Category: 3. Business

  • Hyundai Motor Group leverages Group capabilities to lead the AI Robotics industry

    Hyundai Motor Group leverages Group capabilities to lead the AI Robotics industry

    Hyundai Motor Group’s integrated AI Robotics value chain

    Hyundai Motor Group’s manufacturing facilities are helping to develop reliable robots that are tested and trained internally. Thanks to various capabilities within the Group, we can supply parts, mass-produce robots, and provide one-stop robotics-as-a-Service (RaaS). Working with affiliates like Boston Dynamics, the Group is expanding its mass-production expertise from automotive to robotics, increasing overall value for customers.

    Each of HMG’s group affiliates plays a crucial role in development and testing by bringing its own expertise:
    – Hyundai Motor Company and Kia provide manufacturing infrastructure, process control and large-scale production data.
    – Hyundai Mobis works closely with Boston Dynamics to develop high-performance actuators, standardizing key components and optimizing designs for manufacturability.
    – Hyundai Glovis optimizes logistics and supply chain management.

    By integrating all these areas of expertise, we can offer ongoing customer support after deployment, including regular software updates, hardware maintenance, repairs, and remote monitoring and control. These services enable us to oversee the process from start to finish, helping to bring AI Robotics solutions to market.


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  • The Daily — Canadian international merchandise trade, October 2025

    The Daily — Canadian international merchandise trade, October 2025



    Released: 2026-01-08

    In October, Canada’s merchandise imports increased 3.4%, while exports were up 2.1%. As a result, Canada’s merchandise trade balance with the world went from a small surplus of $243 million in September to a deficit of $583 million in October.

    Consult the “International trade monthly interactive dashboard” to explore the most recent results of Canada’s international trade in an interactive format.

    Chart 1 

    Chart 1: Merchandise exports and imports

    Merchandise exports and imports


    Chart 1: Merchandise exports and imports

    Imports rebound in October

    After falling 4.3% in September, total imports rose 3.4% in October. Overall, gains were observed in 8 of the 11 product sections. In real (or volume) terms, total imports were up 2.6% in October.

    Chart 2 

    Chart 2: Contribution to the monthly change in imports, by product, October 2025

    Contribution to the monthly change in imports, by product, October 2025


    Chart 2: Contribution to the monthly change in imports, by product, October 2025

    Imports of electronic and electrical equipment and parts were up 10.2% in October, with all product groups increasing. Imports of computers and computer peripherals (+32.2%) rose the most to reach a record high in October, mainly because of higher imports of processing units from Ireland. Imports of communication, and audio and video equipment (+5.1%) also contributed to the gain, mainly on stronger imports of smartphones from China and the United States.

    Chart 3 

    Chart 3: Imports of electronic and electrical equipment and parts

    Imports of electronic and electrical equipment and parts


    Chart 3: Imports of electronic and electrical equipment and parts

    Following a large decrease of 27.9% in September, imports of metal and non-metallic mineral products were up 9.5% in October. This was largely attributable to an increase in imports of unwrought gold, silver, and platinum group metals, and their alloys (+55.3%). While imports of unwrought gold have been behind the volatility within this product group in 2025, higher imports of unwrought platinum and silver bullion from the United States were behind the growth in October.

    Imports of industrial machinery, equipment and parts were up 5.7% in October. Significant contributors to the increase in the month were imports of other general-purpose machinery and equipment (+5.6%), logging, construction, mining and oil and gas field machinery and equipment (+14.7%) and parts of industrial machinery and equipment (+7.1%).

    The increase in total imports in October was partly offset by a 7.5% decrease in imports of basic and industrial chemical, plastic and rubber products, which reached their lowest level since July 2023. Imports of basic chemicals (-23.5%) were down the most in October 2025, mainly on lower imports of active pharmaceutical ingredients that are used in the production of medicaments. Imports of lubricants and other petroleum refinery products (-17.6%) also declined in October, mostly because of lower imports of crude oil diluents from the United States.

    Another strong month for exports of gold

    Following a sharp increase of 6.7% in September, total exports rose 2.1% in October. Despite the overall increase, exports in 6 of the 11 product sections decreased in October. As was the case in September, exports of unwrought gold, silver, and platinum group metals, and their alloys increased the most in October. Excluding exports of this product group, total exports were down 2.5%. Higher prices also contributed to the monthly increase in total exports; in real (or volume) terms, total exports were down 0.4%.

