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Category: Economics

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Vice Minister of Foreign Affairs of the People’s Republic of China

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Vice Minister of Foreign Affairs of the People’s Republic of China Sun Weidong, on the sidelines of the 2nd ASEAN Future Forum. Both sides exchanged views on ASEAN-China relations and regional issues. Dr. Kao also expressed appreciation for China’s continued support for ASEAN Centrality and contributions to ASEAN Community-building and regional integration.

    The post Secretary-General of ASEAN meets with Vice Minister of Foreign Affairs of the People’s Republic of China appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN calls on Deputy Prime Minister and Minister of Foreign Affairs of Viet Nam

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today called on Deputy Prime Minister and Minister of Foreign Affairs of Viet Nam, H.E. Bui Thanh Son, on the occasion of the 2nd ASEAN Future Forum. During the meeting, they discussed ways to advance ASEAN Community-building, particularly in light of the upcoming adoption of the ASEAN Community Vision 2045 later this year. Dr. Kao also expressed appreciation of Viet Nam’s contributions to ASEAN’s integration since its membership in ASEAN in 1995.

    The post Secretary-General of ASEAN calls on Deputy Prime Minister and Minister of Foreign Affairs of Viet Nam appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Canada’s Special Envoy for the Indo-Pacific

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Canada’s Special Envoy for the Indo-Pacific Ian McKay, on the sidelines of the 2nd ASEAN Future Forum, where they discussed ASEAN-Canada cooperation in alignment with the ASEAN Outlook on the Indo-Pacific (AOIP) and ASEAN-Canada’s mutual interests.

    The post Secretary-General of ASEAN meets with Canada’s Special Envoy for the Indo-Pacific appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Yannis Stournaras: Euro area challenges in an uncertain geopolitical landscape

    Source: Bank for International Settlements

    Your Excellencies, distinguished guests, ladies and gentlemen,

    It is a pleasure and an honour to be here with you today at this esteemed gathering to discuss some of the most pressing challenges confronting the euro area. I would like to extend my deepest gratitude to His Excellency the Ambassador of Poland and to the Embassy of Poland in Athens for hosting this important event, and for your continued commitment to fostering dialogue on issues that affect all of us in Europe. As we navigate through the complexities of our interconnected economies, the euro area finds itself at a critical juncture. In many ways, we are at a crossroads, where the decisions we make today will significantly shape the economic future of Europe for generations to come.

    Europe has emerged from the pandemic susceptible and weakened. Growth in the euro area has been disappointing in 2023 and 2024, at about 0.5% and 0.7% respectively, low on the basis of whatever criteria one would apply. A key factor underlying the tepid economic activity in the euro area in the last two years was weak business investment, which has been basically flat, if we exclude volatile business investment in Ireland. This starkly contrasts with the situation in the US, where business investment has grown almost three times faster than in the euro area in the post-pandemic period since the end of 2021.

    And, if anything, our projections for growth in 2025, at around 1%, clearly do not point to a strong pick-up in activity. In fact, more recent data, like the stagnation of GDP in the last quarter of 2024, already raise questions about the growth dynamics this year. Surveys indicate that manufacturing is still contracting and growth in services is slowing. Firms are holding back on investments, and exports remain weak, with some European industries struggling to remain competitive.

    This picture of subpar growth seems to reflect a series of long-standing structural impediments in the euro area, combined with unusually adverse global geopolitical factors as well as by political issues in some euro area countries, including the largest economies. War is waging on European soil, political gridlock hinders the ability to press ahead with reforms, while extremist political views are gaining ground across the continent.

    Of course, our restrictive but necessary monetary policy stance in the recent past, aimed at counteracting inflationary pressures, has also contributed to the weak growth developments of the euro area. In this sense, the easing interest rate path on which we have embarked should support activity. The good news is that the disinflation process remains well on track. Inflation has fallen rapidly from a peak of about 10.5% in October 2022 to 2.5% in January 2025 and is still trending downwards, despite some upward base effects in recent months, driven by oil and natural gas prices. What I find particularly encouraging is the fact that core inflation is at the moment a bit lower than we had expected in our latest projections. Core inflation is that part of inflation that excludes the most volatile components for which monetary policy has little, if any, impact. And this means that the past monetary policy tightening has done its job in taming inflation. It is also encouraging that, despite a very tight labour market and unemployment rates at historical lows, compensation per employee growth is easing. This is safeguarding a downward inflation path, also for services that are typically more labour-intensive compared to goods and, thus, their inflation is more persistent.

    Our December 2024 Eurosystem staff projections expect inflation to average 2.1% in 2025 and to return sustainably to our target in late 2025. Unless unexpected contingencies materialise, the ECB’s key interest rate through which we steer the monetary policy stance, the deposit facility rate, could fall to around 2% in the course of 2025 from its current level of 2.75%. Obviously, the sequence, pace and magnitude of interest rate cuts remain data-driven and will continue to be decided meeting by meeting.

    Overall, the balance of macroeconomic risks in the euro area has shifted from concerns about high inflation to concerns about low growth. In my view, the euro area is in danger of losing its economic footing, if it has not already done so. We have failed to rival US tech giants, while our economies are stagnating, facing strained public finances. Our region has grown at an average quarterly pace of 0.3% in the last 12 quarters. To put it into context, the US economy has expanded by a far more over the same period. And, to add to our own problems, the new US President seems to implement his election campaign declarations regarding import tariffs.

    Time is running out. We are facing, as ECB President Lagarde put it in Davos a few weeks ago, an existential crisis. There is an urgency for immediate action and collaborative efforts to effectively address Europe’s challenges at home and abroad. In the remainder of my speech, I would like to emphasise several major areas of concern that need to be addressed in priority.

    The first area is competitiveness. Productivity growth in the euro area has nearly stalled, constrained by unfavourable demographics, labour market rigidities in many countries, and weak capital growth. This also stems from Europe’s lagging business and investment dynamism. Europe has yet to match its global peers in channelling sufficient resources into innovation and productive economic activity, while energy remains expensive. European manufacturers pay about twice as much for electricity as their counterparts in the US. Meanwhile, the needs for electricity of an expanding digital economy will be enormous. Supercomputing infrastructure for artificial intelligence is becoming a geopolitical battleground, and the EU sovereigns must build capacity to reduce strategic dependence on foreign big tech companies.

    According to the 2024 European Investment Bank Investment Survey, capacity expansion has been a greater driver of investment in the US than in the euro area, where the primary focus in the latter remained on replacement. Euro area R&D investment was focused on mature industries, such as cars and equipment, while it has been increasingly concentrated in Information and Communication Technology (ICT)-based activities in the US, such as data centres and AI-related facilities. Intangible investment is key for productivity and value added growth, likely contributing to the widening productivity gap between the two jurisdictions, and impacting also potential output growth differentials.

    The road to a robust recovery for the European economy demands mobilising the substantial private investment necessary to reignite growth and foster resilience. To keep pace with global competitors, Europe needs to prioritise a substantial boost in investment in the next few years and structural reforms aimed at enhancing long-term potential growth. Notably, increased spending in green and digital transitions, innovation and energy are paramount for making Europe more productive, competitive and resilient.

    What is in my view needed?

    First, a more harmonised, yet less burdensome, regulation in the EU – for example, regarding corporate law, insolvencies, taxation and labour law – would improve competitiveness without having to invest a single euro.

    Second, the promotion of a single market for capital is essential. The creation of a European Savings and Investments Union is a move in the right direction, as it can ensure a smooth flow of investment throughout our Union. Establishing common supervision of EU capital markets, integrating the highly segmented infrastructure of European financial markets, and standardising products for retail investment can mobilise both EU’s large savings and foreign capital. In addition, deepening the securitisation market and simplifying the relevant regulation can also contribute to attracting investors.

    Third, the completion of Banking Union, with the establishment of EDIS (European Deposit Insurance Scheme) and a Crisis Management Mechanism – CMDI, since a segmented banking sector can never achieve the efficiency and economies of scale gains of US banks.

