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Global Finance’s rankings expand from 50 to 100 of the safest banks.

The global banking sector faces major challenges as economies worldwide navigate volatility driven by US tariff policies and intensifying competition that is reshaping bank strategies and business models. Against this backdrop, our 2025 rankings expand the World’s Safest Banks from the Global Top 50 to the Top 100, offering a broader view of the sector and deeper insight into its resilience.

Washington’s evolving tariff policy and the resulting disruptions to global trade and supply chains have fractured economic ties among the largest US trading partners, contributing to upward pressure on inflation and to diminished global growth. These represent persistent issues that are likely to grow as the full effects of tariffs take hold. According to the World Trade Organization (WTO), the October forecast for growth in global trade volume in 2025 rose to 2.4% from 0.9% in August, mainly due to the front-loading of imports into the US ahead of announced tariffs. The WTO outlook for 2026, however, is more muted, with trade volume growth falling to 0.5%.

The September economic outlook of the Organization for Economic Cooperation and Development (OECD) projects global GDP growth to decrease from 3.3% in 2024 to 3.2% in 2025, and to 2.9% in 2026. Regionally, growth in the US economy is forecast to fall from 2.8% in 2024 to 1.8% in 2025 and 1.5% in 2026 while euro area GDP growth is expected to be 1.2% in 2025, declining to 1% in 2026. China is facing a possible contraction from 4.9% GDP in 2025 to 4.4% in 2026.

As this year has unfolded, many of the world’s central banks are firmly in an easing cycle, with broadening global rate cuts to spur their respective economies. The institutions at the forefront in providing the most effective service offerings continue to invest in technology to aggressively transform their business models beyond their current digital platforms and online capabilities. Increasingly these banks are utilizing generative artificial intelligence (GenAI) to accelerate this transformation by leveraging data analytics to quickly identify new solutions to drive growth and uncover cost efficiencies.

The Global Top 100

Frequently, changes in a country’s sovereign rating provide the catalyst for year-over-year shifts in our annual rankings. Notably, Moody’s downgraded France to Aa3 from Aa2, citing the country’s fiscal challenges with deficit reduction and weakening public finances. Bank downgrades followed, given reduced government-support uplift to the ratings under the agency’s methodology. Consequently, Caisse des Depots et Consignations fell to No. 29 from No. 11, SFIL dropped to No. 47 from No. 19, BNP Paribas fell to No. 60 from No. 48, Credit Agricole fell to No. 61 from No. 49, and Banque Federative du Credit Mutuel fell to No. 62 from No. 50.

Similarly, following Fitch’s April 2025 downgrade of China due to weakening public finances, follow-on downgrades kept Chinese banks lower in the rankings, with China Development Bank at No. 73, Agricultural Development Bank of China at No. 75, and Export-Import Bank of China at No. 76.

On a positive note, Saudi Arabia benefited from a Moody’s upgrade to Aa3 from A1 in November 2024, with the agency citing progress on economic diversification. S&P recognized the country’s sustained socioeconomic and capital market reforms with a March 2025 upgrade to A+ from A. These moves allowed two banks to enter the top 100: Saudi National Bank at No. 99 and Al Rajhi Bank at No. 100.

In Canada, National Bank of Canada’s progress in growing its franchise to expand beyond its home market of Quebec prompted an S&P upgrade that moved the bank to No. 44 from last year’s No. 68. At Toronto-Dominion Bank, anti-money laundering deficiencies prompted both Moody’s and S&P to downgrade the bank, resulting in a drop in its ranking to No. 41 from No. 21 last year.

Methodology

Our rankings apply to the world’s largest 500 banks by asset size and are calculated based on long-term foreign currency ratings issued by Fitch Ratings, Standard & Poor’s, and Moody’s Investors Service. Under our methodology, we require a rating from at least two of these agencies. It’s important to note that the largest 500 banks with at least two agency ratings are sourced from a universe of approximately 1,000 banks, as not all banks hold two agency ratings. Where possible, ratings on holding companies rather than operating companies are used; and banks that are wholly owned by other banks are omitted. Within each rank set, banks are organized according to asset size, based on data for the most recent annual reporting period provided by Fitch Solutions and Moody’s. Ratings are reproduced with permission from the three rating agencies, with all rights reserved. A ranking is not a recommendation to purchase, sell, or hold a security; and it does not comment on market price or suitability for a particular investor. All ratings in the tables were valid as of August 15, 2025.

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Strengthened by recent profits, global banks enter a new phase defined by falling rates, political volatility, and the disruptive promise of AI.

Banks’ most basic job is to be a safe haven in a turbulent world. That turbulence is increasing.

Even so, the industry enters this uncertain period from a position of relative strength, buoyed by recent profits and a growing belief that artificial intelligence could unlock the next wave of efficiency and growth. Yet, this strong foundation now faces significant headwinds.

In recent years, rising interest rates have delivered wider margins and fatter profits for banks across much of the world. Now, however, rates are falling again. Meanwhile, US President Donald Trump is upending trade relations in the world’s largest economy, spreading uncertainty that could constrain credit appetite everywhere. In addition, China, the world’s second-largest economy, is stuck in a cycle of overproduction and underconsumption that its leaders appear unable to address.

Compounding these external challenges, nonbank lenders continue to seize market share—from corporate buyouts to family mortgages. Meanwhile, nonbank payment systems—ranging from stablecoins to sovereign digital currencies—provide alternatives to traditional interbank networks.

“We are living in a multi-shock world,” says Sean Viergutz, banking and capital markets advisory leader at consultant PwC.

Beyond these outside disruptions, the biggest shock of all is coming from within: AI. Bank managers are now rushing to apply Silicon Valley’s new magic to their back offices and, to some extent, client relations, showing an intensity that overshadows external concerns.

“AI is top of mind in almost every meeting out there,” says Amit Vora, Head of Sales – Regional Banks and Asset Managers, Crisil Intergal IQ, a division of Crisil (majority owned by S&P Global). “It’s part of the banking vocabulary more than risk and credit today.”

Rewards in the AI race are still some way off, cautions Alexandra Mousavizadeh, co-founder of Evident, a London-based consultant that tracks AI adoption in financial services. Revolutionary “agentic AI” systems are expected to come online only in 2028, though the tools are still evolving. Nevertheless, banks have little choice but to push forward, drawn by AI’s potential to cut costs and sharpen competitiveness. This transformative impact is driving major organizational changes.

“Once this hits the bottom line, the gap between leaders and laggards will become very clear,” Mousavizadeh forecasts.

Profits Up, Rates And Regs Down

Luckily, the last few years have left the industry with solid buffers against multiple shocks. Revenue at the 25 largest global banks jumped 9% in 2024. The biggest banks in the US and Europe—JPMorgan Chase and HSBC, respectively—both raked in record profits. And Europe has seen a banking renaissance since post-pandemic inflation forced the European Central Bank to raise rates after a decade of near-zero rates.

“We’ve been busy upgrading banks for years,” says Giles Edwards, sector lead for European financial institutions at S&P Global Ratings. “Things look OK from a fundamental credit perspective.”

The ECB has slashed its key rate in half to 2% since mid-2024. Banks can live with that, says Johann Scholtz, European bank analyst at Morningstar.

“There will be some pressure on net interest income, but I don’t think margins will collapse,” he predicts. The US Federal Reserve has cut rates by 125 basis points to 4.25% since August 2024. More rate cuts are expected this year.

Japan, the fourth-largest economy, is going the other way. The Bank of Japan shifted from negative rates to 0.5%. The economy returned to growth in 2024 after a recession. Markets expect the benchmark rate to reach 1% in 2026.

All of which is good news for banks, at least the big ones based in Tokyo, says Nana Otsuki, a senior fellow at Pictet Asset Management. “Broadly speaking, the banks are in good shape,” she says.

The global regulatory storm unleashed after the 2008 financial crisis is finally ebbing, if not reversing. European authorities are talking up “simplification” of oversight across industries. And the Trump administration is philosophically committed to deregulation, although specifics are rolling out more slowly than the industry might like.

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“This could be the biggest period in regulatory change since the global financial crisis, but we need the fine print,”

Brendan Browne, Edwards’ counterpart for US banks at S&P Global

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Writ large, governments have stopped being a major headwind—or headache—for bankers, for the moment. “There’s a certain optimism that we have turned the corner,” Vora says. “Banks can look away from regulatory concerns to internal projects that improve profitability.”

Growth Shaky But AI May Help

What’s not looking great for banks is the outlook for growth. On the positive side, the global economy is so far holding up better than expected in the face of Trump’s tariff onslaught.

“All signs point to a world economy that has generally withstood acute strains from multiple shocks,” Kristalina Georgieva, managing director of the International Monetary Fund, said at the IMF’s annual meeting in October. But bank lending is concentrated in big corporations, which are more exposed to trade disruptions. In emerging markets, consumer credit is less developed and now faces competition from online neobanks.

“We are having a lot of conversations about finding better methods to deal with macroeconomic stress,” Vora says.

European financiers see “no real source of growth,” adds Morningstar’s Scholtz.

The US picture is more dynamic. Commercial bank credit climbed 5% from January to October, the Fed reports. But much, if not most, of that increase came from lending to private credit funds, whose opaque operations could pose as much risk as reward.

The dangers appeared in the recent bankruptcy of Texas-based auto parts maker First Brands. The company used billions in off-balance-sheet financing from private credit firms like BlackRock and Jefferies. This could signal more trouble ahead. Non-bank financial institutions(NBFIs) now make up about 10% of US banks’ loan books, notes S&P’s Browne.

“When something is growing that quickly, it’s going to raise some red flags, [with] questions about whether the banks understand it well enough,” he cautions.

The IMF added its own warning recently. “Banks’ growing exposures to NBFIs mean that adverse developments at these institutions could significantly affect banks’ capital ratios,” the multilateral watchdog found.

