Source: EuroStat – European Statistics
European Commission Press release Brussels, 05 Mar 2025 European Commission President Ursula von der Leyen and World Bank Group President Ajay Banga announced today following a meeting in Brussels their intent to align the European Commission’s ‘Scaling Up Renewables in Africa’ initiative with ‘Mission 300′, which aims to provide electricity to 300 million people in Africa by 2030.
Source: Reserve Bank of India
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The Reserve Bank of India (RBI) has appointed Dr. Ajit Ratnakar Joshi as Executive Director (ED) with effect from March 03, 2025. Prior to being promoted as ED, Dr. Joshi was serving as Principal Adviser in Department of Statistics and Information Management. Dr. Joshi has experience of over three decades in the areas of statistics, information technology, and cyber risk management. He also served as member of faculty at the Institute of Development and Research in Banking Technology, Hyderabad. He has also served as member of several committees and working groups relating to compilation of macroeconomic statistics and policy issues. As Executive Director, Dr. Joshi will look after Department of Statistics and Information Management and Financial Stability Department. Dr. Joshi has a master’s degree in statistics from Nagpur University, Ph.D. in monetary economics from the Indian Institute of Technology Madras, Diploma in Development Policy and Planning from the Institute of Economic Growth, Delhi and is a certified associate of the Indian Institute of Banking and Finance (CAIIB). (Puneet Pancholy) Press Release: 2024-2025/2302 |
Source: China State Council Information Office
China’s economy has started 2025 with renewed vigor, as key indicators spanning manufacturing, consumption and real estate reveal strengthening momentum, thereby signaling continued recovery and stability amid global uncertainties, experts noted.
PMI signals expansion
The Purchasing Managers’ Index (PMI) for China’s manufacturing sector rose to 50.2 in February, up 1.1 percentage points from January and back in expansion territory, latest data from the National Bureau of Statistics (NBS) showed.
The non-manufacturing PMI also improved last month, edging up 0.2 percentage points to 50.4, while indices in sectors such as air transport, postal services, telecommunications, radio, television, satellite transmission services, monetary and financial services, and capital market services remained above 55 in February — indicating robust growth in overall business volume, NBS statistician Zhao Qinghe said.
China’s composite PMI stood at 51.1 in February, up 1 percentage point from the previous month, the NBS confirmed.
All three key PMI indicators stood in expansion territory in February, driven by post-Spring Festival production resumption and improved market confidence, reflecting that an overall recovery was gathering speed, Zhao noted.
Robust green consumption
China’s green transformation of consumption in key areas has continued in 2025. Looking at new energy vehicles (NEVs) as an example, the country’s passenger car production volume reached 2.11 million units in January, up 3.6 percent year on year, while NEV output and sales soared by 25.8 percent and 10.5 percent from a year earlier to reach 940,000 units and 744,000 units, respectively.
Complementing this growth, China’s newly-launched insurance platform for NEVs had already covered 114,000 units as of February 25, following guidelines to address challenges and bolster consumer trust in this rapidly expanding sector.
Notably, in the first two months of 2025, China’s electric bicycle trade-in program generated healthy sales of approximately 1.019 million e-bikes, driving new sales of such bikes amounting to 2.66 billion yuan (about 370 million U.S. dollars), the Ministry of Commerce said on Monday.
Commenting on China’s recent economic performance, Gabriel Crouse, a South African policy analyst at the Institute of Race Relations, said that compared with the fast economic growth from a relatively low baseline decades ago, China is now operating from a higher baseline and pursuing high-quality development.
“China is continuing to lead the world in new energy vehicles, artificial intelligence (AI) and other emerging sectors,” said Crouse.
Traditional pillar sees stabilization
The real estate sector, a traditional pillar of domestic demand, is showing signs of stabilization, said Ming Ming, chief economist at CITIC Securities — highlighting policy tailwinds, including potential cuts to mortgage rates and relaxed purchasing restrictions in major cities, as keys to restoring market equilibrium.
Data from E-house China R&D Institute revealed that the average destocking period for new residential homes in 100 Chinese cities was 21.3 months in January, a remarkable drop from the previous peak of 26.8 months.
New residential home sales in Beijing surged by 47.11 percent year on year in February — with 2,295 units recorded in online sales contracts. Meanwhile, second-hand home transactions, a key segment of the city’s property market, saw a 92.3-percent increase during the same period, according to data from leading real estate website Fang.com.
As a series of market-stabilizing policies begin to take effect, the upward trend with positive signals across the industry will become increasingly clear, promoting the entire industrial chain in this sector in entering a positive recovery cycle, said Zhang Yan, an analyst from property research institution CRIC.
Chinese policymakers have since last year introduced a range of measures, including financial stimuli and regulatory adjustments, to bolster the property sector. These include mortgage rate cuts, lower down payment requirements, eased purchasing restrictions and financing coordination mechanisms to enhance funding support for developers.
“To see China recognize problems and address them properly reassures investors that the Chinese economy remains a safe place to bet on,” said Crouse.
Source: International Organization for Migration (IOM)
Chipata – Zambia, a nation at the heart of Southern Africa, is a crossroads for countless migrants seeking hope and safety. The International Organization for Migration (IOM), with support from the Kingdom of the Netherlands, has been instrumental in addressing the health needs of these vulnerable populations through the SRHR-HIV Knows No Borders (KNB) Programme.
During the 2025 Ncwala Traditional Ceremony in Chipata, Eastern Province, IOM’s presence was both impactful and transformative. The ceremony, known for its vibrant Ngoni dances and cultural significance, provided a unique platform for IOM to engage with the community on critical health issues. Chief Madzimawe of the Ngoni speaking people of Kasenengwa District praised IOM’s efforts, noting, “My subjects have benefited immensely from the SRHR programmes. We’ve seen a significant reduction in teenage pregnancies and child marriages.” However, he also highlighted ongoing challenges such as the restrictive age of consent when a young person under the age of 16 wishes to access SRH services and commodities.”
Gift (pseudonym), a 20-year-old migrant sex worker from Malawi, shared her positive experience, “Since arriving in December 2024, I regularly visit Mchenjeza health post in Vubwi District to access male condoms for protection and contraception.” Her story underscores the importance of accessible reproductive health services for all, regardless of migration status. Akuya Sobana, Nurse In-Charge at Chikoma Rural Health Centre, emphasized the programme’s impact, stating, “Since 2021, the KNB programme has benefited over 6,000 clients, including migrants, sex workers, and young vulnerable people.” She noted that all 14 health facilities in Vubwi district now offer essential services to targeted clients, including those from neighboring countries.
During the three-day Ncwala ceremony, IOM reached out to 9,119 clients with key health messages, distributed 58,840 male condoms, and referred 4,267 clients to health centers. Additionally, 3,267 individuals received various services, including family planning, HIV testing, and STI screening. Gracious Mulenga, an ART Nurse and Adolescent Focal Point Person from Chipata District Hospital, observed, “IOM’s participation in the Ncwala ceremony yielded a remarkable response, particularly from male attendees. Many men eagerly accepted condoms, demonstrating a growing awareness of safe sexual practices.”
The statistics from the event are telling: 357 family planning strips of tablets were given to female clients, 54 individuals received Pre-Exposure Prophylaxis (PreP), 2,900 were screened for Hematocrit (HCT), 20 females were counseled for Gender-Based Violence, and 15 received mental health and psychosocial support. IOM’s engagement at the Ncwala ceremony not only highlighted the Organization’s commitment to promoting sexual and reproductive health but also fostered a deeper understanding of the socio-economic dynamics related to migration. By integrating cultural heritage with health initiatives, IOM is making significant strides in empowering marginalized communities and ensuring access to essential healthcare services.
Emmanuel Sinkala, Migration, Health and Gender Assistant at IOM, remarked, “N’cwala aligns well with IOM’s mission to support communities affected by migration and to foster understanding of the socio-economic dynamics related to migration.” Through its unwavering commitment, the Knows No Borders programme continues to transcend migration status and geographical boundaries, empowering communities and promoting a comprehensive approach to health and well-being.
Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra
Australia’s economy expanded at the fastest pace in two years in the December quarter, boosted by an improvement in household spending and stronger exports.
The Australian Bureau of Statistics’ national accounts report today said the economy grew by 0.6% in the quarter. It attributed this to “modest growth […] broadly across the economy […] supported by an increase in exports”.
Annual gross domestic product (GDP) growth for the year to December 2024 was 1.3%. That’s not especially high in historical terms, but as good as we have seen since late 2022. The long-term average growth for the Australian economy is closer to 2.7%.
It is one of the last pieces of major economic data before the next federal election, and will provide some comfort to the Labor government.
