Category: 3. Business

Thank you for the opportunity to speak to you today.¹

The Federal Reserve is actively revising its banking regulations, a project that I strongly support. For many years, financial regulation mostly moved in one direction, increasingly restricting the banking sector. Because the interactions of regulation with financial markets, the economy, and monetary policy implementation are too often unappreciated, this led to adverse consequences and lots of head scratching as to their causes. In some respects, regulations enacted to shore up financial stability have constrained the Fed’s control over some elements of monetary policy transmission and the size of the balance sheet. Regulatory dominance of the balance sheet must be considered and accounted for to ensure the Federal Open Market Committee (FOMC), through its statutory mandate, has autonomy over conducting monetary policy.

My goal in today’s remarks is to share the core principles that will help guide my decision making in this area, including how regulation affects the Fed’s balance sheet as well as current efforts to reform bank leverage requirements. While discussions about bank reserve balances and interest paid on reserves, the composition of the balance sheet, and Treasury market intermediation are flourishing, I believe that many of these conversations are downstream of the bank regulatory framework. Once we properly tailor the regulatory environment, we can then address questions that are more pertinent to monetary policy implementation.

Before delving into specifics, let me describe five guiding principles. First, I believe that policymakers should always consider the potential costs and benefits of any regulation that crosses their desks. Far too often, adverse spillovers are recognized only after the fact, and the answer to a poorly functioning regulation is the Band-Aid approach of layering on another regulation. Banking regulation typically involves tradeoffs between ensuring smooth market functioning and credit availability during typical conditions and limiting the frequency or magnitude of stressful episodes.

Mapping how second-order impacts are expected to flow through the financial system and economy can help shape regulatory frameworks that are sensible and durable. For instance, the costs and benefits of a regulation on a community bank are rarely comparable to those of the same regulation on a systemically important bank, but heavily impact the credit available to Main Street businesses where local knowledge is critical. Our regulatory framework should take that into account and allow community banks to remain the engines of their local economies, and I would support proposals to grant additional relief aimed at community banks.

A second principle is that policymakers should resist the urge to overreact in the wake of crisis. Broadly speaking, I believe regulators went too far after the 2008 financial crisis, creating many rules that raised the cost of credit and limited its availability without reducing risk in a compensatory fashion. The signs of this overreach are clear: Many traditional banking activities have migrated away from the regulated banking sector partly because burdensome rules have made provision of these services too costly or otherwise difficult for banks to provide. While I have no bias against nonbank financial companies, credit allocation should be driven by market forces, not regulatory arbitrage.

Third, the Federal Reserve should aim for the smallest footprint it can manage. This means limiting distortions to the provision of credit in the economy—for instance, through large-scale asset purchases. It also means sticking to our clear statutory mandate and not coloring outside the lines, and we have recently taken steps in these directions. For example, the FOMC recently announced that maturing agency mortgage-backed securities will be replaced with Treasury bills in the Fed’s portfolio, and the Board voted to rescind the Fed’s climate guidance. Maintaining a focus on our congressional mandates is essential to ensuring the Fed remains a credible independent organization. There is more work to be done in reorienting the Fed’s activities to properly heed our narrow statutory mandate.

Fourth, transparency has many benefits. Banks are one of the most heavily regulated sectors in the economy, and regulators owe the public an accounting for our actions. Transparency is also pragmatic, because it means that banks will understand what we expect of them. Without transparency, effective congressional oversight is impossible. For this reason, I was pleased to vote in favor of the Board’s recent issuance of its stress testing framework for public comment.

Last is a principle that I try to consider in most of my work, which is to keep an open mind. Good new ideas can come from any direction; the regulatory process guarantees that the public can provide input, but regulators listen to different degrees. I will be listening.

Connecting these principles to the work I am doing as a Governor: After two and a half years of shrinking our balance sheet, the FOMC has decided to end those reductions beginning December 1, as the Committee gauged reserve balances to be somewhat around or above ample.

But what determines whether reserves are ample or not? Before the Global Financial Crisis, reserve levels were much lower, or scarce. Even some months ago, reserves were higher, or abundant. Empirically, we can use movements in money markets to assess when conditions are shifting from one regime to another; but, to me, this ignores first principles. Liquidity requirements force banks to hold high-quality liquid assets, including reserves. Meanwhile, capital requirements, such as the enhanced supplementary leverage ratio (eSLR) and global systemically important bank surcharge, impose costs to hold those assets. When these banks, many of which are primary dealers of U.S. Treasury securities, attempt to get that new government debt from auctions to investors, they navigate a regulatory patchwork of contradictory incentives.

Supervisory policy can also boost demand for reserves. In a 2022 podcast, former Fed Vice Chairman for Supervision Randy Quarles describes how supervisory preferences for reserves over other types of liquid assets, as well as fear of heightened scrutiny or supervisory action, can raise demand for bank reserves above and beyond what’s required.²

For all the talk about fiscal dominance of monetary policy, the reality is that the size of the balance sheet is a result of regulatory dominance. Regulations boost demand for reserves, which in turn requires us to end runoff or purchase securities for reserve management purposes. These actions may affect financial conditions and create cross currents with monetary policy goals. The Fed no longer targets monetary aggregates like reserve levels, but that doesn’t mean we should not think about them.

A consequence of the Fed’s large balance sheet is significant payments of interest to the banking sector. Now, this is little different for banks’ income than if they held Treasurys directly, as would occur in a scarce-reserves regime. In fact, an upward-sloping yield curve would suggest banks would earn more from holding Treasurys rather than reserves.

Regardless, the optics differ. Large interest on reserve balances (IORB) outlays may appear like the Fed is unfairly subsidizing the banking system with billions of dollars, even if that’s not the case. These perceptions can affect the Fed’s credibility and thus its effectiveness. Several times now, the Senate has debated whether the Fed ought to be stripped of its statutory authority to pay IORB despite its necessity as a tool for managing the federal funds rate.