    There is no doubt that enhanced financial integration can empower innovative firms at all stages of their development with the funding they need to scale up and thrive in a competitive global landscape, reducing their reliance on financing outside Europe. To this end, it is critical to provide investors with incentives for more risk capital, for example by overcoming the institutional and operational hurdles that make European venture capital firms underperform their US counterparts.

    Finally, a permanent fiscal capacity in Europe can successfully step up investments and growth-enhancing projects directed towards areas that bolster economic potential and resilience across Europe. In fact, the accomplishments of the EU Recovery and Resilience Facility offer a valuable blueprint for what can be achieved through coordinated and targeted fiscal initiatives. A clear illustration of this is the finding in the Draghi report that, despite public spending in research and innovation being similar in the EU and the US, it yields much lower dividends in the EU because it is fragmented and uncoordinated across countries.

    Related to that, we need to take a careful look at the factors that have inhibited private investment and, therefore, productivity. In this regard, two factors come to mind.

    First, it appears that some countries are simply not competitive because of structural impediments, such as over-regulation in some markets. I find it interesting that our fastest growing economies at present are those that have had to implement structural reforms during the past decade – countries such as Spain, Portugal, Cyprus and my own.

    Second, we should take a close look at the relationship between investment and our taxation policies. There may well be a need to better harmonise our tax policies in a way that provides an incentive to invest. 

    While these advances require addressing long-standing barriers and fragmentation across jurisdictions and sectors, they would also significantly improve the access of businesses to financing. By fostering business efficiency and resource reallocation to the most productive and competitive sectors, sustainable growth can be supported.

    To this end, we welcome the Commission’s roadmap on improving competitiveness that was released at the end of January 2025, the so-called Competitiveness Compass, which was based on recommendations by the Draghi report. An increase of productivity by closing the innovation gap is of paramount importance for the economic welfare of European citizens. So is investment in human capital through upskilling and reskilling, talent attraction and retainment, and effective integration of underutilised workers and immigrants into the labour force.

    Under President Lagarde’s leadership, the ECB’s Governing Council stands ready to play its part in this quest for higher productivity and competitiveness. First, by maintaining a low and predictable inflation environment, the ECB promotes confidence among businesses and investors and contributes to fostering investment and long-term capital allocation required for sustainable economic growth. Second, by removing in a timely manner layers of monetary policy restriction no longer necessary. With inflation sustainably settling around our target, easier financing conditions will be key in stimulating investment by making capital more accessible and affordable.

    The second area of concern for the euro area is the declared trade policy by the new President of the United States. Although the details of a potential imposition of US tariffs have yet to be disclosed, the prospect of an aggressive US trade policy, coupled with possible retaliatory measures, are likely to have far-reaching implications, adding to the euro area’s headwinds. With trade volumes between the EU and the US at 1.5 trillion euros, it is clear that US tariffs on Europe will be negative for growth. Market estimates suggest that a 10% US tariff on all imports from the euro area, coupled with higher uncertainty about future US-EU trade relations, could depress euro area GDP growth by up to 0.5 percentage points within a year. The magnitude of these adverse growth effects will depend, among other things, on the range of products subject to higher tariffs, how long these tariffs will persist, which retaliatory and counter-retaliatory measures will be put in place, and the feedback effects from global economic and financial conditions. Incidentally, both theory and practice suggest that tariffs is usually a loose-loose instrument, hence not only the US trade partners are bound to loose, but the US too.

    The impact of tariffs on euro area inflation is less straightforward, operating through various channels. On the one hand, a USD appreciation or a tariff retaliation on US goods from our side will make euro area imports from the US – as well as the bulk of total energy imports that is dollar-invoiced – more expensive, pushing up inflation. On the other hand, a possible re-direction of cheaper Chinese exports from the US to the EU market, due to a US-China trade war, would ceteris paribus accentuate the disinflation process in the euro area.

    In any case, uncertainty about geopolitical, trade and financial developments could significantly weigh on economic sentiment and confidence, further hindering consumption and investment from recovering. At the same time, trade constraints are likely to impact activity in the manufacturing sector, the sick man in Europe, prolonging the ongoing economic stagnation in our region. Completing the Single Market will help meet these challenges.

    Strengthening and extending Europe’s trade alliances is also essential to balance trade risks. Expanding bilateral and regional preferential trade agreements would foster cooperation with other countries and contribute to a functional, rule-based multilateral trade system. These steps are essential to boosting investment and fostering sustainable growth, while enhancing the resilience of our economies against external shocks.

    Turning to the pressing issue of climate adaptation and mitigation, it is clear that we are faced with “peak pessimism”. The US withdrawal from the global climate change negotiations and initiatives has been complemented with major banks and asset funds in the US and Europe distancing themselves from climate policies. We can all see the risks. But we also need to see the opportunities. Momentum for the energy transition needs to remain strong in our continent, and across the rest of the world. We have an even stronger case to double down on our own initiatives to bolster decarbonisation, while avoiding Europe’s deindustrialisation. Clean energy at competitive prices should be seen as a great opportunity to industrialise rather than the opposite. The European Commission’s plans for a Clean Industrial Deal and its intentions to streamline the sustainability reporting rules, without discounting on transparency, are good examples of how to balance the goal of greening the economy with that of preserving the EU’s industrial base and firms’ competitiveness.

    As supervisors, central banks can also make sure that the commercial banking sector is better positioned in managing climate risks. We can strengthen the credibility of our monetary policy in achieving our mandate, taking into consideration the implications of climate change for inflation and output. And last but not least, Europe ought to become again the key driver for green tech and finance, which takes me back to the imperative of the European Savings and Investment Union.

    Let me conclude by saying that a key prerequisite for economic prosperity is a safer and more secure Europe. We cannot thrive in an environment where security is fragile or compromised. The Polish EU Presidency in the first half of 2025 has rightly spotlighted the security challenge as central to Europe’s future. Reinforcing the EU’s civilian and military preparedness must be a priority, as it ensures the Union is resilient to a variety of threats, both internal and external. From preparing for natural disasters to building robust defence capacity and shielding our economies from modern threats, such as cyberattacks and critical infrastructure disruptions, are all vital to uphold economic stability and progress.

    In a world fraught with uncertainty about geopolitical, trade and financial developments, full of unknown unknowns, I cannot emphasise enough the urgency for immediate and coordinated steps to navigate these challenges effectively. The challenges we face may be complex but are not insurmountable. With a shared commitment to economic stability, growth and innovation, we can continue to build a more inclusive and sustainable European economy and strengthen our continent’s role in international diplomacy. I am confident that the ambitious programme of the Polish EU Presidency will yield positive outcomes and give Europeans a sense of security and optimism about the future of our economies.

    Thank you very much for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: Ryozo Himino: An economy with positive interest rates

    Source: Bank for International Settlements

    Introduction

    After a quarter century with near zero or negative policy interest rates, the Japanese economy is transitioning to a state with positive rates. People have mixed feelings about a state that has been unknown for decades. Let me pose three questions regarding an economy with positive interest rates.

    I. What Kind of Economy to Anticipate?

    The first is the question of what kind of economy with positive interest rates to anticipate and what kind of path to pursue toward it. The difference between an economy with and without positive rates is not merely the presence or absence of positive rates. There are many possible forms of an economy with positive rates, and the path toward such an economy, including the causes and the speed of transition, can also be diverse.

    To explore what can lie behind positive policy rates, I would like to begin with a conceptual framework for policy rate setting (Chart 1). First, let us assume that economic activity is affected by the level of the real policy rate, which is the nominal policy rate minus inflation expectations. A central bank will set its nominal policy rate to attain the desired level of the real policy rate.

    The appropriate level of the real policy rate could be derived by adding to or subtracting from the natural rate of interest, the rate that is neutral to the economy, according to the policy stance toward how restrictive or accommodative the central bank desires its monetary policy to be. In the case of a central bank with a price stability mandate, the policy stance is set so as to bring the inflation rate in line with the price stability target.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: New payments landscape, but old challenges for central banks?