A further encouraging sign is that GDP per head of population is no longer shrinking. It is tiny, rising a mere 0.1%, but at least is positive.
This follows seven consecutive quarters where the per capita measure declined. Today’s report ends what some call a “per capita recession”: when the economy grows slower than population, so in terms of production per person we actually go backwards.
Households spent more – on furniture, appliances, clothing, hotels, cafes and restaurants, health care and electricity. Consumption grew by 0.4% – which added to economic growth.
Households also saved more – the saving to income ratio grew from 3.6% to 3.8%, the highest in nine quarters. How were households able to save, even while they spent more? The answer is wages are growing even more strongly.
Employee compensation increased by 2% across the board, in both the public and private sectors. The compensation figure also reflects a 0.7% increase in hours worked.
Other contributors to positive economic growth in the quarter were government spending and exports of goods and services. Agriculture was a strong performer (up 7.3%) due to meat exports to the United States and increased grains production following favourable weather conditions.
Nevertheless, GDP does not capture important dimensions of wellbeing.
It omits things we value such as unpaid work, and the natural environment. Spending on recovery from a disaster improves GDP; if disaster never happens the numbers are unaffected.
Australian statistician David Gruen outlined the limitations of GDP in a speech he gave in 2010, while still at Treasury. Economists and statisticians alike recognise those limitations.
Still, the alternative to GDP growth is a recession: people lose jobs and income, businesses go broke. So overall, this latest release is a positive set of numbers for Australia.
The trajectory for economic growth is looking good.
The December quarter was an improvement on the September quarter’s result of 0.3%, and 0.2% in the June quarter. That September quarter result turned out, as predicted,
to be a turning point.
We now seem to be on a pathway for continuing growth. The December quarter, remember, came before the Reserve Bank cut interest rates in February. Falling interest rates will benefit not only mortgage holders but also business borrowers.
Inflation has fallen to a level that gives optimism on possible future interest rate cuts.
Nevertheless, although the rate of inflation is falling, this does not mean prices are coming down. They are merely rising more slowly than before. The inflation number is also an average. Some goods or services have higher than average price rises, others lower. People tend to pay attention to the prices that rise, not those that stay the same or decline.
In short, these numbers may not make too much of a difference to the government’s election prospects. People will still be worried about the cost of living.
If voters pay attention to international politics, they also know our current economic sunshine might not last.
US President Donald Trump has imposed 25% tariffs on Canadian and Mexican imports, and doubled the tariff on Chinese imports from 10% to 20%. The affected countries are talking about retaliation.
Even if the US does not impose tariffs on Australian products (which remains a possibility, but Australian diplomats are lobbying hard to head it off), there is an impact from the US tariffs on China.
We rely on China as our major trading partner. If its economy slows, so will ours. China has responded to the threat of tariffs today with a fresh stimulus package.
Even more worrying is if the trade wars spread to other countries. Protectionism and insularity harms economies. Spread widely it can lead to a global recession.
Even though the December quarter national accounts show good signs of economic recovery and bode well for the future, international events beyond Australia’s control might yet derail our positive prospects.
Stephen Bartos does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Australia’s economy has turned the corner, and consumer spending was a big help – https://theconversation.com/australias-economy-has-turned-the-corner-and-consumer-spending-was-a-big-help-251262
Source: The White House
Here is just a tiny sample of the cold-blooded criminals arrested under President Trump:
Source: China State Council Information Office
By the end of February, cargo volume on the Chancay-Shanghai shipping route had exceeded 22,000 tonnes since the sea link between China and Peru became fully operational in both directions on Dec. 18, 2024, according to Shanghai Customs.
The total cargo value reached 610 million yuan (about 85.03 million U.S. dollars), the customs department said Tuesday.
Currently, two regular voyages operate between the ports each week, benefiting other major Chinese ports along the east coast, including Dalian, Qingdao, Ningbo and Xiamen.
Chancay Port is not only a deep-water hub but also South America’s first smart and green port. As a flagship Belt and Road cooperation project between China and Peru, the direct route has cut sea travel time between the two countries from over a month to approximately 23 days, reducing shipping costs by at least 20 percent.
The new route has enhanced cargo flows from Latin America to Asia, with projected shipments from Brazil, Ecuador and Colombia. It also streamlined distribution across Asia, offering faster and more cost-effective shipping services.
Statistics from Shanghai Customs show that in 2024, the import value of goods transported from Peru to Shanghai port reached 26.4 billion yuan, marking a year-on-year increase of 23.6 percent; meanwhile, the export value of goods transported from Shanghai port to the South American country amounted to 25.1 billion yuan, up 22.2 percent.
In December 2024, the first month after the sea route was launched, total trade between Shanghai port and Peru surged to 4.68 billion yuan, a 46.1 percent increase from the previous year.
Chinese-made automobiles are among the key exports to Peru, while agricultural products such as fruit and fish powder from the South American country are common imports.
Shanghai Customs has established a “green channel” for cargo and optimized supervision services to ensure safety and efficiency on the route.
Source: China State Council Information Office 2
The annual “two sessions,” a highly anticipated event on China’s political calendar, began on Tuesday with the opening of the annual session of the country’s top political advisory body.
The annual session of China’s top legislature, the National People’s Congress (NPC), is set to begin on Wednesday.
Offering a critical window into China’s development roadmap for 2025, the final year of its 14th Five-Year Plan (2021-2025), the sessions hold profound significance as the world’s second-largest economy accelerates its shift toward high-quality development and advances Chinese modernization.
This year’s “two sessions,” the first since last July’s reform-themed third plenary session of the 20th Central Committee of the Communist Party of China (CPC), are expected to shape the country’s policy direction amid an increasingly complex and challenging domestic and global landscape.
Key political gatherings
Chinese President Xi Jinping and other leaders attended the opening meeting of the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), held at the Great Hall of the People.
Wang Huning, chairman of the CPPCC National Committee, delivered a work report on behalf of the Standing Committee of the CPPCC National Committee.
The country’s top political advisor said China has accomplished its main economic and social development targets for 2024, applauding the major achievements made in the country’s modernization drive.
During the eight-day sessions, the Chinese premier, top legislator, top political advisor, chief justice and top procurator will present work reports. Lawmakers will review the government’s annual budget and development plan, and deliberate an amendment to the law on deputies to the NPC and local people’s congresses.
In parallel, ministers from various government departments will hold interviews and press conferences to engage with the public, clarify policies, and address pressing concerns.
This year’s “two sessions” are expected to foster consensus and enhance confidence as China strives to further deepen reforms and achieve the goals outlined in the 14th Five-Year Plan.
Macroeconomic policy shift
This year’s economic growth target, along with an array of widely-watched key macroeconomic indicators for 2025, including the deficit-to-GDP ratio and the inflation target, is expected to be unveiled in the government work report at the start of the NPC session.
In 2024, China achieved its growth target of around 5 percent, largely thanks to significant macroeconomic measures designed to counter economic headwinds.
Despite the challenges China’s economy has faced in recent years, it is projected to contribute about 30 percent of global economic growth in 2024, making it the largest source of growth for the world economy.
While China’s economy has demonstrated resilience, challenges and problems such as insufficient domestic demand and external pressures persist.
Amid evolving challenges, China has signaled a shift in its macroeconomic stance. Months before the “two sessions” at the tone-setting Central Economic Work Conference, policymakers pledged to roll out more proactive macro policies this year. Notably, they adopted a “moderately loose” monetary policy, significantly departing from the “prudent” approach over the past 14 years.
China has also pledged to actively use the room for a higher deficit, increase the issuance of local government special-purpose bonds, continue to issue ultra-long special treasury bonds and increase transfer payments from the central government to local governments. The specifics of these pro-growth measures will also be a key focus of this year’s “two sessions.”
Domestic demand, tech innovation
The Central Economic Work Conference also outlined key priorities, including boosting consumption, to shore up China’s economy.
Jiang Ying, Deloitte China chair and a member of the CPPCC National Committee, believed that in 2025, the challenges China’s economy will face, brought about by the reshaping of the international order and geopolitical conflicts, are becoming increasingly complex. “To address these challenges, China will emphasize achieving high-quality growth driven by domestic demand and technological innovation,” she stated.
China has a supersized domestic market and a complete industrial system, with ample room for the upgrades of demand, said Lou Qinjian, spokesperson for the third session of the 14th NPC, at a press conference held on Tuesday.
“To boost the greater stability and resilience of China’s economy, it’s important to reduce the negative impact of external economic shocks while promoting a shift in growth drivers from external demand to domestic demand,” said Jin Penghui, director of the People’s Bank of China Shanghai Head Office.
“This includes boosting consumption and upgrading consumption patterns, particularly by unlocking potential in areas such as services, health and digital consumption,” added Jin, an NPC deputy.
