Business Worldwide Magazine, Issue #4, 2024

Surgical Intelligence

VARTID is making orthopedic surgeries more efficient with AR/AI

Laser Cleaning History

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E-commerce Made Simple NR1 Webshops’ collaborationfocused platform is making e-commerce entrepreneurship easy

THE MARITIME MIRACLE

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Editor’s

Notes

WORLD ECONOMISTS

POINT TO A REASONABLY PROSPEROUS 2025

In the run-up to Xmas, tidings are certainly good as far as the world economic outlook is concerned.

At least, they are much improved over previous seasonal outlooks. There does remain a note of caution in the latest OECD report though, with the forum warning there are “risks casting a shadow” over its outlook for next year.

Despite this, global GDP growth is expected to sit at 3.3% for both 2025 and 2026. Growth in 2024 was 3.2%.

Global inflation is also looking far healthier, with the OECD predicting a drop from 5.4% in 2024 to 3.8% next year. This is expected to fall to 3% in 2026. In addition, headline inflation in 50% of the world’s advanced economies has already returned to central bank targets.

UK inflation falling slowly compared to rest of Europe

In the UK, the Bank of England governor said he expected at least four rate cuts in 2025. The base rate is currently sitting at 4.75%. The OECD too was optimistic about the British economy, raising its GDP growth forecast from 1.2% to 1.7%. That was due to more public spending announced by Labour chancellor Rachel Reeves in the October budget.

In Europe, GDP is expected to sit at 1.3% in 2025 and 2.5% the following year. The prediction for China is for growth to continue to decline, from 4.7% in 2025 to 4.4% in 2026.

Japan making an economic come-back – at last

The figures for Japan are 1.5% and 0.6% respectively. That doesn’t seem remarkable in comparison to other nations, but for the Japanese people it finally means interest rates are beginning to rise. Much of this is down to the support new prime minister, Shigeru Ishiba, is giving the Bank of Japan. Wages have increased over the past two years and private spending is also up.

Low unemployment and high productivity growth means America’s projected growth is 2.8% for 2025, reducing to 2.4% in 2026.

OECD Secretary-General Mathias Cormann said the global economy had proved resilient in 2024 but pointed out there remained short-term risks, such as geopolitical tensions and high public debt ratios.

India still outstripping other countries in GDP

India remains the country with the highest growth, at 6.9% for 2025, followed by Indonesia at 5.2%, then China.

All that remains for us here at Business Worldwide Magazine is to wish all our readers a very merry Christmas and a prosperous new year.

ALAN GOLDMAN

EDITOR

EDITOR

Alan Goldman

EDITORIAL

Jill Stevenson

Sam Harrington

James Abbott

Helen Smith

PRODUCTION MANAGER

Steven Owen

ART DIRECTOR

Alistair Brown

DESIGNER

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CONTRIBUTORS

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Gero Lange

Ralf Negele

Martin Schweizer

Bert Berkers

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Lasse O. Irvam

Lajos Juhász

BUSINESS DEVELOPMENT

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#4, 2024

UniCredit’s Orcel keeps rattling European banking M&A

Several weeks after UniCredit made an attempt to acquire Germany’s Commerzbank, the Italian lender is now gunning after a local bank. CEO Andrea Orcel has set his sights on local rival Banco BPM SpA with a €10 billion ($10.5 billion) offer. The unsolicited offer is the latest move by Orcel to demonstrate how committed he is to building a bank that will not just rival the best of Europe, but also take on American lenders. “The Italian banking sector, which is one of our two biggest markets, is potentially consolidating.  We cannot remain absent from that move,” Orcel told analysts.

Just like with the Commerzbank transaction, local politicians and shareholders were stunned by UniCredit’s proposal. BPM has rejected the initial bid and said in a statement that the offer "does not reflect in any way the profitability and further potential to create value for Banco BPM shareholders". The bank also cited fears of how the merger could impact jobs and local competition. The press statement went on to say that the deal "exposes…stakeholders to the risk associated with the outcome of the expansion initiatives launched by UniCredit in Germany."

While the Italian government is happy for more consolidation, it was hoping to foster the creation of a third major bank to compete with UniCredit and Intesa Sanpaolo. Orcel remains adamant that it is a good deal and is unlikely to be deterred.

Goldman Sachs Executive expects Tech IPOs to more than double in 2025

Goldman Sachs head of technology equity capital markets Will Connolly predicts that tech initial public offerings (IPO) will “likely more than double” next year. “There’s a massive population of big, scaled companies in tech that are IPO candidates and there’s a lot of demand to put money to work,” Connolly said at the bank’s conference in Las Vegas. Tech IPOs reached a record $160 billion in 2021, but cratered right after. Stripe, Klarna and Elon Musks’s SpaceX are some of the companies expected to go public next year.

"The move for BPM is one that has been expected for years, it's very complementary for us, it doesn't have a lot of impact on the network...the impact on customers will be all positive, it adds a lot of value," he said. Orcel assured shareholders that if one deal goes through, he will terminate the other.

Direct Line rejects Aviva’s £3.3 billion takeover offer

Direct Line has rejected Aviva’s £3.3 billion ($4.17 billion) offer, saying it “substantially undervalued the company.” Direct Line has said it will no longer engage with Aviva. The UK’s largest insurer has until the end of the year to make another offer. Aviva insists that the deal will provide “attractive returns for both Aviva and Direct Line shareholders.” This is the second time Direct Line has fended off buyers this year, having blocked Belgian insurer Ageas’s proposal in February and its £3.2 billion ($4 billion) offer in March.

US indictment of Indian billionaire Adani guts empire

Indian billionaire Gautam Adani’s empire may be crumbling following a US indictment on bribery charges. The US government has accused Adani, his nephew, and six other individuals of a $265 million bribe to Indian officials to approve an energy deal. The bribe was allegedly made on behalf of Adani Green Energy to secure the rights to create the largest solar power project in the country. The solar deal would have brought in $2 billion in profits over 20 years. The indictment caused shares in Adani Green Energy and all other Adani companies to lose a combined $27 billion.

The Adani Group called the allegations baseless and said, "All possible legal recourse will be sought." This is the second major allegation against India’s second-richest man in two years. In January 2023, Hindenburg Research accused Adani Group of stock manipulation and accounting fraud. Following the recent news, the short-seller said in a statement that "since releasing our January 2023 report identifying Adani as the largest corporate con in history, we have never wavered in our view, nor has Adani ever refuted our findings."

Following the news, Kenyan President William Ruto said the country was cancelling all ongoing contracts with the conglomerate. The Adani Group was to build a second runway at Jomo Kenyatta International airport and maintain it for 30 years in a deal worth nearly $2 billion. Another company in the group had a separate $736 million energy project lined up in Kenya. TotalEnergies also called off further investments in The Adani Group. The French company owns a 20% stake in Adani Green Energy Ltd. Other countries where the Adani group had been awarded contracts are also reviewing the agreements to ensure no impropriety. The Indian government is expected to launch an investigation.

UK competition watchdog to change strategy in face of mounting criticism

The UK Competition and Markets Authority (CMA) will review how it approves M&A deals following criticism that it is hindering economic growth. The CMA has been derided over how it has handled blockbuster deals in recent times, most recently by UK Prime Minister Keir Starmer. At the recently held London investment summit, Starmer charged all regulators in the country to support the government’s efforts to grow the economy. “We will make sure that every regulator in the country, especially our economic and competition regulators, take growth as seriously as this room does,” he said.

In response, CMA chief executive Sarah Cardell stressed the vital role the regulator has played over the years. “When we set our own strategic priorities back at the start of 2023 . . . we made clear that supporting productive and sustainable growth across the whole of the UK economy was a key priority for the CMA,” Cardell told the Financial Times. She added that it is “not a surprise to me at all that the government should be looking to the CMA, as it’s looking to other regulators, to be supporting that growth mission.”

The CMA’s reputation took a hit when it initially blocked Microsoft’s $75 billion takeover of Activision Blizzard. At the time, Microsoft’s President Brad Smith criticised the UK’s commitment to supporting tech but later changed his tune after the deal was approved. Cardell said the regulator would consider using “behavioural remedies” like price freezes or investment commitments instead of requiring businesses to sell divisions before gaining approval. The CMA has taken the new approach for the £16.5 billion ($20.7 billion) merger between Vodafone and Three UK. The regulator will finalise its new structure at the beginning of next year.

Just Eat Takeaway offloads Grubhub for $650 million

After nearly two years of looking for a buyer, European food deliverer Just Eat Takeaway has sold its US unit Grubhub for $650 million to Wonder. The sale price represents a 90% loss from the $7.3 billion the Dutch company paid for the business in 2020, at the height of the pandemic-fuelled takeout boom. Despite the write down, the news caused Just Eat’s share price to increase by 15%.

Europe’s largest food delivery company had been publicly trying to offload the unit and exit the U.S. market. Just Eat will realise just $50 million in net proceeds to the company from the deal. However, the company still considers this a win.

“The sale of Grubhub to Wonder will increase the cash generation capabilities of Just Eat Takeaway.com and will accelerate our growth. This deal delivers the right home for Grubhub and its employees. I would like to

thank everyone at Grubhub for their contributions to both Grubhub and the wider Just Eat Takeaway.com business,” said Jitse Groen, Just Eat Takeaway. com founder and CEO. Groen lamented about the difficult M&A environment in the U.S. He also noted that the cap on delivery prices to restaurants had cost the business $100 million in annual revenue.

Wonder is a “fast-fine” food delivery startup founded by Marc Lore, the former CEO of Walmart e-commerce US.

“Bringing Wonder and Grubhub together is the next step in our vision to create the super app for meal time, re-envisioning the future of food delivery,” Lore said. Just Eat has been exiting markets where its brands are underperforming. It announced in July that it will shut down its operations in France to focus on more profitable markets like the UK and Northern Europe.

BlackRock to acquire HPS for $12 billion

BlackRock has continued its torrid pace of acquisitions by setting its sights on HPS Investment Partners. The Financial Times reported that the world’s largest asset manager will pay roughly $12 billion for the private credit group. HPS was spun out of JP Morgan Chase & Co in 2016 and manages over $100 billion in assets. The handshake deal came to light as HPS was inching towards an IPO that would have valued the business at roughly $10 billion. The deal will enable BlackRock to profit from growing demand for alternative assets, particularly private credit.

Merck partners with China-based LaNova for cancer treatment drug

Merck has signed an agreement with China-based biotech LaNova for an earlystage cancer drug. The phamraceutical giant will pay up to $3.3 billion for LM-299, a therapy that targets the PD-1 protein. The deal comes after Summit Therapeutics revealed that a similar therapy it is developing has better outcomes than Merck’s Keytruda. Keytruda was the hgiehst selling drug last year with sales topping $25 billion, but its patent expires in 2028. Merck will pay LaNova $588 million upfront, with subsequent milestone payments up to a maximum of $2.7 billion.

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#4, 2024

Post-Election M&A frenzy pushes 2024 towards the $3 trillion mark

A flurry of deals to kick off the last week in November has revived hopes that global M&A value could once again surpass $3 trillion. Several deals worth a combined $35 billion were announced on the Monday, indicating increased market optimism following Trump’s reelction to the White House. The largest deal was Quikrete’s $11.5 billion offer for Summit Materials, followed by Unicredit’s $10.5 billion push for BPM. Peabody Energy’s acquisition of Anglo American’s remaining Australian steelmaking coal mines for $3.78 billion was the next highest, edging out Mubadala Capital’s $3.4 billion offer to privatise Canada’s CI Financial. If this pace continues into December, global M&A value will exceed $3 trillion.

2023 was the first year in a decade when global deal value failed to reach that mark, partly due to sluggish economic recovery and global tensions. As at the end of Q3 2024, $2.5 trillion worth of deals had been announced, representing an 18.8% increase year-on-year. Q4 2024 started slower than expected, and the number of deals worth over $10 billion drastically declined. While many of the same roadblocks to dealmaking remained such as high interest rates and escalating tensions, the upcoming US elections also played a role. Many feared that a Democrat win would mean continued resistance to blockbuster transactions.

With Trump set to resume office, Chinese companies are looking to conclude deals quickly in order to avoid increasing tariffs. “More tariffs may mean that the globalisation of Chinese companies is going to get faster,” said Stanley Lah, Deloitte’s M&A transaction services leader for Asia Pacific. “Chinese companies will consider moving faster to look for alternatives in shipping or selling to the US. That is quite loud and clear.”

Nippon Steel desperate to close US Steel deal before Trump’s inauguration

Senior executives from Japan’s Nippon Steel are making a final attempt to convince the Biden administration to approve its $15 billion acquisition of US Steel before Trump resumes office. The deal, first announced in December 2023, has faced strong opposition from the steelworkers union and politicians, including President Joe Biden. Donald Trump has also been against the deal and pledged to block it when he resumes office. The merger is currently being reviewed by The Committee on Foreign Investment in the United States (CFIUS). In a letter sent to both parties in August, CFIUS said the deal could pose a national security risk and postponed its final review until the end of December, after the elections.

Nippon Steel’s vice chairman Takahiro Mori flew to Pennsylvania to speak to US Steel union members directly. "We believe we can close the US Steel deal by the end of the year under the current U.S. administration," Mori told reporters. "Now that the U.S. election is over and we are in a position to have a proper discussion, there is no reason to postpone the review process any longer," he added. Japanese Prime Minister Shigeru Ishiba wrote a letter urging Biden to approve the deal.

