Mitigating AI Gender Bias Risks in the Workplace

AI is transforming the workplace, providing unparalleled opportunities for efficiency. However, like any powerful tool, AI also presents its own set of risks unless this is managed effectively by employers.

We have all witnessed the meteoric rise of AI in recent years and, specifically, the use of AI in the workplace. Notably, Microsoft recently reported that three out of four people use AI at work, with usage nearly doubling in the last six months alone. In particular, AI technology is being widely used at all stages of the employment life cycle, for example, to screen applications during the initial recruitment stage; for training and development purposes; for data analysis relating to employee engagement; and for the purposes of employee performance evaluations.

Mind the Gender AI Gap

Whilst the opportunities that AI brings are seemingly unending, there are concerns that AI has the potential to produce biased outcomes that favour men over women. This could be influenced by various factors, including the data used to train AI systems, as well as the specific demographic of individuals who are developing new AI technology (with women currently making up less than a third of AI professionals). For example, if an AI system is trained on historical data that reflects past gender biases, it could perpetuate those same biases in its output and there have been instances where AI algorithms have inadvertently favoured male candidates in recruitment processes. Unless properly managed, this could result in biased hiring and promotion decisions, further entrenching gender disparities in a workplace – and, from a legal standpoint, this could leave employers open to claims for discrimination under the Equality Act 2010.

Not only this, statistics also demonstrate that there exists an ‘adoption gap’ between men and women when it comes to use of AI – although this gap is closing rapidly, studies have demonstrated that some women remain hesitant to use AI, or simply feel that they do not have the time available to get to grips with it. Without encouragement and specific engagement strategies aimed at women to upskill them in AI, there is a risk that employers could experience a skills gap that reinforces existing barriers to women’s progression. If AI is unequally adopted across genders and demographics, this could further exacerbate the potential for biased outputs.

Does AI Represent an Opportunity to Accelerate Gender Equity in the Workplace?

The good news is that, provided the risks are managed properly by organisations, AI could reap significant rewards when it comes to levelling the gender playing field. For instance, if employers ensure that diverse and representative data is inputted into AI then this has the potential to minimise the unconscious biases of humans in recruitment, promotion, and other talent management decisions. Similarly, AI-driven tools can analyse job descriptions to identify and remove gender-biased language, making job postings more inclusive and attractive to a diverse pool of candidates.

What Practical Steps Can Employers Take?

To mitigate the risks of gender bias in AI, organisations should take proactive steps to:

Implement clear policies and procedures in relation to AI and its use – in particular, these policies should cover ethics, transparency and bias mitigation. Organisations should be open about AI decision-making processes and be able to explain how AI systems make decisions that impact employees.

Ensure diversity in AI development teams - by integrating gender diversity into AI development, organisations can create systems that better reflect the needs and experiences of all employees.

Invest in AI training programmes: create space for upskilling, ensuring that all employees have the time, confidence and skills to engage with AI.

Review inputted data sets: employers should review data sets and ensure that these are diverse.

Implement regular audits: employers should regularly audit AI systems to identify and address any biases.

As AI continues to transform the workplace, it is imperative that employers understand how to leverage it responsibly. By taking proactive steps to ensure diversity in AI development and encouraging women to increase their use of AI, organisations can harness its full potential whilst also promoting gender equality.

By Jonathan Naylor and Charis Brown.


Powering Africa’s Future: An Interview with the Founder & CEO of Ariya Capital Group

As Africa’s energy sector undergoes rapid transformation, Ariya Capital Group stands at the forefront, driving investment and innovation in clean and renewable energy. In this exclusive interview, the Founder & CEO of Ariya Capital Group Dr Herta von Stiegel discusses the company’s vision, regulatory challenges, industry pitfalls, and the leadership principles that guide its success.

[caption id="attachment_27616" align="aligncenter" width="900"] Founder & CEO of Ariya Capital: Dr Herta von Stiegel[/caption]

What are your hopes for the future of your business and the industry as a whole?

Africa remains an immense yet underserved energy market, requiring over USD 25 billion in annual investment. Ariya Capital Group builds and invests in clean and renewable energy businesses across the continent, recognising the sector’s pivotal role in economic development.

After a successful investment banking career in New York and London, I turned my focus to Africa, identifying consumer-led growth industries that are fundamental to poverty alleviation. Energy stood out as a critical sector suffering from chronic underinvestment, hindering manufacturing, sustainable mining, and broader economic expansion.

Ariya is committed to accelerating Africa’s transition to net-zero, inspired by the speed, focus, and adaptability of the cheetah. In an industry often plagued by slow progress and fragmentation, we aim to scale impactful, profitable businesses while breaking the cycle of energy poverty. My hope is that we serve as a catalyst, channelling more capital from African institutional investors into the sector. By offering attractive alternative investment products, we can empower local investors to participate in the real economy with confidence.

What regulatory changes would help improve investment in African energy markets?

The regulatory landscape in Africa is gradually evolving to accommodate alternative investments. Pension regulators in key markets such as Kenya, Nigeria, Ghana, Tanzania, Uganda, and the West African Economic and Monetary Union have introduced allocation guidelines permitting investments in non-traditional asset classes.

Further liberalisation of these frameworks would create a more conducive environment for institutional investors, enabling greater participation in infrastructure and energy investments. Policy stability and regulatory clarity are crucial for long-term investment confidence, as uncertainty often deters much-needed capital inflows.

What pitfalls should newcomers to the industry avoid?

A common mistake made by new entrants is underestimating the relational nature of doing business in Africa. Unlike purely transactional markets, success here is built on trust, patience, and long-term relationship-building.

Assuming one can fly in, make quick deals, and exit without investing time in understanding the local ecosystem is a recipe for failure. Companies must be well-capitalised, differentiate themselves with a compelling value proposition, and develop a deep understanding of regulatory environments. Equally important is engaging with key industry influencers and decision-makers.

Can you share an anecdote illustrating your company’s journey?

We launched Ariya Capital Group from our dining room table in Nairobi, navigating the complexities of raising early-stage capital through development grants and crowdfunding. Those early days taught us invaluable lessons about resilience, resourcefulness, and celebrating small wins while keeping a big vision in mind.

While we now execute large-scale investments, our early experiences reinforced the importance of adaptability and maintaining a long-term perspective in building successful energy businesses.

How do ESG principles influence the way you operate?

Sustainability is at the core of our business model. Ariya is dedicated to delivering strong risk-adjusted returns while making a positive environmental impact.

We are well-positioned to support Africa’s transition to a net-zero carbon economy by 2050, adhering to globally recognised sustainability frameworks, including the Equator Principles and the NetZero Asset Managers Initiative. Our corporate mission aligns with several UN Sustainable Development Goals, particularly in promoting female leadership, reducing energy costs for businesses, creating sustainable jobs, and enhancing environmental stewardship.

What are the biggest mid- to long-term challenges your business faces?

Developing large-scale energy projects is inherently complex, but even more so in Africa. Key challenges include global and regional political instability, limited access to development capital, distorted risk perceptions, and the prolonged timeframes required to bring projects to full commercial operation.

Despite these obstacles, we remain committed to driving investment into the sector and finding innovative solutions to accelerate energy access across the continent.

What excites you about the business world?

I began my career as a lawyer, transitioned into investment banking, and ultimately became an entrepreneur. The private sector remains the primary driver of economic growth and prosperity.

What excites me most is the ability to create tangible change—whether through empowering local businesses, transferring knowledge, or contributing to a more sustainable planet. Business is not just about financial returns; it’s about making a lasting impact that benefits future generations.

What leadership lessons have you learned throughout your career?

Early in my career as an investment banker, success was often defined by the size of one’s bonus. Over time, I realised that true success is about living an integrated, purpose-driven life—both professionally and personally.

I believe that leadership is the foundation of any successful enterprise. My goal is to be an effective leader who brings out the best in my team, investors, and stakeholders. In my book, The Mountain Within – Leadership Lessons and Inspiration for Your Climb to the Top, I reflect on the lessons learned while leading a multinational, multi-ability team up Mount Kilimanjaro. These include perseverance, vision, prioritising mission over ego, maintaining a strong team, and investing in one’s legacy.

[caption id="attachment_27614" align="aligncenter" width="900"] Climb up Kilimanjaro: Herta's husband Hans von Stiegel, Herta and their guide Elloy.[/caption]

What motivates you to keep pushing forward?

The opportunity to drive real change, empower individuals, and contribute to a more sustainable world is what keeps me going. This work is not for the faint-hearted, but it is incredibly rewarding.

I firmly believe that it takes enlightened men and courageous women to transform the world. Every day, I wake up energised by the challenge of improving lives through sustainable investment.

What are the most important traits of a good corporate leader?

Competence, character, and authenticity. A leader must possess the expertise to execute their vision, the integrity to uphold ethical business practices, and the ability to inspire trust and confidence among their team and stakeholders.

What is the most important question people should ask about your business?

Do we conduct our business with competence, integrity, and a client-centric approach? The answer must always be yes.

At Ariya Capital Group, we are committed to delivering exceptional results while upholding the highest standards of ethics and transparency. By aligning financial success with social impact, we are not only investing in energy—we are investing in Africa’s future.


QNB Egypt: Driving Financial Excellence and Inclusion in the Egyptian Market

QNB Egypt, one of the leading financial institutions in Egypt, has been a key player in the country’s banking sector since its establishment in April 1978. As a subsidiary of QNB Group—the largest financial institution in the Middle East and Africa—QNB Egypt leverages the strength and expertise of its parent group while maintaining a deep local presence.

