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Category: Economics

  • MIL-OSI Economics: January 2025 euro area bank lending survey

    Source: European Central Bank

    28 January 2025

    • Credit standards tightened for firms in the fourth quarter of 2024, driven by higher perceived risks and lower risk tolerance
    • Credit standards remained unchanged for loans to households for house purchase but continued to tighten for consumer credit
    • Housing loan demand continued to rebound strongly, while demand for firm loans remained weak

    According to the January 2025 bank lending survey (BLS), euro area banks reported a renewed net tightening of credit standards – banks’ internal guidelines or loan approval criteria – for loans or credit lines to enterprises in the fourth quarter of 2024 (net percentage of banks of 7%; Chart 1). Banks also reported broadly unchanged credit standards for loans to households for house purchase (net percentage of 1%), whereas credit standards for consumer credit and other lending to households tightened further (net percentage of 6%). For firms, the net tightening followed the unchanged credit standards seen in the third quarter and was higher than banks had expected in the previous survey round. It was driven by higher perceived risks related to the economic outlook, the industry-and-firm-specific situation and banks’ lower risk tolerance. For loans to households for house purchase, the stability of credit standards, after three quarters of easing, was in contrast to the strong net easing that banks had expected in the previous quarter. Credit standards tightened further for consumer credit, mainly owing to higher perceived risks. For the first quarter of 2025, banks expect a further net tightening of credit standards for loans to firms and consumer credit, and a small net tightening for loans to households for house purchase.

    Banks’ overall terms and conditions – the actual terms and conditions agreed in loan contracts – remained broadly unchanged for loans to firms and consumer credit, but eased strongly for housing loans. For loans to firms, the contribution to easing from lower lending rates and narrower margins on average loans was broadly offset by stricter collateral requirements and other terms and conditions, such as loan covenants, to compensate for the higher perceived risks. For housing loans, lower lending rates and margins on average loans were the main drivers of the net easing. For consumer credit, lending rates had an easing impact, offset by widening loan margins.

    In the fourth quarter of 2024, demand from firms for loans or the drawing of credit lines increased slightly (Chart 2), while remaining weak overall. Loan demand from firms was supported mainly by declining interest rates, with fixed investment having a still-muted impact after its small positive contribution in the previous quarter. Net demand for housing loans continued to increase strongly, driven mainly by declining interest rates, substantiating still further the signs of a rebound from the strong declines seen in housing loan demand over previous years. Demand for consumer credit and other lending to households increased slightly, supported by declining interest rates, whereas spending on durable goods and consumer confidence, among other factors, dampened demand for consumer credit. In the first quarter of 2025, banks expect loan demand to remain broadly unchanged for firms and to increase further for households, especially for housing loans.

    Euro area banks’ access to funding worsened somewhat for retail funding, money markets and debt securities in the fourth quarter of 2024. In the first quarter of 2025, banks expect access to funding to remain broadly unchanged across all market segments.

    In response to the new regulatory or supervisory requirements in 2024, euro area banks reported a net increase in their required capital as well as increases in their liquid and risk-weighted assets. Banks also reported a net tightening impact on credit standards stemming from the requirements, especially for loans to firms, with further net tightening expected in 2025.

    Euro area banks reported that non-performing loan ratios and other indicators of credit quality had a net tightening impact on their credit standards for loans to firms and consumer credit in the second half of 2024, the largest since the height of the pandemic and the period of balance sheet clean-up in 2014-17. By contrast, for housing loans credit quality had a neutral impact on bank lending conditions. Banks expect these developments to continue in the first half of 2025.

    Banks’ credit standards tightened further in all main economic sectors in the second half of 2024, especially in commercial real estate (CRE), wholesale and retail trade, construction and energy-intensive manufacturing. Banks also reported a net decrease in loan demand in CRE, construction and energy-intensive manufacturing. For the first half of 2025, banks expect a further net tightening of credit standards in most economic sectors, except for services. They expect muted loan demand in all sectors but residential real estate, for which they expect a moderate increase.

    Banks reported that the changes in excess liquidity held with the Eurosystem had a neutral impact on bank lending conditions in the second half of 2024. They expect similar effects in the first half of 2025.

    The quarterly BLS was developed by the Eurosystem to improve its understanding of bank lending behaviour in the euro area. The results reported in the January 2025 survey relate to changes observed in the fourth quarter of 2024 and changes expected in the first quarter of 2025, unless otherwise indicated. The January 2025 survey round was conducted between 10 December 2024 and 7 January 2025. A total of 155 banks were surveyed in this round, with a response rate of 99%.

    Chart 1

    Changes in credit standards for loans or credit lines to enterprises, and contributing factors

    (net percentages of banks reporting a tightening of credit standards, and contributing factors)

    Source: ECB (BLS).

    Notes: Net percentages are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards.

    Chart 2

    Changes in demand for loans or credit lines to enterprises, and contributing factors

    (net percentages of banks reporting an increase in demand, and contributing factors)

    Source: ECB (BLS).

    Notes: Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in loan demand.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    • A report on this survey round is available on the ECB’s website, along with a copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys.
    • The euro area and national data series are available on the ECB’s website via the ECB Data Portal. National results, as published by the respective national central banks, can be obtained via the ECB’s website.
    • For more detailed information on the BLS, see Köhler-Ulbrich, P., Dimou, M., Ferrante, L. and Parle, C., “Happy anniversary, BLS – 20 years of the euro area bank lending survey”, Economic Bulletin, Issue 7, ECB, 2023; and Huennekes, F. and Köhler-Ulbrich, P., “What information does the euro area bank lending survey provide on future loan developments?”, Economic Bulletin, Issue 8, ECB, 2022.

    MIL OSI Economics –

  • MIL-OSI Economics: Asian Development Blog: A Steppe Forward: How to Revive Mongolia’s Grasslands and Fight Climate Change

    Source: Asia Development Bank

    Mongolia’s rangelands occupy 70% of the country’s territory and are vital for climate mitigation through carbon storage. Research highlights the importance of sustainable grazing practices and collective herder management to restore degraded rangelands and maintain their ecological functions.

    Spanning more than 110 million hectares across 70% of Mongolia’s land territory, and renowned as one of the last remaining natural steppe ecosystems, Mongolian rangelands have a crucial role to play in the country’s climate mitigation efforts.

    If well managed,  rangelands can serve as more stable carbon stores than forests, as they are more resilient to environmental stresses such as drought and fire.

    Effective management practices can boost soil carbon stocks by increasing organic matter input or reducing carbon losses. Through photosynthesis, plants absorb CO2 from the atmosphere. As grasses grow, their dry and dead leaves and stems fall to the ground and decompose.

    Roots, which often have more biomass below ground than above, also grow, and some die and decompose each year. Soil microorganisms aid in decomposing organic matter, and carbon from these sources is incorporated into soil carbon stocks.

    Current carbon estimates for rangelands often focus on the topsoil, but a substantial amount of grassland soil carbon is found in deeper subsoil layers.

    When rangelands degrade, soil carbon is released into the atmosphere. Therefore, scientists advise that climate mitigation efforts should focus on protecting this irreplaceable soil carbon as its restoration is difficult once lost.

    In rangeland management science, this is known as a tipping point where changes in vegetation and soil become impossible to reverse.

    Are Mongolian rangelands close to a tipping point? In the past thirty years, the livestock population in Mongolia has tripled, surpassing the rangelands’ carrying capacity by three times. This has resulted in degradation of 65% of rangelands.

    However, due to traditional rotational grazing practices, most of the degraded rangelands have retained their ability to recover.  Research findings confirm that 85% of degraded rangelands maintain their natural regeneration capacity if the level of degradation has not passed the threshold of no recovery.

    Managed carefully in accordance with the seasonal carrying capacity, rangelands can recover and maintain their carbon sequestration and storage capacity for the benefit of the people, the country, and the world’s climate.

    Mongolia’s first rangeland health report in May 2015 found 65% of rangelands were degraded, but 94% could still recover. By 2018, a second report showed the degraded rangelands had decreased to 57%. According to the third report released in 2022, the percentage of heavily degraded rangelands has declined from 10.2% to 6.6%. 

