In the fast-paced world of online trading, XTrend Speed has emerged as a powerful and innovative platform that caters to both novice and experienced traders. With its advanced technology, user-friendly features, and extensive range of trading instruments, XTrend Speed has positioned itself as a top-tier platform that provides users with unparalleled opportunities in the financial markets. Whether a trader is looking for a diverse selection of assets, cutting-edge trading tools, or a rewarding community-driven environment, this platform delivers a seamless and engaging experience that ensures success for all types of investors.
XTrend Speed offers an extensive selection of over 600 trading instruments, including stocks, forex, commodities and indices. This diverse range allows traders to build well-balanced and diversified portfolios while taking advantage of opportunities in multiple global markets.
Real-time market data and analysis tools further enhance the trading experience, ensuring that users can make informed decisions backed by the latest financial insights. Whether traders are looking to invest in major tech stocks, trade currency pairs, or explore commodities like gold and oil, XTrend Speed provides all the necessary resources to navigate the markets effectively.
One of the platform’s standout features is its copy trading function, which has revolutionised the way people engage with financial markets. Copy trading allows beginner traders to replicate the strategies of experienced professionals in real-time, eliminating the steep learning curve that often comes with trading. This means that even those with little to no experience can potentially earn profits by following successful traders. Meanwhile, experienced traders who act as ‘copy trading masters’ can monetise their expertise by earning commissions whenever other users copy their trades. This creates a mutually beneficial ecosystem where knowledge is shared, and both new and veteran traders can thrive together.
Interactive functions
In addition to its robust trading tools, XTrend Speed continuously seeks to improve user engagement and education through its live stream feature. This interactive function offers real-time market updates, expert insights, and in-depth trading strategies presented by financial professionals. Through live streaming sessions, traders can stay informed about market trends, learn new techniques and gain valuable perspectives from experienced investors. Whether it is a technical analysis breakdown, a macroeconomic discussion, or an in-depth tutorial on trading strategies, the live stream feature ensures that users have access to top-tier educational content.
Even those with little to no experience can potentially earn profits by following successful traders
Another key component of XTrend Speed’s ecosystem is its credit system, which enhances trading flexibility by providing users with additional funds. This system allows traders to access more capital, helping them seize market opportunities without requiring a large initial deposit. The credit system is particularly beneficial for those looking to test new strategies, explore different trading instruments, or maximise their trading potential. By offering this feature, XTrend Speed ensures that traders can take full advantage of market movements while managing their risk effectively.
Earning commissions
For those looking to take their involvement in the financial markets to the next level, XTrend Speed offers an introducing broker (IB) programme, which allows individuals and businesses to earn commissions by referring clients to the platform. This programme is ideal for financial influencers, professional traders and business owners who want to leverage their network and help others discover the benefits of trading on XTrend Speed.
Through live streaming sessions, traders can stay informed about market trends
Participants in the IB programme earn commissions based on the trading volume of their referrals, creating a lucrative opportunity for those who wish to build a sustainable income stream. With a transparent commission structure and dedicated support, the IB programme is a perfect avenue for those looking to expand their financial horizons. Beyond its innovative features and user-centric initiatives, XTrend Speed has also made significant strides in the global financial industry through strategic sponsorships. The platform proudly sponsors ACF Fiorentina, one of Italy’s most renowned football clubs, as well as the Argentine Football Association (AFA), the governing body of Argentina’s national football teams. These sponsorships reflect the platform’s commitment to excellence and its mission to build strong connections with a diverse audience worldwide. By partnering with prestigious sports organisations, XTrend Speed continues to enhance its brand visibility while supporting the spirit of competition and success.
Dynamic trading environment
XTrend Speed’s dedication to innovation and excellence has earned it industry recognition, with the platform recently winning the ‘Best Copy Trading Platform Global 2025’ award from World Business Outlook. This prestigious accolade reaffirms XTrend Speed’s position as a market leader and highlights its commitment to providing a superior trading experience. The recognition serves as a testament to the platform’s cutting-edge technology, user-focused initiatives and continuous efforts to improve the trading environment for its global user base. As XTrend Speed continues to evolve, it remains focused on delivering top-quality services, expanding its product offerings, and creating opportunities for traders of all levels. Whether it is through the copy trading feature, a diverse selection of trading instruments, live market analysis, or innovative campaigns, XTrend Speed is setting new standards in the world of online trading. With a vision centred on accessibility, education and growth, the platform continues to empower traders worldwide, making financial markets more inclusive and rewarding for everyone.
I am a hitman, hired to kill you, but I see you are a good man. If you pay me $5,000 I will cancel the job, otherwise I’m coming to your house to kill you and your wife.’ This message appeared one morning in a Chief Financial Officer’s inbox. Questions raced through his mind: Who sent this? Should I be worried? This was not the first time experts had seen such tactics, with similar cases appearing frequently each year.
Digital investigations confirmed the wording matched scripts sold on the dark web. The message lacked specific knowledge about the CFO – no names or addresses were mentioned. It was also established that his email had been compromised in a social media data breach. This was simply a scam targeting many victims, similar to ‘sextortion’ emails from previous years. Like many organisations, the CFO’s company lacked security resources to support staff in such situations.
Assessing threat credibility
For organisations without dedicated security resources, these moments can be unsettling. Threats can arrive via various channels: text messages (including WhatsApp, Signal), voice calls, emails, physical mail and social media. The priority is always assessing credibility before action. Anyone can make a threat, but do they mean it?
Threat actors span many categories: disgruntled employees or ex-employees, obsessed individuals, angry customers, or malicious troublemakers. For some leaders, the sheer volume of threats can quickly overwhelm them and their security teams – particularly those associated with politically divisive organisations. The targeted assassination of UnitedHealthcare CEO Brian Thompson in December 2024 was a stark reminder of the real threats faced by business leaders and high-profile individuals.
Handling digital threats
Threats must be assessed quickly, discounting those lacking credibility while focusing on individuals posing genuine physical harm. While easier said than done, effective triage is essential. Law enforcement primarily focuses on evidence collection rather than real-time threat assessment; the burden often falls on the organisation or individual to determine what requires urgent action.
In one instance, an organisation’s leadership faced a social media backlash sparked by a high-profile critic. Personal details were published alongside executives’ names, drawing thousands of comments – many explicitly threatening violence. Immediate security guidance was issued while a deeper assessment began, with the priority being staff safety.
A structured approach to threat assessment asks six key questions:
What was said? Is the threat explicit or implied?
What do they want? Is there an extortion demand, or are they purely making threats to harm?
Who are they? What identifying information can be extracted (such as phone numbers, email addresses, metadata, etc)?
What is the motive? Often financial, though when money is not mentioned, deeper reasons may exist.
Do they have capability and intent? Can they carry out their threat, and do they mean what they say?
What options exist for both victim and threat actor? What is likely to happen next, and how can the target be protected?
When handling mass digital threats, establishing capability is the first priority. In this case, all threatening accounts were identified, users geolocated, and historical activity analysed. The targeted executives were based in southern England, while the individuals behind the threats were largely outside the UK. Most were in the US and the geographically closest was in West Africa. Though travel remained theoretically possible, this context reduced the likelihood of a credible threat.
A crisis response consultant was mobilised to provide strategic advice on managing the situation while forensic research was conducted into the threat actors’ profiles, including image analysis to verify geolocation data. In select cases, psychological profiling is used to distil behavioural insights directly from threat language.
The evolving threat landscape
For organisations, taking proactive steps to monitor emerging risks can make a difference. Events like AGMs, financial disclosures, or leadership changes often trigger heightened threat activity. Early identification of high-risk individuals or groups allows for strategic monitoring, deploying safeguards before escalation occurs.
The modern threat landscape is evolving – becoming more personal, frequent and sophisticated. Responding effectively means finding a balance between urgency and rational decision-making. The right expertise can cut through the noise, enabling swift, informed action that ensures security without unnecessary alarm.
Corporate governance constitutes a framework of rules, practices and processes by which an organisation is directed and controlled. It represents the relationships among an organisation’s shareholders, board of directors, management and other stakeholders, ensuring transparency and accountability in decision-making. This framework builds trust and integrity, which are essential for enhancing corporate performance and profitability. In adhering to high standards of governance, organisations can align their strategic goals with stakeholder interests, thereby establishing a solid foundation for sustainable success.
From oversight to strategy
Previously, serving as a board member was often regarded as a distinguished role and a recognition of a successful professional career. The composition of the board was not a major topic of discussion, and it was common for individuals to hold multiple board memberships, sometimes serving as board members and chairpersons for numerous organisations, at times exceeding 10 organisations. This practice was driven by the belief that experienced professionals could offer useful advice and connections to many organisations at the same time.