"Japan stands as the largest investor in the U.S., with its investments showing a steady upward trend. Continuing this upward trend of Japanese investment in the U.S. benefits both of our countries, showcasing the robustness of the Japan-U.S. Alliance to the world," Ishiba said in a letter. It is uncertain if the letter would be able to persuade Biden, but it might not be enough even if it does. Republican lawmakers are gathering documents for a potential probe if the deal gets approved.

Opinion

TRUMP’S TARIFFS WILL BACKFIRE

Trump’s Tariffs Will Backfire

The apparent goal of US tariffs targeting China has always been to contain China's rise as a global power. But unless Trump takes a prudent approach to tariffs on imports from the rest of the world, it is the US that will be contained, in terms of both economic dynamism and global influence.

TOKYO – US President-elect Donald Trump appears committed to imposing high tariffs on imports to the United States – or, at least, using the threat of tariffs to bend US trading partners to his will. Trump now says he will enact a 25% tariff on all imports from Canada and Mexico on his first day in office, and raise tariffs on goods from China by 10%. And he has previously advocated 60100% tariffs on imports from China and 10-20% tariffs on imports from all other countries, including allies.

Some countries will probably retaliate with tariffs of their own; others might try to negotiate exemptions, by offering to increase investment in the US or to import more US agricultural products. A third possible response –which is particularly relevant for China – is offshoring, with

firms shifting production to countries that are subject to lower US tariffs. And countries can try to reduce their reliance on the US, by diverting trade to other countries.

China is already laying the groundwork for such trade diversion: it has been pursuing a “charm offensive” with a wide range of countries, including US antagonists, such as Russia, to US allies, like Japan. For Russia, closer ties with China are an easy sell. Russia is a pariah in the West, almost entirely excluded from trade, investment, and financial transactions, and Russia’s “no-limits” partnership with China allows it to use China’s renminbi-denominated Cross-Border Interbank Payment System. In 2021-23, Russia’s exports to China rose by 63%, while China’s exports to Russia increased 65%, according to my calculation using

the International Monetary Fund’s Direction of Trade Statistics (DOTS).

Beyond bilateral ties, China and Russia are working to strengthen trade and finance cooperation among the BRICS grouping of emerging-market economies (Brazil, Russia, India, China, and South Africa), which extended invitations to six new members last year (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates). Argentina ultimately rejected the invitation, and Saudi Arabia has put its plan to join on hold. But the BRICS+ has undoubtedly gained traction, and further expansion may well be in the cards.

Many countries have proved reluctant to “take sides” in the US-China rivalry, preferring to maintain trade ties with both the West and the China-Russia axis. This

is true even among democracies: in 2021-23, total Russian exports to India rose by 606% according to IMF DOTS, owing largely to the Ukraine war – in particular, Russia’s need to redirect energy exports to friendlier countries, often at cut-rate prices.

So far, however, India is more an exception than the rule among emerging and developing economies, whose exports to the West have grown faster than their exports to Russia and China. According to IMF DOTS, the Global South (emerging and developing countries other than China and Russia) in-

Opinion

TRUMP’S TARIFFS WILL BACKFIRE

creased exports to G7 countries by 13% from 2021-23; exports to Russia and China increased by only 5% in the same period. But this may well change if Trump imposes across-the-board import tariffs.

China hopes to woo even close US allies. For example, it unilaterally reintroduced a short-term visa exemption for Japanese citizens. While Japan will not reject the US in favor of China any time soon, it might benefit from China’s charm offensive, such as the lifting of China’s ban on Japanese fishery products.

In Europe, China has set its sights on Hungary, where the Chinese electric-vehicle maker BYD is building a new factory in Szeged – a bid to reduce its future tariff bill, no doubt. In fact, the European Union (and Japan) might be able to negotiate exemptions to Trump’s tariffs, though this would not come for free, and any deal with China could still drive a wedge between the US and its closest allies.

Beyond alienating friends and partners, Trump’s tariffs will probably fail to advance his apparent goal of reducing the US trade deficit. If other countries adopt retaliatory

tariffs, total exports from the US – and global trade overall – may well decline. Moreover, high US tariffs would fuel domestic inflation, forcing the US Federal Reserve to raise interest rates, which would probably cause the US dollar to appreciate, causing exports to fall and imports to rise.

Trump is also set to increase America’s fiscal deficit, as he has promised sweeping tax cuts, without identifying spending cuts that would make up for the lost revenue. As fiscal deficits undermine national savings and investment, the trade deficit, too, will grow. In other words, like President Ronald Reagan in the 1980s, Trump is likely to preside over twin deficits.

Of course, Trump will point the finger elsewhere, accusing US trading partners of “dumping” goods or maintaining artificially low exchange rates. Some observers, including myself, speculate that Trump’s pick for Treasury Secretary, Scott Bessent, might even call for a special G20 meeting to pressure other countries to revalue their currencies vis-à-vis the dollar, a move that would recall the 1985 Plaza Accord.

While Trump appears eager to impose tariffs on everyone, China has always been his favorite target. The apparent goal of taxes and other restrictions – imposed by both Trump and President Joe Biden – is to contain China’s rise, thereby preventing it from becoming a credible challenger to the US. But unless Trump takes a prudent approach to tariffs on imports from the rest of the world, it is the US that will be contained, in terms of both economic dynamism and global influence.

TAKATOSHI ITO A FORMER JAPANESE DEPUTY VICE MINISTER OF FINANCE, IS A PROFESSOR AT THE SCHOOL OF

INTERNATIONAL AND PUBLIC AFFAIRS AT COLUMBIA UNIVERSITY

SOURCE: WWW.PROJECT-SYNDICATE.ORG

Outsourcing Our Future to For-Profit AI

Recent developments suggest that policymakers and others in positions of public authority are more than happy to cede total control to the corporations commercializing artificial intelligence. Once again, the returns will remain private, but any future costs will inevitably be borne by the public.

NEW YORK – Within the past month, California Governor Gavin Newsom has vetoed an artificial-intelligence safety bill, and the Royal Swedish Academy of Sciences awarded the Nobel Prize in Chemistry to David Baker, a professor at the University of Washington, and to Demis Hassabis and John M. Jumper, employees of Google’s subsidiary DeepMind and its spin-off Isomorphic Labs. These two events may seem to have little in common, but, taken together, they suggest that outsourcing humanity’s future to profit-maximizing private corporations is something to be celebrated.

While the California bill was not flawless, it did represent the first substantial effort to hold developers accountable for the potential harms that their AI models might cause. Moreover, it focused not just on any risk but on

“critical harm,” like developing weapons of mass destruction or causing at least $500 million worth of damage.

The tech industry, Google among them, lobbied fiercely against the bill, making a very old argument. As the Financial Times editorial board put it, new regulations could “stunt … the emergence of an innovation that could help diagnose diseases, accelerate scientific research, and boost productivity.” Once again, such opportunity costs are deemed more harmful than whatever damage AI might do to people’s ability to control their own destinies, or even to live peacefully in their societies.

The 2024 Nobel marks the first time that the prize has been awarded in a natural science to employees of a multinational corporation. All previous awardees were or had been university pro-

fessors or researchers at government-funded research institutes, all of whom had published their results in peer-reviewed journals and made their findings available to the world. Whether the Swedish Academy intended it or not, its decision to include the Google researchers helps to legitimize the privatization of science, which is no longer part of humanity’s commons. Like so many resources before it, the science of AI is enclosed within a walled garden accessible only to those who can pay the entrance fee.

True, the AI model AlphaFold2, which earned Hassabis and Jumper the prize, together with its source code, has been made publicly available. According to the AlphaFold. com, “Google DeepMind and EMBL’s European Bioinformatics Institute (EMBL-EBI) have partnered to create AlphaFold DB to make these

predictions freely available to the scientific community.”

On the other hand, DeepMind holds multiple patents to AlphaFold. According to the logic of property rights, the company, not the public, will always have the final say over the technology’s use. AlphaFold’s website is a “.com,” denoting something fundamentally different from, say, the Human Genome Project, with its “.gov” URL.

In the world of information technology, “free” is never free. Payments are tendered in data, not in dollars. The data that enable AlphaFold to predict the three-dimensional structure of a protein come from the public do-

main. DeepMind’s partner in developing AlphaFold is an intergovernmental research organization funded by more than 20 member states of the European Union. According to Jumper, “public data were essential to the development of AlphaFold.” Without data that was compiled and organized by scientists who received taxpayer money for it, there would be no AlphaFold.

Notwithstanding the prescience of public officials in creating this huge database, governments are regularly disparaged for lacking the knowledge, skills, resources, and foresight to promote innovations and advance scien-

tific and economic progress. We are constantly told that only the private sector, with its compelling monetary incentives, can do what it takes to propel the world forward.

In reality, the private sector regularly gets a free ride on work produced by scientists who were supported by public money or employed by public research institutes. The first satellite was launched by the US government, not Elon Musk; the US military developed the internet before it was commercialized; and pharmaceutical companies rarely invest in basic research. Why bother when you can just wait for scientists funded

by the US National Institutes of Health or similar agencies to advance a field to the point where profitable investments can be made?

Such is the logic of profit-seeking corporations. Their purpose is financial returns, not human progress. Once in the game, they seek to monopolize scientific knowledge

by securing patents or hiding their findings behind the barriers provided by trade-secrecy law. Without the helping hand of the state, they would have neither basic science nor legal protections for the monopolies that furnish them with large returns – which they then hold up as proof of their superiority to government.

It is not hard to understand why private companies enjoy this game. The mystery is why governments willingly play into industry’s hands, handing over years of publicly funded research without guaranteeing that the public has its say in determining how it is used. The California legislation would have mandated that AI models include a capacity for full shutdown in case things go wrong, but that provision was killed off with the rest of the bill.

There is nothing new to the argument that if we do not know enough about future damages, we should refrain from interfering in “private” markets, which always perform best without government “interference.” Oil and gas companies relied on it when denying the risk of climate change and their contribution to it, even as their own research told them otherwise. Yet here we are again. Apparently, we should place our future in the hands of private corporations whose sole purpose is maximizing shareholder value. What could possibly go wrong?

KATHARINA PISTOR A PROFESSOR OF COMPARATIVE LAW AT COLUMBIA LAW SCHOOL

SOURCE: WWW.PROJECT-SYNDICATE.ORG

FINSULATE: THE MOMENTUM OF CHANGE IN MARITIME MAINTENANCE

With biofouling posing a major challenge to ships, Finsulate’s sustainable wrap offers a breakthrough in reducing long-term costs and minimizing environmental impact across the maritime industry.

The maritime industry, a cornerstone of global trade and exploration, is undergoing a quiet yet transformative revolution. As environmental challenges and regulatory pressures mount, one company is making waves—Finsulate. The company’s pioneering antifouling wrap is not just reshaping how vessels protect their hulls but is also leading a charge towards a more sustainable future. With its toxin-free technology and a bold commitment to environmental stewardship, Finsulate is proving that innovation, sustainability and cost reductions can go hand in hand.

Why a New Direction Was Needed

For centuries, biofouling—the buildup of marine organisms such as barnacles, algae, and mussels on ship hulls—has plagued the maritime industry. It’s more than just a cosmetic issue; biofouling has far-reaching consequences for vessel performance, costs, and the environment.

•Fuel inefficiency: Biofouling increases drag, causing ships to burn more fuel to maintain speed, which in

turn raises both operational costs and carbon emissions.

•Costly upkeep: Vessels require frequent cleaning, repairs, and dry-docking to combat the effects of biofouling.

•Environmental damage: Traditional antifouling paints rely on biocides— chemical compounds designed to kill marine organisms. While effective, these toxins leach into the water, damaging ecosystems and contributing to microplastic pollution.

The growing commitment to addressing climate change, combined with stricter environmental regulations, has left the maritime industry searching for sustainable, effective alternatives. Enter Finsulate—a solution that promises to tackle these challenges head-on.

A Natural Solution with a High-Tech Edge

At its core, Finsulate’s innovation draws inspiration from nature. Its surface is designed to mimic the texture of a sea urchin—a natural antifouling mechanism that deters marine organisms from

attaching. Unlike conventional antifouling paints that rely on harmful chemicals, Finsulate employs a physical barrier composed of specially engineered fibres to prevent growth.

This patented antifouling wrap offers a range of benefits:

•Eco-friendly design: Free from toxins and biocides, ensuring no harmful substances enter the marine environment.

•Unmatched longevity: With a lifespan of 8 to 10 years, Finsulate outlasts standard antifouling paints many times over.

•Cost savings: Eliminates the need for annual repainting and reduces

RIK BREUR FOUNDER AND CEO FINSULATE.

fuel consumption, offering significant savings over time.

•Ease of maintenance: Fouling can be quickly and easily removed while the vessel remains in the water, reducing downtime.

Overcoming Resistance in a Traditional Industry

When Finsulate first entered the market, the maritime industry’s response was lukewarm. Change is never easy, and many vessel owners hesitated to abandon familiar solutions, despite their shortcomings. The higher preparation standard Finsulate demands to get to the long lifetime also presented a barrier for some initially.

