Category: Economics

  • MIL-OSI Economics: W&T Offshore Announces Timing of Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Timing of Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

    HOUSTON, Feb. 19, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (“W&T” or the “Company”) (NYSE: WTI) today announced the timing of its fourth quarter and full year 2024 earnings release and conference call.

    The Company will issue its fourth quarter and full year 2024 earnings release on Monday, March 3, 2025, after the close of trading on the NYSE and host a conference call to discuss financial and operational results on Tuesday morning, March 4, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time.)

    Interested parties may participate by dialing (844) 739-3797. International parties may dial (412) 317-5713. Participants should request to be joined to the “W&T Offshore, Inc. Conference Call.” This call will also be webcast and available on W&T Offshore’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

    ABOUT W&T OFFSHORE

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of September 30, 2024, the Company had working interests in 53 fields in federal and state waters (which include 46 fields in federal waters and 7 in state waters). The Company has under lease approximately 673,100 gross acres (515,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 514,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates.

    CONTACT:

    Al Petrie
    Investor Relations Coordinator
    investorrelations@wtoffshore.com
    713-297-8024

    Sameer Parasnis
    Executive Vice President and Chief Financial Officer
    sparasnis@wtoffshore.com 
    713-513-8654

    Source: W&T Offshore, Inc.

    Source: W&T Offshore, Inc.

    MIL OSI Economics

  • MIL-OSI Economics: Farewell Address to Staff – Masatsugu Asakawa

    Source: Asia Development Bank

    Speech by Masatsugu Asakawa, President, Asian Development Bank, 19 February 2025, ADB headquarters, Manila, Philippines

    My very dear colleagues, here we are, together again in this room, where I stood before you five years ago to say, “hello,” and “call me Masa.” What a journey it has been!

    I don’t think any of us could have predicted what was in store for us on that February day back in 2020. Within just a few weeks, we were in the grip of a pandemic that drove us into lockdown, causing tremendous hardship and drastically changing how we work.

    My friends, our journey as an ADB family is forever connected to the journey of this region. And I believe we have shaped that journey, for the better.

    We have done our part to help our developing member countries to get through the pandemic and on a path to recovery; to be ready to tackle emerging crises and urgent threats, including the climate crisis; and to maintain focus on long-term development.

    I was so pleased to see highlights of this good work in the video you showed and to hear perspectives from Bruce, Nelly, and Bruno. Thank you very much for your kind words.

    I am deeply humbled that you credit our achievements to my contributions as President. But even more important, these achievements tell a story about what all of us can do when a challenge comes our way, and we face it together.

    So let me take a few moments to share a few reflections on how you have shaped me during this journey.

    I. Meeting unprecedented development challenges with quick and decisive action

    First, we needed quick, decisive, and bold action, at every step: as the pandemic struck, as the climate crisis mounted, and as there were calls to evolve to deliver better and faster.

    I remember coming to my office upstairs almost every day during lockdown. I held videoconferences with ministers and heads of state to see what assistance they needed. I knew ADB needed to respond without delay. And we did, thanks to you.

    I truly believe that our assistance helped to prevent grave suffering for millions, and fiscal collapse across our region. Our response, including budget and vaccine support, were spectacular achievements.

    The same is true for our climate action. I remember the intense discussions we had before going to Glasgow in 2021 for COP26. These paved the way for our $100 billion climate finance ambition, Energy Transition Mechanism, IF-CAP, and a just transition commitment across our climate operations. This was a real turning point that positioned us as the Climate Bank for Asia and the Pacific.

    II. Reforming and innovating to adapt to changing circumstances

    And then, we forged ahead with reforms, to unlock an additional $100 billion in lending capacity through CAF; to take stock, and make key shifts, through the NOM and midterm review of Strategy 2030; and to elevate critical agendas including private sector development, domestic resource mobilization, food security, digitalization, and gender equality.

    You also made sure that the poorest and most vulnerable in our region were not left behind. The ADF replenishment, including the novel financing you prepared, is helping people in places like Afghanistan and Myanmar, and small island developing states.

    All of this was made possible by thinking outside the box. The unprecedented circumstances we faced over the past five years demanded that ADB change quickly and do things differently. You did not hesitate to meet the demands of the moment.

    The circumstances also required ADB to balance many needs. Our operations shifted appropriately during the pandemic, to support response and recovery. It took some time for our climate financing to ramp back up, but it did. I know we will also continue to expand our contributions in areas like education and RCI.

    III. The priority of wellbeing

    As you can see, my friends, there was a lot on my mind over the past five years. A lot of things kept me up at night. But if I may, I’d like to emphasize my most important concern. It was to ensure the safety and wellbeing of staff.

    I spoke to you often during the pandemic. I even sent you a musical greeting on my flute! I hope that it brought you some comfort to know that you were not alone.

    Another experience that I have not talked about as much is the evacuation of our local staff from Afghanistan when the government fell in 2021. It was such a dangerous and unpredictable situation, and we had very few options. But we had to find a way to get our staff to safety. After consulting with heads of state and coming up with a complex plan, we managed to get everyone out, just in time.

    That experience reminded me that staff wellbeing must remain ADB’s highest priority. And the reason is clear: ADB’s most valuable asset is its staff. Even more simply, we are family. And I am so touched by the way you treated me like family.

    Colleagues in our field offices, you were always so warm and welcoming when I visited the countries where you live and work. The memories of our beneficiaries, the historical sites, and the delicious local cuisine—and the selfies I took with you!—will stay with me forever.

    IV. In praise of staff

    Ever since I announced my intention to step down, I have been flooded with good wishes and praise for what ADB has done for the region during my Presidency. But I firmly believe that these successes are not coming from me. They are coming from you.

    You have been so innovative, so responsible, and so loyal to our mission. I always knew that whenever we faced a problem, I could consult staff, and you would come up with quick and relevant solutions. That is why, from Day 1, I felt nothing but optimism that we would achieve our mission. And I was never disappointed.

    Closing

    Your work over the last five years has put our region on the strongest possible foundation to build lasting prosperity, to stay resilient through crises and disasters, and to ensure that growth is inclusive and sustainable.

    Asia and the Pacific will indeed remain an engine for global growth for decades to come. And you helped make that possible. I am honored by the ways you stepped up to accomplish everything that I asked of you—and everything the region needed from us. I am in awe of what you have achieved. And my trust in you will never fade.

    I will step away now, but I know that the course we have navigated these past five years will take us to an even brighter future. I will be cheering for you every step of the way.

    And so, my dearest colleagues, my beloved friends and ADB family, thank you for a job well done. I wish you health, happiness, and good fortune on this unforgettable journey.

    Thank you.

    MIL OSI Economics

  • MIL-OSI Economics: Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia

    Source: International Monetary Fund

    International Monetary Fund. African Dept. “Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia”, IMF Staff Country Reports 2025, 044 (2025), accessed February 19, 2025, https://doi.org/10.5089/9798229001281.002

    MIL OSI Economics

  • MIL-OSI Economics: DG Okonjo-Iweala to members: Use the WTO as a platform to engage

    Source: World Trade Organization

    “It is imperative that we continue to strengthen the multilateral trading system, ensuring that it remains a source of stability and opportunity for all members,” DG Okonjo-Iweala said. “The WTO was created precisely to manage times like these — to provide a space for dialogue, prevent conflicts from spiralling, and support an open, predictable trading environment.”

    “Let us make full use of this platform to engage with one another in good faith, address concerns constructively and calmly, and explore cooperative solutions that uphold and enhance the balance of global trade relations.”

    A total of 32 members took the floor following the Director-General’s remarks. Overall, members emphasized the importance of the WTO in fostering global economic growth and development, particularly for developing and least developed countries. Many who took the floor called for restraint in actions that could undermine the system and stressed the importance of upholding the WTO’s principles and rules.

    DG Okonjo-Iweala said she has been meeting with WTO members to discuss the broader geopolitical landscape and explore how the organization can approach the situation. “The key message I have shared is that amid the current uncertainties, we must maintain cool heads and remain open to dialogue,” she said.

    She informed members that Secretariat staff is upgrading the WTO’s Tariff Analysis Online database based on member feedback. The new database, to be called WTO Tariff And Trade Data, will be launched in the WTO’s Committee On Market Access on 4 March.

    “This will be a much more user-friendly system that will facilitate tariff and trade analysis,” she said. As you consider today’s emerging tariff issues, the Secretariat is there to assist any member requiring assistance in analysing the tariff situation.”

    In her intervention, DG Okonjo-Iweala underlined the importance of using the current situation to push ahead with reform of the WTO.

    “I encourage all of you to view this moment as an inflection point — an opportunity to think more strategically and purposefully about what we want from this organization and how we can make it more results-driven,” she added.

    DG Okonjo-Iweala said leaders, ministers and stakeholders she has met with in recent weeks “expect the WTO to address longstanding issues and respond to today’s global trade landscape … it’s time to return to the negotiating table in earnest.”

    This means making substantial progress in the agriculture negotiations a top priority. It also means members should use early 2025 to ensure the entry into force of the Agreement on Fisheries Subsidies; make a concerted effort to wrap up the second wave of the fisheries subsidies negotiations; reach a mutually agreeable solution regarding the incorporation of the plurilateral Investment Facilitation for Development Agreement (IFDA) and the Agreement on Electronic Commerce into the WTO legal framework; continue progress on dispute settlement reform; and move ahead on development issues, DG Okonjo-Iweala said.

    “The world has changed,” DG Okonjo-Iweala said. “We cannot come here to continue doing the same things we’ve been doing.”

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  • MIL-OSI Economics: Somalia successfully kick-starts its WTO accession process

    Source: WTO

    Headline: Somalia successfully kick-starts its WTO accession process

    Somalia’s Deputy Prime Minister Salah Ahmed Jama led the high-level delegation in Geneva. Several government officials from a wide range of ministries and agencies joined virtually from Mogadishu. Mr Jama said that Somalia’s first Working Party meeting marks “a historic moment in the country’s journey toward economic recovery, integration into the global trading system, and the realization of the nation’s aspirations for sustainable development and prosperity.
    “Somalia today is a nation on the rise, one that departed with the challenges of the past and has keenly focused on a prosperous future. Our government, under the leadership of His Excellency President Hassan Sheikh Mahamoud, has indeed embarked on very transformational changes,” he said.
    “For Somalia, WTO membership is not merely an end goal but a vital mechanism to achieve sustainable economic growth, attract investment, and create meaningful opportunities for our people. We are dedicated to aligning our trade policies with global standards, enhancing institutional capacity, and ensuring that our economic transformation is inclusive and equitable, benefiting all segments of society,” he added.
    Sadiq Abdikarim Haji Ibrahim, WTO Chief Trade Negotiator, recognized WTO accession as a rigorous process requiring transparency, policy coherence, and sustained engagement. He said that Somalia approaches this process with openness and a constructive spirit. “We are ready to work closely with WTO members to address concerns, provide necessary clarifications, and reaffirm our commitment to a rules-based trading system,” he stated.
    WTO Deputy Director-General Xiangchen Zhang highlighted Somalia’s strong political will and commitment to moving the accession process forward. “Today is a historical moment for Somalia, but it is just the beginning of a journey where I am sure Somalia will make its own history, as Comoros and Timor-Leste did recently. They are both least developed countries and fragile and conflict-affected states, who can serve as a good model and inspiration for Somalia.” His statement is available here.
    The Chair of the Working Party on the Accession of Somalia, Ambassador Nina Tornberg of Sweden, stated that Somalia has advanced technical work and stepped up its political engagement in the past few years, recalling her meeting with President Hassan Sheikh Mohamud in June 2024.
    She added that the Working Party noted Somalia’s strong commitment to economic integration, both at the multilateral and regional level. “As Somalia joined the East African Community (EAC) in 2024, it is crucial to ensure coordination at all levels between EAC membership and WTO accession, to enable Somalia to focus on priority reforms and reinforce its economic resilience,” she said.
    Members welcomed Somalia’s renewed commitment to joining the WTO, emphasizing the importance of the accession for the country’s integration into global trade and for its stability. Delegations acknowledged Somalia’s constraints as an LDC and committed to supporting Somalia’s accession process. Members said they are looking forward to discussing Somalia’s efforts to align its regulations with WTO rules, while providing support and guidance throughout the accession process.
    Moving forward, Ambassador Tornberg invited the WTO Secretariat to prepare a Factual Summary of Points Raised based on the exchanges held, which will guide the continued examination of Somalia’s trade regime. Somalia was requested to submit a comprehensive set of negotiating inputs before the next Working Party meeting. The Chair said that, given Somalia’s interest in advancing its accession process, the aim would be for the next meeting to take place towards the end of the year, subject to the availability of the required inputs.
    The Working Party meeting took place immediately before the 4th edition of the Trade for Peace Week, which has featured several sessions focused on Somalia and has discussed the private sector’s role for sustainable peace and stability.  
    The Working Party meeting was followed on 18 February by a Round Table on Technical Assistance for Somalia’s WTO Accession. The round table was attended by several members and developing partners, including the East African Community Secretariat, the European Investment Fund (EIF), the International Trade Centre (ITC), UN Trade and Development (UNCTAD) and the World Bank, which provide capacity-building support to Somalia. The discussions aimed at presenting Somalia’s accession-related needs in terms of technical assistance and capacity building and coordinating available and future support.
    Background
    Somalia has the longest coastline on the African continent and a population of approximately 18 million. With an economy highly dependent on livestock production, the government has committed itself over recent years to developing key sectors of the Somali economy, with special emphasis on economic enablers such as energy, transportation and financial markets.
    Somalia submitted its application for WTO accession, signed by President Hassan Sheikh Mohamud, in December 2015 during the 10th Ministerial Conference (MC10) in Nairobi, Kenya. The General Council established the Working Party on 7 December 2016. Somalia was a central part of the g7+ WTO Accessions Group launch during the 11th Ministerial Conference in Buenos Aires in 2017, inspiring the vision for the creation of the Trade for Peace Programme.
    More information on this accession is available here.

