NewzIntel.com

Category: Economics

  • MIL-OSI Economics: Quality, simplicity and transparency

    Source: Bank for International Settlements

    I would like to start by thanking the organisers for the invitation to speak at this important symposium.

    A resilient banking system and financial stability more broadly are largely driven by:

    • Bank risk management and governance practices;
    • The quantity and quality of capital and liquidity buffers;
    • The effectiveness of bank supervision; and
    • The effectiveness of market discipline.

    Given time constraints, my brief statement will focus on the role of global capital and liquidity standards. That is not to underplay the critical importance of the other factors. In this regard, the Basel Committee has an ongoing work programme focused on strengthening supervisory effectiveness.1 It also remains the case that the most important source of banks’ financial and operational strength comes from their own risk management and governance arrangement.2 And the Committee will continue to strengthen Pillar 3 disclosures and promote market discipline to help stakeholders adequately assess banks’ risk profiles.

    Minimum international standards

    According to the BIS International Banking Statistics, banks’ foreign claims and other exposures totalled USD 45 trillion at the end of the second quarter of 2024.3 Given the significant global nature of banking, there is a need to have a global minimum level-playing field.

    To promote such a global level playing field, the Basel Committee sets minimum standards for internationally active banks. Consistent with this approach, many jurisdictions choose to apply more stringent requirements than the minimum Basel standards. In addition, most jurisdictions apply some level of proportionality – that is simpler rules are applied to non-internationally active banks.4 

    Globally consistent minimum regulatory standards seek to limit regulatory fragmentation, regulatory arbitrage and a “race to the bottom” which dilutes the resilience of banks. While weaker standards can promote growth in the short-run, they typically lead to excessive risk taking, and the build-up of excessive leverage, which ultimately reverses and results in a sharp contraction in credit, bank failures, broader financial instability and large losses in economic output. In short – a race to the bottom is in no one’s long-term interest – in particular banks.5 

    Minimum standards for capital and liquidity regulation play a critical role in ensuring the soundness of individual banks and overall financial stability. Rigorous regulatory standards also help to promote economic growth by ensuring lending is sustainable and can be maintained when shocks hit the system, or when individual banks incur losses.6 

    Given the importance of globally consistent minimum standards, implementation of the Basel III regulatory framework remains the key priority for the Basel Committee. While there have been some delays in implementation, most of the outstanding Basel III standards are now in force in around 70% of BCBS member jurisdictions.7 

    Calibration of international standards

    It is important to note that international capital and liquidity standards are not calibrated to produce zero bank failures. Despite the significant strengthening of bank capital and liquidity ratios since the Great Financial Crisis, banks remain highly leveraged firms. Capital and liquidity buffers can absorb most, but certainly not all shocks that a bank may face. And history has shown that the frequency and severity of such shocks have been far greater than what would be expected based on banks’ internal models.8 All this points to the importance of bank risk management and governance, effective supervisory oversight, and implementation of Basel III which significantly reduces model risk.

    On the issue on calibration of regulatory standards it is important to also keep in mind that claims of negative effects of higher capital and liquidity regulation on bank lending and economic growth have not materialised. Rather, since the GFC we have seen that more highly capitalised banks are not only more resilient, they are also more profitable and lend more through the cycle.9 

    The “Swiss Finish”

    I would like to conclude by making a general point about the so-called “Swiss Finish”. Having lived in Switzerland for nearly twenty years, I have come to understand this as, among other things, an approach that favours quality over quantity.

    I think the same principle should apply to how we think about regulatory rules. If given a choice I would favour quality over quantity. In my view it is better to favour high quality capital over lower quality capital (even if that means lower reported capital ratios). Additionally, I have a general preference for simplicity over complexity, and being transparent.

    These three principles shape my personal views on the policy issues we will discuss during the panel. So whether we are thinking about the treatment of capital within a banking group, the role of Additional Tier 1 regulatory instruments or other policy issues, I am generally going to favour:

    • quality over quantity;
    • simplicity over complexity; and where possible
    • being transparent.

    Thank you. I will stop there and look forward to the discussion.

    References

    Basel Committee on Banking Supervision (2021): “Proportionality in bank regulation and supervision”, July.

    — (2022a): “Evaluation of the impact and efficacy of the Basel III reforms”, December.

    — (2022b): “Evaluation of the impact and efficacy of the Basel III reforms – Annex”, December.

    — (2023): “Report on the 2023 banking turmoil”, October.

    — (2024): “Basel Committee reports member jurisdictions making progress in implementing Basel III”, press release, 2 October.

    Bank for International Statistics (2025): “Locational banking statistics”,  see Table B4: here Consolidated banking statistics publication table: BIS,CBS_B4,1.0.

    Behn, M, R Hasselmann and V Vig (2022): “The limits of model-based regulation”, Journal of Finance, vol 77(3), June.

    Caparusso, J, U Lewrick and N Tarashev (2023): “Profitability, valuation and resilience of global banks – a tight link” Bank for International Settlements Working Paper No 1144.

    Thedéen, E (2024): “Charting the course: prudential regulation and supervision for smooth sailing”.

    1 BCBS (2023).

    MIL OSI Economics –

  • MIL-OSI Economics: Need for mission readiness to drive maintenance expenditure on in-service military platforms in Asia-Pacific in 2025, says GlobalData

    Source: GlobalData

    Need for mission readiness to drive maintenance expenditure on in-service military platforms in Asia-Pacific in 2025, says GlobalData

    Posted in Aerospace, Defense & Security

    The evolving nature of warfare and threat perceptions in the Asia-Pacific region has increased the demand for robust maintenance, repair, and overhaul (MRO) practices substantially. Disciplined MRO practices ensure higher operational availability rates of military platforms such as fixed-wing aircrafts, helicopters, naval vessels, and land vehicles. Against this backdrop, the cumulative maintenance cost burden of the military platform fleet of Asia-Pacific countries is estimated to be about $44 billion in 2025, reveals GlobalData, a leading data and analytics company.

    GlobalData’s dashboard on Annual Maintenance Cost (part of the Fleet Size database) reveals that, with 28% share of the total addressable market (TAM), the Asia-Pacific region will provide most number of opportunities for maintenance service providers throughout this decade. Within Asia-Pacific, China, India, and Japan are the top three countries with highest maintenance cost burden owing to their large fleet of in-service defense platforms as of January 2025.

    Harsh Deshmukh, Aerospace & Defense Analyst at GlobalData, comments: “The governments in the Asia-Pacific region have the highest maintenance cost burden on the Military Land Vehicles segment, which is estimated to be about $15 billion for 2025. This cost is further aggravated due to the large inventory of aging Soviet-origin main battle tanks, armored personnel carriers, and tactical trucks. Leading Asia-Pacific companies catering to this market segment include China North Industries Group Corp Ltd (Norinco), Dongfeng Motor Corporation Ltd, Poly Technologies, Armoured Vehicles Nigam Ltd, Tata Advanced Systems Ltd, Mitsubishi Heavy Industries Ltd, and LIG NEX1 Co.”

    The annual maintenance cost burden on Asia-Pacific’s Military Fixed Wing Aircraft fleets is estimated to be about $13 billion for 2025. As countries in the region try to address the perennial issues related to the low availability rate of their Fixed Wing Aircraft fleet, significant opportunities exist for global primes and subcontractors.

    Deshmukh concludes: “Growing tension and territorial disputes across the Asia-Pacific, especially in the South China Sea, will not just drive the countries to procure new defense platforms but will also compel policymakers to pay more attention to the maintenance of their in-service fleet. India, China, and Pakistan have seen several border skirmishes in recent years, which have necessitated the respective governments to increase their spending on maintenance activities. The efforts made towards the improvement of the defense readiness levels by these countries will continue to pave the way for maintenance contracts to both domestic and international companies with relevant product portfolios.”

    MIL OSI Economics –

  • MIL-OSI Economics: India startups raise $11.3 billion venture capital funding in 2024, reveals GlobalData

    Source: GlobalData

    India startups raise $11.3 billion venture capital funding in 2024, reveals GlobalData

    Posted in Business Fundamentals

    India saw a notable improvement in venture capital (VC) funding activity in 2024 compared to the previous year. While both deal volume and total funding value increased, the growth was particularly significant in terms of value. The number of VC deals rose by 6%, from 1,102 in 2023 to 1,168 in 2024, whereas the total disclosed funding value surged by 43%, from $7.9 billion in 2023 to $11.3 billion in 2024, according to GlobalData a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The dent in investor sentiment that the market experienced for the past few years seems to have faded, with the renewed appetite for big-ticket deals further underscoring this recovery.”

    An analysis of GlobalData’s Deals Database revealed that the average size of VC deals announced in India, which stood at around $7 million in 2023, increased to around $10 million in 2024. Meanwhile, the number of VC deals valued more than or equal to $100 million announced in India increased from 14 to 21.

    Some of the notable VC funding deals announced in India during 2024 include $665 million, $350 million, and $340 million secured by Zepto across three separate funding rounds. Other significant deals include Meesho raising $300 million, PharmEasy securing $216 million, and PhysicsWallah receiving $210 million, among others.

    Bose adds: “It is noteworthy that driven by the improvement in funding activity, India’s share in the global space has improved.”

    India, which accounted for 5.5% of the total number of VC deals announced globally during 2023, accounted for 7.1% share of deal volume in 2024. Meanwhile, India saw its share of the total disclosed funding value increase from 3.3% in 2023 to 4.2% in 2024.