However, early adopters began to showcase impressive results. A steel sailing yacht treated with Finsulate in 2013 remains largely free of biofouling over a decade later, demonstrating the product’s durability and reliability. Such real-world success stories have helped shift perceptions, with commercial shipping operators and offshore energy companies now embracing this innovative solution.

Today, Finsulate has been applied to over 800 vessels worldwide, ranging from leisure yachts to large commercial ships. The offshore wind sector, which demands long-lasting protection for installations in harsh marine environments, represents a particularly promising market.

Charting a Sustainable Course

Finsulate’s impact extends far beyond the vessels it protects. Its commitment to

sustainability is driving positive change across the maritime industry:

•Preserving ecosystems: By eliminating biocides, Finsulate helps safeguard marine habitats, allowing biodiversity to thrive.

•Reducing emissions: Improved fuel efficiency means lower greenhouse gas emissions, supporting global efforts to combat climate change.

•Promoting a circular economy: At the end of its lifespan, Finsulate’s wrap can be removed and recycled, minimising waste and aligning with principles of sustainability.

For vessel owners, the economic advantages are equally compelling. The reduction in maintenance costs, combined with improved fuel efficiency, translates to tangible savings. Over its lifespan, Finsulate offers a return on investment that far outweighs its initial cost.

Turning Challenges into Opportunities

Like any disruptive technology, Finsulate has faced its share of challenges. One of the biggest hurdles has been convincing traditionalists in the maritime sector to adopt a new approach. The industry has long relied on antifouling paints, despite their environmental drawbacks and frequent reapplication requirements.

Finsulate has addressed these concerns through education and demonstration. By showcasing case studies and providing hands-on training for application specialists, the company has built a strong reputation for reliability and effectiveness.

Another challenge has been the perceived higher upfront cost of the wrap.

While it is true that Finsulate’s initial application can be more expensive than a single coat of antifouling paint, the long-term savings in maintenance and fuel efficiency more than compensate for this investment. By reframing the conversation around total cost of ownership, Finsulate is successfully overcoming this obstacle.

The Road Ahead

The maritime industry is evolving, and sustainability is no longer “nice to have” but an imperative. With a global antifouling market valued at £2.5–3.5 billion annually, the potential for Finsulate’s growth is immense.

Strategic partnerships are playing a key role in the company’s expansion. Collaborations with shipbuilders, marinas, and offshore operators are helping to extend Finsulate’s reach, while ongoing research and development continue to enhance the product’s performance. Early tests indicate that Finsulate may offer even greater fuel savings for commercial vessels, unlocking additional value for operators.

A Cleaner Future for Our Oceans

Finsulate’s journey is a testament to the power of innovation and perseverance. What began as a bold idea to eliminate toxic antifouling paints has grown into a global movement for sustainable marine maintenance. With every new application, the momentum builds, driving the industry towards a cleaner, greener future.

As Rik Breur, Finsulate’s founder, so aptly puts it: “Sustainability isn’t just a trend, but our responsibility. Together, we can create a better future for our oceans.”

The flywheel of innovation is turning faster than ever, and Finsulate is at its heart. With its pioneering technology and unwavering commitment to sustainability, Finsulate is proving that the maritime industry can be a force for good. Whether you’re a boat owner, a marina operator, or simply someone who cares about our oceans, Finsulate offers hope and a way forward.

To learn more about how Finsulate is changing the game, visit finsulate.com.

Tough Road Ahead for Clean Energy

After years of disappointing investors, clean energy is finally beginning to pay off. But with Trump’s return to office, that could all change if policy makers don’t act fast. >>

By Kevin George

2024 has been a roller coaster year for the energy industry. It began with a lot of enthusiasm for clean energy reforms, partly fueled by resolutions reached at COP28 in Dubai 2023.

At the same time, oil and gas M&A have increased drastically from last year and are expected to keep rising into 2025. However, investments in renewable energy have also spiked due to lower production costs, favourable regulation, and increased profit.

Now, the energy sector has just experienced its biggest twist of the year: Trump’s return to the White House.

Clean energy reforms take a hit

One of the most controversial decisions during President Trump’s first tenure was pulling the United States out of the Paris Agreement. The billionaire politician has been relentless in his support for shale oil and vocal in his opposition to renewable energy, especially wind.

During his campaign this time around, he made it clear that he would scrap President Biden’s Inflation Reduction Act (IRA).

“To further defeat inflation, my plan will terminate the Green New Deal, which I call the Green New Scam,” Trump said at the Economic Club of New York. “It actually sets us back, as opposed to moving us forward. And [I will] rescind all unspent funds under the misnamed Inflation Reduction Act,” Trump added.

CONTROVERSY

ONE OF THE MOST CONTROVERSIAL DECISIONS DURING PRESIDENT TRUMP’S FIRST TENURE WAS PULLING THE UNITED STATES OUT OF THE PARIS AGREEMENT

The IRA was to make $369 billion available over 10 years to support clean energy investments. So far, less than $70 billion has been spent. In reality, terminating the IRA might not be so straightforward. Many Republican states and districts have benefitted from the cash incentives of the IRA, which attracts considerable private investment.

EXIT TENSION

[ARGENTINA’S] DECISION TO EXIT COP29 ADDED TENSION TO WHAT HAD ALREADY BEEN AN UNSTABLE CLIMATE CONFERENCE, WHERE 1,700 FOSSIL FUEL LOBBYISTS ARE IN ATTENDANCE

Pulling out of the Paris Agreement, however, is more likely and this could likely spur other world leaders to do likewise.

Following the election results, Argentina pulled its contingent from COP29 without formal notice. The country’s president Javier Milei was the first world leader to visit Trump after his reelection and some believe he also wants to exit the Paris Agreement.

The South American nation’s decision to exit COP29 added tension to what had already been an unstable climate conference, where 1,700 fossil fuel lobbyists are in attendance.

To make matters worse, Azerbaijani President Ilham Aliyev used his opening remarks to defend the country’s oil wealth. Aliyev also criticised France and the Netherlands in another speech, which caused France also to withdraw its delegates, thus making negotiations at the talk difficult.

The major aim of COP29 was to decide how developed countries were to raise $1 trillion for developing countries to combat damage caused by climate change. If an adequate deal isn’t reached, many developing countries that rely on oil and gas for energy could also abandon their climate commitments.

While the agreements reached at the conference are expected to shape the future of energy investments, those decisions are secondary compared to whatever the world’s wealthiest nation decides.

Clean energy investments dwindle in the U.S.

Days after Donald Trump’s victory at the polls, clean energy companies began to announce that they were cooling investments in wind turbines and solar in the U.S.

A coalition of the largest solar manufacturers in the U.S. said roughly half a dozen projects are waiting to see what happens. Foreign entities hoping to take advantage of the IRA have also suspended their investments. Canadian solar manufacturer Heliene has delayed a $150 million investment, while Princeton

$131 BILLION PRODUCT BACKLOG

IN EUROPE, CLEAN ENERGY INVESTMENTS

CONTINUE TO GROW, SPARKED BY COMPANIES LIKE SIEMENS ENERGY, WHICH NOW HAS A PRODUCT BACKLOG OF $131 BILLION

NuEnergy has done likewise with its own $300 million manufacturing plans.

The biggest announcement has been from RWE. The German energy company is reevaluating plans to invest €55 billion in renewable energy by 2030. Last year, the company acquired Con Edison Clean Energy Business, which owns solar and wind assets, for nearly $7 billion. That investment is likely to turn sour as Trump has vowed to end offshore wind projects on “day one” of his return.

One clean energy sector that got a big boost from Trump’s win was nuclear. The president has made it clear that nuclear power plants will be a major part of his agenda. Shares of nuclear energy companies rose as high as 14%.

“We look forward to working with the new administration to advance policies that extend the lives of existing nuclear reactors, usher in a new era of advanced technologies and support a global marketplace for U.S. exports,” said Nuclear Energy Institute President and CEO Maria Korsnick.

However, not everyone is confident that Trump will follow through on his promise, as his new ally Robert F. Kennedy Jr. has opposed nuclear plants. “We should have no subsidies … all the companies should internalize their costs in the way that they internalize their profits,” Kennedy told Elon Musk during a Twitter Spaces interview last year.

Musk is now in charge of the newly formed Department of Government Efficiency (DOGE), which is tasked with lowering government spending. Considering the fact that Tesla is a clean energy company, this could be a good sign for the industry.

Hope for clean energy

While the U.S. figures out its stance, clean energy projects across the world are picking up steam.

In Europe, clean energy investments continue to grow, sparked by companies like Siemens Energy, which now has a product backlog of $131 billion. RWE is also embarking on large offshore wind projects in the Netherlands, Denmark, Germany and the UK.

China’s cleantech boom is not only having a significant impact at home but globally too, especially in the EV industry. The country’s plan to install 1,200 gigawatts of solar and wind is six years ahead of schedule. China is also helping developing countries boost their clean energy outputs.

The same trend is happening in Asia Pacific and Brazil, where clean energy investments are reaching record highs.

Now, all eyes are on the U.S. If Musk and other climate billionaires can convince Trump of the value and profitability of clean energy, this could be a golden age for renewable energy. Otherwise, it’s back to “Drill, baby, drill.”

BTT SOLUTIONS: FROM MAJOR AUTOMOTIVE SUPPLIER TO INNOVATION TRAILBLAZER

BTT Solutions, now operating independently from Mahle, is seizing new opportunities to innovate in thermal management technology. Under CEO Gero Lange’s leadership, the company is poised to redefine energy efficiency and explore diverse industries with cutting-edge solutions.

In a bold move within the automotive industry, BTT Solutions has emerged from the wings of renowned German automotive giant Mahle. This shift marks not just the birth of a new venture but a tremendous opportunity for growth and innovation, paving the way for a dynamic future. Under the leadership of Gero Lange, the transformation is a deep dive into complex engineering challenges and the psychology of change.

A new chapter of independence and innovation

After the successful carve-out of Mahle’s thermostat business, BTT Solutions is once again operating in-

dependently, continuing to deliver the high levels of service that its customers have come to expect. This move allows the company to not only maintain its role as an international leader in high-precision thermostat components and thermal management control devices, but also to streamline its operations for shorter process lead times and increased flexibility. With its newly optimised structure, BTT Solutions can now be even more responsive to customer needs, ensuring rapid adaptability in an ever-changing market. Leveraging decades of experience as a market leader, the company is committed to pushing the boundaries of thermal technology. As it begins to

stand on its own, CEO Gero Lange and his leadership team are tasked with establishing core business operations from scratch. “We are creating something entirely new,” Lange said, “from building out central functions like sales and accounting to making processes more efficient. This blend of startup energy within a larger enterprise framework makes the journey even more exciting.”

Opportunities, not obstacles

An industrial engineer and entrepreneur with over 20 years of experience in the automotive industry, Gero Lange views this venture as an opportunity not just to innovate but to rethink the relationship between technology and people. "As an engineer, I love the complexity

of technology, but as a manager, I find the challenge lies in how people react to it," he explained. Drawing from personal experiences of restructuring, relocating, and navigating business complexities, he has developed a passion for embracing difficult situations and seeing them as a positive driver for innovation.

His leadership philosophy centres on fostering a culture where conflict is seen as a resource for growth rather than a hindrance. "I believe in addressing difficult conversations head-on and creating an environment where differing perspectives are valued," he said. “Crises often present opportunities for creative problem-solving and innovation, so I encourage teams to take bold

steps and be honest and open with each other, even in difficult circumstances.”

Sustainable innovation

Sustainability plays a crucial role in BTT Solutions' strategy. The company’s standout innovation is its advanced thermostat technology, which reduces energy conservation by keeping fluid running efficiently through the engine so heat is retained only when it’s needed.

"This optimal temperature management not only improves combustion but also enhances the performance of batteries and other systems" Lange explains.This same principle applies across different industries, helping to maintain energy efficiency whether the thermostat is being used in

automotive applications, industrial machinery, or even domestic systems like heating.

By ensuring that systems operate at their best, BTT Solutions' products enable users to minimise waste and optimise energy use. This aligns with the company’s commitment to both innovation and environmental responsibility, ensuring that as BTT Solutions grows, it remains focused on reducing its environmental footprint while delivering cutting-edge thermal management solutions.

Looking ahead

One of the most exciting aspects of BTT Solutions’ journey is the potential for diversification beyond the automotive sec-

Industry Insights

GERO LANGE CEO BTT SOLUTIONS

tor. Mahle’s focus on automotive applications created a natural boundary that limited the company’s ability to explore other areas. But with the latest incarnation of BTT Solutions, those boundaries no longer exist, presenting the company with a new opportunity to grow into a range of industries where their thermostat technology can have a meaningful impact.

"This product has the potential to revolutionise energy efficiency not just in cars but in a range of industries," Lange added. "We’re talking about deep physics and when mastered, this kind of engineering offers complexity and immense benefits, helping all kinds of businesses maintain energy-efficient operations. We see opportunities in industries like floor heating systems, industrial applications, and even marine systems such

as boats. Thermostats are used extensively in the chemical industry as well, and there are numerous other sectors that could benefit from our technology."

Over the next five years, BTT Solutions’ goal is to identify its niche within these vast industries and establish a foothold where it can both grow and innovate. With an already impressive turnover of $120 million , the company is far from being a small, local enterprise. But with Lange’s entrepreneurial mindset and the development of a diverse new team, it has all the hallmarks of an exciting young startup on a mission to change the world.