    Chart 4 

    Chart 4: Contribution to the monthly change in exports, by product, October 2025

    Contribution to the monthly change in exports, by product, October 2025


    Chart 4: Contribution to the monthly change in exports, by product, October 2025

    Following a strong increase of 25.0% in September, exports of metal and non-metallic mineral products (+27.3%) rose sharply again in October and reached another record high. Exports of unwrought gold, silver, and platinum group metals, and their alloys—a category largely composed of unwrought gold—led the increase (+47.4%), driven by a rise in gold exports to the United Kingdom. When compared with the same month in 2024, exports of this product group have more than doubled. Higher gold prices have largely been behind this recent growth, but volumes were also up, increasing by nearly 40% in October 2025 on a year-over-year basis.

    Chart 5 

    Chart 5: Exports of unwrought gold, silver, and platinum group metals, and their alloys

    Exports of unwrought gold, silver, and platinum group metals, and their alloys


    Chart 5: Exports of unwrought gold, silver, and platinum group metals, and their alloys

    Exports of motor vehicles and parts rose 4.1% in October with all subcategories posting increases. Higher exports of passenger cars and light trucks (+3.2%) and medium and heavy trucks, buses, and other motor vehicles (+24.7%) contributed the most to the gain in October. For medium and heavy trucks, buses, and other motor vehicles, this increase coincided with the announcement of new import tariffs by the United States, which came into effect on November 1, 2025.

    Moderating the increases in October were lower exports of energy products (-8.4%). This was mainly the result of lower exports of crude oil and bitumen (-13.5%), which were down both on lower volumes and prices. The decrease in volumes coincided with refinery shutdowns in the United States in October, while prices declined amid global oversupply.

    Chart 6 

    Chart 6: Exports of crude oil and bitumen

    Exports of crude oil and bitumen


    Chart 6: Exports of crude oil and bitumen

    Surplus with the United States narrows significantly

    Following three consecutive monthly declines, imports from the United States increased 5.3% in October. Meanwhile, exports to the United States were down 3.4%, partly because of lower exports of aircraft and unwrought gold. Exports to the United States were down 4.1% in the first 10 months of 2025 compared with the same period in 2024. Canada’s trade surplus with the United States narrowed from $8.4 billion in September to $4.8 billion in October.

    Chart 7 

    Chart 7: Merchandise trade with the United States

    Merchandise trade with the United States


    Chart 7: Merchandise trade with the United States

    Gold lifts exports to countries other than the United States

    Following an increase of 11.8% in September, exports to countries other than the United States rose 15.6% to reach a record high in October. Higher exports to the United Kingdom (gold) and China (crude oil) contributed the most to this growth. Meanwhile, imports from countries other than the United States edged up 0.6% in October. Higher imports from China (smartphones) and Peru (gold) were partially offset by lower imports from Belgium (pharmaceutical products) and Australia (mineral products). Canada’s trade deficit with countries other than the United States narrowed from $8.1 billion in September to $5.4 billion in October. This was the lowest deficit since January 2021.

    Chart 8 

    Chart 8: Merchandise trade with countries other than the United States

    Merchandise trade with countries other than the United States


    Chart 8: Merchandise trade with countries other than the United States


    Chart 9 

    Chart 9: International merchandise trade balance

    International merchandise trade balance


    Chart 9: International merchandise trade balance

    Revisions to September merchandise export and import data

    Imports in September, originally reported at $64.1 billion in the previous release, were revised to $64.0 billion in the current reference month’s release. Exports in September, originally reported at $64.2 billion in the previous release, were revised to $64.3 billion in the current reference month’s release.

    Monthly trade in services

    In October, monthly service exports decreased 0.4% to $20.1 billion. Meanwhile, imports of services were down 1.2% to $19.6 billion.

    When international trade in goods and services are combined, exports rose 1.5% to $85.7 billion in October, while imports increased 2.3% to $85.7 billion. Canada’s total trade balance with the world went from a surplus of $607 million in September to a small deficit of $59 million in October.












