Category: 3. Business

By Georgia Labor Commissioner Bárbara Rivera Holmes

My grandfather used to say, “Luchando Pa’lante” — fighting forward. Those words carried my family from Cuba to America and shaped everything I believe about opportunity in this country and in this state. Since stepping into this role earlier this year, I’ve come to see that fighting forward is not only a family motto; it’s also a Georgia value. It’s the grit of workers who show up before sunrise, the resilience of small businesses that anchor our communities, and the determination of every Georgian striving for a better future.

That spirit of resilience shaped our bold, comprehensive plan to transform how the Georgia Department of Labor (GDOL) serves every Georgian. When Gov. Brian Kemp appointed me Labor Commissioner earlier this year, I didn’t begin with speeches. I started behind the wheel, driving across the state — to manufacturing floors, career centers, farms, small businesses, and boardrooms — listening directly to the people who power Georgia’s economy.

Parents told me about waiting weeks for unemployment checks. Employers shared how hard it is to find skilled workers quickly enough to meet demand. Community leaders talked about workforce potential that goes untapped because the systems supporting it are outdated or too difficult to navigate.

Those conversations inspired every initiative in our plan — from how we deliver unemployment benefits to how we connect talent and employers. In Fall 2026, we’ll launch the largest unemployment insurance modernization in Georgia’s history. The agency will replace its outdated platform with a secure, cloud-based system designed to improve user experience, reduce fraud, and accelerate claims processing. This upgrade tackles long standing challenges — from call center delays to digital access barriers — that have slowed workers and employers alike.

The system we’re replacing was built in the 1980s — back when Ataris were popular, payphones were everywhere, and Journey’s “Don’t Stop Believin” topped the Billboard charts. It served its time, but it’s slow, clunky, and out of step with today’s needs. With this modernization, claims will process faster, fraud prevention will be stronger, and workers and employers will have a more reliable, responsive system.

But this plan is not just about technology; it’s about people. That’s why we’re rewriting every communication in plain language, making our processes easier to navigate, and removing red tape so Georgians can get the help they need.

This transformation runs on partnership. We’re expanding our job matching infrastructure and strengthening relationships with employers, educators, workforce boards, and community leaders to build a talent pipeline that meets the needs of the moment — connecting Georgians to mortgage paying jobs and businesses to the skilled workers they need. At the same time, we’re enhancing digital access, improving call center responsiveness, and cultivating a more agile, service oriented agency.

This work matters because Georgia’s economy is evolving faster than ever. Automation, artificial intelligence, and advanced manufacturing are reshaping the jobs of tomorrow. A modern labor system is no longer a convenience; it is a competitive advantage. If we want Georgia to remain the No. 1 state for business, we must build systems that match that ambition.

When I return home to Albany after traveling across the state or working out of our Atlanta office, I’m greeted by my family, our dogs, and our backyard flock of hens. Coming home grounds me and fuels my commitment to this work. That commitment extends to families across Georgia, who are counting on us to deliver clarity in communication, consistency in service, and opportunity for growth. They deserve a department that meets the urgency and integrity they bring to their work every day.

Georgia leads by embracing what’s next — and, in many cases, by creating it. This plan carries that tradition forward not with small tweaks, but with a full reimagining of how government serves its people and a path to making Georgia the nation’s top state for talent.

We are building an agency that fights forward — with modern systems, clearer communication, stronger partnerships, and a renewed commitment to public service.

Our work is a journey, and like the classic rock anthem that played when our legacy system was built, we remind all Georgians: Don’t stop believing. With workers and businesses leading the way, Georgia’s best days are ahead.

Let’s move forward — juntos, together.

Present Committee members:

David Roberts, Chair
Andrew Bailey, Governor
Sarah Breeden, Deputy Governor – Financial Stability
Clare Lombardelli, Deputy Governor – Monetary Policy
Sir Dave Ramsden, Deputy Governor – Markets & Banking
Sam Woods, Deputy Governor – Prudential Regulation (until item 11)
Jonathan Bewes
Sabine Chalmers
Lord Jitesh Gadhia
Dame Anne Glover
Sir Ron Kalifa
Diana Noble
Tom Shropshire

In attendance:

Sarah John, Chief Operating Officer (until item 10)

Secretary:

Sebastian Walsh, Secretary of the Bank

1. Conflicts, Minutes and Matters Arising

There were no conflicts declared in relation to the present agenda.

