spread the benefits of open markets, which have been such a key driver of prosperity over recent decades.
Caisley:
Andrew, Paul, thank you so much for your time this afternoon.
Leigh:
Thanks, Olivia. Thanks, Paul.
Caisley:
I note that date, the 10th of March, probably no coincidence there because that is when the US tariffs on China are due to take place as well.
Details 2025-03-04 President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response On the morning of March 4, President Lai Ching-te attended the opening ceremony of the Global Cooperation and Training Framework (GCTF) Workshop on Whole-of-Society Resilience Building, Preparation, and Response. In remarks, President Lai stated that global challenges such as extreme weather, pandemics, and energy crises continue to emerge, and growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, he said, and absolutely no single country can face them alone. The president said that as a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world, and that the GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. President Lai indicated that Taiwan will join the forces of the central and local governments to enhance social resilience across the board, enhance disaster response capabilities in the community, and leverage its strengths to make contributions to the international community. He said that we are demonstrating to the world our determination to create an even more resilient Taiwan, and expressed hope to advance mutual assistance and exchanges with all the countries involved, so that we can together promote stability and prosperity around the world. A transcript of President Lai’s remarks follows: To begin, I would like to welcome more than 60 distinguished guests from 30 countries, as well as experts from Taiwan. You are all here for this GCTF workshop to discuss whole-of-society resilience building, preparation, and response. As a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world. The GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. I want to thank our full GCTF partners, the United States, Japan, Australia, and Canada. Over the past several years, we have worked with even more countries through this framework and have expanded our exchanges into even more fields. Together, we have met all kinds of new challenges. I am confident that as our cooperation grows stronger, so will our ability to promote global progress. Each of today’s guests is contributing a vital force in that regard. I extend my sincere thanks to you all. Global challenges such as extreme weather, pandemics, and energy crises continue to emerge. And growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, and absolutely no single country can face them alone. Taiwan holds a key position on the first island chain, and stands at the very frontline of the defense of democracy. With this joint workshop, we are demonstrating to the world our determination to create an even more resilient Taiwan. We are also aiming to advance our mutual assistance and exchanges with all the countries involved, so that we can make our societies more resilient and together promote stability and prosperity around the world. Moving forward, we will continue advancing the following three initiatives: First, we will join the forces of the central and local governments to enhance social resilience across the board. Just last year, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office. Civilian force training, strategic material preparation, and critical infrastructure operation and maintenance are all key discussion areas for our committee. These aim to enhance Taiwan’s resilience in national defense, economic livelihoods, disaster prevention, and democracy. They are also items on the agenda for this GCTF workshop. To cover all the bases, Taiwan must unite and cooperate as a team. Last year, our committee held the very first cross-sector tabletop exercise at the Presidential Office which included central and local government officials as well as civilian observers. We aim to test the government’s emergency response capabilities in high-intensity gray-zone operations and near-conflict situations. We will continue to hold exercises to help the central and local governments work together more efficiently, and strengthen Taiwan’s overall disaster response capabilities. Second is to enhance disaster response capabilities in the community. We fully understand that to build whole-of-society resilience, we must help people increase risk awareness, know how to respond to disasters, and develop abilities to help themselves, help one another, and work together. We are grateful to the American Institute in Taiwan (AIT) for collaborating with the Taiwan Development Association for Disaster Medical Teams to host “Take Action” workshops around the country since 2021. A 2.0 version is already in practice, and continues to train the public in first aid skills. Director of the AIT Taipei Office Raymond Greene and I took part in a Take Action event in New Taipei City last year and personally saw the positive outcomes of the training. In addition to the Take Action workshops, the government is also providing Disaster Relief Volunteer training for ages 11 to 89, and is continuing to expand its target audience. We have also set up Taiwan Community Emergency Response Teams at key facilities nationwide, enhancing the ability of these important facilities to respond independently to disasters. Civilian training will continue to be refined and expanded so that members of the public can serve as important partners in government-led disaster prevention and relief. Third, we will leverage Taiwan’s strengths to make contributions to the international community. The inspiration for our Disaster Relief Volunteer training comes from a similar program run by The Nippon Care-Fit Education Institute in Japan. I am confident that through exchanges like this workshop, Taiwan and other countries can also inspire one another in many areas, and enhance whole-of-society resilience in multiple ways. Taiwan also excels in information and communications and advanced technology. We will set up even more robust cybersecurity systems, expand usage of emerging technologies, and improve the ways we maintain domestic security. We hope that by leveraging our capabilities and sharing our experiences, Taiwan can contribute even more to the international community. I want to welcome all our partners once again, and thank AIT for co-hosting this event. Let’s continue down the path of advancing global security and developing resilience together. Because together, we can travel farther, and we can travel longer. Also in attendance at the event were Japan-Taiwan Exchange Association Deputy Representative Takaba Yo, Australian Office in Taipei Representative Robert Fergusson, and Canadian Trade Office in Taipei Executive Director Jim Nickel.
Details 2025-02-24 President Lai meets Japanese House of Representatives Member Tamaki Yuichiro On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.
Details 2025-02-21 President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.
Details 2025-02-20 President Lai attends opening of 2025 Halifax Taipei forum On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains. For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position. We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.
Details 2025-02-18 President Lai meets British-Taiwanese All-Party Parliamentary Group delegation On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there. Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.
Details 2025-02-14 President Lai holds press conference following high-level national security meeting On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.
Opening Remarks by the IMF Managing Director Kristalina Georgieva At a conference on Asia and the IMF: Resilience through Cooperation, Tokyo, Japan, March 5, 9AM JST
March 4, 2025
(As Prepared for Delivery)
I would like to thank Finance Minister Kato for welcoming us today and want to express my gratitude to Governor Ueda for joining. I’m very sorry I can’t be with you in person. But thankfully technology allows me to join you virtually.
Those who have been to Tokyo’s Skytree know that it has the best views of the city. And like so much in Japan, it’s an engineering masterpiece. Gazing across Tokyo’s skyline, it’s hard to imagine just how much the city—and the country—has changed in the 80 years since the Bretton Woods Institutions were established.
After World War II, Japan invested heavily in infrastructure and manufacturing and introduced sweeping reforms. These set the country on a path to becoming an economic powerhouse.
Inspired by Japan’s success, other countries in Asia followed suit. Today, the region contributes over 60 percent of global growth, and is home to some of the world’s largest, most innovative companies.
Of course, Asia is a very diverse continent, with a mix of advanced economies, emerging and frontier markets, and small island states. Demographics and income levels vary too.
But across the region, openness and deepening economic ties have been crucial to countries’ success.
The world is changing, however. Many countries face weaker growth prospects and are saddled with high public debt. The COVID-19 pandemic and recent geopolitical developments have brought into focus the importance of security of supplies. Trade is no longer the engine of global growth it used to be. And we are in the midst of massive transformations, from rapid advances in AI to changing patterns of capital flows and trade.
Against this background, governments worldwide are shifting their priorities. The new US administration is rapidly reshaping its policies on trade, taxation, public spending, deregulation, and digital assets. And other governments are also recalibrating their approaches and adjusting their policies.
The future of growth
How should countries in Asia adapt? Let me highlight three opportunities.
First, the shift toward services-led growth. While trade in goods has flattened, service flows are surging. In fact, services have already drawn about half of the region’s workers, up from just 22 percent in 1990.
Economists have traditionally thought of services as less productive than manufacturing. Our research suggests otherwise. Asia’s labor productivity in financial services is four times higher than in manufacturing, and twice as high in business services.
Second, digitalization and AI. The demand for digital products and services in the region has accelerated quickly and is on track to continue growing faster than the region’s GDP. Japan’s Rakuten, China’s Alibaba Group, and Indonesia’s GoTo Group now rival e-commerce giants Amazon and Walmart.
In AI development, Japan and China are racing ahead, followed closely by South Korea and Singapore. This could be an important boost for productivity. In Singapore, for example, an estimated 40 percent of jobs could be made more productive by AI. The country has several digital economy agreements now in place, enabling digital companies in the region to connect and share data more easily.
That brings me to my third point: greaterregional cooperation andtrade. On the surface, it might look as if the world is retreating from integration. But regionally, countries are leaning in.
Over the past four decades, intra-regional trade in Asia has increased by 43 percent. Today, more than half of Asian trade is regional.
The trend is the same for foreign direct investment. FDI from Asian countries to Japan, for example has nearly doubled over the past decade, as market opportunities in Japan’s technology sector grow.
Together, the shift toward services, digitalization and AI, and greater regional integration can lift growth. But to harness these opportunities, the region will need to carefully navigate domestic developments and global changes.
The IMF’s role
That is where the IMF comes in. We strive to be trusted partners to our member countries, provide country-specific advice and safeguard the stability of the global economy. Our work spans economic analysis, policy advice, financing and capacity development.
And as the world economy has changed, we too have evolved. From managing fixed exchange rates in the 1970s, to active surveillance of countries’ economic and financial policies and more systematic coverage of spillovers.
More recently, our thinking on capital flow management and foreign exchange interventions has changed, and we’ve upgraded our lending toolkit to include more flexible instruments tailored to emerging market economies.
Thanks in large part to Japan’s support, we are also offering more support to low-income countries, especially in capacity development, and a stronger presence around the world through our regional technical assistance centers.
We are grateful to Japan for the deep engagement in thinking about the future of the Fund. Today’s discussions are an important part of that.
My colleagues and I are keenly interested in ideas and reflections on:
how we can best support our members, especially the most vulnerable among them, to grow and build economic resilience;
how to tailor more of our advice to support countries’ efforts to deepen regional collaboration, by thinking through our strategic engagement with groups like the ASEAN, the Pacific Island countries, as well as medium sized and larger economies; and
how to strengthen the global financial safety net. We’re assessing how IMF facilities can be further improved to support resilience in our member countries. And we are working closely with regional arrangements to enhance crisis prevention and response capabilities.
We know from experience that reforms are hard, but we also know they can steer countries towards stronger and durable growth and can achieve a more stable and prosperous global economy.
You can count on the IMF in this journey.
Deputy Managing Director Nigel Clarke and the rest of our team are excited to be part of today’s productive discussion. I look forward to the outcome.
Opening Remarks by the IMF Managing Director Kristalina Georgieva At a conference on Asia and the IMF: Resilience through Cooperation, Tokyo, Japan, March 5, 9AM JST
March 4, 2025
(As Prepared for Delivery)
I would like to thank Finance Minister Kato for welcoming us today and want to express my gratitude to Governor Ueda for joining. I’m very sorry I can’t be with you in person. But thankfully technology allows me to join you virtually.
Those who have been to Tokyo’s Skytree know that it has the best views of the city. And like so much in Japan, it’s an engineering masterpiece. Gazing across Tokyo’s skyline, it’s hard to imagine just how much the city—and the country—has changed in the 80 years since the Bretton Woods Institutions were established.
After World War II, Japan invested heavily in infrastructure and manufacturing and introduced sweeping reforms. These set the country on a path to becoming an economic powerhouse.
Inspired by Japan’s success, other countries in Asia followed suit. Today, the region contributes over 60 percent of global growth, and is home to some of the world’s largest, most innovative companies.
Of course, Asia is a very diverse continent, with a mix of advanced economies, emerging and frontier markets, and small island states. Demographics and income levels vary too.
But across the region, openness and deepening economic ties have been crucial to countries’ success.
The world is changing, however. Many countries face weaker growth prospects and are saddled with high public debt. The COVID-19 pandemic and recent geopolitical developments have brought into focus the importance of security of supplies. Trade is no longer the engine of global growth it used to be. And we are in the midst of massive transformations, from rapid advances in AI to changing patterns of capital flows and trade.
Against this background, governments worldwide are shifting their priorities. The new US administration is rapidly reshaping its policies on trade, taxation, public spending, deregulation, and digital assets. And other governments are also recalibrating their approaches and adjusting their policies.
The future of growth
How should countries in Asia adapt? Let me highlight three opportunities.
First, the shift toward services-led growth. While trade in goods has flattened, service flows are surging. In fact, services have already drawn about half of the region’s workers, up from just 22 percent in 1990.
Economists have traditionally thought of services as less productive than manufacturing. Our research suggests otherwise. Asia’s labor productivity in financial services is four times higher than in manufacturing, and twice as high in business services.
Second, digitalization and AI. The demand for digital products and services in the region has accelerated quickly and is on track to continue growing faster than the region’s GDP. Japan’s Rakuten, China’s Alibaba Group, and Indonesia’s GoTo Group now rival e-commerce giants Amazon and Walmart.
In AI development, Japan and China are racing ahead, followed closely by South Korea and Singapore. This could be an important boost for productivity. In Singapore, for example, an estimated 40 percent of jobs could be made more productive by AI. The country has several digital economy agreements now in place, enabling digital companies in the region to connect and share data more easily.
That brings me to my third point: greaterregional cooperation andtrade. On the surface, it might look as if the world is retreating from integration. But regionally, countries are leaning in.
Over the past four decades, intra-regional trade in Asia has increased by 43 percent. Today, more than half of Asian trade is regional.
The trend is the same for foreign direct investment. FDI from Asian countries to Japan, for example has nearly doubled over the past decade, as market opportunities in Japan’s technology sector grow.
Together, the shift toward services, digitalization and AI, and greater regional integration can lift growth. But to harness these opportunities, the region will need to carefully navigate domestic developments and global changes.
The IMF’s role
That is where the IMF comes in. We strive to be trusted partners to our member countries, provide country-specific advice and safeguard the stability of the global economy. Our work spans economic analysis, policy advice, financing and capacity development.
And as the world economy has changed, we too have evolved. From managing fixed exchange rates in the 1970s, to active surveillance of countries’ economic and financial policies and more systematic coverage of spillovers.
More recently, our thinking on capital flow management and foreign exchange interventions has changed, and we’ve upgraded our lending toolkit to include more flexible instruments tailored to emerging market economies.
Thanks in large part to Japan’s support, we are also offering more support to low-income countries, especially in capacity development, and a stronger presence around the world through our regional technical assistance centers.
We are grateful to Japan for the deep engagement in thinking about the future of the Fund. Today’s discussions are an important part of that.
My colleagues and I are keenly interested in ideas and reflections on:
how we can best support our members, especially the most vulnerable among them, to grow and build economic resilience;
how to tailor more of our advice to support countries’ efforts to deepen regional collaboration, by thinking through our strategic engagement with groups like the ASEAN, the Pacific Island countries, as well as medium sized and larger economies; and
how to strengthen the global financial safety net. We’re assessing how IMF facilities can be further improved to support resilience in our member countries. And we are working closely with regional arrangements to enhance crisis prevention and response capabilities.
We know from experience that reforms are hard, but we also know they can steer countries towards stronger and durable growth and can achieve a more stable and prosperous global economy.
You can count on the IMF in this journey.
Deputy Managing Director Nigel Clarke and the rest of our team are excited to be part of today’s productive discussion. I look forward to the outcome.
Source: United States Senator for Wisconsin Ron Johnson
I had the honor of attending the swearing-in ceremony for Robert F. Kennedy Jr. after being confirmed Secretary of Health and Human Services.
The ceremony was held in the Oval Office, a unique honor.
I’m looking forward to working with Secretary Kennedy in his commitment to radical transparency and conquering chronic illness. I believe this is a watershed moment for America.
The Make American Healthy Again movement held a press conference after RFK Jr’s swearing-in. Watch my remarks here, but the entire MAHA press conference with Del Bigtree is well worth watching. Truth is about to be revealed.
The Senate DOGE Caucus met with Elon Musk, and I gave him my variance sheet comparing a reasonable pre-pandemic level of spending to this year’s outrageous $7.3 trillion. In 2019, the federal government spent $4.4 trillion.
We need to turn Elon’s brilliant DOGE efforts into long-term savings. Here’s the chart I shared with Elon. I’m an accountant and I’ve long been frustrated by how little Washington talks about the actual numbers. Three years ago, I asked my colleagues and the Washington press corps what the federal government spent and no one knew.
On February 21, I joined the Clay & Buck Show and the discussion turned to Ukraine. I was at Zelensky’s inauguration and he told me in 2019 he knew war with Putin was unwinnable. This war never should have started and never should have gone on this long.
On March 2, I joined The Cats Roundtable with John Catsimatidis to talk about Zelensky’s Oval Office meeting. President Trump is dedicated to peace and ending war with out-of-the-box thinking.
The American people deserve a full accounting of Joe Biden’s activities.
I sent another letter to the National Archives and Records Administration (NARA) highlighting multiple requests — some dating back to June 2021 — for records relating to Joe Biden and his family business dealings. For years, NARA failed to provide the requested records to both Sen. Chuck Grassley and myself.
Although former President Biden is no longer in office and he pardoned his son Hunter and other family members, we believe it is of importance to review these records so the American people have a full accounting of Joe Biden and his family’s activities while Joe Biden was in government.
READ: Fox News — Grassley, Johnson demand NARA turn over Biden records relating to email aliases, family business dealings
Congratulations to Finn Peterson, a junior at the Prairie School in Racine, for earning a spot in the U.S. Senate Page Program this semester.
Pages play an important role in the daily operation of the Senate. They live in Washington, D.C. for the semester and attend Page School while working in the U.S. Senate. Pages deliver correspondence and legislative material within the Capitol and Senate office buildings, prepare the Chamber for Senate sessions, and work on the Senate floor.
Contact my office and the Senate Page Coordinator for more information on the program for 16 or 17-year-olds in their junior year of high school.
I had the pleasure of meeting Meredith Clark, a senior at Green Lake High School, and her dad. Clark is a national recipient of the Samsung American Legion Scholarship. She plans to attend Ripon College and then veterinary school at Colorado State University.
Samsung funds these scholarships to show appreciation for U.S. veterans who came to Korea’s aid during its struggle against communist forces in the Korean War.