The bank operates as a full-service financial institution, offering an extensive range of products and services across diversified business lines. It serves a broad spectrum of clients, including corporates, small and medium-sized enterprises (SMEs), professionals, individuals, and financial institutions. Over the years, QNB Egypt has established specialised subsidiaries to enhance its service offering: QNB Leasing, founded in 1997; QNB Life Insurance Company, established in 2003; and QNB Factoring Company, launched in 2012. These entities contribute to the bank’s robust positioning in Egypt’s financial services sector.

Today, QNB Egypt serves a client base exceeding 1.85 million, supported by a team of more than 7,600 banking professionals. Its expansive domestic footprint includes a network of 235 branches that cover all Egyptian governorates. The bank also operates an extensive network of over 940 ATMs and more than 40,000 point-of-sale (POS) terminals, ensuring seamless access to banking services nationwide. Complementing its physical network is a dedicated customer service call centre, operating 24 hours a day, seven days a week, providing clients with responsive and personalised support.

Beyond its banking activities, QNB Egypt is committed to corporate social responsibility (CSR), reflecting its belief in the interconnection between societal development and organisational success. In alignment with QNB Group’s core values, the bank actively supports charitable initiatives and community development projects, reinforcing its role as a socially responsible institution.

A Strong Player in Corporate Banking

QNB Egypt continues to consolidate its position as a trusted partner for corporate clients. The bank offers a wide range of dedicated services, including corporate banking, financial advisory, project financing, structured financing, trade finance, cash management, and foreign exchange solutions. Its competitive offering has allowed it to build lasting relationships with large domestic corporations, multinational subsidiaries, mid-cap enterprises, and SMEs. Through bespoke solutions and responsive service, QNB Egypt has reinforced its reputation as a reliable financial partner for businesses of all sizes.

Empowering SMEs through Specialised Solutions

On the SME front, QNB Egypt applies a tailored business model that includes dedicated business lines, specialised financing programmes, consulting services, and advisory support. This comprehensive approach has positioned QNB Egypt as a leader in SME financing. Notably, the bank was the first among its peers to achieve the Central Bank of Egypt’s (CBE) target of allocating 25% of its loan portfolio to SMEs, according to the CBE’s definition as of December 2021.

Leading Retail Banking Innovation

In retail banking, QNB Egypt has built on its pioneering legacy to deliver world-class services to individual clients. The bank employs a unique market segmentation strategy, ensuring that its products and solutions are tailored to meet the specific needs of each customer segment. QNB Egypt offers a comprehensive suite of innovative payment solutions and personalised services that enhance customer experience and promote financial inclusion.

Supporting Egypt’s Economic Development

With a focus on expanding financial services and promoting financial inclusion, QNB Egypt continues to play a critical role in supporting Egypt’s economic development. By leveraging its high-quality resources and expertise, the bank seeks to provide wider access to financial services, contributing to national efforts to foster economic growth and inclusivity.

In recognition of its achievements, QNB Egypt has earned significant accolades, winning 11 prestigious awards in 2024 from various reputable international financial institutions. These honours reflect the bank’s commitment to excellence, innovation, and leadership within Egypt’s financial sector.


China Targets America’s Farms as Trump Tariffs Spur Retaliation

The Trump 2.0 administration is taking aim at China in its escalating tariff regime, but Beijing has responded with countermeasures that are hitting America’s agricultural heartland especially hard. After United States policymakers doubled levies on Chinese imports to 20% last week, China swiftly retaliated on Monday by raising tariffs on American farm goods to 15percent. This latest move threatens to compound existing challenges faced by US growers and underscores the central role of farming in a rapidly intensifying global trade war.

Not-So Green Acres

China, Mexico, and Canada are the three largest foreign markets for US farm exports — and they also happen to be the top targets of new American tariffs. According to the American Farm Bureau Federation, about 20percent of US farm income comes from exports. China, Mexico, and Canada together bought $30bn, $29bn, and $26bn, respectively, worth of American agricultural products last year, representing roughly half of the United States’ total farm export revenues. At the same time, US farmers depend on vital imported inputs — including potash, a key fertiliser ingredient. As much as 80percent of potash used in the United States is sourced from Canada (US Department of Agriculture data).

The upshot? Global trade tensions cast a lengthy shadow on the agricultural sector:

Profitability concerns: “There is no domestic market for the amount of corn, soybeans, wheat, and other agricultural products that we now export in significant quantities,” explains Joe Janzen, an agricultural economist at the University of Illinois. He told the Associated Press last week that the trade war had effectively “snuffed out” profitability for many staple crops.

Market impact: Corn futures contracts suffered a significant sell-off by Monday. Weekly net corn-contract selling hit its second-highest point ever, surpassed only by a similar event in February 2023, while a sell-off in gross long positions reached record levels.

Policy Shifts and Temporary Exemptions

The agriculture industry, akin to the heavily tariff-prone automobile sector, has been lobbying for relief — and has seen partial reprieves. By Thursday last week, the Trump administration issued an executive order easing tariffs on select goods under the USMCA trade agreement negotiated in the first Trump term. This order also lowered the potash tariff from 25percent to 10percent, providing a measure of relief for fertiliser costs.

Additional Pressures: Funding Freezes and Labour Worries

Trade conflicts are not the only obstacles confronting farmers. A funding freeze at the US Department of Agriculture has put critical programmes on hold, delaying grants and operational support that many farmers rely upon. Meanwhile, BlackRock CEO Larry Fink cautioned on Monday that ongoing mass deportations would have “severe impacts on the agricultural sector,” likely resulting in “a little more elevated inflation” before year-end (BlackRock statement).

Looking Ahead

For a sector that derives so much of its revenue from foreign markets — and depends upon immigrant labour and imported inputs — the current environment poses a unique set of challenges. Key questions loom about the future of US agricultural policy, including whether the Trump 2.0 administration will forge new trade deals or expand domestic support programmes to compensate for lost export opportunities.

At stake is nothing less than the lifeblood of rural America: the ability of US farms to remain profitable in a climate of shifting international alliances, tit-for-tat tariffs, and labour uncertainties. Whether the newly eased tariffs on potash and other goods are a sign of constructive compromise or merely a temporary reprieve is uncertain. For now, America’s farms remain squarely in the crosshairs of a trade war that shows little sign of abating.


Mary Wells Lawrence: The Woman Who Redefined Advertising

She shattered the glass ceiling of Madison Avenue, infusing it with bold creativity, glamour, and a fearless sense of innovation. This is the story of Mary Wells Lawrence, the trailblazing visionary behind campaigns like "I ♥ NY," who proved that women could redefine the advertising world.

A Dramatic Beginning

Born Mary Georgene Berg in 1928 in Youngstown, Ohio, Mary Wells Lawrence grew up with a love for storytelling and drama. She earned a degree in theatre from Carnegie Mellon University, honing her skills in creativity and performance—qualities that would later become central to her advertising philosophy. While her initial aspirations were on stage, Lawrence soon realised that advertising offered an even larger platform to captivate audiences.

Her entry into advertising was unconventional for the time, with few women occupying leadership roles in the male-dominated industry. Yet, Lawrence’s talent, energy, and ambition quickly set her apart.

Early Successes and the Road to Stardom

Lawrence’s early career was marked by notable achievements. At McCann Erickson, she created the enduring “Plop, plop, fizz, fizz, oh what a relief it is!” jingle for Alka-Seltzer, which became a cultural touchstone. At Jack Tinker and Partners, she masterminded the “End of the Plain Plane” campaign for Braniff International Airways, transforming the airline’s image with colourful aircraft and designer uniforms that captured the imagination of travellers.

This campaign epitomised Lawrence’s ability to fuse aesthetics, storytelling, and cultural relevance, a combination that became her hallmark. She saw advertising not as mere promotion but as an opportunity to create experiences that resonated emotionally with audiences.

Breaking Barriers with Wells Rich Greene

In 1966, Lawrence co-founded Wells Rich Greene, becoming the first woman to lead a major advertising agency. This milestone shattered industry norms and inspired future generations of women to pursue leadership roles in advertising and beyond.

Under her leadership, Wells Rich Greene quickly became known for its daring creativity and sharp strategic thinking. The agency attracted high-profile clients and delivered campaigns that captured the cultural zeitgeist, blending wit, emotion, and cultural relevance in a way that set new standards for the industry.

Iconic Campaigns That Defined an Era

Mary Wells Lawrence’s work is immortalised in campaigns that remain etched in advertising history:

Alka-Seltzer: “I Can’t Believe I Ate the Whole Thing”
This humorous campaign depicted relatable scenarios of overindulgence, using wit to connect with consumers while promoting relief.

Benson & Hedges: “Oh, the Disadvantages”
With sophistication and charm, this campaign turned the brand’s longer cigarette length into a symbol of elegance, cementing its appeal to a discerning audience.

New York State Tourism: “I ♥ NY”
Arguably her most famous creation, the “I ♥ NY” campaign launched in 1977 to revitalise tourism during a time of economic hardship. The simple design—featuring a red heart and bold typography—became a cultural phenomenon, representing not just New York’s spirit but also a timeless expression of love and pride.

These campaigns weren’t just marketing triumphs; they reflected Lawrence’s ability to connect brands with human emotions, making products and places memorable through storytelling and design.

A New Perspective on Advertising

What set Mary Wells Lawrence apart was her theatrical sensibility and her deep understanding of cultural trends. She infused her campaigns with a sense of drama, excitement, and glamour, capturing the imagination of audiences in ways that were both innovative and deeply resonant.
Her campaigns often leveraged celebrity endorsements and pop culture references, bridging the gap between advertising and entertainment. This approach helped brands not only sell products but also establish themselves as integral parts of cultural conversation.