Over the past month, Chinese tech start-up DeepSeek has made global waves with its open-source, widely popular chatbot, fueling expectations that this year’s “two sessions” will highlight the development of new quality productive forces, particularly in areas like AI.
Data from the National Bureau of Statistics shows that in 2024, China’s total spending on research and development (R&D) amounted to 3.61 trillion yuan (about 503.21 billion U.S. dollars), securing its position as the world’s second-largest spender on R&D.
Yan Chunhua, an academician of the Chinese Academy of Sciences and a national lawmaker, told Xinhua that the applications of these technologies in their respective sectors will create new quality productive forces, fueling the high-quality development of China’s economy and society.
Source: Office of United States Attorneys
Seattle – A 30-year-old citizen of Mexico was sentenced today in U.S. District Court in Seattle to five years in prison for unlawfully possessing a firearm and possession of controlled substances with intent to distribute, announced Acting United States Attorney Teal Luthy Miller. Jose Gerardo Rodriguez-Montoya was encountered twice by law enforcement – the first time while they were investigating a drug distribution ring bringing narcotics to the area from Arizona. At the sentencing hearing U.S. District Judge Jamal N. Whitehead said, “These offenses are serious. You had large quantities of fentanyl and other drugs… Dealing in fentanyl is dealing in death.”
According to records in the case, in March and April 2023, Rodriguez-Montoya was identified as a drug supplier by someone working as a confidential informant. Law enforcement learned that the trafficking organization was expecting a new shipment of narcotics from Arizona, and they saw Rodriguez-Montoya unload a large duffel-bag from a car with Arizona plates and take it into his Federal Way apartment. When law enforcement moved in, they recovered three kilograms of fentanyl powder as well as three kilograms of heroin and various smaller amounts of methamphetamine and fentanyl pills. They also found a .45 caliber pistol in the apartment.
Seven months later he was arrested coming out of Snoqualmie Casino after being linked to a burglary and car theft. At the arrest Rodriguez-Montoya was found to have a handgun in his right front pocket.
Rodriguez-Montoya pleaded guilty to the two federal felonies in November 2024.
In asking for the five-year sentence prosecutors noted for the court the latest statistics on fentanyl overdose deaths in our community. “In 2023, the King County Medical Examiner’s office reported 1,085 confirmed overdose deaths related to fentanyl, 778 deaths in 2024, and 99 fentanyl-related deaths in King County so far this year. Fentanyl is estimated to be fifty times stronger than heroin. Even a tiny amount of fentanyl can kill. And Rodriguez-Montoya knows personally the devastating impact of fentanyl. In 2021, his father passed away from an accidental fentanyl overdose while living here in Seattle.”
Rodriguez-Montoya has been in federal custody since his arrest in February 2024.
Judge Whitehead imposed 4 years of supervised release to follow prison should Rodriguez-Montoya return to the U.S.
The case was investigated by Seattle Police department and U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI). The case is being prosecuted by Assistant United States Attorney Erika Evans.
Source: GlobeNewswire (MIL-OSI)
NEW YORK, March 04, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for February 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
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Source: The Conversation (Au and NZ) – By Dana McKay, Associate Dean, Interaction, Technology and Information, RMIT University
Bill Gates, cofounder of Microsoft, is one of the world’s richest men. He is also a highly controversial figure.
On one hand, he contributes to social, medical and environmental causes through his foundation, making grants worth more than US$77 billion ($A123 billion) from its inception to the end of 2023. On the other, he has confirmed associations with Jeffrey Epstein and was the subject of spurious COVID conspiracy theories.
Even Gates’ Microsoft days were controversial. Under his leadership, Microsoft became the first tech giant, but Gates has been repeatedly described as ruthless, both personally and professionally.
Review: Source Code, My Beginnings – Bill Gates (Penguin)
He was accused by his late long-term friend and business partner Paul Allen, of canvassing ways to dilute Allen’s shares in Microsoft when the latter was undergoing treatment for lymphoma. Gates reportedly apologised to Allen, and they repaired their relationship, and were on good terms by the time Allen died.
Still, as a leader, his style has been characterised by some who worked with him in the 1980s and 1990s as bullying. (Gates’ spokesperson has denied he mistreated employees.)
In Source Code, Gates sets out to tell his own story, and the story of the birth of the tech industry.
His parents were the children of hardworking strugglers. His father, Bill Senior, was educated as a lawyer on the GI bill; his mother, Mary, was, according to Gates, an innovative and engaged homemaker, who later shattered glass ceilings.
Born in 1955 Gates describes himself as the kind of kid his mother had to warn his preschool teachers about. He responded to not knowing how to fit in with other kids by becoming a class clown, and was pushed by his mother to relate to other adults.
He was introduced to mathematics by his maternal grandmother, a Christian Scientist and a card sharp. She played assiduously with her grandchildren. She did not believe in losing to them deliberately. Through cards, Gates learned two key lessons: that you can learn the mathematics of a problem, and that practising a skill will hone it.
His relationship with his father was loving and respectful, but his relationship with his mother was more fraught. She encouraged him, but he resented her expectation that he live up to social mores so much that peace had to be brokered by a family therapist.
Gates was sent to a private school for boys, and his stories about Lakeside School in Seattle are probably the most engaging segment of the book. It was at Lakeside that he learned to apply himself academically, after his class-clown act failed to impress. There, he also met Allen, who would become co-founder of Microsoft, and got his hands on his first computer.
In the late 1960s and early 1970s, computer time was charged by the minute. Gates used lucky connections and his entreprenurial spirit to get a job coding, so he could do more of what he loved. This was how he clocked up 500 hours coding before he left high school, a mean feat even by today’s standards.
Gates describes a degree of freedom almost unimaginable in today’s regimented education system. He had access to the computer lab at all hours and was able to take an entire semester off to code.
He continued his elite education at Harvard. Eventually, he chose to major in applied mathematics, partly because it gave him some of the same freedom he had been accustomed to. He soon realised he was not the best at pure mathematics, as he had anticipated.
Gates again got early access to computers at Harvard. He used this access to build his first microprocessor software (“Micro-Soft”), with Allen, which he and Allen sold to a company called MITS in 1975.
He was sanctioned by Harvard for this project. Their computers were not supposed to be for commercial use. He was also bringing non-students into the lab.
At this point, aged 19, he decided to take a semester off to focus on his business.
In 1975 Gates went to work with MITS, the company that built the first desktop computer, where he expanded his software.
The first version of this software was literally stolen at a trade fair, reducing Microsoft’s profits and creating a rift between Gates and many of the hobbyists who were using this software
Gates believed that software should be paid for; many of the hobbyists believed software should be free and open source.
Gates describes the head of MITS, Ed Roberts, as loud and somewhat mercurial, an irony that is not lost as we read Gates’ letters to his friends and business partners, in whom he is frequently disappointed.
Eventually, the relationship with MITS broke down. MITS failed to meet the terms of its contract to promote and license Gates’s software.
The end of this contract left Gates free to sell his software to a range of companies, including Apple and Texas Instruments. A legal judgement confirmed MITS had not fulfilled its contract to Microsoft, and that Microsoft had full ownership of its software and the right to sell it. This judgement is probably the foundation of the for-profit software industry.
In early adulthood, Gates already showed little respect for other people and social norms. He describes subscribing to the ideology of the lone genius, being arrested for speeding (where the famous mugshot of him comes from), and even joyriding on parked bulldozers.
This section of the book is probably the least readable. It presents a limited account of an exciting time in computing. Steven Levy’s Hackers is a great alternative account.
The “source code” is the DNA of the computer programs we use. Gates’ book sets out the source code of Microsoft, as a company, and in many ways, of the tech industry as a business.
Gates created not just Microsoft, but arguably an entire industry: selling software. His book describes the unique set of personal characteristics that made him the right person for this (single minded focus, which Gates attributes to likely autism, and a willingness to ignore all other considerations to get the job done).
It also describes a lucky set of circumstances. Gates benefited from a legal education at his father’s knee, a family history of entrepreneurship, and early access to computers.
The book ends in the late 1970s just as this combination of circumstances is about to bear fruit and a full four years before the launch of Microsoft’s first operating system. It does not cover Microsoft’s heyday, nor Gates’ substantial philanthropic activities later in life.
It isn’t clear why Gates has written this book now. If it is to rehabilitate his image, he makes a poor job of it. He describes a life of consistent privilege and only acknowledges this privilege at the end of the book, which rings hollow.
He displays a profound belief that he has been right in his interactions with others, going so far as to describe his relationship with Steve Jobs at Apple as “sometimes rivalrous, sometimes friendly”, even though Apple famously sued Microsoft over the rights to the windows style of user interface we are all used to today.
