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South Korean consortiums leading the realization of industrial metaverse.

Consortium achievements illustrate the capability of industrial metaverse in 3 industry whitepapers


SEOUL, SOUTH KOREA – Media OutReach Newswire – 1 October 2024 – Technology is evolving to support modernization and enable innovation in industry. South Korea’s National IT Industry Promotion Agency (NIPA) is supporting local technology development, eventually promoting the efforts and success to an international audience.

Though often conflated with gaming and social networking, metaverse is an important tool that can improve operations and is increasingly being leveraged for industrial environments.

In 3 recently released whitepapers, NIPA and Frost & Sullivan detail the cases of successful industrial metaverse implementation in the country. By sharing these cases, NIPA is expressing the capability of domestic technology and promoting Korean expertise internationally.

Junam Lee, Director at NIPA for the Metaverse Convergence team says, “We believe that we have lots of advanced technologies to share and cooperate with nearby countries in terms of geography and culture.”

Most organizations cannot easily execute industrial metaverse technology due to budget and customization requirements. These papers identify ways that this innovative technology can be implemented right now.

Supporting flexible manufacturing in the automotive industry
One of the papers published details the benefits of the industrial metaverse and how it has supported the manufacturing industry, specifically automotive. The automotive industry, which is a major part of many Asian economies, is evolving to require flexible manufacturing systems for electric and autonomous vehicles. This paper outlines the path to industrial metaverse realization that enables flexible manufacturing. The consortium led by Shutagen, a technology service company, was able to achieve business and manufacturing agility through industrial metaverse with a deployment at the Hyundai Ulsan plant.

XR devices to enable multiple use cases
Another paper looks at the use of extended reality (XR) devices and how they support the expansion of metaverse use in industry. The consortium project aimed to develop a mass-produced XR device supply chain in Korea to support use domestically and internationally. The consortium, led by P&C Solution, developed XR devices for uses like employee training, assembly line optimization, asset inspection, testing and validation, and more.

Digital twins enabling smart construction
The 3rd paper explores the construction industry and how metaverse enables digital twins of construction projects, allowing for benefits like real-time visualization, simulation, and collaboration across the entire project lifecycle. Hanmac Engineering, a construction engineering company specialized in smart construction, led the consortium to address the need for digital transformation in the construction industry.

The papers highlight the great potential benefit of implementing industrial metaverse for international companies, and illustrate how advanced South Korea companies can be great partners, regardless of budget or customization requirements. Organizations looking to modernize through new technologies must understand the current uses to leverage the potential of industrial metaverse.

Kenny Yeo, Director from Frost & Sullivan, details, “Though metaverse is still in its nascent stage, these examples have been able to leverage the technology and illustrate the practical and tangible benefits. These projects exemplify the benefits of NIPA’s metaverse consortium support.”

  • Safe and effective improvement in productivity is achieved through the implementation of innovative technology and metaverse.
  • Proven capability through specific and varied case studies shows flexibility and achievability for future deployments.
  • Replicable outcomes make South Korean partners attractive for international organizations looking to achieve the same results.

Lee explains, “the main benefit of these technologies is the remarkable improvement of productivity and efficiency in the field. The opportunities for application to the industry are immense, and we hope to create opportunities to collaborate with overseas companies.”

With a strong belief in the advanced technologies of local companies, NIPA is sharing the capabilities and outcomes of these efforts. To learn more about these consortiums and read the case studies, visit the following links:

– Harnessing the Power of Industrial Metaverse in Modern Vehicle Manufacturing: https://www.nipa.kr/home/2-7-1-1/15650
– Reshaping South Korea XR Tech Landscapes & National Competitiveness: https://www.nipa.kr/home/2-7-1-1/15651
– Metaverse-Powered Transformation in Construction: https://www.nipa.kr/home/2-7-1-1/15652
Hashtag: #NIPA #FrostAndSullivan #Shutagen #P&CSolution #HanmacEngineering #Hyundai #Metaverse #ExtendedReality #SouthKorea

The issuer is solely responsible for the content of this announcement.

About National IT Industry Promotion Agency (NIPA)

National IT Industry Promotion Agency (NIPA) is a Korean government agency under the Ministry of Science and ICT, pioneering digital innovations in South Korea through supporting the spread of core technologies including AI, metaverse, cloud solutions and digital health. NIPA provides customized supports to fit companies’ life cycles from business foundation through to global expansion.

About Frost & Sullivan

For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. .

IGC achieved annual revenue of HK$227 million

Tech-driven investment management business seen rapid growth


Highlights

  • Completed acquisition of Deep Neural Computing Company Limited (DNCC) and expanded tech-driven management business
  • Focus on deep neural networks, artificial intelligence, distributed computing, and quantitative trading algorithms
  • Newly acquired DNCC has contributed HK$9.22 million revenue in merely 3 months
  • Gross profit ratio improved from 0.95% in previous year to 5.76% for the year

HONG KONG SAR – Media OutReach Newswire – 30 September 2024 – International Genius Company (“IGC“; stock code: 0033.HK) announced its annual results for the year ended 30 June 2024 (the “Reporting Period”). During the Reporting Period, the Group’s tech-driven investment management business has achieved rapid growth, driving IGC’s transformation into a global company with financial transaction innovation driven by artificial intelligence(AI).

The total revenue for the Reporting Period was approximately HK$227 million. Among which, the newly acquired Deep Neural Computing Company Limited (“DNCC”) has contributed around HK$9.22 million revenue to the tech-driven investment management segment in merely 3 months. Its income has significantly increased IGC’s profit margins. Gross profit of the year has increased 4 folds during the Reporting Period.

On 22 March 2024, the Group completed the acquisition of DNCC, a leading R&D and application company specializing in artificial intelligence, deep neural networks, distributed computing, and quantitative trading algorithms. DNCC boasts a team of experts with years of experience in AI research development. The acquisition has further enhanced IGC’s capability in R&D and technology, enabling a breakthrough in AI trading algorithms in order to provide a more specialized and efficient solutions for clients’ trading strategies and technology needs.

With the completion of the acquisition of DNCC, IGC has successfully expanded its tech-driven investment management business. The segment has quickly generated income with a high profit margin, and has enhanced the Group’s income structure and quality, laying a solid foundation for IGC’s transformation.