Lawrence also had a knack for understanding the aspirations of her audience. She championed a vision of advertising that was optimistic, forward-looking, and emotionally engaging. Her ability to inspire confidence in consumers and make them feel connected to brands was a hallmark of her success.

A Champion for Inclusion and Social Impact

Beyond her creative brilliance, Lawrence was a strong advocate for diversity and inclusion within the advertising industry. She actively recruited women and minorities, opening doors that had long been closed. She used her platform to champion causes like environmental conservation and AIDS awareness, showing that advertising could be a force for social good.

Her leadership style was marked by charisma, inclusivity, and an unrelenting drive for excellence. She created an environment where creativity flourished, empowering her team to take risks and break boundaries.

A Legacy That Endures

Mary Wells Lawrence retired from advertising in 1990, but her impact remains profound. She demonstrated that advertising could be more than a business tool—it could be a reflection of culture, a source of inspiration, and a driver of change.

The principles she championed—bold creativity, emotional connection, and cultural relevance—continue to influence the industry today. Her legacy serves as a reminder that great advertising is not just about selling products; it’s about telling stories that resonate, inspire, and endure.

The Woman Who Redefined Madison Avenue

Mary Wells Lawrence was more than an advertising executive; she was a cultural pioneer. Her story is one of resilience, innovation, and vision. She proved that women could not only succeed in advertising but could lead it into new and exciting territories.

Her life’s work reminds us that creativity and human connection are at the heart of great communication. From the enduring simplicity of “I ♥ NY” to the groundbreaking campaigns that broke barriers, Mary Wells Lawrence left an indelible mark on the world—and her legacy continues to inspire generations of creative thinkers and dreamers.


Welcome to the Correction: Wall Street Teeters Amid Trade Tensions

The S&P 500 officially entered correction territory this week, sliding over 10 percent from its most recent peak. As of yesterday, the index dropped a further 1.4 percent—its steepest single-day decline since President Donald Trump first took office. Meanwhile, the Nasdaq Composite tumbled 2 percent, sending a clear signal that volatility has returned with force.

Investors are increasingly on edge as Trump’s aggressive trade policies ignite uncertainty across global markets. The escalating tariff war, combined with policy unpredictability, has put pressure on consumer confidence, corporate investment, and broader economic stability.

But is this market correction a temporary setback—or a harbinger of something more serious?

The S&P 500 Correction: Why Now?

Corrections—defined as declines of at least 10 percent from recent highs—are not unusual. However, their timing and underlying causes often determine whether they morph into full-scale bear markets. In this case, the catalyst is clear: trade tensions are intensifying.

Over the past month, President Trump imposed 25 percent tariffs on steel and aluminium imports (Reuters). In retaliation, the European Union swiftly introduced a 50 percent tariff on American whiskey, effective 1 April (BBC News). Trump then escalated the standoff, threatening 200 percent tariffs on European wines and spirits (Financial Times).

This tit-for-tat exchange has rattled industries on both sides of the Atlantic. Companies are delaying investment decisions, while consumers—facing potential price hikes—are pulling back on spending. The result: a destabilised Wall Street and a growing fear that trade wars could trigger a broader economic downturn.

Recession Risks: Are Markets Sending an Early Warning?

“Markets are clearly flashing recession risks,” warns Kristina Hooper, Chief Global Strategist at Invesco (Invesco Insights). “This isn’t what investors were expecting in 2025.”

Since the 2008 financial crisis, the S&P 500 has experienced 11 corrections, according to data from S&P Dow Jones Indices (S&P Global). Of these, three have devolved into bear markets, defined as declines of 20 percent or more. Currently, the Russell 2000, often viewed as a barometer of US economic health due to its focus on small-cap companies, is down 18 percent, dangerously close to that threshold (MarketWatch).

The historical precedent is unsettling. When corrections are accompanied by deep uncertainty and deteriorating fundamentals, they frequently signal the early stages of a recession. Investors may wonder: Could this be 2008 all over again?

Trade Wars and Policy Uncertainty: The Economy’s Achilles’ Heel?

Beyond tariffs, other policy decisions are stoking fears. Immigration crackdowns and mass layoffs at federal agencies have created additional uncertainty in the labour market (The Wall Street Journal). Employers are facing talent shortages, while consumer spending—already pressured by inflation concerns—is weakening.

Retailers such as Dollar General have reported lower foot traffic, pointing to a decline in consumer demand (CNBC). Meanwhile, Delta Air Lines has slashed its revenue forecast due to reduced bookings and rising fuel costs (Bloomberg).

Even positive economic indicators are failing to lift sentiment. Despite strong unemployment numbers and a better-than-expected Consumer Price Index (CPI) reading, markets barely reacted earlier this week (US Bureau of Labor Statistics). Why? Because inflation is no longer being driven by historical data; it hinges on tariffs, trade policies, and sudden government interventions.

What Are Investors Expecting in 2025?

At the start of the year, analysts projected 2025 would be a solid year for equities, driven by resilient corporate earnings and steady economic growth. Now, many are recalculating their bets.

Tech stocks—once the darlings of Wall Street—are cratering, dragging down indices like the Nasdaq. Consumer confidence, measured by the Conference Board’s Consumer Confidence Index, has wavered, reflecting growing public anxiety about the economy (Conference Board).

The key question is: Can markets find their footing before this correction spirals into something worse?

Looking Ahead: Correction or Crisis?

Market corrections can be healthy, helping to reset valuations and curb speculative excesses. However, when uncertainty meets downturn, the results are often dire for investors.

Historical patterns suggest that once recession fears take root, investor behaviour shifts sharply toward risk aversion. That is already happening. Capital is fleeing from equities into safe-haven assets like US Treasury bonds (US Department of the Treasury) and gold (World Gold Council).

The fate of the S&P 500, the Nasdaq, and the Russell 2000 may hinge on whether the White House can de-escalate trade tensions and stabilise policy direction. If not, history suggests this correction could deepen, pulling the global economy into its first major recession since the pandemic.

Takeaway for Investors

For now, Trump’s economic strategy has left markets on edge. Investors are scrambling to reassess their 2025 strategies, while businesses brace for more uncertainty. If the market doesn’t stabilise soon, this correction could mark the beginning of a more significant downturn.

Investors are asking:

Is this correction a buying opportunity or a warning sign of a bear market?

How will escalating tariffs impact global supply chains and inflation in 2025?

Can US economic fundamentals withstand policy-driven shocks?

These questions may define the economic narrative for the rest of 2025.


ASML and the Unrivalled Future of Semiconductor Lithography: Can Global Rivals Compete?

When contemplating the geopolitical chessboard of semiconductor manufacturing, the mind often drifts to the sprawling tech hubs of Taiwan, South Korea, Japan, and the United States. From the industrial corridors of Hsinchu to the megafabs of Gyeonggi Province and Arizona, these regions are synonymous with technological leadership. Yet, it is in Veldhoven, a quiet Dutch town near the Belgian border, where the most consequential player in this global game resides: ASML Holding N.V..

[caption id="attachment_27641" align="aligncenter" width="748"] Image: visegradinsight.eu[/caption]

Home to just over 46,000 residents, Veldhoven has transformed from pastoral anonymity to the nerve centre of the semiconductor lithography industry. Towering above its windmills, ASML’s €4 billion headquarters stands as a modern-day Brabantian Burj Khalifa, overseeing what is effectively a monopoly on extreme ultraviolet lithography (EUV)—the technology that enables the world’s most advanced semiconductors. From Apple’s iPhones to Nvidia’s AI accelerators, ASML’s machines are essential components in global supply chains underpinning the AI-powered digital economy.

But as China, Japan, and other nations ramp up domestic semiconductor efforts, an inevitable question arises: Can anyone crack ASML’s grip on the lithography market?

ASML: Master of a Critical Chokepoint in Semiconductor Manufacturing

ASML’s dominance lies in its EUV lithography systems, highly sophisticated machines that etch complex circuitry onto silicon wafers using extreme ultraviolet light. EUV machines are so complex that each one costs upwards of €200 million and takes months to assemble, drawing on a supply chain of 5,000 suppliers (ASML Technology).

These machines are indispensable for producing chips with features smaller than 7 nanometres—critical for the AI revolution, autonomous vehicles, and next-generation consumer electronics. With 44,000 employees globally, ASML commands a market share that no competitor has managed to erode.

A Booming Market—And a Strategic Position No One Can Ignore

The semiconductor market itself is surging. In 2023, global sales jumped 19% to $627 billion, according to the Semiconductor Industry Association. The World Semiconductor Trade Statistics forecasts nearly $700 billion in sales for 2024, while Deloitte predicts revenues could hit $1 trillion by 2030.

ASML is positioned squarely at the centre of this explosive growth. In 2023, it reported record sales of €28 billion ($30.5 billion), a gross margin of 51%, and €7.6 billion ($8.3 billion) in net income (ASML Annual Report).

Governments and private sector players alike are investing hundreds of billions to onshore chip production and secure technological sovereignty:

The United States announced $280 billion through the CHIPS and Science Act to boost domestic semiconductor manufacturing.

South Korea is investing $470 billion over 20 years to build a semiconductor cluster with Samsung and SK Hynix (Reuters).

Japan has pledged $66 billion for semiconductor and AI development, with ¥27 trillion yen earmarked for next-gen chip production (Nikkei Asia).

