Source: Toyota
Headline: [Toyota Times] Logistics, Plants, Cafeteria… More and More Uses for Hydrogen, and More Partners, too!
Heavy-duty FC trucks have begun operating in Toyota City. A hydrogen-powered cooking device has also made an appearance at the employee cafeteria. The ways of using hydrogen are spreading, offering drivers comfortable rides and delicious food for employees.
Source: Panasonic
Headline: Panasonic Group Q3 FY2025 Financial Results Key Points
Panasonic Group announced its financial results for the third quarter of FY2025 on February 4. This fact sheet provides an overview of the results in an easy-to-understand infographic format. For more detailed information, please refer to the full financial results and presentation.
Source: Asia Development Bank
In 2022, a flood in Bangladesh shut down 5,000 schools, disrupting the education of 1.5 million students. The COVID-19 pandemic forced school closures across Asia for more than a year, causing significant learning losses and reducing students’ future earning potential. As disasters, conflicts, and other crises become more frequent and severe, education systems must develop strategies to minimize their impact.
Building Resilience in Education Systems presents 13 chapters on strengthening education system resilience, written specifically for policy makers and practitioners. The book examines diverse contexts, the sources of school disruptions, and key lessons learned. Featuring insights from Asia, Africa, and Latin America, it underscores that while solutions will vary by country, every nation can leverage its resources to build a more resilient education system.
“In a world where greater unpredictability is what is most predictable, this volume is timely. The losses from the recent disruptions to education systems can be lessened if the world learns from them what has worked and what has not—and why. This volume brings together an excellent set of rigorously prepared chapters that will facilitate this learning.”
— Emmanuel Jimenez
Director General, Independent Evaluation Department, Asian Development Bank
Source: Samsung
Samsung R&D Institute India, Bangalore (SRI-B) inaugurated Samsung’s flagship global citizenship programme, the Samsung Innovation Campus (SIC), at Karnataka’s first all-women’s engineering college, Geetha Shishu Shikshana Sangha (GSSS) Institute of Engineering and Technology for Women, Mysore. This initiative underscores Samsung’s unwavering commitment to advancing gender equality in STEM and fostering a new generation of women leaders in technology.
Launched in September 2022, the SIC programme comprises an extensive curriculum focused on core technology skills including Artificial Intelligence/Machine Learning, Big Data, and Coding & Programming, especially designed by Samsung’s global R&D experts to make India’s youth industry-ready. The students enrolled in this initiative will get an opportunity to undergo expert offline and online training at a classroom facility, and work on innovative projects under the guidance of mentors from SRI-B and GSSS Institute.
“At Samsung, we believe innovation thrives when opportunities are inclusive. It brings us immense pride to inaugurate Samsung Innovation Campus (SIC) at Karnataka’s first women’s engineering college, a space where bright young minds will explore, experiment, and push the boundaries of technology. Aligned with the government’s #DigitalIndia and #MakeinIndia campaigns, it empowers students to drive technological progress from within the country. We look forward to moulding future women leaders as they create, innovate, and transform the world with technology,” said Mohan Rao Goli, Corporate Vice President and Managing Director, SRI-B.
In 2024, Samsung Southwest Asia expanded its SIC reach by enrolling 3,500 students, up from 3,000 in 2023. Samsung’s ongoing commitment to corporate social responsibility, through initiatives such as SIC and Samsung Solve for Tomorrow (SFT), highlights its mission to nurture and train India’s future-tech leaders. Through these programmes, Samsung continues to support India’s youth, equipping them with the skills that not only advance their personal and professional growth but also empower India as a global technology hub.
“Our collaboration with SRI-B ensures maximum impact, providing industry-relevant courses and niche skills, strong technical foundations, and practical exposure through capstone projects. This initiative reinforces our commitment to powering #DigitalIndia by bridging the digital skills gap and preparing women for the future workforce. Through a structured curriculum, the students will gain hands-on experience in problem-solving and emerging technologies, enhancing both employability and innovation. We deeply appreciate SRI-B for this invaluable partnership, which empowers young women technologists to drive technological advancements,” said Anupama B Pandit, Secretary, GSSS (R), Mysore.
SRI-B has established SICs in seven other institutes in Karnataka, including BNM Institute of Technology, Cambridge Institute of Technology (Main & North Campuses), Don Bosco Institute of Technology, KLE Institute of Technology, RNS Institute of Technology (RNSIT) Bengaluru, as well as one in IIIT-Kurnool, training over 800 students with the necessary skills to secure relevant opportunities in the field of technology.
Source: Asia Development Bank
Enhancing multimodal transport, standardization, and digital integration can improve efficiency, reduce costs, and strengthen manufacturing in India, Bangladesh, and Nepal’s logistics sectors.
The logistics sectors of India, Bangladesh, and Nepal face remarkably similar constraints that are central to their governments’ plans to expand the industries that rely heavily on logistics.
In each country, roads – the most heavily used form of transport – are overburdened, leading to a variety of problems, including slow and unpredictable delivery times. A lack of standardization in warehousing facilities means time is wasted on unpacking and repacking pallets to fit shelving racks following different standards.
Insufficient multimodal infrastructure means that cargo cannot easily move between trains, trucks, and ships. These hindrances affect both economies and the environment alike, in that an inefficient logistics sector is a cost borne by both consumers, in the form of higher product prices, and the environment, in the form of added emissions from idling vehicles.
India, for its part, has made the most progress in recent years toward alleviating logistics inefficiencies in the service of its broader economy, particularly in manufacturing.
India’s logistics sector, once plagued by inefficiencies, is undergoing a positive transformation. With a market size of approximately $200 billion, India transports 4.6 billion tons of freight annually.
The sector is projected to double in size by 2030, driven by aggressive expansion in road, rail, shipping and air freight. Recent improvements in road infrastructure, dedicated freight corridors and use of technological advancements in the logistics supply chain have set the stage for a more efficient logistics network.
India’s logistics sector now includes all key components needed for a modern economy, such as seamless transport across different modes (road, rail, air, and sea), efficient customs processing for domestic and international trade, and better management of ports, airports, and land borders.
From that and other significant policy reforms, India’s manufacturing sector has been on a steady growth trajectory, underpinned by significant policy and infrastructural reforms including in its logistics sector. India continues to experience rapid growth in its Manufacturing Purchasing Managers’ Index (PMI).
The latest Manufacturing PMI for December 2024 remains firmly within the expansionary zone, fueled by new business gains and robust demand. According to the RBI’s Industrial Outlook Survey, manufacturing firms anticipate further enhancements in Q4 FY25 and Q1 FY26.
India’s export landscape has also undergone substantial growth, with merchandise and services exports increasing significantly over the past two decades. Goods exports rose from $48.5 billion in 2000 to $467.5 billion in 2022.
Despite the recent very large outlays in infrastructure and policy reforms, India’s logistics sector is still confronted by several challenges also faced by Nepal and Bangladesh, where heavy investment in infrastructure is also still needed.
The transformation of the logistics sector is pivotal in fostering regional integration and economic development across South Asia.
Like India, the logistics sectors of Bangladesh and Nepal need greater consolidation for regulatory bodies in the logistics sector, overarching standardization, and better institutional coordination. In Bangladesh, congestion in external trade is an additional complication.
The development of the logistics sector has a profound impact on economic competitiveness and the environment. Improved logistics efficiency enhances supply chain resilience, reduces transaction costs, and boosts export competitiveness.
The integration of digital technologies and standardized processes facilitates smoother movement of goods, which is crucial for manufacturing growth and reduced greenhouse gas emissions.
Logistics sector reforms are also expected to create substantial employment opportunities, both in urban and rural areas. The increased demand for skilled logistics workers, driven by private sector investments and process efficiency, will contribute to job creation.
Additionally, the digitization and automation of logistics processes will generate new types of employment, aligning with the evolving needs of the sector.
Historically, Bangladesh has not fared well in the competitiveness and logistics rankings. For example, in the 2019 World Economic Forum’s Global Competitiveness Index, Bangladesh ranked 105th out of 141 countries, lagging other Asian nations such as India (68), Viet Nam (67), and Indonesia (50). Bangladesh ranked 88th of 139 in World Bank’s 2023 Logistics Performance Index, while India ranked 38th globally, up from 44th in 2019.
Bangladesh heavily relies on road-based cargo movement, with railways accounting for only about 4% of passenger and freight transport. Given the country’s dense population, expanding the road network poses significant challenges.
Therefore, shifting to rail transport and upgrading the rail network, including gauge conversion, could significantly enhance the logistics sector, improving efficiency in cargo evacuation and greener movement of goods.
Further, development of a multi-modal logistics park will be essential to facilitate freight aggregation and distribution, multimodal freight transport, integrated storage and warehousing, technology support, and value-added services. All of this contributes to a reduction in transit time and a streamlining of export processes.
Problems in Nepal are much more fundamental and revolve around basic infrastructure such as roads. Nepal, with its unique geographical challenges, can benefit from India’s experience in logistics sector reforms. Nepal should adopt a strategic approach to infrastructure development, focusing on improving road and rail connectivity to facilitate the movement of goods.
They also need to establish institutional arrangements for logistics planning at the national and local levels. Nepal can also leverage digitization and process reforms to enhance the efficiency and reliability of its logistics network. Logistics sector development is critical for paving the way for the economic diversification that Bangladesh and Nepal need as they transition away from least developed country status.
The transformation of the logistics sector is pivotal in fostering regional integration and economic development across South Asia.
Source: GlobalData
Join GlobalData’s webinar to explore the impact of disruptive shifts in geopolitics
Which parts of the US President Donald Trump’s geopolitical agenda matters most for global business risks and opportunities? Trump’s bid to settle the Russia-Ukraine war without including Ukrainian or European officials in discussions is the latest in a series of foreign policy moves that include moves to annex Greenland, reclaim the Panama Canal, and “clear out” the Gaza Strip. GlobalData’s latest Strategic Intelligence webinar will focus on the Trump administration’s policies towards US adversaries, including China, Russia, and Iran.
This insightful webinar from the Strategic Intelligence team at GlobalData, a leading data and analytics company, takes place on Thursday, 20 February 2025 at 4pm GMT/11am EST. You can register here
Our panel of experts for this webinar are Carolina Pinto, Analyst in the Strategic Intelligence team; Christopher Granville, Managing Director, Global Political & Policy Research, TS Lombard; and Grace Fan, Managing Director, Global Policy Research and Disruptive Themes Research, TS Lombard.
Granville and Fan say: “Trump’s first month back in the White House has opened a disruptive new chapter in global geopolitics, with shockwaves from his early moves on trade to foreign policy already rippling across borders and industries. This indispensable webinar will offer our incisive analysis of Trump 2.0’s initial geopolitical gambits, framed within the intricate web of the US’s three traditional adversaries (China, Russia, Iran, and proxies) and amid the powder keg of two live conflicts. We will examine the complex interplay of these issues not only from a bilateral perspective (US versus adversary country) but also touching on their profound reverberations on the wider US alliance network (from Europe to Asia) as well as the global economy, with high-stakes ramifications ahead for investors, capital markets and global supply chains.”
Pinto adds: “Supply chain disruptions are becoming worse and more frequent. Geopolitical fractures are a leading cause of this trend. This webinar will explore whether Trump’s America First agenda will raise or ease geopolitical tensions.”
