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  • FIF – Procredit Bank Serbia – SME V

    Understanding transition

    Further information regarding the EBRD’s approach to measuring transition impact is available here.

    Business opportunities

    For business opportunities or procurement, contact the client company.

    For business opportunities with the EBRD (not related to procurement) contact:

    Tel: +44 20 7338 7168

    Email: projectenquiries@ebrd.com

    For state-sector projects, visit EBRD Procurement:

    Tel: +44 20 7338 6794

    Email: procurement@ebrd.com

    General enquiries

    Specific enquiries can be made using the EBRD Enquiries form.

    Environmental and Social Policy (ESP)

    The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

    More information on the EBRD’s practices in this regard is set out in the ESP.

    Integrity and compliance

    The EBRD’s Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank’s activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

    OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank’s countries of operation. The information provided must be made in good faith.

    Access to Information Policy (AIP)

    The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

    Specific requests for information can be made using the EBRD enquiries form.

    Independent Project Accountability Mechanism (IPAM)

    If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

    IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

    Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

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  • Pakistan, Palestine sign MoU to boost medical collaboration

    Pakistan, Palestine sign MoU to boost medical collaboration

    Minister for National Health Services, Mustafa Kamal, shakes hand with Ambassador of Palestine to Pakistan, Zuhair Mohammad Hamadallah Zaid after signing of MoU on medical collaboration, Islamabad, September 17, 2025. — X/@ nhsrcofficial 
    • MoU to cover broad spectrum of medical specialties.
    • Pakistan to aid Palestine on infectious diseases.
    • Kamal vows to stand by people of Palestine.

    ISLAMABAD: Pakistan and Palestine inked a Memorandum of Understanding (MoU), aimed at expanding bilateral relations in the health sector, the Ministry of National Health Services said on Wednesday.

    The agreement was signed by Federal Minister for Health, Syed Mustafa Kamal, on behalf of Pakistan, while the Palestinian Ambassador represented his government at the ceremony.

    According to the Ministry of National Health Services, the MoU is designed to enhance collaboration in advanced medical fields, professional training, and joint research. The move is expected to create long-term avenues for strengthening healthcare systems in both countries.

    Minister Kamal announced that a Pakistan–Palestine Health Working Group will be established within the next 30 days. This body will supervise the implementation of the MoU and ensure that agreed initiatives are carried out effectively.

    He explained that cooperation will cover a broad spectrum of medical specialties. These include interventional cardiology, organ transplant, orthopedic surgery, endoscopic ultrasound, burn treatment, and plastic surgery.

    Pakistan will also assist Palestine in strengthening expertise in infectious diseases, ophthalmology, pharmaceuticals, and collaborative medical research. Training opportunities for Palestinian health professionals at Pakistan’s premier medical institutions are part of the plan.

    “The purpose of this agreement is to foster closer collaboration for improving the health and well-being of the people of both brotherly nations,” Kamal said. “The hearts of the people of Pakistan beat with Palestine, and we stand ready to assist our Palestinian brothers and sisters in every possible way.”

    The Palestinian Ambassador welcomed the initiative and extended gratitude to the government of Pakistan. He noted that Palestine highly values Pakistan’s unwavering support in political, humanitarian, and now medical spheres.

    “Palestine and Pakistan are brotherly countries. Together, we will work for the improvement of health and well-being of our peoples,” he remarked.

    Officials stressed that the agreement is not limited to symbolic gestures but represents a practical roadmap for cooperation. By enabling exchange of knowledge and expertise, it is expected to directly benefit the healthcare sectors of both nations.

    The MoU underscores Pakistan’s consistent support for Palestine, extending it beyond politics to the vital domain of public health. Both countries reaffirmed their shared commitment to work as long-term partners in advancing medical science and improving patient care.


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  • Jake Paul v Gervonta Davis fight in jeopardy over rules

    Jake Paul v Gervonta Davis fight in jeopardy over rules

    MVP, co-founded by Paul and Nakisa Bidarian, is the organiser and on Wednesday pre-sale tickets were still available to buy for the event at State Farm Arena in Atlanta.

    The venue is also still listing the fight in its calendar.

    Responding to the mounting speculation, Bidarian said on social media: “Fight is not in doubt. Never has been. Stay tuned.”

    Paul v Davis was set to be an exhibition fight but there has been no clarification about which rules will apply.

    Davis is a lightweight world champion, fighting at 9st 9lb (61kg), while Paul has fought most of his career at cruiserweight, which is 14st 4lb (90.7kg).

    The fight would not count on their professional records and a weight agreement would need to be reached.

    The GAEC was scheduled to vote on the issue on Thursday.

    “They probably evaluated a situation – knew that their weight differences were too much,” said Thompson.

    BBC Sport has asked MVP for comment.

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  • Jim Beam and the Cadillac Formula 1® Team Announce Global Partnership

    Jim Beam and the Cadillac Formula 1® Team Announce Global Partnership

    Jim Beam and the Cadillac Formula 1® Team Announce Global Partnership, Fueling a Vision to Reach New Audiences

    Two American originals united on one world stage

    Clermont, Kentucky & Fishers, Indiana: September 17, 2025: Jim Beam®, the world’s No. 1 bourbon, and the Cadillac Formula 1® Team, are proud to announce a multi-year global partnership that brings together two of the most iconic names in American culture, now united on the world’s fastest stage: Formula 1®.

    In 2026, the Cadillac Formula 1® Team will enter the FIA Formula 1 World ChampionshipTM as the first new addition to the grid since 2016, with Jim Beam as its proud Official Spirits Partner. This partnership represents two American originals driving forward together on a mission to usher in a new era by welcoming even more people into Formula 1®.

    Formed by TWG Motorsports and General Motors, the Cadillac Formula 1® Team brings together a legacy of engineering excellence and a shared commitment to innovation and performance — representing a bold new chapter in American participation on the global Formula 1® stage.

    More than a sponsorship, this story has been 90 years in the making. Every evening, Jim Beam, the brand’s legendary founder, would place a mason jar of his proprietary yeast — the living heart of his protected recipe — in the front seat of his Cadillac and drive it home to protect it from fire and prohibition. This daily ritual preserved the essential ingredient that still defines Jim Beam’s unmatched flavor enjoyed today around the world. Today, Fred Noe, Jim Beam’s seventh generation master distiller, still drives a Cadillac, a quiet tribute to the car that helped safeguard his family legacy.