The minutes of the meeting held on 19 September were approved.

The Chair noted this would be Ron Kalifa’s last Court meeting, and on behalf of the Bank, thanked him for his service.

2. Governor’s Update

The Governor updated Court on the Bank’s business and workforce planning, noting the two critical aspects were now to engage the Bank’s broader leadership on the programme and to ensure the Bank had the capacity to deliver planned changes.

The Governor informed Court that following Court’s approval of the changes to the Bank’s FX balance sheet, the Bank had successfully issued an additional dollar bond.

Court heard that the Bank would launch the consultation on the stablecoins regime on 10 November. Dave Ramsden noted the Bank had engaged with other authorities to discuss how the regime could impact them.

The Governor updated Court on the results of the public consultation on the design of the next series of banknotes.

3. Audit and Risk Committee (ARCo) Update

Jonathan Bewes gave an update on the recent meeting of ARCo. In the Audit meeting, ARCo heard from the external auditors, Ernst & Young, on the planning for next year’s audit and had a discussion on how the workforce planning programmes would be accounted for. ARCo also received an update from Internal Audit on recently completed audits.

In the Risk meeting, ARCo received an update on decisions regarding the investment portfolio, as well as the revised Risk directorate strategy and its implementation. ARCo reviewed the new cyber-security dashboard and had an update on access management metrics. Directors noted the increase in cyber-attacks by state actors in other jurisdictions and the importance of the Bank remaining vigilant.

The Chair asked that an assessment of cyber-risk come to Court.

4. Remuneration Committee (RemCo) Update

Diana Noble gave an update on the recent meeting of RemCo. RemCo approved the creation of a Mutually Agreed Resignation (MAR) Scheme and the terms of the scheme. RemCo discussed the actions needed to ensure effective engagement with staff around the scheme. RemCo also emphasised the importance of ensuring the scheme was used to deliver sustainable cost savings.

Directors confirmed support for the proposals.

5. COO Update

Sarah John updated Court on the Bank’s annual salary review and negotiations with the Union on the offer and said that the Union had recommended the Bank’s offer to staff. She added that progress had been made on the SharePoint migration, and the first new and improved laptops had been rolled out.

In response to questions, Sarah John said the Bank remained committed to reaching 500 staff in Leeds. She added that Governors had agreed that, to further progress towards this target, Executive Directors would be required to recruit 50% of any external recruitment to the Leeds office.

• Finance Modernisation Project (FMP) Update

Court approved a revised budget for FMP.

6. 2025/2026 Q2 Financial Forecast

(Afua Kyei)

Court congratulated Afua Kyei on being voted the most influential person of African or African Caribbean heritage in the United Kingdom in the 2026 Powerlist.

Afua Kyei gave an update on the current financial position, noting an underspend is expected in 25/26 due to areas making a start on meeting the 8% cost challenge in 26/27. This underspend would be used to support workforce planning programmes.

In response to questions from Directors, it was confirmed that the Bank would still seek to meet the 8% cost challenge target in year and would consider how plans could be revised to deliver this.

7. Business Planning 2026/27 Update

(Jo Hill, Afua Kyei and Louise Buckley)

Jo Hill introduced the paper noting that with the Bank’s strategic goals having been set, these were now the necessary steps to deliver them.

Directors raised the importance of embedding transformation and productivity in the Bank’s culture. Directors noted that the 8% target was applied equally across the Bank.

The Chair noted the importance of delivering the benefits of the transformation programmes to staff, including better technology, to show the positive impact of the Bank changing. Court approved the plans.

8. Location Strategy Project (LSP) – Strategic Business Case

(Vivienne Grafton and Tom Horn)

Vivienne Grafton introduced the paper, noting this was a once in a generation opportunity to improve both the Bank’s premises and its geographical reach. Vivienne Grafton noted that the cost savings from exiting Moorgate meant the project had a positive net present value with a capacity to absorb potential cost overruns, which was important as some risks to projected costs were to be expected when working on a historic building.

Directors discussed the importance of value for money and ensuring the Bank maintained the building appropriately, which was of substantial historical interest and a national asset. Directors noted there was a reputational risk around the rebuild and that the robustness of the business case and communications were critical.