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  • MIL-OSI Economics: DG Okonjo-Iweala meets Ethiopia’s PM, Steering Committee to accelerate WTO accession

    Source: WTO

    Headline: DG Okonjo-Iweala meets Ethiopia’s PM, Steering Committee to accelerate WTO accession

    During her stay in the Ethiopian capital, DG Okonjo-Iweala met with a number of African Heads of State and Government and engaged on WTO matters.
    DG Okonjo-Iweala and  Prime Minister Abiy Ahmed Ali exchanged views on Ethiopia’s ambitious economic reforms, noting how the recent liberalization of key sectors such as banking and telecommunications and the introduction of market-based foreign exchange policies can advance the accession process.
    The meeting took place ahead of the 5th meeting of the Working Party on the Accession of Ethiopia, to be held at the WTO on 19 March. The Working Party will formally resume its work following a five-year pause since the 4th meeting in 2020.
    The Prime Minister reiterated Ethiopia’s commitment to integrating into the global trading system. He highlighted the government’s ongoing efforts to finalize the necessary requirements for WTO accession, including through the Home-Grown Economic Reform Agenda. DG Okonjo-Iweala welcomed the Prime Minister’s strong support for the process, expressing the WTO’s readiness to work together with Ethiopia to achieve its goal of WTO membership.
    DG Okonjo-Iweala also met with members of Ethiopia’s Steering Committee on WTO Accession, chaired by Minister of Trade and Regional Integration and Chief Negotiator Kassahun Gofe Balami. The Steering Committee, which comprises senior officials from key ministries and government bodies, is tasked to take policy decisions linked to the accession process. It recently visited the WTO in preparation for the reactivation of the accession negotiations.
    DG Okonjo-Iweala expressed appreciation for the serious engagement by the Steering Committee to drive the necessary work toward its conclusion by MC14 in Cameroon. The meeting discussed various steps in the accession roadmap which would guide the finalization of the negotiations.    
    On the margins of the AU Summit, DG Okonjo-Iweala also met with President Hassan Sheikh Mohamud of the Federal Republic of Somalia to exchange views on the accession of Somalia to the WTO. On 17 February, the delegation of Somalia, led by Deputy Prime Minister Salah Ahmed Jama, successfully concluded the 1st meeting of the Working Party.

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  • MIL-OSI Economics: Need to deepen discussions on WTO reform highlighted at General Council meeting

    Source: World Trade Organization

    “We are facing a new reality,” Ambassador Ølberg, the outgoing Chair of the General Council, told members. “We must all understand that some of our fundamental values and principles are being challenged. It’s not business as usual anymore for any of us. It’s not the time for any of us to insist on old positions or speaking points. We must engage in real dialogue.”

    Ambassador Ølberg said the new reality underlined the need for fundamental reform of the WTO. At MC12, WTO members for the first time agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.

    “We should be open to reform, real reform, not baby steps,” he said. “Only then can our common WTO have a future. It’s up to us.” Channelling a Bob Dylan song, he warned members that “the times, they are a-changing”.

    The need to accelerate and deepen the reform as the WTO marks the 30th anniversary of its founding was highlighted by a number of members under several agenda items during the two-day General Council meeting.

    Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia), who took over as General Council chair towards the conclusion of the meeting, said he was also “keenly aware of the significant challenges and opportunities that lay ahead.”

    “The global trading landscape is undergoing profound changes, driven by economic uncertainty, geopolitical shifts, technological advancement and an urgent imperative for sustainable and inclusive growth,” Ambassador Almoqbel said. “These dynamics demand that we, as a membership, work together with renewed momentum and unity to ensure that the WTO remains a cornerstone of the rules based multilateral trading system.”

    The new Chair declared that the WTO’s 14th Ministerial Conference (MC14) set to take place in Cameroon in March 2026 “must be a transformative event that delivers tangible results, reinforces our shared values, and strengthens the WTO’s relevance in an increasingly complex and interconnected world.”

    Earlier in the meeting, Director-General Ngozi Okonjo-Iweala also underlined the importance of WTO reform.

    “It seems to me an opportune time to launch some serious reflections on the system, with a view to seeing what works, what doesn’t work, and how we reform it,” she told members. “I know that we’ve been engaged in reforms here in Geneva, especially the work of reform by doing … but I think it’s time to elevate the level, depth and breadth of the reforms, to take a thorough look at the organization and make sure it’s really fit for 21st century global trade challenges.”

    Such an in-depth look, she suggested, would be best carried out by an independent panel of eminent persons, chaired by a respected political leader and comprising experts in both technical trade issues as well as the political economy of trade. Members would have a chance to nominate persons to this group to enable balance and ownership, but the group would operate independently.

    The independent panel’s recommendation or interim report could be sent to ministers to deliberate over at MC14 if ready, depending on how quickly the work could be done, DG Okonjo-Iweala said. This is not a new idea, she said, noting that similar work was undertaken by former GATT and WTO Directors-General Arthur Dunkel and Supachai Panitchpakdi during their terms, albeit at a more technical level. Furthermore, during a recent development retreat, members also suggested the need for such a reform exercise, DG Okonjo-Iweala noted.

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  • MIL-OSI Economics: 3 ways to improve access to justice through court modernization

    Source: Microsoft

    Headline: 3 ways to improve access to justice through court modernization

    The legal maxim that “justice delayed is justice denied” has long been a rallying cry to encourage judges and courts to operate more efficiently. If legal redress or fair relief are potentially available to an injured party but aren’t promptly provided or supported, that is effectively no remedy at all. Today, the need for accessible and fair judicial systems is at least as relevant as when William Penn voiced it back in the seventeenth century. Fortunately, technology is playing a key role in helping to realize the vision and improve access to justice.

    Worldwide, courts are contending with growing pressures that threaten to bog down judicial processes and erode trust in the judiciary. Antiquated case management systems, critical data stuck in silos, and public demand for digital means of participating in justice contribute to the urgency to find new solutions that are cost-effective and adequately cyber-secure.

    Innovative courts are already busy modernizing systems and taking early steps with generative AI technologies. At Microsoft for government, we help courts and judicial organizations maintain trust within their communities through solutions that transform operations and help to increase fairness, accountability, and transparency. Let’s have a look at some important benefits of court modernization, including a new way for courts to experiment with AI innovation in a safe and productive fashion.

    Explore public safety and justice capabilities

    Better access to justice in 3 key areas

    The adoption of cloud technologies typically has an almost immediate impact in terms of power, scalability, and flexibility. Modernizing tools and systems can further deliver new capabilities that help improve access to justice. Among these:

    1. Streamline court operations

    Courts function better with a more empowered workforce, and modernization makes it possible to quickly realize significant gains in efficiency. For example, by simply adopting Microsoft 365 copilot, 70% of users surveyed across industries reported being more productive and able to focus more on high-value activities and creative work.1

    Even greater benefits are gained by cloud solutions that bring together vast stores of data. Courts are often supported by aging legacy systems that hold data in disconnected silos, making it difficult, if not impossible, to integrate it all. For example, the Orange County Superior Court (OCSC) managed three disparate case management systems (containing more than 70 million paper files), which created serious inefficiencies. So, they integrated it all into a single data warehouse on Microsoft Azure, and realized new benefits in decision making and improved operational efficiency, as well as setting the stage for greater innovation.

    Case management systems are especially being transformed by modernization. Courts are moving away from expensive, limited legacy systems to modern solutions that speed up case processing, help judges access necessary information faster, and even increase the capacity of caseloads. Cloud-based case management systems can also fundamentally change how people interact with courts. For example, the Alabama Appellate Courts System developed a hybrid cloud solution that allowed 6,000 Alabama licensed lawyers to access information and file motions with no need to physically travel to any of its three courts.

    2. Improve everyday access to justice

    Trust in the court is central to justice, but for many people, the cost and friction involved in legal proceedings is high and the results are not always satisfactory. Modernization can help ease the burden with new services and capabilities that are user friendly and engage the public.

    Remote access to court proceedings is a profound benefit of modernization, making it faster, easier, and less expensive for people to participate. Widely adopted during the pandemic, remote hearings with Microsoft Teams are now being enhanced with generative AI features that can do things like generate unofficial transcripts or session recaps.

    The Teams experience can also be expanded to provide additional services. For example, the Federal Regional Court of the 1st Region (TRF1) in Brazil improved access to the court with a new Virtual Support Desk—an integrated online service platform within Teams that offers easy access to important judicial services for people across Brazil. It also provides a personalized work hub for court service agents, giving them access to real-time engagement analytics, proactive notifications, and service governance indicators.

    Modernization is also helping people to better navigate the legal system. Easy to use digital tools can provide guidance in legal processes, assist with document preparation, and help find important resources. Virtual assistants and chatbots can help people understand legal terms, access case information, and represent themselves in litigation in areas such as family law. Translation and transcription capabilities can also be included to make these services even more accessible.

    3. Enhanced experiences through new services

    Innovation with generative AI and advanced cloud services is still evolving for courts, but the early benefits give us a glimpse of how significantly courts will be transformed in the months and years to come.

    Many of the benefits listed above will accelerate dramatically as more courts invest in modernization. For individuals, AI-enabled online portals and mobile applications will provide easier access to case information, explain options, and answer questions about legal processes—providing support that even court staff cannot always offer due to legal restrictions.

    For judges and court staff, modernization promises faster processing of cases, with solutions that speed up administrative tasks, reduce delays caused by paperwork errors, and improve the filing of legal documents. AI can automate the extraction, categorization, and organization of information from documents such as invoices, contracts, and emails.

    Generative AI is increasingly also being integrated into legal workflows to automate tasks like tagging and classification. This promises to advance a key industry initiative called SALI (Standards Advancement for the Legal Industry, in which Microsoft is a participant), that is creating a standardized way to define and document legal matters. By automating tagging and classification of documents (commonly done by hand), AI can help SALI achieve its mission to benefit legal professionals and their clients by fostering innovation and efficiency in legal workflows.

    A low risk way to explore AI innovation in the court

    Many courts are understandably cautious about involving their critical data and systems in innovation with new technology such as AI. That’s why Microsoft endorses an important new initiative called the AI Sandbox, by the National Center for State Courts (NCSC).

    The AI Sandbox helps leaders in judicial organizations explore generative AI and learn how it can improve productivity, efficiency, and citizen service. Designed to serve the needs of courts across geographies, the AI Sandbox lets judges and court staff experiment with generative AI in a secure private cloud environment built on Azure. It supports the development of use cases such as drafting court orders, creating job descriptions, providing legal information, and much more. Best of all, it’s easy to use via the NSCS portal (no travel required).

    To get started, visit the NCSC AI sandbox website.

    Advancing your modernization journey

    Whether it’s the AI Sandbox or early experimentation with Microsoft 365 Copilot, the path to modernization is unique for every court. There are some fundamental elements that every organization will eventually need in order to realize the complete benefits of AI:

    • A cloud platform like Azure delivers proven scalability, security, and compliance.
    • A data and AI platform like Microsoft Fabric provides a common way to reason over your data.
    • A development platform like Azure AI Foundry lets you build world-class AI-native applications.

    Improving access to justice through technology is a long-term journey, but one that delivers benefits early and often. It’s important to define your goals, take a strategic approach, and choose a technology partner who will be with you every step of the way.

    Learn more

    To see how Microsoft is empowering court systems to be more agile, secure, and accessible for all, watch our video. To learn more about how we can help in your court’s modernization journey, visit our website or get in touch with your Microsoft sales representative or technology partner.

    Explore Microsoft for public safety and justice

    1Microsoft Work Trend Index Special Report.

    MIL OSI Economics

  • MIL-OSI Economics: A new level unlocked

    Source: Microsoft

    Headline: A new level unlocked

    Today Microsoft released Muse, a first-of-its-kind generative AI model that we are applying to gaming. But it’s so much more than that. What we’re sharing today is a huge step forward for gameplay ideation. And what’s even more exciting is what this breakthrough represents in our journey of building and using generative AI, and what industries, developers and creators of all interests will be enabled to do next.

    The impressive abilities we first witnessed with ChatGPT and GPT-4 to learn human language are now being matched by AI’s abilities to learn the mechanics of how things work, in effect developing a practical understanding of interactions in the world. As a computer scientist, this ability to understand and model a 3D world is something I and many other great researchers have pursued for over 10 years and, personally, I was not sure that it could be made possible with such speed and quality.

    In the case of Muse, just from observing human gameplay, this model develops a deep understanding of the environment, including its dynamics and how it evolves over time in response to actions. This unlocks the ability to rapidly iterate, remix and create in video games so developers can eventually create immersive environments and unleash their full creativity.

    Beyond gaming, I’m excited by the potential of this capability to enable AI assistants that understand and help visualize things, from reconfiguring the kitchen in your home to redesigning a retail space to building a digital twin of a factory floor to test and explore different scenarios. All these things are just now becoming possible with AI. From the perspective of computer science research, it’s pretty amazing, and the future applications of this are likely to be transformative for creators.

    At Microsoft, we have a long history of collaboration between research and engineering. Today, as we release Muse, we are also announcing Azure AI Foundry Labs, where the AI community can explore the latest from Microsoft Research. Azure AI Foundry Labs will help accelerate the transition from research to solutions, bringing new ideas to the broader community to help shape the future of AI. Learn more.

    Tags: AI, Azure AI Foundry Labs, ChatGPT, GPT-4

    MIL OSI Economics

  • MIL-OSI Economics: Introducing Muse, a generative AI model for gameplay

    Source: Microsoft

    Headline: Introducing Muse, a generative AI model for gameplay


    MIL OSI Economics

  • MIL-OSI Economics: Are value-added taxes a barrier to trade?