A group from Wisconsin’s Disabled American Veterans (DAV) was in Washington. The organization has over 14,000 members in Wisconsin and helps provide resources and fulfill promises made to our nation’s Veteran heroes.
Financial strength underpins A ratings across life and annuity companies
BROOKFIELD, NEWS, March 04, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced its year-end 2024 capital position with over $16 billion of group capital across its regulated insurance subsidiaries and holding companies. This strong capital position underpins the A financial strength ratings assigned to Brookfield Wealth Solutions’ life and annuity companies, and the investment grade ratings for its life and annuity holding company.
Brookfield Wealth Solutions’ group capital has tripled from $5.7 billion in 2022 to an estimated $16.1 billion in 2024 through a combination of retained earnings and capital contributions from Brookfield Corporation.
Sachin Shah, CEO, Brookfield Wealth Solutions, said: “With over 5,000 people dedicated every day to serving the needs of policyholders and retirees, we’ve been able to build a world-class wealth business that provides individuals with safe and secure retirement income. This past year has culminated in record levels of group and entity-level capital. This February we participated in the first group Supervisory College, where we had the opportunity to share details of our assets, reserves and capital position with our insurance regulators from eight jurisdictions. With our upcoming entrance into the UK insurance market, we look forward to continued prudent growth and an expanded Supervisory College in 2025.”
Summary of Group Capital
in USD, billions
Group / Entity
12/31/2022
12/31/2023
12/31/2024
Insurance Subsidiaries1
5.1
7.5
13.5
Group Holding Companies
0.7
1.5
2.6
Total Brookfield Wealth Solutions
5.7
9.0
16.1
1. Calculated on an aggregate basis in accordance with applicable insurance regulations.
About Brookfield Wealth Solutions
Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, visit bnt.brookfield.com or contact:
Media:
Investor Relations:
Kerrie McHugh
Rachel Schneider
Tel: (212) 618-3469
Tel: (416) 369-3358
Email: kerrie.mchugh@brookfield.com
Email: Rachel.schneider@brookfield.com
Non-GAAP and Performance Measures
We make reference to Brookfield Wealth Solutions’ group capital in this news release, which is calculated on an aggregate basis in accordance with applicable insurance regulations and is not derived from generally accepted accounting principles in the United States of America (“U.S. GAAP”). These references should not be considered in isolation from, or as a substitute for, financial measures calculated in accordance with U.S. GAAP. We caution readers that these non-GAAP financial measures or other financial metrics are not standardized under U.S. GAAP and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities. We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.
Notice to Readers
This news release and any related oral statements made by our representatives may contain “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions and its subsidiaries, as well as the outlook for international economies for the current fiscal year and subsequent periods.
In some cases, forward-looking statements can be identified by the use of the words such as “believes,” “thinks,” “expects,” “potential,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts,” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements regarding the growth of our business, the status of regulatory approvals including the anticipated timing thereof, the size of the U.K. pension market and opportunities relating thereto.
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or its subsidiaries to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets (v) litigation; (vi) changes in tax laws; (vii) ability to collect amounts owed; (viii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (ix) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (x) the introduction, withdrawal, success and timing of business initiatives and strategies; (xi) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xii) health, safety and environmental risks; (xiii) the maintenance of adequate insurance coverage; (xiv) the existence of information barriers between certain businesses within Brookfield’s asset management operations; (xv) risks specific to our business segments; (xvi) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States; and (xvii) the failure to obtain and/or maintain required regulatory approvals. We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.
Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).
Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information.
In the late 1980s, as the Iron Curtain fell, the US Army War College threw away its old Cold War playbook. In its place, trainee strategists were taught to see the world as Volatile, Uncertain, Complex and Ambiguous: or ‘VUCA’ for short. The implications were far-reaching. Out went the old certainties. And in came a new approach that stressed the importance of approaching problems from different angles, drawing on multiple perspectives and scenarios, learning from mistakes, making robust decisions, and communicating openly about the uncertainties.
Where the military began, the business world followed: VUCA begat a million Harvard Business Review articles. Inevitably perhaps, it lost some of its shine in the decades that followed. But today it’s back – with a vengeance. The rules of global trade have been turned on their head. New geopolitical realities are dawning. Artificial intelligence, the energy transition, demographic change and the long shadow of COVID-19 are fundamentally changing our concepts of economic activity and work. And Australia, like elsewhere, is seeking new sources of productivity growth. With the world in flux, companies, households and governments must change how they think, act and plan – just like those army cadets of the 1980s.
Monetary policy cannot affect these profound changes. But it does have one key job – and that is to ensure that, of all the things people do have to worry about, inflation is not one. High inflation hurts everyone. It hits living standards, particularly for those on low and fixed incomes. And it disrupts households and companies’ plans. The past few years have been a vivid reminder of that. Around the world, core inflation reached multi-decade highs (Graph 1).
Uncertainty rose sharply too. Forecasting prices during the pandemic was harder than at any time in the past quarter of a century: for central banks (Graph 2) – and for everyone else too.
That left inflation much higher up peoples’ VUCA worry lists than it should be, harming livelihoods and crowding out focus on the economic choices that households and companies should be spending their time on. Our job is to put that into reverse – returning inflation to the background, where it belongs.
In my remarks today, I want to review progress towards that goal. I’ll start with the good news – inflation is down and employment is up. We are moving on from the narrow path. But monetary policy must always look ahead – and here I want to discuss two decidedly VUCA risks that shape that outlook: the prospects for world trade; and the degree of spare capacity in the Australian labour market. I will conclude with some implications for monetary policy.
Moving on from the narrow path
While Australia saw much the same pickup in inflation as elsewhere, our monetary policy response was different. Interest rates rose significantly – but they never reached the levels seen in many other developed economies (Graph 3).
That was an explicit choice, grounded in our mission: to bring inflation down, but at a pace that helped preserve sustained full employment. An implication of this strategy, clear from the start, was that just as interest rates rose by less, so they would also fall less far – and less quickly.
There were always risks on both sides of this ‘narrow path’ – and people regularly called them out. Some said the RBA should have tightened more to bring inflation down faster and earlier – and clearly we could have. But that would have risked materially higher unemployment. Others said we should have eased more quickly to help kickstart economic activity. And we could have done that too. But it would have risked inflation being higher for even longer. In the Board’s judgment, both alternatives would have left the Australian people worse off.
That is why the latest economic data are encouraging. Year-ended trimmed mean inflation, our preferred measure of underlying price pressures, fell to 3.2 per cent in the December quarter, 0.2 percentage points lower than expected in November. Among other things that reflected lower inflation in new dwelling costs, rents and market services – which had been stubbornly persistent. Measured on a shorter two-quarter annualised basis, trimmed mean inflation was in the 2–3 per cent target range (Graph 4).
While inflation has moderated, employment has continued to grow extraordinarily strongly. That’s true compared both with other developed economies (Graph 5), and with our own history: 64½ per cent of the population now have jobs, the highest on record.
By contrast, economic growth has been much more subdued, particularly in the private sector. But here too there is now cautiously better news, with partial indicators suggesting that household spending picked up in the December quarter. GDP growth is projected to rise back to trend over the forecast period.
So we look to be moving on from the narrow path. But central bankers are paid to worry, not celebrate. And monetary policy works with lags – so it must be set with an eye to the future, not the past. I will now discuss two key uncertainties that shape that outlook.
Key uncertainty 1: Global trade policy – VUC, but especially A?
To the naked eye, the four words in ‘VUCA’ seem just different versions of ‘chaos’. In fact, their meanings are distinct. Volatility and complexity are the simpler concepts. ‘Volatility’ means rapid change, whether predictable or unpredictable – and ‘complexity’ means a world of multiple overlapping causes and effects. Uncertainty and ambiguity are slipperier. ‘Uncertainty’, in the classical sense, means you know the model, but don’t know the parameters. So you have to estimate an imperfect model-based forecast, which you can refine as you get more information. ‘Ambiguity’ means you don’t know the model, so any model-based forecasts will break down, and feeding more information into those same models won’t help. In situations of ambiguity – or ‘Knightian uncertainty’ as economists sometimes call it – judgement and instinct are as important as formal analysis.
These concepts can help us think through the implications for Australia of global trade policy uncertainty – which is at a 50-year high (Graph 6).
As economists, our inclination is to approach this as an analytical problem of classical uncertainty. We might note for example that, from a macroeconomic perspective, Australia’s direct exposure to US tariffs levied on our exports is limited (Graph 7).
Such an analysis might quickly turn, however, to the fact that Australia is heavily integrated into, and reliant on, the global economy more broadly – and particularly China (Graph 8). Hence the bigger macroeconomic risk for us would be if the imposition of US tariffs on third countries triggered a global trade war that impaired our trade and financial linkages more broadly. As Australia’s long history has shown, we thrive when trade, labour and assets flow freely in the global economy, but we suffer when countries turn inwards.
In principle, it is possible to estimate the quantitative impact of policy alternatives on Australian activity and inflation using macroeconomic models, though the number of assumptions required is daunting. It includes: the scale, scope and persistence of US trade measures globally; the extent of any policy reactions in third countries (including both trade retaliation and domestic stimulus); the reaction in financial markets, including crucially how the exchange rate adjusts; and the responses of global trading firms, including both production and trade diversion.
Our February Statement on Monetary Policy included three stylised scenarios, involving different sets of these assumptions. These scenarios suggest some downward impact on Australian activity; and an impact on inflation that could be either positive or negative, depending on whether supply or demand effects dominate. But many other alternatives are possible too. Given the large uncertainties at this early stage, only limited changes were made to our central projections for global activity.
Up until very recently, financial markets appeared to be placing little weight on any severe adverse scenario. Measures of implied volatility in equity, bond and most foreign exchange markets were subdued. Estimates of equity risk premia were close to their post-Global Financial Crisis lows (Graph 9).
And equity investors appeared to take out only modest extra downside insurance in response to the early flurry of news about tariffs (Graph 10).
There are several possible reasons for this apparently benign reaction. Investors may have believed tariff threats were being used primarily as a negotiating tool, with relatively limited longer term economic effects. They may have believed other promised US policy initiatives, including fiscal measures and deregulation initiatives, would more than outweigh the impact on global activity. They may have believed that demand in countries outside the US, including Australia, would be insulated by adjustments in exchange rates and extra stimulus in key overseas markets. Or they may simply have believed that US policymakers would again show limited tolerance for declines in equity prices, as happened in 2018/19.
That confidence has taken a bit of a knock in recent days. Some of that reflects recent US data, and some evolution in the direction of tariff policy. But it may also reflect a growing recognition that, if companies and households come to conclude that trade policy uncertainty has moved on from classical Uncertainty (‘carry on till the fog lifts’) to genuine Ambiguity (‘almost anything could happen’), they may choose to batten down the hatches – postponing planned spending, particularly on longer term capital investment, until things become clearer. Such ‘watchful waiting’ could prove rational individually, but economically damaging in aggregate. As The Economist put it recently, ‘tariff uncertainty can be as ruinous as tariffs themselves’. The Federal Reserve estimated that heightened uncertainty over trade policy in 2018 reduced global GDP by nearly 1 per cent in 2019 – and Graph 6 suggests the pick-up in policy uncertainty is much larger this time around. The possibility of such an effect played a part in the Board’s policy deliberations in February.
Key uncertainty 2: Capacity in the domestic economy
A second key uncertainty lies closer to home, in the labour market. While the recent strength in employment growth is welcome, it’s also unusual after a period of such subdued GDP growth. The question is what it means for the margin of spare capacity in the economy, and hence for the inflation outlook.
Assessing this issue is harder than it seems. Spare capacity cannot be directly observed. And its sustainable level has no set value, and likely changes over time as the structure of the economy evolves. Some argue this makes the concept meaningless – but that does require you to have an alternative narrative for inflation. At the RBA, we prefer to give it some weight while recognising the pervasive uncertainties, by building up a picture using a wide range of qualitative and quantitative data, and analytical techniques – as well as regularly challenging how we could be wrong.
An obvious place to start when assessing labour market capacity is to look at proxy measures. Two of the most important are unemployment (those looking for work) and underemployment (those in work, but looking to do more hours). As recently as November, we were projecting unemployment to rise to 4¼ per cent by end-2024 and 4½ per cent in late 2025, as past weak activity reduced hiring rates. In fact, unemployment has remained at or around 4 per cent, and underemployment has fallen back to late-2022 levels. A range of other capacity measures have also stabilised or reversed in recent months, including the ratio of vacancies to unemployment, and surveys of firms’ reported labour constraints (Graph 11).
With activity projected to pick up in 2025 as private demand recovers, these developments have caused us to revise down our central projection for unemployment.
But the implications for inflationary pressure depend on where this leaves spare capacity relative to sustainable levels. Two considerations suggest labour market conditions are relatively tight. First, all of the measures in Graph 11 lie some distance above their historical averages – and unemployment remains close to its lowest level at any time in the past 50 years. But that can’t be the end of the matter – because the levels of nominal and real wage inflation associated with a given level of unemployment have fallen substantially over that period. So the sustainable level must be lower too. How much lower, no-one can say for sure. But it is possible to back out a range of time-varying estimates from past relationships between unemployment, wage and price inflation, using a suite of statistical methods of varying levels of sophistication. These estimates include the immediate pre-pandemic period, when wage inflation persistently undershot forecasts.
Those analytical approaches all suggest that, while sustainable unemployment levels are likely to have fallen materially in recent decades, current labour market conditions still appear relatively tight. Combined with the lower unemployment projection, that would suggest somewhat greater upward pressure on inflation from the labour market over the medium term. Exercises using the other measures in Graph 11 reach a similar conclusion.
But these are critical judgments – and serious commentators from academia, the financial markets and elsewhere have argued that we may be taking too pessimistic a view. We take those challenges seriously.
Some point out that business surveys of employment intentions have been at, or slightly below, long-run averages. And that is true, but such surveys typically focus on the market sector, where employment growth has been relatively subdued. They tell us less about pressures in the non-market sector, which has accounted for most of the recent strength in aggregate employment (Graph 12).
That leads to a different challenge – that non-market employment has limited influence on aggregate wage and inflation pressure, because it draws on a different labour pool. But it is hard to find support for this in the data. For example, the health care sector – a big contributor to aggregate employment in recent years – has drawn quite materially on workers in other industries (Graph 13), helping to equalise cross-sectoral wage growth. Discussion with liaison contacts suggest similar mechanisms are at work in other sectors too, including construction.
A third argument against the view that labour market conditions are relatively tight notes that nominal wage growth has been easing (Graph 14). But with measured productivity growth as weak as it has been recently, that still implies elevated growth in companies’ unit labour costs. Some of that apparent strength could reflect under-measurement of productivity growth or a temporary burst of real wage catch-up to past inflation, rather than labour market tightness. But such effects would need to be unusually large to account for the whole of the gap.
Finally, it is possible that, over and above the impact of labour market conditions, recent disinflation also reflects compression in other aggregate price drivers, including margins and housing costs. In that context it is noteworthy that output-based measures of capacity pressures have continued to fall.
Drawing this all together, our central projection reflects a judgement that labour market conditions will remain relatively tight over the forecast period, and a little tighter than assumed in November. At the same time, we have recognised the risk that recent inflation data may suggest we have overestimated the extent of excess demand in the labour market by applying a little downwards judgement on the inflation profile. And the Statement on Monetary Policy sets out what one would need to believe to justify an even larger downward adjustment, as a risk scenario.
Implications for the RBA’s monetary policy decision
Graph 15 compares the central projection for trimmed mean inflation in February with that in November. Inflation is slightly lower in the near term, reflecting the downside news on inflation, wages and activity. But it is a little higher further out, stabilising slightly above the midpoint of the target range, reflecting the surprising strength in the labour market.
Why then did the Board cut rates? Did we reject the staff forecasts, as some have claimed? Or did we suddenly and confusingly relax our previously stated intolerance for persistent inflation deviations from target? Nothing of the sort – for me at least, the rationale is relatively simple.
First, the encouraging news on price and wage inflation gave us somewhat greater confidence that underlying inflation is on track to return to the target range in the near term – if anything, a little more rapidly than previously expected. The Board noted that the combination of lower inflation data, and a lower near-term projection, put Australia in a very similar position to many other countries ahead of their first cuts (Graph 16).
Second, however, the Board also recognised that the uncertainties about the outlook for inflation become larger, the further out you go.
One uncertainty relates to future changes in the cash rate. All projections have to assume something about this path, and by convention we assume it follows market expectations. In February, that curve implied up to four 25 basis points cuts over the forecast horizon, at a somewhat more frontloaded pace than in November. In light of the data then available, including the strong labour market, it was not clear that a rate cutting cycle of this depth was likely to return underlying inflation sustainably to the midpoint of the target range. The February projections are consistent with that view.
Third, that did not, however, mean there was no case for a cut at all. To see that, the red swathe in Graph 17 shows an illustrative range of projections for underlying inflation at the time of the February forecast under the alternative assumption of an unchanged cash rate target of 4.35 per cent.
The centre of the swathe lies slightly below the midpoint of the target range, consistent with a bias to cut. But there were good arguments for both a hold and a cut – and the Board discussed them in some detail, as the minutes released earlier this week show. Foremost in that debate included the issues I have discussed today – the outlook for global activity, and the degree of spare capacity in the labour market.
Some have flagged a concern that the Board’s messaging on rates feels like fine-tuning. It is certainly true that the pervasive uncertainties we will face over the forecast period are orders of magnitude larger than the sorts of differences to the target midpoint I’ve discussed here. But the Statement on the Conduct of Monetary Policy agreed between the Treasurer and the Board is clear: we set monetary policy such that inflation is expected to return to the midpoint of the target range. And we do that because it maximises the chances of inflation remaining sustainably in that range. The rate cut in February reduces the risks of inflation undershooting that midpoint, but the Board does not currently share the market’s confidence that a sequence of further cuts will be required.