There is little acknowledgement in the book even of the regrets he has expressed elsewhere, for example over his treatment of Paul Allen. There is little to dilute the impression that Gates was ruthless, though perhaps a later memoir may document changes later in life.
While Gates’ focus and drive were clearly fundamental to the growth of the tech industry, this book also exposes the DNA of some of the tech industry’s problems.
He describes his father as a feminist, but his mother’s social expectations were a source of irritation to him, and he barely mentions his two sisters. He got his first access to computers at an elite boys’ school – a school where, notably, his best friend protested the integration of the sister school for fear it would reduce academic standards.
This school, and later Harvard (then another male bastion), were the source of all early Microsoft employees, sowing the seeds of today’s male-dominated industry, with all its attendant problems.
Gates’ attitude to property underpins Microsoft’s aggressive business practices. He was clearly prepared to borrow what isn’t his (bulldozers, computer lab time), but he is incensed by the theft of his intellectual property. This attitude is evident in the long history of Microsoft litigation.
The company has been repeatedly prosecuted for antitrust behaviour and sued for copyright infringement. Conversely, it aggressively pursued those it believes to be infringing, including, famously, a 17-year-old entrepreneur, who was probably not unlike Gates himself.
Gates doesn’t draw these connections. He is largely uncritical of his own path, only occasionally admitting he treated someone poorly.
Ultimately, his book is a useful insight into the source code of the tech industry, but not always in the ways Gates likely anticipates.
Dana McKay has previously received funding from Google.
– ref. Bill Gates’ origin story describes a life of privilege, exposing the DNA of some of the tech industry’s problems – https://theconversation.com/bill-gates-origin-story-describes-a-life-of-privilege-exposing-the-dna-of-some-of-the-tech-industrys-problems-247577
Source: The Conversation – Canada – By Tracy Smith-Carrier, Associate Professor and Canada Research Chair (Tier 2) in Advancing the UN Sustainable Development Goals, Royal Roads University
Over half of Canadians feel “financially paralyzed” by the cost-of-living crisis, according to a recent poll. As life becomes more unaffordable for more people, we need governments to create policies that will improve public health and well-being.
One such policy is a basic income guarantee: an unconditional cash transfer from government to ensure people can meet their basic needs and live with dignity.
A basic income guarantee differs from the universal basic income (UBI) model often discussed. While a UBI is set at the same amount and made available to everyone, a basic income guarantee is targeted to those need it, through a benefit that rises as income declines.
Our recently published research looks into one basic income program, the Ontario Basic Income Pilot that was launched in 2017 but abruptly ended the following year. We conducted a study to understand how Ontario’s pilot impacted the lives of those who participated in it.
We interviewed 46 participants across four cities included in the pilot. We asked about their experiences before the pilot, during their participation in it and after its abrupt end.
Read more:
Dear politicians: To solve our food bank crisis, curb corporate greed and implement a basic income
In 2017, the Ontario government, under then-premier Kathleen Wynne, launched the Ontario Basic Income Pilot to test the efficacy of an unconditional cash transfer. A total of 4,000 people were enrolled, and the pilot was slated to run in Hamilton, Lindsay, Brantford and Thunder Bay over a three-year period.
Set at 75 per cent of the low-income measure (one of Statistics Canada’s three poverty lines), the pilot provided $1,415 monthly for single people and an additional $500 for people with disabilities (up to $1,915 monthly), with every dollar earned subject to a 50 per cent claw-back.
Despite a campaign promise to complete the pilot, incoming premier Doug Ford abandoned it in 2018. Participants weren’t forewarned but learned of its cancellation like everyone else — on the news or through social media.
The government claimed the pilot did not help people become “independent contributors to the economy.” The lack of evidence to justify this claim, along with other government statements, suggests the pilot’s premature cancellation was an ideological decision.
Read more:
Implementing a basic income means overcoming myths about the ‘undeserving poor’
The pilot’s guiding principles, written by the late-Senator Hugh Segal, affirmed that “no individual will be made worse off during or after the pilot, as a result of participation in the pilot.” Our study, however, indicates that the mental health of many participants was demonstrably worsened in the pilot’s demise.
With a three-year promise of stable income, participants told us of being able to plan better for their futures. Some pursued higher education, others found better paying and more stable jobs or started their own businesses. Some moved into better housing, leaving behind mold-infested or poorly maintained dwellings, only to plead with their landlords to break their new leases after the pilot was cancelled.
We found that increased income security improved participants’ mental health, reduced their stress and allowed them to improve diets with healthier food options. Some spoke of no longer having to rely on food charity as they could go the grocery store like everyone else.
Interviewees described what life is like in poverty: not being able to go out for a cup of coffee with friends or buy gifts for your children on their birthdays, not being able to entertain family over the holidays or go out and socialize.
Some had not disclosed their financial situation to family or friends because their sense of shame was so profound. Yet, feeling unable to discuss their situation essentially cut them off from valuable sources of social support.
Ontario’s premature cancellation of the pilot was an act of structural violence — a policy decision that caused needless and avoidable harm and suffering. Anthropologist Nancy Scheper-Hughes explains that structural violence refers to “the invisible social machinery of inequality that reproduces social relations of exclusion and marginalization.”
Structural violence upholds the poverty, racism, sexism and other social inequities that lead to higher rates of illness, suffering and premature death. It is often invisible and can result from policy omissions, but the termination of the pilot was a public, deliberate decision.
By throwing participants’ lives and carefully laid plans into chaos, and thrusting them back into poverty, our research shows the Ontario government’s policy decision caused significant harm.
Our research is consistent with a larger body of evidence demonstrating that unconditional cash transfer programs, like basic income, can improve mental well-being. As young people are more vulnerable to the mental stress resulting from financial insecurity, these programs provide the necessary protection to mitigate the lifelong damaging impacts of childhood poverty.
We also know that welfare systems are associated with poor health outcomes and increase recipients’ psychological distress. These haven’t been subject to the rigorous experimentation that a basic income has, yet they persist, despite the voluminous research documenting their harms.
Read more:
We gave $7,500 to people experiencing homelessness — here’s what happened next
The cost of mental illness in Canada already amounts to over $50 billion annually (in direct health-care costs and lost productivity) but without intervention could increase to $291 billion by 2041.
Research shows how poor mental health is a direct consequence of poverty. Money not only helps meet people’s material needs but also alleviates their worries. Reducing poverty translates into significant savings for the economy and the public purse. Canada could save $4 to $10 for every dollar spent on mental health supports.
Poverty is not caused by personal failings. It is the social environment people live in that has the greatest impact on life trajectories.
To eradicate poverty, we need policies that address the root of financial hardship. A basic income does just that. The Parliamentary Budget Officer of Canada recently released estimates that show a basic income, using parameters similar to the Ontario pilot’s, could cut poverty by up to 40 per cent. This is an affordable option with the potential for broad positive effects.
We already have the Canada Child Benefit for families and the Guaranteed Income Supplement for older adults that provide forms of a basic income guarantee, although these benefits must be enlarged to be truly adequate. What we need now is a program that provides a robust income floor beneath which no one can fall.
As citizens, we have few ways to hold leaders accountable for acts of structural violence, like cancelling the pilot. A class-action lawsuit lodged against the Ontario government for breach of contract is ongoing; it remains to be seen whether this will prove successful.
Whatever their ideological leanings, politicians have a duty to advance policies that bolster public health and well-being. Improving mental health through a basic income is a wise investment, one that will prevent the needless suffering of generations to come.
Tracy Smith-Carrier has received funding from the Social Sciences and Humanities Research Council of Canada and from the Canada Research Chairs program.
Elaine Power has received funding from the Social Sciences and Humanities Research Council of Canada and the Canadian Institutes for Health Research.
– ref. A basic income can be a strong investment in mental health – https://theconversation.com/a-basic-income-can-be-a-strong-investment-in-mental-health-250018
Source: Government of India
India’s Growing Obesity Challenge: Minister Urges Unified Response from Govt, Industry & Medical Fraternity
Tackling Obesity Needs Policy, Awareness, and Industry Support: Minister at CII Summit
Posted On: 04 MAR 2025 5:47PM by PIB Delhi
“Obesity is a multifactorial challenge and needs multifactorial preventive strategies”.
This was stated here today by Union Minister Dr. Jitendra Singh, who is also a Professor of Medicine and a renowned Diabetologist, while underscoring the urgent need for a multifaceted and collective approach to combat the growing obesity crisis in India.
Addressing the ‘National Obesity Summit”, organized by the Confederation of Indian Industry (CII) on the occasion of “World Obesity Day”, the Minister emphasised that obesity is not just a lifestyle issue but a major public health challenge that requires coordinated efforts from the government, industry, the medical fraternity and also the society.