    Researchers attributed this positive trend to a high capacity for recovery of Mongolian rangelands, reduced grazing pressure, and herders’ commitment to improving rotational grazing practices.

    This suggests the key to maintaining rangeland recovery capacity is resting rangelands during critical vegetation growth periods and adjusting livestock numbers based on seasonal productivity.

    Mongolia’s agencies monitor rangelands at thousands of sites nationwide. Collaborating with international researchers, Mongolian scientists have developed tools like Ecological Site Descriptions and State and Transition Models to assess rangeland health. They’ve identified 22 ecological groups based on vegetation, soil, productivity, landscape, and climate, which guide site-specific grazing and stocking plans.

    In cooperation with herder households, the Mongolian National Federation of Pasture User Groups has carried out several pilot projects testing the length of time different rangelands take to reach new recovery classes. Even rangelands that reached a heavy level of degradation are still able to recover if there is more than 10 years of frugal management. 

    The agriculture sector produces 53% of all greenhouse gas emissions, with land use and land management accounting for 34%, according to the latest Biannual Transparency Report.  As the dominant ecosystem in Mongolia, rangelands have a huge role to play in the nation’s emission reduction targets.

    Research trials conducted to rehabilitate heavily degraded rangelands with a range of modern technologies revealed that this is both difficult and costly. The best method is to revitalize traditional rotational grazing and resting practices. This has to be regulated through the collective control of herder households and supported by a legal framework.

    These findings have led to the formation of pasture user groups among herder households that share customary access to the same seasonal rangelands. Group members define the boundaries of their seasonal rotational grazing areas and regulate their use.

    These plans form the basis for establishing rangeland use agreements between the groups and local government, which are the means to enforce and monitor rotational grazing and rangeland-resting plans.

    When rangelands show signs of degradation, herder households move to the next rangeland to let it regenerate. These are known among herders as the “4 Golden Rules”, followed to manage their grazing areas sustainably: do not exceed the carrying capacity of rangelands; do not deplete the regeneration capacity of plants; give plants time to recover; and practice pre-planned and regulated rotational grazing.

    This nature-based solution offers ample opportunities to restore rangelands. Managed carefully in accordance with the seasonal carrying capacity, rangelands can recover and maintain their carbon sequestration and storage capacity for the benefit of the people, the country, and the world’s climate.

    Across the globe, the rangeland ecosystem services are often undervalued, and much larger efforts are required to create awareness. Not only is it a source of livestock feed but also crucial in climate mitigation and adaptation efforts and provision of generic ecosystem services such as absorbing excess rainfall and releasing water gradually during dry periods, stabilizing soil quality to prevent erosion and desertification.

    By integrating these actions into nationally determined contributions, national adaptation plans, and long-term emission strategies, we can strengthen community and ecosystem resilience and build a future ready to face a changing climate.
     

    MIL OSI Economics –

  • MIL-OSI Economics: Bridging the Climate Finance Gap: Unpacking the Global Disparities and Imperatives for Developing Countries

    Source: Asia Development Bank

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    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Simple Interventions, Big Impact: Using Nudges to Promote Handwashing in Sri Lankan Primary Schools

    Source: Asia Development Bank

    The pilot provided proof of concept for school handwashing nudges in Sri Lanka. It demonstrated that nudges can significantly increase handwashing rates, even without behavior change communication.

    A future scale-up of the pilot should explore whether adding nudge elements (e.g., painted “observing eyes” above the handwash area) could help reduce the impact difference between boys and girls.

    Handwashing nudges must be adapted to the context of each school. The number, design, and placement of facilities vary greatly, making a one-size-fits-all approach impractical. Involving local stakeholders in the design process helps optimize this adaptation.

    The timing of nudge installation is crucial to allow sufficient time for habits to take root. Research shows that habit formation can take from a few weeks to several months, depending on the behavior’s complexity and the individual’s context.

    The project showed that three weeks were insufficient for some students to acquire a sustained habit, highlighting the need for extended periods to reinforce new handwashing with soap behaviors.

    Repeated exposure to the nudges and longer sustained practice of handwashing may help solidify these behaviors into lasting habits.

    Behavioral “nudges” should be a key tool for policymakers and program designers. Evidence from Sri Lanka demonstrates that nudges have the potential to drastically improve handwashing with soap in schools. They also require little to no additional time from teachers, unlike traditional hygiene-education methods, which often demand significant human resources to be effective.

    Moving forward, collaboration across sectors will be essential to ensure the effective implementation and expansion of this strategy, driving improvements in both public health and education outcomes.

    The pilot demonstrated the effectiveness of nudges to significantly increase student handwashing rates, contributing to public health in schools and their communities. By fostering these habits in educational settings, this can instill lifelong health practices and create healthier communities. A video of this initiative can be found here.

    [1] The five primary schools in the pilot projects are Baptist Primary School, Biyagama; Dharmadassi Primary School, Biyagama; Kudabuthgamuwa Primary School, Kolonnawa; Wellampitya Primary School, Kolonnawa (Western Province); and Kirindagama Primary School, Kirinda (Southern Province).

    MIL OSI Economics –

  • MIL-OSI Economics: The Danes’ housing debt grew in 2024

    Source: Danmarks Nationalbank

    Housing debt increased by kr. 12.2 billion in 2024

    Despite a reduction in the first quarter, Danes gradually increased their housing debt towards the end of the year. Of the total increase in housing debt of kr. 12.2 billion, kr. 4.1 billion is bank debt, while the remaining kr. 8.1 billion is mortgage bank debt.

    In addition to the increase from new loans, private customers have also made fewer repayments on their mortgage loans in recent years. This is mainly due to the relatively higher interest rates on homeowners’ loans compared to a few years ago, which has meant that a larger share of the payment installments has gone to interest payments rather than repayments.

    Lower interest rate on new housing loans in 2024

    In 2024, many homeowners were able to take advantage of falling interest rates on new housing loans. The interest rate on new loans disbursed to private customers thus fell by 1.2 percentage points during the year to an average of just under 4 pct. including contributions in December. Particularly loan types with medium-term interest rate fixation, i.e., F1, F3, and F5 loans, as well as bank loans, which typically have a short interest rate fixation, experienced interest rate declines during the year. The interest rate on fixed-rate loans fell at the beginning of the year and then remained relatively stable.

    Despite a lower interest rate on new housing loans, the average interest rate including contributions on private customers’ total housing debt increased by 0.1 percentage points in 2024. The increase has mainly been driven by interest rate adjustments on loans with an interest rate fixation of 3 years or longer.

    F3 loan is the most popular among new variable-rate mortgage loans

    In 2024, private customers received 129,000 new mortgage loans (including loan conversions) with a total value of kr. 249 billion. Fixed-rate loans were, as in previous years, the most common type of loan and accounted for about half of the value of all loans disbursed. Among the variable-rate loans, interest in the F3 loan increased during 2024, and F3 loans accounted for approximately 43 pct. of all new variable-rate loans in the fourth quarter. This was particularly at the expense of loans with very short interest rate fixation of 3 or 6 months, which only accounted for 13 pct. of disbursed variable-rate loans in the fourth quarter.

    MIL OSI Economics –

  • MIL-OSI Economics: Private customers’ deposits continued to increase in 2024

    Source: Danmarks Nationalbank

    The increase in private customers’ deposits in 2024 was evenly split between demand deposit accounts and fixed term deposit accounts, at kr. 32 billion and kr. 31 billion, respectively. Of the increase in private customers’ fixed term deposits, kr. 18 billion was linked to pooling schemes. These typically include pension and children’s savings, which banks invest on behalf of customers. The returns from pooling schemes, which reflect the performance of the investments, are typically credited to private customers’ deposit accounts in December.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Integrates EMBIBE’s AI-Powered Learning Platform into the Samsung Education Hub App for Smart TVs & Smart Monitors

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, has partnered with EMBIBE, an AI-powered personalised learning outcomes platform, to integrate it into the Samsung Education Hub app, a designed-for-TV education app. The collaboration will help TVs become effective educational tools providing personalised learning experiences for students.
     
