KeyBank

Nielsen

AI Holds the Key to Resilient Cities

NCWIT and KeyBank Honor 38 Students and 2 Educators From Across Ohio With 2024 Aspirations in Computing Awards

Climate Central and Nielsen Release Climate Report: Connecting the Dots

2023 was a transformative year for Vertex. The company made significant advances toward delivering on its core mission of creating transformative medicines for people with serious diseases and ushering in a new era of diversification. Vertex’s differentiated strategy, investment in scientific innovation, and unique culture have enabled the company to extend its leadership in cystic fibrosis, expand into new disease areas with the regulatory approvals of CASGEVY™ (exagamglogene autotemcel), rapidly advance its robust research and development (R&amp;D) pipeline, and drive positive impact for patients, employees and its communities. The company remains committed to making a difference — for patients and families impacted by serious diseases, for its communities, and for each other. Vertex’s differentiated strategy and unique culture, along with its drive and dedication, will fuel the company’s ability to deliver results and operate its business responsibly. About Vertex 
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has approved medicines that treat the underlying causes of multiple chronic, life-shortening genetic diseases — cystic fibrosis, sickle cell disease and transfusion-dependent beta thalassemia — and continues to advance clinical and research programs in these diseases. Vertex also has a robust clinical pipeline of investigational therapies across a range of modalities in other serious diseases where it has deep insight into causal human biology, including acute and neuropathic pain, APOL1-mediated kidney disease, autosomal dominant polycystic kidney disease, type 1 diabetes, myotonic dystrophy type 1 and alpha-1 antitrypsin deficiency. 
Vertex was founded in 1989 and has its global headquarters in Boston, with international headquarters in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia, Latin America and the Middle East. Vertex is consistently recognized as one of the industry's top places to work, including 14 consecutive years on Science magazine's Top Employers list and one of Fortune’s 100 Best Companies to Work For. For company updates and to learn more about Vertex's history of innovation, visit <a href="https://www.vrtx.com/" target="_blank">www.vrtx.com</a> or follow us on <a href="https://www.linkedin.com/company/vertex-pharmaceuticals" target="_blank">LinkedIn</a>, <a href="https://www.facebook.com/VertexPharmaInc" target="_blank">Facebook</a>, <a href="https://www.instagram.com/vertexpharmaceuticals/" target="_blank">Instagram</a>, <a href="https://www.youtube.com/@VertexPharmaceuticalsGlobal" target="_blank">YouTube</a> and <a href="https://twitter.com/VertexPharma" target="_blank">Twitter/X</a>.  Media Contact: <a href="mailto:sarah_dsouza@vrtx.com" target="_blank">Sarah D’Souza</a>, 857-329-8495

In a Transformative Year, Vertex Advances Its Commitment to Corporate Responsibility; Announces 2023 CR Report

<img alt="electric vehicle at charging station " data-entity-type="file" data-entity-uuid="f9a3cf30-420a-4a99-b1b6-f1c208515172" src="/sites/default/files/inline-images/DP%20World%20electric%20trucks%20Peru.jpeg" width="640" class="align-center" height="675" loading="lazy" />Here at <a href="https://www.dpworld.com" target="_blank">DP World</a>, we understand the environmental toll of global trade. Port operations are notoriously carbon-intensive; the transportation sector creates one-third of the world’s total greenhouse gas emissions, of which <a href="https://www.oecd.org/ocean/topics/ocean-shipping/#:~:text=The%20main%20transport%20mode%20for,comes%20with%20opportunities%20and%20challenges." target="_blank">shipping accounts for nearly 3%</a>. 

In an era where environmental sustainability is no longer optional but imperative, DP World is investing in decarbonizing its port operations and steer trade towards a more sustainable future.

On April 4, 2024, we unveiled the first charging station for electric trucks at our terminal on the South Dock of the Port of Callao in Peru. This initiative makes Callao the first port terminal in Latin America to feature this type of infrastructure, promoting decarbonization, environmental stewardship, and operational efficiency.

Electrification at the Forefront

Our latest venture in Callao is another step forward in DP World’s efforts to become carbon neutral by 2040 and achieve net-zero emissions by 2050. The station, which is powered by 100% renewable energy, features 10 fast chargers of 200 KW each, and will be used to charge our fleet of 20 electric ITVs (internal transport trucks). This setup not only supports our fleet but also propels the port towards carbon neutrality.

The charging station, equipped with a 2-megawatt substation and dual-vehicle CCS2-type connectors, also incorporates a smart charge management platform that monitors energy consumption and CO2 emissions savings. Supplementing this, 60 KW of rooftop solar power is used to power the station, further reducing our grid energy dependency.

A Sustainable Milestone

The introduction of this electric charging station is projected to reduce DP World's carbon emissions significantly, preventing the release of 2,145 metric tons of CO2 equivalents annually at the Port of Callao. Given Peru's standing as 38th globally for air pollution (according to the 2022 World Air Quality Report), this reduction is not just a corporate achievement but a national benefit, highlighting our commitment to enhancing air quality and reducing environmental impacts.

Broadening the Impact

DP World's commitment extends beyond Callao. In our continuous pursuit of innovation, last year we also <a href="https://www.csrwire.com/press_releases/788796-dp-world-bolsters-green-initiatives-perus-port-callao-15-electric-cranes" target="_blank">integrated 15 new electric cranes</a> into our operations at the port. DP World has also been making other investments in sustainability at the Port of Callao. 

