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Next Chapter: Westin Wedding Fair Returns for a Spectacular 2025 Edition

SURABAYA, Indonesia, March 7, 2025 /PRNewswire/ — Building upon the monumental success of the Westin Wedding Fair in the previous years, The Westin Surabaya is thrilled to announce the return of East Java’s most anticipated wedding exhibition. This year, the event is making a comeback as an even more spectacular experience from 14 – 16 March 2025 at East Java’s largest ballroom, The Westin Grand Ballroom & Convention Center. Conveniently located and directly connected to Pakuwon Mall, The Westin Surabaya offers unparalleled accessibility, ensuring all guests can easily access the exhibition and enjoy a seamless experience.

Next Chapter: Westin Wedding Fair Returns for a Spectacular 2025 Edition
Next Chapter: Westin Wedding Fair Returns for a Spectacular 2025 Edition

Following the record-breaking attendance of 4,000 visitors and the participation of top-tier vendors in 2024, The Westin Surabaya is committed to elevating the wedding fair experience to new heights. “The Westin Wedding Fair has become a cornerstone event, not only for couples planning their dream weddings but also for vendors showcasing their innovative creations,” states Tessa Zelyana, Complex Marketing and Communication Manager of The Westin Surabaya and Four Points by Sheraton Surabaya, Pakuwon Indah. “We are excited to build upon our momentum and deliver an even more immersive and inspiring event in 2025, featuring the highly anticipated return of the WWF Fashion Show.”

Expanded Vendor Showcase and Immersive Experiences

This year’s fair will feature over 160 meticulously curated vendors, from visionary event planners and masterful decorators to avant-garde fashion designers and bespoke jewelers. “The enthusiasm from vendors has been extraordinary, with booths selling out before our official campaign launch,” Tessa explains. “We are proud to provide a platform for the thriving creative industry to connect with potential clients.” Vendors will showcase their offerings in themed vendor sections, each offering unique concepts and attractions. A returning highlight, “The Tunnel,” created by Lasika Experience, Nuansa Concept, and D’Factory, will feature immersive LED visuals, making it a stopping place for visitors to capture moments from the exhibition.

The First ‘Honeymoon Avenue’ Island by Marriott Bonvoy’s Portfolio of Hotels and Resorts

This year’s Westin Wedding Fair debuts ‘Honeymoon Avenue,’ a dedicated vendor section featuring a diverse selection of wedding and honeymoon venues from various Marriott Bonvoy’s Portfolio of Hotels and Resorts in Indonesia. Visitors can take advantage of exclusive exhibition deals from more than 20 hotels, ranging from idyllic seaside venues in Labuan Bajo, Bali, Lampung, and Lombok to grand city celebrations in Jakarta, Surabaya, and Yogyakarta.

Haute Couture Comeback at the WWF25 Fashion Show

Beyond the vendor displays, the fair reached a pinnacle of haute couture, with the WWF25 Fashion Show, featuring exclusive collaborations and showcasing the designs of both celebrated international houses and esteemed local ateliers. The opening day will feature an exclusive collaboration between The Westin Surabaya and Truly Enamoured Singapore called ‘The Vault of Allure’, unveiling a curated selection of haute couture gowns from the world’s most coveted designers. Guests will be treated to a breathtaking spectacle, as models graced the runway in exquisite design by Elie Saab, Vivienne Westwood, Oscar de la Renta, and Zuhair Murad, showcasing the epitome of bridal elegance. The second day will continue the fashion fervor with a showcase hosted by Lily Sasongko and Wong Hang Tailor entitled ‘Ethereal Vows’, further solidifying the fair’s position as a hub for bridal fashion.

Shimmering Grand Prize for Lucky Couple Guest

Even more exciting, visitors of Westin Wedding Fair 2025 will be able to take advantage of special offers and opportunities to win exclusive grand prize of wedding ring from Prince Jewellery, worth of 20 millions Rupiah. For every transaction up to IDR 5 million, will receive one e-coupon to join the lucky draw.

The Westin Wedding Fair will be open from March 14th to 16th, 2025, from 10:00 AM to 10:00 PM. Stay updated on future events and offers by following @westinsurabaya on Instagram.

About Westin® Hotels & Resorts

Westin Hotels & Resorts, hospitality’s global leader in well-being for more than a decade, empowers guests to transcend the rigors of travel while on the road through the brand’s Six Pillars of well-being: Sleep Well, Eat Well, Move Well, Feel Well, Work Well, and Play Well. At more than 240 hotels and resorts in over 40 countries and territories, guests can benefit from distinct wellness experiences including the brand’s iconic and award-winning Heavenly® Bed, signature WestinWORKOUT® offerings such as its 24/7 Fitness Studios, WestinWORKOUT Routes, and its versatile Gear Lending program featuring the latest in recovery and strength training from Hyperice and Bala, delicious and nutritious menu offerings on their Eat Well menu, and more. For more information, please visit www.westin.com and stay connected on X, Instagram, TikTok, and Facebook. Westin is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com.