    Source: International Chamber of Commerce

    Headline: Are value-added taxes a barrier to trade?

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    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.

    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.

    MIL OSI Economics

  • MIL-OSI Economics: Minutes of the Monetary Policy Committee meeting of 3 and 4 February 2025

    Source: Central Bank of Iceland

    In accordance with the Monetary Policy Committee Rules of Procedure, the minutes of the Committee’s most recent meeting have been published on the Bank’s website. The minutes are published two weeks after the announcement of the Committee‘s decision.

    MIL OSI Economics

  • MIL-OSI Economics: Introducing Microsoft Majorana 1  

    Source: Microsoft

    Headline: Introducing Microsoft Majorana 1  

    Microsoft’s Majorana 1 chip

    Majorana 1, the first quantum chip powered by a Topological Core based on a revolutionary new class of materials developed by Microsoft. Photos by John Brecher for Microsoft. 

    MIL OSI Economics

  • MIL-OSI Economics: Apple debuts iPhone 16e: A powerful new member of the iPhone 16 family

    Source: Apple

    Headline: Apple debuts iPhone 16e: A powerful new member of the iPhone 16 family

    February 19, 2025

    PRESS RELEASE

    Apple debuts iPhone 16e: A powerful new member of the iPhone 16 family

    iPhone 16e joins the iPhone 16 lineup, featuring the fast performance of the A18 chip, Apple Intelligence, extraordinary battery life, and a 48MP 2-in-1 camera system — all at an incredible value

    CUPERTINO, CALIFORNIA Apple today announced iPhone 16e, a new addition to the iPhone 16 lineup that offers powerful capabilities at a more affordable price. iPhone 16e delivers fast, smooth performance and breakthrough battery life, thanks to the industry-leading efficiency of the A18 chip and the new Apple C1, the first cellular modem designed by Apple. iPhone 16e is also built for Apple Intelligence, the intuitive personal intelligence system that delivers helpful and relevant intelligence while taking an extraordinary step forward for privacy in AI. The 48MP Fusion camera takes gorgeous photos and videos, and with an integrated 2x Telephoto, it is like having two cameras in one, so users can zoom in with optical quality. When outside of cellular and Wi-Fi coverage, Apple’s groundbreaking satellite features — including Emergency SOS, Roadside Assistance, Messages, and Find My via satellite — help iPhone 16e users stay connected and get assistance when it matters most.1

    iPhone 16e will be available in two elegant matte finishes — black and white — with colorful cases available to accessorize. Pre-orders begin Friday, February 21, with availability beginning Friday, February 28.

    “iPhone 16e packs in the features our users love about the iPhone 16 lineup, including breakthrough battery life, fast performance powered by the latest-generation A18 chip, an innovative 2-in-1 camera system, and Apple Intelligence,” said Kaiann Drance, Apple’s vice president of Worldwide iPhone Product Marketing. “We’re so excited for iPhone 16e to complete the lineup as a powerful, more affordable option to bring the iPhone experience to even more people.”

    A Beautiful and Durable Design with Breakthrough Battery Life

    iPhone 16e is built to last, featuring splash, water, and dust resistance with a rating of IP68; the Ceramic Shield front cover with an advanced formulation that is tougher than any smartphone glass; and the toughest back glass in a smartphone.2 The 6.1-inch Super Retina XDR display with OLED technology has an edge-to-edge design that is perfect for watching HDR videos, playing games, and reading crisp text.3 iPhone 16e has the best battery life ever on a 6.1-inch iPhone, lasting up to six hours longer than iPhone 11 and up to 12 hours longer than all generations of iPhone SE.4 And with Face ID enabled by the TrueDepth camera system, users can securely unlock their iPhone, authenticate purchases, sign in to apps, and more. iPhone 16e also offers convenient charging options, including both wireless charging and USB-C for easy connection to a wide range of accessories.

    Performance and Connectivity

    iPhone 16e is powered by Apple’s latest-generation A18 chip, which enables fast, smooth performance, incredible power efficiency, and Apple Intelligence. The 6-core CPU is up to 80 percent faster than the A13 Bionic chip on iPhone 11, handling both everyday and intensive tasks with ease — from simple workloads, to more demanding actions with Apple Intelligence. The 4-core GPU powers stunning graphics performance and unlocks next-level mobile gaming on the go, enabling graphically demanding AAA titles and hardware-accelerated ray tracing for more realistic lighting and reflections. The 16-core Neural Engine is optimized for large generative models and runs machine learning (ML) models up to 6x faster than A13 Bionic.

    Expanding the benefits of Apple silicon, C1 is the first modem designed by Apple and the most power-efficient modem ever on an iPhone, delivering fast and reliable 5G cellular connectivity. Apple silicon — including C1 — the all-new internal design, and the advanced power management of iOS 18 all contribute to extraordinary battery life.

    Built for Apple Intelligence

    iPhone 16e is built for Apple Intelligence, unlocking exciting new capabilities that make iPhone even more helpful and powerful. With the Clean Up tool, it’s easy to remove distracting elements in images, and natural language search in the Photos app allows users to search for just about any photo or video by simply describing what they are looking for.

    Users can also explore creative new ways to express themselves visually with Image Playground, create the perfect emoji with Genmoj, and make their writing even more dynamic with Writing Tools. They can now type to Siri, and Siri is more conversational with the ability to follow along if users stumble over their words. Siri can also maintain context from one request to the next. With extensive product knowledge, Siri can answer thousands of questions about the features and settings of Apple products, so users can learn how to do things like take a screen recording or schedule a text message to send later.

    With access to ChatGPT seamlessly integrated into Writing Tools and Siri, users can choose to access ChatGPT’s expertise without jumping between applications, so they can get things done faster and easier than ever before. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. Users can choose whether to enable ChatGPT integration, and are in full control of when to use it and what information is shared with ChatGPT.

    Apple Intelligence marks an extraordinary step forward for privacy in AI and is designed to protect users’ privacy at every step. It starts with on-device processing, meaning that many of the models that power Apple Inteligence run entirely on device. For requests that require access to larger models, Apple’s groundbreaking Private Cloud Compute extends the privacy and security of iPhone into the cloud to unlock even more intelligence. When using Private Cloud Compute, users’ data is never stored or shared with Apple; it is used only to fulfill their request.

    Access Favorite Features and Unlock Visual Intelligence with the Action Button

    iPhone 16e features the Action button, allowing users to easily access a variety of functions with just a press. Once customized in Settings, the Action button can be used to quickly open the camera or flashlight; switch between Ring and Silent modes; recognize music with Shazam; activate Voice Memos, Focus, Translate, and accessibility features like Magnifier; or use Shortcuts for more options. The Action button can even access in-app functionality like launching the camera in Snapchat, unlocking a car door with FordPass, tracking a child’s sleep schedule with Napper, and more.

    The Action button on iPhone 16e also unlocks a new visual intelligence experience that builds on Apple Intelligence to help users learn about objects and places. Visual intelligence can summarize and copy text, translate text between languages, detect phone numbers or email addresses with the option to add to contacts, identify an animal or plant, and more. Visual intelligence also allows users to search Google so they can see where they can buy an item, or benefit from ChatGPT’s problem-solving skills. Users are in control of when third-party tools are used and what information is shared.

    A Powerful Camera System to Capture Any Moment

    The powerful 2-in-1 camera system on iPhone 16e is perfect for capturing everyday moments and important memories, including in Night mode and Portrait mode. Using computational photography, the 48MP Fusion camera takes super-high-resolution photos, so users can capture gorgeous images that balance light and detail. With an integrated 2x Telephoto, users have the equivalent of two cameras in one, and can zoom in with optical quality to get closer to the subject and easily frame their shot. And the front-facing TrueDepth camera with autofocus enables sharper close-ups and beautiful group selfies. The latest generation of HDR captures subjects and the background with true-to-life renderings of skin tones, while ensuring photos have bright highlights, rich mid-tones, and deep shadows.

    iPhone 16e takes stunning videos with the ability to record in 4K with Dolby Vision up to 60 fps, and users can stop and restart a recording for more flexibility when capturing the moment. iPhone 16e also records video in Spatial Audio for immersive listening with AirPods, Apple Vision Pro, or a surround sound system, and enables more ways to edit video sound with Audio Mix. Users can adjust their sound after capture to focus on the voice of the person on camera, make it sound like the video was recorded inside a professional studio, or position vocal tracks in the front and environmental noises in surround sound. With wind noise reduction, powerful ML algorithms automatically reduce unwanted noise for better audio quality.

    Groundbreaking Safety and Communication Capabilities

    iPhone 16e helps users stay connected and get assistance when it matters most. Apple’s satellite features help users text via satellite when they’re outside of cellular and Wi-Fi coverage. This includes Messages via satellite to text friends and family; Emergency SOS via satellite to connect with emergency services; and Roadside Assistance via satellite to reach a roadside assistance provider in case of car trouble. Users can also use the Find My app to share their location via satellite, reassuring friends and family of their whereabouts while traveling off the grid. Crash Detection on iPhone 16e can detect a severe car crash and automatically dial emergency services if a user is unconscious or unable to reach their iPhone.5

    Featuring iOS 18

    iOS 18 makes iPhone 16e more personal, capable, and intelligent than ever.6 With more customization options, users can give apps and widgets a new dark or tinted look and arrange them in any open space on the Home Screen. The controls at the bottom of the Lock Screen can be customized; Control Center has been redesigned to provide users with easier access to many of the things they use every day, including third-party apps; and new privacy protections include the ability to lock and hide apps to protect sensitive apps and the information inside them. iOS 18 also provides powerful updates for staying connected. In Messages, users can use text effects to bring words, phrases, sentences, and more to life. Tapbacks expand to include emoji, Genmoji, or stickers, and now users can schedule a message to send later. When messaging contacts who do not have an Apple device, the Messages app now supports RCS for richer media and more reliable group messaging when compared to SMS and MMS.

    Better for the Environment

    iPhone 16e is designed with the environment in mind. As part of Apple 2030, the company’s ambitious goal to be carbon neutral across its entire carbon footprint by the end of this decade, Apple is transitioning to renewable electricity for its manufacturing, and investing in wind and solar projects around the world to address the electricity used to charge all Apple products, including iPhone 16e. Today, all Apple facilities run on 100 percent renewable electricity — including the data centers that power Apple Intelligence.

    To achieve Apple 2030, the company is designing products with more recycled and renewable materials, which further drives down the carbon footprint. iPhone 16e features over 30 percent recycled content overall, including 100 percent recycled cobalt and 95 percent recycled lithium in the battery, 85 percent recycled aluminum in the enclosure, and more.7 Additionally, the main logic board and back glass of iPhone 16e are designed to be manufactured more efficiently, reducing the amount of raw materials needed. The packaging is also entirely fiber-based, bringing Apple closer to its goal of removing plastic from its packaging by the end of this year.8

    Pricing and Availability

    • iPhone 16e will be available in white and black in 128GB, 256GB, and 512GB storage capacities, starting at $599 (U.S.) or $24.95 (U.S.) per month for 24 months.
    • Apple offers great ways to save and upgrade to the latest iPhone. With Apple Trade In, customers can get up to $120 (U.S.) in credit when they trade in iPhone 11, or up to $170 (U.S.) in credit when they trade in iPhone 12. With a carrier offer, customers can get up to $400 (U.S.) in credit when they trade in iPhone 11, or up to $599 (U.S.) in credit when they trade in iPhone 12 to put toward an iPhone 16e. Customers can take advantage of these offers by visiting the Apple Store online or an Apple Store location. For carrier offer eligibility requirements and more details, see apple.com/shop/buy-iphone/carrier-offers. To see what their device is worth and for Apple Trade In terms and conditions, customers can visit apple.com/shop/trade-in.
    • Customers in 59 countries and regions, including Australia, Canada, China, France, Germany, India, Japan, Malaysia, Mexico, South Korea, Türkiye, the UAE, the UK, and the U.S., will be able to pre-order iPhone 16e beginning at 5 a.m. PST on Friday, February 21, with availability beginning Friday, February 28.
    • Apple Intelligence is available in localized English for Australia, Canada, Ireland, New Zealand, South Africa, the UK, and the U.S. Additional languages — including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, Chinese (simplified), English (Singapore), and English (India) — will be available in April, with more languages coming over the course of the year, including Vietnamese. Some features, applications, and services may not be available in all regions or all languages.
    • Visual intelligence is available in iOS 18.2 or later on all iPhone 16 models. For more information on visual intelligence, visit support.apple.com/guide/iphone.
    • iPhone 16e Silicone Case will be available in five colors for $39 (U.S.): winter blue, fuchsia, lake green, black, and white.
    • AppleCare+ for iPhone provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know iPhone best. For more information, visit apple.com/support/products/iphone.
    • iCloud+ plans start at just $0.99 (U.S.) per month and offer up to 12TB of additional storage to keep photos, videos, files, and more safe in the cloud and available across devices. An iCloud+ subscription gives access to premium features such as unlimited event creation in the new Apple Invites app, as well as Private Relay, Hide My Email, and custom email domains. With Family Sharing, users can share their subscription with five other family members at no extra cost.
    • Customers who purchase iPhone 16e may receive three free months of Apple Music, Apple TV+, Apple Arcade, Apple News+, and Apple Fitness+, with a new subscription. Offer and services availability varies by region. See apple.com/promo for details.

    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.