Gradually, boards began to function as supervisory bodies, focusing on governance and compliance and serving primarily as a required oversight function. They fulfilled regulatory requirements rather than actively contributing to the strategic direction of the organisation.
Today, the role of the board has evolved significantly. Boards are now instrumental in defining the future and strategy of organisations. The qualifications of board members aim to facilitate meaningful contributions. The board’s composition is now closely scrutinised to ensure it includes the skills and expertise needed for long-term success, effective oversight of compliance and governance and appropriate delegation of operations to management. This shift reflects a forward-looking approach that prioritises the strategic and sustainable growth of organisations.
Boards are expected to help shape an organisation’s vision and strategy by guiding management, aligning with long-term goals, and tackling new challenges and opportunities. This requires board members to have a broad range of skills, such as strategic thinking, financial knowledge, industry expertise, and the ability to understand complex regulations and market trends.
Organisations now look for members who offer fresh perspectives and specialised knowledge to handle diverse issues. A diverse board is better equipped to make smart decisions, manage risks and identify opportunities, offering purposeful oversight and strategic direction.
Overall, the evolution of the board’s role reflects a broader shift towards more dynamic and proactive corporate governance. Boards are no longer merely fulfilling regulatory requirements. They are driving long-term value creation and ensuring that the organisation remains resilient in the face of changing market conditions.
This transformation highlights the importance of having qualified, diverse, and engaged board members who can navigate the complexities of modern business and contribute to the organisation’s success.
What makes a board truly effective?
An effective board is characterised by key traits that drive good governance and the achievement of strategic goals. This starts with a healthy balance of executive, non-executive and independent directors, who together offer the right mix of skills, knowledge and experience to enable better decision-making and governance. Each board member must clearly understand their roles and responsibilities, including their fiduciary duties. Ongoing professional development is essential to keep directors up to date with industry trends and best practices. Independent oversight is critical and should be supported by regular assessments of each director’s independence to ensure objectivity.
Regular performance evaluations of the board, its committees and individual directors, help identify areas for improvement and reinforce alignment with governance objectives. Ultimately, effective boards are made up of the right people, equipped with timely and accurate information, who use their time wisely, lead with purpose, collaborate well, and maintain strong, constructive relationships with executive management.
Advancing practices in the UAE
Corporate governance in the United Arab Emirates (UAE) has transformed significantly in recent years, driven by evolving regulations and the UAE’s commitment to transparency, accountability and ethical conduct. As a seasoned practitioner in the field of corporate governance, I have had the privilege of witnessing dynamic changes and proactive measures implemented to elevate corporate governance practices.
Boards are now instrumental in defining the future and strategy of organisations
These initiatives have ensured that organisations operate with enhanced transparency and accountability, aligning with both local and international standards. The adoption of international standards has attracted foreign investment, helping to drive economic growth. Proactive measures such as stringent reporting requirements, regular audits and the establishment of dedicated governance committees have strengthened corporate governance across various sectors.
These initiatives have further created a culture of accountability, where organisations focus on long-term sustainability, risk management, stakeholder engagement and creating long-term value for stakeholders. Overall, the UAE’s dedication to a transparent, accountable, and ethically sound business environment has positioned it as a leader in corporate governance, promoting sustainable growth and attracting investment.
Excellence in governance at CBD
Commercial Bank of Dubai (CBD) is committed to enhancing its governance framework to ensure unparalleled transparency, accountability and ethical conduct across all operations. This steadfast dedication secures our integrity while driving sustainable, long-term value for our stakeholders. Our governance practices are continuously evolving to align with the latest regulations and trends, ensuring that we remain at the forefront of corporate governance excellence.
This focus has driven our success in promoting transparency, accountability and ethical conduct across all operations, reinforcing our position as a regional leader in governance. The board of directors at CBD collectively possess the requisite skills, knowledge, and experience to effectively govern and steer the bank.
Further, the board actively enhances its members’ expertise through ongoing professional development. This approach enables the creation of a diverse and well-rounded skill set, addresses gaps, and prepares members to navigate a dynamic and evolving environment.
The bank has established five board committees to ensure effective delegation and oversight across key areas of its operations. These include specialised committees focused on strategy, business growth, compliance and risk management, and board composition and succession. This structure allows for targeted attention to critical functions, ensuring that specialised tasks are addressed efficiently and with the appropriate expertise. It reflects modern governance principles that prioritise strategic leadership, diverse capabilities and proactive management of emerging challenges and opportunities.
As corporate governance continues to evolve, CBD remains firmly committed to the highest standards of transparency, accountability, and ethical leadership. The bank encourages a strong governance culture, reinforced by ongoing development, rigorous oversight, and a forward-looking board. As such, the bank is well-positioned to navigate emerging challenges, drive strategic growth, and deliver long-term value to its stakeholders. These purpose-driven efforts underscore the bank’s leadership in corporate governance across the region.
The development of artificial intelligence and the use of social media, streaming services and other technology is driving unprecedented demand for data centres. Building new data centres is impeded by a lack of viable land in primary data centre markets, a constrained power grid, supply chain delays and labour constraints. A heightened focus on sustainability adds another layer of complexity. To address these challenges and meet immediate and future demand, data centre providers need to modernise their growth strategies.
QTS’s approach to procurement integrates strategic investments in land, large-scale power and critical equipment – as well as access to carbon-free energy – to address both immediate and future infrastructure needs for customers. Leveraging this approach, we have created a roadmap to introduce more than 35 new facilities with more than 3,800 megawatts by 2028.
Planning for future demand
Land availability has become increasingly limited due to difficult-to-secure entitlements and new government regulations that limit new data centre development to preserve land for other uses. With primary data centre markets oversaturated, data centre providers are moving outside of traditional locales to areas with ample land, rich connectivity and carbon-free energy sources. This shift positions data centres to scale to meet future demand and satisfy hyperscalers’ preference for large-scale data centre campuses.
Data centre providers are moving outside of traditional locales to areas with ample land
QTS’s land-banking strategy evaluates multiple future sites well in advance to enable mega campuses that maximise the number of onsite facilities, minimising community impact and offering options for long-range customer deployments. The transition to large campuses also delivers economic benefits and helps solve labour constraints by providing predictable, long-term projects for construction partners.
Accessing power amid a restricted power grid is another obstacle. Utilities are struggling to keep pace with demand, lengthening power procurement timelines. Data centre providers with contracted power capacity at scale are better able to support incremental demand from key hyperscale tenants.
Access to infrastructure
QTS implements long-term power provider partnerships and utility agreements years before commissioning. QTS also works closely with utility companies to identify innovative and sustainable ways to generate and secure power that best serve our customers, the community and the environment.
QTS has signed long-term contracts for solar- and wind-generated energy in multiple states, including Texas, Illinois, New Jersey and Georgia. We also advocate for more cost-effective renewables pricing. In partnership with the Clean Energy Buyers Alliance (CEBA), we strive to unlock the marketplace for all non-residential energy buyers and transition to a zero-carbon energy future.
To address equipment and infrastructure delivery timelines, which have more than doubled in the past two years, QTS pre-positions standardised equipment more than 24 months in advance, securing a long-term growth roadmap. This advanced purchasing model is reinforced by our Freedom Standard Data Centre Design, which standardises every element of the data centre. Utilising consistent equipment across facilities allows us to lean in and buy hundreds of megawatts worth of equipment to alleviate supply chain delays.
Sustainable initiatives and conservation
As data centres adapt their expansion strategies, sustainability and energy efficiency remain focal points. QTS is an industry leader in sustainability and data centre efficiency. We support policy change and integrate a variety of energy-efficient practices and solutions into our facilities, including energy-efficient cooling, Energy Star appliances, LED lighting and occupancy sensors.
To create a more sustainable future, we developed the QTS Freedom Design, a best-in-class standardised data centre model implemented across all our new data centres. The design employs a low-pressure pumped refrigerant system to remove heat without consuming water. By eliminating the use of water to cool data centres, the Freedom Design system saves more than 48 million gallons of water annually per data centre – the equivalent of water use from more than 2,200 US homes per year. Because the cooling system does not consume water, QTS Freedom Design data centres deliver a water usage effectiveness (WUE) of zero. WUE is the most relevant metric for measuring water use and conservation in the data centre industry. All new data centre builds will continue to use this water-free cooling system to improve water conservation in every community in which we operate. To conserve water in legacy facilities, QTS employs additional water-saving and reuse practices, including rooftop rainwater collection systems and reclaimed water programmes.