    Bose concludes: “India’s strong rebound in VC funding activity reflects growing investor confidence and the market’s resilience. The rise in big-ticket deals and the increase in India’s share of global VC investments highlight the country’s expanding influence in the startup ecosystem. As investor sentiment continues to improve, India seems to be well-positioned to attract further funding and drive innovation across key sectors.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI Economics: Lantheus to strengthen position in nuclear imaging agents with recent acquisitions, says GlobalData

    Source: GlobalData

    Lantheus to strengthen position in nuclear imaging agents with recent acquisitions, says GlobalData

    Posted in Medical Devices

    The demand for nuclear imaging agents is expected to grow significantly, driven by an aging population and advancements in imaging technologies. The industry is shifting toward more targeted, patient-specific solutions, particularly in neuroimaging and oncology, where early detection and personalized treatment are critical. Lantheus’ acquisition of Life Molecular Imaging and Evergreen Theragnostics will strengthen its position in this evolving landscape and expand its capabilities in key diagnostic areas, according to GlobalData, a leading data and analytics company.

    Ashley Clarke, Senior Medical Analyst at GlobalData, comments: “The nuclear imaging industry is increasingly driven by the demand for advanced neuroimaging agents in Alzheimer’s disease and targeted oncology solutions for more precise cancer detection and treatment.  These innovations are helping drive a more patient-specific approach to disease management. The competitive landscape is evolving quickly, with multiple companies competing to establish leadership in this space.”

    Lantheus’ acquisition of Life Molecular Imaging includes Neuraceq, an FDA-approved PET agent for detecting β-amyloid plaques in Alzheimer’s disease, and ADvance (PI-2620), a tau PET imaging agent in late-stage clinical development. These additions complement its existing pipeline, which includes β-amyloid agent NAV-4694, acquired from Meilleur Technologies in 2024, and tau agent MK-6240, acquired from Cerveau Technologies in 2023.

    Clarke adds: “Lantheus is building a robust neuroimaging portfolio that strategically balances short-term revenue growth with long-term innovation in Alzheimer’s diagnostics. Neuraceq provides immediate competition with established products such as Eli Lilly’s Amyvid and GE Healthcare’s Vizamyl. Meanwhile, the pipeline potential of ADvance positions the company as a strong player in the quickly growing tau-based imaging market.”

    Beyond neuroimaging, Lantheus is expanding its presence in oncology. Lantheus has announced an agreement to acquire Evergreen Theragnostics, a radiopharmaceutical company specializing in the development and manufacturing of imaging agents for cancer diagnosis and treatment. This acquisition includes Octevy, a registrational-stage PET diagnostic agent targeting neuroendocrine tumors. Additionally, in mid-2024, the company licensed RM2 from Life Molecular Imaging, a theranostic agent that uses Lu-177 and Ga-68 to treat malignant tumors, including prostate, breast, and lung cancers.

    The RM2 and Octevy additions build on Lantheus’ established oncology portfolio, which includes Pylarify, a leading PSMA-targeting imaging agent, and a range of pipeline products addressing prostate cancer, neuroendocrine tumors, and other solid tumors. The oncology imaging space is highly competitive, with companies such as Eli Lilly, GE Healthcare, Curium Pharma, and Novartis also developing targeted imaging and theranostic solutions.

    Clarke concludes: “Looking ahead, nuclear imaging is set to become increasingly integrated with therapeutic applications. The next wave of innovation will likely introduce multi-targeted theranostics and agents with broader biomarker coverage, enhancing both diagnostic accuracy and therapeutic outcomes. As new imaging technologies emerge, companies that successfully align their portfolios with both clinical demand and market dynamics will be best positioned for long-term success.”

    MIL OSI Economics –

  • MIL-OSI Economics: GlobalData 2025 Cloud Predictions: AI and economics will drive growth and change in IaaS

    Source: GlobalData

    GlobalData 2025 Cloud Predictions: AI and economics will drive growth and change in IaaS

    Posted in Technology

    2024 was a good year for hyperscalers and cloud providers who capitalized on their clients’ need for access to more processing and storage due to escalating growth in data volumes.  The hyperscalers continued to expand their solution portfolios, creating in some cases almost unfathomably vast catalogues. While some businesses opt to repatriate some workloads to private or on-premise environments for cost and other reasons, the expectation is that Infrastructure as a Service (IaaS) expansion will continue in 2025, with AI being a major factor in this expansion, according to a recent advisory report by GlobalData, a leading data and analytics company.

    GlobalData’s report titled “2025 Enterprise Predictions: Cloud Reconsidered,”  reveals that cost-containment and new regulations will be important factors in enterprise cloud decision-making in 2025.

    Amy Larsen DeCarlo, Principal Analyst, Enterprise Technology and Services at GlobalData, comments: “Even as economic uncertainty looms, the demand for more processing power and storage fuelled in large part by work in GenAI and synthetic AI will keep the hyperscalers and other cloud providers in excellent position in the coming year. Another byproduct of the increase in AI-powered applications will be greater interest in edge computing.  Hyperscalers and their partners will both benefit from this.”

    Concerns about costs on the part of enterprise and public sector entities will be a major influence on cloud investments this year.

    Larsen DeCarlo adds: “The onus is on cloud providers to deliver solutions that help organizations refine their cloud implementations, a fact of which they are keenly aware.

    “Organizations will advance their FinOps work internally, engaging individual IT operations teams with lines of business and finance to improve operational results and reduce expenses.  The hyperscalers who deliver effective tools to support this work will gain a point of differentiation.”

    GlobalData notes that even as organizations invest more in cloud services, regulatory changes will drive them to re-examine their current implementations and make changes in what they deploy to public and private clouds.

    Larsen DeCarlo concludes: “Hyperscalers have maintained a focus on developing vertically specific solutions for industries such as finance and healthcare. They will continue to build these out in 2025 while also expanding local infrastructure in regions including the Middle East and Africa as well as Asia.”

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on January 31, 2025

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of bids received (in ₹ crore) 1,28,059
    Amount allotted (in ₹ crore) 1,00,013
    Cut off Rate (%) 6.51
    Weighted Average Rate (%) 6.52
    Partial Allotment Percentage of bids received at cut off rate (%) 51.04

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2049

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on January 30, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,45,691.61 6.56 4.00-6.95
         I. Call Money 14,941.07 6.58 5.10-6.65
         II. Triparty Repo 3,85,768.80 6.55 6.49-6.75
         III. Market Repo 1,43,070.44 6.59 4.00-6.95
         IV. Repo in Corporate Bond 1,911.30 6.76 6.75-6.80
    B. Term Segment      
         I. Notice Money** 126.94 6.43 5.90-6.65
         II. Term Money@@ 1,141.50 – 6.70-7.50
         III. Triparty Repo 1,585.00 6.54 6.50-6.57
         IV. Market Repo 2,040.99 6.61 6.60-6.75
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 30/01/2025 1 Fri, 31/01/2025 1,17,354.00 6.51
         (b) Reverse Repo          
    3. MSF# Thu, 30/01/2025 1 Fri, 31/01/2025 3,099.00 6.75
    4. SDFΔ# Thu, 30/01/2025 1 Fri, 31/01/2025 69,667.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       50,786.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     2,22,438.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 30, 2025 9,18,934.39  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 30, 2025 1,17,354.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2047

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Electronics Announces Fourth Quarter and FY 2024 Results

    Source: Samsung

    Samsung Electronics today reported financial results for the fourth quarter and the fiscal year 2024.
     
    The Company posted KRW 75.8 trillion in consolidated revenue and KRW 6.5 trillion in operating profit in the quarter ended December 31, 2024. For the full year, it reported KRW 300.9 trillion in annual revenue and KRW 32.7 trillion in operating profit.
     
    Although fourth quarter revenue and operating profit decreased on a quarter-on-quarter (QoQ) basis, annual revenue reached the second-highest on record, surpassed only in 2022. Meanwhile, operating profit was down KRW 2.7 trillion QoQ, due to soft market conditions especially for IT products, and an increase in expenditures including R&D.
     
    In the first quarter of 2025, while overall earnings improvement may be limited due to weakness in the semiconductors business, the Company aims to pursue growth through increased sales of smartphones with differentiated AI experiences, as well as premium products in the Device eXperience (DX) Division.
     
    For 2025 as a whole, the Company plans to enhance technological and product advantages in AI, continue to meet future demand for high-value-added products and drive sales growth in premium segments.
     
    With market conditions expected to remain soft in 1H for the Device Solutions (DS) Division, the Company will focus on securing technology leadership for mid- to long-term growth. Samsung Display Corporation (SDC) will look to strengthen its leading position in high-end products by enhancing product competitiveness, and the DX Division will focus on extending its leadership in delivering AI experiences across a diverse product portfolio.
     
    The Company’s capital expenditures in 2024 reached a total of KRW 53.6 trillion, including KRW 46.3 trillion spent in the DS Division and KRW 4.8 trillion in SDC. In the fourth quarter, the total was KRW 17.8 trillion, with KRW 16 trillion allocated to the DS Division and KRW 1 trillion to SDC.
     
     
    Semiconductors To Optimize Portfolio Centered on Advanced Nodes
    The DS Division posted KRW 30.1 trillion in consolidated revenue and KRW 2.9 trillion in operating profit in the fourth quarter of 2024.
     
    The Memory Business achieved record-high fourth-quarter revenue, backed by a higher blended DRAM average selling price (ASP) due to the increased sales of high-bandwidth memory (HBM) and high-density DDR5 for servers. However, operating profit decreased slightly compared to the previous quarter as a result of increased R&D expenses to secure future technology leadership, as well as the initial ramp-up costs to secure production capacity for cutting-edge nodes.
     
    In the first quarter of 2025, amid ongoing uncertainties in demand, the Memory Business will shift its business portfolio to more high-value-added products by accelerating the migration to cutting-edge nodes to respond to the demand for high-performance and high-density products.
     