Register now for GlobalData’s Trump shaking up the world webinar on Thursday 20 February 2025 at 4pm GMT/11am EST.
Source: GlobalData
Cisco displays versatility in collaboration at Cisco Live Amsterdam 2025, says GlobalData
Posted in Technology
Cisco Systems (Cisco) announced new capabilities for collaboration targeting hybrid work, contact centers, and devices at Cisco Live Amsterdam 2025. They demonstrate Cisco’s ability to address the evolving needs of organizations in a changing technology landscape, says GlobalData, a leading data and analytics company.
Gregg Willsky, Principal Analyst, Enterprise Technology & Services at GlobalData, says: “Cisco continues to aggressively strengthen its hybrid work, contact center, and device capabilities. Collectively the announced features make employees more productive and allow organizations to raise customer satisfaction by delivering a better customer experience.”
Cisco has already established itself as a premier vendor for enhancing hybrid work with AI-driven tools and has long cultivated an engineering mindset resulting in products that demonstrate real ingenuity. The round of announcements at Cisco Live Amsterdam 2025 only serves to further cement that position. They support the mantra adopted by Cisco and its rivals – to make workers more productive.
Willsky adds: “The announcements addressing the contact center are also significant. Lately, contact centers have been undergoing a profound transformation with the concept of a ‘contact center’ yielding to the broader concept of ‘customer experience’. With the capabilities unveiled at the event, Cisco continues to help organizations make the transition while supporting the needs of both agents and supervisors.”
The prominence Cisco has placed on the device experience is a key differentiator. The overarching theme of Cisco’s device strategy is not to merely provide technology, but instead to drive simple, inclusive experiences through technology. Cisco recognizes that devices support reimagined office designs that are meeting-oriented and let workers communicate and collaborate from anywhere.
Willsky concludes: “Cisco is riding the winds of change that have swept across team collaboration platforms. The COVID-19 pandemic drove the ascent of these platforms, and competitors responded with successive rounds of feature wars. Cooler heads eventually prevailed, and a ‘truce’ was issued in the form of interoperability between rival platforms. Now, things have come full circle to a degree with competitors reaching deep into the AI ‘treasure trove’ and circulating AI features platform wide. Cisco is seeking to separate itself from the pack by touting AI innovations across both Webex software and hardware. Coupled with long-standing expertise in collaboration, networking, and security, Cisco enjoys a unique competitive position.”
Source: GlobalData
S&P500 Index soars 25% YoY to $54.5 trillion in January 2025, reveals GlobalData
Posted in Business Fundamentals
The aggregate market capitalization of the Standard and Poor’s 500 (S&P 500) index companies grew 25% from $43.6 trillion in January 2024 to $54.5 trillion in January 2025. Information technology (IT) sector registered the most market gains over the period, followed by consumer discretionary* and communication services, according to GlobalData, a leading data and analytics company.
Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “Over the period, the S&P 500 index posted a 25.3% growth in annual returns. Apple, Microsoft, NVIDIA, Alphabet, Amazon, Meta, Tesla, Broadcom, Berkshire Hathaway, and Walmart were the top 10 stocks that accounted for 37.5% of the S&P 500’s aggregate market capitalization.”
In terms of market value percentage growth, communication services companies outpaced others, having seen 42.7% growth over the period, with the market cap reaching $5.8 trillion. The sector constituents that grew more than 50% during the period include Meta (74.2%), Netflix (71.1%), Live Nation Entertainment (64.3%), and Fox (51.2%).
Based on the total market value relative to the number of companies in each sector, communication services led with a value of $308.6 billion, followed by IT ($204.9 billion), consumer discretionary ($134.8 billion), financials ($97.1 billion), health care ($91.3 billion), energy ($84.3 billion), consumer staples ($80.9 billion), industrials ($57.3 billion), utilities ($40.2 billion), materials ($36.6 billion), and real estate ($35.3 billion).
In total, there are 16 new entrants, out of which Palantir Technologies, Vistra Corp, Smurfit WestRock, and Texas Pacific Land posted more than 100% growth. However, Super Micro Computer posted more than 40% loss in market value.
Grandhi concludes: “The S&P 500 index in 2025 is expected to show modest growth, driven by strong economic fundamentals and steady corporate earnings. However, double-digit gains may be unlikely due to uncertainties surrounding policies like tariffs and immigration, which could impact market dynamics.”
*Consumer discretionary is a term for classifying goods and services that are considered non-essential by consumers, but desirable if their available income is sufficient to purchase them.
Source: GlobalData
India robotic surgical systems market to record 10% CAGR during 2024-36, driven by increasing adoption, says GlobalData, says GlobalData
Posted in Medical Devices
The installation of a surgical robot at the All India Institute of Medical Sciences (AIIMS) in Delhi recently marks a testament to the Indian government’s commitment to narrowing the disparity between public and private healthcare services in terms of quality and technological advancements. In light of this context, the market for robotic surgical systems in India is projected to expand at a compound annual growth rate (CAGR) of around 10% through 2036, forecasts GlobalData, a leading data, and analytics company.
GlobalData’s report, “Robotic Surgical Systems Market Size by Segments, Share, Regulatory, Reimbursement, Installed Base and Forecast to 2036” reveals that India’s market is projected to constitute around 6% of the Asia-Pacific market in 2024, bolstered by government initiatives aimed at increasing the adoption of surgical robotics.
Recently, the AIIMS in Delhi has introduced a state-of-the-art surgical robot within its General Surgery Department. This acquisition positions AIIMS as one of the first government hospitals in India to embrace such advanced technology. The robot offers surgeons a magnified, 3D view of the surgical area and features robotic arms for exceptional dexterity, allowing for precise procedures, especially in intricate dissection and suturing in confined anatomical spaces.
Divya Soni, Medical Devices Analyst at GlobalData, comments: “Robotic-assisted surgeries not only enhance precision and minimize errors but also signify a fundamental transformation in healthcare delivery. These advanced procedures hold the potential to improve long-term outcomes, expedite recovery periods, and redefine the dynamics between surgeon and patient. Governmental support can be instrumental in overcoming barriers such as high cost and lack of enough specialized training, thereby ensuring equitable healthcare access for all socio-economic strata.”
In a significant development, Apollo Cancer Centre in Kolkata has also recently reached a notable milestone by successfully conducting India’s first robotic-assisted excision of a rare prostatic stromal tumor. This achievement underscores the increasing implementation of robotic surgery throughout the nation, providing new hope to patients suffering with rare and complicated conditions.
Soni concludes: “The integration of robotics into public healthcare facilities signifies a pivotal moment in the standardization of high-quality healthcare across public and private sectors. This advancement is anticipated to transform surgical procedures, providing insight into the future of medical treatment in India.”
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning met with Deputy Secretary for South and Southeast Asia Group and Australia’s ASEAN, EAS and ARF Senior Official, Michelle Chan, at the ASEAN Headquarters/ASEAN Secretariat. Both sides recalled their fruitful discussions in Canberra, Australia, last year and exchanged views on various aspects of ASEAN-Australia relations as well as sought ways to further strengthen cooperation under the ASEAN-Australia Comprehensive Strategic Partnership, giving support to ASEAN’s priorities in 2025.
The post Secretary-General of ASEAN meets with Australia’s Senior Official for ASEAN, East Asia Summit, and ASEAN Regional Forum appeared first on ASEAN Main Portal.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today welcomed a delegation from the ASEAN Studies Centre (ASC) of the ISEAS-Yusof Ishak Institute, headed by its Director, Mr Choi Shing Kwok, at the ASEAN Headquarters/ASEAN Secretariat. Both sides discussed ASEAN’s progress and future directions, especially under Malaysia’s ASEAN Chairmanship. The meeting was followed by a roundtable discussion with the researchers and academic representatives from the ASC, alongside senior ASEAN Secretariat staff. The discussion centred on the challenges and opportunities facing ASEAN’s three Community pillars. The roundtable served as a valuable platform for exchanging views and ideas on ASEAN’s strategic direction, fostering resilience, and enhancing regional cooperation. The ASEAN Studies Centre of the ISEAS-Yusof Ishak Institute is an ASEAN Prize Recipient of 2020.
The post Secretary-General of ASEAN engages with ASEAN Studies Centre ISEAS-Yusof Ishak Institute appeared first on ASEAN Main Portal.
Source: Independent Petroleum Association of America
Headline: IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters
Dear Senator Cruz,
We are writing to express our strong support for your proposed resolution of disapproval under the Congressional Review Act (CRA) regarding the Department of Energy’s (DOE) rule on gas-fired instantaneous water heaters.
Our respective Trade Associations represent 80% of the new oil and gas resources brought online each year. Over the past four years we have fought the prior Administration’s every move to restrict the production and consumption of fossil energy. This rule is a perfect example of the direct result of the Biden Administration’s illegal whole-of-government assault on oil and natural gas use and consumption.
It effectively mandates the use of condensing technology, which increases the upfront cost and restricts options for American families. The clear intent of this regulation is to increase the upfront cost of natural gas-fired equipment to force consumers to fuel switch and use electric water heaters. This constitutes an unlawful overreach, and Congressional intervention is urgently required to rectify this flawed rule. …
Source: Verizon
Headline: Straight Talk Wireless Rewards People for their Use of Unlimited Data this Tax Season with The Data Bank by Straight Talk
NEW YORK – Straight Talk Wireless, a leading prepaid brand covered by Verizon’s 5G network and sold at Walmart, is launching The Data Bank by Straight Talk, a limited-time event that turns mobile data usage into real financial rewards. Taking place in Union Square Park in New York City on February 18 and Kennedy Commons in East New Jersey on February 19, The Data Bank brings attention to the exceptional value provided by Straight Talk’s unlimited data plans by giving customers the opportunity to check their data usage and be rewarded with a gift card through an interactive, bank-like experience.
Tax season can be a stressful time for many, and Straight Talk recognizes that even when money feels tight, people can still be Data Rich – thanks to its real unlimited data plans. In fact, data plays a crucial role in people’s everyday lives, especially during tax season. According to Straight Talk’s third annual Tax Time Survey, more than half of Americans (57%) use their mobile data for online banking, and 53% access it during tax season, whether it’s to file taxes right on their phone or speak with tax advisors. With this limited-time event, Straight Talk aims to give back when tax refunds might not be enough.
“At Straight Talk, we understand that tax season can be a hectic time, and many families rely on their refund checks to help manage their finances. That’s why we aim to alleviate some of that tax time stress with the launch of our innovative Data Bank event,” said David Kim, SVP & CRO of Verizon Value. “The Data Bank by Straight Talk is designed to show how impactful having real unlimited data is by rewarding mobile data usage with gift cards, especially at a time when families are looking for extra financial flexibility. Straight Talk is committed to supporting consumers with their truly unlimited data during tax time and all year long.”
At The Data Bank by Straight Talk, visitors will step into a custom-designed truck converted into a mobile “bank,” where they can interact with Straight Talk’s “teller,”@alexonabudget (influencer and money expert), check their data usage and convert their data usage into a gift card on site.
Be one of the first to experience the bank-like event and get rewarded with extra cash at one of the following locations:
For those not in the area, you can still take advantage of Straight Talk’s unlimited data online at StraightTalk.com or at Walmart stores. In addition to supplying users with real unlimited data they can rely on, Straight Talk is also offering new and existing customers a free Samsung A16 or Moto G Power 5G with the purchase of a qualifying service plan. These offers will be available at StraightTalk.com and at Walmart stores so customers can take advantage of the latest features and benefits.