    Source: Bank for International Settlements

    Let me start with stating the obvious: globally, the payments ecosystem has experienced significant transformations in the last couple of decades. New technologies have transformed products and services offered on the retail payment market; the ecosystem has expanded with new entrants notably BigTechs and Fintechs, which have now become key links in the payments value chain; and we have seen the emergence of new DLT-based private settlement assets, in tandem with the emergence of the so-called “tokenisation of finance”.
     
    Speaking from the perspective of a central bank which has in its mandate to ensure the proper functioning of the payment system, these transformations have raised traditional policy challenges to help mitigate risks and harness benefits of those transformations, given their potentially two sided impacts on efficiency and safety of payments. At the Banque de France, they have been addressed with 2 convictions: first a regulatory framework is needed that is sufficiently demanding but innovation friendly, to ensure confidence in our payment system; second, central bank money must remain at the heart of settlement between intermediaries, which is most sensitive from a systemic risk perspective. But those transformations have also brought to payments a new strategic dimension, owing notably to their wide-ranging implications on market concentration, data protection and sovereignty. And the first weeks of the new US Presidency are blowing in favor of deregulation, new and private crypto-based settlement assets, against multilateralism and multilateral institutions, which may be adding new challenges going forward.

    Should this evolving payment landscape and policy environment lead us to alter in important ways the policies and tools we, central banks, have been using so far or considering using, like issuing Central Bank Digital Currencies (CBDCs)?

    It is likely that all central banks may not have the same answer to that question, but what I would like to do now is simply share with you my own view on that topic. In a nutshell my conviction is that the Banque de France policy stance and toolkit may require more of an adjustment than a thorough overhaul going forward. I would like to take 3 key features of our payment systems policy so far to illustrate my view: our central bank money services, the role we give to cooperation with other stakeholders, and our involvement in the innovation ecosystem.

    1 Central bank money services

    In the wholesale space, the security and efficiency of financial transactions between financial intermediaries importantly hinge on the nature of the settlement asset chosen.
     
    Lessons learned from past financial crises have underlined the critical importance of using secure settlement assets. In response, the Banque de France and many other central banks have committed to promoting the use of central bank money in the wholesale payments space. This commitment is reflected in Principle 9 of the CPMI-IOSCO’s Principles for financial market infrastructures (PFMIs). And we have been successful in the implementation of this policy, as central bank money is actually the very dominant settlement asset in the wholesale space, across many currency zones, starting with the euro area.

    However, as tokenisation of assets gains momentum, private settlement assets, particularly so-called “stablecoins”, are likely to become the settlement assets for those transactions, absent the availability of central bank money on Distributed Ledger Technology (DLT). In addition, the proliferation of uncoordinated settlement solutions resulting from the lack of public sector response to the tokenisation of finance could lead to increased liquidity fragmentation.

    This is why we have considered that we need to adapt the provision for the euro area of central bank money to the demands of an increasingly digital financial system, to prevent regression in the safety and efficiency of wholesale transactions. The urgency of such adaptation has certainly increased given the evolution of the geopolitical context I referred to earlier in my remarks.

    Since 2020, the Banque de France has been one of the first central banks to launch an ambitious experimental program focused on the use of wholesale central bank digital currency (CBDC) in various settlement processes for varied assets.

    Building on these experiments and promising outcome, the Eurosystem conducted a series of new experiments on the settlement of wholesale transactions in central bank money in 2024 with the active involvement of the Banque de France, Banca d’Italia and Bundesbank as solution providers. Actual settlement has been tested for the lifecycle management of securities and secondary market transactions. The Eurosystem will soon draw lessons from this work and I trust will roll out operational solutions rapidly, including on how to facilitate the provision of central bank money for wholesale transactions on DLT platforms.

    At the international level, the BDF remains actively involved in several initiatives on wholesale CBDCs for cross-border payments. Three key initiatives working as bricks and coordinated by the BIS Innovation Hubs epitomize those investigations. First, Project Rialto, which focuses on improving cross-border settlement efficiency. Then, Project Mandala, which addresses regulatory frictions in cross-border payments. Finally, Project Agorá, which examines how a programmable platform and the tokenisation of cross-border payments can enhance the existing correspondent banking model, thus prefiguring the concept of shared ledger.

    On the retail side, in the uncomfortable context of a lasting dependence on US payment solutions and networks, we have been since its inception supporting and involved in the digital euro project. We see it as an important one because it can provide a public alternative that preserves freedom of choice, sovereignty and competition in our euro area retail payment system. This new form of central bank money would be comparable to a “digital banknote”, preserving the characteristics of cash in the digital space – notably its privacy, resilience and inclusiveness. As you know, the Eurosystem is currently conducting a preparation phase – aimed at finalising the design, selecting potential suppliers and conducting experiments. At the same time, a democratic debate is underway in the Parliament and the Council. The decision to issue a digital euro has not yet been made and will only be taken once the legislative process comes to a conclusion.

    2 Cooperative approaches

    The second key feature of our payments policy is the reliance on cooperation across authorities and with private sector stakeholders. An important driver for this is related to the fact that payments are increasingly challenged by the fragmentation of the payment value chain and the rise of sophisticated fraud patterns. This context calls for regulators and supervisors to share knowledge and best practices to foster payments security. To that end, I believe that central banks have a key role to play in facilitating cooperation across authorities in charge of data protection, cybersecurity, regulation of telecommunication and digital platforms, together with the private sector.
     
    We have promoted and experienced successfully such cooperation in France for more than 20 years now, through the Observatory for the security of payment means. We therefore intend to maintain and extend it going forward at national level. We have just extended the participation to the OSPM to telcos and we plan to develop work with social media going forward. I believe that a dedicated forum on payment security at EU level could be usefully created on similar grounds.
     
    Another important driver is that digitalization and the increasing role of BigTechs in payments raise novel challenges in terms of level-playing field. This should encourage central banks to explore new avenues of cooperation with competition authorities. This is a path we have started to take, to prevent and address non-compliance practices in payments markets, for example in the card market with access issues to NFC antenna on iPhones, or in the choice and selection of payment brands under the Interchange Fee Regulation.

    The last driver I would like to mention is the increased dependence on non-European players in the euro-area payments market. In the uncertain geopolitical context we live in, payment sovereignty has become a key issue for public authorities, including central banks, for both retail and wholesale payments. This is why we and the other central banks of the Eurosystem have made the development of a pan-European payment solution an important goal of our retail payment strategy and that we support the roll-out of the European Payment Initiative (EPI) and its digital wallet, wero. The development of a digital euro as a platform for innovation could also contribute to this objective, allowing private payment solutions like wero to re-use its open standards to extend their reach and scale up. Furthermore, the provision of central bank money settlement for wholesale asset transactions on DLT platforms by the Eurosystem in the future months, and the development of a European Shared Ledger in the future years could directly contribute to this objective.

    3 Involvement in the innovation ecosystem

    A third and last key feature of our current payments policy I would like to mention is our active involvement in, and use of, technological innovations. I have already mentioned illustrations of that feature though the wide ranging CBDC experiments, based on DLTs we have been performing over the last years. But there are other fields we are involved in like AI, cybersecurity, post-quantum cryptography.

    Those experiments are run first to allow us to better understand those new technologies, building on dedicated resources and innovative tools we have put in place in-house, like our Lab, the Banque de France innovation center, and the Fintech Innovation center at the ACPR, or tools provided by others like the BIS, with its innovation hub, to which we actively contribute.

    The knowledge base developed though this active participation to the innovation ecosystem can then be usefully leveraged for the conduct of our traditional activities to ensure a safe and efficient payment system, as an overseer, catalyst or service provider. Indeed, it allows us to acquire a good command of technologies which may be driving important change in the payment landscape going forward.

    This operational model has served us well so far and we intend to keep it as a core feature of our payments policy.

    To conclude, let me share with you three convictions regarding the conditions under which the transformations underway of the payments landscape can bring sustainable benefits (from an efficiency and safety perspective), and how we can best contribute as central banks.

    First, we need a regulatory framework that does not stifle innovation but that is sufficiently demanding to ensure that stakeholders are reasonably protected, stability of our payment system is guaranteed and prevention of new system wide financial crisis is ensured.