The hidden champion of thermostats

This ability to diversify not only demonstrates the robustness of BTT

Solutions’ technology but also positions the company as a leader in the thermal management field, with the flexibility to adapt and expand in new, exciting directions. With 600 employees across eight locations worldwide, the company is well-positioned to scale up its operations and cement its place as a champion in the industry.

As BTT Solutions continues its journey of transformation, the company’s leadership and innovative approach promise to shape the future of thermal technology, making a lasting impact both in the automotive world and beyond. To find out more, visit https://btt-solutions.com/

Isn’t it amazing how important the small things in life are?

“At BTT Solutions, we’re reminded daily that small parts can make all the difference. The precise engineering of our thermostats plays a crucial role in keeping vehicles you see daily running smoothly and efficiently. Our long-standing experience and dedication to quality ensures reliability and performance – allowing our products to save energy without compromising comfort. For this we are recognized as a trusted partner in the automotive industry.

With the momentum of our newly gained independence, we are pursuing new applications to drive energy savings across multiple industries.”

Gero Lange, CEO

More

than you think. Just what you need.

Innovation Awards 2024

Celebrating Our 20 Most Innovative Companies of 2024

Now in its sixth year, the 20 Most Innovative Companies to Watch award has established itself as one of the most coveted honours for companies at the forefront of industry disruption. This award is dedicated to those businesses that are revolutionizing their sectors through new technologies, cutting-edge products, and creative business models.

Unlike other awards, which may focus on financial success or operational scale, the 20 Most Innovative Companies are recognized for their ability to think outside the box, continually pushing the boundaries of what’s possible.

At Business Worldwide Magazine, we understand that true innovation is about more than just creating something new; it’s about challenging the status quo and setting new standards for industries. From groundbreaking technological advancements to disruptive service models, the companies featured here are transforming their markets in ways that will influence the future of business across the globe.

This award is not about following trends; it’s about leading them. The 2024 winners come from an array of sectors—from green energy to pharmaceuticals, banking to manufacturing, and beyond. These are companies that have introduced bold ideas that have not only made waves in their own industries but have also created a ripple effect that is felt across the global business landscape.

What makes these companies stand out is their ability to create new opportunities where others see only challenges. Whether it’s a start-up challenging the giants or an established player rethinking the way it does business, these winners are not afraid

to break with tradition. They are driving change through creativity, innovation, and forward-thinking leadership.

The winners of the 20 Most Innovative Companies to Watch are truly a global representation of gamechangers. From the United States to Europe, Central Asia to the Middle East, these companies prove that innovation doesn’t have borders. Their contributions are not only shaping their respective industries but are also setting the stage for a more dynamic, forwardthinking global business environment.

While the emphasis here is on radical innovation and market disruption, this award also showcases the companies that are creating a path forward for others to follow. These companies are the ones to watch in the years ahead, and they are sure to continue leading the way with their fresh, innovative approaches. You can find the names of our eventual Award recipients in the following pages of this magazine. We’re sure you'll be just as impressed as we were!

20 MOST INNOVATIVE COMPANIES TO WATCH 2024 WINNERS

Artha France

Arte Viva

ArrayPatch

DeSci Labs

Finsulate BV

Frogames Formación SL

in3

Negal Engineering AG

NOMOQ

Novosan Laser Clean

NR1 Webshops

Optronics Technology AS

Petrocontracts International

Sergek Group, Kazakhstan

Tang Financial

VARTID

Veridis

UTOPIA CAMPING SOLUTIONS

Leo Trust Switzerland AG

Stratice

NEGAL ENGINEERING AG: TRANSFORM ENERGY CHALLENGES INTO SOLUTIONS

Bridging the toughest energy challenges, Negal Engineering AG delivers solutions where others see impossibility. From pioneering renewable energy storage to revolutionising power electronics, the organisation’s innovations drive efficiency, sustainability, and reliability – reshaping industries and empowering a cleaner, more resilient energy future.

For nearly three decades, Negal Engineering AG has been at the forefront of groundbreaking advancements in power electronics. Established in 1995 by Ralf Negele, the organisation has earned a reputation as a pioneer in developing cutting-edge solutions for complex challenges. The company’s ethos is rooted in pushing boundaries, adopting the latest technologies and methodologies to continually redefine industry standards and improve operational efficiency.

From

a Childhood Passion to a Legacy of Innovation

The story of Negal Engineering AG begins with its founder and CEO, Ralf Negele, whose passion for electronics started early. “I started experimenting with electronics when I was about seven or eight years old,” he recalls. “I’d take

things apart to understand how they worked, often frustrating my relatives when their gifts didn’t stay in one piece for long. But for me, this wasn’t play – it was learning, and it eventually became my life’s work.”

Ralf’s early experiences were marked by a curiosity that would shape his career. Self-teaching the fundamentals of electronics, his hands-on experimentation evolved into formal education. After completing an apprenticeship as an electronics technician and further studies as an electronics engineer, Ralf worked for several leading firms. This background helped him cultivate technical expertise and an entrepreneurial mindset.

Ralf founded Negal Engineering AG in 1995. Initially small, the company quickly built a reputation for tackling challenges that others deemed unsolvable.

This drive to solve complex problems became its defining trait.

A Comprehensive Approach to Power Electronics

Today, Negal Engineering AG provides a full suite of services, from consultation on circuit design to the realisation of fully functional products. Whether crafting specification sheets, designing prototypes, or facilitating mass production, its expertise has enabled it to become a trusted partner in developing groundbreaking technologies. The company tailors its services to meet the

20 Most Innovative Companies to Watch 2024 Awards

unique needs of each client, delivering effective solutions in industries where standard products simply do not suffice. To date, Negal Engineering AG has successfully developed sophisticated control and power electronics solutions for more than 50 companies worldwide.

Trailblazing Innovations: Ahead of the Curve

Negal’s legacy of innovation is exemplified by its early adoption of active rectification technology. As early as 1995, the company implemented this technology – before it gained mainstream indus-

try acceptance. This forward-thinking approach allowed Negal to remain ahead of the curve, delivering state-of-the-art solutions to clients well before they became industry standards.

A standout achievement is the development of a highly dynamic power supply capable of modulating a 4kV amplitude within 200µs. This technology is used in plasma modulation, a crucial application in material science and physics. It showcases Negal Engineering's AG capacity to address challenges requiring precision and innovation.

Additionally, the company has made significant strides in medical technology by designing shock wave generators that produce pulses of 4kA at 25kV for applications like bone and wound healing. These shock wave generators reflect Negal's commitment to advancing medical technologies using power electronics for healthcare.

Sustainability: Powering a Greener Future

At the heart of Negal’s operations lies a steadfast commitment to sustainability and environmental responsibility. The company’s dedication to green technologies has positioned it as a pioneer in renewable energy and energy storage systems.

As early as 2009, the organisation developed small wind power inverters designed for home applications, allowing consumers to harness wind energy. By 2019, the company expanded its efforts to industrial-scale renewable energy solutions, including a horizontal rotor system capable of generating several hundred kW. This technology was featured on the Swiss television programme *Einstein*, demonstrating the organisation’s potential to revolutionise energy generation for large-scale applications.

Negal Engineering AG has also led efforts in energy storage innovation. Collaborating with partners in England and Switzerland, the company is involved in

20 Most Innovative Companies to Watch 2024 Awards

NEGAL

ENGINEERING

RALF NEGELE CEO AND FOUNDER NEGAL ENGINEERING AG

a groundbreaking project to store surplus energy in private-sector batteries. This AI-powered energy storage system integrates weather forecasting to optimise energy flow and stabilise the grid using small-scale power plants.

A further energy storage initiative involves DC bus networks, eliminating inefficiencies caused by the conversion between direct and alternating currents. Using direct current exclusively, this system reduces energy loss, integrates solar installations with MPP trackers, and utilises environmentally friendly salt accumulators. Unlike lithium-based solutions, which rely on rare and harmful materials, salt accumulators use materials like nickel and salt, ensuring minimal environmental impact.

Negal Engineering AG has also made significant strides in drive technology. One of the company's most notable innovations is a linear motor control system for large ship diesel engines, which precisely manages fuel injection using linear motors that accelerate at approximately 40G. This system achieves positioning accuracy within 200µm, optimising fuel efficiency and reducing emissions.

During harbour operations, where engines power auxiliary systems, Negal’s solution allows engines to run at reduced speeds down to six rpm while maintaining low emissions – crucial for reducing the environmental impact of shipping. This technology not only saves fuel but also contributes to environmental compliance, helping maritime operations meet stringent emissions standards.

Illuminating the Future of LED Technology

In the competitive LED driver market, the organisation has carved unique niches. Recently, the company designed a three-channel GaN LED driver for agricultural applications, providing optimal light conditions for plant growth. Incorporating sleep and wake-up lighting cycles, this system promotes healthy growth while minimising energy usage, a key consideration for sustainable agriculture.

The organisation’s innovative LED driver solutions have also been integrated into various modes of public transportation. These systems improve energy efficiency and lighting quality in trains,

buses, trams, and subways, enhancing the passenger experience while reducing operational costs.

A Vision for the Future

Negal Engineering AG’s enduring success is a testament to its unwavering dedication to innovation, sustainability, and excellence. The company’s ability to embrace complexity and deliver unparalleled solutions continues to set it apart in the competitive landscape of power electronics. As the organisation moves forward, it remains committed to developing technologies that push the boundaries of possibility and contribute to a more sustainable, resilient world.

The information above offers a brief glimpse into Negal Engineering AG’s diverse range of services and solutions. For more detailed descriptions of its expertise across various sectors, product specifications, and contact details, please visit the company's website at: https://www.negal.ch/en

OPTRONICS TECHNOLOGY AS: ADVANCING GAS DETECTION AND SUSTAINABLE MANUFACTURING

Optronics Technology AS is revolutionizing gas detection with advanced infrared technology. Focused on sustainability and scalable production, the company is driving innovation across key industries, including oil and gas, marine, and green energy, while advancing Norway’s leadership in this critical field.

Optronics Technology AS, with over 40 years of experience in the gas detection industry, has rapidly established itself as a leader in optical gas detection. Founded in 2018 by industry veterans Lasse Irvam, Preben Storås, and Even Rognlien, Optronics was formed to preserve and further develop Norway’s legacy in infrared gas detection technology. By combining cutting-edge innovation, scalable production capabilities, efficient logistics, and a strong commitment to sustainability, Optronics is at the forefront of industries requiring precise and reliable gas detection systems, including oil and gas, marine, infrastructure, and green energy.

The Legacy and Vision

Optronics Technology AS has its roots in the early innovations of infrared gas detection, particularly the development of the first solid-state infrared source in collaboration with SINTEF, one of Europe’s largest independent research organisations. This technology set a benchmark for stability, longevity, and durability in gas detection, especially in harsh environments. However, after a shift in ownership and the relocation of production overseas in 2017, Norway’s leadership in the sector began to diminish.

In response, Optronics' founders took a bold step to reclaim Norway’s expertise by establishing a new company. Their

mission was clear: to design the world’s best infrared gas detectors and maintain Norway’s leadership in this critical field. Optronics is dedicated to pushing technological boundaries whilst ensuring its products and processes meet the highest standards of sustainability and efficiency.

Sustainability, Logistics, and Scalable Production

At the core of Optronics Technology’s operations is a strong commitment to sustainability, logistics efficiency, and modular, scalable production. This year, Optronics has a production capacity of 20,000 units, with the ability to quickly scale up to meet rising global demand.

20 Most Innovative Companies to Watch 2024 Awards

The production process is designed to be both flexible and efficient, allowing for seamless adjustments in response to market needs.

Optronics employs a bulk shipping model, distributing products to handpicked partners around the world. This bulk distribution strategy optimises logistics and minimises environmental impact by reducing the frequency of transport, using less packaging material, and incorporating recycled materials throughout the production process. This approach significantly lowers the company’s carbon footprint, aligning with Optronics’ mission of sustainability. The company’s focus on sustainability is evident across every area of its operations,

from research and development (R&D) to final delivery.

By reducing transportation and packaging needs, Optronics minimises waste and emissions, creating a more sustainable operation in every aspect. The company’s products are shipped in bulk to reduce environmental costs, while recycled materials in production and packaging further contribute to their sustainability efforts.

Technological Prowess and Innovation

Optronics Technology is built on a foundation of in-house expertise and control over every stage of production— from microchip design to the final assem-

bly of its gas detectors. The company’s commitment to controlling every step of its process has enabled it to innovate rapidly and consistently deliver cutting-edge products to the market.

The flagship product, the PG11 optical point detector, exemplifies this technological prowess. Designed for detecting flammable gases and CO2, the PG11 combines explosion-proof durability, lifetime factory calibration, and advanced condition monitoring. These features minimise the need for maintenance and maximise uptime, which is essential in high-risk industries where safety and operational efficiency are paramount.

The PG11 stands out thanks to its Solid State Infrared SafeSource™ technology, which ensures exceptional stability and longevity, even in extreme environments. Additionally, its modular design allows for easy integration with various systems, increasing its versatility across industries. This modularity is crucial to Optronics’ strategy of scalable production, ensuring its products can be tailored to meet specific customer needs without requiring a complete overhaul of the production line.