    “We are excited to bring the soul of Kentucky to the global stage of Formula 1 with Cadillac, a brand that’s been part of the Beam family’s story through the ages,” said Rashidi Hodari, managing director, James B. Beam Distilling Co. 

    “Both car racing and making Jim Beam bourbon require every individual and moving part to come together to create a positive collective outcome. This is very in line with how we bring Jim Beam to the world. The pit crew and our distillery workers both know that it’s the power of their communities that allows for the win. It’s this common understanding of the importance of connection with the next generation of Formula 1 fans that inspires us.”

    With a vision to help the sport reach new audiences, the Official Partnership will come to life both on and off the track through immersive fan experiences with a focus on alcohol responsibility, retail and trade activations, and most importantly, a desire to bring people together. 

    “This partnership brings together two icons of American heritage to create something truly special,” said Cadillac Formula 1® Team Principal Graeme Lowdon. “Formula 1® is a global stage, and we want to take our fans on this journey with us every step of the way. Our vision goes beyond racing – we’re building a team that lives where sport, technology, and culture collide. With Jim Beam joining our family of partners, the momentum behind this project grows stronger every day as we gear up for our debut next year.” 

    With a core value of connection, uniting fans across the world, sport and music have always played a role in the Jim Beam brand’s heritage. From sponsoring the National Football League’s (NFL)Kansas City Chiefs and Dallas Cowboys, the Major League Baseball’s (MLB) L.A. Dodgers, and the United States Soccer Federation (U.S.S.F), to car racing including the Indianapolis 500 and NASCAR in the U.S., and Dick Johnson Racing (DJR), Australia’s oldest racing team. The brand has also brought fans together through local music festivals and underground shows around the world, and with global musical acts such as Muse and LeSserafim. 

    Known as the ‘people’s bourbon,’ Jim Beam is a brand built on community, and that unmistakable feeling of knowing that all are welcome. From a mason jar of yeast in the seat of a Cadillac to the roar of an F1 engine, this is a legacy in motion. Jim Beam is excited to celebrate shared moments of great taste and responsible connection under its rallying cry: Best Enjoyed Together, Best Enjoyed Responsibly.

    To learn more about Jim Beam and Cadillac F1 Racing , visit www.jimbeam.com or follow @jimbeamofficial on Instagram @cadillacf1

    About Jim Beam®: Jim Beam is the world’s best-selling bourbon, crafted by eight generations of family distillers since 1795. Fred Noe, Jim Beam’s seventh Generation Master Distiller, and Freddie Noe, Jim Beam’s eighth Generation Master Distiller, have stayed true to the family recipe that’s been passed down through generations. The Jim Beam portfolio of products includes Jim Beam Bourbon, Jim Beam Black®, and Jim Beam Flavors, among other offerings. For more information, go to www.jimbeam.com @jimbeamofficial on Instagram and @jimbeam on Twitter.

    About Cadillac Formula 1® Team: The Cadillac Formula 1® Team is a specialist motor racing team competing in the FIA Formula 1 World Championship. Backed by TWG Motorsports and General Motors, the team has operations in Fishers, Indiana (USA); Charlotte, North Carolina (USA); and Silverstone, Northamptonshire (UK). With the confidence to dream big and the passion to deliver, the Cadillac Formula 1® Team is building everything from the ground up – from high-performance race cars to an inclusive, values-driven culture. The team will make its Formula 1® debut in 2026. 

    About TWG Motorsports: TWG Motorsports is the motorsports entity of TWG Global, unifying a robust racing portfolio across the world’s biggest stages in Formula 1®, INDYCAR, Formula E, IMSA, and NASCAR. With strategic partnerships that include General Motors on the Cadillac Formula 1® Team and ownership of Andretti Global, Wayne Taylor Racing and Spire Motorsports, TWG Motorsports combines deep technical expertise, proven competitive excellence and industry-leading business acumen. TWG Motorsports is committed to innovating, growing and winning at the highest levels of the sport. Learn more at TWGMotorsports.com. 

    About GM: General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

    About Suntory Global Spirits   
    As a world leader in premium spirits, Suntory Global Spirits inspires the brilliance of life, by creating rich experiences for people, in harmony with nature. Known for its craftsmanship of premium whiskies, including Jim Beam® and Maker’s Mark®; Japanese whiskies, including Yamazaki®, Hakushu®, Hibiki® and Toki™; and leading Scotch brands including Laphroaig® and Bowmore®, Suntory Global Spirits also produces leading brands such as Tres Generaciones® and El Tesoro® tequila, Roku™ and Sipsmith® gin, and is a world leader in Ready-To-Drink cocktails, with brands like -196™ (minus one-nine-six) and On The Rocks™ Premium Cocktails.   

    A global company with approximately 6,000 employees in nearly 30 countries, Suntory Global Spirits is driven by its core values of Growing for Good, Yatte Minahare and Giving Back to Society. The company’s Proof Positive sustainability strategy includes ambitious goals and investments to drive sustainable change and have a positive impact on the planet, consumers and communities. Headquartered in New York City, Suntory Global Spirits is a subsidiary of Suntory Holdings Limited of Japan. For more information, visit www.suntoryglobalspirits.com and www.drinksmart.com.  
     

     

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  • UK is going to be ‘AI superpower’, says Nvidia boss as he invests £500m | Nvidia

    UK is going to be ‘AI superpower’, says Nvidia boss as he invests £500m | Nvidia

    Jensen Huang, the co-founder and chief executive of the US AI chipmaker Nvidia, has predicted “the UK is going to be an AI superpower” as he announced a new £500m investment in a British firm.

    Huang, who is due to join Donald Trump at Wednesday night’s state banquet with the king, said he was taking an equity stake in NScale, a UK cloud computing company, and predicted it would earn revenues of up to £50bn over the next six years.

    “We’re here to announce that the UK is going to be an AI superpower,” he told a press conference in London.

    Huang cited as evidence of Britain’s potential its universities and several companies founded in the UK, ranging from the AI giant DeepMind to the driverless car startup Wayve. “You just don’t appreciate it. Your universities. Come on. You’re too humble,” he said.

    The semiconductor boss spoke as China moved to ban its biggest AI firms from buying Nvidia chips, in a sign of the growing geopolitical battle to gain dominance in AI.

    Huang said he was “disappointed” at reports that Beijing was bringing in the ban, adding: “It is safer for the world that China and the United States collaborate in AI, and Chinese researchers collaborate in AI than to isolate.”

