Category: Economics

  • MIL-OSI Economics: Scott Tinker to Speak at IADC’s 2025 Annual General Meeting

    Source: International Association of Drilling Contractors – IADC

    Headline: Scott Tinker to Speak at IADC’s 2025 Annual General Meeting

    IADC’s 2025 Annual General Meeting (AGM) will be held from 23-24 September at the Ritz-Carlton in Naples, Florida. AGM is recognized as the keynote conference for the drilling industry and provides ideal networking opportunities for participants. It features prominent speakers from industry and government.

    Joining us on this year’s program as a Featured Speaker is Scott Tinker, CEO of Tinker Energy Associates. Dr. Scott W. Tinker is a global energy explorer and educator bringing industry, government, academia, and nongovernmental organizations together to address major societal challenges in energy, the environment, and the economy. 

    For more information on registration, accommodations, or the full program, visit our website here

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  • MIL-OSI Economics: ASEAN Foreign Ministers’ Decision on Enhancing ASEAN Relations with External Parties

    Source: ASEAN

    1. Reaffirming the role of the ASEAN Foreign Ministers’ Meeting in ensuring consistency and coherence in the conduct of ASEAN’s external relations.
     
    2. Recalling the ASEAN Foreign Ministers’ decision under Paragraph 79 of the Joint Communiqué of the 54th ASEAN Foreign Ministers’ Meeting, held on 2 August 2021, to commence a comprehensive review of the moratorium on new Dialogue Partnerships, in conjunction with the development of the ASEAN Community Vision Post-2025.
     
    Download the full statement here.
    The post ASEAN Foreign Ministers’ Decision on Enhancing ASEAN Relations with External Parties appeared first on ASEAN Main Portal.

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  • MIL-OSI Economics: Secretary-General of ASEAN Meets with Minister of Foreign Affairs of Indonesia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Minister of Foreign Affairs of Indonesia, Sugiono, on the sidelines of the 58th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings in Kuala Lumpur, Malaysia. Their discussion focused on ASEAN Community-building efforts, including the follow-up to the 46th ASEAN Summit as well as preparations for ASEAN Day on 8 August 2025, at the ASEAN Headquarters / ASEAN Secretariat. Dr. Kao thanked the Government of the Republic of Indonesia, as the host country, for consistently extending its support to the ASEAN Secretariat.

    The post Secretary-General of ASEAN Meets with Minister of Foreign Affairs of Indonesia appeared first on ASEAN Main Portal.

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  • MIL-OSI Economics: Secretary-General of ASEAN Attends the Signing Ceremony of the Instrument of Accession to the TAC by Algeria and Uruguay

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today witnessed the signing of the Instrument of Accession to the Treaty of Amity and Cooperation in Southeast Asia (TAC) by the People’s Democratic Republic of Algeria and the Oriental Republic of Uruguay. The Instruments were signed by the Ministers of Foreign Affairs of Algeria and Uruguay, on the margins of the 58th ASEAN Foreign Ministers’ Meeting and Related Meetings in Kuala Lumpur today. The accession of Algeria and Uruguay brings the number of High Contracting Parties to the TAC to 57. The signing ceremony underscores the growing importance and interest that external partners place on ASEAN, as well as their commitment to uphold the principles and values enshrined in the TAC.

    The post Secretary-General of ASEAN Attends the Signing Ceremony of the Instrument of Accession to the TAC by Algeria and Uruguay appeared first on ASEAN Main Portal.

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  • MIL-OSI Economics: Empowering the Frontlines: Skill Fest 2025 Celebrates Samsung India’s Commitment to Service Excellence

    Source: Samsung

     
    Samsung India’s relentless pursuit of customer delight isn’t just built on innovation. It thrives on the strength of its people. In a powerful display of that commitment, Skill Fest 2025, a national-level skill enhancement initiative, has emerged as a one-of-a-kind platform that empowers Samsung’s Service Engineers and Customer Care Officers to excel, evolve, and lead with purpose.
     
    With over 3,500 nominations received from across the country, Skill Fest 2025 stands as a testament to the passion, capability, and diversity of Samsung’s frontline teams. From the hands that repair our devices to the voices that assure our customers, Skill Fest is designed to celebrate and elevate the very people who make Samsung India’s service experience seamless, responsive, and human.
     
    More Than a Competition—A Journey of Growth
    At its core, Skill Fest is more than a competition. It’s a nationwide learning journey that sharpens technical acumen, deepens customer understanding, and sparks creativity. Engineers and CCOs bring their best to the table not just in diagnostics and repair, but also in real-time customer handling, creative problem-solving, and process innovation.
     
    Participants demonstrate their prowess through:

    Innovative Jig Ideas for service efficiency
    Short Reels and repair tips to share best practices
    Real-time customer interaction assessments
    Personality and grooming benchmarks that reflect professionalism
    Core knowledge of smart connectivity, system tools, and service processes

     
    These touchpoints reflect Samsung’s people-first service DNA: skill, empathy, innovation, and ownership.
     
    A Rigorous, Three-Level Platform
    Skill Fest 2025 follows a robust three-tier structure that challenges and nurtures talent at every step:
     

    Level 1: MCQ-based Online Screening Test — Assessing theoretical knowledge of products, systems, and service basics.
    Level 2: Practical & Customer Handling Assessments — Evaluating hands-on repair skills, real-time problem-solving, and soft skills such as grooming and interaction.
    Level 3: Final Round of Regional Skill Fest at Samsung’s Service Academies — A high-stakes showcase of excellence, where top performers present their abilities to a panel of expert judges.

     
    Every level is carefully weighted to ensure fairness and precision in evaluation, while bonus points are awarded for originality, creativity, and initiative, further reinforcing Samsung’s commitment to holistic talent development.
     
    Samsung’s Service Engineers and Customer Care Officers at Skill fest 2025
     
    Inspiring a Culture of Ownership and Excellence
    Skill Fest is part of Samsung’s broader culture of care, where employees are trusted, respected, and enabled to grow. It aligns with the brand’s philosophy that a great service professional not only repairs a device, but also restores trust, comfort, and satisfaction.
     
    By investing in such comprehensive platforms, Samsung India ensures that its people, from audio-visual and digital appliance experts to mobile care officers, are equipped with the tools, recognition, and motivation they need to thrive. And when they thrive, the ultimate winner is the consumer.
     
    A Celebration of Passion, Innovation and Service
    The final leg of Skill Fest 2025 will unfold at Samsung’s Regional Service Academies, where shortlisted stars will battle it out in a celebration of talent and resolve. Winners will be honored not just for their skill, but for the heart and hustle they bring to the job every day.
     
    As India’s most loved technology brand, Samsung believes every service experience is a moment of truth—and Skill Fest 2025 proves that empowered employees create unforgettable ones.

    MIL OSI Economics

  • MIL-OSI Economics: Spike in armed robbery incidents raises concerns for vital Singapore Strait trade route

    Source: International Chamber of Commerce

    Headline: Spike in armed robbery incidents raises concerns for vital Singapore Strait trade route

    Globally, the crime of piracy and armed robbery reached 90, the highest number of reported incidents since the first half of 2020, according to the newly released report by the ICC International Maritime Bureau (IMB) Piracy Reporting Centre.

    A total of 90 cases of piracy and armed robbery against ships were recorded in the first half of 2025 – a 50% increase compared to the same period in 2024.   

    Of the incidents reported, 79 vessels were boarded, six attempted attacks, four hijackings and one vessel fired upon. Concern for crew wellbeing continues with 40 crew taken hostage, 16 kidnapped, five threatened and three each assaulted and injured. The Singapore Straits recorded 57 incidents and accounts for roughly 63% of total globally reported incidents. Fifteen incidents were reported in these waters during the first half of 2024.  

    The boarding of large vessels exceeding 150,000 DWT in this narrow and congested waterway remains a significant concern, particularly given the 95% success rate of boardings in the Singapore Strait. Although relatively low level incidents, this risk is further compounded by the continued use of guns and knives in 34 of the 57 reported incidents. Crew safety and wellbeing also remain fragile, with 13 crew members held hostage during incidents, five threatened, three injured, and one assaulted.

    “The Singapore Strait is a critical shipping route, with ships carrying roughly 30% of global trade,” said IMB Director Michael Howlett.

    “This rise in incidents is deeply concerning as it puts the safety of our seafarers and the security of international commerce at risk.” 

    Despite lower incident numbers, the Gulf of Guinea continues to pose significant risks to crew safety and remains a region where continued caution is essential. The region recorded 12 incidents and accounted for 87% of all crew kidnappings globally in the first half of 2025.  

    While no new incidents have been reported off Somalia since April 2025, Somalia waters maintain a continued threat of potential piratical incidents, particularly as the Southwest Monsoon subsides in the coming months.  

    The IMB continues to encourage all seafarers transiting waters known for piratical and armed robbery incidents to exercise vigilance and follow the recommended practices outlined in the latest Best Management Practices. 

    About the IMB Piracy Reporting Centre  

    Since its founding in 1991, IMB’s Piracy Reporting Centre has served as a crucial, 24-hour point of contact to report crimes of piracy and lend support to ships under threat. Quick reactions and a focus on coordinating with response agencies, sending out warning broadcasts and email alerts to ships have all helped bolster security on the high seas. The data gathered by the Centre also provides key insights on the nature and state of modern piracy.  

    IMB encourages all shipmasters and owners to report all actual, attempted and suspected global piracy and armed robbery incidents to the Piracy Reporting Centre as a vital first step to ensuring adequate resources are allocated by authorities to tackle maritime piracy.

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  • MIL-OSI Economics: Result of the 2-day Variable Rate Reverse Repo (VRRR) auction held on July 09, 2025

    Source: Reserve Bank of India

    Tenor 2-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of offers received (in ₹ crore) 97,315
    Amount accepted (in ₹ crore) 97,315
    Cut off Rate (%) 5.49
    Weighted Average Rate (%) 5.46
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)     

    Press Release: 2025-2026/679

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  • MIL-OSI Economics: Secretary-General of ASEAN attends the Opening Ceremony of the 58th ASEAN Foreign Ministers’ Meeting

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the Opening Ceremony of the 58th ASEAN Foreign Ministers’ Meeting (AMM), held at the Plenary Hall of the Kuala Lumpur Convention Centre (KLCC). During the Opening Ceremony, Chair of ASEAN in 2025 Prime Minister of Malaysia, The Honourable Dato’ Seri Anwar Ibrahim, delivered a keynote address, where Minister of Foreign Affairs of Malaysia, The Honourable Dato’ Seri Utama Haji Mohamad Bin Haji Hasan, delivered welcoming remarks.

    The post Secretary-General of ASEAN attends the Opening Ceremony of the 58th ASEAN Foreign Ministers’ Meeting appeared first on ASEAN Main Portal.

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  • MIL-OSI Economics: Secretary-General of ASEAN Joins ASEAN Foreign Ministers for a Courtesy Call on the Prime Minister of Malaysia Ahead of the 58th AMM and Related Meetings in Malaysia

    Source: ASEAN

    Prior to the Opening Ceremony of the 58th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings in Kuala Lumpur, Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning joined the Foreign Ministers of ASEAN and Timor-Leste in a Courtesy Call on The Honourable Dato’ Seri Anwar Ibrahim, Chair of ASEAN in 2025 and Prime Minister of Malaysia. The Ministers reaffirmed their commitment to supporting Malaysia’s chairmanship of ASEAN this year under the theme “Inclusivity and Sustainability,” with a view to building a resilient, innovative, dynamic, and people-centred ASEAN, particularly following the adoption of the ASEAN Community Vision 2045 and its Strategic Plans at the 46th ASEAN Summit in May of this year.

    The post Secretary-General of ASEAN Joins ASEAN Foreign Ministers for a Courtesy Call on the Prime Minister of Malaysia Ahead of the 58th AMM and Related Meetings in Malaysia appeared first on ASEAN Main Portal.

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  • MIL-OSI Economics: Money Market Operations as on July 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) 5,95,739.88 5.15 4.00-6.25
         I. Call Money 18,712.20 5.26 4.50-5.35
         II. Triparty Repo 3,90,353.65 5.13 5.09-5.27
         III. Market Repo 1,84,543.48 5.19 4.00-5.40
         IV. Repo in Corporate Bond 2,130.55 5.41 5.35-6.25
    B. Term Segment      
         I. Notice Money** 128.40 5.19 4.90-5.27
         II. Term Money@@ 847.00 5.35-5.75
         III. Triparty Repo 3,274.10 5.23 5.12-5.26
         IV. Market Repo 0.00
         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          
         (b) Reverse Repo          
    3. MSF# Tue, 08/07/2025 1 Wed, 09/07/2025 1,072.00 5.75
    4. SDFΔ# Tue, 08/07/2025 1 Wed, 09/07/2025 2,14,021.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,12,949.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       5,747.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -94,262.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,07,211.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 08, 2025 9,38,848.80  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 08, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ 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.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/678

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  • MIL-OSI Economics: Apple announces chief operating officer transition

    Source: Apple

    Headline: Apple announces chief operating officer transition

    July 8, 2025

    PRESS RELEASE

    Apple announces chief operating officer transition

    CUPERTINO, CALIFORNIA Apple today announced Jeff Williams will transition his role as chief operating officer later this month to Sabih Khan, Apple’s senior vice president of Operations as part of a long-planned succession. Williams will continue reporting to Apple CEO Tim Cook and overseeing Apple’s world class design team and Apple Watch alongside the company’s Heath initiatives. Apple’s design team will then transition to reporting directly to Cook after Williams retires late in the year.