Data centres with innovative solutions will be prepared to address market trends
QTS’s water conservation efforts extend beyond our data centre operations. We partner with World Vision, a world leader in humanitarian efforts, to provide clean water to in-need individuals and communities across the globe. Through our Water Fund programme, QTS supplies clean drinking water to three people for every 100kW of customer contracted power, continuing the donation for the life of each contract. For larger, 12+MW contracts, QTS finances the construction of a sustained clean water source, such as a well or water point, for the duration of each contract, providing an entire community with a long-term supply of clean water. To date, QTS has subsidised 23 water points, supporting over 65,000 individuals, including those in the region of Makusa B, Zambia, in September 2024.
A community focus
QTS is committed to economic development that provides meaningful return on investment for the communities we call home. That includes creating construction, manufacturing and technology jobs, fostering economic growth through tax revenues, working with local suppliers, and operating as trusted neighbours and responsible stewards of the environment and community resources.
Data centres generate hundreds of millions of dollars in tax revenue for local communities. This revenue goes to advancing community initiatives while significantly reducing the tax burden on residents. To enhance our communities, we implement plans to preserve, improve and create public amenities; provide workforce development programmes, training and job opportunities; and protect the natural environment and its wildlife.
As widespread digitalisation increases data centre demand, data centres with innovative solutions will be prepared to address market trends and guide strategic investments to remain ahead of the curve. QTS is at the forefront of digital transformation with a forward-leaning plan that integrates mega data centre campuses, large-scale power procurement and aggressive purchasing timelines to support global connectivity and hyperscaler expectations, sustainably.
The contract development and manufacturing organisation (CDMO) industry is undergoing structural recalibration, shifting from pure manufacturing to becoming valuable strategic partners, which means that scaling without strategy and growth without responsibility are no longer viable. So, for companies like Bora who are at the intersection of science, speed, and sustainability, the mandate is clear: evolve with the purpose of empowering talents, integrating sustainability goals across operations, and building differentiated technology.
This next wave of complex therapies demands faster, cleaner, and more resilient global supply chains. CDMOs will be judged by how they deploy assets: ethically, efficiently, and with foresight. However, even with this knowledge, industry-wide gaps still remain, with Morgan Stanley Capital International (MSCI) data showing that fewer than 50 percent of registered CDMOs fully consider sustainability across all parts of their operations. And although many CDMOs maintain low Scope 1 and 2 emissions, as expectations continue to rise, product safety, carbon emissions, and governance remain the key areas that are under-integrated and inconsistently managed.
It is also increasingly the case that pharmaceutical clients now demand net-zero-aligned partners who can meet environmental, social, and governance (ESG) metrics without compromising supply resilience. Unfortunately, many CDMOs lag in governance and supply chain oversight due to structural realities: high client turnover, fragmented sites, and rapid mergers and acquisition (M&A) cycles, often leading to inconsistent frameworks and weak visibility across suppliers and subsidiaries. To thrive in this new paradigm, it’s important that CDMOs move beyond ad hoc ESG responses and embed accountability as part of the infrastructure.
Can you explain how this industry shift has impacted Bora’s decision-making in terms of ESG initiatives?
At Bora, we have taken deliberate steps to embed ESG into our core operations through three pillars: top-down governance, standard operating procedures (SOPs), and proactive planning. In 2022, Bora’s Board of Directors approved the formation of a Sustainability Committee to strengthen ESG governance at the highest level. This committee defines the company’s sustainability strategies, monitors annual goals, and ensures continual improvement. In 2024, we took it a step further by launching an ESG and Strategic Communications team to coordinate across departments and lead implementation efforts. Monthly internal, cross-functional ESG meetings are now standard practice, to review international benchmarks and trends, and form the foundation for both internal management and external disclosures, while quarterly committee reports track progress and identify gaps on our path to net zero.
In terms of SOPs, we’ve developed internal governance frameworks aligned with global ESG standards, such as EcoVadis, the global standard for resilient, sustainable supply chains. These frameworks ensure that our goals are clearly defined, measurable, and achievable, facilitating performance tracking and external assessments.
And how are you meeting this challenge through sustainable practice?
As the group expands through acquisitions, we are acutely aware of just how complex and demanding this challenge is because we’ve lived it. In just six years, we’ve executed eight mergers and strategic investments. Across production, sales, and R&D, our capabilities are comprehensive, and our challenges abundant. Not only do we have to move quickly to integrate each acquired asset ensuring it holds a defined strategic role within the network, we also have to harmonise operational systems across both newly acquired and existing sites. At the same time, we have had to drive intensive cross-functional collaboration to create our sustainability strategies from nurturing alignment, meticulously validating data, and developing risk management roadmaps, essentially building our sustainability programme while growing the business.
For fast-growing companies, sustainability is the elephant in the room. Its importance is undeniable. Its presence, inescapable. But tackling it head-on, with intent and clarity, is a test few have passed.
That is why we integrate sustainability planning into new sites from day one, including carbon inventory assessments and goal alignment across the entire Bora Group. This effort is inclusive by design, and ensures consistency and long-term ESG integration across our global operations.
As a result of our commitment to sustainability, in 2024, we surpassed $600m in revenue, a 36 percent year-on-year increase, with earnings per share rising 28 percent. However, these milestones reflect more than performance, they validate a strategy rooted in operational excellence and ESG stewardship. Sustainability is our competitive positioning, and we’ve hardwired it into our operating model, tying executive incentives to measurable ESG KPIs, embedding carbon and labour risk into M&A due diligence, and scaling capacity through energy-efficient, automation-ready facilities.
Can you tell us about the energy efficiency measures you’ve implemented at your Taiwan site to help reduce emissions?
Over 50 percent of our CDMO capacity is located in Taiwan, and energy efficiency lies at the core of our decarbonisation strategy. Like many of our Asian CDMO peers, Scope 2 emissions, driven largely by purchased electricity and affected by higher carbon intensity from carbon fuel dependency, remain our dominant source of greenhouse gas emissions. To address this, we’ve prioritised rigorous emissions profiling as the foundation of our climate roadmap, and by enabling real-time digital energy monitoring, equipment modernisation, and site-level efficiency optimisation, our approach turns data into action. As a result of heating, ventilation and air-conditioning (HVAC) system upgrades, our Zhunan site in Taiwan has already generated a sustained annual electricity reduction of over six percent and CO₂ emissions by more than three percent.
Zhunan also boasts one of the best oral and modified-release dosage forms using organic solvent-based processes in the region, and over the past three years, Bora has invested several million US dollars in a regenerative thermal oxidation (RTO) system to treat volatile organic compounds (VOCs). This system repeatedly recycles heat from exhaust gases through a high-temperature oxidation process, maintaining thermal stability while significantly reducing fuel consumption. As a result, the site’s processing capacity has more than doubled, laying a solid foundation for continued expansion, and a testament to how infrastructure choices can materially shift carbon outcomes. Over in Canada, our Mississauga site is preparing to align with the Science Based Targets initiative (SBTi) based on the foundation of North America’s relatively low emission factors, which marks a critical milestone in our group-wide net-zero trajectory. We are also currently taking a deep dive into the performance of sites with slower progress to identify targeted resource interventions, and by directing strategic support to underperforming locations, we can ensure that decarbonisation stays equitable and operationally integrated.
What are the most critical lessons you’ve learned from this and how are you scaling them across your global operations?
Throughout our sustainability journey, we’ve gained valuable insights, including the importance of setting aligned, actionable goals and amplifying impact through champion sites. First, and foremost, we don’t pursue sustainability in isolation, but align each site’s goals with internationally recognised frameworks, like EcoVadis, and then break the goals down into specific and measurable sub-targets. This structured approach ensures that sustainability isn’t just aspirational but operationally grounded and trackable.
Lowering the barriers of learning and creating a space where employees can communicate and ask questions freely is Bora’s definition of effective corporate management.
Bora now operates over 10 manufacturing sites globally, and this means that scaling initiatives across diverse locations requires more than just standardisation, it requires leadership. To this end, we’ve adopted a “champion site” model, where high-performing sites, such as those in Mississauga, Canada and Zhunan, Taiwan, serve as mentors for others, with teams actively sharing best practices from carbon reduction and waste minimisation to energy-efficient production using terminology that resonates with pharmaceutical professionals. For example, our Zhunan site has taken the lead in water management initiatives, while the Zhunan team guided our Zhongli site in implementing carbon inventory and reduction planning.