For more information on Straight Talk Wireless, visit www.straighttalk.com.
About Straight Talk Wireless
Straight Talk Wireless provides quality no-contract wireless solutions to value-conscious consumers and is available exclusively at Walmart, Walmart.com, and Straighttalk.com.
Straight Talk is part of the Verizon Value portfolio of prepaid brands, which includes Total Wireless, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid.
Source: European Central Bank
Frankfurt am Main, 18 February 2025
Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.
In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.
During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs).[1] As a result, the size of our balance sheet has fallen by more than a quarter from its peak.
Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.
Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.
At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.
Against this background, the Governing Council has gradually been reducing the degree of monetary policy restriction by cutting policy rates towards neutral territory. While our direction is clear, we are very attentive to incoming information in view of the prevailing uncertainty about the economic environment. We continue to make decisions on a meeting-by-meeting and data-dependent basis. This gives us the option to adapt our interest rate path if necessary to ensure that inflation stabilises sustainably at our 2% medium-term target.
However, given the importance of financial conditions in determining the inflation outlook, we also need to consider the role played by the reduction of our balance sheet. In the tightening phase our rate decisions and balance sheet policies complemented each other, but they are now going in opposing directions.
This divergence has important implications across at least two dimensions.
First, it contributes to a steepening of the yield curve. Our rate cuts exert downward pressure primarily at the short end of the yield curve. At the same time, the gradual runoff of our asset purchase portfolios exerts upward pressure on long-term and, to a lesser extent, intermediate yields. This has been compounded by recent spillovers from the US.[2]
Second, it may affect credit supply. Declining levels of central bank liquidity could constrain banks’ ability to extend credit, resulting in tighter credit conditions and potentially slowing down the investment and consumption that are critical for economic recovery.
In setting the policy stance, we therefore need to consider the impact of the overall set of financial conditions resulting from our interest rate and balance sheet policies. In other words, we need to strike the right balance if we are to achieve our inflation aim without an undue negative impact on incomes and employment. A rate cut has a more contained easing effect when the balance sheet is simultaneously reduced. This has implications when discussing the appropriate policy rate path.
We also need to consider the potential risks to the transmission of our monetary policy. In the past, abundant levels of liquidity have acted as a safeguard against spikes in liquidity needs that emerged regardless of where our rates stood. With this in mind, we need to carefully monitor the transition from abundant to less ample excess liquidity, mindful of the potential implications for financial stability.
Today, I would like to take stock of the ECB’s experience with balance sheet policies, explaining why they remain a vital part of our monetary policy toolbox. I will then discuss the implications of the ECB’s balance sheet for our monetary policy in the current environment.
At the ECB, balance sheet policies have served a dual purpose over time, allowing us to deliver on our price stability mandate amid exceptionally difficult circumstances.
First, during periods when interest rates approached their effective lower bound and inflation remained below target, the ECB used asset purchases to support an accommodative monetary policy stance.
For instance, the ECB launched its asset purchase programme (APP) in 2015 to stimulate the economy and inflation at a time when deflationary threats loomed large. Asset purchases and the associated provision of central bank liquidity worked in several ways – including through the portfolio rebalancing, exchange rate and credit channels – to generate a significant upward effect on both economic activity and inflation.[3]
Second, balance sheet policies have been pivotal to ensuring the smooth transmission of our monetary policy to the real economy, in both tightening and easing phases.
At times when we were lowering our policy rates, our TLTROs, launched in 2014, provided banks with long-term funding on favourable terms to incentivise them to lend to firms and households. This led to a persistent compression in lending rates and an increase in loan volumes over time.[4]
But balance sheet policies were also instrumental in ensuring the smooth transmission of monetary policy at times when we were increasing our policy rates. The announcement of our Transmission Protection Instrument (TPI) in 2022 allowed us to embark on the fastest rate hiking cycle in our history without sparking financial fragmentation in the euro area.
Of course, the stance and transmission functions of our balance sheet policies do not operate in isolation. There can be beneficial interactions between the two.
As rates increased, for example, euro area banks had sufficient liquidity to manage any maturity mismatches that arose. This – alongside strengthened regulation and supervision – helped them to emerge unscathed from the market turbulence in March 2023 that saw the collapse of three regional banks in the United States.
The substantial expansion of the ECB’s balance sheet required careful monitoring of potential side effects. That is why the principle of proportionality lies at the core of how we use our balance sheet instruments.[5]
In its 2021 strategy review, the Governing Council assessed that its use of balance sheet measures – alongside negative interest rates and forward guidance – had indeed been proportionate, taking into account any side effects, for instance on inequality and the financial sector.[6]
Some concerns, however, require a more nuanced perspective.
For example, there is little evidence to suggest that excessive risk appetite may be attributable to larger central bank balance sheets. If this were the case, we should have seen less risk-taking in markets as central banks began to withdraw their market footprint.
But the opposite has been the case. Today equity markets are near all-time highs. This may be due to “animal spirits”[7], which have also been observed outside periods of central bank balance sheet growth. We saw them at play, for instance, during the dot-com bubble – a period when the cyclically adjusted price-to-earnings ratio hit its historic peak and central bank balance sheets were distinctly lean.
Moreover, as the Eurosystem gradually reduces its footprint in sovereign bond markets by reducing its holdings of euro area government bonds, concerns about the size of the balance sheet are becoming less and less justified (Chart 1).[8]
Size of euro area government bond market and the Eurosystem’s market footprint
(left-hand scale: EUR billions; right-hand scale: percentages)
Sources: Eurosystem and Centralised Securities Database.
Notes: The chart shows the evolution of the size of the euro area government bond market and splits it into outright holdings (yellow) and mobilised collateral (green), as well as what is not held or mobilised as collateral with the Eurosystem (blue). The Eurosystem market footprint is a relative measure, computed as the share of the Eurosystem’s euro area government bond (EGB) holdings compared with the nominal amount outstanding. Outright holdings are EGBs held by the Eurosystem via purchase programmes, adjusted by EGBs lent back via the securities lending against cash collateral facilities. Mobilised collateral includes EGBs mobilised as collateral for open market operations. The latest observations are for 31 January 2025.
Going forward, an evolving economic landscape suggests that balance sheet policies could be increasingly useful as monetary policy instruments. Let me highlight two developments that are particularly relevant here.
First, the non-bank financial sector has grown considerably over time and is becoming increasingly relevant in the funding of the real economy.
In the euro area, the financial assets of non-banks have more than doubled since the global financial crisis.[9] Compared with banks, non-banks are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases.[10] Given that non-banks adjust their portfolios more actively in response to changes in interest rates, this also increases the need for sufficient liquidity in the system to facilitate these adjustments.
Second, geopolitical fragmentation means that the global economy is becoming more shock prone and subject to higher levels of uncertainty (Chart 2).
Global Economic Policy Uncertainty index
(index)
Source: Bloomberg.
Note: The latest observation is for December 2024.
In this environment, we need to remember that the euro area is subject to fragmentation risk. A key lesson from the sovereign debt crisis is that balance sheet policies have been instrumental in making the euro area a more “normal” jurisdiction from the perspective of monetary policy.
As we navigate an increasingly complex economic landscape, the transition from abundant to less ample excess liquidity represents an inflection point that also requires close monitoring.
In this environment, banks’ liquidity needs are met via a broad mix of instruments under our new operational framework. These include our short-term main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs) and will also include – at a later stage – structural longer-term credit operations and a structural portfolio of securities.[11]
However, the decline in excess liquidity warrants careful monitoring, as it could exert additional tightening pressures on financial and financing conditions, potentially exceeding the intended policy stance.
It is in this context that I would like to talk about the implications of our balance sheet for monetary policy in the current environment.
The ECB’s balance sheet has been reduced at a faster pace than those of central banks in other major economies during their tightening cycles (Chart 3). So far, much of this decline can be attributed to banks’ repayments of TLTRO loans.[12]
Central bank total assets
(index = 100 at the start of the respective policy rate hiking cycles)
Sources: Bloomberg and ECB calculations.
Notes: The x-axis starts on 21 July 2022, 16 March 2022 and 15 December 2021 for the Eurosystem, Federal Reserve System, and Bank of England respectively. For the Bank of England, reserve balances are used as a proxy for the total balance sheet. The latest observations are for 12 February 2025.
Looking ahead, however, any further reduction in the size of our balance sheet will stem from the gradual unwinding of our asset purchase portfolios, as the Eurosystem no longer reinvests the principal payments from maturing securities.
As in the past, the normalisation of our balance sheet has implications for our monetary policy stance and the possible risks to monetary policy transmission.
Let me start with the implications for our monetary policy stance.
Our reaction function for rate decisions is built around three well-known criteria: (i) the inflation outlook, (ii) the dynamics of underlying inflation and (iii) the strength of monetary policy transmission.
Inflation has fallen by around three-quarters from its peak in late 2022 (Chart 4). The disinflation process is well on track, and our staff projections see inflation averaging 2.1% this year, 1.9% next year and 2.1% in 2027.
Headline inflation
(annual percentage changes)
Source: Eurostat.
Note: The latest observation is for January 2025 (flash estimate).
Most measures of underlying inflation suggest that inflation will settle at around our 2% medium-term target on a sustained basis. In particular, the ECB’s measure of the persistent and common component of inflation (PCCI)[13] – a more forward-looking indicator of underlying inflationary pressures that tends to better predict future inflation – stood at 2.1% in December, and 2.0% when excluding energy.
Domestic inflation remains high, as wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. But our wage tracker is signalling a significant moderation in wage growth, and profits are partially buffering the impact on inflation.
It is the third leg of our reaction function – the strength of monetary policy transmission – that I would like to discuss in more detail, however.
As we cut interest rates, new borrowing for firms and households is becoming less expensive. But financing conditions continue to be tight – in part because our monetary policy remains restrictive and past rate hikes are still working their way through the economy.[14]
While credit continues to expand, lending to firms and households remains subdued by historical standards. In December, the annual growth rate of lending to firms was roughly two-thirds below its historical average.[15] Growth in housing loans increased gradually but also remained muted overall, at around one-fifth of its long-term average (Chart 5).[16]
Loans to firms and households
(percentage points)
Sources: ECB (BSI) and ECB staff calculations.
Note: The latest observations are for December 2024.
At the same time, the recent gradual recovery in lending has not kept pace with the nominal growth of the economy, as reflected in the continued decline of the loan-to-GDP ratio (Chart 6).
Ratio of bank loans to GDP
(percentages)
Sources: ECB (BSI), Eurostat and ECB staff calculations.
Note: The latest observation is for the third quarter of 2024.
While policy rates remain our primary instrument for adjusting our monetary policy stance, the normalisation of our balance sheet may also affect the stance through two key channels.
First, while our rate cuts exert downward pressure primarily at the short end of the yield curve, our quantitative tightening exerts upward pressure on long-term maturities and, to a lesser extent, intermediate ones. This serves to tighten financial conditions.[17]
Indeed, the runoff of the asset portfolios of central banks has arguably been one of several factors contributing to a steepening of sovereign yield curves in recent months – akin to a reversal of the duration risk channel previously associated with central banks through quantitative easing (Chart 7).