    “Jeff and I have worked alongside each other for as long as I can remember, and Apple wouldn’t be what it is without him. He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world class team of designers with great wisdom, heart, and dedication,” said Tim Cook, Apple’s CEO. “I am and will always be beyond grateful for his numerous contributions to Apple over the years and his loyal friendship. Jeff’s true legacy can be seen in the amazing team he’s created and, while he’ll be greatly missed, he leaves the work of the future in incredible hands.”

    “Sabih is a brilliant strategist who has been one of the central architects of Apple’s supply chain,” said Tim Cook, Apple’s CEO. “While overseeing Apple’s supply chain, he has helped pioneer new technologies in advanced manufacturing, overseen the expansion of Apple’s manufacturing footprint in the United States, and helped ensure that Apple can be nimble in response to global challenges. He has advanced our ambitious efforts in environmental sustainability, helping reduce Apple’s carbon footprint by more than 60 percent. Above all, Sabih leads with his heart and his values, and I know he will make an exceptional chief operating officer.”

    Khan has been at Apple for 30 years and joined the executive team as senior vice president of Operations in 2019. He has been in charge of Apple’s global supply chain for the past six years, ensuring product quality and overseeing planning, procurement, manufacturing, logistics, and product fulfillment functions, as well as Apple’s supplier responsibility programs that protect and educate workers at production facilities around the world. The team also supports Apple’s environmental initiatives by partnering with suppliers to propel green manufacturing, helping conserve resources and protect the planet.

    During his career with Apple, Williams built out a supply chain that has supported Apple’s growth and customers around the world with expansion, including the United States, China, India, Japan, and across Southeast Asia. He led Apple’s supplier responsibility efforts which has helped raise the bar for workers around the world, offering critical training and important education programs. Williams played a key role in the introduction of iPod and iPhone programs. He led the effort on Apple Watch over a decade ago and architected the company’s health strategy, helping customers live healthier lives, learn more about their health, and receive lifesaving care. For the past several years, Williams has also overseen Apple’s industry-leading design team.

    “I have a deep love for Apple. Working with all of the amazing people at this company has been a privilege of a lifetime, and I can’t thank Tim enough for the opportunity, his inspirational leadership, and our friendship over the years,” said Williams. “June marked my 27th anniversary with Apple, and my 40th in the industry. Beginning next year, I plan to spend more time with friends and family, including five grandchildren and counting. I’ve had the pleasure of working closely with Sabih for 27 years and I think he’s the most talented operations executive on the planet. I have tremendous confidence in Apple’s future under his leadership in this role.”

    Before joining Apple’s procurement group in 1995, Khan worked as an applications development engineer and key account technical leader at GE Plastics. He earned bachelor’s degrees in economics and mechanical engineering from Tufts University and a master’s degree in mechanical engineering from Rensselaer Polytechnic Institute.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    Press Contact

    Josh Rosenstock

    Apple

    jrosenstock@apple.com

    Investor Relations Contact

    Suhasini Chandramouli

    Apple

    suhasini@apple.com

    (408) 974-3123

    © 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

    MIL OSI Economics

  • MIL-OSI Economics: Apple announces chief operating officer transition

    Source: Apple

    Headline: Apple announces chief operating officer transition

    July 8, 2025

    PRESS RELEASE

    Apple announces chief operating officer transition

    CUPERTINO, CALIFORNIA Apple today announced Jeff Williams will transition his role as chief operating officer later this month to Sabih Khan, Apple’s senior vice president of Operations as part of a long-planned succession. Williams will continue reporting to Apple CEO Tim Cook and overseeing Apple’s world class design team and Apple Watch alongside the company’s Heath initiatives. Apple’s design team will then transition to reporting directly to Cook after Williams retires late in the year.

    “Jeff and I have worked alongside each other for as long as I can remember, and Apple wouldn’t be what it is without him. He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world class team of designers with great wisdom, heart, and dedication,” said Tim Cook, Apple’s CEO. “I am and will always be beyond grateful for his numerous contributions to Apple over the years and his loyal friendship. Jeff’s true legacy can be seen in the amazing team he’s created and, while he’ll be greatly missed, he leaves the work of the future in incredible hands.”

    “Sabih is a brilliant strategist who has been one of the central architects of Apple’s supply chain,” said Tim Cook, Apple’s CEO. “While overseeing Apple’s supply chain, he has helped pioneer new technologies in advanced manufacturing, overseen the expansion of Apple’s manufacturing footprint in the United States, and helped ensure that Apple can be nimble in response to global challenges. He has advanced our ambitious efforts in environmental sustainability, helping reduce Apple’s carbon footprint by more than 60 percent. Above all, Sabih leads with his heart and his values, and I know he will make an exceptional chief operating officer.”

    Khan has been at Apple for 30 years and joined the executive team as senior vice president of Operations in 2019. He has been in charge of Apple’s global supply chain for the past six years, ensuring product quality and overseeing planning, procurement, manufacturing, logistics, and product fulfillment functions, as well as Apple’s supplier responsibility programs that protect and educate workers at production facilities around the world. The team also supports Apple’s environmental initiatives by partnering with suppliers to propel green manufacturing, helping conserve resources and protect the planet.

    During his career with Apple, Williams built out a supply chain that has supported Apple’s growth and customers around the world with expansion, including the United States, China, India, Japan, and across Southeast Asia. He led Apple’s supplier responsibility efforts which has helped raise the bar for workers around the world, offering critical training and important education programs. Williams played a key role in the introduction of iPod and iPhone programs. He led the effort on Apple Watch over a decade ago and architected the company’s health strategy, helping customers live healthier lives, learn more about their health, and receive lifesaving care. For the past several years, Williams has also overseen Apple’s industry-leading design team.

    “I have a deep love for Apple. Working with all of the amazing people at this company has been a privilege of a lifetime, and I can’t thank Tim enough for the opportunity, his inspirational leadership, and our friendship over the years,” said Williams. “June marked my 27th anniversary with Apple, and my 40th in the industry. Beginning next year, I plan to spend more time with friends and family, including five grandchildren and counting. I’ve had the pleasure of working closely with Sabih for 27 years and I think he’s the most talented operations executive on the planet. I have tremendous confidence in Apple’s future under his leadership in this role.”

    Before joining Apple’s procurement group in 1995, Khan worked as an applications development engineer and key account technical leader at GE Plastics. He earned bachelor’s degrees in economics and mechanical engineering from Tufts University and a master’s degree in mechanical engineering from Rensselaer Polytechnic Institute.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    Press Contact

    Josh Rosenstock

    Apple

    jrosenstock@apple.com

    Investor Relations Contact

    Suhasini Chandramouli

    Apple

    suhasini@apple.com

    (408) 974-3123

    © 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

    MIL OSI Economics

  • MIL-OSI Economics: Verizon donates $100,000 to support Texas Search and Rescue and waives call/text/data usage for hardest hit customers

    Source: Verizon

    Headline: Verizon donates $100,000 to support Texas Search and Rescue and waives call/text/data usage for hardest hit customers

    What you need to know:

    • In response to the flash floods on July 4, Verizon is donating $100,000 to Texas Search and Rescue (TEXSAR) to aid their vital search, rescue, and recovery operations.
    • Verizon is waiving domestic call/text/data usage incurred July 7 – Aug 3 for consumer prepaid, postpaid, and small business customers* in 95 zip codes across 28 affected Central Texas counties.
    • The Verizon Frontline Crisis Response Team has provided low-earth orbit satellite devices to aid the Texas Department of Public Safety’s drone search and recovery operations.

    IRVING, T.X. – In response to the devastating Central Texas floods, Verizon is supporting its customers and local communities by donating $100,000 to Texas Search and Rescue, a first responder organization that deploys professionally trained volunteers throughout the state of Texas to support its crucial search, rescue, and recovery operations.

    In addition to the donation, Verizon is waiving domestic call/text/data usage from July 7 to August 3 for all consumers (prepaid and postpaid), small business accounts*, and Verizon Prepaid users on metered plans across 95 zip codes in 28 affected Central Texas counties. This includes customers of Verizon’s prepaid brands like Straight Talk, Total Wireless, Walmart Family Mobile, Tracfone, Simple Mobile, Net 10, Page Plus, Safelink, and Go Smart. No action is required from customers in the impacted zip codes to receive this relief offer. Further details on eligible Central Texas counties and zip codes are available at Verizon.com.

    “Our hearts go out to those impacted by the heartbreaking scale of the Central Texas floods,” said Michelle R. Miller, Senior Vice President at Verizon. “We are committed to providing the resources and connectivity our neighbors need for safety and recovery. This donation and relief offer are how we can help when it matters most.”

    “Verizon’s generous donation is an incredible boost to our efforts as we continue to support local authorities through search, rescue, and recovery operations in Central Texas,” said Justin McInnis, President and CEO of TEXSAR. “Their support directly enables our volunteer first responders to provide assistance to those impacted by these catastrophic floods, ensuring we have the resources needed to continue our ongoing search efforts.”

    Despite the extensive devastation across the region, Verizon’s network remains operational. Its teams are actively monitoring the situation to prioritize life, safety and connectivity. Verizon is also in contact with local public safety and emergency management teams to coordinate any communication needs or support. This includes providing low-earth orbit satellite devices to aid the Texas Department of Public Safety’s drone search and recovery operations.

    Beyond aiding search and recovery, satellites play a crucial role in making connectivity more reliable for customers. With select Android and iOS devices, customers can access satellite messaging and emergency SOS features, including location detection, in some areas without traditional cellular coverage. To learn more about satellite messaging: https://www.verizon.com/wireless-devices/smartphones/messages-via-satellite/. 

    Find the latest updates at the Verizon Emergency Resource Center: https://www.verizon.com/about/news/emergency-resource-center.

    *Verizon small business customers include customers with 50 lines or less.

    MIL OSI Economics

  • MIL-OSI Economics: Committee highlights active engagement and thematic progress at Trade and Environment Week

    Source: WTO

    Headline: Committee highlights active engagement and thematic progress at Trade and Environment Week

    Trade and Environment Week 2025
    The WTO Secretariat report on the event highlighted the active engagement and vibrant discussions that took place throughout Trade and Environment Week as members and stakeholders explored the evolving relationship between trade and the environment. The 15 sessions, organized by WTO members, attracted high levels of participation, both in person and online.
    Key topics included agriculture and sustainability, climate resilience, carbon measures, deforestation and the circular economy, and decarbonizing supply chains. In addition, three WTO environmental initiatives – on fossil fuel subsidies, plastic pollution and sustainable development solutions – hosted events emphasizing inclusive approaches and developing country perspectives.
    Members hailed the event’s successful conclusion, acknowledging the breadth and depth of its discussions and its value as a platform for sharing experiences, generating new ideas and fostering collaboration among members and diverse stakeholders to better leverage trade policy in support of environmental sustainability and climate goals.
    The full programme and video recordings of the 2025 Trade and Environment Week are available here.
    Submissions
    At the 4 July meeting of the CTE, WTO members reviewed two submissions. The first was a joint submission by Japan and the Republic of Korea titled “Non-Binding Guidance on Methodologies for Measuring Embedded Emissions”, co-sponsored by Australia and the United Kingdom. Japan explained that the proposal aims to enhance transparency and interoperability around requirements for measuring embedded emissions in cross-border goods trade. It stressed that the proposal is intended to promote cooperation and to take on board the development dimension, and does not affect members’ existing WTO rights and obligations.
    A large number of delegations provided detailed and constructive comments on the new submission, and it was welcomed by many members who shared similar concerns over the high compliance costs – particularly for small businesses in developing economies and least-developed countries (LDCs) – caused by divergent approaches for measuring emissions. Several members underscored the importance of considering varying levels of development and climate responsibilities, and called for more inclusive consultations during the legislative processes.
    While welcoming the increased transparency envisaged in the proposal, some members emphasized that transparency should not replace or duplicate required notifications to relevant WTO bodies, nor place additional burdens on developing members. Many expressed openness to continuing work on the proposal with the co-sponsors.
    The second submission, tabled by Russia, was titled “Future Rules of Trade in Plastic Products and the WTO: Potential Conflict”. This paper raised concerns that future rules emerging from the ongoing UN plastics treaty negotiations – led by the Intergovernmental Negotiating Committee (INC) – could create trade barriers, particularly for polymers and plastic products, and could conflict with WTO disciplines. The next round of INC negotiations is scheduled for August in Geneva.
    While some members emphasized the need to ensure that any legally binding treaties are consistent with WTO rules, others expressed support for the ongoing negotiations on plastic pollution and the mutual supportiveness between multilateral environmental agreements and the WTO.
    Follow-up to thematic sessions
    The Chair of the CTE, Ambassador Erwin Bollinger of Switzerland, reported to the Committee on the outcomes of his recent consultations with members regarding the path forward further to thematic sessions on three key topics: trade-related climate measures (TRCMs), technology transfer and sustainable agriculture. Launched in November 2023 at the request of members, the thematic session series serves as a platform to deepen understanding of specific issues through concrete case studies and the sharing of practical experiences.
    The Chair noted that members appreciated the fruitful exchanges in recent thematic sessions and expressed willingness to engage constructively in further discussions. On TRCMs, the exploration in greater depth of three sub-topics – transparency, development and coherence/interoperability – was seen as the right way forward. On the topic of technology transfer, members showed strong interest in continuing discussions to support developing members’ green transition. Regarding sustainable agriculture, members were in favour of organizing a thematic session in October, and Barbados and the United Kingdom were appointed as moderators to help shape the agenda.
    Members thanked the Chair for his report and exchanged views on the next steps. Many members underscored the need for further technical work, focused on the three sub-topics identified by the Chair, to better understand the impact of TRCMs. The new joint proposal by Japan, the Republic of Korea, Australia and the United Kingdom was cited as a valuable contribution to advancing work on improving interoperability and transparency.
    Members reaffirmed their interest in deepening discussions on technology transfer and proposed various formats for experience-sharing. Broad support was voiced for the upcoming thematic session on sustainable agriculture, with a focus on environmental aspects. Members also highlighted the importance of ensuring that thematic discussions complement rather than duplicate work underway in other WTO committees.
    Transparency and information-sharing
    At the CTE meeting, members were briefed on developments regarding the Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade (DPP), the Trade and Environmental Sustainability Structured Discussions (TESSD), and the Fossil Fuels Subsidy Reform (FFSR).
    The WTO Secretariat presented the 2023 report of the WTO Environmental Database, issued on 8 May 2025, with a thematic focus on pollution. It also briefed members on recent and upcoming WTO technical assistance activities tailored to the requests of members, including the 2024 Advanced Thematic Course on Trade and Environment and an initiative by the WTO, World Bank Group and the World Economic Forum titled “Action on Climate and Trade” (ACT). ACT is part of the WTO technical assistance offering, and is designed to support developing economies and LDCs in leveraging trade policy to support their climate change mitigation and adaptation objectives, while also identifying opportunities for green trade-led growth.
    The Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) provided an update on preparations for the 2025 Climate Change Conference (COP30), scheduled for November 2025 in Brazil. Brazil, which holds the COP30 Presidency, highlighted the COP30 Action Agenda, noting the inclusion of climate and trade as one of its key objectives. The WTO Secretariat briefed members, noting its collaboration with UN Trade and Development (UNCTAD), the International Trade Centre (ITC) and the International Chamber of Commerce (ICC) to monitor COP30 developments, explore potential support for Brazil’s priorities in the context of the COP30 Presidency, and provide updates to members as they become available.
    Next meeting
    The next meeting of the Committee on Trade and Environment is scheduled for the week of 3 November 2025.