Directors discussed the effective limit on London based headcount the programme would create for the future. They noted that, in the event the Bank needed to grow in future, this could be accommodated by growing headcount in Leeds.

Directors asked that the project consider the case for independent expert challenge on the project, noting it was outside of the Bank’s usual responsibilities.

9. Six-Monthly Risk Report

(Jonathan Rand)

Jon Rand introduced the Risk report and said that the Bank’s important business services remain resilient, although some of the more obsolete systems the Bank continues to need to run require continual maintenance. Jon Rand said that reviews of cyber-risk in the supply chain had been positive but that supply chain risk, especially for cyber, was an area of heightened concern due to external events.

Directors discussed the heightened people, operational and delivery risks coming from running major operational change programmes and workforce change programmes concurrently. Jon Rand said that Risk would seek to identify leading indicators for risks crystallising through workforce changes and that business areas would seek to identify single points of failure.

10. Banknote Innovation Programme

(Victoria Cleland and Jennifer Small)

Victoria Cleland introduced the paper, explaining that the programme to deliver the next series of banknotes compromised three strands: the printing contract, the design of the next series of notes and property adaptations at Debden to support continued printing.

Cout discussed the continued demand for banknotes and the continued risk from counterfeiting. In response to questions on the pace of innovation in counterfeiting, Victoria Cleland and Jen Small outlined the current innovations in banknote security features and forward planning to prevent counterfeits.

Court approved the paper and budget. Court delegated authority to the COO and Governor to approve a contingency of up to an additional 10% and to the Chair of Court and the Governor for a further 5% (up to 15% in total).

11. Chair’s Monetary Policy Committee (MPC) effectiveness review 2025

Court discussed the effectiveness review, noting the contributions and debates of the MPC surrounding the changes to the forecast process following the Bernanke Review.

12. Support for Monetary Policy: Annual Report to Court 2024/2025

(Iain de Weymarn and Fergal Shortall)

Court noted the report.

13. SMD Auction and Bilateral Trading Review (SABR) Programme

Court approved the Programme. Court agreed that a 10% contingency, if required, could be released upon agreement by the COO and the Governor.

14. Revised ‘Our Code’ Conflicts of Interest Policies and Statutory Committees’, Conflicts of Interest Codes of Practice

Court approved the policies and Codes of Practice.

15. FPC Members External Communications Code

Court approved the Code.

16. Committee Appointments and Conflicts update

Court noted the report.

17. Papers for Information

Court noted:

• Monetary Policy Committee Report
• Approved minutes from Committee meetings since the last meeting of Court on 19 September 2025
  • ARCo minutes 24 June 2025

The meeting of Court was closed.

The National Institute of Neurological Disorders and Stroke (NINDS) is pleased to invite you to the Preclinical Common Data Elements (CDE)/Data Standards Webinar Series Kick-off on January 28, 2026.  This monthly webinar series is designed to be interactive and to engage researchers and stakeholders with up-to-date information on preclinical common data elements (CDEs) and data standards. Webinars will address a breadth of topics related to preclinical research such as experimental design, rigor, reproducibility, metadata, data repositories, injury models, EEG& seizures, biomarkers, -omics, histopathology and imaging and best practices for data sharing. Working group members from the Neurotrauma Preclinical Common Data Elements (CDE) & Data Standards (NT-PRECEDS) Program will present the preclinical CDEs that are being developed. Invited speakers will share best practices for data standardization and highlight resources to streamline and harmonize preclinical research datasets. The webinar aims to showcase essential tools that support data harmonization, facilitate data sharing and robust cross-study analyses by promoting the FAIR and TRUST data sharing principles and aligning with NIH strategic plan and Data sharing policy.

 

These webinars are open to the public. Everyone is welcome to attend.

Register here to receive the webinar invitations and recordings.

For additional information, visit the NT-PRECEDS program webpage. 