This peer-to-peer approach allows us to localise execution while maintaining global alignment, driving real, scalable impact across the group. Additionally, these sites also demonstrate how we can meet stringent US Food and Drug Administration (FDA) and Quality standards without compromising our green goals.
What is atlasOS and how is it transforming employee engagement and skill enhancement?
People are the foundation of our business and we intend to build a forward-thinking organisation. To this end, we’ve embarked on a bold digital transformation journey to empower our employees by redefining what’s possible in biopharma. Unlike other industries, the operational core of a CDMO business spans across three dimensions on a system and orientation level: project management, manufacturing management (including cost modules in Enterprise Resource Planning (ERP)), and order management.
Our customers’ product demands are also time-sensitive, which adds to the operational complexity. Therefore, the balance between production costs and inventory management requires either experience or system and is the same for our clients. As a result, institutional knowledge and intelligence must be systematically captured and connected with client systems. This creates a need for artificial intelligence (AI) tools, not only to prevent reliance on memory or fragmented data gathering by individuals, but also to ensure smooth cross-functional coordination.
These AI tools have been embedded into our CDMO operations with a secure, private foundational model development platform for enterprise deployment, and the planned programme is built around a flagship AI operating system, atlasOS. But it’s not about off-the-shelf automation, it’s about building our own intelligent systems that are deeply integrated with our infrastructure, culture, and long-term vision.
How do you ensure atlasOS remains a tool for empowerment rather than just automation?
atlasOS is designed with the principle of support in mind. It doesn’t just automate tasks; it strengthens the individual. It reduces cognitive load, surfaces insights in real time, and adapts to each user’s strengths and style, resulting in workers spending less time fighting systems and more time doing what they’re good at, and getting better at it.
At Bora, we are not building for volume, we are building for what’s next.
The Human Personality Index™ is embedded in the system to make every interaction more intuitive and personal. By learning how a person communicates, makes decisions, and prefers to work, the system essentially creates and becomes an adaptive co-pilot, delivering insights in a way that best fits each individual’s understanding and decision-making style.
Across our deployments of atlasOS, we’ve seen employees report higher satisfaction, not because their jobs got easier, but because their work became more meaningful.
What is the next stage of development for Bora?
In this next phase of the CDMO market, the winners will be those who build not just capacity but capability, and for Bora, 2025 marks a turning point. The second half of the year will see us simultaneously advancing technology differentiation and embedding sustainability deeper into our manufacturing processes, and is a moment to showcase the full force of our R&D and production expertise.
We are approaching this transformation with the same analytical rigor we apply to every strategic decision, that being that our sustainability lens is not merely an overlay but the foundation. One key initiative currently underway is an internal carbon pricing assessment, which is designed to evaluate the feasibility and long-term benefits of transitioning to alternative energy sources across our operations. We are also advancing a two-pronged sustainability initiative; firstly, green chemistry principles are being embedded across development and scale-up processes to minimise solvent waste and enhance overall efficiency, and secondly, facility upgrades are always underway to drive energy efficiency including renewable energy use and heat reclamation.
Bora Sites Overview
Site Name
Key Capability
Baltimore, USA
Sterile Fill-Finish
Minnesota, USA
Oral Solid Dosage (OSD), Liquids, Sterile capability in planning
Bora Pharmaceuticals is a global contract development and manufacturing organisation (CDMO), providing development and manufacturing services to the pharmaceutical industry. With 2,500 employees across 10 sites globally, distributing to more than 100 markets, its commitment to sustainability has become a “right to operate” for the pharmaceutical companies Bora works with. J.D. Mowery, President of Bora Pharmaceuticals’ CDMO Division, explains how the group shares best practices across its sites, and plans for its recent strategic acquisition in Baltimore, set to become Bora’s flagship facility for fill-finish services.
JD Mowery: Bora Pharmaceuticals is a global CDMO. We provide development and manufacturing services to the pharmaceutical industry. We have 10 sites around the world, around 2,500 employees, we distribute to more than 100 markets.
We produce small molecule, large molecule; we do fill-finish, all different kinds of dosage forms.
Our mission is to really improve lives around the world – we want to be a partner for biotech and pharma, to help make sure that as many patients as possible are treated. And when we think about sustainability it’s both an ethical obligation, but it’s also an expectation of the industry.
As we work with more and more pharmaceutical companies, their expectation is that we’re being a good steward of the resources that we have available to us, and we’re really taking great care of the environments that we’re working within.
JD Mowery:Sustainability’s important for Bora Pharmaceuticals for many reasons, one of which is, you know, our board has made sure that it’s something that we stay focused on from a governance perspective. We want to make sure that we’re doing the best we can to leverage our resources, because it is an ethical obligation, but also because it’s a right to operate for our pharmaceutical companies that we’re working with.
We’re seeing more and more within the industry that, you know, some of the larger pharmaceutical companies, it’s an expectation. When they’re looking for companies to partner with, they expect us to prioritise sustainability just as much as they do.
Our site in Mississauga is probably the most mature site, from a sustainability perspective. They’re probably the most robust programme that we have, and they’re kind of the role model when it comes to sustainability.
Mississauga has a goal of becoming SDTI certified in 2025. And then when we think about the APAC region, Zhunan has increased capacity, but they’ve also been able to reduce their thermal oxidation by 38 percent. So obviously quite impressive to have those types of lofty goals from a sustainability perspective.
The Baltimore site here is part of the Bora family just as of August 2024. It was previously an Emergent site that we acquired; we brought it in to the Bora network to serve as a fill-finish site for sterile manufacturing for large molecule as well as small molecule.
It was a strategic play to allow us to start to service our customers for a longer piece of the value chain. So a customer that we were previously manufacturing drug substance for on the large molecule side of things, we’ll actually be able to help them to go all the way through to the drug product step.
The sustainability team is here to visit the Baltimore site, and one of the things that we want to understand is: where are we today, from an emissions perspective? We’re coming up on the one year anniversary, so they’ll be here to collect some samples and understand where it fits, and what opportunities we have to continue to improve the site.
The next few months and years for the site are very exciting. The FlexPro line that was invested in by the previous owners, Emergent, that’s a high speed isolator line that we’ll be bringing online in the next couple of weeks.
The board just recently approved an AST, fully automated isolator line that’ll do vials, syringes and cartridges, so that construction will be underway by July, and it’ll be coming online by the end of the year. That’ll allow us to manufacture clinical as well as orphan and small-scale commercial products.
And then obviously we’ve got ongoing commercial supply for close to 20 customers. So there’ll be a lot happening here in the Baltimore site. Continuing to train people, continuing to enhance the abilities of the site. But it’s exciting times here at the facility.
We truly believe that this site can be one of the flagship facilities for the Bora network. It’s kind of our first delve into fill-finish. We know we’ll need additional capacity elsewhere in North America, likely in Europe, as well as in the APAC region. But this will be what we use as that role model site.
We think about what we’re doing this year – bringing the FlexPro line on, the installation of the AST isolator line – it poises this facility to really be able to take what we’re doing to the next level.
We’ll be able to service the needs of our customers for years to come. But we also understand that within the next couple of years we’ll likely need to install a high speed line, greater than 100-150 vials per minute. We also know that from a capacity perspective, many of our customers are forecasting units per year that we would need to grow as well. So we’ll have to have that in mind, whether it’s the expansion of this facility, maxmising the footprint of this facility.
So we’re going to continue to learn and to maximise our opportunities and efficiencies here. But we know that this is kind of, what Bora can be. And this site will be that role model for both us and for our customers, to show what Bora’s capabilities are in continuing to service and really treat customers differently than what they’ve seen elsewhere within the CDMO industry.
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Today’s world is changing at an unprecedented pace. Driven by urbanisation and population growth, demand for affordable housing and resilient cities and infrastructure is increasing. The advances in data and connectivity, analytics and human-machine interaction are disrupting every sector in every part of the world. Climate change and resource scarcity call for a transition to durable and sustainable solutions.
With the innovation drive in the US and in Europe with the new Industrial EU Green Deal, the building materials’ sector is changing fast across its value chain, requiring new technologies and investments in AI and in building new capabilities.
Against this backdrop, businesses like TITAN – a global leader in the building materials industry – cannot merely react and adapt. They need to anticipate, lead and act. And that is exactly what TITAN is doing through innovation, digitalisation and new investments. We are transforming our materials and product range across more than 25 countries to address evolving customer needs, tackle modern construction challenges and help build faster, durable and resilient cities. Challenges and ambitious goals don’t daunt us; they energise us, and our purpose – making the world around us a safe, sustainable and enjoyable place to live – is deeply embedded in everything we do.