    1. Apple’s satellite features are included for free for two years starting at the time of activation of a new iPhone 14 or later. For Emergency SOS via satellite availability, visit support.apple.com/en-us/HT213426. Messages via satellite will be available in the U.S. and Canada in iOS 18 or later. SMS availability will depend on carrier. Carrier fees may apply. Users should check with their carrier for details. Roadside Assistance via satellite is currently available in the U.S. with AAA and Verizon Roadside Assistance, and in the UK with Green Flag. Participating roadside assistance providers may charge for services, and iPhone users who are not members can take advantage of their roadside assistance services on a pay-per-use basis. Apple’s satellite features were designed for use in open spaces with a clear line of sight to the sky. Performance may be impacted by obstructions such as trees or surrounding buildings.
    2. iPhone 16e is splash-, water-, and dust-resistant. It was tested under controlled laboratory conditions and has a rating of IP68 under IEC standard 60529 (maximum depth of 6 meters for up to 30 minutes). Splash, water, and dust resistance are not permanent conditions. Resistance might decrease as a result of normal wear. Do not attempt to charge a wet iPhone; refer to the user guide for cleaning and drying instructions. Liquid damage is not covered under warranty.
    3. The display has rounded corners that follow a beautiful curved design, and these corners are within a standard rectangle. When measured as a standard rectangular shape, the screen is 6.06 inches diagonally. The actual viewable area is smaller.
    4. All battery claims depend on the cellular network, location, signal strength, feature configuration, usage, and many other factors; actual results will vary. The battery has limited recharge cycles and may eventually need to be replaced. Battery life and charge cycles vary by use and settings. Battery tests are conducted using specific iPhone units. See apple.com/batteries and apple.com/iphone/compare for more information.
    5. Crash Detection is designed for four-wheel passenger vehicle crashes with certain mass, G-force, and speed profiles consistent with severe, life-threatening crashes. It was designed for severe, life-threatening, high-impact front and rear, side-swipe, T-bone, and rollover crashes. Crash Detection is available worldwide on iPhone 14 or later, Apple Watch Series 8 or later, Apple Watch SE, and Apple Watch Ultra or later.
    6. Some features may not be available for all countries or all areas. For more information on iOS 18, visit apple.com/ios/ios-18.
    7. All cobalt and lithium references use a mass balance allocation.
    8. Based on retail packaging as shipped by Apple. Breakdown of U.S. retail packaging by weight. Adhesives, inks, and coatings are excluded from calculations of plastic content and packaging weight.

    Press Contacts

    Blair Ranger

    Apple

    blair_ranger@apple.com

    Alex Kirschner

    Apple

    alexkirschner@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN joins Ambassador of Canada to ASEAN for a working dinner

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening attended a working dinner hosted by Ambassador of Canada to ASEAN, H.E. Vicky Singmin, in Jakarta, Indonesia. They exchanged views on strengthening and deepening the ASEAN-Canada Strategic Partnership as well as discussed the new ASEAN-Canada Plan of Action (2026-2030).

    The post Secretary-General of ASEAN joins Ambassador of Canada to ASEAN for a working dinner appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Lufthansa plans own ground services at Munich Airport

    Source: Lufthansa Group

    Lufthansa plans to handle part of the flights of Lufthansa Group Airlines at Munich Airport itself later this year. A potential 100% acquisition of Swissport Losch GmbH & Co. KG at the Munich location from the current shareholders, Swissport Cargo Services Deutschland GmbH and Losch Airport Service München GmbH, could further enhance operational stability and reliability for Lufthansa Group Airlines’ customers.

    The acquisition is particularly subject to the granting of a license, the commercial agreement, and the approval of the relevant antitrust authorities. With this strategic letter of intent, Lufthansa is underscoring its commitment to the Munich location. As part of the planned takeover, Lufthansa intendeds to retain the jobs of the employees at Swissport Losch GmbH & Co. KG and to offer them long-term prospects. As part of the planned transaction, the existing shareholders will continue to provide advice on the development of self-handling.  

    “Securing jobs at Munich Airport and further developing the travel experience for our customers are of great importance to Lufthansa. Swissport Losch is a strong company with a long-standing partnership with Lufthansa. The company has outstanding employees who are characterized above all by their professionalism, commitment and service quality,” says Jens Ritter, CEO Lufthansa Airlines and Hub Manager Munich. 

    “The future of Swissport Losch and its employees in Munich is very important to us. We are pleased that we can offer our employees a secure future with this perspective,” says Marc Losch, CEO LOSCH Airport Service. 

    “We are proud to support Lufthansa in the transition to their self-handling setup on the basis of our long-term partnership with the Lufthansa Group at Munich Airport. Our global expertise, particularly at major aviation hubs, will contribute to the operational stability and the takeover of Swissport Losch by Lufthansa provides exciting prospects for Munich’s talented ground service professionals,” says Warwick Brady, President & CEO of Swissport International. 

    MIL OSI Economics

  • MIL-OSI Economics: ADB Supports Digital Transformation of Uzbekistan’s Water Sector

    Source: Asia Development Bank

    MANILA, PHILIPPINES (19 February 2025) — The Asian Development Bank (ADB) approved a $125 million loan to support the Government of Uzbekistan in modernizing water management, improving water security, and increasing access to safe and reliable water in the country. 

    The Climate-Smart Water Management Improvement Project will improve asset management and sustainability of service delivery, while strengthening the institutional capacity of the country’s national water utility. This will help decision making and enhance water management and energy-use efficiency, contributing to climate change mitigation efforts.

    “Uzbekistan’s water resources are under acute threat from climate change and inefficient usage,” said ADB Country Director for Uzbekistan Kanokpan Lao-Araya. “ADB’s project introduces smart water management systems to improve water usage, reduce energy consumption, and increase operational efficiency to lower Uzbekistan’s carbon footprint.” 

    The project will support the Joint Stock Company Uzsuvtaminot (the national water utility) and its regional branches in completing the installation of an ongoing nationwide bulk flow metering and telemetry system on the main water resource’s locations. The project will also carry out an asset inventory and prepare onsite geographic mapping for all existing water supply and wastewater infrastructure, including about 4 million customer connections. 

    An integrated package of climate-smart, IT-based utility management systems will be launched, including relevant training for the national water utility staff. The project will also improve customer centers by providing new financial management software that will lead to transparent financial statements based on international standards. 

    The project will promote transformative digital solutions and technologies to decrease operational expenditure, increase workforce efficiency, and enhance customer engagement and satisfaction.

    This year marks the 30th anniversary of the partnership between ADB and the Republic of Uzbekistan. Since the Republic of Uzbekistan joined ADB in 1995, the bank has committed public sector loans, grants, and technical assistance totaling $14.3 billion to the country.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: Isabel Schnabel: Interview with the Financial Times

    Source: European Central Bank

    Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025

    19 February 2025

    How relevant is the natural rate – R* – for day-to-day policymaking from your point of view?

    The natural rate of interest is an important theoretical concept. But it’s not well-suited to determine the appropriate monetary policy stance. The ECB staff analysis that was published recently had one main message: we know that we know very little. Model and estimation uncertainty result in confidence bands that are so wide that they include any reasonable interest rate that the ECB may set at this point. Moreover, R* is a steady-state concept for a world without shocks. That’s certainly not the world that we are in today. Just look at what’s happening with the evolving trade conflict on which we are getting news on a daily basis. So for all those reasons, I think R* cannot be any reliable guide for monetary policy in real time.

    Has your view on this changed?

    The point I have always emphasised is how R* is evolving over the longer term. People have focused too much on the narrow range for R* that was given in the staff note. This is misleading for several reasons. The narrow range only includes the models for which estimates were already available for the fourth quarter of 2024. If you look at the R* estimates for the third quarter, you see that the range actually goes up all the way to 3%. This is even above the current deposit facility rate of 2.75%. And that range still only includes the uncertainty stemming from using different models. If you add the parameter and filtering uncertainty, you get even wider bands. The one thing that you do see is that the overall range seems to have moved up over recent years. For me, that is the key point.

    But the most recent ECB estimates of R* also suggest that the current level is still lower than it was before the global financial crisis and the European sovereign debt crisis.

    That remains to be seen. There has been a clear upward trend. I expect this trend to continue for a number of reasons, including high and rising public debt and the huge investment needs for the digital and green transitions. Another factor is increasing global fragmentation. It leads to a partial reversal of the global savings glut, due to shrinking current account surpluses of some major economies, which was one of the main factors that had pushed R* down. So for me, the main message from the R* analysis is: maintaining price stability over the medium term is likely to require higher real rates in the future than before the pandemic. We cannot pin down the level of R* with any degree of confidence, but we can get an impression about the direction. For me, that direction for R* now is upwards again.

    The Euro zone economy suffers from a lack of economic dynamism and economic growth. Doesn’t this put downward pressure on the natural interest rate?

    Yes, there have been secular factors that have pushed R* down. But we are currently in a situation of transformation that may actually reverse that trend. That’s the whole point.

    When you say that R* is not very helpful for short-term monetary policymaking, why have you stressed it so much in your speeches and interviews?

    It’s important that we understand general macroeconomic trends. Also in the pre-pandemic period, it was very important to understand the underlying natural real rate environment. It can never be precise, but it helps us understand the broader picture. It has no impact on any individual rate decision.

    But would you say that it is relevant for the medium-term trajectory of monetary policy, let’s say for the next year or two? Or does it only matter over the next ten or 20 years?

    I think it has an impact on our medium-term thinking.

    Medium-term thinking would mean: it matters over the next two to three years, right?

    Well, it’s hard to pin down precisely.

    Some ECB observers have suggested that the natural rate was used by more hawkish voices as an argument in favour of being more careful and not lowering interest rates too fast. Would you agree?

    If you believe that R* has moved up, this argues for a more cautious approach. But this cannot just depend on R*. We need to look at the incoming data in order to understand how restrictive our monetary policy is. And the more evidence we have that monetary policy is no longer restrictive, the more cautious we have to become because further rate cuts may no longer be appropriate.

    So how restrictive is the ECB’s monetary policy at the moment?

    The data are showing that the degree of restriction has come down significantly, up to a point where we can no longer say with confidence that our monetary policy is still restrictive. One of the important data sources in this context is the bank lending survey.

    We’re looking at that very carefully. For corporate loans, 90% of banks said in the most recent round that the general level of interest rates has no impact on loan demand, while 8% said it has lifted credit demand. A year ago, a third of banks said that interest rates were weighing on loan demand. It’s even clearer when you look at mortgages. Almost half of banks said in the most recent round that the general level of interest rates is supporting loan demand. A year ago, more than 40% said that it was constraining loan demand. This is also reflected in a historically strong increase in mortgage demand in that same survey, which is gradually transmitting into the hard data on loan growth. Corporate loans were growing by 1.5% in December, mortgages by 1.1%.

    The easing is also being transmitted to the real economy. Consumption picked up in the third quarter by more than we had expected. And the savings rate has started to come down from its very high level. But of course, there are transmission lags, and part of the easing is still in the pipeline.

    You said that you can’t say with confidence anymore if monetary policy is still restrictive. The last ECB policy statement clearly stated that it still is. Do you have a different view than the ECB stated in its latest policy statement?

    No, I fully agreed with the statement last time. But we are now a step further, right? The January monetary policy statement referred to the interest rate of 3% and the level of restrictiveness before the latest monetary policy decision. The further we go down, the lower my conviction in such a statement will be. And note that I’m not saying our monetary policy is no longer restrictive. What I’m saying is I’m no longer sure whether it is still restrictive. But we should not overstate a difference of 25 basis points.

    Should the ECB drop the reference to restrictiveness in March?

    That is a discussion we should have in the next meeting.

    In an FT survey of Euro zone economists just before Christmas, half of them said they think that the ECB is behind the curve. What is your view on this?

    I’m firmly in the camp of the other half who think that we are right on track. The data that we’ve seen have confirmed that our gradual and cautious approach has been appropriate. Domestic inflation is still high, wage growth is still elevated, and we’ve seen new shocks to energy prices. We’ve also seen that inflation expectations are very sensitive to such shocks. So I think our approach is just right.

    Some economists argue that the big uncertainty and all those shocks could justify insurance cuts. Do you have any view on that?

    I don’t see any argument for that at this point, especially as we are getting closer to no longer being restrictive. If anything, we are getting closer to the point where we may have to pause or halt our rate cuts.

    Pause or halt… but not increase?

    No. That I would exclude.

    How close do you think we are to the point where the ECB should pause its easing?

    I will leave that to your interpretation. I don’t know what’s going to happen in the next meetings, so let’s see. But we need to start that discussion.

    That’s not what markets take as the base case scenario right now. Do you think that markets are ahead of themselves?

    Well, markets have been jumping around a bit in response to what is happening in the world. But an April rate cut is no longer fully priced in. So markets are not entirely sure either.

    How well is monetary transmission working at the moment? We saw quite an uptick in yields in December although there wasn’t any change in monetary policy. All other things being equal, this slows down monetary policy transmission, doesn’t it?

    We have lowered the deposit facility rate by 125 basis points over the past eight months, and this has been transmitted smoothly to short-term market rates. We’ve also seen that bank lending rates have come down quite a bit – corporate loan rates by 92 basis points and mortgage rates by 64 basis points by December. This is significant. It tells you that transmission is working. When it comes to government bond yields, it’s important to look through the short-term volatility and take a somewhat longer perspective. And what you see then is that sovereign bond yields have remained rather stable. We had a strong repricing in 2022, when the ten-year Bund moved from negative territory at the end of 2021 to around 2.4% in October 2022. That is very close to the number that we’re seeing today. So we’ve been seeing a return of long-term sovereign bond yields to their new normal. We shouldn’t overstate the short-term volatility that we’ve experienced over the past weeks.

    There’s another aspect that is quite important. One of the most interesting features of this tightening cycle is that it has not led to a comparable tightening of broader financial conditions. The exceptionally strong risk appetite of financial investors has even boosted equity prices and compressed credit spreads, and that has weakened monetary policy transmission. And part of that is due to the fact that we are still holding a very large monetary policy bond portfolio.