    Through this partnership, EMBIBE, as part of the Samsung Education Hub app, will offer extensive educational coverage, supporting all major curricula, including CBSE, ICSE, IB, Cambridge, all State Boards and major entrance exams such as IIT JEE and NEET. Students will benefit from a large collection of award-winning, immersive 3D explainer videos, designed to make even the most complex topics easier to understand and more engaging to learn.
     
    “The Samsung Education Hub app aims to expand the role of TVs in homes, transforming them from mere entertainment hubs to a seamless platform for online learning. This innovative ‘designed-for-TV’ education app is set to revolutionise the online learning experience, making it engaging and accessible to all. Our vision is to create a future where education knows no boundaries and knowledge is within easy reach at the click of a button,” said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.
     
    “Our partnership with Samsung TV marks a significant leap in delivering a truly personal, engaging, learning experience through one of the most trusted and loved mediums. Samsung has partnered with EMBIBE because we’ve solved two critical challenges: creating stunning interactive, multi-modal content and delivering it through a deeply personalized experience powered by AI. The synergy between Samsung’s innovation and EMBIBE’s expertise in edtech is a powerful combination that sets a new standard for educational excellence, creating a transformative learning experience for everyone,” said Aditi Avasthi, Founder & CEO at EMBIBE.
     
    At the heart of EMBIBE’s offering is its personalised, AI-driven adaptive practice, which adjusts to each student’s learning level. Through the Samsung Education Hub, students will be able to access EMBIBE’s video-based learning resources and also its AI-powered adaptive practice in English, Hindi and 10 major regional languages, backed by over 10 years of educational engagement data of more than two crore students. They can choose from 54,000 practice tests and use personalised score-improvement features that will provide useful insights for improvement. In addition, students can avail Samsung’s exclusive discount of a flat 50% on EMBIBE annual subscription purchased on TV.
     
    EMBIBE content will be available on all 2024 Samsung TVs and smart monitors and will be gradually made available on earlier models. Existing subscribers of EMBIBE, who own Samsung TVs will have seamless login and access to this rich educational content, along with Samsung TV users who wish to subscribe to the platform. Earlier this year, Samsung had teamed up with the leading ed-tech platform, Physics Wallah for Samsung Education Hub on 2023 & 2024 Samsung TVs.

    MIL OSI Economics –

  • MIL-OSI Economics: HSBC’s Zing shutdown a $150 million innovation misstep, says GlobalData

    Source: GlobalData

    HSBC’s Zing shutdown a $150 million innovation misstep, says GlobalData

    Posted in Banking

    HSBC has officially shut down Zing, its $150 million attempt to challenge fintech giants like Wise and Revolut in cross-border payments. The ambition was clear: create a cutting-edge app with low fees and sleek functionality to capture a share of the booming international payments market. In 2024, $503 trillion in cross-border payments were made, underscoring the vast potential of this space. However, Zing’s journey has become a cautionary tale about why traditional banks struggle to innovate effectively, according to GlobalData, a leading data and analytics company.

    Joanne Kumire, Lead Banking and Payments Analyst at GlobalData, comments: “The app’s concept may have been sound, but its execution was flawed from the start. Existing customers were forced to undergo re-KYC, an unnecessary hurdle. The product itself was incomplete, failing to offer meaningful differentiation from Wise or Revolut.

    “Worst of all, HSBC spent over three years developing Zing before engaging with real users, sinking more than $150 million before generating any revenue. In contrast, Wise and Revolut had already captured the market by rapidly iterating their platforms, expanding globally, and building deep customer loyalty.”

    The underlying problem wasn’t HSBC’s lack of talent or resources, it was the cultural and structural challenges that plague many large banks. Innovation at scale requires speed, adaptability, and a willingness to experiment, traits that traditional financial institutions often struggle to embody.

    Kumire continues: “There are valuable lessons to be learned from Zing’s failure that banks must internalize to succeed in today’s hyper-competitive financial landscape. Banks need to prioritize moving quickly and gathering user feedback early in the process to guide development. Additionally, excessive spending should be avoided until there is clear evidence of product-market fit, and in many cases, partnering with experienced providers may be far more effective than attempting to build everything in-house.”

    Kumire concludes: “The future of such propositions lies in a more agile, customer-centric approach. Success will require banks to adopt the more entrepreneurial mindset of fintechs, where speed, experimentation and responsiveness takes precedence over rigid planning and internal processes. As cross-border payments continue to grow exponentially, those who can marry innovation with execution will be the ones who redefine the market. The future of banking innovation will be defined not by who builds it first, but by who delivers the best solution, whether independently or through collaboration.”

    MIL OSI Economics –

  • MIL-OSI Economics: WH Smith has outgrown its High Street roots, says GlobalData

    Source: GlobalData

    WH Smith has outgrown its High Street roots, says GlobalData

    Posted in Retail

    Following the news that WH Smith is considering the sale of its high street fascia;

    Tash Van Boxel, Retail Analyst at GlobalData, a leading data and analytics company, offers her view:

    “This arm of the business has consistently pulled down group revenue over the last three years, with its high street chain accounting for nearly 25% of group revenue. WH Smith’s struggles in its high street arm have come amid slow reactions to weakening demand for its core offer, with consumers turning to the likes of Home Bargains and B&M for stationery and greeting cards, unable to justify WH Smith’s higher price points.

    “WH Smith’s attention on its flourishing travel division was the best course of action, but it has left its high street fascia to fall further behind. Recently, WH Smith attempted to revitalize its high street division with Toys “R” Us shop-in-shops to extend its proposition and appeal to a broader audience. It also has 195 post offices operating in its branches, and while there may be concerns about the future of this partnership, we would expect such a mutually beneficial arrangement to continue under any new owners.

    “While we expect a new owner to want to continue to operate the stores under the WH Smith fascia, given its long history and the affection it is held in by consumers, it is not clear that a new buyer would continue to operate such a large store portfolio in the long term. WH Smith’s store portfolio has been well managed and has an average remaining lease length of under two years, meaning that buyers will not be committed to keep unprofitable stores open for long.”

    MIL OSI Economics –

  • MIL-OSI Economics: KDX-II modernization to enhance South Korea’s combat readiness amid rising maritime tensions, says GlobalData

    Source: GlobalData

    KDX-II modernization to enhance South Korea’s combat readiness amid rising maritime tensions, says GlobalData

    Posted in Aerospace, Defense & Security

    South Korea’s Defense Acquisition Program Administration (DAPA) has launched a significant performance improvement program (PIP) for its Chungmugong Yi Sun-sin-class destroyers (KDX-II), aiming to modernize critical systems and enhance combat readiness. The KDX-II upgrade underscores South Korea’s focus on leveraging indigenous technologies to maintain a modern and effective naval fleet amid rising regional maritime tensions, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest Fleet Size dashboard reveals that approximately 23% of the Republic of Korea Navy’s fleet comprises vessels with an average age exceeding 20 years. The KDX-II upgrade program is part of a broader effort to modernize South Korea’s naval fleet, ensuring it remains capable of countering emerging threats from adversarial forces.

    Harpreet Sidhu, Aerospace and Defense Analyst at GlobalData, comments: “The replacement of outdated combat systems with advanced domestic alternatives is particularly significant, as it aligns with South Korea’s ambition to establish itself as a regional naval manufacturing powerhouse.

    “With North Korea’s increasingly complex undersea threats and growing range of ballistic missiles arsenal, the integration of advanced sonar and missile systems improves anti-submarine and air-defense capabilities of the destroyer fleet. Additionally, this upgrade addresses vulnerabilities that were made public during high-profile exercises such as the RIMPAC 2022, where weaknesses around operational readiness owing to system malfunctions were brought to light.”

    A key point to note in the PIP program is the simultaneous integration of advanced domestic technologies and selective reliance on critical components like the MK 99 fire-control system procured via Foreign Military Sales (FMS). This hybrid approach supplements local innovations by utilizing relationships with global OEMs, thus reflecting a more nuanced strategy.