    He said Nvidia was selling 120,000 graphics processing units to the UK as part of an investment amounting to £11bn, with 70% of that cost coming from computing and networking, including the chips, and 30% going on land, power and the structures of the datacentre.

    Huang said the combined additional computing power would be “approximately 100 times the performance of the fastest supercomputer in the UK right now, the Isambard AI supercomputer [in Bristol]”.

    He also stepped into a row over how AI companies treat artists’ copyrighted material, which has been used wholesale to train AI systems, saying: “Artists should have the ability to monetise their creation … we have to find ways for them to continue to do so.”

    Elton John and Mick Jagger were among a swathe of high-profile artists who this week complained Labour had failed to defend artists’ basic rights by blocking attempts to force artificial intelligence firms to reveal what copyrighted material they have used in their systems.

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    Huang’s upbeat statement about Britain’s AI superpower future was tempered by a warning that “a challenge” remained to secure enough electricity to fuel the necessary wave of power-hungry data factories. He said nuclear power and gas turbine power stations would be needed.

    He also urged the UK to develop its own AI systems, despite the huge wave of US investment from Microsoft, Google and OpenAI announced this week.

    “Every country should create its own AI … I think the UK will have to do the same. The data belongs to you. It belongs to your people. It’s created by your people, your companies. And you should be able to … transform that data into your national interest,” he said.

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  • Amazon unveils new agentic AI-powered Seller Assistant to help independent sellers grow

    Amazon unveils new agentic AI-powered Seller Assistant to help independent sellers grow

    When a seller asks, “How’s my account health?” Seller Assistant can deliver a summary analysis highlighting issues requiring immediate attention, explain what triggered the issue, and recommend actions they should take. If a product description inadvertently indicates that it functions as a pesticide, which is a regulated product requiring additional documentation, Seller Assistant will now alert the seller to the risk, explain the regulatory concerns, and provide multiple resolution options with clear outcomes. If the seller approves, Seller Assistant implements the solution and clears the warning before it becomes a problem.

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  • AI can aid building energy retrofit decisions, but faces limitations: study

    AI can aid building energy retrofit decisions, but faces limitations: study

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    Generative AI models are able to produce effective retrofit decisions but do less well identifying which ones can produce the best result most quickly and at the least cost, according to analysis by researchers at Michigan State University.

    The study, “Can AI Make Energy Retrofit Decisions? An Evaluation of Large Language Models,” is one of the first to examine how large language models, or LLMs, perform in determining efficient and effective building energy retrofits. 

    Identifying the optimal retrofit solution can be critical from a cost standpoint. Light to medium retrofits can unlock between 10% and 40% in energy savings, or $0.49 to $1.94 per square foot of savings on average, according to JLL research published last September.

    Despite these savings, these actions aren’t being implemented at the scale required to meet decarbonization targets because of their capital-intensive nature, the report says. Decision-making complexity and the inadequacy of data and tools are also problem, according to the report.

    To determine the potential of generative AI in addressing these limitations, MSU researchers tasked seven LLMs with generating energy retrofit decisions under two contexts: a technical context focused on maximum CO2 reduction and a sociotechnical context focused on minimum packback period. 

    The AI-generated retrofit decisions were evaluated based on whether they matched the top-ranked retrofit measure or fell within the top three or the top five measures. The researchers then used a sample of 400 homes from ResStock 2024.2 data, spanning 49 states, to evaluate LLM performance based on accuracy, consistency, sensitivity and reasoning.  

    Researchers evaluated each LLM by issuing prompts, which included an overview of 16 potential retrofit packages and building-specific information. The overview described each retrofit measure’s features like heat pump efficiency, whether insulation is upgraded and whether major appliances are electrified, alongside associated costs. 

    Once fed these potential scenarios and building specific information, the LLMs were assigned the role of a “house retrofit specialist” tasked with evaluating multiple buildings, comparing costs and efficiency across all packages, and identifying which retrofit delivered the greatest CO2 reduction and which provided the lowest payback period. 

    A graphic explaining the prompt structure researchers used for LLMs retrofit decision-making.

    A graphic explaining the prompt structure that researchers at Michigan State University used in determining Large Language Models retrofit decision-making capabilities.

    Retrieved from Lei Shu and Dong Zhao on September 15, 2025

     

     

    The study found that while LLMs are capable of producing effective retrofit decisions, they struggle to pinpoint the best one. The models are also notably stronger at identifying retrofit packages in a technical context that minimizes CO2 reduction than in sociotechnical contexts that minimize payback years. 

    “This difference likely reflects the relative clarity and consistency of technical optimization objectives, which are more easily captured by model reasoning, whereas sociotechnical considerations involve trade-offs between economic, behavioral, and contextual factors that may be more difficult for LLMs to interpret and prioritize accurately,” the researchers said. 

    The accuracy of the models in deciding the best option was as high as 54.5%, with a 92.8% accuracy rate for top-five matching, without fine-tuning. There was also low overall agreement among models, with higher-accuracy models more likely to diverge from others and lower-accuracy models showing greater alignment. 

    “Overall, while the decision logic and feature focus of LLMs are generally reasonable, their accuracy, consistency, and contextual understanding must be improved before they can be reliably applied to retrofit decision-making in practice,” the authors said.

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  • S&P 500 Q2 2025 Buybacks Declines 20% Amidst Uncertainty to $235 Billion From Q1 2025’s Record $293 Billion; Q3 2025 Expenditures Expected to Increase Back to Near Record Levels

    S&P 500 Q2 2025 Buybacks Declines 20% Amidst Uncertainty to $235 Billion From Q1 2025’s Record $293 Billion; Q3 2025 Expenditures Expected to Increase Back to Near Record Levels

    • S&P 500 Q2 2025 buybacks were $234.6 billion, as the expenditure declined 20.1% from the record Q1 2025 $293.5 billion and was down 0.6% from Q2 2024’s $235.9 billion
    • The 12-month June 2025 expenditure was $997.8 billion and was up 13.7% from the 12-month June 2024 expenditure of $877.5 billion
    • Utilities was the only sector to increase spending, up 16.5% over Q1 2025, Health Care reduced spending by 39.3%, Information Technology by 16.3% and Communication Services by 15.0%
    • The net buyback 1% tax reduced Q2 2025 operating earnings, which are set to post a quarterly earnings record, by 0.39% and As Reported GAAP by 0.42%, as the 12-month cost was 0.42% and 0.45%, respectively

    NEW YORK, Sept. 17, 2025 /PRNewswire/ — S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q2 2025.