Innovating towards durability
We are fully aware of our responsibility to meet the increasing performance needs of our customers and at the same time we are committed to lower the carbon footprint of our materials and operations, with the target of keeping global warming under 1.5°C. To rise to the challenge, we are implementing a comprehensive growth and sustainability strategy, targeted at achieving net-zero greenhouse gas emissions across our entire value chain by 2050. We have set additional near-term targets for 2026; these include doubling our innovative low-carbon product portfolio, so that it will account for at least 40 percent of our total portfolio, by integrating more alternative cementitious materials; reducing specific, net-direct carbon emissions to below 550kg per tonne of cementitious product; and more than doubling our use of low-carbon alternative fuels and renewable electricity. The relevant roadmap of actions is already in motion, backed by over 100 value-adding initiatives and growth investments across all our geographies and value chain.
We are active on multiple fronts: In 2023, our teams launched the development of a pioneering carbon capture project in Greece, near Athens, which is partly financed by the EU Innovation Fund. The project is designed to capture 20 percent of the group’s carbon emissions and enable the production of more than three million tonnes of innovative zero-carbon cement for future concrete construction across Europe.
Meanwhile, at our plant in Roanoke, Virginia, we are developing a first-of-its-kind calcined clay production line that expected to offer our customers an innovative alternative material with superior performance, while reducing carbon emissions by up to 50 percent. This is partly financed by an award from the US Department of Energy.
In addition, we are making significant investments to support the introduction of alternative cementitious materials to our markets. After activating partnerships in pozzolanic natural materials in Greece and Turkey, in slag waste from the steel industry in Indonesia, as well as in clay in the US earlier this year, we launched new joint ventures, this time focused on fly ash in India and the UK.
Last year, we launched TITAN Edge, our family of innovative, high-performance, low-carbon cementitious products. These include limestone-based and pozzolanic cements, which can replace a large part of clinker in traditional cement, further helping to reduce carbon emissions. New innovative products like VELTER concrete, introduced in Greece, also demonstrate how we are advancing performance in superior low-carbon construction.
These innovations are already being used. Current iconic projects we are providing materials for include Ellinikon – the largest urban regeneration project in Europe, set to be built on the site of Athens’ former airport. It will comprise a series of low-carbon, energy-efficient buildings, including Greece’s tallest skyscraper, alongside a huge park, new coastal waterfront area, as well as resilient infrastructure. We are also supplying innovative low-carbon, high-durability concrete to next-generation data centres in Virginia, and to new construction projects in Florida that demand stringent standards.
Our responsible growth strategy is bearing fruit. We made considerable progress in reducing our carbon footprint in 2024, cutting carbon emissions to less than 600kg per tonne of cementitious product. We achieved this through a record 21 percent use of low-carbon alternative fuels and through the integration of over two million tonnes of cementitious and alternative materials in our supply chain. Our innovative cementitious products accounted for almost 30 percent of our production volumes.
Our efforts to date have earned the loyalty of our customers and partners and global recognition; in 2024, the Financial Times named us one of Europe’s Climate Leaders, and we were awarded Leadership Status on climate change by the CDP (formerly the Carbon Disclosure Project) for the fourth consecutive year. The same year, the FTSE4Good Index Series also acknowledged our performance.
Calciner at TITAN Group integrated cement plant in Kamari, Greece
Investing in new ventures
Digital innovation is also a key driver of TITAN’s success and growth, and we are accelerating our efforts in this space. To this end, in 2024 we continued our investments in research and innovation and significantly advanced our Venture Capital initiative, launched in 2023. We are planning to invest up to €40m in relevant start-ups over a three-year period, targeting ventures that can create business value and advance innovation with and for our customers and stakeholders.
Digital innovation is also a key driver of titan’s success and growth
Our first four investments focused on coastal protection materials and solutions, next-generation cementitious materials and energy storage technologies. We also invested in a global, early-stage VC fund focused on innovative sustainable construction in the built environment. More recently, we made three new investments in companies working on artificial intelligence, waste upcycling, and PropTech and ClimateTech. We also invested in a leading venture capital firm focused on technology for the real estate industry.
These collaborations underscore our commitment to supporting innovative technologies and start-ups that have the potential to enhance the competitiveness of our industry, address challenges in the building materials sector and promote innovative and sustainable construction. At the same time, they are designed to enhance our exposure to disruptive technologies and bolster our growth strategy through innovative products, services and materials.
The industry’s digital transformation
We are also investing heavily in our own technology, and embracing digitalisation to support our growth goals, boost our overall efficiency and enhance the experience of our customers through value-added services. Driven by our deep-rooted, entrepreneurial spirit, TITAN was among the first companies in the global cement industry to explore and leverage the opportunities and advantages created by digital technology and AI. We started early – back in 2017 – and have since conceived, designed and implemented numerous digital technologies and solutions.
Digitalisation is now one of our key strategic priorities. We envisage a fully digitalised, customer-oriented, and flexible operating model by 2026. We have implemented digital innovations across all our plants and in many of our processes. Leveraging digital technologies, we are optimising our manufacturing operations and supply chain, while increasing productivity, enhancing reliability of our assets, improving energy efficiency, reducing building costs, boosting circularity and enhancing customer service.
Data management is a key focus for digitalisation. Using thousands of specially designed sensors embedded in our cement plants and our logistics infrastructure, we collect vast amounts of data generated during the manufacturing process and develop artificial intelligence models that optimise plant and supply-chain operations.
Our vision is to foster a broader entrepreneurial mindset that helps lead growth in the business
Among these are AI-based, autonomous real-time optimisers, pioneering in the cement industry, which have now been installed in two thirds of our equipment. Benefits include boosting productivity by over 10 percent, improving product quality and helping us reduce energy consumption and carbon emissions (over 40,000 tonnes of CO2 emissions prevented in less than two years) – with minimal investments.
Our predictive and prescriptive maintenance solution, which detects issues and prevents failures, is now live at all our plants, increasing reliability and maximising operational efficiency. As a result, we have avoided over 20,000 hours of potential manufacturing downtime in recent years.
Among other initiatives, we have also developed a Dynamic Logistics solution to harness the power of data and optimise the distribution of ready-mix concrete – from order placement to scheduling and dispatch. This solution is now used across most of our US operations, resulting in substantial increase in productivity and improvement in customer service through live notifications.
We have also launched pilot tests aimed at automating the extraction and processing of raw materials, and at predicting cement quality months before the product is applied on the construction site. Six of our plants are now fully digitalised, leveraging solutions for both manufacturing optimisation in real time and predictive maintenance.
Impact in the wider industry
It’s not only within our own business that we are making waves, though. We believe knowledge and innovation grow when shared, so in 2022, we made the decision to establish CemAI in the US – a spin-off that offers other companies next-generation solutions for predictive plant maintenance and real-time optimisation of manufacturing process.
Under CemAI, our solutions are now available to the entire global building materials industry, allowing others to optimise processes and ensure issues are resolved before they affect a plant’s operation. Our objective is to contribute to a broader ecosystem of digital innovation – and one of our most exciting ventures in this space is the TITAN Digital Accelerator. Launched in collaboration with the Centre for Research & Technology Hellas (CERTH) and the International Hellenic University in Greece, this initiative aims at developing cutting-edge digital tools that will revolutionise the building materials industry, benefiting both TITAN and the wider industrial ecosystem. We are currently developing innovative robotic and GenAI solutions for cement manufacturing, leveraging the infrastructure and partnerships of the Digital Accelerator.
Beyond this, we have also established Innovation Hubs in the US and other locations to further promote joint value-creation processes, developing partnerships with customers, scientists and the wider start-up ecosystem.
TITAN Group integrated cement plant in Patras, Greece
Fostering a culture of innovation
At TITAN, everything is about people. So is innovation of any kind, which we leverage for the growth, enablement and empowerment of our people. We believe the real value of technology comes from what people do with it. We want employees to be able to focus on high-value tasks that call for strategic thinking, creativity, intuition and emotion, while technology boosts efficiency on simpler tasks.
And we want to ensure nobody gets left behind. To that end, last year we launched a learning tool to help our employees assess and elevate their digital skills; all 6,000 TITAN employees will soon be able to become certified digital enthusiasts, ready for the next phase of the industrial-meets-digital transformation.