    Sidhu concludes: “While the current program does not include a radar upgrade, it leaves room for future enhancements such as integrating advanced AESA radar systems like SPS-560K or AN/SPY-7. This multi-phased strategy demonstrates South Korea’s intention to develop capabilities of its naval platforms in line with technological breakthroughs it achieves over the future years, guaranteeing the fleet’s long-term viability.

    “The KDX-II upgrades, in essence, are not just about modernizing older naval platforms, but are a cornerstone of South Korea’s broader strategy to assert its presence in the increasingly contested waters of the Indo-Pacific.”

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on January 28, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,00,000
    Total amount of bids received (in ₹ crore) 1,39,281
    Amount allotted (in ₹ crore) 1,39,281
    Cut off Rate (%) 6.51
    Weighted Average Rate (%) 6.51
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2021

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on January 27, 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) 5,48,635.18 6.55 5.10-6.85
         I. Call Money 12,208.54 6.57 5.10-6.65
         II. Triparty Repo 3,82,808.20 6.53 6.25-6.58
         III. Market Repo 1,51,866.04 6.60 5.95-6.75
         IV. Repo in Corporate Bond 1,752.40 6.80 6.80-6.85
    B. Term Segment      
         I. Notice Money** 242.00 6.49 5.90-6.60
         II. Term Money@@ 434.00 – 6.50-7.50
         III. Triparty Repo 1,600.00 6.58 6.55-6.65
         IV. Market Repo 797.72 6.89 6.65-6.90
         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 Mon, 27/01/2025 1 Tue, 28/01/2025 1,93,661.00 6.51
         (b) Reverse Repo          
    3. MSF# Mon, 27/01/2025 1 Tue, 28/01/2025 682.00 6.75
    4. SDFΔ# Mon, 27/01/2025 1 Tue, 28/01/2025 55,881.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,38,462.00  
    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 (-)]*     3,10,114.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 27, 2025 9,30,154.39  
         (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 27, 2025 1,93,661.00  
    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: 2024-2025/2020

    MIL OSI Economics –

  • MIL-OSI Economics: CanREA celebrates successful bids in Nova Scotia Green Choice Program’s expanded RFP

    Source: – Press Release/Statement:

    Headline: CanREA celebrates successful bids in Nova Scotia Green Choice Program’s expanded RFP

    CanREA congratulates members and Indigenous partners for their successful bids in the Nova Scotia Green Choice Program’s expanded 625 MW wind RFP. 

    Ottawa, January 27, 2025—The Canadian Renewable Energy Association (CanREA) congratulates its members RES, ABO Energy, SWEB, and Glooscap Energy (Glooscap First Nation), as well as all the other Indigenous partners, Eskasoni, Potlotek, We’koqma’q L’nue’kati, Wagmatook, Paq’tnkek and Pictou Landing First Nations, for their successful bids in the Nova Scotia Green Choice Program RFP, as announced today by Energy Minister Trevor Boudreau.

    The resulting projects will deliver 625 MW of wind, nearly double the original call for 350 MW, which was launched in 2023.

    “Our members are ready to support the energy transition and help grow Nova Scotia’s new green economy,” said Jean Habel, CanREA’s Senior Director for Quebec and Atlantic Canada. “We are especially pleased that Nova Scotia’s RFP was expanded from 350 MW to 625 MW. All Nova Scotians will benefit from these new wind projects, which will supply affordable, clean and reliable renewable energy starting in late 2028.”       

    The Green Choice Program is unique in allowing participating customers to purchase up to 100% of the electricity they use from local renewable energy sources. It is part of Nova Scotia’s 2030 Clean Power Plan, aiming to reach 80% renewable energy by 2030 by adding a substantial amount of wind, solar and energy storage into the Nova Scotia’s grid.  

    “These new wind energy projects will contribute to sustainable development in Nova Scotia,” said Habel. “They will significantly reduce greenhouse gases by adding more renewable energy to the provincial grid, and what’s more they will create economic opportunities in communities, ensure the protection of the environment, and help enhance Reconciliation, as each wind farm is co-owned by one or more Mi’kmaw community.”      

    CanREA is eager to continue working with the government and all stakeholders to ensure the success of this unique program, as a priority of our Atlantic Network.  

    Quotes 

    “Our members are ready to support the energy transition and help grow Nova Scotia’s new green economy.”  

    “We are especially pleased that Nova Scotia’s RFP was expanded from 350 MW to 625 MW. All Nova Scotians will benefit from these new wind projects, which will supply affordable, clean and reliable renewable energy starting in late 2028.”            

    “These new wind energy projects will contribute to sustainable development in Nova Scotia. They will significantly reduce greenhouse gases by adding more renewable energy to the provincial grid, and what’s more they will create economic opportunities in communities, ensure the protection of the environment, and help enhance Reconciliation, as each wind farm is co-owned by one or more Mi’kmaw community.”  
    —Jean Habel, Senior Director for Quebec and Atlantic Canada, Canadian Renewable Energy Association (CanREA) 

    For media inquiries or interview opportunities, please contact:

    Communications  Canadian Renewable Energy Association  communications@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  LinkedIn and X. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca.   

    The post CanREA celebrates successful bids in Nova Scotia Green Choice Program’s expanded RFP appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-Evening Report: NZ-Kiribati fallout: Maamau govt minister says ‘impacts to be felt by the people’

    By Lydia Lewis, RNZ Pacific Bulletin editor/presenter

    Kiribati President Taneti Maamau was unable to meet New Zealand Foreign Minister Winston Peters because he had “a pre-planned and significant historical event”, a Cabinet minister in Kiribati says.

    Alexander Teabo, Education Minister in Maamau’s government, told RNZ Pacific that “it is important for the truth to be conveyed accurately” after the “diplomatic tiff” between the two nations was confirmed by Peters as reported.

    Maamau is currently in Fiji for his first state visit to the country.

    Peters said New Zealand could not commit to ongoing monetary aid in Kiribati after three cancelled or postponed visits in recent months.

    A spokesperson from Peters’ office said the Deputy Prime Minister’s visit to Tarawa was set to be the first in over five years and took a “month-long effort”. However, the NZ government was informed a week prior to the meeting that Maamau was no longer available.

    His office announced that, as a result of the “lack of political-level contact”, Aotearoa was reviewing its development programme in Kiribati. It is a move that has been described as “not the best approach” by Victoria University’s professor in comparative politics Dr Jon Fraenkel.

    Minister Teabo said that Peters’ visit to Kiribati was cancelled by the NZ government.

    “It is correct that the President was unavailable in Tarawa due to a pre-planned and significant historical event hosted on his home island,” he said.

    Date set ‘several months prior’
    “This important event’s date was established by the Head of the Catholic Church several months prior.”

    He said Maamau’s presence and support were required on his home island for this event, and it was not possible for him to be elsewhere.

    Teabo pointed out that Australia’s Deputy Prime Minister was happy to meet with Kiribati’s Vice-President in a recent visit.

    “The visit by NZ Foreign Minister was cancelled by NZ itself but now the blame is on the President of Kiribati as the reason for all the cuts and the impacts to be felt by the people.

    “This is unfair to someone who is doing his best for his people who needed him at any particular time.”

    ‘Tried several times’ – Luxon
     The New Zealand aid programme is worth over NZ$100 million, but increasingly, Kiribati has been receiving money from China after ditching its diplomatic ties with Taiwan in 2019.

    Prime Minister Christopher Luxon said the country was keen to meet and work with Kiribati, like other Pacific nations.

    Luxon said he did not know whether the lack of communication was due to Kiribati and China getting closer.

    “The Foreign Minister has tried several times to make sure that as a new government, we can have a conversation with Kiribati and have a relationship there.

    “He’s very keen to meet with them and help them and work with them in a very constructive way but that hasn’t happened.”

    New Zealand’s Minister of Defence Judith Collins agrees with Peters’ decision to review aid to Kiribati.

    Collins said she would talk to Peters about it today.

    “I think we need to be very careful about where our aid goes, how it’s being used and I agree with him. We can’t have a disrespectful relationship.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Panama appeals WTO dispute panel report regarding measures on imports from Costa Rica

    Source: World Trade Organization

    Given the ongoing lack of agreement among WTO members regarding the filling of Appellate Body vacancies, there is no Appellate Body Division available at the current time to deal with the appeals.