IGC has now established an advanced and mature trading technology system, with deep neural network, distributed computing and quantitative trading algorithm at its core. IGC will continue to develop trading algorithm based on machine learning and deep learning, in order to form our core product “IGC Prophet”. The technology conglomerate will provide clients with customized one-stop AI trading technology solution that can be commercialized and applied to multiple international financial trading sectors, giving our clients an unparallel competitive edge in the global market.

Looking forward, IGC will continue on the path of technology and model innovation. By increasing the Group’s investment in AI and related technology, and focusing on R&D and scalable application of AI trading algorithms in global financial trading, we strive to drive the innovation in financial trading around the world through AI-driven trading tools. This will in turn expand our client network and increase the Group’s income and profit, further enhancing IGC’s competitiveness in the global market.

Hashtag: #InternationGeniusCompany #IGC #ANNUALRESULTS

The issuer is solely responsible for the content of this announcement.

About International Genius Company

The International Genius Company (IGC; stock code: 0033. HK) is a global company with financial transaction innovation driven by artificial intelligence(AI) with top AI R&D capabilities and quantitative trading experience, working to combine advanced technology with market insight and redefine financial asset trading through AI. Based on cutting-edge technologies and massive data analysis capabilities such as deep neural networks and distributed computing, IGC provides algorithmic trading strategies and customized one-stop extensible AI trading technology solutions for investment institutions, asset management companies, family offices, etc

Gorilla Technology Group Achieves Explosive Growth in H1 2024; Sales Surge by 222%, as Company Delivers Record Profits and Strengthens Market Position


London, United Kingdom – Newsfile Corp. – September 30, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) today announced its financial results for the first half of 2024, showcasing a remarkable period of unprecedented growth and profitability. This outstanding performance underscores Gorilla’s rapid ascent as a leading AI-driven enterprise, delivering transformative technology solutions across global markets.

Key Financial Highlights (Jan-Jun 2024):

  • Revenue: Gorilla Technology Group recorded $20.67 million in revenue, marking an impressive 222% increase from $6.43 million in H1 2023, reflecting significant market penetration and accelerated demand for its cutting-edge AI-driven solutions.
  • Gross Profit: Gorilla’s gross profit surged to $17.68 million, up an extraordinary 456% from $3.18 million in H1 2023. This sharp increase is the result of cost reduction initiatives and higher-margin projects that have significantly boosted profitability.
  • Operating Profit: The company achieved a remarkable turnaround, posting an operating profit of $1.77 million, a substantial improvement from the $7.29 million loss recorded in H1 2023. This transformative shift underscores the success of Gorilla’s strategic realignment and its focus on profitable growth.
  • Net Profit: Gorilla delivered $1.61 million in net profit, a major improvement over the $7.27 million net loss reported in H1 2023, signifying the company’s impressive rebound and continued strong performance in 2024.
  • Total Overheads: Gorilla reduced its overheads by 27.55%, from $11.32 million in H1 2023 to $8.20 million in H1 2024, reflecting its commitment to operational efficiency and prudent financial management.
  • Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA): EBITDA increased significantly, from a $6.56 million loss in H1 2023 to a positive $2.49 million in H1 2024, showcasing operational resilience and enhanced profitability.
  • Adjusted EBITDA: Adjusted EBITDA rose by an astounding margin, reaching $2.65 million, up from a $3.47 million loss in H1 2023, driven by strong underlying business performance and growth in key sectors.

First Half 2024 Results

Unless noted otherwise, all figures are for the six months ended June 30, 2024, and all comparisons are with the corresponding period of 2023 The following table summarizes financial results (unaudited):

Six months ended
June 30
Items 2024 2023
(dollars in thousands)
Revenue $ 20,675 $ 6,429
Cost of revenue (2,996) (3,250)
Gross margin 17,679 3,179
Operating expense 15,905 10,470
Operating income (loss) 1,774 (7,292)
Net profit (loss) $ 1,612 $ (7,270)
Number of contract of sales 61 81

The following table shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the income(loss) for the six months period ended June 30, 2024, and 2023 (unaudited).

Six months ended
June 30
2024 2023
(dollars in thousands)
Profit (loss) for the period $ 1,612 $ (7,270)
Income tax expense 138 2
Interest and finance income (expense), net 24 (24)
EBIT (LBIT) $ 1,774 (7,292)
Depreciation expense 276 322
Amortization expense 442 407
EBITDA (LBITDA) $ 2,492 $ (6,563)
Transaction costs(1) 162 3,098
Adjusted EBITDA(LBITDA) $ 2,654 $ (3,465)

(1) Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA.

Jay Chandan, Chairman & CEO of Gorilla Technology Group, commented: “The first half of 2024 has been nothing short of exceptional. These results reflect our strategic focus on operational excellence, market expansion and the powerful role AI continues to play in driving our growth. We have significantly strengthened our balance sheet, pivoted towards higher-margin solutions, and optimised our cost structure. This has enabled us to deliver record profits and further solidify our position as an innovative leader in the global technology landscape.”

Jay added: “As we look ahead, we remain laser-focused on scaling our AI-driven offerings and executing on our long-term vision. We are on track to deliver our best year yet, with strong indications that our year-end results will surpass the Company’s expectations across all key metrics. Gorilla is poised to lead the charge in the rapidly evolving AI and technology space.”

Bruce Bower, Interim Chief Financial Officer of Gorilla Technology Group, added:

“Our financial performance in the first half of 2024 is a testament to the strength and agility of our business model. We have successfully realigned our cost structure while driving exceptional top-line growth. The sharp reduction in our cost of sales, coupled with our ability to generate substantial gross and operating profits, demonstrates the operational efficiencies we’ve embedded across the organisation.”

“Looking ahead, we are confident that our strategic investments and prudent financial management will continue to yield strong returns. We have laid a solid foundation for sustainable, profitable growth and are well positioned to exceed our full-year financial targets. Gorilla is not only delivering on its promise of innovation but also creating real, tangible value for our shareholders.”

Forward Momentum into H2 2024 and Beyond

Gorilla is not resting on its laurels. The company is aggressively pursuing new larger deals and expanding its global footprint and is set for an even more impactful second half of 2024, underpinned by a rapidly expanding pipeline of potential project and accelerated market penetration. Our pipeline continues to grow larger than previously projected, reflecting the increasing interest in Gorilla’s AI-driven solutions across our core regions.