Optronics’ focus on a strong process-engineered structure guarantees that every component, down to the smallest part, is rigorously tested for reliability. The company’s all-in-one approach, which includes R&D, design for manufacturing (DFM), laboratory testing, and management within a single facility, enables streamlined production processes and enhances the overall quality and consistency of its products.

Meeting Market Demands Across Multiple Sectors

Optronics Technology’s products are designed to meet the high standards of industries where safety and reliability are paramount. The company has established partnerships with key players in the oil and gas, marine, infrastructure, and green energy sectors, providing gas detection solutions tailored to the unique demands of each market.

In the oil and gas industry, managing hazardous gases is critical. Optronics’ detectors, particularly the PG11, play a vital role in ensuring safety by detecting flammable and toxic gases before they can cause harm. The PG11 is built to withstand extreme temperatures and

20 Most Innovative Companies to Watch 2024 Awards

LASSE O. IRVAM FOUNDER AND CEO OPTRONICS TECHNOLOGY AS

vibrations, making it an ideal choice for the rigorous conditions found in oil and gas operations.

Similarly, in the marine sector, Optronics’ gas detectors are tested and certified to meet the latest maritime standards. The harsh marine environment requires detection systems that can operate reliably under extreme conditions, and Optronics’ products provide essential protection for both workers and passengers, as well as the surrounding environment.

In infrastructure industries such as pulp and paper, food and beverage, and chemical manufacturing, gas leaks can have disastrous consequences, leading to contamination, explosions, or environmental damage. Optronics’ gas detectors are essential for maintaining safe industrial operations, reducing the risk of accidents, and ensuring the smooth running of critical infrastructures.

As the world transitions towards green energy, Optronics is also leading the way by providing robust gas detection solutions for applications such as LNG, biogas production, and carbon capture and storage (CCS). These systems play a crucial role in preventing explosions,

poisoning, and asphyxiation during the production and storage of green energy.

A Fully Integrated Process and Global Reach

One of Optronics Technology’s key differentiators is its fully integrated supply chain, which encompasses all aspects of the production process. From R&D to DFM, laboratory testing, and management, all operations are housed under one roof. This integration enables Optronics to maintain full control over the production process, ensuring both quality and scalability. The result is a robust process-engineered structure that delivers reliability down to the smallest component, ensuring that Optronics’ products are both safe and dependable.

The company’s global reach is achieved through its trusted network of handpicked partners, which allows Optronics to distribute its products worldwide. All sales are conducted through this network, ensuring that Optronics’ detectors are deployed efficiently across the globe while maintaining sustainability at every stage of the process.

Quality and Safety First

Optronics Technology AS adheres to stringent international standards and certifications, ensuring that its products meet the highest safety and reliability criteria. For example, the PG11 is certified for use in hazardous environments and complies with globally recognised standards such as ATEX, IECEx, and cFMus

Looking Ahead

As Optronics Technology AS continues to innovate and expand, its dedication to sustainability, logistics efficiency, and scalable production remains central to its mission. By continually pushing the boundaries of gas detection technology and ensuring that its products meet evolving industry demands, Optronics is positioned to lead the way in sustainable manufacturing and gas detection solutions for years to come.

To learn more about how Optronics Technology AS is setting a new standard for sustainable practices in the global market, visit https:// optronics-technology.com/

20

NR1 WEBSHOPS: LEADING THE CHARGE IN COLLABORATIVE E-COMMERCE

NR1 Webshops is pioneering a new era in e-Commerce through its collaborative e-Franchise model. By combining technology, cost-saving strategies, and scalable production, the company is empowering entrepreneurs across various industries, offering a unique pathway to success and growth.

In the bustling and highly competitive world of online shopping, innovation is key. For NR1 Webshops, innovation means blending technology with collaboration to offer entrepreneurs a path to e-Commerce success. With its fresh new approach it’s no surprise that this forward-thinking company has earned a spot on Business Worldwide Magazine’s "20 Most Innovative Companies to Watch, 2024." Behind this accolade is a story about how NR1 is reshaping e-Commerce through its unique e-Franchise model.

A fresh take on e-Commerce: the e-Franchise model

When NR1 Webshops introduced the world’s first e-Commerce franchise mod-

el, they broke the mould. Imagine being able to start your own online store with everything you need—right from a fully equipped Magento 2 webshop to the Odoo ERP system, and top-tier logistics and back-office support. It’s a businessin-a-box, but what truly sets it apart is the support system that fosters collaboration, not competition.

The e-Franchise model is designed for both newcomers and seasoned entrepreneurs looking to dominate their niche. By sharing resources and expertise within the NR1 Webshops network, franchisees can benefit from collective purchasing power, reducing operational costs by as much as 70%. It’s a revolutionary approach to doing business online, where instead of going head-to-head with oth-

ers, store owners are pooling resources for mutual success.

Collaboration not competition: NR1’s secret sauce

Rather than encouraging rivalries, NR1’s model thrives on knowledge-sharing and cooperation. Franchisees can join forces in marketing campaigns, logistics, and even list one another’s products, enriching their customer offering and enhancing the overall experience.

By turning competition into collaboration, NR1 has built a robust platform where entrepreneurs thrive through joint efforts. The success of the collective directly benefits each individual, fostering a sense of community that is rarely seen in the cut-throat world of e-Commerce.

Embracing tech: a future built on innovation

Anyone who’s ever dipped their toes into e-Commerce will know how crucial the right tech is. NR1 Webshops is powered by Magento 2 — an e-Commerce powerhouse — and backed by Odoo ERP. This combo not only allows business owners to manage their stores effortlessly, but it also automates tedious processes like order management and inventory tracking.

The seamless integration of Magento and Odoo ensures that every aspect of an online store, from customer orders to shipping, runs smoothly, allowing entrepreneurs to focus on growing their businesses.

20 Most Innovative Companies to Watch 2024 Awards

There are no logistical headaches to worry about either. NR1 Webshops offers comprehensive fulfilment and dropshipping solutions, so franchisees can scale quickly without worrying about warehousing or staffing. With all the logistics taken care of, NR1 entrepreneurs are able to stay ahead of the game.

Building on success: a proven path for entrepreneurs

NR1 Webshops didn’t arrive at this formula overnight. The seeds were planted years ago with www.nr1motor.nl, a webshop specialising in motorcycle parts that grew into a market leader through innovation and a focus on niche specialisation. It was this success that laid the foundation for NR1’s e-Franchise model,

which now helps entrepreneurs in a variety of markets to build their own winning online stores.

But the real beauty of NR1’s model lies in the support they provide. From training workshops to ongoing back-office assistance, NR1 makes sure franchisees have everything they need to hit the ground running. It’s a guiding hand that empowers business owners from day one, making entrepreneurship accessible even to those with limited experience.

Exclusivity: owning your niche

Another major draw for franchisees is the exclusivity NR1 Webshops offers. Each entrepreneur has the sole right to offer a full product range in their niche within the network, eliminating the pres-

20 Most Innovative Companies to Watch 2024 Awards

sure of internal competition. This exclusivity allows franchisees to focus on their specialisation and cater directly to their customer base without worrying about others vying for the same market share.

In a world where e-Commerce often means competing on price in massive marketplaces, NR1 Webshops creates a refreshing alternative. Here, the focus is on quality, expertise, and customer satisfaction, setting their franchisees apart from competitors who are stuck in endless price wars.

Cost-saving power through collective purchasing

Finding the right products and building a webshop is only the start of an online business owner’s journey. NR1 Webshops addresses one of the biggest challenges entrepreneurs face: high operational expenses. By leveraging collective purchasing power, NR1 offers franchisees access to cost-saving advantages usually reserved for much larger companies. This can lead to savings of up to 70%, allowing entrepreneurs to compete

without being weighed down by inflated costs.

This model of collective purchasing levels the playing field, giving small businesses the same negotiating power as established players. For franchisees, it’s a chance to focus on growing their business, knowing they’re not paying over the odds for the essentials.

A vision for sustainable growth

NR1 Webshops has always had its sights set on long-term growth, both for itself and its franchisees. With built-in scalability, the e-Franchise model allows entrepreneurs to expand their operations without significant investment in additional resources. NR1’s back-office services take care of routine tasks like product placement, wholesale purchasing, and customer service, so franchisees can focus on marketing and strategy.

Looking to the future, NR1 is exploring ways to make logistics more sustainable, addressing the increasing demand for eco-friendly business practices. This commitment to innovation and sustainability ensures that NR1 Webshops will

continue to lead in an ever-changing e-Commerce landscape.

Looking ahead: a vision for the future

As an industry leader, NR1 Webshops isn’t content to rest on its laurels. The company is constantly exploring new ways to improve its services and create more sustainable, future-proof solutions for its franchisees. By investing in the latest technology and continuously enhancing its offerings, NR1 ensures that franchisees remain competitive in a crowded marketplace.

NR1 Webshops is a movement that’s changing the face of e-Commerce. Through its collaborative e-Franchise model, NR1 offers entrepreneurs a chance to build and scale successful online businesses without the usual risks. By fostering collaboration, driving innovation, and providing comprehensive support, NR1 Webshops is setting the stage for a brighter future in e-Commerce—one franchise at a time.

To find out more, visit https:// www.nr1webshops.nl/

Left: BERT BERKERS

OWNER & CEO NR1 WEBSHOPS

Right:

SAMY MONTELS

CO-OWNER & HEAD OF IT NR1 WEBSHOPS"

REVOLUTIONIZING RESTORATION: NOVOSAN LASER CLEAN AG’S VISION

Cleaning heritage properties without damaging them or using harsh chemicals is a significant challenge. Novosan Laser Clean AG addresses this by developing a non-invasive, environmentally sustainable technology that preserves historical integrity while ensuring effective restoration.

When Martin Schweizer took over the reins of Novosan AG in January 2022, he didn’t just step into a new role; he embarked on a journey that merged his extensive technical expertise with an entirely new field. With over 20 years of experience in mechanical engineering, including time spent as a Chief Operating Officer in China and a successful career in consulting for large corporations, Martin was well prepared for challenges. Yet, his move into the world of property restoration after fire and water damage marked a profound shift - a shift that would lead to groundbreaking innovations in the industry.

The Unexpected Path to Laser Cleaning

“My journey into the world of property restoration was as unexpected as it

was exciting,” explains Martin. His life took a pivotal turn when he met Deneshini, the woman he plans to marry next year. She had worked at Novosan AG for more than 18 years, and as the company’s founder began considering retirement, the opportunity for Martin to take over presented itself.

Initially, Martin believed his contribution would be limited to improving existing processes through his engineering and leadership experience. But in mid-2022, he discovered laser cleaning technology – a tool typically reserved for mechanical industries. “When I first learnt about laser cleaning, I immediately saw its potential beyond its conventional uses. The challenge was to adapt it for property restoration, particularly for heritage-protected buildings and other objects, such as statues, where traditional

cleaning methods can cause significant damage.”

Innovating with Purpose: The Development of Laser Cleaning Technology

Bringing laser cleaning to the property restoration field wasn’t straightforward. It required over two years of development and an unwavering commitment to innovation. Martin founded Novosan Laser Clean AG to focus on this new venture, even producing the laser cleaning machines in-house. “It wasn’t just about introducing a new technology though,” Martin is keen to highlight. “It was about ensuring that this technology could be applied in a way that preserved the integrity of historical structures while providing an effective cleaning solution.”

20 Most Innovative Companies to Watch 2024 Awards

The laser cleaning process works by using precise nanosecond pulses to heat and remove unwanted material from surfaces layer by layer, without damaging the underlying structure. This is especially critical for heritage-protected properties, which are often too delicate for traditional chemical cleaning methods. “Today’s restoration projects demand a solution that doesn’t rely on harsh chemicals or abrasive techniques,” says Martin. “Our laser cleaning technology meets this need by offering a non-invasive, highly controlled process that is both effective and environmentally friendly.”

Addressing the Challenges of Heritage Restoration

The preservation of heritage properties is fraught with challenges, particularly

NOVOSAN LASER CLEAN

20 Most Innovative Companies to Watch 2024 Awards

NOVOSAN LASER CLEAN

when it comes to cleaning. Traditional methods can be too abrasive, risking damage to irreplaceable structures. Martin’s solution – laser cleaning – addresses these challenges head-on. “Heritage-protected properties require a level of care that traditional methods simply can’t provide,” he notes. “Our technology allows us to clean these properties without the risk of damaging them, ensuring that they can be preserved for future generations.”

The technology’s versatility is another key advantage. It can be used on various materials, including wood, stone, plastic, and metal, making it an ideal solution for a wide range of restoration projects. And because the process is chemical-free, it aligns with Novosan Laser Clean AG’s commitment to environmental sustainability. “We’re not just cleaning buildings,” Martin emphasizes. “We’re preserving history in a way that respects both the past and the future. In my opinion, laser cleaning is the first real

MARTIN SCHWEIZER CEO AND OWNER NOVOSAN AG

revolution in the cleaning industry since the lye was invented.”