    Further information will be available within the next few days in document WT/DS599/9

    Share

    MIL OSI Economics –

  • MIL-OSI Economics: Members consider China’s request for panel to examine electric vehicle measures in Türkiye

    Source: World Trade Organization

    DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

    China submitted a request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. Consultations took place on 20-21 November in an effort to resolve the dispute but failed to produce a mutually agreed solution, prompting China to submit its request for the panel. 

    China said Türkiye’s measures are protectionist and discriminatory, and violate Türkiye’s core obligations under the WTO agreements, including most favoured nation treatment, tariff bindings, and general elimination of quantitative restrictions. China expressed grave concerns that some members, including Türkiye, have introduced restrictive measures on Chinese new energy products, including EVs, which are inconsistent with WTO rules. Increased tech protectionism is not a solution, China said, adding that the panel request is one of the responses to such unlawful measures.

    Türkiye said the two sides had constructive consultations in November 2024 and that it shared information and clarifications with its Chinese colleagues in a cooperative manner. Türkiye said its measures are completely justified against the backdrop of the strong challenges its automotive industry has been facing for many years due to anti-competitive practices, subsidization, and excess capacity. These problems should be addressed in the relevant WTO bodies for a level playing field in industrial sectors. Against that background, Türkiye said it cannot at this time agree to the establishment of a panel.

    The DSB took note of the statements and agreed to revert to this matter should the requesting member wish to do so.

    DS597: United States – Origin Marking Requirement (Hong Kong, China)

    The United States once again raised the matter of the panel ruling in DS597 at the DSB meeting. The US said it was raising the matter as a result of recent developments in Hong Kong, China regarding free speech and human rights.  The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

    Hong Kong, China said the US again raising this matter and questioning its inherent rights under international law was an abuse of WTO rules. The panel ruling clearly confirms that the US action lacks legal justification, Hong Kong, China said, adding that it stands ready to proceed through the due process of appeal should the US lift its blockage on the appointment of Appellate Body members.

    China reiterated its objections to the item being on the DSB agenda and said any member, regardless of its power and size, should refrain from taking unilateral and protectionism measures in the name of national security or using it as a vehicle to disregard the core principles of the WTO and interfere in other members’ internal affairs.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 83rd time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States noted that a new US President was inaugurated on 20 January, and the US is currently transitioning to a new Administration.  Members are aware of the longstanding US concerns with WTO dispute settlement that have persisted across US administrations; those concerns remain unaddressed and it does not support the proposed decision, the United States said.

    Twenty members then took the floor to comment. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system as soon as possible. Many welcomed the progress made in the dispute settlement reform discussions to date and the proposal by the General Council Chair to initiate consultations with interested delegations to hear views on how to build on progress made in a manner that would further advance dispute settlement reform work.

    Several members said they looked forward to hearing from the Chair on how those consultations would be organized.  Ten members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body. 

    Colombia said on behalf of the 130 members it regretted that for the 83rd occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

    Surveillance of implementation

    Australia presented a status report regarding its implementation of the panel ruling in the case brought by China in DS603, “Australia — Anti-Dumping and Countervailing Duty Measures on Certain Products from China.”  Australia said it provided a written status report in this dispute on 16 January noting that Australia has fully implemented the ruling and that the matter is now resolved.

    China thanked Australia for its statement and said this case demonstrates the effectiveness of the WTO dispute settlement system. At a time when the multilateral trading system faces unprecedented challenges, cooperation among members is vital to maintaining the effective operation of the dispute settlement mechanism, China said.  China added that it is ready to work with Australia and other members to continue to resolve trade frictions under the WTO framework.

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 24 February 2025.

    Share

    MIL OSI Economics –

  • MIL-OSI Economics: For me, cricket is maybe the only thing that could possibly come close to watching the Excel World Champ on ESPN!

    Source: Microsoft

    Headline: For me, cricket is maybe the only thing that could possibly come close to watching the Excel World Champ on ESPN!

    Dear Microsoft Chairman and CEO, Because I have been waiting for help from Microsoft for months, I try here : Can you explain to me why is there not true customer support and why is there only one way to try to change our forgotten password by a form (and the answer is always “Informations don’t match.” or “You don’t give enought informations.”) ? Then, we could talk about cricket because I like it too.

    MIL OSI Economics –

  • MIL-OSI Economics: Jevons paradox strikes again! As AI gets more efficient and accessible, we will see its use skyrocket, turning it into a commodity we just can’t get enough of.

    Source: Microsoft

    Headline: Jevons paradox strikes again! As AI gets more efficient and accessible, we will see its use skyrocket, turning it into a commodity we just can’t get enough of.

    The Jevons Paradox certainly raises an interesting point about AI. As AI becomes more efficient and cost-effective, it could indeed lead to increased demand, driving up overall resource consumption. This is similar to how improved fuel efficiency in cars can lead to more driving, offsetting some of the initial gains. However, it’s important to consider that AI’s efficiency gains can also lead to: Ultimately, the extent to which the Jevons Paradox applies to AI will depend on various factors, including the specific applications of AI, the pace of technological advancement, and the development of policies that promote sustainable AI practices.

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Cambodia

    Source: International Monetary Fund

    January 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Cambodia.

    Cambodia’s economy has continued to recover, albeit at a modest pace. We project real GDP to grow from 5.5 percent in 2024 to 5.8 percent in 2025 and inflation to pick up from 0.5 percent in 2024 to 2 percent in 2025 and remain contained. However, risks to the outlook are tilted to the downside from both external factors and domestic vulnerabilities, including from policy changes by major trading partners, geoeconomic fragmentation, and continued weakness in the construction and real estate sectors.

    The recovery remains uneven. Real GDP growth is driven mainly by external demand, with a strong rebound in garment exports and high growth in agricultural exports. Tourism has experienced a structural shift in its composition, resulting in a lagged recovery in tourism receipts. Growth in non-tradable sectors remains weak. After a sustained credit expansion that lifted the credit-to-GDP ratio from 24 percent in 2010 to 135 percent in 2023, credit growth has come to a near halt. The construction and real estate sectors are undergoing a correction, with rising non-performing loans and emerging signs of private-sector debt overhang.

    We project the fiscal deficit at 2.4 percent of GDP in 2025, down from 3 percent in 2024, with a gradual fiscal consolidation envisaged in the medium-term fiscal framework. Public debt remains well-contained, staying below 30 percent of GDP over the next decade. The current account balance is projected to swing back to a deficit of 1.8 percent of GDP in 2024 as strong demand for imports outpaces the recovery in exports and tourism. The deficit is projected to increase somewhat in 2025, reaching 2.5 percent of GDP, with export growth expected to moderate. 

    Executive Board Assessment2

    Executive Directors welcomed the continuing recovery of the Cambodian economy, driven by strong growth in garment and agricultural exports, and improving tourism activity. Nonetheless, the recovery has been uneven, and while growth is expected to continue, risks to the outlook are tilted to the downside. Directors underscored the importance of policies to safeguard macro financial stability, ensure a durable and inclusive recovery, and achieve the authorities’ development goals over the medium term.

    Directors supported a neutral fiscal stance in the near term and highlighted the importance of gradual and high-quality consolidation over the medium term underpinned by sound fiscal frameworks to maintain debt sustainability and strengthen economic resilience. They welcomed the recent publication of a medium-term fiscal framework but recommended strengthening it with more conservative and transparent fiscal rules. Directors stressed the need to further mobilize revenues through rationalizing tax exemptions and implementing tax policy reforms, while enhancing spending efficiency and strengthening public investment management, in order to help rebuild fiscal buffers and safeguard priority social and capital spending. Directors welcomed efforts to foster the development of the domestic government bond market as Cambodia’s access to concessional foreign financing will be reduced when it graduates from Least Developed Country status. They also stressed the need for sound management of fiscal risks from state-owned enterprises and public-private partnerships.