Full-year projections remain highly optimistic, with revenues on track to surpass $72 million, driven by both existing and anticipated contracts in key markets such as MENA, Southeast Asia, East Asia, South America and the United Kingdom. The company expects significant profit growth over fiscal 2023 as operational efficiencies and product innovations continue to drive higher margins.

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to attract the attention of customers and investors alike, Gorilla’s largest projects and ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Investor Relations Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

The issuer is solely responsible for the content of this announcement.

Qualcomm and Sequans Complete Sale of 4G IoT Technology


San Diego, California and Paris, France – Newsfile Corp. – September 30, 2024 – Qualcomm Incorporated, a global leader in high-performance at low-power solutions, through its subsidiary, Qualcomm Technologies, Inc. (“Qualcomm”), and Sequans Communications S.A. (NYSE: SQNS), a supplier of 4G and 5G semiconductor solutions for the Internet of Things (IoT), today announced that they have completed the sale of Sequans’ 4G IoT technology to Qualcomm.

“We are pleased to add Sequans’ 4G IoT technology into Qualcomm’s broad product portfolio, adding to our robust, low-power solutions for dependable and optimized cellular connectivity for industrial IoT applications,” said Nakul Duggal, group general manager, automotive, industrial and embedded IoT, and cloud computing, Qualcomm Technologies, Inc. “This acquisition supports our commitment to delivering cutting-edge IoT solutions and strengthens our position as a leader in intelligence at the edge.”

“We are thrilled to finalize this transaction with Qualcomm and to retain a perpetual license to continue using, commercializing and advancing these technologies, said Georges Karam, CEO of Sequans. “It validates the strength of our technology and ensures that our customers will continue to receive top-tier support on our 4G portfolio and cutting-edge 5G innovation from Sequans. The asset sale is set to deliver significant benefits to our customers. With a robust balance sheet, proven technology and a comprehensive portfolio that includes low-power LTE-M/NB-IoT, LTE Cat 1bis and the upcoming 5G Redcap/eRedCap technology, Sequans is very well positioned in the market. Supported by a seasoned team dedicated to cellular IoT, Sequans is set to provide best-in-class IoT products and services.”

Qualcomm Technologies expects to integrate these 4G IOT technologies into its portfolio of purpose-built connectivity solutions for IOT.

About Qualcomm

Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Our proven solutions drive transformation across major industries, and our Snapdragon® branded platforms power extraordinary consumer experiences. Building on our nearly 40-year leadership in setting industry standards and creating era-defining technology breakthroughs, we deliver leading edge AI, high-performance, low-power computing, and unrivaled connectivity. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patented technologies are licensed by Qualcomm Incorporated.

About Sequans Communications

Sequans Communications S.A. (NYSE: SQNS) is a leading semiconductor company specializing in wireless cellular technology for the Internet of Things (IoT). Our engineers design and develop innovative, secure, and scalable technologies that power the next generation of connected devices. We offer a wide range of solutions, including chips, modules, IP, and services. Our LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms are optimized for IoT, delivering breakthroughs in wireless connectivity, power efficiency, security, and performance. Established in 2003, Sequans is headquartered in France and has a global presence with offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Finland, Taiwan, and China.

Qualcomm Contacts:

Clare Conley, Communications
Phone: 1-858-845-5959
Email: corpcomm@qualcomm.com

Mauricio Lopez-Hodoyan, Investor Relations
Phone: 1-858-658-4813
Email: ir@qualcomm.com

Sequans Contacts:

Linda Bouvet (France), Media Relations
Phone: +33 1 70 72 16 00
media@sequans.com

Kim Rogers (USA), Investor Relations
Phone: 1-385-831-7337
ir@sequans.com

The issuer is solely responsible for the content of this announcement.

Tunisia’s struggling economy puts democracy at risk, Democracy News Alliance study finds


TUNIS, TUNISIA & LOS ANGELES, UNITED STATES – Newsaktuell – 30 September 2024 – DNA – Tunisia’s political landscape is undergoing a perilous shift. Once celebrated as the Arab Spring’s democratic success story, the country now faces the grim possibility of sliding back into authoritarianism, a new study warns.

Backing for the President: Supporters of Tunisian President Kais Saied hold his image during a rally in Tunis, on July 25, 2024, as the nation celebrates the 67th anniversary of foundation of the republic. (Photo by Fethi Belaid / AFP)
Backing for the President: Supporters of Tunisian President Kais Saied hold his image during a rally in Tunis, on July 25, 2024, as the nation celebrates the 67th anniversary of foundation of the republic. (Photo by Fethi Belaid / AFP)

As the October 2024 elections loom, analysts warn that President Kaïs Saïed may tighten his grip on power, threatening to reverse the hard-won gains from the 2011 Jasmine Revolution.

But what has led Tunisia to this moment? And why has economic stagnation stifled its democratic aspirations? Researchers behind a new Berggruen Governance Index (BGI) report analyze what happened and what may happen next.

In late 2010, mass protests erupted in Tunisia, setting the stage for the Jasmine Revolution. This movement, ignited by public outcry against the autocratic rule of Zine El Abidine Ben Ali, became the spark for the wider Arab Spring that swept through North Africa and the Middle East. While many neighboring nations soon experienced civil war or counter-revolution, Tunisia emerged as a beacon of hope.

The early years of Tunisia’s post-revolution period were marked by a wave of political reforms. The newly formed democracy scored well on the BGI Democratic Accountability Index, and state capacity saw significant improvement as the country tried to rid itself of the corruption and inefficiencies of the past. By 2021, Tunisia had solidified its place as one of the few democracies in the region. Yet, beneath the surface, economic challenges persisted, laying the groundwork for a brewing crisis.

Despite the political gains, Tunisia’s economic struggles were not resolved after the revolution. From 2010 onward, while democracy flourished, the provision of public goods such as education, health, and infrastructure remained lackluster. Economic growth stagnated, as highlighted by Tunisia’s disappointing GDP per capita trends and the troubling rise in unemployment and poverty. Emigration grew steadily.