Through a broad range of other learning programmes and initiatives – tailored to address the differing needs of employees from diverse backgrounds and roles – our aim is to support employees to leverage digital technologies, making sure their skills keep apace with the rate of transformation underway. We will also offer ongoing training around the benefits, uses and limitations of AI to ensure its optimal use.
It is not just AI skills that we want our employees to develop, of course; our vision is to foster a broader entrepreneurial mindset that helps lead growth in the business. We believe everyone can innovate, as long as they have the tools, motivation and support. With that in mind, in 2023 we introduced ‘Ideation Challenge’ – an internal ideas competition that promotes, encourages and rewards innovation among our employees, regardless of their role, position or level.
The response to this was impressive; the first challenge saw more than 220 ideas submitted. Our second Ideation Challenge, launched in 2024, saw nearly 10 percent of our people participate, covering all areas of innovation – from manufacturing, products and services to brand awareness, the customer experience, workplace environment and beyond. It’s another way to embrace innovation across the organisation, while empowering employees to have a genuine impact.
Empowering employees & communities
But our focus on employee development goes beyond technology and innovation. We believe people are the cornerstone of our long-term success, and continuous learning in every area is a vital part of our approach. In recent years, we have accelerated the rollout of innovative and increasingly personalised learning tools across our business. These programmes are designed to develop technical expertise, strengthen leadership behaviours and foster a mindset of curiosity and accountability. We want to attract top-tier talent and ensure continuous development opportunities for every employee.
To help achieve this, last year we launched the TITAN Leadership Model, a framework designed to support leadership growth across every level of the organisation. This reflects our belief that everyone should have the opportunity to lead, grow and leave their mark. By investing in people, we want to unlock their full potential and strengthen the foundations of our business for the long term.
This focus on people isn’t limited to employees; it also translates into working with local communities around our operations. Ensuring we make a meaningful and sustainable contribution to all our stakeholders is an integral part of our history, and it’s still a key commitment today.
We conduct local assessments to help us understand the issues that matter most to each community and contribute resources to help build solid foundations. These efforts focus on the environment, health and safety, employability, entrepreneurship, social inclusion, education and poverty reduction, with a particular focus on helping young people to develop their professional skills. In 2024, we offered 365 internships in different regions across the world.
Key examples of value-creating initiatives include our partnership with ReGeneration, the largest paid placement, professional and personal development programme in Greece; the launch of various programmes promoting the development of digital skills; and initiatives in the US designed to provide young women with the skills needed to work in the industry in the future; and programs in Brazil introducing young minds to the world of robotics.
Concrete mixer truck of Interbeton, a member of TITAN Group
Positive results meet future challenges
Financial results show our efforts are paying off. Last year, we achieved record sales of €2.64bn as net profit reached €315m, and earnings per share exceeded €4.20 (on a like-for-like basis). These achievements were driven by higher performance across all product lines, pricing performance and enhanced operational and cost efficiencies.
In another key milestone, our US business, Titan America, was also successfully listed on the New York Stock Exchange – a bold step that underscores our commitment to unlocking value and expanding our reach. We expect a further improved financial performance in 2025. The need for construction materials and solutions remains robust for the long term, as urbanisation and population growth drive demand for housing and infrastructure.
There are challenges to face, however. Energy prices remain volatile, calling for greater efficiency and innovation. At the same time, housing deficits are pressing – especially in the social sector. We have the tools and technology needed to help meet demand, but we need to move faster. Building performance requirements, such as circularity, insulation and energy efficiency, are also growing fast.
Amid heightened uncertainty, TITAN remains focused on what it does best. We are proud to have built a culture of collaboration, bold thinking and continuous improvement everywhere we operate – and we believe innovation, digitalisation, AI and technology can help us and the wider industry meet performance and environmental goals.
How industries across the board fare remains to be seen. But whether through innovative sustainable solutions, advanced digitalisation or strategic expansion, we remain committed to growing and shaping a better, more sustainable world – and we are excited to help forge a path into the future, both within our sector and beyond it.
All this, while sticking to our values: At TITAN we care, we dare, we build to last, and we walk the talk. These have always been and will remain our guiding principles.
Sustainability in 2024 remained both a top priority and an immense global challenge. According to the UN’s Sustainable Development Goals (SDG) Progress Report, only 15 percent of targets are currently on track to be met by 2030 – a stark warning that underscores the need for urgent, coordinated action. Climate change-related disasters, including record-breaking wildfires and biodiversity loss, continued to pose serious threats to environmental stability and human health.
Yet amid these challenges, there were notable areas of progress. Southeast Asia and parts of Africa made important strides through reforestation efforts and community-led conservation. In the corporate world, sustainability reporting standards became more aligned, with the International Sustainability Standards Board’s (ISSB) global baseline gaining traction among multinational companies.
Additionally, financial institutions and corporations increased their commitments to net-zero targets and science-based climate action plans. Forward-looking organisations recognised that sustainability is not a side project but a strategic imperative.
A 2024 McKinsey study found that companies integrating ESG into core decision-making reported improved resilience and stakeholder trust. However, success depends on credible data, transparency, and long-term accountability – not greenwashing or symbolic gestures. This year’s World Finance Sustainability Awards 2025 winners stand out for their ability to lead by example in such a critical domain. They have embedded sustainability at the heart of their operations and are driving real-world impact across environmental, social, and economic dimensions.
We honour the leaders in this industry not just for meeting regulatory expectations, but for setting new standards in climate responsibility, social equity, and sustainable innovation. Their work inspires the global shift toward a more resilient and equitable future.
Most Sustainable Companies in 2025, by industry
Airport
Aeroporti di Roma
Asset Management
KBC Asset Management
Automotive Interior Design
Antolin
Beauty
AS Watson
Computer Hardware Industry
Lenovo Group
Data Centres
QTS
Digital Asset Compute
MARA
Engineering
WSP Gobal
Feminine Hygiene Products
Saathi Pads
Flag Carrier Airline
Turkish Airlines
Food Production and Distribution
Fresh Del Monte
For Gender Equality in Wealth Tech
EXANTE
Furniture Design
MillerKnoll
Glass
BA Glass
Hospitality & Leisure Industry
Radisson Hotel Group
The global pension fund sector in 2024 operated at the intersection of long-term responsibility and short-term economic pressures. High inflation, volatile markets, and shifting demographic trends challenged funds to deliver steady returns while maintaining intergenerational equity.
According to a report by Mercer, pension funds globally have been rebalancing their portfolios to reduce exposure to underperforming assets and increase resilience in the face of economic shocks. A major theme this year was the acceleration of sustainable investing.
The PRI reported that over 90 percent of signatories now incorporate ESG factors into investment analysis and decision-making. At the same time, regulatory expectations have grown more complex. Funds are under pressure to improve transparency, address climate risk disclosures, and demonstrate alignment with international sustainability goals.
Technology, too, is transforming how funds manage risk, communicate with beneficiaries, and track performance. Despite these challenges, this year’s winners of the World Finance Pension Fund Awards 2025 have demonstrated outstanding leadership in the sector.
Best Pension Funds in 2025, by country
Australia
Unisuper
Austria
VAPK Pensionakasse
Azerbaijan
State Social Protection Fund of Azerbaijan
Corporate governance continued to evolve rapidly in 2024, responding to both growing stakeholder expectations and systemic challenges across global markets.
According to PwC and the World Economic Forum, companies faced increasing scrutiny over board accountability, climate governance, cybersecurity resilience, and ethical leadership. The line between governance and sustainability has increasingly blurred, with more than 50 countries now mandating climate expertise on corporate boards – a sign of the changing fiduciary landscape. Beyond compliance, leading organisations are embedding ESG oversight into boardroom strategy, aligning remuneration with climate and DEI goals, and fostering diversity of thought.
The Parker and FTSE Women Leaders reviews, although UK-specific, reflect a broader global trend: diversity in governance isn’t just a moral imperative – it enhances decision quality and risk oversight. The focus is shifting from box-ticking to authentic engagement, ethical culture, and long-term value creation.
Another key development has been the rise of digital governance. As AI and data analytics reshape industries, boards are being challenged to understand and supervise tech risks and opportunities – an area where many still lack sufficient fluency.
The global banking industry in the past year has operated within an environment of significant complexity. Economic headwinds, high interest rates, persistent inflation, and geopolitical tensions have all shaped banking strategies worldwide. According to Deloitte’s 2024 outlook, financial institutions contended with diverging regional economic growth – sluggish expansion in developed markets contrasted with robust growth in parts of Asia and Latin America.
Meanwhile, banking leaders increasingly recognised the need to adapt legacy operating models to remain competitive and relevant.