    Directors supported the measured pace of monetary policy normalization while maintaining adequate financial system liquidity. They encouraged continuing efforts to modernize the monetary policy framework to enhance policy transmission and support de-dollarization. Noting the ongoing corrections in the construction and real estate sectors, declining FDI inflows, and rising nonperforming loans, Directors encouraged phasing out forbearance measures and developing a comprehensive plan to safeguard financial stability. They recommended strengthening risk-based supervision, improving macroprudential policy, enhancing coordination among financial sector supervisory agencies, and intensifying oversight of the real estate sector.

    Directors highlighted the importance of structural reforms to promote economic diversification and improve competitiveness. They encouraged the authorities’ efforts to enhance human capital, invest in infrastructure, strengthen the business environment, address climate vulnerabilities, and promote renewable energy to attract more diversified FDI. They also underscored the importance of strengthening governance and institutions, improving transparency, enhancing the AML/CFT framework, and addressing data limitations through  capacity development.

    Table 1. Cambodia: Selected Economic Indicators, 2021 – 29 1/

    Per capita GDP (2022, US$): 1,546                   Life expectancy (2019, years): 75.5

    Population (2022, million):    16.7                    Literacy rate (2019, percent):  87.7
     

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    Output and prices (annual percent change)

    		                  

    GDP at constant prices

    3.1

    5.1

    5.0

    5.5

    5.8

    6.2

    6.0

    6.0

    6.0

    Inflation (end-year)

    3.7

    2.9

    2.7

    1.5

    2.1

    3.2

    3.0

    3.0

    3.0

    (Annual average)

    2.9

    5.3

    2.1

    0.4

    2.1

    3.2

    3.0

    3.0

    3.0
                       

    Saving and investment balance

    (in percent of GDP)

    		                  

    Gross national saving

    0.8

    15.6

    33.6

    30.7

    30.0

    29.2

    29.2

    29.2

    29.3

    Government saving

    0.3

    3.1

    4.1

    5.1

    6.1

    7.1

    8.1

    9.1

    10.1

    Private saving

    0.5

    12.5

    29.5

    25.6

    23.9

    22.1

    21.1

    20.1

    19.2

    Gross fixed investment

    30.4

    34.6

    32.3

    32.5

    32.5

    32.5

    32.5

    32.5

    32.5

    Government investment

    6.6

    5.6

    5.8

    5.2

    4.5

    4.3

    4.2

    3.9

    3.8

    Private investment

    23.8

    29.0

    26.5

    27.4

    28.0

    28.2

    28.4

    28.6

    28.7
                       

    Money and credit (annual percent change, unless otherwise indicated)

    		                  

    Broad money

    16.4

    8.2

    12.5

    8.5

    7.9

    10.5

    11.3

    9.1

    9.0

    Private sector credit

    23.6

    18.5

    3.5

    4.0

    7.0

    10.0

    10.0

    10.0

    10.0

    Velocity of money 2/

    1.1

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0
                       

    Public finance (in percent of GDP)

    		                  

    Revenue

    15.8

    18.1

    15.9

    14.9

    14.9

    14.9

    15.0

    15.1

    15.2

    Domestic revenue

    14.7

    16.4

    14.7

    13.7

    13.7

    13.8

    14.0

    14.1

    14.4

    Of which: Tax revenue

    13.2

    14.7

    13.0

    12.1

    12.1

    12.2

    12.3

    12.5

    12.7

    Grants

    1.1

    1.7

    1.2

    1.2

    1.1

    1.1

    1.0

    0.9

    0.8

    Expenditure

    21.0

    18.4

    18.7

    17.9

    17.3

    17.1

    17.1

    17.2

    17.1

    Expense

    14.4

    12.8

    12.9

    12.7

    12.8

    12.8

    13.0

    13.3

    13.4

    Net acquisition of nonfinancial assets

    6.6

    5.6

    5.8

    5.2

    4.5

    4.3

    4.2

    3.9

    3.8

    Net lending (+)/borrowing(-)

    -5.2

    -0.3

    -2.8

    -3.0

    -2.4

    -2.2

    -2.1

    -2.1

    -2.0

    Net lending (+)/borrowing(-) excluding grants

    -6.3

    -2.0

    -4.0

    -4.2

    -3.6

    -3.3

    -3.2

    -3.0

    -2.8

    Net acquisition of financial assets

    -3.6

    1.4

    -0.3

    -0.2

    0.5

    0.3

    0.2

    0.3

    0.4

    Net incurrence of liabilities 3/

    1.6

    1.7

    2.5

    2.8

    2.9

    2.5

    2.4

    2.4

    2.4

    Total public debt (In percent of GDP)

    25.9

    25.0

    25.7

    26.8

    27.8

    27.8

    27.8

    27.7

    27.7

    Balance of payments (in millions of dollars, unless otherwise indicated)

    		                  

    Exports, f.o.b.

    19,527

    23,175

    23,569

    26,745

    28,595

    30,942

    33,449

    36,307

    39,457

       (Annual percent change)

    5.7

    18.7

    1.7

    13.5

    6.9

    8.2

    8.1

    8.5

    8.7

    Imports, f.o.b.

    -30,726

    -31,995

    -26,553

    -31,055

    -33,244

    -35,626

    -38,605

    -41,871

    -45,434

       (Annual percent change)

    46.4

    4.1

    -17.0

    17.0

    7.0

    7.2

    8.4

    8.5

    8.5

    Current account (including official transfers)

    -10,886

    -7,572

    555

    -847

    -1,269

    -1,794

    -1,993

    -2,175

    -2,283

        (In percent of GDP)

    -29.6

    -19.0

    1.3

    -1.8

    -2.5

    -3.3

    -3.3

    -3.4

    -3.2

    Gross official reserves 4/

    20,265

    17,805

    19,998

    20,753

    23,064

    26,887

    30,951

    35,422

    40,351

        (In months of prospective imports)

    7.0

    7.3

    6.9

    6.6

    6.9

    7.4

    7.9

    8.3

    8.7
                       

    Total public debt (in millions of dollars)

    9,505

    9,971

    11,187

    12,473

    13,932

    15,218

    16,508

    17,912

    19,453

    (In percent of GDP)

    25.9

    25.0

    25.7

    26.8

    27.8

    27.8

    27.8

    27.7

    27.7

    External debt (in millions of dollars, unless                                    otherwise indicated)

    		                  

    Public external debt

    9,505

    9,971

    11,187

    12,387

    13,726

    14,939

    16,178

    17,548

    18,978

    (In percent of GDP)

    25.9

    25.0

    25.7

    26.6

    27.4

    27.3

    27.2

    27.1

    27.0

    Public debt service

    397

    427

    449

    418

    439

    458

    482

    506

    533

    (In percent of exports of goods and services)

    2.0

    1.7

    1.6

    1.3

    1.3

    1.2

    1.2

    1.2

    1.1

    Nominal effective exchange rate (index, trade partners by CPI)

    113.3

    122.4

    123.3

    …

    …

    …

    …

    …

    …

    Real effective exchange rate

    (index, based on CPI)

    125.3

    134.0

    132.4

    …

    …

    …

    …

    …

    …

    Memorandum items:

    		                  

    Nominal GDP (in billions of Riels)

    150,793

    164,059

    177,719

    190,603

    205,946

    225,291

    245,726

    267,845

    292,066

    (In millions of U.S. dollars)

    36,797

    39,838

    43,304

    46,568

    50,180

    54,745

    59,548

    64,733

    70,395

    Sources: Cambodian authorities; and IMF staff estimates and projections.

    1/ Based on the rebased GDP.

    		                

    2/ Ratio of nominal GDP to the average stock of broad money.

    		                

    3/ Includes statistical discrepancy.

    		                

    4/ Includes unrestricted foreign currency deposits held at the National Bank of Cambodia.

    		                

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.  