    But overall, also taking into account the lags, monetary policy transmission is working fine.

    Is the ECB’s “meeting-by-meeting” communication really credible? The ECB now says that the direction of travel is clear. Isn’t this a pre-commitment to further rate cuts?

    I firmly believe in the meeting-by-meeting approach. The current time of high volatility is certainly not the time to tie our hands through forward guidance. And this is also what we stress in our monetary policy statements: we are not pre-committing to any particular rate path. At the time when it was still relatively clear that monetary policy was restrictive, one could infer the direction of travel from that. But this is no longer the case. And therefore, for me, the direction of travel is not so clear anymore.

    Is this view shared by the majority of the Executive Board or the Governing Council?

    It’s not for me to comment on that. It’s going back to the point that we now have to start the discussion on how far we should go. I’m not saying that we’re there yet. But we have to start the discussion.

    If we take the meeting-by-meeting approach and data dependency as a given, does the type of data that has to be assessed need to change over time?

    There are broadly two sets of data that we need to focus on. The first one refers to the inflation outlook: inflation itself, inflation expectations, wages, productivity, exchange rates. We use incoming data to cross-check the assumptions underlying our projections. This is why I never saw data dependence as a backward-looking concept. It was always forward-looking because we use incoming data to learn more about the credibility of our inflation outlook. The second set of data relates to the level of restrictiveness of monetary policy: interest rates, broader financial conditions, lending markets, the housing market as well as domestic demand, that is consumption, savings and investment. Of course, when we have a monetary policy meeting, we always look at all available data.

    Can I challenge you on your claim that it was always forward-looking? At the time of high inflation, the ECB put a lot of emphasis on the actual inflation data from the previous month, which by definition is backward-looking. GDP numbers are by definition also very backward-looking.

    I don’t agree. What do we learn from the current inflation data? We learn whether the transmission of our policy or of shocks is working as expected. High services inflation tells us something about its stickiness. If we spot deviations, we will eventually adjust our models but we also have to change our view about the medium-term outlook. So, in my view it was never backward-looking.

    Data dependence is all the more important in today’s world. Some people say that the projections have become more credible. But who knows what’s going to happen as regards the trade conflict, the war in Ukraine and so on. We are faced with an unusual number of shocks, and that requires us to be always able to react. I don’t have a fixed mindset about what to do. Quite the opposite. I think we need to be able to adjust to whatever data or shock is coming in and what’s happening in the world and in the euro area economy.

    What are the current data telling us about the inflation outlook?

    Both services inflation and wage growth are still at an uncomfortably high level. Our projections foresee a deceleration of both. But this still needs to materialise. Services inflation has been stuck at around 4% since November 2023, and it still has to come down. For me, this is actually quite important. And therefore, the incoming data will be very relevant because our projections foresee a relatively quick deceleration of services inflation over this year.

    How quickly do you want to see service inflation coming down?

    It should start to come down in February. That’s what we expect. Over time, it does not necessarily have to come down to 2% but to a level that is consistent with our medium-term 2% target. Wage growth is also still high, but we have many indications that it is going to decelerate. For example, our wage tracker shows that wage growth is expected to drop steeply in the second half of the year. Part of that is due to a base effect from one-off payments. Hence, wage growth is expected to stay relatively elevated over the first half of the year. So we still need to see this deceleration. This is something that I pay a lot of attention to.

    How concerned are you about recent swings in energy prices?

    Energy and food prices can always offer surprises. We have seen some relatively strong moves in energy prices recently. Gas prices moved up a lot. That was mainly driven by cold temperatures. Very recently, gas prices dropped sharply. This seems to be driven partly by uncertainty about whether countries will fill up their gas storages as quickly as originally intended. A second reason is the debate about a potential ceasefire in Ukraine. This can cause a lot of volatility, which can have a strong impact on headline inflation and also on underlying inflation because energy serves as an input. We have to monitor this carefully.

    What are the implications for monetary policy from energy price volatility? Is this deflationary or inflationary?

    Recent volatility has been extreme. Before the recent fall in gas prices it was clearly inflationary. But now we have to see how that is going to play out. In general, I see risks to our inflation outlook as somewhat skewed to the upside. So I would not exclude that inflation comes back to 2% later than we had anticipated. But that remains to be seen.

    The ECB this year will review its monetary strategy. President Lagarde has excluded the current inflation target from that review. Do you think that’s the right call?

    Our symmetric, medium-term inflation target of 2% has served us very well in the high inflation period. So I really don’t see any reason to question it. And I believe there is strong support for this view in the Governing Council. What we have seen, however, is how quickly the inflation environment can change. And we have also learned how much people dislike inflation. But for me, that has implications primarily for the reaction function and not for the target. I think these two should be kept apart.

    What are the potential implications for the reaction function?

    The reaction function should be part of the debate. Back in 2021 during the previous strategy review, the discussion was very much under the impression of the low-for-long period. The main concern at the time was that our monetary policy was constrained by the effective lower bound on interest rates. When you read the monetary policy strategy statement today, you would think it comes from a different world. It focused on the risk of inflation being too low, and stated that we should be particularly forceful or persistent in such a scenario. But we have shifted to a new world. The past few years have shown that there are also risks of a de-anchoring of inflation expectations to the upside and that upside inflation risks can materialise quickly and become more persistent due to second-round effects. And therefore, I believe that the new reaction function should be symmetric in order to take into account the risks in both directions. This is especially true given that we are likely to face more adverse supply-side shocks going forward.

    So effectively you are arguing in favour of a more hawkish reaction function?

    I don’t like these notions of hawks and doves, and I don’t think that they are relevant here. My point is that our reaction function should acknowledge the fundamental shift of the macroeconomic environment. Up to 2021, we paid very little attention to upside risks to inflation. There was the perception that central banks would know precisely how to deal with a surge in inflation. But we’ve experienced that it has been quite difficult. Inflation has been above target now for almost four years. Looking forward, we should be putting equal weight on risks in both directions. And I wouldn’t call that a hawkish assertion.

    Should the ECB toolkit be changed?

    We’ve gained a lot of experience with the different tools. I do believe that all the tools we have should remain in our toolkit. But we’ve learned how important it is to carefully weigh the benefits and costs of our instruments – especially when it comes to asset purchases. They have proven very effective in stabilising markets. But as a monetary policy stance instrument, they have been less beneficial and costlier than we thought. This should be taken into account. The same applies to forward guidance. Many people believe that forward guidance led to a delayed response to the inflation surge. So forward guidance is another tool that we need to look at very carefully.

    Are you implicitly saying that ECB should not have done as much quantitative easing as it did in the years up to 2021?

    My point is that once we are back to a more normal world – a situation where inflation expectations are well anchored, and services inflation and unit labour cost growth have come down – and we are confident that we are sustainably back at our target, then we could become more tolerant of moderate deviations from our target. We should stop fine-tuning and responding to single data points. We should instead focus on large persistent shocks that give rise to a risk of a de-anchoring of inflation expectations in either direction.

    So is your point that the ECB should be more willing to tolerate downward deviations to the 2% target in a steady state?

    We should be more willing to tolerate both moderate downward and upward deviations, and act when there is a threat of de-anchoring.

    But that’s an implicit change to the inflation target, is it not?

    No, not at all. My point is that we should be less activist and rather take the time to assess whether shocks pose a serious risk to inflation expectations. Of course, we should keep in mind that the vulnerability of inflation expectations may have changed after the recent inflation experience. People have learned that inflation can increase sharply and that this is very harmful. Firms have learned that they can reprice relatively quickly, and we have to take this into account.

    Finally, we need to think about how to deal with the uncertainty around our economic and inflation outlook. For me, the most useful way to deal with that is to make greater use of scenario analysis – and in a different way than we’ve done over the past years. Back then we were looking at tail risks, which was very useful. But in the future, we should also look at plausible alternative scenarios in order to get away from the illusion of precision that we create by just focusing on the baseline point estimate. We all know there is a lot of uncertainty around it. So I think it would be important to also look at plausible alternative scenarios to illustrate this uncertainty.

    MIL OSI Economics

  • MIL-OSI Economics: Euro area monthly balance of payments: December 2024

    Source: European Central Bank

    19 February 2025

    • Current account recorded €38 billion surplus in December 2024, up from €25 billion in previous month
    • Current account surplus amounted to €419 billion (2.8% of euro area GDP) in 2024, up from €241 billion (1.6%) in 2023
    • In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €664 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €811 billion in 2024

    Chart 1

    Euro area current account balance

    (EUR billions unless otherwise indicated; working day and seasonally adjusted data)

    Source: ECB.

    The current account of the euro area recorded a surplus of €38 billion in December 2024, an increase of €13 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€33 billion), services (€18 billion) and primary income (€4 billion). These were partly offset by a deficit for secondary income (€17 billion).

    Table 1

    Current account of the euro area

    (EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)

    Source: ECB.

    Note: Discrepancies between totals and their components may be due to rounding.

    Data for the current account of the euro area

    In 2024, the current account recorded a surplus of €419 billion (2.8% of euro area GDP), compared with a surplus of €241 billion (1.6% of euro area GDP) in 2023. This increase was mainly driven by a larger surplus for goods (up from €256 billion to €390 billion), and, to a lesser extent, by a larger surplus for services (up from €123 billion to €162 billion) and a smaller deficit for secondary income (down from €170 billion to €165 billion). The surplus for primary income remained stable (€32 billion).

    Chart 2

    Selected items of the euro area financial account

    (EUR billions; 12-month cumulated data)

    Source: ECB.

    Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

    In direct investment, euro area residents made net investments of €74 billion in non-euro area assets in 2024, following net disinvestments of €329 billion in 2023 (Chart 2 and Table 2). Non-residents disinvested €102 billion in net terms from euro area assets in 2024, following net disinvestments of €364 billion in 2023.

    In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €145 billion in 2024, up from €89 billion in 2023. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €519 billion, up from €380 billion in 2023. Non-residents’ net purchases of euro area equity increased to €350 billion in 2024, up from €158 billion in 2023. Over the same period, non-residents made net purchases of euro area debt securities amounting to €461 billion, following net purchases of €398 billion in 2023.

    Table 2

    Financial account of the euro area

    (EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)

    Source: ECB.

    Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

    Data for the financial account of the euro area

    In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €363 billion in 2024 (following net acquisitions of €205 billion in 2023), while they recorded net disposals of liabilities of €43 billion (following net disposals of €171 billion in 2023).

    Chart 3

    Monetary presentation of the balance of payments

    (EUR billions; 12-month cumulated data)

    Source: ECB.

    Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.

    The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €553 billion in 2024. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment debt and portfolio investment equity. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.

    In December 2024 the Eurosystem’s stock of reserve assets increased to €1,394.0 billion up from €1,391.7 billion in the previous month (Table 3). This increase was driven by positive exchange rate changes (€4.0 billion) and, to a lesser extent, by net acquisitions of assets (€2.7 billion) which were partly offset by negative price changes (€4.3 billion).

    Table 3

    Reserve assets of the euro area

    (EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)

    Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.

    Data for the reserve assets of the euro area

    Data revisions

    This press release incorporates revisions to the data for October and November 2024. These revisions did not significantly alter the figures previously published.

    Next releases:

    • Monthly balance of payments: 21 March 2025 (reference data up to January 2025)
    • Quarterly balance of payments: 04 April 2025 (reference data up to the fourth quarter of 2024)

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 5482.

    Notes

    • Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
    • Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Organising Chairman of Australia-ASEAN Business Forum

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received Francis Wong, Organising Chairman of the Australia-ASEAN Business Forum, at the ASEAN Headquarters/ASEAN Secretariat. During the meeting, both sides exchanged views on strategies to enhance economic cooperation, facilitate trade and investment opportunities, and strengthen engagement between ASEAN and Australia, ahead of the upcoming Australia-ASEAN Business Forum, scheduled to be held in the second half of 2025 in Australia.

    The post Secretary-General of ASEAN meets with Organising Chairman of Australia-ASEAN Business Forum appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Samsung UK Launches Better Life Campaign Offering Smarter Living at a Smarter Price with Multi-Buy Savings Across Home Appliances, TVs and more

    Source: Samsung

    LONDON, UK. – February 19, 2025 – Samsung Electronics Co., Ltd is re-launching its Better Life campaign, delivering smarter living for less with a range of multi-buy offers across its home appliances, TVs, tablets, accessories, soundbars and monitors. The offers are available now via Samsung.com throughout February and March.
     
    With discounts and multi-buy offers across a huge range of products, there really is something for everyone. Customers looking for that extra inspiration to renew a new year’s resolution, take on a new challenge, optimise their home space or even enrich their entertainment experiences, can find a deal that fits their lifestyle.
     
    Better Health & Wellness
    Those looking to double down on their fitness goals this year can save £100 when you buy the Galaxy Watch Ultra[1]. Or if you’re looking to enhance those productivity goals, you can get a free Keyboard with Trackpad when you buy from the Galaxy Tab S10 or S9 series[2].
     
    Better Style & Design
    For home aficionados, customers looking for quality sound and style in harmony can get a Music Frame when bought with The Frame TVs 65″+[3]. Or choose to get a soundbar when you buy selected Neo QLED & OLED TVs[4] .
     
    Better Home Life
    Customers looking to simplify their daily lives with the latest home innovation need look no further than our wide range of home appliances. Claim up to £500 cashback on selected fridge freezers[5] or save 20% when you buy 3 selected home appliances together or 15% when you buy 2[6].
     
    Better Gaming
    For the ultimate gaming experience at home, customers can save up to 20% on selected Monitors using code BETTERLIFE.[7]
     
    Better Entertainment
    Get a Galaxy Fit3 free when you buy selected Neo QLED 4K TVs[8].
     