Even in China, the world’s most prodigious credit machine is sputtering, says Logan Wright, partner and head of China markets research at the Rhodium Group. State-owned banks there have long been obliged to support politically connected enterprises and roll over any loans that look shaky.

“China’s banks have been asked to weather the cost of quasi-fiscal lending for years,” Wright says. But Beijing’s anti-involution campaign, aimed at curbing industrial overproduction, has tapped the brakes on this process without exactly enforcing financial discipline. The result is a walking-wounded banking system, in sharp contrast to the burgeoning tech sector that has rekindled equity investors’ interest in China, Wright notes. Credit growth has hit historic lows. Banking profits fell last year and will likely fall again in 2025.

Systemic reform would put too many jobs at “zombie” companies at risk and dry up tax revenue for local governments. So, bankers limp on.

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“Nothing in the short term looks threatening, but nothing in the long term looks sustainable”

Logan Wright, Rhodium Group

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With revenue growth muted, bankers around the world have naturally turned to cost-cutting as the path to increased profit. Here, generative AI appears as a timely blessing.

With top-line expansion anemic, bankers around the world have naturally turned to cost-cutting as the path to increased profit. For that purpose, generative AI looks like a timely blessing. It’s not hard to see, in theory, how ChatGPT and its competitors could revolutionize a data-driven industry like finance, replacing expensive armies of human data analysts and manipulators, or, as consultants prefer to say, making their jobs more productive.

Evident’s Mousavizadeh cites one example: know-your-customer verifications for high-rolling clients, which “could take minutes or hours, not four months.” Other pipes in banks’ complex plumbing could likewise be massively automated, adds Vora, who rattles off “extracting data from loan agreements, analytical write-ups, credit memos, research notes.”

The revolution will not be quick or easy, however. “There’s a perception that AI is here and you can just plug it in,” Mousavizadeh says. “Nothing could be farther from the truth.”

Integrating AI into banking should not cost the massive investments envisioned by the hyperscalers battling to provide the underlying technology, says PwC’s Viergutz. But it will require “re-engineering business models front to back,” he says, rethinking essential processes that span geographies and layers of management.

The revolution will likely not be bloodless, either, as the banks that get AI right—and first—will eat their competitors’ lunch. With some exceptions, large banks with robust IT capabilities and the resources to attract AI talent stand to benefit the most, as effective AI use becomes a differentiator in profitability and growth.

Advantage should particularly accrue to large US banks, Mousavizadeh predicts. They have deeper pockets than their peers in Europe and elsewhere and can more easily poach the necessary brains from Silicon Valley.

“Rewiring requires specialized expertise, which is logical to pull in from tech companies,” she notes.

This year’s other front-page tech trend, digital assets, has so far had more limited relevance for banks. The category has rapidly gained legitimacy, particularly in the US, through Congress’s passage of the GENIUS Act, stablecoin issuer Circle’s $1 billion-plus OPI, and the president’s own $Trump meme coin. Demand for stablecoins and other digital instruments remains concentrated well beyond US shores, particularly in emerging markets, where people have historically used US cash in place of unstable domestic currencies and/or underdeveloped payment networks.

India, Nigeria, and Indonesia were the global Big Three for crypto transactions last year, according to researcher Chainalysis. “The extent of demand for stablecoins remains unclear in the US or Europe,” S&P’s Edwards says.

However, established banks are keenly interested in the blockchain technology that underpins digital assets, notes Biswarup Chatterjee, head of partnerships and innovation at Citigroup. Citi is seeing “very good adoption” of tokenized deposits, he notes, particularly from multinational corporations looking to link accounts around the world more seamlessly.

“Potentially no more having to send funds from New York on Friday evening to get them in time for use in Singapore on Monday morning,” he explains. “They can move money when and as they need it.” 

Pioneered along with Bitcoin in 2009, blockchain networks are “converging around a few well-known protocols,” Chatterjee notes. “You’re almost able to see standard programming languages.”

Stage Set For Consolidation?

With no rising tide of growth to lift all boats, and ongoing technical shocks shaking some of the weaker craft, banking consolidation is expected to accelerate. In the US, home to more than 4,400 licensed banks, market pressures are getting an extra push from Washington, which has signaled more lenient antitrust regulation.

Fifth Third Bancorp, based in Cincinnati, fired what could be the opening gun last month, acquiring Texas-based Comerica in a transaction worth $11 billion to form the ninth-biggest US bank. More such deals could follow.

“The favorable regulatory landscape should drive consolidation,” Viergutz argues. “You could see one or two more deals of this scale.”

Japanese banks are showing an urge to merge for different reasons. Positive interest rates, after decades of deflation, are awakening ambitions to grab more customers and make more loans.

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“In a world of interest rates, banks are eager to secure deposits to earn higher margins,”

Eiji Tanaguchi, senior economist at Japan Research Institute

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An archipelago of 200 banks, many linked to shrinking rural communities, is under pressure as Tokyo increasingly dominates the national economy, Pictet’s Otsuki notes. “On a 10-year trend, Tokyo is absorbing almost all the new money,” she says. “Part of this is inheritance as the younger generation moves to the capital.”

Two deals this year—Gunma Bank merging with Daishi Hokuetsu Financial and Chiba Bank with Chiba Kogyo Bank—have already reshaped the regional banking landscape, although authorities seem less enthusiastic than across the Pacific.

“Support for consolidation is implicit, but not explicit,” Otsuki says.

Banking consolidation in Europe, by contrast, has stalled out.

Italy’s Unicredit tried to catalyze a long-anticipated wave of cross-border mergers last year with a raid on Germany’s Commerzbank, but a cold shoulder from Berlin prompted it to stop at a 26% shareholding. Unicredit CEO Andrea Orcel now says he hopes his target will “see the light over time.”

Other European governments are of a like mind with Germany’s lead, preferring insured deposits to stay in the hands of familiar national champions, Morningstar’s Scholtz says. “It’s really the same old story,” he says. “Governments have not been helpful.”

At the risk of a contradiction in terms, then, late 2025 is an exciting time to be a banker: so long as you are not a banker whose job is threatened by a bot or maybe running a private credit book. After years of adapting to stricter regulations and enduring near-zero interest rates, the industry has more of its destiny in its own hands and a firm balance sheet to pursue it.

“This period brings new opportunities for the sector,” Viergutz says. “Banks are becoming investible again. Profitability can go way up. I think it’s a win.”

For some, it probably does, and for others, much remains unclear.

UN chief says 700 million people live in extreme poverty as Qatar calls for doubling efforts to support Palestinians.

Doha, Qatar – A declaration of intent to fight deepening global inequality is a “booster shot for development”, the head of the United Nations declares.

At the Second World Summit for Social Development in Qatar on Tuesday, the president of the UN General Assembly, Annalena Baerbock, announced the adoption of the Doha Political Declaration.

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“Social development and inclusion is essential for strong societies,” she said, adding that the declaration must “end social injustice and guarantee dignity for everyone, prioritising a people-first approach.”

In a keynote speech, UN Secretary-General Antonio Guterres called on global leaders to unite behind the “bold people’s plan”.

“It’s unconscionable that nearly 700 million people still live in extreme poverty while the richest 1 per cent own nearly half of global wealth,” he told the delegations.

“It’s intolerable that almost four billion people lack access to any form of social protection at all.”

The summit in Qatar’s capital, Doha, was convened to build on the development goals established 30 years ago during the Copenhagen Summit.

According to the UN, about 40 heads of state, 170 ministerial-level representatives, heads of NGOs and 14,000 delegates from around the world were expected to attend.

The declaration calls for commitments in several areas, including poverty eradication, access to “decent work”, social integration, gender equality and climate action.

Guterres noted the progress that has been made over the past three decades.

“Over one billion people have escaped extreme poverty. Global unemployment is at a near-historic low. Access to healthcare, education and social protection has dramatically expanded. People are living longer, and child and maternal mortality have declined. And more girls are attending school with rising graduation rates for all students,” he said.

However, he insisted that more challenges must be faced, saying the Second World Summit “opens at a moment of high global uncertainty, divisions, conflicts and widespread human suffering”.

“Developing countries are not getting the level of support they need,” he warned. “We are not moving fast enough to mitigate the volatility and outright destruction wrought by a warming planet.”

Peace and stability

Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, opened the event by calling for sustained efforts to support the Palestinian people amid the devastation of Israel’s two-year war on Gaza.

“It’s impossible to achieve social development in any society without peace and stability,” he said, adding that only “constant peace, not temporary settlements, is just peace.”

Calling on the international community to increase support for reconstruction, he added: “It goes without saying that the Palestinian people need all forms of aid to be able to recover from the devastation” caused by “the apartheid system in Palestine”.

The UN estimates more than $70bn is needed to rebuild Gaza.

Addressing reporters on the sidelines later, Guterres said he was “deeply concerned” by “continued violations of the ceasefire” in the enclave.

“They must stop, and all parties must abide by the decisions of the first phase of the peace agreement,” he demanded.

The emir also condemned the war crimes being carried out in Sudan.

“We express our collective shock at the horrific atrocities committed in the city of el-Fasher in Sudan’s Darfur region and reaffirm our condemnation of these acts in the strongest terms,” Sheikh Tamim said after the Rapid Support Forces paramilitary group captured the capital of North Darfur State last week.

Dutch chipmaker Nexperia has suspended wafer shipments to its Chinese assembly plant in Dongguan, a move that could intensify the semiconductor supply crunch already rattling automakers worldwide.

The suspension, revealed in a company letter dated October 29 and signed by interim CEO Stefan Tilger, followed the Chinese unit’s failure to meet contractual payment terms. It comes amid escalating tensions after the Dutch government seized control of Nexperia from its Chinese owner, Wingtech Technology, in late September, citing national security and governance concerns.

Why It Matters

The halt threatens to disrupt automotive and electronics supply chains at a critical time. Around 70% of Nexperia’s chips produced in the Netherlands are packaged in China, meaning the freeze could ripple through global manufacturing networks.