      Note to readers

    New publication dates for Canadian international merchandise trade statistics

    As a result of the recent US government shutdown, Statistics Canada has announced new release dates for Canadian International Merchandise Trade statistics, with several months affected.

    Statistics for the November 2025 reference month are now scheduled to be published on January 29, 2026.

    Tentative dates have been identified for the December 2025 reference month (February 19, 2026) and for the January 2026 reference month (March 12, 2026). These dates remain subject to change. Statistics Canada will communicate any updates to release dates should changes be necessary. Following these releases, it is expected that the publication of monthly international trade statistics will return to the originally planned release schedule.

    Concepts and methods

    Information on concepts and methods used for the monthly release of Canada’s international merchandise trade is now available online. Please see “Notes on the monthly release of Canadian international merchandise trade” for more details.

    For a detailed overview of the Canadian International Merchandise Trade program, please see “Reference Guide to Canadian International Merchandise Trade Statistics.”

    Real-time data table

    The real-time data table 12-10-0165-01 will be updated on January 19.

    Next release

    Data on Canadian international merchandise trade for November 2025 will be released on January 29, 2026.


    Products

    The International trade statistics portal is now available on the Statistics Canada website.

    The product “International trade monthly interactive dashboard” (Catalogue number71-607-X) is now available. This interactive dashboard is a comprehensive analytical tool that presents monthly changes in Canada’s international merchandise trade data on a balance-of-payments basis, fully supporting the information presented every month in the Daily release.

    The product “The International Trade Explorer” (Catalogue number71-607-X) is now available online.

    The updated “Canada and the World Statistics Hub” (Catalogue number13-609-X) is available online. This product illustrates the nature and extent of Canada’s economic and financial relationship with the world using interactive charts and tables. It provides easy access to information on trade, investment, employment and travel between Canada and a number of countries, including the United States, Mexico, China, Japan, Belgium, Italy, the Netherlands and Spain.

    The product “Canada’s international trade and investment country fact sheet” (Catalogue number71-607-X) is also available.

    The online Canadian International Merchandise Trade Database is no longer available. It has been replaced by the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X), a modern tool that provides trade data users with a number of enhancements.

    Contact information

    For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

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  • Fiserv Collaborates with Microsoft to Accelerate AI-Driven Innovation :: Fiserv, Inc. (FISV)

    Fiserv Collaborates with Microsoft to Accelerate AI-Driven Innovation :: Fiserv, Inc. (FISV)





    The two firms will work together to embed AI into Fiserv platforms, equipping its global workforce with advanced tools and driving intelligent capabilities to deliver greater value to Fiserv clients.

    MILWAUKEE–(BUSINESS WIRE)–
    Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced a strategic collaboration with Microsoft to accelerate innovation by further embedding AI into Fiserv development platforms and empowering its global workforce with AI. The collaboration will boost internal productivity at Fiserv and deliver AI-driven solutions that create greater value for Fiserv clients, including financial institutions, businesses, and consumers.

    Fiserv will deploy Microsoft 365 Copilot across its global workforce, equipping employees with access to advanced AI tools that enhance productivity, accelerate decision-making, and elevate the quality of work. In parallel, Fiserv is working with Microsoft to expand its use of Microsoft Foundry, an Azure-powered AI platform designed to build, customize, deploy, and manage AI applications safely and securely. Deploying these innovative, AI-powered products and services throughout the organization is expected to boost employee productivity, streamline processes, and unlock new revenue opportunities.

    “By embedding AI inside our workforce and development platforms, we’re not simply improving how we operate; we’re transforming how Fiserv delivers the next generation of innovation for our clients,” said Guy Chiarello, Vice Chairman, Fiserv. “This collaboration with Microsoft enables us to bring intelligent capabilities to market with greater speed and scale, unlocking smarter, more differentiated solutions that help our clients grow, compete, and lead in today’s rapidly evolving fintech and payments landscape.”

    “Together with Fiserv, we’re bringing the power of generative AI to transform how financial technology is built and delivered,” said Karen Del Vescovo, Corporate Vice President, Financial Services, Microsoft. “By combining Microsoft 365 Copilot and Microsoft Foundry with Fiserv’s deep industry expertise, we’re enabling innovation that will help Fiserv’s workforce achieve new levels of efficiency and productivity. This collaboration shows what’s possible when industry leaders come together to redefine the future of work and customer experience.”