That assessment will of course evolve as time proceeds and further data help distinguish between alternative narratives of the economy. Interest rates will go where they need to go to maximise the chances of keeping inflation sustainably in the target band while helping to sustain full employment. Progress towards that target has been good – but it is too soon to declare victory. Many households and companies are continuing to struggle – and the Board will continue to take decisions, meeting by meeting, in the interests of all Australians. In so doing, our goal is to remove inflation from the list of things people have to worry about, leaving them free to focus on navigating an increasingly VUCA world.
The unfolding trade war between is expected to have far-reaching consequences for people and businesses on both sides of the border. How can Canadians navigate the trade war and minimize the financial strain of the tariffs?
As experts in supply chain management, we aim to break down the impact of these tariffs and offer practical strategies for Canadians to help navigate the economic turbulence ahead.
How consumers react to trade wars
When the news of a potential trade war is first publicized, consumers tend to react by monitoring the situation until further information is available.
With a trade war breaking out, both consumers and retailers will need to adapt.
Shortages are likely to occur as new importation procedures slow the time products take to cross the border. The ensuing delays, along with higher tariff rates, will push some retailers to raise prices to cover cost increases. Others may limit purchases to discourage hoarding behaviour.
Some firms may even take advantage of the situation by raising prices on products not covered by the tariffs to pad their profits — a practice known as “greedflation,” which happened during the pandemic. Another potential consequence is “shrinkflation,” where package sizes become smaller while prices remain unchanged.
As consumers adapt by changing their shopping habits or using their stockpiled reserves, some of the shortages may be eased. However, retailers may struggle to manage their inventories as demands fluctuate — a phenomena known as the “bullwhip effect.” Navigating these shifts will require careful planning.
Challenges of buying domestic
Trump’s trade war has intensified calls to “buy Canadian” as a way to support domestic products.
However, fully replacing imports with domestic goods presents significant challenges. Many Canadian farmers and manufacturers lack the capacity to quickly scale up production to meet demand, at least in the short run.
Production costs may also be significantly higher in Canada than abroad, which is a major reason for relying on imports in the first place. Apparel manufacturing is a good example. It has a high labour component — the reason that most of it has been moved to low-cost countries in Asia.
Furthermore, trade wars create uncertainty, making farmers and manufacturers hesitant to make large-scale investments that may not pay off once the trade conflict ends. While this approach foregoes potential short-term gains for long term stability, it also exacerbates shortages and price hikes during and after the trade war.
The new normal
Unlike one-off events like hurricanes, or fluctuating disruptions such as COVID-19, the outcome of a trade war is difficult to predict. This makes it difficult to forecast what the “new normal” will be.
Certainly, some consumers who substitute domestic products for imported products may continue to do so in the long run. However, others may switch back to imported products if the tariffs are lifted and prices are lowered.
Knowing that this might happen, domestic producers may not ramp up production during a tariff war. Those who do increase production may later find themselves with excess capacity and inventory surpluses after the conflict ends.
Consumer acceptance of the price increases, adjustments to new higher cost supply chain structures, or efforts to maintain profit margins, may potentially establish a higher baseline prices in the post-trade-war economy.
Navigating the trade war
How can Canada best shield itself from the effects of the trade war? The easy answer is to become more self-reliant, but this is a costly option that requires technology, skilled labour and capital investments.
As a result, this option should only be chosen for the most necessary and essential items, like certain pharmaceuticals and food staples. Other strategies must also be considered:
Engaging in honest communication: Governments and retailers should regularly update the public on negotiations, new tariff schedules and potential price changes, reducing the guesswork that fuels panic buying and stockpiling. Transparency allows individuals to make the best purchasing decisions.
Protecting low-income consumers: Retailers should limit sales quantities of staple products during disruptions to avoid hoarding behaviour. Governments should consider tax relief and subsidies aimed at budget-constrained individuals to relieve the burden of higher tariff-related costs.
Supply chain disruptions inevitably result in higher costs and product shortages, often impacting low-income households the hardest. Even after the trade war ends, higher prices may persist as the new norm. To minimize the impact of tariffs, governments and enterprises need to adopt policies that reduce economic strain and result in fairer outcomes for all.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Tampering with a Monitoring Device/Clean Air Act, Conspiracy
Trials
United States v. Jason Lee Wagner
No. 3:22-CR-01754(Western District of Texas)
ECS Senior Litigation Counsel Todd Gleason
ECS Senior Trial Attorney Gary Donner
ECS Paralegal Chloe Harris
On February 7, 2025, a jury convicted Jason Lee Wagner of conspiracy and 12 smuggling violations (18 U.S.C. §§ 371, 545, 2). Sentencing is scheduled for June 25, 2025.
Between March 2015 and December 2019, Wagner and others bought and sold endangered reptiles from individuals in Mexico. Wagner and other co-conspirator suppliers and middlemen used social media to offer reptiles for sale and to negotiate the terms of the sale and delivery with customers in the United States and Mexico. His co-conspirators also used international money transfers to provide for “crossing fees,” sales and purchases, and other expenses. They then packaged and re-packaged the reptiles for illegal crossings using USPS and other courier services to transport them between Mexico and the United States.
The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.
Indictments
United States v. Roy Ladell Weaver, et al.
No. 1:25-CR-00048 (Middle District of Pennsylvania)
ECS Trial Attorney Ron Sarachan
AUSA David Williams
RCEC Patricia Miller
On February 19, 2025, a grand jury indicted Roy Ladell Weaver and his company, Pro Diesel Werks, LLC, with conspiring to impede the lawful functions of the Environmental Protection Agency (EPA) and to violate the Clean Air Act (CAA), and substantive CAA violations (18 U.S.C. § 371; 42 U.S.C. § 7413(c)(2)(C)).
Pro Diesel Werks provided vehicle repair and maintenance and performance enhancement services, including services on diesel engines and vehicle emission systems. The indictment alleges that between 2013 and March 2024, Weaver and the company, along with co-conspirators, disabled the hardware emissions control systems on the diesel vehicles of Pro Diesel Werks’ customers (a practice referred to as a “delete” or “deleting”), defeating the systems’ ability to reduce pollutant gases and particulate matter released to the atmosphere. The defendants are also alleged to have tampered with the monitoring device and method required under the CAA, that is they disabled the onboard diagnostic system on vehicles preventing the system software from monitoring the emission control system hardware deletes (a practice referred to as a “tune” or “tuning”).
The defendants charged customers between approximately $2,000 and $4,000 per vehicle to remove and disable the emission control systems on motor vehicles with diesel engines.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
On February 7, 2025, Corey Potter pleaded guilty to violating the Lacey Act for illegally transporting crab from Alaska (16 U.S.C. §§ 3372(a)(2)(A), 3373(d)(1)(B)). Sentencing is scheduled for May 13, 2025. Kyle Potter, his son, was previously sentenced to pay a $20,000 fine and complete a five-year term of probation. A third defendant, Justin Welch, was ordered to pay a $10,000 fine and complete a three-year term of probation.
Corey Potter owns two crab catching vessels; Kyle Potter and Welch worked as vessel captains. In February and March 2024, the vessels harvested more than 7,000 pounds of Tanner and Golden king crab in Southeast Alaska. Corey Potter directed Welch and Kyle Potter to land the crab to Seattle, Washington, where they intended to sell it at a higher price than they would have in Alaska. Neither captain landed the harvested crab at a port in Alaska, and they never recorded the harvest on a fish ticket, as required under state law.
A large portion of the king crab that arrived in Seattle from Alaska had died and was unmarketable. Corey Potter knew that some of the crab aboard was infected with Bitter Crab Syndrome (BCS), a parasitic disease fatal to crustaceans. Officials were forced to destroy more than 4,000 additional pounds of Tanner crab due to the risk of BCS infection. If the defendants had properly landed the crab in Alaska, authorities could have inspected the harvest and removed the infected crab before leaving Alaska.
The National Oceanic and Atmospheric Administration Office of Law Enforcement conducted the investigation.
United States v. Kendall Glenn Hacker
No. 5:25-CR-00002 (Eastern District of Kentucky)
AUSA Emily Greenfield
On February 7, 2025, Kendall Glenn Hacker pleaded guilty to conspiracy and to violating the Animal Crush statute (18 U.S.C. §§ 371, 48(a)(2), (a)(3)).
Between November 2021 and June 2022, Hacker sent money through online payment applications, such as PayPal and Venmo, to Michael Macartney, an online chat group administrator. The members and participants of these groups funded, created, obtained, received, exchanged and/or distributed animal crush videos.
Homeland Security Investigations conducted the investigation.
United States v. Chamness Dirt Works, et al.
No. 3:24-CR-00430 (District of Oregon)
AUSA Bryan Chinwuba
RCEC Karla Perrin
On February 7, 2025, property management company Horseshoe Grove, LLC, pleaded guilty to violating the Clean Air Act (CAA) National Emission Standards for Hazardous Air Pollutants (NESHAP) for asbestos work practice standards (42 U.S.C. §§ 7412(h),7413(c)(1)). Horseshoe Grove’s owner and operator Ryan Richter pleaded guilty to a CAA negligent endangerment violation (42 U.S.C. § 7413(c)(4)). Construction and demolition company Chamness Dirt Works, Inc., pleaded guilty to violating the CAA NESHAP for asbestos, and company owner and president, Ronald Chamness, pleaded guilty to a CAA negligent endangerment violation (42 U.S.C. § 7413(c)(4)). Sentencing is scheduled for April 3, 2025.
In November 2022, Horseshoe Grove acquired a property in The Dalles, Oregon, which included a mobile home park and two dilapidated apartment buildings. The previous owner provided the new buyers with an asbestos survey from December 2021, which identified more than 5,000 square feet of friable chrysotile asbestos within the two deteriorating buildings, with levels ranging from 2% to 25%. The survey also noted non-friable asbestos in various building materials, including siding and flooring, throughout the apartments. Despite these findings, Horseshoe Grove failed to implement the necessary precautions for asbestos removal.
In March 2023, Chamness Dirt Works began demolishing the two asbestos-laden structures without following proper removal procedures. Chamness did not engage a certified asbestos abatement contractor, did not wet the asbestos-containing debris, and dumped the material in a regular landfill.
Horseshoe Grove paid Chamness Dirt Works a total of $49,330 for the demolition, which did not meet the required safety standards.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
Nos.4:25-CR-00018, 4:24-CR-00006, 00084 (District of Montana)
ECS Senior Trial Attorney Patrick Duggan
ECS Trial Attorney Sarah Brown
AUSA Jeff Starnes
ECS Paralegal Tonia Sibblies
On February 10, 2025, Hollis G. Hale pleaded guilty to violating the Lacey Act and the Endangered Species Act (16 U.S.C. §§ 1538(a)(1)(G), 3372(d)(2), 3373(d)(3)(B)). Sentencing is scheduled for June 11, 2025.
Hale conspired with Jack Schubarth to create giant hybrid sheep for captive hunting. Schubarth smuggled Marco Polo argali sheep parts from Kyrgyzstan into the United States. This protected species of sheep, native to high elevations in the Pamir region of Central Asia, is deemed the largest in the world.
In 2013, Schubarth provided genetic material to a third-party cloning facility, and, in 2016, received successfully cloned pure Marco Polo argali embryos. Schubarth raised a pure male argali clone that he named “Montana Mountain King.” In 2018, Schubarth began breeding Montana Mountain King with other species and selling the offspring throughout the U.S. To evade detection, Schubarth falsely labeled the offspring on Certificates of Veterinary Inspection and other official forms.
In June and July 2020, Hale facilitated the purchase and interstate transport of twelve hybrid Marco Polo argali sheep from Schubarth and falsely identified 43 species of sheep on a Certificate of Veterinary Inspection. Hale falsified these documents knowing these sheep are prohibited in Montana. Schubarth was sentenced in September 2024 to six months’ incarceration, followed by three years’ supervised release.
The U.S. Fish and Wildlife Service Office of Law Enforcement and the Montana Department of Fish, Wildlife and Parks conducted the investigation.
United States v. Zackery Brandon Barfield
No. 5:25-CR-00011 (Northern District of Florida)
ECS Senior Trial Attorney Patrick Duggan
AUSA Joseph Ravelo
On February 12, 2025, Zachary Brandon Barfield pleaded guilty to three counts of poisoning and shooting dolphins in violation of the Marine Mammal Protection Act and the Federal Insecticide, Fungicide, and Rodenticide Act (16 U.S.C. §§ 1372(a)(2)(A), 1375(b); 7 U.S.C. §§ 136j(a)(2)(G), 136l(b)(2)). Sentencing is scheduled for May 21, 2025.
Barfield is a charter and commercial fishing captain operating out of Panama City, Florida. In the summer of 2022, Barfield became frustrated with dolphins eating red snapper from the lines of charter fishing clients. Between June and August 2022, Barfield and others placed a commercial methomyl insecticide inside bait fish to feed to and poison the dolphins that surfaced near his boat.
While captaining another fishing trip in December 2022, Barfield saw dolphins eating snapper from fishing lines. This time, he used a 12-gauge shotgun to shoot and kill a dolphin that surfaced near his vessel. In the summer of 2023, while on a charter fishing trip, Barfield used the same shotgun to shoot a dolphin that surfaced near the lines of clients.
The National Marine Fisheries Service Office of Law Enforcement conducted the investigation with assistance from the Florida Fish and Wildlife Conservation Commission.
United States v. James H. Spencer
No. 23-CR-00015 (Western District of Virginia)
AUSA Michael Baudinet
On February 21, 2025, James Howard Spencer, the Mayor of Glen Lyn, Virginia, pleaded guilty to a felony violation of the Clean Water Act (CWA) (33 U.S.C. § 1319(c)(2)(A)). Spencer admitted to directing employees of the Town of Glen Lyn to illegally discharge raw sewage and other pollutants into the East River, a tributary of the New River, on three occasions- in the summer of 2019, December 2020, and June 2021.
The discharges occurred at a pump station located behind the Glen Lyn Post Office, which was not an authorized discharge point of the National Pollutant Discharge Elimination System (NPDES) permit for the Glen Creek Wastewater Treatment Plant. The East River, a perennial stream and a tributary of the New River, is a protected waterway under the CWA.
Spencer knowingly violated multiple conditions of the NPDES permit, including discharges from unauthorized locations and failing to report the discharges to the Virginia Department of Environmental Quality.
The Environmental Protection Agency’s Criminal Investigation Division and the Virginia State Police conducted the investigation.
United States v. Liza Hash
No. 1:25-CR-20007 (Southern District of Florida)
AUSA Tom Watts-FitzGerald
On February 25, 2025, Liza Hash pleaded guilty to discharging oil into United States and contiguous zone waters, violating the Clean Water Act (CWA) (33 U.S.C. §§ 1319(c)(2), 1321(b)(3)). Sentencing is scheduled for May 21, 2025.
Hash was the owner and operator of the S/V Juliet, a sailing vessel used for multi-day scuba diving trips between Miami and the Bahamas. Over the course of approximately six years, Hash’s vessel carried up to 12 passengers per trip, along with the crew, between the U.S. and the Bahamas.
On June 16, 2023, U.S. Coast Guard investigators boarded the Juliet following its return from the Bahamas. After noticing an active oil sheen originating from the vessel, they conducted a safety examination.
During the inspection, they noted oily water in the bilge, and a pump connected to the vessel’s grey water tank, to facilitate illegal overboard discharges. Hash had used the vessel’s grey water tank (which is intended to hold liquid waste from the boat’s washer, dryer, sinks, and showers) to store oil-contaminated bilge water and discharge overboard.
Investigators estimate that Hash discharged approximately 26,000 gallons of oily water during the five-year period.
The United States Coast Guard conducted the investigation.
United States v. Old Dutch Mustard Company, Inc., d/b/a Pilgrim Foods Company, et al.
No. 1:25-CR-00002 (District of New Hampshire)
ECS Trial Attorney Ron Sarachan
AUSA Matthew Hunter
ECS Paralegal Tonia Sibblies
On February 24, 2025, The Old Dutch Mustard Company, d/b/a Pilgrim Foods Company (Old Dutch), and company owner and president Charles Santich, pleaded guilty to violating the Clean Water Act (33 U.S.C. §§ 1311(a), 1319(c)(2)(A)).
Old Dutch manufactured vinegar and mustard products, generating acidic wastewater during the process. Much of this wastewater consisted of spilled or leaked vinegar, or discarded vinegar that did not meet specifications. Old Dutch did not have a permit to discharge process wastewater. Instead, it stored the process wastewater in tanks and a trucking company hauled one or two truckloads of the wastewater off-site daily to the Rochester Publicly Owned Treatment Works (POTW). Old Dutch paid the trucking company for transporting each load. A second wastewater stream consisted of stormwater that became acidic after flowing through areas of the facility (especially the tank farm) where vinegar spilled. Old Dutch also paid the trucking company to haul the acidic stormwater to the POTW.
Santich decided to reduce costs by ordering workers to discharge some of the wastewater to a manmade ditch formed by an abandoned railroad bed at the top of a hill behind the facility, from which the wastewater would flow into the Souhegan River. In May 2017, Santich hired an excavation company to extend an underground pipe to the top of the hill behind the facility. He then directed an employee to repeatedly pump wastewater through the underground pipe to the abandoned railroad bed. Once the process wastewater or contaminated stormwater discharged at the top of the hill, it flowed to the river. Old Dutch did not have an NPDES or any other permit to discharge pollutants into the river.
In March 2021, Santich directed the same excavation company to install a sump at the corner of the tank farm area to collect the acidic stormwater and pump it directly up the hill through the buried pipe. Similarly, during the Fall of 2022, Santich hired the excavation company to clean out the undergrowth in the manmade ditch at the top of the hill and line it with riprap to create a better drainage ditch and facilitate the flow of wastewater to the river.