A Strategic Approach to Innovation

Investing in such cutting-edge technology was a bold move in an industry where high-tech solutions are rare. “A 200-watt laser machine costs between 70,000 and 160,000 euros,” Martin explains. “It’s not an investment most cleaning companies would make, but I knew it was the right direction for us to take.” Martin’s background in engineering provided him with the strategic insight necessary to make this leap. By carefully calibrating six critical parameters, Novosan Laser Clean AG has achieved results that are both precise and effective. “Finding the right parameters was like solving a complex puzzle,” Martin, smiles, adding that his experience in engineering helped him to approach this challenge strategically, ensuring that the business would be able to achieve the best results in a reasonable timeframe.”

But Martin’s success isn’t just about technical expertise. “One thing I’ve learnt

over the years is that you can’t be afraid of making mistakes,” he states. “The difference between success and failure often comes down to trying one more time, learning from your errors, and keeping your focus on the ultimate goal.” This philosophy has guided him throughout his career and is now driving Novosan Laser Clean AG’s innovative approach to property restoration.

The Future of Restoration with Laser Cleaning

Looking ahead, Martin sees even greater potential for laser cleaning technology in the restoration industry. With the launch of a new website and informative video material, Novosan Laser Clean AG is poised to share this groundbreaking technology with a broader audience. “We’re just scratching the surface of what’s possible with laser cleaning,” Martin says. “Our goal is to continue refining our processes, expanding our reach, and setting new benchmarks for restoration quality.”

Under Martin’s leadership, Novosan Laser Clean AG carries out more than the mere act of restoring properties but redefines exactly what restoration can be about. “For me, it’s about making a meaningful impact,” Martin reflects, “preserving our heritage, and doing so in a way that’s sustainable and forward-thinking.”

As Novosan Laser AG continues to innovate, Martin’s vision is clear: to lead the industry in restoration technology, ensuring that the past is preserved with the care and precision it deserves. “While innovation does require the best technology available for the specific industry, it’s also about using that technology to make a difference – and that’s exactly what we’re doing at Novosan Laser Clean AG,” Martin concludes.

For further information about Novosan Laser Clean AG’s innovative restoration solutions please visit the company’s website - https:// novosanlaserclean.ch/ Enquiries can be sent directly to Martin via LinkedIn at https://www.linkedin. com/in/martin-schweizer-novosan/ or alternatively via the company’s email address: info@novosanlc.ch

REDEFINING ORTHOPAEDIC SURGERY WITH VARTID’S CUTTINGEDGE SOLUTIONS

Innovation is an essential lifeline for improving patient outcomes and refining procedures in the critical world of orthopaedic surgery. Leading the charge is VARTID (Virtual Augmented Real-Time Diagnostics), a company at the cutting edge of surgical technology. By merging augmented reality (AR) with artificial intelligence (AI), VARTID is rewriting the rulebook for joint surgeries.

VARTID’s visionary platform combines preoperative planning, intraoperative navigation, and postoperative documentation into one seamless, accessible system. This game-changing approach is setting a new standard for orthopaedic care.

A markerless revolution in surgical procedures

Founded in 2018 by Lajos Juhász, VARTID is built on a foundation of innovation and expertise in augmented reality (AR) technology. With over three decades of software development experience, Lajos combines his skills as a software developer, functional designer, and AR specialist to drive the company forward. His journey began by identifying an unconventional problem and rec-

ognizing its research potential within real-world applications. After evaluating the project’s financial and technical feasibility, Lajos transformed his vision into reality, establishing VARTID as a leader in AR-driven innovation. As executive manager and co-owner, Lajos continues to shape VARTID’s operations and strategic direction.

At the heart of VARTID’s innovation is its ability to seamlessly integrate AR and AI into the surgical workflow. Traditional orthopaedic procedures often rely on static imaging, manual planning, and physical markers — tools that can be prone to error and variability. VARTID’s markerless, AR-enhanced system replaces these with a dynamic, real-time interface that empowers surgeons with

the kind of precision that has never been possible before.

The standout feature of VARTID’s technology is its 3D Dynamic Sensor, a state-of-the-art tool powered by AI. Unlike older systems reliant on external markers, this sensor delivers real-time motion tracking with extraordinary accuracy, ensuring virtual surgical guides stay perfectly aligned with the patient’s anatomy, even during movement. This technological marvel offers real-time guidance, supporting greatly improved surgical outcomes and minimising errors by enhancing accuracy and reducing surgeons’ reliance on physical templates. While its initial application has been in joint replacement surgeries, the adaptability of the 3D Dynamic Sensor extends far beyond. Its AI-based navigation

20 Most Innovative Companies to Watch 2024 Awards

system is designed to recognise organ movement and dynamic changes during surgery, paving the way for applications in soft tissue procedures and more complex teleoperative solutions. This versatility could transform fields such as general surgery and even advanced robotic-assisted operations, benefitting both surgeons and patients alike.

Preoperative plann ing, reimagined

Surgical planning is the cornerstone of successful procedures, and VARTID excels in this critical phase. Its AI-driven tools automatically process patient imaging data to calculate reference points, axes, and resection lines. By automating these complex calculations, VARTID allows surgeons to focus on strategic decision-making rather than manual tasks.

Key features include:

•Automatic Resection Plane Calculation: AI generates precise cutting planes tailored to the patient’s anatomy.

•Prosthesis Selection: The system suggests the ideal implant components based on patient-specific measurements.

•3D Visualisation: Detailed, interactive models provide clarity and support collaborative planning in multidisciplinary teams. This new era of precision lays the groundwork for more effective surgeries and shorter recovery times. Over time, this precision-driven approach could lead to significant cost savings and improved access to high-quality care, making advanced surgical solutions more

widely available. It heralds a future where personalised medicine and innovative technology work hand in hand to deliver better outcomes for all.

Real-time guidance in the operating theatre

VARTID doesn’t stop at planning. Its intraoperative navigation system delivers real-time guidance, with markerless technology enabling precise overlays of templates and components without additional tracking devices. The result? Greater accuracy, streamlined workflows, and enhanced surgeon confidence. This capability is particularly crucial during surgeries where anatomy may shift or move due to patient positioning or surgical manipulation. With VARTID’s 3D Dynamic Sensor, these changes

VARTID

20 Most Innovative Companies to Watch 2024 Awards

LAJOS JUHÁSZ FOUNDER AND CEO VARTID

are accounted for in real time, ensuring that surgical plans remain accurate and effective. For patients, this means reduced risk of complications, while surgeons can perform even the most complex procedures with greater confidence and ease.

A vision for personalised surgery

VARTID’s mission is ambitious but clear: to make advanced orthopaedic care

more accurate, affordable, and accessible. The company envisions a future where cutting-edge surgical tools aren’t limited to elite hospitals but are available to clinics and field operations worldwide. The adaptability of its technology underlines this vision, promising to revolutionise not only orthopaedics but other surgical disciplines as well.

Key benefits of VARTID’s approach include:

•Sustainability: Automated systems reduce waste and improve efficiency in operating theatres.

•Personalisation: AI adapts surgical plans to each patient’s unique anatomy.

•Remote Collaboration: Digital tools enable real-time consultations and second opinions.

•Patient Empowerment: Transparent, data-driven processes help patients make informed decisions.

Expanding horizons with AI

One of the most exciting developments is the potential to adapt VARTID’s technology to surgeries beyond orthopaedics. The 3D Dynamic Sensor’s AI capabilities allow it to navigate dynamic environments, such as soft tissue surgeries where organs can shift or change position during a procedure. This flexibility opens the door for advanced teleoperative and robotic-assisted surgeries, offering the precision needed to perform complex operations remotely or in less-than-ideal conditions. The implications for healthcare accessibility in underserved regions are enormous, as surgeons can extend their expertise across geographical barriers with confidence.

The future of healthcare

As the integration of AR and AI into surgical workflows continues to evolve, VARTID has already established itself as a trailblazer. By blending cutting-edge innovation with practical applications, the company is setting a new benchmark for orthopaedic surgery and beyond. With its focus on precision, adaptability, and accessibility, VARTID is not only improving patient outcomes but also redefining what’s possible in modern medicine.

The journey doesn’t end here. As research continues and technology advances, VARTID’s solutions are expected to influence even more areas of healthcare. From reducing surgical errors to enabling advanced teleoperative solutions, the possibilities for improving patient care are limitless. And VARTID is leading the conversation.

To find out more, visit https://vartid.com/

Do you work in and have the responsibility for the care of human beings in a safety critical industry?

If yes, you may have found the resource you need.

As Human Factors Ltd. (HF Human Factor GmbH), our primary focus is on safety-critical industries. We have more than 30 years’ experience, primarily in aviation and maritime, but we also conducted projects in medicine, the chemical industry, and the energy sector.

Our main focus has always been the human being:

How well is the individual prepared?

How can team efficiency be improved?

How can teams be trained, accompanied, or even taken care of in a crisis?

How well is a company prepared to handle a crisis?

What kind of preparation and structures are needed to ensure that the particular tasks demanded in a crisis are completed successfully?

Answers to the above questions are always specific and unique to the context. Sometimes the questions need conceptualizing, sometimes the answers need training or coaching, sometimes research is required. We love to walk alongside you to help to find answers to your questions.

Trump’s Return & Europe’s Brief Banking

Resurgence

European banks have enjoyed a strong spell of profit and an M&A resurgence. But with new regulation and Trump’s reelection, U.S. banks are ready to retake the crown. >>

By Kevin George

For the first time in nearly two decades, European banks were outperforming U.S. banks. Large cap lenders got the ball rolling with impressive earnings in 2023, and that momentum carried over into 2024 but ended abruptly on November 6th.

Trump’s return to the Oval Office has caused a market frenzy in the U.S. and a state of panic in Europe. Even though the president is yet to comment on the banking industry, whatever changes he brings will likely terminate European dominance. Unless, ofcourse, European regulators beat him to the punch.

The market leaders return

Even before Trump was declared the winner, American markets had begun to rise. When it was confirmed, many industries saw a spike in growth, but none as dramatic as banking.

The KBW regional banking index jumped by 13.5%, while the large-cap bank index increased by 11%, outpacing broader markets. But in Europe, banks faltered. The STOXX Europe 600 banks fell 1% during the election week. The varying market responses primarily had to do with how Trump’s return will affect regulations.

Many bankers in the U.S. had been critical of the Biden administration’s stringent regulations. The rate at which the government opposed large M&As not only impacted investment banking income but also slowed the rate of banking consolidation.

However, the most contentious issue banks had with the government was the Basel III Endgame rules. The banking reform rules presented by the Basel Committee would, among other things, require big banks to have more capital against credit.

While many bankers across the U.S., UK and Europe have embraced the Basel framework, which seeks to prevent another global financial meltdown, most are against the capital requirement. Nevertheless, the Biden administration was prepared to push forward with the plans, which will also go into effect in Europe starting in January 2025 and the UK in January 2026.

With a pro-business administration coming into power, many anticipate that U.S. banks will be spared from adhering to the strictest parts of the rules. This sparked a wave of excitement among bankers, including JPMorgan Chase CEO Jamie Dimon.

“A lot of bankers, they’re like dancing in the street because they’ve had successive years and years of regulations, a lot of which stymied credit,” said Dimon during the APEC CEO Summit in Peru.

European banks had been relying on the Basel III Endgame rules to help level the playing field with their American coun-

OUTPACING MARKETS

THE KBW REGIONAL BANKING INDEX JUMPED BY 13.5%, WHILE THE LARGECAP BANK INDEX INCREASED BY 11%, OUTPACING BROADER MARKETS.

DANCING IN THE STREET

“A LOT OF BANKERS, THEY’RE LIKE DANCING IN THE STREET BECAUSE THEY’VE HAD SUCCESSIVE YEARS AND YEARS OF REGULATIONS, A LOT OF WHICH STYMIED CREDIT,” SAID DIMON

A DESIRE TO PROTECT

INTERESTINGLY, A DESIRE TO PROTECT LOCAL BANKS IS A SIMILARITY SCHOLZ SHARES WITH TRUMP. THE ONLY PROBLEM IS THAT SCHOLZ’S STANCE COULD HINDER THE INTERNATIONAL COMPETITIVENESS OF GERMAN BANKS, WHILE US BANKING CONSOLIDATION WILL CREATE EVEN MORE GIANTS.

terparts. The other thing they were looking at to even the odds was banking consolidation. Unfortunately, even that is now seeming less likely.

All eyes on M&A

Just like most industries, M&A activity over the past two years has been unimpressive in the global banking industry. While a lot of that had to do with the high interest rate environment and slowed economic growth, strict regulations in the U.S. were also to blame. The Biden government strongly opposed many blockbuster mergers in a bid to protect consumers.

The leading example of this is Capital One’s plans to acquire credit card issuer Discover Financial Services in a deal valued at $35.3 billion. If approved, this would be the largest banking merger in the U.S. since the 2010s and would create the sixth-largest bank in the country. However, Democrats have vehemently opposed this deal and banking consolidation in general, fearing a reduction in competition and consumer protection.

Ironically, regulators in Europe have been more open to banking mergers recently. "Mergers could make banks more resilient to shocks due to greater asset diversification. And they would allow European banks to have more efficient business models, pursue growth strategies and invest in digitalisation," said a spokesperson for the European Commission (EC).

However, while the EC and presumably the European Central Bank are onboard with cross-border consolidation, it appears some countries are not. The German Chancellor Olaf Scholz has opposed a potential merger between Italy’s UniCredit and Commerzbank. While the second-largest bank in Italy had hoped that its acquisition of its German counterpart would be good for all parties, nobody on the German side seems to think so.