This electrification project is not just about adopting new technologies; it's about setting a precedent for the maritime and logistics industries worldwide. By pioneering such initiatives, we aim to encourage widespread adoption of clean energy practices, not just in Peru but across the globe.

Pioneering Sustainable Trade: DP World Implements Charging Station for Electric Trucks at Peru’s Port of Callao

<img alt="2 people carrying lumber" data-entity-type="file" data-entity-uuid="a34a219c-927b-4933-a472-fc69fff0c51f" src="/sites/default/files/inline-images/Pic2_SE_41624.jpg" width="640" class="align-center" height="801" loading="lazy" /><ul><li>‘25 Years Young’ celebrates the 25th anniversary of the foundation</li>
	<li>A global call for contributions will award impactful and innovative youth projects</li>
</ul>PARIS, April 23, 2024 /CSRwire/ - To mark the 25th anniversary of its foundation, Schneider Electric, the leader in the digital transformation of energy management and automation, is launching a global campaign in celebration of both this key milestone and the next generation of young leaders committed to building a fairer, low-carbon society.

‘25 Years Young’: A Celebration of Youth and 25 Years of Action  
Founded in 1999 under the aegis of the Fondation de France, the Schneider Electric Foundation supports changemakers driving sustainable development, promoting social inclusion, and empowering communities worldwide. Throughout 2024, the foundation will celebrate the world’s youth by raising awareness of their social and environmental impact and mobilizing the support of company employees. The high point of these celebrations is the launch of a global call for contributions with the foundation’s social entrepreneurship partner, <a href="https://www.changemakers.com/en" target="_blank">Ashoka</a>.

Ever since its creation, the Schneider Electric Foundation has been a pioneer in supporting positive initiatives to tackle growing social challenges and many innovations are driven by young people from around the world. The foundation is honoring them on its 25th anniversary by supporting their future, our future, helping them to make an impact for a fairer energy transition.
<img alt="2 people looking at a picture" data-entity-type="file" data-entity-uuid="a22f3be1-2540-4401-a500-47e6e1b85f6e" src="/sites/default/files/inline-images/Pic4_SE_41624.jpg" width="640" class="align-center" height="800" loading="lazy" />“Youth Innovation For A Sustainable Future”: A Global Call for Contributions  
The call for contributions titled ‘Youth Innovation For A Sustainable Future’ with <a href="https://www.changemakers.com/en" target="_blank">Ashoka’s program Changemaker Companies</a> aims to select 25 of the most impactful and innovative youth projects across all five continents (Africa, the Americas, Asia, Europe, and the Middle East). This global call for contributions focuses on professional training, entrepreneurship and a fair transition, and a 50,000-euro prize will be awarded to the winning project during the COP29 climate summit in Bakou, Azerbaïdjan. Those projects selected will also benefit from increased visibility across the social media channels of both Schneider Electric’s Foundation and Ashoka’s network of countries.

Gilles Vermot Desroches, Senior Vice President of Schneider Electric Corporate Citizenship and Institutional Affairs and General delegate of the Schneider Electric Foundation declared:

“The younger generation is playing an influential role in how we shape tomorrow's innovative solutions. From the outset, the SEF has valued the contribution of youth, and therefore, considers the importance of supporting young people to nurture both future generations and our planet.”
<img alt="people high fiving" data-entity-type="file" data-entity-uuid="423780ab-3db0-400c-b0d6-a98f364ec9d1" src="/sites/default/files/inline-images/highfives_Schneiderelectric_042224.jpg" width="640" class="align-center" height="800" loading="lazy" />About the Schneider Electric Foundation 

In a world where social and environmental challenges are more widespread and more urgent than ever, the Schneider Electric Foundation supports innovative and forward-looking initiatives to give as many people as possible the energy they need to succeed.

Always forward-looking and optimistic, the goal of the Schneider Electric Foundation is to play a part in creating a fairer, less carbon-intensive society that gives future generations the tools to transform our world.

About Ashoka

Ashoka is the largest global network of leading social entrepreneurs — individuals with new ideas to systemically address the world’s biggest challenges and the entrepreneurial skill to transform those ideas into national, regional and global social impact. Over 40 years, Ashoka has supported more than 3,800 social entrepreneurs in 90 countries with solutions addressing society’s most pressing issues. Ashoka’s vision is a world in which Everyone is a Changemaker — a society that responds quickly and effectively to challenges, and where everyone has the freedom, confidence and societal support to address any social problem. 

For more information, visit ashoka.org.

About Schneider Electric 

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

<a href="http://www.se.com" target="_blank">www.se.com</a>

Discover the newest perspectives shaping sustainability, electricity 4.0, and next-generation automation on <a href="https://www.se.com/ww/en/insights/" target="_blank">Schneider Electric Insights</a>.

Schneider Electric Foundation Turns 25 and Launches the ‘25 Years Young’ Campaign

<img alt="People standing together on a red carpet along with a blue mascot, holding awards" data-entity-type="file" data-entity-uuid="7a9b4ad4-7100-4dae-bbc1-0c6e7bc3a0d4" src="/sites/default/files/inline-images/shapes-futures-through-stem-education_THE-CHEMOURS-COMPANY_041824.jpg" width="640" class="align-center" height="900" loading="lazy" />For the team at Chemours, the communities where we operate are also where we live work and play, and our mutual success is one and the same. We invest time and resources in our communities to make a meaningful difference. That’s the driving force behind our <a href="https://www.chemours.com/en/sustainability/2030-goals/community-impact/vibrant-communities" target="_blank">goal of building vibrant communities</a> by investing $50 million in expanding access to Science, Technology, Engineering, and Math (STEM) education, sustainable environment programs, and safety initiatives. One way we do this is through the Chemours Future of Engineering, Science, Trades, and Technology School Partnership Program (<a href="https://www.chemours.com/en/sustainability/2030-goals/community-impact/vibrant-communities/chemfest" target="_blank">ChemFEST</a>).