The dispute also underscores the deepening fractures in global tech supply chains, where national security concerns and trade controls increasingly shape corporate decisions. With the U.S., China, and Europe tightening technology restrictions, Nexperia’s situation reflects the mounting geopolitical tug-of-war over semiconductor control.

Nexperia (Netherlands): Seeking to maintain operations while asserting independence from Chinese influence.

Wingtech Technology (China): The former owner now sidelined after Dutch government intervention.

Dutch Government: Exercising sovereignty over critical tech assets amid Western security coordination.

Chinese Ministry of Commerce: Blocking Nexperia’s chip exports from China in retaliation.

Global Automakers: Companies like Stellantis and Nissan are monitoring potential production halts as chip prices soar.

What’s Next

Nexperia says it is developing alternative supply routes to support its global customers but has not disclosed details. The Dongguan facility remains operational, though limited by the wafer cutoff.

Analysts expect further trade retaliation from Beijing, potentially deepening the rift between European and Chinese semiconductor ecosystems. Automakers warn of possible shortages by mid-November if shipments do not resume.

Implications

This episode highlights how state intervention in technology firms is reshaping global supply chains. The Dutch government’s takeover framed as a national security move signals Europe’s growing alignment with U.S. export controls targeting Chinese tech entities.

In the short term, the halt could spike chip prices and strain automotive production, particularly in Asia and Europe. Long term, it may accelerate a strategic decoupling between Western and Chinese semiconductor manufacturing bases.

Politically, this marks a test of Europe’s resolve to protect critical tech sectors even at the cost of trade friction with Beijing.

With information from an exclusive Reuters report.

South Africa, Nigeria, Mozambique, Burkina Faso removed from Financial Action Task Force’s financial crimes list.

A global money-laundering watchdog has taken South Africa, Nigeria, Mozambique and Burkina Faso off its “grey list” of countries subjected to increased monitoring.

The Financial Action Task Force’s (FATF), a financial crimes watchdog based in France, on Friday said it was removing the four countries after “successful on-site visits” that showed “positive progress” in addressing shortcomings within agreed timeframes.

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The FATF maintains “grey” and “black” lists for countries it has identified as not meeting its standards. It considers grey list countries to be those with “strategic deficiencies” in their anti-money laundering regimes, but which are nonetheless working with the organisation to address them.

FATF President Elisa de Anda Madrazo called the removal of the four “a positive story for the continent of Africa”.

South Africa revamped its tools to detect money laundering and terrorist financing, she said, while Nigeria created better coordination between agencies, Mozambique increased its financial intelligence sharing, and Burkina Faso improved its oversight of financial institutions.

Nigeria and South Africa were added to the list in 2023, preceded by Mozambique in 2022 and Burkina Faso in 2021.

Officials from the four countries – which will no longer be subject to increased monitoring by the organisation – welcomed the decision.

Nigerian President Bola Ahmed Tinubu said the delisting marked a “major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility”, while the country’s Financial Intelligence Unit separately said it had “worked resolutely through a 19-point action plan” to demonstrate its commitment to improvements.

Edward Kieswetter, commissioner of the South African Revenue Service, also cheered the update but said, “Removing the designation of grey listing is not a finish line but a milestone on a long-term journey toward building a robust and resilient financial ecosystem.”

Leaders in Mozambique and Burkina Faso did not immediately comment, though Mozambican officials had signalled for several months that they were optimistic about being removed.

In July, Finance Minister Carla Louveira said Mozambique was “not simply working to get off the grey list, but working so that in the fight against money laundering and terrorist financing, when the FATF makes its assessment in 2030, it will find a completely different situation from the one detected in 2021,” MZ News reported at the time.

More than 200 countries around the world have pledged to follow the standards of the FATF, which reviews their efforts to combat money laundering, as well as terrorist and weapons financing.

The FATF’s black or “high-risk” list consists of Iran, Myanmar and North Korea.

Chinese President Xi Jinping places great importance on environmental protection and sustainable development, distinguishing him from previous Chinese leaders who focused solely on economic and social development. It’s worth noting that Xi’s concern for the environment and climate change predates his rise to power in China. From 2000 to 2007, while serving as Party Secretary of Zhejiang Province, he published approximately 232 articles in the provincial newspaper, 22 of which addressed the importance of environmental conservation. This was exceptional at the time, as no other provincial party official routinely promoted environmental protection and sustainable development, and the topic was not a topic of political debate within the Communist Party.

 China is working to maximize its benefits from the global trend toward a green economy by enhancing its image as a global leader in combating climate change. This was evident in China’s establishment of the South-South Climate Cooperation Fund in 2015 and its pledge of approximately 20 billion Chinese yuan (3.1 billion US dollars) to enhance international climate cooperation through the “10-100-1000” initiative. This initiative aims to support developing countries in addressing climate change by developing 10 low-carbon industrial parks, 100 climate change mitigation and adaptation projects, and implementing 1,000 climate-related capacity-building activities.

 In addition, China has announced several initiatives to deepen climate change cooperation through infrastructure projects implemented through the Belt and Road Initiative. For example, in 2022, China announced increased engagement in green transformation efforts with Belt and Road Initiative countries, particularly in the areas of infrastructure and energy.

   A public opinion poll conducted by China’s People’s Daily in February 2021, which included more than 5 million people, showed that climate issues ranked fifth in terms of interest among Chinese social media users, an important indicator of the growing importance of climate change in the consciousness of the Chinese people.

   Air pollution and water scarcity are among China’s most pressing environmental issues. Now, three Chinese government departments are monitoring the climate change, which are the Ministry of Emergency Management, the State Forestry and Grassland Administration, and the China Meteorological Administration. In this context, China has relied extensively on cloud seeding technology to generate rain and reduce pollution levels in the capital, Beijing, ahead of the centenary celebration of the Communist Party on July 1, 2021. This confirms that the Chinese Communist Party has begun to sense the danger of environmental deterioration.

  Faced with some countries going against the trend and withdrawing from the Paris Agreement, China, as a responsible major country, is determined to make arduous efforts in this regard. I think that China should continue to lead by example and further promote global climate governance by raising many Chinese initiatives from various perspectives, such as technology transfer, investment cooperation, multilateral trade, talent cultivation, infrastructure construction, etc. Here, a favorable and open international environment is an essential factor for China’s leadership for global climate governance.

  China affirms its support for global climate governance by committing to achieving carbon neutrality before 2060 and setting ambitious targets for 2035, including reducing greenhouse gas emissions, expanding clean energy use, and deepening international cooperation in green technology and industries. China supports multilateralism and calls for genuine global cooperation to address the challenges of climate change and achieve sustainable development, strengthening its leadership role in efforts to protect the planet.

–            China’s 2035 Climate Goals:

1)       Reducing Greenhouse Gas Emissions:

 Through reducing greenhouse gas emissions by 7-10% from peak levels.

2) Expanding Non-Fossil Energy:

Through increasing the share of non-fossil fuels in total energy consumption to more than 30%.

3)       Promoting Renewable Energy:

Through increasing installed wind and solar power capacity sixfold compared to 2020 levels, reaching 3,600 gigawatts.

4) Enhancing Forest Reserves:

Through increasing the total forest reserve to more than 24 billion cubic meters.

5) Shifting to New Energy Vehicles:

Through making new energy vehicles prevalent in new car sales.

6) Expanding the Carbon Market:

 Through expanding the National Carbon Emissions Trading System to include key high-emission sectors.

7) Building a Climate-Resilient Society:

 Fundamentally establishing a climate-resilient society.

·       The principles and efforts supporting China’s global climate governance efforts are:

1) China’s call for genuine global multilateralism on maintaining climate balance:

 Reaffirming commitment to the principles of multilateralism to enhance international cooperation in addressing climate change.

2)       China’s call for common but differentiated responsibilities on climate change for the developing global South and the international community:

Adhering to the principle of common responsibility while recognizing the different capabilities and circumstances of each country in addressing climate change.

3) China’s Leadership in International Climate Cooperation Efforts:

 Through China’s call for deepening cooperation in green technology and industries to enable all countries to achieve green development.

4) China’s Confrontation with US and Western Unilateral Climate Protectionism:

China warns that unilateral practices weaken the global economy and hinder the sustainable development agenda.

–            China’s Role in Global Climate Governance, through:

1) China’s Leadership in Global Climate Efforts:

Through its commitments, China aims to play a leading role in advancing global efforts toward a sustainable future.

2) China’s Partnership with the United Nations to Maintain Environmental and Climate Balance:

China aspires to play a greater role with the United Nations in addressing global challenges such as climate change and the governance of artificial intelligence.

3) China’s Contribution to a Just Global Climate Order:

Beijing contributes to building a more just and equitable global order and expanding the representation of countries of the Global South in multilateral climate mechanisms.

  Accordingly, we understand that climate change has become one of the most important issues of concern to China at the governmental, popular, and even international levels, and that climate change has become a significant factor in the Chinese political arena. Therefore, China is working to launch numerous international, regional, and local initiatives to contribute to reducing greenhouse gas emissions, thereby improving the environmental conditions of its citizens and developing countries of the Global South in particular, and fulfilling its international commitments in this area.

Global Finance presents its 32nd annual list of the best banks worldwide.

If one word described the global economy in 2024, it would be “resilient.” Growth was up slightly, with global GDP growth hovering around 3.1%, while the pace of global inflation slowed to approximately 5.8% from 6.8% the previous year, according to the International Monetary Fund.

Although many thought a financial crisis was imminent, none materialized as businesses continued to focus on strengthening and diversifying their supply chains, implementing digitalization strategies, and responding to rising geopolitical tensions.

In this environment, French banking giant Societe Generale took numerous crowns, winning as Global Finance’s World’s Best Bank, World’s Best Frontier Market Bank, World’s Best Transaction Bank, and World’s Best Supply Chain Provider—Bank awards.

