Category: 3. Business

  • ‘TACO’ trade boosts markets amid ongoing geopolitical tensions

    ‘TACO’ trade boosts markets amid ongoing geopolitical tensions

    U.S. President Donald Trump walks after charter announcement for his Board of Peace initiative aimed at resolving global conflicts, alongside the 56th annual World Economic Forum (WEF), in Davos, Switzerland, January 22, 2026.

    Denis Balibouse | Reuters

    Amid the recent uproar over U.S. President Donald Trump's aim of annexing Greenland, it's easy to lose track of another geopolitical tension that's been raging on the European continent for nearly 4 years: the Russia-Ukraine war.

    On Friday, Ukrainian, Russian and U.S. ambassadors will hold trilateral talks in the United Arab Emirates that will last until Saturday.

    Notably, Europe won't be involved in the meetings. Ukraine's president, Volodymyr Zelenskyy, on Thursday accused Europe of being "lost" and trying to persuade Trump to help them, rather than uniting for their own defense.

    On another front, Denmark on Thursday signaled it was open to talks with the U.S. over its "Golden Dome" missile defense plan, which is part of the "deal" regarding Greenland that U.S. President Donald Trump had announced a day earlier.

    But Greenland's Prime Minister Jens-Frederik Nielsen said that he doesn't know what's in the agreement — a response shared by many analysts and political watchers.

    Ed Price, senior non-resident fellow at New York University, told CNBC on Thursday that striking a deal "requires two people to tango," describing Trump's speech at the World Economic Forum in Davos, Switzerland, as "a monologue not a dialogue."

    Still, Trump walking back on his tariff threats on EU countries and toning down the rhetoric on Greenland has lifted markets globally, reviving talks of TACO — "Trump Always Chickens Out" — trade.

    The U.S. president also signed his Gaza "Board of Peace" into being on Thursday — and withdrew his invitation to Canada to join the board, conceived as a means to oversee the reconstruction of Gaza after a two-year war with Israel.

    There's a slight dip in the temperature around Greenland, but geopolitical heat persists elsewhere.

    — CNBC's Kevin Breuninger, Anniek Bao, Lucy Handley and Hugh Leask contributed to this report.

    What you need to know today

    Trump withdraws 'Board of Peace' invitation to Canada. The move comes after Canadian Prime Minster Mark Carney gave an address in Davos warning against economic coercion by the world's superpowers. Carney said last week he intended to join the board.

    TikTok forms U.S. joint venture. This means the video-sharing app will be allowed to continue operating in the U.S. The new venture, which will run as an "independent entity," will be headed by Adam Presser, who has been serving as TikTok's head of operations and trust and safety. 

    The Bank of Japan raises economic forecast. Economic expansion in the fiscal year ending March 2026 is expected to hit 0.9%, up from the 0.7% estimated in October. The BOJ also held interest rates steady. Meanwhile, inflation in December cooled, and Prime Minister Sanae Takaichi dissolved parliament on Friday.

    U.S. stocks extend gains. On Thursday, leading U.S. indexes climbed for a second day after Trump called off Europe tariffs. Asia-Pacific markets rose Friday, but tech stocks, such as SoftBank Group and Lasertec, fell after Intel shares plunged in extended trading.

    [PRO] Stocks that look poised to surge. CNBC Pro screened for names that have been upgraded to buy or overweight by at least three more analysts since the end of last year. A major trading platform and Wall Street bank showed up on the list.

    And finally...

    Nvidia’s Huang to visit China as AI chip sales stall

    Nvidia CEO Jensen Huang plans to visit China in the coming days ahead of the mid-February Lunar New Year, two people familiar with the matter told CNBC. Huang is expected to attend an Nvidia company party in Beijing on Monday, said one of the sources, who requested anonymity to speak about the trip.

    The trip comes as questions persist over the U.S. chip giant's ability to sell in the Chinese market, which once accounted for at least one-fifth of revenue from Nvidia's data center business.