New duration risk absorbed by private investors
(EUR billions per basis point)
Sources: Bloomberg and ECB.
Notes: The chart shows the month-on-month change in the duration of government bonds held by private investors (i.e. investors other than the domestic central bank). Rates are approximated by weighted average maturity.
At its peak in early 2022, the impact of current and expected Eurosystem bond holdings in our asset portfolios lowered ten-year sovereign bond yields by around 175 basis points.[18] Due to quantitative tightening, however, the easing impact has now fallen to around 75 basis points and is expected to further reduce over time (Chart 8).
Impact of APP and PEPP sovereign bond holdings on ten-year sovereign risk premia
(basis points)
Source: ECB calculations.
Notes: The impacts are derived from an affine arbitrage-free model of the term structure with a quantity factor (see Eser et al., op. cit.) and an alternative version of the model recalibrated so that the model-implied yield reactions to the March PEPP announcement match the two-day yield changes observed after 18 March 2020. The model results are derived using GDP-weighted averages of the zero-coupon yields of the big-four sovereign issuers (DE, FR, IT and ES). The continuous line represents estimates based on real-time survey expectations. The dashed line is based on projections of the Eurosystem’s holdings of big-four sovereign bonds in the APP and PEPP as informed by the ECB’s December 2024 Survey of Monetary Analysts. The model abstracts from any potential holdings in a structural portfolio of securities. The latest observations are for January 2025 (monthly data).
According to ECB research, an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 basis points (Chart 9).[19]
Expected term premium impact from running down the asset portfolio by €1 trillion
(basis points)
Sources: ECB December 2024 Survey of Monetary Analysts (SMA) and Akkaya, Y. et al., op.cit.
Notes: The chart depicts the expected effect on the term premium of various assets with a ten-year maturity resulting from an expected €1 trillion decrease in the ECB’s bond holdings. Results are based on individual SMA responses from December 2022 until December 2023.
Second, an environment marked by declining levels of central bank liquidity may constrain banks’ ability to extend credit.
Research documents the strong relationship between loan supply and structural sources of liquidity, such as reserves obtained through credit easing programmes or those injected through quantitative easing interventions.
More specifically, a €1 change in non-borrowed reserves or credit easing reserves is associated with a corresponding change in credit of approximately 15 cents or 10 cents respectively.[20] In other words, a €500 billion drop in non-borrowed reserves – similar to the one expected in 2025 as a result of the decline in our APP and PEPP holdings – is associated with a €75 billion decline in credit supply, equivalent to about 0.6 percentage points of downward pressure on loans to the non-financial private sector.[21]
Accordingly, as central bank liquidity declines, we may see tighter credit conditions in the economy. This could slow down investment and consumption, with firms cutting back on capital expenditure and consumers reducing purchases of big-ticket items that require financing.[22]
Incoming data suggest that euro area GDP growth will remain subdued in the short term. Industrial production decreased notably in December and surveys indicate that manufacturing is continuing to contract, whereas services activity is expanding at a moderate pace (Chart 10).
Purchasing Managers’ Index
(diffusion indices)
Source: S&P Global.
Notes: “Output” and “New orders” correspond to the manufacturing and composite indices, and “Business activity” and “New business” to the services index. The latest observations are for January 2025.
Given the uncertain economic environment, we are yet to see a sustained rebound in investment (Chart 11).[23] And while we continue to expect consumption to be the main driver of the recovery, rising real incomes have not yet encouraged households to increase their spending in a commensurate manner (Chart 12).[24] In the face of subdued domestic demand, our latest staff projections forecast a slower economic recovery than had been forecast in the September projections.[25]
Detailed decomposition of euro area real GDP
(quarter-on-quarter percentage changes and percentage point contributions)
Sources: Eurostat and ECB staff calculations.
Note: The latest observations are for the fourth quarter of 2024 for real GDP, and for the third quarter of 2024 for the other components.
Real household disposable income and consumption
(second quarter of 2022 = 100)
Sources: Eurostat and ECB staff calculations.
Note: The latest observations are for the third quarter of 2024.
Moreover, geopolitical risks may create further headwinds for the recovery, which we will need to monitor carefully. Forthcoming findings from the ECB’s Consumer Expectations Survey (CES) suggest that consumers’ concerns about geopolitical risks are negatively affecting economic sentiment – leading to more pessimistic expectations, more elevated income uncertainty and, ultimately, a lower propensity to consume.
We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. As we gradually cut rates towards neutral territory, we need to be mindful of the fact that we now have two monetary policy tools working in opposing directions, given our ongoing quantitative tightening. This is a first in our history at the ECB.
We therefore need to ensure that we factor in the tightening of our balance sheet when calibrating our rate cuts to achieve our inflation aim. This is because the stance effects stemming from our rate cuts will be somewhat dampened by the tightening induced by the normalisation of our balance sheet.
This is an important consideration when discussing the appropriate policy rate path.
Similarly, we need to be mindful of the possible risks to the transmission of our monetary policy to the real economy in view of the prevailing uncertainty and potential risks to financial stability.
This cautious approach is crucial, especially given historical precedents where central banks faced unexpected challenges.
In late 2019, for instance, the Federal Reserve System was unexpectedly forced to temporarily reverse its balance sheet retrenchment due to liquidity challenges in financial markets.[26] In 2022 the Bank of England halted quantitative tightening and launched emergency gilt purchases to safeguard financial stability after pension funds’ liability-driven investment strategies exposed systemic risks.[27]
Recent bouts of market volatility also underscore that we should remain alert to the emergence of financial stability risks that may endanger transmission. Last August several factors converged to spark substantial market volatility.[28] The VIX, a market index that measures the implied volatility of the S&P 500 index, recorded its largest ever one-day spike (Chart 13).[29]
VIX index
(percentages)
Source: ECB staff calculations.
Notes: Long run average calculated since January 2000. The latest observations are for 7 February 2025.
Faced with such episodes of volatility, the further decline in our balance sheet must remain on a gradual and predictable path to avoid financial amplification effects.[30] This is especially important in an environment where euro area banks are already tightening their credit standards, especially for firms and consumer credit, due to higher perceived risks related to the economic outlook (Chart 14).[31]
Credit standards, demand for loans to firms and contributing factors
(net percentages)
Source: ECB (bank lending survey).
Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages for the questions on credit standards for loans are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. “Other financing needs” as unweighted average of “M&A and corporate restructuring” and “debt refinancing/restructuring and renegotiation”; “Use of alternative finance” as unweighted average of “internal financing”, “loans from other banks”, “loans from non-banks”, “issuance/redemption of debt securities” and “issuance/redemption of equity”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards or changes in loan demand, respectively. The latest observations are for the fourth quarter of 2024 (January 2025 bank lending survey).
Our balance sheet policy instruments continue to be a crucial item in our toolbox. The expectation that we will use them if necessary protects the smooth transmission of our monetary policy and reduces the likelihood that we will need to use these tools in the first place.
Moreover, in an environment of heightened uncertainty, even in the context of excess liquidity, we need to remain prudent and be ready to step in should another shock emerge. We should maintain the flexibility to swiftly expand liquidity facilities if stressful conditions arise.
Let me conclude.
The ECB’s experience with balance sheet policies to date demonstrates their importance both for the monetary policy stance and for the transmission of our monetary policy to the real economy. They are a vital part of our toolkit.
While policy rates remain our primary instrument for adjusting the monetary policy stance, we should also consider the role played by quantitative tightening in influencing overall financial and financing conditions – be it through the yield curve or through the bank lending channel.
To strike the right balance, we should ensure that our rate decisions adequately compensate for the tightening induced by the reduction of our balance sheet.
Thank you.
Source: World Trade Organization
H.E. Mr. Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia)
Dispute Settlement Body
H.E. Ms. Clare Kelly (New Zealand)
Trade Policy Review Body
H.E. Mr. Asset Irgaliyev (Kazakhstan)
Council for Trade in Goods
H.E. Mr. Gustavo Nerio Lunazzi (Argentina)
Council for Trade in Services
H.E. Mr. Ram Prasad Subedi (Nepal)
Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS)
Mme. Emmanuelle Ivanov-Durand (France)
Committee on Trade and Development
H.E. Dr. Mzukisi Qobo (South Africa)
Committee on Balance-of-Payments Restrictions
H.E. Dr. José R. Sánchez-Fung (Dominican Republic)
Committee on Budget, Finance and Administration
H.E. Mrs. Carmen Heidecke (Germany)
Committee on Trade and Environment
H.E. Mr. Erwin Bollinger (Switzerland)
Committee on Regional Trade Agreements
H.E. Mr. José Valencia (Ecuador)
Working Group on Trade, Debt and Finance
H.E. Mr. Suon Prasith (Cambodia)
Working Group on Trade and Transfer of Technology
H.E. Mr. Salomon Eheth (Cameroon)
H.E. Dr. Adamu Mohammed Abdulhamid (Nigeria)
Source: Thales Group
Headline: Arizona Department of Public Safety partners with Thales for enhanced security of license and identity credentials
The Arizona Department of Public Safety (DPS) has awarded Thales a contract, with potential to extend through 2029, for off-site printing of their special license and identity cards including Concealed Weapons Permits, Certificates of Firearms Proficiency, Fingerprint Clearance Cards, and various licensed Security Guard and Private Investigator cards.
As part of this award, these ID cards are being upgraded with stronger security features and a redesigned appearance to ensure a high degree of security and trust in each credential. The new security elements include transitioning to 100% polycarbonate cards, for stronger security and the ability to leverage a large number of embedded, visible security features making it easier for first-line inspectors and law enforcement to quickly and clearly identify whether the credential is genuine or has been altered.
New security features being added to these cards include a detailed laser engraved portrait photo for a clear photo easy to identify in rapid or low light situations, smooth color transitions within a secure background pattern, and a reflective embossed pattern across the card surface for kinetic movement effects. All security features are safely located within, and protected by, the polycarbonate card body and cannot be tampered with without damaging the card, thereby making the tampering attempt extremely evident.
Arizona DPS joins over a dozen other Thales partner agencies in North America that have switched to cards made from 100% polycarbonate, for best-in-class identity credential documents. In addition to the highest-level of security available, polycarbonate also provides a highly durable card with higher resistance to fraud over the life of the credential.
Thales is the fastest growing provider of license and identity solutions in the U.S., with a true partner-based approach with our agency and jurisdiction customers. Thales offers the strongest security features in the marketplace for identity credentials, as well as regularly introduces new card security features, to ensure our commitment to the fight against fraud.
“These next generation identity cards provide Arizona citizens, businesses and state officials with stronger security for these credentials, allowing for quicker validation,” said Tyson Moler, Vice President for Thales Identity and Biometric Solutions in North America. “Thales is pleased to partner with the Arizona DPS, leveraging our key strengths and expertise in reliable and secure documents solutions.”
Thales is a trusted provider of driver’s license and ID solutions in the U.S. Thales provides driver’s license and ID card solutions to the following 17 agencies and jurisdictions across North America: Alaska, Arizona MVD and DPS, Colorado, Georgia, Hawaii, Maryland, New Brunswick, New Hampshire, New York, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Quebec, Texas, Washington D.C., Wyoming.