For questions, contact Claudio Villalobos-Dintrans

1 NCT ID NCT06257212 Title Live Vaccines and Innate Immunity Training in COPD Dates 2024/02/28 to 2025/09 Phase Phase 4 Enrolment 60 (Estimated) Condition(s) COPD Intervention(s) BCG vaccine
MMR vaccine Primary Outcome Innate immune training measured by fold-changes in cytokine production capacity of innate immune cells following pro-inflammatory stimulation. Measured from inclusion in the trial to 4 months’ post-inclusion. Cytokines include: IL-1β, IL-10, TNF-α, IFN-γ 2 NCT ID NCT06266754 Title The Non-Specific Immunological Effects of Providing Oral Polio Vaccine to Seniors in Guinea-Bissau Dates 2024/01/29 to 2024/12/31 Phase Phase 4 Enrolment 80 (Estimated) Condition(s) Vaccine Reaction Intervention(s) Oral Polio vaccine Primary Outcome

1. Levels of proinflammatory cytokines (including IL1-β, TNF-α, IFN-γ) after stimulation of PBMCs with non-OPV antigens and mitogens 1 month after intervention

2. Levels of plasma markers of systemic inflammation (e.g. TWEAK and SIRT2) 1 month after intervention

3. Investigating epigenetic changes in PBMCs by single-cell ATAC-sequencing and whole-genome methylation assays 1 month after intervention

4. Investigate transcriptional effects on immune cells by single-cell RNA-sequencing 1 month after intervention. Identifying proportions of immune cell subsets

3 NCT ID NCT05208060 Title Study to Evaluate the Ability of Sublingual MV130 to Induce the Expression of Trained Immunity in Peripheral Blood Cells Dates 2023/09/01 to 2025/12/31 Phase Phases 1 and 2 Enrolment 48 (Estimated) Condition(s) Immune Response Intervention(s) MV130 vaccine Primary Outcome Increase in ex vivo PBMCs cytokine response (TNF-α, IL-6, IL-1β) to secondary restimulation compared to placebo at days 15, 45, and 70 with respect to baseline Selected Secondary Outcomes relevant to Trained Immunity

1. Epigenetic and metabolic changes in purified monocytes from PBMCs, including specific Trained Immunity-associated miRNAs (miR155, miR146, miR21), lactate production, glucose consumption, and mitochondrial activity at day 45 with respect to baseline

2. Change in proportions of immune cells (including T cells, B cells, NK cells, and subsets of monocytes) in peripheral blood at days 15, 45, and 70 with respect to baseline

4 NCT ID NCT02403505 Title Early Phase Clinical Trial About Therapeutic Biological Product Mix for Treating CEA Positive Rectal Cancer Dates 2021/12/28 to 2025/02/28 Phase Phase 1 Enrolment 20 (Estimated) Condition(s) Rectal Cancer Intervention(s) CEA protein antigen and BCG vaccine mix for percutaneous use Primary Outcome Timeframe: up to 90 days

1. Participants with positive CEA blood test

2. Participants with positive IGRA blood test with CEA protein antigen after percutaneous use

3. Participants with IGRA blood test with TB antigens (negative before percutaneous use, positive after percutaneous use)

5 NCT ID NCT05507671 Title The Role of BCG Vaccine in the Clinical Evolution of COVID-19 and in the Efficacy of Anti-SARS-CoV-2 Vaccines Dates 2021/05/27 to 2023/12/31 Phase Phase 3 Enrolment 556 (Estimated) Condition(s) COVID-19 Intervention(s) BCG vaccine Primary Outcome

1. Incidence of SARS-CoV-2 infection. Timeframe: 6 months from recruitment day

2. Incidence of COVID-19 symptoms. Timeframe: 6 months from recruitment day

3. Intensity of efficacy of first dose of vaccine against COVID-19. Timeframe: 6 months from recruitment day

4. Duration of efficacy of the second vaccine dose against COVID-19. Timeframe: 1 year from recruitment day

Selected Secondary Outcomes relevant to Trained Immunity Serum concentrations of cytokines TNF-α, IFN-γ, IL-1β, IL-4, IL-6, and IL-10 in 50 participants of BCG group versus 50 participants of placebo group 2 months after recruitment 6 NCT ID NCT06628544 Title Trained Immunity in Fungal Infection and Its Mechanism Dates 2020/09/01 to 2023/12/01 Phase Early Phase 1 Enrolment 79 (Actual) Condition(s) BCG vaccination Intervention(s) BCG vaccine
Metformin Primary Outcome IL-6 and TNF-α cytokine production by PBMCs isolated after 5 days of continuous medication and restimulated with C. albicans or Mycobacterium tuberculosis 7 NCT ID NCT03296423 Title Bacillus Calmette-Guérin Vaccination to Prevent Infections of the Elderly Dates 2017/09/21 to 2020/11/30 Phase Phase 4 Enrollment 200 (Actual) Condition(s) Infection
Hospitalization
Mortality Intervention(s) BCG vaccine Primary Outcome Time to first infection. Timeframe: 12 months Selected Secondary Outcomes relevant to Trained Immunity