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  • MIL-OSI Economics: Trade and gender group outlines priorities for gender equality work leading to MC14

    Source: WTO

    Headline: Trade and gender group outlines priorities for gender equality work leading to MC14

    The 2025-2026 Work Plan reinforces the work initiated at the 13th WTO Ministerial Conference (MC13), held in Abu Dhabi in 2024. An action plan to support its implementation will be drafted in consultation with members, with clear milestones, targets and activities.
    The Work Plan features a detailed compendium mapping all the technical work of the Informal Working Group (IWG) on Trade and Gender, as well as a ministerial joint statement by the co-chairs. It also includes ministerial-level deliverables, such as the potential inclusion of a paragraph on women’s economic empowerment through trade in the MC14 outcome document.
    WTO Symposium on Trade and Women’s Economic Empowerment
    Members also took stock of the WTO Symposium on Trade and Women’s Economic Empowerment, “Growing economies through trade – empowering women”, which was held on 2 July in cooperation with the IWG co-chairs (Cabo Verde, El Salvador and the United Kingdom).
    The event brought together policymakers, researchers and international organizations to explore how trade policy can drive women’s economic empowerment. In her opening address, WTO Director-General Ngozi Okonjo-Iweala underlined that empowering women in trade is not only a moral imperative, but an economic necessity, and she called for a modernized multilateral system that better serves women and developing economies. Discussions throughout the day underscored the need to treat gender equality as a core element of trade policy.
    Key themes of the symposium included the opportunities and challenges of digitalization, the role of regional trade agreements and the importance of gender-disaggregated data. Brazil, Chile, New Zealand, the United Kingdom  shared national experiences, while institutional initiatives from the International Trade Centre (ITC), the Food and Agriculture Organization (FAO) of the United Nations and the World Bank highlighted efforts to make trade more inclusive.
    Ambassador Simon Manley of the United Kingdom noted that the experts and researchers who spoke at the symposium encouraged members to ensure that gender is genuinely addressed – not only within the IWG, but also across WTO committees and negotiations more broadly. Looking ahead to MC14, he observed that many members are calling for a renewed commitment to embed gender equality into the multilateral trading system.
    International Prize for Gender Equality in Trade
    The IWG co-chairs reported on the second edition of the International Prize for Gender Equality in Trade, which recognises impactful national initiatives that promote gender equality through trade-related policies and programmes. Announced on 2 July during an award ceremony held as part of the WTO Symposium on Trade and Women’s Economic Empowerment, the winners of the 2025 edition were Brazil for “Elas Exportam”, the Dominican Republic for “Service Revolution” and Ghana for the “Inclusive Trade Facilitation Project”, with special mentions for Ecuador for the “Safe Company Seal” and Viet Nam for an initiative implemented under the WTO Chairs Programme at Foreign Trade University (WCP–FTU), titled “From Knowledge to Impact: Amplifying Women’s Influence in Trade through WCP-FTU”.
    Updates by WTO members
    The United Kingdom shared findings from a Scottish Government-commissioned report on the gender export gap. The study revealed that only 15 per cent of small and medium-sized enterprises (SMEs) led by women in Scotland were engaged in export, fewer than Scottish SMEs led by men (17 per cent). Closing this gap could boost Scotland’s trade revenues by up to GBP 10.4 billion (CHF 11.3 billion) over two years. The research identified key barriers for women, including limited access to finance, lack of mentoring and networks, and a complex support landscape.
    Costa Rica also updated members, in its role as the 2025-2026 Chair of the Inclusive Trade Action Group (ITAG) – established on the margins of the 2018 Asia-Pacific Economic Cooperation (APEC) Leaders Summit – and of ITAG standalone initiative the Global Trade and Gender Arrangement (GTAGA). The ITAG, which was launched in 2018, promotes inclusive trade with a focus on gender equality, support for SMEs, indigenous trade, sustainability and labour issues. The GTAGA advances women’s economic empowerment through joint actions such as data-sharing, policy dialogue and capacity-building.
    Key activities included a virtual meeting to adopt priorities, as well as the recent launch of a Trade and Gender Review of Latin America by the Organisation for Economic Co-operation and Development (OECD). Virtual events for government officials will be organized in 2025 and 2026. Costa Rica also outlined plans to standardize accession procedures, and it announced that there will be a GTAGA Day 2026, an in-person capacity-building event.
    Ukraine presented its national strategy to advance women’s economic empowerment and integrate gender equality into trade and recovery policies. Measures include targeted support for women-led businesses through mentorship, access to finance, professional training and psychological assistance, as well as programmes to encourage women’s participation in traditionally male-dominated sectors. Ukraine reported that women established 56 per cent of new businesses in 2023, rising to 59 per cent in 2024.
    Presentations by international organizations
    The United Nations Economic Commission for Europe (UNECE) outlined its efforts to promote gender-responsive standards, with a focus on practical tools such as its Gender Action Plan Model Blueprint. This initiative supports institutions in embedding gender considerations into standards, regulations and artificial intelligence (AI) governance. UNECE also emphasized the role of inclusive standards in addressing gender bias in data and design, particularly in emerging technologies like AI.
    The International Women’s Coffee Alliance (IWCA), a global network of women engaged in all segments of the coffee value chain, presented its work to address gender inequalities in the sector. Representing over 36 national groups and 18,000 members – including farmers, processors, exporters, baristas and entrepreneurs – IWCA outlined the persistent challenges that women face, such as unequal labour distribution, limited income and land ownership, and underrepresentation in leadership. It also presented its 2023-2027 strategic plan, structured around four pillars: organizational development, research and advocacy, impactful programmes and high-impact communications.

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  • MIL-OSI Economics: Bulgaria to join euro area on 1 January 2026

    Source: European Central Bank

    8 July 2025

    • Conversion rate of lev fixed at 1.95583 = EUR 1
    • Bulgaria joined the ERM II in 2020
    • Bulgarian banks supervised by ECB since 2020

    Today the Council of the European Union formally approved the accession of Bulgaria to the euro area on 1 January 2026 and determined a Bulgarian lev conversion rate of 1.95583 per euro. This is the current central rate of the lev in the Exchange Rate Mechanism (ERM II), which the currency joined on 10 July 2020. The European Central Bank (ECB) and Българска народна банка (Bulgarian National Bank) agreed to monitor developments in the Bulgarian lev against the euro on the foreign exchange market until 1 January 2026.

    With the entry into force of the close cooperation framework between the ECB and Българска народна банка (Bulgarian National Bank), the ECB has been responsible for directly supervising four significant institutions and overseeing 13 less significant institutions in Bulgaria since 1 October 2020.

    For media queries, please contact Benoit Deeg, tel.: +49 172 1683 704.

    Notes

    • The agreement to monitor the lev is in the context of ERM II. Participation in ERM II and observance of the normal fluctuation margins for at least the last two years is one of the convergence criteria to be fulfilled ahead of euro area accession.
    • The conversion rate of the lev is set by way of an amendment to Regulation (EC) No 2866/98, which will become effective on 1 January 2026.

    MIL OSI Economics

  • MIL-OSI Economics: How ASHABot empowers rural India’s frontline health workers

    Source: Microsoft

    Headline: How ASHABot empowers rural India’s frontline health workers

    When Mani Devi, an Accredited Social Health Activist (ASHA) in rural Rajasthan, saw the underweight infant, she knew something was wrong—but not how serious it might be, or what advice to give. 

    So she reached for her phone and opened WhatsApp: In Hindi, she typed a question to a new tool called ASHABot: What’s the ideal weight for a baby this age? 

    The chatbot—trained in Hindi, English, and a hybrid known as Hinglish—responded within seconds: a baby that age should weigh around 4 to 5 kilograms. This one weighed less.

    The bot’s answer was clear and specific. It encouraged feeding the baby eight to 10 times a day, and it explained how to counsel the mother without causing alarm. 

    That, she said, was one of the many encounters with ASHABot that changed the way she does her job. 

    The tool is part of a quiet but significant shift in public health, one that blends cutting-edge artificial intelligence with on-the-ground realities in some of India’s most underserved communities.

    ASHABot, launched in early 2024, is what happens when a generative AI model akin to OpenAI’s ChatGPT or GPT-4 is not only trained on the broader internet, but is connected to a knowledge base containing India’s public health manuals, immunization guidelines, and family planning protocols. It takes voice notes when prompted and provides answers that help the ASHAs serve patients.

    Built by the nonprofit Khushi Baby (opens in new tab) using technology developed and open sourced by Microsoft Research, the bot has been transforming how some of the country’s ASHA workers do their jobs. These women are the glue between India’s rural households and the health system, responsible for everything from vaccination records to childbirth counseling. But they receive just 23 days of basic training and often work in settings where doctors are distant, supervisors are overburdened, and even mobile signal is unreliable. 

    “ASHAs have always been on the front lines,” said Ruchit Nagar, co-founder and CEO of Khushi Baby and a Harvard-trained physician. “But they haven’t always had the tools.”

    Nagar’s relationship with ASHAs goes back nearly a decade. In 2015, he launched Khushi Baby with the goal of digitizing health data in underserved communities, often designing tech systems that were locally grounded. The idea of ASHABot emerged in late 2023, during a summit with stakeholders in Rajasthan. 

    At the time, Khushi Baby was working with Microsoft Research on a separate AI project—one that used eye images to detect anemia. But the buzz around large language models, especially ChatGPT, was rising fast. Nagar and his collaborators began to ask whether this technology could help ASHAs, who often lacked real-time access to quality, understandable, medically sound guidance.

    “ASHAs were already using WhatsApp and YouTube. We saw an inflection point, new digital users ready for something more,” said Nagar, now a resident at the Yale School of Medicine in New Haven, Conn.

    So they began building. 

    Microsoft researcher Pragnya Ramjee joined the project around that time, leaving a design job at a hedge fund to focus on technology with social impact. With a background in human-centered design, she helped lead the qualitative research, interviewing ASHAs in Rajasthan alongside a trained translator.  

    “It made a huge difference that the translator and I were women,” she said. “The ASHAs felt more comfortable being open with us, especially about sensitive issues like contraception or gender-based violence.” 

    An ASHA worker encourages children to attend the Anganwadi center, helping them stay healthy through essential care and support.

    Ramjee and the team helped fine-tune the system in collaboration with doctors and public health experts. The model, based on GPT-4, was trained to be highly accurate. When it receives a question, it consults a carefully curated database—around 40 documents from the Indian government, UNICEF, and other health bodies. If the bot doesn’t find a clear answer, it doesn’t guess. Instead, it forwards the question to a small group of nurses, whose responses are then synthesized by the model and returned to the ASHA within hours.

    The goal, Ramjee said, is to ensure the bot always stays grounded in reality and in the real training ASHAs receive.

    So far, more than 24,000 messages have been sent through the system and 869 ASHAs have been onboarded. Some workers have used it only once or twice. Others send up to 20 messages in a single day. Topics range from the expected—childhood immunization schedules, breastfeeding best practices—to the unexpected.  

    “They’re asking about contraception, about child marriage, about what to do if there’s a fight in the family,” Ramjee said. “These aren’t just medical questions. They’re social questions.” 

    An ASHA worker educates community members on how to protect themselves against seasonal illnesses.

    One woman came to Mani Devi saying she’d missed her period for two months but wasn’t pregnant. The bot provided Devi with information that gave her the confidence to assure the patient she had nothing to worry about. 

    The responses come in both text and voice note, the latter often played aloud by ASHAs for the patient to hear. In some cases, voice responses about long-acting contraception help persuade hesitant women to begin treatment. 