Source: World Trade Organization
DG Okonjo-Iweala said: “I warmly welcome Chinese Taipei’s formal acceptance of the Agreement on Fisheries Subsidies. It underscores the collective determination of WTO members to address harmful subsidies that deplete fish stocks, and to ensure healthier oceans for the benefit of livelihoods and ecosystems worldwide. I encourage the remaining WTO members to swiftly follow suit – we need only 21 more.”
Dr Lo, Chinese Taipei’s Permanent Representative to the WTO, said: “The Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu is pleased to formally deposit our instrument of acceptance for the WTO Agreement on Fisheries Subsidies. Throughout the negotiations, we have engaged constructively and believe we have made a meaningful contribution to the outcome. Our strong commitment to the disciplines embedded in the Agreement is reflected in this deposit. With our submission, alongside those of other members, we hope to see the Agreement enter into force ahead of the 14th Ministerial Conference (MC14), thereby providing momentum for the ongoing Phase II negotiations. We also thank Director-General Dr Ngozi for her leadership in helping fisheries subsidies negotiations move forward.”
Chinese Taipei’s instrument of acceptance brings to 90 the total number of WTO members that have formally accepted the Agreement. Twenty-one more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.
Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.
The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.
Source: World Trade Organization
Members identified significant challenges faced by small economies in digital trade, noting that legal progress in the digital domain has not always translated into substantial digital growth.
Members emphasized the need for increased capacity-building initiatives focused on developing legal and regulatory frameworks, particularly for developing economies. These initiatives are essential for empowering these countries to participate more effectively in the global digital economy, they said. Members underscored the importance of strengthening cooperation with other international organizations to undertake targeted capacity building and technical assistance programmes regarding e-commerce regulatory frameworks
To guide members in improving their e-commerce regulatory frameworks, some members proposed developing a compendium of best practices and policy recommendations. This compendium would draw on the experiences and legislation of members, particularly in areas such as consumer protection, privacy, data protection and cybersecurity.
Members highlighted the need to explore emerging issues, such as the implications of AI technology on members’ regulatory frameworks and the role of the WTO.
The next dedicated discussion, on 18 March, will address the digital divide, with a focus on technology transfer and digital industrialization.
Source: African Development Bank Group
Rice production in Benin has almost doubled in the space of three years, heading north from 406,000 tonnes in 2020 to nearly 712,000 tonnes in 2023 and thereby exceeding the initial target of 700,000 tonnes. Maize production rose to 1.7 million tonnes in 2023, compared with 1.5 million tonnes three years earlier.
Source: Microsoft
Headline: Security pros: Join us for Microsoft RSAC 2025 beginning April 27
AI adoption is picking up speed. Many companies are growing their technology estates by embracing powerful new solutions like generative AI. But to maximize the benefits of new technology with confidence, security professionals need to stay compliant with the evolving regulatory and audit requirements in the age of AI. It is in this spirit that Microsoft invites you to join us at RSACTM 2025 Conference in San Francisco, where we will showcase end-to-end security designed to help organizations accelerate the secure adoption of AI with ready-to-go security and governance tools and solutions to multiply security teams’ productivity.
Across the Microsoft Security portfolio, our innovations, together with world-class threat and regulatory intelligence, will help give security experts the advantage they need in the era of AI. From our signature Pre-Day to hands-on demos and one-on-one meetings, join the Microsoft experience at RSAC 2025 designed just for you.
From our signature Pre-Day to hands-on demos and one-on-one meetings, discover how Microsoft Security can give you the advantage you need in the era of AI.
The Microsoft experience at RSAC 2025 begins with Microsoft Pre-Day on Sunday, April 27, 2025, at the Palace Hotel, just around the corner from the Moscone Center. For the fourth year running, the keynote speech held on Microsoft Pre-Day will kick off the full lineup of Microsoft events and activities throughout RSAC 2025. By joining us on Sunday, you’ll have the chance to hear directly from Microsoft Security business leaders—including Vasu Jakkal, Corporate Vice President, Microsoft Security Business; Charlie Bell, Executive Vice President, Microsoft Security; Sherrod DeGrippo, Director of Threat Intelligence Strategy; and other Microsoft Security leaders as they share reporting on emerging cyberthreat trends and the product innovations designed to protect against them. Vasu will also take the RSAC 2025 stage on Day 1 for the conference keynote.
At Pre-Day, attendees will hear Microsoft Security threat intelligence on emerging trends, explore new AI-first tools, demos, and best practices, and attain a better understanding of how Microsoft can help them secure and govern their AI deployments. Attend to discover how the adaptive, end-to-end security platform from Microsoft, including Microsoft Security Copilot, can help your team catch what others miss, speed up remediation, lower your total cost of ownership, and boost—rather than burden—you and your teams.
Stick around after Pre-Day for the reception—an evening of fun, networking, and entertainment, celebrating the vibrant security community. This is a unique opportunity to meet Microsoft security leaders, expand your professional network, and learn how others are addressing the latest security trends and challenges. Light refreshments will be served. CISOs who register to attend Microsoft Pre-Day will automatically be invited to a chief information security officer (CISO) dinner with Vasu Jakkal.
Make sure to register for Microsoft Pre-Day to join in on all the day’s activities.
Microsoft will be hosting a number of events tailored to CISOs throughout RSAC 2025. To kick off the week, Microsoft will be hosting a Pre-Day, followed by the exclusive CISO dinner on April 27, 2025. Following, there will be daily lunch and learn opportunities that address some of the primary challenges facing CISOs organizations:
Finally, CISOs who attend RSAC 2025 are invited to stay through the end of the conference to attend the Microsoft Post-Day Forum at the Microsoft Experience Center at Silicon Valley on Thursday, May 1, 2025, from 9:00 AM PT to 1:00 PM PT. The day will be full of insightful presentations, interactive discussions, networking opportunities, and a curated CISO roundtable session. This informative day will also include an immersive tour of the unique state-of-the-art Microsoft Experience Center, which highlights larger-than-life solutions that show Microsoft’s cutting-edge technology solving many of today’s challenges. This experience is facilitated by envisioning specialists who spark inspired conversations, creative ideas, and new opportunities for leaders to participate in before returning home.
Sign up for Microsoft experiences at RSAC, including the Pre-Day, the CISO dinner, CISO lunch, and the Post-Day Forum. Request a one-on-one meeting with Microsoft experts to discuss your most pressing questions here.
As part of the RSAC agenda, Vasu Jakkal will take the stage on Monday, April 28, 2025, at 4:40 PM PT. During the speech, she will discuss the potential of agentic workflows to dramatically reshape the security landscape. Agentic AI has the power to enable more complex problem-solving, deeper agent collaboration, and iterative learning. All of this leads us toward a previously unheard-of new paradigm for security. Join Vasu Jakkal for an imaginative look at the future of AI security agents and how the people of our security teams will work alongside them to change the game.
After the keynote and throughout the conference, attendees will be able to split their time between the Microsoft Security sessions included in the RSAC 2025 agenda, live demonstrations at booth #5744 in Moscone North, and a variety of roundtables, one-on-one meetings, and presentations at the Microsoft Security Hub at the Palace Hotel.
Here are two sessions not to miss:
Other well-known Microsoft experts will host session sharing what they’ve learned from their work pioneering and securing AI:
At the Microsoft booth, attendees will have the chance to engage with experts, discover ready-to-go security and governance tools built for generative AI, and watch theater sessions showcasing the latest products, innovations, and industry perspectives from Microsoft. They’ll also get to enjoy a fun and interactive gaming experience.
Microsoft product and partner experts will be on hand to showcase the newest advancements through captivating demonstrations, informative videos, and valuable resources.
Visit the Microsoft booth theater for exclusive 20-minute demos and expert-led sessions on the latest in security and AI. Explore strategies to protect, govern, and secure AI. Listen in to insights on identity, compliance, privacy, threat defense, data protection, and more. Don’t miss this opportunity to learn from industry leaders and stay ahead in the ever-evolving security landscape.
The historic and luxurious Palace Hotel is home base for Microsoft during the week. RSAC 2025 attendees are invited to meet with Microsoft experts and executives, attend thought leadership sessions and roundtable lunches, and join networking opportunities. Detailed information about individual sessions can be found on the Microsoft Security Experiences at RSAC 2025 Landing Page.
Customers are also invited to deepen their understanding of the latest cybersecurity threats, trends, and developments by discussing their most important security product and threat intelligence questions directly with Microsoft security experts through scheduled one-on-one meetings, held from Monday, April 28, 2025, to Wednesday, April 30, 2025, at the Palace Hotel. Request your meeting directly through the Microsoft Security Experiences at RSAC 2025 Home Page.
The Microsoft Intelligent Security Association (MISA) will once again have a considerable presence at RSAC 2025. MISA partners will be featured in the Microsoft Booth #5744 and included in other events happening throughout the week. Additionally, the sixth annual Microsoft Security Excellence Awards, presented by MISA, will be held at the Palace Hotel in San Francisco on April 28, 2025, celebrating our finalists and announcing winners in nine award categories as well as enjoying a time of connecting.
Activities include:
Microsoft Post-Day Forum is a unique experience designed to help customers, CISOs, and security leaders dive deep into new concepts, ask questions they need answered about product features, and prepare to realize and enable the AI-first, end-to-end security concepts they’ve learned about throughout RSAC 2025. The Microsoft Post-Day Forum, hosted by Microsoft Security executives, will be held on Thursday, May 1, 2025, from 10:00 AM PT to 1:00 PM PT, at the Silicon Valley Experience Center. Pick up for the event will be held at the Palace Hotel at 8:00 AM PT, with drop off organized for 2:00 PM PT.
We look forward to seeing you at RSAC 2025!
Customers and partners can register for the events highlighted in this blog as well as other Microsoft ancillary events and more here.
To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.
Source: Microsoft
Headline: Building resilient digital security in education with Windows 11
Learn ways to strengthen your institution’s digital security, drive greater productivity, and accelerate learning with Windows 11.
Around the world, the education sector is increasingly targeted by cyberthreats. In fact, education was the third-most targeted industry by cybercriminals in Q2 2024, and the second-most targeted sector by nation-state threat actors in 2024. These attacks often carry devastating consequences, from identity theft to severe breaches across education networks and systems. With the rise of digital learning and the proliferation of connected devices—alongside continually evolving threats—IT departments face a greater challenge to secure digital environments in education.
In the modern threat landscape, it’s important to consider whether your cybersecurity strategy is equipped to help you navigate these challenges. Deploying the most up-to-date devices, software, and operating systems can help close security vulnerabilities and build proactive protection. Windows 11 helps you strengthen your overall security posture, drive greater productivity, and build safer communities for learning, working, and teaching.
Today, organizations around the world are rethinking their security approaches down to their hardware. Cybersecurity software alone is no longer enough to protect systems as bad actors leverage new technologies and tactics to bypass defenses and access critical resources.
Designed to address education’s most critical cyberthreats, Windows 11 is the most secure version of Windows to date, designed with security built into each level, including:
The default security features of Windows 11 were created based on threat intelligence, global regulatory requirements, and Microsoft Security expertise. Through partnerships with original equipment manufacturers and silicon manufacturers, Windows 11 is designed for greater security starting at the chip level—enabling hardware and software to work together to shrink the organizational attack surface, protect system integrity, and secure institutional data.