These monumental investments signal a secular demand for ASML’s technologies.

Cracks Beneath the Surface: Market Volatility and Geopolitical Strains

Despite ASML’s unparalleled market position, it is not immune to geopolitical crosscurrents and cyclical demand pressures.

In October 2023, ASML’s Q3 earnings triggered alarm bells when booked orders plunged to €2.6 billion ($2.8 billion), well below the €5.4 billion ($5.8 billion) forecast by analysts (Bloomberg). The result was a 16% share price crash, wiping out €48.7 billion ($53 billion) in market capitalisation—the company’s steepest one-day loss in two decades.

Even after Q4 earnings beat expectations, with €7 billion ($7.6 billion) in new orders, ASML’s stock has continued to drift downward, losing 7% over the past month (CNBC). Nevertheless, TD Cowen analysts reaffirmed their Buy rating, citing the 1.5 price/earnings-to-growth ratio, near its five-year low.

China: Racing Against Time for Lithography Autonomy

One of ASML’s greatest geopolitical challenges remains China. Although ASML has never sold its EUV machines to China due to Dutch export restrictions—recently tightened again in September 2023—the company has significantly expanded sales of less advanced deep ultraviolet (DUV) equipment (Reuters).

In 2023, ASML’s China revenue surged to €9 billion ($9.8 billion), up from €6.4 billion ($6.9 billion) the previous year (Bloomberg).

Meanwhile, China is accelerating its homegrown lithography initiatives, spearheaded by Shanghai Micro Electronics Equipment (SMEE). Yet, SMEE’s machines remain years behind ASML’s EUV systems, with significantly lower overlay accuracy, limiting their capacity to produce chips under 14nm (South China Morning Post).

The Competitive Landscape: Nikon and Canon’s Uphill Battle

Outside China, Japan’s Nikon and Canon are ASML’s primary competitors in photolithography. Both have historical pedigree, but neither has made meaningful progress in EUV technology. Nikon, once a market leader, has seen its share shrink dramatically, and Canon has largely focused on legacy nodes and non-semiconductor lithography (Nikkei Asia).

ASML: Still the Most Critical Player in the Semiconductor Industry

Despite cyclical headwinds and geopolitical pressures, ASML remains the indispensable enabler of the world’s AI and digital future. Its technological moat in EUV lithography is fortified by decades of R&D investment, IP protection, and engineering expertise that are difficult, if not impossible, to replicate in the near term.

For nations and companies betting on AI, quantum computing, and next-generation technologies, ASML is the bottleneck—and the gateway.

Conclusion: Who Will Challenge ASML?

ASML’s dominance is not accidental; it is the result of sustained innovation and strategic alliances. While China and Japan race to develop alternatives, ASML continues to advance toward high-NA EUV systems, which promise even finer resolution and faster processing for 2nm nodes and below (ASML Technology Roadmap).

For now, no competitor is close. The question for investors and policymakers is not whether ASML will remain dominant, but how to manage global dependence on a single company at the heart of a strategic industry.


"Mad Men": A Retrospect - The Men, The Women, and the Martini-Soaked Magic of Madison Avenue

"Mad Men", the award-winning AMC drama, wasn't just television; it was a cultural phenomenon. More than a decade after its finale, the series remains a towering achievement in storytelling and visual artistry, praised for its stylish portrayal of the 1960s advertising world, its complex characters, and its unflinching examination of a society in flux. But beyond the impeccable suits and constant haze of cigarette smoke, how accurately did “Mad Men” capture the spirit of its era?

A Visual Symphony of the Sixties

One of “Mad Men’s” most striking accomplishments is its meticulous recreation of 1960s aesthetics. Every detail, from the rotary phones on Sterling Cooper’s desks to the chrome-trimmed appliances in suburban kitchens, immerses viewers in the era. The show's creators, led by Matthew Weiner, spared no effort in ensuring authenticity, and their dedication paid off.

The set designs are time capsules of early 60s modernism. Sterling Cooper’s offices feature sleek lines and mid-century furniture, reflecting the optimism of corporate America before the turbulence of the later decade. At home, the Draper household's muted tones and traditional decor illustrate the era’s domestic ideals, later giving way to bolder colours and more daring styles as cultural shifts seep into the story.

Costume designer Janie Bryant brought fashion to the forefront, charting the evolution of style throughout the series. From Betty Draper's cinched waists and full skirts in the early seasons to Peggy Olson’s bold prints and shorter hemlines as she finds her confidence, every outfit tells a story. The clothing of “Mad Men” does more than look good—it captures the characters’ transformations and reflects broader societal change.

The Faces of an Era

While “Mad Men” dazzles visually, its characters are the beating heart of the show. Jon Hamm’s portrayal of Don Draper is a masterclass in duality. Don is a man of contradictions—charming yet distant, confident yet riddled with self-doubt. His enigmatic past and struggles with identity mirror the broader anxieties of a nation grappling with rapid change.

"Every character is richly drawn, deeply flawed, and wholly human, making them not only relatable but also emblematic of the social complexities of the time."

Elisabeth Moss shines as Peggy Olson, whose rise from timid secretary to trailblazing copywriter encapsulates the shifting role of women in the workplace. Her story is as much a commentary on the era as it is an exploration of personal ambition and resilience.

The supporting cast is equally formidable. January Jones plays Betty Draper with a brittle elegance, embodying the frustrations of a woman confined by suburban expectations. Christina Hendricks’ Joan Holloway is a powerhouse of wit and poise, navigating the minefield of a male-dominated workplace with sharp intellect and carefully wielded charm. Roger Sterling, portrayed with effortless flair by John Slattery, serves as a cynical yet comedic foil to Don’s intensity. Vincent Kartheiser’s Pete Campbell is the embodiment of insecure ambition, his desperate need for success a reflection of the cutthroat nature of the industry.

Every character is richly drawn, deeply flawed, and wholly human, making them not only relatable but also emblematic of the social complexities of the time.

Glamour and the Shadows Beneath

Though “Mad Men” revels in its depiction of 1960s glamour, it never shies away from the darker truths of the era. Beneath the veneer of elegance lies a society steeped in inequality, prejudice, and discontent. The show’s unflinching portrayal of sexism reveals the systemic barriers women faced, both in the workplace and at home. Peggy’s journey, though inspiring, is a constant battle against condescension and misogyny, while Joan’s struggles highlight the limited avenues available to women, even those with exceptional skill and determination.

Racism, too, is addressed, albeit sparingly, through moments that starkly contrast the privilege of the series’ mostly white characters. The civil rights movement looms in the background, a reminder of the societal upheavals reshaping the country. While “Mad Men” offers glimpses into these seismic changes, some critics argue that its focus on Madison Avenue’s white, upper-middle-class world sidelines these narratives.

The show also examines the era’s attitudes toward mental health, sexuality, and addiction. Characters grapple with depression, unspoken traumas, and identity crises, often numbing their pain with alcohol, cigarettes, and infidelity. These personal struggles are framed within the broader context of a society caught between post-war conformity and the countercultural revolution.

Fiction Through a Filtered Lens

While “Mad Men” is celebrated for its historical accuracy, it is ultimately a work of fiction. Certain elements—such as the characters’ near-constant smoking and drinking—are heightened for dramatic effect, creating a stylised portrayal that amplifies the era’s excesses.

Moreover, the series has been critiqued for its limited exploration of major cultural and political events, including the civil rights movement and the Vietnam War. These issues are touched upon, but always from the vantage point of the privileged few, leaving some stories underexplored. Yet, this focus can also be seen as deliberate, a commentary on how insulated the world of Madison Avenue was from the broader struggles of the time.

The Legacy of “Mad Men”

Despite these criticisms, “Mad Men” remains a television landmark, offering a layered and nuanced exploration of a pivotal era in American history. Its unflinching examination of ambition, identity, and societal change resonates far beyond its 1960s setting.

The series' success lies in its ability to hold a mirror to its audience, revealing not only the progress made since the 60s but also the persistent inequalities and existential dilemmas that remain. Gender roles, racial injustice, and the search for purpose—these themes are as relevant today as they were then, giving “Mad Men” a timeless quality.

Much like the advertising campaigns it portrays, “Mad Men” is about selling ideas. It sells nostalgia for a bygone era while simultaneously deconstructing its myths. It sells the allure of ambition while exposing its costs. It sells the notion that progress is possible but never easy.

Through its meticulous craftsmanship, unforgettable characters, and willingness to confront uncomfortable truths, “Mad Men” has earned its place as a cultural touchstone. Its portrayal of Madison Avenue is not just a window into the past but a lens through which we can examine our own aspirations, flaws, and society.

A decade after its final episode, “Mad Men” continues to captivate and inspire, reminding us that storytelling, much like advertising, is about connecting with the core of human experience. Whether through the clink of martini glasses or the click of a typewriter, the magic of “Mad Men” lingers—proof that the best stories never go out of style.


Rate Holds Dominate as Major Central Banks Navigate a Fragile Global Economy

Monetary policymakers from the world’s largest economies are opting to play a cautious hand. This week, the US Federal Reserve, Bank of Japan (BoJ), Bank of England (BoE), People’s Bank of China (PBoC), and Sweden’s Riksbank all announced they would hold their respective interest rates steady. The synchronised restraint reflects a collective strategy to navigate an increasingly uncertain global economic environment. Unfortunately, no central bank appears to be holding an ace card — although Federal Reserve Chair Jerome Powell hinted at two rate cuts that may yet come into play this year.