    For DRAM, the Memory Business seeks to increase the share of DDR5 and LPPDR5x shipments by accelerating the transition to the 1b nanometer (nm) process. As for NAND, the Business is executing the technology migration from V6 to V8 while increasing sales of V7 QLC-based server SSDs.
     
    In 2025, overall memory market demand is expected to recover from the second quarter. The Memory Business is reducing the portion of legacy DRAM and NAND products to align with market demand and accelerating the migration to cutting-edge nodes. The Business will continue to strengthen its business competitiveness and optimize its portfolio by increasing the portion of high value-added products such as HBM, DDR5, LPDDR5x, GDDR7 and server SSDs based on advanced process nodes.
     
    Earnings at the System LSI Business declined in the quarter due to weak mobile demand and higher R&D expenses to advance cutting-edge product development.
     
    In the first quarter of 2025, earnings are expected to remain weak due to delayed entry into the flagship system-on-a-chip (SoC) market. However, demand for core products such as image sensors and DDI is expected to increase on the back of flagship smartphone launches.
     
    In 2025, the System LSI Business will focus on further enhancing its flagship SoC through product optimization. For image sensors, the Business will proactively respond to high-resolution needs — such as for 200-megapixel (MP) telephoto and main cameras.
     
    The overall profit for the Foundry Business decreased due to lower utilization rates and higher R&D expenses for advanced-node technology. Its 2nm GAA technology is under active development, with the design-kit (DK) already distributed to customers for product design, while the 4nm process is mass producing HPC products based on stable yields.
     
    Looking ahead to the first quarter of 2025, earnings are expected to remain weak due to sluggish mobile demand and fixed-cost burden stemming from lower utilization rates. In this environment, the Foundry Business will concentrate on advancing leading-edge process development and enhancing process maturity to expand opportunities in AI and HPC applications and customer engagement for advanced nodes.
     
    As for 2025, the Business will continue to secure orders from major customers by ramping up and stabilizing the 2nm GAA technology, while simultaneously bolstering the 4nm technology and design infrastructure to meet the growing mobile and HPC needs.
     

    Display To Strengthen Product Competitiveness in 2025
    SDC posted KRW 8.1 trillion in consolidated revenue and KRW 0.9 trillion in operating profit for the fourth quarter.
     
    SDC reported declining profits QoQ due to sluggish smartphone demand and rising competition for the mobile display business, and achieved double-digit revenue growth QoQ for the large display business, with an increase in year-end TV sales.
     
    In the first quarter of 2025, the earnings outlook for the mobile display business is conservative, as the overall smartphone market demand is expected to remain weak. For the large display business, TVs with enhanced image quality are scheduled to launch, as well as high-resolution monitors.
     
    In 2025, SDC aims to sustain its leadership in the high-end segment by strengthening product competitiveness. For the large display business, SDC will increase sales of diversified high-performance TVs and monitors.
     
     
    MX To Drive Flagship-Centric Sales, Reinforce Leadership in Mobile AI
    The Mobile eXperience (MX) and Networks businesses posted KRW 25.8 trillion in consolidated revenue and KRW 2.1 trillion in operating profit for the fourth quarter.
     
    The MX Business reported a QoQ decrease in sales and profit, in part due to the fading effects of new flagship model launches. However, on a full-year basis, flagship sales saw robust growth on the back of double-digit growth of the Galaxy S24 series featuring Galaxy AI, with tablets and wearables also increasing in both value and shipments.
     
    In the first quarter of 2025, the MX Business plans to drive sales growth based on its flagship models, particularly the newly launched Galaxy S25 series, and will continue to lead the AI smartphone market through promotion of new AI experiences and product competitiveness.
     
    In 2025, the MX Business will reinforce its mobile AI leadership by providing more personalized, differentiated AI experiences while also strengthening the foldable lineup to generate new customer demand. Additionally, the Business plans to expand sales by providing advanced AI features and rich Galaxy ecosystem experiences for premium tablets, notebooks, wearables and the upcoming XR device.
     
    While prices of major components are expected to increase this year due to advancements in hardware specifications, the MX Business aims to improve profitability by continuing to build out Galaxy AI and expand sales centered on flagship products.
     
    In the fourth quarter, the Networks Business reported significant improvements in revenue and operating profit in key markets. For 2025, performance is set to improve as the Business expects to win new orders and as major operators expand their network and increase adoption of virtualized and open radio access networks (vRAN/ORAN).
     

    Vision AI Expected To Drive Growth for Visual Display
    The Visual Display (VD) and Digital Appliances (DA) Businesses posted KRW 14.4 trillion in consolidated revenue and KRW 0.2 trillion in operating profit in the fourth quarter.
     
    The VD Business saw revenue increase in the fourth quarter due to expanded sales and an improved sales mix through peak-season promotion, yet profitability decreased slightly as a result of increased cost from intensified competition amid largely stagnant TV demand.
     
    In the first quarter of 2025, while overall TV demand is expected to decrease YoY due to growing domestic and global economic uncertainties, demand for high-value-added products is projected to remain solid. The Business will try to improve profitability and expand strategic product sales through new model launches based on the Vision AI strategy for Samsung’s AI screens.
     
    In 2025, the overall TV market is expected to grow slightly in major emerging markets. The VD Business plans to lead the AI screen market under Samsung’s “Home AI” vision, integrating AI into all connected device experiences based on the SmartThings platform and expand the adoption of Samsung Knox security solutions.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Well Venturing into the Future of Family Wellness

    Source: Panasonic

    Headline: Panasonic Well Venturing into the Future of Family Wellness

    Yoky Matsuoka, Executive Officer of Panasonic Holdings Corporation and Panasonic Well Director, took the stage with Yuki Kusumi, Group CEO, during the opening keynote at CES 2025. She announced that Umi, a holistic digital family wellness platform and coach, will be launched in the US as an example of Panasonic Go.*1 We interviewed Yoky about Panasonic Well, the vision to commercializing Umi, and the outlook for the future.
    ＊1: A global corporate growth initiative promoting business transformation using AI.

    Integration of wellness and technologies: Panasonic Well taking up challenges

    Panasonic Well, led by Yoky, is a venture and business incubator committed to building new services and technologies that improve the well-being of all people, with a focus on the wellness of modern families. Yoky is an accomplished executive and technologist with over two decades of leadership experience. She is a renowned robotics and neuroscience expert, recognized for her groundbreaking work and honored with the MacArthur Genius Award.
    Yoky: Partly due to my past experiences, Panasonic Well tends to be seen as simply a developer of AI or technologies. However, we are able to create solutions at the intersection of responsible tech and human care because we understand what is needed to achieve wellness. This is Panasonic Well’s strength.

    Yoky Matsuoka and Panasonic Well staff (at the CES 2025 Panasonic booth)

    The first project that Yoky initiated at Panasonic was Yohana, a next-generation family concierge service.
    Yoky: During the COVID-19 pandemic, people’s work styles and how they spent time with their family saw drastic changes. At that time, we conducted surveys to get a deeper look at the challenges underlying their problems and did exhaustive research on how we could develop relevant solutions. We launched Yohana in 2021 in the US, then later in Japan, to respond to the time-consuming needs of families by proposing suggestions for meal menus, birthday presents, and so on. The Yohana team, composed of actual humans, has completed over 300,000 tasks on behalf of our customers. This work accumulated to a total of more than one million hours for our customers’ time, which we were able to give back to them. However, we have been unable to provide adequate solutions for using the time created by Yohana to strengthen family ties or improve self-care.
    At Panasonic Well, we have continued our research to ensure that AI will be able to resolve challenges facing families in the future. Furthermore, a survey*2 conducted in the US revealed that half of the “sandwich generation”*3 parents, including myself, feel overwhelmed by stress and that 65% feel lonely. This shows that strengthening family ties and self-care are indispensable for the elderly. Consequently, we developed Umi*4 to address these crises in family ｗell-being.
    ＊2: U.S. Surgeon General Issues Advisory on the Mental Health and Well-Being of Parents (August 2024).＊3: A generation simultaneously supporting aging parents while raising children.＊4: The word “umi” means ocean in Japanese. This name was chosen because it evokes an image of health and well-being, since it not only has a calming effect but also gives people the feeling of vastness and the availability of unlimited resources.

    Umi: A new AI partner supporting family wellness

    Yoky: Umi will start by providing an app as a family well-being coach that facilitates behavioral changes toward achieving family wellness. By encouraging multi-generation families to cultivate wellness habits that fit their diverse needs and lifestyles, it can be a family partner that supports their health and well-being. Activities & fitness, nutrition, sleep, and stress management are essential for wellness, and among these, the first two have been increasingly attracting attention in recent years. Accordingly, Umi’s AI agent assists in behavioral changes for all family members from their childhood, especially in the areas of activities & fitness and nutrition.

    From the video shown during the keynote. Left: Umi suggests ideas for enjoying a weekend, and family members exchange opinions.

    Right: Umi explains key points of communication with elderly parents based on advice from experts.

    Specifically, using wide-ranging data learned through questions and communications with family members, Umi’s AI sets personalized goals for individuals and suggests necessary actions to meet these goals while considering their feasibility. For example, Umi may propose a monthly target number of steps for a user, but if it learns through conversations that it is not feasible due to the user’s busy schedule, Umi may set another more achievable target for eating more nutritious meals. Since the priorities of activities & fitness and nutrition vary among individuals, it is essential to tailor this process for each family member.
    One of Umi’s features enables all family members including children to share conversations, not only 1-to-1 communication. This coordinates family wellness through communication and eventually leads to behavioral change. We delve deeply into the app features like tone of voice and tweak between strong and soft tones to make suggestions best suited for encouraging behavioral changes. Umi also visualizes your progress and enables you to review the outcomes to establish actions as routines.