Citing alarming statistics, Dr. Jitendra Singh pointed out that India ranks second globally in childhood obesity, with over 1.4 crore children affected. “We often take pride in having chubby babies, but this comes at a cost. Central obesity, particularly among Indians, is an independent and a serious health risk factor,” he said. He further elaborated that obesity significantly contributes to non-communicable diseases such as type-2 diabetes mellitus, cardiovascular disorders, and fatty liver disease, making it imperative to take preventive action.
The Union Minister acknowledged the Indian phenotype’s unique vulnerability to central obesity, citing studies that show even lean-looking Indians carry a higher percentage of visceral fat compared to their Western counterparts. “Our traditional attire may mask central obesity, but that does not eliminate the associated health risks,” he remarked.
Highlighting Prime Minister Narendra Modi’s advocacy for healthier lifestyles, Dr. Jitendra Singh recalled how the Prime Minister has frequently addressed obesity in his Mann Ki Baat broadcasts and public interactions, even urging citizens to reduce their food intake by 10%. “PM Modi has a remarkable ability to transform messages into mass movements, as seen in campaigns like Swachh Bharat and the COVID-19 response. A similar approach is needed to tackle obesity,” he said.
Dr. Jitendra Singh expressed concern over the rising prevalence of obesity despite widespread awareness campaigns and medical advancements. “On one hand, we talk about fitness and wellness, but on the other, obesity rates continue to surge. This paradox must be addressed with scientific rigor and societal commitment,” he noted. He also highlighted the economic burden obesity places on families, with many patients struggling to afford long-term treatment for metabolic disorders.
Emphasizing the need for a strategic response, Dr. Jitendra Singh called for an industry-government partnership to develop cost-effective, universal screening models for obesity and metabolic diseases. “We cannot leave this fight solely to diabetologists or obesity specialists. It requires a national commitment involving policymakers, medical experts, and industry leaders,” he asserted. He suggested a public-private model where routine health screenings include obesity markers, particularly in hospital settings, to facilitate early diagnosis and intervention.
Dr. Jitendra Singh also cautioned against new quick-fix solutions, such as weight-loss injections and fad diets, stressing the importance of sustainable lifestyle changes. “The real solution lies in self-discipline—understanding our body, regulating our diet, and adopting a balanced approach to health,” he said. He humorously pointed out how dietary habits have evolved, with intermittent fasting and exotic diet plans becoming fashionable trends. “Our grandmothers would have been amused by the concept of ‘5 PM eating schedules’ and calorie counting apps,” he quipped.
Concluding his address, Dr. Jitendra Singh called upon all stakeholders to take immediate action rather than waiting for annual summits to reiterate the same concerns. “Obesity is not just a personal concern; it is a national responsibility. As we envision India in 2047, we must ensure that our young population remains healthy, productive, and free from preventable lifestyle diseases,” he asserted.
The summit saw participation from leading medical experts, policymakers, and industry representatives, all of whom echoed the need for collective action to address obesity at a systemic level.
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NKR/PSM
(Release ID: 2108129) Visitor Counter : 44
Source: Switzerland – Department of Foreign Affairs in English
The UN Statistical Commission, the highest body of the global statistical system and a subsidiary body of the UN Economic and Social Council, plays a key role in the coordination and standardisation of data and statistics. The Director General of the Swiss Federal Statistical Office (FSO) will chair the Commission for a second year in 2025.
Source: The Conversation – UK – By Anietie Aliu, Postgraduate Researcher, Health and Medical Sciences, University of Surrey
Breast cancer is the most common cancer diagnosed in women globally. But, in part thanks to screening programmes, over 75% of those diagnosed with breast cancer in England now survive for ten years or more.
However, due to a complex combination of racial disparities in the quality of healthcare patients receive, social factors such as poverty, and differences in tumour biology, Black women in the UK are more likely to die from the disease than women from other ethnicities.
Breast screening improves breast cancer survival by identifying cancer at an earlier stage when it is easier to treat. In the UK, breast screening by mammography is offered free to women who are between the ages of 50 and 71 through the National Health Service Breast Screening Programme.
Research shows that Black women in the UK are less likely to take part in breast screening programmes but are more likely to die from the disease from late diagnosis. So, why are Black women less likely to attend breast screenings when it could help save their lives?
I was part of a team that reviewed all the studies which examined the barriers to breast cancer screening which Black women in the UK experience.
The review found significant gaps in existing research on breast cancer in the Black community and barriers preventing Black African and Black Caribbean women in the UK in partaking in potentially life-saving breast cancer screenings. We reviewed nearly 1,000 papers, but only eight articles included Black women.
The review found that previous research often grouped Black women from diverse backgrounds together, including Black African and Black Caribbean, masking important cultural nuances and different experiences. Additionally, the limited research available primarily focused on women who either attend screenings or who are ineligible, overlooking the crucial perspectives of those who are eligible but do not participate.
As part of our research, we also wanted to identify any effective interventions to improve screening uptake for Black women – but we found no interventions that exclusively targeted Black women.
Our study found that barriers were physical, emotional, cultural and related to healthcare. Black women who believed breast cancer could be treated if caught early were more likely to attend screening. Some of the key barriers, though, seem applicable to women from all ethnic groups. For example, fear of positive diagnosis.
Cancer diagnosis is often seen as a death sentence but we found that Black women, in particular, are less likely to discuss breast cancer. Our review found that fear, stigma and negative perceptions of cancer contributed to a strong culture of silence which hindered responses to screening.
Our review also found that many Black women who participated in the studies placed a high value on family relationships. Some Black African women, for example, were worried that if they were diagnosed and treated for breast cancer their partner might leave them or that their marriage prospects could be negatively affected because potential partners might think that cancer runs in their family.
Barriers from healthcare structure were also flagged. Black women reported difficulties in attending screening appointments during work hours and lack of evening or weekend appointments prevented some women in full-time employment from attending screening.
The review found that knowledge and awareness of breast cancer could be low, especially among some women born outside the UK, some of whom believed they weren’t vulnerable to breast cancer because they weren’t familiar with it in their country of birth. This shows a need for more culturally sensitive research on breast cancer screening in the Black communities.
To reduce health disparities, then, and to enhance awareness of breast cancer screening, we recommend tailored community health programs and outreach initiatives that resonate with the people they are targeting.
Anietie Aliu is affiliated with University of Surrey
Aliu, A.E., Kerrison, R.S. and Marcu, A. (2025), A Systematic Review of Barriers to Breast Cancer Screening, and of Interventions Designed to Increase Participation, Among Women of Black African and Black Caribbean Descent in the UK. Psycho-Oncology, 34: e70093. https://doi-org.surrey.idm.oclc.org/10.1002/pon.70093
– ref. Black women are more likely to die from breast cancer – so why is breast screening attendance still a problem? – https://theconversation.com/black-women-are-more-likely-to-die-from-breast-cancer-so-why-is-breast-screening-attendance-still-a-problem-250324
Source: United States Courts
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.
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.
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.
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.
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.
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.
Source: GlobeNewswire (MIL-OSI)
SAN FRANCISCO, March 04, 2025 (GLOBE NEWSWIRE) — Server-Class Ethernet NIC revenues increased by $2 billion in calendar-year 2024, according to the latest report from Crehan Research. The increase reflects a continuation in the trend of strong investment in server-class Ethernet NICs, resulting in a doubling of market revenues in just three years — despite one of those years having seen relatively weak performance due to a general market inventory correction. Analysis of the strong growth also reveals that data center customers are spending a greater portion of networking budgets on Ethernet NICs (see accompanying chart).
“Data Center Ethernet NICs have gone from low-cost commodity chips soldered down on volume server motherboards to high-performance, differentiated, add-in cards that provide a multitude of high-value network functions, including ones formerly handled by CPUs,” said Seamus Crehan, president of Crehan Research. “As a result, Ethernet NICs have seen an upward trend in share of data center networking budgets, even as those budgets grew robustly.”
Crehan also reported a strong surge in demand for the highest speed NICs during the year, with combined 100GbE, 200GbE and 400GbE NICs increasing more than 50% in both shipment and revenues. “Although generative AI was a driver of the high-speed Ethernet NIC demand surge,” Crehan said, “there were numerous other areas contributing to the growth, including general cloud compute and storage.”
About Crehan Research Inc.
Crehan Research Inc. produces reports with very detailed statistics and information on the data center switch and server-class adapter & LOM/controller (NIC) markets. The company’s reports are supported with rich insights and context to deliver increased value.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/671cbc98-74e5-4ef3-8728-930ab1950931
Source: GlobeNewswire (MIL-OSI)
STMicroelectronics reveals STM32U3 microcontrollers extending ultra-low power innovation for remote, smart and sustainable applications
Geneva, Switzerland, March 4, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has introduced new STM32U3 microcontrollers (MCUs) with cutting-edge power-saving innovations that ease deployment of smart connected tech, especially in remote locations.