On August 2, 2023, EPA agents executed a search warrant at the Old Dutch facility and witnessed this illegal activity. Agents observed liquid that smelled like vinegar discharging from the end of the underground pipe into the riprap-lined ditch. The wastewater discharge had a pH of 3.6. The agents then conducted a dye test starting at the sump outside the corner of the tank farm area. The dye discharged from the underground pipe at the top of the hill and flowed along the riprap-lined drainage ditch and down to the river.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation, with assistance from the New Hampshire Department of Environmental Services.
On February 26, 2025, Fabcon Precast LLC (Fabcon) pleaded guilty to willfully violating an Occupational Safety and Health Administration (OSHA) regulation (29 U.S.C. § 666(e)). The criminal charge is related to an incident where an employee was killed when a pneumatic door closed on his head.
Fabcon operates several facilities in the United States, including one in Grove City, Ohio, that manufactures precast concrete panels. At Fabcon, employees known as batch operators were responsible for the operation and cleaning of the facility’s only concrete mixer. Concrete was discharged from the bottom of the mixer through a pneumatic door. By design, the mixer had an exhaust valve that released the pneumatic energy powering the discharge door, rendering it inoperable. Some months prior to June 6, 2020, the handle that operated the valve broke off and was not replaced.
On June 6, 2020, Zachary Ledbetter, a batch operator since January 2020, was on duty when the discharge door failed to close after releasing a batch of concrete. Because the valve was broken, Ledbetter could not perform the proper procedure to make the door safe to work around. When he attempted to free the door it closed on his head, trapping him. Eventually, Ledbetter was freed and transported to a hospital where he died five days later.
The U.S. Department of Labor Office of Inspector General conducted the investigation.
No. 3:24-CR-00618 (Southern District of California)
ECS Assistant Chief Stephen DaPonte
On February 27, 2025, a court sentenced Vyacheslav I. Piglitsin to time served and to pay $4,355 in restitution. On March 2, 2024, Piglitsin drove over the border from Mexico with Mexican pesticides that he failed to present for inspection (19 U.S.C. §§ 1433 and 1436). Inspectors found seventy-two 1-liter bottles of “Bovitraz” in his vehicle.
The U.S. Environmental Protection Agency Criminal Investigation Division and Homeland Security Investigations conducted the investigation.
Sentencings
United States v. Michael Hart
No. 3:24-CR-00383 (Southern District of California)
ECS Assistant Chief Stephen DaPonte
Former AUSA Melanie Pierson
AUSA Mark Pletcher
On February 3, 2025, a court sentenced Michael Hart to time served followed by one year of supervised release. Hart also will pay $1,500 in restitution. Hart pleaded guilty to conspiring to illegally import hydrofluorocarbons (HFCs) into the United States from Mexico and sell them in violation of law (18 U.S.C. § 371). In addition, Hart admitted to conspiring to illegally import hydrochlorofluorocarbons (HCFCs), namely HCFC 22, which is banned under the Clean Air Act.
Between June and December 2022, Hart purchased refrigerants in Mexico and smuggled them into the United States in his vehicle, concealed under a tarp and tools. Hart posted the refrigerants for sale on OfferUp, Facebook Marketplace, and other sites, and sold them for a profit.
The U.S. Environmental Protection Agency Criminal Investigation Division, Homeland Security Investigations, and Customs and Border Protection conducted the investigation.
United States v. Thalia Zambrano
No. 3:24-CR-01552 (Southern District of California)
ECS Assistant Chief Stephen DaPonte
On February 6, 2025, a court sentenced Thalia Zambrano to time served, after she pleaded guilty to conspiracy (18 U.S.C. § 371).
On June 28, 2024, authorities apprehended Zambrano when she drove into the United States at the San Ysidro Port of Entry with 18 bottles of undeclared “Taktic” (Amitraz) concealed beneath a blanket on the back seat her car. Regulators in the United States canceled this pesticide due to the high concentration of amitraz.
The U.S. Environmental Protection Agency Criminal Investigation Division, Homeland Security Investigations, and Customs and Border Protection conducted the investigation.
United States v. Andrew Laughlin
No. 2:24-CR-00104 (Eastern District of California)
AUSA Kathryn Lydon
On February 10, 2025, a court sentenced Andrew Laughlin to pay a $5,000 fine, complete a two-year term of probation, and pay $4,209 in restitution into the Lacey Act Reward Fund. Laughlin pleaded guilty to one count of smuggling reptiles into the United States (18 U.S.C. § 545).
In 2017, U.S. Fish and Wildlife Service agents identified Laughlin as part of a nationwide investigation into the smuggling of turtles from the United States to an individual in Hong Kong (Individual A). Individual A met and maintained contact with certain wildlife-smuggling associates via Facebook. Investigators identified Laughlin as a suspect in the wildlife smuggling ring from Individual A’s Facebook contacts and communications with covert agents. In addition to corresponding on Facebook, Laughlin also sent text messages to Individual A and co-conspirators.
Between March and April 2018, Laughlin acted as a “middleman” in an international amphibian smuggling ring. During a conversation with an undercover agent, Laughlin said that he participated in the ring in order to acquire hard-to-find newts. He shipped or received at least four packages of amphibians, including packages to or from individuals located in Hong Kong and Sweden. The packages were falsely labeled as items including a “toy car,” “rubber toys,” or “a ceramic art piece.” The boxes actually contained live animals, including eastern box turtles, spotted turtles, and a variety of newt species.
A search warrant executed at the defendant’s residence uncovered 80 live newts of various species. Some of them tested positive for a virulent fungus which originated in Asia and has spread throughout the illegal pet trade. The restitution covered expenses incurred to store and test the animals.
The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.
Photo of newts seized from Laughlin’s residence; photo included in case press release at time of guilty plea
Nos. 1:22-CR-00131, 00132 (Eastern District of California)
AUSA Karen Escobar
On February 10, 2025, a court sentenced Jose Angel Beltran-Chaidez to 24 months incarceration, followed by two years of supervised release. Beltran-Chaidez pleaded guilty to possession with intent to distribute heroin in this multi-defendant case involving drugs and animal welfare violations (21 U.S.C. §§ 841 (a)(1), (b)(1)(A)).
Between March and April 2021, Jorge Calderon-Campos (who calls himself “Americano”) supplied 26 pounds of methamphetamine to co-defendants Mark Garcia and Alberto Gomez-Santiago, and an additional 60 pounds to Francisco Javier Torres Mora. Between January and April 2022, Calderon-Campos also possessed roosters he used to participate in an animal fighting venture.
During a search of his residence on April 26, 2022, law enforcement officers found numerous hens and roosters, various cockfighting implements (including razors and spurs) and six cockfighting trophies, including several with plates inscribed with “Team Amkno” (shorthand for “Team Americano”). At Calderon-Campos’s “stash house,” law enforcement officers found 14 hens and 77 roosters, cockfighting leashes, a cockfighting trophy, and a variety of syringes and pill bottles containing substances related to cockfighting supplements.
Jorge Calderon-Campos was sentenced in November 2024 to eight years and one month of incarceration. Calderon-Campos pleaded guilty to conspiracy to distribute methamphetamine and heroin and to violating the Animal Welfare Act (21 U.S.C. §§ 841 (a)(1), (b)(1)(A)); 7 U.S.C. § 2156(b); 18 U.S.C. § 49(a)).
On August 26, 2024, a court sentenced Antonio Beltran-Chaidez to 46 months’ incarceration, followed by 24 months’ supervised release, after he pleaded guilty to possessing heroin with the intent to distribute (21 U.S.C. § 841(a)(1)).
In January 2024, co-defendant Gomez-Santiago was sentenced to four years and nine months incarceration, followed by 60 months supervised release. Mora was sentenced to four years and nine months incarceration. Horacio Ortega-Martinez, another associate of Calderon-Campos, was sentenced in April 2023 to 18 months incarceration, followed by 36 months supervised release, after pleading guilty to possessing gamecocks for an animal fighting venture (7 U.S.C § 2156 (b)).
Co-defendant Garcia pleaded guilty and was sentenced on March 3, 2025, to 24 months’ incarceration, followed by two years of supervised release. Byron Adilio Alfaro-Sandoval is scheduled for status conference June 18, 2025.
Homeland Security Investigations and the Drug Enforcement Administration conducted the investigation, with assistance from the U.S. Department of Agriculture Office of Inspector General, the U.S. Marshals Service, the U.S. Customs and Border Protection, the U.S. Secret Service, the Bureau of Land Management, the Kern County High Intensity Drug Trafficking Area Task Force, the California Highway Patrol, the California Department of Corrections and Rehabilitation, the Kern County Sheriff’s Office, the Kern County Probation Department, and the Bakersfield Police Department.
On February 11, 2025, a court sentenced Christopher Lee Carroll to serve nine years of incarceration and to pay $3 million in restitution. A jury convicted Carroll in August 2024 of three counts of bank fraud, three counts of making false statements to a financial institution, one count of conspiracy to violate the Clean Air Act (CAA), 13 violations of the CAA, and two counts of threatening a witness (18 U.S.C. §§ 371, 2, 1014, 1512 (b)(3), 1344; 42 U.S.C. § 7413(c)(2)(C)).
Carroll and his business partner, George Reed, owned a time share exit company called Square One Group LLC. In April of 2020, they submitted a false and fraudulent application for a $1.2 million Paycheck Protection Program (PPP) loan. The loan application falsely stated that the spouses of Reed and Carroll owned the company to conceal Carroll’s status as a paroled felon, which would have precluded his company from receiving PPP funds. Carroll also used his wife’s name to avoid any potential liability for the fraud.
The PPP loan was supposed to help save businesses and jobs, but Carroll did not use the money to pay dozens of employees who were out of work or keep paying for health insurance for 17 of those employees. Instead, he used it to start a trucking company, Whiskey Dix Big Truck Repair LLC. Carroll and Reed then applied for loan forgiveness, falsely claiming that they’d spent the money on payroll and other permitted expenses. Additionally, Reed and Carroll later sought a second loan of more than $1.6 million, taking a total of $660,000 in “owner draws” from the company after the loan was approved.
From May 2020 through December 2021, Carroll and Whiskey Dix violated the CAA by unlawfully removing the emissions control systems from more than 30 diesel-fueled trucks. In January 2022, Carroll tried to pressure two employees to take responsibility for the emissions tampering. When one of the employees said he was going to talk to federal investigators, Carroll threatened to stop paying for the employee’s attorney.
The court sentenced Whiskey Dix to complete a three-year term of probation after the jury convicted the company on 16 CAA violations. Reed pleaded guilty to bank fraud in September of 2022 and was sentenced January 23, 2025, to time served, and five years of supervised release. Reed was held jointly liable for $3 million in restitution.
The Federal Bureau of Investigation and the U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
On February 13, 2025, a court sentenced Jeffrey Radtke to 21 months’ incarceration, followed by three years of supervised release. Radtke pleaded guilty to conspiracy to create and distribute animal crush videos (18 U.S.C.§§ 371, 48(a)(2), (a)(3)).
Between June 2021 and August 2022, Radtke sent more than 40 payments (ranging from $1 through $300) he received from co-conspirators to pay videographers in Indonesia and other locations outside of the United States to create videos depicting the torture and deaths of juvenile macaque monkeys.
During the execution of a search warrant in April 2023, law enforcement found more than 2,600 videos and 2,700 images depicting animal crushing on Radtke’s computer.
Homeland Security Investigations conducted the investigation.
United States v. Jonathan Achtemeier
No. 3:24-CR-05072 (Western District of Washington)
AUSA Seth Wilkinson
AUSA Lauren Staniar
SAUSA Karla Perrin
On February 14, 2025, a court sentenced Jonathan Achtemeier to pay a $25,000 fine and serve four months’ incarceration, followed by one year of supervised release. Achtemeier pleaded guilty to conspiracy to violate the Clean Air Act (CAA) for his role in tampering with required monitoring devices on diesel trucks (18 U.S.C. § 371).
Between 2019 and 2022, Achtemeier modified the software on hundreds of trucks nationwide to prevent the monitoring devices from detecting the removal of emissions controls. Achtemeier conspired with mechanics and truck fleet operators, instructing them on how to remove or disable anti-pollution hardware on diesel trucks, a process known as “deleting.” Achtemeier tampered with the monitoring device on his clients’ trucks by connecting laptops to the trucks’ onboard computers and remotely “tuning” the vehicles’ computers, which rendered required monitoring devices inaccurate. This allowed the trucks to run without functioning emissions control systems and resulted in the trucks emitting significantly more pollution than legally allowed.
Achtemeier charged as much at $4,500 per truck for work that often took him two hours or less. He advertised his services on social media nationwide, doing business as Voided Warranty Tuning or Optimized Ag. Between 2019 and 2022 his company took in more than $4.3 million in gross profits.
The Environmental Protection Agency Criminal Investigation Division conducted the investigation.
Assistance from ECS Senior Counsel Elinor Colbourn
On February 18, 2025, a court sentenced Andres Alejandro Sanchez to complete a three-year term of probation to include six months’ home detention. Sanchez pleaded guilty to violating the Lacey Act for illegally importing a spider monkey into the United States (16 U.S.C. §§ 3372(a)(1), 3373(d)(2)).
On October 7, 2024, Sanchez travelled from Mexico to Laredo, Texas, and failed to declare a spider monkey he had in his vehicle to Customs and Border Protection officers as he attempted to cross the border.
The U.S. Customs and Border Protection, Homeland Security Investigations, and U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.
Case photo of baby spider monkey rescued by authorities
United State v. Jose Carrillo
No. 8:23-CR-00222 (Middle District of Florida)
ECS Senior Trial Attorney Matt Morris
AUSA Erin Favorit
ECS Paralegal Jonah Fruchtman
On February 18, 2025, a court sentenced Jose Carrillo to 84 months’ incarceration, followed by three years of supervised release. Carrillo pleaded guilty to conspiring to violate the Animal Welfare Act and knowingly possessing a firearm after a felony conviction (18 U.S.C. §§ 371, 922(g)(1) and 924(d)).
On June 7, 2023, authorities executed a search warrant at Carrillo’s residence, seizing a total of 10 pit bull-type dogs. Several of the dogs exhibited scarring consistent with dogfighting. Authorities also discovered a .22 caliber rifle, a bloodstained wooden dogfighting “pit,” syringes, veterinary medications, a skin stapler, break sticks used to separate fighting dogs, and other suspected dogfighting paraphernalia.
The U.S. Department of Agriculture Office of Inspector General conducted the investigation with assistance from the following agencies: Homeland Security Investigations; Bureau of Alcohol, Tobacco, Firearms and Explosives; U.S. Marshal Service; and the Pasco County (Florida) Sheriff’s Office.
Photo of dogs from Carillo’s home included in press release, link below.
Nos. 2:23-CR-00600, 2:24-CR-00890 (District of Arizona)
AUSA Glenn McCormick
On February 18, 2025, a court sentenced Eric T. Scionti to 47 months’ incarceration, followed by three years of supervised release. Scionti pleaded guilty to possession of a firearm and ammunition by a convicted felon and Animal Crushing in two separate cases (18 U.S.C. §§ 922(g)(1), 924(a)(8), 48(a)(1)).
In December 2022, federal authorities received an anonymous tip that Scionti, a convicted felon, possessed a number of handguns, as well as grenades and bullet-proof body armor. On January 18, 2023, agents executed a search warrant, seizing six firearms and 1,826 rounds of ammunition from areas of a residence controlled by the defendant. Scionti has multiple Arizona state felony convictions and was prohibited by federal law from possessing firearms or ammunition.
While researching the defendant’s online activities, agents found video evidence depicting Scionti torturing pigeons. Agents executed a subsequent search warrant on September 29, 2023, for records and information associated with Scionti’s email account. During that search, agents seized approximately 168 videos and 89 digital photographs depicting Scionti torturing and mutilating live pigeons.
The Federal Bureau of Investigation conducted the investigations in these cases.
On February 19, 2025, a court sentenced Manuel Domingos Pita to 48 months’ incarceration and to pay more than $55 million in restitution. Also, Pita will forfeit real estate and cash/bank accounts. Pita pleaded guilty to a wire fraud conspiracy, conspiracy to defraud the United States, and a willful violation of the Occupational Safety and Health Administration Act for causing the death of an employee (18 U.S.C. §§ 371, 1343; 29 U.S.C. § 666(e)).
Pita created and operated several shell construction companies, including one named Domingos 54 Construction, Inc. Pita used Domingos 54 to provide workers, including undocumented aliens, with construction jobs. However, Pita failed to secure the required workers compensation insurance coverage for these employees by falsifying the number of workers for which he sought coverage in worker’s compensation insurance applications. In addition, Pita failed to pay any federal employment taxes on the wages that these workers earned during the course of the scheme between 2018 and 2022.
Pita failed to disclose the number of workers he had. Had he properly disclosed the number of workers, he would have paid an additional $22.7 million+ in premiums. Additionally, Pita failed to pay to the IRS over $33.7 million in federal employment taxes on those workers’ wages.
Between February and July 2019, investigators with the Occupational Safety and Health Administration (OSHA) issued six citations to Domingos 54 for failure to provide fall protection to workers. Even after being cited for these violations, Pita continued to ignore OSHA requirements. In March 2020, Pita assigned a worker and three other carpenters to install sheeting on the roof of a residential home in windy conditions without providing the required fall-protection gear or ensuring its use. As a result, one of the workers was blown off the roof and died from his injuries.
The Federal Bureau of Investigation, Internal Revenue Service Criminal Investigation, Homeland Security Investigations, Florida Department of Financial Services’ Bureau of Insurance Fraud-Criminal Investigations, and the Department of Labor’s Office of Inspector General conducted the investigation.
Nos. 3:24-CR-00101, 00116 (Northern District of Florida)
ECS Deputy Chief Joe Poux
ECS Paralegal Jonah Fruchtman
On February 20, 2025, a court sentenced Fernando Cruz Rubio to time served. Rubio pleaded guilty to violating the Act to Prevent Pollution from Ships (APPS) for failing to maintain an oil record book (ORB) (33 U.S.C. § 1908(a)).