To simplify deployment for IT teams, Windows 11 comes with key out-of-the-box features enabled, including:
It’s also designed to integrate with Microsoft Security Copilot, which leverages generative AI capabilities to provide greater insights and efficiency to help improve security at scale. Windows 11 Pro devices drive a 62% drop in reported security incidents and are shown to accelerate workflows by 50% on average, helping you and your organization achieve more with less time and effort. Let’s take a deeper look at how Windows 11 helps you tackle cybersecurity challenges across different environments.
Windows 11 offers a complete platform for educational institutions to house and protect critical applications such as learning management systems (LMS), administrative software, and productivity tools. Attackers often target poorly secured applications, which is why Windows 11 provides you with built-in capabilities such as preemptive application and driver control to isolate breaches quickly. Robust application safeguards help you maintain governance of your sensitive data, including:
Windows 11 is designed to support Zero Trust strategies, which play a key role in helping you strengthen application and operating system protection. This approach is centered around the principles of “verify explicitly, use least privilege access, and assume breach,” meaning that you and your team can verify each access request as though it originated from an uncontrolled network—instead of assuming that everything behind the firewall is safe.
To that end, Windows 11 enables you to more easily find and detect cyberthreats, respond to them, and prevent or block undesired events across your education institution. In the case of a presumed breach, you can combat common application attacks from the moment a device is provisioned. When it comes to network security, granting access within a trust-by-exception policy versus a trust-by-default policy helps better protect the digital security, privacy, and compliance needs of your educational community.
With the introduction of more tech solutions, many education institutions face new challenges in managing cybersecurity. Having more devices across school and home environments creates more access points for potential attackers. To get ahead of potential breaches, get started with proactive, end-to-end device management strategies that help protect privacy and security.
Windows 11 helps empower you and your IT team by offering comprehensive cloud services for identity, storage, and access management. Adhering to Zero Trust principles, enforcing compliance, and granting conditional access helps verify that Windows 11 devices connected to an organization’s networks are trustworthy and safe. With more than 90% of ransom-stage cyberattacks leveraging unmanaged devices in a network, interoperable cloud-based device management solutions enable you to secure the digital estate and quickly respond to threats.
Managing and enabling secure use of devices at scale can also be a challenge for IT departments at education institutions. To give you and your team greater visibility and control over their digital estate, Windows 11 offers an integrated management suite. This suite supports comprehensive endpoint management solutions such as Microsoft Intune that help secure, deploy, and manage users, apps, and devices.1 Intune can further integrate with Microsoft Entra ID to manage security features and processes, including multifactor authentication.
Additionally, Windows Hello enables you to deploy passwordless authentication for a safer and simpler sign-in experience. Thanks to the addition of passkeys, students can enjoy even greater security and convenience by using their face, fingerprint, or PIN to sign in to websites and apps. Enhanced threat detection on Microsoft Defender for Endpoint helps shield devices against phishing and malware and empowers IT teams to thwart attacks before they cause harm.1 By adding Security Copilot, IT staff can leverage natural language queries to get holistic insights on the security and safety of their organization, which can help drive better decision-making and strategic planning.
In planning your security approach, your institution has an opportunity to adopt modern, secure, and highly efficient computing solutions that help your organization tackle the cybersecurity challenges of today and tomorrow. Windows 11 offers powerful, hardware-backed protection that provides a foundation for implementing new technology solutions as they’re developed, such as AI that helps accelerate workflows and supercharge efficiency of operations.
Now is the time to identify devices in your organization that are due for upgrades and start improving your institution’s security and your IT team’s efficiency today. Get started with these resources:
1 Sold separately from Windows 11
Source: Microsoft
Headline: Highly anticipated fantasy role-playing game Avowed now available
Play today on Xbox Series X|S, the Xbox app for Windows PC, Battle.net, Steam, and cloud, to experience Obsidian’s latest RPG adventure. Available day one on Game Pass!
The Living Lands is a frontier unlike any other. This rugged and untamed island has become a haven for exiles, dreamers, and adventurers seeking a fresh start. Its vibrant regions and scattered settlements pulse with life, each hiding untold stories and ancient secrets waiting to be uncovered.
But this land of promise is fraught with peril. The Dreamscourge, a devastating soul-plague, is driving settlers to madness and turning them against one another. The very land itself resists colonization, haunted by echoes of lives long past. As an envoy chosen by a foreign emperor and blessed by a mysterious god, you are thrust into the heart of this chaos. With divine powers at your fingertips and the will to shape your own destiny, you’ll confront ancient threats, unravel mysteries, and decide the fate of the Living Lands. Will you unite its people or watch as their struggles tear them apart? The choices you make will define the future of the Living Lands—and the person you become.
In Avowed, the power of choice is yours. Create a character and shape your playstyle with four expansive skill trees—Fighter, Ranger, Wizard, and Godlike. Using two separate weapon loadouts, you can play as a stealthy sniper armed with dual pistols and a longbow or a spell-slinging barbarian wielding an axe and a grimoire, or whatever combination of loadouts you choose. This means that the possibilities are endless. Your choices define who you are and how you’ll tackle the challenges ahead.
But you’re not alone on this journey. Your companions each bring their own skills, personalities, and deeply personal stories:
Their history, relationships, and perspectives intertwine with your story, adding depth and weight to every decision you make. Will you earn their trust, challenge their beliefs, or forge something more profound? How you guide your companions—and how they influence you—shapes the adventure in unexpected ways.
Avowed is a game built to immerse you in its world. The Living Lands is a sprawling playground for adventurers, rewarding exploration at every turn. Traverse rugged cliffs, wade through winding rivers, and uncover unique hidden treasures—from ancient elemental weapons to fragments of God Shrine Totems that come together to create powerful new abilities.
Combat is equally immersive, offering a seamless blend of magic, melee, and ranged attacks. Unleash shockwaves with Grimoire Snap, trade health for devastating power with Blood Magic, wield weapons you have upgraded and enchanted, or mix and match abilities to create a playstyle that’s entirely your own. Every encounter is an opportunity to experiment, strategize, and push the boundaries of your party’s potential.
At the heart of Avowed lies its dedication to player choice. Inspired by the freedom of tabletop RPGs, the game puts the power in your hands. Your decisions ripple across the Living Lands, shaping alliances, influencing factions, and determining the fate of your companions. Whether you negotiate peace, spark conflict, or carve your own path through the chaos, your actions leave a lasting impact on the world of Eora.
This seamless blend of storytelling, exploration, and creativity makes Avowed an unforgettable RPG experience, one where every choice matters and every discovery feels personal.
Whether you’re a longtime fan of Obsidian Entertainment or new to Eora, Avowed invites you to dive into a world of wonder, danger, and opportunity. With its vibrant setting, unforgettable characters, and deeply immersive gameplay, this is the role-playing experience you’ve been waiting for.
The Living Lands are calling. Gather your courage, forge your path, and let the adventure begin!
Avowed is available now for Xbox Series X|S, the Xbox app for Windows PC, Battle.net, Steam, cloud, and with Game Pass. Avowed also supports Xbox Play Anywhere, meaning when you buy the game through the store on Xbox or Windows, it’s yours to play on Xbox and Windows PC at no additional cost, and your game progress and achievements are saved across Xbox and Windows PC.
When you purchase Avowed on Battle.net or Xbox, or have an Xbox Game Pass membership (PC or Ultimate only), and connect your Battle.net and Xbox accounts, it’s also yours to play on Battle.net, Xbox and Xbox App for Windows at no additional cost. Avowed lets you pick up where you left off, bringing all of your saves, game add-ons, and Xbox achievement progress with you.
Xbox Game Studios
$89.99
Premium Edition includes: – Avowed base game – Up to 5 days early access – Two Premium Skin Packs – Access to Avowed Digital Artbook & Original Soundtrack Welcome to the Living Lands, a mysterious island filled with adventure and danger. Set in the fictional world of Eora that was first introduced to players in the Pillars of Eternity franchise, Avowed is a first-person fantasy action RPG from the award-winning team at Obsidian Entertainment. You are the envoy of Aedyr, a distant land, sent to investigate rumors of a spreading plague throughout the Living Lands – an island full of mysteries and secrets, danger and adventure, and choices and consequences, and untamed wilderness. You discover a personal connection to the Living Lands and an ancient secret that threatens to destroy everything. Can you save this unknown frontier and your soul from the forces threatening to tear them asunder? The Weird and Wonderful Living Lands The Living Lands is a place that feels foreign yet somewhat intrinsic to you as it feels the island itself is calling out to you for help. Explore an island home to many different environments and landscapes, each with their own unique ecosystem. Visceral Combat to Play Your Way Mix and match swords, spells, guns, and shields to fight your way. Dig into your grimoire for spells to trap, freeze or burn enemies, bash them with your shield, or use range bows to attack from a distance. Companions as part of your journey Companions from a spread of species will fight alongside you, with their own unique set of abilities. From a former mercenary to an eccentric wizard, they will be part of your journey with your choices shaping them as you help them with their quests.
Xbox Game Studios
$69.99
Welcome to the Living Lands, a mysterious island filled with adventure and danger. Set in the fictional world of Eora that was first introduced to players in the Pillars of Eternity franchise, Avowed is a first-person fantasy action RPG from the award-winning team at Obsidian Entertainment. You are the envoy of Aedyr, a distant land, sent to investigate rumors of a spreading plague throughout the Living Lands – an island full of mysteries and secrets, danger and adventure, and choices and consequences, and untamed wilderness. You discover a personal connection to the Living Lands and an ancient secret that threatens to destroy everything. Can you save this unknown frontier and your soul from the forces threatening to tear them asunder? The Weird and Wonderful Living Lands The Living Lands is a place that feels foreign yet somewhat intrinsic to you as it feels the island itself is calling out to you for help. Explore an island home to many different environments and landscapes, each with their own unique ecosystem. Visceral Combat to Play Your Way Mix and match swords, spells, guns, and shields to fight your way. Dig into your grimoire for spells to trap, freeze or burn enemies, bash them with your shield, or use range bows to attack from a distance. Companions as part of your journey Companions from a spread of species will fight alongside you, with their own unique set of abilities. From a former mercenary to an eccentric wizard, they will be part of your journey with your choices shaping them as you help them with their quests.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening delivered remarks at the ASEAN Energy Reception 2025, where he welcomed the new Executive Director of the ASEAN Centre for Energy (ACE), Dato’ Ir. Ts. Abdul Razib Dawood, as well as key partners, stakeholders and esteemed guests. Dr. Kao also underscored the importance of unlocking ASEAN’s vast energy potential, especially in constructing a more resilient and sustainable energy ecosystem, and reaffirmed ASEAN’s commitment to advancing energy security, sustainability, and connectivity in the region.
Download the full remarks here.
The post Secretary-General of ASEAN delivers remarks at ASEAN Energy Reception 2025 appeared first on ASEAN Main Portal.
Source: International Monetary Fund
February 18, 2025
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
Washington, DC: An International Monetary Fund (IMF) mission, led by Ms. Piyaporn Sodsriwiboon, visited Malé during February 3 – 16, 2025, to discuss recent economic developments, the outlook, and the country’s policy priorities in the context of the 2025 Article IV consultation.
At the end of the mission, Ms. Sodsriwiboon issued the following statement:
“Thanks to the Maldives’ strong tourism base, growth has held up well. Real GDP growth is projected at 5 percent in 2025, and the opening of airport terminal expansion would ease supply-side bottleneck for tourism and help sustain growth momentum over the medium term. Inflation is expected to rise to 2.3 percent in 2025, partially due to higher import duties. There is large uncertainty around the forecasts and risks are tilted to the downside.