    Panasonic Well: Committed to building a wellness ecosystem

    Dr. Myechia Minter-Jordan, CEO of AARP

    During the keynote, Yoky introduced the Panasonic Well Partner Collective, which consists of leading health and wellness businesses, organizations, and research institutions, as well as a partnership with the American Association of Retired Persons (AARP),*5 an NPO with approximately forty million members in the US. Dr. Myechia Minter-Jordan, CEO of AARP, took the stage and emphasized that technology is critical to living a healthy life for an increasing number of older people and their families around the world. Yoky also introduced the Family Wellness Innovation Challenge, a global competition co-sponsored by AARP and Panasonic Well for start-ups who pursue relevant technologies and services, and the prize winners were announced at the end.
    ＊5: Aiming at improving the quality of life of older people, AARP provides information and support related to health, economic, and social challenges.

    Yoky: During the development of Umi, we placed much emphasis on building a business ecosystem.*6 Typical examples are partnerships with companies that provide services as needed or those that give expert advice based on the communications carried out between users and Umi.
    ＊6: A large economic network of various companies and organizations that collaborate to create greater value.

    Group CEO Kusumi joined the award ceremony of the Family Wellness Innovation Challenge and praised the grand prix winner.

    The sandwich generation is under a great deal of emotional, time, and economic pressure, and more than half of the families in the US face these burdens.*7 Partnerships are critical for resolving such issues. The Family Wellness Innovation Challenge is a significant step toward expanding such partnerships. We received over 550 applications from around the world, including Japan. I joined the latter half of the screening process myself and interviewed applicants in person. We announced the winners at CES partly to find partners who align with our initiatives, and many participants actually approached us demonstrating their interest. By taking this opportunity, we want to further expand the ecosystem and respond to a wider range of use cases.
    ＊7: World Economic Forum “More than half of Americans in their 40s are ‘sandwiched’ between an aging parent and their own children” (April 2022).

    Daniela Amodei, Co-founder and President of Anthropic

    Since collaboration with AI partners is indispensable in promoting Panasonic Go, Group CEO Kusumi announced in his keynote a strategic partnership with Anthropic in the US, a company that shares the Panasonic Group’s belief that AI must be safe, understandable, and designed to deeply align with human values. In response, Yoky stated that Umi will be equipped with Anthropic’s Claude AI assistant. Daniela Amodei, Co-founder and President of Anthropic, joined her and explained that Claude has added value in all aspects of business, from customer service to decision-making, over the years. She expressed her determination to help the Panasonic Group enhance its overall creativity while delivering better business results by leveraging Claude’s high reliability and safety.
    Yoky: Anthropic has grown while placing great emphasis on ethics, privacy, and responsibility, and its large language models (LLMs) have gained a high reputation in the US. Umi, committed to supporting the health and well-being for all with wellness as a gateway, cannot be viable without innovations based on Anthropic’s AI ethics. Anthropic AI is particularly excellent at family calendar management and chat promotion, so we will be able to provide a service where Umi discusses the scheduling of hospital visits with users, prepares and manages their schedule with AI, and then even reserves a taxi. We expect further collaboration with a diverse range of partners by expanding the breadth of services in this way.

    Umi and Panasonic Well’s future strategy

    Yoky: I feel that being able to demonstrate Umi’s capabilities at CES was very meaningful. Umi’s first key vision for the future is to provide a one-stop solution. We hope to develop Umi into a platform that knows all family members well, capable of making good suggestions in response to their wellness consultations without the need to access different sources.

    The Umi booth at CES 2025, where many visitors attentively listened to the explanations of booth staff while trying out screen demonstrations

    In front of the Partner Collective panel displays. Quite a few representatives of companies expressed their support and consulted with staff of Panasonic Well.

    The second vision is to strengthen the ecosystem by expanding our network of partnerships. We will select partners based on their attitudes toward AI ethics and customer needs. We hope that more companies and organizations will participate in the Umi ecosystem in the future, even if their various services overlap. We believe that optimal solutions for problems and concerns can be provided to more customers only when Umi is backed up by a diverse range of partners.
    Umi will launch services from the US while aiming to establish a global ecosystem to ensure deployment in other countries and regions. The Panasonic Group is unrivaled in its touchpoints with customers in households and it is important to leverage this advantage. We, as the provider of Umi, look forward to collaborating closely with the business divisions to identify mutually beneficial approaches to solve our customer pain points.

    While Panasonic Well is a company capable of making customers around the world healthy and happy through wellness solutions, we want to be the forerunner that will lead Panasonic Go, an initiative to promote corporate transformation of Panasonic. We will pioneer the creation of new products and businesses by leveraging AI and other advanced technologies. We will also establish AI platforms in collaboration with partners and our operating companies.
    Furthermore, we are conscious of our contributions to the AI-based transformation of the entire Panasonic Group. In addition to promoting teamwork with departments in charge of AI at Panasonic Holdings and other organizations, we will provide inspiration and lead initiatives to encourage every Panasonic Group employee to embrace AI, unleashing tremendous progress in their tasks and in the products and services they develop.

    Panasonic Go aims to expand AI-driven hardware, software, and solutions businesses to approximately 30% of the Panasonic Group’s revenue by 2035. However, the Panasonic Group won’t be able to meet the goal only through the efforts of Panasonic Well and Blue Yonder. All business divisions and departments across the Panasonic Group need to create AI-driven revenue streams. We at Panasonic Well hope to contribute to the attainment of our goal by implementing the approaches I’ve described. If we succeed in meeting our goal, the day may come when the entire Panasonic Group is regarded as a leader in AI technologies.

    Under Yoky’s leadership, Panasonic Well will continue to provide innovative solutions driven by AI and other advanced technologies, thus contributing to family wellness. It will also promote AI use throughout the Panasonic Group’s businesses and work at the forefront of Panasonic Go.

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics –

  • MIL-OSI Economics: Optimizing Health Financing: Digital Solutions Against Health Care Inefficiencies, Waste, Abuse, and Fraud

    Source: Asia Development Bank

    Addressing fraud, waste, and abuse (FWA) remains a significant challenge of maintaining the efficiency and effectiveness of health care systems. This report explores the complexities of identifying and managing FWA within health systems, drawing on extensive quantitative and qualitative research conducted from April 2023 to March 2024. The findings highlight the necessity of robust government actions, advanced analytics, and innovative technology to detect and manage FWA effectively.

    MIL OSI Economics –

  • MIL-OSI Economics: Monitoring Business Cycle Fluctuations in Asia

    Source: Asia Development Bank

    The paper explains how the index can monitor monthly business cycles in Asian economies using updated economic indicators across six categories: consumption, investment, trade, government, financial, and external sectors. It shows that machine learning algorithms accurately track output gap movements, offering a robust tool for monitoring economic fluctuations.

    MIL OSI Economics –

  • MIL-OSI Economics: ACP Statement on Confirmation of Doug Burgum as U.S. Secretary of the Interior

    Source: American Clean Power Association (ACP)

    Headline: ACP Statement on Confirmation of Doug Burgum as U.S. Secretary of the Interior

    WASHINGTON DC, January 30, 2025 – The American Clean Power Association (ACP) released the following statement from Jason Grumet, ACP CEO  following the U.S. Senate’s confirmation of Doug Burgum as Secretary of the Interior: 
    “Congratulations to Doug Burgum on being confirmed as Secretary of the Interior and tasked to lead the National Energy Council. We are eager to support the administration’s efforts to make American energy dominance a reality. This whole-of-government approach will be crucial to aligning agencies to advance an ‘all-of-the-above’ energy strategy which is essential to achieving these goals. We look forward to working with Secretary Burgum and the Interior Department to ensure a secure, reliable, and sustainable energy future for all Americans.”
    ### 

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Reaches Staff-Level Agreement with Cameroon on the Second Review of Resilience and Sustainability Facility and Seventh Reviews of Extended Credit Facility and Extended Fund Facility

    Source: International Monetary Fund

    January 30, 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.

    • The IMF and the Cameroonian authorities have reached a staff-level agreement on the seventh reviews of the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), as well as the second review of the Resilience and Sustainability Facility (RSF).
    • Economic recovery has continued, but growth remains subdued. Economic growth was
    • 3.2 percent in 2023 and expected to pick up to 3.9 percent in 2024. Twelve-month average inflation was 4.6 percent in November 2024, down from 7.5 percent last year.
    • Program performance was broadly satisfactory. Some reforms have been delayed, and the authorities have worked to complete work on measures related to governance in the extractive industry sector, the business climate, SOE reform, and public financial management.

    Washington, DC: An International Monetary Fund (IMF) team, led by Ms. Cemile Sancak, Mission Chief for Cameroon, visited Yaoundé from  October 3-16 and held subsequent meetings to discuss progress on reforms and the authorities’ policy priorities in the context of the seventh reviews of their four-year economic program supported by the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements, and the second review of the Resilience and Sustainability Facility (RSF). The ECF/EFF arrangements were approved by the IMF Executive Board for a total amount of SDR 483 million (US$ 689.5 million) in July 2021 (see press release 21/237). An extension of these arrangements of 12 months was approved in December 2023 to allow more time to implement the policies and reforms, and access was augmented by SDR 110.4 million (US$ 147.6 million) (see press release 23/469). The 18-month RSF was approved by the Executive Board in January 2024 in the amount of SDR 138 million (US$ 183.4 million) (see press release 24/30).