The Berggruen Governance Index report paints a clear picture of this dynamic. While Tunisia’s democratic accountability score soared after 2011, its fiscal capacity faltered, dropping to concerning lows by 2021. Political stability did not translate into economic prosperity, and the failure to provide material benefits to the population eroded faith in democratic institutions. Disillusionment spread as citizens faced the same hardships under a new political system.

According to the report, which was conducted by researchers from the Luskin School of Public Affairs at the University of California Los Angeles (UCLA), the Los Angeles-based Berggruen Institute and the Hertie School, a university in Berlin, Germany, the economic stagnation is rooted in both internal and external factors. Internally, Tunisia’s governance struggled to stabilize a post-revolution economy. Externally, a decline in foreign direct investment (FDI) exacerbated the situation, as investors grew wary of Tunisia’s fragile political environment. The report based on the BGI shows that FDI, which had peaked at nearly 9.5 per cent of GDP under Ben Ali, plummeted after the revolution, contributing to Tunisia’s deteriorating economy.

Current president Kaïs Saïed, a law professor who rose to prominence on a populist wave, secured victory in the 2019 elections. His election signaled a shift in Tunisia’s political trajectory. While initially celebrated for challenging the elite, Saïed soon began to erode the very democratic foundations that had lifted him to power.

In 2021, Saïed suspended the parliament in what many labeled an “auto-coup.” A year later, a constitutional referendum further expanded his powers at the expense of the legislative branch, fueling fears of a return to authoritarianism. Human rights organizations have raised alarms about his increasing use of repression, imprisonment of opposition leaders, and violent crackdowns on migrants. According to the study, Tunisia’s democracy, once lauded, is now on the edge.

The political repression under Saïed’s rule is setting the tone for the upcoming 2024 elections, which analysts predict will be a mere formality to legitimize his continued grip on power. According to reports from Human Rights Watch, opposition groups face severe restrictions, and one candidate is even running his campaign from prison.

The growing repression is particularly alarming as Tunisia grapples with a deepening economic crisis. The government’s rejection of a 2 billion US-Dollar International Monetary Fund loan in 2023, criticized by President Saïed as a “dictate,” was widely seen as a populist move. However, the rejection further isolated Tunisia from vital international financial support, leaving it struggling to address its economic problems. As citizens endure rising unemployment, inflation, and food insecurity, the prospects for a democratic recovery seem dim.

The situation in Tunisia offers a stark lesson about the relationship between democracy and economic development. According to the Berggruen Governance Index, countries with stronger democracies often enjoy higher standards of living. Yet, in Tunisia’s case, democracy has failed to deliver the expected economic dividends. This failure is partly due to the inherent difficulties faced by developing democracies, where public pressure for immediate consumption can hinder long-term investments needed for sustainable growth. Furthermore, economic uncertainty in Tunisia has deterred foreign investors.

The precarious state of Tunisia’s economy has had direct consequences for its citizens. Vulnerable employment is rising, and the share of undernourished individuals has climbed back to levels not seen since the revolution. The economic crisis has fueled social discontent, and with no clear solutions in sight, the country risks further instability.

The situation in Tunisia illustrates a broader challenge facing emerging democracies worldwide: the need to deliver both political reform and economic progress, the researchers write in their report. When governments fail to improve living standards, citizens may grow disillusioned with democracy, creating an opening for authoritarian leaders to consolidate power.

Further coverage by the Democracy News Alliance can be found in the DNA digital newsroom at https://www.presseportal.de/en/nr/174021

This text and the accompanying material (photos and graphics) is an offer from the Democracy News Alliance, a close co-operation between Agence France-Presse (AFP, France), Agenzia Nazionale Stampa Associata (ANSA, Italy), The Canadian Press (CP, Canada), Deutsche Presse-Agentur (dpa, Germany) and PA Media (PA, UK). All recipients can use this material without the need for a separate subscription agreement with one or more of the participating agencies. This includes the recipient’s right to publish the material in own products.

The DNA content is an independent journalistic service that operates separately from the other services of the participating agencies. It is produced by editorial units that are not involved in the production of the agencies’ main news services. Nevertheless, the editorial standards of the agencies and their assurance of completely independent, impartial and unbiased reporting also apply here.

Hashtag: #DNA

The issuer is solely responsible for the content of this announcement.

Top CEOs navigate global turbulence by betting big on AI, says KPMG

  • Tenth anniversary of the KPMG CEO Outlook shows that despite CEO confidence in the growth prospects of the economy declining since 2015, 72 percent of CEOs remain confident.
  • Ninety-two percent of CEOs are looking to increase the overall headcount of their workforce – the highest since 2020.
  • AI remains the top investment priority for most CEOs (64 percent), with a significant majority (76 percent) believing that it will not fundamentally impact job numbers.
  • Threats to growth have also shifted, with supply chain challenges and operational issues pushing ahead of cyber security and last year’s number one threat – geopolitics and political uncertainty.
  • Three quarters (76 percent) of CEOs said they would be willing to divest a profitable part of the business that was damaging reputation.
  • Eighty-three percent of leaders now predict a full ‘return to office’ in three years’ time, up from 64 percent in 2023

HONG KONG SAR – Media OutReach Newswire – 30 September 2024 – From the race to embrace artificial intelligence (AI) to ever-mounting geopolitical concerns, the challenges faced by the CEOs of today are vast and complex. Alongside these external pressures, internal challenges such as upskilling the workforce and hybrid working are pushing CEOs to be agile and adaptable in their stakeholder management while also keeping an eye on long-term growth.

First launched globally 10 years ago, the KPMG CEO Outlook surveys more than 1,300 global business leaders overseeing companies with revenues of at least US$500M from some of the world’s biggest economies and key industries.

The last 10 years have been defined by volatility, ranging from the economic and social shockwaves of the COVID-19 pandemic to the resurgence of inflation and geopolitical tensions. In the face of this, leaders have had to adapt to an unprecedented array of challenges that have not only placed greater pressure on CEOs’ shoulders but driven a waning of confidence in the global economy.

Yet, global leaders remain resilient, leading their businesses on a path to sustainable growth. Global leaders continue to create a solid foundation by betting big on AI and bolstering their workforce to adapt to evolving business needs. This year’s survey shows that CEOs are optimistic about their organization’s future, with 92 percent of leaders looking to increase the overall headcount of their workforce, but also recognizing they need to future proof the skillsets of their people and demonstrate increased employee value proposition to attract and retain talent. Balancing ambition and appropriate caution will be key when it comes to ESG issues if CEOs want to avoid stakeholder criticism and, more importantly, do the right thing.