The latest MCUs are aimed at IoT devices, which must typically operate for extended periods without maintenance and with limited energy from a coin cell or ambient solar or thermoelectric source. Typical applications that depend on the lowest possible power consumption include utility meters, healthcare devices such as glucose meters and insulin pumps, animal care monitors, forest-fire sensors, and industrial sensors including thermostats and smoke detectors. STM32U3 MCUs are also used in consumer products such as smart watches, wearables, and hearables.
“The STM32U3 series builds on the heritage of ST-established ultra-low-power general-purpose microcontroller class as it is known today, which opened the door to widespread diffusion of smart technology in diverse environments,” commented Patrick Aidoune, General-Purpose MCU Division General Manager, STMicroelectronics. “Leveraging innovative techniques such as recent advancements in near-threshold design, the new devices cut dynamic power consumption to the bone, boosting efficiency by a factor of two compared to our previous generation, hence contributing to companies’ sustainability goals.”
In addition to its extreme energy efficiency, the STM32U3 series meets the needs of IoT devices by providing robust cyber protection using the latest hardware security techniques. The MCUs are designed to confine secret keys permanently in secure memory, eliminating vulnerable CPU fetches. In addition, attestation credentials for each device are provisioned by ST at manufacture before leaving the factory, which strengthens security and simplifies provisioning. All those security mechanisms, in addition to the SESIP3 and PSA Level3 certifiable security assets, such as cryptographic accelerators, TrustZone® isolation, random generator, and product lifecycle will contribute and enable ST customers to reach compliancy towards the upcoming RED and CRA regulations.
Customer testimonials:
“STM32U3 enables us [smaXtec] to bring our hardware for animal health monitors to the next level. The consumption in active mode is extremely low, only a few µA/MHz, which enables us to reduce the energy needed for current data processing algorithms while at the same time adding new features to our products. In addition, its advanced range of low-power modes lets us put the device into deep sleep if no data is processed. The newly implemented STOP3 mode, including its wakeup capabilities, is a neat way to keep power consumption low,” said Manuel Frech, Product Development Engineer, smaXtec.
Technical Notes for Editors
ST has set the pace in ultra-low-power (ULP) MCUs with previous STM32 variants and is now taking ULP performance to a new level with the new STM32U3 series. Leveraging advanced power-saving chip design, fine-tuned with AI-enhanced tools, and the latest Arm® Cortex®-M33 core running at up to 96MHz, the new MCUs achieve the market-leading Coremark-per-milliwatt score of 117. This is almost twice the efficiency of ST’s preceding STM32U5 series, and five times that of the STM32L4 series.
The STM32U3 series is in production now and available from $1.93 for orders of 10,000 pieces. For more information, please go to www.st.com/stm32u3
STM32 is a registered and/or unregistered trademark of STMicroelectronics International NV or its affiliates in the EU and/or elsewhere. In particular, STM32 is registered in the US Patent and Trademark Office.
About STMicroelectronics
At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027.
Further information can be found at www.st.com.
INVESTOR RELATIONS
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41.22.929.59.20
jerome.ramel@st.com
MEDIA RELATIONS
Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08
alexis.breton@st.com
Attachments
Source: GlobeNewswire (MIL-OSI)
STMicroelectronics’ new integrated STM32WBA6 wireless microcontrollers combine extra features and performance with power efficiency
Cost-efficient and highly integrated embedded devices for emerging 2.4GHz wireless applications in smart home, health, factory, and agriculture
Geneva, Switzerland, March 4, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has announced the next generation of its STM32 power-efficient short-range wireless microcontrollers (MCUs) that simplify connecting consumer and industrial devices to the IoT.
The new STM32WBA6 series is used in connected, smart devices like wearable healthcare and wellness monitors, animal collars, electronic locks, remote weather sensors, and more. Packing extra memory and digital system interfaces, while preserving energy efficiency the new MCUs can handle richer functionality in emerging new product designs.
The STM32WBA6 MCUs also embed SESIP3 and PSA Level3 certifiable security assets, such as cryptographic accelerators, TrustZone® isolation, random generator, and product lifecycle that will contribute and enable ST customers to reach compliancy towards the upcoming RED and CRA regulations.
“Robust and standardized wireless connectivity is central to the IoT’s success. Our new STM32WBA6 MCUs bring richer features and larger memory to address high-end applications in smart home, health, factory, and agriculture,” said Patrick Aidoune, General-Purpose MCU Division General Manager, STMicroelectronics. “Our customers can now increase the pace of development to meet demands from consumer and industrial markets for new products that deliver more features and increased capabilities within reduced size and power constraints.”
The wireless subsystem in the new STM32WBA6 microcontrollers supports Bluetooth, Zigbee, Thread, Matter, and other protocols operating in the 2.4GHz frequency band, and allows communication using multiple protocols concurrently. It’s how a system like a smart-home bridge can communicate with the homeowner’s mobile app over Bluetooth and simultaneously manage lights or thermostats through mesh networking such as Zigbee. The STM32WBA6 series also contains single-protocol variants for simpler and more cost-conscious applications.
Customer testimonials:
“The extensive hardware feature set, low power consumption, advanced cyber security, and excellent price/performance make the STM32WBA6 devices perfect for our advanced in-car driver monitoring, incident tracking, and emergency calling solution. Aided by the extensive ecosystem and ST’s strong technical support, we were able to quickly start prototype development and achieve qualification in accordance with all applicable industry requirements. We are on track to begin production in Q2 2025,” said Vittorio Ferrari, CTO, Meta System.
Technical notes for editors:
The STM32WBA6 MCUs are in production and available now, priced from $2.50 for orders of 10,000 pieces. For more information, please go to www.st.com/stm32wba.
STM32 is a registered and/or unregistered trademark of STMicroelectronics International NV or its affiliates in the EU and/or elsewhere. In particular, STM32 is registered in the US Patent and Trademark Office.
About STMicroelectronics
At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027.
Further information can be found at www.st.com.
INVESTOR RELATIONS
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41.22.929.59.20
jerome.ramel@st.com
MEDIA RELATIONS
Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08
alexis.breton@st.com
Attachments
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: US Energy Information Administration
In-brief analysis
March 4, 2025
Data source: Baker Hughes Company
The number of rigs deployed to drill for natural gas in the United States decreased over the last two years. U.S. natural gas-directed rigs decreased 32% (50 rigs) between December 2022 and December 2024. This decline has been concentrated in the natural gas-rich Haynesville and Appalachia regions, where the combined natural gas rig count declined by 34% during 2023 (43 rigs) and by 24% during 2024 (21 rigs). The decline in drilling rigs coincides with record-low natural gas prices for most of 2024 and the wider adoption of advanced drilling and completion technologies.
In the Haynesville region, which spans Texas and Louisiana, drilling costs tend to be higher than in other plays because Haynesville wells are drilled to greater depths, usually between 10,500 feet and 13,500 feet deep. As natural gas prices have generally declined over the last two years, rigs in the Haynesville have decreased 55% since December 2022 (39 rigs) as drilling has become less economical. Consequently, marketed natural gas production in the Haynesville region has declined 7% over the same period.
Data source: Baker Hughes Company
Similarly in the Appalachia region, which includes natural gas produced from the Marcellus and Utica plays, rigs have declined 37% since December 2022 (19 rigs) with the drop in natural gas prices. As a result, growth in marketed natural gas production has been limited to 4% over the same period.
The extent to which producers respond to price changes depends on several factors, such as uncertainty around future prices, contracts, volatility in the market, and price hedging; current costs of materials, equipment, and labor; and availability of transportation and storage.
Data source: U.S. Energy Information Administration
Note: Prices are adjusted for inflation using the December 2024 estimate of the Consumer Price Index for All Urban Consumers from the Bureau of Labor Statistics.
After the U.S. benchmark Henry Hub natural gas price reached a 14-year high of $6.95 per million British thermal units (MMBtu) in 2022, it fell 62% in 2023 ($4.31/MMBtu) and a further 16% in 2024 ($0.43/MMBtu). The Henry Hub price in 2024 was the lowest ever reported after adjusting for inflation, with March 2024 marking the lowest average price of $1.51/MMBtu.
Producers in natural gas-rich regions have responded to these persistently low prices by drilling less—as reflected in the declining rig counts—and even by curtailing production, which has grown inventories of drilled but uncompleted wells. If natural gas demand and prices continue to rise, producers could be in a better economic position to complete these wells, potentially allowing them to quickly increase production.