At the same time, digital transformation continued to accelerate. Artificial intelligence and automation have shifted from being differentiators to essentials. Banks are investing heavily in cloud-native systems and real-time data capabilities to meet evolving customer expectations. Yet with these digital advances come rising concerns around cybersecurity, data governance, and regulatory compliance – challenges that demand agile, cross-functional leadership.
Talent gaps have become another pressing issue, particularly as banks compete with tech firms for professionals skilled in areas like data science and cybersecurity. Institutions that succeed are those taking proactive steps to upskill internal talent and embed innovation into their culture.
World Finance Banking Awards 2025
Best Investment Banks
Brazil Itau Unibanco Chile BTG Pactual Colombia BTG Pactual Dominican Republic Banreservas France BNP Paribas Georgia TBC Bank Germany Deutsche Bank Hong Kong Morgan Stanley Jordan Arab Bank Kazakhstan Tengri Partners Investment Banking Kuwait National Investments Company Mexico BBVA Mexico Netherlands ABN AMRO Nigeria Coronation Merchant Bank Oman Bank Muscat Pakistan HBL Taiwan Fubon Financial Thailand Siam Commercial Bank Turkey QNB Finansinvest US JPMorgan Chase & Co
Best Banking Groups
Austria BAWAG Group Brunei Baiduri Bank Chile Banco Internacional Denmark Nordea Dominican Republic Banreservas Egypt Banque Misr Finland Nordea France Crédit Mutuel Germany Commerzbank Ghana Zenith Bank Ghana Hong Kong HSBC India Bank of Baroda Jordan Jordan Islamic Bank Kosovo BKT Macau ICBC (Macau) Nigeria Guaranty Trust Bank Pakistan Meezan Bank Saudi Arabia Al-Rahji Bank Turkey Akbank UK Lloyds Banking Group Vietnam Techombank
Best Private Banks
Afghanistan Ghazanfar Bank Armenia Ardshinbank Austria Erste Bank Group Belgium BNP Paribas Fortis Brazil BTG Pactual Bulgaria Postbank Canada BMO Cyprus Bank of Cyprus Czech Republic Raiffeisen Private Banking Denmark Danske Bank Dominican Republic Banco Popular Dominicano France BNP Paribas Banque Privée Germany Deutsche Bank Greece Eurobank Hungary MBH Private Banking India Kotak Mahindra Bank Italy BNL BNP Paribas Kazakhstan FortePremier Liechtenstein Kaiser Partner Luxembourg BGL BNP Paribas Monaco Banque Richelieu Netherlands Insinger Gilissen Norway Nordea Private Banking Pakistan Easypaisa Poland Santander Bank Polska Portugal Santander Private Banking Romania Raiffeisen Private Banking Slovakia Tatra banka Spain Santander Private Banking Sweden SEB Switzerland BNP Paribas Wealth Management Turkey TEB Private Banking UAE Mashreq UK HSBC Global Private Bank and Wealth Uruguay Puente US BMO
Best Retail Banks
Armenia Ardshinbank Austria Erste Bank Group Azerbaijan Pasha Bank Belarus Belarusbank Belgium Belfius Bulgaria Postbank Canada BMO ChileSantander Chile ColombiaBancolombia Costa Rica BAC Credomatic Denmark Danske Bank Dominican Republic Banreservas Finland Nordea France BNP Paribas Germany Commerzbank Greece Eurobank Hungary K&H Bank Iceland Arion India ICICI Bank Italy Intesa Sanpaolo Kuwait Gulf Bank Macau BOC Macau Mexico Banorte Netherlands ING Nigeria GTBank Norway SpareBank 1 Pakistan Easypaisa Peru BCP Poland Santander Bank Polska Portugal Santander Saudi Arabia Al Raji Bank South Africa NedBank Spain Banco Bilbao Vizcaya Argentaria Sri Lanka Sampath Bank Sweden Nordea UAE Mashreq UKLloyds Bank US Bank of America Uzbekistan Octobank
Best Commercial Banks
Austria Raiffeisen Bank International Belarus Belagroprombank Belgium BNP Paribas Fortis Canada BMO Cape Verde iib West Africa Colombia Davivienda Czech Republic CSOB Denmark Nordea Dominican Republic Banreservas France BNP Paribas Germany Deutsche Bank Hungary OTP Bank Kazakhstan ForteBank Macau BOC Macau Netherlands ING Nigeria Zenith Bank Norway Nordea Poland mBank Portugal Banco Finantia Saudi Arabia Al-Rahji Bank Singapore OCBC Sri Lanka Sampath Bank Sweden SEB TaiwanMega International Commercial Bank US BMO Vietnam Techombank
Most Sustainable Banks
Brazil Banco Do Brasil ChileBCI China Bank of China Colombia Bancolombia Djibouti iib East Africa Dominican Republic Banco Popular Dominicano Germany GLS Bank Kenya Co-operative Bank of Kenya Macau BOC Macau (Cash Management Services) Malaysia Maybank Nigeria Access Bank SingaporeOCBC Sri Lanka Commercial Bank of Ceylon Sweden Handlesbanken
At an economics conference in the early 1960s, one speaker began his presentation on development by citing India as an example. Before he could continue, an economist interrupted and asked: “What other country in the world is like India?” The room fell silent. To this day, this question remains unanswered.
Earlier this year, Prime Minister Narendra Modi announced that India aims to achieve developed-country status by 2047, the centenary of its independence from the British Empire. This ambitious goal, which could transform the Indian economy and reshape the global economic landscape, has generated widespread excitement.
But reaching this milestone is no small feat. Conservative estimates suggest that India’s per capita income growth would need to outpace China’s by 3.5 percentage points each year to meet Modi’s 2047 target. While India has experienced strong annual growth of six to eight percent in recent years, the economy is already showing signs of slowing. Moreover, even if a slowdown can be averted, sustaining this growth momentum over the next two decades will be challenging.
India is a country of extremes. It has a thriving software industry, and its biometric identification system, Aadhaar, has enabled the government to co-ordinate public services for the world’s largest population. And India is home to world-class universities, particularly the Institutes of Technology and Institutes of Management.
From rural to urban
But India’s shift from rural to urban employment has lagged behind most developing countries, exacerbating inequality. While the country has 167 billionaires, more than 129 million people still live below the poverty line. These disparities extend to the education system, where over half of the country’s fifth-grade students struggle to read at a second-grade level.
At the end of World War II, China and India were both impoverished countries with large populations. As recently as the 1980s, their living standards were nearly identical. China’s command-and-control system relied on state ownership of virtually all means of production, while India’s model combined private ownership with government control over key industries.
Four areas require urgent attention: labour, education, trade and regulation
Neither system produced positive outcomes. In the early 1980s, China began implementing sweeping economic reforms, ushering in an era of spectacular growth. India, prompted by a foreign-exchange crisis, followed a decade later. But although the country’s GDP growth accelerated, it never matched the rapid pace of China’s economic rise. In its latest World Economic Outlook, the International Monetary Fund estimated India’s per capita income at $2,730, compared to China’s $13,140.
Despite China’s current economic challenges, most analysts expect it to achieve developed-country status by the 2040s. For India to do the same, it must address several glaring economic weaknesses. But given that the pace of reforms has slowed over the past decade, it is unclear whether it can muster the political will to pursue the changes needed to meet the 2047 target.
Four areas require urgent attention: labour, education, trade and regulation. India’s restrictive labour laws, which make it extremely difficult to fire workers, present a particularly serious policy challenge.
Industrial growth has been relatively slow, leaving much of the labour force stuck in low-productivity rural jobs. Consequently, while 46 percent of India’s labour force works in agriculture, the share of manufacturing workers declined from 12 percent to 11 percent between 2023 and 2024. Moreover, India’s stringent regulations on overtime pay, apprenticeships, health care, and other benefits significantly increase employer costs.
Powerful labour unions further deter businesses from hiring unskilled workers, causing employers to invest in capital equipment rather than expanding their workforce.
Enhancing productivity
To meet the demands of today’s global economy, India must overhaul its education system. Although it has significantly increased school enrolment rates, the quality of education – especially at the primary and secondary levels – is not sufficient to build a productive labour force. One major driver of India’s earlier economic reforms was the loosening of tight controls on foreign trade and capital flows. But under Modi’s ‘made in India’ policies, the country has reverted toward protectionism, imposing tariffs and erecting other import barriers while subsidising the domestic production of essential goods. This protectionist turn casts a shadow over India’s growth prospects. Without a rapid expansion of labour-intensive industries and exports, it is doubtful that the country can maintain the growth rate needed to achieve developed-country status by 2047.