Bill Thomas, Global CEO & Chairman, KPMG International, said: “The last ten years has been framed by a backdrop of volatility and change, from a global pandemic to surging inflation and the rise of AI. In the face of such pressures, CEOs are steadfast about the need to invest in the future. Turbulence calls for leaders to be more resilient, agile and innovative than ever before. As we look ahead to the next ten years, CEOs who set bold strategies to adapt to our fast-changing world and invest in the right technologies and talent to make their plans a reality, can deliver sustainable, long-term growth.”

Economic outlook: Business growth challenged by the pace of technology

Over the past decade, the confidence of CEOs in the global economy has waned, reflecting the growing complexities of the environment they face. While confidence has remained relatively stable over the past three years, with 72 percent of CEOs optimistic about the economy, this marks a significant shift from the robust 93 percent seen in 2015 when the survey first launched.

The growing complexity and variety of demands of leading a large organization are being felt keenly by CEOs, with almost three quarters (72 percent) confessing they feel under more pressure to ensure the long-term prosperity of their business.

This additional pressure felt by CEOs could be attributed to an evolving list of threats to business growth with this year’s survey showing that CEOs are the most concerned about the impact of supply chain disruption, and operational issues on their business’ growth in the next three years, coming in above cyber security and even last year’s number one threat – geopolitics and political uncertainty.

Ten years of survey data demonstrates how leaders have sought to create confidence in business growth, from increased investment in innovation and tech, to placing a fresh focus on the employee value proposition and renewing their commitment to ESG and sustainability as a source of value creation. Looking more closely at the next three years, respondents identified their top operational priorities as advancing digitization and connectivity across their business (18 percent), understanding and implementing generative AI across the business and upskilling their workforce (13 percent), and execution of ESG initiatives (13 percent). By futureproofing their business for a digital world and focusing on fostering and retaining great talent, CEOs not only address their immediate operational needs but also position their organizations for sustainable, organic growth.

Technology and generative AI: AI front and center as the urgency around adoption accelerates

David Rowlands, Global Head of AI, KPMG International, said: “When KPMG first launched CEO Outlook ten years ago, AI technologies simply weren’t something people were talking about. Fast forward to today, and it’s now front and center for business leaders, with workforces eager to embrace the seemingly endless possibilities the technology creates. While I’m encouraged that the CEOs surveyed are taking AI so seriously and investing in innovation and technology, it’s important that the rush to adopt doesn’t come at the cost of genuine, ethical and transformative implementation. AI can add value to every aspect of business, but all employees need to be part of that journey. With the right upskilling and a focus on unlocking the true potential of AI, there’s an opportunity for the business community to play a major role in shifting the world’s economies back toward a trajectory of long-term, sustainable growth.”

For the CEOs surveyed, technological innovation has been the single most disruptive force over the past 10 years, with emerging and disruptive technology landing as a top three risk to growth in six of the past nine surveys.

When KPMG first launched the CEO Outlook a decade ago, AI was gaining traction with breakthroughs in areas such as image recognition, natural language processing and autonomous vehicles. In 2024, the majority (64 percent) of global CEOs indicated that they would invest in AI regardless of economic conditions. And while today’s AI use-cases generate plenty of buzz in the public discourse, global CEOs recognize the need to seize the challenges that lie ahead, considering AI’s potential to transform every aspect of our everyday life.

Workforce upskilling a key piece of the AI puzzle

Despite public concern around the risk of redundancies, CEOs recognize the transformative potential of AI and remain confident that it will not have a detrimental impact on the workforce, with over three quarters (76 percent) of CEOs anticipating AI will not fundamentally reduce the number of jobs within their organizations over the next three years. Yet, CEOs also recognize their workforce will need to adapt to fully harness the opportunity, as when asked about their organization’s current AI readiness, only 38 percent of CEOs were confident that their employees have the right skills to fully leverage the benefits. Furthermore, 58 percent agree that the integration of generative AI has made them rethink the skills required for entry-level roles.

Where CEOs invest will be key

This growing commitment to AI shows that global CEOs are building on the capital expenditure momentum witnessed last year, as all CEOs say they plan to invest in AI in some form. They recognize AI’s potential to increase efficiency and productivity (16 percent), upskill the workforce for future readiness (14 percent) and increase organizational innovation (13 percent). However, a majority of CEOs (63 percent) acknowledge an ROI on AI is unlikely for at least three to five years — in line with last year.

Ethical implementation of AI a concern for most

Amid growing concerns about the ethical use and implementation of AI, CEOs are increasingly aware of the risks tied to its rapid adoption. Well over half (61 percent) identified ethical challenges as some of the most difficult issues to address when implementing AI within their businesses — an increase from 57 percent in 2023. Additionally, concerns over a lack of regulation (50 percent) and insufficient technical skills and capabilities (48 percent) further complicate the path forward.

Talent: CEOs doubling-down on the return-to-office debate

Nhlamu Dlomu, Global Head of People, KPMG International, said: “This year’s findings highlight a widening gap between the expectations of CEOs and their employees. The world is changing at pace and the employee-value-proposition is changing with it. The successful leaders of tomorrow will be those who understand that their talent dilemma can only be solved by investing in, nurturing and supporting talent through a ‘social contract’ that understands today’s employees don’t just desire, but expect a more agile, flexible working environment and a better work-life balance – especially in the midst of a pervasive cost of living crisis.”

Since 2015, as employees have demanded more flexibility in working patterns and a stronger alignment between personal beliefs and organizational purpose, successful leaders have adapted well to this shifting workforce dynamic. The leaders who prosper are those who put people at the heart of their growth strategy and evolve their social contract to keep up with the evolving expectations of current and future talent.

However, the leaders surveyed show that the return-to-office debate continues to give food for thought. This years’ findings reveal that CEOs are hardening their stance on returning to pre-pandemic ways of working, with 83 percent expecting a full return to the office within the next three years — a notable increase from 64 percent in 2023. And this expectation only increases with age: 75 percent for those aged 40 to 49, 83 percent for those aged 50 to 59, and 87 percent for those aged 60 to 69. Interestingly, there is also a gender split emerging in this debate: while 84 percent of male CEOs predict a full return to the office within three years, only 78 percent of female CEOs anticipate the same shift back. Furthermore, 87 percent of respondents say they are likely to reward employees who make an effort to come into the office with favorable assignments, raises or promotions.