It has become apparent to me that trying to settle the ongoing debates on how monetary policy is best implemented before settling the regulatory framework is putting the cart before the horse. Due to regulatory dominance, regulations will determine the right size of the balance sheet and the role for IORB.

As I noted, I remain open to new ideas, including on the Fed’s balance sheet. For example, the Fed pays interest to banks, but not on the Treasury General Account (TGA). Should the Fed also pay interest, or similar compensation, to Treasury?³ In one sense, it’s a wash on the consolidated government balance sheet; reducing the Fed’s net profits also reduces remittances to Treasury. But with a deferred asset position that occasionally reflects losses on the SOMA portfolio, paying interest on TGA could smooth remittances over time, reducing the volatility of fiscal borrowing.

Additionally, rather than keep our liabilities to Treasury as zero-yielding deposits directly, would it make more sense for the Fed to hold short-term assets such as Treasury bills or repos against the TGA? Currently, days when new Treasury securities settle often result in sharp and temporary declines in reserve supply. But the Fed could sterilize these settlements by flexibly adjusting its balance sheet through open market operations. Versions of this idea have been proposed by Bill Nelson and Annette Vissing-Jorgensen.⁴ I think we should consider all avenues for improving market functioning, particularly when volatility arises from regular and foreseeable government debt settlement dates.

Moving to leverage ratios, I see the benefit of the proposal the Board issued before I arrived because the leverage ratio should not be the binding constraint on banks in the ordinary course of managing their balance sheets, incentivizing higher-risk behavior for no good reason. However, I also believe that penalizing holdings of Treasurys and reserves through leverage ratios is at odds with requiring banks to hold those instruments as high-quality liquid assets to cover potential outflows.

In addition, dealer intermediation of the Treasury market can suffer if banks are forced to hold substantial capital just to support their Treasury and repo trading books, which often are low-return, low-risk, high-volume activities. This otherwise esoteric issue can have meaningful consequences for Treasury market functioning and monetary policy implementation.

Removing these securities from the leverage ratio, as was suggested as an alternative in the proposed rule, would help insulate the Treasury market from stressful episodes when liquidity is in short supply. Due to heightened uncertainty accompanying extreme volatility, policymakers tend to “overdo it” when overreacting to dysfunction. Instead of being forced to react to Treasury market dysfunction after it has occurred, I think excluding those assets now is a small price to pay to deter that potential dysfunction.

Preventing Treasury market dysfunction in the first place may be the best way to limit the Fed’s footprint. Moreover, providing this relief ex post instead of ex ante may lead to the unfortunate perception that the Federal Reserve is bailing out specific entities for poor investment decisions.

While I have noted my openness to new ideas, this one is not novel. The banking regulators excluded Treasurys and reserves from the leverage ratio denominator in response to the increase in bank deposits during and after the COVID-19 pandemic. The only observable downside from that intervention came from the transition back to including them in the denominator. Banks then shunned deposits to avoid pushing against their leverage ratios, helping lead to a flood of cash into money market funds and the exorbitant rise in usage of the overnight reverse repo facility, in turn limiting the extent to which quantitative tightening drained reserves for several years. Bank and depositor behavior were unnecessarily distorted: As interest rates rose in 2022 and 2023, some banks had to reverse course and compete for deposits, whipsawing banking behavior that should otherwise be relatively stable. There are already certain instruments that are excluded from some leverage ratio denominators, like custody bank reserves supporting operational deposits, and there is no evidence this is disruptive.

In any case, this is an exciting time to be a bank regulator, which is not something I imagined to be possible before arriving here. And we are still very much in the early innings of change. As I said before, the right level of bank reserves in the system is ultimately a function of that regulatory environment. As we right-size the regulations, my hope is that it will allow us to further reduce the size of the balance sheet, relaxing the grip of regulatory dominance. Given emergent funding market signals, I supported ending the runoff of the Fed’s balance sheet immediately at the FOMC’s October meeting rather than waiting until December 1, though the difference between October 29 and December 1 is not enormous.

Indeed, as we make more progress peeling back regulations, I expect the optimal level of reserves may drop below where it is now, at least relative to GDP or the size of the banking system. It is possible that in the future, it will be appropriate to resume shrinking the balance sheet; stopping runoff today does not necessarily mean stopping it forever. That would also enable us to reduce our interest payments on reserves. If we go far enough with removing regulations, we may be able to limit perceptions that the Fed is picking winners and losers through regulations, asset purchases, and credit allocation decisions. But before further reductions in the balance sheet, we first have to get the regulations right and ensure that bank balance sheets are flexible enough for an environment with a smaller Federal Reserve footprint.

Thank you.

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1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text

2. See David Beckworth (2022), “Randal Quarles on Inflation, Balance Sheet Reduction, Financial Stability, and the Future of the Fed,” Mercatus Center, Macro Musings (podcast), July 18. Return to text

3. Paying interest on TGA may require statutory authorization from Congress, but this is an open question. Return to text

4. See Bill Nelson (2024), “How the Federal Reserve Got So Huge, and Why and How It Can Shrink,” BPI Staff Working Paper 2024-1 (Washington: Bank Policy Institute, February), https://bpi.com/wp-content/uploads/2024/02/How-the-Federal-Reserve-Got-So-Huge-and-Why-and-How-It-Can-Shrink.pdf; Annette Vissing-Jorgensen (2025), “Fluctuations in the Treasury General Account and Their Effect on the Fed’s Balance Sheet,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, August 6). Return to text

After spending 10 years at software powerhouse Palantir, Brian Schimpf ’07 was ready to take a leap to create a new company, Anduril, with co-founders, including Palmer Luckey, inventor of the virtual reality headset Oculus Rift.