Throughout 2024, the financial group generated €4.2 billion in group net income (up 69% from the previous year) on €26.8 billion in revenue (up 6.7%) through its 26 million clients worldwide while streamlining its core businesses and divesting others.

The Return Of The M&A

The bright spot for 2024 was the return of M&A.

“On the surface, it may appear difficult to remain sanguine after anticipating a full market resurgence for several years,” wrote Jake Henry and Mieke Van Oostende, senior partners at McKinsey, in the firm’s 2025 annual M&A report. “But many of the dynamics that stymied dealmaking for the past three years, including some that limited 2024 global deal value and volume to roughly the average of the past 20 years, are receding.”

According to data from WTW’s Quarterly Deal Performance Monitor, 15 megadeals worth more than $10 billion each closed last year, a 36% increase from 2023, and there were 162 deals valued between $1 billion and $10 billion, for a 21% increase. The number of deals totaling between $100 million and $1 billion grew approximately 15% over the same period.

Although not the “full throttle comeback that many dealmakers hoped for in 2024, performance improved (in some regions, significantly),” the McKinsey report noted. “Global dealmaking was curbed by a variety of pressures and delivered moderate returns, with deal value up 12% to $3.4 trillion.”

The year’s M&A deals were not evenly distributed geographically, however, according to WTW. North America saw the most deals closed, with 361, up 14% from the previous year. Europe notched 155 deals, up 32% from 2023. In the Asia-Pacific region, companies concluded 163 deals, representing a 5% increase.

Overall, Global Finance’s Best Banks led the way in helping to grow the M&A pipeline.

Along with the World’s Best Bank award, global honors this year include recognition as Best Corporate Bank, Best Consumer Bank, Best Banks Worldwide in Emerging and Frontier Markets, and Best Sub-Custodian Bank. All are being announced here for the first time.

Previously announced honors include Best Global Transaction Bank, Best Bank for Sustainable Finance, Best Islamic Financial Institution, Best Investment Bank, Best Cash Management Bank, Best Trade and Finance Providers, Supply Chain Provider—Bank, Best Foreign Exchange Provider, Best Private Bank, and Best SME Bank.

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Methodology

The editors of Global Finance, with input from industry analysts, corporate executives, and technology experts, selected the global winners of the World’s Best Banks 2025 using information provided by entrants as well as independent research based on objective and subjective factors.

Entries are not required, but experience has shown that the information supplied in an entry can increase the chances of success. In many cases, entrants present details that may not be readily available to the editors.

Judges considered performance from January 1 to December 31, 2024. Global Finance applies a proprietary algorithm to narrow the list of contenders and assign a numerical score, with 100 signifying perfection. The algorithm weights a range of criteria for relative importance, including knowledge of the sector, market conditions and customer needs, financial strength and safety, strategic relationships and governance, capital investment and innovation, scope of global coverage, size and experience of staff, risk management, range of products and services, and use of technology. The panel tends to favor private-sector banks over government-owned institutions.

The winners in each category are those banks and providers that best serve the specialized needs of corporations engaged in global business.

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World’s Best Bank 2025

Societe Generale

In a year of economic uncertainty, persistent inflation and supply chain reorganization, Societe Generale stood head and shoulders above its global competition, earning the titles of World’s Best Bank and World’s Best Frontier Market Bank.

Its three core businesses—French Retail Banking; Global Banking and Investment Solutions; and Mobility, International Retail Banking, and Financial Solutions—generated €4.2 billion in group net income (up 69% from the previous year) on €26.8 billion in revenue (up 6.7%).

Throughout the year, Societe Generale combined strategic investments in cutting-edge technology, sustainability, and innovation with a drive to streamline core businesses while divesting non core areas.

The French banking giant has leveraged AI in approximately 420 use cases across its operations to enhance customer support via its Sobot chatbot and Elliot callbot, personalize advice for private banking clients using its Synoé platform, and numerous middle- and back-office operational, security, and risk management functions.

The bank surpassed its goal of contributing €300 billion to sustainable finance by 2025, a year ahead of schedule. It has since raised its target to €500 billion, comprising €400 billion in financing and advisory services and €100 billion in sustainable bonds, by 2030. Sustainable finance deals, including acting as the mandated lead arranger for a $1.2 billion green loan that enabled ReNew Power to develop a combined wind, solar, and battery storage infrastructure in its home market of India, have helped Societe Generale maintain a leading global role in this field.

Among the new offerings the bank debuted in 2024 were a joint venture with AllianceBernstein, dubbed Bernstein, which combines the two companies’ equity research, sales, and trading operations.

Societe Generale meanwhile strengthened its capital base by simplifying its business model, improving efficiency and increasing existing synergies through a series of strategic divestitures. It exited its private banking operations in the UK and Switzerland with the sales of SG Kleinwort Hambros and Societe Generale Private Banking Suisse and continued divestment of its African subsidiaries in Benin, the Democratic Republic of Congo, Madagascar, and Morocco.

Despite these changes, Societe Generale remains the leading player in frontier markets through its Global Transaction Banking network, which spans more than 50 countries and offers a range of integrated services including managing cross-border payments, liquidity, and trade finance. Leveraging its expertise in sustainability, the bank has partnered with the International Finance Corporation to accelerate financing of energy transition projects in developing markets through its Solar Pack initiative. 

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World’s Best Corporate Bank 2025

BBVA

BBVA claims the title of World’s Best Corporate Bank for the third consecutive year, having expanding its market share and deal leadership during 2024. It led 86 deals across telecommunications, energy, infrastructure, consumer goods, and services for a total volume of €5.16 billion. Among these was the €6.6 billion underwriting of MasOrange, formed by the merger of the telecom companies Orange and MasMovil.

BBVA also reinforced its commitment to sustainable finance, leading the €383 million project financing of Repsol Renovables’ Gallo portfolio, a 777-megawatt solar and battery storage facility spanning Texas and New Mexico as well as the refinancing of the Monegros wind project in Aragón. Additionally, the bank directed €51.1 billion into sustainable financing throughout the year.

All told, BBVA’s Corporate & Investment Banking division earned some €5.8 billion in revenue in 2024, up 27% from the previous year, while increasing its net attributable profits by 30%.

Helping to fuel its growth has been the bank’s strategic investment in its infrastructure and technology partnerships. BBVA’s internal AI Factory has applied AI and machine learning to enhance customer experiences and streamline internal processes. 

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World’s Best Consumer Bank 2025

State Bank of India

Continued investment in digitalization, a growing global footprint, and innovative offerings earned the State Bank of India (SBI) its first World’s Best Consumer Bank award. Building on a history that dates back to 1806, SBI continues to enhance a menu of digital offerings that serve 132 million internet banking and 287 million mobile banking clients.

SBI reimagined its You Only Need One (YONO) banking and lifestyle mobile app in 2024 with its midyear announcement of YONO 2.0. The latest version enables users to initiate transactions at an SBI branch and complete them on the app, and vice versa, and features a more modular architecture for faster processing and transaction speeds. Other innovations include the debut of a tap-and-pay function in its BHIM SBI personal banking app, which leverages India’s Unified Payment Interface, as well as an end-to-end digital loan application for the bank’s Surya Ghar Loan scheme for the installation of rooftop solar collectors.

Despite its stress on digitalization, SBI also invested in 600 new branches across India to improve accessibility for underserved rural and semi-urban areas: more than fourfold the number of branches it opened the previous fiscal year. 

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World’s Best Emerging Markets Bank 2025

JPMorgan Chase

One of the largest financial institutions globally, JPMorgan Chase (JPMC), wins the World’s Best Bank for Emerging Markets award for its broad set of offerings, continued focus on serving emerging markets, and overall expertise.

Although many of its competitors are pulling out of emerging markets, JPMC is expanding into them. It plans to enter new African markets or deepen its existing presence there “every couple of years or so,” Chairman and CEO Jamie Dimon told Reuters last October. The bank set up a representative office in Kenya that month and new offices in Côte d’Ivoire later in the year.

JPMC had a strong 2024, raising more than $400 billion in emerging market debt, including on a rising number of debt-for-nature transactions that enable countries to repurchase existing debt on better terms and use the savings to benefit the environment. El Salvador utilized the structure to secure an approximately $1 billion loan from the bank, then used it to repurchase $1.03 billion in a tender offer. The savings were allocated to improve and protect the country’s Lempa River watershed.

Besides raising debt, JPMC’s advisory services were strengthened by the launch of a Center for Geopolitics, which provides expert analysis of geopolitical trends aimed at helping clients navigate the complexities of the global economy, manage risks, and identify new opportunities.

Emerging market clients also benefit from the bank’s global infrastructure and sizable investment in its technology platforms, JPMC says. Access to these cutting-edge systems gives clients a more efficient, secure, and convenient way to manage their finances and business operations. 

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World’s Best Frontier Markets Bank 2025

Societe Generale

Frontier markets are playing an increasingly important role in the global economy, as they offer significant growth, albeit with smaller capitalization and higher volatility. Banks serving frontier markets must provide a comprehensive blend of corporate and commercial banking services that go beyond lending and deposits to more complex offerings, such as trade finance, securities servicing and sustainable finance. French banking giant Societe Generale is a leader across the board, with its broad range of offerings, and has beaten out its competitors to win this year’s World’s Best Frontier Market Bank award.

The bank, with over 160 years of experience, boasts a global network spanning more than 50 countries and offers highly integrated solutions for trade finance, cross-border payments, and liquidity management.

Through increased investment in artificial intelligence and other technologies, the bank has automated numerous processes and digitized others. In securities servicing, the company has leveraged generative AI, smart workflows, and robust data management to provide an enhanced client experience for its corporate and institutional clients, resulting in a doubling of client recommendation rates and increased participation in satisfaction surveys.