Last year, <a href="https://www.chemours.com/en/about-chemours/global-reach/belgium" target="_blank">Chemours Belgium</a> joined hands with Technische Scholen Mechelen (TSM) to establish the company’s first ChemFEST partnership outside of the US. This 3-year agreement was intended to promote the significance of STEM education and inspire students to explore their love for science and technology. Isabel Welters, a Nafion™ Technical Service Specialist at Chemours, led the multi-faceted plan to transform the school's STEM facilities, with plans to inaugurate the refurbished technical lab and classrooms by the second half of 2024.

Beyond the ChemFEST partnership, Welters, in collaboration with the Belgium Chapter of the Chemours Women's Network (CWN), has been integral to other STEM-related activities. An event titled "Str@ffe Madammen" co-organized by Welters and the CWN saw participation from over 150 female students from TSM, who were provided with insights into career opportunities in STEM. Additionally, the team recently hosted a unique STEM day at the Mechelen plant for 40 students, showcasing their Coatings Production facilities and Technical Services.

Back in our headquarters state of Delaware, the Chemours team recently celebrated an important milestone towards the opening of the Chemours STEM Hub at EastSide Charter School in Wilmington. After breaking ground on the facility in February 2023, Chemours team members joined with community partners and school officials to commemorate the placing of the final beam in the 24,000-square-foot facility.

The Hub—expected to open by early 2025—will serve as a premier access point for STEM education and other development opportunities in the Wilmington community. Made possible in part by a $4 million grant from Chemours in 2021 through the ChemFEST program, the Chemours STEM Hub will offer public spaces for learning and improve access for more students from more backgrounds to be exposed to, excited by, and interested in STEM. 

“We know that shaping the world's future requires great innovators and problem solvers from all backgrounds; it’s why we are committed to taking action and championing change toward a more diverse STEM workforce. Through partnerships – like our ChemFEST school partnership program – we’re helping to support future STEM talent by nurturing students and members of communities who have been underserved, under-resourced, and often overlooked,” said Chemours Chief Brand Officer, Alvenia Scarborough.

And earlier this year, the team at our <a href="https://www.chemours.com/en/about-chemours/global-reach/chambers-works" target="_blank">Chambers Works</a> manufacturing site in New Jersey continued a more than three-decades-long tradition of sponsoring the <a href="https://www.3blmedia.com/news/chemours-supports-35th-annual-salem-county-new-jersey-science-fair" target="_blank">Salem County Science Fair</a>. This science fair allows students to apply what they have learned in STEM education in hopes of advancing to the Delaware Valley Science Fair and beyond.

Students concentrate on an area of special interest, collecting and analyzing data while following the scientific method and presenting their findings to volunteer judges.

The various winners received a total of $2,500 from Chemours. This event sponsorship is part of a broader $275,000 Vibrant Community grant where the Chambers Works team partners with Salem Community College (SCC) and the local middle schools to support hands-on learning opportunities to instill a lifelong love of STEM.

Brian Boettler, Chemours Environmental, Health, and Safety (EHS) Senior Consultant, leads the partnership on the site's behalf. 

"Partnering with the local schools and community college is rewarding. We all contribute in our own way to help support the next generation, and that is on full display at the Science Fair,” Brian explained.

These are a few examples of Chemours’ commitment to fostering greater interest and diversity in STEM careers by supporting students in our communities. We are proud to play a key role in shaping the future of our industry and making a positive impact on communities by inspiring the next generation of STEM leaders.

Chemours Shapes the Future Through STEM Education

<img alt="Volunteers posed in front of a large blue arch outside." data-entity-type="file" data-entity-uuid="89d69195-448e-40db-a9b7-452b619fa752" src="/sites/default/files/inline-images/BioHolidayPark_fedex_041124.jpg" width="640" class="align-center" height="675" loading="lazy" />When Marja Kienhuis, from the FedEx Express P&amp;E European Road Network team, found out that a vacation park dedicated to helping families who need special accommodations was looking for support, she seized the opportunity.

“Our team is always eager to help people who need it through FedEx Cares. When I heard that the <a href="https://www.biovakantieoord.nl/en/" target="_blank">Bio Holiday Park</a> resort nearby was looking for volunteers to do repairs and improvements on their grounds and buildings, I thought it would be a perfect opportunity for us to get involved,” says Marja.

The Bio Holiday Park is a unique vacation spot for families who have children with disabilities. The public spaces and vacation bungalows are fully adapted and have the necessary aids to enable families to enjoy a welcome break in safe surroundings. The resort has an adapted swimming pool, an equestrian center with professional guidance tailored for guests, a real cinema, and a variety of other activities.
<img alt="Volunteers doing landscaping work at a park." data-entity-type="file" data-entity-uuid="41a983d7-6619-48e5-a398-270e7b1ed0a7" src="/sites/default/files/inline-images/volunteers_fedex_041124.jpg" width="640" class="align-center" height="675" loading="lazy" />Last fall, team members from the Netherlands spent an afternoon doing projects like carpentry and maintenance jobs; reinforcing water holes; replacing old woodwork in the forest to ensure wheelchair access and safety; and landscaping, weed pulling, and other outdoor jobs.