    Second, within the remit of our mandate vis-a-vis payment systems, we need to persevere with the policy goals we have been pursuing so far, where new issues such as sovereignty have gained a critical importance, while adapting the tools we use to evolving and more challenging geopolitical circumstances. An important area for this will be the adaptation of central bank money services to the digital age of payments we are now facing, including in the form of CBDC. This is all the more warranted for us at the Banque de France that it could provide a stepping stone towards the provision of a new, decentralised and European infrastructure in the form of a European Shared Ledger that we have started considering with attention.

    Third, like in the past, collaboration will remain essential: between central banks, with authorities in other sectors and with market participants.

    MIL OSI Economics –

  • MIL-OSI Economics: Zeljko Jović: Overview of recent monetary and macroeconomic trends in Serbia

    Source: Bank for International Settlements

    Ladies and gentlemen, esteemed members of the press, dear colleagues,

    Welcome to the presentation of the February Inflation Report.

    Allow me, first, to briefly summarise the year behind us. Just as the previous post-pandemic years, last year was marked by global uncertainty, heightened geopolitical tensions and rising protectionism. And yet it was the year in which global inflation, which remains elevated, was reined in. On top of this, inflation was contained without triggering global recession, though growth remains below-average in a number of countries, including in the euro area – a region particularly important for us. Even in such highly complex conditions, our country continued to demonstrate a high degree of resilience, and we successfully achieved all our objectives.

    • Most importantly, when it comes to monetary policy, in May 2024, we brought inflation back to the target tolerance band of 3±1.5%, consistent with expectations, while ensuring that it stays there in the remainder of the year.
    • This helped us support economic growth more directly by cautious monetary easing, more favourable borrowing conditions and accelerated lending.
    • A favourable growth outlook for our economy was an important feature of macroeconomic trends in 2024 – the growth measured 3.9% and was one of the highest in Europe. As we diversified growth sources and responded to challenges in an adequate and timely manner, GDP exceeded the prepandemic level by over 18%.

    MIL OSI Economics –

  • MIL-OSI Economics: Rajeshwar Rao: Inaugural address – Second Annual Conference on Macroeconomics, Banking and Finance

    Source: Bank for International Settlements

    Introduction

    Good Morning All!

    I thank IIM, Kozhikode and the National Stock Exchange for inviting me to deliver the inaugural address at this Conference. The theme for the conference- “Finance for Growth Amid Creative Disruptions”-captures the essence of the transformation we are witnessing in the financial sector – not just in India but globally. Disruptions in finance are not new, but what sets this era apart is the unprecedented pace and scale of change, fuelled by digitalization, artificial intelligence, and the resulting confluence of these changes leading to emergence of new business models. These changes make it essential for us to understand how to harness them for sustainable economic growth.

    For India, this transformation is particularly significant as we strive towards Viksit Bharat 2047 – a vision of a developed and self-reliant economy. Our goal of becoming an advanced economy by 2047 will require us to effectively integrate technology with finance to deepen markets, expand financial inclusion, and drive economic productivity.

    Creative Disruption vis-à-vis Creative Destruction

    Innovation in finance has always been a double-edged sword-on one side, it drives efficiency and inclusion, but on the other, it can destabilize traditional structures if not managed well. This is where the distinction between creative disruption and creative destruction becomes crucial. While both terms may seem similar, they carry very different implications. Creative destruction, as popularized by economist Joseph Schumpeter, refers to the complete dismantling of old systems to make room for new ones. In contrast, creative disruption is a more nuanced process-it’s about evolving existing systems, refining them, and making them better through technological innovations. We are not simply looking to replace what exists but to transform it for the better.

    MIL OSI Economics –

  • MIL-OSI Economics: Central Bank of Bahrain grants Financing Company license to L2O B.S.C. (c)

    Source: Central Bank of Bahrain

    Central Bank of Bahrain grants Financing Company license to L2O B.S.C. (c)

    Published on 25 February 2025

    Manama, Kingdom of Bahrain – 25 February 2025 – The Central Bank of Bahrain (“CBB”) has granted “L2O B.S.C. (c)” a Financing Company license to operate in the Kingdom of Bahrain.

    Commenting on this announcement, Mr. Abdulla Haji, Director of Licensing Directorate at CBB, said “We are pleased to announce the issuance of a license to a new financing company in the Kingdom of Bahrain. The issuance of this license reflects CBB’s efforts in supporting development of the financial services sector while ensuring robust regulatory oversight, and its commitment to fostering a competitive financial ecosystem”.

    It is worth mentioning that the company aims to offer financing products that will assist customers in acquiring stable liquidity to ensure continuity of their personal or business needs.

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  • MIL-OSI Economics: Secretary-General of ASEAN delivers remarks at the Opening Session of the Second ASEAN Future Forum

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the Opening Session of the Second ASEAN Future Forum (AFF), held in Hanoi, Viet Nam. In line with the theme of this year’s forum, “Building a United, Inclusive and Resilient ASEAN amidst Global Transformation,” Dr. Kao underscored ASEAN’s enduring commitment to cooperation and collaboration, and dialogue and diplomacy. He reflected that ASEAN’s upholding of the principles of transparency, openness, inclusiveness and convergence-building remain essential in navigating an increasingly fragmented multipolar world. While acknowledging this year as the 30th anniversary of Viet Nam’s membership in ASEAN, Dr. Kao also underlined the Forum as a key contribution of Viet Nam to strengthening ASEAN Community-building. He expressed hope that the Forum will continue to be held annually and grow into a leading ASEAN-centred and future-oriented mechanism in the region.

    Download the full remarks here.

    The post Secretary-General of ASEAN delivers remarks at the Opening Session of the Second ASEAN Future Forum appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: BOBC Auction Results – 25 February 2025

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 5 March 2025. The summarised results of the auction held on 25 February 2025, are attached below:

    BOBC Auction Results – 25 February 2025.pdf

    MIL OSI Economics –

  • MIL-OSI Economics: Thales launches cortAIx in the UK with 200 experts in AI for critical systems

    Source: Thales Group

    Headline: Thales launches cortAIx in the UK with 200 experts in AI for critical systems

    • Thales marks a new major milestone in its global acceleration in trusted AI with the launch of cortAIx in the UK to address defence and security domains.
    • With 200 new highly skilled AI and data specialists, this local antenna of cortAIx will support the UK Government’s vision for AI-driven growth and productivity, thus contributing to a global workforce of 800 experts in AI within the Group.
    • This initiative will strengthen the AI ecosystem, serving the performance of sovereign advanced systems and sensors in the most challenging and constrained environments.

    The new centre will reinforce Thales’ commitment to advancing the ethical and effective use of AI to address complex challenges. It will enhance domestic AI capability in line with the UK Prime Minister’s recent announcement of the AI Opportunities Action Plan.

    AI is transformational and pervasive, providing incredible new capabilities that are reshaping our daily lives. However, it can also be exploited by hostile actors, creating instability and undermining our society. The UK seeks to embrace the opportunities offered by AI, deploying it as a force for good to uncover valuable hidden insights in the vast swathes of data that surround us and leveraging it to provide security and deterrence against adversaries.

    Thales Group’s global cortAIx initiative already employs over 600 AI and data specialists, being the first patent applicant in AI for critical systems in Europe with more than 200 patents filed to date. With more than 100 products integrating AI, the Group accelerates the development and deployment of trusted AI-powered systems in the most complex and challenging environments. cortAIx in the UK builds on this success and will serve as a focal point for AI innovation, bringing together cutting-edge technology, talent, and research to deliver AI solutions that are ethical, transparent, explainable, and operationally effective.

    A Centre for Innovation and Sovereign Capabilities

    Thales will leverage its deep expertise in defence and security to create AI solutions tailored to the UK’s specific operational needs – from the edge to the cloud.

    cortAIx in the UK will develop AI solutions that will:

    1. enhance decision-making for human operators, even under the most challenging and constrained circumstances;
    2. improve the performance of the most advanced systems;
    3. ensure AI is deployed ethically, securely, and transparently.

    Driving Skills, Jobs, and Opportunities

    Thales is committed to growing the UK’s AI talent pipeline. By the end of 2025, cortAIx in the UK will sustain 200 highly skilled AI and data specialist roles, supporting the UK Government’s vision for AI-driven growth and productivity.