    There is no question the technology works. But the team is quick to emphasize that it doesn’t replace human knowledge. Instead, it amplifies it. ASHABot illustrates how LLM-powered chatbots can help bridge the information gap for people, particularly those with limited access to formal training and technology, said Mohit Jain, principal researcher at Microsoft Research India. 

    “There is a lot of debate about whether LLMs are a boon or a bane,” Jain said. “I believe it’s up to us to design and deploy them responsibly, in ways that unlock their potential for real societal benefit. ASHABot is one example of how that’s possible.” 

    Mohit Jain, Principal Researcher, Microsoft Research India

    During a door-to-door visit, an ASHA worker uses ASHABot to guide a pregnant woman through essential information on material health and nutrition.

    Of course, the chatbot isn’t perfect. Some users still prefer to call people they know, and the big question of scaling remains. The team is exploring personalization options, multimodal support like image inputs, and parallel LLM agents to ensure quality assurance at scale. 

    Still, the vision is expansive. As of now, ASHABot is only used in Udaipur, one of the 50 districts in Rajasthan. The long-term goal is to bring ASHABot to all one million ASHAs across the country, who take care of about 800 to 900 million people in rural India. The potential ripple effect across maternal health, vaccination, and disease surveillance is immense. 

    Nagar, who has traveled to India twice yearly for the last 10 years to research the needs of ASHAs, said there are still “many things yet to explore, and many big questions to answer.” 

    For ASHAs like Mani Devi, the shift is already real. She says she feels more informed, more confident. She can talk about previously taboo subjects, because the bot helps her break the silence. 

    “Overall, I can give better information to people who need help,” she said. “I can ask it anything.”


    MIL OSI Economics

  • MIL-OSI Economics: EIA revises crude oil price forecast amid uncertainty and volatility but still expects prices will decrease

    Source: US Energy Information Administration – EIA

    Headline: EIA revises crude oil price forecast amid uncertainty and volatility but still expects prices will decrease

    U.S. ENERGY INFORMATION ADMINISTRATION
    WASHINGTON DC 20585

    FOR IMMEDIATE RELEASE
    July 8, 2025

    The U.S. Energy Information Administration (EIA) expects the Brent crude oil price to average less than $70 per barrel in 2025 and about $58 per barrel in 2026. In its July Short-Term Energy Outlook (STEO), EIA revised its 2025 oil price forecast slightly upward this month in response to unrest in the Middle East creating uncertainty in the oil market.

    “The oil market is experiencing uncertainty from regional conflict, demand growth, and several other factors,” said EIA Acting Administrator Steve Nalley. “Our forecast for lower oil prices comes from basic economic fundamentals that when supply grows faster than demand, prices decrease.”

    EIA expects lower oil prices to affect U.S. gasoline prices and domestic oil production, detailed in the highlights below.

    U.S. energy market indicators 2024 2025 2026
    Brent crude oil spot price (dollars per barrel) $81 $69 $58
    Retail gasoline price (dollars per gallon) $3.30 $3.10 $3.00
    U.S. crude oil production (million barrels per day) 13.2 13.4 13.4
    Natural gas price at Henry Hub (dollars per million British thermal units) $2.20 $3.70 $4.40
    U.S. liquefied natural gas gross exports (billion cubic feet per day) 12 15 16
    Shares of U.S. electricity generation       
    Natural gas 42% 40% 40%
    Coal 16% 17% 15%
    Renewables 23% 25% 26%
    Nuclear 19% 18% 18%
    U.S. GDP (percentage change) 2.8% 1.4% 1.9%
    U.S. CO2 emissions (billion metric tons) 4.8 4.8 4.8
    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, July 2025
    Note: Values in this table are rounded and may not match values in other tables in this report.
    • Global oil supply and prices: EIA expects the Brent crude oil price to average $69 per barrel this year, which is $3 per barrel higher than in last month’s forecast. EIA revised its forecast upward following higher near-term prices resulting from the geopolitical risks of the Israel-Iran conflict. EIA expects increasing global oil supply to continue pushing oil prices down in 2026, with the Brent price averaging $58 per barrel in the agency’s forecast.
    • U.S. crude oil production:Declining oil prices have contributed to U.S. oil producers slowing their drilling and completion activity this year. As a result, EIA expects U.S. crude oil production to decline from an all-time high of 13.5 million barrels per day in the second quarter of 2025 to about 13.3 million barrels per day in the fourth quarter of 2026. EIA expects U.S crude oil production to average about 13.4 million barrels per day in both 2025 and 2026.
    • U.S. gasoline prices: Despite the revisions to EIA’s oil price forecasts, the agency still expects U.S. regular-grade gasoline prices to average about $3.10 per gallon in 2025 and $3.00 per gallon in 2026, down from $3.30 per gallon in 2024.
    • Ethane production and exports: On July 2, the U.S. Commerce Department rescinded export license requirements that had effectively barred U.S. ethane exports to China. As a result, EIA changed the domestic ethane production and exports forecast in the June STEO to align with expectation for growing trade between U.S. ethane producers and petrochemical crackers in China.
    • Natural gas storage and prices: U.S. natural gas storage was about 7% above the five-year average at the end of June, following a string of large storage injections from April to June. EIA now expects that as the United States enters the winter heating season, U.S. natural gas inventories will be about 5% higher than in last month’s forecast. EIA expects the Henry Hub spot price to average about $3.40 per million British thermal units (MMBtu) in the third quarter of this year and $3.70 per MMBtu for the year, both significantly lower than the June forecast.
    • Wholesale power prices: Although EIA revised down its natural gas price forecast, the agency still expects natural gas prices to be significantly higher than the historic lows of 2024. Because natural gas is the primary source of U.S. electricity generation, EIA expects natural gas prices to contribute to 12% higher wholesale electricity prices this summer compared with last summer.
    • Renewable energy: EIA expects electricity generation from solar power will be about 34% higher this summer than last summer, then increase an additional 19% next summer. Solar surpasses wind as the leading source of renewables generation next summer in EIA’s forecast.
    • Trade policy assumptions: The U.S. macroeconomic outlook EIA uses in the Short-Term Energy Outlook (STEO) is based on S&P Global’s macroeconomic model. S&P Global’s most recent model reflects the tariffs announced in April and includes the 90-day temporary suspension of tariffs granted to certain countries. S&P Global Markit Intelligence projects reduced tariffs on imports from China compared with last month, but EIA expects tariffs on imports from other countries to remain at 10% after the 90-day pause expires in July.

    The full July 2025 Short-Term Energy Outlook is available on the EIA website.

    The product described in this press release was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and this press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.

    EIA Program Contact: Tim Hess, STEO@eia.gov
    EIA Press Contact: Chris Higginbotham, EIAMedia@eia.gov

    MIL OSI Economics

  • MIL-OSI Economics: Apple Arcade launches four new games in August

    Source: Apple

    Headline: Apple Arcade launches four new games in August

    July 8, 2025

    UPDATE

    Imagination takes center stage in Play‑Doh World, launching August 7 on Apple Arcade

    Worms Across Worlds, Let’s Go Mightycat!, and Everybody Shogi also join the service

    On August 7, Apple Arcade is adding four exclusive games to its diverse catalog of more than 200 fun games for players to enjoy, all free from ads and in-app purchases. Players can dive into Play-Doh World, where they’ll craft unique Play-Doh characters that come to life; Worms Across Worlds, an exciting addition to the long-running, cult-favorite Worms franchise; Let’s Go Mightycat!, a whimsical 3D puzzler; and Everybody Shogi, a vibrant strategy game based on the traditional Japanese board game.

    Play-Doh World by Scary Beasties
    Play-Doh brings its magic to the digital space with Play-Doh World, allowing players to craft their own characters and watch them spring to life. From inventing wild zoo animals to styling outrageous salon hairdos, every corner of this colorful universe responds to the player’s creative whim. With dozens of interactive zones, collectible special Play-Doh, and regular content updates, Play-Doh World offers creative activities and open-ended, imagination-led play — all in a safe, ad-free environment.

    Worms Across Worlds by StoryToys and Behaviour Interactive
    Worms Across Worlds is the next evolution of the award-winning series. When Professor Worminkle’s experiments threaten reality, the beloved invertebrate warriors find themselves hurtling through five wildly different dimensions. Players will chase the mad scientist across worlds in this strategic turn-based action game. Whether battling solo or organizing epic four-team multiplayer mayhem, every challenge and dimension brings players closer to stopping the professor’s path of destruction.

    Let’s Go Mightycat! by PONOS Corporation
    An everyday feline becomes an unlikely galactic hero when an all-powerful being transforms it into the universe’s most adorable conqueror. In this spinoff of hit tower defense game The Battle Cats, players can customize their heroic cat with stylish capes, rescue interstellar friends, and launch Mightycat through colorful planetary stages. With a variety of challenging puzzle stages, every tap brings players closer to the ultimate goal: bringing every planet in the cosmos under the Cat Empire’s adorable yet mighty paw.

    Everybody Shogi by AltPlus Inc.
    Everybody Shogi is a beautifully reimagined take on the traditional Japanese strategy board game. Blending colorful visuals, intuitive controls, and engaging puzzle-style stages, the game introduces shogi in a casual yet strategic way. Players can enjoy daily challenges, unlock unique piece designs, and build custom decks. With real-time matches against players worldwide and seamless crossplay across devices, Everybody Shogi invites everyone to explore the depth of shogi through fast-paced gameplay in a bright and friendly world.

    Pricing and Availability

    • Apple Arcade is available for $6.99 (U.S.) per month with a one-month free trial. Customers who purchase a new iPhone, iPad, Mac, or Apple TV receive three months of Apple Arcade for free.1
    • Apple Arcade is part of Apple One’s Individual ($19.95 U.S.), Family ($25.95 U.S.), and Premier ($37.95 U.S.) monthly plans, with a one-month free trial.2
    • Arcade Originals are playable across iPhone, iPad, Mac, Apple TV, and Apple Vision Pro. App Store Greats are available on iPhone, iPad, and Apple Vision Pro.
    • An Apple Arcade subscription gives a family of up to six unlimited access to all the games in its catalog.
    • Availability for the 200+ games across devices varies based on hardware and software compatibility. Some content may not be available in all areas.
    1. This offer is available to new subscribers only. One subscription covers one Family Sharing group. The offer is good for three months after eligible device activation. The plan automatically renews until cancelled. Restrictions and other terms apply.
    2. The Apple One free trial includes only services that are not currently used through a free trial or a subscription. The plan automatically renews after the trial until cancelled. Restrictions and other terms apply.

    Press Contacts

    Peter Nguyen

    Apple

    pete_nguyen@apple.com

    Jennifer Tam

    Apple

    jennifer_tam@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics

  • MIL-OSI Economics: IMCA delegation briefs European Parliament and European Commission on marine contractors’ vital role in securing critical offshore infrastructure

    Source: International Marine Contractors Association – IMCA

    Headline: IMCA delegation briefs European Parliament and European Commission on marine contractors’ vital role in securing critical offshore infrastructure



    IMCA delegation briefs European Parliament and European Commission













    A delegation of senior IMCA representatives briefed Members of the European Parliament (MEPs) and senior representatives from the European Commission at a lunchtime briefing on the marine contracting sector’s essential role in securing critical offshore infrastructure. 

    The event, hosted by Walter Beke MEP at the end of June, continued IMCA’s ongoing work to inform elected representatives and civil servants of the offshore contracting sector’s critical role as a strategic enabler of Europe’s energy and climate ambitions. 

    The interest among EU audiences was strong, with 13 MEPs in attendance from the European Parliament’s Security, Energy, and Transport Committees, and from the Seas, Rivers, Islands & Coastal Areas (SEArica) intergroup. They were joined by two senior officials from the European Commission, and two representatives from EU member states, testament to the growing importance of this topic. 

    Submarine communication cables carry 99% of inter-continental internet traffic, while submarine electricity cables are key to energy security, connecting electricity markets and bringing offshore renewable energy to shore.  

    However, Mr Beke welcomed guests to the briefing, held under the title ‘securing critical offshore and underwater infrastructures’, by outlining the growing threat to this marine infrastructure from malicious actors. 

    In his welcome address, IMCA President Luca Gentili, from the global contractor SAIPEM, outlined the essential role of Europe’s marine contractors in delivering a “safe, more sustainable energy mix”, and pledged that IMCA “through its technical work, and as an advisor to regulators and governments” stood ready to “contribute to the security of Europe”. 

    The meeting then heard two presentations, from IMCA CEO Iain Grainger on protecting undersea infrastructure, and from IMCA Director of Strategy and Energy Transition Lee Billingham, who outlined the findings of IMCA’s recent Economic Impact Assessment, authored by PA Consulting. 

    They were supported with insight from IMCA Vice-President Hugo Bouvy from DEME Offshore, Michel Hendriks from IMCA Board member Heerema, Jack Wattel from IMCA Board member N-Sea, and by IMCA Head of Communications Patrick Clift. 

    Iain outlined the scale of Europe’s undersea infrastructure, which includes 1,200 active oil and gas facilities, 20,000km of oil and gas pipelines, and over 10,000km of cables. The EU’s target to generate 300GW of offshore renewable energy by 2050 could necessitate the construction of an additional 20,000 wind turbines, dramatically increasing the amount of infrastructure that could be targeted by saboteurs. 

    The owners of telecoms cables have mature strategies in place to manage repairs – including through cooperative agreements such as ACMA, a non-profit cooperative subsea maintenance agreement of nearly 60 members that has three repair vessels on permanent standby in North America, the Caribbean, the North Sea, and West Africa, and MECMA, a similar body covering the Mediterranean region.  

    However, power cables are much more challenging to repair at speed, Iain said, given the absence of such ‘repair clubs’, and the additional complexity of fixing them. 