“As a team, we greatly value the opportunities FedEx Cares provides to support local communities. For me, volunteering is very rewarding and it’s a pleasure to lend a hand where I can. At the same time it brings us closer as a team,” says Marja.

Vacation Park for Children With Special Needs Gets Makeover From FedEx Netherlands

<img alt="2024 ESG Leadership Awards" data-entity-type="file" data-entity-uuid="b1f8bc90-ae26-4d3f-a41f-670add19e09e" src="/sites/default/files/inline-images/2024-ESG-Leadership-Awards_The-Conference-Board_041824.png" width="640" class="align-center" height="400" loading="lazy" />April 18, 2024 /CSRwire/ - It’s time to celebrate organizations that have moved beyond their public sustainability commitments by integrating sustainability into their business—making a positive impact on the company, stakeholders, society at large, and the environment. Join us as we honor Corning Incorporated, J.M. Huber Corporation, and Michelin North America during the <a href="https://www.conference-board.org/events/ESG-Leadership-Awards" rel="noreferrer" target="_blank">ESG Leadership Awards dinner on May 16 in New York</a>.  
By shining a light on exemplary companies, The Conference Board inspires the broader business community to follow in their footsteps. The dinner will provide support to The Conference Board’s programming and publications specifically focused on a key challenge facing corporations today: defining and determining the ROI of Sustainability ESG.  
If you are interested in learning more about sponsorship and attendance, contact Brian Teagle at <a href="mailto:bteagle@tcb.org" rel="noreferrer" target="_blank">bteagle@tcb.org</a>.  
You can read more about our impressive award recipients <a href="https://www.conference-board.org/events/ESG-Leadership-Awards" rel="noreferrer" target="_blank">here</a>.  
Accepting the award on behalf of their organizations:  
Thomas French  
Board of Directors  Corning Incorporated  
Gretchen McClain  
President &amp; CEO  J.M. Huber  
Alexis Garcin  
President &amp; CEO  Michelin North America, Inc.  Media Contact:  <a href="mailto:jdiblasi@tcb.org" target="_blank">Joe Diblasi</a>

<a href="https://www.conference-board.org/events/ESG-Leadership-Awards" target="_blank">Read More</a>

You’re Invited to the ESG Leadership Awards Dinner

<img alt="Photo of a desert" data-entity-type="file" data-entity-uuid="dfc2c33d-eea7-4e2a-82e0-0e4ac9cf6809" src="/sites/default/files/inline-images/Desert_AllianceBernstein_041124.jpg" width="640" class="align-center" height="570" loading="lazy" /><a href="https://www.alliancebernstein.com/corporate/en/bio.inigo-fraser-jenkins.html" target="_blank">Inigo Fraser Jenkins</a>| Co-Head—Institutional Solutions

<a href="https://www.alliancebernstein.com/corporate/en/bio.alla-harmsworth.html" target="_blank">Alla Harmsworth</a>| Co-Head—Institutional Solutions; Head—Alphalytics

<blockquote>
Three mega-forces seem set to dominate the investment landscape for the next decade or longer, with major implications for the macro regime and portfolio design.
</blockquote>

Each of these far-reaching forces—climate change, demographics and deglobalization—is significant in its own right. Where they’re likely to interact in a directionally similar way, they have the power to reshape financial outcomes, creating a new world for investors to navigate.

Macro Mega-Forces and the Impact on Economic Growth

Generally speaking, we think that one key implication of these mega-forces is a lower baseline level of economic growth. Here’s a brief overview of each force and how it could play into growth prospects.
<img alt="Impact of Mega-Forces on Economic Growth infographic " data-entity-type="file" data-entity-uuid="ff7761e5-e51b-4b99-b276-fd05033dd73f" src="/sites/default/files/inline-images/1-Infographic_AllianceBernstein_041124.png" width="640" class="align-center" height="738" loading="lazy" />Demographics: The global population of working-age people has peaked and is set to decline in coming decades. Boosting labor participation could help counter the decline, but a relatively small share of workers are in scope for extended careers, and efforts to raise retirement ages have been controversial.

Also, a growing need for long-term care could impair productivity by crowding out research and development or infrastructure spending while requiring a growing share of people engaged in the care sector, which doesn’t contribute to measurable growth. Artificial intelligence (AI) has the potential to boost productivity, which could help offset demographics.

Climate Change: The growth effect of climate change may be the hardest force to assess, given the diverse variables from rising temperatures to migration pressure and resource conflict. Focusing here on rising temperatures alone, accumulated research implies that this would likely depress growth, though with a very uneven impact across regions and countries—and a materially worse outcome for poor countries.

Could the response to climate change help growth too? One possible avenue is investment in the energy transition, including a sizable amount of government spending that could offset some extent of negative growth forces. However, research suggests that this impact would likely be smaller than some of the downward forces—and subject to sustained capital expenditures globally.

Deglobalization: The retreat of the long era of globalization will likely continue. There’s general dissatisfaction with globalization in the internal politics of developed economies, and relations between the US and China—two major global players—are hardening. This will likely push down on growth rates and corporate margins.

Deglobalization can affect growth through declining trade, a fragmenting of the global labor force and reduced capital mobility, along with possible secondary forces such as political instability and geopolitical conflict. Deglobalization would likely be tempered by a partial partitioning of countries into trade blocs, but overall it dampens the growth outlook.

