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Category: Banking

  • MIL-OSI Banking: Economic uncertainty and rising tariffs drag down US consumer confidence, says GlobalData

    Source: GlobalData

    Economic uncertainty and rising tariffs drag down US consumer confidence, says GlobalData

    Posted in Consumer

    In the 2025 World Happiness Report, the US fell to its lowest-ever ranking, 24th globally, continuing a downward trajectory from 15th in 2023 and 23rd in 2024. While happiness is shaped by a variety of factors, economic uncertainty and rising living costs have emerged as critical contributors to this decline. A key driver behind these pressures is the escalating trade tensions and widespread tariff policies impacting both businesses and households, says GlobalData, a leading data and analytics company.

    Prerana Manral,  Senior Consumer Analyst at GlobalData, comments: “Tariffs are no longer just a policy debate; they are a real-time input cost multiplier. Fast-moving consumer goods (FMCG) brands, especially those with global supply chains, now face a tough choice: absorb shrinking margins or pass costs on to consumers at the risk of demand deflation.”

    According to the Guardian, major consumer goods companies such as Procter & Gamble, Nestlé, and Unilever have reported significant cost increases driven by tariffs, prompting price hikes on everyday essentials. For example, Kraft Heinz recently revised its financial outlook downward, citing a volatile business environment shaped by tariffs and inflation. PepsiCo and Procter & Gamble have also lowered their earnings forecasts, attributing reduced performance to tariff-driven inflation and softening consumer demand.

    The broader macroeconomic outlook reflects this fragility. In April, the International Monetary Fund (IMF) downgraded the US growth forecast for 2025 from 2.7% in January to 1.8%, the steepest cut among major economies. These pressures have not gone unnoticed by the public. According to recent research by AP-NORC, three-quarters of Americans expect tariffs to drive up prices, and many express growing concerns about the risk of recession.

    Manral adds: “This sentiment is echoed in the GlobalData 2025 Q1 survey* results. In the US, 56% of consumers say they are “extremely” or “quite concerned” about the impact of trade wars and import tariffs on product pricing. Similarly, the Michigan Consumer Sentiment Index sank to its lowest level since 2022, as Americans brace for higher inflation and continued economic strain. Persistent inflation, amplified by tariffs, is fueling consumer anxiety, curbing discretionary spending, and increasing price sensitivity and country-of-origin awareness.”

    The ripple effects of tariffs extend beyond pricing. GlobalData’s survey* also revealed that 55% of consumers are now more attentive to the country of origin of the products they buy due to ongoing political events. This reflects a growing wave of political consumerism, where purchase decisions are increasingly influenced by ideology as well as affordability.

    Prerana concludes: “Tariffs are not only inflating operational costs but also reshaping consumer expectations, trust, and purchasing behavior. The decline in the US happiness ranking is a multifaceted issue, but the correlation with economic factors, particularly those influenced by trade policies and tariffs, is evident. As consumers face higher prices and companies navigate increased costs and uncertainty, this impacts the collective sense of well-being.

    “In this context, FMCG brands must prepare for more volatile policy environments and design strategies that address both the economic and emotional dimensions of consumer behavior. This includes resilient pricing models, localized sourcing, and transparent consumer engagement that builds trust and loyalty in uncertain times.”

    *GlobalData 2025 Q1 US consumer survey, 22,000 respondents

    MIL OSI Global Banks –

  • MIL-OSI Banking: Indonesia credit and charge card payments market to grow by 3.2% in 2025, forecasts GlobalData

    Source: GlobalData

    Indonesia credit and charge card payments market to grow by 3.2% in 2025, forecasts GlobalData

    Posted in Banking

    Indonesia’s credit and charge card payments market is expected to register a growth of 3.2% to reach IDR441.8 trillion ($27.9 billion) in 2025. This growth will be driven by the rising consumer spending and increasing consumer preference for cashless transactions. Enhanced by value-added incentives such as cashback offers, flexible repayment options, and installment facilities, the market is set to maintain an upward trajectory, despite the evolving global economic challenges, reveals GlobalData, a leading data and analytics company.

    GlobalData’s Payment Cards Analytics reveals that credit and charge card payment value in Indonesia registered a growth of 7.8% in 2024, driven by the rise in consumer spending.

    Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Public awareness of the advantages associated with credit card usage is gradually rising in Indonesia. The launch of domestic credit card scheme like Kartu Kredit Indonesia (KKI) has also contributed to the rising adoption of credit cards. Consumers frequently utilize these cards to capitalize on benefits, including cashback offers and rewards programs.”

    While credit and charge card penetration is low compared to debit cards, consumers are increasingly using credit and charge cards for payments, with the frequency of payments per card standing at 24.2 times in 2024 (compared to 3.9 for debit cards) and is anticipated to further rise to 30.9 in 2029. This is driven by banks offering flexible repayment options and value-added benefits such as cashback, reward points, discounts, and installment facilities.

    Bank Mandiri offers an installment facility to Visa Credit Card Shopee and Mastercard Livin’ Everyday credit card holders. Likewise, Bank Negara Indonesia offers BNI installment plan allowing its credit card holders to convert purchases into three, six, nine, 12, 18, 24, and 36 monthly installments.

    Meanwhile, to mitigate the risk of over-indebtedness, banks provide debt consolidation programs. HSBC Indonesia, for instance, presents a Debt Management service to clients who have utilized credit cards or personal loans. This service includes options to lower the amount of each installment, extend the repayment term, or decrease the total amount owed by waiving interest or fees. These measures are designed to assist customers in managing their financial obligations more effectively.

    Gradual improvement in payment infrastructure is also contributing to the rise of credit and charge cards in the country, with the total number of POS terminals rising from 1.4 million in 2020 to 2.2 million in 2024. The figure is expected to reach 3 million by 2029. Overall, the number of POS terminals per million inhabitants in Indonesia stood at 7,793 in 2024, which is higher compared to some of its peers such as India (6,964), Vietnam (5,988), the Philippines (4,891), and Cambodia (2,477), though there is significant room for further expansion of POS infrastructure.

    Challa concludes: “While the market size for credit and charge cards is smaller compared to debit cards, it is experiencing notable growth. This is due to growing consumer spending, and growth in e-commerce payments. However, challenges such as the ongoing global trade tariff dispute among major countries, and geopolitical uncertainties remain bottlenecks to the market. Overall, the value of credit and charge card payments is forecast to register a slower compound annual growth rate (CAGR) of 9.8% between 2025 and 2029 to reach IDR622.3 trillion ($39.2 billion) in 2029.”

    MIL OSI Global Banks –

  • MIL-OSI Banking: GlobalData partners with PMLiVE to bring top biopharmaceutical company rankings on a single platform

    Source: GlobalData

    GlobalData partners with PMLiVE to bring top biopharmaceutical company rankings on a single platform

    Posted in Business Fundamentals

    GlobalData, a leading data and analytics company, is proud to announce its partnership with PMLiVE, a leading source for news and insights in the pharmaceutical industry.

    GlobalData currently provides the latest available data on the top biopharmaceutical companies based on company and prescription drug sales, with analyst consensus forecasts as per GlobalData’s Sales and Forecast Database.

    The collaboration between GlobalData and PMLiVE allows readers to gain access to comprehensive insights on the leading players in the biopharmaceutical industry.

    PMLiVE’s Top Pharma List provides up-to-date rankings of the top biopharmaceutical companies globally, underpinned by GlobalData’s robust market intelligence and performance metrics.

    Additionally, the Top Pharma Lists also features company-specific profiles that provide additional rankings on revenues based on prescription drug sales and the latest articles for each pharma company.

    Ophelia Chan, Senior Business Fundamentals Analyst at GlobalData, says: “The Top Pharma List is a vital industry barometer, offering clear visibility into market leadership and evolving competitive dynamics. Backed by GlobalData’s proprietary forecasts and robust sales intelligence, this collaboration empowers pharma professionals to benchmark performance, identify growth opportunities, and make data-driven decisions in an increasingly competitive and innovation-driven global biopharmaceutical landscape.”

    For further insights into the latest Deal Trends in the Pharma Sector, please see GlobalData’s Venture Capital Investment Trends In Pharma – Q1 2025 and M&A Trends in Pharma – Q1 2025 reports.

    MIL OSI Global Banks –

  • MIL-OSI Banking: HIV market to surpass $32 billion across 7MM in 2033, forecasts GlobalData

    Source: GlobalData

    HIV market to surpass $32 billion across 7MM in 2033, forecasts GlobalData

    Posted in Pharma

    The human immunodeficiency virus (HIV) market across the seven major markets (7MM*) is forecast to grow at a compound annual growth rate (CAGR) of 1.9% from $26.5 billion in 2023 to $32.1 billion in 2033, forecasts GlobalData, a leading data and analytics company.

    GlobalData’s report, “Human Immunodeficiency Virus (HIV): Seven-Market Drug Forecast,” reveals that market growth will primarily be driven by the increased uptake of long-acting injectable therapies, as well as the anticipated launch of novel single tablet regimens (STRs).

    Anaelle Tannen, Infectious Disease Analyst at GlobalData, comments: “The pipeline analysis indicates a shift away from 3-drug STRs and towards 2-drug STRs. These are hoped to have reduced toxicities and side effects as a result.”

    Six products are currently in Phase III development and are expected to launch by 2033, including four two-drug STRs. These are Gilead Sciences’ (Gilead) once-daily combination of bictegravir and lenacapavir, Merck’s once-daily doravirine and islatravir, Gilead’s once-weekly islatravir and lenacapavir, and a once-weekly regimen of GS-1720 and GS-4182 developed jointly by Gilead and Merck.

    Tannen continues: “Currently all STRs require daily administration and there is a need for alternative and more convenient options for patients which islatravir+lenacapavir and GS-1720+GS-4182 could address.”

    Other notable therapies in late-stage development include CytoDyn’s once-weekly leronlimab, which is expected to be used in patients with CCR5-type virus, and Gilead’s biannual injectable lenacapavir for pre-exposure prophylaxis (PrEP)**.

    Tannen adds: “Long-acting injectable therapies will gain significant market share across the 7MM as this method requires infrequent dosing and is thus more convenient. Lenacapavir, for example, is initially expected to be administered subcutaneously biannually for PrEP, and clinical trials are underway to see its efficacy when administered once a year. Data from a Phase I trial has demonstrated lenacapavir’s potential when administered intramuscularly once yearly.”

    Subcutaneous lenacapavir has demonstrated 100% efficacy in preventing new HIV infections in the PURPOSE1 Phase III trial and thus has shown its potential as an important new tool for PrEP. However, subcutaneous lenacapavir is expected to be more expensive than daily oral PrEP and the key opinion leaders (KOLs) interviewed by GlobalData have highlighted that this may be a barrier to access.

    Furthermore, despite the anticipated launch of several innovative products, generic erosion will represent a barrier to growth over the forecast period, with key products such as Biktarvy and Dovato losing patent protection and becoming vulnerable to competition from generics.

    Tannen concludes: “Whilst many pipeline drugs have demonstrated promising efficacy and safety profiles, none will be superior, in terms of commercial success, to the current standard of care Biktarvy.”

    *The US, France, Germany, Italy, Spain, the UK, and Japan.

    **Lenacapavir is already marketed across the 7MM under the brand name Sunlenca for usage in treatment-experienced patients with multidrug-resistant HIV.