    For more on the campaign and the deals included, please visit: samsung.com/uk/offer/better-life/
     
    [1] Purchase from Samsung.com by 01.04.2025.
    [2] Purchase from samsung.com by 31.03.2025. While stocks last. Free AI Book Cover Keyboard with Trackpad automatically added to basket with qualifying items. Colour may vary.
    [3] Purchase from samsung.com/uk by 11.03.2025. Free item automatically added at checkout. While stocks last.
    [4] Purchase from samsung.com/uk by 11.03.2025. Free item automatically added at checkout. While stocks last.
    [5] Purchase from samsung.com/uk by 11.03.2025. Claim from Samsung between 30-90 days of purchase. Max 4 claims per household. To claim, and for full T&Cs, see https://samsungoffers.claims/wintercashback
    [6] Purchase from samsung.com/uk by 18.03.2025. Discount applied automatically at checkout when two or more qualifying products in basket. Selected skus only.
    [7] Purchase from Samsung.com/uk by 11.03.2025. Enter code at checkout. Not to be used in conjunction with any other offer.
    [8] Purchase from samsung.com/uk by 11.03.2025. Free item automatically added at checkout. While stocks last.
     

    MIL OSI Economics

  • MIL-OSI Economics: Samsung India Launches Galaxy A06 5G: ‘Kaam ka 5G’ with Superfast Connectivity & Powerful Performance at an Affordable Price

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today announced the launch of Galaxy A06 5G, bringing an awesome 5G experience at an affordable price. As the most affordable budget Galaxy A series 5G smartphone, Galaxy A06 5G is designed to offer consumers maximum value with its reliable performance and longevity.
     
    Starting today, Galaxy A06 5G will be available across all retail outlets in India, Samsung exclusive stores, as well as other offline channels, in multiple storage variants. Starting just INR 10499 for the 4GB RAM variant with 64GB storage, Galaxy A06 5G comes in three sleek and attractive colours – Black, Gray and Light Green. As a special launch offer, customers can avail one-year screen protection plan with Samsung Care+ package at just INR 129, providing additional protection and peace of mind.
     
    “With the launch of Galaxy A06 5G, we are bringing segment-leading 12 5G bands for a great 5G experience. Designed to offer awesome connectivity, powerful performance, and segment leading innovations, the device reaffirms our commitment to making cutting-edge technology accessible to everyone. With this device, we are also ensuring that users can enjoy high-speed connectivity for work and entertainment along with unmatched durability,” said Akshay S Rao, General Manager, MX Business, Samsung India.
     
     
    Awesome Performance
    Galaxy A06 5G supports all network compatibility, 12 5G bands and features carrier aggregation for enhanced network connectivity and faster speeds across all telecom operators. Powered by the MTK D6300 processor, Galaxy A06 5G ensures powerful performance and makes multitasking, gaming, and streaming an effortless exercise. The smartphone also provides RAM up to 12GB with RAM Plus feature.
     
     
    Awesome Camera and Display
    The device is equipped with a 50MP main rear camera for capturing sharp and detailed images and a 2MP depth camera for enhanced clarity, while the 8MP front camera ensures high-quality selfies and video calls. The smartphone also features a sleek and stylish design while ensuring a vivid visual experience with its expansive 6.7-inch HD+ display with a 20:9 aspect ratio. The smartphone also features a 5,000 mAh battery with best in segment 25W fast charging support.
     
     
    Awesome Trustworthiness
    Galaxy A06 5G will be available with Android 15 and Samsung’s One UI 7, ensuring users get the latest software experience. Samsung is redefining reliability with Galaxy A06 5G, offering an impressive 4 generations of OS upgrades and 4 years of security updates, a commitment that sets it apart in this segment. These industry-leading upgrades and updates are set to keep the device always up to date and ensure smoother usage experiences for users for a long period. Built for durability, Galaxy A06 5G comes with an IP54 rating, providing protection against dust and splashes.
     
     
    Awesome Galaxy Experience
    Samsung is also introducing ‘Voice Focus’ in the smartphone for the first time, an India-first innovation designed to enhance call clarity in noisy environments, making conversations clearer and more effective. This feature reflects Samsung’s commitment to bringing meaningful innovations tailored to the needs of Indian consumers. The device also prioritizes security and privacy by incorporating Samsung’s defense-grade Knox Vault security that empowers users to manage their data securely, enhancing their overall experience.
     
     
    Price and Launch Offers
    Product
    Colors
    Variant
    Price (INR)
    Offers
     
    Galaxy A06 5G
    Black, Gray, Light Green
    4GB + 64GB
    10499
    One year screen protection plan @ INR 129 with Samsung Care + package against standard market price of INR 699
    4GB + 128GB
    11499
    6GB + 128GB
    12999
     
    Galaxy A06 5G also comes with attractive EMI offers with Samsung Finance+, NBFC and banks, wherein consumers can own the smartphone for as low as INR 875 per month.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Commander of the US Pacific Fleet

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Admiral Stephen Koehler, Commander of the US Pacific Fleet, at the ASEAN Headquarters/ASEAN Secretariat. The two sides exchanged views on the cooperation between ASEAN and the US, notably in the area of maritime security. Dr. Kao welcomed the US commitment to advancing defence cooperation with ASEAN, among other things.

    The post Secretary-General of ASEAN meets with Commander of the US Pacific Fleet appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Ambassador of New Zealand to ASEAN presents Letter of Credence to the Secretary-General of ASEAN

    Source: ASEAN

    JAKARTA, 19 February 2025 – Ambassador Joanna Jane Anderson presented her Letter of Credence as Ambassador of New Zealand to ASEAN to the Secretary-General of ASEAN, Dr. Kao Kim Hourn, at the ASEAN Headquarters/ASEAN Secretariat today.

    Secretary-General Dr. Kao congratulated Ambassador Anderson on her assumption of office and reaffirmed ASEAN’s commitment to further strengthening relations with New Zealand. He highlighted the significance of Ambassador Anderson’s tenure as ASEAN and New Zealand are preparing for the Commemorative Summit to mark the 50th Year of ASEAN-New Zealand dialogue relations in November 2025, in Kuala Lumpur, Malaysia. The Secretary-General also acknowledged New Zealand’s steadfast support for ASEAN Community-building efforts, and its active participation in ASEAN-led mechanisms.

    Ambassador Anderson thanked Secretary-General Dr. Kao for the warm welcome. She was honoured to assume the role as Ambassador of New Zealand to ASEAN during a significant period for the ASEAN–New Zealand partnership, which celebrates its 50th anniversary this year. She looked forward to working with ASEAN Member States and the ASEAN Secretariat in further strengthening New Zealand’s ties and cooperation with ASEAN during her term of office.

    Ambassador Anderson succeeds Ambassador Stuart Donald Cave Calman, who completed his tenure on 24 January 2025.

    The post Ambassador of New Zealand to ASEAN presents Letter of Credence to the Secretary-General of ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN meets with the Chairman of the Singapore Institute of International Affairs

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Chairman of the Singapore Institute of International Affairs (SIIA) Associate Professor Simon Tay, at the ASEAN Headquarters/ASEAN Secretariat. They discussed the preparations for the 2nd ASEAN Think Tanks Summit, and also exchanged views on regional and global issues.

    The post Secretary-General of ASEAN meets with the Chairman of the Singapore Institute of International Affairs appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Authority to host event for designated businesses

    Source: Isle of Man

    The Isle of Man Financial Services Authority is hosting an event for designated businesses as part of its ongoing programme of engagement with the Island’s business sector.

    The session, which is scheduled to take place at the Manx Museum Lecture Theatre on Wednesday 30 April 2025, will cover a range of key topics including:

    • Supervisory approach for Designated Non-Financial Businesses and Professions (DNFBPs)
    • Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019 obligations and concessions
    • Preparations for the Isle of Man’s MONEYVAL evaluation
    • The submission of Annual Statistical Returns and data via the STRIX system

    A short presentation will be followed by an open question and answer panel discussion with senior officers from the Authority. There will also be an opportunity for attendees to discuss matters more informally before and after the main session.

    The event is open to all registered DNFBPs and tickets will be made available via the Eventbrite website later this month. As there is limited capacity at the venue, attendance is restricted to one space per entity. However, the presentation and Q&A will be recorded and shared with all stakeholders via the Authority’s website and social media channels.

    Doors open at 8:45am, with the presentation scheduled to start at 9:00am. The event will finish at 10:30am.

    Lucy Hendy, Senior Manager, AML/CFT Supervision, said: ‘The Authority is committed to working collaboratively with designated businesses to strengthen engagement and mutual understanding. We will provide further insight into our future plans and expectations during the event at the Museum, as well as taking the opportunity listen to the views of Island firms on relevant issues.’

    MIL OSI Economics

  • MIL-OSI Economics: Spam and phishing in 2024

    Source: Securelist – Kaspersky

    Headline: Spam and phishing in 2024

    The year in figures

    • 27% of all emails sent worldwide and 48.57% of all emails sent in the Russian web segment were spam
    • 18% of all spam emails were sent from Russia
    • Kaspersky Mail Anti-Virus blocked 125,521,794 malicious email attachments
    • Our Anti-Phishing system thwarted 893,216,170 attempts to follow phishing links
    • Chat Protection in Kaspersky mobile solutions prevented more than 60,000 redirects via phishing links from Telegram

    Phishing and scams in 2024

    Phishing for travelers

    In 2024, cybercriminals targeted travel enthusiasts using fake hotel and airline booking websites. In one simple scheme, a fraudulent site asked users to enter their login credentials to complete their booking — these credentials ended up in criminal hands. Sometimes, the fake login form appeared under multiple brand names at once (for example, both Booking and Airbnb).

    Another scheme involved a more sophisticated fake site, where users could even select the purpose of their trip (business or leisure). To complete the booking, the scammers requested bank card details, claiming that a certain sum would be temporarily blocked on the account to verify the card’s authenticity. Legitimate booking services regularly request payment details, so the victim may not suspect anything in this case. To rush users into entering their data carelessly, on the phishing page, the scammers displayed warnings about dwindling accommodation availability and an imminent payment deadline for the booking. If the victim entered their data, the funds were not frozen but went straight into the criminals’ pockets.

    Cyberthreats in the travel sector affected not only tourists but also employees of travel agencies. By gaining access to a corporate account, criminals could conduct financial transactions on behalf of employees and gain access to large customer databases.

    Fake accommodation sites often sent messages to property owners, telling them to log in to “manage their property.” This scheme targeted people renting out their homes through online booking platforms.

    Other scam pages featured surveys, offering respondents gifts or prize draws for participating. In this case, victims risked both their credentials and their money. Such fake giveaways are a classic scam tactic. They are often timed to coincide with a significant date for the travel industry or a specific company. For example, the screenshot below shows an offer to take part in a giveaway of airline tickets to celebrate Ryanair’s birthday.

    After completing the survey, users may be asked to share the offer with a certain number of contacts, and then pay a small fee to receive the expensive gift. Of course, these prizes are non-existent.

    Trapped in social networks

    To steal credentials for social media and messenger accounts, scammers used another classic technique: asking users to verify themselves. In one scheme, the victim was redirected to a website that completely replicated WhatsApp’s design. The user entered their phone number and login code, handing their credentials straight over to the cybercriminals.

    Beyond verification scams, fraudsters also lured victims with attractive offers. For example, in the screenshot below, the victim is promised free Instagram followers.

    Some cybercriminals also used the promise of adult content to lure victims into entering their credentials in a fake authorization form.

    Other scammers took advantage of Facebook and Instagram being owned by the same company. On a fraudulent page, they claimed to offer a service that allowed users to find Instagram profiles by entering their Facebook login and password.

    Some scams offered users a surprise “gift” — a free Telegram Premium subscription. To enable the messenger’s premium features, the victim only had to enter their phone number and a one-time code on a fraudulent website.

    Some fake social media and messenger pages were designed not to steal login credentials but to install malware on victims’ devices. Taking advantage of the popularity of Facebook Lite for Android, scammers offered users a “more advanced official version”, claiming it had extra features missing in the original app. However, instead of an upgraded app, users downloaded malware onto their devices.

    Similarly, installing a supposedly free Telegram client with an activated Premium subscription often led to downloading malware.

    Social media business services were increasingly used as a pretext for credential theft, as they play a key role in developing and promoting businesses and are directly linked to financial operations. Cybercriminals tricked Telegram channel owners into logging in to a phishing platform imitating the official Telegram Ads tool, thereby stealing their Telegram credentials. To make the scam more convincing, the attackers detailed how Telegram advertising works and promised millions of ad views per month.

    TikTok users have also been targeted. TikTok Shop allows sellers to list curated products—items featured in videos—for potential buyers to find and purchase. Scammers created fake TikTok Shop pages to steal seller credentials, potentially leading to both reputational and financial damage.

    In another case, fraudsters informed Facebook fan page owners of unusual activity in their accounts. Potential victims were prompted to check their profile by entering their login credentials into a phishing form.

    Cryptocurrency: don’t mistake scams for real deals

    One of last year’s most sensational stories was the cryptocurrency game Hamster Kombat. This clicker game, simulating the creation of a crypto exchange in a gamified format, quickly attracted a massive audience. Players eagerly awaited the moment when the in-game coins could be exchanged for real virtual currency. But while the official listing was delayed, the fraudulent schemes wasted no time.

    Fraudsters claimed to offer cash-out services for in-game coins by converting them into rubles. To withdraw money, criminals claimed, users just had to log in through a fake Telegram page.

    The growing anticipation for the new cryptocurrency’s market launch was frequently exploited by cybercriminals to steal seed phrases from crypto wallets. Scammers announced an early token sale, requiring users to log in through a fake page to participate. Of course, there was no mention of such promotions on official resources.