We’re often asked whether the onset of AI could improve productivity enough to offset these macro forces. It might, but the impact would have to be at the top of the range of historical improvements under economic regimes. So, building in such expectations would take a significant step.
<img alt="Deflationary and Inflationary Forces over Strategic Horizons infographic" data-entity-type="file" data-entity-uuid="d8ab588f-0f09-4991-aa5b-57f2f365bcb7" src="/sites/default/files/inline-images/2-infographic_AllianceBernstein_041124.png" width="640" class="align-center" height="738" loading="lazy" />Higher Inflation Is Likely over a Strategic Horizon 

In our view, all three mega-forces have direct implications for inflation, but both inflationary and deflationary forces are at work over strategic horizons (Display).

The impact of demographics is hotly debated, with Japan often cited as an example of the first country to see a rapid, sustained aging followed by deflation. But this example has been relatively isolated—in coming decades, nearly all regions should see such a demographic change.

Increased labor bargaining power from deglobalization and a greater focus on the social element of ESG imply a higher wage path. Deglobalization also increases inflation by reducing firms’ ability to engage in labor-cost arbitrage. And it unwinds aspects of the supply chain infrastructure that were developed in recent decades, a trend that increases input costs.

Climate change has a route to drive higher inflation through higher input costs to energy and the need to fund the global energy transition, though the impact may wane over time. Once the required infrastructure for renewable power generation has been installed, economies could become somewhat delinked from commodity prices.

AI introduces plausibly deflationary forces, but we maintain our view that equilibrium inflation will remain above the pre-pandemic level, given the influence of the other large macro forces at work that point to higher inflation.
<img alt="US Margins Aren’t Likely to Stay as High as in Recent Years infographic" data-entity-type="file" data-entity-uuid="0d3c84b5-ca56-4dc1-8c1c-dc4fccd6cfc4" src="/sites/default/files/inline-images/3-infographic_AllianceBernstein_041124.png" width="640" class="align-center" height="814" loading="lazy" />The Link of the Government Debt Burden to Mega-Forces

In addition to the mega-forces we’ve described, there’s also the question of whether governments attempt to monetize their debt. Because this is a question of future policy decisions, we see it as somewhat apart from the other forces acting on inflation—but there is a link.

So far, the massive buildup of public-sector debt in developed economies hasn’t mattered, because the combination of favorable demographics and deglobalization has helped drive debt costs down. Now that the cost of debt has risen, sustainability could become a much bigger issue.

The debt/GDP ratio for developed economies is the same today as it was at the end of WWII. However, there was a need to rebuild the capital stock in that earlier era, and the population in these economies was much younger, so there was a way to grow out of the burden. That would seem much harder to do now, given the likely growth constraints. As a result, inflating away the debt problem might be the more attractive path out of this impasse.

Macro Volatility Likely to Retrace Higher

The pre-pandemic period saw an unusually large decline in the volatility of macro variables, especially with respect to inflation. If some of this decline was a result of globalization helping to cushion against inflation shocks, we would expect a retracing to a somewhat higher level of inflation volatility. GDP volatility has been more episodic but was still below the pre-pandemic average.

The forces we discuss imply a generally higher level of macro volatility. One reason is that governments will likely play a larger role in economies in the post-pandemic era. Also, migration can magnify political uncertainty, and there’s more risk of extreme weather events occurring. In the background, the end of the post-WWII US-led order implies more economic risk.

Margins Likely to Fall…and the US Stands to Lose More

Corporate profitability has been very high, especially in the US. There is somewhat of a cyclical element to this trend, but a likely structural component exists too. In the long run, we see no good societal reason why the higher margins of recent years (Display) should be maintained, though AI could delay the mean reversion.

Key influences are likely to include greater labor-bargaining power, rising effective corporate tax rates, the loss of efficiency and knowledge transfer due to declining global trade, and a fading of the flattening effect of mega-cap efficiency on cap-weighted corporate margins.

As a result, we expect the US after-tax profit share to decline back to its long-run average. Other regions and countries haven’t seen the same sustained increase in profit share, so the case for downward mean reversion is weaker elsewhere. Profit share is one area where the US has more to lose.
<img alt="700 Years of Global Real Interest Rates infographic" data-entity-type="file" data-entity-uuid="d29fda33-8082-4d8e-bd9a-4aff7338907b" src="/sites/default/files/inline-images/4-infographic_AllianceBernstein_041124.png" width="640" class="align-center" height="721" loading="lazy" />Expect Real Interest Rates to Remain Very Low

If real interest rates reflect expectations of future economic growth, our lower-growth outlook implies that real rates are set to remain low.

Could the retirement and savings drawdown of retiring Baby Boomers imply an upward rate path instead? We think that upward pressure may be offset somewhat by the younger cohorts’ greater need to save, wealth creation in Asia over the past four decades and the opening up of China’s economy. These economies have shown a very high propensity to save, which has plausibly pushed yields down.

There can clearly be very large cyclical fluctuations in real rates, with 2022 a recent case in point. However, from a strategic viewpoint, the possible forces collectively at work imply that—at the very least—investors should not expect a secular rise in real yields. On balance, our view is that they stay very low (Display).

Implications for Strategic Asset Allocation

An environment of higher (but not unanchored) inflation, lower economic growth, and lower margins isn’t a bearish conclusion for investors, but it demands a response in strategic asset allocation. For investors with known nominal liabilities, the yield increase over the last two years is an opportunity to de-risk. But investors who need to protect the purchasing power of liabilities would need to take on more risk.