Today, Anduril has 15 business lines creating everything from surveillance and attack drones to autonomous fighter jets and sensors to go into space. With revenue in the low billions, it will end the year with 7,000 employees, Schimpf said. 

Schimpf spoke to a packed house of nearly 150 at eHub in Collegetown Nov. 12 at an event hosted by Entrepreneurship at Cornell. 

“This company was teed up to be a monster – we had an experienced and ambitious founding team with a huge ability to line up capital,” he said about his decision to join the startup. “How many potential opportunities will I get like that? Plus, I think this risk thing is massively overwrought. Let’s say you start a company and it doesn’t work out. How long will you be unemployed: hours or minutes? It’s an ego risk, but not a financial risk.”

Schimpf said his time at Palantir prepared him well to take on the CEO role at Anduril. An early hire on the custom engineering team at Palantir, Schimp quickly moved up, learning “it turns out I had an aptitude for the management and strategy side, and I eventually took over product as well,” he said. 

The key to managing a company in the midst of hyper growth, he said, is to accept you are constantly going to be in a mode of change. “I just had to figure out my job when I showed up every day. I knew that our organization would look different every year.”

The company’s customized software process meant that teams of five to six Palantir engineers embedded with a customer for six months, deploying early-stage products to see if they were successful, then reworking those products until they were perfect.

“I developed an understanding of what hyper growth looks like and how to scale a company through thousands of people,” Schimpf said. “I also had a huge amount of exposure to the business and sales side, so I understood how sales happen and all of these ancillary functions you need to have.”

Schimpf also learned how to build and motivate a team, he said: “good people do well if you give them hard, ambitious stuff to do.” Those skills translated well as he grew the team at Anduril.

Because of Anduril’s leadership team and its product potential, it had no problem attracting investors, Schimpf said. “Once you’re a Tier 1 company, you have unlimited investor demand,” he said. “If your company is doing well, no investor will give you a hard time.” 

Company leaders thought it would take five to six years to get most of their products off the ground, but things have moved way faster, Schimpf said. Part of that momentum has been the state of conflict in the world, he said. 

“A decade ago, nobody ever believed there would be state-on-state conflict again,” Schimpf said. “But now the macro on tech has shifted, about what’s going to matter for warfare in the future.”

Since their products are ahead of anything on the market today, a large part of Anduril’s energy is spent “pulling the customer along,” to show them what’s possible, he said.

“You’re pitching the potential and you have to back in the reality to that potential,” Schimpf said. “You want your customer to say ‘This thing is the future and I want to be part of it.”

All of that, again, involves being comfortable accepting change and handling failure, he said.

“Remember that no one thought self-driving cars would be a reality and now they’re doing urban races,” Schimpf said. “My thought has always been to just try. It will probably work out better than people think. There will be bumps along the way, but if you stick to the course you’re on, just pick yourself back up and try again. That’s innate to how we work. Stuff breaks and we move on.”

As a fully electric SUV, it combines Porsche DNA with pioneering technology: up to 850 kW (1,156 PS), 0-100 km/h in 2.5 seconds and up to 400 kW charging power⁴ and up to 642 kilometres of range. It is the most powerful production Porsche of all time – and at the same time more versatile than ever: dynamic on the road, confident off-road and comfortable on long journeys.

The Cayenne was the first model that saw Porsche transfer the legend of the sports car brand to a completely new market segment. The sporting all-rounder became a worldwide success straight from its world premiere in September 2002. Now, a new era is beginning with the all-electric Cayenne. “The Cayenne Electric shows performance in a completely new dimension, with innovative technologies that we have developed in motorsport. It sets new standards in the SUV segment – in terms of driving characteristics as well as charging,” says Oliver Blume, Chairman of the Executive Board of Porsche AG. “Outstanding electric performance meets very real everyday usability. Excellent long-distance comfort combines with uncompromising off-road capability.”

With about 36 per cent of its sports cars sold globally being electrified, Porsche is one of the fastest transforming car manufacturers in 2025. The Cayenne Electric is the next milestone in this success story and complements the existing offering of combustion-engined and plug-in hybrid Cayenne models in the spirit of a completely flexible choice of Porsche powertrains.

The performance of a super sports car

The all-electric Cayenne family initially comprises two models: the Cayenne Electric and the Cayenne Turbo Electric – both with all-wheel drive and therefore equipped with electronic Porsche Traction Management (ePTM).

The Cayenne Turbo accelerates from 0-100 km/h in 2.5 seconds, from 0-200 km/h in 7.4 seconds and reaches a top speed of 260 km/h. This powerful e-performance is made possible by a newly developed drive system that develops up to 850 kW (1,156 PS) and up to 1,500 Nm of torque when Launch Control is activated. The Turbo variant features direct oil cooling of the electric motor on the rear axle to ensure high continuous output and efficiency. This is an innovation from motorsport. In normal driving mode, up to 630 kW (857 PS) is available. By means of the Push-to-Pass function², an additional 130 kW (176 PS) can be activated for 10 seconds at the press of a button. The entry-level Cayenne model has 300 kW (408 PS) in normal operation and 325 kW (442 PS) and 835 Nm of torque with Launch Control. It accelerates from 0-100 km/h in 4.8 seconds, on its way to a top speed of 230 km/h.

Formula E levels of recuperation

The Cayenne Electric also offers leading energy recovery figures, achieving Formula E levels with up to 600 kW of recuperative power. In everyday life, about 97 per cent of all braking operations can be handled purely by the electric motors. The mechanical friction brakes rarely need to intervene. For the Cayenne Turbo, the Porsche Ceramic Composite Brake (PCCB) is also available for this case, as an option.

With the expertise of the Formula E World Champion

The Cayenne Electric.