Meanwhile, Societe Generale has made great leaps in sustainable finance. The bank has committed 300 billion euros to sustainable finance by 2024 and introduced a new target of 500 billion euros by 2030, with a focus on decarbonization in sectors with the highest carbon-intensive emissions. To further strengthen its position, the bank also launched its Sustainable Global Transaction Banking Framework, which enables businesses to assess and monitor the environmental and social impacts of their working capital, trade, and liquidity management activities.

Societe Generale also signed a collaboration framework agreement with the World Bank’s International Finance Corporation to accelerate sustainable finance through investments in clean energy, water, and other infrastructure projects, as well as in agribusiness and women entrepreneurs. 

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World’s Best Transaction Bank 2025

Societe Generale

Societe Generale excels at navigating the complexities of realtime payments, offering rigorous testing and dedicated IT support including client training. While clients expect similar functionalities for domestic and cross-border payments, Jean-François Mazure, head of Cash Clearing Services, notes that they struggle to differentiate. Converging both payment types, which hinges on interlinking financial market infrastructures, is critical, he argues.

Numerous market initiatives, including immediate cross-border payments (IXB) between the US and Europe, face significant hurdles, Mazure warns: “It is truly complex from a compliance and legal framework standpoint. So, for the moment, none of these initiatives has succeeded in scaling up.”

To interconnect real-time payment systems, he says, the most likely way forward is to adopt the “one leg out” (OLO) principle already in operation for transactions involving one bank inside the European Economic Area and one bank outside. But all parties will need to continue to align for interconnectivity to be achieved, he adds. OLO’s success hinges on compliance with ISO 20022 standards as well as resolving commercial and liability challenges across various schemes.

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World’s Best Sub-custodian Bank 2025

CIBC Mellon

CIBC Mellon continues to refine its comprehensive asset-servicing business model, emphasizing innovation, process efficiency, and client service. Jointly owned by Bank of New York Mellon and Canadian Imperial Bank of Commerce, CIBC Mellon leverages CIBC’s local knowledge in the Canadian market combined with BNY’s technology and global custody infrastructure to serve institutional clients in Canada and globally. The combination has yielded consistent growth; assets under administration recently surpassed C$3 trillion ($2.2 trillion).

Ongoing priorities focus on broadening customer relationships and services through continual investment in IT and partnerships with the fintech sector, aimed at providing greater levels of core service automation along with enhanced transaction transparency and execution efficiency. This includes better straight-through processing for a seamless and secure transmission of client data, investment in pre- and post-trade communication services for trade matching and routing, and tracking of the settlement lifecycle.

Project Fuel, an enterprise-wide data and innovation initiative, is focused on transforming the client experience by equipping customers with tools to manage and analyze data more effectively, improving transparency and accelerating decision-making.

CIBC Mellon continues to enhance its online reporting platform, NEXEN, which integrates data and predictive analytics to provide clients with faster, real-time cash position and activity reporting through an improved user interface. Digital assets are expanding in the market; the bank is collaborating with stakeholders in Canada and globally and with BNY’s digital-asset unit to develop offerings in this area. This involves bolstering its data analytics capabilities and digital infrastructure through enhanced customization, automation, and service flexibility with a view to assisting clients to launch new offerings including alternative-asset ETFs and cryptocurrency funds. 

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World’s Best Bank for Sustainable Finance 2025

DBS

DBS aims to green Asia’s economy by acting as an environmental-transition catalyst for anchor companies, mid-caps, and SMEs. The bank provides transition-related financing for these organizations at the corporate, project, and asset levels. Among its offerings are green, sustainability-linked, and social loans and bonds, along with carbon-market financing and other products.

Standout transactions in 2024 included a loan to LG Energy to construct a plant in Poland that manufactures batteries used in electric vehicles. A HK$3 billion (about $385.7 million) loan to the Hong Kong Housing Society will help create affordable residential projects. A S$300 million (about $224.2 million) bond will help Singaporean developer CapitaLand develop projects in alignment with green finance frameworks.

In addition, the bank develops analytical tools to track and analyze climate data and engages with industries—notably in the power, automotive, steel, shipping, and real estate sectors—and policymakers to chart paths to a healthier environment. 

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World’s Best Islamic Financial Institution 2025

Kuwait Finance House

Kuwait Finance House (KFH) is recognized as the World’s Best Islamic Financial Institution for strengthening its franchise in multiple markets, for financing innovation, and for its overall operating performance. KFH provides services to customers in the Middle East, Europe, and Asia through extensive distribution channels, with an increasing emphasis on digitalization. The bank has subsidiaries in Kuwait, Turkey, Egypt, Bahrain, Iraq, Malaysia, the UK, and Germany.

KFH has made significant strides toward digital transformation in risk management, adopting the latest advancements in AI, machine learning, and advanced analytics to enhance risk measurement and monitoring. Tam Digital Bank, KFH’s digital bank in Kuwait, recorded strong customer numbers and transaction growth in 2024.

The bank’s financial profile is noticeably sound; a successful capital management program yielded a capital adequacy ratio (CAR) of 19.9%, considerably exceeding regulatory requirements and promising to support growth in the coming years. Return on average assets is good at 1.8% and loan asset-quality metrics are robust. KFH’s Islamic banking products and services cover commercial, retail, and corporate banking as well as real estate, trade finance, project finance, asset management, and investments.

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World’s Best Investment Bank 2025

BofA Securities

Against the backdrop of thriving global stock markets and rising debt-finance activity, Bank of America (BofA) Securities’ global operations achieved an impressive 43% year-over-year jump in investment banking fees as of the fourth quarter of 2024.

The numbers were buoyed mainly by the bank’s three big areas of operations: North America, Latin America, and Europe, where the bank controlled a commanding 8.3%, 9%, and 4.4% of total investment banking fees, respectively. That boosted revenue for the full year to nearly $5.5 billion, according to Dealogic, representing around 6.2% of the global investment banking market.

BofA also scored big on M&A despite somewhat subdued activity in the field, serving as lead buy-side advisor on the $1.9 billion acquisition of Hawaiian Airlines by Alaska Air. The bank also acted as sole buy-side financial advisor on Keurig Dr Pepper’s $990 million acquisition of energy beverage company GHOST. 

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World’s Best Bank for Cash Management 2025

Bank of America

Reflecting the demand for consistent global visibility and control, Bank of America saw the app version of its CashPro platform surpass $1 trillion in payment approvals in 2024. CashPro allows clients to manage treasury operations across multiple channels: online, app, APIs, and file-based interfaces.

“One thing that distinguishes CashPro is its global consistency,” says Tom Durkin, head of CashPro at BofA’s Global Payments Solutions, “so that when a company’s finance team has team members in different countries, they’ll all have access to the same tools, views, and processes. The advantages are obvious: better visibility and control and no additional financial outlays.”

Much of CashPro’s success is due to BofA’s close engagement with clients, Durkin notes, particularly those who participate in client board meetings.

“This dialogue is so important,” he says. “We do deep dives into our clients’ priorities and challenges, we present options for new functionality and discuss whether those innovations are going to solve their real-world issues.”

The bank’s strategic vision for CashPro “will always be to provide a best-in-class platform that is personalized, predictive, and proactive,” he adds. “One recent demonstration is how we’ve embedded CashPro into our clients’ own systems through the CashPro Network, a collaboration with third-party providers allowing quick, easy connection to the bank with little to no investment.” 

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World’s Best Trade Finance Provider 2025

BNP Paribas

Offering global trade finance in 44 countries and more than 100 trade centers across more than 60 countries gives BNP Paribas a strong geographical foundation for its offering of seamless trade finance solutions across borders, supporting client growth throughout the entire trade cycle.

A broad range of traditional trade finance and working capital management solutions and substantial investment in technology, including web-based e-banking platforms like Connexis Guarantee, Connexis Trade, and Connexis Supply Chain, helps the French multinational support clients with complex international trade operations. Leveraging digital solutions, such as blockchain and AI, streamlines processes, improves efficiency, and enhances customer experience.

In 2022, BNP Paribas launched a program using AI to streamline the processing of trade finance documents and improve traceability for its clients. Since then, the bank has rolled the program out to 15 countries and processed 40,000 transactions.

“We have implemented AI technology to help classify, extract data, and automate controls. This is live today and being further expanded in terms of functionalities,” says Jean-François Denis, global head of Trade Solutions. “Bank guarantees also present the potential for AI usage, such as verifying guarantee clauses against acceptable clauses, policies, and guidelines. Anti-money laundering is yet another area where we have deployed AI.”

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World’s Best Supply Chain Finance Provider – Bank 2025

Societe Generale

The French banking giant introduced a new workflow product in 2024 that includes external data and better analyzes clients’ working capital needs. The new offerings include peer comparison of key receivables and payables financing elements.

On the sustainability front, Societe Generale offers an ESG version of its full range of solutions, including green or social-focused factoring, forfaiting, and sustainability-linked supply chain financing (SCF). The bank also offers a dedicated and simplified solution for retail clients and SMEs based on their ESG rating.

Finally, establishing connectivity to CRX Markets, the marketplace for working capital finance, has improved support for SocGen’s largest clients, helping to grow the bank’s SCF programs. 

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World’s Best Global Foreign Exchange Bank 2025

UBS

Upon completing its megamerger with Credit Suisse in May 2024, UBS leveraged its already best-in-class corporate banking, foreign exchange (FX), and product offerings for a record-breaking year. Not only did its global operation more than double analysts’ expectations in the third quarter of 2024, booking a massive $1.4 billion in net income, but it did so with a significant contribution from its corporate banking division, which saw revenue jump by more than 8% year over year.

Those numbers received a massive boost from UBS’s thriving FX operation, which averaged over $125 billion in daily electronic FX trades, with more than 2,500 active global clients. The bank posted substantial growth across several geographies and currency pairs. Among the highlights: solid profitability growth in Middle Eastern and Northern African currencies and a massive 40% market-share increase in Scandinavian currencies. In Asia, UBS’s continued efforts to improve its already top-tier suite of electronic FX capabilities paid off handsomely in China and Singapore, where it has doubled down on its data center improvement efforts.