About Marriott Bonvoy®

Marriott Bonvoy, Marriott International’s award-winning travel program and marketplace, gives members access to transformative, eye-opening experiences around the corner and across the globe. Marriott Bonvoy’s portfolio of more than 30 extraordinary hotel brands offers renowned hospitality in the most memorable destinations in the world. Members can earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, as well as through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments™, or through partners for luxurious products from Marriott Bonvoy Boutiques®. With the Marriott Bonvoy app, members enjoy a level of personalization and contactless experience that allows them to travel with peace of mind. To enroll for free or for more information about Marriott Bonvoy, visit marriottbonvoy.com. To download the Marriott Bonvoy app, go here. Travelers can also connect with Marriott Bonvoy on Facebook, X, Instagram and TikTok.

What is the new momentum endorsing China’s goal?

BEIJING, March 7, 2025 /PRNewswire/ — A news report by China.org.cn on China’s GDP growth target for 2025:


5%! What is the new momentum endorsing China’s goal?

The third session of the 14th National People’s Congress is held in Beijing on March 5th. At the opening meeting, Premier Li Qiang delivered the government work report, in which he announced China’s GDP growth target for 2025 to be around 5%. This number has been put under the spotlight.

In recent years, China’s economy has faced increased external pressure and growing domestic challenges. But we believe that based on the current situation of China’s economy, new strengths are standing out, which will become new momentum that drives China’s economy towards realizing its 2025 target.

Firstly, significant enhancement in technological innovation capacity plus a solid foundation in industrial development will lay strong groundwork for achieving the target on the industrial side. Recently, tech “dark horse” DeepSeek amazed the world, and that is a peek into China’s strong impetus in cutting-edge technologies and industries including AI, biotechnologies, aerospace development, and the digital economy. According to data in 2024, China’s innovation index ranking has risen to 11th worldwide, being the fastest climber on the innovation capacity ladder in a decade. These will not only improve the development of high-tech industries, but also lend new growth drivers to high-tech manufacturing and the transformation and upgrading of traditional industries.

For example, in the apparel industry, the cycle from receiving an order to final shipment used to take about a month. Now with AI technologies, some companies can not only come up with new style designs based on the personalized needs of customers, but also quickly select the proper textile, which cut the original one-month lead time to five to seven days.

In a macro scope, big data and artificial intelligence have catalyzed the birth of new business models such as intelligent factories and intelligent workshops, which will greatly enhance the efficiency of the national economy while lowering transaction costs.

Secondly, the constant emergence of “new talents” will provide a talent pool abundant enough for China to realize its development goal. China is home to a population of 1.4 billion, among which more than 400 million are in the middle-income bracket; although the absolute size of the working-age population has decreased, the improvement of the average education levels among all citizens still ensures an increase in human capital stock over a relatively long term. Technological innovation drives the emergence of new technologies represented by AI, and generates relevant new occupations, which gives rise to the constant emergence of new talents, while reforming enterprises’ employment models and staffing structures. These will serve as an “intelligent” growth driver for China to pursue innovation-driven high-quality development.

In addition, the “raft of incremental policies” has become increasingly targeted and effective. The 2025 government work report has provided comprehensive deployments in fiscal, monetary, and industries policies, etc. This will become a constant booster for the internal driving forces in China’s economy. With these policies, China’s market expectations can be effectively elevated, and its private economy further developed, which will in turn spur the rise in employment rates and price recovery, stimulate consumption and production, and help alleviate the lack of effective domestic demand.

In 2025, the international landscape will continue changing, but China’s economic growth will remain unchanged in its positive trajectory. With new growth drivers being fostered, the country can be expected to realize sustained economic recovery and growth.

China Mosaic
http://chinamosaic.china.com.cn/index.htm 

5%! What is the new momentum endorsing China’s goal?
http://www.china.org.cn/video/2025-03/07/content_117753168.htm 

GigaMedia Announces Purchase of Convertible Note of Aeolus Robotics Corporation

TAIPEI, March 7, 2025 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced that the Company has entered into and executed an agreement to purchase a US$2,600,000 principal amount of convertible promissory note (the “Note”) issued by Aeolus Robotics Corporation (“Aeolus”), a global company primarily engaged in designing, manufacturing, processing and sales of intellectual robotics.