CEOs also acknowledge that other talent-related issues could affect future growth and competitiveness. Almost a third of them say they are concerned about labor market shifts — specifically the number of employees that will soon retire, and the lack of skilled workers available to replace them. In response to this talent shortage, 80 percent of CEOs agree that organizations should be investing in skills development and lifelong learning within local communities to help safeguard access to future talent. With this local commitment, 92 percent of leaders hope this will help to increase the overall headcount of their workforce over the next three years.

ESG: Navigating an increasingly politicized landscape

John McCalla-Leacy, Head of Global ESG, KPMG International, said: “The tenth anniversary edition of the KPMG CEO Outlook highlights how much progress the business community has made on ESG and sustainability. Only a few years ago, environmental, social and governance commitments were regarded as a badge of honor which was not necessarily integrated into company’s strategy. Today, our findings show that ESG is a top priority with purposeful, sustainable growth remaining a core ambition for global business leaders. However, in 2024, we’re seeing growing politicization and polarization of issues such as social mobility and climate change, and this is creating fresh new challenges for CEOs who are already under pressure to perform. The good news is that this survey shows that CEOs are remaining steadfast on the importance of sustainability they continue to demonstrate resilience and agility, for example, shifting how they communicate their efforts, rather than ditching their commitments.”

This year’s findings expose the reality of navigating environmental, social and governance priorities in today’s climate. Alongside a growing awareness of ESG’s impact on trust and reputation, the increasingly politicized nature of the ESG agenda is heightening the pressure felt by today’s leaders.

In 2015, CEOs ranked environmental risk as their least concerning priority risk; fast-forward to 2024 and almost a quarter (24 percent) acknowledged that the principal downside of failing to meet ESG expectations would be giving their competitors an edge, coming out ahead of threat to their own tenure (21 percent) and recruitment challenges (16 percent).

It’s clear that leaders are willing to take action when it comes to ESG, with three quarters (76 percent) of CEOs saying they would be willing to divest a profitable part of the business that was damaging their reputation. More tellingly, a majority (68 percent) indicate that they would take a stance on a politically or socially contentious issue, even if the Board raised concerns with them doing so. The survey also shows that today’s CEOs recognize just how vital ESG is to value creation — just under a quarter (24 percent) cite giving their competitors an edge as the principal downside of failing to meet ESG expectations.

Two-thirds of CEOs admit they aren’t prepared to withstand the potential scrutiny and expectations of shareholders when it comes to ESG, suggesting they will take action to mitigate this. Interestingly, there are emerging generational differences among CEOs, with 43 percent of younger leaders (aged between 40 and 49) feeling more confident they can take on scrutiny around ESG compared to 33 percent of CEOs aged 50-59 and 30 percent of those aged 60 to 69.

We’re also seeing a growing level of politicization and polarization of issues such as social mobility and climate change, and it’s creating challenges for CEOs who are already under pressure to meet or reassess established targets. As a result, some global CEOs are shifting how they communicate their ESG efforts. In this year’s survey, 69 percent reveal that while they’ve retained the same climate related strategies over the last 12 months, they’ve adapted the language and terminology they use internally and externally to meet changing stakeholder needs. For example, political and social forces have pushed some businesses to change the language they use, with some organizations preferring to use general terminology such as “sustainability” over the more encompassing term of “ESG.”

Finally, 30 percent say the greatest barrier to achieving their climate ambitions is the complexity presented by the decarbonization of their supply chain — an issue further compounded by current geopolitical tensions around the world and activities impacting major global trade routes. As we head into 2025, it will be interesting to see how this impacts opinions and organizations overall, as ESG reporting begins to take hold across the globe.
Hashtag: #KPMG

The issuer is solely responsible for the content of this announcement.

About KPMG International

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

For more detail about our structure, please visit kpmg.com.

Top CEOs navigate global turbulence by betting big on AI, says KPMG

  • Tenth anniversary of the KPMG CEO Outlook shows that despite CEO confidence in the growth prospects of the economy declining since 2015, 72 percent of CEOs remain confident.
  • Ninety-two percent of CEOs are looking to increase the overall headcount of their workforce – the highest since 2020.
  • AI remains the top investment priority for most CEOs (64 percent), with a significant majority (76 percent) believing that it will not fundamentally impact job numbers.
  • Threats to growth have also shifted, with supply chain challenges and operational issues pushing ahead of cyber security and last year’s number one threat – geopolitics and political uncertainty.
  • Three quarters (76 percent) of CEOs said they would be willing to divest a profitable part of the business that was damaging reputation.
  • Eighty-three percent of leaders now predict a full ‘return to office’ in three years’ time, up from 64 percent in 2023

HONG KONG SAR – Media OutReach Newswire – 30 September 2024 – From the race to embrace artificial intelligence (AI) to ever-mounting geopolitical concerns, the challenges faced by the CEOs of today are vast and complex. Alongside these external pressures, internal challenges such as upskilling the workforce and hybrid working are pushing CEOs to be agile and adaptable in their stakeholder management while also keeping an eye on long-term growth.

First launched globally 10 years ago, the KPMG CEO Outlook surveys more than 1,300 global business leaders overseeing companies with revenues of at least US$500M from some of the world’s biggest economies and key industries.

The last 10 years have been defined by volatility, ranging from the economic and social shockwaves of the COVID-19 pandemic to the resurgence of inflation and geopolitical tensions. In the face of this, leaders have had to adapt to an unprecedented array of challenges that have not only placed greater pressure on CEOs’ shoulders but driven a waning of confidence in the global economy.

Yet, global leaders remain resilient, leading their businesses on a path to sustainable growth. Global leaders continue to create a solid foundation by betting big on AI and bolstering their workforce to adapt to evolving business needs. This year’s survey shows that CEOs are optimistic about their organization’s future, with 92 percent of leaders looking to increase the overall headcount of their workforce, but also recognizing they need to future proof the skillsets of their people and demonstrate increased employee value proposition to attract and retain talent. Balancing ambition and appropriate caution will be key when it comes to ESG issues if CEOs want to avoid stakeholder criticism and, more importantly, do the right thing.