Principal contributors: Kenya Schott, Trinity Manning-Pickett
Source: China State Council Information Office
A new air cargo route linking Urumqi, capital of Xinjiang Uygur Autonomous Region in northwest China, and Islamabad, capital of Pakistan, was launched on Tuesday, announced SF Airlines.
The Urumqi-Islamabad route was the first all-cargo route launched by SF Airlines in Xinjiang to Pakistan. It will carry cross-border e-commerce goods and other products, said the air cargo carrier.
Two round-trip flights are scheduled to shuttle between Urumqi and Islamabad every week on this cargo route, providing more than 110 tonnes of air transport capacity weekly.
With the launch of the Urumqi-Islamabad route, the air cargo services of SF Airlines now reach three destinations in Pakistan, serving China-Pakistan economic and trade exchanges by enhancing logistics convenience, said SF Airlines.
Headquartered in Shenzhen, SF Airlines is China’s largest air cargo carrier in fleet size. To date, it operates 89 all-cargo freighters, according to statistics from the cargo carrier.
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: US National Institute of Justice (video statements)
This video presents a short lecture from the course “Population Genetics and Statistics.” The lecture is presented by Greggory LaBerge, Ph.D. Dr. LaBerge holds a Ph.D. in Human Medical Genetics from the University of Colorado School of Medicine.
This course is hosted by the National Institute of Justice and is available at https://populations.training.nij.gov/
(Opinions or points of view expressed represent the speaker and do not necessarily represent the official position or policies of the U.S. Department of Justice. Any product or manufacturer discussed is presented for informational purposes only and do not constitute product approval or endorsement by the U.S. Department of Justice.)
Source: Scottish Government
Minister says progress is “encouraging” and thanks staff for their dedication.
The national standard on waiting times for children and young people accessing mental health services has been met for the first time.
Latest Public Health statistics show 90.6% of those who were referred to Child and Adolescent Mental Health Services (CAMHS) were seen within 18 weeks from October to December– the Scottish Government standard is 90%.
The figure is an increase from 89.1% for the previous quarter and from 83.8% for the same quarter in 2023.
Mental Wellbeing Minister Maree Todd said:
“This continued progress is testament to the dedication of the staff who work so hard to help the children and young people they care for.
“We want everyone to get the support they need, when they need it. Clearly, reaching the national standard is encouraging but I know there is much more to be done if this is to be sustained and consistent across Scotland.
“However, we are on the right path and the £123 million we have allocated to NHS Boards this year will mean the quality and delivery of all mental health services – including CAMHS – will continue to improve.”
Background
The national CAMHS standard was set in 2014.
CAMHS is only the right service for a small proportion of children and young people. To provide an alternative, the Scottish Government has provided targeted investment of over £65 million in community-based mental health support, between 2020 and 2024-25, and £16 million annual spend on school counselling services is in addition to this.
The National CAMHS specification is clear that children and young people whose referral is not accepted are sensitively and appropriately signposted to a more suitable service, such as those provided within community.
Source: Bank for International Settlements
It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1 I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view is slightly different than at that time, and I thought it would be a good time to share my thoughts on the critical role community banks play, not only in the U.S. banking system but also as drivers of local and regional economic growth and as anchors of their local communities. I will also explore the responsibility of bank regulators to support community banks.
In a broad and diverse economy, banks of all sizes play an important role in the creation and funding of business and consumer opportunities and investments. Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location. There is little doubt that community banks have an extensive presence across this landscape and that they are essential to the success of the American economy.
No other country in the world enjoys this direct access to and presence of financial services in remote and rural areas. These bankers are members of the community. They are neighbors and friends, and their kids attend local schools and play sports in the local recreational league. The term “relationship” banking has true meaning in this context.
The direct relationships provide an opportunity for bankers to understand the unique financing needs of local businesses and enables them to develop specialized services for specific segments of the local economy, including agriculture and small business lending.2
Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region. I served as one of those community leaders while I was a banker in Council Grove. That experience-whether serving as the President of the local Chamber of Commerce or the Rotary Club-provided a unique view into the local economy. And today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious-especially in today’s regulatory environment-and it is a seven days a week job. Bankers are often “working” while engaged in social activities, attending church or their kids athletic events, and shopping at the grocery store, and I often hear about customers giving a loan payment to their banker in the grocery store or asking about financing terms for the new car they might have their eye on.
Once a policymaker grasps the perspective of community banking from this vantage point, it becomes clear that the regulatory approach is much more complex than necessary to address many small bank issues. A community bank that has no out-of-market customers applying for new accounts likely does not need the same know-your-customer processes as a large or regional bank that opens accounts online and may be more vulnerable to fraud. A community bank can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks that offer a broader range of products and may be exposed to wider range of risks. A number of onerous requirements imposed on community banks seem to reflect an assumption of an indirect and less personal banking relationship.
Public debates about the banking system often feature academics that tend to downplay the significant role of community banks in the financial system. Instead, they imagine a banking system with fewer banks as equally effective in meeting the banking needs of every community throughout the United States. The eight largest U.S. banks hold $15.4 trillion in assets, which is several times larger than the assets controlled by the more than 4,000 community banks in the United States.3 But as we all know, aggregate asset size is not an accurate indication of these banks’ importance.
Of course, metrics do not provide the full picture of how relationship-based lending practices drive local economic activity. They ignore that banking has a regional component, where local knowledge and expertise-and a commitment to the local community-can help enable the community to thrive. There is an important place for the largest banks and regional banks in the banking system, but it is a fallacy to assume that the presence of fewer community banks would not have devastating consequences for a number of consumers and businesses. Some community banks serve rural and underserved banking markets and may be the only option for consumers and businesses, especially those that have unique balance sheets or less pristine credit histories. If community banks were to disappear, many communities would be left with few or no alternative options for banking services.
While metrics do not tell the whole story, this is not meant to downplay the importance of data, research, and analysis, all of which assist us in our understanding of the banking system and how that understanding could be improved. Data can help us identify issues that must be addressed or remediated. Data can help us evaluate which elements of the current bank regulatory framework may be effective or ineffective. And data can help regulators update regulations and guidance with a clearer understanding of the intended and unintended consequences.
Over the past 20 years, we have seen the number of community banks continue to decline. Bank consolidation through mergers has contributed to this decline, and de novo bank formation has been largely nonexistent. Many factors have contributed to the bank consolidation trend, including competition from nonbank financial service providers and the ever-increasing regulatory burdens on the community banking model. Many of these same challenges have acted as a deterrent to bankers who have considered pursuing a de novo bank charter. And while many factors influence the health of the community bank model-including the interest rate environment, economic conditions, and alternative sources of competition for credit-we should consider whether there are actions regulators can take to support and ensure the future of community banks.
One of the biggest barriers to the community bank model is the competition for qualified bank management and staff. Attracting, developing, and retaining future and current bank leadership is a significant challenge. Yet, one of the most important priorities for bank management is to develop the next generation of leadership. Educational programs like this institute, bank and regulator internships, and regional graduate schools of banking can help develop this pipeline of talent to support the industry and supervisory responsibilities. These programs also help regulators recruit the next generation of bank examiners.
Working in my family’s community bank reinforced the mission focus and relationship model of community banking for me. This holds true for many family-owned community banks across the country.
Since we are on the campus of Fort Hays State University today and we have a number of students in the audience, part of my message today is to encourage each of you to consider exploring a career in the financial services industry-including in community banking or with a state or federal banking regulator. Whether that experience becomes a lifelong career or a stepping stone along your path, having experience in banking provides valuable perspective on how local economies function and the importance of access to banking services and financial inclusion. This experience has helped to shape my perspective and approach as the state bank commissioner and as a member of the Board of Governors of the Federal Reserve System.
This experience is also not something that I take for granted-seeing different perspectives empowers me to be a better policymaker. For example, as a bank compliance officer you understand the challenges of ensuring the bank is in compliance with rules and guidance and is prepared for interactions with bank examiners. Further, having this perspective enables a policymaker to approach the process of drafting rules and guidance and relaying supervisory messages in a way that recognizes a need for clarity, efficiency, and simplicity. The outcomes of our work are enhanced by a better understanding of the costs and unintended consequences of getting it wrong.
Overregulation and unnecessary rules and guidance imposed on smaller and community banks create disproportionate burdens on these banks, eventually eroding the viability of the community banking model.
Policymakers and regulators have a responsibility to ensure that the banking and financial systems encourage growth and innovation and foster a strong and growing economy. One of the great strengths of the U.S. banking system is the variety of institutions that meet the needs of consumers and businesses, not only through offering a range of products and services but also by reaching customers throughout the country, including in the most rural and remote locations. Our goal must be to facilitate a banking and regulatory environment that enables banks of all types and sizes to thrive. For community banks, this includes building a better regulatory and supervisory framework to effectively support the unique characteristics of these institutions.