“External vulnerabilities remain, amid a persistently large current account deficit and pressures on foreign exchange reserves. The overall fiscal deficits and public debt are projected to stay elevated, calling for urgent policy adjustment. Over the medium term, the Maldives is highly vulnerable to climate change risks, due to sea level risk, floods and the degradation of its natural capital.
“The Maldives is navigating a pivotal moment to urgently restoring macroeconomic stability and debt sustainability. The Government of Maldives has assumed its homegrown fiscal reform agenda, importantly with the discontinuation of exceptional use of Maldives Monetary Authority (MMA) advances and the passage of Fiscal Responsibility Act and Public Debt Management Act. Swift implementation of expenditure reform measures as outlined in the 2025 Budget would be key to reduce imbalances in an orderly manner and restore economic stability.
“In addition to the revenue mobilization measures enacted by the government, there is the need for more urgent and stronger fiscal consolidation. Holistic expenditure rationalization is necessary to restrain excessive spending, while improving spending efficiency and protecting priority social spending. Subsidy reforms, which phase out untargeted subsidies and roll out well-targeted direct income transfers to vulnerable households, should be introduced as envisaged in the 2025 Budget. The reprioritization and rationalization of public sector investment program (PSIP) is critically necessary to address immediate fiscal challenges. Building on recent progress, the reforms of state-owned enterprises (SOEs) and Aasandha-healthcare reforms should be continued. Strengthening the public financial framework is critical to enhance fiscal policy credibility and effectiveness. A comprehensive debt strategy would also help restore debt sustainability and improve debt management.
“A coordinated tightening of the policy mix would effectively help address macroeconomic vulnerabilities. The MMA’s commitment to resume active monetary operations is a welcome step in this regard. Should inflationary or external pressures intensify, the MMA should stand ready to further tighten monetary policy. Heightened systemic risks from bank-sovereign nexus call for tighter macroprudential policies and vigilant financial sector oversight. Prudent foreign exchange reserve management, alongside the necessary macroeconomic adjustments that include substantial and immediate fiscal adjustments as well as stricter monetary and macroprudential policies to address economic imbalances effectively, would help safeguard the exchange rate peg.
“Given the Maldives’ threats to climate change, integrating climate sensitivity into public financial and investment management processes is essential for tackling climate-related challenges and mobilizing additional climate finance. Structural reforms aimed at improving the business environment and governance, expanding trade and investment, and enhancing skill development remain crucial for sustaining robust and inclusive growth.
“The IMF team would like to thank the Maldivian authorities for their hospitality and constructive discussions. Meetings were held with Finance Minister M. Zameer, Governor A. Munawar, and other senior officials, as well as representatives from the private sector and development partners.”
PRESS OFFICER: Randa Elnagar
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: Microsoft
Headline: Cathay’s Lawrence Fong on tackling his folder of unanswered emails
Source: Microsoft
Headline: Microsoft announces latest investment in Europe, $700M for computing capacity in Poland
This morning, I stood in Warsaw with Poland’s Prime Minister, Donald Tusk, and announced Microsoft’s latest cloud and AI infrastructure investment in Europe. Building on our initial billion-dollar investment to launch a Polish cloud region in 2023, I announced that Microsoft will spend another $700 million by the middle of next year to expand our computing capacity in the country. And we will deepen our work with Polish National Defense to strengthen Poland’s cybersecurity, including by working together on the development of AI competencies and emerging digital technologies, including new AI and quantum breakthroughs.
This marks the latest critical step for Microsoft’s business, economic, and political relationships in Poland – and in Europe as a whole.
During the past 16 months, we have announced more than $20 billion in AI and cloud infrastructure investments that represent an important part of our datacenter expansion across 15 European countries. Today’s investment in Poland builds on the integrated supply chain we are building with manufacturers across the EU. It calls on suppliers that are manufacturing critical components not only in Poland but in Italy, France, Germany, Finland, Ireland, and the United Kingdom. It also includes components manufactured and exported from Indiana in the United States. It’s the type of investment that creates jobs and fosters economic growth throughout Europe and across the Atlantic.
Promoting Trans-Atlantic Investment, Trade, and Economic Growth
The American technology sector is creating world-leading AI technology and is focused on being a trusted “partner of choice” around the world. And European policy leaders are focused on mobilizing more capital and increasing productivity by “closing the innovation gap.” Even in a time of fragmenting geopolitics, today’s announcement illustrates that these two technology ambitions are more aligned than divergent.
In multiple ways, our investment in Poland puts both these goals into practice. It demonstrates how vastly the technology sector has changed since I first joined Microsoft as an employee in Paris more than 31 years ago. While we develop and provide world-leading technology products and services globally, we now support these with enormous national investments in infrastructure and large numbers of local employees. More than ever, technology requires coordinated investments that connect countries and span oceans.
Sustained Technology Support During a Decade of Crises
Equally important, technology has become a lynchpin for national needs in times of crisis. European Commission President Ursula von der Leyen has aptly put recent history in perspective. As she highlighted, Europe faces a competitiveness challenge that comes as the third crisis of the 2020s, after the pandemic and the war in Ukraine.
It’s worth reflecting on the critical role of technology in helping to support the responses needed for each of these crises.
Five years ago this month, the first pandemic in a century literally started to shut doors around the world. At Microsoft, our employees and partners used new video and productivity technology like Teams to keep the economy moving forward in every corner of Europe. In just days, businesses, schools, universities, hospitals, and governments sustain their operations by moving online.
Two years later, the Russian military invaded Ukraine. At Microsoft, we helped move Ukraine’s critical data and technology services to our datacenters across Europe, ensuring their continued operation outside the range of cruise missile and air attacks. And like several other technology companies, we immediately helped Ukraine’s officials and citizens defend their nation from Russian cyberattacks. As a company, we provided more than $250 million of free technology and financial assistance. And we have sustained this substantial support to this day.
As Europe now launches a new “competitiveness compass,” technology will again play an indispensable role. Especially as working-age populations shrink and aging populations expand, economic growth and prosperity will depend more than ever on new technology. Productivity growth will require it. And the competitiveness of Europe’s many great industries and companies, large and small, will depend on their ability to hone their ongoing leadership in critical scientific domains and put their data to work. Across the continent, European institutions will need to harness the power of AI and the cloud.
A Strong Foundation for Europe’s AI Transition
AI is rapidly becoming what economists call a General Purpose Technology, or GPT. In contrast to single-purpose technologies, GPTs boost innovation and productivity across the entire economy. Throughout history, transformative GPTs like ironworking, electricity, machine tooling, computer chips, and software have not only driven economic growth but sparked new discoveries and inventions, changing the way we live and work.
The good news is that the foundation for Europe’s AI transition is already being laid. Industry leaders are investing tens of billions to construct state-of-the-art infrastructure to help Europe access, adopt, and innovate on the world’s most advanced cloud and AI technology. And companies like Microsoft are developing and offering innovative AI tools and vital services that are ready for use by every sector of every European economy.
As a company, we are developing and operating our AI infrastructure and platform services with a constant focus on Europe’s needs. This is one reason we announced our AI Access Principles in Barcelona a year ago. These eleven principles govern our operations and are designed to ensure that Microsoft’s AI infrastructure is accessible, open, and available on fair terms to the entire European economy.
As we’ve put these principles into practice, we’ve recognized the vital role of open-source software and AI models for European researchers, start-ups, businesses, and governments. We’ve launched the Azure AI Foundry, a platform designed to help developers build, run, and optimize AI-driven applications. The Foundry supports flexible choices and now supports more than 1,800 AI models, from OpenAI’s o3-mini to open-source models like Llama, Mistral, and others, all giving Europe the tools it needs to stay competitive in the fast-moving AI landscape. European developers can then use our Models as a Service offering to distribute their products instantly to our datacenters around the world, so customers can call on them for AI-powered applications.
We also recognize that technology innovation requires investments in people. That’s why we’re investing in our AI Skilling Initiative across Europe. We’re partnering with government, education, industry, and civil society to help bring AI skills to users, developers, and organizational leaders. Through our strategic partnerships, we have already helped to skill 2.9 million Europeans and are on track to engage 8 million people by the end of the year.
Technology Collaboration Built on Interdependence
We readily recognize that European leaders sometimes worry about becoming overly dependent on American technology. We appreciate that such questions are both natural and legitimate. We take them seriously and work hard to address them, including by understanding European values, supporting European needs, and adapting to European rules.
Along the way, we often point to a second technology dimension that too easily is overlooked. The reality is that this dependence runs both ways.
As a company, we’re pouring tens of billions of dollars of investment into acquiring land, constructing massive buildings, bringing additional electricity to the grid, and installing the world’s most advanced computing, networking, liquid cooling, and other technology.
These datacenters are not built on wheels.
Once constructed, these billions of dollars in infrastructure are permanent and subject to local laws, regulations, and governments. Time inevitably brings changes. It’s imperative as a company that we constantly remain focused on earning and sustaining our “license to operate” within each country. With datacenters, this starts with each local community and runs up to officials with EU-wide responsibilities. Our economic dependence on Europe runs deep.
As Microsoft celebrates its 50th birthday less than two months from now, we look back at more than four decades of European presence and support. As a company, we’ve seen many things change. And we ourselves have changed. We’ve put down deep roots, with employees and families in communities and countries across the continent.
But even amid constant change, one thing has been constant. Our support for Europe has been not only steady but steadfast.
Source: Microsoft
Headline: Inclusive Innovation: The role of AI in accessibility and neurodiversity
Source: Microsoft
Headline: Microsoft shares its agenda for the 2025 Washington state legislative session
This year is historic for Washington state as we welcome Governor Bob Ferguson, the first new governor in twelve years. In the few weeks since his inauguration, Bob Ferguson has signaled a pragmatic approach to governance, launching a new era in Washington State. Alongside Washingtonians across the state, Microsoft welcomes the Ferguson administration.
Today, in line with our commitment to transparency, we are sharing our annual legislative agenda.
This year is also notable as the 2025 session is a biennial budget year where over the course of 105 days, the legislature will negotiate, write, and ultimately pass three distinct yet interdependent operating, capital, and transportation budgets, outlining the critical spending and revenue plans for the next twenty-four months. With a new federal administration, new governments around the world, and our new government here in Washington, this biennial budget process has a certain gravitas.
Indeed, this is a critical moment for our state. The complexity of our state’s economic fabric—aerospace, technology, life sciences, agriculture, and space—has resulted in both a growing population and now, more than ever, a moment of unprecedented technological progress, presenting opportunities for Washington State and Washingtonians. Given the pace of progress all around us and the unique role we play in the innovation economy, Governor Ferguson and our legislators must be equally agile with deft and delicate policies over these next weeks of the 2025 legislative session.
As in years past, Microsoft’s 2025 legislative agenda aligns closely with the priorities of Washingtonians. As a homegrown global company, we have an eye on these global shifts of change and opportunity. And in these global shifts of change and opportunity, the priority of policymakers in Olympia must be on maintaining and expanding economic vitality, addressing the crisis of affordable housing, supporting high-quality education, and improving public safety and quality of life for all of Washington.
Washington and Oregon have the tightest housing markets in the United States and in Washington we need housing of every kind. There is wide agreement that Washington needs to add one million new housing units over the next 20 years to meet the needs of state residents, thereby making housing more affordable.