    This expanded relationship with Microsoft builds on Fiserv’s existing use of Microsoft Foundry and deployment of Microsoft’s GitHub Copilot. To date, Fiserv has processed more than 100 billion tokens in Foundry, enhancing products, client servicing experiences, and its proprietary developer gateway. GitHub Copilot has been deployed to more than 8,000 software engineers across Fiserv, driving measurable gains in developer productivity and accelerating solution delivery for clients.

    Deepening Investment in AI

    Fiserv has a long-standing commitment to deploying AI responsibly across the enterprise, using differentiated data assets and deep industry expertise to embed AI and machine learning in its platforms and operations, driving product innovation and efficiency.

    Across Fiserv, AI already powers fraud detection, risk management, and personalized engagement for financial institutions; enables smarter decisioning and higher authorization rates for merchants; and improves client servicing, compliance, and developer productivity.

    By further embedding “AI Inside” the company, including the latest generative AI capabilities, Fiserv is moving beyond intelligent automation to agentic intelligence, staying at the forefront of AI innovation, and transforming how it delivers for clients.

    About Fiserv

    Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index, one of TIME Magazine’s Most Influential Companies™ and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “will” or words of similar meaning. Statements that describe the company’s future plans, objectives or goals are also forward-looking statements. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause Fiserv’s actual results to differ materially include, among others: Fiserv and Microsoft’s ability to successfully deploy and embed artificial intelligence solutions into its platforms and operations; exposure to liability as a result of any misuse of artificial intelligence by Fiserv’s personnel; the integration of third-party artificial intelligence models with our services relies on certain safeguards implemented by the third-party developers which may be insufficient; and other factors included in “Risks Factors” in Fiserv’s filings with the SEC, including its Annual Reports on Form 10-K for the year ended December 31, 2024, and in other documents that it files with the SEC, which are available at www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. Fiserv assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

    FISV-G

    For more information contact:

    Media Relations:

    Chase Wallace

    Director, Communications

    Fiserv, Inc.

    +1-470-481-2555

    Chase.Wallace@fiserv.com

    Additional Contact:

    Melissa Moritz

    VP, Corporate Communications

    Fiserv, Inc.

    +1-516-410-1188

    Melissa.Moritz@fiserv.com

    Source: Fiserv, Inc.

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  • U.S. International Trade in Goods and Services, October 2025

    U.S. International Trade in Goods and Services, October 2025

    The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $29.4 billion in October, down $18.8 billion from $48.1 billion in September, revised.

    U.S. International Trade in Goods and Services Deficit
    Deficit: $29.4 Billion –39.0%°
    Exports: $302.0 Billion +2.6%°
    Imports: $331.4 Billion –3.2%°

    Next release: Thursday, January 29, 2026

    (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

    Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; 
    U.S. International Trade in Goods and Services, January 8, 2026

    Exports, Imports, and Balance (exhibit 1)

    October exports were $302.0 billion, $7.8 billion more than September exports. October imports were $331.4 billion, $11.0 billion less than September imports.

    The October decrease in the goods and services deficit reflected a decrease in the goods deficit of $19.2 billion to $59.1 billion and a decrease in the services surplus of $0.4 billion to $29.8 billion.

    Year-to-date, the goods and services deficit increased $56.0 billion, or 7.7 percent, from the same period in 2024. Exports increased $168.6 billion or 6.3 percent. Imports increased $224.6 billion or 6.6 percent.

    Three-Month Moving Averages (exhibit 2)

    The average goods and services deficit decreased $15.0 billion to $44.4 billion for the three months ending in October.

    • Average exports increased $6.0 billion to $293.4 billion in October.
    • Average imports decreased $9.0 billion to $337.8 billion in October.

    Year-over-year, the average goods and services deficit decreased $31.3 billion from the three months ending in October 2024.

    • Average exports increased $20.5 billion from October 2024.
    • Average imports decreased $10.8 billion from October 2024.

    Exports (exhibits 3, 6, and 7)

    Exports of goods increased $7.1 billion to $195.9 billion in October.