1. Cytokine stimulation from PBMCs. Timeframe: month 3

2. Epigenetic changes of circulating monocytes. Timeframe: month 3

8 NCT ID NCT02114255 Title Effects of BCG on Influenza Induced Immune Response Dates 2014/05 to 2014/09 Phase Phases 2 and 3 Enrolment 40 (Actual) Condition(s) Influenza virus infection
Trained Immunity Intervention(s) BCG vaccine Primary Outcome

1. Difference in influenza antibody titers at days 14, 21, 28, and 42

2. Difference in thrombocyte function at days 0, 14, 21, 28, and 42

Selected Secondary Outcomes relevant to Trained Immunity

1. IFN-γ, IL-10, type 1 IFN, IL-17, IL-22 production by ex vivo leukocytes stimulated with inactivated/live influenza virus at days 0, 14, 28, and 42

2. Production of inflammatory mediators (including TNFα, IL-1β, IFN-γ, IL-10, IL-17, and IL-22) by ex vivo leukocytes stimulated with different stimuli (including M. tuberculosis, S. aureus, C. albicans, and inactivated influenza) at days 0, 21, 28, and 42

3. qPCR/microarray of inflammatory transcriptional pathways at days 0, 14, 21, 28, and 42.

4. Granzyme B production by ex vivo leukocytes stimulated with inactivated/live influenza virus at days 0, 14, 21, 28, and 42

9 NCT ID NCT01734811 Title Efficacy and Safety Evaluation in Recurrent Wheezing Attacks (MV130) Dates 2012/10 to 2017/02 Phase Phase 3 Enrolment 120 (Actual) Condition(s) Bronchospasm
Bronchiolitis
Bronchitis Intervention(s) MV130 vaccine Primary Outcome Number of Recurrent Bronchospasm (Wheezing Attacks) (b) Trials investigating modulation of Trained Immunity for therapeutic benefit 10 NCT ID NCT06624436 Title Immunomodulatory Effects of Dexamethasone, Tocilizumab and Anakinra During Experimental Human Endotoxemia Dates 2024/10/24 to 2025/12 Phase Phase 4 Enrolment 52 (Estimated) Condition(s) Sepsis
Neuroinflammatory Response
Immunosuppression
Endotoxemia Intervention(s) Dexamethasone
Tocilizumab
Anakinra Primary Outcome

1. Plasma TNF concentrations upon second LPS challenge

2. Cerebrospinal fluid TNF concentrations during repeated experimental human endotoxemia

Selected Secondary Outcomes relevant to Trained Immunity

1. Plasma cytokine (IL1RA, IL-6, IL-8, IL-10, MIP-1α, MIP-1β, MCP-1, G-CSF, IP-10, CX3CL1, YKL-40) concentrations (plasma and cerebrospinal fluid), other inflammatory protein biomarkers (Olink Target 96 inflammation panel) (plasma and cerebrospinal fluid), and mHLA-DR during first and second LPS challenges

2. Blood leukocyte single-cell and bulk mRNA profiles/transcriptomic pathways upon LPS challenges

3. Cytokine production of ex vivo leukocyte cultures

11 NCT ID NCT03332225 Title A Trial of Validation and Restoration of Immune Dysfunction in Severe Infections and Sepsis Dates 2017/12/15 to 2019/12/31 Phase Phase 2 Enrolment 36 (Actual) Condition(s) Sepsis
Macrophage Activation Syndrome Intervention(s) Anakinra
Recombinant human IFN-γ Primary Outcome Mortality. Timeframe: 28 days Selected Secondary Outcomes relevant to Trained Immunity