In a baseline outcome, equities would still deliver a positive real return, despite lower real growth and margins. Higher inflation implies a greater need for other real assets versus a traditional 60/40, including inflation-protected bonds and physical real assets such as commodities, infrastructure and real estate. So, for investors who need to protect the purchasing power of their portfolio, equities should be an anchor position. Diversifiers and other return sources, such as private assets, can be added around stocks.

The good outcome represents a dampened return experience from the pre-pandemic era, albeit with somewhat lower growth and constraints on how much further risk premia can compress.

The hardest outcome is the bad scenario where inflation rises, real growth falls and risk premia rise—essentially stagflation, with neither equities nor nominal bonds enhancing portfolio returns. This implies the need for a more extreme shift into physical real assets, gold and inflation-protected bonds. We also think that factor strategies, such as free-cash-flow yield, should be considered.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.

Learn more about AB’s approach to responsibility <a href="https://www.alliancebernstein.com/corporate/en/corporate-responsibility.html?syn:pan-emea:brand:3bl:eu942" target="_blank">here</a>.

Three mega-forces seem set to dominate the investment landscape for the next decade or longer, with major implications for the macro regime and portfolio design.

AB: How Mega-Forces Will Reshape the Macro Regime and Investing

<figure role="group" class="align-center"><img alt="&quot; &quot;" data-entity-type="file" data-entity-uuid="d2410928-e7de-48dd-b318-7ebe694ee74e" src="/sites/default/files/inline-images/OH%20Aspirations%202024_KeyBank_4.22.24Apng.png" width="640" height="750" loading="lazy" /><figcaption>The Ohio affiliate of the National Center for Women &amp; Information Technology (NCWIT) honored high school students across Ohio at the 2024 Aspirations in Computing awards ceremony on Saturday, April 20th in Columbus Ohio.</figcaption></figure>The Ohio affiliate of the <a href="https://www.aspirations.org/affiliate-toolkit/coordinator-toolkit-overview-ncwit" target="_blank">National Center for Women &amp; Information Technology</a> (NCWIT), in partnership with <a href="https://www.key.com/personal/index.html" target="_blank">KeyBank</a>, honored 38 high school students across Ohio at the 2024 Aspirations in Computing awards on Saturday, April 20th in Columbus, Ohio. These students, which included one national winner, were recognized for their leadership and involvement in technology, robotics, and applied science, along with their academic success and plans for post-secondary education. Two STEM teachers were honored as well with an educator award.

For the past ten years, the Ohio Aspirations in Computing awards have been sponsored by KeyBank. All award recipients along with their families and educators were invited to join this year’s event, which featured a panel of professionals discussing the Future of Data, Robotics &amp; AI. All shared insight into their career paths, education, and personal growth in STEM.

“KeyBank has a long history of supporting students who are interested in pursuing a career in science, technology, engineering, and math,” said Amy Brady, KeyBank Chief Information Officer. “We congratulate this year’s award winners and are proud to recognize the achievements and talents of these outstanding students. They are future problem solvers and the skills they are developing today will help solve the challenges of tomorrow.”

Since 2007, NCWIT has inducted more than 10,000 young women into the Aspirations in Computing community and is helping to usher these women into technology careers. The NCWIT Aspirations in Computing program is a talent development initiative designed to increase female participation in technology careers by providing encouragement, visibility, community, leadership opportunities, scholarships, and internships to aspiring technically inclined young women. NCWIT offers both national and local affiliate competitions to generate support and visibility for women's participation in communities nationwide.

For information on the national program please visit <a href="http://www.aspirations.org/" target="_blank">www.aspirations.org</a>

2024 National Winner

Ella Witalec – Laurel School

2024 National Honorable Mentions

Harshita Ganga – William Mason High School 
Chahak Gupta – Solon High School 
Marlene Natividad Trinidad – Columbus Downtown HS 
Saanvi Pandala – Olentangy High School 
Ramya Rajan – William Mason High School 
Sosena Tefera – Anderson High School

2024 Ohio Affiliate Award Winners

Joy Fan – Solon High School 
Harshita Ganga – William Mason High School 
Chahak Gupt – Solon High School 
Riya Hegde – Western Reserve Academy 
Marlene Natividad Trinidad – Columbus Downtown HS 
Hong Bao Tran Nguyen – Solon High School 
Saanvi Padala – Olentangy High School 
Vaishnavi Rachuri – Dublin Jerome HS 
Ramya Rajan – William Mason High School 
Manya Tandon – Westlake High School 
Sosena Tefera – Anderson High School 
Zaynah Wahab – Solon High School 
Ella Witalec – Laurel School 
Julia Zhu – Hathaway Brown School 
Mahee Shah – Hathaway Brown School

2024 Ohio Affiliate Honorable Mentions

Laasya Acharya – William Mason High School 
Meghana Boda – Olentangy High School 
Audrey Malcuit – Padua Franciscan High School 
Emily McCord – Metro Early College High School 
Vaishali Ramakrishnan – Dublin Jerome High School 
Lillian Robey – Dayton Regional Stem School 
Maria Tracy – Saint Joseph Academy 
Kaovya Vel – Westlake High School 
Eva Winchester – St. Ursula Academy