        Exports of goods on a Census basis increased $7.2 billion.

    • Industrial supplies and materials increased $10.2 billion.
      • Nonmonetary gold increased $6.8 billion.
      • Other precious metals increased $3.6 billion.
    • Other goods decreased $1.8 billion.
    • Consumer goods decreased $1.0 billion.
      • Pharmaceutical preparations decreased $0.9 billion.

        Net balance of payments adjustments decreased $0.1 billion.

    Exports of services increased $0.7 billion to $106.1 billion in October.

    • Travel increased $0.4 billion.
    • Charges for the use of intellectual property increased $0.2 billion.
    • Other business services increased $0.2 billion.
    • Government goods and services decreased $0.3 billion.

    Imports (exhibits 4, 6, and 8)

    Imports of goods decreased $12.1 billion to $255.0 billion in October.

        Imports of goods on a Census basis decreased $11.5 billion.

    • Consumer goods decreased $14.0 billion.
      • Pharmaceutical preparations decreased $14.3 billion.
    • Industrial supplies and materials decreased $2.7 billion.
      • Nonmonetary gold decreased $1.4 billion.
    • Capital goods increased $6.8 billion.
      • Computer accessories increased $3.7 billion.
      • Telecommunications equipment increased $1.9 billion.
      • Computers increased $1.1 billion.

        Net balance of payments adjustments decreased $0.6 billion.

    Imports of services increased $1.1 billion to $76.3 billion in October.

    • Travel increased $0.9 billion.
    • Other business services increased $0.2 billion.
    • Insurance services increased $0.1 billion.
    • Transport decreased $0.2 billion.

    Real Goods in 2017 Dollars – Census Basis (exhibit 11)

    The real goods deficit decreased $15.6 billion, or 19.8 percent, to $63.1 billion in October, compared to a 24.1 percent decrease in the nominal deficit.

    • Real exports of goods increased $5.9 billion, or 3.9 percent, to $158.9 billion, compared to a 3.8 percent increase in nominal exports.
    • Real imports of goods decreased $9.7 billion, or 4.2 percent, to $222.0 billion, compared to a 4.3 percent decrease in nominal imports.

    Revisions

    Exports and imports of goods and services were revised for April through September 2025 to incorporate more comprehensive and updated quarterly and monthly data.

    Revisions to September exports

    • Exports of goods were revised up $1.2 billion.
    • Exports of services were revised up $3.8 billion.

    Revisions to September imports

    • Imports of goods were revised up $0.5 billion.
    • Imports of services were revised down $0.3 billion.

    Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

    The October figures show surpluses, in billions of dollars, with Switzerland ($7.3), United Kingdom ($6.8), South and Central America ($5.6), Netherlands ($5.1), Hong Kong ($2.8), Brazil ($2.7), Singapore ($1.8), Australia ($1.7), Belgium ($1.1), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with Mexico ($17.9), Taiwan ($15.7), Vietnam ($15.0), China ($13.7), European Union ($6.3), Germany ($5.1), Japan ($4.2), Ireland ($3.2), South Korea ($2.9), India ($2.3), Canada ($2.3), Malaysia ($2.0), France ($1.3), Israel ($0.8), and Italy ($0.5).

    • The deficit with Ireland decreased $15.1 billion to $3.2 billion in October. Exports increased $0.1 billion to $1.8 billion and imports decreased $15.0 billion to $5.0 billion.
    • The surplus with the United Kingdom increased $5.7 billion to $6.8 billion in October. Exports increased $5.2 billion to $11.4 billion and imports decreased $0.6 billion to $4.6 billion.
    • The deficit with Taiwan increased $6.3 billion to $15.7 billion in October. Exports decreased $0.1 billion to $4.8 billion and imports increased $6.2 billion to $20.5 billion.

    Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

    Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.

    The third-quarter figures show surpluses, in billions of dollars, with Netherlands ($20.6), South and Central America ($18.3), Brazil ($9.2), Singapore ($8.9), Switzerland ($8.6), Hong Kong ($6.2), United Kingdom ($5.4), Australia ($5.2), Saudi Arabia ($3.3), and Belgium ($3.0). Deficits were recorded, in billions of dollars, with Mexico ($50.3), Vietnam ($44.2), China ($33.1), Taiwan ($34.4), Germany ($15.8), India ($14.1), South Korea ($10.8), Japan ($10.6), European Union ($9.7), Ireland ($7.4), Malaysia ($6.0), Italy ($5.9), Canada ($4.7), France ($3.1), and Israel ($1.2).