    Iain highlighted that Europe’s offshore sector had 61 vessels capable of laying and repairing cables, more than any other country or region in the world. To enable the fleet to invest and play its part in protecting undersea infrastructure, he highlighted:  

    Presenting the results of IMCA’s Economic Impact Assessment, Lee Billingham outlined that the European marine contracting industry was a world leading, highly specialised fleet of vessels that are critical to meeting Europe’s clean energy ambitions. Using the example of Dogger Bank A in the North Sea, he illustrated that it required 49 individual vessels, each including specialised workers and equipment, to install a single 1.2GW wind farm. 

    Citing data from Clarksons, he said that Europe’s fleet comprises around 3,490 vessels, 26% of the 13,372 vessels in the global fleet, and twice the percentage of the next largest regional block, China, which has 13% of the total. 

    As well as enabling the development of all offshore energy infrastructure, including carbon capture and storage, he revealed that the European marine contracting sector is expected to provide over 490,000 skilled jobs and contribute over €80bn in economic value this year, including indirect effects, in the EU, Norway, and the UK, as well as €15bn in taxes. Its wider contribution includes driving investment in port infrastructure, supporting European energy security, and facilitating international data exchange. 

    IMCA finished the meeting by delivering a call for EU institutions to:  

    Offshore sector contribution

    Download our brochure to learn more

    Link copied to clipboard!

    MIL OSI Economics

  • MIL-OSI Economics: IMCA delegation briefs European Parliament and European Commission on marine contractors’ vital role in securing critical offshore infrastructure

    Source: International Marine Contractors Association – IMCA

    Headline: IMCA delegation briefs European Parliament and European Commission on marine contractors’ vital role in securing critical offshore infrastructure



    IMCA delegation briefs European Parliament and European Commission













    A delegation of senior IMCA representatives briefed Members of the European Parliament (MEPs) and senior representatives from the European Commission at a lunchtime briefing on the marine contracting sector’s essential role in securing critical offshore infrastructure. 

    The event, hosted by Walter Beke MEP at the end of June, continued IMCA’s ongoing work to inform elected representatives and civil servants of the offshore contracting sector’s critical role as a strategic enabler of Europe’s energy and climate ambitions. 

    The interest among EU audiences was strong, with 13 MEPs in attendance from the European Parliament’s Security, Energy, and Transport Committees, and from the Seas, Rivers, Islands & Coastal Areas (SEArica) intergroup. They were joined by two senior officials from the European Commission, and two representatives from EU member states, testament to the growing importance of this topic. 

    Submarine communication cables carry 99% of inter-continental internet traffic, while submarine electricity cables are key to energy security, connecting electricity markets and bringing offshore renewable energy to shore.  

    However, Mr Beke welcomed guests to the briefing, held under the title ‘securing critical offshore and underwater infrastructures’, by outlining the growing threat to this marine infrastructure from malicious actors. 

    In his welcome address, IMCA President Luca Gentili, from the global contractor SAIPEM, outlined the essential role of Europe’s marine contractors in delivering a “safe, more sustainable energy mix”, and pledged that IMCA “through its technical work, and as an advisor to regulators and governments” stood ready to “contribute to the security of Europe”. 

    The meeting then heard two presentations, from IMCA CEO Iain Grainger on protecting undersea infrastructure, and from IMCA Director of Strategy and Energy Transition Lee Billingham, who outlined the findings of IMCA’s recent Economic Impact Assessment, authored by PA Consulting. 

    They were supported with insight from IMCA Vice-President Hugo Bouvy from DEME Offshore, Michel Hendriks from IMCA Board member Heerema, Jack Wattel from IMCA Board member N-Sea, and by IMCA Head of Communications Patrick Clift. 

    Iain outlined the scale of Europe’s undersea infrastructure, which includes 1,200 active oil and gas facilities, 20,000km of oil and gas pipelines, and over 10,000km of cables. The EU’s target to generate 300GW of offshore renewable energy by 2050 could necessitate the construction of an additional 20,000 wind turbines, dramatically increasing the amount of infrastructure that could be targeted by saboteurs. 

    The owners of telecoms cables have mature strategies in place to manage repairs – including through cooperative agreements such as ACMA, a non-profit cooperative subsea maintenance agreement of nearly 60 members that has three repair vessels on permanent standby in North America, the Caribbean, the North Sea, and West Africa, and MECMA, a similar body covering the Mediterranean region.  

    However, power cables are much more challenging to repair at speed, Iain said, given the absence of such ‘repair clubs’, and the additional complexity of fixing them. 

    Iain highlighted that Europe’s offshore sector had 61 vessels capable of laying and repairing cables, more than any other country or region in the world. To enable the fleet to invest and play its part in protecting undersea infrastructure, he highlighted:  

    Presenting the results of IMCA’s Economic Impact Assessment, Lee Billingham outlined that the European marine contracting industry was a world leading, highly specialised fleet of vessels that are critical to meeting Europe’s clean energy ambitions. Using the example of Dogger Bank A in the North Sea, he illustrated that it required 49 individual vessels, each including specialised workers and equipment, to install a single 1.2GW wind farm. 

    Citing data from Clarksons, he said that Europe’s fleet comprises around 3,490 vessels, 26% of the 13,372 vessels in the global fleet, and twice the percentage of the next largest regional block, China, which has 13% of the total. 

    As well as enabling the development of all offshore energy infrastructure, including carbon capture and storage, he revealed that the European marine contracting sector is expected to provide over 490,000 skilled jobs and contribute over €80bn in economic value this year, including indirect effects, in the EU, Norway, and the UK, as well as €15bn in taxes. Its wider contribution includes driving investment in port infrastructure, supporting European energy security, and facilitating international data exchange. 

    IMCA finished the meeting by delivering a call for EU institutions to:  

    Offshore sector contribution

    Download our brochure to learn more

    Link copied to clipboard!

    MIL OSI Economics

  • MIL-OSI Economics: New Development Bank and State Grid Brazil Holding Sign Memorandum of Understanding to Boost Brazil’s Energy Capacity

    Source: New Development Bank

    Rio de Janeiro, Brazil – On July 3, 2025, the New Development Bank (NDB) signed a Memorandum of Understanding with State Grid Brazil Holding (SGBH), with the aim of enhancing electricity transmission capacity in Brazil, to meet the immediate needs of the nation’s power sector.

    The signing of this Memorandum took place on the sidelines of NDB’s 10th Annual Meeting, held on July 4 and 5 in Rio de Janeiro.

    The project, known as the Graca Aranha Silvania Transmissora de Energia (“GATE”), will be implemented by a subsidiary of SGBH.

    The implementation of the GATE Project will address immediate needs of the electricity sector in Brazil – increasing power transmission capacity, decongesting the transmission corridor, reducing curtailment of existing renewable energy projects, and enabling investments in future wind and solar projects in the Northeast region of Brazil, and hence leading to a more diversified electricity mix in the country.

    Out of the total project capex of around BRL 18 billion, more than two-thirds will be sourced from Brazil, thereby significantly promoting economic and social development, by creating more than 10,000 employment opportunities during construction, in the Northeast (Maranhão and Tocantins) and the Center-West (Goiás) regions of the country.

    NDB is considering financing the Project in Chinese renminbi, with an estimated amount of RMB 2,150 million (approximately USD 300 million). The loan demonstrates NDB’s commitment to expanding non-sovereign operations and increasing cross-border use of its member countries’ currencies, as envisaged in NDB’s General Strategy.

    “The GATE project signifies a leap in cooperation among NDB member countries and promotes the use of local currencies. When signed, this will be our second cross-border RMB-denominated loan, which will leverage Brazil’s clean energy potential to address urgent electricity demands and benefit millions or people while generating new jobs,” said H.E. Mrs. Dilma Rousseff, President of NDB. “By expanding investments in green infrastructure, renewable energy, and sustainable development projects, the New Development Bank aims to support Brazil in achieving its climate goals.”

    This strategic partnership marks a significant step toward a more sustainable and efficient energy landscape in Brazil, aligning with NDB’s commitment to supporting development initiatives that foster economic growth and environmental sustainability.

    Since its inception in 2015, NDB has approved 29 projects in Brazil alone with USD 7 billion in approved financing. These projects are spread across several states and municipalities in Brazil, helping improve clean energy, transport, water and sanitation, and social infrastructure. NDB also has a growing portfolio of private sector loans in the country.

    Background Information

    NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

    MIL OSI Economics

  • MIL-OSI Economics: New Development Bank and State Grid Brazil Holding Sign Memorandum of Understanding to Boost Brazil’s Energy Capacity

    Source: New Development Bank

    Rio de Janeiro, Brazil – On July 3, 2025, the New Development Bank (NDB) signed a Memorandum of Understanding with State Grid Brazil Holding (SGBH), with the aim of enhancing electricity transmission capacity in Brazil, to meet the immediate needs of the nation’s power sector.

    The signing of this Memorandum took place on the sidelines of NDB’s 10th Annual Meeting, held on July 4 and 5 in Rio de Janeiro.

    The project, known as the Graca Aranha Silvania Transmissora de Energia (“GATE”), will be implemented by a subsidiary of SGBH.

    The implementation of the GATE Project will address immediate needs of the electricity sector in Brazil – increasing power transmission capacity, decongesting the transmission corridor, reducing curtailment of existing renewable energy projects, and enabling investments in future wind and solar projects in the Northeast region of Brazil, and hence leading to a more diversified electricity mix in the country.

    Out of the total project capex of around BRL 18 billion, more than two-thirds will be sourced from Brazil, thereby significantly promoting economic and social development, by creating more than 10,000 employment opportunities during construction, in the Northeast (Maranhão and Tocantins) and the Center-West (Goiás) regions of the country.

    NDB is considering financing the Project in Chinese renminbi, with an estimated amount of RMB 2,150 million (approximately USD 300 million). The loan demonstrates NDB’s commitment to expanding non-sovereign operations and increasing cross-border use of its member countries’ currencies, as envisaged in NDB’s General Strategy.

    “The GATE project signifies a leap in cooperation among NDB member countries and promotes the use of local currencies. When signed, this will be our second cross-border RMB-denominated loan, which will leverage Brazil’s clean energy potential to address urgent electricity demands and benefit millions or people while generating new jobs,” said H.E. Mrs. Dilma Rousseff, President of NDB. “By expanding investments in green infrastructure, renewable energy, and sustainable development projects, the New Development Bank aims to support Brazil in achieving its climate goals.”

    This strategic partnership marks a significant step toward a more sustainable and efficient energy landscape in Brazil, aligning with NDB’s commitment to supporting development initiatives that foster economic growth and environmental sustainability.

    Since its inception in 2015, NDB has approved 29 projects in Brazil alone with USD 7 billion in approved financing. These projects are spread across several states and municipalities in Brazil, helping improve clean energy, transport, water and sanitation, and social infrastructure. NDB also has a growing portfolio of private sector loans in the country.

    Background Information

    NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

    MIL OSI Economics

  • MIL-OSI Economics: Approach to mainframe penetration testing on z/OS. Deep dive into RACF

    Source: Securelist – Kaspersky

    Headline: Approach to mainframe penetration testing on z/OS. Deep dive into RACF

    In our previous article we dissected penetration testing techniques for IBM z/OS mainframes protected by the Resource Access Control Facility (RACF) security package. In this second part of our research, we delve deeper into RACF by examining its decision-making logic, database structure, and the interactions between the various entities in this subsystem. To facilitate offline analysis of the RACF database, we have developed our own utility, racfudit, which we will use to perform possible checks and evaluate RACF configuration security. As part of this research, we also outline the relationships between RACF entities (users, resources, and data sets) to identify potential privilege escalation paths for z/OS users.

    This material is provided solely for educational purposes and is intended to assist professionals conducting authorized penetration tests.

    RACF internal architecture

    Overall role

    z/OS access control diagram

    To thoroughly analyze RACF, let’s recall its role and the functions of its components within the overall z/OS architecture. As illustrated in the diagram above, RACF can generally be divided into a service component and a database. Other components exist too, such as utilities for RACF administration and management, or the RACF Auditing and Reporting solution responsible for event logging and reporting. However, for a general understanding of the process, we believe these components are not strictly necessary. The RACF database stores information about z/OS users and the resources for which access control is configured. Based on this data, the RACF service component performs all necessary security checks when requested by other z/OS components and subsystems. RACF typically interacts with other subsystems through the System Authorization Facility (SAF) interface. Various z/OS components use SAF to authorize a user’s access to resources or to execute a user-requested operation. It is worth noting that while this paper focuses on the operating principle of RACF as the standard security package, other security packages like ACF2 or Top Secret can also be used in z/OS.

    Let’s consider an example of user authorization within the Time Sharing Option (TSO) subsystem, the z/OS equivalent of a command line interface. We use an x3270 terminal emulator to connect to the mainframe. After successful user authentication in z/OS, the TSO subsystem uses SAF to query the RACF security package, checking that the user has permission to access the TSO resource manager. The RACF service queries the database for user information, which is stored in a user profile. If the database contains a record of the required access permissions, the user is authorized, and information from the user profile is placed into the address space of the new TSO session within the ACEE (Accessor Environment Element) control block. For subsequent attempts to access other z/OS resources within that TSO session, RACF uses the information in ACEE to make the decision on granting user access. SAF reads data from ACEE and transmits it to the RACF service. RACF makes the decision to grant or deny access, based on information in the relevant profile of the requested resource stored in the database. This decision is then sent back to SAF, which processes the user request accordingly. The process of querying RACF repeats for any further attempts by the user to access other resources or execute commands within the TSO session.