The Note, bearing interest at a rate of 4.5% per annum, shall be due in 36 months, and all or a portion of the principal amount under the Note may be convertible at GigaMedia’s option upon maturity, upon prepayment, or when certain events occur, into ordinary shares of Aeolus at a price of US$0.02 per share.

The purchase and sale of the Note exhibits GigaMedia and Aeolus’s mutual commitment to a longer-term strategic relationship. GigaMedia continually reviews its investment alternatives and may enter into additional transactions of Aeolus’s securities in accordance with applicable laws.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia’s digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. GigaMedia cautions readers that forward-looking statements are based on the Company’s current expectations and involve a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Information as to certain factors that could cause actual results to vary can be found in GigaMedia’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission in April 2024.

Baidu Announces Pricing of US$2 Billion Offering of Zero Coupon Exchangeable Bonds

BEIJING, March 7, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced the pricing of its US$2 billion in aggregate principal amount of exchangeable bonds due 2032 (the “Bonds”). The Bonds were offered in offshore transactions outside the United States to certain non-U.S. persons (the “Bonds Offering”) in reliance on Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”). The Company expects to close the Bonds Offering on or about March 12, 2025, subject to the satisfaction of customary closing conditions.

The Bonds will reference ordinary shares of Trip.com Group Limited that are listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) (HKEX: 9961) (“Trip.com Shares”). Holders of the Bonds may not exchange their Bonds prior to the first anniversary of the issue date of the Bonds. If an event of default has occurred and is continuing, holders of the Bonds may exchange the Bonds at any time. Between the first anniversary of the issue date and the date falling 6 months prior to the maturity date of the Bonds, holders of the Bonds may exchange the Bonds into cash only upon the satisfaction of certain contingencies. Thereafter and until the second scheduled trading day preceding the maturity date, holders may exchange the Bonds into cash at any time. Subject to certain conditions, the Company may elect to deliver Trip.com Shares held by the Company in lieu of cash or a combination of cash and Trip.com Shares. The Bonds are not exchangeable for American depositary shares of Trip.com Group Limited (Nasdaq: TCOM) (“Trip.com ADSs”).

The initial exchange ratio of the Bonds will be 1,107.0457 Trip.com Shares per US$100,000 principal amount of Bonds (which is equivalent to an initial exchange price of approximately HK$702.13 per Trip.com Share and represents an approximately 43% exchange premium over the per-share price in the delta placement described below, which was HK$491.00 per Trip.com Share). The initial exchange ratio represents the exchange property referenced by the Bonds as of the issue date, and such exchange property will be subject to adjustment on the terms set forth in the Bonds.

The Bonds will not bear regular interest, and the principal amount of the Bonds will not accrete. The Bonds will mature on March 12, 2032, unless repurchased, redeemed, or exchanged in accordance with their terms prior to such date. Holders of the Bonds may require the Company to repurchase all or part of their Bonds for cash on March 12, 2029 at a repurchase price equal to 100% of the principal amount of the Bonds to be repurchased. In addition, the Company may redeem the Bonds subject to certain conditions.

The Company intends to use the net proceeds from the Bonds Offering for repayment of certain existing indebtedness, payment of interest and general corporate purposes.

The Bonds have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Trip.com Shares currently held by the Company are “restricted securities” (within the meaning of Rule 144 under the Securities Act). Any Trip.com Shares that the Company may elect to deliver upon exchange of the Bonds shall be freely transferable for the purposes of the Securities Act. 

The Bonds are expected to be listed on the Open Market segment of the Frankfurt Stock Exchange.

Investor Hedging Transactions

The Company expects that certain investors in the Bonds who employ a convertible arbitrage strategy may establish a short position to hedge their exposure to the Bonds by short selling Trip.com Shares and/or Trip.com ADSs or by entering into short derivative positions with respect to such securities. Any such activity could take place shortly after the Bonds Offering and could decrease (or reduce the size of any increase in) the market price of Trip.com Shares, Trip.com ADSs or any securities referencing such securities. Further, such investors may dynamically modify their hedges from time to time while the Bonds are outstanding, by selling or purchasing Trip.com Shares and/or Trip.com ADSs in secondary market transactions or entering into equivalent derivative positions, which could affect the market price of Trip.com Shares, Trip.com ADSs or any securities referencing such securities at the time.  

Concurrently with the pricing of the Bonds, certain bookrunner of the Bonds Offering (and/or their respective affiliates) facilitated a sale of Trip.com Shares (for the avoidance of doubt, not Trip.com ADSs), representing the expected initial delta of such hedging investors’ short position, in off-market privately negotiated transactions (such sale, a “delta placement”).