    At the conclusion of the discussions, Ms. Sancak issued the following statement:

    “The IMF and the Cameroonian authorities have reached staff-level agreement on the seventh reviews of the ECF/EFF arrangements, as well as the second review of the RSF arrangement. The agreement is subject to approval by the IMF Executive Board. Completion of the reviews would enable disbursement under the ECF-EFF arrangements of SDR 55.2 million (US$ 73.0 million) and disbursement under the RSF arrangement of SDR 34.5 million (US$ 45.6 million).

    “Cameroon’s recovery is continuing, but growth is subdued. In 2023, the economy grew 3.2 percent and is expected to pick up to 3.9 percent for 2024. Inflation has subsided further; twelve-month average inflation was 4.6 percent in November 2024, down from 7.5 percent last year.

    “The fiscal outlook for 2024 is positive. The target for the non-oil primary deficit remains
    2 percent of GDP, an improvement on 2.5 percent of GDP last year (and 3.9 percent of GDP in 2022). During the first half of 2024, non-oil revenues improved by 5 percent, helped by a solid performance of corporate and indirect taxes. Lower-than-expected expenditure was due to delays in investment projects, a recurrent challenge that weighs on growth prospects.   

    “Prospects are broadly positive provided continued reform implementation and benign external conditions. The growth forecast is unchanged at about 4 percent in 2024, gradually rising to about 4.5 percent over the medium term. Inflation is expected to decline to 4.4 percent by the end of 2024 and gradually reach the CEMAC convergence criterion of 3 percent by 2026.

    “The 2025 budget was adopted by Parliament in December and is consistent with the objectives set out under Cameroon’s IMF-supported program and anchoring fiscal policy over the Presidential elections later in 2025. A key goal remains generating space for productive and social investment and advancing anticorruption reforms.

    “There have been delays in the implementation of the structural reform agenda. To attain the ambitious objectives of the national development strategy (SND30), the authorities are encouraged to complete important measures set out in the program concerning governance in the extractive industry sector, the business climate, SOE reform, and public financial management. Specifically, the mission urged the authorities to advance long-pending work on the SONARA restructuring plan and revise the 2013 law to streamline investment incentives.  

    “Under the RSF, Cameroon has intensified efforts to improve the climate policy framework. Work is progressing on the reform measure to establish guidelines for evaluating investment projects with climate change considerations in mind, to improve disaster preparedness by revising the Civil Protection law and by updating the mandate of the National Risk Observatory. The IMF and other development partners are providing technical assistance for a national climate plan, a national strategy for disaster risk financing, and strengthening governance and sustainability of the forestry sector.

    “The IMF team met with the Prime Minister, Joseph Dion Ngute, the Minister of State, Secretary General of the Presidency, Ferdinand Ngoh Ngoh, the Minister of Finance, Louis Paul Motaze, the Minister of Economy, Planning, and Regional Development, Mr. Alamine Ousmane Mey, and other senior officials. The mission also met with representatives of development partners, the diplomatic community, the private sector, and civil society. The team wishes to thank the Cameroonian authorities for their excellent cooperation and for the frank and constructive dialogue.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Economics: Fannie Mae Releases December 2024 Monthly Summary

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae’s (FNMA/OTCQB)  December 2024 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae’s monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.

    MIL OSI Economics –

  • MIL-OSI Economics: Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

    Source: African Development Bank Group

    African countries have taken bold commitments to implement clean cooking energy solutions to offset the devastating effects of open fire cooking which kills roughly 600,000  women and children annually across the continent.

    In energy compacts signed during the Mission 300 Africa Energy Summit, held in Tanzania 27-28 January, 12 African countries signalled their intent to  accelerate the pace of access to electricity and clean cooking solutions on the world’s fastest-growing continent, in line with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

    Commending these countries, Tanzanian President Suluhu Hassan stated in closing remarks: “I understand that the 12 governments have only pioneered, and many others will join us in the future.” Earlier, at the opening speaking about the purpose of the summit she said, “This gathering is a platform to consolidate commitments, announce new partnerships and drive momentum towards the 2030 goal.”

    President Suluhu Hassan of Tanzania, global Clean Cooking ambassador at the Africa Energy Summit. January 2025

    The two-day meeting was organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners, to address Africa’s electricity access gap through the use of new technology and innovative financing.

    Moderating a special panel on clean cooking on Monday, Rashid Abdallah, Executive Director of the African Energy Commission (AFREC), noted that whilst 600 million Africans live without access to electricity, one billion -nearly double the number – were without access to clean cooking, relying on biomass fuels such as wood and charcoal, with severe economic, social and environmental impact. Conservative estimates put the cost of this across the continent to $790 billion a year, he noted.

    Abdallah was joined by Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Peter Scott, CEO of Burn Manufacturing, and Martin Kimani, CEO of M-Gas, who each highlighted the significant health, environmental, and economic impacts of relying on polluting fuels for cooking, as well as the innovative approaches being developed to address this crisis.

    Muyungi shared Tanzania’s experience in launching a comprehensive National Clean Cooking Strategy, emphasizing the importance of high-level political commitment, coordinated stakeholder engagement, and the integration of private sector participation. 

    He praised President Hassan’s role as a global champion bringing the issue to the highest level of African governments.

    “It is important to elevate it to the highest level… She is the champion of clean cooking,” he said.  He stressed: “It’s important that there is a champion who can elevate clean cooking in terms of partnerships and partner with others to address this issue. He added that Tanzania is on track to transition 80 percent of its population to clean cooking technologies by 2034, thanks to the efforts of President Hassan.

    Scott, whose company Burn Manufacturing is the largest clean cooking manufacturer in Africa, discussed the diverse range of solutions being deployed across the continent, from fuel-efficient biomass stoves to cutting-edge electric cooking appliances with pay-as-you-go financing models. He stressed the availability of funding for clean cooking projects, pending the approval of carbon credit regulations by governments.

    Panel session on clean cooking at Mission 300 Africa Energy Summit. Tanzania, January 2025. (L-R ) Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Martin Kimani, CEO,M-Gas,   Peter Scott, CEO of Burn Manufacturing, Rashid Abdallah ED, African Energy Commission (AFREC)

    “This is the most exciting time in the history of clean cooking,” Scott declared. “Now, there’s a lot of money standing by to approve carbon credit regulations to allow carbon trading, carbon finance, to grow. “

    Kimani’s pioneering pay-as-you-cook LPG model has provided an innovative and affordable solution to enable households to transition to clean cooking. He shared the success of M-Gas in onboarding half a million households in Kenya and Tanzania within just three years, demonstrating the scalability of this approach. “One of the most important considerations is affordability, how do we close that gap?” he asked.

    M-Gas has found an answer by installing IOT enabled smart meters which are fixed into gas cylinders without upfront payment.

    “We mirror the (pay as you go) environment they can now cook using LPG. With 35 cents they can cook three meals in a day,” he added.

    Tanzania pioneers clean cooking and global awareness

    Tanzania published its clean cooking strategy in 2024-2034 last year in response to its own challenges – 3,000 people dying annually and the effects of a devastating 400 hectares of deforestation annually from the use of charcoal and firewood.

    Championed by President Hassan, the Clean Cooking agenda has embraced everyone and is part of the national agenda, Muyungi said. “This discussion has highlighted the innovative approaches and the political will required to transform the lives of millions of Africans and secure a sustainable future for the continent.”

    In a recognition of national efforts, awards were handed out to winners of a national clean cooking innovation challenge on the first day of the summit. The winners included creators of a biogas production plant and a click gas LPG delivery system.

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    The African Development Bank Group has pledged $2 billion over 10 years towards clean cooking solutions in Africa. The pledge represents an important contribution to the $4 billion per year needed to allow African families to have access to clean cooking by 2030.

    “Why should anybody have to die just for trying to cook a decent meal that is taken for granted in other parts of the world,” African Development Bank President Akinwumi Adesina asked during a discussion as part of the summit. “Africa must develop with dignity, with pride. Its women, its population must have access to clean energy solutions.”

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    MIL OSI Economics –

  • MIL-OSI Economics: Thales will provide the French Navy with sovereign anti-submarine warfare sonobuoys

    Source: Thales Group

    Headline: Thales will provide the French Navy with sovereign anti-submarine warfare sonobuoys

    • Thales has signed a contract with the French defence procurement agency (DGA) to supply the French Navy with several hundred SonoFlash sonobuoys. ​
    • Manufactured in France in collaboration with French SMEs, the SonoFlash sonobuoy strengthens France’s strategic and capability ambitions in the field of anti-submarine warfare. ​
    • Deployed from a maritime patrol aircraft (such as the ATL2) or a helicopter (for example an NH90), the SonoFlash sonobuoy enables the detection of submarines. It is fully interoperable with the Flash dipping sonar and the CAPTAS family of towed array sonars.

    Thales will enhance the anti-submarine warfare capabilities of the French Navy by providing several hundred SonoFlash sonobuoys. These expendable sonar buoy are the only such models to offer both active and passive modes: they are equipped with a powerful low-frequency emitter and a receiver with high directivity.

    Combined with the FLASH dipping sonar, the SonoFlash sonobuoys will enable an airborne platform to search for the presence of submarines over a greater range, and offer greater responsiveness to the evasive manoeuvres of these platforms.

    The high-performance communication systems of the SonoFlash enable all surface ships and aircraft, as well as acoustic support centres equipped with a sonobuoy processing system, to receive the data collected by the buoy.

    “Through its SonoFlash sonobuoy and the CAPTAS and FLASH sonars, Thales is proud to contribute to the development of the French anti-submarine warfare sector. The excellence of Thales’s offerings solutions in this field is recognised worldwide and is being put to the service of the French Navy in a context of renewed tensions at sea.” ​ said Sébastien Guérémy, Vice President of Underwater Systems activities, Thales.