2024 Ohio Affiliate Rising Stars 

Hasaean Araia – Columbus Downtown HS 
Shivani Arulselvan – Padua Franciscan HS 
Ravia Bhullar – Nordonia High School 
Mridhini Chintakindi – Dublin Jerome HS 
Penelope Covey – Stow-Munroe Falls HS 
Naomi Franciscus – Canal Winchester HS 
Oni Hairston – Nordonia High School 
Harman Kaur – Dayton Regional Stem School 
Claire Line – Homeschool 
Imanga Lufungulo – Notre Dame Academy 
Mackenzie Minute – Padua Franciscan High School 
Haasini Sanisetty – Hathaway Brown School 
Maggie Smith – Padua Franciscan HS 
Saira Williams – Worthington Christian High School

2024 Ohio Educator Winner 

Joe Morel – Padua Franciscan High School

2024 Ohio Educator Honorable Mention

Haley Richards – Dublin Emerald Campus

About NCWIT

NCWIT is a non-profit community that convenes, equips, and unites more than 1,240 change leader organizations to increase the influence and meaningful participation of girls and women from every community – at the intersections of race, ethnicity, class, age, sexual orientation, and disability status – in the influential field of computing, particularly in terms of innovation and development.

About KeyCorp/KeyBank 

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at March 31, 2024.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

The Ohio affiliate of the National Center for Women &amp; Information Technology (NCWIT), in partnership with KeyBank, honored 38 high school students across Ohio at the 2024 Aspirations in Computing awards on Saturday, April 20th in Columbus, Ohio. 

<img alt="Little Rock, Arkansas skyline" data-entity-type="file" data-entity-uuid="2152c6d2-0024-472a-9656-5d97066f9684" src="/sites/default/files/inline-images/hero-Little-Rock-Arkansas_T-Mobile_042424.png" width="640" class="align-center" height="600" loading="lazy" />LITTLE ROCK, Ark., April 25, 2024 /CSRwire/ - There’s nothing little about these rocking network upgrades. In a legislative hearing today at the state capitol, T-Mobile (NASDAQ: TMUS) announced the completion of a multi-year 5G network investment totaling more than $163 million across Arkansas, creating new opportunities for local businesses, schools, healthcare providers, first responders and anyone on T-Mobile’s network through its 5G improvements.

Over the past three years, T-Mobile has invested heavily in network improvements across Arkansas, building its network up to cover more than 2.9 million Arkansans with 5G and 2.2 million people its Ultra Capacity 5G (5G UC) network, a 260% increase in 5G UC coverage in just three years.

"As the leaders in 5G it’s our responsibility to make sure everyone has access to fast, reliable and affordable connectivity," said Ulf Ewaldsson, President of Technology, T-Mobile. "Our multi-year effort to enhance 5G connectivity across Arkansas is the latest example in how were stretching our 5G blanket to every corner of the nation, no matter where you are.”

The multi-year network enhancements include newly deployed 5G coverage and capacity enhancements, with 170 new cell sites and upgrades to more than 450 existing sites. Statewide, T-Mobile now provides 5G service along 97% of interstate highways, U.S. highways, and state routes across Arkansas.

“By bringing high-speed 5G connectivity to more areas of Arkansas, we are making it easier for people to stay connected with their loved ones, access educational opportunities and grow their businesses," said Senator Mark Johnson, Chairman of the Senate Transportation, Technology and Legislative Affairs Committee. "I applaud T-Mobile and other 5G wireless providers for their commitment to our State and for helping us get even closer to closing the digital divide.”

"5G adds incredible opportunity for Arkansas to become leaders in connectivity," added Representative Stephen Meeks, Chairman of the House Advanced Communications and Information Technology Committee. “It’s faster speeds and lower latency empower businesses to perform more efficiently, enhances access to education opportunities and better supports the needs of modern day users. T-Mobile’s expanded network capabilities means Arkansas is one step closer to realizing its potential as drivers in innovation.”
<img alt="T-Mobile coverage 2021 map" data-entity-type="file" data-entity-uuid="fa99f611-6b43-4cab-af80-53421f587794" src="/sites/default/files/inline-images/nr-Arkansas-2021-Coverage_T-Mobile_042424.png" width="640" class="align-center" height="585" loading="lazy" />T-Mobile 5G Internet

In today’s digital age, reliable internet is vital for everything from remote work and accessing essential services to entertainment and staying connected with friends and family. So, to help better connect Arkansans, T-Mobile is already putting these recent network upgrades to work. By leveraging the power of its leading 5G network, T-Mobile is bringing a new choice for reliable, affordable <a href="https://www.t-mobile.com/home-internet" target="_blank">home</a> and <a href="https://www.t-mobile.com/business/solutions/business-internet-services/business-internet" target="_blank">business internet</a> to Arkansas with its fixed wireless 5G Internet.

Today, T-Mobile <a href="https://www.t-mobile.com/home-internet" target="_blank">5G Home Internet</a> is available to 40% of homes in Arkansas – that's over 600,000 households. Plus, the Un-carrier simplifies business internet, enabling businesses to connect offices and locations nationwide. This means homes and businesses across the state, from small cities to big towns, can finally ditch traditional internet providers for 5G internet from T-Mobile.

Arkansans can learn more and check eligibility at <a href="http://www.t-mobile.com/home-internet" target="_blank">www.t-mobile.com/home-internet</a>, and Arkansas businesses can learn more about T-Mobile Business Internet and solutions by visiting <a href="http://www.t-mobile.com/business-internet" target="_blank">www.t-mobile.com/business-internet</a>.

Retail Growth

Since 2021, T-Mobile has opened 25 new corporate retail locations across the state, with two new stores expected to open this year in Magnolia and Berryville. The additional new stores have created 120 new jobs.
<img alt="T-Mobile coverage 2024 map " data-entity-type="file" data-entity-uuid="d35cb10e-de98-43e2-b133-84bb1ff31b65" src="/sites/default/files/inline-images/nr-Arkansas-2024_T-Mobile_042424.png" width="640" class="align-center" height="585" loading="lazy" />Community and Disaster Support

T-Mobile's commitment to Arkansas goes beyond the network and retail, with initiatives created to empower communities across the nation:

<ul><li><a href="https://www.t-mobile.com/brand/hometown-grants" target="_blank">Hometown Grants</a> — a five-year program launched in early 2021 to provide grants to 100 small towns each year to use toward city beautification projects, public improvements and more. To date, T-Mobile has provided $200,000 to four towns across the state – <a href="https://www.t-mobile.com/news/un-carrier/t-mobile-helps-drive-local-change-with-over-12-million-in-hometown-grants" target="_blank">Camden</a>, <a href="https://www.t-mobile.com/news/un-carrier/you-get-a-grant-and-you-get-a-grant-t-mobile-to-bolster-25-small-towns-nationwide" target="_blank">Clarksville</a>, <a href="https://www.t-mobile.com/news/un-carrier/t-mobile-celebrates-200-hometown-grants" target="_blank">Osceola</a> and <a href="https://www.t-mobile.com/news/un-carrier/t-mobile-helps-drive-local-change-with-over-12-million-in-hometown-grants" target="_blank">Russellville</a> – to revitalize outdoor green spaces and renovate community buildings. Towns with populations of less than 50,000 are eligible and encouraged to apply. To date, T-Mobile has dedicated over $1 million to empower small businesses through initiatives such as revitalizing farmers' markets, fostering business incubators, and enhancing city main streets.</li>
	<li><a href="https://www.t-mobile.com/business/education/project-10-million" target="_blank">Project 10Million</a> — offers internet connectivity and mobile hotspots to eligible students to help close the digital divide. The company has connected over 16,000 students, from over 60 school districts across Arkansas and is also offering school districts free and heavily subsidized data plans and access to affordable laptops and tablets through Project 10Million and its other education initiatives.</li>
	<li><a href="https://www.t-mobile.com/business/government/first-responders-connecting-heroes" target="_blank">Connecting Heroes</a> — a $7.7 billion program empowering first responders with subsidized rate plans and wireless priority service for both voice and data. Arkansas first responders utilizing the program will be leveraging T-Mobile's 5G network during critical moments to keep communities across the state safe.</li>
	<li>T-Mobile has also increased investments in network hardening nationwide by more than 30% over the past few years, which includes expanded backup power solutions at nearly 50% of cell sites in Arkansas—the most critical locations—to help ensure redundancy and reduce service interruptions in case of severe weather or other emergencies. In the last year, T-Mobile also added over 50% more heavy-duty network disaster response satellite vehicles to its ready-to-respond fleet and expanded its community support fleet with new, fully loaded RV command centers and heavy-duty Wi-Fi vehicles.</li>
</ul>The Leader in 5G

T-Mobile is the leader in 5G, delivering the <a href="https://www.t-mobile.com/coverage/network" target="_blank">country’s largest, fastest and most awarded 5G network</a>. The Un-carrier’s 5G network covers more than 330 million people across two million square miles — more square miles than AT&amp;T and Verizon combined. More than 300 million people nationwide are covered by T-Mobile’s super-fast Ultra Capacity 5G with over 2x more square miles of coverage than similar mid-band 5G offerings from the Un-carrier’s closest competitors.

Follow <a href="https://twitter.com/TMobileNews" target="_blank">@TMobileNews</a> on X, formerly known as Twitter, to stay up to date with the latest company news.

# # #

Coverage values are based on outdoor coverage levels. See 5G device, coverage, &amp; access details at T-Mobile.com.

About T-Mobile

T-Mobile US, Inc. (NASDAQ: TMUS) is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more information please visit: <a href="https://www.t-mobile.com/" target="_blank">https://www.t-mobile.com</a>

Media Contacts  
T-Mobile US, Inc. Media Relations  <a href="mailto:MediaRelations@T-Mobile.com" rel="noreferrer noopener" target="_blank">MediaRelations@t-mobile.com</a>

Investor Relations Contact  
T-Mobile US, Inc.  <a href="mailto:investor.relations@t-mobile.com" rel="noreferrer noopener" target="_blank">investor.relations@t-mobile.com</a>  <a href="https://checkpoint.url-protection.com/v1/url?o=https%3A//investor.t-mobile.com/&amp;g=N2E1OWNiMjRiMDZmZDNmMw==&amp;h=NzlhMzc1NzJmOWM5MzFkMzQ2MjM0Zjc4NDI5N2FlNzQ3YjRiMDcyZTE4ZjlkNzVhNWQwYTYyYTViNjU4MTM3NA==&amp;p=YzJ1OnRtb2JpbGV1c2E6YzpvOjAwYzY5ZGRjZWYwODBmMjgwZTU2ZDg1YjhkZjdhNzhkOnYxOnA6VA==" rel="noreferrer noopener" target="_blank">https://investor.t-mobile.com</a>

There’s nothing little about these rocking network upgrades. In a legislative hearing today at the state capitol, T-Mobile (NASDAQ: TMUS) announced the completion of a multi-year 5G network investment totaling more than $163 million across Arkansas.

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