The Cayenne Electric owes much of its versatility to its chassis. Adaptive air suspension with Porsche Active Suspension Management (PASM) is fitted as standard on both models. The Turbo also features the Porsche Torque Vectoring Plus (PTV Plus) limited-slip rear differential. Both models can be equipped with rear-axle steering, which steers the rear wheels by up to five degrees. In addition, Porsche Active Ride is also available for the flagship model for the first time. The active suspension system, familiar from Porsche sports sedans and newly used on the Cayenne, almost completely compensates for body movements and ensures exceptional stability, dynamics and comfort.

Innovative charging convenience: fast, robust and wireless

At the heart of the all-electric Cayenne models is the newly developed 113 kWh high-voltage battery, which benefits from double-sided cooling for optimum thermal management. This results in a combined WLTP range of up to 642 km for the Cayenne Electric and up to 623 km for the Turbo. Thanks to its 800-volt technology, the Cayenne charges at a DC charging capacity of up to 390 kW – and under specific conditions even up to 400 kW⁴. The SoC (State of Charge) can be increased from 10 to 80 per cent in less than 16 minutes¹, and energy for a range of 325 km (Cayenne) or 315 km (Cayenne Turbo) can be added within 10 minutes³. Robust charging performance was a primary focus during the development of the new Cayenne.

The Cayenne Electric is also the first Porsche to optionally support inductive charging, which a system that charges at up to 11 kW. All that Porsche Wireless Charging requires is for the user to park above a floor plate. The charging process then starts automatically.

New exterior design: progressive and aerodynamic

The Cayenne Electric combines the Porsche brand’s signature proportions with a clearly developed design language. “The new Cayenne is unmistakably Porsche and unmistakably Cayenne. We’ve built on proven design features and preserved what makes this SUV unique. The result is a modern design concept that carries the Cayenne into the future,” says Michael Mauer, Head of Style Porsche. Highlights include the low bonnet with slim Matrix LED headlights. These emphasise the width of the vehicle and combine all lighting functions into one module. The strongly contoured wings are also very typical of other Porsche designs, as is the flyline – the iconic gently sloping roofline.

The side view is characterised by frameless doors and a striking crease in the door surface. The side skirts have a distinctly three-dimensional design and are painted in Volcanic Grey Metallic and, on the Cayenne Turbo, in high-gloss black. The two-tone concept underlines the car’s sporting proportions. The model-specific wheel arch trims emphasise its off-road character. Striking details at the rear, such as the light strip with its distinctive 3D look and animated graphics, as well as the illuminated Porsche lettering, underline the modern design language. The Cayenne Turbo features numerous contrasting elements in the exclusive Turbonite colour. These include the Porsche crests, the faces of the alloy wheels and the side window trims. Delicate accents in Turbonite enhance the light strip and the Porsche lettering.

For customers with special requirements in terms of approach angle and robustness, there is the Off-Road package. Its front section with modified geometry helps to safely navigate rough dirt roads, particularly steep ascents or descents and difficult terrain.

Thanks to a drag coefficient of 0.25, the new Cayenne Electric is one of the most aerodynamic SUVs in its class, offering benefits in terms of range and energy consumption. The Porsche Active Aerodynamics (PAA) system precisely adapts the car’s aerodynamic properties to the respective driving situation and speed and, alongside an efficient control strategy, also contributes to the driving dynamics expected of the brand with extra downforce. The active aerodynamic elements include movable cooling air flaps in the nose, an adaptive roof spoiler and the innovative, active aeroblades at the rear of the Turbo. They extend the lateral tear-off edges and improve the flow characteristics, which leads to an increase in range, especially at higher speeds. Other aerodynamic measures include air curtains in the front bodywork, an almost completely enclosed underbody, special aero wheels and a diffuser at the rear.

A new level of utility, comfort and individuality

The new Cayenne Electric is 55 millimetres longer than the combustion-engined model. The new SUV is 4,985 mm long, 1,980 mm wide and 1,674 mm high. The difference is greatest in the wheelbase (3,023 mm), where an increase of almost 13 cm means more rear legroom and comfort for the passengers in the back than ever before. The rear seat system is electrically adjustable as standard and offers flexible adjustment options from a comfort position to a cargo one. Luggage capacity is 781 to 1,588 litres, plus the 90-litre front luggage compartment. The new car’s utility value is also underlined by its towing capacity of up to 3.5 tonnes, equipment-dependent.

The newly introduced Mood Modes turn the interior into an experience space that adapts to mood and situation. Depending on the selected programme, the seating position, lighting mood, air conditioning, sound profile and the display appearance change. The sliding Panoramic Roof with Variable Light Control, an electrically switchable liquid crystal foil, provides an airy feeling of space. Another highlight is the new panel heating: it not only warms the seats, but also large areas of contact surfaces such as armrests and door panels. The range of comforts is complemented by extended ambient lighting including a communication light – an animated light strip that welcomes passengers as they enter the car and visualises various vehicle states, such as the charging process.

Never before has a Cayenne been so comprehensively and individually customisable as the new all-electric model. Customers can choose from 13 standard colours, nine wheel designs from 20 to 22 inches, 12 interior combinations as well as up to five interior packages and up to five accent packages. Thanks to the Porsche Exclusive Manufaktur, the extended exterior colour range of Paint to Sample and the Sonderwunsch programme, customers can also individualise their Cayenne according to their personal wishes, from a host of options all the way up to a complete one-off.

Porsche Design’s programme of custom-built timepieces has been expanded to include the SUV model range. This means that Cayenne customers can now also order a watch from Porsche’s own Swiss watch manufacturer that is tailored to their vehicle down to the last detail.