    Historical data on S&P 500 buybacks is available at https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview. 

    Key Highlights:

    • Q2 2025 share repurchases were $234.6 billion, down 20.1% from Q1 2025’s record $293.5 billion expenditure, and down 0.6% from Q2 2024’s $235.9 billion.
    • For the 12-month June 2025 period buybacks were $997.8 billion, up from $877.5 billion from the prior 12-month period; the 12-month peak was in June 2022 with $1.005 trillion.
    • 338 companies reported buybacks of at least $5 million for the quarter, down from 384 in Q1 2025 and up from 324 in Q2 2024; 386 companies did some buybacks for the quarter, down from 402 in Q1 2025 and up from 373 in Q2 2024; 437 companies did some buybacks in the 12-month June 2025 period, up from 419 in the prior period.
    • Buybacks remained top heavy as concentration increased, with the top 20 S&P 500 companies accounting for 51.3% of Q2 2025 buybacks, up from Q1 2025’s 48.4%, and above the historical average of 47.7% and above the pre-COVID (Q4 2019) historical average of 44.5%.
    • 17.3% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, up from Q1 2025’s 13.8% and up from Q2 2024’s 12.7%; for Q2 2025 131 issues increased their shares used for EPS compared to Q1 2025 and 325 reduced them.
    • S&P 500 Q2 2025 dividends increased 0.6%, to $165.2 billion from Q1 2025’s $164.1 billion and were 7.7% greater than the $153.4 billion in Q2 2024.
    • For the 12-month June 2025 period, dividends set a record $653.9 billion payment, up 8.4% on an aggregate basis from the prior 12-month’s $603.3 billion.
    • Total shareholders return of buybacks and dividends decreased to $399.7 billion in Q2 2025, down 12.6% from Q1 2025’s $457.6 billion and up 2.7% from Q2 2024’s $389.3 billion.
    • Total shareholder returns for the 12-month June 2025 period increased 11.5% to a record $1.652 trillion from the 12-month June 2024’s $1.481 trillion.
    • The 1% tax on net buybacks, which started in 2023, reduced the Q2 2025 S&P 500 operating earnings by 0.39%, down from Q1 2025’s 0.50%, as it reduced As Reported GAAP earnings by 0.42%, down from the prior 0.53%. For the 12-months ending in June 2025, the 1% tax on net buybacks reduced earnings by 0.42% for operating and 0.45% for As Reported.

    “Companies pulled back on buybacks in the second quarter as uncertainty over tariffs and economic policy increased significantly, resulting in more cautious corporate cash outlays for the period. Participation in buybacks (67.6%) declined from the first quarter (76.8%), but were seen as supportive of buying, especially given the uncertainty in the market. Buyback concentration from the top 20 issues increased to 51.3% from the prior 48.4%, as their overall expenditures fell. Of note were the top four: Apple, Meta Platforms, Alphabet and NVIDIA, which accounted for almost 27% of the S&P 500’s total buybacks.

    Continued buybacks resulted in share-count-reduction, which has also fueled higher issue level earnings-per-share, as 17.3% of the issues posted at least a 4% reduction in their year-over-year share count, therefore increasing their EPS by at least 4%. The trend, which is contingent on earnings and cash-flow as well as market price levels, is expected to continue short-term, providing additional support for issue level earnings-per-share.

    For the third quarter, as volatility and uncertainty continue, policy direction has started to clear up, permitting companies to plan and spend. Buybacks are expected to return to near first quarter record levels. Based on the continued upward market performance, companies will need to spend more to satisfy employee options, which is expected to increase patriation and add to stock support prices.

    For the full-year 2025, shareholder returns via buybacks and dividends from S&P 500 companies are expected to easily set a record expenditure, posting a double-digit gain for buybacks and a mid-single-digit gain for dividends,” said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.

    1% Buyback Excise Tax:
    The 1% excise tax on net buybacks reduced Q2 2025 operating earnings by 0.39%, down from Q1 2025’s 0.50% and down from the 0.45% for Q2 2024. The 12-month impact was 0.42%, down from the 12-month June 2024’s 0.47%, as the tax on As Reported GAAP earnings impact decreased to 0.45% from Q1 2025’s 0.53% and to 0.45% from 0.53% for the 12-month period.

    Silverblatt added: “The 1% tax continues to be a manageable expense and has not impacted overall buybacks. At this point it does not appear that an increased buyback tax is on the Washington table, but things could change quickly as the government year-end fiscal negotiations continue. Given the current corporate sensitivity to costs, a buyback tax rate of 2% to 2.5% was seen as impacting both buybacks and the EPS impact of share-count-reduction. Under any potential increased tax, some of the buyback expenditures may shift to dividends. However, any shift was not seen as being on a-dollar-for-dollar basis as dividends remain a long-term pure cash-flow item which must be incorporated into corporate budgets.”

    Q2 2025 GICS® Sector Analysis:
    Information Technology maintained its lead in buybacks as its expenditure’s decreased 16.3%, representing 28.6% of all buybacks for the quarter. Q2 2025 expenditures decreased to $67.1 billion, compared to Q1 2025’s $80.2 billion, and were down 1.8% from Q2 2024’s $68.4 billion expenditure. For the 12-months ending June 2025, the sector increased its expenditure by 19.3% to $275.0 billion, representing 27.6% of all S&P 500 buybacks, compared to the prior 12-month period’s $230.5 billion which represented 26.3% of all buybacks.

    Financials decreased buybacks by 13.0% for Q2 2025 as it collectively spent $51.7 billion on buybacks, accounting for 22.0% of all S&P 500 buybacks. This was down for the quarter compared to Q1 2025’s expenditure of $59.4 billion, and up 14.2% from Q2 2024’s $45.3 billion. For the 12-month period, Financials spent $197.3 billion, up from the prior period’s $147.1 billion.

    Communication Services decreased its Q2 2025 expenditure by 15.0%, spending $38.7 billion, compared to the Q1 2025 expenditure of $45.5 billion, and was up 12.3% from Q2 2024’s $34.5 billion expenditure. For the 12-months, the sector spent $147.1 billion, up from the prior 12-month period’s $146.3 billion.