[caption id="attachment_27648" align="aligncenter" width="900"] Swiss National Bank in Bern[/caption]

Different Circumstances, Same Decision

While the rate hold decision was universal among these institutions, the conditions influencing each central bank’s strategy remain markedly different.

In China, policymakers are battling economic headwinds and weak domestic demand. According to China’s National Bureau of Statistics, retail sales rose 4% year-on-year in January and February 2025, a slight improvement over December 2024’s 3.7% increase. However, consumer price data is concerning. The national Consumer Price Index (CPI) fell 0.7% year-on-year in February, confirming deflationary pressures that have prompted officials to revise their annual inflation target to "around 2%" from the previous 3% benchmark.

The People’s Bank of China has indicated further easing may be on the horizon to stimulate consumer activity and help meet Beijing’s 5% growth target for 2025. The prospect of lower rates and additional stimulus measures underscores China’s distinct approach as it seeks to revitalise its post-pandemic economy.

Sweden’s Riksbank also left rates unchanged, emphasising the importance of stability in a complex geopolitical landscape. On Thursday, the central bank announced its key rate would "remain going forward", signalling a wait-and-see approach. Sweden faces “substantial global turbulence,” much of it stemming from the US administration’s threats of new international tariffs. Yet, the Riksbank also noted that an anticipated increase in EU defence spending could mitigate trade risks and provide a stabilising force for the Swedish economy.

The Reluctant Players: Bank of Japan and Bank of England

Japan’s monetary policy remains firmly accommodative. The Bank of Japan has been telegraphing a rate hike later in 2025 to address rising consumer prices. Officials have referred to the “evolving situation regarding trade” as a key consideration. Japan has seen inflation inch higher, driven partly by currency weakness and supply chain adjustments. For now, policymakers are waiting for more clarity before pulling the trigger on tighter policy.

Across the globe, the Bank of England finds itself between two uncomfortably close walls: persistent inflation and stagnant growth. Inflation hit a 10-month high of 3% in January 2025, according to the Office for National Statistics (ONS). At the same time, GDP growth was a tepid 0.1% in the fourth quarter of 2024. The BoE acknowledged its precarious position in a statement on Thursday, reiterating that “monetary policy will need to continue to remain restrictive for sufficiently long” to counteract the potential economic fallout from trade disputes and geopolitical uncertainties.

The Federal Reserve: A Calculated Wait

In Washington, the Federal Reserve also elected to hold its benchmark rate steady, projecting a cautiously optimistic outlook. Economic growth forecasts have been trimmed: GDP is now expected to expand by 1.7% in 2025, revised downward from a 2.1% forecast made in December 2024. Inflation, however, is projected to rise to 2.7%, up from an earlier estimate of 2.5%. Powell stated on Wednesday that inflationary pressures have partly increased due to newly imposed tariffs. Despite this, the Fed still anticipates cutting rates twice before the end of the year, as officials seek to balance slowing growth with price stability concerns.

The Outsider: Switzerland Breaks Ranks

One major central bank did buck the trend: the Swiss National Bank (SNB). On Thursday, the SNB cut its policy rate by 25 basis points to 0.25%, following a more aggressive 50 basis-point cut in December 2024. This marks the fifth consecutive reduction since March 2024, reflecting a significantly different inflation landscape in Switzerland.

Annual inflation in Switzerland registered at a mere 0.3% in February 2025, according to official data from the Federal Statistical Office — the lowest rate in four years. A strong Swiss franc has further curbed imported goods prices, particularly from the Eurozone. Yet even Switzerland’s policymakers signalled a more cautious stance ahead. The SNB warned that the “backdrop of increased trade and geopolitical uncertainties” could introduce new risks, potentially halting further cuts.

Monetary Patience in an Uncertain World

Amid complex domestic pressures and evolving global risks, the world’s major central banks are exercising rare patience. Inflation trajectories, trade disputes, geopolitical instability, and uneven growth are keeping monetary policymakers in wait-and-see mode. The Swiss National Bank may be the only outlier for now, but even its path forward appears less assured than before.

The global economy remains in flux — and in the central banks’ poker game with uncertainty, no one is willing to go all-in just yet.


Lee Clow: The Enigma of Cool

He’s the laid-back surfer who redefined advertising, the enigmatic visionary behind Apple’s "1984" and "Think Different" campaigns, and an enduring symbol of West Coast creativity. This is the story of Lee Clow, a man whose influence on modern culture transcends advertising and whose work remains a testament to the power of bold ideas.

The Creative Spark of a Maverick
Born in Los Angeles in 1943, Lee Clow epitomised the countercultural energy of the West Coast. His journey into advertising began with a love for art and design, nurtured during his studies at Santa Monica City College. Clow’s early years were marked by an exploration of creativity that extended far beyond the classroom, informed by his passion for surfing and a free-spirited approach to life.

In the 1960s, Clow joined Chiat/Day, an agency that would become the crucible for his creative talents. Working alongside industry legends like Jay Chiat, Clow developed a distinctive voice and style, blending visual storytelling with cultural resonance. His early campaigns displayed a knack for innovation and a willingness to defy conventions, setting the stage for a career that would push the boundaries of advertising.

The Apple Partnership: Redefining Innovation
Lee Clow’s career reached a defining moment in the early 1980s when he partnered with Steve Jobs, the visionary co-founder of Apple. This collaboration would produce some of the most iconic advertising campaigns of all time, beginning with the legendary "1984" Super Bowl commercial.

Directed by Ridley Scott, "1984" presented the Macintosh computer as a revolutionary force against conformity, symbolised by the IBM-dominated tech world. The ad’s dramatic imagery, inspired by George Orwell’s dystopian novel, and its rallying cry for individuality captured the imagination of a generation. More than just a commercial, it became a cultural moment, solidifying Apple’s position as a disruptor and setting a new standard for creativity in advertising.

Clow’s partnership with Apple flourished over the following decades, producing the celebrated “Think Different” campaign in 1997. This series of ads honoured visionaries like Mahatma Gandhi, Albert Einstein, and Amelia Earhart, aligning Apple with creativity, innovation, and individuality. The campaign played a pivotal role in revitalising the Apple brand during a challenging period, turning it into a beacon of inspiration and aspiration.

Beyond Apple: A Master of Storytelling
Although his work with Apple defined much of his career, Clow’s impact extended far beyond a single brand. His campaigns for Energizer, featuring the unrelenting Energizer Bunny, became a cultural phenomenon. His work for Nissan brought emotional depth to automotive advertising, and his Taco Bell campaigns injected irreverence and humour into fast-food marketing.

Clow’s brilliance lay in his ability to tap into the cultural zeitgeist. He recognised the emotional connections that brands could forge with consumers and used striking visuals, evocative music, and simple yet profound ideas to tell compelling stories. His ads weren’t just about selling products; they were about creating moments that resonated with people’s lives and values.

A Leader Who Inspired Creativity
Clow’s success was rooted not only in his creative genius but also in his leadership. At Chiat/Day and later TBWA\Chiat\Day, Clow fostered an environment where creativity could thrive. He championed collaboration, pairing art directors with copywriters to spark synergy and innovation. He believed in empowering his team to take risks, challenge conventions, and embrace the unexpected.

Clow’s leadership was deeply personal. Known for his casual demeanour and unpretentious style, he created a culture that reflected his values. His love of surfing and disdain for corporate rigidity became metaphors for his approach to creativity—fluid, fearless, and always authentic.

Beyond his agency walls, Clow’s influence on the industry was profound. He inspired generations of creatives to see advertising not just as a commercial tool but as a platform for cultural expression and artistic achievement. His ethos—that advertising could be meaningful, memorable, and transformative—reshaped how the industry viewed its role in society.

Legacy of a Cultural Icon
Lee Clow retired in 2019, leaving behind a legacy that continues to shape the advertising world. His work, characterised by its originality and emotional resonance, remains a benchmark for creativity. From the revolutionary energy of "1984" to the aspirational spirit of “Think Different,” his campaigns have become part of the cultural fabric.

Clow’s impact goes beyond the ads themselves. He showed that great advertising is not just about selling products but about connecting with people on a deeper level. His work celebrated individuality, championed creativity, and reminded us of the power of ideas to inspire and unite.

As advertising evolves in the digital age, Clow’s principles remain as relevant as ever. In a world dominated by algorithms and data-driven strategies, his emphasis on storytelling, intuition, and humanity serves as a guiding light. He demonstrated that the best advertising speaks to universal truths, evokes genuine emotion, and captures the spirit of its time.

The Surfer Who Changed the World
Lee Clow’s story is one of a maverick who never compromised his vision, a creative mind who fused artistry with commerce, and a cultural icon who redefined the boundaries of his craft. He showed that advertising, at its best, could be a force for cultural change and a celebration of the human spirit.

Through his work, Clow encouraged us to think differently, embrace creativity, and find beauty in simplicity. He remains the enigma of cool, the surfer who rode the wave of advertising’s golden era and left an indelible mark on the industry and the culture it serves. His legacy will continue to inspire for generations, reminding us of the transformative power of creativity.


Arval: Driving the Future of Fleet Mobility Through Sustainability, Innovation and Performance

In an era of sweeping transformations across mobility, technology and environmental consciousness, Arval emerges as a defining force in the fleet management sector. As a wholly owned subsidiary of BNP Paribas, Arval combines financial robustness with innovative agility to address the complex challenges facing corporate fleets and mobility solutions worldwide. With a presence in 29 countries, more than 8,000 employees, and an expanding fleet that surpassed 1.7 million leased vehicles in 2023, Arval has cemented its reputation as a leading international player in full-service vehicle leasing and new mobility solutions.