Porsche Driver Experience – largest display area in a Porsche

In the field of digitalisation, the Cayenne Electric takes the driving experience to a new level. At the heart of the newly developed Porsche Driver Experience is the Flow Display – an elegantly curved OLED panel that blends seamlessly into the centre console and allows clear separation between the display and control areas. It is complemented by a fully digital instrument cluster with 14.25-inch OLED technology and a 14.9-inch optional passenger display. Together, the result is the largest display area ever found in a Porsche. For the first time in the Cayenne, a head-up display with AR technology is also available, which visually represents an 87-inch display area 10 metres in front of the vehicle. All displays are seamlessly embedded into the interior architecture. In contrast, the buttons and controls for particularly frequently used functions, such as air conditioning and audio volume, are analogue. In addition, a hand rest has been developed that enables the driver to operate the digital and analogue elements ergonomically – even in particularly dynamic driving situations.

The new Porsche Digital Interaction is a digital operating philosophy and design language that expands the Porsche Driver Experience and is geared towards individualisation and quick access to functions. Widgets allow access to preferred functions, while the Themes app customises the colour scheme of all displays. Numerous third-party apps can be integrated directly into the vehicle via the Porsche App Centre. Diverse streaming and gaming features take the digital experience to a new level. The new Voice Pilot also contributes to this. Thanks to artificial intelligence, it understands complex, interrelated queries, recognises the context and responds like a real conversation partner. It enables the navigation to be controlled intuitively and extensive online knowledge can be accessed. With the Porsche Digital Key, the smartphone and smartwatch become vehicle keys that can be shared digitally with up to seven other users.

Trio of powertrains beyond 2030

The new Cayenne Electric now complements the existing selection of drive types, which will continue to be offered in parallel worldwide.

“Inspiring customers is our top priority at Porsche. With the electrification of the Cayenne, we are reaching a new level of performance that sets standards for the future. At the same time, we will continue to develop the Cayenne with efficient combustion and hybrid drive systems well into the next decade,” says Matthias Becker, Member of the Board of Management, Sales and Marketing. “This strategy also applies to Porsche’s entire model portfolio: in every segment in which we are represented, customers will in future have the choice between fully electric and combustion-engined powertrains.”

The all-electric Cayenne models are available to order now.

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¹ Cayenne charging time for direct current (DC) with maximum charging power from 10% SoC to up to 80% SoC under optimal conditions (CCS fast charging station supplying >390kW, >850 V, >520A, plus a battery temperature of 15 °C, initial state of charge of 9% and remaining range <60 km).

² Battery charge level and battery temperature may affect the push-to-pass performance.

³ Cayenne recharged range in 10 min for direct current (DC) with maximum charging power under optimal conditions (CCS fast charging station with > 390 kW, > 850 V, > 520A, battery temperature of 15°C, initial state of charge 9% and remaining range < 60km), based on WLTP consumption of a vehicle with standard equipment according to the German country version.

⁴ Cayenne charging power under specific conditions with CCS fast charging station with > 400 kW, > 850 V, > 520A, initial state of charge 45% – 48%, battery temperature of 40°C – 42°C. Maximum charging power for direct current (DC) when charging from 10% SoC to up to 80% SoC under optimal conditions: 390 kW (CCS fast charging station with > 390kW, > 850 V, > 520A, battery temperature of 15°C, initial state of charge 9% and remaining range < 60 km).

Belém, Brazil – 19 November 2025 – Ministers and global agriculture leaders launched a landmark effort to reduce methane and nitrous oxide emissions from the agriculture sector, two potent greenhouse gases that together account for 40% of human-emitted methane and 75% of nitrous oxide. 

The new Farmers’ Initiative for Resilient and Sustainable Transformations (FIRST) and Belém Declaration on Fertilisers was launched at the Scaling Up Practical Solutions for Resilient Agri-Food Systems Joint Ministerial Meeting co-hosted by the Climate and Clean Air Coalition (CCAC), the Food and Agriculture for Sustainable Transformation (FAST) Partnership and Food and Agriculture Organisation of the United Nations (FAO) at COP30.

FIRST is the first coordinated South-South platform linking countries across Latin America, Africa and Asia to share practical, low-cost solutions that cut emissions, strengthen food security, and improve resilience. The initiative takes a “what’s in it for farmers” approach, putting producers at the centre of climate action funding actions that boost yields, enhance soil and animal health, and lower input costs while reducing methane and nitrous oxide emissions.

The initiative builds on the proven “solutions pipeline” model linking science, policy, and on-the-ground implementation to deliver measurable benefits for climate, clean air, and food security.

Recent findings from the 2024 Global Nitrous Oxide Assessment warn that without urgent action to cut rising N₂O emissions, keeping warming below 1.5 °C will be impossible. The report also identifies clear pathways to reduce emissions by more than 40% through measures already available today.

Brazil and the United Kingdom also launched a new Call to Action on Fertilisers to accelerate efforts to cut nitrous oxide and other emissions across the fertiliser value chain. The call to action urges more to be done to enhance nutrient use efficiency and reduce emissions from fertiliser production as a key pathway to delivering climate goals, protecting and restoring nature, and ensuring food security for all in an equitable and just manner. Complementing FIRST’s efforts to curb super pollutants across farming systems by advancing sustainable fertiliser production and use. 

“The Declaration shows how we can cut harmful emissions while strengthening food security and supporting farmers’ shift to nature-positive practices. The UK is proud to co-lead these efforts, as well as co-chairing the CCAC with Brazil, turning science into solutions that deliver for people and nature,” said Mary Creagh, UK Minister for Nature.” 

The Call to Action on Fertilisers invites the Climate and Clean Air Coalition to facilitate the coordination of existing international organisations, including Brazil’s Centre of Excellence in Fertilisers and Plant Nutrition, governments and initiatives to enhance international collaboration to reduce emissions from the production and use of fertilisers and drive international collaboration across five strategic pillars, as identified in the 2025 Breakthrough Agenda report. In coordination with the FAO’s FAST Partnership and the Global Fertiliser Challenge, to monitor progress, share data and foster coherence across initiatives.