Another major concern is bureaucratic red tape and onerous licensing requirements, which increasingly hamper economic activity. Previous efforts to streamline regulations have led to significant improvements and spurred growth, but achieving Modi’s ambitious goals will require a new wave of bold structural reforms.
The state of the global economy in 2050 will partly depend on how quickly and effectively India implements these changes. Given the right policies, the country could reach high-income status by 2047. Otherwise, it risks remaining a middle-income country plagued by low productivity and sluggish growth.
When US private equity firm 777 Partners decided that the world of sports would become its new playground, it went all in. Early investments included promising assets like the UK basketball powerhouse London Lions and a minority stake in the country’s basketball league, but its real speciality was football. Like a collector of old football shirts, the Miami-based firm acquired a list of fine specimens from the palette of the beautiful game worldwide, owning stakes in Genoa, Vasco da Gama, Standard Liege, Melbourne Victory, Hertha Berlin, Sevilla and Red Star in France.
Last spring it came close to acquiring Everton too, but its failure to meet the Premier League’s strict ownership conditions and trouble at 777-owned Australian airline Bonza put off the club’s owner and the deal fell through. This October, 777 Partners collapsed, leaving its football assets high and dry. “777 probably went too wide, too quickly, without sufficient intelligence on the European sporting market – investments inside and outside football,” says Rob Wilson, founder of Investinsoccer.com, a strategic sport advisory service that helps match prospective football club owners with the best sporting assets.
The great private equity attack
For all its mishaps, 777 Partners’ sporting adventure was far from an isolated case. Over the last decade, private equity capital has poured into the sports industry, lured by its global appeal as leagues with a soaring fan base like the Premier League offer immense growth possibilities for investors. Annual global investment in the sports industry has trebled to over $30bn within 15 years, according to CNBC data. In the US, the world’s biggest sports market, within just two decades average NBA team values have increased by a staggering 1,176 percent and NFL valuations by 523 percent, estimates JPMorgan Chase. Changes in the media landscape have turned sports into a golden goose for streaming platforms like Amazon Prime, massively increasing games rights. Digital technology has also transformed sports into a brave new world for marketers, with stadium sponsorships, digital scoreboards, jumbotrons and branded areas offering new opportunities.
If private equity investment in established sports has its critics, for less popular ones it’s a boon
Team owners have welcomed the sudden interest of institutional investors, which has shaken up what used to be a slow-moving and often loss-making industry. “Given the restrictions on how much private equity firms can own, it provides some liquidity and an exit to legacy owners who would otherwise hold an interest in a very illiquid market,” says Michael Rueda, head of US sports and entertainment at law firm Withers, adding: “It is not necessarily a vanity asset now – it is a real business with growth potential.”
As the world’s most popular sport, football has been a major target for investment. The pandemic deprived many clubs of revenue streams like ticket sales and TV rights, making their owners less sceptical of investors with little football expertise. More than one third of Europe’s top five league clubs had financial backing from private equity, venture capital or private debt firms in 2023, according to the financial data company PitchBook, a total of $5.4bn up from less than $71m in 2018. US private equity firms have rushed to benefit from economies of scale, as the acquisition of stakes in European clubs allows them to share resources across the Atlantic.
Ares, a firm that manages around $450bn, has invested in Chelsea and Inter Miami, while Sixth Street is a major investor in the San Antonio Spurs and Real Madrid.
“Revenues are high in several European leagues (see Fig 1) and for clubs consistently playing in UEFA competitions, but losses are common, which creates a potential for efficiency gains,” says Christina Philippou, who teaches accounting and sport finance at the University of Portsmouth, adding: “Many private equity investors come in with the idea of controlling costs and increasing commercialisation as a means to enabling the extraction of profit, particularly those that look to learning from US sport league models which are far more commercial.” Another reason why private equity investment has increased is better regulation, notably improvements in UEFA’s financial fair play rules, according to Rob Wilson: “A regulatory framework is beginning to take a firmer grip on financial sustainability. If private equity waits another five years, the assets will see higher entry value, and thus become less attractive.”
Despite the buzz all that investment has created, some scepticism remains in parts of the sports industry. Last August, the National Football League (NFL) became the last major US sports league to let private equity capital in, allowing investors to buy stakes of up to 10 percent in its teams, provided that they hold them for at least six years. It has selected six private equity powerhouses as preferred buyers on the premise that they can invest large sums from the get-go. As the world’s most lucrative league with a $110bn media rights deal under its belt, the NFL had enough leeway to keep its ownership rules stricter than those set by other leagues, which have permitted investors to acquire 30 percent stakes and in some cases even control teams.
“They want to benefit from institutional investors, but in a way that doesn’t change the makeup of the game and the way it’s governed,” says George Pyne, founder of the private equity fund Bruin Capital, which invests in the sports sector, adding: “With just 10 percent the investor has no rights. For the owners, not giving up those rights is important to the integrity of the game.” The league is also aware of public scepticism over private equity’s priorities, says Roy Lockhart, managing director at the global consultancy Stax, who specialises in private equity: “NFL owners still want to project the image of long-standing family ownership as the typical model, and where that has been the case, winning has always been a priority in addition to financial success. By including these restrictions as they open up franchises to private equity investment, they are able to maintain this illusion while preparing for a future where franchises are treated more as investment vehicles than passion projects.”
An own goal?
The massive inflow of capital has sparked fears that there is already a bubble in parts of the sports sector. In the case of football, it has led to “massively inflated” valuations based on “facile notions” about growth, warned Gerry Cardinale, owner of AC Milan, at a business summit last September. “The problem with my crowd is they are asset managers. They just want to buy stuff, and that is not great for intellectual property based businesses,” said the founder of the private equity firm RedBird Capital Partners.
Cardinale’s statement echoes a broader concern over the financial sustainability of European football. Many of its iconic clubs are mired in a spiral of growing debt; in 2023, Europe’s top five leagues owed a total of over €10bn. A 2023 report commissioned by the UK government found that many English clubs are “run in unsustainable ways” and rely on owner funding and underwriting of losses, which increases the possibility of insolvency.
A major risk is that inflation of club values may price future investors out, argues Philippou from the University of Portsmouth, co-author of the report: “This is good for owners short-term, but poses a potential problem in the long run if valuations are pushed too high to enable clubs to find buyers, particularly if the financial landscape where loss-making is the norm continues, which may lead to insolvency events.” As an example of what could go wrong, she points to the English rugby league, which saw three top-tier teams going bust last year. For the clubs, the main concern is that debt-fuelled deals involving private equity firms that are looking for quick returns could eventually leave them high and dry, as in the case of 777 Partners. Last October, Moody’s warned that an increasing number of private equity groups struggled under heavy debt, with Chelsea co-owner Clearlake being singled out as one of the firms with the highest leverage ratios.
It is not necessarily a vanity asset now – it is a real business with growth potential
Another worry is that private equity firms are not equipped with the patience needed to thrive in a relatively illiquid industry that is smaller than their traditional targets and requires long-term investment. “One challenge is that sports teams are not necessarily high cash flow conversion investments. They are investments that are challenging to put down, which is the opposite of what classic private equity is all about,” says Bruin’s Pyne.
A particular problem US firms face when investing overseas is differences in regulations and sporting cultures. European football clubs need steady investment to avoid relegation and enter competitions like the Champions League, while US franchises are less risky and offer an opportunity for underdogs to sign promising young athletes through the yearly draft system. What’s more, measures that in other industries are accepted without any problems, like cost-cutting and pursuing new commercial opportunities, can cause a fierce backlash in sports if fans perceive them as a threat to their team’s history and identity. Protests that involved German football fans throwing chocolate and tennis balls on the pitch forced the Bundesliga to abandon its plan to sell a stake of up to eight percent in its media rights business to a private equity firm.
All in the game
If private equity investment in established sports has its critics, for less popular ones it’s a boon. The explosion of women’s sports, for example, can be partly attributed to the recent inflow of private capital. Sixth Street entered the game last year by becoming the main investor in Bay FC, the latest entry in the increasingly popular US National Women’s Soccer League. “An increasingly common consideration for investors in European football is the ability to invest in two markets with a single purchase: the mature men’s market and the effectively start-up but high-growth women’s football market,” says Philippou. Sports like lacrosse and pickleball also have an opportunity to attract a bigger audience through investment that creates a virtuous circle of growth. “With income growth there is a role for private equity to play as league values grow and the need for capital increases,” says Rueda from Withers. “It’s the only way to grow a business.”