Interestingly, a desire to protect local banks is a similarity Scholz shares with Trump. The only problem is that Scholz’s

stance could hinder the international competitiveness of German banks, while US banking consolidation will create even more giants. The country’s largest bank by market capitalisation, JP Morgan, is bigger than the six largest banks in Europe combined. The UniCredit Commerzbank merger would have shrunk that figure.

While national sentiments could hinder dealmaking, the major hurdle in the continent is still regulation.

Is Europe ready to relax its banking regulation?

Even without Trump’s return, there were strong signs that the U.S. was going to limit its implementation of the Basel III Endgame rules. As a result, finance ministers from Italy, Germany and France have called on the European Commission to make changes to the Basel III Endgame rules.

The finance ministers asked the commission to “finetune our banking regulatory framework, in view not only of ensuring a level playing field at the international level, but also of making it more balanced, risk-sensitive, effective and proportionate.”

For the first time since the global recession, European banks were beginning to see light at the end of the tunnel. Now, that light is diminishing. While it is easy to blame Trump for their troubles, the EU still has the power to make the right changes.

For the time being, European lenders can take comfort in the fact that competition from Chinese banks have slowed significantly due to prolonged economic stagnation. However if dealmaking in the U.S. becomes as aggressive as many expect under Trump, then there will be no respite for Europe’s banks. Their reign on top of the banking world will not only come to an end, but it might never return.

The only hope for Europe now is drastic or at least delayed regulatory changes. If not, Trump, Dimon and American lenders will be smiling to the bank.

Global Corporate Excellence Awards 2024

Meet our Global Corporate Excellence Award Winners 2024

Now in its 11th year, our Global Corporate Excellence Awards celebrates businesses that excel in critical areas of performance, from operational efficiency to visionary leadership. These prestigious awards recognise companies that demonstrate strategic foresight and consistently raise industry standards, setting themselves apart from their peers in highly competitive markets.

This year’s winners exemplify corporate success, achieving exceptional results in employee engagement, customer loyalty, and innovative business practices. These organisations span various industries, from technology firms driving groundbreaking solutions to consulting organisations guiding businesses through evolving challenges. Each has distinguished itself with its achievements, not just in operational efficiency but also in shaping the future of their sectors with impact that reaches far beyond their immediate business operations.

The awards honour companies that focus on more than just profitability. They spotlight those that have built resilient businesses through effective leadership, forward-thinking strategies, and ethical practices. These organisations are committed to creating longterm value through sustainable growth, all while maintaining a dedication to responsible business conduct, transparency, and integrity.

The winners this year share a common commitment to balancing ambitious business goals with corporate

governance and accountability. By fostering strong customer and employee relationships, they have positioned themselves as leaders who focus on enduring success and long-term objectives, rather than short-term gains or superficial achievements. They have set a new benchmark for excellence in their industries.

This year’s nominees came from diverse sectors, including life sciences, consulting, finance, and consumer services. The result is a remarkable group of winners who stood out not only for their operational excellence but also for their ability to integrate social responsibility into their long-term strategies and business models.

The winners can be found in the following pages of this magazine, and some of our featured winners' stories highlight why they were recognised as very worthy recipients. Their stories are a testament to the power of responsible and visionary corporate leadership.

GLOBAL CORPORATE EXCELLENCE AWARDS 2024 WINNERS

1898 The Post

“Luxury Business Hotel of the year – Belgium”

40 Strategy

“Best Strategic Growth Partner for Small to Mid-Sized Enterprises – USA” & "Most Innovative Business Risk Assessment Tool - USA" ($4M Strategy™ Risk Assessment)

Al Tamimi & Company

“Best M&A Law Firm – UAE”

BIC Medical

"Best Integrated HealthTech Solution for Medication Management"

Bolero Capital

“Financial Advisory Firm of the Year – Luxembourg”

CapitaLand

“Best Investor Relations - Singapore”

Carmin Productions

"Luxury Video Production Agency of the Year - France" & "Best Sustainable Production Company"

Clifford Chance LLP

“Best Tax Consultants – UK”

DREDGE YARD

"Best Eco-Friendly Dredging Solutions"

Emirates NBD

“Commercial Bank of the Year – UAE”

FTA Ireland

"Most Impactful Corporate Social Responsibility (CSR) Initiatives – Logistics Sector” & "Business Transformation CEO of the Year – Logistics Sector"(Aidan Flynn, FTA Ireland)

Grow Leaders

“Best Consultancy for Leadership Development & Mentorship Programs – Canada” & “Outstanding Leadership in Social Impact and Organizational Transformation - Canada”(Tamara C Larson, Grow Leaders)

Invest Turks and Caicos (Invest TCI)

"Best Offshore Inward Investment Agency"

Kaz Software

“Best Software Development Outsourcing Provider – Bangladesh”

Marc Schindler, OTTOBAHN

"CEO Award for Innovative Transportation Technology" & "CEO Award for Sustainable Mobility Leadership"

Morné Smit, Emerse Sales

"Transformational CEO of the Year (Sales Industry)”

Moscone Center

“Best Conference Centre – California, USA”

Multi-Tech Systems, Inc.

"Excellence in Corporate Citizenship & Community Empowerment – USA"

Nutralab Canada

"Leading Contract Manufacturer for Custom Nutraceutical Solutions & "Outstanding Leadership in Nutraceutical Innovation"(Dr. Peter Ou, Nutralab Canada)

OlsAro

"Most Impactful AgTech Startup of the Year"

Oku Solutions LLC

"Best U.S. Broadband Telecommunications Consultancy" & "Broadband Advocate of the Year – USA"(David Witkowski, Oku Solutions)

Payflows

"Best Solution for Modernizing Finance Operations" & "Most Effective Automation of Finance Workflows"

Rewardsco

“BPO Company of the year - South Africa”

RIoT Secure AB

"Best IoT Security Platform for Resource-Constrained Devices" & "Excellence in IoT Device Development & Deployment Security"

Trialing Health S.L.

"Tech Startup of the Year in the Clinical Trial Industry" & "Healthcare CEO of the Year -Spain"(Max Hardy Werbin, Trialing)

Walder Wyss

“Best Corporate & Commercia Law Firm – Switzerland”

VICTORIAPARTNERS

"Leading M&A Advisory Firm in Real Estate – Central and Eastern Europe”

ELEVATING BUSINESS VALUE WITH STRATEGIC EXCELLENCE: THE 40 STRATEGY™ APPROACH

Led by Carl J Cox, 40 Strategy™ empowers businesses to increase value and achieve sustainable growth through data-driven strategic planning. Here we learn how the Oregon-based company helps companies unlock potential, improve efficiency, and secure long-term success.

For countless business owners, their company is not only their life’s work, but their primary source of wealth. In fact, as much as 90% of an owner’s retirement wealth can be tied up in their business. Despite this, when the time comes to sell or transition, many owners struggle to understand the potential value of their company. Whether due to a lack of planning, ineffective strategies, or stagnant growth, too many businesses fall short.

This is where 40 Strategy™ steps in. Dedicated to helping business owners unlock value, scale sustainably, and build resilience, Carl J. Cox’s innovative approach combines cutting-edge tools with practical expertise. By addressing the unique challenges of each business, 40 Strategy™ ensures its clients not only achieve their immediate goals but also set the stage for long-term success.

A new approach to business strategy

Traditional management tools—like SWOT analysis or Porter’s Five Forces— have long been staples in strategic planning. While useful for providing a broad

overview, these methods often fail to deliver the actionable insights and precise execution plans businesses need in an increasingly crowded and competitive marketplace. This gap between planning and implementation is a key reason why 90% of strategic plans fail, according to industry research.

40 Strategy™ bridges this gap by offering a hands-on, data-driven approach. The consultancy goes beyond surface-level analysis, helping businesses identify key growth opportunities, assess risks, and develop tailored strategies that yield measurable results.

Whether an owner plans to sell their business, pass it on to the next generation, or simply grow it to secure their financial future, strategic clarity and precision are non-negotiable. The team at 40 Strategy™ understands this, and their mission is simple: empower businesses to increase value, sustain growth, and achieve long-term success.

The 40 Strategy™ Toolkit

Central to the company’s methodology is its $4M Strategy™ Growth Assessment. This proprietary tool evaluates a business’s potential across 40 critical levers, providing a clear roadmap for improvement. Unlike traditional methods, the $4M Strategy™ focuses on quantifiable outcomes, ensuring that every recommendation is tied to a tangible increase in value.

Key services offered by 40 Strategy™ include:

•$4M Strategy™ Growth Assessment: A comprehensive evaluation of growth opportunities and value-enhancing strategies.

•Strategic Planning: Development and implementation of custom strategies tailored to a business’s unique needs.

•Performance Coaching: Guidance and accountability support to ensure teams stay aligned with goals and key performance indicators (KPIs).

How the $4M Strategy™ Works

The $4M Strategy™ Growth Assessment begins with a detailed evaluation of the business’s current operations and growth landscape. This involves identifying internal and external factors that may be hindering performance, such as inefficiencies, market challenges, or untapped opportunities.

From there, 40 Strategy™ works closely with the business owner and their team to pinpoint areas with the highest potential for value improvement. Each area is quantified, providing a clear picture of the potential financial impact of specific strategic changes.

Finally, the consultancy develops a custom strategic plan that focuses on high-impact initiatives. This plan is not only actionable but also designed to deliver measurable outcomes, ensuring that every move contributes to the business’s overall growth and success.

Unlocking value through data-driven insights

One of the key strengths of the $4M Strategy™ is its reliance on objective data. Unlike traditional planning tools that can be overly reliant on assumptions, this methodology uses concrete metrics to guide decision-making. The strategy looks at specific improvements in areas such as:

•Operational Efficiency: Streamlining processes to reduce waste and improve productivity.

•Market Positioning: Identifying and leveraging competitive advantages.

•Financial Performance: Enhancing profitability through targeted initiatives.

•Scalability: Preparing the business for growth by addressing structural or procedural limitations.

This data-driven approach not only ensures accuracy but also builds confidence among stakeholders, providing a clear rationale for each decision.

Case Study: Transforming Terrane Surveying

The story of Terrane Surveying highlights the transformative impact of the 40 Strategy™ approach. Based near Seattle, Washington, the land surveying firm had established a strong reputation for quality but found itself struggling with operational bottlenecks and stagnant growth. Despite its success, Terrane’s projects were taking up to 140 hours to complete, largely due to inefficiencies in its processes. Surveyors were bogged down with administrative and logistical tasks, leaving them unable to focus on their core expertise. Meanwhile, the company lacked a clear strategy for scaling operations, leaving CEO Kenny Green frustrated and feeling stuck.

Diagnosing the problem

When Terrane partnered with 40 Strategy™, the first step was identifying the root causes of their inefficiencies. Through the $4M Strategy™ Growth Assessment, it became clear that the com-

Global Corporate Excellence Awards 2024

CARL J. COX CEO 40 STRATEGY

pany’s workflows were unnecessarily complex, with team members often duplicating efforts or working outside their areas of expertise.

Implementing solutions

40 Strategy™ worked with Terrane to streamline operations and clarify team roles. Surveyors were freed from administrative tasks, allowing them to focus on their technical skills, while other team members were assigned to handle logistical responsibilities.

Next, the company implemented regular accountability check-ins and estab-

lished clear Key Performance Indicators (KPIs). These changes not only improved efficiency but also fostered a culture of accountability and collaboration.

The results

The impact was immediate and significant. By reducing project times from 140 hours to just 40, Terrane was able to complete over 500 additional surveys within a year. Sales increased by 40%, and the company set the stage for sustainable, long-term growth.

Thanks to 40 Strategy™, CEO Kenny Green was able to shift his focus back to

high-level strategy, ensuring the company’s continued success.

Beyond strategic planning

While the $4M Strategy™ is a cornerstone of 40 Strategy™’s approach, the consultancy’s services extend far beyond just planning. Performance coaching is another key offering, helping businesses stay on track and ensuring that strategies are executed effectively.

The team also provides ongoing support, working with clients to adapt their plans as circumstances evolve. This flexibility is crucial in today’s dynamic business environment, where opportunities and challenges can arise unexpectedly.

Preparing for the future

For business owners, the stakes have never been higher. Whether planning for retirement, preparing for a sale, or aiming to achieve new levels of growth, having a clear and actionable strategy is essential.

40 Strategy™ provides the tools, insights, and support needed to navigate these challenges and unlock a company’s full potential. With a proven track record of success and a commitment to data-driven excellence, the consultancy is helping businesses across industries achieve their goals and secure their futures.

The 40 Strategy™ approach is all about sustainable success. By focusing on measurable outcomes, actionable insights, and hands-on support, the consultancy empowers businesses to thrive in a modern business landscape.

For business owners looking to elevate value and unlock long-term growth potential,

40 Strategy™ offers the expertise and tools to make it happen. Whether through the $4M Strategy™ Growth Assessment or tailored strategic planning services, 40 Strategy is redefining what’s possible for businesses at every stage of their journey. To find out more, visit https://40strategy.com/

NUTRALAB CANADA CORP: A TRUSTED LEADER IN NUTRACEUTICAL EXCELLENCE

Nutralab Canada Corp is driving growth in the nutraceutical industry with its integrated approach to manufacturing, innovation, and quality control. Positioned as a key player in health and wellness, the company’s forwardlooking strategy ensures continued leadership and market influence.