This article explores Arval’s strategic vision, financial performance, sustainability commitment, and its insights into the future of fleet mobility—painting a comprehensive picture for executives, economists, and decision-makers seeking clarity in an evolving landscape.

A Record-Breaking Year: Growth Anchored in Resilience and Vision

Arval reported a stellar 2023, with a 5.6 percent growth in its leased fleet, bringing its total to 1,701,540 vehicles globally. This performance, particularly noteworthy given ongoing supply chain disruptions and global economic uncertainty, illustrates Arval’s adaptability and operational excellence. The company demonstrated robust growth across several key markets: a 7.5 percent increase in the retail segment and 8.1 percent growth in mid-term rental solutions underscore Arval’s success in diversifying its service offerings and appealing to a broad spectrum of corporate and SME clients.

Strategically, Arval continues to benefit from its strong integration with BNP Paribas, leveraging financial stability and cross-functional support to drive innovation at scale. Its recent advances in data analytics and mobility solutions offer a competitive edge in a sector where digitisation and sustainability are no longer optional, but imperative.

The Future of Fleet Mobility: From Cars to Connected Ecosystems

Arval’s white paper on “The Future of Fleet Mobility – Key Trends Shaping 2025” reveals a forward-thinking approach to the seismic changes underway in transport and mobility. The paper identifies four critical pillars influencing the future: electrification, mobility-as-a-service (MaaS), digital transformation and sustainability.

Fleet electrification is poised to dominate the next wave of mobility, driven by regulatory pressure and environmental responsibility. Arval is positioning itself at the centre of this shift by offering tailored electric vehicle (EV) leasing solutions supported by integrated charging infrastructure, energy management tools and total cost of ownership optimisation. The company views EVs not just as an alternative to internal combustion engines but as part of a wider mobility ecosystem.

Mobility-as-a-service is another area of rapid evolution. As corporates seek to manage mobility budgets more flexibly, Arval is actively developing multi-modal mobility solutions. These include shared vehicles, car subscriptions, and partnerships with public transport operators—transforming fleet management from a purely vehicle-centric model to a people-centric experience.

Digitalisation forms the backbone of this transition. Arval’s emphasis on connected vehicles, data-driven services and telematics enables fleet managers to gain real-time insights into vehicle usage, emissions and driver behaviour—leading to safer, greener and more cost-effective outcomes.

Sustainability as a Strategic Imperative

Arval’s commitment to sustainability is neither a tick-box exercise nor a late-stage retrofit—it is a strategic pillar embedded across its operations. The company’s sustainability framework rests on three central ambitions: reducing its carbon footprint, promoting social inclusion and supporting local communities.

By 2025, Arval aims to reduce average fleet CO₂ emissions by 30 percent compared to 2020 levels—a bold objective backed by a range of initiatives, from EV leasing incentives to eco-driving programmes. Through the Arval Beyond strategy, the firm also commits to helping clients transition to low-emission fleets via dedicated consulting, green vehicle availability, and emissions monitoring.

From a social standpoint, Arval takes an inclusive and community-driven approach. The Arval Women in Action programme and initiatives promoting gender parity across leadership roles underline its diversity ambitions. Moreover, Arval supports numerous local environmental and educational projects, reaffirming its role as a responsible corporate citizen.

Importantly, Arval tracks progress with transparency: sustainability KPIs are published annually and audited externally, ensuring accountability to stakeholders and clients.

Battery Resilience and the Secondary Market for Electric Vehicles

Arval’s research into used electric vehicles has yielded encouraging findings for fleet operators and sustainability strategists alike. Contrary to prevailing concerns, electric vehicle batteries demonstrate strong durability, even after several years of intensive use. Studies conducted by Arval reveal that degradation remains minimal, especially in models equipped with advanced battery management systems.

This insight is vital for the maturation of the secondary EV market. As leased electric vehicles reach the end of their initial term, Arval anticipates a growing appetite for pre-owned EVs—particularly among SMEs and retail consumers seeking cost-effective entry points into electrified mobility. The company is already investing in remarketing capabilities and refurbishment standards to support this next chapter.

Moreover, improved battery life aligns perfectly with Arval’s circular economy strategy, where maximising the lifecycle of each vehicle plays a central role in reducing overall environmental impact.

From Ownership to Usership: Arval’s Vision for the Decade Ahead

Arval is not merely navigating the transition to new mobility—it is actively shaping it. At the heart of its mission lies the belief that the future of mobility lies in flexible, sustainable and user-centric solutions. With its powerful ecosystem of partnerships, from energy providers and charging infrastructure firms to public sector institutions, Arval is constructing an integrated mobility platform for tomorrow’s economy.

The company’s “Arval Mobility Observatory” is a strategic initiative that helps decode market trends and emerging mobility behaviours across Europe and beyond. Through continuous research and dialogue with policymakers, Arval is playing an influential role in crafting mobility policies that benefit both business and society.

Additionally, Arval’s efforts to digitise its services, automate administrative tasks and personalise client experiences are rapidly making fleet management more intuitive, accessible and cost-efficient.

A Catalyst for Responsible, Intelligent Mobility

Arval’s trajectory is one of strategic clarity, financial strength and sustainability leadership. In an industry undergoing disruptive change, the company stands out not only for its scale and growth but for its visionary approach to fleet transformation. By investing in electrification, mobility-as-a-service and digital integration—while anchoring all efforts in a firm sustainability ethos—Arval has evolved beyond its origins as a leasing company to become a full-fledged mobility partner.

As the global economy shifts toward decarbonisation, urbanisation and digital interconnectivity, Arval appears exceptionally well-positioned to thrive—and to help its clients do the same.


Sustainable Investment in the Dominican Republic: Driving Economic Development in the Caribbean

The Dominican Republic has emerged as a regional leader in attracting foreign direct investment (FDI) within Central America and the Caribbean. Over the years, it has become a magnet for major projects across critical sectors, notably tourism, energy, and infrastructure. By 2024, the country recorded an unprecedented US$4.512 billion in FDI—the highest level in its history. This milestone represents a 49% increase compared to 2019 and a 3% growth on the previous year, marking the third consecutive year in which FDI inflows have surpassed the US$4 billion threshold.

This consistent upward trend highlights the Dominican Republic’s strengthening reputation as a reliable and attractive destination for international capital, supported by an evolving regulatory framework and robust institutional structures.

Streamlining Investment: ProDominicana and the One-Stop Investment Window

Much of this success can be attributed to the efforts of the Dominican Republic Export and Investment Center (ProDominicana), which has taken a proactive role in enhancing the country’s investment climate. One of its flagship initiatives, the One-Stop Investment Window (VUIRD), integrates over 37 processes across 25 institutions. The platform provides a streamlined and transparent process for investors navigating key sectors of the Dominican economy. This digital service facilitates faster approvals and better coordination between stakeholders, simplifying access for international and domestic investors alike.

"The institution has driven economic diversification by facilitating trade partnerships and connecting Dominican enterprises with global markets."

ProDominicana’s efforts have gone beyond administrative efficiency. The institution has driven economic diversification by facilitating trade partnerships and connecting Dominican enterprises with global markets. Its role in promoting investment in high-potential sectors has been central to maintaining the country’s positive investment trajectory.

Renewable Energy: Powering a Green Transition

[caption id="attachment_27660" align="aligncenter" width="900"] Executive Director: Biviana Riveiro Disla[/caption]

The Dominican Republic has demonstrated a firm commitment to renewable energy, aiming for clean sources to constitute 15% of its energy mix, with a longer-term target of 30% by 2030. The government’s proactive policies have spurred foreign and domestic investment in solar and wind energy projects across the country. This push towards renewables not only supports the global transition to green energy but also enhances the country’s energy security and sustainability credentials.

Sustainable Tourism: Balancing Growth and Conservation

Tourism remains one of the Dominican Republic’s most important economic sectors, and its approach to sustainable tourism has attracted attention regionally and beyond. Developments in Punta Cana and Pedernales exemplify a model where economic growth is balanced with environmental preservation and social responsibility. These projects aim to protect biodiversity, reduce carbon footprints, and provide sustainable livelihoods for local communities, ensuring long-term benefits for both residents and visitors.

Responsible Mining: Ensuring Economic and Environmental Sustainability

The mining sector, traditionally a sensitive area for sustainable development, has also seen reform. The government continues to prioritise responsible and transparent mining practices. Through the enforcement of strict regulations and sustainability standards, mining activities are carried out in a manner that ensures direct socio-economic benefits to local communities while safeguarding the nation’s natural resources.

Supporting SMEs: Driving Local Economic Growth

Small and Medium-Sized Enterprises (SMEs) remain central to the Dominican Republic’s economic strategy. ProDominicana has implemented various tools and resources to help SMEs scale their operations, expand into foreign markets, and contribute to employment and foreign exchange generation. By integrating SMEs into global value chains and promoting their competitiveness, the government is laying the foundation for a more inclusive and resilient economy.

Promoting Green Investments: A Commitment to Sustainability

The country’s emphasis on green investments has attracted projects aligned with global sustainability goals. Green infrastructure, clean technology financing, and climate-resilient development initiatives are being prioritised. This forward-looking approach positions the Dominican Republic as a regional pioneer in sustainable investment and underscores its commitment to combating climate change.

International Recognition: Awards and Accolades

The Dominican Republic’s efforts in promoting trade and investment have not gone unnoticed. In 2024, ProDominicana received the "Best Use of Information Technology" award at the World Trade Promotion Organizations Awards, hosted by the International Trade Center (ITC). The award recognised the innovative market intelligence system ProInteligencia, which has played a pivotal role in supporting the country’s trade promotion strategies.