    Utilities were the only sector to increase their buyback expenditures in Q2 2025, representing the smallest share (0.4% of total buybacks). Utilities increased their expenditure by 16.5% to $0.93 billion from Q1 2025’s $0.80 billion, as the 12-month expenditure was $3.472 billion, slightly up from the prior 12-month’s $3.467 billion.

    Issues:
    The five issues with the highest total buybacks for Q2 2025 were:

    • Apple (AAPL): continued to dominate the issue level buybacks as it again spent the most of any issue with its Q2 2025 expenditure, ranking as the tenth highest in S&P 500 history. For the quarter, the company spent $23.6 billion, down from Q1 2025’s $26.2 billion. Apple holds 19 of the top 20 record quarters (Meta Platforms holds #19). For the 12-month period ending June 2025, Apple spent $101.7 billion on buybacks, up from the prior 12-month’s $96.3 billion. Over the five-year period, Apple has spent $465 billion, and $748 billion over the ten-year period.
    • Meta Platforms (META): $14.3 billion for Q2 2025, down from $17.6 billion in Q1 2025. The 12-month expenditure was $48.1 billion versus the prior 12-month’s $41.5 billion.
    • Alphabet (GOOG/GOOGL): $13.6 billion for Q2 2025, down from $15.1 billion in Q1 2025. The 12-month expenditure was $59.5 billion versus $63.4 billion.
    • NVIDIA (NVDA): $11.6 billion for Q2 2025, down from $15.6 billion in Q1 2025. The 12-month expenditure was $49.5 billion versus $26.4 billion.
    • JP Morgan (JPM): $7.506 billion for Q2 2025, a tick down from $7.528 billion in Q1 2025. The 12-month expenditure was $25.7 billion versus $12.8 billion.

    For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.

    S&P Dow Jones Indices

    S&P 500, $ U.S. BILLIONS

    (preliminary in bold)

    PERIOD

    MARKET

    OPERATING

    AS REPORTED

    DIVIDEND &

    VALUE

    EARNINGS

    EARNINGS

    DIVIDENDS

    BUYBACKS

    DIVIDEND 

    BUYBACK 

    BUYBACK 

    $ BILLIONS

    $ BILLIONS

    $ BILLIONS

    $ BILLIONS

    $ BILLIONS

    YIELD

    YIELD

    YIELD

    12 Mo Jun,’25 Prelim.

    $50,166

    $2,051.54

    $1,893.32

    $653.86

    $997.82

    1.30 %

    1.99 %

    3.29 %

    12 Mo Jun,’24

    $44,078

    $1,838.58

    $1,597.92

    $603.29

    $877.46

    1.37 %

    1.99 %

    3.36 %

    2024

    $49,805

    $1,966.53

    $1,771.24

    $629.62

    $942.55

    1.26 %

    1.89 %

    3.16 %

    2023

    $40,039

    $1,787.36

    $1,610.73

    $588.23

    $795.16

    1.47 %

    1.99 %

    3.46 %

    2022

    $32,133

    $1,656.66

    $1,453.43

    $564.57

    $922.68

    1.76 %

    2.87 %

    4.63 %

    2021

    $40,356

    $1,762.75

    $1,675.22

    $511.23

    $881.72

    1.27 %

    2.18 %

    3.45 %

    2020

    $31,659

    $1,019.04

    $784.21

    $483.18

    $519.76

    1.53 %

    1.64 %

    3.17 %

    2019

    $26,760

    $1,304.76

    $1,158.22

    $485.48

    $728.74

    1.81 %

    2.72 %

    4.54 %

    2018

    $21,027

    $1,281.66

    $1,119.43

    $456.31

    $806.41

    2.17 %

    3.84 %

    6.01 %

    6/30/2025 Prelim.

    $52,501

    $545.91

    $508.76

    $165.16

    $234.57

    1.25 %

    1.90 %

    3.15 %

    3/31/2025

    $50,166

    $487.33

    $456.65

    $164.10

    $293.45

    1.28 %

    1.99 %

    3.27 %

    12/31/2024

    $49,805

    $518.32

    $488.51

    $167.56

    $243.24

    1.26 %

    1.89 %

    3.16 %

    9/30/2024

    $48,701

    $499.98

    $439.39

    $157.04

    $226.56

    1.27 %

    1.89 %

    3.15 %

    6/28/2024

    $45,843

    $489.95

    $397.69

    $153.41

    $235.93

    1.32 %

    1.91 %

    3.23 %

    3/28/2024

    $44,078

    $458.28

    $400.90

    $151.61

    $236.82

    1.35 %

    1.85 %

    3.20 %

    12/31/2023

    $40,039

    $452.44

    $399.98

    $154.10

    $219.09

    1.47 %

    1.99 %

    3.46 %

    9/30/2023

    $35,938

    $437.90

    $399.35

    $144.18

    $185.62

    1.61 %

    2.19 %

    3.81 %

    6/30/2023

    $37,162

    $457.93

    $405.66

    $143.20

    $174.92

    1.55 %

    2.19 %

    3.74 %

    3/31/2023

    $34,342

    $439.08

    $404.57

    $146.76

    $215.53

    1.67 %

    2.50 %

    4.17 %

    12/31/2022

    $32,133

    $421.55

    $331.50

    $146.07

    $211.19

    1.76 %

    2.87 %

    4.63 %

    9/30/2022

    $30,119

    $422.94

    $373.04

    $140.34

    $210.84

    1.83 %

    3.26 %

    5.09 %

    6/30/2022

    $31,903

    $395.02

    $360.21

    $140.56

    $219.64

    1.70 %

    3.15 %

    4.85 %

     

    S&P Dow Jones Indices

    S&P 500 proforma net buyback tax impact

    TAX

    TAX % OF

    TAX % OF

    $ BILLIONS

    OPERATING

    AS REPORTED

    6/30/2025

    $2.13

    0.39 %

    0.42 %

    3/31/2025

    $2.43

    0.50 %

    0.53 %

    2024

    $8.41

    0.44 %

    0.50 %

    12/31/2024

    $1.93

    0.37 %

    0.39 %

    9/30/2024

    $2.11

    0.42 %

    0.48 %

    6/30/2024

    $2.20

    0.45 %

    0.49 %

    3/31/2024

    $2.18

    0.47 %

    0.54 %

    2023

    $7.24

    0.40 %

    0.45 %

    2022 proforma

    $8.47

    0.51 %

    0.58 %

    2021 proforma

    $7.93

    0.45 %

    0.47 %

     