On the technology front, UBS further expanded the limits of the global FX market, hosting the world’s first intraday FX swap in a regulated venue in July. The bank recently launched its blockchain-based multicurrency payment solution, UBS Digital Cash, processed through its flagship FX Engine Room, enhancing its overall FX offering. 

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World’s Best Private Bank 2025

J.P. Morgan Private Bank

For the fifth consecutive year, J.P. Morgan US Private Bank has excelled at adapting to shifting macroeconomic conditions, delivering best-in-breed results to its clients. Riding the phenomenal rebound in global investing built on improving monetary conditions and subsiding inflationary pressures, the bank saw client assets rise by 24% over the previous year, totaling more than $2.5 trillion under supervision.

Against this backdrop, revenues increased 18.5%, with pretax income showing an even more significant 36% boost year on year.

On the product side, J.P. Morgan made significant strides at integrating advanced AI tools, including JPMorgan Chase’s Connect Coach and the Chase Connect mobile app, into its award-winning product portfolio. These include risk analytics and portfolio management services that serve as a benchmark for many in the industry. Alongside these product advances, the bank added over 300 expert advisors to its team, helping it attract more than 5,400 new clients.

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World’s Best SME Bank 2025

BTG Pactual Empresas

BTG Pactual Empresas boasts an SME lending portfolio that reached R$22.1 billion (approximately $3.9 billion) in the first quarter of 2024, its SME credit book growing 52% year on year. SME business now accounts for 12% of BTG Pactual’s total portfolio.

The bank attributes its SME growth in part to its digital capabilities. Its digital platform offers an integrated portfolio of SME products and services, providing access to the bank’s credit, guarantee, insurance, investments, foreign exchange, and derivatives products. Associated services accessible via the platform include creation of invoices payable by QR code; online invoicing; instant electronic bank transfers; open banking; payments to suppliers, tax authorities, and utilities; budgeting and categorized spending services; and digital receipts. The platform offers more than 45 integrations, including Telegram and Google Workspace, along with a extensive range of productivity improvement products.

Speed is a crucial benefit. The platform enables BTG to disburse 95% of its loan funds in less than 10 minutes, the bank says, 16 times faster than its competitors.

Agriculture is a big part of the Brazilian economy, and BTG offers services tailored to the sector including credit lines for agricultural products (fertilizers, pesticides, seeds); equipment financing; and infrastructure financing for the construction of silos, warehouses, and other facilities.

Activities addressing ESG issues are also important to BTG. Of its loans to corporations and SMEs, 72% are subject to social, environmental, and climate-risk analysis, in line with international best practices. R$8.9 billion of its lending portfolio aligns with the bank’s sustainable financing framework.

Oct. 20 (UPI) — Amazon Web Services’ cloud services global outage disrupted Internet service for companies, governments, universities and individual users on Monday. It wasn’t until a half day later, the coverage was heavily restored.

By Monday afternoon on the U.S. East Coast, Amazon said the connectivity issues had been “fully mitigated,” though there were still reports of problems.

More than 1,000 companies were affected, including large tech companies, CNET reported, but there is no evidence it was caused by a cyber attack. Instead, “the root cause is an underlying internal subsystem responsible for monitoring the health of our network load balancers.”

AWS accounted for 37% of the global cloud market in 2024, according to market research firm. That represents revenue more than $107 billion for the tech company. Amazon’s total revenue was $639 revenue that year.

The services run on 3.7 million plus miles of fiber optic cables.

Downdetector, a website that aggregates user-submitted reports of disruptions, logged 6.5 million global reports related to the outage, a spokesperson for the site’s parent company Ookla told CNN.

Toms Guide showed how traffic was affected at major companies, including Verizon, Lyft, McDonald’s, Snapchat, and airl as Delta, Southwest and United airlines.

Also were the New York Times’ website, T-Mobile and AT&T were affected. Even massive tech companies, Google and Apple, were impacted. And Zoom, which gained prominance during the pandemic for people to communite, had outage issues.

Disrupted, too, were banks and cryptocurrency exchange Coinbbase and Venmo.

Amazon’s own services were disrupted. Alexa-enabled smart plugs, which allow people to control appliances and other devices remotely, didn’t have service. Amazon’s Ring doorbell cameras weren’t working. Some reported they were unable to access the company’s website or download books to their Kindles. And Netflix wasn’t available.

“The incident highlights the complexity and fragility of the internet, as well as how much every aspect of our work depends on the internet to work,” Mehdi Daoudi, CEO of internet performance monitoring firm Catchpoint said in a statement to CNN. “The financial impact of this outage will easily reach into the hundreds of billions due to loss in productivity for millions of workers that cannot do their job, plus business operations that are stopped or delayed — from airlines to factories.”

Tenscope showed that Amazon alone was losing $72.3 milion per hour, and customers lost several hundred thousand dollars each 60 minutes.

In cloud services, AW provides a space where businesses can rent the services instead of building their own servers.

“It’s like: ‘Why build the house if you’re just going to live in it?'” Lance Ulanoff, editor at the technology publication TechRadar, told CNN.

And there are problems with devices when service is disrupted.

“They just don’t work without the Internet,” Ulanoff said. ” They’re not designed that way,. We’ve designed everything to work with that constant connectivity and when you pull that big plug, everything, basically becomes dumb.”

Apparently, the problem originated from a system designed to monitor how much load is on the network. As a workaround, Amazon said it was allowing companies to create new instances of its Elastic Compute Cloud, a virtual machine that allows customers to build cloud-based applications.

At the peak of the incident, early Monday, AWS reported more than 70 of its own services were impacted.

“Some requests may be throttled while we work toward full resolution,” it said, urging customers to utilize the “clear cacheclear cache” option in the settings of their browser if problems with errors persisted.

Amazon reported at 1:26 a.m. EDT that there was a “significant error rates for requests.”

“Error 404” messaged popped up on computers.

At 3:11 a.m. EDT, Amazon “reported increased error rates for multiple services and determined that the issue was related” to the Northern Virginia region, according to a news release.

Amazon reported at 5:24 a.m. EDT, service was “fully mitigated.”

Then at 10:29 a.m., Amazon said there were application programming interface errors and connectivity issues “across multiple services in the US-EAST-1 Region.”

Around 3:30 p.m., AWS said its systems mostly were back online. “We continue to observe recovery across all AWS services,” the company said.

In Britain, Gov.uk and His Majesty’s Revenue and Customs, the two main portals of the British government, said they had been affected.

“We are aware of an incident affecting Amazon Web Services, and several online services which rely on their infrastructure. Through our established incident response arrangements, we are in contact with the company, who are working to restore services as quickly as possible,” said a government spokesman.

Lloyds Bank and subsidiary, Halifax, two of the country’s largest banks, and National Rail also experienced problems.

The outage comes 15 months after a global IT outage in July 2024 that crashed millions of computers used by 911 centers, airlines, financial institutions, airlines and media around the world, due to an issue with a third-party security update for Microsoft Windows systems.

The auto download from Texas-based CrowdStrike cybersecurity for its Falcon software caused computers to hang after they were able to fully restart after the update.

Global stock markets kicked off the week on a strong note after data showed China’s economy performing better than expected despite ongoing trade tensions with the United States. Investor optimism was also buoyed by expectations of Japanese stimulus and a strong outlook for artificial intelligence (AI) companies during the U.S. earnings season.

Why It Matters

China’s stronger-than-forecast GDP growth (1.1% in Q3) and industrial output gains (6.5%) helped calm fears about a global slowdown triggered by U.S.-China trade frictions.
Meanwhile, optimism surrounding AI-driven tech earnings particularly Nvidia continued to lift global equities, reinforcing investor belief in the sector’s long-term profitability.
At the same time, expectations of further U.S. Federal Reserve rate cuts kept global borrowing costs lower and strengthened risk appetite.

Asia: Japan’s Nikkei surged 2.8% to a record high amid hopes of stimulus under likely new Prime Minister Sanae Takaichi.

Europe: The Stoxx 600 rose 0.7% in early trade.

U.S.: Futures pointed to gains of 0.4–0.5% for the S&P 500 and Nasdaq.

Bonds & FX: Treasury yields dipped to 4.02%, while the euro climbed to $1.1662 on a softer dollar.

Commodities: Gold stayed elevated around $4,266/oz, reflecting persistent geopolitical caution, while Brent crude slipped 0.4% to $61.02 on OPEC+ supply signals.

Jason da Silva (Arbuthnot Latham): “There’s still enough scope for healthy returns from big tech; I’m not selling the AI theme yet.”

Kevin Thozet (Carmignac): Warned of “froth” in some AI stocks but said it’s too soon to exit the trade.

Lorenzo Portelli (Amundi): Predicted gold could rise to $5,000 as central banks diversify reserves and the dollar weakens.

What’s Next

Looking ahead, investor attention will pivot to major U.S. corporate earnings that could shape the market’s next moves. Reports from Tesla, Netflix, Procter & Gamble, and Coca-Cola will offer a clearer picture of consumer demand and how well companies are weathering tariffs and inflation pressures. On the policy front, traders expect the Federal Reserve to deliver two more rate cuts by December, a move that could further support equities, weaken the dollar, and sustain global liquidity. However, the upcoming U.S.–China tariff truce deadline on November 10 looms large, and any breakdown in talks could quickly reverse market optimism. Investors will also watch for fresh data on inflation and labor markets to gauge how long central banks can maintain their dovish stance.

With information from Reuters.

Internet users have reported difficulties accessing popular websites and apps including Signal, Coinbase and Robinhood.

Major websites including popular gaming, financial and social media platforms have been facing serious connectivity issues after Amazon’s cloud services unit AWS was hit by an outage.

Amazon Web Services (AWS) confirmed the issue in an update on its status page on Monday, after web users reported difficulties accessing websites.