    • The deficit with the European Union decreased $17.0 billion to $9.7 billion in the third quarter. Exports increased $9.8 billion to $193.1 billion and imports decreased $7.2 billion to $202.7 billion.
    • The deficit with Japan decreased $5.3 billion to $10.6 billion in the third quarter. Exports increased $0.8 billion to $35.0 billion and imports decreased $4.5 billion to $45.6 billion.
    • The surplus with Hong Kong decreased $7.2 billion to $6.2 billion in the third quarter. Exports decreased $7.1 billion to $10.8 billion and imports increased less than $0.1 billion to $4.6 billion.

    All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

    Next release: January 29, 2026, at 8:30 a.m. EST
    U.S. International Trade in Goods and Services, November 2025

    Notice

    Updates to the Release Schedule

    The U.S. Census Bureau and the U.S. Bureau of Economic Analysis are working to update our respective schedules of economic releases, which were affected by the government shutdown. We are consulting with data suppliers to determine the availability of data used to produce our economic indicators. We will publish updated release dates as soon as they are available at www.census.gov/foreign-trade/schedule.html and www.bea.gov/news/schedule.

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  • CP26/1: The Value for Money Framework: Response to consultation, further consultation and discussion paper

    Read CP26/1 (PDF)

    Why we are consulting 

    We are proposing revisions to make the way arrangements are assessed and compared more objective and robust. We are also responding to feedback and refining the data required. 

    The main changes proposed since consultation CP24/16 are:

    • The introduction of forward-looking metrics to be considered alongside backward-looking metrics in assessments.
    • Fewer cost and backward-looking investment performance metrics, focused on key metrics.
    • Streamlined service quality metrics to allow further engagement with industry on others.
    • Comparisons of value against a commercial market comparator group rather than 3 other arrangements.
    • A four-point rating system rather than three, to allow identification of top performers.

    Who this is for

    We encourage firms operating contract-based workplace pensions, their IGCs and GAAs, and the trustees of trust-based schemes to respond to this consultation. We welcome feedback from:

    • firms operating contract-based workplace pensions
    • IGCs and GAAs
    • trustees and sponsors of trust-based schemes  
    • DC pension scheme savers and beneficiaries  
    • pension scheme service providers, other industry bodies and professionals
    • employers
    • civil society organisations
    • consumer organisations / representatives with an interest in pensions capability / financial capability
    • pensions administrators
    • any other interested stakeholders

    Next Steps

    Online response form

    We are asking respondents to reply to the FCA and the Pensions Regulator (TPR), who will share responses with the Department for Work and Pensions (DWP).

    Email: [email protected] and [email protected]please send to both addresses.

    Or in writing to either:

    VFM Framework
    The Pensions Regulator
    Telecom House
    125-135 Preston Road
    Brighton BN1 6AF.

    VFM Policy Team
    Financial Conduct Authority
    12 Endeavour Square 
    London E20 1JN.

    Background

    The Government is progressing the Pension Schemes Bill 2025 to create new rules for certain trust-based pension schemes with defined contribution benefits. Consultations on draft regulations and supporting guidance will follow, led by DWP and TPR. At the same time, rules for contract-based schemes are being developed, with a parallel consultation planned. We are currently working towards 2028 for the first VFM assessments to be required.