    S&P Dow Jones Indices

    S&P 500 SECTOR BUYBACKS

    SECTOR $ MILLIONS

    Q2,’25

    Q1,’25

    Q2’24

    12MoJun,’25

    12MoJun,’24

    5-YEARS

    10-YEARS

    Consumer Discretionary

    $14,188

    $18,200

    $18,156

    $74,855

    $81,741

    $372,592

    $789,736

    Consumer Staples

    $6,626

    $11,385

    $10,466

    $41,054

    $36,519

    $173,086

    $373,939

    Energy

    $12,668

    $16,508

    $16,669

    $64,966

    $63,119

    $229,906

    $311,156

    Financials

    $51,720

    $59,419

    $45,286

    $197,326

    $147,094

    $718,418

    $1,394,649

    Healthcare

    $15,850

    $26,129

    $18,825

    $85,287

    $72,495

    $390,847

    $806,203

    Industrials

    $21,332

    $29,005

    $16,829

    $86,922

    $75,081

    $324,358

    $673,840

    Information Technology

    $67,131

    $80,164

    $68,356

    $275,017

    $230,483

    $1,196,142

    $2,112,310

    Materials

    $4,610

    $5,378

    $5,192

    $19,173

    $18,674

    $95,297

    $155,325

    Real Estate

    $808

    $952

    $728

    $2,624

    $2,444

    $11,363

    $23,285

    Communication Services

    $38,708

    $45,515

    $34,478

    $147,124

    $146,339

    $629,915

    $710,396

    Utilities

    $929

    $798

    $940

    $3,472

    $3,467

    $14,677

    $23,437

    TOTAL

    $234,570

    $293,451

    $235,926

    $997,821

    $877,456

    $4,302,510

    $7,477,283

    SECTOR BUYBACK MAKEUP %

    Q2,’25

    Q1,’25

    Q2’24

    12MoJun,’25

    12MoJun,’24

    5-YEARS

    10-YEARS

    Consumer Discretionary

    6.05 %

    6.20 %

    7.70 %

    7.50 %

    9.32 %

    8.66 %

    10.56 %

    Consumer Staples

    2.82 %

    3.88 %

    4.44 %

    4.11 %

    4.16 %

    4.02 %

    5.00 %

    Energy

    5.40 %

    5.63 %

    7.07 %

    6.51 %

    7.19 %

    5.34 %

    4.16 %

    Financials

    22.05 %

    20.25 %

    19.20 %

    19.78 %

    16.76 %

    16.70 %

    18.65 %

    Healthcare

    6.76 %

    8.90 %

    7.98 %

    8.55 %

    8.26 %

    9.08 %

    10.78 %

    Industrials

    9.09 %

    9.88 %

    7.13 %

    8.71 %

    8.56 %

    7.54 %

    9.01 %

    Information Technology

    28.62 %

    27.32 %

    28.97 %

    27.56 %

    26.27 %

    27.80 %

    28.25 %

    Materials

    1.97 %

    1.83 %

    2.20 %

    1.92 %

    2.13 %

    2.21 %

    2.08 %

    Real Estate

    0.34 %

    0.32 %

    0.31 %

    0.26 %

    0.28 %

    0.26 %

    0.31 %

    Communication Services

    16.50 %

    15.51 %

    14.61 %

    14.74 %

    16.68 %

    14.64 %

    9.50 %

    Utilities

    0.40 %

    0.27 %

    0.40 %

    0.35 %

    0.40 %

    0.34 %

    0.31 %

    TOTAL

    100.00 %

    100.00 %

    100.00 %

    100.00 %

    100.00 %

    96.61 %

    98.62 %

     