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Alexander Muller

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

    MIL OSI Economics –

  • MIL-OSI Economics: Sonic Speed has Arrived: Sonic the Hedgehog™ PRO Plus microSD Cards are Available Now

    Source: Samsung

    Samsung Electronics America, a world leader in advanced memory technology, has expanded its microSD portfolio with a line of new cards inspired by iconic characters from the Sonic the Hedgehog franchise, giving players an exciting new way to celebrate their fandom, while expanding their storage and powering ultra-fast gameplay. Created in collaboration with SEGA and available to buy starting today, the Sonic the HedgehogTM PRO Plus microSDs feature special designs depicting Knuckles (128GB), Tails (256GB), Sonic (512GB) and Shadow (1TB).
    To celebrate the arrival of Sonic and friends on its PRO Plus microSDs, Samsung is giving every Sonic fan a chance to win a download code1 for Sonic X Shadow Generations ($49.99 value). Released in October 2024, this modern-day remaster of the 2011 classic Sonic Generations also features a new, standalone campaign where Shadow must save the world from his nemesis, Black Doom.
    Now through February 28, you’ll be automatically entered to win with the purchase2 of any Sonic the Hedgehog PRO Plus microSD card on Samsung.com. Samsung is giving away 200 game codes in all, which are valid for a download of Sonic X Shadow Generations via the Steam Store.
    “Samsung PRO Plus microSD cards provide gamers, content creators and more with an easy, reliable, and secure way to store large amounts of data – delivering Sonic-speed right to your fingertips,” said Jim Kiczek, Vice President of Memory Marketing at Samsung Electronics America. “Since debuting more than three decades ago, Sonic has become an icon of pop culture, featured in dozens of games, TV series, and movies. Now, with the Sonic the HedgehogTM PRO Plus microSD cards, we’re combining the franchise’s instantly recognizable characters with the speed and reliability of Samsung PRO Plus microSDs to give your gear the ultimate Sonic boost.”
    The Sonic the HedgehogTM PRO Plus microSD cards each feature the face and distinct color of their Sonic character – red for Knuckles, yellow for Tails, blue for Sonic and black for Shadow.

    They offer rapid sequential read and write speeds3 of up to 180 MB/s and 130 MB/s, helping you wait less and do more. For gamers, A2 Application Performance4 helps you dash through load screens and delivers seamless transitions between titles. At the 1TB capacity, the Sonic the HedgehogTM PRO Plus microSD can store more than 47 hours of 4K UHD video5, more than 437,000 4K UHD images6 or more than 45 (20GB) video games7.
    The cards were also tested extensively to deliver the proven reliability users have come to expect from Samsung, including durability against water8, high temperatures9, X-rays10 and even magnetic fields11. Additionally, Sonic the Hedgehog PRO Plus microSDs can withstand drops from over 16 feet12, resist wear out up to 10,000 swipes13 and come backed by a 10-year limited warranty.
    Plus, they’re compatible with a wide range of devices, including handheld game consoles, smartphones, tablets, action cameras and drones, giving you a dependable sidekick for every use case.

    The Sonic the Hedgehog PRO Plus microSD cards will be available for purchase starting in January 2025 at Samsung.com and other select retailers. They will have a manufacturer’s suggested retail price (MSRP) of $23.99 for the 128GB card, $36.99 for the 256GB card, $68.99 for the 512GB card and $125.99 for the 1TB card.
    Sign up here to learn when the cards are ready to buy and unlock 30% off your eligible purchase of Sonic the Hedgehog PRO Plus microSD cards at Samsung.com. It’s like a real-life bonus stage!
    Sonic the Hedgehog PRO Plus microSD Cards Specifications

    Sonic the HedgehogTM PRO Plus microSD Product Specifications
    Form FactormicroSDXC
    InterfaceUHS-I (SDR104)
    Capacities141TB, 512GB, 256GB, 128GB
    PerformanceSequential ReadUp to 180 MB/s
    Sequential WriteUp to 130 MB/s
    Speed classU3, V30, A2, Class 10
    CertificationsCE(UKCA)/FCC(IC)/VCCI/RCM
    Warranty15Limited 10-year warranty

    MIL OSI Economics –

  • MIL-OSI Economics: RBI publishes Payment System Report, December 2024

    Source: Reserve Bank of India

    The Reserve Bank has today published the Payment System Report, December 2024. This report, in addition to analysing the trends in payment transactions carried out using various payment systems in India during the last five calendar years up to CY-2024, covers important developments in the payment ecosystem and provides an in-depth analysis into UPI. Henceforth, the Report will be published on RBI website on half yearly basis.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2019

    MIL OSI Economics –

  • MIL-OSI Economics: Apple introduces the 2025 Black Unity Collection

    Source: Apple

    Headline: Apple introduces the 2025 Black Unity Collection

    UPDATE January 27, 2025

    Inspired by the rhythm of humanity, a new Apple Watch Black Unity Sport Loop, watch face, and iPhone and iPad wallpapers honor Black History Month

    Apple today unveiled a new Black Unity Collection to honor Black History Month, and celebrate Black culture and community. Inspired by the rhythm of humanity, the collection includes a special-edition Apple Watch Black Unity Sport Loop, a matching watch face, and iPhone and iPad wallpapers.

    As part of the launch, Apple is supporting several global organizations whose work focuses on elements of rhythm, creativity, and community. This includes grants to the Ellis Marsalis Center for Music in New Orleans; Battersea Arts Centre in London; Music Forward Foundation in Los Angeles; Art Gallery of New South Wales in Sydney; and The National Museum of African American Music in Nashville, Tennessee. Apple’s support for these organizations builds upon the company’s longstanding commitment to advancing economic, educational, and creative opportunities in communities around the world.

    Black creatives and allies at Apple collaborated on the design of the new collection. The collection, Unity Rhythm, weaves together the colors of the Pan-African flag: black, green, and red. The Black Unity Sport Loop is woven in a custom pattern of raised and recessed loops that creates a lenticular effect, revealing green on one side of each loop, and red on the other. When the band is worn, the colors appear dynamic, shifting from green to red as a user moves their wrist, and the color yellow appears in the transition, as if by magic.

    The matching Unity Rhythm watch face features custom numerals formed by intertwined threads of red, green, and yellow. The watch face reacts to the gyroscope, so when a user raises their wrist to check the time, the strands coalesce from a series of abstract brush strokes into digits. When using the Unity Rhythm watch face, distinctive, rhythmic chimes mark every hour and half hour.

    The matching Unity Rhythm watch face features custom numerals formed by intertwined threads of red, green, and yellow.

    The Unity Rhythm iPhone and iPad wallpapers feature the same custom lettering writing the word “Unity,” which changes orientation when the device is unlocked and locked.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Fuels NASCAR Productions’ Remote Race Control Room

    Source: Samsung

    Samsung is now a NASCAR Technology Partner and will provide cutting-edge digital displays to elevate the NASCAR fan experience, racing operations and enterprise processes. The multi-year partnership will begin with the introduction of Samsung’s industry-leading displays and monitors for NASCAR Productions’ newly launched remote race control room.
    Housed in NASCAR’s 58,000 square-foot production facility in Concord, N.C., the state-of-the-art control room features Samsung’s The Wall as its centerpiece, allowing officials to review comprehensive, real-time video, audio and data from the track and remotely officiate races. The installation of The Wall spans an astounding 32 feet wide and nine feet high.
    Blazing the trail for remote race control
    The new control room sets the stage for NASCAR to remotely execute officiating in a precise and data-driven approach for large-scale races nationwide. During races, up to 24 officials in the room will use The Wall as their primary screen to access replays from the SBG Sports Software system, capable of aggregating up to 200 camera angles, all driver audio and voice-to-text transcription of team radio transmissions. The Wall’s true-to-life picture quality will deliver the footage and data with the finest level of detail, equipping remote officials with crisp and clear information to confidently make decisions on penalties and race results.
    “Our indoor LED displays and monitors will help NASCAR fuel a new era of race-day precision from the first lap to the final stretch,” said David Phelps, Head of the Display Division, Samsung Electronics America. “With superior visuals and real-time data, officials will experience unmatched clarity and insight into every moment of each race—offering a level of visibility that surpasses what they could see on-site at the track. This is just the beginning of our partnership as we help to pave the future of motorsports.”