    The Group’s R&D already represents £4bn annually, with a significant focus on AI. cortAIx in the UK will leverage this to:

    • identify and develop the most promising AI-based technologies;
    • support the next generation of AI professionals;
    • expand upskilling initiatives with academia and industry;
    • ensure the UK retains a sovereign AI capability for national security and industrial growth.

    AI in Action

    Thales is already deploying AI across multiple systems, including:

    • Maritime Mine Countermeasures (French and UK programme MMCM) – AI-powered systems enabling ten times faster area coverage and four times faster detection and classification of mines than traditional crewed systems.
    • Digital Crew Computer Vision System – Machine learning-driven object classification and prioritisation to enhance mission support and operational efficiency.
    • Maritime Sensor Enhancement (MSET) contract – Enhancing data-driven analytics to maximise system availability and increase operational effectiveness at sea.

    “cortAIx in the UK is a major step forward, building on the AI capabilities we already deploy and significantly accelerating the time needed to integrate AI into Thales systems. By aligning with the UK Government’s AI Opportunities Action Plan, cortAIx in the UK will drive innovation, enhance skills, and sustain high-value jobs. It will champion the ethical deployment of AI in regulated environments, ensuring transparency and trust. This will have a very positive impact on the UK security and defence industry” said Phil Siveter, CEO of Thales UK.

    Strategic Partnership with Faculty AI

    As part of the cortAIx launch in the UK, Thales is strengthening its partnership with Faculty AI, a leader in AI safety and data science. Together, this partnership will:

    1. accelerate AI research exploitation in critical environments;
    2. industrialise deep learning for pattern analysis, starting with maritime security;
    3. enable AI deployment across defence, infrastructure, and public sectors.

    “We’ve used AI to solve frontline problems for a decade and are world-leading experts in this field. That’s why we’re trusted by defence clients as well as governments to apply AI safely and ethically to keep citizens safe. We’re excited and proud to be working with Thales’ cortAIx in the UK Centre on mission-critical AI systems” said Marc Warner, CEO of Faculty AI.

    Strengthening the UK AI Ecosystem

    Thales recognises that a thriving AI ecosystem is essential for the UK to remain globally competitive. Through cortAIx in the UK, we are actively working to build a collaborative AI network that brings together industry, academia, SMEs, and government partners.

    By working together, we can:

    1. drive AI innovation that supports sovereign UK capabilities;
    2. ensure AI is developed and deployed in a trusted, ethical, and explainable manner;
    3. strengthen the UK’s position as a leader in AI for national security and industrial growth.

    Thales invites partners, customers, and stakeholders to join us in shaping the future of AI in safety-critical and high-security environments, ensuring the UK maintains its edge in trusted AI innovation.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace, and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Faculty AI

    Faculty is a leading applied AI company dedicated to delivering impactful artificial intelligence solutions across multiple industries. They partner with organisations to enhance performance through cutting-edge AI, driving real-world impact in mission-critical applications.

    faculty.ai

    MIL OSI Economics –

  • MIL-OSI Economics: The route network of ITA Airways and Lufthansa Group can be combined through code sharing

    Source: Lufthansa Group

    ITA Airways and Lufthansa Group are moving closer together for their customers. The respective route networks of ITA Airways and the other network airlines of the Lufthansa Group will be linked for the first time through mutual code sharing, making it possible to combine them seamlessly in a single booking. With today’s sales launch, over 100 new codeshare connections can be booked by both ITA Airways and the Lufthansa Group (Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, Air Dolomiti) for flight dates starting with the summer 2025 schedule. 

    By sharing or adding codeshare flight numbers to an existing flight, customers have a wider choice of flights and more flexibility. Despite traveling with different airlines, passengers will in future have just one ticket with the flight number of a single airline for transfer connections thanks to codeshares, and they will be able to check in their baggage conveniently to their final destination. Members of the Miles & More or Volare loyalty programs will also be able to collect and redeem miles or points on codeshare flights. 

    Dieter Vranckx, Chief Commercial Officer, Lufthansa Group, said: “ITA Airways is now an integral part of the offering for our joint passengers. With just one booking, a customer of the Lufthansa Group can use ITA Airways’ synchronized connecting flights with its airline’s flight numbers. Codesharing will further improve and harmonize the travel experience of all passengers at the Lufthansa Group’s hubs. The integration of ITA Airways as part of the Lufthansa Group is progressing rapidly and now enables far-reaching advantages in the offering for our joint customers through code sharing.” 

    With the start of the summer flight schedule on 30 March 2025, selected ITA Airways flights will also operate under a flight number of Lufthansa, SWISS, Austrian Airlines or Brussels Airlines. These are both year-round, domestic Italian connecting flights from Rome-Fiumicino and international routes from Rome to Malta, Athens, Sofia and Tirana. ITA Airways destinations such as Alghero (Sardinia), Pantelleria (Sicily) and Reggio di Calabria can be booked by Lufthansa Group customers for the first time. In addition, the codes will also be added to ITA Airways flights between Italy and the other Lufthansa Group hubs. 
    For example, from the summer flight schedule, a Lufthansa customer can book a trip with Lufthansa from Frankfurt to Rome under flight number LH236 and then combine it with ITA Airways from Rome to Brindisi under flight number LH5078, thus obtaining an additional travel option to the Lufthansa Group’s existing flight connections to Brindisi. 

    Conversely, ITA Airways passengers will in future be able to plan their journey with connecting flights from other network airlines of Lufthansa Group. Initially, this new codeshare offer with ITA Airways will cover flight routes within Europe. Destinations in Northern, Central and Eastern Europe can be conveniently reached in future with an ITA ticket from Italy. Once the codeshare program is fully implemented, ITA Airways passengers will be able to choose from over 250 destinations offered by the Lufthansa Group. 
     

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets the French Ambassador for Indo-Pacific in Ha Noi

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the Ambassador of France for Indo-Pacific Marc Abensour, on the sidelines of the 2nd ASEAN Future Forum in Hanoi, Viet Nam. Both sides discussed ways and means to strengthen the ASEAN-France Development Partnership, particularly in areas under the ASEAN Outlook on the Indo-Pacific (AOIP).

    The post Secretary-General of ASEAN meets the French Ambassador for Indo-Pacific in Ha Noi appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with the UK Delegation at the 2nd ASEAN Future Forum

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the UK Delegation led by Foreign, Commonwealth and Development Office (FCDO) Director of Southeast Asia and Pacific Directorate Charles Hay, on the margins of the 2nd ASEAN Future Forum. They discussed ways and means to further substantiate the ASEAN-UK Dialogue Partnership and identified mutually beneficial opportunities for future cooperation.

    The post Secretary-General of ASEAN meets with the UK Delegation at the 2nd ASEAN Future Forum appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on Gateway Real Estate AG

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). Gateway Real Estate AG failed to submit its accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

    The company did not lodge an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

    MIL OSI Economics –

  • MIL-OSI Economics: Trump’s tariffs threaten profitability of North American insurers, says GlobalData

    Source: GlobalData

    Trump’s tariffs threaten North American insurers’ profitability, says GlobalData

    Posted in Insurance

    On 1 February 2025, US President Donald Trump signed three executive orders to impose tariffs on imports from Canada, Mexico, and China. In retaliation, Canada announced it would impose a 25% tariff on CAD155 billion ($117.8 billion) worth of US goods. Moreover, Trump increased the US tariff rate on steel and aluminum to 25% on 10 February, removing country-specific exceptions and quota arrangements. Consequently, North American region insurers may see increased claims costs in 2025 across various insurance lines, potentially affecting their profitability, says GlobalData, a leading data and analytics company.

    After discussions between the US President and leaders from Mexico and Canada, the proposed tariffs on imports from Canada and Mexico and the retaliatory tariff are delayed by a month. In its retaliation, Canada specified that tariffs on CAD30 billion ($22.8 billion) would take effect immediately from 4 February 2025, and tariffs on the remaining CAD125 billion ($95 billion) would follow within 21 days. Set to take effect on 12 March 2025, the US tariffs will impact imports of millions of tons of steel and aluminum, affecting goods previously duty-free from countries like Canada, Brazil, Mexico, and South Korea.