    Evelyn Cheng


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  • Why Globally Educated Youth Are Choosing Retail Training – Samsung Newsroom India

    Why Globally Educated Youth Are Choosing Retail Training – Samsung Newsroom India

    Rashneet Kaur Chhabra (26) — a graduate of University College London

     

    In an age where young Indians chase global corporate jobs and polished office titles, a surprising career pivot is quietly playing out on India’s retail shopfloors — even foreign-qualified graduates are choosing frontline retail training to get job-ready.

     

    It’s not because they ran out of options. It’s because many are figuring out something early: degrees open doors, but don’t always prepare you for the moment when a customer is standing in front of you — impatient, uncertain, comparing brands, and expecting answers in seconds.

     

    This shift is becoming visible in Samsung’s DOST Sales Programme, which has steadily grown into a structured route for young professionals to learn the business from the ground up. The 2026 cohort reflects that change clearly — with participants coming from diverse academic backgrounds, including graduates with international education, choosing hands-on retail experience as a foundation for long-term careers.

     

    So, what exactly is DOST? Put simply, it is a structured retail skilling programme that trains youth for organised sales roles through a mix of classroom learning and on-ground store exposure. Participants learn customer handling, product understanding, communication, and the basics of retail operations — skills that often decide whether a fresher stays stuck at entry-level or grows.

     

    India’s retail market today is no longer about simply “selling”. It’s about solving. Customers arrive with online reviews, price comparisons, and strong opinions. And the shopfloor executive isn’t just a salesperson anymore — they are a guide, problem-solver, and trust-builder in a fast-moving consumer environment.

     

    Quazi Faizan Afroz Akhlaque Uz Zama (27), is an MBA graduate from Amravati University

     

    For Quazi Faizan Afroz Akhlaque Uz Zama (27), an MBA graduate from Amravati University currently training in Amravati, the programme has been less about theory and more about learning real-time decision-making.

     

     

    “Through training and hands-on exposure, I learned how to communicate with customers, manage situations, and make informed decisions in real time,” he said. “Understanding customer behaviour and product differentiation has helped me approach conversations with clarity and confidence.”

     

    But the headline moments in this year’s cohort come from those with global exposure. Take Rashneet Kaur Chhabra (26) — a graduate of University College London (UCL) with a master’s degree in architecture focused on Bio-Integrated Design — now training in Pune.

     

    It’s not a conventional move. But she says it’s a necessary one.

     

    “The diversity of the programme — across age, background, and experience — helped me understand business from a very human perspective,” she said. “In India, retail is deeply rooted in relationships and cultural understanding. Building trust and personal connection with customers is central, and that’s a lesson I will carry into global markets.”

     

    Her experience captures what many young professionals are discovering: real confidence is built on the shopfloor — not in a classroom. It comes from conversations you can’t script, objections you can’t predict, and pressure situations you can’t pause.

     

    The international footprint of the cohort also includes participants like Tushar, a Mechanical Engineering graduate from the University of Technology, Sydney, underlining a growing view among youth — that frontline experience can be a serious career accelerator, not a temporary stop.

     

    Beyond individual journeys, programmes like DOST Sales reflect a broader shift in what employability now means in India. While companies across sectors often speak about “future-ready talent”, the challenge is real: many graduates are qualified but not fully prepared for high-pressure customer environments, performance-driven roles, and rapid on-the-spot problem-solving.

     

    That’s where structured retail skilling programmes can have a larger social impact — turning education into experience, and experience into opportunity. For many young Indians, especially first-generation professionals, the shopfloor is not just a workplace — it is where confidence is built, careers take shape, and ambition becomes practical.

     

    “With its industry-first, five-month training framework, Samsung DOST is addressing a critical need for job-ready talent in the retail ecosystem. The sharp rise in enrolments this year, including candidates with global education exposure, reflects the growing relevance of the programme. At a time when digital transformation is reshaping retail, DOST is helping build a skilled workforce equipped for the future,” said Shubham Mukherjee, Head, CSR & Corporate Communications, Samsung Southwest Asia.

     

    As India’s organised retail economy expands, the demand for professionals who can combine product knowledge with customer trust-building is only rising. And for an increasing number of globally educated young Indians, starting at the ground level is no longer seen as “small”.