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  • Guardant Health’s Shield Blood Test for Colorectal Cancer Screening Now Available for U.S. Military Members and Families – Guardant Health Investor Relations

    1. Guardant Health’s Shield Blood Test for Colorectal Cancer Screening Now Available for U.S. Military Members and Families  Guardant Health Investor Relations
    2. Tricare adds SHIELD blood test for Louisiana military cancer screening  KTALnews.com
    3. New blood test lets U.S. troops screen for colorectal cancer by blood  Stock Titan

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  • Abu Dhabi Sets Agenda for Global Energy and Sustainability Strategy at ADSW 2026

    Abu Dhabi Sets Agenda for Global Energy and Sustainability Strategy at ADSW 2026

    • ADSW 2026 positions Abu Dhabi as host for the world’s largest sustainability convening with Heads of State, ministers, financiers and innovators expected across energy, finance, food, water and nature.
    • Event theme emphasizes integrated system design and collaboration as critical for climate resilience, economic security and energy transition execution.
    • Masdar celebrates 20 years of renewable leadership as IRENA and UAE officials call for scalable solutions, investment, and technology deployment across developed and emerging markets.

    World leaders, ministers, global investors, financiers, and climate innovators will converge in the UAE next week as Abu Dhabi Sustainability Week 2026 begins under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates. Hosted by Masdar, the gathering is set to be the world’s largest sustainability event and will focus on translating climate ambition into coordinated system-level action.

    System Transformation as Central Theme

    Operating under the theme The Nexus of Next: All Systems Go, ADSW 2026 challenges decision-makers to integrate energy, finance, food, water and nature as interconnected systems rather than siloed policy domains. That framing reflects a growing consensus among governments, regulators and corporates that decarbonization must be paired with affordability, resilience and industrial competitiveness.

    Masdar Chief Executive Officer Mohamed Jameel Al Ramahi described the moment as both urgent and catalytic. “We stand at a critical moment: we need to align the systems we rely on today with those we urgently need tomorrow. ADSW 2026’s theme ‘The Nexus of Next: All Systems Go,’ reflects the opportunity we have to lead global systemic change and shape our collective future,” he said. “The energy transformation will be central to these discussions, and at ADSW Masdar will celebrate 20 years of renewable energy leadership. Partnership lies at the heart of Masdar’s mission, and at the heart of ADSW, and we look forward to welcoming partners, old and new, to drive the change the world needs.”

    Masdar Chief Executive Officer Mohamed Jameel Al Ramahi

    Masdar expects ADSW 2026 to establish a new benchmark for collaboration and measurable impact, particularly through convenings that emphasize implementation rather than statements of intent.

    Energy Transition and Technology Adoption

    At a press briefing, the International Renewable Energy Agency’s Director-General, Francesco La Camera, stressed that the global energy transition is entering what he termed a decisive decade. “Electricity is projected to become the dominant energy carrier, powering more than half of final energy consumption by 2050. Against this background, this year’s theme ‘The Nexus of Next: All Systems Go’ is more relevant than ever. We need practical, scalable solutions to make our energy system future-ready,” he said.

    International Renewable Energy Agency’s Director-General, Francesco La Camera

    He observed that renewable deployment remains geographically uneven, limiting economic benefits for developing countries. “In particular, developing countries are being cut off from opportunities such as jobs, business development, enhanced energy security and greater system resilience at a time of rising uncertainties driven by growing energy demand, climate impacts and geopolitical challenges. Abu Dhabi Sustainability Week has become a leading platform for advancing sustainable energy solutions. IRENA is a proud partner, and we are looking forward to kickstarting an exciting ADSW 2026 with our General Assembly.”

    RELATED ARTICLE: Abu Dhabi Sustainable Finance Forum Reinforces Abu Dhabi’s Role in Global Climate Finance

    Infrastructure, Digitalization and System Efficiency

    UAE officials emphasized that infrastructure buildout must be paired with efficiency, demand-side reform and digital tools. His Excellency Eng Ahmed Al Falasi, Executive Director of the Energy Efficiency Sector at the Abu Dhabi Department of Energy, said: “We have reached a point where the question is not only how much infrastructure we build, but how intelligently we use what we already have. The future of energy and water systems lies in making them smarter, cleaner, more efficient and resilient.

    He underscored the centrality of artificial intelligence in improving planning and operations. “Artificial intelligence is central to this shift. It gives decision-makers greater confidence, maximizes value from existing assets and delivers reliability, affordability and sustainability together. Abu Dhabi Sustainability Week reinforces this systems-led way of thinking and reflects the reality that energy, water, technology and finance must move together to translate ambition into real-world outcomes.”