    Manogna Vangari, Insurance Analyst at GlobalData, comments: “Upon implementation, high tariffs will significantly affect trade throughout North America, not solely due to the substantial volume of commerce but also owing to the critical role of supply chains, which account for more than half of intra-regional trade, as per GlobalData’s estimates.

    “Furthermore, the Trump administration plans to raise tariffs on oil and gas in March 2025. This is expected to have a detrimental impact on the insurance industry, manifested by reduced economic activity and consumer spending. However, it is expected that Canada, Mexico, and China will soon contest these tariffs by initiating a legal case with the World Trade Organization (WTO).”

    The North America region’s property and motor insurance claims are projected to represent a 13.4% and 16.1% share of total general insurance claims in 2025. However, the full and actual implementation of the tariff rates may push actual claims even higher. Consequently, the profitability of North America’s general insurance sector is expected to be notably affected, with claims projected to grow at a rate of 6.9% in 2025 from 3.3% in 2024.

    According to GlobalData’s Global Insurance Database, North America’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 6.7% over 2025–29, from $2.7 trillion in 2025 to $3.5 trillion in 2029, in terms of written premiums.

    Vangari continues: “Tariffs on imported materials like building supplies, car parts, and electronics will increase the cost of vehicle repairs and property reconstruction after disasters, causing insurers to pay more claims across the region. Insurance companies may raise premiums for property and motor policies.”

    Around 90% of auto exports from Mexico and Canada go to the US, according to the Mexican and Canadian Automotive Manufacturers’ Associations. High tariffs and supply chain delays will increase repair times, causing higher costs for living arrangements and rental vehicles, and protracted business interruptions. This could impact the competitiveness of the North American production and manufacturing industry, and the insurance industry.

    Vangari concludes: “A global trade war is a looming concern. If tariffs escalate or supply chains get tangled, economic growth could take a hit, which would change the fundamental risk pool for insurers across North America’s region. As broader tariffs on Canada and Mexico remain on hold, businesses and insurance companies must prepare for potential adverse outcomes across the region in the next few years.”

    MIL OSI Economics –

  • MIL-OSI Economics: Tesla job postings suggest renewed focus on India, reveals GlobalData

    Source: GlobalData

    Tesla is ramping up its hiring efforts in India, marking a pivotal move in its strategy to strengthen its presence in the country. The recent job postings across various roles highlights the American electric vehicle (EV) and clean energy company’s renewed focus on establishing a foothold in India’s rapidly growing EV market, underscoring its long-awaited expansion plans, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Job Analytics Database reveals that the company has posted around 15 jobs in February 2025 across Mumbai and Pune, reflecting its commitment to building a strong sales, service, and support network in India.

    Tesla’s hiring strategy in India is aimed at driving growth and increasing brand presence in the market. The company is focusing on building a strong service infrastructure, improving customer engagement, and expanding its market share through targeted marketing strategies.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “These job postings indicate a focus on areas such as charging, engineering & information technology, vehicle service, sales & customer support, operations & business support, among others. This also indicates plans for possibly more hires and setting up new EV market team in India.”

    Tesla is focusing on strengthening its sales support infrastructure with the introduction of Consumer Engagement Manager positions. These roles are pivotal in analyzing local market trends, generating leads, and supporting the sales process through content creation, event management, and targeted marketing strategies.

    Additionally, Tesla is prioritizing exceptional customer service by recruiting Service Advisors and Parts Advisors. These positions are designed to address customer concerns, oversee vehicle servicing, manage parts inventory, ensure effective communication, and ultimately deliver a seamless customer experience

    A deep dive into GlobalData’s News Database also reveals several media reports indicating that the company is already scouting for showroom sites in some Indian cities.

    Sriprada concludes: “The recent job postings, along with media reports on potential showroom locations, not only suggest the company’s renewed focus on the Indian market but also its serious strategic intent to establish a strong operational presence in the country.”

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience Feb 25, 2025

    Source: Huawei

    Headline: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience
    Feb 25, 2025

    [Shenzhen, China, February 25, 2025] Huawei officially initiated the global commercial deployment of its FDD tri-band Massive MIMO (1.8 GHz, 2.1 GHz, and 2.6 GHz) to help operators maximize the value of sub-3 GHz spectrum. The solution meets the growing demand for 4G network traffic and unlocks traffic dividends, while further improving service experience for 5G users.
    Commercial deployment has started in several African countries, including Nigeria, Angola, and Côte d’Ivoire. Operators have found that the FDD tri-band Massive MIMO outperforms the conventional 4T4R solution by handling 90% more 4G traffic during busy hours, increasing user-perceived speeds by 320%, and reducing physical resource block (PRB) usage by 50%. Operators in 15 countries across Asia Pacific, Central Asia, and Latin America will deploy this solution soon.
    Market Demand Drives Technological Innovation
    Africa’s rapid urbanization and large population are driving the rapid growth of mobile data needs. 4G traffic demand increases by 50% every year, which causes widespread service congestion and leaves operators in the region with user experience deterioration challenges. Although conventional Massive MIMO technology has been deployed at some sites, networks are still heavily loaded, underscoring the need for a more efficient capacity solution.
    Huawei’s FDD tri-band Massive MIMO solution uses state-of-the-art Real Wide Bandwidth and Compact Dipole technologies to enable the 1.8 GHz, 2.1 GHz, and 2.6 GHz bands to share the same filter, antenna array, and power amplifier. It offers outstanding performance and is the smallest, lightest, and most energy-efficient in its class. Compared to the conventional Massive MIMO capacity expansion solution, this product is 48% lighter and smaller, uses 10% less power, and significantly reduces tower rental and electricity costs. This product also delivers better 4G and 5G network experiences to users. It leverages industry-leading intelligent beamforming and TM4-TM9 joint scheduling algorithms to boost 4G downlink capacity by three to four times. And after evolution to 5G, the capacity gain compared to 4G 4T4R can reach up to seven times and the uplink coverage can be improved by 8 dB.
    Upgrading Network Capabilities Through Innovation
    “The current and future rapid increase in 4G and 5G service traffic, along with the explosive growth of mobile AI services, will require higher uplink bandwidth and wider coverage,” said Fang Xiang, Vice President of Huawei Wireless Network Product Line. “This is not only an opportunity for service development, but also a challenge for networks. We have been working closely with global operators to tackle network development hurdles by pursuing innovations in core technologies and solutions. We are committed to helping operators boost revenue, cut costs, and enhance efficiency, advancing towards a fully connected, intelligent world.”

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience

    Source: Huawei

    Headline: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience

    [Shenzhen, China, February 25, 2025] Huawei officially initiated the global commercial deployment of its FDD tri-band Massive MIMO (1.8 GHz, 2.1 GHz, and 2.6 GHz) to help operators maximize the value of sub-3 GHz spectrum. The solution meets the growing demand for 4G network traffic and unlocks traffic dividends, while further improving service experience for 5G users.
    Commercial deployment has started in several African countries, including Nigeria, Angola, and Côte d’Ivoire. Operators have found that the FDD tri-band Massive MIMO outperforms the conventional 4T4R solution by handling 90% more 4G traffic during busy hours, increasing user-perceived speeds by 320%, and reducing physical resource block (PRB) usage by 50%. Operators in 15 countries across Asia Pacific, Central Asia, and Latin America will deploy this solution soon.
    Market Demand Drives Technological Innovation
    Africa’s rapid urbanization and large population are driving the rapid growth of mobile data needs. 4G traffic demand increases by 50% every year, which causes widespread service congestion and leaves operators in the region with user experience deterioration challenges. Although conventional Massive MIMO technology has been deployed at some sites, networks are still heavily loaded, underscoring the need for a more efficient capacity solution.
    Huawei’s FDD tri-band Massive MIMO solution uses state-of-the-art Real Wide Bandwidth and Compact Dipole technologies to enable the 1.8 GHz, 2.1 GHz, and 2.6 GHz bands to share the same filter, antenna array, and power amplifier. It offers outstanding performance and is the smallest, lightest, and most energy-efficient in its class. Compared to the conventional Massive MIMO capacity expansion solution, this product is 48% lighter and smaller, uses 10% less power, and significantly reduces tower rental and electricity costs. This product also delivers better 4G and 5G network experiences to users. It leverages industry-leading intelligent beamforming and TM4-TM9 joint scheduling algorithms to boost 4G downlink capacity by three to four times. And after evolution to 5G, the capacity gain compared to 4G 4T4R can reach up to seven times and the uplink coverage can be improved by 8 dB.
    Upgrading Network Capabilities Through Innovation
    “The current and future rapid increase in 4G and 5G service traffic, along with the explosive growth of mobile AI services, will require higher uplink bandwidth and wider coverage,” said Fang Xiang, Vice President of Huawei Wireless Network Product Line. “This is not only an opportunity for service development, but also a challenge for networks. We have been working closely with global operators to tackle network development hurdles by pursuing innovations in core technologies and solutions. We are committed to helping operators boost revenue, cut costs, and enhance efficiency, advancing towards a fully connected, intelligent world.”