    The popularity of Hamster Kombat was also abused in scam schemes. For example, users were offered access to a crypto wallet supposedly containing a significant sum in virtual coins. To claim it, the unsuspecting victims had to share information about the “opportunity” with a certain number of contacts in messaging apps. Having made their potential victim an accomplice in spreading false information, the scammers demanded a small commission for the withdrawal and disappeared with the stolen money.

    A more elaborate scam also aimed to trick users into paying a “commission”, but with a slightly different approach. First, visitors to the page were asked to register to learn about some new activity related to Hamster Kombat.

    Once registered, they were suddenly informed of having won a large amount of the HMSTR cryptocurrency supposedly as part of an experiment conducted on the platform. Exploiting uncertainty around the token’s listing, scammers urged victims to bypass the official trading launch and exchange their in-game currency for Bitcoin immediately.

    To make it more convincing, the page displayed an exchange rate at which the “prize” would be converted.

    However, after clicking the “Exchange coins” button, users were prompted to pay a commission for the service.

    Everyone who paid this fee lost their money and received no Bitcoin.

    Phishing attacks also targeted TON wallet users. In this case, scammers lured victims with promises of bonuses, requiring them to link their crypto wallets on fraudulent websites.

    TON cryptocurrency was also used as bait in scam schemes. In a classic scenario, users were promised a quick way to earn digital currency. Fraudsters advertised a cloud mining service that allegedly generated high profits without any effort. After registering, unsuspecting users could monitor their “earnings” but had to pay a commission in cryptocurrency to withdraw funds.

    Another “profitable” crypto scam resembled a Ponzi scheme: victims were required to recruit at least five new participants into the program—without receiving any money, of course. The scam site mimicked an online earning platform.

    Visitors were instructed to install Telegram and use an unofficial bot to activate a crypto wallet where profits would supposedly be deposited.

    According to the instructions, users then had to buy Toncoin and register in the program through a referral link from another participant. The scam worked by enticing people to make a small investment in the hopes of making big profits—the victims used their own funds to purchase the cryptocurrency for registration. But as with any pyramid scheme, only those at the top profited, while everyone else was left with nothing but empty dreams.

    All or nothing: multipurpose phishing

    Victims of phishing frequently included bank clients and users of government service portals. In such schemes, users first received a notification that they needed to update their account credentials. Cybercriminals used various communication channels to contact their victims: email, text messages, and chats in messaging apps. The victims were then led to fake sites where they were asked to provide their personal data. First, they entered their personal login credentials on the organization’s website.

    Next, they were prompted to provide their email account credentials. The scammers also attempted to collect identity document details and other data, including the bank card PIN code.

    Additionally, these phishing forms requested answers to security questions commonly used for additional verification in banking transactions.

    This way, the cybercriminals gained full access to the victim’s account. Even the PIN code could be useful for the scammers in gaining access to the account. Security questions served as an extra safeguard for fraudsters in case the bank’s security service detected suspicious activity.

    False idols

    Phishing schemes also exploited the images of real people. For example, users browsing YouTube could stumble upon ad videos of celebrities announcing giveaways for their fans. Clicking the link in such a video led users to a page containing a post supposedly from the celebrity’s social media account, explaining how to claim the prize. However, when attempting to collect the “winnings”, visitors were asked to pay a small commission—insignificant compared to the value of the “gift.” Needless to say, those who paid the fee lost their money. The prize never existed, and the video was nothing more than a deepfake.

    Spam in 2024

    Scams

    Token giveaway scam

    Throughout the year, we frequently encountered emails announcing fake cryptocurrency airdrops, allegedly from teams of well-known crypto projects. The recipients, referred to as the platform’s “most valuable users,” were invited to participate in an “exclusive” event as a thank you for their loyalty and exceptional engagement.

    New users unfamiliar with cryptocurrency were lured in with a unique opportunity to take part in the token giveaway and win a large sum—all they had to do was register on the platform, which was, of course, fake.

    Scammers in 2024 closely monitored cryptocurrency market news. For example, in the spring, ahead of Notcoin’s upcoming listing, scam messages appeared featuring countdown timers, urging potential victims to participate in an airdrop allegedly arranged just for them.

    Scam emails also targeted users of the cryptocurrency game Hamster Kombat, popular among Russian-speakers. Players eagerly awaited the HMSTR token listing, which was repeatedly postponed—a delay that scammers were quick to exploit. In the fall of 2024, they began sending emails pretending to be from the Hamster Kombat team, promising generous cash prizes if victims clicked a link to a fake game site.

    Similar offers were distributed via a fraudulent website mimicking a major cryptocurrency exchange. In both cases, to claim the coveted tokens, victims had to link their cryptocurrency wallets.

    “Nigerian” scam

    In 2024, the Nigerian scam remained popular among spammers. Furthermore, fraudsters used both time-tested and trending themes to deceive victims. Cybercriminals employed various tricks and manipulations to engage with email recipients, with the ultimate goal of extracting money.

    Most often, users were lured into classic schemes: fraudsters posed as terminally ill wealthy individuals seeking a worthy heir, lottery winners eager to share their prize, or investors offering opportunities in a promising business. Sometimes, to evade suspicion, scammers “rescued” their victims from other fraudsters and offered to compensate them for any financial losses. For example, in the summer of 2024, we came across an interesting case where an alleged victim of crypto fraud suggested that fellow sufferers contact a group of noble hackers for help recovering lost cryptocurrency.

    Some scam offers were quite unexpected, as they didn’t promise vast riches, and, therefore, might not attract such a wide audience. In mid-to-late 2024, we saw scam emails claiming to be looking for new owners for pianos due to relocation or the previous owner’s passing.

    We also encountered even more creative scam narratives. For example, an email allegedly sent from a secret society of Illuminati promising to share their wealth, power and fame if the recipients agree to join their grand brotherhood.

    Other “Nigerian” scam emails capitalized on current news events. Thus, the most talked-about event of 2024, the US presidential election, significantly influenced the types of scams we saw. For example, one scam email claimed that the recipients were incredibly lucky to be eligible to receive millions of dollars from Donald Trump’s foundation.

    Scam in the Russian segment

    Last year, the Russian segment of the internet was not spared from mass scam mailings. We frequently encountered schemes mimicking investment projects of major banks, promising users easy earnings and bonuses. Fraudsters also sent out emails with promotional offers from home appliance and electronics stores. Customers were informed of huge discounts on sales that were supposedly about to end.

    The links in such emails led to fraudulent websites that looked identical to legitimate online stores but stood out with extremely low prices. After paying for their desired items, customers lost their money, as orders were never actually placed.

    Beyond electronics, scammers also offered other discounted products. In one such campaign, users received an email advertising a sneaker store selling popular models at affordable prices.

    Judging by the technical headers of the emails, both the sneaker store and electronics store promotions were sent by the same fraudsters.

    Additionally, we came across emails offering recipients to apply for debit or credit cards under favorable conditions. Unlike the electronics and shoe sale scams, these messages were legitimate referral programs from major banks, which enterprising spammers tried to monetize. Technically, such emails are not scams, as their links lead to real banking websites, and recipients do not face any risks. However, senders profit from registrations via the referral program. Nevertheless, we do not recommend clicking links from unknown senders, as seemingly harmless emails from a referral platform could be phishing or scam messages.

    Password-protected archives

    In 2024, there was an increase in emails distributing password-protected archives containing malicious content. Sometimes, these files were included not as attachments but via download links, which also required a password. Presumably, this was the attackers’ attempt to bypass email security filters. Typically, the archive password was mentioned in the email text, and sometimes in the attachment’s filename. Notably, fraudsters often disguised malicious archives or links as files with other extensions, such as PDF, XLS, or DOC.

    Since April 2024, we have been recording similar distributions of files with the double extension .PDF.RAR, targeting employees of Russian companies in the government, financial, manufacturing, and energy sectors.

    We assume that these messages were sent from compromised email accounts of the recipients’ business partners. Some emails contained real correspondence, to which attackers replied with an email containing the malware. All the emails we examined in this campaign were unique. The attackers likely crafted messages to closely mimic the style of the compromised business partner.

    Similar messages containing malicious files were also found in other languages. However, unlike campaigns targeting Russian-speaking users, these had more general themes—attachments were disguised as invoices, commercial offers, supply orders, tender schedules, court notices, and other documents.

    Pre-trial claims and lawsuits

    Last year, attackers frequently threatened legal action to convince victims to click dangerous links or open malicious attachments. These messages primarily targeted Russian companies but were also observed in other languages. Typically, fraudsters posed as business partners, demanding debt repayment; otherwise, they “would be forced to take the matter to arbitration court.” In one such campaign, pre-trial claims in attachments were .DOC files containing VBA scripts. These scripts established connections with command servers and downloaded, saved, and executed malicious files on the victim’s device. Kaspersky’s products detect this payload with the verdict HEUR:Trojan-Downloader.MSOffice.Sload.gen.

    In some cases, cybercriminals gave no reason for their legal threats but instead attempted to shock victims with an already “filed” lawsuit to pressure them into opening the attachment. Of course, it contained malware.

    Emails with malicious SVG files

    According to our observations, the past year saw a rise in the distribution of malicious SVG files. Disguised as harmless images, these files contained scripts that downloaded and installed additional malware on the victim’s device. (Our solutions detect these scripts as Trojan.Script.Agent.sy and Trojan.Script.Agent.qe.) The emails we encountered were written in Spanish and posed as fake legal case notifications and court summons. The text included a password for opening the attached file.

    Threats to businesses

    Fake deals

    A special category of emails that users complained about in 2024 was requests for quotation from suspicious senders. These emails were sent either from free email addresses or recently created domains. Attackers signed the emails with the names of large companies, included links to their websites, and sometimes even used official company logos. These emails followed a uniform template: the “buyers” briefly introduced themselves, expressed interest in the recipient’s products, and requested a catalog or price list. Interestingly, the fraudsters did not seem to care about the type of goods involved.

    If the recipient responded, events could unfold in two ways. In some cases, after receiving a reply to the initial seemingly legitimate request, the fraudsters sent malicious attachments or links in the next email.

    In another scenario, the “buyers” engaged in further correspondence with their “potential partner”—the victim—discussing details and insisting on their conditions, including post-payment and requiring the seller to cover customs duties. This meant that the supplier bore all the risks of delivery and could lose their goods without receiving any payment.

    Facebook

    In the spring of 2024, we discovered an interesting phishing email scheme that leveraged legitimate Facebook notifications. The service sent entirely legitimate emails to users mentioned in threatening posts. The attackers used compromised Facebook accounts, renamed to “24 Hours Left To Request Review. See Why,” and changed the profile picture to an icon featuring an orange exclamation mark.

    Then, the fraudsters created posts on these pages tagging the business accounts of potential victims. The tagged users received notifications from the alarmingly-named pages.

    These posts contained more details than the emails: victims were warned about an impending account ban due to a complaint from another user. To dispute the ban for violating service terms, the recipient of the “notification” was required to follow a phishing link from the post—leading to a fake site with Meta logos that requested Facebook login credentials.

    We also found phishing emails containing legitimate Facebook links in October 2024, but this time without using the platform’s infrastructure. These emails contained notifications of lawsuits for copyright infringement and the removal of unlawful posts from the recipient’s profile. The target was warned that their personal and business pages would be blocked within 24 hours, pressuring them to take hasty and careless action.

    However, they were immediately offered the chance to appeal by contacting the “Appeal Support Center.” The link in the email led to a phishing site disguised as Meta’s support service, where the victim was also asked to enter their profile password. To make the phishing link more convincing, a legitimate mechanism for redirecting users to external Facebook resources was used.

    At the end of 2024, we noticed an email campaign targeting companies promoting their business pages on Facebook. These emails mimicked official Meta for Business notifications and threatened to block the user’s account and business page for violating the platform’s rules and community policies.

    To dispute these accusations, the fraudsters urged the profile owners to click a link to contact “Facebook support” in a legitimate messenger. However, in reality, the victim was communicating with the owner of a fan page called “Content Moderation Center,” imitating an official support service employee. The scam could have been identified by the “Fan Page” label in the chat, though it was easy to miss.

    News agenda

    In 2024, scammers continued to exploit news agenda in spam campaigns.

    During the UEFA Euro 2024 football championship in Germany, emails began to appear offering merchandise with UEFA EURO 2024 logos.

    After Pavel Durov’s arrest in Paris, we noticed English-language messages calling for donations to supposedly fund his legal defense.

    In the fall of last year, a scam campaign began circulating, offering not-yet-released MacBook Pro M4 devices at low prices or even for free. The links in these emails led to fake websites imitating major marketplaces.

    Before Black Friday, we recorded a surge in spam offering exclusive discounts. The links in these messages lured victims to sites disguised as marketplaces, electronics stores, and financial institutions.

    B2B spam campaigns

    Online promotion services

    One of the most common categories of spam email in 2024, complained of frequently by our corporate clients, was commercial offers for online promotion. Users were offered services such as creating or redesigning websites, setting up SEO tools, and purchasing databases with potential client contacts and other information. Other advertised services included guest post placement with backlinks to the client’s site, writing positive reviews, removing negative reviews, and creating personalized email campaigns. While these messages are not malicious or fraudulent, they are mass-distributed and unsolicited, causing inconvenience to users. The popularity of this type of spam is likely driven by the development of digital marketing tools and the search for new clients for small- and medium-sized businesses amid growing online competition.

    Buying likes and followers on social media

    We also frequently encountered business offers for the online promotion of company accounts on social media. Spammers sell fake likes and followers. They often pose as employees of real social media marketing firms, claiming to be industry leaders. At the end of their emails, the spammers included a link to a marketing platform and payment options for their services. One such campaign, which we observed throughout the past year and is still active, stood out due to the variety of languages used in the emails and the diversity of domain names. With these tactics, the spammers aimed to reach a global audience.