Rubio worked as a chief engineer on the M/V Suhar, a Panamanian-flagged ocean-going bulk carrier that routinely hauled cement from Tampico, Mexico, to Pensacola, Florida. The ship was managed by Gremex Shipping S.A. de C.V., which was responsible for the ship’s day-to-day operations, including hiring all crew, and ensuring compliance with all environmental and international regulations.
The Coast Guard inspected the ship when it arrived in Pensacola on August 25, 2023. Inspectors determined that the vessel’s crew regularly discharged untreated oily bilge water overboard, bypassing onboard pollution control equipment, and falsified the ship’s ORB to conceal these discharges. On various trips, between March 2021 through August 25, 2023, Rubio, as the Suhar’s chief engineer, failed to accurately maintain the ORB and did not record overboard bilge water discharges.
Gremex was sentenced in October 2024 to pay a $1.75 million fine, serve a four-year term of probation, and implement an environmental compliance plan. The shipping corporation also pleaded guilty to violating APPS.
The U.S. Coast Guard Investigative Service conducted the investigation.
United States v. Clancy Logistics, Inc., et al.
No. 3:24-CR-00344 (District of Oregon)
AUSA Andrew Ho
RCEC Gwendolyn Russell
On February 25, 2025, a court sentenced to Clancy Logistics, Inc., and owner Timothy C. Clancy, to each complete three-year terms of probation. They were also ordered to pay a fine of $101,510.00, jointly and severally. The defendants pleaded guilty to a felony count of tampering with a Clean Air Act monitoring device (42 U.S.C. § 7413(c)(2)(C)).
Between October 2019 and July 2023, Timothy C. Clancy tampered with the onboard diagnostic systems (OBDs) and caused others to tamper with the OBDs, of at least 13 Class 8 diesel semi-trailer trucks owned or operated by his companies, Clancy Transport, Inc., and Clancy Logistics, Inc. The defendants’ actions prevented the OBDs from detecting malfunctions caused by the deletion of the vehicles’ emission control systems, in violation of the Clean Air Act (42 U.S.C. § 7413(c)(2)(C)).
As part of this process, Clancy directed his employees to disable and remove the emissions hardware from his companies’ vehicles. This involved removing exhaust systems and their corresponding emissions control components from the vehicles, hollowing out the functioning portion of the devices so that only the casing remained, and re-installing the casing to create the appearance that the emissions controls were intact. The vehicles’ OBDs were then tuned so that they could no longer detect the removal of the control equipment.
Clancy and his companies tampered with the OBDs on their diesel semi-trailer trucks so that they could operate the vehicles with real or perceived increased performance and fuel efficiency and reduce or eliminate the cost and burden associated with maintaining the vehicles. As a result, a greater volume of pollutants was emitted from the vehicles.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
No. 5:24-CR-00028 (Western District of North Carolina)
AUSA Katherine T. Armstrong
On February 27, 2025, a court sentenced Robert G. Gambill to pay a $9,500 fine and to forfeit a rifle, scope, and ammunition for killing a bald eagle in violation of the Bald and Golden Eagle Protection Act (16 U.S.C. § 668(a)). As required under provisions of the Act, $2,500 of the fine will be apportioned equally between two witnesses who reported the shooting.
On June 5, 2024, Gambill set his firearm on a fencepost and targeted, shot, and killed a bald eagle that was perched in a tree near a bridge in Sparta, North Carolina. After killing the eagle, Gambill drove away from the scene, abandoning the carcass on the bank of the New River. Two witnesses recovered the carcass and turned it over to the U.S. Fish and Wildlife Service (FWS). The U.S. FWS forensic laboratory determined that injuries suffered by the bald eagle were consistent with a gunshot wound from a high-powered rifle.
The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation, with assistance from the North Carolina Wildlife Resources Commission and the Alleghany County Sheriff’s Office.
On February 28, 2025, a court sentenced Willie Russell to 24 months’ incarceration, followed by three years’ supervised release, after he pleaded guilty to conspiracy and exhibiting dogs in an animal fighting venture (7 U.S.C. § 2156(a)(1); 18 U.S.C. § 371). Russell is the fourteenth and final defendant to plead guilty in this federal dog fighting case. The other co-defendants are: Tamichael Elijah; Marvin Pulley, III; Brandon Baker; Christopher Travis Beaumont; Herman Buggs, Jr.; Terrance Davis; Timothy Freeman; Terelle Ganzy; Gary Hopkins; Cornelious Johnson; Rodrecus Kimble; Donnametric Miller; Willie Russell; and, Fredricus White.
On April 24, 2022, the defendants converged on a property in Donalsonville, Georgia, where they held a large-scale dog fighting event. They brought a total of 24 pit bull-type dogs to fight in a series of matches over that weekend. Law enforcement personnel who disrupted the event found numerous dogs inside crates in cars on the property.
The participants used their cars to store dogs who had already fought, as well as those awaiting their turn in the fighting pit. Some dogs were kept on chains on the property. Law enforcement rescued a total of 27 dogs, including a badly injured dog that later perished from its injuries. Dogs in the cars also bore recent injuries and scars.
All defendants but Freeman pleaded guilty to felony conspiracy to violate the animal fighting prohibition of the federal Animal Welfare Act. Defendants Beaumont and Miller also pleaded guilty to sponsoring or exhibiting (i.e., handling) a dog in a dog fight. Defendants Baker, Davis, Ganzy, Johnson, Pulley, and White further pleaded guilty to possessing and transporting a dog for purposes of using the dog in an animal fighting venture. Freeman pleaded guilty to spectating at an animal fight. Defendants Miller and Pulley also pleaded guilty to unlawfully possession of a firearm by a person with a prior felony conviction.
The U.S. Department of Agriculture Office of the Inspector General; and the Seminole County, Georgia, Sheriff’s Office conducted the investigation, with assistance from the Bay County, Florda, Sheriff’s Office.
Question for written answer E-000816/2025 to the Commission Rule 144 Michalis Hadjipantela (PPE)
During the COVID-19 pandemic, the Commission approved various forms of financial assistance for air carriers to mitigate the impact of the crisis. These measures included state aid schemes, direct grants and loans, provided under the State Aid Temporary Framework.
Can the Commission clarify:
1.Which air carriers registered and operating within the European single market received some form of financial assistance or state aid during the COVID-19 pandemic, either from national or European funds?
2.What forms of financial assistance, whether grants, loans or other support mechanisms, were granted to these carriers and on what conditions?
3.Has the repayment of loans or other repayable instruments begun, and if so, what proportion has been repaid so far?
Source: The Conversation – UK – By Adam Behr, Senior Lecturer in Popular and Contemporary Music, Newcastle University
“In any civilised community the arts … serious or comic, light or demanding, must occupy a central place. Their enjoyment should not be regarded as something remote from everyday life.” This was a central statement in the white paper (a statement of policy intent) issued 60 years ago by Jennie Lee, the UK’s first minister for the arts under Labour prime minister Harold Wilson in 1965.
Outlining A Policy for the Arts – The First Steps was the first white paper for the arts (and the only one until 2016), and suggested that the arts should be publicly supported, also arguing for increased local and regional support besides national institutions.
Many of Lee’s assertions still ring true today, not least that, “Today’s artists need more financial help, particularly in the early years before they have become established”. There were echoes of that 1965 statement of support for the arts in Culture Secretary Lisa Nandy’s recent announcement of a £270 million funding package. Indeed, the timing was no accident, Nandy explicitly referenced Lee’s “vision for accessibility in the arts”.
This article is part of our State of the Arts series. These articles tackle the challenges of the arts and heritage industry – and celebrate the wins, too.
It’s a broadly welcome intervention for a sector in straitened circumstances. A drop of more than 30% investment through local authorities in England since 2010, and of 21%, overall has left organisations struggling to maintain infrastructure, creating a drag on new developments. So an injection of government support for public assets like museums and libraries is a necessary step to stem the decline.
Much, though, has changed since 1965. Absent from Lee’s communitarian account of governmental support for the arts is the language of economic return. The intervening decades have seen a sea change in the logics of arts funding.
While the stated benefits of arts to society – and particularly education – remain salient, the emphasis has shifted over time from support to “investment”, with the arts and culture increasingly recognised and valued for, as Nandy puts it, “their growth potential to drive our economy forward”.
This rhetorical and practical co-mingling of “culture” with the “creative industries” is a longitudinal shift. In political terms this was made clear by the 1997 rebranding of the Department for National Heritage (the first “culture” department, founded by Conservative prime minister John Major in 1992) as the Department for Media, Culture and Sport (DCMS) the last time Labour returned from a long spell in opposition.
This defence of arts funding in “instrumental” terms (its economic return, or value in bumping up educational achievements) is a mixed blessing. On the one hand, there’s a risk of losing sight of culture’s intrinsic value as something worthy of support – art for art’s sake.
At the same time, it has been accompanied by a move away from the more patrician conception of what merited state support. National institutions and the “high arts” were the main focus in the birth of the arts councils as part of the major overhaul of the role of the state – the postwar consensus – after the second world war.
This points towards wider tensions in arts funding and the DCMS portfolio that derive from the evolving landscape since 1965. There was a strong emphasis in Lee’s paper, and in Nandy’s recent announcement, on buildings, infrastructure and established spaces. Vital as these are, the idea of what counts as culture has moved on and expanded since then.
Even beyond their economic potential, the cultural value of practices more traditionally associated with commercial activity has become more central to the national conversation.
Arts education has also become strategically important in both economic terms and in supporting widening access to opportunities across society, requiring a broad conception of “the arts”. The barriers between high art and popular culture have become porous, and this has a bearing on state support, especially when cultural activity overall is reeling from a pandemic and years of austerity.
This is at the heart of those sectors left out of the current largesse. Drawing on both economic and cultural arguments Michael Kill, chief executive of the Night Time Industries Association, has noted the absence in Nandy’s proposal of live music venues, nightclubs and festivals.
“The government has placed traditional and heritage culture at the forefront while completely ignoring the vital creative spaces that fuel innovation, inspire younger generations, and contribute significantly to our economy,” he wrote recently.
DCMS funding is also a microcosm of any government spending in that it also comes with questions around opportunity cost (as the recent announcement about boosting the defence budget and immediate ramifications for foreign aid also make clear). Here too, the grassroots are a factor.
Mark Davyd of the Music Venue Trust, for instance, has pointed out that his suggested “£20m to open 40 new grassroots music venues” was derided, but that there’s “£15m to build yet another hall for the National Railway Museum and £5m to build a poetry centre, and nobody thinks that £20m is funny.”
Also rising rapidly up the agenda are concerns about the longer term impact of AI on creative careers, another area in which the DCMS – and the Department of Science Innovation and Technology – might see their plans for growth at odds with those in the creative industries and organisations.
Artists are objecting to a suggested exception to copyright restrictions that would require them to actively “opt out” of their work being used to train AI models, and which benefit AI companies with the presumption that works can be used for that purpose.
None of this is easy, especially after a long period of austerity in the arts, and a context of global uncertainty. But Nandy’s recent announcement of funding can only be seen as a holding action to halt the deterioration.
To realise Jennie Lee’s vision, a more substantive, structural approach is needed, one that brings those activities at the grassroots, and at the margins of traditional views of “culture” under the umbrella of funding.
Adam Behr has received funding from the Arts and Humanities Research Council and the British Academy.
Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after former Small Business Administrator Linda McMahon was confirmed as Secretary of the U.S. Department of Education:
“Linda McMahon and I collaborated closely during the pandemic to support Texas’ small businesses, and I know in this new capacity she will work with President Trump to ensure every student in Texas and across the country has access to a quality education free of radical woke policies. I was glad to support her confirmation and look forward to working with her.”
Source: Federal Bureau of Investigation (FBI) State Crime News
OXFORD, MS – A Columbus man was sentenced today to 18 months in prison for fraudulently obtaining a $200,000 Economic Injury Disaster Loan related to the COVID-19 pandemic.
According to court documents and evidence presented at trial, Ramirez Ivy, of Columbus, Mississippi conspired with Lakeith Faulkner, Norman Beckwood and others to each receive $200,000 from the Small Business Administration (SBA) based on a fraudulent loan application. The loan applications contained fictitious documents and claimed business revenue that did not exist.
In September 2024, after a three-day trial before U.S. District Judge Michael P. Mills, the jury found Ivy and Smith guilty on all counts.
Judge Mills sentenced Ivy to 18 months to be followed by five years supervised release and ordered him to pay $200,000 in restitution to the SBA.
On January 23, 2025, Felicia L. Smith, Ivy’s co-defendant at the September trial, was sentenced serve six months imprisonment followed by five years of supervised release. Smith was ordered to pay $200,000 in restitution to the SBA.
On December 7, 2022, Faulkner, a former SBA employee, entered a plea of guilty to one count of conspiracy to commit wire fraud. On May 24, 2023, U.S. District Judge Debra M. Brown sentenced Faulkner to serve sixty-two (62) months imprisonment followed by five years of supervised release. Faulkner was also ordered to pay $10,620,452.26 in restitution to the SBA.
On January 17, 2023, Beckwood entered a plea of guilty to one count of conspiracy to commit wire fraud. U.S. District Judge Sharion Aycock sentenced Beckwood to serve 62 months imprisonment followed by five years of supervised release. In addition to prison time, Faulkner was ordered to pay $10,620,452.26 in restitution to the SBA. In connection with his guilty plea, Beckwood also forfeited $700,147.74, a 2018 Mercedez Benz C Class and a 2020 Mercedes Benz G63.
Thirty (30) other individual borrowers have also been charged in connection with the same scheme.
“Ramirez Ivy was a law enforcement officer when he deceptively obtained funds that were intended to provide emergency financial relief to small businesses during the COVID-19 pandemic, and he absolutely knew better than to engage in this type of fraud,” said U.S. Attorney Clay Joyner. “Today’s sentence should reinforce the fact that the prosecutorial and law enforcement partnership on display in this case will continue until the stolen money is recovered and the perpetrators have been brought to justice.”
“Abusing a federal program designed to assist Americans in a time of need has, and will continue to be, aggressively investigated by the Treasury Inspector General for Tax Administration. What makes this crime even more egregious is that Mr. Ivy was a police officer in a position of public trust,” stated Assistant Inspector General Gary Smith for Investigations for the U.S. Treasury Inspector General for Tax Administration. “This sentencing demonstrates our commitment to investigating and bringing to justice anyone who victimizes the American taxpayer. I want to thank TIGTA’s Special Agents, our law enforcement partners and the U.S. Attorney’s Office for their unwavering dedication to this goal.”
“Today’s sentencing of former police officer, Ramirez Ivy, demonstrates the FBI’s commitment to investigating those who defraud the federal government, no matter their position within the community,” remarked Special Agent in Charge Robert Eikhoff for the FBI Jackson Division. “The FBI, alongside our partners, will continue to investigate and hold individuals accountable, like Mr. Ivy, who commit fraudulent crimes against the U.S. Government.”
“The abuse of programs designed to assist small businesses is unacceptable. This sentencing underscore the SBA Office of Inspector General’s unwavering commitment to holding fraudsters accountable and ensuring justice is served,” said Sophia Curtis Acting Special Agent in Charge of the SBA OIG’s Central Region.
This scheme was initially uncovered during a civil investigation, led by the Civil Division of the U.S. Attorney’s Office and Assistant U.S. Attorney J. Harland Webster.
Assistant U.S. Attorneys Clayton A. Dabbs, Parker S. King and Samuel D. Wright of the Northern District of Mississippi are prosecuting the criminal case.
The case was investigated by the FBI, the U.S. Small Business Administration Office of Inspector General and the U.S. Treasury Inspector General for Tax Administration.
WASHINGTON, March 04, 2025 (GLOBE NEWSWIRE) — A group of influential economists, entrepreneurs, and academics announced today the formation of the Private Economic Council, an organization that will advocate for small businesses and taxpayers in consultation with the Trump administration and Congress. These are high-profile supporters who will use their respective platforms as influencers to help President Trump and the GOP majority deliver for the American people.
“This is a pivotal moment in American history, and the decisions our leaders make in the coming months and years will influence the lives of the American people for generations,” said renowned economist Steve Moore. “For the first time in our lives, we have a chance to enact meaningful spending cuts, permanently reduce taxes for working Americans, and take the federal government’s thumb off the scale of our economy.”
Members of the Private Economic Council will work together to advocate for policies that expand economic freedom, incentivize growth, and reduce the burden of government on workers and business owners alike. In addition to weighing in on hot-button topics, they will propose additional policy innovations designed to advance their shared goals of economic freedom and prosperity.
“There is a genuine appetite for change in Washington right now, but we need to move quickly and decisively before this window of opportunity closes,” said Julio Gonzalez, founder and CEO of Engineered Tax Services.
“I’m pleased to be a part of this group,” said Barry Habib, a longtime entrepreneur who currently serves as CEO of MBS Highway. “We will work hard to make improvements and increase economic growth.”
“I’m proud to be a S.O.B. (son of a butcher). Only in America can sons of butchers become successful,” said Wayne Allyn Root. “This is the land of opportunity — but only because of capitalism, limited government, and low taxation and regulation. I am honored to join this prestigious group to help keep it that way.”
“Corporations spend millions of dollars on lobbyists to make sure elected officials are aware of their interests; we’re going to make sure Congress knows just as much about the interests of the workers and small business owners who are the real engine of our economy,” said Papa John’s founder John Schnatter.
About the Private Economic Council
Steve Mooreis a Senior Visiting Fellow in Economics at The Heritage Foundation. He is the founder and former president of the Club for Growth, and a former member of the Wall Street Journal editorial board. He served as a senior economic advisor to President Trump’s 2016 campaign, helping create the blueprints for the policies that unleashed a historic era of prosperity, including the Trump tax cuts.