    MIL OSI Global Banks –

  • MIL-OSI USA: Kugler, Assessing Maximum Employment

    Source: US State of New York Federal Reserve

    Thank you, Francine, and thank you to the Central Bank of Iceland for the invitation to speak to you today.1
    My subject is the Federal Reserve’s mandate of maximum employment. In the Fed’s monetary policymaking, maximum employment and stable prices are linked in the mandate assigned to the Federal Reserve by U.S. law, which we refer to as the dual mandate. Icelanders, I know, are a seafaring people, and those here will understand what I mean when I say that the dual mandate is our “lodestar,” a word our two languages share. It is our goal and our guide in setting monetary policy.
    There is an important distinction between our dual-mandate goals. For reasons that I will explain, while the Federal Open Market Committee (FOMC) has defined “stable prices” as 2 percent annual inflation, such numerical precision is not possible in defining maximum employment.
    To achieve price stability, the Fed adopted a numerical target for inflation in 2012 that hasn’t changed. It has remained unchanged because the Committee has repeatedly reaffirmed the judgment that it made in 2012 that 2 percent inflation is the rate most consistent with its statutory mandate. In contrast, the Federal Reserve has not spelled out a numerical goal for the unemployment rate or some other measure of employment because maximum employment can move up and down over time and is not directly measurable, and also because the different factors that determine it are either difficult or impossible to measure in real time.
    Plan of the TalkThe unemployment rate is the statistic that the public most often uses to form views about labor market conditions, and it is also the statistic that economists most often use to try to infer maximum employment. And economists frequently refer to u* as the unemployment rate that corresponds to maximum employment. That said, in my speech today, I would like to offer historical examples of why u* varies over time and why it would be a mistake to assume that it is a fixed number.2 Then, I will review the evolution of the unemployment rate over the past two decades and show that this rate has varied over time, moved by the interplay of myriad factors such as demographics, labor market regulations, changes in business or consumer confidence, or cyclical changes in aggregate demand and monetary policy shocks. In contrast, u* is moved mostly by either structural changes, such as skill deterioration or capital depreciation, or by long-run factors in the labor market, such as the demographic and skill composition of the population. As a result, u* does not move as much as the unemployment rate over time.3 This is significant because monetary policy is aimed at managing the business cycle to minimize deviations from maximum employment.
    In reviewing the unemployment rate, I will also note that it certainly bears valuable information, but, in many cases, this needs to be complemented with other labor market indicators to have a fuller picture of the state of the economy.
    As I have noted, maximum employment is not directly measurable. Likewise, we cannot observe u* directly, and it has to be inferred by statistical techniques, which I’ll review.4 One element common to all the approaches that I review is that they use a number of labor market indicators in addition to the unemployment rate in forming their estimates of maximum employment. Another element in common to some of the approaches is that they try to separate transient factors, or higher-frequency variation, from a more permanent, long-run feature of the economy that can be interpreted as u*.
    Case Study: The Assumption of a Fixed Maximum Employment in the 1970sA common assumption in the economics profession during the 1960s was that u* was 4 percent.5
    While this number might have been a decent approximation of u* during that period, it did not consider the possibility of meaningful changes in that value and, specifically, changes due to the rapid growth in labor supply from the post–World War II baby boomers entering the workforce. Especially because younger workers have higher levels of unemployment, the advent of the baby boomers meant that u* in the 1970s was surely higher than 4 percent. The Federal Reserve was slow in revising its estimate of u*. The high unemployment rate and too low fixed estimate of u* minimum unemployment, in conjunction with the failure to recognize the slowdown in trend productivity, led the Federal Reserve to exaggerate the estimate of slack in the economy and maintain monetary policy that was too loose, adding to other factors driving persistently high inflation over that decade.6 This experience led the Federal Reserve to recognize that a fixed 4 percent value for u* was a poor basis for understanding the cyclical position of the economy.
    The experience of the 1960s and 1970s made it clear that demographic changes need to be considered in estimating u*—a topic I will explore further in my speech.
    The U.S. Labor Market over the Past Two DecadesThe U.S. labor market over the past two decades provides some valuable circumstantial evidence for how maximum employment can change over time. Let me start by discussing the Great Recession, which began in late 2007 and was driven by a severe financial crisis. In the months before the recession began, the unemployment rate reached a low of 4.4 percent and then peaked at 10 percent in October 2009. Although the unemployment rate is a useful metric of the severity of that event, an additional variable that reflects the depth and persistence of the downturn in the labor market after the Great Recession was the share of long-term unemployed—the percentage of unemployed people out of work for 27 weeks or more—which was nearly twice as high as during the deep recession of the 1980s. Longer spells of unemployment can generate persistence because the longer the duration of unemployment for workers, the more their skills erode and the harder it is to become reemployed, leading, in turn, to higher unemployment, a phenomenon known as hysteresis. While some have argued that only workers unemployed for shorter durations should be counted in estimating the slack in the economy, hysteresis is an important part of slack during periods with high unemployment.7 Instead, the experience of the Great Recession reinforced the value of consulting other useful measures of slack.
    After the Great Recession, it took eight years for the unemployment rate to reach the pre-recession low, but when it did, in 2016, it continued to fall, reaching 3.5 percent in 2019 and remaining close to this level until the beginning of the COVID-19 recession in 2020. One thing that was remarkable about this period was that this low level of unemployment occurred without any escalation of inflation. Personal consumption expenditures inflation ran well below an annual rate of 2 percent for almost all of the decade after the Great Recession, when monetary policy was highly accommodative. One could infer that u* had moved down over this period.
    Turning to the pandemic recession, the unemployment rate rose to nearly 15 percent in two months, but a distinguishing feature of this increase was that a large fraction of the unemployed were temporarily laid off.8 Economic research suggests that those who lose their jobs via temporary layoffs have a high likelihood of being recalled, with the latest estimates suggesting a 60 percent probability.9 Considering this, it was not surprising that the post-pandemic recovery was characterized by a fast decline in the unemployment rate.10 In this sense, the unemployment rate alone was not a sufficient indicator of the true state of the labor market. In the post-pandemic recovery, the unemployment rate fell to 3.4 percent by April 2023. Again, for a second time we saw the unemployment rate falling to levels that were in the past associated with price pressures, whereas in this case inflation was also falling.
    In summary, the past two recessions underscored that there are useful statistics beyond the unemployment rate that help inform a reading of maximum employment, and the past two recoveries suggest that the U.S. economy may sustain unemployment as low as 3.5 percent.
    Turning to the current state of the labor market, the unemployment rate has risen only very slowly, and it has moved within a tight range of around 4.2 percent, which is its current reading. In addition, temporary layoffs are back at their pre-pandemic level, and vacancies and quits have leveled off. As a consequence, I judge the labor market to be stable. Most likely, the labor market is also close to maximum employment given that the estimates of u* from some of the models that I will consider in the rest of this speech are in the vicinity of 4.2 percent.
    I have used some historical examples to illustrate how the unemployment rate has changed over time, and I have made some informal inference on the movements of u* in certain periods. Now let me explore different ways of estimating maximum employment. I will cover three separate methods: a method that uses the demographic composition of the population; a definition that considers the unemployment rate in conjunction with inflation in order to get closer to a definition of u* consistent with stable prices; and, lastly, a definition that focuses on maximum employment that one can obtain by taking into account that workers take time to find jobs and firms take time to fill job openings. Some of the models that I review also consider the labor force participation rate, as structural variation in this rate also affects maximum employment. Historical experience with the different forces that can move around maximum employment indicates that all three of these approaches could be helpful in the future when trying to estimate maximum employment.11
    Estimation of Maximum Employment Using DemographicsIn describing the impact of the baby boomers on the labor market, I have already provided an example of how the demographic composition of the workforce may affect maximum employment. More generally, the age distribution in the population or educational attainment or skill distribution are always important factors in evaluating the potential workforce. Beyond the composition of the workforce, developments within specific demographic subgroups also may be relevant for maximum employment. For instance, the increase in labor force participation of women over the past 50 years has been an important factor that has augmented the available workforce. Granular data from the Labor Department’s monthly survey of household employment known as the Current Population Survey, sometimes in conjunction with data on job openings and flows in and out of employment, can add demographic details to the estimation of maximum employment.
    The models that exploit demographic data separate the trend or structural factors in both the unemployment rate and labor force participation rate from transient factors in individual demographic groups, allowing an estimate of maximum employment.12 I think of this as a “bottom up” approach.13
    One can add an additional layer of complexity in working with demographic groups. One important aspect of the unemployment rate is its characteristic countercyclical dynamics—that is, the way this rate increases at the onset of recessions due to an increase in the flow out of employment or layoffs, and its decline in expansions as more unemployed workers find jobs and flow into employment. In recognition of the importance of these flows, one alternative to extracting trends by demographic group is to extract trends in the flows by demographic groups and reconstruct u* dynamics from those flows. The implicit assumption is that the trend components of flows into and out of unemployment capture structural characteristics of the labor market, including market imperfections and the cost of job searches for both workers and employers.14 The models in this class estimate a trend unemployment rate in the range between 4.1 and 4.3 percent in the fourth quarter of 2024.15
    Estimation of Maximum Employment Consistent with Stable PricesAs I mentioned, the dual mandate includes stable prices. The models that I have just described do not contain information on prices. However, one may include price information by adding inflation as a measure of aggregate price pressures in order to come up with an estimate of maximum employment consistent with stable prices.16 A higher unemployment rate signals more workers are available to work, indicating more slack. As more workers are employed, the economy is moving to a situation of fewer resources being available for additional output and most likely to more price pressures. Maximum employment consistent with stable prices ideally strikes a balance between additional workers being hired and additional increases in prices. I have alluded to this concept in an informal way when arguing that in the period after the Great Recession, u* may have moved down through 2019.
    In practice, inflation information is folded into the model by adding a relationship between prices and the unemployment rate known as the Philips curve. There is a long tradition in extracting trend employment consistent with stable prices using a various labor market and output measures. I will draw upon that heritage and briefly describe a model that like the statistical methods that I have already reviewed also aims at estimating maximum employment by separating the unemployment rate from cyclical factors, but it does so by using numerous output and labor market indicators in conjunction with price information.17 Output indicators include both gross domestic product and gross domestic income. Among labor market indicators, in addition to the unemployment rate, there are payrolls, the workweek, and labor force participation, which means that the model is not limited to just the unemployment rate in inferring trend unemployment. The purpose of using many indicators is the belief that all of them follow the same cycle, and that it is easier to identify and separate the cycle from trend using a large set of indicators. Coming back to the Phillips curve, I would note that models that estimate u* are somewhat sensitive to the specification of the Phillips curve. For instance, the model that I have just described has a u* estimate of about 5 percent in the fourth quarter of 2024, but alternative Phillips curve specifications may lower it below 5 percent.18
    Estimation of the Efficient Level of EmploymentA third, often less mentioned concept of full employment is the “efficient” level of unemployment. This concept starts with the idea that it is inefficient for society to have unemployed workers and job openings. Society as a whole would gain by matching those workers with those job openings in a productive way. Of course, it is impossible to instantaneously reduce unemployed workers and job openings to zero. Newly unemployed workers take time to find a job, and vacancies take time to fill as firms find and screen applicants with the right skills. The empirical relationship between the unemployment rate and the job openings rate is summarized by the Beveridge curve, a downward-sloping curve along which more unemployed workers are associated with fewer job openings. The Beveridge curve is a structural aspect of the labor market, and it is effectively a constraint on the relationship between the unemployment rate and the job openings rate. However, given the Beveridge curve, monetary policymakers can try to move the economy along the curve closer to a point at which the total number of vacancies plus unemployed is minimized. One can show that this happens somewhere in between the two, precisely around a value of the unemployment rate equal to the geometric average of the unemployment and vacancy rate.19 The current estimate of this full employment concept places the unemployment rate at 4.2 percent in the fourth quarter of 2024.
    Conclusion and Policy MessageI want to draw some conclusions from the points I have made today.
    My discussion has touched upon many different statistics of the labor market, including the possibility of using data that exploits the heterogeneity of different demographic groups, which I judge to be very informative about u*. The reason is that different business cycles are generated by different shocks that affect the economy in different ways, so that useful indicators of slack in past cycles may not be as insightful in the future. For instance, when there is slack in the labor market, measures taking into account unemployment duration can be more informative about the persistence of unemployment and future slack. By contrast, when labor markets are tight, measures of flows into, out of, and across jobs will give a better measure of the job opportunities for workers and potential upward pressures on wages. Similarly, the vacancy and unemployment ratio combination used in the definition of efficient u* can provide an alternative measure of maximum employment.
    Of course, any one of the estimation techniques that I have reviewed has limitations. For instance, there are constraints on the number of indicators that each model can process. This implies that some models will be better at capturing some drivers of maximum employment than others. That is why I cannot point to the best statistic or best model of maximum employment. I can only acknowledge that a rich set of models and indicators only benefits the policymaker. Given the uncertainty in estimating maximum employment in real time and the many options available, I consider it undesirable to adopt one particular measure to guide monetary policy. This is something to bear in mind as I approach the current review of the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which we call our framework.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. In fact, early on, economists have embarked to estimate the time-varying maximum employment in the economy. At least since Perry (1970), it was noted that u* can vary over time; see George L. Perry (1970), “Changing Labor Markets and Inflation,” (PDF) Brookings Papers on Economic Activity, no. 3, pp. 411–48. Return to text
    3. Consistent with the view that u* moves less than the unemployment rate over time, in this speech, most of the models that I review assume that u* is the trend component of the unemployment rate. For an alternative view that challenges the weaker cyclicality of u* relative to the unemployment rate, see Robert E. Hall and Marianna Kudlyak (2023), “The Active Role of the Natural Rate of Unemployment,” NBER Working Paper Series 31848 (Cambridge, Mass.: National Bureau of Economic Research, November; revised December 2024). Return to text
    4. For some early examples of the use of advanced statistical techniques such as the application of Kalman filtering techniques, see, for instance, the early examples of Peter K. Clark (1987), “The Cyclical Component of U.S. Economic Activity,” Quarterly Journal of Economics, vol. 102 (November), pp. 797–814; and Kenneth N. Kuttner (1994), “Estimating Potential Output as a Latent Variable,” Journal of Business & Economic Statistics, vol. 12 (July), pp. 361–68. For a recent summary of the literature, see Alessandro Barbarino, Travis J. Berge, and Andrea Stella (2024), “The Stability and Economic Relevance of Output Gap Estimates,” Journal of Applied Econometrics, vol. 39 (September/October), pp. 1065–81. Return to text
    5. See Arthur M. Okun (1962), “Potential GNP: Its Measurement and Significance,” Proceedings of the Business and Economics Statistics Section, pp. 98–104. Return to text
    6. See Athanasios Orphanides (2003), “The Quest for Prosperity without Inflation,” Journal of Monetary Economics, vol. 50 (April), pp. 633–63. Return to text
    7. See, for instance, Olivier J. Blanchard and Lawrence H. Summers (1987), “Hysteresis in Unemployment,” European Economic Review, vol. 31 (February–March), pp. 288–95. Return to text
    8. In addition, the rise in temporary layoffs was considered by the Bureau of Labor Statistics to be understated, because many respondents to the Current Population Survey misreported their status as employed but not at work—that is, the properly measured unemployment rate would have risen by much more than was actually reported; see, for example, page 6 of the May 2020 Employment Situation report, which is available on the Bureau of Labor Statistics’ website at https://www.bls.gov/news.release/archives/empsit_06052020.pdf. Return to text
    9. See the classic study of David M. Lilien (1980), “The Cyclical Pattern of Temporary Layoffs in United States Manufacturing,” Review of Economics and Statistics, vol. 62 (February), pp. 24–31. For a more recent paper that makes use of matched employer–employee data, see Arash Nekoei and Andrea Weber (2015), “Recall Expectations and Duration Dependence,” American Economic Review, vol. 105 (May), pp. 142–46. Return to text
    10. Moreover, academic research also suggests that the extent of firms’ recourse to temporary layoffs is correlated with firms’ expectations of near-term economic activity. This would have suggested in real time that a sharp rise in temporary layoffs was not as worrisome as a similar increase in permanent job losses. See Arash Nekoei and Andrea Weber (2020), “Seven Facts about Temporary Layoffs,” CEPR Discussion Paper 14845 (London: Centre for Economic Policy Research, June 3). Return to text
    11. Some studies distinguish long-run unemployment, which would fall in the first category of models that use demographic information, from stable price unemployment, which also adds a Phillips curve to the model. For a recent review, see Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2020), “Unemployment Rate Benchmarks,” Finance and Economics Discussion Series 2020-072 (Washington: Board of Governors of the Federal Reserve System, August). Return to text
    12. The resulting unemployment rate trend can be thought of as a “natural rate.” The first reference to a “natural rate” of unemployment is from Milton Friedman in 1968. Friedman made it clear that he used the term to try and separate real forces from monetary forces, which are assumed to be more transient; therefore, it seems appropriate to use the term “natural rate” for estimates from demographic trends. See Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1–17. That said, such a concept is controversial; see Richard Rogerson (1997), “Theory Ahead of Language in the Economics of Unemployment,” Journal of Economic Perspectives, vol. 11 (Winter), pp. 73–92. Return to text
    13. See, for instance, Stephanie Aaronson, Bruce Fallick, Andrew Figura, Jonathan Pingle, and William Wascher (2006), “The Recent Decline in the Labor Force Participation Rate and Its Implications for Potential Labor Supply,” (PDF) Brookings Papers on Economic Activity, pp. 69–154; Daniel Aaronson, Luojia Hu, Arian Seifoddini, and Daniel G. Sullivan (2015), “Changing Labor Force Composition and the Natural Rate of Unemployment,” Chicago Fed Letter 338 (Chicago: Federal Reserve Bank of Chicago); Andreas Hornstein and Marianna Kudlyak (2019), “Aggregate Labor Force Participation and Unemployment and Demographic Trends,” February 28, https://ssrn.com/abstract=3347310; and Didem Tüzemen (2019), “Job Polarization and the Natural Rate of Unemployment in the United States,” Economics Letters, vol. 175 (February), pp. 97–100. Return to text
    14. See, for instance, Mary C. Daly, Bart Hobijn, Ayşegül Şahin, and Robert G. Valletta (2012), “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” Journal of Economic Perspectives, vol. 26 (Summer), pp. 3–26. Return to text
    15. See Murat Tasci (2012), “The Ins and Outs of Unemployment in the Long Run: Unemployment Flows and the Natural Rate,” Working Paper 12-24 (Cleveland: Federal Reserve Bank of Cleveland, November). See also Richard K. Crump, Stefano Eusepi, Marc Giannoni, and Ayşegül Şahin (2019), “A Unified Approach to Measuring u*,” (PDF) BPEA Conference Drafts, March 7–8. Ahn adds unemployment duration in conjunction with flows to estimate u*; see Hie Joo Ahn (2023), “Duration Structure of Unemployment Hazards and the Trend Unemployment Rate,” Journal of Economic Dynamics and Control, vol. 151 (June), 104664. Return to text
    16. Estimates that use prices are sometimes referred to as the non-accelerating inflation rate of unemployment, or NAIRU, although NAIRU is somewhat of a misnomer. In fact, the inflation process in the Great Moderation is not described well by an accelerationist Phillips curve but rather by a mean reverting process around a stable trend, conveniently proxied by long-run inflation expectations. In that case, it would be more accurate to talk about “NIRU,” or non-inflationary rate of unemployment. Return to text
    17. The estimate that I report are from a variant of the model in Charles A. Fleischman and John M. Roberts (2011), “From Many Series, One Cycle: Improved Estimates of the Business Cycle from a Multivariate Unobserved Components Model,” (PDF) Finance and Economics Discussion Series 2011-46 (Washington: Board of Governors of the Federal Reserve System, October). Return to text
    18. For instance, the Phillips curve could be non-linear as in Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April). Return to text
    19. The efficient level of unemployment is also referred to as the “full employment rate of unemployment” or FERU; see Pascal Michaillat and Emmanuel Saez (2024), “u* = √uv: The Full-Employment Rate of Unemployment in the United States,” (PDF) BPEA Conference Draft, September 26–27. Return to text

    MIL OSI USA News –

  • MIL-OSI: Outbrain Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand following Outbrain’s acquisition of Teads in February 2025, announced today financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Key Financial Metrics1:

      Three Months Ended
    March 31,
    (in millions USD)   2025       2024     % Change
    Revenue $ 286.4     $ 217.0     32  %
    Gross profit   82.7       41.6     99  %
    Net loss   (54.8 )     (5.0 )   NM
    Net cash (used in) provided by operating activities   (1.0 )     8.6     (111 )%
               
    Non-GAAP Financial Data*          
    Ex-TAC gross profit   103.1       52.2     98  %
    Adjusted EBITDA   10.7       1.4     665  %
    Adjusted net loss   (15.3 )     (4.9 )   (211 )%
    Free cash flow   (6.6 )     4.6     (242 )%

    _____________________________

    1 Incorporates the results of operations for legacy Teads from February 3, 2025 through March 31, 2025
    * See non-GAAP reconciliations below
    NM Not meaningful

    “We are off to a strong start following the completion of the combination with Teads. In the first quarter, we delivered financial results above the mid-range of our guidance, while closing the acquisition, issuing five-year senior secured notes, and reaching many major milestones of integration and synergy realization. We are in the early days, but the feedback to our brandformance platform strategy from the hundreds of advertisers and media owners we have met has been highly encouraging,” said David Kostman, CEO of Teads.

    First Quarter 2025 Business Highlights:

    • Completed the acquisition of Teads, for total consideration of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company is operating under the name Teads.
    • Expect to realize approximately $65 million to $75 million of synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 90% of the estimated compensation-related synergies already actioned. For 2025, expect to realize a benefit from cost synergies of approximately $40 million, which represents an increase from initial expectations.
    • Initial cross-selling of legacy Outbrain performance solutions to legacy Teads enterprise brand customers launched in Q2 with several campaigns sold.
    • New strategic Joint Business Partnerships (JBPs) with Ferrero, Haleon, Philip Morris International, and Beiersdorf.
    • ~500 advertisers spending at least a half a million dollars on a rolling 12 month basis, with an average spend of over $2 million annually, which represents approximately 70% of total customer spend.
    • CTV experienced more than 100% year-over-year growth in Q1 2025, and now represents approximately 5% of total ad spend.
    • Continued strong adoption of Moments vertical video offering launched in Q3 2024 and is now live on over 70 publishers, including Axel Springer, Fox News, and Webedia.
    • Premium supply competitive wins include Godo (Spain) WWS (Japan), and renewals include Conde Nast and TMZ (US), Ansa (Italy), Webedia (France) and Sankei (Japan).

    First Quarter 2025 Financial Highlights:

    • Revenue of $286.4 million, an increase of $69.4 million, or 32%, compared to $217.0 million in the prior year period primarily due to the acquisition, including net unfavorable foreign currency effects of approximately $2.6 million.
    • Gross profit of $82.7 million, an increase of $41.1 million, or 99%, compared to $41.6 million in the prior year period. Gross margin increased to 28.9%, compared to 19.2% in the prior year period, reflecting the higher gross margin profile of the acquired business.
    • Ex-TAC gross profit of $103.1 million, an increase of $50.9 million, or 98%, compared to $52.2 million in the prior year period, primarily due to the acquisition. Our Ex-TAC gross margin increased to 36.0%, compared to 24.0% in the prior year period, reflecting the higher margin profile of the acquired business.
    • Net loss of $54.8 million, compared to net loss of $5.0 million in the prior year period. Net loss in the current period includes pre-tax acquisition-related costs of $16.4 million, impairment charges of $15.6 million primarily related to the discontinuance of the vi product offering, restructuring charges of $7.3 million related to our previously announced restructuring plan to streamline operations and reduce duplicative roles post-acquisition, and bridge facility related costs of $12.0 million.
    • Adjusted net loss of $15.3 million, compared to adjusted net loss of $4.9 million in the prior year period.
    • Adjusted EBITDA of $10.7 million, compared to Adjusted EBITDA of $1.4 million in the prior year period.
    • Net cash used in operating activities of $1.0 million, compared to net cash provided by operating activities of $8.6 million in the prior year period. Free cash flow was $(6.6) million, as compared to $4.6 million in the prior year period, primarily related to cash outflows related to transaction costs and restructuring charges of $16.2 million.
    • Cash, cash equivalents and investments in marketable securities were $155.9 million, comprised of cash and cash equivalents of $136.3 million and short-term investments in marketable securities of $19.6 million as of March 31, 2025.
    • Total debt obligations were $627.0 million, including the $610.8 million carrying value of the 10% senior secured notes due 2030 issued in February 2025 (principal amount of $637.5 million, net of unamortized discount and deferred financing costs) and $16.2 million outstanding under a short-term overdraft facility assumed in the acquisition.
    • Entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility, which expires on February 3, 2030, which may be used for working capital and other general corporate purposes. The prior revolving credit facility with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021 was terminated.

    Second Quarter Guidance

    The following forward-looking statements reflect our expectations for the second quarter and full year of 2025.

    For the second quarter ending June 30, 2025, we expect:

    • Ex-TAC gross profit of $141 million to $150 million
    • Adjusted EBITDA of $26 million to $34 million

    For the full year ending December 31, 2025, we continue to expect:

    • Adjusted EBITDA of at least $180 million

    The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

    Conference Call and Webcast Information

    Outbrain will host an investor conference call this morning, Friday, May 9 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13753068. The replay will be available until May 23, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Non-GAAP Financial Measures

    In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with GAAP.

    Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

    The Company is also providing second quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

    Ex-TAC Gross Profit

    Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

    We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with GAAP.