Other Matters

This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This announcement contains information about the pending Bonds Offering, and there can be no assurance that the Bonds Offering will be completed.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement and in the attachments is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.

NYSE Content advisory: Pre-market update for March 7th

NEW YORK, March 7, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) is proud to offer a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins. 

 

NYSE Content advisory: Pre-market update for March 7th

Kristen Scholer delivers the pre-market update on March 7th

  • Shares of Gap (NYSE: GAP) jumped pre-market after beating Q4 estimates
  • Investors await results from February Jobs Report this morning
  • Jobs data Thursday signaled layoffs soared to highest level since 2020

Watch NYSE TV Live every weekday 9:00-10:00am ET 

 

Guangdong Demonstrates Openness, Confidence and Responsibility as an Economic Powerhouse

GUANGZHOU, China, March 7, 2025 /PRNewswire/ — On the afternoon of March 6, 2025, the Guangdong Delegation to the third session of the 14th National People’s Congress convened a plenary meeting, drawing 267 journalists from 107 domestic and international media organizations. During the Q&A session, reporters were invited to engage with Guangdong’s leadership. Provincial Party Secretary Huang Kunming, Governor Wang Weizhong, and other delegates answered their questions, offering diverse perspectives on Guangdong’s latest advancements and breakthroughs in pursuing Chinese modernization, as well as its ongoing initiatives. Huang Chuping, Director of the Standing Committee of the Guangdong Provincial People’s Congress, presided over the event.

A plenary meeting of the Guangdong Delegation to the Third Session of the 14th National People’s Congress takes place on the afternoon of March 6, drawing 267 journalists from 107 domestic and international media organizations.
A plenary meeting of the Guangdong Delegation to the Third Session of the 14th National People’s Congress takes place on the afternoon of March 6, drawing 267 journalists from 107 domestic and international media organizations.

A reporter from South China Morning Post inquired: “As a leading economic province and manufacturing powerhouse, what is Guangdong’s strategy for building a modern industrial system, and what key priorities will guide your next steps?”

Huang Kunming responded that Guangdong will spearhead the integration of scientific and technological innovation with industrial innovation. This will involve constructing a robust and modern industrial system, enabling the province to fulfill its responsibility as a major economic engine and lead the way in advancing Chinese modernization. He emphasized that Guangdong’s continuously evolving industrial system facilitates significant advancements in productivity, solidifying its position as China’s top economic province and a crucial global manufacturing hub.

He noted that Guangdong has a vast and comprehensive industrial base, encompassing all 31 major manufacturing categories and housing nine industrial clusters, each exceeding 1 trillion yuan ($138 billion) in value. Furthermore, Guangdong’s strength in innovation and robust infrastructure, coupled with its specialized workforce and diverse application scenarios, ensure the rapid translation of research findings and innovative concepts into superior products and services. In 2024, Guangdong’s total import and export volume reached 9 trillion yuan ($1.2 trillion), further underscoring the benefits of its opening-up policy. He also highlighted the launch of the Action Plan for Attracting a Million Talents to South Guangdong, aimed at recruiting 1 million college graduates to work and start businesses within the province.

A reporter from Macao Daily News then asked, “What are Guangdong’s plans and initiatives for collaborating with Hong Kong and Macao to further develop the Greater Bay Area?”

Wang Weizhong responded by highlighting the region’s economic significance: despite occupying less than 1 percent of China’s land and housing only 6 percent of its population, the Greater Bay Area generates one-ninth of the nation’s GDP. Last year, the area’s GDP reached 14.5 trillion yuan ($2 trillion), a substantial increase of 3.7 trillion yuan ($511 billion) compared to 2018, prior to the official unveiling of the development outline for the area in early 2019. He further emphasized Hengqin’s crucial role as a platform for diversifying Macao’s economy. From 2009 to 2024, Hengqin’s GDP surged from 285 million yuan ($39 million) to 53.8 billion yuan ($7.4 billion), reflecting an impressive average annual growth rate of 27.4 percent. During the same period, the number of Macao-funded enterprises increased more than 400-fold in Hengqin. Currently, “four-new” industries (new materials, new energy, new equipment, and new medicine) account for 59.4 percent of Hengqin’s industrial added value.Wang emphasized that Guangdong will support Hong Kong and Macao in deepening their integration into China’s broader national development strategy.