    Emerging Markets, Capital and Delivery

    A focus on implementation in emerging markets is expected to animate discussions. Ali Alshimmari, Managing Director and Chief Executive of Global South Utilities, noted: “Across the Global South, progress is never delivered by capital alone, policy alone, or execution alone. It is delivered when governments, investors, and operators move together with shared responsibility and real urgency. In this context, we are launching the Global South Forum on the 14th of January. The Forum is designed as a working platform, focused on implementation and investment in emerging markets, bringing partners together around real projects and real delivery.”

    Ali Alshimmari, Managing Director and Chief Executive of Global South Utilities

    Innovation-to-Action Pipeline

    The World Future Energy Summit will serve as a key venue linking technology with deployment. Leen Alsebai, General Manager of RX Middle East and Head of the Summit, said: “Abu Dhabi Sustainability Week 2026 marks a pivotal moment for the energy transformation: where innovation moves from ambition to action. As one of the key events of ADSW 2026, the 18th World Future Energy Summit will build on its strong foundations while broadening its reach and impact. By further integrating artificial intelligence and advanced technologies, the Summit deepens its role as a global platform connecting innovation, expertise, and investment to accelerate energy transformation worldwide and deliver scalable clean energy solutions today, not tomorrow.

    Leen Alsebai, General Manager of RX Middle East and Head of the Summit

    What Executives and Investors Will Watch

    C-suite stakeholders and institutional investors will be watching for clarity on capital mobilization, industrial strategy, technology scale-up and cross-border policy cooperation. With Masdar marking two decades of renewable energy investment and the UAE continuing to position itself as a hub for green finance, clean technology and energy transition diplomacy, ADSW 2026 provides a platform where political, financial and industrial leaders can coordinate on execution rather than rhetoric.

    The event reflects a broader shift in global sustainability discourse. Energy transition is no longer framed as a climate-only objective, but as an economic and security imperative that shapes competitiveness, fiscal risk, supply chains and labor markets. How Abu Dhabi convenes diverse actors across systems and geographies will be closely watched, particularly by emerging markets seeking both investment and technology transfer.

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  • Archer To Build Next Wave of Aviation AI Technology With NVIDIA IGX Thor – Archer Aviation

    1. Archer To Build Next Wave of Aviation AI Technology With NVIDIA IGX Thor  Archer Aviation
    2. Archer (ACHR) Shares Jump after Tapping Nvidia (NVDA) AI for Aircraft Systems  TipRanks
    3. ACHR Stock Gained 5% Today – Why Investors Are Enthusiastic About Its Partnership With NVIDIA?  Stocktwits
    4. NVIDIA’s Move Turns Archer Into More Than an eVTOL Bet  inkl
    5. Archer Aviation To Outfit Air Taxis With Nvidia’s AI Tech, Stock Jumps  Investor’s Business Daily

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  • ESAs publish joint Guidelines on ESG stress testing

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today their Joint Guidelines on environmental, social, and governance (ESG) stress testing. These Guidelines provide national insurance and banking supervisors with clear guidance on how to integrate ESG risks into supervisory stress tests, both when using established frameworks and when conducting complementary assessments of ESG risk impacts.

    The Guidelines set common standards for embedding ESG risks into stress testing methodologies across the EU’s financial system. They provide guidance on designing ESG-inclusive stress tests and outline the necessary organisational and governance arrangements.

    The Guidelines are designed to support a consistent, long-term approach to ESG stress testing while allowing flexibility to accommodate future methodological advances and improvements in data availability. Importantly, they do not introduce new requirements for competent authorities to carry out ESG-focused supervisory stress tests.

    Next steps

    The Guidelines will be subject to a ‘comply or explain’ procedure by the National Competent Authorities and will be translated into all the official languages of the EU in the first quarter of 2026.

    Background                                                                      

    The Final Report on the Joint ESAs Guidelines on ESG stress testing follows a public consultation and sets out the final text of the Guidelines, together with an assessment of the comments received during the consultation process. These Guidelines are designed to ensure consistency, long-term perspective, and common standards for ESG risk assessment methodologies in line with Article 100(4) of the Capital Requirements Directive (CRD – Directive 2013/36/EU) and Article 304c (3) of Solvency II (Directive 2009/138/EC), which require the publication of the joint Guidelines by 10 January 2026.

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