    Adjusted EBITDA

    We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, acquisition-related costs, restructuring, and impairment charges. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

    We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Adjusted Net Income (Loss) and Adjusted Diluted EPS

    Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with GAAP.

    Free Cash Flow

    Free cash flow is defined as cash flow provided by (used in) operating activities, less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; our ability to attract and retain customers, management and other key personnel; the volatility of the market price of the Common Stock, $.001 par value per share (the “Common Stock”); overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, tariffs and trade wars and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in the U.S., and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the ongoing conflict between Israel and Hamas and any conflicts with other terrorist organizations or other countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company

    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 36 countries.

    Media Contact
    press@outbrain.com

    Investor Relations Contact
    IR@outbrain.com
    (332) 205-8999

    OUTBRAIN INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except for share and per share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
    Revenue   $ 286,357     $ 216,964  
    Cost of revenue:        
    Traffic acquisition costs     183,235       164,810  
    Other cost of revenue     20,472       10,559  
    Total cost of revenue     203,707       175,369  
    Gross profit     82,650       41,595  
    Operating expenses:        
    Research and development     13,979       9,193  
    Sales and marketing     53,737       23,617  
    General and administrative     36,477       15,215  
    Impairment charges     15,614       —  
    Restructuring charges     7,279       167  
    Total operating expenses     127,086       48,192  
    Loss from operations     (44,436 )     (6,597 )
    Other (expense) income:        
    Interest expense     (23,124 )     (937 )
    Other (expense) income and interest income, net     (484 )     1,405  
    Total other (expense) income, net     (23,608 )     468  
    Loss before income taxes     (68,044 )     (6,129 )
    Benefit from income taxes     (13,201 )     (1,088 )
    Net loss   $ (54,843 )   $ (5,041 )
             
    Weighted average shares outstanding:        
    Basic     77,954,579       49,265,012  
    Diluted     77,954,579       49,265,012  
             
    Net loss per common share:        
    Basic   $ (0.70 )   $ (0.10 )
    Diluted   $ (0.70 )   $ (0.10 )
    OUTBRAIN INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except for number of shares and par value)
     
      March 31,
    2025    		   December 31,
    2024
      (Unaudited)    
    ASSETS:      
    Current assets:      
    Cash and cash equivalents $ 136,312     $ 89,094  
    Short-term investments in marketable securities   19,567       77,035  
    Accounts receivable, net of allowances   328,386       149,167  
    Prepaid expenses and other current assets   49,817       27,835  
    Total current assets   534,082       343,131  
    Non-current assets:      
    Property, equipment and capitalized software, net   47,879       45,250  
    Operating lease right-of-use assets, net   26,874       15,047  
    Intangible assets, net   391,022       16,928  
    Goodwill   587,494       63,063  
    Deferred tax assets   49,957       40,825  
    Indemnification asset   26,556       —  
    Other assets   24,176       24,969  
    TOTAL ASSETS $ 1,688,040     $ 549,213  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    Current liabilities:      
    Accounts payable $ 274,060     $ 206,920  
    Accrued compensation and benefits   50,760       19,430  
    Deferred revenue   13,066       6,932  
    Short-term debt   16,202       —  
    Accrued and other current liabilities   118,457       56,189  
    Total current liabilities   472,545       289,471  
    Non-current liabilities:      
    Long-term debt   610,816       —  
    Operating lease liabilities, non-current   20,356       11,783  
    Deferred tax liabilities   62,099       1,554  
    Contingent tax liabilities   36,632       9,343  
    Other liabilities   10,927       5,719  
    TOTAL LIABILITIES $ 1,213,375     $ 317,870  
           
    STOCKHOLDERS’ EQUITY:      
    Common stock, par value of $0.001 per share − one billion shares authorized; 94,349,511 shares issued and 94,293,190 shares outstanding as of March 31, 2025; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024   94       64  
    Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
    Additional paid-in capital   674,442       484,541  
    Treasury stock, at cost − 56,321 shares as of March 31, 2025 and 13,413,160 shares as of December 31, 2024   (242 )     (74,289 )
    Accumulated other comprehensive income (loss)   24,707       (9,480 )
    Accumulated deficit   (224,336 )     (169,493 )
    TOTAL STOCKHOLDERS’ EQUITY   474,665       231,343  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,688,040     $ 549,213  
    OUTBRAIN INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net loss   $ (54,843 )   $ (5,041 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:        
    Depreciation and amortization of property and equipment     1,935       1,639  
    Amortization of capitalized software development costs     2,472       2,409  
    Amortization of intangible assets     8,466       852  
    Amortization of discount on marketable securities     (425 )     (642 )
    Stock-based compensation     2,941       2,927  
    Non-cash operating lease expense     2,307       1,195  
    Provision for credit losses     298       1,693  
    Amortization of debt issuance costs     12,843       —  
    Deferred income taxes     (17,786 )     (174 )
    Impairment of assets     15,614       —  
    Unrealized foreign currency transaction (gains) losses     1,688       312  
    Other     30       26  
    Changes in operating assets and liabilities:        
    Accounts receivable     37,605       30,398  
    Prepaid expenses and other current assets     5,901       7,262  
    Accounts payable and other current liabilities     (22,374 )     (31,875 )
    Operating lease liabilities     (2,614 )     (1,205 )
    Deferred revenue     (830 )     (1,471 )
    Other non-current assets and liabilities     5,806       300  
    Net cash (used in) provided by operating activities     (966 )     8,605  
             
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Acquisition of a business, net of cash acquired     (598,319 )     (181 )
    Purchases of property and equipment     (2,921 )     (1,335 )
    Capitalized software development costs     (2,699 )     (2,627 )
    Purchases of marketable securities     (16,602 )     (31,578 )
    Proceeds from sales and maturities of marketable securities     74,221       31,492  
    Net cash used in investing activities     (546,320 )     (4,229 )
             
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Proceeds from the Bridge Facility     625,000       —  
    Repayments of borrowings under the Bridge Facility     (625,000 )     —  
    Proceeds from senior secured notes     625,305       —  
    Payment of deferred financing costs     (28,155 )     —  
    Payment of stock issuance costs     (775 )     —  
    Treasury stock repurchases and share withholdings on vested awards     (355 )     (4,015 )
    Principal payments on finance lease obligations     —       (255 )
    Proceeds from bank overdrafts, net     74       —  
    Net cash provided by (used in) financing activities     596,094       (4,270 )
    Effect of exchange rate changes     (57 )     363  
    Net increase in cash, cash equivalents and restricted cash   $ 48,751     $ 469  
    Cash, cash equivalents and restricted cash — Beginning     89,725       71,079  
    Cash, cash equivalents and restricted cash — Ending   $ 138,476     $ 71,548  
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2025       2024  
    Revenue $ 286,357     $ 216,964  
    Traffic acquisition costs   (183,235 )     (164,810 )
    Other cost of revenue   (20,472 )     (10,559 )
    Gross profit   82,650       41,595  
    Other cost of revenue   20,472       10,559  
    Ex-TAC gross profit $ 103,122     $ 52,154  
           
    Gross margin (gross profit as % of revenue)   28.9 %     19.2 %
    Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)   36.0 %     24.0 %
     
    The following table presents the reconciliation of net loss to Adjusted EBITDA, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2025       2024  
    Net loss $ (54,843 )   $ (5,041 )
    Interest expense   23,124       937  
    Other expense (income) and interest income, net   484       (1,405 )
    Benefit from income taxes   (13,201 )     (1,088 )
    Depreciation and amortization   12,873       4,900  
    Stock-based compensation   2,941       2,927  
    Acquisition-related costs   16,418       —  
    Restructuring charges   7,279       167  
    Impairment charges   15,614       —  
    Adjusted EBITDA $ 10,689     $ 1,397  
           
    Net loss as % of gross profit (66.4 )%   (12.1 )%
    Adjusted EBITDA as % of Ex-TAC Gross Profit   10.4  %     2.7  %
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of net loss and diluted EPS to adjusted net loss and adjusted diluted EPS, respectively, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2024       2023  
    Net loss $ (54,843 )   $ (5,041 )
    Adjustments:      
    Acquisition-related costs   16,418       —  
    Restructuring charges   7,279       167  
    Impairment charges   15,614       —  
    Bridge facility costs   11,996       —  
    Total adjustments, before tax   51,307       167  
    Income tax effect   (11,759 )     (41 )
    Total adjustments, after tax   39,548       126  
    Adjusted net loss $ (15,295 )   $ (4,915 )
           
    Basic and diluted weighted-average shares   77,954,579       49,265,012  
           
    Diluted net loss per share – reported $ (0.70 )   $ (0.10 )
    Adjustments, after tax   0.50       —  
    Diluted loss per share – adjusted $ (0.20 )   $ (0.10 )
    The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:
     
      Three Months Ended March 31,
        2025       2024  
    Net cash (used in) provided by operating activities $ (966 )   $ 8,605  
    Purchases of property and equipment   (2,921 )     (1,335 )
    Capitalized software development costs   (2,699 )     (2,627 )
    Free cash flow $ (6,586 )   $ 4,643  

    The MIL Network –

  • MIL-OSI Economics: Detailed Result: OMO Purchase Auction held on May 09, 2025 and Settlement on May 13, 2025

    Source: Reserve Bank of India

    I. Summary OMO Purchase Results

    Aggregate Amount (Face value) notified by RBI : ₹25,000 crore
    Total amount offered (Face value) by participants : ₹76,845 crore
    Total amount accepted (Face value) by RBI : ₹25,000 crore

    II. Details of OMO Purchase Issue

    Security 6.54% GS 2032 7.57% GS 2033 6.19% GS 2034 6.64% GS 2035 7.54% GS 2036
    No. of offers received 55 51 24 94 35
    Total amount (face value) offered (₹ in crore) 9,167 26,522 6,909 27,284 6,963
    No. of offers accepted 11 33 4 33 21
    Total offer amount (face value) accepted by RBI (₹ in crore) 3,300 7,124 1,850 10,510 2,216
    Cut off yield (%) 6.3203 6.4005 6.3681 6.4548 6.4993
    Cut off price (₹) 101.17 107.29 98.75 101.35 108.10
    Weighted average yield (%) 6.3240 6.4205 6.3797 6.4670 6.5189
    Weighted average price (₹) 101.15 107.16 98.67 101.26 107.94
    Partial allotment % of competitive offers at cut off price NA 49.93 NA 41.88 NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/297

    MIL OSI Economics –

  • MIL-OSI: Gravity Reports First Quarter of 2025 Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, May 09, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the first quarter ended March 31, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

    FIRST QUARTER 2025 HIGHLIGHTS

    • Total revenues were KRW 137,464 million (US$ 93,231 thousand), representing a 6% increase from the fourth quarter ended December 31, 2024 (“QoQ”) and a 14.8% increase from the first quarter ended March 31, 2024 (“YoY”).
    • Operating profit was KRW 24,730 million (US$ 16,772 thousand), representing a 55% increase QoQ and an 8% decrease YoY.
    • Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand), representing a 12.1% increase QoQ and a 12.5% decrease YoY.
    • Net profit attributable to parent company was KRW 22,038 million (US$ 14,947 thousand), representing a 4.6% decrease QoQ and an 18% decrease YoY.

    REVIEW OF FIRST QUARTER 2025 FINANCIAL RESULTS

    Revenues

    Online game revenues for the first quarter of 2025 were KRW 18,806 million (US$ 12,755 thousand), representing a 5.1% decrease QoQ from KRW 19,822 million and a 4.1% increase YoY from KRW 18,065 million. The decrease QoQ was mainly attributable to decreased revenues from Ragnarok Online in Thailand. Such decrease was partially offset by increased revenue from Ragnarok Online in Japan. The increase YoY was largely due to increased revenues from Ragnarok Online in Thailand and China.

    Mobile game revenues were KRW 115,486 million (US$ 78,325 thousand) for the first quarter of 2025, representing a 9.4% increase QoQ from KRW 105,586 million and a 17.2% increase YoY from KRW 98,548 million. The increase QoQ attributed to initial revenues from Ragnarok M: Classic which was launched in Southeast Asia on February 14, 2025 and Ragnarok Idle Adventure Plus launched in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025. Such increase was partially offset by decreased revenues from Ragnarok Origin in Southeast Asia and THE RAGNAROK in Southeast Asia. The increase YoY was due to initial revenue from Ragnarok M: Classic in Southeast Asia, THE RAGNAROK in Southeast Asia launched on October 31, 2024 and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau launched on October 31, 2024. This increase was partially offset by decreased revenues from Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau and North, Central and South America.

    Other revenues were KRW 3,172 million (US$ 2,151 thousand) for the first quarter of 2025, representing a 26.5% decrease QoQ from KRW 4,315 million and a 0.2% increase YoY from KRW 3,166 million.

    Cost of Revenue

    Cost of revenue was KRW 87,458 million (US$ 59,316 thousand) for the first quarter of 2025, representing a 8% increase QoQ from KRW 81,008 million and a 18.8% increase YoY from KRW 73,628 million. The increase QoQ was mainly due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia. The increase YoY was primarily due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia, THE RAGNAROK in Southeast Asia and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau.

    Operating Expenses

    Operating expenses were KRW 25,276 million (US$ 17,143 thousand) for the first quarter of 2025, representing a 22.9% decrease QoQ from KRW 32,765 million and a 31.1% increase YoY from KRW 19,282 million. The decrease QoQ was mainly due to decreased advertising expenses for THE RAGNAROK in Southeast Asia and salaries. The increase YoY was mainly due to increased advertising expenses for Ragnarok Idle Adventure Plus in Global, Ragnarok V: Returns in Thailand, Indonesia and Philippines and Ragnarok Begins in Taiwan, Hong Kong and Macau.

    Profit Before Income Tax Expenses

    Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand) for the first quarter of 2025 compared with profit before income tax expense of KRW 25,377 million for the fourth quarter of 2024 and profit before income tax expenses of KRW 32,498 million for the first quarter of 2024.

    Net Profit

    As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 22,038 million (US$ 14,947 thousand) for the first quarter of 2025 compared with net profit attributable to parent company of KRW 23,099 million for the fourth quarter of 2024 and a net profit attributable to parent company of KRW 26,866 million for the first quarter of 2024.

    Liquidity

    The balance of cash and cash equivalents and short-term financial instruments was KRW 577,163 million (US$ 391,446 thousand) as of March 31, 2025.

    Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,474.44 to US$ 1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    GRAVITY BUSINESS UPDATES

    Ragnarok Online IP-based Games

    • Ragnarok M: Classic, an MMORPG Mobile game

    Ragnarok M: Classic was officially launched in Southeast Asia on February 14, 2025 and Taiwan, Hong Kong and Macau on April 16, 2025.

    • Ragnarok Idle Adventure Plus, a Vertical Idle MMORPG Mobile game

    Ragnarok Idle Adventure Plus was launched in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025 and is underway for its launch in Taiwan, Hong Kong and Macau in the second quarter of 2025 and Korea in the second half of 2025.

    • Ragnarok X: Next Generation, an MMORPG Mobile and PC game

    Ragnarok X: Next Generation was officially launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025 and will be launching in Europe (except England, Portugal, Spain and Ireland) in the second quarter of 2025.

    • THE RAGNAROK, an MMORPG game

    THE RAGNAROK (Chinese title: 巴風特之怒) will be launched on WeChat (H5) Mini Programs in China in the second quarter of 2025.

    • Ragnarok: Dawn (tentative English title), an Idle MMORPG game

    Ragnarok: Dawn (tentative English title) was officially launched on WeChat Mini Programs in China on February 20, 2025, and mobile app version will be launched in Taiwan, Hong Kong and Macau in the second half of 2025.

    • Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

    Ragnarok V: Returns was officially launched in Thailand, Indonesia and Philippines on March 27, 2025.

    • Ragnarok: Back to Glory, a 3D MMORPG Mobile game

    Ragnarok: Back to Glory was officially launched in Korea and re-launched in Southeast Asia on April 17, 2025 and will be launched in China in the third quarter of 2025.

    • Ragnarok Crush, a Puzzle and Tower Defense Mobile game

    Ragnarok Crush will be launched in Global in July 2025.

    • Ragnarok Online America Latina, an MMORPG PC game

    Ragnarok Online America Latina is scheduled to be direct-serviced in Latin America on May 28, 2025.

    • Ragnarok Zero, an RPG PC game

    Ragnarok Zero is being prepared to be launched in Taiwan in July 2025.

    • Ragnarok Libre, a Time Effective MMORPG Telegram game

    Ragnarok Libre is underway for its launch in Global in the second quarter of 2025.

    Ragnarok Online IP-based Blockchain Game

    • Ragnarok Landverse, an MMORPG Blockchain and PC game

    Ragnarok Landverse will be launched in Latin America in the second half of 2025.
    Ragnarok Landverse Genesis, a global new server integrated with RONIN platform, ranked first in trading volume after its official release in Global on March 29, 2025.

    Other IP-based games

    • JLPGA Heroine Collection, a Sports Mobile game

    JLPGA was officially launched in Japan on March 25, 2025.

    • Shambles: Sons of Apocalypse, a Deck-building Roguelike Mobile game

    Shambles: Sons of Apocalypse, was officially launched in Global except for China, Vietnam and Taiwan on March 27, 2025

    • Twilight Monk, a 2.5D Action RPG Console game

    Twilight Monk, was officially launched in Global on March 27, 2025

    • Snow Brothers 2 Special, an Action and Platformer Console game

    Snow Brothers 2 Special, was officially launched in Global on April 10, 2025

    • Meow Star Acers 2, a Farm Simulation Mobile game

    Meow Star Acers 2, is scheduled to be launched in Global in the second half of 2025.

    • Dragonica Origin, an MO Action RPG PC game

    Dragonica Origin will be launched in Southeast Asia in June 2025.

    • Gunbound, an MMO Turned-based Artillery PC game

    Gunbound is underway for its launch in Southeast Asia and Latin America in the second quarter of 2025.

    Expansion of Ragnarok IP-business

    Ragnarok Golf Monsters is an indoor-screen golf brand based on the Ragnarok monster characters. Gravity Communications Co., Ltd. opened the first facility of Ragnarok Golf Monsters in Taipei, Taiwan on February 27, 2025.

    Our New Subsidiary

    Gravity established Gravity Game Unite Sdn. Bhd. (“Gravity Game Unite”), a subsidiary in Malaysia, on March 12, 2025. Gravity will expand various game services including Ragnarok Online IP based games throughout Gravity Game Unite in Malaysian regions.