The “Open Day” format offers delegations a valuable platform to showcase their region’s economic and social progress to the world. As China’s leading economic province, Guangdong naturally attracted considerable attention. By embracing transparency and demonstrating an open, confident, and responsible approach, the Guangdong delegation made a lasting positive impression on the media representatives.

Huawei and Turkcell Sign Memorandum of Understanding for Leading Network Joint Innovations at MWC 2025

BARCELONA, Spain, March 7, 2025 /PRNewswire/ — During MWC2025, Huawei and Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye’s technology leader signed Memorandum of Understanding to develop sustainable leading networks using innovative products and solutions in Turkcell Enhanced Network.

The collaboration between the companies includes further developing smart cities using next-generation features of 5G Advanced Technology in wireless network as well as innovations in ultra-speed broadband services in access network and Quantum Key distribution technology in IP network.

MoU signing between Turkcell and Huawei in Barcelona
MoU signing between Turkcell and Huawei in Barcelona

With the power of 5G-A Technology, Turkcell and Huawei will design smart cities that aim to provide the best experience in areas focused on creating efficiency using cutting-edge technologies, such as autonomous vehicles, transportation, manufacturing facilities, and large venues. Companies will test and verify Tunnel Antenna Technology to reduce cable usage and improve coverage, Integrated Sensing and Communication (ISAC) Technology to improve high-accuracy localization, motion capture and activity recognition, Supersite Technology which uses the satellite as backhaul to enable redundant and sustainable communication. In other areas, such as Home Broadband, IP and WDM Network, Symmetric 50GPON Technology, which provides ultra-speed broadband connectivity for both download and upload and Quantum Key Distribution Technology, which establishes quantum safe encrypted services will be tested in the field.

Prof. Dr. V. Çağrı Güngör, Chief Technology Officer at Turkcell said: “Turkcell is committed to leading the way in next-generation network innovations. Our focus on 5G-A technology enables us to develop smart, efficient networks that are ready to meet the future demands of connectivity. Through continuous innovation, we aim to create networks that are more intelligent, sustainable, and capable of enhancing the digital experience for all.”

Mr. Jim Lu, President of Huawei European Region said: “Huawei is dedicated to advancing the capabilities of 5G-A technology to drive the next generation of connectivity. Our focus is on supporting intelligent, sustainable networks that support the evolving needs of users and businesses. By innovating with cutting-edge technologies, we are shaping a more connected and resilient future.”

SKF Annual Report 2024 published online; significant decarbonization milestone reached

GOTHENBURG, Sweden, March 7, 2025 /PRNewswire/ — AB SKF has today published its Annual and Sustainability Report 2024 on the Group’s website. The Report focuses on SKF’s value creation activities for customers, shareholders, and other stakeholders by outlining the Group’s strategic transformation, operational progress and financial performance. Major updates include a revised Remuneration Report for increased transparency and an extended Sustainability Report.

“Also in 2024, we diligently executed on our strategy to further strengthen us as a company. The initiated process to establish Automotive as an independent business is one key example of these value-adding activities. I firmly believe that we today are in a better position to capitalize on profitable growth opportunities as demand recovers,” says Rickard Gustafson, President and CEO.

The Annual and Sustainability Report also highlights the progress towards SKF’s 2030 decarbonization target of a 95% reduction in scope 1 and 2 emissions from a 2019 baseline. In 2024, a 59% reduction was achieved, which is well ahead of the verified Science Based Targets initiative (SBTi) trajectory of a 43% reduction. SKF accelerated its decarbonization efforts in 2024 by achieving a year-on-year emission reduction for scope 1 and 2 emissions of 32%, up from 18% in the previous year.

In addition to these efforts, SKF has made significant strides in renewable energy adoption. In 2024, 72% of SKF’s electricity use came from renewable sources, up from 64% in 2023. This is also important progress on SKF’s commitment as part of the Renewable Energy 100 (RE100) initiative to source 100% of its electricity from renewable sources by 2030.

“The progress we made in 2024 represents a significant achievement and underscores our commitment to achieve our long-term sustainability goals. These, and other achievements, would not have been possible without the hard work and dedication throughout the year from our employees all over the SKF world,” says Rickard Gustafson.

The SKF Annual and Sustainability Report is available for download on https://investors.skf.com.

Aktiebolaget SKF
(publ)

AB SKF is obliged to make this Annual Report public pursuant to the Securities Markets Act. The report was submitted for publication through the agency of the contact person set out below on 7 March 2025 at 13.00 CET.

Gothenburg, 7 March 2025

For further information, please contact:
Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com 
Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908 072; sophie.arnius@skf.com 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skf/r/skf-annual-report-2024-published-online–significant-decarbonization-milestone-reached,c4115866

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