“At COP30 in Belém, we have a unique chance to show that agriculture can lead the way on climate action. The Call to Action on Fertilisers and FIRST put farmers at the centre, improving resilience and productivity, while mitigating methane and nitrous oxide emissions. We call on all partners to join us in scaling these solutions globally,” said Bruno Brasil, Director of Sustainable Production, Ministry of Agriculture and Livestock (MAPA), Brazil.

These initiatives are complemented by the CCAC Technology and Economic Assessment Panel (TEAP), which identifies cost-effective, high-impact, and scalable solutions that can reduce super pollutant emissions. Recent reports include those on digital services for livestock and rice, black soldier flies, and bio covers in the waste sector. As part of the launch, global agricultural leaders pointed to the solutions identified by CCAC-TEAP as initiatives that could be immediately funded by the private sector and philanthropies for quick impact. 

“Sustainable agrifood systems deliver wide-ranging benefits for climate, biodiversity, land, and food security; but lasting, scalable impact happens when farmers are in the driving seat. Initiatives like the FIRST Initiative and the FAST Partnership complement one another, catalysing finance and empowering farmers to lead the transformation towards resilient, sustainable, efficient and inclusive agrifood systems. Building on its longstanding collaboration with the CCAC, FAO welcomes the FIRST initiative and remains committed to supporting countries to scale up climate and clean air actions through agrifood systems,” said Kaveh Zahedi, Director of FAO’s Office of Climate Change, Biodiversity and Environment. 

Super pollutant action is our climate emergency brake, essential to keep 1.5 °C within reach, offering a key pathway to avoid up to 0.6 °C of global warming by mid-century.  

“The Climate and Clean Air Coalition’s strength lies in partnership approaches and developing solutions pipelines, turning science into policy and offering practical tools for farmers. With FIRST, we can accelerate methane and nitrous oxide mitigation on the ground – and COP30 is the moment to scale up what works”, said Martina Otto, Head of the Climate and Clean Air Coalition Secretariat, UN Environment Programme.

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NOTES TO EDITORS 

About the Climate and Clean Air Coalition (CCAC)  

The Climate and Clean Air Coalition (CCAC) is a voluntary partnership of over 200 governments, intergovernmental organizations, businesses, scientific institutions and civil society organizations committed to protecting the climate and improving air quality through actions to reduce the super pollutants which are short-lived in the atmosphere: methane, black carbon, tropospheric ozone and HFCs, through a practical, measures-based approach. 

The Coalition’s work is grounded in robust science and analysis and supported by a dedicated Trust Fund, which together have fostered high-level political commitment, in-country implementation, and tools that strengthen the case for action and accelerate action and results.

About FAO

The Food and Agriculture Organization (FAO) is a specialized agency of the United Nations that leads international efforts to defeat hunger. FAO’s goal is to achieve food security for all and make sure that people have regular access to enough high-quality food to lead active, healthy lives. FAO seeks to support the 2030 Agenda through the transformation to more efficient, inclusive, resilient and sustainable agrifood systems for better production, better nutrition, a better environment, and a better life, leaving no one behind. With 195 members – 194 countries and the European Union, FAO works in over 130 countries worldwide. 

About FAST Partnership 

The Food and Agriculture for Sustainable Transformation (FAST) Partnership is a multi-stakeholder initiative hosted by the Food and Agriculture Organization of the United Nations (FAO). Launched at COP27, FAST aims to accelerate climate finance to transform agriculture and food systems by 2030. The Partnership works to strengthen both the quantity and quality of climate finance for agrifood systems, support adaptation, maintain the 1.5-degree pathway within reach, and safeguard food and economic security for vulnerable populations. 

For more information, please contact: 

• Vincent Hughes, Communications and Media Consultant, Climate and Clean Air Coalition Secretariat at United Nations Environment Programme – Vincent.Hughes [at] un.org (Vincent[dot]Hughes[at]un[dot]org)  
• Ava Bahrami, Communications Officer, Climate and Clean Air Coalition Secretariat at United Nations Environment Programme – Ava.Bahrami [at] un.org (Ava[dot]Bahrami[at]un[dot]org)  

NEW YORK, November 19, 2025 — Kyndryl (NYSE: KD), a leading provider of mission-critical enterprise technology services, today announced Kyndryl Agentic AI Digital Trust to help enterprises securely manage and scale their agentic AI deployments across hybrid and multi-cloud environments. The new services, embedded in the Kyndryl Agentic AI Framework, strengthen the reliability, security, trust and stability of AI agents across critical enterprise operations.

The rapid adoption of AI across enterprises has significantly outpaced the development of essential controls for security, governance and trust. According to the 2025 Kyndryl Readiness Report, 68% of organizations are heavily investing in AI, while 61% feel more pressure in the past year to prove ROI from these investments — even as most major cyber outages stem from human error or connectivity gaps.

“While agentic AI unlocks powerful new capabilities, it can also introduce new and potentially unpredictable security challenges when not governed properly,” said Kris Lovejoy, Global Security and Resiliency Leader, Kyndryl. “As AI agents become more sophisticated and increasingly embedded across the enterprise, organizations need clear guardrails to govern and manage them responsibly. Kyndryl Agentic AI Digital Trust helps customers build trust and resilience into their AI agent deployments so that innovation is governed, resilient and enterprise-ready.”

To address the gap between rapid AI adoption and formal oversight of agents working across robust and reliable environments, Kyndryl Agentic AI Digital Trust acts as a control center for secure and transparent agentic AI adoption. It provides a security-first approach to managing how AI agents operate, especially in regulated environments where data security, compliance and classification are critical.