    Thus, RACF handles identification, authentication, and authorization of users, as well as granting privileges within z/OS.

    RACF database components

    As discussed above, access decisions for resources within z/OS are made based on information stored in the RACF database. This data is kept in the form of records, or as RACF terminology puts it, profiles. These contain details about specific z/OS objects. While the RACF database can hold various profile types, four main types are especially important for security analysis:

    1. User profile holds user-specific information such as logins, password hashes, special attributes, and the groups the user belongs to.
    2. Group profile contains information about a group, including its members, owner, special attributes, list of subgroups, and the access permissions of group members for that group.
    3. Data set profile stores details about a data set, including access permissions, attributes, and auditing policy.
    4. General resource profile provides information about a resource or resource class, such as resource holders, their permissions regarding the resource, audit policy, and the resource owner.

    The RACF database contains numerous instances of these profiles. Together, they form a complex structure of relationships between objects and subjects within z/OS, which serves as the basis for access decisions.

    Logical structure of RACF database profiles

    Each profile is composed of one or more segments. Different profile types utilize different segment types.

    For example, a user profile instance may contain the following segments:

    • BASE: core user information in RACF (mandatory segment);
    • TSO: user TSO-session parameters;
    • OMVS: user session parameters within the z/OS UNIX subsystem;
    • KERB: data related to the z/OS Network Authentication Service, essential for Kerberos protocol operations;
    • and others.

    User profile segments

    Different segment types are distinguished by the set of fields they store. For instance, the BASE segment of a user profile contains the following fields:

    • PASSWORD: the user’s password hash;
    • PHRASE: the user’s password phrase hash;
    • LOGIN: the user’s login;
    • OWNER: the owner of the user profile;
    • AUTHDATE: the date of the user profile creation in the RACF database;
    • and others.

    The PASSWORD and PHRASE fields are particularly interesting for security analysis, and we will dive deeper into these later.

    RACF database structure

    It is worth noting that the RACF database is stored as a specialized data set with a specific format. Grasping this format is very helpful when analyzing the DB and mapping the relationships between z/OS objects and subjects.

    As discussed in our previous article, a data set is the mainframe equivalent of a file, composed of a series of blocks.

    RACF DB structure

    The image above illustrates the RACF database structure, detailing the data blocks and their offsets. From the RACF DB analysis perspective, and when subsequently determining the relationships between z/OS objects and subjects, the most critical blocks include:

    • The header block, or inventory control block (ICB), which contains various metadata and pointers to all other data blocks within the RACF database. By reading the ICB, you gain access to the rest of the data blocks.
    • Index blocks, which form a singly linked list that contains pointers to all profiles and their segments in the RACF database – that is, to the information about all users, groups, data sets, and resources.
    • Templates: a crucial data block containing templates for all profile types (user, group, data set, and general resource profiles). The templates list fields and specify their format for every possible segment type within the corresponding profile type.

    Upon dissecting the RACF database structure, we identified the need for a utility capable of extracting all relevant profile information from the DB, regardless of its version. This utility would also need to save the extracted data in a convenient format for offline analysis. Performing this type of analysis provides a comprehensive picture of the relationships between all objects and subjects for a specific z/OS installation, helping uncover potential security vulnerabilities that could lead to privilege escalation or lateral movement.

    Utilities for RACF DB analysis

    At the previous stage, we defined the following functional requirements for an RACF DB analysis utility:

    1. The ability to analyze RACF profiles offline without needing to run commands on the mainframe
    2. The ability to extract exhaustive information about RACF profiles stored in the DB
    3. Compatibility with various RACF DB versions
    4. Intuitive navigation of the extracted data and the option to present it in various formats: plaintext, JSON, SQL, etc.

    Overview of existing RACF DB analysis solutions

    We started by analyzing off-the-shelf tools and evaluating their potential for our specific needs:

    • Racf2john extracts user password hashes (from the PASSWORD field) encrypted with the DES and KDFAES algorithms from the RACF database. While this was a decent starting point, we needed more than just the PASSWORD field; specifically, we also needed to retrieve content from other profile fields like PHRASE.
    • Racf2sql takes an RACF DB dump as input and converts it into an SQLite database, which can then be queried with SQL. This is convenient, but the conversion process risks losing data critical for z/OS security assessment and identifying misconfigurations. Furthermore, the tool requires a database dump generated by the z/OS IRRDBU00 utility (part of the RACF security package) rather than the raw database itself.
    • IRRXUTIL allows querying the RACF DB to extract information. It is also part of the RACF security package. It can be conveniently used with a set of scripts written in REXX (an interpreted language used in z/OS). However, these scripts demand elevated privileges (access to one or more IRR.RADMIN.** resources in the FACILITY resource class) and must be executed directly on the mainframe, which is unsuitable for the task at hand.
    • Racf_debug_cleanup.c directly analyzes a RACF DB from a data set copy. A significant drawback is that it only parses BASE segments and outputs results in plaintext.

    As you can see, existing tools don’t satisfy our needs. Some utilities require direct execution on the mainframe. Others operate on a data set copy and extract incomplete information from the DB. Moreover, they rely on hardcoded offsets and signatures within profile segments, which can vary across RACF versions. Therefore, we decided to develop our own utility for RACF database analysis.

    Introducing racfudit

    We have written our own platform-independent utility racfudit in Golang and tested it across various z/OS versions (1.13, 2.02, and 3.1). Below, we delve into the operating principles, capabilities and advantages of our new tool.

    To analyze RACF DB information offline, we first needed a way to extract structured data. We developed a two-stage approach for this:

    • The first stage involves analyzing the templates stored within the RACF DB. Each template describes a specific profile type, its constituent segments, and the fields within those segments, including their type and size. This allows us to obtain an up-to-date list of profile types, their segments, and associated fields, regardless of the RACF version.
    • In the second stage, we traverse all index blocks to extract every profile with its content from the RACF DB. These collected profiles are then processed and parsed using the templates obtained in the first stage.

    The first stage is crucial because RACF DB profiles are stored as unstructured byte arrays. The templates are what define how each specific profile (byte array) is processed based on its type.

    Thus, we defined the following algorithm to extract structured data.

    Extracting data from the RACF DB using templates

    1. We offload the RACF DB from the mainframe and read its header block (ICB) to determine the location of the templates.
    2. Based on the template for each profile type, we define an algorithm for structuring specific profile instances according to their type.
    3. We use the content of the header block to locate the index blocks, which store pointers to all profile instances.
    4. We read all profile instances and their segments sequentially from the list of index blocks.
    5. For each profile instance and its segments we read, we apply the processing algorithm based on the corresponding template.
    6. All processed profile instances are saved in an intermediate state, allowing for future storage in various formats, such as plaintext or SQLite.

    The advantage of this approach is its version independence. Even if templates and index blocks change their structure across RACF versions, our utility will not lose data because it dynamically determines the structure of each profile type based on the relevant template.

    Our racfudit utility can present collected RACF DB information as an SQLite database or a plaintext file.

    RACF DB information as an SQLite DB (top) and text data (bottom)

    Using SQLite, you can execute SQL queries to identify misconfigurations in RACF that could be exploited for privilege escalation, lateral movement, bypassing access controls, or other pentesting tactics. It is worth noting that the set of SQL queries used for processing information in SQLite can be adapted to validate current RACF settings against security standards and best practices. Let’s look at some specific examples of how to use the racfudit utility to uncover security issues.

    Collecting password hashes

    One of the primary goals in penetration testing is to get a list of administrators and a way to authorize using their credentials. This can be useful for maintaining persistence on the mainframe, moving laterally to other mainframes, or even pivoting to servers running different operating systems. Administrators are typically found in the SYS1 group and its subgroups. The example below shows a query to retrieve hashes of passwords (PASSWORD) and password phrases (PHRASE) for privileged users in the SYS1 group.

    Of course, to log in to the system, you need to crack these hashes to recover the actual passwords. We cover that in more detail below.

    Searching for inadequate UACC control in data sets

    The universal access authority (UACC) defines the default access permissions to the data set. This parameter specifies the level of access for all users who do not have specific access permissions configured. Insufficient control over UACC values can pose a significant risk if elevated access permissions (UPDATE or higher) are set for data sets containing sensitive data or for APF libraries, which could allow privilege escalation. The query below helps identify data sets with default ALTER access permissions, which allow users to read, delete and modify the data set.

    The UACC field is not present only in data set profiles; it is also found in other profile types. Weak control in the configuration of this field can give a penetration tester access to resources.

    RACF profile relationships

    As mentioned earlier, various RACF entities have relationships. Some are explicitly defined; for example, a username might be listed in a group profile within its member field (USERID field). However, there are also implicit relationships. For instance, if a user group has UPDATE access to a specific data set, every member of that group implicitly has write access to that data set. This is a simple example of implicit relationships. Next, we delve into more complex and specific relationships within the RACF database that a penetration tester can exploit.

    RACF profile fields

    A deep dive into RACF internal architecture reveals that misconfigurations of access permissions and other attributes for various RACF entities can be difficult to detect and remediate in some scenarios. These seemingly minor errors can be critical, potentially leading to mainframe compromise. The explicit and implicit relationships within the RACF database collectively define the mainframe’s current security posture. As mentioned, each profile type in the RACF database has a unique set of fields and attributes that describe how profiles relate to one another. Based on these fields and attributes, we have compiled lists of key fields that help build and analyze relationship chains.

    User profile fields

    • SPECIAL: indicates that the user has privileges to execute any RACF command and grants them full control over all profiles in the RACF database.
    • OPERATIONS: indicates whether the user has authorized access to all RACF-protected resources of the DATASET, DASDVOL, GDASDVOL, PSFMPL, TAPEVOL, VMBATCH, VMCMD, VMMDISK, VMNODE, and VMRDR classes. While actions for users with this field specified are subject to certain restrictions, in a penetration testing context the OPERATIONS field often indicates full data set access.
    • AUDITOR: indicates whether the user has permission to access audit information.
    • AUTHOR: the creator of the user. It has certain privileges over the user, such as the ability to change their password.
    • REVOKE: indicates whether the user can log in to the system.
    • Password TYPE: specifies the hash type (DES or KDFAES) for passwords and password phrases. This field is not natively present in the user profile, but it can be created based on how different passwords and password phrases are stored.
    • Group-SPECIAL: indicates whether the user has full control over all profiles within the scope defined by the group or groups field. This is a particularly interesting field that we explore in more detail below.
    • Group-OPERATIONS: indicates whether the user has authorized access to all RACF-protected resources of the DATASET, DASDVOL, GDASDVOL, PSFMPL, TAPEVOL, VMBATCH, VMCMD, VMMDISK, VMNODE and VMRDR classes within the scope defined by the group or groups field.
    • Group-AUDITOR: indicates whether the user has permission to access audit information within the scope defined by the group or groups field.
    • CLAUTH (class authority): allows the user to create profiles within the specified class or classes. This field enables delegation of management privileges for individual classes.
    • GROUPIDS: contains a list of groups the user belongs to.
    • UACC (universal access authority): defines the UACC value for new profiles created by the user.

    Group profile fields

    • UACC (universal access authority): defines the UACC value for new profiles that the user creates when connected to the group.
    • OWNER: the creator of the group. The owner has specific privileges in relation to the current group and its subgroups.
    • USERIDS: the list of users within the group. The order is essential.
    • USERACS: the list of group members with their respective permissions for access to the group. The order is essential.
    • SUPGROUP: the name of the superior group.

    General resource and data set profile fields

    • UACC (universal access authority): defines the default access permissions to the resource or data set.
    • OWNER: the creator of the resource or data set, who holds certain privileges over it.
    • WARNING: indicates whether the resource or data set is in WARNING mode.
    • USERIDS: the list of user IDs associated with the resource or data set. The order is essential.
    • USERACS: the list of users with access permissions to the resource or data set. The order is essential.

    RACF profile relationship chains

    The fields listed above demonstrate the presence of relationships between RACF profiles. We have decided to name these relationships similarly to those used in BloodHound, a popular tool for analyzing Active Directory misconfigurations. Below are some examples of these relationships – the list is not exhaustive.

    • Owner: the subject owns the object.
    • MemberOf: the subject is part of the object.
    • AllowJoin: the subject has permission to add itself to the object.
    • AllowConnect: the subject has permission to add another object to the specified object.
    • AllowCreate: the subject has permission to create an instance of the object.
    • AllowAlter: the subject has the ALTER privilege for the object.
    • AllowUpdate: the subject has the UPDATE privilege for the object.
    • AllowRead: the subject has the READ privilege for the object.
    • CLAuthTo: the subject has permission to create instances of the object as defined in the CLAUTH field.
    • GroupSpecial: the subject has full control over all profiles within the object’s scope of influence as defined in the group-SPECIAL field.
    • GroupOperations: the subject has permissions to perform certain operations with the object as defined in the group-OPERATIONS field.
    • ImpersonateTo: the subject grants the object the privilege to perform certain operations on the subject’s behalf.
    • ResetPassword: the subject grants another object the privilege to reset the password or password phrase of the specified object.
    • UnixAdmin: the subject grants superuser privileges to the object in z/OS UNIX.
    • SetAPF: the subject grants another object the privilege to set the APF flag on the specified object.

    These relationships serve as edges when constructing a graph of subject–object interconnections. Below are examples of potential relationships between specific profile types.

    Examples of relationships between RACF profiles

    Visualizing and analyzing these relationships helped us identify specific chains that describe potential RACF security issues, such as a path from a low-privileged user to a highly-privileged one. Before we delve into examples of these chains, let’s consider another interesting and peculiar feature of the relationships between RACF database entities.