What should that framework look like?
First, it includes thresholds that better reflect risk and business model.
As currently defined, community banks are those with less than $10 billion in assets. The Federal Reserve divides banks into distinct supervisory portfolios that oversee “community,” “regional,” and four categories of larger banks.4 The portfolio approach helps regulators differentiate standards and supervisory focus based on bank characteristics and risks. In theory, it allows examiners to better organize supervisory activities and to provide specialized training to help examiners focus on issues that are most relevant for the institutions being examined. If appropriately executed, this portfolio-based approach should lead to better and more risk-focused supervision, and in turn a safer and more sound banking system.
An organizational structure that better allocates and directs supervisory resources seems like a worthwhile goal, but over time, it becomes clear that there are downsides to this approach. One of these downsides is the static nature of the fixed thresholds defining the categories. Currently, our framework includes fixed thresholds that are not adjusted with economic growth, inflation, or the growth in deposits from unexpected sources and fiscal programs, like those from the COVID era. They also do not account for changed industry dynamics, especially those resulting from a particular bank’s activities or risk profile. In this environment, some firms with stable growth, a static business model, and a straightforward risk profile cross the $10 billion threshold unintentionally, subjecting them to additional regulatory and supervisory requirements that were specifically designed and implemented for larger and more complex firms. Banks approaching the $10 billion threshold often choose to curtail their asset growth to stay below the threshold.
Another significant problem with the current approach-that specifically challenges community banks-is the failure to index and update how a community bank is defined. Given the low fixed-dollar asset thresholds, regulators must focus on ensuring that asset-based benchmarks remain reasonable and appropriate in their work to supervise banks, especially as they apply tailored, but static, supervisory standards. As is the case now, over time, economic growth and inflation have created an environment in which thresholds are inappropriately low.
We also need to implement a better, more timely, transparent, and viable path for all bank regulatory applications. The application process can be a significant obstacle to applications activity, in particular mergers and acquisitions. Applications often experience significant delays between the application filing date and before receiving final regulatory approval. In some cases, even for non-complex transactions, the regulatory approval process has taken more than a year. A healthy banking system is one in which banks can make decisions to merge with peers or acquire new assets or business lines, and one that allows new bank formation, in a reasonable amount of time in accordance with statutory timelines. As the bank applications process has become a barrier to bank merger activity, we have seen credit unions acquiring community banks in record numbers. In the absence of a better functioning bank applications process, institutions will explore other options, including credit union acquisitions.
I think this trend should be a wake up call for regulators to reevaluate our approaches to many areas of our responsibility, but especially whether our applications processes are operating as effectively and efficiently as they should. It is important that the regulatory framework ensures that competition and broader availability of banking services remain a feature of the U.S. banking system.
A necessary approach to solving this is by making targeted improvements to the applications process. If you follow my work, you know that I often discuss how the applications process can be improved.5 So I will note some of the important changes that I believe would be a catalyst to returning our bank applications review function to an appropriate processing timeline. These are simply threshold steps that should be easy to accomplish and would be a great start to fundamentally improving the process.
I believe that we should not be complacent when facing excessive and longstanding delays. For bank applications, we must focus our resources and expertise to review and promptly act on all bank applications, to streamline the required forms and procedures, and to provide clear standards for approval.
Bank regulators should be prepared to act promptly on applications, and yet the significant delays in applications processing we see suggests we can do better. The published statistics on applications processing also tell an incomplete story, as they do not reflect the time spent by applicants who withdraw applications before final regulatory action or that simply forgo business opportunities that require an application out of concern that the regulatory approval process is too uncertain and unpredictable.6
Many banks experience these frictions in the applications process firsthand. And judging from the number of bankers that contact me as they experience unexplained and prolonged delays, there is clear need for improvement. Uncertainty regarding the status of the application and an expected timeline for resolution creates challenges in moving forward with related business processes often resulting in costly delays for systems conversions and unhealthy uncertainty among bank staff.
We can certainly learn from the inefficiencies in the current process and leverage these experiences by consulting with banks about these challenges and identifying a clear path to improve the process. One step could be to ensure that our applications teams have access to specialized knowledge required to more effectively approach applications for infrequent activities, like de novo formations. We should ensure that a Reserve Bank has the resources necessary to assist them in making the applications process smooth, and ensuring prompt action is taken on the application.
We also know that the applications process itself can be a significant barrier and has in recent years been used by regulators to delay decisions. While many activities that require regulatory approval rely on common application forms, some bank applications require regulatory approvals from multiple regulators. Even where only one primary federal regulator must act on an application, there may be requirements to solicit views from other regulators, or the need to request additional information from the applicant that was not included in the initial filing forms.
Each additional step in the process can lead to delays and prolonged uncertainty. Without question, there is a better process, and it should start with aligned requirements across the banking agencies, coordinated review processes, and clearer standards for approval.
The standards for approval should be clear to all applicants and consistently applied. This must include transparency not only in approval standards but also in timelines, which are equally critical to banks seeking regulatory approval. Banking applications are not filed without extensive work up front and specific plans in mind. For example, a merger application will include information about the pro forma institution’s management team, geographies to be served in the merged institution’s banking footprint, what products will be offered, and how the application will be consistent with the various statutory approval standards.
If we determine that we consistently need more information to process an application, we should amend the applications form instead of relying on time-consuming additional information requests that extend the decision timeline. And if there are standards we expect applicants to meet-for example, the minimum amount of capital required for a de novo bank formation or an expansionary proposal-we should be clear and transparent about those expectations in advance.
Uncertainty in the standards and timelines for action on bank applications can contribute to a regulatory environment that favors nonbanks. This more favorable treatment includes allowing them to engage in the same activities without the same regulatory burdens, like more favorable tax and regulatory treatment for credit unions and the exemption from Community Reinvestment Act requirements for nonbank financial institutions, again, including credit unions. Why would a new business choose to become a bank if they can avoid the complexities of the banking regulatory framework and still provide similar services?
While these steps-developing a pipeline of future leadership for community banks and promoting a more efficient bank applications process-would help support the community banking system generally, perhaps the most critical feature of the framework that affects community banks is tailoring to address the ongoing burden of compliance.
Tailoring is the term we use in banking to describe an approach to regulation that strives to match regulation and supervision with the size, risk, complexity, and business model of an institution. Tailoring helps us calibrate regulation and supervision to the activities and risks at every tier within our framework, but it is particularly important when we think about its application for smaller and community banks.
Frankly, when you consider the fundamental differences between the largest banks and the smallest, tailoring seems like common sense rather than a distinct regulatory philosophy. But in the absence of industry experience among bank policymakers, the trend over time has been an erosion of tailoring in favor of one-size-fits-all approaches.
Pushing down requirements more appropriate for larger institutions to smaller banks-either formally through regulation or informally through supervisory messaging-encourages homogenization of the industry. This trend becomes even more concerning when regulators “grade on a curve” by evaluating a bank relative to other institutions, instead of evaluating a bank against a clear legal standard.
It is also important for regulators evaluating regulations and supervisory approach to consider the aggregate benefits and costs of the framework, rather than looking at each part of the framework on a piecemeal basis. Often, the regulations and supervisory guidance issued by regulators has a “cumulative” or “compounding” effect on banks. A piecemeal approach ensures that banks cannot go to a single source or one regulation to understand supervisory expectations or requirements for a particular activity. While it may be possible to justify or explain any single regulation or piece of guidance on a standalone basis, when we consider the aggregate effects, it is clear that we need to rethink our approach and recommit to tailoring.
Regulatory ambivalence to tailoring comes at a significant cost. If current trends continue-where we push down requirements from large banks to small and attempt to “smooth” or standardize requirements and expectations across all banks-we will eventually find ourselves achieving the academically preferred end state of only a few large banks ineffectively serving the financial needs of the entire U.S. economy. In this state of the world, not only will community banks suffer but so will the communities they serve.
Thank you again for the invitation to join you today. It is wonderful to see the ongoing success and commitment of the Robbins Banking Institute in preparing the next generation of leaders to play an important role in the banking and financial system. While I have expressed concern about some recent trends, one of the many benefits of our system is that there are always opportunities to change course, and I am confident that with committed and experienced leadership we can.
I am also confident that the future of community banking is bright, as long as we focus on right sized and appropriate regulations and guidance and a recognition that investment in innovation and growth is a necessity, not a roadblock. Regulators have an important opportunity now to prioritize changes that will support the safe and sound operation of community banks while allowing these banks to support the U.S. economy, serve their communities, innovate, and grow. Community banks enable the economic success of our country and will continue to support financial opportunities for many future generations. I look forward to seeing how the students in attendance here today will be a part of and shape that bright future.