     

    It’s seen as smart. Because in today’s economy, the fastest way to learn isn’t always through a job title.

     

    Sometimes, it begins by proving yourself — one customer at a time.

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  • RICOH CloudStream completes SOC 2 Type II audit, reinforcing security and compliance for global customers | Global

    RICOH CloudStream completes SOC 2 Type II audit, reinforcing security and compliance for global customers | Global

    Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support digital transformation of workplaces, workspaces and optimize business performance.

    Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organizational capabilities nurtured over its 85-year history. In the financial year ended March 2025, Ricoh Group had worldwide sales of 2,527 billion yen (approx. 16.8 billion USD).

    It is Ricoh’s mission and vision to empower individuals to find Fulfillment through Work by understanding and transforming how people work so we can unleash their potential and creativity to realize a sustainable future.

    For further information, please visit

    ###

    © 2026 RICOH COMPANY, LTD. All rights reserved. All referenced product names are the trademarks of their respective companies.

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  • How much have duties on old, used mobile phones been revised? – Dawn

    1. How much have duties on old, used mobile phones been revised?  Dawn
    2. Used phone rates to fall as govt revisits valuation  Dawn
    3. FBR announces major reduction in PTA tax for 4 imported phone brands  Pakistan Today
    4. New PTA Tax Values for Used OnePlus 12 and Google Pixel 9  ProPakistani
    5. New customs valuation for used phones including Samsung, Apple announced  Daily Pakistan

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  • Consultation on NSW hybrid renewable project agreement opens

    Consultation on NSW hybrid renewable project agreement opens

    The proposed hybrid LTESA would sit alongside the existing Generation LTESA designed for stand-alone generation projects, offering long-term contracts for renewable energy, firming and storage projects in NSW.

    ASL, NSW’s consumer trustee for the state’s electricity infrastructure roadmap, is tasked with ensuring the long-term financial interests of consumers by improving affordability, reliability, security and the sustainability of electricity supply. Recognising that hybrid projects have an important role in meeting ASL’s stretch target of 16 GW of new generation by 2030, the new hybrid LTESA seeks to ensure hybrid wind and solar renewable projects are both commercially viable and are ultimately delivered to the market.

    The hybrid LTESA aims to fast track the development and bidding process for renewable generation, firming and long duration storage projects in New South Wales, in line with the upcoming NSW roadmap tenders for new projects.

    Market stakeholders are being invited to submit their views by 16 February on two potential options for the hybrid generation LTESA.

    The first, a fixed shape-fixed volume product, would mean developers bid a set volume of energy they’ll supply while the government sets the fixed shape for that energy. Developers will nominate an annual payment cap on how much they receive in a year.

    The second, a generation-following with price risk sharing model, would have developers offering the government a settlement based on how much electricity is actually sent into the grid, minus what they draw from it, with each developer setting a maximum amount they can pay or receive each year. This model includes a price-risk sharing percentage, currently proposed at 50%, to ensure projects are operating in a revenue maximising way.

    Nick Li, an expert in renewable energy at Pinsent Masons, said: “This consultation on a hybrid LTESA was launched because there has been a noticeable shift away from standalone solar projects to solar-hybrid projects in the development pipeline. We encourage developers and other stakeholders with NSW hybrid projects in development to review this new LTESA product and provide comments to ASL.”

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  • Murata and Cosmo Eco Power Enter into a Virtual PPA

    Murata and Cosmo Eco Power Enter into a Virtual PPA

    23/01/2026

    Murata Manufacturing Co., Ltd.
    President: Norio Nakajima


    Murata Manufacturing Co., Ltd. (President: Norio Nakajima; hereinafter, “Murata”) is pleased to announce that it has entered into a virtual PPA1 (hereinafter, “this PPA”) with Cosmo Eco Power Co., Ltd. (President: Fumiaki Nokura; hereinafter, “Cosmo Eco Power”) effective January 14, 2026. 
    1 Virtual PPA: A contractual arrangement whereby a consumer procures only the environmental value, not the actual electricity generated, from a renewable energy power plant installed off-site