In addition, ProDominicana was named one of the best investment promotion agencies in Latin America and the Caribbean at the 2024 AIM Investment Awards, part of the AIM Congress Global Annual Meeting. This gathering brought together over 1,000 participants from across the globe, solidifying ProDominicana’s reputation as a leader in investment facilitation.

A Sustainable Future for the Caribbean

With a focus on sustainability, economic diversification, and support for SMEs, the Dominican Republic continues to set a benchmark for responsible economic development in the Caribbean. Its proactive approach to attracting sustainable investment is generating long-term opportunities for growth while reinforcing its role as a regional leader committed to balancing economic progress with environmental stewardship.


From Strength to Strength: Peak Re Expands its Role as a Trusted Reinsurance Partner in Emerging Asia

Mission to Close the Protection Gap

Headquartered in Hong Kong, Peak Reinsurance Company Limited (“Peak Re”) continues to solidify its position as a dedicated global reinsurer focused on serving the evolving needs of insurers in Emerging Asia. Offering Property and Casualty (P&C), Life and Health (L&H) reinsurance, as well as structured solutions, the Company has a clearly defined mission: to close insurance protection gaps—particularly those affecting the region’s burgeoning, yet underinsured, middle class.

Through product innovation, strategic collaboration, and the adoption of advanced analytics, Peak Re is helping insurers expand coverage, increase access, and improve the relevance of products across dynamic and developing markets in Asia.

Innovation and Market Expansion

Peak Re has earned a reputation for delivering tailored, forward-thinking solutions. Its product development has responded directly to unmet needs across the region. These include critical illness cover for juveniles and newborns in China, and substandard life insurance solutions for Southeast Asian markets that reward health-conscious behaviours such as managing blood pressure. The Company has also played a pivotal role in accelerating microinsurance growth—enhancing financial protection for lower-income segments.

“Peak Re has a strong track record of product innovation, collaboration and the use of advanced analytics and technology to better meet Emerging Asia’s consumer needs and expand its insurance markets.”

Recognising that consumer experience influences insurance uptake, Peak Re is investing in AI-driven underwriting processes to help insurers in India streamline and personalise health insurance offerings. These innovations reflect Peak Re’s belief in co-creating value with insurers, combining data, design, and distribution to bridge protection gaps.

Structured Solutions to Build Risk Capacity

In 2024, the Company expanded its Structured Solutions business to support both P&C and L&H clients with customised risk-sharing mechanisms. These solutions are designed to reduce financial volatility, optimise capital efficiency, and empower insurers to take on greater risk capacity.

Climate Risk: Enhancing Resilience in Emerging Asia

Climate risk continues to pose a serious challenge for Emerging Asia. Peak Re is actively involved in multiple initiatives that support better risk assessment and disaster resilience. Notably, it was the first reinsurer based in Hong Kong to issue a 144A catastrophe bond providing multi-year protection against typhoons in Japan. The Company also supports global and regional initiatives such as the Southeast Asia Disaster Risk Insurance Facility, and various natural catastrophe pools that safeguard vulnerable communities.

“Peak Re’s structured solutions are designed to reduce volatility for insurers and promote higher risk capacity allocations.”

Peak Re’s catastrophe modelling capabilities have been significantly enhanced through academic partnerships in Hong Kong and collaboration with meteorological institutions in Shanghai. These initiatives equip insurers with real-time tools—such as tropical cyclone activity trackers—for improved risk prediction and disaster preparedness.

Insight into Emerging Asia’s Middle Class

A cornerstone of Peak Re’s market engagement strategy is its annual Emerging Asia Middle-Class Consumer Survey, now in its third year. This extensive study offers insurers deep insight into evolving consumer behaviours, risk perceptions, and expectations—ultimately informing better product design.

The 2024 survey revealed that family remains central to financial decision-making across the region. Insurance is increasingly seen as a vital source of old-age care, second only to savings and investments. However, complexity in product understanding and purchasing remains a key barrier: 61% of respondents who dropped out of the buying process for home insurance cited complexity as the primary reason.

These findings offer valuable guidance for insurers seeking to improve product clarity, simplify customer journeys, and align coverage with cultural values and long-term financial planning needs.

Operational Excellence through Technology

Peak Re’s operational infrastructure is underpinned by advanced technologies, including optimised cloud solutions and machine learning, to ensure robust, scalable, and efficient service delivery. These tools support both product innovation and internal processes—enhancing the Company’s agility and reliability as a partner.

“Peak Re is highly active in helping the industry to better mitigate and assess climate risk across Emerging Asia.”

A Commitment to ESG and Capacity Building

Environmental, Social and Governance (ESG) principles are woven into Peak Re’s business model. ESG screening is applied to underwriting and investment decisions to ensure alignment with sustainability objectives. The Company’s Hong Kong headquarters have received LEED Gold and WELL Platinum certifications, and Peak Re continues to support community events and wellbeing initiatives for staff.

“Insurance was the second highest expected source of funding for old-age care after savings and investments.”

Peak Re Emerging Asia Middle-Class Consumer Survey

Investment in people remains a top priority. Staff receive comprehensive training in technical and soft skills, while clients benefit from Peak Re’s knowledge-sharing through workshops on underwriting, product development, and balance sheet optimisation. Its summer internship programme also helps shape future talent for the reinsurance industry.

“61% cited factors relating to complexity as reasons for dropping out of the insurance purchasing journey.”

Peak Re Emerging Asia Middle-Class Consumer Survey

Looking Ahead: Reinsurance with Purpose

Despite ongoing global challenges—from heightened climate risks and inflation to geopolitical instability—the reinsurance sector has remained resilient, underpinned by disciplined underwriting. According to Gallagher Re, insured losses from weather events in 2024 were 29% above the decadal average, underscoring the urgent need for sustainable, well-capitalised risk-sharing structures.

Peak Re’s unwavering commitment to Emerging Asia places it in a strong position to continue delivering impactful solutions. With a diversified and sustainable portfolio, a culture of collaboration, and an emphasis on innovation and governance, the Company is ready to support the next phase of growth and resilience in the region.

To access the Peak Re Emerging Asia Middle-Class Consumer Survey 2024, visit www.peak-re.com.


The Midas Touch, or Not So Much? The Mythical Metal vs Shares

Gold is the age-old standard that once underpinned our modern currencies; what value does it have in physical form?

In times of economic uncertainty and geopolitical turbulence, gold traditionally serves as an icon of stability.

The weighty precious metal has long been a symbol of wealth, a means of commerce, and a hedge against inflation. As investors look for safe havens for their holdings, gold has always been an attractive option.

But when it comes to investing in gold, there is a vital decision to be made: actual, physical gold — or gold shares? Each option has promise and problems, those of converting gold into cash, and a complex regulatory landscape.

Gold has a fascination that extends across cultures and ages. Its scarcity, durability, and widespread acceptance distinguish it as a rare asset. Investors are lured to gold for a number of reasons.

It holds its value over time, offering a hedge against the eroding effects of inflation. When there are geopolitical tensions or economic downturns, the price of gold tends to rise. Its low correlation with other asset classes, such as equities and bonds, makes it a great diversification choice.

Countries and cultures around the world have historically embraced gold as an enduring standard, and one that has backed currencies with tangible value. Although the gold standard itself has been abandoned, the yellow metal continues to affect currency values and economic policies.

Gold is highly valued in various nations — India and China, particularly — especially during festivals and weddings.

Investment in Physical Gold

Gold assets such as coins, bars and jewellery have beauty and heft. Physical gold is a tangible asset. There’s satisfaction and security in such an investment.

The downside is security: it presents storage problems — which might increase costs. The risk of theft or loss is real, and of concern.

We’re all familiar with ingots from legends, books, and films. Today, they come in sizes ranging from grammes to kilogrammes and even larger bars; the bigger the bar, the cheaper the premium — the trade-off is in diminished liquidity.

Popular coins include the American Eagle, the Canadian Maple Leaf, and South Africa’s Krugerrand. While visually appealing and easier to conceal, gold jewellery has additional craftsmanship expenses, making it a less efficient investment.

Treasure Chests?

Home storage means the use of safes or secret chambers; theft is, potentially, a constant danger.

Safe deposit boxes are secure, but banks may not be insured for precious metals. Specialised storage facilities provide security and insurance — but come with a premium.

The Liquidity Issue

Converting actual gold into cash can be relatively simple, but again, there are challenges. Finding a buyer is one. Options include jewellery stores, pawn shops, online gold purchasers, and individual collectors. Buyers will want to evaluate gold's purity, weight, and condition.

Given the buyer's desire for profit, prices may be lower than the market rate. Transactions must be carried out safely, especially when dealing with significant amounts.

Premiums and Costs

Manufacturing costs, dealer mark-ups, and delivery charges must be taken into account — along with storage and insurance.

It’s crucial — and theoretically simple — to ensure that the gold is pure and real. Counterfeit gold is out there, so using trusted vendors is a must.

Investing in Gold Stocks

Shares gold-related financial instruments: mining stocks, ETFs, and mutual funds. These, too, come with pros and cons.

Investing in mining companies provides leverage; when gold prices climb, the companies' earnings can grow in tandem, sometimes dramatically.

The cons include the fact that mining equities are vulnerable to operational risks, management decisions, and unpredictable geopolitical variables.