For three decades, Nutralab Canada Corp has been a beacon of commitment, innovation, and excellence in the nutraceutical industry. As one of Canada’s leading contract manufacturers of vitamin supplements, Nutralab’s reputation is built on pillars of quality, trust, and steady growth.

The story of the company’s enviable rise to prominence is intricately connected to the vision of its founder, Dr Peter Ou, and the strategic groundwork laid by its parent company, Honson Ingredients.

Dr Peter Ou: The visionary behind Nutralab’s success

The origins of Nutralab trace back to 1996, when Dr Peter Ou founded Honson Ingredients. With a PhD in Clinical Pharmaceutical and Toxicology from the esteemed University College London,

Dr Ou’s background in pharmaceuticals provided a strong foundation for this ambitious venture. Despite a successful career in pharmaceuticals, Dr Ou saw the potential in nutraceuticals — a sector that champions proactive health through natural means. His conviction that nutraceuticals could provide significant public health benefits propelled him into this new field.

Under Dr Ou’s insightful leadership, Honson Ingredients carved out a significant place in the North American market as a key supplier of raw materials for the health supplement industry. The mid-1990s were marked by a shift in consumer behaviour towards health-conscious living, with increasing interest in vitamins and dietary supplements. Recognising this growing trend, Dr Ou strategically positioned Honson Ingredients to capitalise on this burgeoning demand,

DR. PETER OU

CEO & CHIEF SCIENTIFIC OFFICER NUTRALAB

CANADA CORP

ensuring it became synonymous with quality and reliability.

Evolving from supplier to full-scale manufacturer

Honson Ingredients’ success laid the groundwork for its natural progression into contract manufacturing, giving birth to Nutralab Canada Corp. This transition allowed Nutralab to evolve from a supplier to a comprehensive manufacturer, integrating every facet of nutraceutical production—from sourcing high-quality raw materials to developing finished products ready for market. This vertical integration provided Nutralab with un-

Global Corporate Excellence Awards 2024

paralleled quality control and the ability to respond swiftly to client needs and market trends.

This integrated model has been a game changer for Nutralab, enabling the company to produce an array of products, including tablets, capsules, softgels, liquids, and powders. Such versatility has made Nutralab a go-to partner for a diverse clientele, including private-label brands and established health companies looking for bespoke solutions.

Pioneering innovation and quality

A cornerstone of Nutralab’s continued success has always been its dedication to

innovation. By staying ahead of the curve and investing heavily in research and development, the company has been able to craft advanced supplement formulations that cater to the ever-changing preferences of health-conscious consumers. Leveraging cutting-edge technologies and indepth market insights, Nutralab ensures that each product embodies the highest standards of quality and efficacy.

This commitment to innovation extends beyond product development. Nutralab’s production processes are rooted in rigorous QA and QC measures at every stage — from raw material inspection to the final product release. This meticulous

approach ensures consistency in delivering products that meet and often exceed regulatory standards. Nutralab’s facilities are certified by recognised health authorities, underscoring the company's dedication to compliance, safety, and superior manufacturing practices.

Recognition and achievements

The growth trajectory of Nutralab Canada Corp is marked by notable achievements and industry recognition. From its humble beginnings as a small operation, the company has expanded to a robust enterprise with over 120 highly skilled professionals. A significant milestone in

Global Corporate Excellence Awards 2024

its journey came in 2017 when Nutralab was honoured as one of Canada’s Top50 Growth Companies. This accolade was a testament to the company’s ability to scale effectively while upholding the highest standards of quality and customer satisfaction. Such recognition has reinforced Nutralab’s status as a leader in the nutraceutical industry and has fuelled its ambitions for further growth.

A competitive advantage

Another of Nutralab’s key strengths is its integrated operational approach. By managing raw material supply, product development, and manufacturing within its business model, the company has achieved a unique level of control over its processes. This vertical integration not only guarantees top-tier quality but also enhances Nutralab’s agility in adapting to market shifts and consumer trends.

This flexibility has been particularly beneficial in a dynamic market where consumer needs evolve rapidly. Nutralab’s ability to respond to these changes with speed and precision has made it a preferred partner for businesses seeking timely, high-quality supplement production. Clients appreciate the company’s ability to develop customised formulations tailored to specific market demands, ensuring products align with both consumer expectations and stringent regulatory requirements.

Cutting edge facilities and capabilities

Nutralab’s state of the art manufacturing facilities are equipped with advanced technology designed to support both high-volume production and specialised product lines. The company’s production capabilities span a range of formats, including tablets, capsules, softgels, liquids, and powders. This broad range allows Nutralab to cater to a wide spectrum of client needs, positioning it as a one-stop solution for businesses in the health and wellness industry.

Every aspect of production is governed by stringent QA and QC protocols to ensure the highest standards of purity, safety, and efficacy. From thorough raw material testing to comprehensive final product checks, Nutralab’s commitment to precision and quality is unwavering. The company's certifications from health authorities further validate its commitment to producing safe, compliant, and reliable supplements.

Building trust through partnerships

At the heart of Nutralab’s mission is a deep commitment to public health and wellbeing. This commitment is not just evident in the products the company develops but in the way it conducts business. Nutralab prides itself on fostering strong, collaborative partnerships built on trust, transparency, and shared values. These partnerships, which range from private-label ventures to collaborations with well-established wellness brands, are rooted in a mutual commit-

ment to delivering top-quality health solutions.

Nutralab’s product development teams work closely with clients to create custom formulations that meet unique market requirements. This tailored approach has been a driving factor behind the company’s ability to build long-term relationships and maintain its reputation for excellence.

Looking ahead

As Nutralab Canada Corp looks to the future, the company remains steadfast in its pursuit of innovation, growth, and continued leadership in the nutraceutical industry. With consumer interest in natural health and wellness on an upward trajectory, Nutralab is well-positioned to expand its market presence and influence. The company’s nearly 30-year journey from a raw material supplier to a comprehensive manufacturer is a story of vision, resilience, and unwavering dedication to improving public health.

Guided by Dr Ou’s visionary leadership and supported by a team of experts, Nutralab continues to push the boundaries of what is possible in nutraceutical manufacturing. The company’s commitment to integrity, quality, and pioneering spirit ensures that it will remain a trusted leader in the industry for years to come. Whether it’s developing the next breakthrough supplement or fostering meaningful client partnerships, Nutralab’s focus on excellence is unwavering as it shapes the future of health and wellness.

DEAL DIARY

Each issue, Business Worldwide Magazine will report on the latest transactional VC intervention, M&As, buyouts, refinancing and privatisations deals from across the globe to keep you fully informed.

NJJ HOLDING ACQUIRES DATAGROUP-VOLIA

NJJ Holding, the investment firm owned by Xavier Niel, has finalized its purchase of Datagroup-Volia, Ukraine's largest fixed-line telecom and pay-TV provider. This acquisition aligns with NJJ Holding's consortium-led buyout of Lifecell, Ukraine’s third-largest mobile operator. The consortium, which includes Horizon Capital, led by Lenna Koszarny, and Target Group CEO Mykhaylo Shelemba, plans to merge Datagroup-Volia with Lifecell to create a unified telecommunications platform.

This marks the first significant investment by a major strategic player and new market entrant since the Russian invasion in February 2022. The goal is to modernize and expand Ukraine’s telecom infrastructure. The combined platform will provide mobile services to almost 10 million Ukrainians and fixed-line coverage to over 4 million homes nationwide. It will also introduce triple play services, combining mobile, fixed connectivity, and pay TV, improving quality, pricing, and alignment with European standards.

NJJ Holding’s legal team, led by DWF France, included Pascale Gallien (Partner), Vincent Maufront (Of Counsel), and François Galéa (Associate) for corporate matters, with Jemil Visram (Director) handling English law at DWF UK. DWF coordinated with Kinstellar in Ukraine and Georgiades & Pelides LLC in Cyprus to ensure a smooth acquisition process.

LEGAL ADVISORS TO NJJ HOLDING:

LEGAL ADVISOR TO THE BANKING POOL:

AMMG GROUP ACQUIRES T.S.F. METALÚRGICA DE PRECISÃO, LDA

AMMG Group has completed its acquisition of T.S.F. Metalúrgica de Precisão, Lda., a Portuguese company renowned for its expertise in largescale machining and the production of pre-assembled and painted welded assemblies. This strategic acquisition allows AMMG Group, a key player in the production of large metal components for major European clients, to strengthen its market presence and position itself as a leader in the European manufacturing sector by integrating T.S.F. with Duchene Industries.

The deal marks an important milestone in the expansion of both companies’ operations, enhancing their ability to serve a broader range of clients and solidifying their competitive edge. Legal guidance for the transaction in Portugal was provided by Albuquerque & Almeida, with a team led by Partner Antonio Mendonça Raimundo. Their work included structuring the operation, conducting due diligence, and drafting and negotiating the SPA and various ancillary agreements to ensure a smooth and successful transaction.

LEGAL ADVISOR TO AMMG GROUP:

#4, 2024

YARA CÔTE D'IVOIRE SOLD TO ETG GROUP

Yara Group, a global leader in premium fertilizer production and marketing, has announced the sale of its subsidiary, Yara Côte d'Ivoire, to ETG Group, a prominent player in the global agri-food industry. This transaction marks a key step in Yara’s 2030 Africa Food Systems Transformation strategy, which focuses on streamlining its operations across Africa to prioritize high-growth sectors and key markets.

The sale reflects Yara’s commitment to refining its African operations by concentrating resources on regions with the most potential for long-term growth and sustainability. This divestment reinforces Yara's dedication to aligning its business strategy with evolving market demands and sustainability goals in Africa.

Legal counsel for the transaction was provided by BCTG Avocats, with Partner Augustin Nicolle and Associate Pierre de Kerpoisson advising Yara. Additional support was offered by Ivorian firm Chauveau Avocats, whose team was led by Jean-François Chauveau, alongside associates Claude-Andrée Groga, Hervé Bekrou, and Mohamed Zida.

LEGAL ADVISORS TO YARA GROUP:

LEGAL ADVISORS TO ETC GROUP:

MIDEA GROUP’S HK$26.97 BILLION SHARE OFFERING IN HONG KONG

Midea Group, a leading Chinese home appliance manufacturer, has completed a HK$26.97 billion ($3.46 billion) share offering in Hong Kong. This makes it the largest listing in the city in over three years, surpassing JD Logistics’ $3.16 billion raise in May 2021 and far exceeding the HK$1.3 billion offering by Chinese lithium battery maker CALB in October 2022.

The offering, a significant milestone for Hong Kong’s capital markets, underscores the city’s ability to attract large-scale public listings despite a challenging global financial climate. The transaction was supported by joint sponsors and underwriters including China International Capital Corporation, Merrill Lynch, UBS, CLSA, and Goldman Sachs.

Midea Group received legal guidance from Skadden, Arps, Slate, Meagher & Flom, Jia Yuan Law Offices, and Shihui Partners, which played a key role throughout the process. The sponsors and underwriters were represented by Freshfields Bruckhaus Deringer and King & Wood Mallesons (KWM). Freshfields’ team was led by China Chairman Teresa Ko, Head of China ECM Richard Wang, and partner Howie Farn, while KWM’s team included partners Gong Mulong, Su Zheng, and Huang Xiaoxue.

LEGAL ADVISORS TO MIDEA GROUP:

LEGAL ADVISORS TO THE JOINT SPONSORS AND UNDERWRITERS:

Book Review How Innovation Works: And Why It Flourishes in Freedom

by Matt Ridley

After reading just the Introduction to How Innovation Works, I felt the same thrill I had over 30 years ago upon reading the first chapter of Richard Dawkins’ The Selfish Gene. Dawkins’ chapter showed how our genes control us to help them replicate; the Introduction of How Innovation Works shows how innovation is evolution with thermodynamics at its foundation. Very different books opening with comparably fresh, unconventional perspectives.

From that dramatic departure, How Innovation Works ascends. The first seven chapters captivate with stories of innovations in energy, transport, health care, and more. Ridley unearths gripping details of even such familiar innovations as the airplane and vaccine. The writing, unlike that of many science writers, is masterful, urbane and polished. These chapters will be a treasure trove for anyone teaching or researching innovation.

The last five chapters crystallize from those case studies principles and implications for enabling innovation. The climax for me was Chapter 8, which distills principles such as incrementalism, serendipity, trial and error, recombination, and most importantly, freedom as essentials of innovation. The remaining chapters elaborate on these principles, covering, for example, FCC regulations that hampered the use of mobile telephony, and the EU’s regulatory obstacles to widespread use of GMOs.

Unlike The Selfish Gene, Dawkins’ groundbreaking first book, How Innovation Works is the mature culmination of

Ridley’s books so far. It builds on, integrates, and extends his books on genes (Genome, Nature via Nurture), evolution (The Red Queen, The Evolution of Everything), and economics (The Rational Optimist: How Prosperity Evolves). How Innovation Works thus exemplifies the very path-dependent, evolutionary process that innovation follows. Indeed, only Ridley, having forged that path, could have written this deeply insightful

REVIEWED BY PETER GORDAN

MATT RIDLEY

AUTHOR HOW INNOVATION WORKS: AND WHY IT FLOURISHES IN FREEDOM

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