    In March 2021, The French defence procurement agency (DGA) awarded Thales a contract to develop, qualify and manufacture the SonoFlash air-droppable sonobuoy: French Navy strengthens anti-submarine warfare capabilities with SonoFlash sonobuoy from Thales | Thales Group

    About Thales

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

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

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

    MIL OSI Economics –

  • MIL-OSI Economics: Spain’s secure communications satellite SpainSat NG I successfully launched

    Source: Thales Group

    Headline: Spain’s secure communications satellite SpainSat NG I successfully launched

    • Starting in the second half of this year, SpainSat NG I will provide services to Spain’s Armed Forces, international organizations such as the European Commission or NATO, and governments of allied countries.
    • Thales Alenia Space, together with Airbus Defence and Space, has led the construction of this satellite and its twin, SpainSat NG II, which is also scheduled for launch in 2025.
    • The company has been responsible, among other activities, for the integration of the Communication Module for both satellites along with Airbus in a clean room built for this purpose at its facilities in Tres Cantos, Madrid. To date, this has been the largest satellite system ever integrated in Spain.

    Madrid, January 30, 2025 – The secure communications satellite SpainSat NG I has been successfully launched early this morning by a SpaceX Falcon 9 rocket from Cape Canaveral (Florida). An unprecedented milestone for the Spanish space sector.

    The SPAINSAT NG program, owned and operated by Hisdesat Servicios Estratégicos S.A., comprises two satellites, SpainSat NG I and II. Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), together with Airbus Defence & Space, has led the execution and construction of both satellites, SpainSat NG I and its twin, SpainSat NG II, which will be launched this fall. The two satellites will be positioned in different geostationary positions to operate in X-band, military Ka-band, and UHF, providing coverage to two-thirds of the Earth’s surface, from the United States of America to Singapore. It will provide services for the next 15 years.

    Thales Alenia Space in Spain has been responsible for the UHF and military Ka-band payloads and the integration of the Communication Module for the two satellites along with Airbus. The Communication Module is the main body of the satellite, which embarks the communication payloads that give purpose to the mission.

    © Airbus

    Specifically for this mission, the company built an assembly and integration clean room at its site in Tres Cantos, Madrid, inaugurated in 2021, where the Communication Modules of the two satellites have been integrated. These advanced cutting-edge facilities represent a qualitative leap in Spain’s space industry capabilities for the assembly and integration of large space systems, something within the reach of a few space powers worldwide.

    Being the largest satellite system ever integrated in Spain, the SpainSat NG I Communication Module weights more than 2 tons and measures 6 meters high, and is fully equipped with cutting-edge technology in the field of space communications, comprising hundreds of sophisticated electronic units.

    The company has also designed and manufactured in Spain, France, Italy, and Belgium over 200 of electronic and radiofrequency units that are an integral part of the communications payloads and the satellite’s telecommand and telemetry system. Among them are the UHF processor, the heart of the UHF-band payload; the Transparent Digital Processor (DTP) that interconnects the X-band and military Ka-band payloads; and the Hilink unit, responsible for providing a high-speed service link that will facilitate a quick reconfiguration of the payloads.

    The SPAINSAT NG program

    SpainSat NG I is one of the most advanced secure communications satellites in Europe and ranks among the most innovative in the world. It is expected to begin to provide services early in the second half of 2025 to the Spanish Armed Forces, international organizations such as the European Commission in the GOVSATCOM program, NATO, and other allied governments.

    Its mission is to ensure effective command and control of Armed Forces operations over a large portion of the Earth’s surface, guarantee communication capability in theatres of operations lacking communication infrastructure, ensure secure governmental communications in any operational environment (air, maritime, land), and provide strategic space capabilities to third nations.

    The SpainSat NG satellites, which will replace the current Hisdesat communications satellites, Spainsat and XTAR-EUR, will be capable of providing secure satellite communications with maximum protection against interference or other threats, including a high-altitude nuclear event, with maximum flexibility thanks to its real-time software-defined payload.
     

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI Economics: NEWS RELEASE: CanREA marks fifth anniversary with special industry data report

    Source: – Press Release/Statement:

    Headline: NEWS RELEASE: CanREA marks fifth anniversary with special industry data report

    Canada’s installed capacity of wind energy, solar energy & energy storage is now more than 24 GW, up by 46% in the last five years.

    Ottawa, January 30, 2025—The Canadian Renewable Energy Association (CanREA) is pleased to release a new, five-year industry data report announcing that Canada’s wind, solar and energy-storage sectors have grown by 46% in the last five years, with a new installed capacity of more than 24 GW at the end of 2024.

    CanREA released the report today as part of its five-year anniversary celebrations. Since the Association was launched in 2020, the industry increased its installed capacity by nearly 7.6 GW. This total includes more than 4.7 GW of new utility-scale wind, nearly 2 GW of new utility-scale solar, more than 600 MW of new on-site solar, and more than 200 MW of new energy storage.

    “Canada’s wind, solar and energy storage industry grew impressively over the past five years—and we expect to see significantly more growth in the next five years,” said Vittoria Bellissimo, CanREA’s President and CEO. “But this is not nearly enough. Canada has massive, untapped wind and solar resources that can and should be harnessed to provide the affordable, clean, scalable electricity needed in all jurisdictions.”

    In total, Canadian jurisdictions can expect to connect at least 10,000 MW of new wind, solar and storage by the start of 2030, according to CanREA’s Clean Energy Procurement Calendar.

    CanREA is also tracking another 5,000 MW that will come into service beyond that time frame, for a grand total of more than 15,000 MW of procurements that are either currently underway or being planned across the country. This represents more than $30B in investment.

    “This investment is crucial in establishing resilient, sustainable infrastructure that can support Canada’s economic and environmental ambitions,” said Bellissimo.

    “We have been calling on all provinces and territories to increase the pace of buildout in their jurisdictions, and we are pleased to see that many have answered the call. That said, we can do so much more. Every new wind, solar, and energy storage project brings us closer to a cleaner energy mix and a decarbonized grid,” said Bellissimo.

    Facts at a glance

    Canada’s total wind, solar and storage installed capacity grew 46% in the past 5 years (2019-2024), including nearly 5 GW of new wind, 2 GW of new utility-scale solar, 600 MW of new on-site solar, and 200 MW of new energy storage.

    Canada’s solar energy capacity (utility-scale and onsite) grew 92% in the past 5 years (2019-2024).

    Canada’s wind energy capacity grew 35% in the past 5 years (2019-2024).

    Canada’s energy storage capacity grew 192% in the past 5 years (2019-2024).

    Canada’s total wind, solar and storage installed capacity is now more than 24 GW, including over 18 GW of wind, more than 4 GW of utility-scale solar, 1+ GW on-site solar, and 330 MW energy storage.

    Canada now has 341 wind energy projects producing power across the country.

    Canada now has 217 major solar energy projects producing power across the country.

    There are now nearly 96,000 onsite solar energy installations across Canada.
    For more facts at a glance, see CanREA’s “By the Numbers” webpage.

    For more information

    To download a summary of CanREA’s latest industry data, visit CanREA’s “By the Numbers” webpage. CanREA members have access to a more detailed report on the members-only side of the website.

    Quotes

    “Canada’s wind, solar and energy storage industry grew impressively over the past five years—and we expect to see significantly more growth in the next five years—but this is not nearly enough. Canada has massive, untapped wind and solar resources that can and should be harnessed to provide the affordable, clean, scalable electricity needed in all jurisdictions.” 

    “This investment is crucial in establishing resilient, sustainable infrastructure that can support Canada’s economic and environmental ambitions, driving progress toward a net-zero future.”

     “We have been calling on all provinces and territories to increase the pace of buildout in their jurisdictions, and we are pleased to see that many have answered the call. That said, we can do so much more. Every new wind, solar, and energy storage project brings us closer to a cleaner energy mix and a decarbonized grid.”
    —Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association

    For media interview opportunities, please contact:

    Bridget Wayland, Senior Director of CommunicationsCanadian Renewable Energy Associationcommunications@renewablesassociation.ca

    About CanREA

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on X and LinkedIn. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca.
    The post NEWS RELEASE: CanREA marks fifth anniversary with special industry data report appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI Economics: Celebrate Xbox’s Indie Selects program with top picks and sale

    Source: Microsoft

    Headline: Celebrate Xbox’s Indie Selects program with top picks and sale

    Balatro is a poker-inspired roguelike deck builder all about creating powerful synergies and winning big. The poker roguelike. Balatro is a hypnotically satisfying deckbuilder where you play illegal poker hands, discover game-changing jokers, and trigger adrenaline-pumping, outrageous combos. Combine valid poker hands with unique Joker cards in order to create varied synergies and builds. Earn enough chips to beat devious blinds, all while uncovering hidden bonus hands and decks as you progress. You’re going to need every edge you can get in order to reach the boss blind, beat the final ante and secure victory.

    Animal Well – Developed by Billy Basso

    “Seven years ago, I started building a new game/engine from scratch, more as a learning experience than out of any ambition to create the new big indie hit. I drew a few animal sprites. Got a candle to glow the way I wanted. As the game and the engine organically fed off of one another, it took a shape I never would have predicted when I first started. And now that Animal Well is out in the world, players continue to color it with their own perspectives, their pet theories, their love for the game. I feel like I was able to make a small contribution to video game culture and my efforts have been rewarded a hundredfold.” – Billy Basso, Developer of Animal Well

    ANIMAL WELL

    Bigmode

    ☆☆☆☆☆ 46

    ★★★★★

    $24.99

    Hatch from your flower and spelunk through the beautiful and sometimes haunting world of Animal Well, a pixelated wonder rendered in intricate audio and visual detail. Encounter lively creatures small and large, helpful and ominous as you discover unconventional upgrades and unravel the well’s secrets. This is a truly unique experience that can make you laugh in fear, surprise, or delight.

    The Plucky Squire – Developed by All Possible Futures

    “Working on The Plucky Squire has been an amazing journey for all of us at All Possible Futures. From those first prototypes of Jot leaping from desk to book, to seeing players light up as they experience it – it’s been a joy to share with the world. We poured all of our heart into the game, and it’s been incredible to see players and critics connect with it in ways we couldn’t have imagined. Knowing that the game has brought smiles to so many faces is the most rewarding part of it all. That’s what it’s all about for us, and we couldn’t be more grateful for the love and support along the way.” – Jonathan Biddle, Co-director, All Possible Futures

    The Plucky Squire

    Devolver Digital

    ☆☆☆☆☆ 65

    ★★★★★

    $29.99

    The Plucky Squire follows the magical adventures of Jot and his friends – storybook characters who discover a three-dimensional world outside the pages of their book. When the malevolent Humgrump realizes he’s the villain of the book – destined to lose his battle against the forces of good for all eternity – he kicks the heroic Jot out of its pages and changes the story forever. Jot must face challenges, unlike anything he’s ever seen if he is to save his friends from Humgrump’s dark forces and restore the book’s happy ending. Jump between 2D and 3D worlds in this charming action-adventure – solving puzzles, boxing badgers, flying with a jetpack, and enjoying many more delightful and surprising mini-challenges as you become the hero of a living storybook.

    Neva – Developed by Nomada Studio

    “Launching Neva has been a journey of four years—more than double the time it took to develop [our last game] Gris. It has been a long and challenging process. 

    “Our biggest fear was living up to the expectations of our fans and critics. After the huge and unexpected success of Gris, we felt the pressure of both external expectations and our own ambitions. Every element of Neva, from its storytelling to its art and gameplay, was crafted with the hope of creating a meaningful connection with players. This is the kind of game we aspire to create as a studio. 

    “Seeing both critics and players enjoy and praise Neva has been incredibly fulfilling—a perfect final gift to its long development journey and a transformative milestone for our studio. It has proven that players are truly eager for games capable of evoking powerful emotions and telling unique, meaningful stories that resonate with them; and for us, this recognition has provided the strength and motivation to continue pursuing this goal for as long as we can.” – Conrad Roset, Creative Director, Nomada Studio

    Neva

    Devolver Digital

    ☆☆☆☆☆ 51

    ★★★★★

    $19.99

    Neva is an emotionally-charged action adventure from the visionary team behind the critically acclaimed GRIS. Neva chronicles the story of Alba, a young woman bound to a curious wolf cub following a traumatic encounter with dark forces. Together they embark on a perilous journey through a once-beautiful world as it slowly decays around them. Over time, their relationship will evolve as they learn to work together, helping one another to brave increasingly dangerous situations. The wolf will grow from a rebellious cub to an imposing adult seeking to forge his own identity, testing Alba’s love and their commitment to one another. As the cursed world threatens to overwhelm them, Alba and her courageous companion will do whatever it takes to survive and make a new home, together.

    Crow Country – Developed by SFB Games

    “We had hopes that people would get excited for Crow Country when even early, out-of-context teaser screenshots would get very positive attention. Nothing is certain in game development though, so to have had this many people write so many lovely things about the game, recommend it to their friends or audiences, and rate it so highly – it’s really reassuring that the kind of games we want to make are the kind that people want to play. It’s also been a morale-boosting liferaft in a very troubled time for the games industry, and will keep [studio co-founder] Adam and me going through the next game and beyond!” – Tom Vian, Co-founder, SFB Games

    Crow Country

    SFB Games

    ☆☆☆☆☆ 135

    ★★★★★

    $19.99 $15.99

    The year is 1990. It’s been two years since the mysterious disappearance of Edward Crow and the abrupt closure of his theme park, Crow Country. But your arrival has broken the silence, Mara Forest. If you want answers, you’ll have to venture deep into the darkness of Crow Country to find them… A survival horror game, where you’ll test yourself against puzzles and riddles as you investigate the eerie tranquility of the abandoned theme park. Don’t be deceived by the whimsical surroundings, something is awfully wrong in Crow Country. As you unlock new areas, backtrack and discover more, you gradually piece together why Edward really shut down his park and where he mysteriously disappeared to. You’ve heard some pretty disturbing rumors, but they couldn’t possibly be true…..right?  For visitors to the park who are more interested in spotting crows and taking in the sights, Exploration Mode allows you to journey on without the fear of being attacked by the mysterious monsters roaming Crow Country. Besides, if you knew what those monsters really are….. Just how far would someone go to follow their ambition? Are some sins too wicked for redemption?  A tale of reckless hubris and human greed, and now at the center of it all… you.  Who are you really, Mara Forest? 

    Hypercharge Unboxed – Developed by Digital Cybercherries Limited

    “Power Your Dreams is more than just a slogan: it speaks to the heart of every dreamer, reminding us that with passion and determination, even childhood dreams can come true. We believed in that message and powered our dream of creating Hypercharge. With Xbox’s support, we were able to launch on this incredible platform and witness it not only change our lives as a small indie studio, but also bring families closer together through the magic of couch co-op.

    “Seeing parents and children laughing and working together to overcome challenges in Hypercharge has been truly heart-warming. That shared experience, playing together in the same room, on their Xbox – that’s something really special, where memories will last a lifetime. We’re immensely grateful to Xbox for helping make our dream come true and for allowing players to join us on this journey! The overwhelmingly positive response to Hypercharge has been truly inspiring. To everyone who has played and supported our game, thank you!” – Joe Henson, Creative Gameplay & Marketing Director, Digital Cybercherries

    HYPERCHARGE Unboxed

    Digital Cybercherries Limited

    ☆☆☆☆☆ 269

    ★★★★★

    $29.99 $23.99

    HELP SGT. MAX AMMO TO DEFEAT MAJOR EVIL AND SAVE THE HYPERCORE! There was once an ancient line of action figures, who created a magical power source that would allow humans to keep their favourite childhood memories of their toys. This ancient power source is known as the Hypercore. Inside the Hypercore are the beloved memories of our favorite toys. If Major Evil destroys it, these memories will disappear forever. Defend it with everything you’ve got, or see our cherished toys turn into lost treasures of the past! Hypercharge is a first and third-person shooter action figure game you’ve always dreamed of! Grab your friends, complete objectives, defend the Hypercore against waves of weaponized toys, and defeat Major Evil together in the story campaign! PLAY CO-OP WITH YOUR FRIENDS Work together as a team to defend the Hypercore. Grab a friend, break out of your toy packaging, and get ready to fight waves of classic toys. Prepare for each wave by searching for weapons, resources, and even hidden secrets. OFFLINE PLAY FOR SOLO PLAYERS Not everybody likes to play online. Hypercharge supports Offline, Split-Screen and Local play. You can progress and unlock everything in-game while playing solo. PLAYER BOTS Don’t have a team to play with? Don’t worry, we’ve got you solo players covered. Player bots listen to your commands, collect resources, and even help to build defences. UNLOCK ACTION FIGURES In Hypercharge, hundreds of unlocks are available, all of which can be earned directly in-game without any microtransactions. PLAYER VERSUS PLAYER MODES Go head-to-head against other action figures as you fight to become top of the scoreboard! Classic PvP modes include Deathmatch, Team Deathmatch, Capture the Battery, Infection, and King of the Hill.

    On top of the Collection itself, we’re running an Indie Selects Anniversary Sale from January 28 to February 3, featuring over 200 indie titles that launched in 2024. This is the perfect opportunity to save on titles we recommended, including Balatro, Phasmophobia, S.T.A.L.K.E.R.: Legends of the Zone Trilogy, Kena: Bridge of Spirits, Rounds, and more.

    Check out the full list of on-sale titles below. Thanks for playing, and stay tuned for even more Indie Selects in the years ahead!

    Full List of Games in the Indie Selects Anniversary Sale

    MIL OSI Economics –

  • MIL-OSI Economics: SheTalks – A Solutions Lab on Improving Access to Finance for Caribbean Women Entrepreneurs

    Source: Caribbean Development Bank

    Join us for our third SheTalks! Learn about our flagship study on Access to Finance for Caribbean Women Entrepreneurs, hear practical guidance from finance industry experts, and share your valuable insights on how the Hub can help women owned and led businesses to unlock capital and investment opportunities. 

    Join the SheTrades Caribbean Hub and Register for this event. 

    Under the theme Risky Business, this session takes a practical deep dive into access to finance facilitated by the SME Team of the JMMB Group Limited, one of the region’s innovative financiers. The JMMB’s team of Commercial Bankers will lead this conversation providing practical insights into their key considerations when designing and deploying financial solutions, services and products to women led businesses.

    Event Format:

    • Opening Remarks
    • Panel Discussion
    • Q&A Segment
    • SheTrades Entrepreneur Spotlight
    • Closing Remarks

    MIL OSI Economics –

  • MIL-OSI Economics: CNB to assess options for broadening investment to include other asset classes

    Source: Czech National Bank

    At its meeting on Thursday, after discussing a document on international reserve management in 2024, the Bank Board of the Czech National Bank (CNB) approved a proposal to analyse the options for investing in additional asset classes.

    The central bank has been increasingly diversifying its investments over the last two years as part of its reserve management strategy. At the proposal of Governor Aleš Michl, the CNB is to assess whether it would be appropriate in terms of diversification and return to include other asset classes in the reserves as well.

    Based on the results of the analysis, the Bank Board will then decide how to proceed further. No changes will be implemented in this area until then. Any changes in the reserve portfolios will be disclosed in the quarterly information on the CNB’s international reserves and in the CNB’s annual report.