Designed to integrate with existing enterprise security infrastructure and hybrid and multi-cloud environments, Kyndryl Agentic AI Digital Trust supports the hyperscaler cloud platforms and Kyndryl’s diverse ecosystem of global strategic alliances. For instance, Kyndryl collaborates with Microsoft to bring maturity into modelling environments, processes and assets to establish and strengthen trust, governance and compliance for Agentic AI by utilizing Microsoft Fabric IQ, Microsoft Fabric Digital Twin Builder and Microsoft Fabric Real-Time Intelligence. Kyndryl’s deep expertise in AI and cybersecurity and strategic partnerships can enable organizations to efficiently manage AI agents across different technology platforms, providing the flexibility to operate securely and meet corporate and regulatory requirements.

Integral to the core functioning of the Kyndryl Agentic AI Framework, these security measures address the lifecycle of AI agent governance, including Agent Discovery and Registration, Agent Testing and Certification, Continuous Policy Monitoring and Enforcement, Auditing and Compliance Reporting, Managed AI Detection and Response (AI-MDR) and Proactive Risk Management.

Learn more information about Kyndryl Agentic AI Digital Trust.

• Hybrid-electric 2026 Prelude makes television debut as highly anticipated sports coupe starts to arrive at Honda dealerships
• New multi-channel campaign uses facial expression analysis technology to showcase the exhilarating experience behind the wheel of Prelude
• TV spot highlights new Honda S+ Shift mode, engineered to deliver maximum driver enjoyment
• All-new Prelude expands Honda hybrid-electric lineup – joining CR-V, Accord and Civic hybrid models

Honda is turning up the fun-meter – and heart rates – with the launch of its latest brand campaign introducing the all-new 2026 Honda Prelude hybrid-electric sports coupe. Using facial expression analysis technology, the new “Engineered for Fun” TV spot highlights the joy, excitement and exhilaration experienced behind the wheel of Prelude: https://honda.us/engineeredforfun. The spot made its broadcast debut during last night’s NBA match-up between the Phoenix Suns and Portland Trail Blazers on NBC.

“Engineered for Fun” is narrated by John Cena – the official voice of the Honda brand – and highlights some of the most dynamic and exclusive features of the all-new Prelude hybrid, including the debut of Honda S+ Shift – an innovative new drive mode that simulates a performance transmission driving experience to deliver maximum levels of engagement. The 2026 Prelude pairs the powerful and efficient Honda two-motor hybrid system with key components from the legendary Civic Type R, for an exhilarating yet refined everyday driving experience.

Measuring The Joy Factor  
In the new campaign, Honda highlights the emotion created by its engineering, as driving enthusiasts head to the Honda Proving Center in the Mojave Desert to experience the fun of driving the all-new Prelude. Using facial expression analysis technology, Honda measures each of the driver’s emotions – joy, excitement and exhilaration – in real time as they put the Prelude through its paces.

Beyond the all-new Prelude, the campaign incorporates some of the Honda brand’s most innovative products, such as a championship-winning Honda IndyCar, CRF450RX all-terrain motorcycle, all-electric Honda 0 Series Saloon prototype, rugged all-new Passport TrailSport, and high-performance Talon 1000R side-by-side.

Campaign Media
“Engineered for Fun” will be featured across multiple media platforms, from broadcast and streaming television to social media. The spot will be seen during high-profile national sports programming, including NFL and NCAA football match-ups, as well as within NBA and NHL competition.

Honda Hybrid Lineup
With the launch of the new Prelude, the Honda hybrid-electric lineup expands to four fun-to-drive and fuel-efficient models – including the CR-V hybrid, Accord hybrid and Civic hybrid. The addition of Prelude demonstrates the Honda brand’s commitment to offering exciting, fun-to-drive vehicles, and will help to accelerate its hybrid-electric sales in the years ahead. Hybrid-electric models currently represent about one-third of Honda sales, and the company plans to continue to expand hybrid offerings.

About Honda 
Honda offers a full line of clean, safe, fun and connected vehicles sold through more than 1,000 independent U.S. Honda dealers. The award-winning Honda lineup includes the Civic and Accord, along with the HR-V, CR-V, Passport, Prologue and Pilot sport utility vehicles, the Ridgeline pickup and the Odyssey minivan. The Honda electrified vehicle lineup, representing more than a quarter of total sales in 2024, includes the all-electric Prologue SUV, the fuel-cell-electric CR-V e:FCEV, and hybrid-electric models including Accord, CR-V, Civic and Prelude.

Honda has been producing automobiles in America for over 40 years and currently operates eight major manufacturing facilities in America. In 2024, more than 99% of all Honda vehicles sold in the U.S. were made in North America, with about 2/3 made in America, using domestic and globally made parts. More information about Honda is available in the Digital FactBook. 

Important Notice
Although the information included in this press release is accurate as of the date of publication, this information is subject to change at any time without notice. American Honda Motor Co., Inc. assumes no responsibility for updating this information.

# # #

Baker McKenzie and its joint operation partner, FenXun Partners, collectively earned 63 practice area and 71 lawyer rankings in The Legal 500’s recently published Greater China 2026 Guide.

The Firms achieved 45 Tier 1 & Tier 2 practice rankings and 44 Hall of Fame/ Leading Partner recognitions.

Baker McKenzie recorded two improved rankings in Dispute Resolution: Litigation (Hong Kong), moving up from Tier 2 to Tier 1, and in Regulatory: White Collar, Compliance and Investigations (Hong Kong). Meanwhile, FenXun recorded two improved rankings in Antitrust and Competition: PRC Firms and Real Estate and Construction: PRC Firms.

In the lawyer categories, among the 71 individual rankings, 62% (44) are ranked in the Hall of Fame/Leading Partner table. Baker McKenzie gained eight new individual rankings and three improved ranking, while FenXun gained one new individual rankings and one improved ranking.