    Implicit RACF profile relationships

    We have observed a fascinating characteristic of the group-SPECIAL, group-OPERATIONS, and group-AUDITOR fields within a user profile. If the user has any group specified in one of these fields, that group’s scope of influence extends the user’s own scope.

    Scope of influence of a user with a group-SPECIAL field

    For instance, consider USER1 with GROUP1 specified in the group-SPECIAL field. If GROUP1 owns GROUP2, and GROUP2 subsequently owns USER5, then USER1 gains privileges over USER5. This is not just about data access; USER1 essentially becomes the owner of USER5. A unique aspect of z/OS is that this level of access allows USER1 to, for example, change USER5’s password, even if USER5 holds privileged attributes like SPECIAL, OPERATIONS, ROAUDIT, AUDITOR, or PROTECTED.

    Below is an SQL query, generated using the racfudit utility, that identifies all users and groups where the specified user possesses special attributes:

    Here is a query to find users whose owners (AUTHOR) are not the standard default administrators:

    Let’s illustrate how user privileges can be escalated through these implicit profile relationships.

    Privilege escalation via the group-SPECIAL field

    In this scenario, the user TESTUSR has the group-SPECIAL field set to PASSADM. This group, PASSADM, owns the OPERATOR user. This means TESTUSR’s scope of influence expands to include PASSADM’s scope, thereby granting TESTUSR control over OPERATOR. Consequently, if TESTUSR’s credentials are compromised, the attacker gains access to the OPERATOR user. The OPERATOR user, in turn, has READ access to the IRR.PASSWORD.RESET resource, which allows them to assign a password to any user who does not possess privileged permissions.

    Having elevated privileges in z/OS UNIX is often sufficient for compromising the mainframe. These can be acquired through several methods:

    • Grant the user READ access to the BPX.SUPERUSER resource of the FACILITY class.
    • Grant the user READ access to UNIXPRIV.SUPERUSER.* resources of the UNIXPRIV class.
    • Set the UID field to 0 in the OMVS segment of the user profile.

    For example, the DFSOPER user has READ access to the BPX.SUPERUSER resource, making them privileged in z/OS UNIX and, by extension, across the entire mainframe. However, DFSOPER does not have the explicit privileged fields SPECIAL, OPERATIONS, AUDITOR, ROAUDIT and PROTECTED set, meaning the OPERATOR user can change DFSOPER’s password. This allows us to define the following sequence of actions to achieve high privileges on the mainframe:

    1. Obtain and use TESTUSR’s credentials to log in.
    2. Change OPERATOR’s password and log in with those credentials.
    3. Change DFSOPER’s password and log in with those credentials.
    4. Access the z/OS UNIX Shell with elevated privileges.

    We uncovered another implicit RACF profile relationship that enables user privilege escalation.

    Privilege escalation from a chain of misconfigurations

    In another example, the TESTUSR user has READ access to the OPERSMS.SUBMIT resource of the SURROGAT class. This implies that TESTUSR can create a task under the identity of OPERSMS using the ImpersonateTo relationship. OPERSMS is a member of the HFSADMIN group, which has READ access to the TESTAUTH resource of the TSOAUTH class. This resource indicates whether the user can run an application or library as APF-authorized – this requires only READ access. Therefore, if APF access is misconfigured, the OPERSMS user can escalate their current privileges to the highest possible level. This outlines a path from the low-privileged TESTUSR to obtaining maximum privileges on the mainframe.

    At this stage, the racfudit utility allows identifying these connections only manually through a series of SQLite database queries. However, we are planning to add support for another output format, including Neo4j DBMS integration, to automatically visualize the interconnected chains described above.

    Password hashes in RACF

    To escalate privileges and gain mainframe access, we need the credentials of privileged users. We previously used our utility to extract their password hashes. Now, let’s dive into the password policy principles in z/OS and outline methods for recovering passwords from these collected hashes.

    The primary password authentication methods in z/OS, based on RACF, are PASSWORD and PASSPHRASE. PASSWORD is a password composed by default of ASCII characters: uppercase English letters, numbers, and special characters (@#$). Its length is limited to 8 characters. PASSPHRASE, or a password phrase, has a more complex policy, allowing 14 to 100 ASCII characters, including lowercase or uppercase English letters, numbers, and an extended set of special characters (@#$&*{}[]()=,.;’+/). Hashes for both PASSWORD and PASSPHRASE are stored in the user profile within the BASE segment, in the PASSWORD and PHRASE fields, respectively. Two algorithms are used to derive their values: DES and KDFAES.

    It is worth noting that we use the terms “password hash” and “password phrase hash” for clarity. When using the DES and KDFAES algorithms, user credentials are stored in the RACF database as encrypted text, not as a hash sum in its classical sense. Nevertheless, we will continue to use “password hash” and “password phrase hash” as is customary in IBM documentation.

    Let’s discuss the operating principles and characteristics of the DES and KDFAES algorithms in more detail.

    DES

    When the DES algorithm is used, the computation of PASSWORD and PHRASE values stored in the RACF database involves classic DES encryption. Here, the plaintext data block is the username (padded to 8 characters if shorter), and the key is the password (also padded to 8 characters if shorter).

    PASSWORD

    The username is encrypted with the password as the key via the DES algorithm, and the 8-byte result is placed in the user profile’s PASSWORD field.

    DES encryption of a password

    Keep in mind that both the username and password are encoded with EBCDIC. For instance, the username USR1 would look like this in EBCDIC: e4e2d9f140404040. The byte 0x40 serves as padding for the plaintext to reach 8 bytes.

    This password can be recovered quite fast, given the small keyspace and low computational complexity of DES. For example, a brute-force attack powered by a cluster of NVIDIA 4090 GPUs takes less than five minutes.

    The hashcat tool includes a module (Hash-type 8500) for cracking RACF passwords with the DES algorithm.

    PASSPHRASE

    PASSPHRASE encryption is a bit more complex, and a detailed description of its algorithm is not readily available. However, our research uncovered certain interesting characteristics.

    First, the final hash length in the PHRASE field matches the original password phrase length. Essentially, the encrypted data output from DES gets truncated to the input plaintext length without padding. This design can clearly lead to collisions and incorrect authentication under certain conditions. For instance, if the original password phrase is 17 bytes long, it will be encrypted in three blocks, with the last block padded with seven bytes. These padded bytes are then truncated after encryption. In this scenario, any password whose first 17 encrypted bytes match the encrypted PASSPHRASE would be considered valid.

    The second interesting feature is that the PHRASE field value is also computed using the DES algorithm, but it employs a proprietary block chaining mode. We will informally refer to this as IBM-custom mode.

    DES encryption of a password phrase

    Given these limitations, we can use the hashcat module for RACF DES to recover the first 8 characters of a password phrase from the first block of encrypted data in the PHRASE field. In some practical scenarios, recovering the beginning of a password phrase allowed us to guess the remainder, especially when weak dictionary passwords were used. For example, if we recovered Admin123 (8 characters) while cracking a 15-byte PASSPHRASE hash, then it is plausible the full password phrase was Admin1234567890.

    KDFAES

    Computing passwords and password phrases generated with the KDFAES algorithm is significantly more challenging than with DES. KDFAES is a proprietary IBM algorithm that leverages AES encryption. The encryption key is generated from the password using the PBKDF2 function with a specific number of hashing iterations.

    PASSWORD

    The diagram below outlines the multi-stage KDFAES PASSWORD encryption algorithm.

    KDFAES encryption of a password

    The first stage mirrors the DES-based PASSWORD computation algorithm. Here, the plaintext username is encrypted using the DES algorithm with the password as the key. The username is also encoded in EBCDIC and padded if it’s shorter than 8 bytes. The resulting 8-byte output serves as the key for the second stage: hashing. This stage employs a proprietary IBM algorithm built upon PBKDF2-SHA256-HMAC. A randomly generated 16-byte string (salt) is fed into this algorithm along with the 8-byte key from the first stage. This data is then iteratively hashed using PBKDF2-SHA256-HMAC. The number of iterations is determined by two parameters set in RACF: the memory factor and the repetition factor. The output of the second stage is a 32-byte hash, which is then used as the key for AES encryption of the username in the third stage.

    The final output is 16 bytes of encrypted data. The first 8 bytes are appended to the end of the PWDX field in the user profile BASE segment, while the other 8 bytes are placed in the PASSWORD field within the same segment.

    The PWDX field in the BASE segment has the following structure:

    Offset Size Field Comment
    0–3 4 bytes Magic number In the profiles we analyzed, we observed only the value E7D7E66D
    4–7 4 bytes Hash type In the profiles we analyzed, we observed only two values: 00180000 for PASSWORD hashes and 00140000 for PASSPHRASE hashes
    8–9 2 bytes Memory factor A value that determines the number of iterations in the hashing stage
    10–11 2 bytes Repetition factor A value that determines the number of iterations in the hashing stage
    12–15 4 bytes Unknown value In the profiles we analyzed, we observed only the value 00100010
    16–31 16 bytes Salt A randomly generated 16-byte string used in the hashing stage
    32–39 8 bytes The first half of the password hash The first 8 bytes of the final encrypted data

    You can use the dedicated module in the John the Ripper utility for offline password cracking. While an IBM KDFAES module for an older version of hashcat exists publicly, it was never integrated into the main branch. Therefore, we developed our own RACF KDFAES module compatible with the current hashcat version.

    The time required to crack an RACF KDFAES hash has significantly increased compared to RACF DES, largely due to the integration of PBKDF2. For instance, if the memory factor and repetition factor are set to 0x08 and 0x32 respectively, the hashing stage can reach 40,000 iterations. This can extend the password cracking time to several months or even years.

    PASSPHRASE

    KDFAES encryption of a password phrase

    Encrypting a password phrase hash with KDFAES shares many similarities with encrypting a password hash. According to public sources, the primary difference lies in the key used during the second stage. For passwords, data derived from DES-encrypting the username was used, while for a password phrase, its SHA256 hash is used. During our analysis, we could not determine the exact password phrase hashing process – specifically, whether padding is involved, if a secret key is used, and so on.

    Additionally, when using a password phrase, the PHRASE and PHRASEX fields instead of PASSWORD and PWDX, respectively, store the final hash, with the PHRASEX value having a similar structure.

    Conclusion

    In this article, we have explored the internal workings of the RACF security package, developed an approach to extracting information, and presented our own tool developed for the purpose. We also outlined several potential misconfigurations that could lead to mainframe compromise and described methods for detecting them. Furthermore, we examined the algorithms used for storing user credentials (passwords and password phrases) and highlighted their strengths and weaknesses.

    We hope that the information presented in this article helps mainframe owners better understand and assess the potential risks associated with incorrect RACF security suite configurations and take appropriate mitigation steps. Transitioning to the KDFAES algorithm and password phrases, controlling UACC values, verifying access to APF libraries, regularly tracking user relationship chains, and other steps mentioned in the article can significantly enhance your infrastructure security posture with minimal effort.

    In conclusion, it is worth noting that only a small percentage of the RACF database structure has been thoroughly studied. Comprehensive research would involve uncovering additional relationships between database entities, further investigating privileges and their capabilities, and developing tools to exploit excessive privileges. The topic of password recovery is also not fully covered because the encryption algorithms have not been fully studied. IBM z/OS mainframe researchers have immense opportunities for analysis. As for us, we will continue to shed light on the obscure, unexplored aspects of these devices, to help prevent potential vulnerabilities in mainframe infrastructure and associated security incidents.

    MIL OSI Economics

  • MIL-OSI Economics: ICC recommendations for inclusive AI that delivers for business and society

    Source: International Chamber of Commerce

    Headline: ICC recommendations for inclusive AI that delivers for business and society

    Inclusive AI is not just a matter of fairness – it is essential for unlocking the full potential of AI for business and society alike. Without broad access to digital infrastructure, data, skills and ethical frameworks, entire markets risk being left behind, limiting innovation and economic growth, and deepening the existing digital divide.

    This not only holds back communities in the Global South but also narrows the opportunities for businesses to scale solutions, enter new markets and build globally relevant AI systems.

    Why does inclusive AI matter?

    Inclusive AI ensures that artificial intelligence systems actively empower and benefit people, regardless of geography or language. It opens new possibilities to accelerate sustainable development, supports transformative outcomes across critical sectors including healthcare and education, and drives innovation and economic growth across economies. By prioritising inclusion, we can ensure the benefits of AI are shared widely and help close existing global gaps.

    What’s holding back inclusive AI?

    Barriers such as limited digital infrastructure, lack of access to quality data and compute and significant skills gaps – especially in the Global South – are slowing inclusive AI progress. Many AI models are also not designed with diverse languages or local contexts in mind. These challenges persist despite widespread connectivity coverage. Fragmented regulatory environments, limited investment in local innovation and language barriers further widen the AI divide.

    Without targeted support, these gaps will continue to exclude large parts of the world from AI-driven development.

    ICC recommendations: what can business and governments do to achieve inclusive AI?

    1. Invest in foundational infrastructure such as clean energy, broadband connectivity, and sustainable data centres.
    2. Expand access to high-quality, interoperable public data.
    3. Ensure inclusive digital education and workforce training across all levels.
    4. Promote homegrown innovation, including linguistic inclusion and support for local AI ecosystems.
    5. Adopt national strategies that align with international ethical frameworks.
    6. Update regulatory systems, particularly around data governance, privacy, and cybersecurity.
    7. Integrate AI standards into public procurement.