    Jakub Holas
    Director, CNB Communications Division

    MIL OSI Economics –

  • MIL-OSI Economics: From Classroom to Career: How Samsung Fuels STEM Dreams at Newberry High School

    Source: Samsung

    At Samsung, our citizenship mission is “Together for Tomorrow! Enabling People,” and we are committed to empowering future generations to harness technology for good. During the 2023–2024 school year, this mission came to life in Newberry, South Carolina, where Newberry High School earned the title of South Carolina State Winner in our Samsung Solve for Tomorrow national STEM competition, winning a $12,000 Samsung technology prize package for their school.
    Samsung Solve for Tomorrow challenges public school students in grades 6–12 to apply STEM (science, technology, engineering & math) to address local community issues, and Newberry High School’s Career Lab students, led by special education teacher Heather Alexander, more than met that challenge. Their innovative project—a pollinator garden and compost system—not only tackled sustainability but also demonstrated the power of STEM to drive community change and inspire career exploration.

    MIL OSI Economics –

  • MIL-OSI Economics: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: International Monetary Fund

    January 30, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. 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 Executive Board for discussion and decision.

    Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

    Robust Expansion with Declining Debt

    1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

    2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

    3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

    4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

    5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

    Growth-friendly Fiscal Consolidation

    6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

    7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

    8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

    9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

    Structural reforms for boosting potential growth

    10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

    • Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
    • Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
    • Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

    11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

    Strengthening financial system resilience

    12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

    13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

    In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Economics: Result of OMO Purchase auction held on January 30, 2025 and Settlement on January 31, 2025

    Source: Reserve Bank of India

    I. SUMMARY OMO PURCHASE RESULTS

    Aggregate Amount (Face value) notified by RBI : ₹20,000 crore
    Total amount offered (Face value) by participants : ₹1,20,626 crore
    Total amount accepted (Face value) by RBI : ₹20,020 crore

    II. DETAILS OF OMO PURCHASE ISSUE

    Security 7.59% GS 2029 7.18% GS 2033 7.10% GS 2034 6.79% GS 2034 7.18% GS 2037
    No. of offers received 33 170 117 100 181
    Total amount (face value) offered (₹ in crores) 12,492 33,760 19,491 14,147 40,736
    No. of offers accepted NIL 18 30 36 21
    Total offer amount (face value) accepted by RBI (₹ in crores) NIL 4,375 4,125 5,000 6,520
    Cut off yield (%) NA 6.7764 6.7448 6.6747 6.8521
    Cut off price (₹) NA 102.58 102.39 100.80 102.72
    Weighted average yield (%) NA 6.7803 6.7527 6.6843 6.8601
    Weighted average price (₹) NA 102.55 102.34 100.73 102.65
    Partial allotment % of competitive offers at cut off price NA NA NA 39.68 12.82

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2046

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’; ‘Placement of deposits with other banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. sanctioned a loan wherein relative of its director stood as guarantor;

    2. failed to adhere to the prudential inter-bank (gross) and counterparty exposure limits; and

    3. failed to carry out periodic review of risk categorisation of certain accounts at least once in six months.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2043

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had failed to:

    1. adhere to the prudential inter-bank (gross) and counterparty exposure limits;

    2. upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed time; and

    3. carry out periodic review of risk categorisation of accounts at least once in six months.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2044

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  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 27, 2025, imposed a monetary penalty of ₹2.10 lakh (Rupees Two Lakh Ten Thousand only) on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’, ‘Know Your Customer (KYC)’ and ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act and Section 25 of the Credit Information Companies (Regulation) Act, 2005.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions/non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions and directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time;

    2. breached the ceiling of total investments held under Held to Maturity (HTM) category;

    3. failed to upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed time; and

    4. failed to submit credit information of its borrowers to three CICs.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2045

    MIL OSI Economics –

  • MIL-OSI Economics: Thales Alenia Space signs contract with ESA to develop the Argonaut Lunar Lander for cargo delivery

    Source: Thales Group

    Headline: Thales Alenia Space signs contract with ESA to develop the Argonaut Lunar Lander for cargo delivery

    The lander will fly to the Moon and land on its surface assuring the European autonomous access to the Moon

    • Thales Alenia Space plays a pioneering role to enable the European autonomous access to the Moon
    • The Argonaut lunar lander is designed to offer versatility in the frame of the Artemis program to deliver cargo, rovers and more, or as stand-alone scientific missions.
    • Thales Alenia Space’s consolidated legacy, advanced technology and long-standing expertise in space exploration puts the company at the cutting-edge of space and human exploration.

    Cannes, January 30th, 2025 – Thales Alenia Space, joint venture between Thales (67%) and Leonardo (33%), has signed a contract with the European Space Agency (ESA), worth € 862 Million, related to the design, the development and the delivery of the Lunar Descent Element (LDE) for ESA’s Argonaut Mission, including responsibility for mission design and integration.

    Planned to be launched from the 2030s, Argonaut will deliver cargo, infrastructure and scientific instruments to the Moon’s surface.

    The first mission is envisioned to deal with delivery of dedicated navigation and telecommunication payloads as well as energy generation and storage system, as European enterprises to explore the Lunar southern area.

    About Argonaut

    © Thales Alenia Space/Briot

    The Argonaut spacecraft consists of three main elements: the lunar descent element (LDE) for flying to the Moon and landing on the target, the cargo platform one, which is the interface between the lander and its payload, and finally, the element that the mission designers want to send to the Moon.

    Adaptability is a key element of Argonaut’s design, which is why the cargo platform is designed to accept any mission profile: cargo for astronauts near the landing site, a rover, technology demonstration packages, production facilities using lunar resources, a lunar telescope or even a power station. The project will strengthen Thales Alenia Space’s skills in several technological areas essential to space exploration beyond the Moon.

    The future space ecosystem requires new solutions dedicated to the transport and return of cargo from low Earth orbit and lunar orbit, as well as crew transport to low Earth orbit. Thales Alenia Space is ready to put in place what is needed to prepare for humanity’s future life and presence in Space, laying the foundations for the post-ISS era and meeting new economic needs for research and science.

    Argonaut consortium: who does what?

    Thales Alenia Space is the prime contractor for the development of the Lunar Descent Element. The overall mission responsibility, ie the use of the LDE and integration with payload, will be the subject of a separate procurement in the future. The Lunar Descent Element is an independent architecture block of the international lunar exploration activities, namely a versatile system to support a variety of missions.

    As prime contractor and system integrator of the Lunar Descent Element, Thales Alenia Space in Italy will lead the industrial consortium that will be responsible for the system, the entry descent and landing aspects, as well as the general and specific architectures of the thermomechanical, avionics and software chains. Thales Alenia Space in France and in the UK will respectively focus on data handling systems and propulsion. OHB System AG as additional core team member of the Thales Alenia Space consortium will be responsible for guidance, navigation and control (GNC), electrical power systems (EPS) and telecommunications (TT&C) aspects.

    “Argonaut lunar lander means a lot to our company” said Hervé Derrey, Thales Alenia Space CEO. “Thanks to this astonishing space vehicle, tons of cargo will be delivered to the Moon’s surface, including rovers, scientific missions and many more. This new element of the Artemis program will serve at facilitating long-duration manned lunar exploration missions and will be crucial to increase European autonomy in lunar exploration. The Moon will also serve as a stepping stone for crewed missions into deep space, with Mars being the next stage of the journey. I wanted to express my gratitude to ESA for awarding this new contract to our company. Today’s major achievement strengthens more than ever Thales Alenia Space’s leading positions in the fields of space transportation systems, orbital infrastructures and space exploration”.

    “We are truly honored that ESA has renewed its trust in our company by awarding Thales Alenia Space this major contract to develop the European lunar lander that will enable Europe to access autonomously to the Moon’s surface”, said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “Today, with its longstanding expertise in space exploration infrastructure and vehicles, our company, in line with ESA’s and ASI’s visions, has decided to enhance its competitiveness by investing in the development of technological solutions to help Europe achieve its goals. Supplying a significant proportion of the International Space Station’s pressurized volume, playing a major role on board Artemis, manufacturing the backbone of Orion’s European service module and leading flagship transportation programs such as IXV or Space Rider, Thales Alenia Space is more than ever at the forefront of exploration and space transportation systems”.

     

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI Economics: Special Senior Officials Meeting on Energy discusses ASEAN energy cooperation

    Source: ASEAN – Association of SouthEast Asian Nations

    The Special Senior Officials Meeting on Energy (SOME) 2025 and its Associated Meetings were held from January 22-24, 2025, in Langkawi, Malaysia. Secretary General of the Ministry of Energy Transition and Water Transformation (PETRA), Dato’ Mad Zaidi bin Mohd Karli, as the SOME Chair, led the discussion on the planning of the work plan of ASEAN energy cooperation for the year ahead.

    The Meeting endorsed the Priority Economic Deliverable (PED) and Priorities of the energy sector to be implemented in 2025 under Malaysia Chairmanship. Notably, the Meeting endorsed the text of ASEAN Power Grid (APG) Enhanced MoU including its Term of Reference (ToR) APG Related Bodies, as well as the ASEAN Framework Agreement for Petroleum Security, which are planned to be signed this year.

    The post Special Senior Officials Meeting on Energy discusses ASEAN energy cooperation appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Odisha State Co-operative Bank Ltd

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on The Odisha State Co-operative Bank Ltd., (the bank) for non-compliance with the provisions of Section 9 and Section 26A of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and 56 of BR Act.

    The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for contravention of provisions of the BR Act. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. failed to dispose of certain Non-Banking Assets within the prescribed period; and

    2. failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2042

    MIL OSI Economics –