The practice areas that have earned Tier 1 rankings are as follows:

China
• Labor and Employment: Foreign Firms
• Real Estate and Construction: Foreign Firms
• Tax: Foreign Firms

Hong Kong SAR
• Antitrust and Competition
• Asset Finance (including Aviation and Shipping Finance): Aviation Finance
• Dispute Resolution: Litigation
• Domestic and International Corporate Tax
• Intellectual Property
• Labour and Employment
• Real Estate

Taiwan
• Antitrust and Competition
• Banking and Finance
• Capital Markets
• Corporate and M&A
• Dispute Resolution
• Intellectual Property
• Intellectual Property: Prosecution
• Labour and Employment
• Real Estate, Energy and Projects
• Tax
• TMT

The following lawyers were recognized:

China
• Grace Li, Banking and Finance: Foreign Firms — Leading Partner (improved ranking)
• Duan Cui, Banking and Finance: Foreign Firms — Next Generation Partner
• Shirley Wang, Banking and Finance: PRC Firms — Leading Partner
• Howard Wu, Corporate and M&A: Foreign Firms — Hall of Fame
• Hong Zhang, Corporate and M&A: Foreign Firms — Next Generation Partner
• Leo Zhang, Corporate and M&A: PRC Firms — Leading Associate
• Zhenyu Ruan, Data Protection: Foreign Firms — Leading Partner
• Wenchao He, Labour and Employment: Foreign Firms — Leading Associate (newly ranked)
• Zheng Lu, Labour and Employment: PRC Firms — Leading Partner
• Ting Zhang, Labour and Employment: PRC Firms — Next Generation Partner (improved ranking)
• Alexander Gong, Real Estate and Construction: Foreign Firms — Leading Partner
• Vivian Wu, Regulatory/Compliance: PRC Firms — Leading Partner
• Henry Chen, Regulatory/Compliance: PRC Firms — Next Generation Partner
• Brendan Kelly, Tax: Foreign Firms — Hall of Fame
• Luis Zhang, Tax: PRC Firms — Next Generation Partner (newly ranked)
• Zhenyu Ruan, TMT: Foreign Firms — Next Generation Partner

Hong Kong SAR
• Stephen Crosswell, Antitrust and Competition — Leading Partner
• Vivian Tsang, Antitrust and Competition — Leading Associate
• Allen Ng, Asset Finance (including Aviation and Shipping Finance) — Hall of Fame
• Andrew Lockhart, Asset Finance (including Aviation and Shipping Finance) — Hall of Fame
• Sally Hung, Banking and Finance — Leading Partner
• Christina Lee, Corporate (including M&A) — Leading Partner
• Tracy Wut, Corporate (including M&A) — Leading Partner
• Cynthia Tang, Dispute Resolution: Litigation — Leading Partner
• Pierre Chan, Domestic and International Corporate Tax — Leading Partner
• Steven Sieker, Domestic and International Corporate Tax — Leading Partner
• Cynthia Tang, Fintech and Financial Services Regulatory — Hall of Fame
• Karen Man, Fintech and Financial Services Regulatory — Leading Partner
• Grace Fung, Fintech and Financial Services Regulatory — Next Generation Partner
• Martin Tam, Insurance — Leading Partner
• Loke-Khoon Tan, Intellectual Property — Hall of Fame
• Isabella Liu, Intellectual Property — Leading Partner
• Ruby Chan, Intellectual Property — Leading Partner
• Andrew Sim, Intellectual Property — Leading Partner (newly ranked)
• Jason Ng, Investment Funds — Leading Partner
• Edwin Wong, Investment Funds — Leading Partner (improved ranking)
• Hayley Irons, Investment Funds — Next Generation Partner (improved ranking)
• Jonathan Isaacs, Labour and Employment — Leading Partner
• Tess Lumsdaine, Labour and Employment — Next Generation Partner
• Sonia Wong, Labour and Employment — Leading Associate
• Derek Poon, Private Equity — Leading Partner
• Robert Wright, Private Equity — Leading Partner (newly ranked)
• Xinxing Chen, Private Equity — Next Generation Partner (newly ranked)
• Edmond Chan, Real Estate — Leading Partner
• Jeremy Ong, Real Estate — Next Generation Partner
• May Lau, Real Estate — Next Generation Partner
• Mini vandePol, Regulatory: White-Collar, Compliance and Investigations — Leading Partner
• Lex Kuo, TMT — Leading Partner

Taiwan
• Sonya Hsu, Antitrust and Competition — Leading Partner
• Fang-Yi Jen Antitrust and Competition — Next Generation Partner
• Justin Liang, Banking and Finance — Hall of Fame
• Bee Leay Teo, Banking and Finance — Leading Partner
• Evangeline Wang, Banking and Finance — Next Generation Partner
• Alex Chiang, Capital Markets — Leading Partner
• Mark Tu, Capital Markets — Next Generation Partner
• Sophia Huang, Capital Markets — Leading Associate (newly ranked)
• Kevin Wang, Corporate and M&A — Hall of Fame
• Michael Wong, Corporate and M&A — Hall of Fame
• Gwyneth Gu, Corporate and M&A — Next Generation Partner
• Mark Tu, Corporate and M&A — Next Generation Partner
• Sean Shih, Data Protection — Next Generation Partner (newly ranked)
• Anna Hwang, Dispute Resolution — Leading Partner
• Robert Lee, Dispute Resolution — Next Generation Partner
• Grace Shao, Intellectual Property — Hall of Fame
• Monica Chao, Intellectual Property — Next Generation Partner
• Seraphim Ma, Labour and Employment — Leading Partner
• Sabrina Hsu, Labour and Employment — Leading Associate (newly ranked)
• Tiffany Huang, Real Estate, Energy and Projects — Hall of Fame
• Jady Kao, Real Estate, Energy and Projects — Leading Associate (newly ranked)
• Michael Wong, Tax — Leading Partner
• Henry Chang, TMT — Leading Partner

The Legal 500 rankings are based on a series of criteria, including work conducted by law firms over the past 12 months, experience and depth of teams, areas of specialization, and client feedback.