Bill Thomas, Global CEO & Chairman, KPMG International, said: “The last ten years has been framed by a backdrop of volatility and change, from a global pandemic to surging inflation and the rise of AI. In the face of such pressures, CEOs are steadfast about the need to invest in the future. Turbulence calls for leaders to be more resilient, agile and innovative than ever before. As we look ahead to the next ten years, CEOs who set bold strategies to adapt to our fast-changing world and invest in the right technologies and talent to make their plans a reality, can deliver sustainable, long-term growth.”

Economic outlook: Business growth challenged by the pace of technology

Over the past decade, the confidence of CEOs in the global economy has waned, reflecting the growing complexities of the environment they face. While confidence has remained relatively stable over the past three years, with 72 percent of CEOs optimistic about the economy, this marks a significant shift from the robust 93 percent seen in 2015 when the survey first launched.

The growing complexity and variety of demands of leading a large organization are being felt keenly by CEOs, with almost three quarters (72 percent) confessing they feel under more pressure to ensure the long-term prosperity of their business.

This additional pressure felt by CEOs could be attributed to an evolving list of threats to business growth with this year’s survey showing that CEOs are the most concerned about the impact of supply chain disruption, and operational issues on their business’ growth in the next three years, coming in above cyber security and even last year’s number one threat – geopolitics and political uncertainty.

Ten years of survey data demonstrates how leaders have sought to create confidence in business growth, from increased investment in innovation and tech, to placing a fresh focus on the employee value proposition and renewing their commitment to ESG and sustainability as a source of value creation. Looking more closely at the next three years, respondents identified their top operational priorities as advancing digitization and connectivity across their business (18 percent), understanding and implementing generative AI across the business and upskilling their workforce (13 percent), and execution of ESG initiatives (13 percent). By futureproofing their business for a digital world and focusing on fostering and retaining great talent, CEOs not only address their immediate operational needs but also position their organizations for sustainable, organic growth.

Technology and generative AI: AI front and center as the urgency around adoption accelerates

David Rowlands, Global Head of AI, KPMG International, said: “When KPMG first launched CEO Outlook ten years ago, AI technologies simply weren’t something people were talking about. Fast forward to today, and it’s now front and center for business leaders, with workforces eager to embrace the seemingly endless possibilities the technology creates. While I’m encouraged that the CEOs surveyed are taking AI so seriously and investing in innovation and technology, it’s important that the rush to adopt doesn’t come at the cost of genuine, ethical and transformative implementation. AI can add value to every aspect of business, but all employees need to be part of that journey. With the right upskilling and a focus on unlocking the true potential of AI, there’s an opportunity for the business community to play a major role in shifting the world’s economies back toward a trajectory of long-term, sustainable growth.”

For the CEOs surveyed, technological innovation has been the single most disruptive force over the past 10 years, with emerging and disruptive technology landing as a top three risk to growth in six of the past nine surveys.

When KPMG first launched the CEO Outlook a decade ago, AI was gaining traction with breakthroughs in areas such as image recognition, natural language processing and autonomous vehicles. In 2024, the majority (64 percent) of global CEOs indicated that they would invest in AI regardless of economic conditions. And while today’s AI use-cases generate plenty of buzz in the public discourse, global CEOs recognize the need to seize the challenges that lie ahead, considering AI’s potential to transform every aspect of our everyday life.

Workforce upskilling a key piece of the AI puzzle

Despite public concern around the risk of redundancies, CEOs recognize the transformative potential of AI and remain confident that it will not have a detrimental impact on the workforce, with over three quarters (76 percent) of CEOs anticipating AI will not fundamentally reduce the number of jobs within their organizations over the next three years. Yet, CEOs also recognize their workforce will need to adapt to fully harness the opportunity, as when asked about their organization’s current AI readiness, only 38 percent of CEOs were confident that their employees have the right skills to fully leverage the benefits. Furthermore, 58 percent agree that the integration of generative AI has made them rethink the skills required for entry-level roles.

Where CEOs invest will be key

This growing commitment to AI shows that global CEOs are building on the capital expenditure momentum witnessed last year, as all CEOs say they plan to invest in AI in some form. They recognize AI’s potential to increase efficiency and productivity (16 percent), upskill the workforce for future readiness (14 percent) and increase organizational innovation (13 percent). However, a majority of CEOs (63 percent) acknowledge an ROI on AI is unlikely for at least three to five years — in line with last year.

Ethical implementation of AI a concern for most

Amid growing concerns about the ethical use and implementation of AI, CEOs are increasingly aware of the risks tied to its rapid adoption. Well over half (61 percent) identified ethical challenges as some of the most difficult issues to address when implementing AI within their businesses — an increase from 57 percent in 2023. Additionally, concerns over a lack of regulation (50 percent) and insufficient technical skills and capabilities (48 percent) further complicate the path forward.

Talent: CEOs doubling-down on the return-to-office debate

Nhlamu Dlomu, Global Head of People, KPMG International, said: “This year’s findings highlight a widening gap between the expectations of CEOs and their employees. The world is changing at pace and the employee-value-proposition is changing with it. The successful leaders of tomorrow will be those who understand that their talent dilemma can only be solved by investing in, nurturing and supporting talent through a ‘social contract’ that understands today’s employees don’t just desire, but expect a more agile, flexible working environment and a better work-life balance – especially in the midst of a pervasive cost of living crisis.”

Since 2015, as employees have demanded more flexibility in working patterns and a stronger alignment between personal beliefs and organizational purpose, successful leaders have adapted well to this shifting workforce dynamic. The leaders who prosper are those who put people at the heart of their growth strategy and evolve their social contract to keep up with the evolving expectations of current and future talent.

However, the leaders surveyed show that the return-to-office debate continues to give food for thought. This years’ findings reveal that CEOs are hardening their stance on returning to pre-pandemic ways of working, with 83 percent expecting a full return to the office within the next three years — a notable increase from 64 percent in 2023. And this expectation only increases with age: 75 percent for those aged 40 to 49, 83 percent for those aged 50 to 59, and 87 percent for those aged 60 to 69. Interestingly, there is also a gender split emerging in this debate: while 84 percent of male CEOs predict a full return to the office within three years, only 78 percent of female CEOs anticipate the same shift back. Furthermore, 87 percent of respondents say they are likely to reward employees who make an effort to come into the office with favorable assignments, raises or promotions.