1. Cytokine stimulation from PBMCs. Timeframe: 4 and 7 days

2. Gene expression of PBMCs. Timeframe: 7 days

3. Epigenetic changes of circulating monocytes. Timeframe: 7 days

(c) Trials investigating inhibition of Trained Immunity for therapeutic benefit 12 NCT ID NCT05790499 Title LDL-c Level Variability and Trained Immunity Dates 2023/03/20 to 2024/01/31 Phase N/A Enrollment 12 (Estimated) Condition(s) Cholesterol Variability
Trained Immunity Intervention(s) Atorvastatin Primary Outcome Changes in LDL-C levels between baseline and atorvastatin treatment cycles. Timeframe: 16 weeks Selected Secondary Outcomes relevant to Trained Immunity Timeframe: 16 weeks

1. PBMCs subgroup percentage and activation status

2. PBMCs secreting cytokines

3. PBMCs change in gene expression

4. Levels of hs-CRP, IL-6, IL-18, and sVCAM-1

13 NCT ID NCT05210725 Title Trained Immunity by Dual-pathway Inhibition in Coronary Artery Disease Dates 2022/03/01 to 2022/07/01 Phase Phase 4 Enrolment 20 (Actual) Condition(s) Coronary Artery Disease Intervention(s) Rivaroxaban and Acetylsalicylic acid Primary Outcome Whole blood immune responsiveness to LPS stimulation when switching from acetylsalicylic acid monotherapy to acetylsalicylic acid and low-dose rivaroxaban dual pathway inhibition. Timeframe: 12 weeks Selected trial outcomes relevant to Trained Immunity

1. White blood cell count and distribution. Timeframe: 3 months

2. Monocyte immune responsiveness to LPS stimulation. Timeframe: 3 months

3. Enrichment of epigenetic gene marks. Timeframe: 3 months

Contract marks Spain’s largest Patriot order ever

ANDOVER, Mass., Dec. 23, 2025 /PRNewswire/ — Raytheon, an RTX (NYSE: RTX) business, was awarded a $1.7 billion contract to supply Spain with four Patriot® air and missile defense systems.

The foreign military sales contract includes radars, launchers, command and control stations, and training equipment.

“Modernizing air and missile defense is vital to Spain’s security and sovereignty. Raytheon’s work with the Spanish government and local industry will help ensure readiness against evolving threats,” said Pete Bata, senior vice president of Global Patriot at Raytheon. “Raytheon is continuing to support Spain’s government while working with their robust defense industry to deliver Patriot.”

Raytheon has collaborated with local Spanish defense companies including Sener for electro-mechanical control system of the GEM-T missile as part of its Patriot global supply chain network.

Patriot is the only combat-proven ground-based air and missile defense capability in the world able to defend against long-range cruise missiles, tactical ballistic missiles, and the full spectrum of air-breathing threats.

Backed by a world-class command-and-control system, Patriot has intercepted hundreds of advanced aerial threats in conflicts around the globe. Patriot is the foundation of air defense for 19 countries, and the system continues to demonstrate its effectiveness against advanced aerial threats and massive complex raid attacks.

The contract comes as Germany, the Netherlands, and Romania have placed orders for additional Patriot systems in 2025.

About Raytheon
Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space.

About RTX
RTX is the world’s largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney, and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact corporatepr@rtx.com

SOURCE RTX

Ørsted has signed an agreement with Cathay Life Insurance, the leading life insurance company in Taiwan, and its affiliate Cathay Power (together ’Cathay‘), under which Cathay will acquire a 55 % ownership stake of Ørsted’s 632 MW Greater Changhua 2 Offshore Wind Farm.

Located approximately 50–60 km off the coast of Changhua County, the Greater Changhua 2 site comprises Greater Changhua 2a (295 MW), which is operational, and Greater Changhua 2b (337 MW), which Ørsted is currently constructing, with commissioning expected in Q3 2026. Under the agreement, Ørsted will provide long-term operations and maintenance (O&M) services from its O&M hub at the Port of Taichung.

The total value of the transaction for the 55% equity stake is approximately DKK 5 billion (approx. TWD 25 billion) and takes into consideration the existing project financing arrangements. The closing of the transaction is planned to occur simultaneously with the project reaching commercial operations, which is expected in Q3 2026. In July 2025, Ørsted reached financial close on a project financing package of approx. DKK 20 billion for the entire project.