    S&P Dow Jones Indices

    S&P 500 20 LARGEST Q2 2025 BUYBACKS, $ MILLIONS 

    Company  

    Ticker

    Sector

    Q2 2025

    Q1 2024

    Q2 2024

    12-Months

    12-Months

    5-Year

    10-Year

    Indicated

    Buybacks

    Buybacks

    Buybacks

    Jun,’25

    Jun,’24

    Buybacks

    Buybacks

    Dividend

    $ Million

    $ Million

    $ Million

    $ Million

    $ Million

    $ Million

    $ Million

    $ Million

    Apple

    AAPL

    Information Technology

    $23,589

    $26,182

    $28,810

    $101,659

    $96,344

    $465,408

    $748,278

    $15,533

    Meta Platforms

    META

    Communication Services

    $14,277

    $17,637

    $9,507

    $48,132

    $41,499

    $189,972

    $221,888

    $4,559

    Alphabet 

    GOOGL

    Communication Services

    $13,638

    $15,068

    $15,684

    $59,548

    $63,358

    $277,803

    $330,941

    $4,889

    NVIDIA 

    NVDA

    Information Technology

    $11,568

    $15,627

    $8,795

    $49,544

    $26,357

    $94,089

    $100,240

    $976

    JPMorgan 

    JPM

    Financials

    $7,506

    $7,528

    $5,336

    $25,696

    $12,825

    $65,258

    $142,718

    $15,563

    Bank of America 

    BAC

    Financials

    $5,302

    $4,521

    $3,535

    $16,892

    $7,846

    $58,079

    $132,490

    $7,339

    Exxon Mobil 

    XOM

    Energy

    $4,964

    $4,804

    $5,326

    $21,060

    $17,405

    $62,555

    $67,060

    $17,068

    Visa

    V

    Financials

    $4,794

    $4,603

    $4,535

    $19,510

    $14,810

    $64,868

    $101,821

    $4,038

    Microsoft 

    MSFT

    Information Technology

    $4,546

    $4,781

    $4,210

    $18,420

    $17,254

    $118,000

    $198,989

    $24,676

    Adobe

    ADBE

    Information Technology

    $3,612

    $3,409

    $2,635

    $12,341

    $7,179

    $35,434

    $46,351

    $0

    Goldman Sachs

    GS

    Financials

    $3,295

    $6,211

    $3,574

    $12,511

    $8,832

    $37,268

    $69,349

    $4,909

    QUALCOMM 

    QCOM

    Information Technology

    $3,118

    $2,042

    $1,585

    $8,663

    $4,037

    $23,273

    $58,734

    $3,906

    Wells Fargo

    WFC

    Financials

    $3,016

    $3,500

    $6,012

    $13,951

    $15,843

    $58,834

    $131,384

    $5,858

    Chevron

    CVX

    Energy

    $2,733

    $3,699

    $2,930

    $15,655

    $12,552

    $45,575

    $51,695

    $13,118

    T-Mobile US

    TMUS

    Communication Services

    $2,585

    $2,766

    $2,403

    $10,659

    $11,093

    $36,484

    $55,898

    $1,679

    UnitedHealth Group 

    UNH

    Health Care

    $2,545

    $3,000

    $0

    $11,473

    $6,072

    $37,104

    $51,822

    $8,019

    HCA Healthcare

    HCA

    Health Care

    $2,505

    $2,506

    $1,367

    $8,506

    $4,597

    $30,079

    $39,340

    $499

    Mastercard

    MA

    Financials

    $2,291

    $2,826

    $2,643

    $11,525

    $8,553

    $43,481

    $65,770

    $2,466

    Fiserv

    FI

    Financials

    $2,290

    $2,352

    $1,556

    $7,249

    $5,454

    $21,021

    $27,624

    $0

    Salesforce

    CRM

    Information Technology

    $2,237

    $2,633

    $4,335

    $6,231

    $10,085

    $24,319

    $24,319

    $1,593

    Top 20   

    $120,411

    $135,695

    $114,778

    $479,225

    $391,995

    $1,788,904

    $2,666,711

    $136,686

    S&P 500

    $234,570

    $293,451

    $235,926

    $997,821

    $877,456

    $4,302,510

    $7,477,283

    $658,900

    Top 20 % of S&P 500

    51.33 %

    46.24 %

    48.65 %

    48.03 %

    44.67 %

    41.58 %

    35.66 %

    20.74 %

       Gross values are not adjusted for float

     

    S&P Dow Jones Indices

    S&P 500 Q2 2025 Buyback Report

    SECTOR

    DIVIDEND

    BUYBACK 

    COMBINED

    YIELD

    YIELD

    YIELD

    Consumer Discretionary

    0.64 %

    1.29 %

    1.92 %

    Consumer Staples

    2.51 %

    1.44 %

    3.96 %

    Energy

    3.52 %

    4.07 %

    7.59 %

    Financials

    1.43 %

    2.64 %

    4.08 %

    HealthCare

    1.87 %

    1.71 %

    3.58 %

    Industrials

    1.29 %

    1.90 %

    3.19 %

    Information Technology

    0.55 %

    1.49 %

    2.04 %

    Materials

    1.82 %

    1.85 %

    3.67 %

    Real Estate

    3.40 %

    0.24 %

    3.64 %

    Communications Services

    0.85 %

    3.19 %

    4.04 %

    Utilities

    2.92 %

    0.28 %

    3.20 %

    S&P 500

    1.22 %

    1.86 %

    3.08 %

       Uses full values (unadjusted for float)

       Dividends based on indicated; buybacks based on the last 12-months ending Q2,’25

     

    Share Count Changes

    (Y/Y diluted shares used for EPS)

    >=4%

    <=-4%

    Q2 2025

    6.63 %

    17.27 %

    Q1 2025

    5.80 %

    13.80 %

    Q4 2024

    6.63 %

    12.05 %

    Q3 2024

    5.01 %

    13.63 %

    Q2 2024

    5.04 %

    12.70 %

    Q1 2024

    4.62 %

    13.25 %

    Q4 2023

    3.81 %

    12.63 %

    Q3 2023

    4.60 %

    13.80 %

    Q2 2023

    4.22 %

    16.27 %

    Q1 2023

    4.02 %

    18.47 %

    Q4 2022

    5.01 %

    19.44 %

    Q3 2022

    7.21 %

    21.24 %

    Q2 2022

    8.42 %

    19.84 %

     

    S&P 500 DIVIDENDS VS. BUYBACKS, $BILLIONS

    S&P 500 QUARTERLY BUYBACKS AS A % OF MARKET VALUE

    ABOUT S&P DOW JONES INDICES

    S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P Dow Jones Indices has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

    S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit: https://www.spglobal.com/spdji/en/.

    S&P Dow Jones Indices Media Contact:
    Alyssa Augustyn
    (+1) 773 919 4732
    alyssa.augustyn@spglobal.com

    S&P Dow Jones Indices:
    Howard Silverblatt
    Senior Index Analyst
    (+1) 973 769 2306
    howard.silverblatt@spglobal.com 

    S&P Dow Jones Indices logo (PRNewsfoto/S&P Dow Jones Indices)

     

    SOURCE S&P Dow Jones Indices

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  • How Luxembourg detects microbes in its water supply before they pose a health risk

    How Luxembourg detects microbes in its water supply before they pose a health risk

    Microbes in water are like invisible travellers – and some carry disease with them. Keeping the water that flows through our treatment plants, rivers and taps healthy and safe from microbial infection is a challenge.

    The distribution of microbes varies considerably across time and space. This makes them difficult to track through conventional monitoring programmes which rely on infrequent sampling (monthly or weekly at best) at fixed locations.

    When contamination occurs, it can be very episodic (for just a few hours, say) and microbial concentrations can be extremely low. Without advanced and highly sensitive detection methods, some microbes will remain undetected.

    Continuous monitoring is the best way to detect epidemics before they explode, identify contaminations before they spread, and proactively protect public health. In the small country of Luxembourg, we have been trialling new online monitoring initiatives such as Microbs and Cyanowatch to achieve this at a national level.

    Luxembourg acts as a “living laboratory” where, by collaborating directly with local authorities, our team at the Luxembourg Institute of Science and Technology (List) is developing ways to prevent swimmers’ exposure to toxic bacteria, for example, or to protect people during viral outbreaks like the COVID-19 pandemic.

    Water flows from natural sources through streams and rivers to treatment plants, then through distribution networks to our homes, and finally to wastewater treatment – before returning back into the environment. At each step, our dedicated observatories, equipped with multiple sampling and measurement instruments, continuously collect samples and monitor microbial water quality.

    These observatories mean we can assess risks to the Luxembourg public’s health continuously – and take rapid, meaningful decisions early when needed.

    Meet the microbes

    These advanced surveillance systems become even more crucial as global changes intensify the microbial threats we face. Climate change, population growth, biodiversity loss and agricultural intensification are creating an explosive cocktail for the emergence – or re-emergence – of human and animal pathogens, by enabling more contact between people and animals.

    A wastewater treatment plant.
    Bilanol/Shutterstock

    Blue-green algae known as cyanobacteria are ancient bacteria that can turn toxic when flooded with excess nutrients (phosphorous and nitrogen) from sewage and agricultural run-off. In warm, stagnant waters, this can create massive algal blooms that cost societies billions each year.