CEOs also acknowledge that other talent-related issues could affect future growth and competitiveness. Almost a third of them say they are concerned about labor market shifts — specifically the number of employees that will soon retire, and the lack of skilled workers available to replace them. In response to this talent shortage, 80 percent of CEOs agree that organizations should be investing in skills development and lifelong learning within local communities to help safeguard access to future talent. With this local commitment, 92 percent of leaders hope this will help to increase the overall headcount of their workforce over the next three years.

ESG: Navigating an increasingly politicized landscape

John McCalla-Leacy, Head of Global ESG, KPMG International, said: “The tenth anniversary edition of the KPMG CEO Outlook highlights how much progress the business community has made on ESG and sustainability. Only a few years ago, environmental, social and governance commitments were regarded as a badge of honor which was not necessarily integrated into company’s strategy. Today, our findings show that ESG is a top priority with purposeful, sustainable growth remaining a core ambition for global business leaders. However, in 2024, we’re seeing growing politicization and polarization of issues such as social mobility and climate change, and this is creating fresh new challenges for CEOs who are already under pressure to perform. The good news is that this survey shows that CEOs are remaining steadfast on the importance of sustainability they continue to demonstrate resilience and agility, for example, shifting how they communicate their efforts, rather than ditching their commitments.”

This year’s findings expose the reality of navigating environmental, social and governance priorities in today’s climate. Alongside a growing awareness of ESG’s impact on trust and reputation, the increasingly politicized nature of the ESG agenda is heightening the pressure felt by today’s leaders.

In 2015, CEOs ranked environmental risk as their least concerning priority risk; fast-forward to 2024 and almost a quarter (24 percent) acknowledged that the principal downside of failing to meet ESG expectations would be giving their competitors an edge, coming out ahead of threat to their own tenure (21 percent) and recruitment challenges (16 percent).

It’s clear that leaders are willing to take action when it comes to ESG, with three quarters (76 percent) of CEOs saying they would be willing to divest a profitable part of the business that was damaging their reputation. More tellingly, a majority (68 percent) indicate that they would take a stance on a politically or socially contentious issue, even if the Board raised concerns with them doing so. The survey also shows that today’s CEOs recognize just how vital ESG is to value creation — just under a quarter (24 percent) cite giving their competitors an edge as the principal downside of failing to meet ESG expectations.

Two-thirds of CEOs admit they aren’t prepared to withstand the potential scrutiny and expectations of shareholders when it comes to ESG, suggesting they will take action to mitigate this. Interestingly, there are emerging generational differences among CEOs, with 43 percent of younger leaders (aged between 40 and 49) feeling more confident they can take on scrutiny around ESG compared to 33 percent of CEOs aged 50-59 and 30 percent of those aged 60 to 69.

We’re also seeing a growing level of politicization and polarization of issues such as social mobility and climate change, and it’s creating challenges for CEOs who are already under pressure to meet or reassess established targets. As a result, some global CEOs are shifting how they communicate their ESG efforts. In this year’s survey, 69 percent reveal that while they’ve retained the same climate related strategies over the last 12 months, they’ve adapted the language and terminology they use internally and externally to meet changing stakeholder needs. For example, political and social forces have pushed some businesses to change the language they use, with some organizations preferring to use general terminology such as “sustainability” over the more encompassing term of “ESG.”

Finally, 30 percent say the greatest barrier to achieving their climate ambitions is the complexity presented by the decarbonization of their supply chain — an issue further compounded by current geopolitical tensions around the world and activities impacting major global trade routes. As we head into 2025, it will be interesting to see how this impacts opinions and organizations overall, as ESG reporting begins to take hold across the globe.
Hashtag: #KPMG

The issuer is solely responsible for the content of this announcement.

About KPMG International

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

For more detail about our structure, please visit kpmg.com.

Sahm Capital’s Chairman Shares Insights at Annual Financial Services Forum in Riyadh


RIYADH, SAUDI ARABIA – Media OutReach Newswire – 30 September 2024 – This past Saturday, the Annual Financial Services Forum in Riyadh successfully convened regulatory and industry leaders to discuss the future of the Saudi financial landscape. Hosted by j. awan & partners, the forum emphasized key strategies to enhance Saudi Arabia’s position as a global financial hub.

In attendance at the forum were key figures such as Mr. Raed Ibrahim Alhumaid, Deputy of Market Institutions at the Capital Market Authority (CMA), and Mr. Mohammed Al Rumaih, CEO of the Saudi Exchange, along with innovative entrepreneurs.

Steven Chou, Chairman of Sahm Capital, shared his insights on how Saudi Arabia can effectively compete with established financial powerhouses to attract top global talent. “Saudi Arabia has successfully drawn international professionals by offering diverse opportunities, and incentive policies,” Chou stated. “We have seen talent from financial hubs like Hong Kong relocate to the kingdom, enriching our financial ecosystem.”

Steven also discussed strategies such as relaxed visa policies and streamlined certificate recognition processes as essential incentives for attracting talent. He emphasized the growing importance of remote work structures and flexible arrangements in appealing to global professionals.

As the first non-bank international brokerage licensed by the CMA and the pioneer behind the innovative Sahm App, Sahm Capital has harnessed cutting-edge technology to serve domestic Saudi investors. This commitment has led Sahm Capital to become the fastest-growing brokerage in the KSA. Moreover, Sahm Capital has become the exclusive sponsor of the Saudi Tadawul Group’s Invest Wisely Program, aimed at improving financial literacy. Furthermore, the Sahm App has secured its position as one of the top three free finance apps in Saudi Arabia.

Hashtag: #Brokerage #Sahm

The issuer is solely responsible for the content of this announcement.

About Sahm Capital

Registered in Riyadh, Sahm Capital holds licenses (22251-25) from the Capital Market Authority (CMA) to conduct Dealing, Advising, and Custody services in KSA, making it the first non-bank international brokerage firm to provide online brokerage services in KSA. The company is also a registered member of the Saudi Exchange, as well as its affiliates, the Securities Depository Center Company (Edaa) and the Securities Clearing Center Company (Muqassa). For more information about Sahm, please visit: https://www.sahmcapital.com/