ETFs and ETNs

ETFs (exchange-traded funds) such as SPDR Gold Shares (GLD) hold actual gold, and offer exposure to gold prices without physical ownership. These provide liquidity, simplicity of trading, and reduced transaction costs. But ETFs don’t grant actual ownership of gold. There’s reliance on the fund's management, as well as faith in the financial system.

ETNs (exchange-traded notes) are bank-backed debt securities that track gold prices, but expose investors to credit risk.

Gold Mutual Funds

These funds invest in a diverse range of mining companies, distributing risk throughout the industry. Leverage and derivatives, options and futures allow investors to speculate on price changes, boosting possible gains — and increasing losses. Because of their speculative nature, derivatives are complex and not suitable for all investors.

Gold shares are liquid; they can be purchased and traded during market hours with swift settlement. Physical gold is less liquid, and selling it entails finding a trusted buyer, negotiating the price, and physically moving the gold from place-to-place.

Gold shares have lower transaction costs, but may include management fees and expense ratios.

Physical gold incurs higher up-front costs due to fees, as well as storage and insurance expenses.

Regulations and Taxation

Gold shares are subject to capital gains tax, with rates depending on holding periods and local laws. Physical gold is also subject to capital gains tax, which varies according to jurisdictions.

Gold shares are as vulnerable to market risks as other investments. Physical gold is at risk of theft or loss and requires secure storage methods. Six of one, half-a-dozen of the other. Shares in gold are accessible through broking accounts, easing acquisition and exit positions. Physical gold must be purchased from dealers and delivered and stored in accordance with logistics and risk-perception.

Converting Ingots to Cash

This requires several steps, from finding a buyer to performing due diligence. Purchasers must ensure they are dealing with someone respectable who offers reasonable prices.

Buyers will assess the gold's purity, weight, and condition. Having certificates of authenticity might make the procedure easier, and it’s vital to understand market prices — and be willing to negotiate. It’s best to gather quotes from multiple purchasers to get the best value.

Before releasing the gold, verify the payment methods and ensure that they have been received.

Regulations for Investments

Understanding the regulatory structure is critical for physical gold and gold stocks. To avoid money laundering, large cash transactions must be reported to authorities.

Import and export controls come into play when taking gold across borders; it may be subject to declaration, taxes — or outright bans. Regulations require dealers to provide truthful information about gold purity and weight.

Gold Share Regulations

Securities laws oversee investments in shares to ensure openness and fairness. Broking restrictions are in place to safeguard investors, brokers and financial advisors.

In the United States, actual gold is taxed at a maximum of 28 percent for long-term capital gains. Shares are taxed at regular capital-gains rates, which may be lower than the collected rate for actual gold. Some states levy sales taxes on gold purchases unless specific conditions are met.

Dealers and financial institutions must follow anti-money-laundering (AML) and know your customer (KYC) compliance, which impacts the buying and selling of gold.

Market Dynamics

Understanding the elements that drive gold prices can aid investors in making informed selections. Gold frequently appreciates as a hedge against rising inflation. Lower interest rates drop the opportunity cost of owning non-yielding assets.

Political instability and international conflicts attract investors to gold. Gold is normally valued in US dollars, so a lower currency can boost gold demand.

Central Bank Policies

The purchase and selling of gold by central banks can have an impact on world supply and demand. It’s worth studying its performance in times of economic crisis. In 2008, gold prices soared as investors sought safety.
Increased demand caused shortages and higher premiums.

During the Covid-19 pandemic, there were record highs: gold exceeded $2,000 per ounce. The significant inflows into gold ETFs demonstrated investors' appetite for liquid assets. In short, gold prices can be volatile, and driven by world events beyond anyone’s control.

Holding gold does not provide income like dividends or interest. Shares are reliant on financial institutions.

Ethical Concerns

The environmental effects of mining are a concern, and gold mined in war zones can be used to finance violence.

Platforms and tech such as blockchain enable investors to purchase fractional ownership of actual gold held in secure vaults. Tokenising gold on the open ledger improves transparency and accessibility.

Investing a predetermined amount on a regular basis can help to avoid market timing concerns.

Financial consultants frequently suggest devoting five to 10 percent of a portfolio in gold. It can be used as a hedge against currency depreciation and stock market falls.

Combining actual gold with gold shares helps balance rewards and reduce dangers.

Making the right choice is tricky, based on investment goals. For long-term security, physical gold may be preferable. For liquidity and growth, shares may be more appropriate.

Investing in gold can be a wise way to preserve and increase wealth. Understanding the distinctions between real gold and gold shares is vital for making educated decisions. Before investing, speak with financial advisors and undertake extensive studies to ensure that your investment strategy matches your financial goals and risk tolerance.

Whether you have gold in your hands or in your portfolio, travelling this path demands careful thought. With a good strategy, gold can strengthen a portfolio, but gold, like any other investment, carries inherent dangers. Due diligence is key.


Portobello Capital: Driving Growth and Industry Leadership in Iberian Private Equity

Portobello Capital has cemented its position as the leading mid-market private equity firm in Spain, with over €2bn deployed across multiple funds. Since its founding in 2010, the firm has developed a systematic and replicable investment approach, known as the Portobello Playbook, which has consistently delivered strong returns. With a track record of 3.4x gross CoC and a 20percent IRR across realised investments, Portobello continues to shape industry leaders across Spain and Southern Europe.

A Proven Investment Strategy

Portobello focuses on acquiring high-quality, stable businesses in underpenetrated and growing market niches. The firm prioritises proprietary transactions, corporate carve-outs, and high-growth opportunities within four core sectors: food value chain, services & outsourcing, health & leisure, and industrial niches. With 80percent of its deals being primary and proprietary, the firm secures below-market entry multiples, averaging 7.2x EBITDA, and exits at an average multiple of 10x.

The firm systematically identifies inefficiencies and asymmetries in the market, leveraging its deep industry network to source opportunities before they become widely available. By partnering with entrepreneurs and management teams, Portobello gains privileged access to primary deals, often at a discount to market valuations. This ability to source deals at attractive entry multiples provides a strong foundation for value creation.

Value Creation and Market Impact

Portobello’s investment strategy is driven by international expansion, industry consolidation through M&A, and operational improvements. On average, portfolio companies have grown international sales by 3.5x, and each has executed two add-ons under Portobello’s ownership. The firm places a strong emphasis on strategic acquisitions to drive scale and increase market share.

A key feature of the Portobello Playbook is its focus on professionalising and digitalising portfolio companies. This involves enhancing governance structures, optimising financial management, and implementing digital transformation initiatives. By doing so, the firm strengthens its portfolio companies’ competitive positioning and long-term sustainability.

Additionally, Portobello actively supports its companies in identifying and executing growth initiatives. This includes market expansion, new product launches, and operational efficiency improvements. As a result, many of its investments have successfully transitioned from local players to regional or even international market leaders.

Recent Investments and Exits

Portobello’s latest investments include Plexus, Plenergy, and Clínicas Mi, all chosen for their high growth potential and strong industry positioning:

Plexus is a technology services firm well-positioned to capitalise on the digitalisation trend across multiple industries.

Plenergy is Spain’s leading low-cost, automated energy station operator, with a robust expansion strategy that includes solar energy integration and EV charging stations.

Clínicas Mi is a fast-growing private healthcare provider in Spain, focused on expanding its footprint through acquisitions and strategic partnerships.

On the exit front, USA Group and Blue Sea generated significant investor returns:

USA Group delivered a 4.4x return in 4.5 years, having successfully diversified its client base and expanded into new geographies, including the US and China.

Blue Sea, a value-for-money hotel operator, saw EBITDA growth from €6m to nearly €30m under Portobello’s ownership, driven by strategic acquisitions, digitalisation initiatives, and operational improvements.

ESG Commitment and Sustainable Investment Practices

Portobello integrates Environmental, Social, and Governance (ESG) principles into its investment strategy. The firm achieved a 91percent score in the UN PRI assessment, placing it among the highest-ranked private equity firms in its asset class.

Its ESG framework includes:

Sustainable operational improvements across its portfolio companies, reducing environmental impact and enhancing long-term resilience.

Governance enhancements to ensure transparent and responsible business practices.

Social impact initiatives, such as professional development programmes and community engagement.

By embedding ESG considerations into its value creation strategy, Portobello ensures that its portfolio companies are not only financially successful but also aligned with broader sustainability goals.

A Team of Excellence

Central to Portobello Capital’s ongoing success is its exceptional team. The firm is powered by a group of highly experienced professionals with deep expertise across private equity, investment banking, and consulting. With over 20 investment professionals and a leadership team that has worked together for more than two decades, Portobello fosters a high-performance culture rooted in collaboration, discipline, and innovation.

This cohesive team is the engine behind Portobello’s ability to source unique opportunities, manage complex transactions, and deliver superior outcomes. The firm also places strong emphasis on professional development, diversity of thought, and institutional best practices, ensuring that talent and expertise remain at the heart of its strategy. It is this dedication, insight and teamwork that consistently delivers value to investors and drives transformational change across portfolio companies.

The Future of Portobello Capital

Looking ahead, Portobello remains well-positioned to capitalise on Spain’s 2.6percent projected economic growth, stabilised interest rates, and increased M&A activity.

The firm is expected to continue its strategy of targeting mid-market businesses in Spain and Southern Europe, with a focus on high-growth industries. Its disciplined approach to deal sourcing, active portfolio management, and strategic exits will likely ensure continued strong returns for investors.

As the foremost private equity player in Iberia, Portobello will remain a key driver of economic growth and industry consolidation, creating sustainable long-term value for investors and portfolio companies alike.