“We can confirm significant error rates for requests made to the DynamoDB endpoint in the US-EAST-1 Region,” said the AWS status update.

In a subsequent update it said it had “identified a potential root cause for [the] error rates” and was “working on multiple parallel paths to accelerate recovery”.

Major platforms including AI startup Perplexity, trading app Robinhood, messaging app Signal and crypto exchange Coinbase all said their issues were due to the AWS outage.

“Perplexity is down right now. The root cause is an AWS issue. We’re working on resolving it,” Perplexity CEO Aravind Srinivas said in a post on X.

AWS is one of the giant cloud computing service providers, competing with Google’s and Microsoft’s cloud services to offer on-demand computing power, data storage and other digital services to companies and institutions.

Issues with its servers can wreak havoc on the web, with so many companies relying on its infrastructure to function.

Downdetector, a site where web users report outages, carried a roll call of popular sites where users had experienced access difficulties amid the outage.

Names on the list included Zoom, Roblox, Fortnite, Duolingo, Canva, Wordle and more.

Amazon’s shopping website, PrimeVideo and Alexa were also facing issues, according to the site.

The Reuters news agency reported that Uber rival Lyft’s app was also down for thousands of users in the US, while many UK bank customers were also reporting outages.

Shipping containers are stacked on a cargo ship in Bayonne, N.J., in 2020. Now the United States, with the help of Russia and Saudi Arabia, has halted a global agreement to reduce cargo ship greenhouse gases because of the Trump administration’s view that climate change is a “scam.” File Photo by John Angelillo/UPI | License Photo

Oct. 17 (UPI) — The United States delayed the adoption of an international requirement for commercial cargo ships to reduce their greenhouse emissions or be subject to fines that is widely supported globally.

Using threats of sanctions and tariffs, and backed by Saudi Arabia and Russia, the Trump administration forced representatives of more than 100 countries to table the International Maritime Organization’s Net-zero Framework, which would have set a mandatory marine fuel standard.

The draft framework, agreed to in April and aimed at reducing greenhouse gas emissions from cargo ships to net-zero by 2050, would have gone into effect in 2027 for all ocean going ships weighing more than 5,000 tons, according to the IMO.

President Donald Trump has referred to nearly all efforts to reduce human impacts on the environment as a “green scam.”

In an Oct. 10 statement meant to put “IMO members on notice,” Trump’s secretaries of state, energy and transportation said that the United States would employ a series of penalties “against nations that sponsor this European-led neocolonial export of global climate regulations.”

“President Trump has made it clear that the United States will not accept any international environmental agreement that unduly or unfairly burdens the United States or harms the interests of the American people,” Secs. Marco Rubio, Chris Wright and Sean Duffy said in the statement.

The new regulation would have gone into effect in 2027 after a standard for ships to reduce their annual gas fuel intensity — the amount of greenhouse gases released for each unit of energy a ship uses — and economic measures and penalties were established at meetings planned for 2026.

The IMO plan was widely supported — Britain, Canada, the European Union, Japan and China were all in favor — and was expected to pass by most of the roughly 100 countries represented at Friday’s meeting.

Although a handful of countries were not in favor of delaying talks about the regulation for a year, the United States persuaded several countries, including China, to join it, Russia and Saudi Arabia to push off negotiations on the deal.

“We are disappointed that member states have not been able to agree [on] a way forward at this meeting,” International Chamber of Shipping secretary-general Thomas Kazakos told reporters.

“Industry needs clarity to be able to make investments,” he said, reiterating the already known overall support the shipping industry reportedly has for the global standard.

Artificial intelligence (AI) represents a major opportunity for businesses across industries to develop products faster and cheaper than ever before. The race to gain a data-driven edge on the competition is fueling massive investment across the entire tech supply chain from data centers to software.

Many of the key players enabling this new industrial revolution are already valued at over $1 trillion market caps. But as governments and businesses continue to invest in this technology, there are two AI enablers that are still valued under $500 billion that could be worth buying today. Here’s why growing competition in AI could propel these companies into the trillion-dollar club.

1. Palantir Technologies

Palantir (PLTR 0.11%) started as a government contractor, providing AI-powered software for intelligence and counterterrorism efforts. But now its software is experiencing insatiable demand in the private sector. Companies are seeing significant cost savings, which means Palantir can benefit from companies scrambling to adopt AI solutions to remain competitive.

If one company in an industry uses Palantir to gain operating efficiencies, it creates a competitive advantage. This pushes more businesses to consider investing in Palantir’s platforms or risk falling behind. This can explain in part why Palantir’s U.S. commercial revenue has exploded this year, nearly doubling year over year in the second quarter.

Palantir closed its highest quarter yet of total contract-value bookings of $2.3 billion, representing a year-over-year increase of 140%. It is signing bigger deals while also seeing existing customers continue to spend more, leading to a healthy 128% net-dollar retention rate.

Palantir is effectively a tool that improves a company’s profits. Its software is expensive relative to alternative software vendors, but Palantir still expects accelerating growth next quarter. This signals it has a competitive edge. Palantir’s ontology-based system creates a digital twin of a company’s operations, helping managers make sense of unorganized data for better decision making.

Importantly, Palantir is converting revenue into very high margins that are driving robust growth in earnings and free cash flow. This is one reason why the stock has performed so well and may continue to outperform Wall Street’s expectations.

For what it’s worth, widely followed tech analyst Dan Ives at Wedbush Securities sees Palantir stock hitting a market cap of $1 trillion in the next three years. Keep in mind, the stock trades at an expensive valuation, so market sentiment will play a role in how the stock performs in the near term. Given the potential for volatility in the share price, investors should plan on holding it for at least 10 years. Long term, the savings and efficiencies Palantir brings to other companies could make it one of the most valuable companies in the world.

2. Advanced Micro Devices

The companies providing the chips for AI continue to benefit from increasing competition among the leading model builders. OpenAI just announced a deal to deploy six gigawatts of chips, which amounts to hundreds of thousands, from Advanced Micro Devices (AMD -0.52%) over the next several years.

OpenAI’s ChatGPT is the most popular AI model with over 700 million weekly active users. But to meet growing demand, it has to expand its compute capacity to compete with rivals, including xAI’s Grok and Google Gemini, which also continue to invest in more infrastructure. This growing competition will benefit AMD.

OpenAI’s deal with AMD validates the capabilities of its upcoming pipeline of graphics processing units (GPUs). AMD’s data center business has not been growing as fast as Nvidia‘s, but it is expected to accelerate over the next year, and the deal with OpenAI is a catalyst.

While Nvidia’s GPUs have been widely used by data centers for powering large AI training loads, AMD’s chips have an advantage in handling small-to-medium-sized AI tasks. This is by design. AMD’s Instinct family of GPUs feature a high amount of memory bandwidth that makes them well suited for the AI inference market, which CEO Lisa Su believes is going to be much bigger than AI training.

OpenAI will deploy the first gigawatt of AMD Instinct MI450 GPUs in the second half of 2026. Analysts currently expect AMD’s revenue to grow 28% in 2025 before increasing by 26% in 2026, according to Yahoo! Finance. Earnings should grow even faster due to the high margins of data center GPUs.

The stock currently has a market cap of $350 billion. Assuming the stock continues to trade around the same price-to-earnings (P/E) multiple, AMD has a good chance to reach a $1 trillion market cap by 2030. Wall Street analysts expect earnings to grow at an annualized rate of 34%, which is enough to generate outstanding returns for investors.

John Ballard has positions in Advanced Micro Devices, Nvidia, and Palantir Technologies. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.

As the Group of 20 leaders gather in Cape Town, clean air features on the agenda as a standalone priority for the first time in the forum’s history. The reality, however, is stark. Outdoor air pollution claims 5.7 million lives each year, and a report released last week highlights the lack of international development finance for clean air. Only $3.7bn was spent globally in 2023, representing barely 1 percent of aid, with only a fraction reaching Africa.

As the minister chairing the G20’s environment workstream this year, I am proud to have worked with member countries and international organisations to place air pollution firmly on the agenda. When Japan held the presidency in 2019, the focus was on marine plastics. Last year, under Brazil’s leadership, the G20 prioritised finance for forests. This year, we sought to treat the right to breathe clean air with the urgency it deserves.

In South Africa, our Constitution guarantees every person the right to an environment that is not harmful to their health or wellbeing. That principle guides our domestic policy and informs our leadership of the G20’s discussions.

This is the first G20 presidency on African soil, a fitting setting to confront this crisis. Africa is the fastest urbanising continent on Earth, and the choices we make today in how we power our homes, move our people, and build our cities will shape health, climate, and economic outcomes for decades to come. The burden of air pollution is already visible in hospital admissions, school absenteeism, and productivity losses across the continent. According to the World Bank, outdoor air pollution causes global economic losses equivalent to nearly 5 percent of gross domestic product (GDP) each year.

This reality is now reshaping the global debate. In May, governments adopted the world’s first global goal on air quality at the World Health Organization’s World Health Assembly, which aims to halve deaths caused by poor air by 2040. It was a landmark step, but without finance to match ambition, such commitments risk remaining words on paper.

Our G20 deliberations identified four barriers to cleaner air. The first is limited institutional capacity. The second is inadequate monitoring and data, leaving policymakers and citizens without reliable information. The third is weak cooperation across borders. The fourth is the shortage of finance relative to the scale of the problem.

The Clean Air Fund’s recent report makes this plain. In 2023, support for outdoor air quality in sub-Saharan Africa fell by 91 percent to only $11.8m. Globally, just 1 percent of aid was spent on clean air, and only 1 percent of that reached sub-Saharan Africa. In other words, less than one-10,000th (1/10,000) of global development funding supports clean-air efforts in one of the regions most in need.

That is not only inequitable; it is also economically short-sighted. Clean-air action reduces healthcare costs, boosts productivity, and supports the transition to more resilient economies.