Dave Bratis a former member of the U.S. House of Representatives from Virginia who won his first term in office after defeating sitting House Majority Leader Eric Cantor in the primary election. He currently serves as Dean of the Liberty University School of Business.
Barry Habibis an award-winning economist and entrepreneur who is widely credited with saving the mortgage industry from margin calls by persuading the Federal Reserve to avoid actions that could have created severe instability during the COVID pandemic in 2020. He has been a longtime contributor to both Fox News and CNBC.
Julio Gonzalezis the founder and CEO of Engineered Tax Services, the country’s largest specialty tax engineering firm. Julio helps small and mid-sized businesses take advantage of the same tax loopholes used by major corporations, and is a tireless advocate for small businesses.
Wayne Allyn Root is a CEO, businessman, best-selling author, and national conservative TV and radio host who has interviewed President Trump 16 times. He is also a nationally syndicated columnist who helped originate and popularize some of President Trump’s most popular campaign promises, such as “No Tax on Social Security benefits” and “No taxes on overtime.” Root was the 2008 Libertarian Vice-Presidential nominee.
John Schnatteris the founder of Papa John’s International, which he started in a broom closet and grew into one of the largest pizza chains in the world. He is a prolific philanthropist and outspoken advocate for entrepreneurs.
A report to senior councillors outlines the good progress being made on the council’s ambitious Connecting Leeds transport strategy, but highlights that more needs to be done and more funding allocated to meet its aims.
The report to the council’s Executive Board provides an update on progress on the Connecting Leeds transport strategy. Its vision is for Leeds to be a city where you don’t need a car, and where everyone has an affordable, accessible and zero carbon choice in how they travel, and since 2018 more than three quarters of a billion pounds has been invested in the city’s highways and transport network through the Connecting Leeds programme.
The Connecting Leeds transport strategy’s initial action plan 2020 -2024 has delivered some key successes including:
Major highway improvements including the Armley Gyratory and the completion of the East Leeds Orbital Route, increasing road capacity to support changes in the city centre, along with other improvements to key transport corridors including the A647 and Outer Ring Road between Horsforth and Rodley.
Launching our Vision Zero Strategy which aims to eliminate all fatalities and serious injuries on Leeds roads by 2040. The number of people killed or seriously injured on Leeds roads has reduced since its launch.
Transforming City Square and wider public realm in the city centre, including the Headrow, Vicar Lane and the Corn Exchange, creating safer pedestrian-friendly spaces.
The launch of Leeds City Bikes, the largest e-bike scheme in the UK which will see further roll-out later this year.
The Stourton Park & Ride has experienced continued growth since opening in late 2021, alongside the existing sites at Elland Road and Temple Green, and more than 90 electric buses are now serving the city’s busiest routes. Around 10,000 cars are taken off city roads each week with consistently over 20,000 passengers per week using the services and further improvements planned later in the year.
Improvements and significant funding in Leeds City Rail Station, with a significant increase in passenger numbers and footfall exceeding pre-pandemic levels. Local rail stations have experienced similar growth.
Fewer car commuters into the city centre since 2021, reducing congestion and improving local air quality.
These successes have led to increasing numbers of people walking through the city centre, along with rising bus passenger numbers.
Overall city centre footfall for the whole of 2024 increased by 1.3% compared to 2023, which in turn was up by 2.7% on 2022. Footfall at Leeds City Rail Station has also increased by 12% in 2024 compared to 2023, and with the city centre seeing significant and continued investment in its retail and hospitality offer it is hoped that footfall will keep rising and further boost the city’s economy.
There has also been a 4.1% reduction in car mileage across the city since 2019, and a 6% year-on-year increase of public electric vehicle charging points.
New Action Plan launched to 2027
Some measures within the initial action plan are ongoing or still progressing, and are being taken forward with the launch of a new action plan which details our ambitions and activities up to 2027.
This includes major schemes such as Dawson’s Corner and Stanningley Bypass, which has only recently secured c£36m government funding, the A660 improvements and the Lawnswood Roundabout scheme, along with more active travel and cycling schemes.
The council will continue to support the West Yorkshire Combined Authority to progress the mass transit scheme and to implement bus reforms, and will continue its partnership work to deliver the Vision Zero strategy regionally.
The challenges of delivering these measures is reflected in progress against the strategy’s ambitions. Although overall carbon emissions have reduced since 2019, the latest figures suggest that they have begun rising again and may reach pre-pandemic levels, so the council is still facing challenges to meet its net-zero targets by 2030.
There was a significant decrease in motorists driving into the city centre between 2022 and 2023, and although this trend has not continued during the last year the number remains below 2022’s levels.
Across the city the amount of HGV and LGV traffic is growing which is likely to relate to online shopping and home delivery trends.
Councillor Jonathan Pryor, Deputy Leader of Leeds City Council and Executive Member for Economy, Transport and Sustainable Development, said: “We have made significant progress towards our vision of creating a city where you don’t need to own a car, and we are proud of our achievements so far.
“Our places are becoming more people-friendly, inclusive and welcoming, we are delivering infrastructure which is fit for the 21st century, and we are encouraging more people to use active and sustainable travel methods and public transport.
“We have big ambitions for our city and we recognise that progress towards these hasn’t been easy. We’ve faced significant challenges along the way and there is much to do. When the council adopted this very ambitious strategy it was made with the knowledge that this would be underpinned by significant funding over a sustained period. Investment levels have been good in recent years and there is a need to maintain these in the coming years so we can achieve our goals alongside delivering general transport improvements.
“By launching our new action plan to 2027 we are making clear how we will ensure we achieve our vision for everyone who lives, works and visits our city, working closely with our partners and the West Yorkshire Combined Authority.”
Exploring new funding opportunities
The report states that the ‘current level of funding is insufficient to cover all aspects’ of the new action plan. As a result, the council will be looking for alternative funding to deliver these activities, and will be looking to work with partners including the combined authority, the Department for Transport and the private sector to achieved its shared objectives.
As part of this, the council is exploring the possibility of introducing a workplace parking levy to generate revenue which would used as local contributions to major transport investments, principally mass transit.
Such a levy could charge city centre businesses for parking places they offer for staff use, with revenue ring-fenced to support significant transport improvements.
The report is seeking agreement to carry out exploratory work including surveys around how a workplace parking levy could potentially be applied in Leeds city centre. This would include engaging with key partners and businesses in the first instance, and developing a rationale around which premises should be exempt from the scheme such as the city’s hospitals which employ round-the-clock shift workers delivering a vital emergency service.
Following this exploratory work, should the council intend to proceed with the introduction of a workplace parking levy a further report would be submitted to executive board for approval.
Should this be granted, a business case would need to be submitted to the Department for Transport and approved by the Secretary of State.
The 50 American individuals and couples who gave or pledged the most to charity in 2024 committed US$16.2 billion to foundations, universities, hospitals and more. That total was 33% above an inflation-adjusted $12.2 billion in 2023, according to the Chronicle of Philanthropy’s latest annual tally of these donations. Media mogul and former New York City Mayor Mike Bloomberg led the list, followed by Netflix co-founder and chairman Reed Hastings, along with his wife, Patty Quillin. Businessman Michael Dell and his wife, Susan Dell, pledged the third most in 2024.
Neither MacKenzie Scott nor Elon Musk, both of whom announced donations large enough to land them on this list, provided enough information for the Chronicle to include them. Musk didn’t name the nonprofits to which he gave stock, and Scott declined to confirm how much money she put into the donor-advised funds through which she gives. Known as DAFs, these funds are savings accounts reserved for charitable giving.
The Conversation U.S. asked David Campbell, Lindsey McDougle and Susan Appe, three philanthropy scholars, to assess the significance of these gifts and to consider what they indicate about the state of charitable giving in the United States.
What trends stand out overall?
Appe: I think it’s good to see that eBay founder Pierre Omidyar, an Iranian-American entrepreneur born in France, with his wife Pam, are among the top 12 donors. Omidyar is the only foreign-born philanthropist on this list who reported giving to democracy promotion in the U.S. through his Democracy Fund. The Omidyars also funded the AI Collaborative, a group that promotes artificial intelligence governance based on democratic values, and their Omidyar Network, an organization promoting responsible technology.
Omidyar is one of seven immigrants among 2024’s top U.S. donors. The others are Herta Amir, who was born in what was then Czechoslovakia; Sergey Brin, a Russian immigrant; the Pagidipati family, which came from India; K. Lisa Yang, who was born in Singapore; Michele Kang, who immigrated from South Korea; and Joe Wen, a Taiwanese immigrant.
In 2024, as in most years, many of these wealthy donors supported prestigious universities and large hospitals and stowed millions in their own foundations and donor-advised funds. Although it’s impossible to predict exactly what their foundations and DAFs will support in the future, history suggests that they’re unlikely to focus on addressing systemic issues such as economic inequality.
McDougle: It doesn’t appear that any of these top 50 donors are Black or Latino. This lack of representation is undoubtedly a reflection of broader societal disparities and may influence how individuals from these groups perceive their own potential as philanthropists.
Philanthropic capacity often correlates with wealth accumulation, and significant gaps in wealth between racial groups are likely to have a direct influence on who we see in the Philanthropy 50. Black families, for instance, possess just 15% of the wealth of white families, while Hispanic families have only about 22%. These wealth disparities likely prevent many Black and Latino Americans from having the wealth necessary to engage in large-scale philanthropy.
This reality highlights the need for the nation’s leading philanthropists to fund initiatives that focus on addressing systemic barriers to economic equality. MacKenzie Scott has been doing this through the millions of dollars she has donated to support racial equity and economic mobility.
Addressing these disparities also involves changing the narrative around who is considered a philanthropist. As I have argued before, underrepresented groups may not always see themselves as philanthropists, partly due to limited resources and the historical portrayal of philanthropy as the domain of the wealthy. But by redefining philanthropy to include a broader spectrum of giving, philanthropy can play a pivotal role in leveling the playing field and creating more opportunities for all.
What surprises you about the biggest donors?
Appe: The absence of Oracle co-founder Larry Ellison, Google co-founder Larry Page and former Microsoft CEO Steve Ballmer also stands out due to the presence of many other tech billionaires, including Mark Zuckerberg and Bill Gates, on this list.
Campbell: In addition to Elon Musk, a South African immigrant, not making this list for the second year in a row – even though he is the richest person in the world – Jeff Bezos isn’t listed either. Few private citizens have sought to change American society more than they have – Musk most recently through his role in the so-called Department of Government Efficiency and Bezos through actions he takes as the owner of The Washington Post and the founder of Amazon, among other initiatives.
I believe that it is worth asking why neither of these men, who rank among the wealthiest Americans, made the list this year. While Musk gave too little information to make the list, his previous giving choices raise questions about his commitment to philanthropy as a way to advance the public good. In 2022 and 2023, for example, his foundation gave away less money than required by law and supported organizations that benefit him and his interests, such as schools attended by his children.
Do you have concerns about the big gifts these donors provide?
McDougle: The nonprofits receiving these large donations can end up in a precarious situation if that funding suddenly stops. When nonprofits rely too heavily on a few wealthy donors, they may be forced to make abrupt decisions like cutting crucial programs or laying off staff. Obviously, this underscores a core problem with overdependence on these types of major gifts: They can leave nonprofits in a bind and unable to sustain their operations without continued long-term support.
This is particularly problematic if it affects a nonprofit’s ability to engage in long-term planning. As such, when focusing on the giving of the super rich, it is important to consider not just the immediate benefits of their generosity but also the potential instability it can create for the recipients if their gift is not managed strategically.
Campbell: The total given by America’s top donors in 2024 was the sixth-highest in the past decade, after adjusting for inflation. I’d expected to see a larger amount, given that 2024 was the second straight year of stock market gains of 20% or more.
In 2020, when the COVID-19 pandemic began, the top donors gave nearly twice as much to charity as they did this past year; and they gave close to $8 billion more than that in 2021. Why haven’t the wealthiest Americans sustained that level?
Giant gifts to universities, museums and hospitals are surely making a meaningful difference in America and the world. But I wonder why these donors tend not to focus on the challenges facing those who have the least.
To be sure, some of these philanthropists use the foundations they or their relatives control to help meet the basic needs of Americans struggling to get by and address issues such as poverty, disease prevention and criminal justice reform. Melinda French Gates, Warren Buffett, and John and Laura Arnold all directed much of their giving in 2024 to those kinds of foundations.
What do you expect or hope to see in 2025 and beyond?
Top philanthropists have been slow to react so far. However, the MacArthur Foundation just announced plans to increase its giving over the next two years. MacArthur president John Palfrey said this is a response to what he called a “major crisis” brought on by the Trump administration’s spending cuts. I will observe whether other foundations or some of the wealthiest Americans follow suit.
Still, philanthropy cannot fill all these gaps. The $60 billion in foreign aid cuts represent a sliver of the trillions the Trump administration wants to slice from the federal budget. If it succeeds, donors will have countless other priorities.
Campbell: Events that took place during the first Trump administration, like the murder of George Floyd, the erosion of democratic norms and the separation of immigrant families, led philanthropists to embrace giving that addressed these issues, notably diversity, equity and inclusion initiatives. In the early days of the second Trump administration, prominent donors like Mark Zuckerberg have enthusiastically backtracked on their own DEI policies. I am now watching how other donors position themselves relative to the Trump administration’s objectives – as cheerleaders, combatants or something in between.
The Bill & Melinda Gates Foundation and Arnold Ventures have provided funding for The Conversation U.S. in the past. The Gates foundation currently provides funding for The Conversation internationally.
David Campbell receives grants from the Learning by Giving Foundation and the Conrad and Virginia Klee Foundation to support the experiential philanthropy course he teaches at Binghamton University. He also serves as the chair of the Klee Foundation board.
Lindsey McDougle and Susan Appe do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
How did the introduction of U.S. probation officers impact the federal criminal justice system?
Before the Probation Act of 1925, district judges lacked the authority to sentence defendants to probation. Some judges used a practice called “laying a case on file” to hold off on imposing a sentence so long as the defendant maintained good behavior. However, there was no formal way for the court to monitor the defendant’s conduct.
With the passage of the Probation Act of 1925 and the creation of federal probation officers, courts gained the authority to impose a sentence of probation, and judges could rely on probation officers to supervise these people in the community. Additionally, with the help of probation officers, judges could review presentence reports to help identify good candidates to be placed on probation.
How has the role of U.S. probation officers changed since the position was first created?
Initially, probation officers were only authorized to supervise those sentenced to probation. However, the scope of their work expanded quickly. In 1930, probation officers became authorized to supervise federal parolees. After World War II, probation officers began to supervise military parolees. And in the 1980s, Congress created pretrial services and authorized probation and pretrial services officers to supervise defendants in the community.
Most significantly, in 1987, when Federal Sentencing Guidelines became effective, officers began to supervise those placed on supervised release. Officers took on a legal-interpretation and legal-application role too – assessing and recommending sentencing guideline calculations in presentence reports.
The work of probation and pretrial services has only become increasingly complex, with officers managing conditions, such as location monitoring and restrictions on technology access.
What common misconceptions do people have about the role of U.S. Probation and Pretrial Services?
Some people assume that probation and pretrial services work for the Department of Justice. But from the very start, the work of officers was closely related to the Judiciary’s role in sentencing, and in 1940, officers were formally moved into the Judiciary. The status of officers as employees of the court ensures their independence and promotes trust between the officers and judges whom they serve.
Another misconception is that officers have a singular mindset – either law enforcement or social worker – about how to best supervise people on their caseload. In fact, we know that the best officers are multi-dimensional. They understand that the goal of protecting the public includes, and is not separate from, the goal of rehabilitating the person on supervision.
What obstacles has the U.S. Probation and Pretrial Services system overcome over the past century?
Officers have been asked to adjust to whatever the nation’s pressing needs are. Over the years, officers have supervised bootleggers and mob bosses, draft dodgers, Wall Street tycoons, and violent street gang members. They have had to handle both domestic and international violent extremists, as well as sexual offenders and cyber criminals. It is a testament to the skills and adaptability of officers that they have been able to adjust to all these changes.
Another challenge has been keeping up with new legislative directives and changing trends in crime overall. For example, the Sentencing Reform Act created a seismic shift in the work of probation officers. They needed to learn and apply the sentencing guidelines and understand how the goals of supervised release differed from that of probation.
What major challenges does the U.S. Probation and Pretrial Services system face today?
Securing adequate resources has always been a challenge. Most of our budget is spent on our staff. When we experience budget shortfalls, it means fewer officers and larger caseloads for the remaining officers. When caseloads get too high, there are delays in investigations and reports, which slows down cases. And large caseloads increase the risks that supervision issues are not promptly addressed.
A significant obstacle that our system – like the rest of the nation – had to overcome was the COVID-19 pandemic. As the virus swept across the country, officers had to change the way they carried out their duties to keep themselves and the people they supervised safe. I was impressed to see the ingenuity and innovations deployed by officers, including virtual home contacts, remote-monitoring technology, and the use of telehealth services. Some of the pandemic-related innovations were so successful that they have been incorporated into today’s post-pandemic policies and procedures.
What technological advancements have most impacted the work of officers?
In the early days of the system, probation officers worried about things like typewriters, office space, and office supplies. But as the system grew, questions arose about what those records should look like. In 1959, at the request of the Judiciary, the General Services Administration conducted a study on recording and reporting of probation office statistics. A number of recommendations were made to promote consistency. These formal reports are still used today to inform the Judiciary, the Congress, and the public about our work.
To track their work, officers would use logbooks and eventually Dictaphones to track case-related activities. In 1977, the Judicial Conference approved the system’s first case management system – the Probation Information Management System. A decade later, that system was replaced with the Probation and Pretrial Services Automated Case Tracking System (PACTS), and we are now nearing the end of the development of PACTS360, a secure, cloud-based system, which will enhance officers’ productivity and effectiveness.
PACTS and PACTS360 provide vital information that impacts case-specific decisions, such as the risk level of the person being supervised, and system-wide decisions, such as the resource requirement for the system.
Today, officers have access to most case-related information on their smartphones. They also leverage new technologies to interact with the people they supervise, use location and computer monitoring, and the latest drug testing technology as part of the supervision process to aid them in planning and performing field work safely.
MIAMI BEACH, Fla., March 04, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund’s Board of Directors (“Board”) has approved a change in the Fund’s investment strategy. Subject to necessary regulatory filings and the requisite approval of the Fund’s shareholders, the Fund will modify its current investment strategy and redirect the Fund to focus on a “CLO Equity Strategy”. With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for shareholders. In accordance with that change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.
In recommending this change to the Board, Thomas J. Herzfeld, Chairman of Thomas J. Herzfeld Advisors, Inc. (the “Investment Manager”) stated, “The Fund’s shareholders should know that we have not taken this decision lightly. We launched the Fund thirty years ago with the expectation that investment opportunities would be available upon opening of U.S. trade relations with Cuba. Over that time, we have seen the geo-political situation ebb and flow and have worked extremely hard to seek opportunities in the Caribbean Basin while we waited for the long-standing stalemate in relations to break. But with the new administration in Washington and the prospects for the opening of Cuba seemingly at a low point, we feel it is time for a dramatic change that is designed to enhance value for shareholders.”
Cecilia Gondor, Chairperson of the Board of the Fund commented, “With the Fund continuing to trade at a persistent discount, we challenged the investment manager to recommend solutions for our shareholders. After a lengthy period of analysis, the advisor recommended that the Fund refocus its strategy to invest in CLOs. This allows the Fund to take advantage of its closed-end fund structure in a segment of the credit industry that has demonstrated an ability for funds to trade at premiums to net asset value. While this is a dramatic change in investment focus, we believe the change is in the best interest of shareholders.”
The Directors unanimously approved the proposed changes to the Fund’s investment strategy and will recommend that the Fund’s shareholders approve the changes. The Board approved changes to the Fund’s name to Herzfeld Credit Income Fund, Inc. and ticker symbol, and that, subject to requisite shareholder approval, certain fundamental policies be modified or eliminated. The Board also authorized changes to the Fund’s investment management agreement with the Investment Manager. Those changes implement a new fee structure.
Standard fee structures within existing funds engaged in CLO strategies are comprised of a management fee based upon assets under management and an incentive fee based upon the income earned by the funds. Under the modifications approved by the Board, the fees for the Fund will be set at a 1.25% management fee and a 10% incentive fee, subject to a hurdle rate of 9%. The prior investment management agreement between the Fund and the Investment Advisor set fees at 1.45% of assets under management. The new fee structure may be more or less than the previous fee structure depending upon the performance of the Fund and the application of the incentive fee structure.
The Fund intends to hold a special meeting of shareholders as soon as practicable to obtain requisite shareholder approvals as required by the Investment Company Act of 1940, as amended (the “1940 Act”), which requires any change to a fundamental policy and the entering into of the new investment management agreement be approved by “a majority of the outstanding voting securities” of the Fund (as defined under the 1940 Act).
Thomas J. Herzfeld Advisors, Inc. has been investing in the credit markets since its founding more than 40 years ago and currently manages approximately $950 million of assets across a number of investment strategies including CLOs, private and public credit and equity, municipal bonds, and other strategies. The Firm has been a consistent top Morningstar manager, having earned recognition as a 5 star performer in multiple categories for 40 consecutive quarters.1
Mr. Herzfeld commented further, “It is imperative to me that our long-term shareholders understand that we have not given up on the opportunities that we believe ultimately will exist in Cuba. While we think the strategy change for the Fund is absolutely necessary at this time, we continue to look forward to the day when the U.S. and Cuban governments move beyond the current stalemate. We have reserved our rights to use the CUBA ticker symbol on NASDAQ and, should circumstances warrant, we will seek to explore opportunities for investment in Cuba when that day comes. Until then, however, we believe that best use of our closed-end fund structure is in the new CLO strategy.”
Additional information about the changes to the strategy have been provided in the Fund’s Semi-Annual Report filed on Monday, March 3, 2025 with the U.S. Securities and Exchange Commission available on the Fund’s website at www.herzfeld.com/cuba and will be further included in a proxy statement (the “Proxy Statement”) that the Fund will provide in connection with its special shareholder meeting.
Additional Information about the Strategy Changes
This press release is not intended to, and does not, solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the proposed changes will only be made by a definitive Proxy Statement.
This press release references a Proxy Statement, to be filed by the Fund. The Proxy Statement has yet to be filed with the Securities and Exchange Commission (the “SEC”). After the Proxy Statement is filed with the SEC, it may be amended or withdrawn. The Fund and its directors, officers and employees, and Herzfeld Advisors, and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the proposed fundamental policy changes and the proposed approval of the investment advisory agreement. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Fund’s directors, officers and employees, and Herzfeld Advisors and its shareholders, officers and employees and other persons by reading the Proxy Statement when it is filed with the SEC. INVESTORS AND SECURITY HOLDERS OF THE FUND ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED CHANGES. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY. THE PROXY STATEMENT WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND. The Proxy Statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted. Security holders may obtain free copies (when it becomes available) of the Proxy Statement and other documents filed with the SEC at the SEC’s web site atwww.sec.gov. In addition, free copies (when it becomes available) of the Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863
About Thomas J. Herzfeld Advisors, Inc.
Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.
More information about the advisor can be found at www.herzfeld.com.
Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.
Forward-Looking Statements
This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.
TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.
Contact: Thomas Morgan Chief Compliance Officer Thomas J. Herzfeld Advisors, Inc. 1-305-777-1660
SINGAPORE, March 04, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, has launched a new three-click travel insurance purchase feature for its members in Singapore. This enhancement allows returning users to instantly purchase travel insurance in just three simple clicks, eliminating the need to repeatedly fill out forms and saving them over 75% of the time typically required for purchasing a travel insurance.
Frequent travelers often face the hassle of comparing multiple insurance policies before each trip. The new three-click feature simplifies this process, allowing MoneyHero Group members to easily compare travel insurance policies from leading insurers and complete their purchase in three simple clicks – select your preferred policy, review your details, and make payment.
Faster, Easier, and More Convenient Travel Insurance
This new feature simplifies the travel insurance experience by allowing MoneyHero Group members to:
• Compare real-time quotes from leading insurers
• Customize coverage to fit their travel needs
• Purchase insurance policies instantly without redirection to third-party sites
• Autofill personal details from previous purchases, skipping repetitive form-filling
• Receive immediate confirmation and policy issuance
By integrating this feature with SingSaver membership, MoneyHero provides a seamless experience, making travel insurance purchases as straightforward as booking a flight or hotel online.
Better for Customers, Stronger for Insurers
For customers, this means less hassle and faster access to coverage. For insurers, the simplified journey improves conversion rates, increasing policy sales and customer acquisition. MoneyHero has already seen up to 2x higher conversions on end-to-end insurance purchases and expects similar or better results with this new three-click feature.
Rohith Murthy, CEO of MoneyHero, said:
“Travelers today seek efficiency and convenience, and they don’t want to waste time filling out the same forms every time they travel. They want a fast, seamless way to compare and purchase insurance with minimal effort. With this launch, we’re saving our members’ time, providing a smarter and more efficient way to purchase travel insurance. Our data indicates that reducing friction leads to higher completion rates for purchases—benefiting both our customers and our insurance partners. This new feature is integral to our commitment to making MoneyHero the go-to destination for digital insurance in the region.”
Driving Growth in Digital Insurance
MoneyHero’s insurance business is experiencing significant growth, with revenues from this vertical increasing by 54% year-over-year in the first nine months of 2024. The Company expects further acceleration as it enhances seamless purchase experiences across more insurance categories.
Currently, MoneyHero’s travel insurance platform supports 11 insurers in Singapore and Hong Kong. Following the success of this new feature, the Company plans to extend three-click purchasing to additional insurance products and markets, further solidifying its position in the digital insurance landscape.
About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 270 commercial partner relationships as at September 30, 2024, and had approximately 7.4 million Monthly Unique Users across its platform for the three months ended September 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.
Forward Looking Statements
This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.
The School of Business will induct five alumni business leaders into its ‘Hall of Fame’ during a dinner and ceremony on Friday, April 11 at the Hartford Marriott Downtown.
The School’s signature event typically draws hundreds for a night of celebration.
“This year, we proudly induct five exceptional alumni into the UConn School of Business Hall of Fame. Their remarkable achievements, leadership, and dedication to service place them among the most distinguished executives in their fields,’’ says Professor Greg Reilly, interim dean of the School of Business.
“A highlight of the evening is hearing their reflections on their time at UConn and the invaluable advice they offer to students and young alumni,’’ he says. “The Hall of Fame celebration stands as one of the most inspiring and anticipated events of the year.”
Tickets to the event, which is black-tie optional, are $175 each. There is still time to become an event sponsor as well. For reservations or additional information, please visit: alumni.business.uconn.edu.
This year’s inductees include:
Entrepreneur Trisha Bailey Believes in Exceptional Service
Trisha Bailey, ’99 (CLAS) ’23 (HON) is an entrepreneur, and the founder and CEO of Bailey’s Pharmacy & Medical Equipment & Supplies, a company built on a culture of exceptional service. She oversees her flagship company, as well as other successful enterprises, employing more than 500 people and generating revenue in the hundreds of millions annually. She is also the mother of five.
Tricia Bailey (contributed photo)
Bailey graduated with a bachelor’s degree from UConn in 1999, majoring in human development and family relations, and received an honorary degree from the School of Pharmacy in 2023.
A track standout at Weaver High School in Hartford, Bailey has been a generous donor to UConn Athletics and became the first woman to have a building named in her honor on campus. She is also involved in real estate development and housing; is a minority owner of NBA teams; and is the owner of the largest equestrian farm in Florida.
A native of Jamaica, she is deeply committed to community impact, supporting underserved communities in her native land and in the U.S., supporting nursing programs, and food and toy drives.
Her autobiography “UNBROKEN’’ addresses her complex life journey and shares her deeply held values of compassion, excellence, and empowerment.
Laurie Havanec Led 300,000 Employees at CVS Health
Laurie Havanec ’82 (BUS), ’94 JD recently retired from CVS Health, where she served as Executive Vice President and Chief People Officer. In that role, she was responsible for 300,000 employees. Prior to joining CVS, Havanec served as Executive Vice President and Chief People Officer at Otis Worldwide Corporation, including during its transition from United Technologies Corporation to an independent, publicly traded company.
Laurie Havanec (contributed photo)
Havanec earned her bachelor’s degree, with a marketing major, from the School of Business in 1982. Six weeks after the birth of her second child, she returned to UConn to fill her longtime desire to study law at the UConn Law School. She completed her degree with honors.
In 2019, Havanec endowed a need-based scholarship, through UConn Women and Philanthropy, to help women in their path to law school. She has served on the Board of Directors of American Water, as a member of the Board of Trustees for both the Connecticut Women’s Hall of Fame and the Connecticut Governor’s Committee on Workforce and Education. A two-time cancer survivor, Havanec has told her story many times to help educate women about the importance of breast-cancer detection and prevention.
Inclusivity Always Important to John Hodson
John Hodson ’85 (BUS), is the Founder and President of True Benefit, a division of AmWINS, a company that goes beyond traditional employee benefits to foster a culture of inclusivity, ethical practices, and community engagement. The company’s mission is to serve both business and the broader community and he has championed diversity, equity, and belonging throughout his career.
John Hodson (contributed photo)
Hodson earned his bachelor’s degree, with a marketing major, in 1985 and worked at The Travelers and ConnectiCare. He then became an insurance broker and eventually founded True Benefit. Since its inception, the company has grown to become the exclusive program and risk manager for ADP Total Source, the largest professional employer organization in the nation. True Benefit now serves more than 750,000 employees nationwide, overseeing more than $4 billion in healthcare premiums and delivering healthcare savings and solutions for small- to mid- sized businesses.
A dedicated advocate for LGBTQ+ rights and racial equity, Hodson has worked to improve insurance policies for the transgender community, addressing gaps in coverage and access to mental health care. He is also a proud supporter of UConn’s Name, Image, and Likeness (NIL) initiatives, with a focus on promoting mental health and the wellbeing of students. He is actively involved with several professional organizations and serves on the Board of Trustees at Sarah Lawrence College, which two of his children attended.
Greg Lewis Served as SVP and CFO of Honeywell
Greg Lewis ’91 (BUS) is the former Senior Vice President and CFO of Honeywell, a Fortune 100 company. This month, he will be stepping down from those roles and is serving as a special advisor to the CEO of the company, where he has worked since 2006.
Greg Lewis (contributed photo)
During his time at Honeywell, he served as a catalyst for digital transformation, launched the company’s Enterprise Information Management Strategy and made significant changes for greater operational excellence. He built a culture with data at the forefront of strategic decision making and provided critical leadership in response to the COVID-19 pandemic and the dynamic economic and geopolitical environment during the last five years.
Lewis earned his bachelor’s degree from the School of Business in 1991, with a major in finance, and four years later earned an MBA from Fordham University.
Over the last three years, Lewis has been involved with the School of Business, engaging with faculty and students, and mentoring teams. Lewis is a champion of diversity and inclusion and is the executive sponsor of the All-Abilities Employee Network at Honeywell with over 2,500 associates. He chairs the Charlotte (NC) Small Business Innovation Fund and is a board member for Roof Above, a Charlotte-based organization fighting homelessness. He is also an independent director on the board of Medtronic.
Lewis’ wife, Barbara, is a 1989 graduate of the School of Business. They have established a scholarship here, providing opportunities based on academic achievement and need.
Rob Skinner Named a Top Financial Advisor
Rob Skinner ’93 (CLAS) is a Founder and Managing Partner of IEQ Capital, an independent wealth management advisory firm which integrates investing and intellectual and emotional decisions.
Robert Skinner (contributed photo)
Skinner began his career at Fidelity Investments in 1995 and later joined Merrill Lynch as First Vice President of Investments. In 2008, he co-founded Luminous Capital, where he served as Chief Investment Officer, Co-Head of Investment Research, and Co-Manager of Portfolio Construction. Luminous Capital managed $5.5 billion of assets when it was acquired by First Republic Bank in 2012. At First Republic, Skinner served as Senior Managing Director and Wealth Manager.
Skinner has been lauded for his expertise, including being named as one of America’s Top Wealth Advisors by Forbes and as one of America’s Top 100 Financial Advisors by Barron’s.
Skinner earned a bachelor’s degree from UConn in 1993, with a major in political science. He is active in a host of community programs, serving on the board of directors for The First Tee of Monterey County and also the Pebble Beach Company Foundation. He is a trustee of PGA REACH, the charitable arm of the PGA of America, as well as the Naval Postgraduate School Foundation, and serves on multiple investment advisory boards.
Aviva Canada data reveals a 76% rise in claim fraud investigations in 2024.
Auto-related incidents accounted for 67% of all claim fraud investigations during the past year.
Bad actors are capitalizing on Artificial Intelligence (AI) and technology for their malicious activities and Canadians are urged to keep vigilant.
TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — From auto theft to AI-generated documents and beyond, fraud continues to be one of the more pressing issues facing Canadian consumers and businesses in 2025.
As Fraud Prevention Month kicks off, new data from Aviva Canada has revealed a 46% increase in claim fraud detection – and a staggering 76% rise in fraud investigations – in 2024. Auto-related incidents alone accounted for two-thirds (67%) of all claim fraud investigations during the past year. Advancements in AI and its use by individuals to falsify information are expected to be on the rise in 2025.
“People are getting more sophisticated and innovative in their approaches when engaging in potentially fraudulent activity, making it increasingly difficult for the average Canadian to spot,” says Jamie Lee, Head of Financial Crime and Fraud, Aviva Canada. “Insurance fraud costs Canadians $1 billion per year in added premiums. It’s vital for Canadians to stay educated on the rising trends to better protect themselves.”
Five Emerging Fraud Trends to Watch in 2025 The methods used by bad actors are constantly evolving, so it’s important for Canadians to stay current on emerging trends. Aviva Canada’s data shows five types of fraud that are growing in the Canadian market:
Vehicle Theft and ReVINing – Vehicle thefts remain above pre-pandemic levels, with a 58% increase in investigations in the latter half of 2024. Stolen vehicles are often shipped overseas, or their VIN numbers altered and resold to unsuspecting Canadian buyers with false documentation. With the tightening of Canada-US borders, more stolen vehicles could remain in Canada, increasing the likelihood of Canadians buying a stolen vehicle from online public marketplaces.
Staged Auto Accidents – Increasing in numbers and complexity, staging false auto accidents is a trend on the rise across Canada. Aviva Canada saw a 47% increase in the number of staged accidents caught in Q4 2024. This type of scam could be linked to organized crime groups operating in Canada.
AI-Enabled Falsified or Forged Documents – The use of technology AI to edit or falsify documents is increasingly evident in investigations. This technology is frequently seen in both staged claims and opportunistic fraud, where it is used to create false claims or inflate legitimate claims, such as personal and commercial property contents claims, by supporting them with false invoices.
Ghost Brokers – People posing as licensed insurance brokers to sell fake policies or manipulate information to secure lower premiums is a growing concern in Canada, often leaving unsuspecting consumers without valid coverage. Consumers should be extra vigilant when purchasing insurance. They are encouraged to check their provincial registries to ensure the person they’re dealing with is properly licensed and confirm proof of insurance directly with the insurer.
Policy Misrepresentation – Individuals may misrepresent or omit key information from their insurance policies such as their true address, the intended use of a vehicle or property, or not disclosing major construction or renovations being done. These incidents can unfortunately lead to honest customers paying disproportionately higher premiums.
“Fraud impacts Canadians not only financially, but also mentally and emotionally,” adds Lee. “Fraud costs everyone and drives up insurance premiums. At Aviva Canada, we are continuing to work with law enforcement and industry stakeholders to better protect Canadians from fraud.”
For tips and more information on how to protect yourself or to report fraud, you can visit Aviva Canada’s Fraud Hub.
Media Contact: Kelsie Ludlow Communications Specialist Tel: 437-331-7209 Email: Kelsie.ludlow@aviva.com
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.5 million customers coast to coast. A subsidiary of UK-based Aviva plc, we have the financial strength, scale and are a trusted insurance provider globally for more than 325 years.
The US President’s Emergency Plan for AIDS Relief has been a cornerstone of global HIV/Aids prevention, care and treatment for over two decades. Pepfar has enjoyed broad bipartisan support in the US, but its future is now uncertain. Public health scholars Eric A. Friedman, Sarah A. Wetter and Lawrence O. Gostin explain Pepfar’s history and impacts, as well as what may lie ahead.
The early years
Many people today have forgotten the sheer devastation that the Aids pandemic wrought on the African continent, first spreading widely in east Africa in the 1980s. By the end of the 20th century, life expectancy in the region had decreased from 64 to 47 years.
Millions of children were infected and many grew up as orphans, with HIV taking the life of one or both of their parents. Children, especially girls, were taken out of school to nurse sick relatives or because school fees were unaffordable.
Underfunded health systems were near collapse, as were the economies of many African countries.
These devastating figures persisted despite the discovery of highly effective antiretroviral therapies in the 1990s. These drugs rapidly became widely available in rich countries, beginning in 1996, leading to an 84% decline in death rates over four years.
But cost kept the drugs out of reach for African countries.
Only about 100,000 of the 20 million people infected with HIV in Africa were accessing drug treatment in 2003.
The turnaround
A major breakthrough came when US president George W Bush proposed a bold global initiative, Pepfar, in his 2003 State of the Union Address. Pepfar would dedicate US$15 billion over five years with the goals of preventing 7 million new infections, treating 2 million people, and caring for another 10 million infected with HIV or orphaned by the disease.
By 2005, more than 800,000 people were being treated for HIV in Africa – an eightfold increase from only two years prior. Under Pepfar, the costs of antiretroviral treatment per person per year in low- and middle-income countries fell from US$1,200 in 2003 to just US$58 in 2023.
Pepfar maintained bipartisan support throughout both Democratic and Republican-led administrations and Congresses. Through 2018, it had been reauthorised three times, each for five years.
The programme has lived up to its promise. The investment of over US$110 billion since being launched has been transformative, with sub-Saharan Africa benefiting the most.
Its importance extends beyond Aids. The programme directly supports more than 340,000 health workers, a tremendous contribution in Africa especially, given severe health worker shortages in much of the continent.
A key member of Congress, along with organisations against abortion, raised concerns that Pepfar was supporting abortions, even though there was no such evidence at the time. In fact, by law Pepfar is prohibited from supporting abortions.
Ever since then, the threats posed to a five-year Pepfar reauthorisation have grown.
The Trump effect
In January, Pepfar reported to Congress that its own investigators had found that four nurses in Mozambique had used Pepfar funding to perform abortions (which are legal in Mozambique), 21 in all. Pepfar officials froze funds to the four nurses and required staff to attest to understanding that they were prohibited from providing abortion as part of US-funded health services.
Days later Pepfar, along with most other US foreign assistance programmes, suffered a severe blow. President Donald Trump signed an executive order pausing all further disbursements and new obligations of foreign assistance funds for 90 days, pending a sweeping review.
Four days later, secretary of state Marco Rubio issued a directive that went even further, also requiring organisations to stop work, even those that had already received funds needed to operate.
By 27 January, virtually all US foreign assistance programmes had come to a halt, including Pepfar programmes.
Following an outcry, Rubio issued a waiver for lifesaving humanitarian assistance on 28 January. With confusion over what was covered, including whether the waiver encompassed HIV medicines, he issued another waiver on 1 February, covering Pepfar treatment and care programmes, including prevention of and treatment for TB and other opportunistic infections, as well as prevention of mother-to-child transmission programmes.
But organisations receiving US foreign assistance funds needed to get individual approval to resume, and the administration had put much of USAid’s staff on administrative leave. USAid (along with the US Centers for Disease Control and Prevention) has a central role in administering Pepfar. Many others, including contractors embedded in USAid operations, have been furloughed or fired.
Very few people existed to process requests to resume work. Furthermore, USAid’s payment system appeared not to be working.
The decisions of the Trump administration are being challenged in court in the US on the grounds that they are illegal and unconstitutional because they are usurping Congress’s power to determine how the US government spends funds, among other violations of the law.
Nonetheless, as of this writing, despite a court order to resume funding, it remains entirely frozen, and most programmes are still shut down. The day after the court ordered the government to pay nearly US$2 billion it owes organisations for work already done, the administration revealed that it had terminated the vast majority of foreign assistance awards, including some for Pepfar. Details have not been made public. Meanwhile, the US Supreme Court put a short-term pause on the lower court’s order to immediately pay the money already owed.
The impact
The impact has been immediate. People on HIV treatment could not pick up additional medicine, leading to treatment interruption. Pepfar-funded health services had to turn away patients. Health workers supported by Pepfar, among them 40,000 in Kenya, could no longer be paid.
Many organisations that relied on Pepfar funds also had to lay off staff. Community groups have been affected and many have suspended their services entirely.
It remains unclear what the future holds – how severe the cuts will be, and to what programmes. In the near term, much depends on the courts and whether the administration implements court orders, as it has yet to do. In the longer term, Congress could seek to resume Pepfar to its former strength, though this would mean acting against the administration’s wishes. Even then, it is not clear whether the administration would spend the money allocated, and the damage already done to Pepfar programmes and trust in the US government will not be repaired quickly.
Pepfar is currently funded at US$7.5 billion annually. It accounts for over 10% of all US foreign assistance and over half of US global health assistance.
The separate Pepfar waiver suggests the deepest support for Pepfar is for HIV treatment programmes, as well as others meant to be protected under the waiver. Barring vast cuts to foreign assistance and Pepfar, these programmes are most likely to be at least spared, though the administration has terminated even some grants that had been covered by the waiver.
Other Pepfar programmes, particularly with respect to HIV prevention, are most vulnerable.
Rethinking priorities
The vulnerability of different African countries to Pepfar cuts varies widely. Some fund most of their own HIV programmes. South Africa’s HIV programmes are 74% domestically funded, with the balance coming from Pepfar (17%) and the Global Fund (7%).
But Pepfar funding accounts for about 90% of all HIV funding in Tanzania and Côte d’Ivoire, and more than half of HIV medicines purchased for the Democratic Republic of Congo, Mozambique and Zambia are purchased by the US.
If there are significant Pepfar funding cuts, it is doubtful that other wealthy countries will be able to compensate. And because the US, through Pepfar, is the largest contributor to the Global Fund, it is unlikely that the Global Fund could fill the gap either.
Under these circumstances, unless countries increase their domestic HIV spending, the dramatic progress in combating HIV/Aids in Africa could begin to become undone. The conversation in Africa must focus on ending reliance on foreign assistance and developing resilient financing mechanisms to continue the fight to end Aids.
– Pepfar funding to fight HIV/Aids has saved 26 million lives since 2003: how cutting it will hurt Africa – https://theconversation.com/pepfar-funding-to-fight-hiv-aids-has-saved-26-million-lives-since-2003-how-cutting-it-will-hurt-africa-250413
The US President’s Emergency Plan for AIDS Relief has been a cornerstone of global HIV/Aids prevention, care and treatment for over two decades. Pepfar has enjoyed broad bipartisan support in the US, but its future is now uncertain. Public health scholars Eric A. Friedman, Sarah A. Wetter and Lawrence O. Gostin explain Pepfar’s history and impacts, as well as what may lie ahead.
The early years
Many people today have forgotten the sheer devastation that the Aids pandemic wrought on the African continent, first spreading widely in east Africa in the 1980s. By the end of the 20th century, life expectancy in the region had decreased from 64 to 47 years.
Millions of children were infected and many grew up as orphans, with HIV taking the life of one or both of their parents. Children, especially girls, were taken out of school to nurse sick relatives or because school fees were unaffordable.
Underfunded health systems were near collapse, as were the economies of many African countries.
These devastating figures persisted despite the discovery of highly effective antiretroviral therapies in the 1990s. These drugs rapidly became widely available in rich countries, beginning in 1996, leading to an 84% decline in death rates over four years.
But cost kept the drugs out of reach for African countries.
Only about 100,000 of the 20 million people infected with HIV in Africa were accessing drug treatment in 2003.
The turnaround
A major breakthrough came when US president George W Bush proposed a bold global initiative, Pepfar, in his 2003 State of the Union Address. Pepfar would dedicate US$15 billion over five years with the goals of preventing 7 million new infections, treating 2 million people, and caring for another 10 million infected with HIV or orphaned by the disease.
By 2005, more than 800,000 people were being treated for HIV in Africa – an eightfold increase from only two years prior. Under Pepfar, the costs of antiretroviral treatment per person per year in low- and middle-income countries fell from US$1,200 in 2003 to just US$58 in 2023.
Pepfar maintained bipartisan support throughout both Democratic and Republican-led administrations and Congresses. Through 2018, it had been reauthorised three times, each for five years.
The programme has lived up to its promise. The investment of over US$110 billion since being launched has been transformative, with sub-Saharan Africa benefiting the most.
Its importance extends beyond Aids. The programme directly supports more than 340,000 health workers, a tremendous contribution in Africa especially, given severe health worker shortages in much of the continent.
A key member of Congress, along with organisations against abortion, raised concerns that Pepfar was supporting abortions, even though there was no such evidence at the time. In fact, by law Pepfar is prohibited from supporting abortions.
Ever since then, the threats posed to a five-year Pepfar reauthorisation have grown.
The Trump effect
In January, Pepfar reported to Congress that its own investigators had found that four nurses in Mozambique had used Pepfar funding to perform abortions (which are legal in Mozambique), 21 in all. Pepfar officials froze funds to the four nurses and required staff to attest to understanding that they were prohibited from providing abortion as part of US-funded health services.
Days later Pepfar, along with most other US foreign assistance programmes, suffered a severe blow. President Donald Trump signed an executive order pausing all further disbursements and new obligations of foreign assistance funds for 90 days, pending a sweeping review.
Four days later, secretary of state Marco Rubio issued a directive that went even further, also requiring organisations to stop work, even those that had already received funds needed to operate.
By 27 January, virtually all US foreign assistance programmes had come to a halt, including Pepfar programmes.
Following an outcry, Rubio issued a waiver for lifesaving humanitarian assistance on 28 January. With confusion over what was covered, including whether the waiver encompassed HIV medicines, he issued another waiver on 1 February, covering Pepfar treatment and care programmes, including prevention of and treatment for TB and other opportunistic infections, as well as prevention of mother-to-child transmission programmes.
But organisations receiving US foreign assistance funds needed to get individual approval to resume, and the administration had put much of USAid’s staff on administrative leave. USAid (along with the US Centers for Disease Control and Prevention) has a central role in administering Pepfar. Many others, including contractors embedded in USAid operations, have been furloughed or fired.
Very few people existed to process requests to resume work. Furthermore, USAid’s payment system appeared not to be working.
The decisions of the Trump administration are being challenged in court in the US on the grounds that they are illegal and unconstitutional because they are usurping Congress’s power to determine how the US government spends funds, among other violations of the law.
Nonetheless, as of this writing, despite a court order to resume funding, it remains entirely frozen, and most programmes are still shut down. The day after the court ordered the government to pay nearly US$2 billion it owes organisations for work already done, the administration revealed that it had terminated the vast majority of foreign assistance awards, including some for Pepfar. Details have not been made public. Meanwhile, the US Supreme Court put a short-term pause on the lower court’s order to immediately pay the money already owed.
The impact
The impact has been immediate. People on HIV treatment could not pick up additional medicine, leading to treatment interruption. Pepfar-funded health services had to turn away patients. Health workers supported by Pepfar, among them 40,000 in Kenya, could no longer be paid.
Many organisations that relied on Pepfar funds also had to lay off staff. Community groups have been affected and many have suspended their services entirely.
It remains unclear what the future holds – how severe the cuts will be, and to what programmes. In the near term, much depends on the courts and whether the administration implements court orders, as it has yet to do. In the longer term, Congress could seek to resume Pepfar to its former strength, though this would mean acting against the administration’s wishes. Even then, it is not clear whether the administration would spend the money allocated, and the damage already done to Pepfar programmes and trust in the US government will not be repaired quickly.
Pepfar is currently funded at US$7.5 billion annually. It accounts for over 10% of all US foreign assistance and over half of US global health assistance.
The separate Pepfar waiver suggests the deepest support for Pepfar is for HIV treatment programmes, as well as others meant to be protected under the waiver. Barring vast cuts to foreign assistance and Pepfar, these programmes are most likely to be at least spared, though the administration has terminated even some grants that had been covered by the waiver.
Other Pepfar programmes, particularly with respect to HIV prevention, are most vulnerable.
Rethinking priorities
The vulnerability of different African countries to Pepfar cuts varies widely. Some fund most of their own HIV programmes. South Africa’s HIV programmes are 74% domestically funded, with the balance coming from Pepfar (17%) and the Global Fund (7%).
But Pepfar funding accounts for about 90% of all HIV funding in Tanzania and Côte d’Ivoire, and more than half of HIV medicines purchased for the Democratic Republic of Congo, Mozambique and Zambia are purchased by the US.
If there are significant Pepfar funding cuts, it is doubtful that other wealthy countries will be able to compensate. And because the US, through Pepfar, is the largest contributor to the Global Fund, it is unlikely that the Global Fund could fill the gap either.
Under these circumstances, unless countries increase their domestic HIV spending, the dramatic progress in combating HIV/Aids in Africa could begin to become undone.
The conversation in Africa must focus on ending reliance on foreign assistance and developing resilient financing mechanisms to continue the fight to end Aids.
Lawrence O. Gostin is Director of the WHO Collaborating Center on Global Health Law
Eric Friedman and Sarah Wetter do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
CHICAGO, March 04, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today reported net income of $17.1 million for the year ended December 31, 2024, compared to net income of $16.1 million for the year ended December 31, 2023. The Company recorded earnings per share of $3.91 for 2024 as compared to earnings of $3.69 per share for the year ended December 31, 2023.
At December 31, 2024, total assets were $2.208 billion, an increase of $66 million, or 3%, compared to $2.142 billion at December 31, 2023. Total loans decreased by $19.3 million, to $1.405 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $30.0 million, or 2%, to $1.740 billion compared to $1.710 billion at the end of 2023.
Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the increase in consolidated earnings was a higher level of realized and unrealized gains on the Company’s equity portfolio in 2024. The increase in realized and unrealized gains on the Company’s equity portfolio was partially offset by a decrease in net interest income and an increase in provision for credit losses.”
Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.
Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Marquette National Corporation and Subsidiaries
Financial Highlights
(Unaudited)
(in thousands, except share and per share data)
Balance Sheet
12/31/24
12/31/23
Percent Change
Total assets
$2,207,663
$2,142,039
3
%
Total loans, net
1,390,799
1,410,345
-1
%
Total deposits
1,739,799
1,709,750
2
%
Total stockholders’ equity
173,579
159,053
9
%
Shares outstanding
4,367,477
4,381,162
0
%
Book value per share
$39.74
$36.30
9
%
Tangible book value per share
$31.65
$28.24
12
%
Operating Results
Year Ended December 31,
Percent Change
2024
2023
Net Interest income
$45,032
$48,654
-7
%
Provision for credit losses
3,700
2,619
41
%
Realized securities gains (losses), net
1,947
(662
)
*
Unrealized holding gains on equity securities and exchange traded funds
MAHWAH, N.J., March 04, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it is holding its Hackers Challenge on March 13, 2025, in Lima, Peru at the Westin Lima Hotel and Convention Center. The flagship event, which brings together global security and technology experts from the private and public sector, will combine learning, collaboration and innovation to help companies solve their most pressing cybersecurity issues.
According to Piero Garmendia, Radware’s regional manager for the South of Latin America region, “Radware’s Hackers Challenge offers organizations a unique opportunity to watch hackers in live action and then apply that learning in strengthening their own cyber defense strategies. We are convinced the simulation will serve as a key platform to inspire ideas and prepare security professionals for the cyber challenges of the future.”
During the event, hackers will go head-to-head with Radware’s security experts and web application and API protection defenses, trying to breach protected web applications by circumventing tools designed to block their malicious attempts. While witnessing the hackers’ techniques, the live audience will learn corresponding protection strategies.
In addition, participants will learn how artificial intelligence can be used to manage security vulnerabilities across corporate networks. They also will get firsthand insights from a panel of cybersecurity and digital transformation experts representing government offices and leading financial institutions from Peru as well as an international embassy.
“In a world that is becoming more inter-connected, cybersecurity is a fundamental pillar for progress,” said Arie Simchis, Radware’s regional director in Latin America. “Our event reflects Radware’s leadership and ongoing commitment to cybersecurity innovation in the region. Operating for nearly 20 years in Latin America, we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region.”
Radware’s Latin American presence spans Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Mexico, Panama, and Peru. In addition, the company has cloud security service centers in Chile and Brazil. The Latin American facilities are part of Radware’s worldwide network of over 50 cloud security service centers, which offer a combined mitigation capacity of 15Tbps. The company plans to continue to grow its global footprint, opening more cloud security service centers in 2025.
Visit Radware’s Hackers Challenge website for more information.
About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively;a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing businessin countries with a history of corruption or with foreign governments;changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website atwww.radware.com.