    More insights

    Digital economy

    Overarching narrative on artificial intelligence 

    MIL OSI Economics

  • MIL-OSI Economics: ICC recommendations for inclusive AI that delivers for business and society

    Source: International Chamber of Commerce

    Headline: ICC recommendations for inclusive AI that delivers for business and society

    Inclusive AI is not just a matter of fairness – it is essential for unlocking the full potential of AI for business and society alike. Without broad access to digital infrastructure, data, skills and ethical frameworks, entire markets risk being left behind, limiting innovation and economic growth, and deepening the existing digital divide.

    This not only holds back communities in the Global South but also narrows the opportunities for businesses to scale solutions, enter new markets and build globally relevant AI systems.

    Why does inclusive AI matter?

    Inclusive AI ensures that artificial intelligence systems actively empower and benefit people, regardless of geography or language. It opens new possibilities to accelerate sustainable development, supports transformative outcomes across critical sectors including healthcare and education, and drives innovation and economic growth across economies. By prioritising inclusion, we can ensure the benefits of AI are shared widely and help close existing global gaps.

    What’s holding back inclusive AI?

    Barriers such as limited digital infrastructure, lack of access to quality data and compute and significant skills gaps – especially in the Global South – are slowing inclusive AI progress. Many AI models are also not designed with diverse languages or local contexts in mind. These challenges persist despite widespread connectivity coverage. Fragmented regulatory environments, limited investment in local innovation and language barriers further widen the AI divide.

    Without targeted support, these gaps will continue to exclude large parts of the world from AI-driven development.

    ICC recommendations: what can business and governments do to achieve inclusive AI?

    1. Invest in foundational infrastructure such as clean energy, broadband connectivity, and sustainable data centres.
    2. Expand access to high-quality, interoperable public data.
    3. Ensure inclusive digital education and workforce training across all levels.
    4. Promote homegrown innovation, including linguistic inclusion and support for local AI ecosystems.
    5. Adopt national strategies that align with international ethical frameworks.
    6. Update regulatory systems, particularly around data governance, privacy, and cybersecurity.
    7. Integrate AI standards into public procurement.

    More insights

    Digital economy

    Overarching narrative on artificial intelligence 

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on July 07, 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) 6,13,280.00 5.14 2.00-6.25
         I. Call Money 17,060.89 5.26 4.75-5.35
         II. Triparty Repo 4,00,746.10 5.11 5.00-5.26
         III. Market Repo 1,92,328.36 5.18 2.00-5.60
         IV. Repo in Corporate Bond 3,144.65 5.42 5.32-6.25
    B. Term Segment      
         I. Notice Money** 167.35 5.19 4.85-5.25
         II. Term Money@@ 1,465.00 5.30-5.70
         III. Triparty Repo 1,375.00 5.23 5.20-5.25
         IV. Market Repo 1,283.93 5.32 5.28-5.35
         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          
         (b) Reverse Repo          
    3. MSF# Mon, 07/07/2025 1 Tue, 08/07/2025 1,051.00 5.75
    4. SDFΔ# Mon, 07/07/2025 1 Tue, 08/07/2025 2,50,865.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,49,814.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       5,987.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -94,022.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,43,836.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 07, 2025 9,30,865.97  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 07, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ 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.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/674

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on July 07, 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) 6,13,280.00 5.14 2.00-6.25
         I. Call Money 17,060.89 5.26 4.75-5.35
         II. Triparty Repo 4,00,746.10 5.11 5.00-5.26
         III. Market Repo 1,92,328.36 5.18 2.00-5.60
         IV. Repo in Corporate Bond 3,144.65 5.42 5.32-6.25
    B. Term Segment      
         I. Notice Money** 167.35 5.19 4.85-5.25
         II. Term Money@@ 1,465.00 5.30-5.70
         III. Triparty Repo 1,375.00 5.23 5.20-5.25
         IV. Market Repo 1,283.93 5.32 5.28-5.35
         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          
         (b) Reverse Repo          
    3. MSF# Mon, 07/07/2025 1 Tue, 08/07/2025 1,051.00 5.75
    4. SDFΔ# Mon, 07/07/2025 1 Tue, 08/07/2025 2,50,865.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,49,814.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       5,987.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -94,022.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,43,836.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 07, 2025 9,30,865.97  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 07, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ 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.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/674

    MIL OSI Economics

  • MIL-OSI Economics: [Interview] Staying Cool Without Refrigerants: How Samsung Is Pioneering Next-Generation Peltier Cooling

    Source: Samsung

    On June 28, Samsung Electronics, together with the Johns Hopkins University Applied Physics Laboratory (APL), published a paper on next-generation Peltier cooling technology in the prestigious scientific journal Nature Communications.
     
    The team successfully developed a high-efficiency thin-film semiconductor Peltier device  using nano-engineering technology and demonstrated refrigerant-free cooling, highlighting the potential to deliver outstanding performance without conventional refrigerants.
     
    Previously in 2024, Samsung Electronics opened a new chapter in refrigeration technology through the launch of the Bespoke AI Hybrid Refrigerator, which combines Peltier devices with high-efficiency compressors. Much like a hybrid vehicle, this system intelligently switches between the two cooling methods depending on what best suits the situation.
     
    While the Bespoke AI Hybrid Refrigerator marked a major step forward, the new thin-film Peltier technology developed with Johns Hopkins APL represents a leap into the future.  How will this newly unveiled innovation be applied to home appliances, and how will it shape the cooling technology of tomorrow? To find out, Samsung Newsroom spoke with Sungjin Jung from Samsung Research, who has led the technology’s development, and Hajin Jeong from the DA (Digital Appliances) Business at Samsung Electronics, who is working to integrate it into Samsung’s next-generation refrigerators.
     
    ▲ (From left) Hajin Jeong from the Refrigerator Platform Lab of Samsung Electronics’ DA Business and Sungjin Jung from Samsung Research’s Life Solutions Team
     
     
    Precise Temperature Control With Semiconductor Devices? Understanding the Principles Behind Peltier Cooling Technology
    Conventional refrigerators operate using vapor compression technology. In this system, refrigerant gas is compressed into a liquid and then repeatedly evaporated to absorb and release heat, thereby lowering the internal temperature. While this widely used cooling method has proven effective, the use of refrigerants raises environmental concerns, and there are limitations in reducing power consumption — making it a challenge to carry this approach into the future and adapt it to evolving needs. Additionally, the bulky compressors and complex mechanical components inherent in this system place constraints on refrigerator design.
     
    In contrast, Peltier cooling technology takes a different approach. As a semiconductor-based method that uses electricity to transfer heat, Peltier cooling utilizes the Peltier effect, in which an electric current passing through both ends of a Peltier device  causes one side to absorb heat while the other side releases it.
     
    ▲The Peltier effect
     
    Utilizing the Peltier effect, the surface that absorbs heat and cools can be placed inside the refrigerator, while the surface that releases the absorbed heat can be positioned outside — effectively lowering the internal temperature. The greatest advantage of this method is its precise control of heat flow using only electricity. In addition, its simple structure compared to refrigerant-based mechanical systems allows for greater flexibility in refrigerator design.
     
     
    Advancing Peltier Technology and Expanding Possibilities Through Global Collaboration
    In early 2023, Samsung Electronics ramped up cross-organizational collaboration — bringing together the DA Business, Samsung Research and Global Technology Research — to commercialize Peltier cooling technology and enhance its performance. The DA Business primarily focused on Peltier-technology-based product development, leading to the launch of the Bespoke AI Hybrid Refrigerator in early 2024. Samsung Research and Global Technology Research, meanwhile, drove technological advancement by developing high-performance Peltier devices with improved output and durability.
     
    Around the same time, Samsung Research also initiated global collaboration efforts to pursue breakthroughs in fundamental technologies. In late 2023, it partnered with Johns Hopkins APL in the United States eventually launching an eight-month-long full-scale joint research project in April the following year.
     
    The core objective of this joint research was to leverage Johns Hopkins University’s nano-thin-film Peltier device technology to boost the output of conventional milliwatt-class Peltier devices to several tens of watts, paving the way for a high-efficiency thin-film Peltier system suitable for integration into home appliances.
     
    ▲ Researchers from Samsung Research and Johns Hopkins APL (left); the high-efficiency thin-film Peltier device they co-developed (right)
     
    Over the course of the project, Samsung Electronics particularly demonstrated strengths in system design and packaging technology. As Peltier cooling involves simultaneous heat absorption and heat generation occur simultaneously on opposite sides of the device, performance can drop sharply if the temperature difference between the two sides is not minimized. During the process of applying the nano-thin-film Peltier devices — structured differently compared to conventional ones — directly to refrigerators, challenges such as increased contact thermal resistance, which hindered heat transfer, or unstable performance arose. As a result, packaging solutions that enable efficient heat transfer on both sides of the Peltier device became one of the core components in developing a high-efficiency Peltier cooling system.
     
     
    “We designed a new packaging method to become the world’s first to apply nano-thin-film Peltier devices to refrigerators.”
    – Sungjin Jung, Samsung Research, Samsung Electronics
     
    ▲ Sungjin Jung from Samsung Research
     
    “Through simulations and iterative testing, we identified the root causes of the issues and designed new thermal interface materials (TIM) and assembly techniques to enable efficient heat transfer,” Jung explained.
     
    This newly developed next-generation thin-film Peltier device boasts a cooling efficiency approximately 75% higher than conventional devices. By minimizing heat loss on each side of the Peltier device, the joint research demonstrated the potential for developing high-efficiency cooling appliances using the new technology.
     
     
    Bringing Peltier Cooling Technology Into Everyday Life
    With Samsung Research and Johns Hopkins APL having developed the next-generation Peltier cooling technology, it was now the DA Business’s turn to translate this technology into consumer products.
     
     
    “With this next-generation Peltier cooling technology, we plan to introduce an even more advanced hybrid refrigerator.”
    – Hajin Jeong, DA Business, Samsung Electronics
     
    ▲ Hajin Jeong from the DA Business
     
    In the Bespoke AI Hybrid Refrigerator Samsung launched in 2024, the compressor operates under normal conditions such as routine storage and retrieval, while the Peltier device activates alongside the compressor during high-load situations — like when storing large amounts of groceries or placing hot food inside — thereby enhancing both cooling performance and energy efficiency. Additionally, when defrosting frost inside the cooling unit, the Peltier device remains active, minimizing internal temperature fluctuations during the process.
     
    ▲ In the Samsung Bespoke AI Hybrid Refrigerator, a Peltier device is mounted at the top of the interior, while an AI Inverter Compressor is installed at the bottom.
     
    In sections where both cooling mechanisms operate simultaneously, optimal efficiency hinged on the layout design. “Since the compressor is located at the lower rear, we redesigned the interior structure to position the Peltier device at the top, where it wouldn’t be affected by heat interference,” explained Jeong.
     
    As a result, the refrigerator reduced power consumption by as much as 30% compared to the top grade of Korea’s energy efficiency rating labeling system,1 while also significantly improving its ability to maintain a stable internal temperature.
     
    The DA Business’ vision for hybrid refrigeration continues to evolve. Currently available only in select markets such as Korea, the U.S. and Europe, the company is accelerating joint development with Samsung Research to create models that can operate reliably even in hot and humid tropical regions such as India.
     
    With the application of Samsung’s next-generation Peltier cooling technology, the hybrid refrigerators of tomorrow are expected to deliver even greater cooling performance and energy efficiency. “Integrating this next-generation Peltier cooling technology into our existing hybrid refrigerators will enable more precise temperature control and further reduce power consumption,” said Jeong.
     
     
    Toward a Fully Refrigerant-Free Future
    Peltier cooling is also a technology for a better planet. Refrigerants commonly used in refrigerators can damage the ozone layer and contribute to global warming if released, prompting increasingly strict regulations in the U.S. and Europe. Against this backdrop, Peltier cooling technology is gaining recognition as a versatile, energy-efficient solution.
     
    Samsung Electronics has set a medium- to long-term goal of going beyond hybrid structures to develop a fully refrigerant-free refrigerator powered solely by Peltier cooling technology.
     
    “There’s still considerable research ahead before we can create a fully refrigerant-free refrigerator,” said Sungjin Jung . “Moving forward, we plan to unlock new possibilities in Peltier cooling by integrating other cutting-edge technologies such as AI, semiconductor processing and 3D printing into our work.”
     
    “The DA Business and Samsung Research are working in lockstep from a product development standpoint to perfect this next-generation technology and fast-track its commercialization,” added Hajin Jeong.
     
    ▲ (From left) Sungjin Jung and Hajin Jeong
     
    Samsung Electronics remains committed to not only innovating home appliances, but also transforming  the very paradigm of cooling technology. The future of refrigeration is being shaped by next-generation Peltier cooling — and the evolution is only just beginning.
     
     
    1 Based on the energy efficiency rating of the 2024 Bespoke AI Hybrid Refrigerator model RF91DB90LE**, as registered with the Korea Energy Agency. Compared against the minimum threshold for Grade 1 under the KEA’s energy efficiency rating labeling system.

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  • MIL-OSI Economics: Secretary-General of ASEAN meets with the Foreign Minister of Timor-Leste

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today held a bilateral meeting with Minister of Foreign Affairs and Cooperation of the Democratic Republic of Timor-Leste, Bendito dos Santos Freitas, on the sidelines of the 58th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings, in Kuala Lumpur, Malaysia. Their discussion focused on Timor-Leste’s progress toward full ASEAN membership, following the ASEAN Leaders’ decision at the 46th ASEAN Summit to admit Timor-Leste as the 11th member of ASEAN at the upcoming 47th ASEAN Summit, scheduled for October 2025.

    The post Secretary-General of ASEAN meets with the Foreign Minister of Timor-Leste appeared first on ASEAN Main Portal.

    MIL OSI Economics