    Through this PPA, Murata will receive environmental value with additionality2 in the form of NFCs from Oita Wind Farm (started commercial operation in April 2023) and Chuki Wind Farm (started commercial operation in April 2021), both of which are operated by Cosmo Eco Power. This is expected to reduce CO₂ emissions by approximately 13,700 tons per year.
    This will be Murata’s third virtual PPA, and the first time that we have procured environmental value from wind power generation.
    2 Additionality: Creating new renewable energy for society as a whole and encouraging investment in new renewable energy facilities

    Murata has set the creation of a decarbonized society as one of its material issues, and we are working towards the goal of 100% renewable energy adoption by 2035.
    In addition to endeavors to save energy in our production processes, Murata will reduce the environmental impact of its business operations and contribute to the realization of a sustainable global environment by installing in-house power generation facilities at its plants and expanding its renewable energy procurement portfolio through various types of PPA.

    Conceptual Diagram of the Virtual PPA 

     

     

     

     

    Exterior view of the Oita Wind Farm

    Overview of the Power Plant

     

    Power plant name Oita Wind Farm
    Location The ridgeline near the administrative boundary spanning Oita City and Usuki City, Oita Prefecture
    Facility capacity 14.0MW

     

    Exterior view of Chuki Wind Farm

    Overview of the Power Plant

    Power plant name  Chuki Wind Farm
    Location The ridgeline of the Shirama Mountain Range, which extends across the towns of Hirogawa, Hidakagawa, and Aridagawa in Wakayama Prefecture
    Facility capacity 48.3MW

     


    Murata in Brief

    Murata Manufacturing Co., Ltd. is a worldwide leader in the design, manufacture and sale of ceramic-based passive electronic components & solutions, communication modules and power supply modules. Murata is committed to the development of advanced electronic materials and leading edge, multi-functional, high-density modules. The company has employees and manufacturing facilities throughout the world.

    For more information, visit Murata’s website

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  • Trump Claims the Deep Sea is Open for Business; Fools Rush in – Greenpeace

    Trump Claims the Deep Sea is Open for Business; Fools Rush in – Greenpeace

    Greenpeace International activists from around the world have paddled and protested around MV COCO, a specialized offshore drilling vessel currently collecting data for deep sea mining frontrunner, The Metals Company, on its last expedition before it files the world’s first ever application to mine the seabed in the Pacific Ocean.

    © Martin Katz / Greenpeace

    Washington, DC (January 22, 2026)—In response to The Metals Company’s announcement that it has filed the first consolidated deep-seabed mining application, John Hocevar, Greenpeace USA Oceans Campaign Director, said: “At a moment when the Trump administration is openly testing the limits of international law and rejecting long-standing global norms, The Metals Company is trying to turn that instability into corporate opportunity by fast-tracking deep-sea mining in international waters. This is a cynical, morally bankrupt attempt to convince investors that deep sea mining has a future, when there is little chance it will get off the ground before Trump leaves the White House and more rational heads prevail.”

    “Deep sea mining is being rushed forward without adequate regulations, without full scientific understanding of the risks, and despite clear evidence that it is an economically reckless bet that could spell disaster for the most pristine ecosystems left on Earth. This is a speculative company trying to bully its way into legitimacy by shrinking the rules instead of meeting them. No executive order changes the law — the deep sea remains governed by the U.N. Convention on the Law of the Sea, and efforts to abandon that system threaten international cooperation and investor confidence alike.”

    “We call on the international community — especially the dozens of governments that have already called for a moratorium, pause or ban and ratified the Global Ocean Treaty — to reject this latest act of global bullying and to defend the ocean as the common heritage of humankind, not the next playground for corporate profiteering at the expense of future generations.”


    Contacts:

    Tanya Brooks, Senior Communications Specialist at Greenpeace USA, [email protected]  

    Greenpeace USA Press Desk: [email protected] 

    Greenpeace USA (inc.) is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

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  • The advantages of being a young entrepreneur

    The advantages of being a young entrepreneur

    MaryLou CostaTechnology Reporter

    Adam Isfendiyar Throxy Founders standing next to each other. Pablo Jiménez de Parga Ramos wears a green jumper. Arnau Ayerbe wears a navy fleece and Bergen Merey has a black v-necked top.Adam Isfendiyar

    Throxy founders from left to right: Pablo Jiménez de Parga Ramos, Arnau Ayerbe and Bergen Merey

    Even before he’d graduated from the University of Bath in 2024, Arnau Ayerbe landed a highly coveted role as an AI engineer with JP Morgan – yet he felt limited and uninspired.

    “I realised very quickly that the person to my right and to my left were going to be me in 20 years, and I didn’t want to become that,” recalls London-based Ayerbe.

    His best friend from high school in their native Madrid, Pablo Jiménez de Parga Ramos, who had also secured a corporate job after graduating from University College London, felt the same.

    They joined forces in London in 2023 with Ayerbe’s university friend, Bergen Merey, to launch Throxy, which creates AI agents for sales teams.

    Now all aged 24, the trio have raised nearly £5m in two rounds of investor funding, and annual sales of almost £1.2m.

    They’re part of a growing number of 20-somethings who’ve taken the leap to start their own businesses. Data from Enterprise Nation shows that, in the UK, 62% of Gen Z – those born between 1997 and 2012 – want to start a business.

    That’s reflected in trends seen in data from the British Business Bank’s Start Up Loans programme. It shows that the number of loans awarded to Gen Z founders has doubled in the past five years.

    For the young entrepreneurs at Throxy, it’s been a rewarding but gruelling experience.

    Ramos declares that there’s no nine to five culture at Throxy, rather a “9-9-6” ethos of working 9am to 9pm, six days a week.

    And Ayerbe adds: “If I had known the amount of effort and work I needed to do to take the company to this point, I would probably have never started it.”

    Throxy’s founders say one big advantage they have on their side compared with other generations is their familiarity of AI.

    For Garcia, it felt natural to build an AI-led business.

    “I was working with early models of Chat GPT on research projects before they were released to the public on research, and it honestly felt like magic.

    “It felt like there was going to be something transformational here that is going to fundamentally change the way we as humans do work, for the better,” he says.

    Perhaps one day Ayerbe and his co-founders will be in charge of a company worth more than $1bn (£740m) – known as a unicorn.

    Research by investment network Antler suggests that the most successful AI start-ups are being founded by increasingly younger entrepreneurs.

    It analysed 3,512 founders of companies that went on to be worth more than $1bn.

    It found that the average age of an entrepreneur who founded an AI unicorn fell from 40 in 2020, to 29 in 2024.

    But when you’re running a business in your 20s, it seems hard to avoid your clients and partners, who are usually older, from underestimating you.

    That’s been the experience of Rosie Skuse, who, as a new business owner in her early 20s, was often mistaken for her boss’s assistant – and she would have to break the surprising news that she was, in fact, the boss.

    “Some people wouldn’t even shake my hand. It was really tough, and I used to struggle loads with it. It’s frustrating when people don’t assume it’s your company. Then I’d start to speak and people could see I know what I’m talking about,” recalls London-based Skuse.

    “Then they’d say, ‘wow, you must be so proud – but you’re so young’. That shock factor was almost like a secret weapon, because I would catch people off guard, and they would end up actually listening.”

    Everywoman Rose Skuse smiles, holding her entrepreneurship awardEverywoman

    Rose Skuse won an award last year for her entrepreneurship

    Now 29, Skuse is the founder and CEO of Molto Music Group, a music and entertainment agency that counts high end names like The Dorchester, The Savoy, Soho House and Raffles as clients.

    From its roster of over 300 musicians, Molto Music Group puts together bespoke house bands for those venues, often designing the stage and set too. It also works with luxury brands like Hermes and Patek Philippe on private events.

    Despite launching in 2019, and the ensuing Covid pandemic causing her early clients to cancel their contracts, business is now strong. Molto Music Group made its first million in 2023, and turned over £1.6m in 2025. It employs seven full-time staff.