The transaction marks another significant milestone in Ørsted’s partnership and divestment programme and further solidifies the company’s capital structure, which is one of Ørsted’s four strategic priorities. With this agreement, Ørsted has signed divestments with proceeds totalling around DKK 33 billion during 2025, bringing the company close to achieving its target of securing proceeds of more than DKK 35 billion through its partnership and divestment programme in 2025 and 2026.

Trond Westlie, Chief Financial Officer of Ørsted, says:
“Having been through a competitive process with multiple parties, we’re pleased to once again partner with Cathay, with whom we already successfully co-own Greater Changhua 1 and 4. The transaction underlines the strong appetite from leading investors for high-quality assets with long-term offtake agreements, and combined with Changhua 2’s project financing package, the transaction marks a further strengthening of our capital structure and is a sizable contribution to our partnership and divestment programme.”

Andrew Liu, President of Cathay Life Insurance, says:
“This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm. This investment reflects our continued support for Taiwan’s renewable energy transition while generating stable, long-term returns aligned with the investment objectives of the insurance sector.

Per Mejnert Kristensen, Senior Vice President and CEO of Region APAC at Ørsted, says:
“We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out, with this investment reflecting our shared confidence in Taiwan’s offshore wind fundamentals. As Taiwan scales up renewable energy, Ørsted will continue to partner with industry leaders like Cathay to deliver competitive, resilient, and sustainable offshore wind projects that create lasting value.”

For further information, please contact:

Global Media Relations
Frederik Høj Ruhne
+ 45 99 55 95 52
Globalmedia@orsted.com 

Investor Relations
Valdemar Hoegh Andersen
+45 99 55 56 71
ir@orsted.com

About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by more than 30 years of experience in offshore wind, Ørsted has 10.2 GW of installed offshore capacity and 8.1 GW under construction. Ørsted’s total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 18 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Widely recognised as a global sustainability leader, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 8,000 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group’s operating profit excluding new partnerships and cancellation fees was DKK 24.8 billion (EUR 3.3 billion). Visit orsted.com or follow us on LinkedIn and Instagram.

Attachments

Released: 2025-12-23

Real gross domestic product (GDP) decreased 0.3% in October, offsetting a 0.2% increase in September, driven by contractions in goods-producing and services-producing industries. Overall, 11 of 20 industrial sectors contracted in October.

Goods-producing industries were down 0.7% in October, as most sectors comprising the grouping contracted, led by the manufacturing sector. Services-producing industries declined 0.2% in the month, impacted by a few labour stoppages that dampened the overall activity.

Manufacturing sector drives October’s decline after leading September’s growth

The manufacturing sector fell 1.5% in October, largely offsetting September’s expansion, as contractions in durable-goods and non-durable goods manufacturing industries weighed on growth.

Durable-goods manufacturing industries contracted 2.3% in October, more than offsetting September’s 2.2% growth. Machinery manufacturing (-6.9%) contributed the most to the decline in October after driving the increase in the previous month. Wood product manufacturing (-7.3%) recorded its largest decline since April 2020, on widespread contractions across all industry groups. Sawmills and wood preservation (-9.0%) drove the decline in the subsector in October 2025, reflecting production slowdowns following the announcement from the US government of additional tariffs on Canadian lumber effective October 14.

Non-durable goods manufacturing industries decreased 0.4% in October. The chemical manufacturing subsector (-3.4%) was the largest contributor to the decline, with a 7.2% contraction in pharmaceutical and medicine manufacturing accounting for most of the subsector’s decrease. Meanwhile, petroleum and coal product manufacturing (+2.5%) partly offset some of the decline, on ongoing strengths in petroleum refineries (+2.7%) and petroleum and coal products manufacturing (except petroleum refineries) (+0.2%), as production continued to ramp up following maintenance and turnaround activities earlier in the year.

Province-wide teachers’ strike in Alberta weighs on the public sector

The public sector aggregate (comprising educational services, health care and social assistance, and public administration) contracted 0.3% in October.

Educational services fell 1.8% in October, driven by a contraction in elementary and secondary schools (-3.3%). This decline in elementary and secondary schools reflects a labour action by the members of the Alberta Teacher’s Association that took place from October 6 to October 29. This was the largest decline in the subsector since the public sector workers’ strike in Quebec caused back-to-back monthly decreases in November and December 2023.