South Africa’s own experience demonstrates what is possible. Through the National Air Quality Framework and the National Environmental Management Act, we have built a foundation for accountability and transparency in monitoring air quality. We have strengthened coordination between national and municipal governments, introduced targeted interventions in the Highveld and Vaal Triangle, and expanded our air-quality monitoring network so that communities can access real-time data. These measures are supported by our broader Just Energy Transition, which directs investment towards cleaner transport, renewable power, and improved waste management.

The lesson is that progress requires both political will and predictable finance. Domestic measures alone are not enough. International financial institutions and development banks must embed clean-air objectives within climate and development portfolios.

This year’s G20 discussions also underscored the importance of data. You cannot manage what you cannot measure. Expanding reliable air-quality monitoring networks in low-income countries is one of the smartest investments the international community can make. It empowers local decision-makers, supports innovation in clean technologies, and strengthens accountability.

The message from Cape Town is clear: clean air belongs at the top table. That recognition must now be matched by sustained progress to deliver measurable outcomes. In practice, this means embedding clean-air objectives at the heart of development finance and prioritising regions that have been left behind, especially across Africa, where pollution levels are high but funding remains negligible.

Clean air is not a peripheral issue; it is central to achieving climate goals, health targets, and sustainable growth. The science is clear: the same pollutants that harm human health also warm the planet. Tackling them together delivers faster and more cost-effective results.

We therefore call for a collective effort among governments, development partners, and the private sector to ensure that clean air becomes a central measure of success in the global transition. The right to breathe clean air is universal. Delivering it requires fairness, commitment, and finance that match ambition.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

YouTube users reported problems streaming content and accessing the app for about 60 minutes before the company resolved the issue.

YouTube says it has resolved problems with its website and app after hundreds of thousands of users worldwide self-reported issues with its streaming services.

“This issue has been fixed – you should now be able to play videos on YouTube, YouTube Music, and YouTube TV!” YouTube wrote on X on Thursday morning in Asia.

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YouTube did not disclose why users reported problems streaming videos for about 60 minutes on Thursday morning, or the global extent of the problem.

Disruptions began just before 7am in East Asia (23:00 GMT, Wednesday) for YouTube, YouTube Music and YouTube TV, according to Downdetector, a website that aggregates website disruptions in real time.

Users from Asia to Europe and North America soon reported problems streaming, accessing the website, and using the apps of YouTube and its affiliates, though error reports were most heavily concentrated in the US, according to Downdetector’s user-generated error map.

Major disruptions were also reported in Japan, Brazil and the United Kingdom, although the extent of the problem is unknown because Downdetector data is based on user-submitted reports and social media.

The number of error reports peaked at 393,038 reports in the US at 7:57am (23:57 GMT) before falling off sharply, according to Downdetector data.

Downdetector reported a smaller number of disruptions for YouTube Music and YouTube TV, which both peaked at fewer than 5,000 error reports in the US over the same period of time.

Oct. 14 (UPI) — Britain and the United States announced Tuesday that they have together sanctioned a transnational scam organization operating out of Cambodia.

The U.S. Department of Treasury Office of Foreign Assets Control announced it has imposed sweeping sanctions on 146 targets within the Prince Group transnational criminal organization, a Cambodia-based network led by Cambodian national Chen Zhi that operates a global criminal empire through online investment scams.

It also announced that the Financial Crimes Enforcement Network has finalized a rule under the USA Patriot Act to sever the Cambodia-based financial services conglomerate Huione Group from the U.S. financial system. “For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors,” the press release said.

Covered financial institutions are now banned from opening or maintaining accounts for Huione Group, the Treasury Department said.

“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Secretary of Treasury Scott Bessent in a statement. “Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”

In the U.K., a $16 million mansion owned by the Prince Group has been frozen by the government. Chen Zhi and his network have invested in the London property market, including the mansion, a $133 million office building and 17 apartments in the city. The freeze blocks them from profiting from these buildings.

The organization’s scam centers in Cambodia, Myanmar and other parts of Southeast Asia use fake job ads to lure foreign nationals to compounds or abandoned casinos where they are forced to carry out online fraud or face torture, the British press release said.

The scams often involve building online relationships to convince targets to invest increasingly large sums of money into fraudulent cryptocurrency schemes.

“These sanctions prove our determination to stop those who profit from this activity, hold offenders accountable, and keep dirty money out of the U.K.,” said Fraud Minister David Hanson in a statement. “Through our new, expanded fraud strategy and the upcoming Global Fraud Summit, we will go even further to disrupt corrupt networks and protect the public from shameless criminals.”

South Korea has faced a surge of kidnappings of its citizens in Cambodia. As of August, at least 330 cases were reported, according to data submitted to the National Assembly.

In June, Amnesty International said the Cambodian government has been “deliberately ignoring” human rights abuses including slavery, human trafficking, child labor and torture by gangs. It estimated that there were at least 53 scamming compounds in Cambodia.

In September, the Treasury Department sanctioned scam centers across Southeast Asia that the agency said stole $10 billion in 2024 from Americans via forced labor and violence.

A 2010 Nissan Leaf Zero Emission is showcased at the Washington Auto Show in Washington, D.C. A British court case pointed to Mercedes, Ford, Peugeot/Citroen, Renault and Nissan as its named defendant as global car producers proclaim innocence in the emission test scandal. File Photo by Madeline Marshall/UPI | License Photo

Oct. 13 (UPI) — Europe’s years-long “dieselgate” scandal is set to begin court proceedings Monday in Britain’s high court that potentially could impact over one million car owners and a handful of manufacturers.

The landmark trial described as the largest class action lawsuit in English and Welsh history is the culmination in a decade-long legal battle over allegations at least five major car manufacturers utilized software that allowed new cars to reduce its emissions under testing conditions.

It pointed to Mercedes, Ford, Peugeot/Citroen, Renault and Nissan as its named defendants. But the global car producers proclaim innocence.

“A decade after the ‘dieselgate’ scandal first came to light, 1.6 million (British) motorists now get their chance to establish at trial whether their vehicles contained technology designed to cheat emissions tests,” attorney Martyn Day, part of 22 law firms representing drivers, told the BBC and the Independent.

Scores of other car makers — including Opel, Hyundai/Kia, Porsche, Volkswagon, BMW, Suzuki, Toyota, Volvo, Mazda and Jaguar Land Rover — may face similar action depending on outcome.

The “dieselgate” emissions scandal was exposed by the U.S. Environmental Protection Agency in 2015 following the revelation that a number of diesel-powered VW models contained deceptive emissions-monitoring devices.

On Monday, Day said if the court ruled on the side of consumers that it would “demonstrate one of the most egregious breaches of corporate trust in modern times.”

“It would also mean that people across (Britain) have been breathing in far more harmful emissions from these vehicles than they were told about, potentially putting the health of millions at risk,” Day added.

However, the companies have attempted to push back against allegations of wrongdoing.

A Mercedes spokesperson said its test mechanisms were “justifiable from a technical and legal standpoint,” while Ford stated the claims had “no merit.”

According to Nissan, it was “committed to compliance in all markets in which we operate.”

In May, a German court convicted four ex-Volkswagen officials of fraud years after “Dieselgate” got exposed.

Australia’s high court in 2019 fined Volkswagen a record $86 million in the emissions scandal.

It arrived as the British commonwealth nation preps to reduce its greenhouse gas emissions by more than 60% by 2035 along with more than 100 other nations that agreed to reduce maritime emissions in opposition to U.S President Donald Trump.

Meanwhile, a judgment in Britain’s “dieselgate” case is not expected until sometime mid-next year. A later hearing to determine compensation could follow if Britain rules against the carmakers.

This decisive decade demands unprecedented action to address humanity’s greatest challenge. With global access, this three-part series examines the real consequences of climate change for our civilisation, through the rest of the 21st century and beyond.

Irish journalist Philip Boucher-Hayes visits climate hotspots, from Greenland’s melting glaciers to sub-Saharan Africa’s weather extremes, from the flooding of agricultural land in Bangladesh to the thaw of the Siberian permafrost. He meets experts and witnesses who explain the interconnectivity of the world’s fragile ecology, as we reach tipping points from which there may be no return.

The series looks at new climate science and faces the harsh realities of a changing world – collapsing ecosystems, marine die-offs and escalating extreme weather phenomena. But it also explores a positive vision for reimagining economies, landscapes and infrastructure – and practical solutions, ways of mobilising collective resolve, and challenging humanity to become a transformative force, harnessing innovation to safeguard the future of civilisation.

Episode 1, Into the Storm, highlights the immediate and escalating effects of climate change. It opens in Ireland, where extreme weather events are becoming increasingly common. In Greenland, it explores the rapid melting of the ice sheet, with potentially devastating consequences – rising sea levels and disruptions to the Atlantic Meridional Overturning Circulation (AMOC), the main ocean current system in the Atlantic Ocean. It also touches on the effects of climate change in Malawi and Siberia, a grim picture of widespread damage.

Episode 2, Against the Tide, focuses on adaptation strategies. It explores how countries and communities are responding to rising sea levels, increased flooding and more frequent droughts. The Netherlands serves as a case study in proactive adaptation, coming up with innovative solutions in the form of sea barriers and climate-resilient infrastructure. This episode also examines the challenges faced by vulnerable communities in Wales, Bangladesh and Florida.

Episode 3, Decarbonising the Global Economy, addresses the urgent need to transition away from fossil fuels. It opens with the world’s dependence on carbon-based energy sources and then explores ways to a cleaner, more sustainable future. It travels to Ukraine, the United States, Sweden, Finland and Florida, presenting a range of approaches to decarbonisation.

Throughout the series, experts from different fields offer insights into the latest climate science and potential solutions. The series aims to challenge viewers to confront the realities of climate change but also to inspire collective action. It emphasises the need for bold policies, innovative technologies and individual responsibility in safeguarding the future of the planet.