    AI in B2B emails

    The growing popularity of neural networks has led companies to actively integrate AI into their business processes. We assume that clients of such organizations, in turn, are drawn to service offers that incorporate neural networks. As a natural consequence of this trend, AI-driven solutions began appearing in spam campaigns advertising online marketing services.

    Spammers emphasized using AI, particularly ChatGPT, to perform various business tasks. We identified the following themes in these emails:

    • Attracting website traffic
    • Creating advanced lead generation strategies
    • Developing unique approaches tailored to a brand’s identity
    • Producing and publishing content
    • Launching personalized multi-channel marketing campaigns
    • Creating custom videos for YouTube channels

    Other topics also appeared in spam emails, but they all shared the same goal—enhancing business processes and attracting potential clients.

    Another particularly popular category of spam related to neural networks was advertising online events. Last year, we encountered numerous examples of emails promoting webinars about the promising capabilities and practical applications of AI in business operations.

    Targeted phishing in 2024

    In 2024, two main trends were observed in targeted phishing:

    1. Notifications on behalf of a company’s HR department. Employees were asked to fill out or sign a document, such as a vacation schedule, accessible via a link in an email. Sometimes, instead of routine requests, attackers resorted to more extravagant tactics—such as inviting employees to check if they were on a list of staff to be dismissed.

    Phishing email from HR

    In all these cases, the common factor was that clicking the link led the employee to a phishing login page instead of the actual corporate portal. Most often, attackers targeted Microsoft accounts, though some phishing forms mimicked internal corporate resources.

    Fake login form

    1. Emails from a seller to a buyer, or vice versa. One common scheme involved a buyer or seller asking the victim to review an offer or respond to questions about product delivery and required specifications. These emails contained attached documents that actually concealed phishing links.

    Example of a phishing email from a seller

    When attempting to open the attachment, the user was redirected to a phishing page. As in the previous case, these fake forms harvested Microsoft credentials and corporate account logins.

    Fake password entry form

    Statistics: phishing

    The number of phishing attacks in 2024 increased compared to the previous year. Kaspersky solutions blocked 893,216,170 attempts to follow phishing links—26% more than in 2023.

    Number of Anti-Phishing triggerings, 2024 (download)

    Map of phishing attacks

    Users from Peru (19.06%) encountered phishing most often. Greece (18.21%) ranked second, followed by Vietnam (17.53%) and Madagascar (17.17%). They are closely followed by Ecuador (16.90%), Lesotho (16.87%) and Somalia (16.70%). The final places in the TOP 10 are occupied by Brunei (16.55%), Tunisia (16.51%) and Kenya (16.38%).

    Country/territory Share of attacked users*
    Peru 19.06
    Greece 18.21
    Vietnam 17.53
    Madagascar 17.17
    Ecuador 16.90
    Lesotho 16.87
    Somalia 16.70
    Brunei 16.55
    Tunisia 16.51
    Kenya 16.38

    * Share of users who encountered phishing out of the total number of Kaspersky users in the country/territory, 2024

    Top-level domains

    The most common domain zone hosting phishing sites remains the COM zone (29.78%)—its popularity has increased one and a half times compared to 2023. In second place is the XYZ domain (7.10%), which ranked fifth last year, followed by TOP (6.97%), which retained its position in the top ten. Next, with a slight margin from each other, are the ONLINE (4.25%) and SITE (3.87%) domain zones, where phishing sites were less actively hosted last year. The Russian RU domain (2.23%) and the global NET domain (2.02%) are in sixth and seventh place, respectively. Following them are CLICK (1.41%) and INFO (1.35%)—the year before, these zones were not frequently used. Closing the top ten is another national domain: UK, with a share of 1.33%.

    Most frequent top-level domains for phishing pages, 2024 (download)

    Organizations targeted by phishing attacks

    The rating of organizations targeted by phishers is based on the detections of the deterministic component in the Anti-Phishing system on user computers. The component detects all pages with phishing content that the user has tried to open by following a link in an email message or on the web, as long as links to these pages are present in the Kaspersky database.

    In 2024, the highest number of attempts to access phishing links blocked by Kaspersky solutions was associated with pages imitating various web services (15.75%), surpassing global internet portals (13.88%), which held the top position in 2023. The third and fourth positions in last year’s top ten also swapped places: banks moved ahead (12.86%), overtaking online stores at 11.52%. Attackers were also interested in social media (8.35%) and messengers (7.98%): attacks targeting them strengthened their positions in the ranking. For websites imitating delivery services, we observed a decline in phishing activity (6.55%), while the share of payment systems remained unchanged at 5.82%. Also included in the list of the most frequently targeted organizations were online games (5.31%) and blogs (3.75%).

    Distribution of organizations targeted by phishers, by category, 2024 (download)

    Statistics: spam

    Share of spam in email traffic

    In 2024, spam emails accounted for 47.27% of the total global email traffic, an increase of 1.27 p.p. compared to the previous year. The lowest spam levels were recorded in October and November, with average shares dropping to 45.33% and 45.20%, respectively. In December, we observed a seemingly slight upward trend in junk emails, resulting in the fourth quarter of the year being the calmest. Spam activity peaked in the summer, with the highest number of emails recorded in June (49.52%) and July (49.27%).

    Share of spam in global email traffic, 2024 (download)

    In the Russian internet segment, the average spam share exceeded the global figure, reaching 48.57%, which is 1.98 p.p. higher than in 2023. As in the rest of the world, spammers were least active at the end of the year: in the fourth quarter, 45.14% of emails were spam. However, unlike global trends, in Runet, we recorded four months during which the spam share exceeded half of all traffic: March (51.01%), June (51.53%), July (51.02%), and September (51.25%). These figures identified the third quarter as the most active, with a share of 50.46%. December was the calmest month, and interestingly, despite spam levels being generally high or the same in Russia, the number of spam emails in December was lower than the global figure: 44.56%.

    Share of spam in Runet email traffic, 2024 (download)

    Countries and territories where spam originated

    We continue to observe an increase in the share of spam sent from Russia—from 31.45% to 36.18%. The United States and mainland China, which held second and third place last year, swapped positions, with China’s share increasing by 6 p.p. (17.11%) and the US share decreasing by 3 p.p. (8.40%). Kazakhstan, which entered the top twenty for the first time last year, rose from eighth to fourth place (3.82%), pushing Japan (2.93%) down, and causing Germany, previously in fifth place, to drop one position with a share of 2.10%. India’s share slightly decreased, but the country moved up two positions from last year to seventh place. Conversely, the amount of spam sent from Hong Kong more than doubled (1.75%), allowing this territory to take eighth place in the top twenty. Next come Brazil (1.44%) and the Netherlands (1.25%), whose shares continued to decline.

    TOP 20 countries and territories where spam originated in 2024 (download)

    Malicious email attachments

    In 2024, Kaspersky solutions detected 125,521,794 attempts to open malicious email attachments, ten million fewer than the previous year. Interestingly, one of the peaks in email antivirus detections occurred in April—in contrast to 2023, when this month had the lowest malicious activity. In January and December, we observed a relative decrease in detections, while increases were noted in spring and autumn.

    Number of email antivirus detections, 2024 (download)

    The most common malicious email attachments were Agensla stealers (6.51%), which ranked second last year. Next were Badun Trojans (4.51%), which spread in archives disguised as electronic documents. The Makoob family moved from eighth to third place (3.96%), displacing the Noon spyware (3.62%), which collects browser passwords and keystrokes. The malicious Badur PDFs, the most common attachments in 2023, dropped to fifth place with a 3.48% share, followed by phishing HTML forms from the Hoax.HTML.Phish family (2.93%). Next in line were Strab spyware Trojans (2.85%), capable of tracking keystrokes, taking screenshots, and performing other typical spyware actions. Rounding out the top ten were SAgent VBS scripts (2.75%), which were not as actively used last year, the Taskun family (2.75%), which maintained its previous share, and PDF documents containing phishing links, Hoax.PDF.Phish (2.11%).

    TOP 10 malware families distributed as email attachments, 2024 (download)

    The list of the most widespread malware reflects trends similar to the distribution of families, with a few exceptions: the Hoax.HTML.Phish variant of malicious HTML forms dropped two positions (2.20%), and instead of a specific Strab Trojan sample, the top ten included the ISO image Trojan.Win32.ISO.gen, distributed via email (1.39%).

    TOP 10 malicious programs distributed as email attachments, 2024 (download)

    Countries and territories targeted by malicious mailings

    In 2024, users in Russia continued to face malicious email attachments more frequently than other countries, although the share of email antivirus detections in this country decreased compared to last year, to 11.37%. China ranked second (10.96%), re-entering the top twenty after several years. Next came Spain (8.32%), Mexico (5.73%), and Turkey (5.05%), which dropped one position each with a slight decline in malicious attachments. Switzerland (4.82%) took sixth place, appearing in the ranking for the first time. Following them were Vietnam (3.68%), whose share declined, and the UAE (3.24%), which strengthened its position in the ranking. Also among frequent targets of malicious spam were users from Malaysia (2.99%) and Italy (2.54%).

    TOP 20 countries and territories targeted by malicious mailings, 2024 (download)

    Conclusion

    Political and economic crises will continue to provide new pretexts for fraudulent schemes. In some cases presented in the 2024 report, we can observe the “greed” of cybercriminals: the use of two different company brands on the same page; a credible fake of a resource aimed not at stealing credentials but at stealing money; comprehensive questionnaires that can lead not only to loss of access to funds but also to identity theft. Such multi-layered threats may become a new trend in phishing and scam attacks.

    We continue to observe major news events being exploited in spam campaigns that promise easy earnings and discounted goods or services. The growing user interest in artificial intelligence tools is actively being leveraged by spammers to attract an audience, and this trend will undoubtedly continue.

    MIL OSI Economics

  • MIL-OSI Economics: Panasonic Wins Appeal Case Filed by Dyson Regarding Nanocare EH-NA0G Hair Dryer

    Source: Panasonic

    Headline: Panasonic Wins Appeal Case Filed by Dyson Regarding Nanocare EH-NA0G Hair Dryer

    Osaka, Japan – Panasonic Corporation (“Panasonic”) announced today (February 19, 2025) that the Intellectual Property High Court of Japan delivered a judgment dismissing the appeal (the “Appeal Court Decision”) regarding a lawsuit brought by Dyson KK (“Dyson”) against Panasonic seeking an injunction against advertisements for the nanocare EH-NA0G Hair Dryer (the “Lawsuit”).
    Dyson filed the Lawsuit with the allegation that Panasonic’s advertisements for the nanocare EH-NA0G Hair Dryer were misleading for consumers and seeking an injunction against them. The court of first instance (Tokyo District Court) ruled on April 27, 2023, that the advertisements were not misleading for consumers and did not violate the Unfair Competition Prevention Act, but Dyson appealed the judgment to the court of second instance.
    The Appeal Court Decision fully upheld Panasonic’s arguments, stating that Panasonic’s experiments of the Hair Dryer are reasonable, and ruled that the advertisements are based on the results of such experiments. At the same time, the court noted that the Dyson’s experiment methodologies, even taken together with those for the second instance, are inappropriate, and judged all the Dyson’s appeals are baseless. Panasonic achieved a complete victory once again in the court of second instance.
    Nanoe technology is supported by long years of research and development and its value is highly appreciated by customers. Panasonic will continue to provide customers with correct information on the commercial value of nanocare hair dryers while adhering to pertinent laws, regulations, and guidelines.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN officiates the Opening Ceremony of the Exhibition on ASEAN-Russia Cooperation in Civilian Nuclear Energy and Technologies

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today officiated the Opening Ceremony of the Exhibition on ASEAN-Russia Prospects of Cooperation in Civilian Nuclear Energy and Technologies, where he delivered remarks that welcomed greater collaboration with ASEAN’s partners in the area of civilian nuclear energy. This event highlights the partnership between ASEAN and Russia in advancing civilian nuclear energy as part of regional cooperation in energy, innovation, and technology.

    Download the full remarks here.

    The post Secretary-General of ASEAN officiates the Opening Ceremony of the Exhibition on ASEAN-Russia Cooperation in Civilian Nuclear Energy and Technologies appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Media release: North West Shelf extension delay another regulatory fail – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: North West Shelf extension delay another regulatory fail – Australian Energy Producers

    The Federal Government’s decision to delay its assessment of the North West Shelf extension is a blow to Western Australia’s energy security and another example of how our national environmental laws are failing.

    Australian Energy Producers Chief Executive Samantha McCulloch said the North West Shelf project has been powering WA homes and industry for 40 years and will play a critical role in the state’s future energy security and economic prosperity.

    “After six years of environmental assessment and having secured state government approval, there is simply no justification for further regulatory delays,” Ms McCulloch said.

    “This is yet another example of the open-ended and uncertain approval processes that are driving away investment and damaging Australia’s reputation as a stable, predictable country to do business.

    “The extension of the North West Shelf project is needed to ensure reliable and affordable gas supply to Western Australians, with the Australian Energy Market Operator forecasting gas shortfalls in the State from 2030.”

    WA’s gas industry is a driving force behind the state’s economy, providing 54 per cent of WA’s primary energy and 60 per cent of the state’s electricity. The industry contributes $35 billion a year to the WA economy and supports more than 73,000 jobs in the state.

    Natural gas also provides more than half the energy used by WA’s mining and minerals processing sector and supports emissions reductions in WA and the region.

    A recent independent report by EnergyQuest found that without new gas investment, Western Australia would run out of gas for electricity from the early-2030s and its mining and industrial sectors would be left without gas from mid-2030s.

    “The Federal Government must provide certainty to the millions of WA households and businesses that depend on gas and rule out any further delays to this critical energy security project,” Ms McCulloch said.

    MIL OSI Economics