Meanwhile, growth in health care and social assistance (+0.2%) and public administration (+0.1%) tempered the decline in the public sector in October 2025.

Mining, quarrying, and oil and gas extraction sector down in October

The mining, quarrying, and oil and gas extraction sector contracted 0.6% in October, more than offsetting September’s expansion, as two of the three subsectors declined.

Following four consecutive monthly expansions, the oil and gas extraction subsector contracted in October (-1.2%). Oil sands extraction (-2.7%) contributed the most to the decline on account of lower crude bitumen extraction in October as several operators were performing maintenance at their facilities. Oil and gas extraction (except oil sands) (+0.2%) tempered the decline, reflecting increased extraction of crude petroleum in Alberta and Newfoundland and Labrador.

Support activities for mining, and oil and gas extraction (-2.4%) further added to the decline in October, driven by a 3.7% fall in support activities for oil and gas extraction, reflecting lower drilling and rigging services.

Mining and quarrying (except oil and gas) (+2.6%) tempered the decrease in the sector, with all industry groups growing in October. Non-metallic mineral mining and quarrying (+3.7%) led the growth, as potash mining (+4.5%) rebounded following a planned shutdown of a mine in September.

Transportation and warehousing sector down amid ongoing postal service workers’ strike

Transportation and warehousing decreased 1.1% in October, more than offsetting September’s growth, with the postal service leading the decline.

The postal service dropped 32.1% in October, reflecting disruptions in mail and parcel delivery activities as the nation-wide strike by members of the Canadian Union of Postal Workers (CUPW) launched on September 25, and shifted to rotating strikes on October 11. This was the steepest decline in the subsector since December 2024 (-38.1%), when the CUPW members last went on a nation-wide strike.

Wholesale trade sector down on widespread contractions

The wholesale trade sector contracted 0.9% in October, more than offsetting September’s expansion. This was the second decrease in the sector in the last three months.

Miscellaneous merchant wholesalers (-4.3%) and machinery, equipment and supplies merchant wholesalers (-1.6%) contributed the most to the decrease in the wholesale trade sector in October. Meanwhile, motor vehicle and motor vehicle parts and accessories merchant wholesalers (+1.8%) tempered the decline in the sector.

Retail trade down for the second consecutive month

The retail trade sector decreased 0.6%, down for the second month in a row, with most subsectors recording contractions in October.

The food and beverage retailers subsector fell 2.3% in October after recording back-to-back monthly increases in August and September. A labour action in British Columbia in October by members of the BC General Employees Union contributed to lower activity at beer, wine and liquor retailers, affecting the operations of both retailers and distribution centres. This was the lowest level of activity in the subsector since December 2022. Marking its third consecutive monthly decline, gasoline stations and fuel vendors (-1.0%) further added to the decrease in October 2025.

Meanwhile, growth at furniture, home furnishings, electronics and appliances retailers (+0.9%) and building material and garden equipment and supplies dealers (+0.2%) mitigated the sector’s decline in October, coinciding with the growth in national home resales and the higher activity at the offices of real estate agents and brokers and activities related to real estate (+0.9%).

Construction decreases for the first time in six months

The construction sector was down 0.4% in October, with most subsectors posting declines. Engineering and other construction activities (-0.7%) contributed the most to the decrease, recording its first contraction following five consecutive monthly increases. Residential building construction (-0.4%) continued to decline in October, down for the third month in a row, driven in October by decreased construction activity of new single-occupancy homes.

Meanwhile, non-residential building construction (+0.1%) tempered the decrease in October, reflecting rising institutional building construction activity.

Finance and insurance sector hits another record high in October

The finance and insurance sector posted its fifth consecutive monthly increase, rising 0.4% in October, and mitigating the overall GDP decline in October.

Other finance and insurance (+0.9%) drove the sector’s growth in October, reflecting increased activity in both equity and debt markets.

Advance estimate for real gross domestic product by industry for November 2025

Advance information indicates that real GDP by industry increased 0.1% in November. Increases in educational services, construction and transportation and warehousing were partially offset by decreases in mining, quarrying, and oil and gas extraction and manufacturing. Owing to its preliminary nature, this estimate will be updated on January 30, 2026, with the release of the official GDP by industry data for November 2025.

Products

The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is available.

The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is also available.

The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structure.

Contact information

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