In 2019, Microsoft announced a historic investment of $750 million to support the creation and
preservation of affordable housing. This initiative aimed to help low- and middle-income workers, such as nurses, teachers, and police officers, who are increasingly unable to afford housing near their workplaces. Our investment contributed and preserved 12,000 units of housing for our neighbors in the Puget Sound region. What we learned through our financial investment, however, is that funding is not enough. We must increase the supply of land and do more to incentivize housing development.
As we have for the past decade, Microsoft supports policies that make it easier, faster, and less expensive to increase housing production. We need to unlock more land for housing, increase financing, and enable efficient and effective government permitting, including the use of new technology to speed up permit review. This includes reforms and incentives that enable more housing in areas with abundant employment and transportation modes, leveraging public investments in transit to provide affordable living options for people across various income levels, enabling them to build their lives closer to their jobs, schools, parks, and other neighborhood amenities.
Among the novel and promising ideas being advanced this session is to promote and unlock residential uses in commercial zones, especially in close proximity to frequent and reliable transit. The rise of online shopping has led to an increase in empty big box stores and underutilized strip malls surrounded by empty parking lots. Policymakers should prioritize rezoning underutilized commercial spaces along existing transit hubs to create vibrant new communities. Freeing up larger tracts of underutilized land will help housing developers overcome the first hurdle to building multi-family apartments, townhomes, and condos.
For the 2025 legislative session, the legislature must continue to take big swings at policy so that Washington State has housing for all.
In April, Microsoft will celebrate 50 years in business. In the decades after Microsoft was founded, Washington state shifted to a knowledge and innovation economy. Now, we are participating in the shift to an AI economy. And to meet the needs of this moment, we need an interactive jungle gym of skilling and credentialing opportunities for all Washingtonians so we can move both upward and across career paths to follow the job opportunities that hold the most promise now and as job opportunities evolve.
Washington businesses are creating great jobs, but many people lack the necessary skills or credentials to attain them. We need our state to prioritize policies that address the skills gap limiting employment options for too many people. As a leader in global technology, Washington is also a leader in future technologies like AI, clean energy, and quantum computing, which will create a new wave of meaningful family-wage jobs. Washingtonians must be prepared with the right skills to participate in the economy now and in the economy of the future.
Microsoft also supports policies that enhance K-12 student achievement, foster career awareness in middle school, and encourage more students to pursue post-secondary credentials. Offering all Washington kids these opportunities has long been a priority for Microsoft. This year, lawmakers are advancing policies that create seamless pathways into higher education through guaranteed enrollment and generous eligibility for the Washington College Grant program. We are excited about the work being done in these areas.
We also encourage the state to establish more apprenticeships in high-demand fields and expand higher education programs to produce enough qualified applicants to match available jobs.
These are the policies that create a jungle gym of opportunity.
Our transportation system is the lifeblood of our state, and our state legislature has done extraordinary work in recent years. We have many important projects underway across the state. People rely on our roads, highways, rail, and ferries to travel to work, school, obtain healthcare, and find recreation. Employers also depend on reliable transportation to move parts and products around the state and beyond. We applaud the work that has been done to keep Washington moving.
This biennium, the priority is to ensure that projects currently underway are completed on time, provide sufficient maintenance funding for existing facilities, and continue to make necessary investments in transformative regional projects, including ultra high-speed rail in the Cascadia corridor.
Cascadia at the forefront of the digital economy and looking to the future
Washington state serves as one of the world’s leading centers for the development of artificial intelligence technology. Advances in artificial intelligence are enhancing customer service interactions, transaction processing, and workflow efficiency across various sectors. Microsoft sees extraordinary opportunities for our state government to leverage local AI expertise to maximize public resources. We look forward to participating in these crucial conversations, which are more important than ever this year.
As we look to the future, we are optimistic. Microsoft’s long-standing partnership with the state of Washington has been part of the success of our state. As we celebrate our 50th anniversary, we are as committed as we have ever been to collaborating with lawmakers to secure our state’s vibrant future. We look forward to working together to meet the challenges and opportunities of the next 50 years.
We see this as a unique opportunity to partner with Governor Ferguson and the legislature to advance Washington State using technology and innovation, increasing individual productivity capacity, and expanding access to government services for Washingtonians.
The most important policy bills the legislature will pass, however, will be the budget bills. More than anything, this bill will reflect the state’s priorities now and for the next two years. Budgets are where Washington’s tax dollars are put to work. Over the years, Microsoft has supported targeted tax increases for important programs and services. We have supported and defended nearly every transportation package in recent history. We supported the creation of the Workforce Education Investment Act to expand higher education opportunities for all Washingtonians. We have also provided millions in matching funds to help accelerate affordable housing. And just last year we helped lead the business community in defending the Climate Commitment Act.
This year, legislators are facing grim budget news—a budget deficit ranging from $10 to16 billion, depending on who you ask and how you do the math. Importantly, Washington State is not in a recession. This deficit is not due to an economic downturn that caused a decline in revenues. In fact, most revenues are still marginally increasing or flat. Very simply, our policymakers in Olympia have passed budgets that went beyond our means.
We believe this challenge affords an opportunity to reexamine recent spending and Washington State’s priorities of government.
We join others in Washington in asking straightforward questions about the outcomes Washingtonians are gaining from past and current state investments. Ultimately, the state budget is the state’s most important investment opportunity for improving economic competitiveness and encouraging private sector job growth.
This year, we stand ready to work with Governor Ferguson and the Legislature to find solutions to all these challenges.
The 2025 legislative session is a pivotal moment for our state. With the can-do spirit Washington has always been known for, we are optimistic our legislature and Governor Ferguson will collaborate and find creative solutions to our most pressing challenges. Like so many others across the state, we at Microsoft are eager to be partners.
Together, we can create a brighter, more equitable future for Washington State.
Source: Zion Oil and Gas
Headline: Press Release: Zion Oil & Gas Announces Renewed Operations Underway for MJ-01 Well Testing & Recompletion Project in Israel
DALLAS, Texas, and CAESAREA, Israel, February 18, 2025 – Zion Oil & Gas, Inc. (OTC: ZNOG) is pleased to announce a significant operational milestone as work resumes on the recompletion of the Megiddo-Jezreel 1 (MJ-01) well in Israel. This marks a crucial phase in Zion’s ongoing efforts to unlock Israel’s onshore energy potential.
Zion’s rig crew arrived in Israel on February 15, 2025, and has commenced critical maintenance and preparatory work. The rig, which was safely “warm stacked” in September, is undergoing necessary maintenance procedures, including fluid changes, lubrication and greasing, and mechanical, electrical, and safety audits to ensure peak functionality.
Following maintenance, the team will begin drilling out the temporary plug at approximately 1,100 meters. This phase is expected to take 2-3 weeks, paving the way for the subsequent well recompletion and testing operations. Once the plug is removed, Zion will proceed with setting a permanent plug at the deeper part of the well to isolate the targeted zones of interest for testing.
Zion Oil & Gas has successfully navigated complex logistical challenges to ensure the timely delivery of essential equipment. Resources are currently enroute from across the globe, including India, Romania, Germany, the Netherlands, the UAE, the United States, and Tanzania. This unprecedented international cooperation underscores the dedication and perseverance of Zion’s team and partners.
“As we move forward with this phase of operations, we are witnessing God’s provision in extraordinary ways,” said Monty Kness, VP of Operations. “The ability to coordinate a project of this scale, with equipment and expertise sourced from multiple continents, is a testament to both our team’s determination and the global support behind our mission.”
Zion has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into Israel has steadily resumed, further supporting logistical operations.
“Our focus remains on safety, precision, and execution,” said Zion CEO Rob Dunn. “With boots on the ground and critical equipment in motion, we are committed to seeing this project through knowing God has directed our steps forward.”
With all necessary equipment expected to be on-site by mid-March, barring unforeseen circumstances Zion anticipates its well completion and testing operations should be nearing completion in Q2 2025. The team remains confident in its planned operations and will continue to provide updates as milestones are achieved.
Zion Oil & Gas reminds investors that the current Unit Program will close on February 28, 2025. This is the final opportunity to participate before the program concludes.
For every $250.00 UNIT purchased, investors receive:
– Common stock based on the high-low average sale price on OTCQB: ZNOG for the day of purchase (or the next trading day if purchased after 4:00 PM EST).
– 50 Warrants with an exercise price of $0.25 each.
– 50 Additional Warrants for those enrolled in Automatic Monthly Investments (AMI) at $50/month or more (one-time only).
– Warrants are exercisable for 12 months from March 31, 2025, to March 31, 2026.
To learn more, click HERE.
John Brown, Zion’s Founder and Chairman, expressed gratitude for the unwavering support from shareholders and believers in its mission. “We remain steadfast in our calling, knowing that each step forward is guided by the Lord. As we embark on this critical phase of operations, we are encouraged by His promises and the faithfulness of our supporters.”
Zion Oil & Gas, a U.S. public company traded on OTCQB: ZNOG, is dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres.
For more information, visit www.zionoil.com.
“The end of a matter is better than its beginning, and patience is better than pride.”
Eccl 7:8 NIV
“Bless the Lord, O my soul, and forget not all his benefits, who forgives all your iniquity, who heals all your diseases, who redeems your life from the pit, who crowns you with steadfast love and mercy, who satisfies you with good so that your youth is renewed like the eagle’s.”
Ps 103:2-5 ESV
Source: Samsung
The future of mobile AI is here, and you don’t want to miss out! Samsung’s Galaxy Studio at Menlyn Park Shopping Centre is the ultimate destination to experience the cutting-edge AI innovation behind the new Galaxy S25 Series. Open now until 02 March 2025, Galaxy Studio offers you an exclusive hands-on preview of this game-changing mobile assistant.
Step into the world of next-gen mobile AI and see first-hand how the Galaxy S25 Series is designed to fit seamlessly into your life. This isn’t just a phone – it’s a personal assistant that learns from your habits and adapts to make every day extraordinary. With the new One UI 7.0, you’ll experience a personalised, smarter, and more efficient mobile life.
The Galaxy S25 Series can understand the context of everything on your screen – from voice, images, etc.– to anticipating your needs and prompting next-step suggestions. Receive tailored actionable insights and suggestions based on your habits – generated-on-device – to make your day seamless from start to finish with Now Brief. See the information you need most, quickly and easily from your lock screens with Now Bar.
At Galaxy Studio, you’ll be treated to live demonstrations of all these AI-powered features that will redefine what a smartphone can do. Capture stunning photos with the AI-enhanced camera, experience Nightography like never before at our concert-themed booth and see how this phone helps you organise your day with ease. Every moment you share can be enhanced instantly, so you’ll be ready to post your creations on social media in no time.
Whether you’re a tech enthusiast or someone looking to discover how mobile AI can help you manage and elevate your daily routine, this interactive space is the place to be. Admission is free, but the experience is priceless.
Don’t wait – visit Galaxy Studio at Menlyn before 02 March 2025, and immerse yourself in the future of mobile AI.
Come for the tech, stay for the experience.Dates: 14 February – 02 March 2025Location: Galaxy Studio, Menlyn Park, TshwaneAdmission: Free
For more information and updates, follow Samsung South Africa on social media – @SamsungmobileSA (X, Instagram), Samsung South Africa (Facebook).