    MIL OSI Economics –

  • MIL-OSI Economics: Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Source: GlobalData

    Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Posted in Banking

    The card payment market in Hong Kong is poised to register 11.0% growth in 2025, reaching HKD1.5 trillion ($186.5 billion), driven by rising consumer spending and growing consumer preference for electronic payments, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028,” reveals that card payment value in Hong Kong registered a growth of 15.7% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 12.2% in 2024 to reach HKD1.3 trillion ($168.1 billion).

    Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “Cash payments are on the decline in Hong Kong as electronic methods increasingly gain popularity, supported by a high adult population, rising consumer awareness of electronic payments and a well-established payment infrastructure. This shift in consumer behavior signals a move away from conventional payment approaches to embrace digital alternatives.”

    Among the card types, credit and charge cards accounted for 77.7% share of the overall card payment value in 2024. This is mainly due to the value-added benefits associated with these cards, such as flexible payment options and reward programs.

    Debit cards, on the other hand, account for the remaining 22.3% share. Although debit cards are traditionally preferred for cash withdrawals, they are now increasingly being used for payments as well, especially low-to-medium value transactions. Consumers are embracing debit cards, with the domestic scheme Electronic Payment Service (EPS) driving growth. EPS cards are accepted at over 30,000 merchant locations in Hong Kong and Macau.

    Gupta adds: “Widespread adoption and usage of contactless cards are contributing to overall card payments usage. Consumers and merchants in Hong Kong are increasingly becoming aware of the benefits of contactless cards, leading to their increased usage. According to GlobalData’s 2024 Financial Services Consumer Survey*, over 56% of the respondents in Hong Kong indicated having access to a contactless card and used it for payments.”

    The rising usage of contactless payments for public transport payments is also contributing to card payments growth. For instance, in August 2024, Mastercard announced its integration into the mass transit railway system MTR Corporation’s contactless credit and debit card payment services. This allows Mastercard cardholders to use their contactless payment cards at MTR entry and exit gates when traveling on the MTR heavy rail network, excluding the Airport Express.

    Gupta concludes: “The upward trajectory of Hong Kong’s card payments market is expected to persist in the coming years, driven by the convenience of electronic payments, widespread payment infrastructure, and the increased accessibility of contactless technology. The card payments market is anticipated to increase at a CAGR of 7.3% between 2025 and 2029 to reach HKD1.9 trillion ($247.5 billion) in 2029.”

    *GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

    MIL OSI Economics –

  • MIL-OSI Economics: GLP-1 receptor agonists hold potential to treat opioid use disorder, says GlobalData

    Source: GlobalData

    GLP-1 receptor agonists hold potential to treat opioid use disorder, says GlobalData

    Posted in Pharma

    A three-week Phase I study conducted at the Caron Treatment Centers in Pennsylvania, enrolling 20 participants undergoing residential treatment for opioid use disorder (OUD), assessed Novo Nordisk’s Saxenda (liraglutide), a GLP-1 receptor agonist (GLP-1RA), as a monotherapy for OUD. The study displayed its potential to rival existing treatments and showed a 40% reduction in opioid cravings among those taking Saxenda. The results have opened a realm of new treatment possibilities for OUD patients, says GlobalData, a leading data and analytics company.

    Jos Opdenakker, Pharma Analyst at GlobalData, comments: “Originally developed for treating diabetes, GLP-1RAs work by stimulating insulin secretion and suppressing glucagon release, thereby helping regulate blood sugar. However, there are GLP-1 receptors in the brain’s mesolimbic system, which is inextricably linked to motivation and reward. This has piqued the interest of drug developers looking to expand the label of their products to combat the opioid crisis. Early clinical work has shown that GLP-1RAs are a promising new avenue in the treatment of OUD, as the current treatment landscape is stifled by a lack of innovation and a heavy reliance upon opioid agonist therapies.”

    According to GlobalData’s Drug Database, six out of the seven agents currently in late-stage development (Phase IIb–III) are non-opioids. Despite their non-opioid mechanisms, key opinion leaders (KOLs) interviewed by GlobalData are skeptical regarding the ability of these therapeutic candidates to replace first-line treatments. Currently, there is a lack of available efficacy data for many of the pipeline agents. Therefore, despite the presence of non-opioids in the pipeline, high-efficacy non-opioid OUD treatments remain an exploitable opportunity.

    Opdenakker continues: “However, KOLs have cast doubt over the use of a reduction in cravings as an outcome measure in clinical trials and have questioned how transferrable the measure is to the real world. This is because OUD is a relapsing-remitting disorder in which the natural tendency of an OUD patient is to use opioids. Furthermore, the use of addictive substances is inextricably tied to social context and environment, which are not easily replicated in a study. Thus, a reduction in cravings in a laboratory may not necessarily translate to the real world, meaning that expectations of GLP-1RAs must be managed until further data is obtained.”

    In addition to OUD, according to GlobalData’s Drug Database, GLP-1RAs are also being investigated in other neurology indications, such as to treat Alzheimer’s disease and associated cognitive impairment, Parkinson’s disease, alcohol dependence, peripheral neuropathy, and intracranial hypertension. Developers have recognized the potential of GLP-1RAs, and a new class of neurological agents is developing.

    Opdenakker concludes: “The entry of GLP-1RAs into an array of CNS indications is underway. As the understanding of the role of the GLP-1 receptors in the brain is developing, the treatment of OUD is the latest frontier to be tackled by this drug class. However, GLP-1RAs will have to demonstrate significantly improved efficacy in order to displace the gold standards of treatment, methadone and buprenorphine.”

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Expanding Access to Housing in Uzbekistan through Market Reforms

    Source: Asia Development Bank

    Through the Mortgage Market Sector Development Program, ADB is providing a $50-million policy-based loan to support mortgage market reforms that will economize the government’s housing subsidy and policy framework and create a conducive environment and infrastructure for market-based mortgage lending. It is also providing a $300-million financial intermediation loan to finance the country’s new mortgage refinancing company that enables domestic commercial banks to provide residential mortgage and housing improvement loans. A technical assistance grant of $800,000 supports the implementation of the program.

    Strengthening the policy, regulatory, and legal framework. Findings from a review of the policy, regulatory, and legal framework for the mortgage finance sector and housing market assessment formed the basis for the design of the program. The study recommended that subsidy arrangements be revised to ensure that higher subsidies are provided to lower income households and regressive subsidies are changed.

    Improving the housing strategy and subsidy framework. ADB provided the Ministry of Economy and Finance recommendations on revising the housing finance and subsidy approach as a result of which the government adopted series of changes to enable gradual transformation of state housing programs toward a market-based principles and improving the subsidy targeting.

    Establishing and operationalizing a wholesale mortgage refinance company. The government established the Uzbekistan Mortgage Refinancing Company with ADB support and equity investment from government and commercial banks. It provides banks with access to local currency long-term funding. The company prefinances and refinances eligible mortgage loans and housing improvement loans issued by participating banks at an interest rate close to market rates.