    Investor Presentation

    Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the first quarter in 2025 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

    About GRAVITY Co., Ltd. —————————————————
    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Forward-Looking Statements:

    Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7800

    GRAVITY Co., Ltd.
    Consolidated Statements of Financial Position

    (In millions of KRW and thousands of US$)

        As of
        31-Dec-24     31-Mar-25
        KRW     US$     KRW     US$
        (audited)     (unaudited)     (unaudited)     (unaudited)
    Assets                              
    Current assets:                              
    Cash and cash equivalents          228,898          155,244          201,367          136,572
    Short-term financial instruments          324,304         219,951           375,796           254,874
    Accounts receivable, net            81,152           55,039            74,469            50,507
    Other receivables, net              1,572             1,066              2,162              1,466
    Prepaid expenses               8,115             5,504              6,669              4,523
    Other current financial assets              6,602             4,478              6,033               4,092
    Other current assets              2,967              2,012               3,091               2,096
    Total current assets          653,610         443,294          669,587           454,130
    Property and equipment, net              9,957              6,753            10,576              7,173
    Intangible assets, net              7,057              4,786               6,414               4,350
    Deferred tax assets              5,617              3,810               6,294               4,269
    Other non-current financial assets                  1,767                1,198                   670                   454
    Other non-current assets              8,451             5,732             9,366              6,352
    Total assets          686,459         465,573          702,907          476,728
    Liabilities and Equity                              
    Current liabilities:                              
    Accounts payable            67,930           46,072            63,048            42,761
    Deferred revenue            26,761            18,150            24,015            16,288
    Withholdings              1,588              1,077              1,635               1,109
    Accrued expense              2,651             1,798              2,168              1,470
    Income tax payable              6,507             4,413              8,782              5,956
    Other current liabilities              3,212             2,178              3,390              2,299
    Total current liabilities              108,649              73,688            103,038              69,883
    Long-term account payables                 220                149                 220                 149
    Long-term deferred revenue              2,572             1,744              1,322                  897
    Other non-current liabilities              5,361              3,636              5,904               4,003
    Deferred tax liabilities              1,294               878              1,294                  878
    Total liabilities           118,096           80,095          111,778             75,810
    Share capital              3,474             2,356              3,474               2,356
    Capital surplus                26,979              18,298              26,979              18,298
    Other components of equity            23,801           16,143            24,507             16,621
    Retained earnings          513,418          348,212           535,456           363,159
    Equity attributable to owners of the Parent Company          567,672          385,009          590,416           400,434
    Non-controlling interest                 691                 469                  713                  484
    Total equity          568,363          385,478          591,129           400,918
    Total liabilities and equity          686,459         465,573          702,907           476,728

    * For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,474.44 to US$ 1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    GRAVITY Co., Ltd.
    Consolidated Statements of Comprehensive Income

    (In millions of KRW and thousands of US$ except for share and ADS data)

        Three months ended
        31-Dec-24     31-Mar-24     31-Mar-25
        (KRW)   (US$)     (KRW)   (US$)     (KRW)   (US$)
        (unaudited)   (unaudited)     (unaudited)   (unaudited)     (unaudited)   (unaudited)
    Revenues:                            
    Online games   19,822   13,444                    18,065   12,252                    18,806   12,755
    Mobile games   105,586   71,611                    98,548   66,838                   115,486   78,325
    Other revenue   4,315   2,927                      3,166   2,147                      3,172   2,151
    Total net revenue   129,723   87,982                   119,779   81,237                  137,464   93,231
    Cost of revenue   81,008   54,942                    73,628   49,936                    87,458   59,316
    Gross profit   48,715   33,040                    46,151   31,301                    50,006   33,915
    Operating expenses:                            
    Selling, general and administrative expenses   28,311   19,201                    15,747   10,680                    21,859   14,825
    Research and development   3,669   2,488                      3,601   2,442                      3,431   2,327
    Others, net                            785                       534                               (66)                      (45)                               (14)                         (9)
    Total operating expenses   32,765   22,223                    19,282   13,077                    25,276   17,143
    Operating profit   15,950   10,817                    26,869   18,224                    24,730   16,772
    Finance income(costs):                            
    Finance income                     9,801               6,647                      6,297   4,271                    10,717   7,269
    Finance costs                          (374)                     (254)                            (668)                    (453)                         (6,997)                 (4,746)
    Profit before income tax   25,377   17,210                    32,498   22,042                    28,450   19,295
    Income tax expense   2,274   1,542                      5,615   3,808                      6,372   4,322
    Profit for the year   23,103   15,668                    26,883   18,234                    22,078   14,973
    Profit attributable to:                            
    Non-controlling interest                                 4                           3                                 17                        12                                 40                         26
    Owners of Parent company   23,099   15,665                    26,866   18,222                    22,038   14,947
    Earning per share                            
    – Basic and diluted                      3,324                 2.25                      3,866   2.62                      3,171   2.15
    Weighted average number of shares outstanding                            
    – Basic and diluted               6,948,900        6,948,900               6,948,900   6,948,900               6,948,900   6,948,900
    Earning per ADS                            
    – Basic and diluted                      3,324                2.25                     3,866   2.62                    3,171   2.15

    * For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,474.44 to US$1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.
    (1) Each ADS represents one common share.

    The MIL Network –

  • MIL-OSI Banking: Huawei’s ADN Level 4 Solution Won Autonomous Network Operations Award at FutureNet World 2025

    Source: Huawei

    Headline: Huawei’s ADN Level 4 Solution Won Autonomous Network Operations Award at FutureNet World 2025

    [London, United Kingdom, May 9, 2025] At FutureNet World 2025 in London, Huawei was honored as the first vendor to receive the Autonomous Network Operations award, reflecting the growing momentum of Autonomous Networks (AN) in the communications industry. FutureNet World is an industry platform dedicated to network automation and AI. The 2025 event brought together over 700 industry leaders from global leading CSPs, standards organizations, and suppliers to explore the future of network transformation. Huawei won the award for its Autonomous Driving Network (ADN) Level 4 solution.
    Huawei’s ADN Level 4 solution won the Autonomous Network Operations award

    Huawei’s ADN Level 4 solution empowers CSPs to achieve Autonomous Networks Level 4 by optimizing their operations and maintenance (O&M) capabilities centered around agents. Targeting high-value scenarios in network maintenance, experience optimization, and service operations, the solution features the Mate-series copilots for four roles and the Spirit-series agents for seven scenarios. Deployed worldwide, it has already delivered positive results across IP, core, optical, and wireless networks.
    Sam Wang, General Manager of Huawei ADN Solution, said in his keynote speech that Huawei will double down on high-value scenarios, drive device-native innovation, and extend the leadership of ADN Level 4 solution. This will support global CSPs in advancing their AN level and achieving commercial success in the 5G-A era, thereby laying a solid foundation for the advent of 6G.

    MIL OSI Global Banks –

  • MIL-OSI: Municipality Finance issues EUR 40 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    9 May 2025 at 1:00 pm (EEST)

    Municipality Finance issues EUR 40 million notes under its MTN programme  

    Municipality Finance Plc issues EUR 40 million notes on 12 May 2025. The maturity date of the notes is 14 May 2029. The notes bear interest at a floating rate equal to 3-month EURIBOR plus 22.5 bps per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 12 May 2025.

    DNB Bank ASA acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI Economics: Four NBFCs surrender their Certificate of Registration to RBI

    Source: Reserve Bank of India

    The following four Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

    i) Cancellation of CoR due to exit from Non-Banking Financial Institution (NBFI) business

    Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancellation of CoR
    1 Sicom Investments & Finance Limited Sixth Floor, Solitare Corporate Park, Bldg No. 4, Chakala, Andheri (East), Mumbai, Mumbai, Maharashtra – 400093 N-13.01842 September 08, 2006 April 04, 2025
    2 Pioneer Holdings Private Limited Shriram Mansion, Ground Floor, Parekh Street, Mumbai, Maharashtra – 400004 N-13.01654 January 06, 2003 April 24, 2025
    3 Easyaccess Financial Services Limited No 18 (Old No 40), 2nd Floor, Mussuri Subramaniam Salai (Oliver Road), Mylapore, Chennai, Tamil Nadu – 600004 N-07.00775 December 22, 2008 April 29, 2025

    ii) Cancellation of CoR due to NBFC ceasing to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc.

    Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of cancellation of CoR
    1 Eastern Credit Capital Private Limited Ramkrishna Chambers 72, Shakespeare Sarani, Kolkata, West Bengal – 700017 B.05.06803 December 20, 2012 April 09, 2025

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/295

    MIL OSI Economics –

  • MIL-OSI Economics: RBI cancels Certificate of Registration of one NBFC and one ARC

    Source: Reserve Bank of India

    The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company.

    Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
    1 R.L. Investment and Finance Company Limited 61/211, Canal Road, Kanpur, Uttar Pradesh – 208001 12.00010 February 21, 1998 April 08, 2025

    As such, the above company shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

    Further, the Reserve Bank of India, in exercise of powers conferred on it under Section 4 (1) (e) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has cancelled the Certificate of Registration of the following company.

    Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
    1 India Resurgence ARC Private Limited 304, 3rd Floor, Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra – 400013 029/2018 October 23, 2018 April 04, 2025

    As such, the above company shall not transact the business of an Asset Reconstruction Company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/296

    MIL OSI Economics –

  • MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on May 09, 2025: Cut-Offs

    Source: Reserve Bank of India

    Security 6.54% GS 2032 7.57% GS 2033 6.19% GS 2034 6.64% GS 2035 7.54% GS 2036
    Total amount notified Aggregate amount of ₹25,000 crore
    (no security-wise notified amount)
    Total amount (face value) accepted by RBI (₹ in crore) 3,300 7,124 1,850 10,510 2,216
    Cut off yield (%) 6.3203 6.4005 6.3681 6.4548 6.4993
    Cut off price (₹) 101.17 107.29 98.75 101.35 108.10
    Detailed results will be issued shortly.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/294

    MIL OSI Economics –

  • MIL-OSI Economics: The Libyan Ministry of Finance and the African Development Bank Launch High-Level Dialogue on Private Sector Resilience and Peace-Positive Investment

    Source: African Development Bank Group
    Securing private sector investment to anchor peace in Libya, build resilience and power economic recovery was the main theme of a landmark three-day workshop in the capital Tripoli organized by the African Development Bank in close partnership with the Libyan Ministry of Finance.

    MIL OSI Economics –

  • MIL-OSI Banking: Introducing Samsung SOS+ Subscription Service Provided by Aura: Exclusive to Galaxy A56, A36 & A26

    Source: Samsung

    Samsung South Africa has partnered with AURA to officially launch Samsung SOS+, a free-to-use, 24/7 subscription service exclusive to the new Galaxy A56, A36 and A26 device owners. In an emergency situation and on demand, the service will immediately geolocate you and send traceable private security and medical emergency services, giving you peace of mind wherever you are in South Africa. This makes the latest Galaxy A Series the ultimate all-in-one safety solution in your pocket combining communication, smart tech, and personal security in one package.
    Samsung SOS+ is provided by AURA, the leading emergency response platform that stands apart through its unwavering commitment to transforming emergency response. Since 2017, AURA has been delivering real-time, life-saving assistance to those in need, ensuring immediate access to medical and security services when every second counts.
    Samsung isn’t just offering a service, we’re embedding access to safety directly into the everyday lives of our customers. Emergencies don’t come with warnings. Whether it’s a car accident, a health event, or an unexpected threat while walking home, time is critical. Samsung’s SOS+ is designed for instinctive use, it’s accessible with just one tap from the ICE (In Case of Emergency) contact list and there are multiple ways to access the service, via the app, SMS and toll free number. It’s fast, intuitive, and designed to help registered Galaxy A users in stressful situations.
     
    “Woven into people’s daily lives, Samsung acts as an enabling tool and a source of empowerment. If Samsung devices are always with our customers, why can’t they be the lifeline our customers reach for, should such an emergency situation happen? Now with Samsung SOS+, the Galaxy A Series offers immediate access to security and medical assistance.” said Justin Hume, Vice President for Mobile eXperience at Samsung.
    The reality for many South Africans is that they do not have access to quick medical and emergency services. Recent reports suggest that only 17% of South Africans have medical aid that gives them access to get private ambulances, less than 13% having access to private security, and in the poorest communities, that number falling to just 1.2%, Samsung SOS+ could be life-changing.
    “Samsung SOS+ turns your phone into a personal safety tool – one call, and professional help is on the way,” added Warren Myers, CEO of AURA. “We’re not just offering peace of mind – we’re delivering it with unmatched speed and nationwide. Safety is a basic human need, and our mission is to save lives by democratising access to on-demand emergency response services.”

    Samsung’s Galaxy A Series offers smartphones built on the foundations of dependable innovation and affordability. Building on this, access to the Samsung SOS+ subscription service is available, free of charge, on any new Galaxy A26, A36, and A56 device from 05 May 2025 to 06 August 2025 as a Proof of Concept. All devices purchased on or after 1 May 2025 qualify for the promotion.
     
    Samsung SOS+ is immediately there for you – accessible via the SOS+ APP or toll-free number – with immediate help, live location tracking, giving customers peace of mind.
    “At Samsung, we’re committed to enriching lives not only through innovative technology and devices, but also meaningful services that matter to our consumers,” said Hume.
    Designed for instinctive use, Samsung SOS+ offers:
    Once registered through a quick process, in any medical and emergency, customers simply dial the dedicated toll-free Samsung SOS+ subscription service number, which triggers an alert and shares their live location directly with AURA’s secure platform. The closest vetted responder – either medical or armed response – is immediately automatically dispatched from AURA’s nationwide network of over 3,500 professionals. Simultaneously, users receive a call back from the personalised call centre to offer reassurance and confirm help is on the way.
    ● One-tap access from your contacts or the phone’s ICE (In Case of Emergency) contact list
    ● Multimodal communication: via app, SMS, voice, or web
    ● Toll-free and Data-free functionality: location tracking can be activated through SMS
    ● Live responder tracking: users can see help approaching in real time – offering critical peace of mind.
    How do I set up the service?
    Step 1: Purchase and activate the device.
    Step 2: Have all the current Samsung software updates downloaded and installed from the settings menu on the device.
    Step 3: Download the Samsung Members application from the Samsung Galaxy Store or Google Play Store on the device.
    Step 4: Register for a Samsung Members account, then select “Galaxy A-series Samsung SOS+
    Launch Offer” promotional banner in the “Benefits” section of the Samsung Members
    application and follow the prompts to complete the online registration and form.
    Step 5: Once the online form (referred to in step 4), has been submitted, the user will be required to complete the Samsung SOS+ service on-boarding process via the registration link and will be required to agree to and enter into the Application Terms.
     
    Buy the new Galaxy A56, A36, or A26 today and unlock 12-months free security and medical emergency peace of mind ready when you need it with the Samsung SOS+ subscription service.

    MIL OSI Global Banks –

  • MIL-OSI USA: Barr, Artificial Intelligence and the Labor Market: A Scenario-Based Approach

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 In my remarks, I would like to address a key question facing economists, policymakers, and people all over the world: How will artificial intelligence, particularly generative artificial intelligence, or GenAI, affect workers and the labor market in the years ahead?
    Before I turn to that issue, I’d like to touch on a topic that I expect is also of interest: the outlook for the U.S. economy and the implications for monetary policy.
    The U.S. economy entered this quarter in a relatively strong position: The unemployment rate has been low and stable, and the disinflationary process has continued on a gradual, albeit uneven, path towards our 2 percent objective. Private domestic final purchases have been solid. Overall, the economy has been resilient.
    Against that backdrop, the outlook has been clouded by trade policies that have led to an increase in uncertainty, contributing to declines in measures of consumer and business sentiment. I expect tariffs to lead to higher inflation in the United States and lower growth both in the United States and abroad starting later this year.
    In my view, higher tariffs could lead to disruption to global supply chains and create persistent upward pressure on inflation. Faced with substantial tariffs, businesses will likely change how they source intermediate inputs, and it will take time and investment for them to reroute their distribution networks. Conversely, global trade networks may change rapidly, and some suppliers may not be able to adapt quickly enough to survive these changes. This concern is particularly acute for small businesses, which are less diversified, less able to access credit, and hence more vulnerable to adverse shocks. Small businesses play a vital role in production networks, often providing specialized inputs that can’t easily be sourced elsewhere, and business failures could further disrupt supply chains. As we saw during the pandemic, such disruptions can have large and lasting effects on prices, as well as output.
    I am equally concerned that tariffs will lead to higher unemployment as the economy slows. Thus, the FOMC may be in a difficult position if we were to see both rising inflation and rising unemployment.
    The size and scope of the recent tariff increases are without modern precedent, we don’t know their final form, and it is too soon to know how they will affect the economy. Yet given the economy’s strong starting point and the progress we have made in bringing inflation back toward our 2 percent objective, monetary policy is in a good position to adjust as conditions unfold. Meanwhile, we will also be closely monitoring how technologies like artificial intelligence are being integrated into economic activity and analyzing the implications for how the economy will evolve.
    Let me now return to the longer-term question of how AI will affect the labor market. Debate about machines replacing workers is nothing new, and even artificial intelligence is not particularly new either. AI has, in some form, arguably been around for decades. Computer scientists have been developing machine learning algorithms for many years, and these algorithms have been widely used in commercial applications, such as fraud detection and advertising. Speech and facial recognition are already ubiquitous. These more long-standing forms of AI are continuing to improve, driving progress in domains ranging from finance to medical diagnosis, and becoming so deeply embedded in our daily lives that we scarcely notice them anymore.
    But GenAI promises to go much further. Unlike traditional machine learning techniques, which often focus on relatively simple prediction and classification tasks, the large language models that have emerged in recent years can generate new content—anything from news articles to computer code to images and video to customer service dialogue. Emerging forms of “agentic” AI can undertake complex, multistep tasks—for example, taking a customer through a transaction and then placing an automated order. As AI continues to develop, it will increasingly be combined with physical technologies like autonomous vehicles and advanced robotics, further extending its ability to interact with the real world. And AI may be shaping up to become what the esteemed economist Zvi Griliches called an “invention of a method of inventing” that speeds up the research and development process itself.2
    Growing evidence indicates that AI will be a “general purpose technology”—such as railroads, electricity, or computers—which is characterized by widespread adoption, complementary progress in many downstream applications, and ongoing improvement in the core technology.3 Past general purpose technologies have dramatically improved productivity. So, against this background, the natural question is, what about AI?
    In trying to understand how AI might transform work, it’s useful to consider how it could be applied in individual occupations, each of which comprises a range of tasks that vary in their susceptibility to automation. Like past waves of information technology, AI will substitute for human labor in some tasks, complement human labor in other tasks, and spur the creation of new tasks that humans will perform, at least initially.4 The net effects of AI on employment, both in the aggregate and across demographic and education groups, will depend on the relative size of these offsetting effects.
    A pessimistic view is that AI and robotics could become so capable and cost effective as to render most human labor obsolete, culminating in mass unemployment. Such concerns about technological advances are hardly a novel development. At least since the Luddites of the early 19th century tried to disable textile looms, people have feared that machines would bring about steep declines in employment, wages, and human welfare.5
    Economists have long been skeptical of that view, which suffers from the “lump of labor fallacy”—the presumption that there’s a fixed amount of work to be done, so if machines do it, humans will not.6 New technologies do eliminate some existing occupations, and not all workers benefit from technological change. But technology also creates new occupations, and the many waves of technological advances over the centuries haven’t rendered humans obsolete. For example, many of the tasks that were performed by humans in the 1950s are now performed by computers and robots, and yet the unemployment rate is similar to what it was back then, while the labor force participation rate is higher overall.
    However, the amazing potential capabilities and breadth of applications associated with AI—many of which are already apparent—make it worth asking whether this time may be different. AI holds enormous promise of faster economic growth, advances in human health, and a higher standard of living. But alongside the kinds of labor market disruptions seen in past episodes of revolutionary technological change, we will need to consider the possibility of more sweeping changes in the way we work.
    A Scenario ApproachIn a previous speech, I outlined two hypothetical scenarios describing how AI could evolve.7 In the first scenario, we see only incremental adoption that primarily augments what humans do today but still leads to significant and widespread productivity gains. In the second scenario, we see profound change, in which we extend human capabilities with far-reaching consequences.
    Today, I will apply the same approach to analyze the potential effects of AI on the labor market. Of course, there is tremendous uncertainty about how AI will evolve and how it will affect the economy, as well as society more broadly. Amid this uncertainty, a scenario-based approach can give us a framework for thinking about the potential effects of AI on employment, real wages, and productivity, as well as for considering the possible role that government could play in influencing this transition.
    Scenario 1: Incremental ProgressLet’s start with the “gradual” scenario, in which new AI technologies are adopted at a brisk, but not a breathless, pace or advance quickly at first and then plateau—perhaps because of constraints imposed by computing resources, the exhaustion of novel training data, and rising energy consumption.
    Under this scenario, AI primarily operates by automating some—but not all—tasks within many occupations. We’ve seen some of this task substitution happen already: Computer programmers rely on AI copilots to write code, allowing them to focus on higher-level tasks, while customer support agents can use chatbots to improve and expedite their responses.8 Lawyers draw on GenAI to conduct legal research, while AI-powered safety features improve the performance of human automobile drivers.
    Under this scenario, as foundational models improve, novel use cases are discovered, and businesses continue to integrate AI into their operations, more and more occupations will be affected, and many jobs will use AI tools more intensively. As these technologies improve, even incremental change may allow AI to become accurate and cheap enough to replace some occupations altogether. It’s hard to make predictions at this stage. But a plausible conjecture is that we could see, for example, fewer human programmers, lawyers, or commercial drivers. At the same time, most current occupations would persist in this scenario—albeit in modified and more productive forms.
    Beyond existing occupations, general purpose technologies also encourage the creation of new occupations, fueled by new products and novel ways of doing business. It’s difficult to envision the novel jobs that will replace the ones we might lose to an incremental AI scenario. But one possibility is that the future could bring us managers of AI agents, specialists in human–AI collaboration, ethicists, safety experts, and large numbers of people involved in adopting, maintaining, and educating about AI tools. Technology, and how we use a particular innovation, evolves in unpredictable ways, and we should expect to be surprised.
    Under this scenario, jobs remain plentiful, real wages are buoyed by productivity gains, and employment and labor force participation remain high and could even rise, if strong wage growth entices new labor market entrants and if improvements in health care increase work capacity among older or disabled individuals. If the widespread adoption of AI proceeds gradually, then workers will have time to adjust, reducing the disruption to the labor market—though, as with previous general purpose technologies, AI would likely imply that some groups of workers experience a painful process of dislocation and transition.
    Retraining could help here. A recent survey carried out by the Federal Reserve Bank of New York found that many businesses plan to retrain their workers to use AI rather than laying them off.9 In some cases, AI may disrupt career ladders by automating many entry-level tasks—such as reviewing legal documents or drafting code—that were historically performed by early-career workers. But if labor demand changes slowly enough, students and workers are more likely to have time to predict which skills will be marketable and to make and recoup human capital investments before their skills become obsolete.
    What about the effect of AI on inequality? Some research suggests that GenAI may help less-productive workers catch up to their more-productive peers.10 That said, the AI economy will likely put a premium on digital skills, facility with new technologies, and adaptability. The precedent of the computer revolution suggests that highly educated workers may benefit most, boosting wage inequality—a phenomenon called “skill-biased technological change.”11 Another possibility is that the labor share of income could decline, if capital owners benefit more than wage earners—for example, because the gains accruing from AI adoption go to large, highly capitalized firms whose technical capabilities, consumer networks, and training data allow them to develop state-of-the-art AI techniques.
    Scenario 2: TransformationNow let’s consider an alternative scenario in which AI completely transforms the economy. As I described in my earlier speech, in this transformative scenario, humans employ AI to unleash their imagination and creativity—combined with robust investment in research and development—to make rapid breakthroughs that have the potential to improve our lives. With growth propelled by swift technological progress, society’s resources would be vastly expanded, AI would spur revolutionary advances in health, and many individuals would enjoy more time for leisure activities.
    Indeed, transformative AI could bring about a state of affairs that John Maynard Keynes famously envisioned almost a hundred years ago, one in which there are “ever larger and larger classes and groups of people from whom problems of economic necessity have been practically removed.”12 At the same time, transformative AI could imply a much smaller role for human labor—a development that would entail sweeping social changes and profound challenges for government.
    Under this scenario, AI would take over a broad range of existing jobs. As economist Anton Korinek writes, “AI systems advance toward mastering all forms of cognitive work that can be performed by humans, including new tasks that don’t even exist yet.”13 Building on developments we are already starting to see, improved chatbots and AI agents would outperform their human counterparts in activities ranging from customer support to medical diagnosis. Along similar lines, advanced robotics could increasingly substitute for human workers in manual and production jobs. Widespread automation would bring many benefits. The availability and quality of many services could increase markedly, and many less-desirable jobs—such as those involving tedious tasks or dangerous working conditions—could be transferred to machines.
    What jobs would exist in this more transformative scenario? As in the more gradual scenario—and just as has happened in the past, when earlier general purpose technologies were adopted—we would see the emergence of new occupations. These would notably include jobs that involve managing the new AI-dominated economy. In addition, some existing occupations would likely persist, at least for some time. This would be the case for three key reasons. First, some jobs may prove especially hard to automate. For example, plumbers and mechanics rely on physical dexterity and adaptability to situations—attributes that machines may find difficult to replicate, or to replicate cheaply. Second, in some contexts, consumers may insist on a human touch. Patients may still want human doctors and therapists, while parents may want human teachers and caregivers to look after their children. Third, even when AI has the technical capability to carry out tasks, some jobs are likely to be protected by laws and regulations. For example, legal and political systems would likely continue to insist on human judges and elected officials. Eventually, however, an increasing share of current jobs may be automated. The technological frontier is moving quickly, consumers’ preferences may change as they become more comfortable interacting with AI, and the regulatory landscape could evolve to provide broader roles for AI.
    It’s difficult to say how many jobs will exist under transformative AI. On the one hand, it’s possible that—as has happened so often in the past—the economy will find inventive new ways to keep most people employed. On the other hand, there are concerns that some workers could experience a large enough decline in their earnings potential that paid work may no longer be an available option. Employment and labor force participation could fall; displaced workers may grapple with a loss of daily routines, social connectedness, and the meaning they derived from employment. The risk of a significant decline in employment looms large in many people’s concerns about AI, and it’s important for policymakers to be attentive to that risk.
    Even if AI ultimately creates as many jobs as it eliminates, we should expect that the transition will be difficult. Existing firms would likely reorganize their production, laying off workers in the process. They could also lose market share to technologically sophisticated start-ups, which could scale up with a minimal number of human workers managing AI subordinates.14 Many displaced workers would have obsolete skills, and skill mismatch could lead to a structural increase in unemployment as these workers retool for new occupations. It is possible that unemployment might rise only temporarily. It is also possible, however, that more sustained increases could be observed. That would be the case if technology continued to evolve too quickly for many workers to keep up, leading to continual churn and ongoing dislocation.
    How might transformative AI affect income inequality? Both traditionally high-wage occupations, such as lawyers and financial professionals, and lower-wage occupations, such as factory and retail workers, could be automated, and it is difficult to predict how AI would affect wage structures. But the largest wage gains would likely go to the highest-skilled workers, as they would be best positioned to implement frontier technologies and help oversee the AI economy. In addition, if capital owners are the main beneficiaries, the labor share of income could decline precipitously.
    Transformative AI could bring about profound improvements in living standards, leisure opportunities, and human health. At the same time, society would confront profound distributional changes and potential challenges. Much would depend on how broadly the economic benefits are shared, how policymakers respond, and how society adapts to the rapid pace of change.
    How Will We Know Which Future We Are Living in?The world looks very different across these two scenarios. As AI spreads throughout the economy, how will we know which world we’re living in, particularly in view of the likelihood that AI adoption will proceed at different rates in different occupations and industries?
    First, we will need to track how many businesses are using AI and how it is affecting their operations. Recent surveys give different impressions about AI adoption thus far, but they consistently show rapid increases in usage over time.15
    Second, we will need to monitor AI’s evolving technological capabilities. AI developers test their models against human performance in benchmark activities like standardized tests and visual tasks. Results of these tests will continue to provide important clues about which activities, and thus which occupations, are at risk of being automated. Along these lines, economists have already developed measures of occupations’ exposure to automation. They have based these measures on the characteristics of the tasks involved in different occupations.16 Of course, as the set of tasks that AI can perform expands, these measures can be updated accordingly.
    A third way to judge how AI is changing the economy is that data on job openings will likely be a leading indicator of changes in labor demand. What kinds of jobs are employers creating? What skills do they cite in job ads?17
    And, lastly, job growth by occupation and industry is likely to reflect the emerging effects of AI. So far, the imprint of AI is difficult to discern in the employment statistics, but that is likely to change. It may be difficult to disentangle the effects of AI from the other determinants of employment growth, especially in real time. But in the event of truly sweeping changes in the occupational structure, the effects of AI should show up in the data.
    Looking AheadWhat do these two scenarios imply for society? In scenario 1, the issues that society has to address will be more straightforward. Policymakers will have to decide how to regulate emergent technologies, education and training programs will have to be tailored to shifts in labor demand, and some labor market regulations may need to be updated. In scenario 2, the issues that society will need to address will be more profound. Questions will include how to ensure that the economic gains associated with AI are broadly shared across individuals and households, and how to adapt social institutions to a world in which many more individuals in their prime working years may be working less. Fortunately, although this second scenario would entail many difficult challenges, it also implies a world in which society has many more resources to deploy against those challenges.
    Those are some of the big questions that society may need to grapple with in the future, and most of these questions are not those that will be primarily addressed by monetary policymakers. As a central banker, I can speak more specifically about how structural changes in the economy related to AI could affect monetary policy considerations—in particular, the Federal Reserve’s dual mandate to promote maximum employment and stable prices. Monetary policy considerations could be affected in many ways; I will limit myself to two prominent possibilities.
    First, AI may require monetary policymakers to reassess our estimates of the natural rate of unemployment, which informs our assessment of the cyclical state of the economy and thus the appropriate stance of monetary policy. The natural rate, which we call u*, is the unemployment rate that corresponds to the maximum level of employment that can be maintained without producing undesirably high inflation. Among other things, u* depends on the efficiency with which matches are formed between workers and firms, and it could rise if shifts in labor demand across industries and occupations lead to skill mismatch and lengthy unemployment spells as workers retrain and switch careers. The natural rate also depends on the demographic composition of the labor force, which AI could affect. If AI shifts the workforce toward groups that have higher labor force attachment but lower unemployment rates (such as college graduates), the result could be downward pressure on u*. It should be stressed that u* is never directly observed and is difficult to discern in real time. But economists use a wide range of models to estimate the natural rate, and we can use those models to see how u* is changing as AI is adopted more widely.18
    Another related consideration relevant for monetary policy is how economic changes due to AI will affect the neutral interest rate, or r*, which is the level of the real interest rate consistent with the economy being at its potential and inflation being at our 2 percent objective. Economic theory suggests that a permanently higher growth rate of productivity, of the kind that might arise under either AI scenario, tends to raise r*. When that happens, a higher real interest rate would be required to deliver any desired monetary policy stance. A challenge that we face is that it is difficult to work out in real time how r* is evolving. But we can make judgments about developments in the behavior of r* by monitoring the relationship between economic activity and interest rates and by using financial market information to estimate longer-run real interest rates.
    ConclusionI’ll return to the broader point and conclude. AI is poised to transform our economy, likely in profound ways. But the speed and extent of that transformation are not yet clear. AI is likely to boost productivity, increase scientific discovery, and transform the nature of work. How these developments unfold will have important implications for society and for central bankers.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See page 502 in Zvi Griliches (1957), “Hybrid Corn: An Exploration in the Economics of Technological Change,” Econometrica, vol. 25 (October), pp. 501–22. See also Iain M. Cockburn, Rebecca Henderson, and Scott Stern (2019), “The Impact of Artificial Intelligence on Innovation: An Exploratory Analysis,” in Ajay Agrawal, Joshua Gans, and Avi Goldfarb, eds., The Economics of Artificial Intelligence: An Agenda (Chicago: University of Chicago Press), pp. 115–48, and Martin Neil Baily, David M. Byrne, Aidan T. Kane, and Paul E. Soto (forthcoming), “Generative AI at the Crossroads: Light Bulb, Dynamo, or Microscope,” Brookings Institution working paper. Return to text
    3. The term “general purpose technology” is typically abbreviated to GPT. To avoid confusion with ChatGPT, I will continue to use the longer term. For a definition and discussion of past general purpose technologies, see Timothy F. Bresnahan and Manuel Trajtenberg (1995), “General Purpose Technologies ‘Engines of Growth’?” Journal of Econometrics, vol. 65 (January), pp. 83–108. For a discussion of whether earlier AI techniques already meet these criteria, see Avi Goldfarb, Bledi Taska, and Florenta Teodoridis (2023), “Could Machine Learning Be a General Purpose Technology? A Comparison of Emerging Technologies Using Data from Online Job Postings,” Research Policy, vol. 52 (January), 104653. For a discussion of GenAI specifically, see Tyna Eloundou, Sam Manning, Pamela Mishkin, and Daniel Rock (2023), “GPTs Are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models,” (PDF) March 17 (revised August 22). For a contrasting view that AI will have only modest effects on productivity over the next 10 years, see Daron Acemoglu (2025), “The Simple Macroeconomics of AI,” Economic Policy, vol. 40 (January), pp. 13–58. Return to text
    4. See Daron Acemoglu and Pascual Restrepo (2019), “Automation and New Tasks: How Technology Displaces and Reinstates Labor,” Journal of Economic Perspectives, vol. 33 (Spring), pp. 3–30. Return to text
    5. As David Autor writes, “There have been periodic warnings in the last two centuries that automation and new technology were going to wipe out large numbers of middle class jobs. The best-known early example is the Luddite movement of the early 19th century, in which a group of English textile artisans protested the automation of textile production by seeking to destroy some of the machines.” See page 3 in David H. Autor (2015), “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives, vol. 29 (Summer), pp. 3–30. Return to text
    6. For example, see textbook discussions of automation and unemployment by Paul A. Samuelson (1964), Economics: An Introductory Analysis, 6th ed. (New York: McGraw-Hill), pp. 333–37; and James D. Gwartney and Richard Stroup (1982), Economics: Private and Public Choice, 3rd ed. (New York: Academic Press), pp. 518–19. Return to text
    7. See Michael S. Barr (2025), “Artificial Intelligence: Hypothetical Scenarios for the Future,” speech delivered at the Council on Foreign Relations, New York, February 18. See also Anton Korinek and Donghyun Suh (2024), “Scenarios for the Transition to AGI,” NBER Working Paper Series 32255 (Cambridge, Mass.: National Bureau of Economic Research, March). Return to text
    8. For evidence that GenAI increases the productivity of human programmers, see Sida Peng, Eirini Kalliamvakou, Peter Cihon, and Mert Demirer (2023), “The Impact of AI on Developer Productivity: Evidence from GitHub Copilot,” (PDF) February 13. For similar evidence regarding customer support agents, see Erik Brynjolfsson, Danielle Li, and Lindsey Raymond (2025), “Generative AI at Work,” Quarterly Journal of Economics, vol. 140 (May), pp. 889–942. Return to text
    9. See Jaison R. Abel, Richard Deitz, Natalia Emanuel, and Benjamin Hyman (2024), “AI and the Labor Market: Will Firms Hire, Fire, or Retrain?” Federal Reserve Bank of New York, Liberty Street Economics (blog), September 4. Among surveyed businesses in New York and New Jersey, about half of businesses that planned to use AI within the next six months expected to retrain their current staff to use AI. Return to text
    10. See Shakked Noy and Whitney Zhang (2023), “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, July 13, vol. 381 (6654), pp. 187–92. Return to text
    11. See Claudia Goldin and Lawrence F. Katz (2008), The Race between Education and Technology (Cambridge: Harvard University Press). Return to text
    12. See page 372 in John Maynard Keynes (1930), “Economic Possibilities for Our Grandchildren,” in Essays in Persuasion (New York: W.W. Norton & Company, 1963), pp. 358–73. Return to text
    13. See page 9 in Anton Korinek (2024), “The Economics of Transformative AI,” (PDF) Reporter, no. 4 (Cambridge, Mass.: National Bureau of Economic Research), pp. 9–12. Return to text
    14. See Erin Griffith (2025), “A.I. Is Changing How Silicon Valley Builds Start-Ups,” New York Times, February 20. See also Microsoft (2025), 2025: The Year the Frontier Firm Is Born, Work Trend Index Annual Report, April 23, https://www.microsoft.com/en-us/worklab/work-trend-index/2025-the-year-the-frontier-firm-is-born. Return to text
    15. For a summary of recent survey evidence on AI adoption, see Leland Crane, Michael Green, and Paul Soto (2025), “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5). Across six firm-level surveys, the share of respondents using some form of AI ranges widely—from 5 to 40 percent—likely in part reflecting differences in sample composition, question wording, and the period over which AI usage is measured. Across 10 individual-level surveys, usage of GenAI generally ranges between 20 and 40 percent, with much higher rates among computer programmers. Return to text
    16. For examples of this approach, see Carl Benedikt Frey and Michael A. Osborne (2017), “The Future of Employment: How Susceptible Are Jobs to Computerisation?” Technological Forecasting and Social Change, vol. 114 (January), pp. 254–80; Erik Brynjolfsson, Tom Mitchell, and Daniel Rock (2018), “What Can Machines Learn, and What Does It Mean for Occupations and the Economy?” AEA Papers and Proceedings, vol. 108 (May), pp. 43–47; Edward W. Felten, Manav Raj, and Robert Seamans (2018), “A Method to Link Advances in Artificial Intelligence to Occupational Abilities,” AEA Papers and Proceedings, vol. 108 (May), pp. 54–57; and Eloundou, Manning, Mishkin, and Rock, “GPTs Are GPTs” (see note 3). Return to text
    17. See Daron Acemoglu, David Autor, Jonathon Hazell, and Pascual Restrepo (2022), “Artificial Intelligence and Jobs: Evidence from Online Vacancies,” Journal of Labor Economics, vol. 40 (April), pp. S293–340. Return to text
    18. See Brandyn Bok, Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2023), “Estimating Natural Rates of Unemployment: A Primer,” (PDF) Working Paper Series 2023-25 (San Francisco: Federal Reserve Bank of San Francisco, August). One approach for estimating u* is to aggregate across demographic groups that differ in their average unemployment rates over long periods. Another common approach is to estimate state-space models that incorporate a Phillips curve relationship between unemployment and inflation, as in Thomas Laubach (2001), “Measuring the NAIRU: Evidence from Seven Economies,” Review of Economics and Statistics, vol. 83 (May), pp. 218–31. In addition, assessments of the natural rate can be informed by models that yield estimates of matching efficiency, such as Regis Barnichon and Andrew Figura (2015), “Labor Market Heterogeneity and the Aggregate Matching Function,” American Economic Journal: Macroeconomics, vol. 7 (October), pp. 222–49; and Hie Joo Ahn and Leland D. Crane (2020), “Dynamic Beveridge Curve Accounting,” Finance and Economics Discussion Series 2020-027 (Washington: Board of Governors of the Federal Reserve System, March). Return to text

    MIL OSI USA News –

  • MIL-OSI: Fast Payout Casinos – JACKBIT Picked as the Fastest Withdrawal Casino Site for 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., May 09, 2025 (GLOBE NEWSWIRE) — Sick of online casinos that take forever to pay out your winnings? You’re not alone—and that’s exactly why JACKBIT Casino is turning heads in 2025. It’s one of the fastest paying casinos around, with quick approvals and speedy withdrawals that actually get you your money when you want it.

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    JACKBIT, Fastest Paying Online Casino – Complete Overview

    • Curacao eGaming license.
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    • Attractive Promotions: JACKBIT provides bonuses like rakeback and tournaments with user-friendly terms, avoiding the strict conditions seen at many other sites.
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    JACKBIT Bonuses and Promotions

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    Pros and Cons of Playing at JACKBIT Fast Payout Casino
    No casino is perfect, and the same is the case with JACKBIT. Here’s an honest list of pros and cons for JACKBIT.

    Pros

    • Fast payouts, often within hours.
    • Huge game library with over 6,000 titles.
    • Licensed and regulated under Curacao.
    • Impressive sportsbook, including live betting and eSports.
    • Clean, mobile-friendly interface with no app needed.
    • Accepts major cryptocurrencies (BTC, ETH, USDT, etc.)
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    • Live chat support is available 24/7.

    Cons

    • No traditional fiat payment options like Visa or PayPal.

    Game Selection at JACKBIT Casino

    JACKBIT Casino offers an impressive game library, giving players plenty of ways to enjoy real-money action across different styles of gameplay. With thousands of titles from leading providers, there’s something for every type of player. Here’s a complete breakdown of the popular game types offered at JACKBIT:

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    JACKBIT’s live casino section features real dealers hosting games like blackjack, roulette, baccarat, and game shows. Streamed in high definition, live games offer a more social and authentic casino experience.

    Game Type Popular Titles
    Slots Gates of Olympus, Sweet Bonanza, Book of Dead
    Table Games European Roulette, Blackjack Classic, Baccarat Deluxe
    Poker Casino Hold’em, Three Card Poker, Caribbean Stud
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    JACKBIT’s game lineup combines variety with fairness, featuring provably fair games, certified RNG software, and high average payout rates across most categories. Whether you’re a slots admirer or live casino gaming enthusiast, you can count on transparency and trusted outcomes, making JACKBIT a reliable choice for fair, real-money gameplay.

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    Payment Methods and Withdrawal Options at JACKBIT

    When it comes to handling player transactions, JACKBIT Casino keeps it simple and fast. Whether you’re depositing or cashing out, the platform is designed to move your money without delays or extra fees. Here’s a breakdown of what you can expect at the top payout online casino.

    • Cryptocurrency Payments

    JACKBIT supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), and more. This variety gives players flexibility in choosing their preferred digital currency.

    • Fiat Payment

    Visa, MasterCard, Google Pay, Apple Pay, Bank Transfer

    Deposit and Withdrawal Limits

    JACKBIT reigns at the top of the same-day payout casinos list. The best withdrawal times are accentuated further by offering lenient payout limits. As one of the top fast payout online casinos, JACKBIT ensures quick access to your funds. The minimum deposit and withdrawal at JACKBIT is set at $50, with no maximum limit, offering freedom for both casual players and high rollers. This structure makes it ideal for users who want to play big or cash out large winnings without restrictions.

    Withdrawal Speeds and Fees

    JACKBIT promises the quickest casino payout times for all supported cryptocurrencies. Better yet, the casino charges 0% transaction fees on both deposits and payouts, meaning players keep exactly what they win.

    As one of the leading fast payout online casinos, JACKBIT ensures seamless transactions for its users. JACKBIT Casino focuses almost entirely on cryptocurrency transactions and does not directly support traditional fiat banking methods. However, you can buy cryptocurrencies from JACKBIT using credit cards, debit cards, or e-wallets.

    Step-by-Step: How to Deposit and Withdraw at JACKBIT

    Depositing and withdrawing money across JACKBIT is a breeze for both novice and seasoned gamblers. The fast payout casino site offers breakneck transaction speeds by offering crypto banking options. Here’s a step-by-step guide on how to deposit and withdraw from JACKBIT.

    Step 1: Create Your Account

    Sign up at JACKBIT Casino by filling out a simple registration form. It only takes a few minutes.

    Step 2: Choose Your Deposit Method

    Head to the cashier and select from JACKBIT’s wide range of cryptocurrencies accepted, like Bitcoin (BTC), Ethereum (ETH), or Tether (USDT). You can also use fiat banking methods like Visa, MasterCard, Google Pay, Apple Pay, and Bank Transfer to buy crypto from the casino platform.

    Step 3: Make a Deposit

    Copy the wallet address JACKBIT provides, send your crypto, and wait for the confirmation. Remember, the minimum deposit is $50. Your funds usually arrive instantly, keeping JACKBIT among the fastest payout online casinos.

    Step 4: Play Your Favorite Games

    Enjoy thousands of games, from slots to live casino. Use the game filter to sort games according to type or providers. Alternatively, you can also use the search bar to find particular titles.

    Step 5: Request a Withdrawal

    Go back to the cashier when you’re ready to cash out. Enter your crypto wallet details and the amount you want to withdraw. Thanks to JACKBIT’s fast payouts, most withdrawals are processed within minutes.

    Step 6: Receive Your Winnings

    Instantly receive the casino winnings in your wallet. With no transaction fees and instant withdrawal options, JACKBIT is a top choice for players looking for fast payout online casinos in 2025.

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    How We Chose JACKBIT as the Best Payout Casino of 2025

    1. Fast & Reliable Withdrawals
    The first thing we look at when ranking payout casinos is speed. JACKBIT shines with instant crypto withdrawals, often completing transactions within a few minutes. Whether you’re withdrawing Bitcoin, Ethereum, or USDT, the process is quick and smooth. On top of that, JACKBIT charges zero withdrawal fees, allowing players to keep 100% of their winnings.

    2. Fair Limits and VIP Benefits

    JACKBIT keeps things simple with a $50 minimum deposit and withdrawal limit with no maximum limit. High-spending players and VIP players receive tailor-made bonuses and promotions that allow them to generate bigger winnings. Even though JACKBIT is one of the quick payout casinos, VIP members receive access to even faster withdrawal speeds.

    3. Strong Reputation and Licensing

    JACKBIT is fully licensed under Curacao eGaming, giving it a legal operating status. More importantly, it has a growing reputation among real players for consistently delivering fast payouts without delays or excuses. Trust and transparency play a big part in why it made our list.

    4. High RTP Games and Payout-Friendly Features

    Payout speed is only part of the story. We also check the game selection to rank the online casino sites. JACKBIT offers thousands of high RTP slots and live dealer games from trusted providers, giving players a fair shot at winning big and withdrawing without hassle.

    JACKBIT: Best Fast Payout Online Crypto Casinos 2025

    To wrap up, JACKBIT holds its ground as one of the most reliable choices for players who value fast payout online casinos, hassle-free payouts, and a massive selection of games. Since launching in 2022, it’s gained a strong following thanks to quick withdrawals, a solid reputation for fairness, and a platform that runs smoothly across devices. As one of the leading fast payout online casinos, JACKBIT ensures players enjoy speedy access to their winnings.

    With over 6,000 games, a fully loaded sportsbook, and 24/7 support, it caters well to both casual players and serious gamblers. The focus on cryptocurrencies may not suit everyone, but for those who prefer digital coins, JACKBIT delivers on speed and convenience.

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    FAQs About JACKBIT: The Fastest Payout Online Casino

    Q: How fast does JACKBIT Casino process withdrawals?
    A: As a fast payout online casino, JACKBIT typically processes crypto withdrawals within a few minutes. For e-wallets and other fiat methods, payouts are usually completed within 24 hours, depending on the payment provider.

    Q: Is JACKBIT a safe and legit online casino?
    A: Yes, JACKBIT Casino is licensed and uses advanced encryption to protect player data. It also promotes responsible gambling and follows fair gaming practices.

    Q: What is the best payment method for fast withdrawals at JACKBIT?
    A: Cryptocurrencies like Bitcoin, Ethereum, and USDT offer the fastest withdrawal speeds at JACKBIT, often clearing in under an hour.

    Q: Does JACKBIT offer instant withdrawal options?
    A: Yes, as one of the fast payout online casinos, JACKBIT supports instant withdrawals, meaning once your request is approved, funds usually appear in your wallet very quickly.

    Q: Are there withdrawal limits at JACKBIT Casino?
    A: Yes, JACKBIT has daily, weekly, and monthly withdrawal limits. It’s best to check the cashier section or terms and conditions to know the exact limits for your account.

    Email: support@jackbit.com

    Disclaimer & Affiliate Disclosure

    This article is for general information and promotional purposes only and shouldn’t be taken as legal, financial, or professional advice. While we aim for accuracy, we can’t guarantee everything is up-to-date or complete. Please double-check details before acting. Some links may be affiliate links, meaning we could earn a commission at no extra cost to you, but this doesn’t affect our content or opinions. Online gambling is for adults of legal age (typically 19+) and carries financial risk. Play responsibly and seek help if needed. Brand names mentioned belong to their respective owners. By reading this, you accept full responsibility for how you use the information.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39883acb-0c7f-4759-b3eb-1e081b48123e

    The MIL Network –

  • MIL-OSI China: Announcement on Open Market Operations No.87 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.87 [2025]

    (Open Market Operations Office, May 9, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB77 billion through quantity bidding at a fixed interest rate on May 9, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB77 billion

    RMB77 billion

    Date of last update Nov. 29 2018

    2025年05月09日

    MIL OSI China News –

  • MIL-OSI: Best Crypto Casinos: JACKBIT Picked as the Top BTC Casino Site of 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 09, 2025 (GLOBE NEWSWIRE) — The online gambling industry is undergoing a seismic shift, with crypto casinos emerging as the preferred choice for players seeking privacy, speed, and innovation. As we enter 2025, JACKBIT stands tall as the best crypto casino, celebrated for its no-KYC policy, vast game selection, rapid payouts, and cutting-edge features.

    This article dives deep into why JACKBIT is the top pick among the best crypto casinos, exploring its standout qualities and how it’s shaping the future of online gaming.

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    Why JACKBIT is the Top Choice for Crypto Gamblers

    JACKBIT, the best crypto casino, has redefined what players expect from a crypto gambling site. Its blend of privacy-focused policies, diverse gaming options, and seamless functionality makes it a favorite for both newcomers and seasoned gamblers. Here’s a closer look at what sets JACKBIT apart:

    No-KYC Policy: Privacy and Speed Combined

    JACKBIT’s no-KYC policy eliminates the need for players to submit personal identification, offering unmatched privacy and a streamlined sign-up process. This feature appeals to players who prioritize anonymity and want to dive into the action without delay. With instant account creation and no invasive verification steps, JACKBIT proves why it’s a leader among new crypto casinos.

    Extensive Game Selection: A World of Options

    Boasting over 7,000 games from 85 renowned providers, JACKBIT caters to every type of player. From slots like Wolf Gold and Mega Moolah to table games such as blackjack and roulette, and a robust sportsbook covering 140+ sports, the variety is staggering. Live dealer games and specialty titles like Plinko further enhance its appeal, making it a top contender for the best bitcoin casino crown.

    Innovative Bonuses: Rewards That Keep Coming

    JACKBIT’s bonus offerings are both generous and creative. New players enjoy a 30% Rakeback bonus plus no KYC, plus 100 free spins, while regulars benefit from weekly $10,000 giveaways, social media promotions, and a VIP program with up to 30% Rakeback. These incentives ensure JACKBIT remains a standout among crypto gambling sites.

    Payment Versatility: Flexibility for All

    Supporting 17+ cryptocurrencies like Bitcoin, Ethereum, and Solana, alongside fiat options like Visa and Google Pay, JACKBIT offers unparalleled payment flexibility. High rollers appreciate the $10,000 weekly withdrawal limit, reinforcing its status as one of the best crypto casinos for transaction convenience.

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    Pros and Cons

    Pros:

    • Over 7,000 games from top providers
    • Instant crypto withdrawals (usually under 10 minutes)
    • No KYC requirement for better privacy
    • Supports 17+ cryptocurrencies and fiat methods
    • 24/7 multilingual customer support
    • Generous bonuses with no wagering requirements

    Cons:

    • Not licensed by the UKGC
    • No dedicated mobile app (but the site is mobile-optimized)
    • Limited options for Fiat withdrawals

    While some might be concerned about the lack of UKGC licensing, JACKBIT’s Curacao license still ensures a regulated and fair gaming environment, making it a solid choice among crypto gambling sites.

    How to Join JACKBIT Crypto Casino

    Getting started at JACKBIT is super easy and quick:

    • Click here to head over to JACKBIT and click on the “Register” button at the top right.
    • Enter your email, set up a password, and choose your preferred currency (no ID verification required).
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    • Start exploring over 7,000 games or check out the sportsbook.

    The whole process takes less than five minutes, making JACKBIT one of the most user-friendly platforms among the best crypto casinos. The no-KYC policy means you won’t have to upload any documents, allowing you to focus on enjoying your gaming experience without any hassle.

    If you’re looking for one of the best crypto casinos, JACKBIT offers a smooth, stress-free start.

    Bonuses and Promotions

    JACKBIT offers plenty of bonuses to boost your gaming experience:

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    • Welcome Bonus: 100 free spins on Book of Dead with no wagering requirements (just a $50 minimum deposit)
    • Sports Welcome Bonus: Get 100% cashback on your first losing sports bet (minimum $20)
    • Weekly Giveaways: Compete for a share of $10,000 in cash and 10,000 free spins
    • VIP Rakeback: Enjoy up to 30% rakeback through the exclusive Rakeback VIP Club
    • Pragmatic Drops & Wins: Join tournaments with a €2,000,000 prize pool
    • Social Media Bonuses: Grab exclusive rewards through X (formerly Twitter) engagement

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    With these amazing offers, JACKBIT ranks as one of the best crypto casinos for rewarding players.

    Best Crypto Casino Games at JACKBIT

    One of the standout features of JACKBIT is its impressive game library, boasting over 7,000 titles in a variety of categories. Whether you’re a fan of slots, table games, or live dealer experiences, there’s something for everyone.

    Online Slots

    Slots are a major highlight, offering everything from classic 3-reel games to modern video slots. Some popular options include:

    • Book of Dead (Play’n GO): A high-volatility slot with the chance to win up to 5,000x your stake.
    • Starburst (NetEnt): A vibrant, low-volatility slot known for its expanding wilds.
    • Gates of Olympus (Pragmatic Play): Features tumbling reels and multipliers up to 500x.
    • Mega Moolah (Microgaming): A progressive jackpot slot with massive payout potential.

    With a wide range of themes, bonus features, and high RTPs, slots remain a favorite for many players.

    Blackjack

    Blackjack is a game of strategy and luck, where players aim to get as close to 21 as possible without going over. JACKBIT offers several variations:

    • Classic Blackjack
    • European Blackjack
    • Multi-hand Blackjack

    These different versions give players the flexibility to choose their preferred style of play.

    Roulette

    Roulette is a timeless game of chance where players bet on the outcome of a spinning wheel. JACKBIT offers:

    • European Roulette (2.7% house edge)
    • American Roulette
    • French Roulette (1.35% house edge with La Partage rule)

    Each version brings its own set of exciting betting options.

    Poker

    For poker lovers, JACKBIT has a great selection of variants, including:

    • Texas Hold’em
    • Caribbean Stud
    • Three Card Poker
    • Video Poker (e.g., Jacks or Better)

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    These poker games are perfect for players who enjoy putting their skills to the test.

    Live Dealer Games

    Powered by Evolution Gaming, the live dealer section at JACKBIT offers a real casino experience:

    • Live Blackjack: Multiple tables with different limits.
    • Live Roulette: Interactive gameplay with real dealers.
    • Live Baccarat: Fast-paced action.
    • Game Shows: Fun options like Crazy Time, Monopoly Live, and Deal or No Deal.

    These live games allow players to interact with real dealers in real-time, creating an immersive experience.

    Sportsbook

    For sports fans, JACKBIT’s sportsbook has a wide variety of events to bet on:

    • Football: Major leagues and international tournaments.
    • Basketball: NBA, EuroLeague, and more.
    • Tennis: Grand Slams and ATP/WTA events.
    • eSports: Games like Dota 2, League of Legends, and CS:GO.
    • Live Betting: Real-time betting with dynamic odds.

    With over 82,000 live events each month, the sportsbook is a major draw for those who love sports betting.

    Specialty Games

    For casual players or those looking for something different, JACKBIT also offers:

    • Lottery: Instant-result games.
    • Scratch Cards: Quick wins with simple mechanics.
    • Virtual Sports: Simulated events that are always available for betting.

    This wide variety ensures that JACKBIT remains one of the top crypto casinos for all types of players. Whether you’re into high-stakes poker or just want to have some fun with a slot game, there’s always something exciting waiting for you.

    Why JACKBIT Excels in Sports Betting

    JACKBIT’s sportsbook is a powerhouse, appealing to casual fans and pros alike:

    • Breadth of Coverage: Bet on 140+ sports, from football and basketball to niche picks like darts and eSports. Monthly, 82,000+ live events keep the action flowing.
    • Live Betting: Real-time odds and streaming for select matches (e.g., tennis majors) let players wager as games unfold, adding thrill and strategy.
    • Betting Options: With 4,500+ types—moneylines, over/unders, player props—JACKBIT offers unmatched variety. A football match might feature 200+ unique bets.
    • Competitive Odds: Regularly refreshed to beat industry averages, ensuring better value. A $10 bet on a 2.0 odds soccer game could yield $20, outpacing many rivals.

    This depth and dynamism make JACKBIT a top-tier crypto gambling site for sports enthusiasts.

    The Role of Software Providers

    JACKBIT’s game quality stems from partnerships with elite providers:

    • NetEnt: Delivers visually rich slots like Gonzo’s Quest, known for immersive graphics and high RTPs.
    • Evolution Gaming: Powers the live casino with professional dealers and innovative titles like Lightning Roulette.
    • Pragmatic Play: Offers slots (Sweet Bonanza) and Drops & Wins, blending fun with big win potential.
    • Microgaming: Brings legendary progressives like Mega Moolah, a millionaire-maker.
    • Betsoft: Adds 3D flair with games like The Slotfather, enhancing variety.

    These collaborations ensure a premium, diverse library, solidifying JACKBIT’s rank among best bitcoin casinos.

    The Impact of Live Dealer Games

    Live dealer games bridge the gap between online and brick-and-mortar casinos, and JACKBIT excels here:

    • Authentic Experience: HD streams and real dealers (via Evolution Gaming) recreate the casino vibe. Playing Live Blackjack feels like sitting at a Vegas table.
    • Interactive Features: Chat with dealers or players, adding a social layer absent in RNG games. A dealer might congratulate a big win, boosting engagement.
    • Variety: Options span low-stakes roulette to VIP baccarat, with game shows like Crazy Time mixing entertainment and betting.
    • Trust Factor: Seeing cards dealt live builds confidence, crucial for skeptical players transitioning to crypto gambling sites.

    This immersive offering enhances JACKBIT’s reputation as a top-tier platform.

    Best Crypto Casino Payment Methods

    JACKBIT offers a wide range of payment methods, focusing on speed and security to ensure a smooth experience for players.

    Cryptocurrencies

    JACKBIT accepts over 17 cryptocurrencies, including:

    • Bitcoin (BTC): A secure and widely used option with instant deposits.
    • Ethereum (ETH): Fast transactions thanks to smart contracts.
    • Litecoin (LTC): Known for low fees and quick confirmations.
    • Ripple (XRP): Perfect for cross-border payments.
    • Tether (USDT): A stablecoin that helps reduce volatility.
    • Solana (SOL): A high-speed blockchain with minimal fees.
    • Other options: Dogecoin, Cardano, Binance Coin, and more.

    Advantages of Using Crypto:

    • Anonymity: No need to share personal details.
    • Speed: Deposits are instant, and withdrawals usually take under 10 minutes.
    • Low Fees: Transaction costs are minimal
    • Global Access: No geographic restrictions.

    Debit/Credit Cards

    For those who prefer traditional payment methods, JACKBIT also accepts Visa and MasterCard for secure deposits. However, while card deposits are quick, withdrawals may take longer to process.

    E-Wallets

    Though PayPal is not available, JACKBIT supports Google Pay and Apple Pay for easy, mobile-friendly deposits. These e-wallets provide a convenient way to deposit without sharing bank account details.

    Bank Transfer

    For larger transactions, JACKBIT, the best crypto casino, offers bank transfers, which are ideal for high rollers. Keep in mind, though, that these can take several days to process and may come with higher fees.

    Cryptocurrency vs. Fiat

    While crypto methods are the fastest and most private, fiat options like card payments and bank transfers are still reliable but slower. JACKBIT accommodates both, ensuring that players have plenty of options depending on their preferences.

    By offering such a variety of payment methods, JACKBIT ensures it meets the needs of all players, making it one of the best crypto casinos available today.

    ✅PLAY WITH LOW-FEE CRYPTO – JOIN JACKBIT NOW!

    User Experience at the Best Crypto Casino

    A superior user experience is at the heart of JACKBIT’s success. The platform’s sleek, dark-themed design isn’t just visually appealing—it’s highly functional. Navigation is effortless, with a well-organized layout that ensures players can find what they need in seconds. Here’s what makes JACKBIT’s user experience exceptional:

    • Intuitive Design: The homepage features a clean interface with quick-access menus for games, promotions, and support. Categories like slots, live casino, and sportsbook are clearly labeled, reducing the learning curve for new users.
    • Advanced Search Functionality: A robust search bar lets players filter games by title, provider, or category. For example, typing “blackjack” instantly pulls up all available variants, saving time and enhancing convenience.
    • Mobile Compatibility: JACKBIT’s mobile-optimized site mirrors the desktop experience, offering full access to games, betting, and account management without requiring an app. Whether on iOS or Android, the platform adapts flawlessly to smaller screens.
    • Multilingual Support: Available in languages like English, Spanish, German, and French, JACKBIT ensures global players feel at home. This inclusivity enhances usability for non-English speakers.
    • 24/7 Customer Support: Live chat and email support are accessible around the clock, with multilingual agents ready to resolve issues—whether it’s a payment query or a game glitch—in real time.

    This meticulous attention to detail creates a frictionless experience, making JACKBIT a benchmark for user-friendly design among best crypto casinos.

    Why No-KYC Casinos Like JACKBIT Are Revolutionizing Online Gambling: A Game-Changer Among the Best Crypto Casinos

    No-KYC casinos are changing the way we think about online gambling, and JACKBIT is at the forefront of this movement. Traditional casinos often require players to submit sensitive documents like passports or utility bills for verification, which can be off-putting for those who value their privacy or face delays. JACKBIT’s no-KYC model turns this process on its head:

    Breaking Down Barriers

    By eliminating the KYC process, JACKBIT makes it incredibly easy to get started. Players only need to register with an email and can start playing immediately—no waiting for account approval. This is a major advantage for players tired of waiting days for traditional casinos to process their verification.

    Privacy as a Priority

    In today’s world, data breaches are a serious concern. JACKBIT prioritizes player privacy by ensuring that personal information stays off the grid. This approach is especially appealing to privacy-conscious users and those in regions with strict gambling laws, making it one of the best crypto casinos for secure, anonymous play.

    Real-World Impact

    Imagine a player in a country where online gambling is restricted—they can still join JACKBIT anonymously using cryptocurrency. This ability to bypass local regulations opens up online gambling to a much wider audience, making JACKBIT one of the most accessible new crypto casinos on the market.

    Competitive Edge

    While some other casinos only partially embrace the no-KYC model for withdrawals, JACKBIT stands out by offering a fully anonymous experience—from sign-up to cash-out. This seamless, privacy-first approach has attracted a loyal following and set JACKBIT apart as one of the best crypto casinos for those who want both freedom and security.

    By taking a bold stand on player privacy and accessibility, JACKBIT is redefining the future of online gambling. Its no-KYC model is a game-changer for new crypto casinos, providing a truly unique and innovative experience that appeals to players who demand the best of both worlds.

    Community and Social Engagement: Building Loyalty

    JACKBIT isn’t just a casino—it’s a community hub. Its social strategy fosters connection and loyalty:

    • Active Social Media: On Twitter and Telegram, JACKBIT shares updates, hosts giveaways (e.g., $10,000 weekly prizes), and interacts with players. A recent tweet offering 100 free spins for retweets saw hundreds engage.
    • Player Feedback: Direct channels let users suggest features—like adding a new slot or eSport—many of which JACKBIT implements, showing it listens.
    • Tournaments and Events: Regular leaderboards and Pragmatic Drops & Wins (€2M prize pool) unite players in friendly competition, boosting excitement and retention.
    • Loyalty Benefits: Social engagement ties into the VIP program, where active members unlock higher Rakeback and exclusive perks.

    This two-way dialogue sets JACKBIT apart from less engaged crypto gambling sites, creating a vibrant player ecosystem.

    The Importance of Mobile Gaming

    Mobile gaming is reshaping online casinos, and JACKBIT’s mobile platform is a standout:

    • Growing Trend: Over 60% of gamblers now play on mobile, per industry stats. JACKBIT meets this demand with a no-app-required, browser-based site optimized for all devices.
    • Feature Parity: From slots to live betting, every desktop feature works flawlessly on mobile. Players can deposit, claim bonuses, or chat with support on the go.
    • Performance: Fast load times and responsive design ensure smooth gameplay, even on budget phones. For example, spinning Starburst on a 4G connection feels as seamless as on Wi-Fi.
    • Convenience: Whether commuting or relaxing, players access JACKBIT anytime, anywhere, enhancing its appeal among new crypto casinos.

    This mobile-first approach cements JACKBIT’s leadership in accessibility and convenience.

    Responsible Gambling at JACKBIT

    JACKBIT balances excitement with responsibility, offering robust tools to protect players:

    • Custom Limits: Set daily, weekly, or monthly deposit caps to control spending. A player might limit themselves to $50 daily, ensuring they stay within budget.
    • Self-Exclusion: Options range from a 24-hour break to permanent account closure, giving players flexibility to step back when needed.
    • Reality Checks: Pop-up reminders track time and money spent—e.g., “You’ve played for 2 hours and spent $100”—prompting mindful play.
    • Support Resources: Links to GamCare and Gambling Therapy provide professional help, reinforcing JACKBIT’s commitment to well-being.

    These features make JACKBIT a safe haven, aligning with one of the best crypto casinos.

    ✅ENJOY 30% RAKEBACK, 100 WAGER-FREE SPINS, NO KYC – REGISTER TODAY!

    JACKBIT Conclusion: The Best Crypto Casino

    JACKBIT reigns supreme as the best crypto casino of 2025, blending innovation, accessibility, and player-centric features. Its no-KYC policy offers unmatched privacy, while 7,000+ games, a stellar sportsbook, and blockchain transparency cater to every gambling desire. Mobile optimization, community engagement, and responsible gambling tools round out a platform that’s as safe as it is thrilling. Whether you’re a slot spinner, sports bettor, or live casino fan, JACKBIT delivers. Visit JACKBIT today and see why it’s the ultimate crypto gambling destination.

    Contact Us
    Email: support@JACKBIT.com

    Legal Disclaimer
    This article is intended for informational and entertainment purposes only. It does not offer legal or financial advice. Please verify the information and ensure you are following local laws before engaging in any gambling activities.

    Casino and Gambling Disclaimer

    Online gambling involves risks and may not be suitable for everyone. Gambling laws vary by jurisdiction, and compliance is your responsibility. We do not promote gambling, and participation is at your own risk. JACKBIT is a third-party platform, and we are not liable for any losses or disputes arising from its use. Always gamble responsibly and seek professional advice if needed.

    Affiliate Disclosure
    Some of the links in this article may be affiliate links, meaning we may earn a commission at no additional cost to you. Rest assured, our recommendations are made without bias.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3df3ce5a-7a48-4b8f-8803-22b40520ace0

    The MIL Network –

  • MIL-Evening Report: The Kiwi heart surgeon, his wife and the film maker in Palestine

    Auckland film maker Paula Whetu Jones has spent nearly two decades working pro bono on a feature film about the Auckland cardiac surgeon Alan Kerr, which is finally now in cinemas.

    She is best known for co-writing and directing Whina, the feature film about Dame Whina Cooper.

    She filmed Dr Kerr and his wife Hazel in 2007, when he led a Kiwi team to Gaza and the West Bank to operate on children with heart disease.

    What started as a two-week visit became a 20 year commitment, involving 40 medical missions to Gaza and the West Bank and hundreds of operations.

    Paula Whetu Jones self-funded six trips to document the work and the result is the feature film The Doctor’s Wife, now being screened free in communities around the country.

    20 years of inspirational work in Palestine

    Pacific Media Watch reports that Paula Whetu Jones writes on her film’s website:

    I met Alan and Hazel Kerr in 2006 and became inspired by their selflessness and dedication. I wanted to learn more about them and shine a light on their achievements.

    I’ve been trying to highlight social issues through documentary film making for 25 years. I have always struggled to obtain funding and this project was no different. We provided most of the funding but it wouldn’t have been possible to complete it without the generosity of a small number of donors.

    Others gave of their time and expertise.

    Film maker Paula Whetu Jones . . . “Our documentary shows the humanity of everyday Palestinians, pre 2022, as told through the eyes of a retired NZ heart surgeon, his wife and two committed female film makers.” Image: NZ On Film

    Our initial intention was to follow Dr Alan in his work in the West Bank and Gaza but we also developed a very special relationship with Hazel.

    While Dr Alan was operating, Hazel took herself all over the West Bank and Gaza, volunteering to help in refugee camps, schools and community centres. We tagged along and realised that Dr Alan and his work was the heart of the film but Hazel was the soul. Hence, the title became The Doctor’s Wife.

    I was due to return to Palestine in 2010 when on the eve of my departure I was struck down by a rare auto immune condition which left me paralysed. It wasn’t until 2012 that I was able to return to Palestine.

    Wheelchair made things hard
    However, being in a wheelchair made everything near on impossible, not to mention my mental state which was not conducive to being creative. In 2013, tragedy struck again when my 22-year-old son died, and I shut down for a year.

    Again, the project seemed so far away, destined for the shelf. Which is where it sat for the next few years while I tried to figure out how to live in a wheelchair and support myself and my daughter.

    The project was re-energised when I made two arts documentaries in Palestine, making sure we filmed Alan while we were there and connecting with a NZ trauma nurse who was also filming.

    By 2022, we knew we needed to complete the doco. We started sorting through many years of footage in different formats, getting the interviews transcribed and edited. The last big push was in 2023. We raised funds and got a few people to help with the logistics.

    I spent six months with three editors and then we used the rough cut to do one last fundraiser that helped us over the line, finally finishing it in March of 2025.

    Our documentary shows the humanity of everyday Palestinians, pre-2022, as told through the eyes of a retired NZ heart surgeon, his wife and two committed female film makers who were told in 2006 that no one cares about old people, sick Palestinian children or Palestine.

    They were wrong. We cared and maybe you do, too.

    What is happening in 2025 means it’s even more important now for people to see the ordinary people of Palestine

    Dr Alan and his wife, Hazel are now 90 and 85 years old respectively. They are the most wonderfully humble humans. Their work over 20 years is nothing short of inspiring.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on May 09, 2025

    Source: Reserve Bank of India

    Tenor 4-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 7,417
    Amount allotted (in ₹ crore) 7,417
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/291

    MIL OSI Economics –

  • MIL-OSI Economics: Result of Underwriting Auction conducted on May 09, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on May 09, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)    		 Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)    		 Additional Competitive Underwriting Amount Accepted
    (₹ crore)    		 Total Amount underwritten
    (₹ crore)    		 ACU Commission Cut-off rate
    (paise per ₹100)
    6.92% GS 2039 16,000 8,001 7,999 16,000 14
    6.90% GS 2065 16,000 8,001 7,999 16,000 30
    Auction for the sale of securities will be held on May 09, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/290

    MIL OSI Economics –

  • MIL-OSI New Zealand: Flood resilience projects completed at pace

    Source: NZ Music Month takes to the streets

    Wairarapa flood resilience has been shored up with the completion of five projects funded by the Regional Infrastructure Fund, with more on the way, Regional Development Minister Shane Jones says.
    “These five projects, supported by Greater Wellington Regional Council, were among 42 priority flood resilience projects across 11 regions announced last year and approved for a total of $101.1 million in funding through the Regional Infrastructure Fund (RIF).
    Greater Wellington Regional Council was approved for funding up to $16.1m across Kāpiti and Wairarapa.
    “The completed Wairarapa projects are an upgrade of Pukio East Stopbank, protection upgrades at two sites on Waipoua River, and Stages 2 and 3 of the River Road Flood Protection Upgrade on Ruamāhanga River.
    Mr Jones today attended an event hosted by Greater Wellington Regional Council at Fullers Bend on Waiōhine River to mark the completion of the five projects and to view progress of another 11 flood protection projects underway.
    “I announced the first tranche of projects about this time last year. We wanted projects that would be ready to start as soon as they got the green light – what we have here is delivery on our promises,” Mr Jones says.
    “Doing this work now protects local communities, provides local jobs, and builds a sense of security and confidence. It underpins a broader willingness to invest in our local economies
    “It also protects Crown assets such as roads, railways, hospitals and schools. It also saves the costs of deploying government emergency services in clean-up operations and eases the demand on other social services. 
    Minister Jones also today held a joint regional growth summit for Kāpiti and Wairarapa in Carterton today where he engaged with stakeholders on economic growth, regional priorities, prosperity and resilience.
    “Today’s summit was a great chance to discuss further growth opportunities for both of these regions and I look forward to seeing RIF applications through this engagement,” Mr Jones says.
    GWRC Projects
    To support councils to deliver essential works at pace, the RIF invested as grants to 42 flood resilience projects across 12 councils.
    Flood resilience projects in Kāpiti benefitting from RIF investment are:

    Otaki Cliffs River Bank Protection: $2.50 million.

    Flood resilience projects in the Wairarapa benefitting from RIF investment are:

    River Rd Masterton Flood Protection Upgrade – Stage 2: $1.48 million (completed)
    River Rd Masterton Flood Protection Upgrade – Stage 3 Remaining Groynes: $2.11 million (completed)
    Waipoua SH2 Left Bank Protection Upgrade: $80,000 (completed)
    Waipoua Industrial Site – Akura Road Edge Protection Programme: $880,000 (completed)
    Fullers Bend Protection: $1.39 million
    Awaroa Floodway Spillover Sill: $530,000
    Tawaha Floodway Spillover Sill: $1.02 million
    Pukio East Stopbank Upgrade, South Wairarapa: $540,000 (completed)
    Flood Gates – Fish Passage Upgrades, South Wairarapa: $220,000
    Masterton Water Supply Protection Project: $570,000
    Hood Aerodrome Masterton Waingawa River Flood Protection: $950,000
    South Masterton Stopbank Upgrade: $520,000
    Homebush Wastewater Treatment Plant Resilience Works: $270,000
    Upper Ruamāhanga Buffer Establishment: $2.16 million
    Whakawhiriwhiri Stream – Project Rescope: $860,000

    MIL OSI New Zealand News –

  • MIL-OSI Banking: From Dreams to Reality: Journeys at Samsung

    Source: Samsung

    As a global leader in technology and innovation, Samsung Electronics aims to create working environments that allow every employee to advance themselves personally and professionally. Guided by their diverse backgrounds, perspectives and passions, Samsung employees around the world are shaping their own unique paths at the company.
     
    With the aim of showcasing these paths, Samsung Newsroom conducted video interviews of some of its many inspiring leaders around the world. Watch the full video below to hear their inspiring stories:
     

     
     
    Tips for Those on Their Journeys

     
    Deborah Honig is the first ever Chief Customer Officer at Samsung Electronics U.K., a role that’s all about putting the customer at the center of Samsung’s offerings and bringing the strength of the company’s ecosystem together across B2B and B2C sales channels.
     
    A proud Canadian and sports fanatic, Honig was inspired by her father, who was an airplane engineer. When Honig was a child, he would take her to his workplace, where she had the opportunity to witness industries that were pushing the boundaries firsthand. This marked the beginning of her interest in technology. Now, she is proud to be part of Samsung’s drive for innovation and is excited to be part of the journey to bring AI technology to users.
     
    Honig is driven by the mantra, “power the possible.” To her, this means inspiring the best work in herself and in her team and is rooted in the belief that Samsung products help people live better lives. Her advice to others on their journey is, “Build your own tribe. Never underestimate the power of your network to lean on when you need coaching, inspiration or advice.”
     

     
    In a hybrid role consisting of engineering, management and consultant responsibilities, Shin-Chul Baik leads a team of 50 engineers tasked with maintaining the cybersecurity of Samsung devices, including smartphones, tablets, TVs and home appliances.
     
    Baik knew he would become an engineer from a young age and has worked consistently throughout his career to combine that strong technical foundation with expertise in business operations and interpersonal communications. The breadth and dynamism of Samsung has provided key opportunities in this regard, in addition to the company’s education program supporting him in achieving various security qualifications.
     
    To get ahead, he recommends the following approach, “Aspire to jump to the next curve. But keep your head down and grind in the meantime. It’s about the journey of getting through the process, and grabbing the opportunity to jump to the next curve.”
     

     
    Nguyen Thi Bich Hanh leads a team of nearly 100 engineers at Samsung R&D Center Vietnam, which works in mobile product development areas like performance improvement, memory optimization and software compliance. Her primary role involves overseeing project development, managing human resources, collaborating with cross-functional teams, and ensuring adherence to Samsung’s internal processes.
     
    Her journey began back in high school, where she was amazed at how quickly code produced results and the creative opportunities it offered. This led to her attending one of Vietnam’s premier technology universities and then her position at Samsung, which has shown her how the company fosters personal growth by creating a positive environment and offering numerous training programs.
     
    Her advice to the world is, “Think differently. Always question how to improve the current state and never stop learning. If you encounter a challenge, do not be afraid to embrace it or to make mistakes. Figure out what you truly desire, believe in yourself, and work to transform every setback into an opportunity for growth.”
     

     
    Camila Andrea Segura Rodriguez leads the marketing team for Home Appliances at Samsung Colombia, which is a role that involves developing effective product communication strategies to impact potential customers while closely collaborating with other teams.
     
    As someone who was drawn to creativity since childhood, she wanted to develop a career that allowed her to express her creativity and imagination, which is exactly what she found in her first internship at a creative agency. Since joining Samsung, her journey has led to an appreciation for the dynamic work environment and the opportunities to grow professionally, particularly the provision of development tools like the Leadership Incubator.
     
    When asked for her tips she would share with others, she says, “Stay true to yourself while continuously nurturing your growth with diverse people, opinions and experiences. Surrounding yourself with different voices challenges your thinking, sparks creativity and helps you evolve. Embrace change, stay open to learning, stay grounded in your values, and let both your uniqueness and the richness of diversity shape your journey.”
     

     
    Daniel Harvie is Head of the TV/AV business for Samsung in the U.K. & Ireland — a role in which he leads a large team across sales, marketing and product — with the core responsibilities of working with channel partners, creating consumer demand and managing the supply chain.
     
    The path that led to Harvie’s career at Samsung was certainly a unique one, since his childhood was rooted in competitive sport before he moved on to majoring in music and the performing arts at university and eventually pivoted to consumer technology. He credits his broad skillset to this varied background and believes his story is a testament to how different life experiences can bring value to a company. In terms of career growth, Samsung has provided him with the opportunity to develop expertise across multiple European markets and a better understanding of global strategy, including formal leadership development programs.
     
    His advice to others on their Samsung journey is, “Firstly, be open-minded, always be willing to learn from new experiences and challenges you face, and take on different perspectives. Secondly, carry with you an optimistic mindset. Optimism, with a healthy dose of realism, is a proven force multiplier and massively increases your ability to see opportunity, to be solutions focused and to galvanize people around ambitious goals.”
     

     
    Roopa Sheshadri Kotiganahally is a Director at Samsung R&D Institute India-Bangalore, where she leads the development of cutting-edge Galaxy device features powered by AI/machine learning (ML). Her team focuses on leveraging the power of computer vision, deep learning and generative AI paradigms to enhance photo and video experiences. Her position allows her to pursue her dream of working in tech — which began when she first became fixated on computers in high school — all while collaborating and sharing knowledge with a large team of talented professionals who push and grow alongside each other.
     
    During her career at Samsung, Kotiganahally has found that the company fosters a culture of innovation and continuous learning. For her, the IIMB Thought Leader Program and AI postgraduate programs have been particularly beneficial, as they have allowed her to expand her knowledge of AI and its applications in the mobile domain.
     
    Kotiganahally’s advice for others on their journey is, “Embrace curiosity and a lifelong love for learning. Don’t be afraid to explore new ideas and challenge the status quo. Believe in your potential and pursue your passions with dedication and perseverance, because the innovation journey is an ongoing one, and every step — every challenge — brings valuable learning experiences.”
     

     
    Joy Amaka Tim-Ayoola is responsible for leading a mobile experience team at Samsung Electronics West Africa, a role that involves setting goals and sales strategies to address market realities, with the ultimate goal of driving revenue.
     
    As a child, she envisioned herself as a solution provider, driven by her curiosity about the world’s challenges and how to tackle them, which led to an interest and career in technology. As she grew a little older, technology began to boom in Nigeria, and in that time she began to understand that one person could solve complex issues through programming. It is this recognition and desire to solve problems that led to her choosing a career in information technology. At Samsung, Tim-Ayoola feels she has been provided with the opportunity to combine her academic and career experiences to tackle real world challenges, thereby realizing her original dream of solving problems for others through technology.
     
    Her advice to the world is, “Be purposeful! Be intentional in what you believe, embrace change as a catalyst for growth. Have a good supportive network.”

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Hong Kong’s latest foreign currency reserve assets figures released

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

    The Hong Kong Monetary Authority (HKMA) announced today (May 8) that the official foreign currency reserve assets of Hong Kong amounted to US$408.7 billion as at the end of April 2025 (end-March 2025: US$412.5 billion) (Annex).

    Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of April 2025 amounted to US$407.9 billion (end-March 2025: US$411.9 billion).

    The total foreign currency reserve assets of US$408.7 billion represent over five times the currency in circulation or about 36 per cent of Hong Kong dollar M3.
     
    ****
     
    At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with International Monetary Fund’s Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of May 2025, the scheduled dates for issuing the press releases are as follows:
     

    May 8 SDDS International Reserves
    (Hong Kong’s Latest Foreign Currency Reserve Assets Figures) 
    May 14 SDDS Analytical Accounts of the Central Bank
    (Analytical Accounts of the Exchange Fund) 
    May 30 SDDS Template on International Reserves and
    Foreign Currency Liquidity 
    May 30 Exchange Fund Abridged Balance Sheet and
    Currency Board Account 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fraudulent websites and internet banking login screens related to The Bank of East Asia, Limited

    Source: Hong Kong Government special administrative region

    Fraudulent websites and internet banking login screens related to The Bank of East Asia, Limited 
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or login screens concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.
    Issued at HKT 16:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Europe marks 80th anniversary of WWII victory with calls for peace, unity

    Source: People’s Republic of China – State Council News

    This photo taken on May 7, 2025 shows a view of ceramic poppies displayed at the Tower of London in London, Britain. An installation of nearly 30,000 ceramic poppies is on display from May 6 to Nov. 11 at the Tower of London, commemorating the 80th anniversary of the end of the Second World War. [Photo/Xinhua]

    Europe celebrated the 80th anniversary of the end of the Second World War this week, with parades and wreath-laying ceremonies unfolding across the continent. The defeat of Fascism and Nazism in 1945 is celebrated on Victory in Euorpe (VE) Day and throughout the week, European leaders underscored the enduring value of peace and unity.

    In Poland, nationwide observances on Thursday culminated in Warsaw’s Wesola district, home to the Polish Army’s Tadeusz Kosciuszko Armored Brigade. During an address to the army, Polish Prime Minister Donald Tusk vowed to strengthen Poland’s defense capability and safeguard the country.

    Meanwhile, on the social media platform X, Polish President Andrzej Duda posted a strong plea: “No more war! This appeal must resound today.” He called for a world grounded in “the force of law” rather than “the law of force,” and called the memories of World War II a solemn reminder of the need to be “responsible stewards of peace.”

    A ceremony commemorating the 80th anniversary of the end of World War II in Europe, known as Victory in Europe Day, is held at the Tomb of the Unknown Soldier in Warsaw, Poland, on May 8, 2025. [Photo/Xinhua]

    German Federal President Frank-Walter Steinmeier on Thursday reflected on Germany’s responsibility for the wars and called for the protection of unity, citing challenges including growing extremist forces in the country. He also reaffirmed Germany’s commitment to the principles of the post-war international order.

    In addition, the CEOs of 48 major German companies, including BASF, Evonik, Siemens, Bayer, and Deutsche Bank, issued a joint statement acknowledging their companies’ historical responsibility in the Nazi era and calling for efforts against hatred, exclusion and antisemitism.

    On the eve of the anniversary of VE Day on Wednesday, a meeting between newly-elected German Chancellor Friedrich Merz and French President Emmanuel Macron in Paris bore a special significance. The two leaders, representing nations once bitter enemies, emphasized the significance of German-French reconciliation.

    “German-French friendship is a gift, a gift of forgiveness and reconciliation, especially for us Germans,” Merz said during his first trip abroad since being elected.

    People attend a ceremony commemorating the 80th anniversary of the end of World War II in Europe at the Brandenburg Gate in Berlin, Germany, May 8, 2025. [Photo/Xinhua]

    Earlier this week in Britain, nearly 30,000 ceramic red poppies cascaded down the walls of the Tower of London, representing the loss of lives during the war. British King Charles and Queen Camilla reviewed a military parade in front of Buckingham Palace, as part of four days of commemorations beginning on Monday.

    In Slovakia, Prime Minister Robert Fico laid a wreath on Tuesday at the Red Army Military Cemetery in Michalovce, a city liberated by the Russian Red Army. Paying tribute to young soldiers who sacrificed their lives during the liberation of Slovakia, Fico emphasized that victory over fascism is a celebration of peace and life.

    In the Netherlands, flags were flown at half-mast across the country for the national day of remembrance. Thousands gathered in Amsterdam on Monday, where Dutch King Willem-Alexander laid a wreath at a war memorial, and the nation held a two-minute silence to honor the fallen.

    Italy’s commemorations began earlier, on April 25, with Liberation Day parades in Rome, Milan, Florence and other cities. National museums and parks offered free admission to the public as part of the celebrations. Italian President Sergio Mattarella, accompanied by Prime Minister Giorgia Meloni and Defense Minister Guido Crosetto, laid a wreath on the Tomb of the Unknown Soldier at the Altar of the Fatherland.

    “Defending the freedom of the European peoples is a shared task,” President Mattarella declared. “Now, equality, the affirmation of the rule of law, cooperation, the same freedom and democracy, have become common goods of the European peoples to be protected by all the parties to the European Union pact.”

    This photo taken on May 7, 2025 shows a view of ceramic poppies displayed at the Tower of London in London, Britain. An installation of nearly 30,000 ceramic poppies is on display from May 6 to Nov. 11 at the Tower of London, commemorating the 80th anniversary of the end of the Second World War. [Photo/Xinhua]

    At the EU level, the European Parliament marked the occasion in a plenary session that featured three Second World War veterans on Wednesday. Parliamentary President Roberta Metsola stressed that the best tribute to those who gave their lives is the resolve to “never again” repeat such wars.

    European Council President Antonio Costa underlined: “Peace is a heritage, but also a responsibility.”

    MIL OSI China News –

  • MIL-OSI Economics: Money Market Operations as on May 08, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,06,342.90 5.72 3.50-6.85
         I. Call Money 15,220.70 5.82 4.90-5.90
         II. Triparty Repo 3,79,886.45 5.73 5.60-5.77
         III. Market Repo 2,09,827.75 5.71 3.50-6.81
         IV. Repo in Corporate Bond 1,408.00 6.00 5.95-6.85
    B. Term Segment      
         I. Notice Money** 792.60 5.84 5.25-5.90
         II. Term Money@@ 352.00 – 5.75-6.15
         III. Triparty Repo 7,605.00 5.85 5.80-5.95
         IV. Market Repo 2,686.13 5.92 5.85-6.00
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 08/05/2025 1 Fri, 09/05/2025 8,074.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 08/05/2025 1 Fri, 09/05/2025 1,980.00 6.25
    4. SDFΔ# Thu, 08/05/2025 1 Fri, 09/05/2025 1,77,191.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,67,137.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,709.21  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,589.21  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,32,547.79  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 08, 2025 9,57,142.18  
         (ii) Average daily cash reserve requirement for the fortnight ending May 16, 2025 9,41,653.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 08, 2025 8,074.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/289

    MIL OSI Economics –

  • MIL-OSI Economics: Japan Fund for Prosperous and Resilient Asia and the Pacific

    Source: Asia Development Bank

    The Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) is the largest single-partner trust fund in the Asian Development Bank. JFPR has been a steadfast partner in aiding developing member countries and the region recover from crises and disasters.

    MIL OSI Economics –

  • MIL-OSI China: Shanghai’s World Bank survey success reflects China’s reform resolve

    Source: People’s Republic of China – State Council News

    Shanghai’s dynamic business hub is radiating confidence and vitality. In a new World Bank survey of 2,189 Chinese firms, Shanghai stood out with 22 business environment indicators ranking among the world’s top performers, more than any other city measured.

    The latest World Bank Enterprise Survey, conducted from January 2024 to February 2025, found that Shanghai leads the world in categories from power reliability to electronic payments. This haul even outshines Singapore, which had 10 top-tier indicators in an earlier assessment.

    The World Bank introduced the Business Ready (B-READY) Report in May 2023, which is a new approach that draws on a data collection process that includes specially tailored expert questionnaires and firm-level surveys.

    According to the survey, China’s overall enterprise survey scores were quite strong, exceeding the median of 103 economies in six out of eight topic areas, including commercial dispute resolution, taxation, financial services and international trade.

    Notably, among the 59 indicators used in B-READY, China achieved global top-tier performance in 12 indicators, including e-payments, electricity access and workforce training. Additionally, the country reached global advanced standards in areas such as construction permits, water supply, internet connectivity, and innovation.

    According to Elaine Chen, a partner at PwC China, which conducted the survey, Chinese firms demonstrated exceptional time efficiency, with VAT refunds processed in just one week and trade clearance time (3 days for exports, 10 for imports, on average) outperforming regional peers.

    “China’s strong results will be a reference to the World Bank’s final evaluation in September,” Chen noted.

    As an outstanding performer, Shanghai’s 22 world-best indicators span a broad array of business concerns. Regarding the reliability of electricity supply, the city’s enterprises reported zero power outages in the past year. Regarding access to financial services, Shanghai achieved zero transaction costs for electronic payments.

    Shanghai also reported perfect scores in commercial mediation (100), customs satisfaction (99.13), and internet provider flexibility (96.2). Beyond these, the metropolis scored at or near global best practice on measures such as tax processing speed, loan approvals, and internet stability, reflecting its advanced regulatory framework and commitment to efficiency.

    What lies behind these numbers is a vigorous push to modernize the city’s business environment. Many of Shanghai’s reforms in recent years have directly targeted the pain points that the World Bank survey measures. For example, the city enacted in 2016 a regulation on power supply and utilization that requires utility companies to fix outages within an hour.

    The findings underscore Shanghai’s success in aligning with international standards, streamlining regulations, and enhancing public services — a testament to China’s broader strides in cultivating a business-friendly environment, said Luo Peixin, vice president of East China University of Political Science and Law.

    Luo highlighted Shanghai’s institutional reforms as key drivers of progress. “Shanghai’s model offers a blueprint for nationwide improvements.”

    After years of steadfast reform, Shanghai has made the business environment a top priority since 2018, when Shanghai launched its first annual action plan of business climate reforms.

    Every year since then, the Shanghai municipal government convened a high-profile conference on optimizing the business environment to announce new measures. These action plans have so far introduced over 1,100 specific reform tasks and measures.

    Luo noted that by driving institutional reforms and optimizing working methods, Shanghai can further enhance corporate satisfaction and sense of gain.

    MIL OSI China News –