    “I have no business education. It’s all been trial by fire and learning as we go,” says Skuse.

    “I’ve had to work a lot on my tone and delivery – and my handshake – but being young and fostering a young company can be a breath of fresh air compared with our competitors. It’s more memorable.”

    Molto Music A male singer in a red velvet jacket looks into the crowd holding a microphone to his mouth. Molto Music

    Molto Music puts together house bands for hotels

    But business founders who’ve gone before have some words of advice for their younger counterparts.

    Lee Broders, 53, started his first business at 26, in IT, after serving 10 years in the military. He’s been a serial entrepreneur since and now runs seven ventures, ranging from business mentoring to photography.

    According to Broders, making your first million isn’t the be all and end all – it’s scaling a business to last into the future.

    “Speed can often hide fragile foundations. Growing something quickly doesn’t always equal sustainability or robustness,” notes Mr Broders, who is based in Shropshire.

    “It’s great if you’re turning over a million pounds, but if it’s costing £990,000, and you’re actually making £10,000 a year, that’s very different.”

    Flourish With long hair and a black top, Sarah Skelton smiles while looking into the camera.Flourish

    Sarah Skelton says having a network is important for entrepreneurs

    Sarah Skelton is the co-founder and managing director of Flourish, a recruitment firm for the sales industry.

    She started her first business in 2024 aged 46, and is concerned that founders in their 20s may miss out on valuable leadership and management skills that may be best learned in a traditional work environment.

    “It’s great that in this day and age you can set up a business quite quickly. But I think you have to have lived experiences to be really strong at that leadership piece, which is the quite critical bit here,” says London-based Ms Skelton.

    She’s the co-founder and managing director of Flourish, a recruitment firm for the sales industry.

    “Also when you’re growing a business, leaning on people in a network is really important. But of course, if you’re super young and you’re going straight into this, where’s your network?

    She adds: “My network is 25 years of placing candidates, selling to different businesses, working across different countries. It’s really tough when you’re that young. How do you know who to lean on and where to find those people?”

    More Technology of Business

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  • Aptar Declares Quarterly Dividend and Announces 2026 Annual Meeting Details

    AptarGroup, Inc. (NYSE: ATR), a global leader in drug delivery and consumer product dispensing, dosing and protection technologies, today announced that the Board declared a quarterly cash dividend of $0.48 per share. The payment date is February 25, 2026, to stockholders of record as of February 4, 2026.

    As previously announced, Aptar will hold a conference call on Friday, February 6, 2026, at 8:00 a.m. Central Time to discuss the Company’s fourth quarter and year-end results for 2025. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investors page at www.aptar.com. A replay of the conference call can also be accessed for a limited time on the Investors page of the website.

    Annual Meeting

    The Board also approved the 2026 Annual Meeting of Stockholders to be held virtually on May 6, 2026, at 9:00 a.m. Central Time. The record date for stockholders entitled to vote at the meeting is March 13, 2026. More details regarding accessing the meeting will be shared closer to the event.

    Download the full press release.

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  • BNY to Speak at the BofA Securities Financial Services Conference

    BNY to Speak at the BofA Securities Financial Services Conference

    NEW YORK, Jan. 22, 2026 /PRNewswire/ — The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK), a global financial services company, today announced that Dermot McDonogh, Chief Financial Officer, will speak at the BofA Securities Financial Services Conference in Miami, Florida at 12:10 p.m. ET on Wednesday, February 11, 2026. The discussion may include forward-looking statements and other material information.

    A live webcast of the audio portion of the conference will be available on the BNY website (www.bny.com/investorrelations). An archived version of the audio portion will be available on the BNY website approximately 24 hours after the live webcast and will remain available until March 11, 2026. 

    About BNY
    BNY is a global financial services platforms company at the heart of the world’s capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals. As of December 31, 2025, BNY oversees $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management.

    BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.

    Contacts:

    Investors
    Marius Merz
    +1 212 298 1480
    marius.merz@bny.com

    Media
    Anneliese Diedrichs
    +1 646 468 6026
    anneliese.diedrichs@bny.com

    SOURCE BNY

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