    To support operationalization of the company, the project tapped the Frankfurt School of Finance & Management and its consulting team of experts, most of them active and retired CEOs and board chairpersons of international and national mortgage refinance corporations including from Armenia, France, Malaysia, and Pakistan. The team prepared the company’s business plan, human resources plan, legal framework, institutional arrangement, internal policies and procedures, list of products and services, and risk management plan. The government believed that the first CEO of the mortgage refinancing company was of utmost importance to building everyone’s confidence in this new institution and was directly involved in vetting and hiring the CEO.

    Expanding and improving data collection. The project supported work on improving housing statistics, introducing a housing price index in Uzbekistan, and developing a mortgage market database and website. International experts provided in-person and on-line training to ministries, banks, and other stakeholders. A new system was introduced to collect housing sector data (i.e., mortgage loans by type, terms, program and other categories) through updates to the annual statistical reporting forms for commercial banks. The collected data is also shared with the Ministry of Finance.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Launches High-Performance SSD 9100 PRO with PCIe 5.0 Interface – Delivering Breakthrough Performance for AI, Gaming, and Content Creation

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today launched the Samsung 9100 PRO SSD, the latest addition to its consumer SSD lineup. Equipped with the PCIe 5.0 interface, the 9100 PRO delivers industry-leading speeds, improved power efficiency, and expanded storage capacity, rendering it the perfect option for gaming, content creation in AI, and multitasking across a wide range of devices, including laptops, desktops, and gaming consoles.
     
    With its advanced architecture, the 9100 PRO offers a significant boost in sequential read and write speeds, reaching up to 14,800 MB/s and 13,400 MB/s. This is a 99% performance improvement over its predecessor, the 990 PRO.
     
    Additionally, its enhanced random read and write speeds, reaching up to 2,200K IOPS and 2,600K IOPS, ensure seamless multitasking and accelerated data processing.  This makes the 9100 PRO an exceptional choice for professional creators managing AI-driven workloads and gaming enthusiasts seeking a truly immersive experience.
     
    “With the launch of the Samsung 9100 PRO SSD, we’re proud to offer a ground-breaking storage solution that sets new standards in speed, power efficiency, and capacity. Designed for the next generation of gaming, content creation, and multitasking, the 9100 PRO’s PCIe 5.0 interface and innovative architecture deliver unmatched performance, enabling professionals and enthusiasts alike to push the limits of their devices. Whether it’s accelerating AI-driven workloads or enhancing the gaming experience, the 9100 PRO is built to keep up with the demands of tomorrow’s technology,” said Puneet Sethi, Vice President, Head of Enterprise & Display Business, Samsung India.
     
    The 9100 PRO is designed with an advanced heat management solution that improves power efficiency by 49% compared to previous models. Its optimized thermal control, achieved through an integrated 8.8mmT heatsink for 1TB to 4TB models and an 11.25mmT heatsink for the 8TB variant, ensures consistent high-speed performance without overheating. The introduction of the 8TB model, a first for Samsung’s consumer NVMe SSD lineup, further enhances the product’s appeal by providing ample storage for high-performance gaming, next-generation content creation, and professional workloads.
     
    Ensuring broad compatibility, the 9100 PRO supports installation across a wide range of devices, including laptops, desktops, and gaming consoles, enabling users to upgrade their systems effortlessly. The SSD is also equipped with Samsung’s proprietary Magician software that offers a suite of optimization tools, streamlined data migration, and advanced security features to enhance functionality and ensure data protection in the long run.
     
    Samsung will roll out the 9100 PRO models worldwide in four capacities — 1TB, 2TB, 4TB, and 8TB. Starting March 18, 2025, the 1TB, 2TB, and 4TB models, along with the 8TB model is expected to be released in the second half of 2025. The manufacturer’s suggested retail prices (MSRPs) for the 1TB, 2TB, and 4TB variants are set at INR 14999, INR 25499, and INR 49999, respectively.
     
    For further details on availability, warranty, and technical specifications, please visit samsung.com/SSD or semiconductor.samsung.com/internal-ssd.

    MIL OSI Economics –

  • MIL-OSI Economics: TMC Announces Executive and Senior Professional/Senior Management Employee Changes effective April 1 and Board of Directors Structure following the 121st Ordinary General Shareholders’ Meeting

    Source: Toyota

    Headline: TMC Announces Executive and Senior Professional/Senior Management Employee Changes effective April 1 and Board of Directors Structure following the 121st Ordinary General Shareholders’ Meeting

    Toyota Motor Corporation announced today that it intends to implement changes to its executive and senior professional/senior management employees effective April 1 and announced the structure of its Board of Directors following the 121st Ordinary General Shareholders’ Meeting (hereinafter referred to as the “General Shareholders’ Meeting”).

    MIL OSI Economics –

  • MIL-OSI Economics: Notification of Transition to a Company with an Audit and Supervisory Committee to Reinvigorate the Board

    Source: Toyota

    Headline: Notification of Transition to a Company with an Audit and Supervisory Committee to Reinvigorate the Board

    At the Board of Directors meeting held today, Toyota Motor Corporation (“TMC”) resolved to transition from a company with an Audit and Supervisory Board to a company with an Audit and Supervisory Committee, following approval at the 121st Ordinary General Meeting of Shareholders to be held in June 2025.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 31st AEM Retreat

    Source: ASEAN

    At the invitation of H.E. Tengku Zafrul Tengku Abdul Aziz, Chair of the ASEAN Economic Ministers’ (AEM) Meeting for 2025, and Minister of Investment, Trade and Industry of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the delegation of the ASEAN Secretariat to participate in the 31st AEM Retreat, scheduled to be held in Johor, Malaysia, on 28 February 2025. This year’s Retreat will consider and discuss Malaysia’s Priority Economic Deliverables (PEDs) for its Chairmanship in 2025 under the theme “Inclusivity and Sustainability,” as well as a number of key initiatives to further integrate ASEAN’s economy, including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade and ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements, among others. The Retreat will also include an open session with the ASEAN Business Advisory Council (ASEAN-BAC), the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey.
    The post Secretary-General of ASEAN to participate in the 31st AEM Retreat appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN lauds Viet Nam’s achievements at Opening Ceremony of the Photo Exhibition on Viet Nam’s ASEAN Journey

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning started his first official engagement in Hanoi, during his participation in the 2nd ASEAN Future Forum.  He was invited to deliver remarks at the Opening Ceremony of the Photo Exhibition on “Viet Nam’s ASEAN Journey: 30 Years of Progress and Future Aspirations,” held at the Diplomatic Academy of Viet Nam. In his remarks, Dr. Kao highlighted the several achievements of Viet Nam in its ASEAN journey, which includes Viet Nam’s contributions to ASEAN’s efforts to bridge the development gap. Dr. Kao also commended the Photo Exhibition for capturing Viet Nam’s growth as one of ASEAN’s most dynamic and influential members through its photographs, diplomatic artifacts and interactive displays.

    Download the full remarks here

    The post Secretary-General of ASEAN lauds Viet Nam’s achievements at Opening Ceremony of the Photo Exhibition on Viet Nam’s ASEAN Journey appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN shares his perspectives with The GIOI and Viet Nam Newspaper

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today shared his thoughts and perspectives on regional integration and the ASEAN Community Vision 2045 during an interview with The GIOI and Viet Nam Newspaper, on the sidelines of the 2nd ASEAN Future Forum in Hanoi, Viet Nam.

    The post Secretary-General of ASEAN shares his perspectives with The GIOI and Viet Nam Newspaper appeared first on ASEAN Main Portal.

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  • MIL-OSI Economics: Panasonic PR People Vlog #6: CES 2025

    Source: Panasonic

    Headline: Panasonic PR People Vlog #6: CES 2025

    Han Ying
    I have experience living in China, the US, and currently live in Japan. When I was a university student, I majored in marketing and minored in communications. I joined the Panasonic Group in 2020, and have worked in the PR department ever since. It’s become a custom of mine to go on many trips abroad, and as an ISFJ (Defender), I love to make plans before every trip. Delicious food and dancing are important parts of my life, too.

    MIL OSI Economics –