    These blooms can disrupt natural ecosystems through the release of toxins into the water. In acute cases of human exposure, they can trigger gastro-intestinal, skin or neurological symptoms.

    Viruses present a different challenge. These tiny invaders survive in water for extended periods, spreading rapidly through interconnected wastewater and drinking water supplies. From SARS-CoV-2 (the virus that causes COVID-19) to the noroviruses that cause vomiting and diarrhoea, they can trigger major outbreaks of disease.

    This triple threat – climate change-induced water temperature increase, nutrient pollution, and the complex ways that pathogens circulate – demands monitoring approaches that can detect these hazards before they strike.

    infographic to explain water monitoring
    Microbes are being monitored at all stages of water treatment in Luxembourg.
    Blandine Fauvel.

    Monitoring these microbes

    At List, we are creating innovative tools to protect public health by closely monitoring microbial hazards.

    For example, at Haute-Sûre reservoir (the country’s main recreation site and drinking water supplier), a field observatory is equipped with automated instruments for real-time, 24-7 monitoring of cyanobacteria blooms. Automated cameras take hourly images at key locations, and sensor buoys in the water detect early signs of harmful blooms.

    When a risk is detected, on-site toxin tests are performed – with results available within an hour. Local authorities can be alerted immediately to issue bathing bans in contaminated areas while keeping safe zones open. Such bans can also be lifted more quickly using this system.

    monitoring equipment to test water quality
    Continuous monitoring of cyanobacteria at the Upper-Sûre reservoir with automated cameras that transmit pictures in real-time.
    Luxembourg Institute of Science and Technology

    Another water observatory was recently set up in Luxembourg to remotely and continuously monitor bacteria in drinking water. Using sensors which transmit high-resolution data in near-real time, this observatory tracks changes in microbial water quality at strategic spots across the drinking water supply network. This helps improving water management and supports the long-term supply of safe drinking water.

    Meanwhile, our wastewater-based observatory, Microbs, brings together information from the inlets of 13 wastewater treatment plants across the country to monitor viruses such as SARS-CoV-2 and influenza. On-site instruments autonomously collect wastewater samples which are analysed in the lab to provide an early warning of viral outbreaks – often before they appear in the community.

    Covering around 75% of Luxembourg’s population, this observatory played a key role during the COVID-19 pandemic. The data, shared regularly with health authorities, became as important as case numbers or hospitalisations, helping to guide targeted testing and implement an early response to protect the population.

    To complement our technology-driven observatories, we have also launched a citizen-based observatory. Together with UK scientists, we adapted an app called Bloomin’ Algae which allows the public to report and upload photos of cyanobacteria blooms at Luxembourg’s bathing sites. These can then be verified by experts, with confirmed sightings appearing on a public map.

    As climate change and population growth put strain on precious water resources, technology and citizen input, used together, are an important way to improve water monitoring and protect public health, quickly.

    Imagine weekly climate newsletter

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

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  • BBC acquires a new adaptation A Tale of Two Cities starring Kit Harington, François Civil and Mirren Mack

    BBC acquires a new adaptation A Tale of Two Cities starring Kit Harington, François Civil and Mirren Mack

    Federation Stories and Thriker Films have announced their new four-part drama adaptation of Charles Dickens’ literary classic, A Tale Of Two Cities, set to air on the BBC in the UK and MGM+ in the US.

    The four-part limited series stars Kit Harington (Industry, Game of Thrones), François Civil (Beating Hearts, The Three Musketeers) and Mirren Mack (Miss Austen, Hedda) with Hong Khaou directing (Mr Loverman, Lilting, Alice & Jack) and Daniel West (Gunpowder, Top Boy) writing. Shooting will commence in October.

    London, 1782. Tensions run high in the war between France and Britain. A young woman, Lucie Manette (Mirren Mack) has her life upended when she receives a message from Paris – her father, assumed dead for almost 20 years, may be alive. The messenger – idealistic French emigré, Charles Darnay (François Civil) – is arrested and charged with treason. Lucie enlists the help of a brilliant but erratic young lawyer, Sydney Carton (Kit Harington), to free Darnay in the hope he will lead her to Paris to track down her father. Lucie’s collision with Darnay and Carton unleashes a powerful and complex love triangle. Both men fight to be worthy of her love, and Lucie is torn over which one to choose. Yet neither man – physically so alike, spiritually poles apart – can escape the other. Instead, they find themselves bound together in life and death, through triumphs, tragedies, marriage, and murder.

    Polly Williams, Executive Producer and Managing Director, Federation Stories, says: “In an era of worldwide turbulence, confusion and uncertainty, A Tale of Two Cities is a very timely story. We hope Dan’s wonderful adaptation will surprise new audiences whilst delighting classic Dickens fans. Kit and Dan are a dynamic team who have a long-held passion for this amazing story, and it has been a joy to work with them and the brilliant Hong to realise it for TV. We are so excited that Kit, François and Mirren will lead this piece and play out a very modern and intriguing love story. “

    Kit Harington, Executive Producer, Thriker Films and Daniel West, Executive Producer and screenwriter, adds: “We could not be more thrilled to be working with Polly, Sarah, Leo and the team at Federation to bring Dickens’ revolutionary epic to the screen. A Tale of Two Cities is the original historical blockbuster – a heartbreaking romance and a brutal revenge mystery, all set against the iconic backdrop of the French Revolution. Our adaptation will be a twisting period thriller; one with a contemporary, volatile love triangle at its heart. We can’t wait to share it with audiences in 2026.’

    Sue Deeks, Head of BBC Programme Acquisition, says: “It has been many years since the last television adaptation of A Tale of Two Cities, and we couldn’t have a more perfect creative team ready to bring a new audience to one of the most intense, romantic and thrilling stories of all time.”

    Produced by Federation Stories, in co-production with Federation Studio France and Thriker Films, for the BBC, MGM+. The series will be distributed by Federation International. A Tale of Two Cities has been acquired by Sue Deeks, Head of BBC Programme Acquisition.

    The executive producers are Polly Williams and Sarah Best for Federation Stories, Léo Becker for Federation Studio France, and Kit Harington and Daniel West for Thriker Films, Michael Wright for MGM+. The director is Hong Khaou and the producer is Simon Meyers (I May Destroy You). The show is created and written by Daniel West.

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