    Advancing connectivity between the track and control room
    Remote officials in Concord, N.C., will remain fully immersed in the racing action via live feeds and intercom communications to consult with their counterparts at the track. The Wall’s large-scale display provides the officials with a real-time view of information as drivers make their laps and pit stops. The screen will showcase a variety of data, including feeds from onboard cameras, Engine Control Units (ECUs), optical tracking cameras, Pit Road Officiating (PRO) systems and official cameras positioned at the pit, start and finish lines, restart zones and other key locations.
    Officials will use a range of Samsung monitors to gather and analyze insights, including 25 models of the 27-inch ViewFinity S6 high-resolution monitor and seven models of the 49-inch Odyssey G9 monitor. The ultra-wide, curved Odyssey G9 monitors offer extensive screen real estate for officials to simultaneously view and assess multiple data sources, enhancing their ability to efficiently support track operations.
    CONCORD NC – September 24, 2024, NASCAR Race Conrol.
    “Remote Race Control will give NASCAR officials unparalleled views of more than 200 camera angles with multiple data points from every car that were previously not available,” said Steve Stum, NASCAR Vice President of Operations and Technical Production. “It will also allow us to make competition calls faster and more accurately than ever before to ultimately help improve the product.”
    The remote race control room will be fully operational and revved up to support the 2025 NASCAR Cup Series, kicking off with the Cook Out Clash at Bowman Gray Stadium on Sunday, February 2.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 24, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. 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 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. breached the prescribed ceiling of total investments held under Held to Maturity (HTM) category; and

    2. failed to carry out periodic review of risk categorization 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: 2024-2025/2016

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 23, 2025, imposed a monetary penalty of ₹5.50 lakh (Rupees Five Lakh Fifty Thousand only) on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Donations / Contributions for public /charitable purposes out of profits of UCBs’, ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’, ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’ and ‘Know Your Customer (KYC)’. 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 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. made donation to trusts in excess of prescribed ceiling;

    2. made donations to certain trusts in which the bank’s directors were interested;

    3. sanctioned certain director related loans; and

    4. failed to carry out periodic review of risk categorization 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: 2024-2025/2015

    MIL OSI Economics –

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers about the company Interactive Assets

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Interactive Assets and the services it is offering. BaFin suspects the unknown operators of the website interactiveassets.pro of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud. Moreover, BaFin does not supervise Interactive Assets.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI announces measures to manage liquidity conditions

    Source: Reserve Bank of India

    On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations to inject liquidity into the banking system:

    1. OMO purchase auctions of Government of India securities for an aggregate amount of ₹60,000 crore in three tranches of ₹20,000 crore each to be held on January 30, 2025, February 13, 2025, and February 20, 2025

    2. 56-day Variable Rate Repo (VRR) auction for a notified amount of ₹50,000 crore to be held on February 7, 2025

    3. USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of six months to be held on January 31, 2025

    2. Detailed instructions for each operation shall be issued separately.

    3. The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly liquidity conditions.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2013

    MIL OSI Economics –

  • MIL-OSI Economics: CBDC requires interoperability, privacy protection, robust infrastructure, and clear benefits of use to become currency in future, says GlobalData

    Source: GlobalData

    CBDC requires interoperability, privacy protection, robust infrastructure, and clear benefits of use to become currency in future, says GlobalData

    Posted in Banking

    Retail central bank digital currency (CBDC) development projects continue to face significant hurdles before achieving large-scale implementation. Key challenges include ensuring system interoperability with existing payment methods and currencies worldwide, addressing privacy concerns in advanced economies, and overcoming infrastructure limitations in emerging economies, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “The State of Central Bank Digital Currencies in 2025 and Beyond,” highlights that retail CBDCs fail to address real consumer needs or pain points meaningfully. Furthermore, they offer no clear tangible benefits that would drive user adoption.

    Blandina Szalay, Banking and Payments Analyst at GlobalData, comments: “The very limited uptake of CBDC in countries where it fully launched – in the Bahamas, Jamaica, the Eastern Caribbean Currency Union, and Nigeria – can be attributed to the lack of compelling incentives for consumers to switch to CBDCs from the payment methods they are already used to.”

    With habit and convenience being the dominant factors influencing payment tool choices globally for both in-person and online payments, central banks will require either robust incentive schemes or mandates to achieve a widespread adoption of their digital currencies. In countries already operating CBDCs, consumers have expressed that using CBDCs and their associated wallets has introduced additional friction to existing payment processes without offering sufficient benefits. Critics from other CBDC-piloting countries echo these sentiments.

    Szalay continues: “Achieving critical mass in CBDC adoption, however, will be necessary to reap any advantages initially proposed by central banks. These could include driving domestic payment system innovation, improving cross-border payment efficiencies, fostering financial inclusion, and newfound financial and monetary stability in emerging economies by formalizing their economies via CBDC.”

    Most recently, the Bank of England (BoE) unveiled its digital pound lab, a testing sandbox aimed at addressing key challenges such as interoperability, or absence of clear use cases and lack of viable business models. These issues are set to be tackled throughout 2025, before the decision on a wider launch is made.

    Szalay concludes: “As national governments keep allocating resources towards their ongoing CBDC projects, they should also consider the level of their citizens’ openness and willingness to use the central bank’s digital currency in their everyday lives. Should incentives prove insufficient, and governments have to turn to mandates, it will only reinforce critics’ concerns that CBDCs are a tool for asserting domestic and international control.”

    MIL OSI Economics –

  • MIL-OSI Economics: Hydrogen economy development enters critical phase, says GlobalData

    Source: GlobalData

    Hydrogen economy development enters critical phase, says GlobalData

    Posted in Oil & Gas

    The hydrogen economy has recently experienced some hiccups in its growth story. Apparently, demand for this commodity is not rising at the pace it was envisaged back in 2020 when companies had aggressively announced their energy transition plans. As more industries, such as steel, transportation, and power, try to decarbonize their operations, the demand for low-carbon hydrogen is expected to grow. Nevertheless, the hydrogen economy is currently in its critical phase of its development, says GlobalData, a leading data and analytics company.

    GlobalData’s thematic report, “Hydrogen,” reveals that about 83% of the low carbon hydrogen capacity coming online by 2030, is expected to come from green hydrogen plants, while the remainder is from blue hydrogen. Purple and turquoise hydrogen capacities are anticipated to be miniscule. Only about 2% of the total expected capacity by 2030 is currently operational.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Low-carbon hydrogen is set to occupy a crucial role in the decarbonization efforts of several energy-intensive industry verticals. As hydrogen is an essential feedstock in downstream oil and gas processes, switching to low-carbon hydrogen would help companies reduce their emissions footprint. It also has massive potential in the transportation sector, especially in marine and heavy vehicle applications, due to its energy density properties.”

    Conventionally, hydrogen has been consumed in the oil and gas industry as a reagent in the refining sector and as a feedstock in the petrochemical sector. The demand from the oil and gas industry will remain the dominant driver for hydrogen in the foreseeable future. Additional demand for this commodity is expected to emerge from industries such as metallurgy, power generation, and transportation.

    Puranik continues: “There has been a significant jump in low-carbon hydrogen project announcements in the last few years as industries unveiled plans to decarbonize their operations. Nearly 75% of these projects are in the feasibility stage of development. This reflects the momentum in new plant announcements within this market to reap from the global energy transition.”

    Blue and green hydrogen production offers particularly promising growth potential for oil and gas companies pursuing energy transition. Companies are investing in this energy source for their long-term goals, with a preference for green hydrogen.

    Puranik concludes: “Several oil and gas companies have announced new blue and green hydrogen plants, which are expected to be operational by 2030. Nevertheless, there is a need for the hydrogen distribution network to expand at scale, which includes the addition of new pipelines. The current scenario signals a critical phase for the development of the global hydrogen economy. Its fate and momentum in the coming years will be decided by how things pan out in the near future.”

    MIL OSI Economics –

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers against offers on websites zinsify.de and smbcgroup.asia

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority BaFin warns consumers against offers on websites zinsify.de and smbcgroup.asia. According to information available to BaFin, banking transactions and financial services are being provided on these websites without the required authorisation. The services are not actually offered by SMBC Bank EU AG. This is a case of identity fraud by unknown perpetrators.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –