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Category: Economics

  • MIL-OSI Economics: Ahmet Ismaili: Opening speech – 22nd Meeting of the Central, Eastern and South-Eastern European – European Insurance Supervision Initiative 

    Source: Bank for International Settlements

    Dear Mr. Peter Braumüller, Managing Director of Insurance and Pension Supervision at the Austrian Financial Market Authority,

    Dear Deputy Governor Cakaj,

    Distinguished representatives of Insurance Regulatory Authorities,

    Ladies and gentlemen,

    It is with great pleasure that I welcome you to Prishtina at the 22nd Meeting of the CESEE – European Insurance Supervision Initiative – ISI (Central, Eastern and South-Eastern European).

    Before I continue with my opening remarks, I would like to extend a special thank you to Mr. Peter Braumüller and to all the team involved to the organisation of this event.

    Mr. Braumüller, your leadership continue to be crucial in keeping this initiative a success. Your commitment to fostering collaboration and knowledge-sharing among our diverse community is truly admirable, and we are grateful for your efforts!

    This event marks a significant milestone, not only for Kosovo, but also for the Central Eastern and South-Eastern European region, as we unite under the common goal of enhancing insurance supervision and cross-border cooperation. Since its inception in 2011, the meeting has proven to be an invaluable platform for insurance regulators where they are able to exchange insights, share experiences, and discuss pressing issues on insurance supervision.

    Today, as we meet in Kosovo for the first time, we continue to honour this wonderful tradition of cooperation, knowledge-sharing, but also collegiality. It is a privilege to host such a diverse group of dedicated professionals committed to enhancing supervision and strengthening our regulatory frameworks and ensuring the integrity of our insurance markets.

    This year is particularly special for us; as the Central Bank of the Republic of Kosovo proudly celebrates its 25th anniversary. Hosting the forum aligns perfectly with our anniversary events and we believe that this occasion resonates with the spirit of our meeting – a celebration of growth, resilience, and commitment to mutual as well as shared values.

    I would like to briefly highlight the significant progress we have made in our insurance sector, particularly through specific reforms which we have successfully implemented with the aim of restoring the financial position of our insurance sector. CBK as regulator and supervisor has successfully addressed serval challenges while implementing prudent measures to resolve those issues and make sure that the sector perform according to the rules and protect the policyholders or beneficiaries and victims.

    Taking into consideration all the important measures we have undertaken, including the strengthening of our regulatory framework, these efforts have paved the way for further growth and sustainability, and an increase of the consumer confidence.

    We are committed to advancing the regulatory and supervisory framework of the Insurance Industry in line with EU standards and best practices.

    We have received the Roadmap for Solvency II from the World Bank, which is an ambitious, challenging, and demanding project. This means we are gradually transitioning from purely compliance-based supervision to prudential risk-based supervision. This transition also involves the introduction of a risk-based supervision manual, with support from the IMF.

    We have received also the roadmap for the IFRS 17. The implementation of the Solvency II and the IFRS 17 in our regional countries can certainly be a significant challenge, for which we will have the support of the World Bank.

    We are working on enhancing the supervision of market conduct among our financial institutions by ensuring the CBK has adequate powers and resources to implement effective oversight. Recently, we established the Consumer Protection Department to improve support for financial consumers. Within this department, we have created a dedicated division focused on market conduct.

    In our sector and in the most jurisdictions in the region, Motor Third Party Liability (MTPL) continues to play a dominant role in the insurance market. While MTPL is essential to provide basic cover and protect consumers from liabilities arising from the use of vehicles, as regulators we recognise the importance of diversifying the insurance portfolio to enhance overall financial stability. We are therefore committed to increasing the share of voluntary non-life and life insurance products.

    Currently, Kosovo is the only European country not a member of the Green Card system, despite our ongoing efforts to gain membership. Therefore, our insurers cannot issue Green Cards and vehicles from most European countries entering Kosovo must purchase border MTPL at the frontier for their stay. Although Kosovo officially applied to join the Green Card system, this application was unsuccessful. While progress has been made in meeting many criteria for membership, Council of Bureaux membership remains the step to be achieved. Addressing this issue is important for improving cross-border insurance coverage, support free move of people and capital and aligning Kosovo with regional insurance standards. Here, dear participants and guest, the support of your institutions and followed countries is needed.

    Our team will provide you with more detailed insights on these developments later today, and I strongly encourage you to engage with them on this important topic.

    As a Central Bank we recognize the importance of strong collaboration with other financial regulators and supervisors. Working together allows us to ensure the stability and security of our financial systems. By coordinating efforts, sharing information, and aligning policies we can better manage risks and support sustainable growth in our economies.   

    And lastly, as we embark on this journey together, let us embrace the opportunities ahead of us. There is an intensive agenda ahead of us, filled with discussions on current challenges in insurance supervision and a vision for our joint future. I encourage each of you to actively engage, share your insights, and build connections that will extend beyond this meeting.

    By working together, we can strengthen our commitment to advance the insurance regulatory and supervisory framework towards a more integrated and resilient financial sector in our region.

    Once again, thank you for being here, and let us make this meeting a success!

    MIL OSI Economics –

  • MIL-OSI Economics: Moody’s Corporation Reports Results for Third Quarter 2024

    Source: Moody’s

    Headline: Moody’s Corporation Reports Results for Third Quarter 2024

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) today announced results for the third quarter 2024, and provided an updated outlook for full year 2024.

    The Third Quarter 2024 Earnings Release and other earnings materials can be found on the Moody’s IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at http://www.sec.gov.

    “Moody’s record-breaking revenue performance in the third quarter is a testament to our unwavering status as the Agency of Choice for our customers and our actions to prime the business for durable future growth,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “In parallel, we delivered strong recurring revenue growth in our analytics business, driven by investments and innovation that enhance our offerings and empower our customers with the insights necessary to navigate the complexities of an increasingly dynamic risk environment.”

    Teleconference Details:

    Date and Time

    October 22, 2024, at 11:30 a.m. ET

    Webcast

    The webcast and its replay can be accessed through Moody’s Investor Relations website, ir.moodys.com within “Events & Presentations”.

    Dial In

    U.S. and Canada

    +1-888-596-4144

    Other callers

    +1-646-968-2525

    Passcode

    515 6491

    Dial In Replay

    A replay will be available immediately after the call on October 22, 2024 and until November 21, 2024.

    U.S. and Canada

    +1-800-770-2030

    Other callers

    +1-609-800-9909

    Confirmation code

    515 6491

    For further information, please contact Investor Relations at ir@moodys.com.

    ABOUT MOODY’S

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI Economics: Federal Court Decision to Grant Biological Opinion Relief is Welcome News

    Source: National Ocean Industries Association – NOIA

    Headline: Federal Court Decision to Grant Biological Opinion Relief is Welcome News

    For Immediate Release: Monday, October 21, 2024NOIA .org
    Federal Court Decision to Grant Biological Opinion Relief is Welcome News
    Washington, D.C. – National Ocean Industries Association President Erik Milito issued the following statement after a federal court granted the National Marine Fisheries Service (NMFS) more time to complete a new Biological Opinion (BiOp) for the U.S. Gulf of Mexico. Under a previous ruling, the BiOp would have been vacated effective December 20, 2024, threatening to halt new and existing oil and natural gas production and activity in the region. Today’s decision grants NMFS until May 21, 2025 to complete a new BiOp.
    “We are pleased with the court’s decision to grant the requested relief, allowing the federal government additional time to issue a new Gulf of Mexico Biological Opinion. This ruling is crucial for maintaining our energy security, affordability, and national security, all of which depend on the uninterrupted supply of oil and gas from the Gulf of Mexico.
    “It has become readily apparent to elected officials on both sides of the aisle that an impairment of production from the Gulf of Mexico could lead to a cascading effect throughout the American economy, delivering an unwelcome blow to consumers still reeling from inflationary impacts.
    “The Gulf of Mexico is a powerhouse in the global energy landscape. If it were a country, it would rank among the top twelve oil producers worldwide. This region supports nearly 435,000 jobs, produces approximately two million barrels of oil daily, and funds essential conservation and coastal resilience programs. Its role as a vital and well-established energy hub is indispensable to the U.S. economy and national security.
    “Potential permitting and operational delays or logjams pose significant risks, injecting unnecessary uncertainty into this critical sector. We must continue to support and protect the Gulf of Mexico’s energy production to ensure stability and growth for our nation and reduce dependence on volatile global markets and adversarial nations such as Russia or Iran.”
    ##
    About NOIA The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    MIL OSI Economics –

  • MIL-OSI Economics: Top 25 global banks navigate market shifts with 4% gain in MCap in Q3 2024, reveals GlobalData

    Source: GlobalData

    Top 25 global banks navigate market shifts with 4% gain in MCap in Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    The aggregate market capitalization (MCap) of the top 25 global banks went up by 4% to $4.27 trillion quarter-on-quarter (QoQ) during the third quarter (Q3) ended 30 September 2024. This growth was fueled by interest rate cuts from several central banks, including the US Federal Reserve and the European Central Bank, alongside stronger-than-expected US economic performance, according to GlobalData, a leading data and analytics company.

    Royal Bank of Canada (RBC) and Bank Central Asia (BCA) stocks recorded over 15% growth, while Charles Schwab saw a decline of nearly 12% in market value. JPMorgan Chase retained its position as the most valuable bank for the tenth consecutive quarter, reflecting resilient performance amidst evolving economic landscapes.

    Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “The third quarter of 2024 concluded with healthy returns across most major asset classes, despite periods of market turbulence. Early August saw stocks come under pressure, driven by weaker US economic data, an interest rate hike by the Bank of Japan, and thin summer trading volumes. However, the Federal Reserve’s much-anticipated rate cuts in September, combined with a softer stance from Japanese policymakers and fresh stimulus measures in China, helped ease investor concerns and fuel a strong stock market rally by the end of the quarter.”

    As inflation eased and economic activity remained subdued, several other Western central banks followed suit in cutting rates. The European Central Bank implemented its second-rate reduction in September, lowering interest rates to 3.5%. Similarly, the Bank of England commenced its own easing cycle, introducing a 25-basis point cut during its August meeting.”

    In Q3 2024, RBC’s stock value surged 17.2%, driven by a 17% increase in earnings from its personal and commercial banking segment, which reached CAD2.49 billion ($1.80 billion), including a CAD198 million boost from its CAD13.5 billion acquisition of HSBC’s domestic operations. RBC’s overall profit rose 16% to CAD4.5 billion, surpassing expectations. Similarly, BCA’s market value climbed 15.1%, ending the quarter with a market cap of $83.3 billion, fueled by strong quarterly results and optimism about future performance.

    JPMorgan Chase reinforced its global leadership with a 22% rise in net revenue to $50.2 billion, largely driven by a 41% increase in net interest income and gains from Visa shares.

    Meanwhile, Charles Schwab’s market cap fell to $118.6 billion due to reduced interest revenue and regulatory scrutiny, partly linked to its cash sweep program financing the 2020 TD Ameritrade acquisition.

    Overall, for the nine months ended Sept 2024, Wells Fargo lost $13 billion in market value due to persistent regulatory challenges stemming from past scandals and inconsistent earnings performance. The bank is working to lift a $1.95 trillion asset cap imposed by the Federal Reserve. Recent assessments revealed insufficient safeguards against money laundering has limited its ability to expand in deposit intake and trading.

    Grandhi concludes: “As the Fed begins its easing cycle, Q4 2024 market focus will shift to the US elections, with the outcome likely to have an impact on the country’s fiscal policy, debt, and trade, especially tariffs. Potential policy changes could stoke inflation, while escalating geopolitical risks may hit consumer confidence and trigger market selloffs, driving investors toward safer assets amidst global uncertainty.”

    MIL OSI Economics –

  • MIL-OSI Economics: Risks facing the global economy

    Source: Bank for International Settlements

    While the global economy remains on track for a soft landing, the path ahead is not without risks. Real rates may remain higher than they were before the pandemic as central banks deal with a structurally more inflation-prone landscape. Fiscal policy may not be restrained enough to ensure financial stability. Productivity growth may remain sluggish in most advanced economies. Markets may be volatile, with potential spillovers to financial intermediaries. To guard against these risks and ensure resilience and stability, prudent monetary policy, fiscal consolidation and structural reforms are all necessary.

    MIL OSI Economics –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The National Co-operative Bank Ltd., Bangalore – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The National Co-operative Bank Ltd., Bangalore vide Directive No. BLR.DOS.SSMS.No.S836/09-01-112/2023-2024 dated July 24, 2023, for a period of six months up to close of business on January 24, 2024, as modified from time to time which were last extended up to close of business on October 24, 2024 vide Directive DOR.MON/D-34/12-23-112/2024-2025 dated July 22, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on October 24, 2024.

    2. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on October 24, 2024, to close of business on January 24, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1352

    MIL OSI Economics –

  • MIL-OSI Economics: BaFin warns consumers about a further FinFlex website: finflex.info

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 9 August 2024, BaFin issued a warning about FinFlex and its website finflex.org, which has since been deactivated. The unknown operators are now using the nearly identical website finflex.info. BaFin suspects the operators of the websites of offering consumers financial and investment services on these platforms without the required authorisation.

    The content of the websites is identical to other platforms that BaFin has previously warned consumers about and that display the same opening sentence: “Upgrade Your Trading With…”.

    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 necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation 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 –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Konark Urban Co-operative Bank Ltd., Ulhasnagar – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India, vide directive No.CO.DOS.SED.No.S592/45-11-001/2024-25 dated April 23, 2024, had placed The Konark Urban Co-operative Bank Ltd., Ulhasnagar under Directions from the close of business on April 23, 2024 for a period of six months.

    2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till close of business on January 23, 2025 as per the directive DOR.MON/D-62/12.22.805/2024-25 dated October 17, 2024, subject to review.

    3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 17, 2024, notifying the above extension is displayed at the bank’s premises for the perusal of public.

    4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1354

    MIL OSI Economics –

  • MIL-OSI Economics: Basel III implementation – update and a roadmap for liquidity standards

    Source: Isle of Man

    Background

    Basel III is an internationally agreed set of measures and standards developed and issued by the international standard setting body, the Basel Committee on Banking Supervision (Basel Committee).  It expanded upon and replaced Basel II.  The various Basel III reforms were brought together into one consolidated set of standards, collectively referred to as the Basel Framework. 

    Implementation of the components of the Basel Framework continues to progress internationally, and the Isle of Man Financial Services Authority is committed to meeting international standards where it is appropriate and proportionate to do so. 

    We have to take into account that many of our banks are part of large international banking groups that are subject to consolidated supervision in countries that have, or are moving towards, Basel III implementation.  At the same time, implementation of reforms in the Island needs to be suitable and effective for the profile of the sector.

    We have updated our Basel III webpage to help explain our approach to implementation and to set out the core components of the Basel Framework.

    Updating the liquidity framework

    We have already implemented several elements of the Basel III reforms, including a framework for domestic systemically important banks, requirements for better quality and levels of capital, and reporting of the leverage ratio (a non-risk-based capital ratio). 

    Although further reforms to capital adequacy will need to be considered, implementing the Basel III liquidity reforms is a key priority for the Authority to help maintain an effective regulatory and supervisory framework and to continue to provide adequate protection for consumers.

    We have therefore set out today a roadmap for the implementation of the Basel III liquidity standards in the Isle of Man and look forward to working with the sector to bring these changes into operation.

    Enquiries

     

    Prudential Supervision Division:

    Andrew Kermode

    Head of Division

    T: +44 (0)1624 689320

    E: andrew.kermode@iomfsa.im

    Marc Barlow

    Senior Manager – Banking

    T: +44 (0)1624 689369

    E: marc.barlow@iomfsa.im

    MIL OSI Economics –

  • MIL-OSI Economics: Solve for Tomorrow OpEd: The Greatest Untapped Resource in STEM Are Hispanic Students

    Source: Samsung

    As Hispanic Heritage Month segues into Global Diversity Awareness Month, Instructional Technology Specialist for New Mexico’s Gadsden Independent School District Saul Nunez, who guided his Santa Teresa High School student team to a National Finalist honor in the 2022-2023 Samsung Solve for Tomorrow competition, focused attention on underappreciated opportunities that science, technology, engineering, and math (STEM) education and careers offer for Hispanic students in the U.S.
    Saul Nunez, Instructional Tech Specialist for New Mexicos Gadsden Independent School District, a Samsung Solve for Tomorrow alum.
    His Opinion piece, ”Let’s expand our kids’ vision of what’s possible,” in The El Paso Times highlighted that:
    “Hispanic youth represent an underutilized resource for a society that needs a vibrant STEM workforce. Between 2023 and 2033, STEM jobs are projected to grow by 10.4%, far above the 3.6% growth in non-STEM jobs. The Hispanic community is among the fastest-growing U.S. populations; with both youth and entrepreneurial spirit on our side. The more we can encourage Hispanic students’ participation in STEM, the better off all America will be.”

    MIL OSI Economics –

  • MIL-OSI Economics: A new Copilot tool will give Institut Curie researchers more time to focus on cancer

    Source: Microsoft

    Headline: A new Copilot tool will give Institut Curie researchers more time to focus on cancer

    In a similar vein, researchers regularly are asked to evaluate others’ work, or to help decide whether a research project should be financed. One part of those tasks involves searching databases to ensure that the idea is original. Or perhaps the topic isn’t directly within the researcher’s expertise and they need to read up about it. That now involves time-consuming keyword searches, which could be done much more quickly with Copilot for Researcher, which will be able to provide, say, a one-page summary.

    “You can always keep control. You can always go back to the paper. You can always troubleshoot things, but you have a first level of analysis, which is not hard, but very time consuming,” Hersen said.

    In addition to being researchers, they are writers, editors, evaluators, recruiters, managers, project managers, accountants …. Many also teach.

    “The more they publish well, the more they are recognized in their domain, the more they are experts, the more things are demanded of them, often without being paid extra,” said Tatiana Malherbe, deputy director of the Institut Curie’s research center.

    MIL OSI Economics –

  • MIL-OSI Economics: Lenfest Institute, OpenAI and Microsoft announce $10M AI Collaborative and Fellowship program for US metro news organizations

    Source: Microsoft

    Headline: Lenfest Institute, OpenAI and Microsoft announce $10M AI Collaborative and Fellowship program for US metro news organizations

    Chicago Public Media, The Minnesota Star Tribune, Newsday (Long Island, New York), The Philadelphia Inquirer, and The Seattle Times will receive grant funding and enterprise credits for experimentation with generative AI

    PHILADELPHIA — Oct. 22, 2024 — The Lenfest Institute for Journalism, a leader in developing solutions for the next era of local news, on Tuesday announced a major new collaboration with OpenAI and Microsoft Corp. to help newsrooms explore and implement ways in which artificial intelligence can help drive business sustainability and innovation in local journalism through the Lenfest Institute AI Collaborative and Fellowship program.

    In the initial round of funding, Chicago Public Media, Newsday (Long Island, NY), The Minnesota Star Tribune, The Philadelphia Inquirer, and The Seattle Times will each receive a grant to hire a two-year AI fellow to pursue projects that focus largely on improving business sustainability and implementing AI technologies within their organizations. The fellowship will also provide OpenAI and Microsoft Azure credits to help these publications experiment and develop tools to assist with local news. As part of the program, the news organizations will work collaboratively with each other and the broader news industry to share learnings, product developments, case studies and technical information needed to help replicate their work in other newsrooms. An additional three organizations will be awarded fellows in a second round of grants.

    “We are pleased to be working with both OpenAI and Microsoft on this important initiative to support local news,” said Jim Friedlich, executive director and CEO of The Lenfest Institute. “Through these fellowships — and by sharing results with the broader news industry — we will help empower local newsrooms to explore, implement and advocate for AI business solutions that uphold the highest ethical standards while strengthening their future prospects. The Lenfest Institute and OpenAI incubated the fellowship program, which is designed to promote the use of AI in creating a sustainable future for independent local journalism, and we welcome its expansion in scope and resources with Microsoft’s commitment.”

    The first slate of AI Collaborative and Fellows members will work on projects that focus on the use of AI for analysis of public data, to better utilize news and visual archives, to build audience engagement, for creating new AI-based news tools and products, and more. The projects were chosen through an application process led by The Lenfest Institute with assistance from FT Strategies, a global media consultant, and Nota, a provider of AI tools for journalism.

    “While nothing will replace the central role of reporters, we believe that AI technology can help in the research, investigation, distribution and monetization of important journalism. We’re deeply invested in supporting smaller, independent publishers through initiatives like The Lenfest Institute AI Collaborative and Fellowship, ensuring they have access to the same cutting-edge tools and opportunities as larger organizations,” said Tom Rubin, chief of Intellectual Property and Content, OpenAI. “Local news is a particularly vulnerable area of journalism, and we believe AI can help it thrive.”

    The selected projects are:

    • Chicago Public Media, which publishes The Chicago Sun-Times and runs public radio station WBEZ, will focus on leveraging AI for transcription, summarization and translation to expand content offerings and reach new audiences.
    • The Minnesota Star Tribune will experiment with AI summarization, analysis and content discovery for both its journalists and readers.
    • Newsday will build AI public data summarization and aggregation tools for its newsroom, for readers and for businesses as a marketing services offering.
    • The Philadelphia Inquirer will use AI platforms to build a conversational search interface for its archives. It will also leverage AI to monitor and analyze media produced by local municipalities and agencies.
    • The Seattle Times will use AI platforms to assist in advertising go-to-market, sales training support, and other sales analytics before rolling out learnings to other business functions and departments.

    “We need local journalism to inform and educate citizens, expose wrongdoing, and encourage civic engagement. We will work with the Lenfest AI Fellowship to drive AI innovation that can help news organizations create new products to extend their reporting, find new sources of revenue, and ultimately build a more sustainable future,” said Teresa Hutson, corporate vice president, technology for fundamental rights at Microsoft. “We hope these news organizations will be lighthouses for the industry, to provide examples of how AI can build a better future for the business of news.”

    To support the new Lenfest Institute AI Collaborative and Fellowship program and resources, OpenAI and Microsoft are each awarding $2.5 million in direct funding and $2.5 million in software and enterprise credits, for a total of up to $10 million. The two-year pilot program is in partnership with The Lenfest Institute’s Local Independent News Coalition (LINC), a group of eight of the largest independently owned metropolitan news organizations in the United States.

    LINC is one of several Communities of Practice led by The Lenfest Institute with funding from the Institute and the John S. and James L. Knight Foundation. LINC includes The Atlanta Journal-Constitution, Chicago Public Media (WBEZ and The Chicago Sun Times), The Dallas Morning News, Newsday (Long Island, New York), The Philadelphia Inquirer, The Seattle Times, The Minnesota Star Tribune, and The Tampa Bay Times.

    Learn more about LINC here and sign up to receive updates on the Lenfest AI Fellows experiments and lessons learned through The Lenfest Institute Solution Set newsletter.

    About The Lenfest Institute for Journalism 

    The Lenfest Institute for Journalism creates solutions for the next era of local news by investing in sustainable business models at the intersection of local journalism and community in Philadelphia and nationwide.

    About OpenAI  

    OpenAI is an AI research and deployment company. Its mission is to ensure that artificial intelligence benefits all of humanity.

    About Microsoft 

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    For more information, press only:

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, [email protected]

    Note to editors: For more information, news and perspectives from Microsoft, please visit Microsoft Source at https://news.microsoft.com/source. Web links, telephone numbers and titles were correct at time of publication but may have changed. For additional assistance, journalists and analysts may contact Microsoft’s Rapid Response Team or other appropriate contacts listed at https://news.microsoft.com/microsoft-public-relations-contacts.

    MIL OSI Economics –

  • MIL-OSI Economics: Rosneft and the Ministry of Tourism of the Samara Oblast Present the “Zhiguli Weekend” Motor Tourist Route

    Source: Rosneft

    Headline: Rosneft and the Ministry of Tourism of the Samara Oblast Present the “Zhiguli Weekend” Motor Tourist Route

    Rosneft and the Ministry of Tourism of the Samara Oblast presented the “Zhiguli Weekend” motor tourist route, which runs along the region’s landmark and most picturesque locations.

    Rosneft is committed to the development of domestic automobile tourism and aims to create comfortable conditions for car travellers. One of Rosneft’s key objectives is to enhance the quality of its roadside assistance and customer service at its filling stations.

    The route presentation was held at a Rosneft filling station in Samara. Egor Okhotnikov, a notable navigator of LADA Sport ROSNEFT racing team, took part in the event.

    The tourist route “Zhiguli Weekend” runs through Samara, Togliatti, Syzran and unique landscapes and locations of the region. Tourists can efficiently use their travel time and immerse themselves in the atmosphere of the Volga region thanks to well-designed logistics. Rosneft filling station app makes it easy to find the nearest filling station along the route.

    In the historic city of Syzran, guests will be introduced to the region’s only Kremlin. It was built in 1683 and is recognized as an object of national cultural heritage.

    In the “Russia’s car capital” Togliatti tourists will be able to visit the AVTOVAZ museum, as well as the production site of LADA Sport ROSNEFT, the leading team in Russian circuit racing, whose title sponsor for many years is Rosneft.

    Samara, the capital of the region, will surprise travelers with the longest five-kilometer waterfront. From any point of the waterfront there is a breathtaking panoramic view of the Volga River. In the historical part of the city visitors will be welcomed by the museum-appartment of the author of “The Golden Key” Alexei Tolstoy, an art museum and a unique underground structure – Stalin’s bunker, 37 metres deep.

    Along the way, motor tourists can visit other cultural sights of the region: the old village Shiryaevo, where Ilya Repin wrote sketches for the painting “Barge Haulers on the Volga”, a Gothic castle on the shore of the Zhiguli Sea (Kuybyshev Reservoir) and much more.

    The route also includes unique natural monuments: Samarskaya Luka National Park and Zhiguli Nature Reserve. This year the Samarskaya Luka National Park celebrates its 40th anniversary. Rosneft’s Samara Enterprises have been supporting the national park’s projects for 13 years, the most significant of which is the study and preservation of the population of the Red Book white-tailed eagle.

    Samara Oblast is one of Rosneft’s strategic regions of operation. The Company is present in the region with a powerful full-cycle production complex, including scientific and project support, oil and gas production, oil and gas processing, oil refining, production of lubricants, additives and catalysts, as well as a retail network. Large enterprises such as Samaraneftegaz, Kuibyshev Refinery, Novokuibyshevsk Refinery, Syzran Refinery, Novokuibyshevsk Oil and Additives Plant, Novokuibyshevsk Petrochemical Company, and Samaranefteprodukt operate in Samara Oblast.

    Rosneft’s network of filling stations is the largest in the region, covering all major highways in key tourist destinations, including the M-5 highway, as well as highways leading to neighboring regions: the Republics of Tatarstan and Bashkortostan, Ulyanovsk, Saratov and Orenburg Oblasts. In the Samara Oblast there are 77 stations of the company, where you can fuel your car with high-quality fuel, have a comfortable rest in a cafe or buy goods you need on the road.

    Rosneft filling stations with well-developed infrastructure will help to make traveling along the “Zhiguli Weekend” route as comfortable as possible.

    Reference:

    Rosneft’s retail network is the largest in the Russian Federation in terms of geographical coverage and number of stations, and the Rosneft filling station brand is one of the leaders in Russia in terms of recognition and fuel quality. The retail chain of the Company covers 61 Russian regions. The Company has a network of approximately 3,000 operating filling stations. In addition to high-quality fuel, the Company offers its customers a wide range of goods and services – from shops and cafes to roadside assistance.

    Earlier, Rosneft signed memorandums on cooperation in the development of domestic tourism with the Moscow City Tourism Committee, the Krasnoyarsk and Altai Territories, the Republic of Bashkortostan, the Republic of Udmurtia, and the Arkhangelsk, Samara, Voronezh and Ulyanovsk Regions, and the Stavropol Krai.

    In 2023, Rosneft launched a special information and service platform “Russian Horizons: Come With Us!”. The special project allows car tourists to choose and plan routes to places of interest using the infrastructure of Rosneft’s network of motorway services and filling stations.

    Rosneft
    Information Division
    August 21, 2024

    Keywords: Social News 2024

    MIL OSI Economics –

  • MIL-OSI Economics: [User Guide] Unlock New Possibilities With Galaxy Tab S10 Ultra

    Source: Samsung

     
    The Galaxy Tab series serves as a versatile companion to professionals who prioritize work-life balance, supporting both work and leisure. The lightweight, portable design maximizes productivity with powerful multitasking capabilities during the workday — while the rich selection of entertainment and streaming features elevates relaxation after work.
     
    The Galaxy Tab S10 Ultra is Samsung Electronics’ first AI-powered tablet and latest premium offering. Through various features optimized for a larger screen, the device has garnered enthusiastic responses from Galaxy fans and set a new standard for next-generation tablets. Samsung Newsroom explored how the Galaxy Tab S10 Ultra can support modern individuals as they pursue balance in their work and personal lives.
     

     
     
    Unleashing the Power of AI on an Ultra-Large Screen
    The Galaxy Tab S10 Ultra boasts the largest screen in the Galaxy Tab series so far — and with the integration of Galaxy AI, the device has become even more capable. Designed to be a dependable tool for professionals who frequently handle extensive documents and search for various resources online, the Galaxy Tab S10 Ultra is poised to significantly enhance work efficiency.
     
    ▲ (From left) The Galaxy Tab S10 Ultra and Circle to Search
     
    When viewed vertically, the huge 14.6-inch screen allows users to read large amounts of text without the need to scroll through multiple pages. The screen can be divided into three sections to create a multitasking environment that improves productivity and adapts to individual workflows.
     
    Circle to Search, a feature that enables instant searches with a simple gesture, becomes even more powerful with the Galaxy Tab S10 Ultra. Streamlined for the massive screen, this intuitive image-based search can display more results and information than before.
     

    ▲ Press and hold the Home button, then tap Translate to instantly translate comments on social media.
     

    ▲ Translation
     
    Furthermore, the large screen proves invaluable when viewing resources on social media or PDF documents in foreign languages. With a press of the Galaxy AI button, PDF files are translated in real time. The Translation feature allows users to absorb information quickly and efficiently.
     
     
    Making Meetings Smarter From Note-Taking to Minute-Taking
    Meetings are an integral part of work, but lengthy sessions can make keeping track of information and conversations difficult. The Galaxy Tab S10 Ultra offers a smarter way to participate in meetings and stay organized with features designed for efficient note- and minute-taking.
     
    ▲ Note Assist
     
    Note Assist is handy for meetings since the feature records users’ voices and automatically transcribes the content. AI technology will summarize meetings and provide translations if necessary, allowing users to focus entirely on the discussions at hand. What’s more, Galaxy AI assists in taking minutes — significantly reducing the time required for post-meeting tasks.
     

    ▲ Handwriting mode
     
    The benefits of the Galaxy Tab S10 Ultra continue even after meetings end. The tablet’s large screen provides a comprehensive view of the conversation’s flow, ensuring that key points can be reviewed without missing any details. When jotting down notes in a hurry, users need not worry about messy handwriting. Handwriting mode enhances the legibility of scribbles by leveling text, aligning lines, adjusting word spacing and more. Now, users can keep their notes neat and organized to make reviews a breeze.
     
     
    Working Without Boundaries Anytime, Anywhere
    ▲ More portable than ever, the Galaxy Tab S10 Ultra can serve as a secondary monitor for a laptop.
     
    Although the Galaxy Tab S10 Ultra has the largest ever screen in the Galaxy Tab series, the device remains comfortably portable with a sleek 5.4-mm thickness and lighter weight when compared to its predecessor. Perfect for different working styles, the tablet can be taken anywhere — whether that’s home, a café or a coworking space.
     
    For those with a laptop, the Galaxy Tab S10 Ultra’s Second screen feature is a game-changer. By connecting the tablet to a laptop, users can extend or duplicate their screen to enhance productivity and multitask on a larger workspace.
     
    ▲ The Book Cover Keyboard with the AI Assistant key allows the Galaxy Tab S10 Ultra to be used like a laptop.
     
    Equipped with a Book Cover Keyboard and Bluetooth mouse, the Galaxy Tab S10 Ultra works just like a laptop. Both the Book Cover Keyboard and Book Cover Keyboard Slim accessories include a dedicated key for instant access to AI Assistant. With a single tap, users can work smarter and more efficiently.
     

     
    The Galaxy Tab S10 Ultra takes after-work leisure to the next level by elevating creativity, enhancing entertainment and enriching enjoyment of life’s simple pleasures.
     
     
    Transform Sketches Into Masterpieces With S Pen

    ▲ Sketch to Image with the S Pen
     
    True to its title as an AI tablet, the Galaxy Tab S10 Ultra’s S Pen also leverages AI. By simply picking up the S Pen and pressing the pen-shaped icon on the right side of the screen, users can activate Air Command for a range of AI capabilities. Sketch to Image automatically transforms simple sketches into high-quality images through AI recognition. These images can then be rendered into various styles — including watercolor, illustration, pop art and 3D cartoon — making it easy for anyone to create art. The tablet’s large screen further enhances this experience, providing a spacious digital canvas for unleashing creativity.
     
     
    Playing Immersive Games With Uninterrupted Performance
    
    ▲ The Galaxy Tab S10 Ultra offers smooth gameplay for even the most demanding games.
     
    The Galaxy Tab S10 Ultra handles demanding, high-performance mobile games by leveraging the advanced cooling system to prevent the tablet from overheating, even during extended gaming sessions.
     
     
    Maximizing Immersion for Unparalleled Viewing Experiences

     
    The Galaxy Tab S10 Ultra’s 14.6-inch screen provides an immersive experience for both video watching and gaming. The Dynamic AMOLED 2X display delivers accurate colors and crisp, high-definition images as the 120Hz refresh rate supports smoother transitions. While the anti-reflection screen minimizes glare, Vision Booster adjusts the display based on external brightness for more comfortable viewing.
     
    ▲ Go to Sound quality and effects in Settings and select Dialogue Boost
     
    Notably, the Galaxy Tab S10 Ultra’s Dialogue Boost uses AI technology to analyze voices and isolate conversational speech for enhanced clarity when watching content on YouTube or streaming platforms. To activate this feature, select Sound quality and effects under Settings and tap Dialogue Boost. Users will be able to more clearly hear conversations in TV and movies for a fully immersive experience.
     

     
    After a long day at work, relaxing in bed while watching YouTube or streaming videos is truly one of life’s small pleasures. The Galaxy Tab S10 Ultra enhances these moments by offering superior picture and sound quality along with convenient features to enrich leisure time beyond mere content consumption.
     
    The Galaxy Tab S10 Ultra delivers a comprehensive mobile experience on an expansive screen — improving productivity and maximizing immersion through its unique Galaxy AI features. For today’s professionals, the Galaxy Tab S10 Ultra will be a premium tablet bringing new meaning to work-life balance.

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Strengthening financial resilience – lessons from Pittsburgh

    Source: Bank for International Settlements

    Good morning everyone.

    It could have been right here in New York City.

    That would have been fitting, as this city was, and still is, the center of gravity for global finance. But, as it happened, the US administration made a last-minute decision to pick Pittsburgh as the venue for the G20 summit.

    We are back in the fall of 2009. Less than a year earlier, when G20 leaders first met in Washington DC, the world economy had been facing its greatest crisis in generations. At the Pittsburgh Summit, the memory of the crisis was still fresh. The fall of Lehman. The rescue of AIG. The race against the clock to prevent a total meltdown of the financial system. Leaders from the 20 largest nations in the world had all gone through those fateful crisis days. They shared a conviction that this should not happen again. Ever. They decided on a massive strengthening of regulation to address the weaknesses in the global financial system and to curb excessive risk taking. And they endorsed the mandate of the newly established Financial Stability Board to coordinate and monitor progress. Pittsburgh turned the tide.

    The rest is history. But it is an unfinished history. For sure, the reforms that were agreed in Pittsburgh did substantially strengthen the global financial system.

    In recent years, markets have experienced several episodes of turmoil, and we have seen potentially destabilising failures of banks and non-banks. But the core of the system has held up relatively well. So, one interpretation is that the financial system has proved to be resilient. But that is not entirely true. Take March 2020 for example. This turmoil was contained both through improved resilience and unprecedented policy actions. Without the combined force of these policy actions, the reforms implemented since 2009 may have not been sufficient to stave off another financial crisis. And it’s not only in 2020 that unprecedented policy actions were needed. In 2023 the fire brigade had to turn out again.

    So, we’ve made progress, but there is much left to do if we want a truly resilient financial system. One that can finance the economy through thick and thin without recourse to extraordinary support. Furthermore, the financial system is evolving, and so must our regulations. Can we keep up the pace? Allow me to share some concerns about that.

    First of all, our work to make the banking sector more resilient is not yet complete. For one thing, the final Basel III standards still need to be implemented in many jurisdictions. In the meantime, the banking turmoil in March last year was a reminder that bank runs are not a thing of the past. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors.

    They also highlighted that 13 years after the FSB issued its Key Attributes for Effective Resolution Regimes, authorities still face challenges in dealing with failing banks.

    Next to the unfinished agenda in banking, the non-bank financial sector continues to face serious vulnerabilities. Partly as a response to strengthening banking regulation, non-bank financial institutions are playing a larger role in financing the real economy, now accounting for nearly half of total global financial assets. And as we have seen over the past few years, structural vulnerabilities in the sector have the potential to cause systemic risk. These include liquidity mismatches, leverage, and inadequate margin preparedness. The FSB, working with other standard setters, has done a great deal of work on this issue. We have issued policy recommendations in several key areas. Drawing up these policy recommendations, however, is not enough to stem systemic risk in NBFI. For that to happen, we must implement them. That means authorities must not only put them into national laws and regulations, they must also have the capacity to operationalize them.

    Third, technological innovation continues to shape the way the financial sector functions, and it adds another layer of complexity. Technology can create new interdependencies, for example when many financial institutions rely on the same service providers. It can also increase the speed at which a crisis unfolds. And technology raises important questions about the regulatory perimeter. Above all technology related risks can exacerbate pre-existing vulnerabilities in the financial system and may create new ones. Take crypto-assets. This fast-growing market has seen more than its fair share of bankruptcies, liquidity crises and outright fraud, even as its links with traditional finance continue to grow. The FSB has issued recommendations to regulate the market for crypto-assets. The G20 has endorsed these recommendations and, again, they now need to be implemented globally.

    As you might notice, I’m talking a lot about implementation, because that’s where my concern lies. It seems that, 16 years after Lehman, implementation fatigue has started to set in. Political commitment for maintaining financial stability is usually the highest when the collective memory of the last crisis is still fresh. When this memory starts to fade, there is the risk that financial stability is taken for granted. Something that can be left to the bureaucrats, to the technicians. Not least because there are so many other policy priorities to deal with for governments. But that would be a mistake. We do need the involvement of politicians, of lawmakers, because without them, it becomes even harder to implement necessary regulations. After all, financial stability is the foundation for almost all public policy. If financial stability is gone, as a government you can forget about the other policy priorities. You will spend most of your time drawing up rescue plans for an economy in free fall. So we should not wait for the next crisis.

    We also need commitment in good times, when the work to develop and implement policy needs to get done. This commitment is even more important in a world that is getting more fragmented, both politically and economically. I am concerned about our capacity to work together on cross-border challenges in such a world. During the Global Financial Crisis, policymakers around the globe were able to respond swiftly and effectively. In a fragmented world, such a swift response could become more complicated. This could prove costly because the most important challenges to financial stability are precisely the cross-border issues that we can only solve if we work together.

    And to the financial industry I would say: rules that strengthen the resilience of the financial system are in your best interest too. Some in the industry view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Financial regulation is not an obstacle, it is an enabler of sustainable, long-term growth. Globally implemented regulation strengthens international financial stability, levels the playing field, and, in turn, enhances the confidence of your shareholders, clients, and counterparties. Strong regulation is not a constraint on the financial industry, it is an asset.

    15 years after Pittsburgh, strengthening the financial system is an unfinished history. Partly that comes with the job. The financial system is always evolving, so our policy also needs to evolve. But, that’s not the only reason. It is also important that authorities finish implementing the measures we’ve all agreed are needed to address existing vulnerabilities. Vulnerabilities that could lead to the next crisis, if they are allowed to persist.

    This calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. I wish for us to have the determination and collaborative spirit that the leaders in Pittsburgh collectively felt. Let’s work together to finish what we started. Let’s stay sharp, focused and committed to preserving financial stability. And where better to express that commitment than in the city that never sleeps.

    MIL OSI Economics –

  • MIL-OSI Economics: Now Available: Samsung 990 EVO Plus SSD Features Improved Performance Speeds Supported by PCIe 4.0

    Source: Samsung

    Samsung Electronics America, the world leader in advanced memory technology, today announced the availability of the 990 EVO Plus, adding to its lineup of leading SSD products. Featuring PCIe 4.0 support and the latest in NAND technology, the 990 EVO Plus is an ideal solution for buyers seeking enhanced performance and power efficiency across gaming, business and creative tasks.
    “The average person creates more than 100 megabytes of data every minute1,” said James Fishler, Senior Vice President of Home Entertainment, Samsung Electronics America. “Whether you’re taking photos, editing videos, or gaming on your favorite console, it’s clear that our daily activities demand more data than ever before. The new Samsung 990 EVO Plus provides the best solution for it all – from gaming and content creation, to business use cases. With expanded storage capacities and even faster processing speeds, the series can help you reliably power your day, and make the most of every minute.”

    Faster Performance and Greater Efficiency
    The 990 EVO Plus is backed by decades of pioneering semiconductor technology with proven reliability from Samsung. It offers sequential read speeds up to 7,250 megabytes-per-second (MB/s) and write speeds up to 6,300 MB/s, up to 50% faster than the previous 990 EVO. This performance boost is enabled by the latest Samsung 8th generation V-NAND technology and 5-nanometer (nm) controller, while an innovative nickel-coated heat shield minimizes overheating, delivering 73% greater power efficiency over the 990 EVO.
    The 4TB model of the 990 EVO Plus boasts an industry-leading random read speed of 1,050K input/output operations per second (IOPS) and 1,400K IOPS for random write. This remarkable feat nearly rivals that of SSD products with DRAM, despite not using a DRAM cache, making it an optimal solution for gaming and AI tasks that require high performance.
    Expanded Storage Capacity
    To meet today’s growing demand for high-capacity storage devices, the 990 EVO Plus offers ample capacity options of 1TB, 2TB and 4TB, exceeding the storage limits of the 990 EVO. The 990 EVO Plus is also equipped with the intelligent Samsung TurboWrite 2.0, revamped for maximized performance, offering rapid file transfer speeds and reduced lag, even when managing large files, editing high-res video or enjoying next-generation gaming.

    Samsung Magician Software Support
    Samsung Magician Software presents a suite of optimization tools for enhanced functionality for all Samsung SSDs, including the 990 EVO Plus. Users can streamline the data migration process for SSD upgrades effortlessly and securely. In addition, Samsung Magician protects valuable data, monitors drive health and offers customized performance optimization.
    The drives are now available at Samsung.com and other select retailers. They will have a manufacturer’s suggested retail price (MSRP) of $109.99 for the 1TB model, $184.99 for the 2TB model, and $344.99 for the 4TB model. For more information, please visit here.

    MIL OSI Economics –

  • MIL-OSI Economics: Mortgage Lenders See Immense Value in Simplifying and Standardizing Closing-Cost Descriptions

    Source: Fannie Mae

    Closing costs are fees and charges paid by borrowers in connection with the closing of a home purchase or a mortgage refinancing.1 Examples include mortgage origination fees, borrower credit report fees, appraisal fees, title insurance premiums, settlement fees, and real estate agent commissions. In recent years, these costs have risen considerably,2 posing a significant challenge for many first-time and lower-income homebuyers hoping to purchase a home.3

    In late July, we surveyed over 200 senior mortgage executives via our Mortgage Lender Sentiment Survey® to gather insights from lenders about opportunities to simplify and standardize closing cost line-item descriptions, as well as their opinions on which cost areas would benefit from clearer definitions to increase transparency for borrowers. Additionally, we asked lenders to provide feedback on areas where they believe costs can be reduced.

    Among the key findings:

    • While 60% of lenders believe it’s easy to accurately estimate closing costs, their experience explaining these costs to borrowers is mixed: Only half of lenders told us that it’s easy to explain closing costs to borrowers.
    • The majority of lenders (81%) agreed that simplifying and standardizing closing cost line-item descriptions would be valuable for the mortgage industry. Respondents indicated that increasing transparency, particularly for borrowers, would be the most important benefit of such an effort, followed by decreasing compliance costs, and helping consumers comparison-shop.

    Click image above for larger view

    • Lenders said “getting key players to align on standardization” is the biggest implementation challenge, followed by making the necessary technology updates (e.g., integrating with loan origination systems or industry data portals).
    • To help improve transparency for borrowers, several closing cost types were highlighted by lenders as being especially likely to benefit from further clarity, including lender fees, settlement/closing fees, lender’s title insurance premium or attorney opinion letter (AOL) fees, and borrower credit report and verification of income/employment/assets (VOI/E/A) fees.4

    Click image above for larger view

    • We asked lenders to identify the areas where they believe closing costs can be reduced, and the most common responses were borrower credit report and VOI/E/A fees5, lender’s title insurance premium or AOL fees, and real estate agent commissions, in that order.

    Click image above for larger view

    As part of the survey, we also encouraged lenders to provide write-in commentary on the closing-cost concerns that are top of mind for them. Some lenders noted that certain costs charged by third parties, such as credit reports and employment verification fees, have climbed significantly, despite technological advancements intended to make the process more efficient and cost-effective. Others expressed the opinion that some closing costs were overpriced relative to the associated risk, while some observed that costs charged to borrowers can vary considerably, even for effectively the same service. A few lenders noted that while the individual fees charged by the transacting parties are often relatively low, when aggregated the closing costs typically add up to a significant amount. Finally, many lenders concluded that simplifying and standardizing closing cost line-item descriptions would be an important value-add for the entire mortgage industry, asserting that it would help increase transparency, reduce compliance costs, and enable consumers to both better understand the costs and shop around for better prices.

    Based on these findings, we believe meaningful opportunities exist for the mortgage industry to increase transparency around closing costs and potentially help save consumers money. In recent years, the mortgage industry has made some strides in this space, including introducing tools to help borrowers better understand (and calculate for themselves) the various mortgage costs and fees, deploying property valuation modernization efforts to streamline the home-valuation process and reduce appraisal costs for borrowers, and allowing lenders to use an Attorney Opinion Letter (AOL) as an alternative to a lender’s title insurance policy. Still, we believe much more can be done, and we’re committed to working with our industry partners to help improve transparency and reduce closing costs for borrowers.

    To learn more, read the full research deck.

    Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group or survey respondents included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group or survey respondents as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

    1 These fees are typically itemized under “Closing Cost Details” on the Closing Disclosure document. The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule requires all settlement fees to be disclosed in the form of a Loan Estimate and the integrated Closing Disclosure. The objective of the Loan Estimate and Closing Disclosure documents is to simplify and clarify the terms of the loan that a borrower is applying for while also showing how much money is needed at closing and for what purpose.

    2 According to a CFPB analysis, from 2021 to 2023, median total loan costs for home mortgages increased by over 36%.

    3 “Barriers to Entry: Closing Costs for First-Time and Low-Income Homebuyers,” Fannie Mae, December 2021,
    https://www.fanniemae.com/research-and-insights/publications/barriers-entry-closing-costs-first-time-and-low-income-homebuyers
    https://www.fanniemae.com/media/document/pdf/barriers-entry-homebuyer-closing-costs

    4 Larger lenders (37%) are significantly more likely than smaller lenders (15%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to increase transparency. Mortgage banks (34%) are significantly more likely than depository institutions (14%) and credit unions (16%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to increase transparency.

    5 Larger lenders (56%) are significantly more likely than smaller lenders (36%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to reduce costs. Mortgage banks (53%) are significantly more likely than credit unions (29%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to reduce costs.

    MIL OSI Economics –

  • MIL-OSI Economics: Global Financial Stability Report, October 2024 – Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability 

    Source: International Monetary Fund

    Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty 

    Chapter 1 delves into the financial vulnerabilities and imbalances challenging financial stability. With the expectation that monetary policy will continue to ease globally, financial conditions have remained accommodative, emerging markets have remained resilient and asset price volatility has stayed low, on net. However, accommodative financial conditions that keep near-term risks contained also facilitate the buildup of vulnerabilities, such as lofty asset valuations, the global rise in private and government debt, and increased use of leverage by nonbank financial institutions. These vulnerabilities could worsen future downside risks by amplifying adverse shocks, which have become more probable due to the widening disconnect between elevated economic uncertainty and low financial volatility. Furthermore, access to funding for economies with weaker fiscal buffers may become more constrained, and the slowing growth outlook in China, along with fragilities in its financial system, is a key downside risk to the global economy. Pressures on the commercial real estate sector also continue to be acute, and some midsized companies’ borrowings are becoming increasingly strained. These mounting vulnerabilities highlight the urgency for policymakers to address them. 

    MIL OSI Economics –

  • MIL-OSI Economics: Shocktober: Xbox’s celebration of all things spooky slashes prices on PC and console games

    Source: Microsoft

    Headline: Shocktober: Xbox’s celebration of all things spooky slashes prices on PC and console games

    MIL OSI Economics –

  • MIL-OSI Economics: Verizon to offer new iPad Mini

    Source: Verizon

    Headline: Verizon to offer new iPad Mini

    NEW YORK – Verizon will offer the new iPad mini that is built for Apple Intelligence1, is more capable and versatile than ever with the powerful A17 Pro chip and offers support for Apple Pencil Pro. iPad mini delivers incredible value and the full iPad experience in an ultraportable design. Customers can pre-order the new iPad mini today, with availability beginning Wednesday, October 23. For complete pricing and availability details, please visit verizon.com.

    The new iPad mini is supercharged by the A17 Pro chip and Apple Intelligence, the easy-to-use personal intelligence system that understands personal context to deliver intelligence that is helpful and relevant while protecting user privacy. With a beloved ultraportable design, the new iPad mini is available in four gorgeous finishes, including a new blue and purple, and features the brilliant 8.3-inch Liquid Retina display. A17 Pro delivers a huge performance boost for even the most demanding tasks, with a faster CPU and GPU, a 2x faster Neural Engine than the previous-generation iPad mini2, and support for Apple Intelligence. The versatility and advanced capabilities of the new iPad mini are taken to a whole new level with support for Apple Pencil Pro, opening up entirely new ways to be even more productive and creative. The 12MP wide back camera supports Smart HDR 4 for natural-looking photos with increased dynamic range, and uses machine learning to detect and scan documents right in the Camera app. The new iPad mini also features all-day battery life and brand-new experiences with iPadOS 18.

    Cellular models of the new iPad mini are activated with an eSIM, a more secure alternative to a physical SIM card. With eSIM, users can quickly activate their cellular plan, store multiple cellular plans on the same device, and stay connected. With the portable design of iPad mini, users can conveniently stay connected with eSIM wherever they go. The new iPad mini supports Wi-Fi 6E, which delivers up to twice the performance than the previous generation3, so users can download files, play games online, and stream movies even faster.

    Apple Pencil Pro unlocks magical capabilities and powerful interactions, turning iPad mini into a sketchbook users can take anywhere. Apple Pencil Pro can sense a user’s squeeze, bringing up a tool palette to quickly switch tools, line weights, and colors, all without interrupting the creative process. A custom haptic engine delivers a light tap that provides confirmation when users squeeze, double-tap, or snap to a Smart Shape for a remarkably intuitive experience. Users can roll Apple Pencil Pro for precise control of the tool they’re using. Rotating the barrel changes the orientation of shaped pen and brush tools, just like pen and paper, and with Apple Pencil hover, users can visualize the exact orientation of a tool before making a mark. Apple Pencil Pro features support for Find My, and pairs, charges, and is stored through a new magnetic interface on the new iPad mini. iPad mini also supports Apple Pencil (USB-C), ideal for note taking, sketching, annotating, journaling, and more, at a great value.

    For more details on pricing and plans visit verizon.com.

    For more details on Apple products, please visit apple.com.

    1 Apple Intelligence will be available as a free software update for iPad with A17 Pro or M1 and later with device and Siri language set to U.S. English. The first set of features will be available in beta this month with iPadOS 18.1 with more features rolling out in the months to come. Later this year, Apple Intelligence will add support for localized English in Australia, Canada, New Zealand, South Africa, and the U.K. In the coming year, Apple Intelligence will expand to more languages, like Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and others.

    2 Testing conducted by Apple in September 2024 using preproduction iPad mini (A17 Pro) and production iPad mini (6th generation) units. Tested with Affinity Photo 2 v2.5.5.2636 using the built-in benchmark version 25000. Performance tests are conducted using specific iPad units and reflect the approximate performance of iPad mini.

    3 Wi-Fi 6E available in countries and regions where supported.

    MIL OSI Economics –

  • MIL-OSI Economics: DG Okonjo-Iweala welcomes President Alar Karis of Estonia to the WTO

    Source: WTO

    Headline: DG Okonjo-Iweala welcomes President Alar Karis of Estonia to the WTO

    Director-General Ngozi Okonjo-Iweala met with the President of Estonia, Alar Karis, on 17 October at the WTO. The two discussed the importance of the multilateral trading system governed by the WTO and the impact of the current geopolitical situation on global trade.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers pre-recorded keynote address at the WAIPA Women Political Leaders Forum at the 45th AIPA General Assembly

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered a pre-recorded keynote address at the WAIPA Women Political Leaders Forum at the 45th AIPA General Assembly “Enhancing Women’s Political Participation and Leadership: Transforming Challenges into Opportunities Towards an Inclusive Future for All,” in Vientiane, Lao PDR, on 18 October 2024. In his remarks, Dr. Kao highlighted the significant progress made by women leaders within the ASEAN region to hold the highest political office in a number of ASEAN Member States. Building on the progress achieved thus far, he underscored the need for ongoing advocacy and support to ensure the legacy of women pioneers continues to flourish.

    The post Secretary-General of ASEAN delivers pre-recorded keynote address at the WAIPA Women Political Leaders Forum at the 45th AIPA General Assembly appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the Singapore International Energy Week 2024 in Singapore

    Source: ASEAN

    At the invitation of H.E. Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry of Singapore, Secretary-General of ASEAN Dr. Kao Kim Hourn will participate in the Singapore International Energy Week (SIEW) 2024, under the theme “A Connected and Sustainable Energy World,” where he will deliver the Singapore Energy Summit Keynote at the SIEW Summit, on 21 October 2024. Dr. Kao will also be holding a bilateral meeting with the Executive Director of the International Energy Agency Dr. Fatih Birol on the sidelines of the SIEW, as well as giving interviews with representatives of the media to further promote the work of ASEAN, including ASEAN’s efforts and priorities in the energy sector. SIEW is organised by the Energy Market Authority of Singapore and is the premier platform for global stakeholders from across the region and the world to come together to discuss key energy issues.
    The post Secretary-General of ASEAN to participate in the Singapore International Energy Week 2024 in Singapore appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: 8 expert tips for getting started with NotebookLM

    Source: Google

    You might know Steven Johnson as an author. He’s written a number of books, many focused on the science of how we think and the history of innovation. But he’s also a Googler who has worked on the NotebookLM team from the beginning of the project two years ago. “Simply put, NotebookLM is a tool for understanding things,” Steven says. Think of it as your virtual note-taking and research assistant: NotebookLM takes information, digests and analyzes it so that you can glean more from it. It’s designed for that “deeper dive” you may need to take into a topic — or multiple topics at once.

    With NotebookLM, you create individual notebooks dedicated to a topic or project. You can upload up to 50 “sources” with up to 25 million words — all from things like PDFs, Google Docs, websites and YouTube videos. Then, NotebookLM uses Gemini 1.5’s multimodal capabilities to assess and make connections between the sources you’ve added. You can ask questions about the content or ask NotebookLM to format it in a specific way — it will even provide citations that link back to the most relevant original passages in your sources. And along the way, your private information is never shared or used to train the model.

    If you’re just getting started, try these eight tips from Steven to get the most out of NotebookLM.

    1. Experiment with your recent documents — even if they’re random

    One of the first things Steven suggests new NotebookLM users do is upload their 10 most recent documents into one notebook and start experimenting by asking questions. Even if your most recent documents are unrelated and totally random, it’s a great way to test run what NotebookLM can do. Whether you know the material in the documents down to the letter, or it’s all pretty new to you, NotebookLM will help you uncover some interesting insights.

    2. Create one main notebook and then identify topic-based notebooks from there

    Steven suggests keeping what he calls an “everything notebook,” which you load up with sources that include the general knowledge you work with most days. The sources might be inspirational quotes from books you read, or the core documents that describe the company you work for, or all your brainstorming ideas that you’ve captured over the years. “I do a lot of open-ended thinking and exploring of ideas in my ‘everything’ notebook,” Steven says. But it’s equally important to create topic- or project-based notebooks as well. “I’ve got a notebook devoted exclusively to the work we do building NotebookLM,” Steven explains. “It’s got all the press releases, new feature descriptions and important internal docs we write as a team.” By keeping all those related sources in a single notebook, Steven effectively has a personalized AI that’s almost like having another member of the team. “I can go in there and type something like, ‘Draft the outline of a blog post for that feature we were discussing last week,’ and Notebook knows exactly what to do.”

    3. Use NotebookLM to connect the dots from different materials

    NotebookLM is extremely useful for situations where you need to manage, connect and synthesize information from multiple sources. “We all have this problem where we’re working on something, and the information we need is scattered across desktop folders, tabs and wherever else,” Steven says. This is what NotebookLM is made for, he explains: connecting all those scattered dots.

    It can be especially helpful as a next step after using Gemini and Gems. After you brainstorm or have other open-ended conversations in those tools, NotebookLM can take the results and turn them into something easy to follow. Steven offers the example of working on a slide deck. Maybe you start the process by brainstorming with Gemini, which leads you to open a few tabs of articles, save some design inspo images and put some notes in a Google doc. You can then feed all of that into NotebookLM, which will synthesize the information into an easy-to-digest format so you can reference everything in one place when you get to the stage of building your presentation in Google Slides.

    4. Start with the suggested questions

    Once you’ve added content to NotebookLM, it’s time to start asking questions — which might leave you stumped. Similarly to tips we shared about using the Gemini-powered side panel in Workspace tools, Steven says NotebookLM’s suggested questions are a great resource. “The model will actually help you ask questions that guide you through the material for a while until you think of something you want to ask,” he explains. You can find some starter questions in the “Notebook Guide” that appears after you upload your first sources. Plus, when you start asking questions, NotebookLM will suggest follow-up queries, too, based on what you’ve already asked and what you uploaded.

    5. Ask NotebookLM to deliver info in different ways

    Something that came out of early testing, Steven says, was the need for NotebookLM to show information in various formats. “Everyone processes information differently, or even just prefers to see information presented in different ways,” he explains. Using the Notebook Guide feature, NotebookLM can turn your uploaded content into an FAQ, a briefing document, a timeline, a table of contents, a study guide — or the popular new Audio Overview, which actually transforms your information into an engaging conversation between two AI “hosts.” Try different options both to see what works best for your own learning purposes as well as for presenting information to others.

    6. Don’t shy away from creative uses

    NotebookLM is an amazing resource for work and school projects (the team actually just launched a pilot program for NotebookLM Business for collaborating within a workplace). But it’s also a great tool for lots of creative uses outside the office or classroom. “We’re seeing a lot of people using it for assistance with writing fantasy and sci-fi novels or developing games where they’re working on world building and intricate backstories,” Steven says. Maybe for your screenplay, you jotted down some notes in a doc, saved various webpages and took photos and videos as inspiration. “There’s all of this information that can be hard to keep straight,” Steven says. “You can put all of that stuff into a single notebook and ask things like, ‘What was the deal with that one character?’ Or ‘Remind me which characters live where?’”

    Steven particularly likes that you can ask NotebookLM for creative input with questions like, “Which characters do you think are most compelling?” or, “What are your favorite parts?” “It’s like being able to control F for ‘interestingness’!” he says.

    7. Turn your sources into Audio Overviews

    You should definitely turn each of those 10 documents you start with, or whatever else you upload, into an Audio Overview, Steven says. “After waiting a few minutes for it to generate, you will have a very entertaining, kind of mind-blowing audio conversation about whatever you uploaded!” Steven says. And the team has just released a new feature in Audio Overviews that allows you to adjust the format of the conversation. Just hit “Customize” in the Audio Overviews panel and enter a short description of what you want the hosts to focus on from your sources. “You can also steer them in terms of the approach of the level of sophistication you want from the Overview,” Steven explains. “I’ve been uploading my own writing and asking them to give me constructive criticism about my work.”

    8. Revisit your NotebookLM chat sessions

    NotebookLM makes it easy to save anything interesting that comes up during your text chats with the AI, just by hitting the “save to note” button in every text exchange. Steven recommends another option as well. “Let’s say you have a conversation about one of your notebooks — you ask questions and then follow-up questions, and you even ask it to refine your idea,” Steven says. You don’t want to lose whatever progress you made or insights you gathered during that dialogue. “At the end of the chat, you can ask NotebookLM to summarize the key points from the conversation into a single note that goes in that notebook,” Steven explains. “That way,” he says, “Future You will thank Past You — and NotebookLM — for making it as easy as possible to pick up where you left off.”

    MIL OSI Economics –

  • MIL-OSI Economics: COP16: Business views on a multilateral benefit sharing mechanism

    Source: International Chamber of Commerce

    Headline: COP16: Business views on a multilateral benefit sharing mechanism

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

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

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung and the New York Mets Hit a Multi-Year Grand Slam at Citi Field

    Source: Samsung

    In 2021, Samsung and the New York Mets embarked on a journey to transform Citi Field into the most technologically advanced professional ballpark in Major League Baseball. Today, that vision is a reality, with the ballpark sporting over 1,300 LCD displays and over 29,800 square feet of new LED displays, totaling 40 million pixels. The result is an unforgettable, immersive experience that hits a grand slam with all bases loaded – from elevating fan engagement to enhancing team practice and Digital Out-Of-Home (DOOH) advertising for brand partners.

    “As a landmark for baseball and of New York City, Citi Field represents the very best in live sports experiences,” said David Phelps, Head of the Display Division at Samsung. “The New York Mets have set new standards for in-stadium technology and what ticketholders can expect at the ballpark. With cutting-edge displays that boost fan engagement, amplify the energy in the stands and unlock unique advertising possibilities, every visit to Citi Field leaves a lasting impression.”
    A whole new ballgame for fan experience
    The Mets set out to replace its previous static signage at Citi Field with state-of-the-art digital displays that would align the stadium experience with the team’s high-caliber performance on the field. The Mets selected Samsung as its technology partner due to its proven record of transforming large-scale stadiums into cutting-edge experiences. Moreover, Samsung could provide an end-to-end solution, encompassing design, manufacturing, installation and service.

    Samsung and the Mets collaborated and pushed the boundaries of possibility to design a stadium-wide system that immerses fans in digital content throughout the park. For instance, ribbon boards wrapped around multiple levels of the seating bowl deliver real-time statistics, player data and messages during games. Direct View LED Displays in high-traffic spaces, such as the Jackie Robinson Rotunda and concourses, keep fans captivated from the moment they enter the stadium to the final inning.

    Citi Field’s crown jewel remains its centerfield main scoreboard, a first-of-its-kind, dual-sided LED display that proudly stands as the largest scoreboard in professional baseball. Equivalent to the size of about 450 65-inch Samsung TVs combined, the high-resolution scoreboard features a 17,400 square-foot video display on the front and 6,900 square feet on the back. The display’s sheer size delivers maximum visibility and impact when showcasing live game action, 4K instant replays, player statistics and other engaging content.

    From a Samsung-powered 4K control room, the Mets manage and ensure the centerfield scoreboard works harmoniously with the other displays on the field. Control room staff can synchronize content to “fly” across the entire network of displays to amazing effect to hype the crowd up at exciting points in a game, such as strikeouts and home runs. This thrilling use of digital content is nothing short of spectacular and creates wow-worthy moments like no other ballpark.
    Batting practice gets the big-screen treatment
    In addition to enhancing the fan experience, the Mets use the scoreboards as an effective coaching tool during batting practices before night games. When a player is in the batting cage, the coaches put a live feed on the right-field scoreboard and a delayed feed on the centerfield scoreboard. The displays will showcase key metrics for the batters, such as pitch speed, exit velocity and launch angle. After a session at bat, players can look up at the centerfield scoreboard and review their performance with the coaches to make adjustments to prepare for that night’s game.

    “Samsung has been a true partner in our digital transformation journey not only from a hardware perspective but also through a shared vision for reinventing the stadium experience,” said Oscar Fernandez, Senior Vice President of Technology at the New York Mets. “Today, we can create remarkable experiences using the latest, best-in-class technologies to benefit our fans, the coaching staff, players and brand partners. There is now no better show than coming to Citi Field.”

    Revenue and growth opportunities in a league of their own
    The high-definition Samsung displays installed throughout Citi Field also offer dynamic canvases for DOOH advertising. For example, the Mets’ brand partners can take advantage of the unique double-sided design of the main scoreboard and showcase content on the rear side that faces the ballpark’s exterior, further extending the reach of their advertising as fans can see the display from the highway before they even arrive at the park.

    The revolutionary stadium technology also opens new revenue potential by empowering the Mets to offer more flexible and attractive advertising opportunities for partners like brand takeovers. Companies can amplify their name and logo by owning specific moments in the game, such as an entire inning. Since the Mets can easily control and change the content through the stadium, every display becomes a valuable marketing asset and creates limitless options for creative advertising.

    Beyond gamedays, Samsung displays allow the Mets to further diversify their revenue by supporting various other events, from New York City Football Club games and concerts to fundraisers and corporate events. Citi Field’s technologically advanced experience makes it a sought-after venue for event organizers and entice attendees who look forward to the same excitement they enjoy at New York Mets games.
    Learn more about the one-of-a-kind stadium experience at Citi Field powered by Samsung display technology in the full case study: https://insights.samsung.com/2024/10/17/the-ny-mets-and-samsung-reinvent-the-fan-experience-at-Citi-Field.

    MIL OSI Economics –

  • MIL-OSI Economics: Collaboration on disability data aims to drive AI innovation

    Source: Microsoft

    Headline: Collaboration on disability data aims to drive AI innovation

    Today, Microsoft announced a new collaboration with Be My Eyes to bring high-quality, disability representative data to help train AI systems. This work with Be My Eyes will help make Microsoft AI models more inclusive for the 340 million people in the world who are blind or have low vision and is the latest step in our commitment to build inclusive technology.

    AI requires large amounts of data for training and utility but too often disability is underrepresented or incorrectly categorized in datasets. In Microsoft Research’s most recent paper on AI performance for describing images from blind or low vision individuals, disability objects, like a braille device, were included less frequently in popular large-scale image-text datasets, leading to recognizing those objects ~30 percent less accurately. This disability data desert can limit the utility of a technology, strengthen existing stereotypes and magnify bias. As we continue to discover the opportunities for AI and accessibility, inclusive data through these types of partnerships and community collaborations are paramount to building inclusive AI.

    How we do this matters. Transparency and user control are the guiding principles for data privacy in this agreement. Be My Eyes will provide video data sets, including unique objects, lighting and framing that realistically represents the lived experience of the blind and low vision community. Personal information will be removed from metadata by Be My Eyes prior to sharing and the company continues to work transparently with its members to provide a clear process and options to opt out of data sharing. Microsoft will then use the data to improve the accuracy and precision of scene understanding and descriptions with the goal of increasing the utility of AI applications for the blind and low vision community.

    Today’s news is the next chapter in our collaboration with Be My Eyes, which began in 2017 when their app was integrated into the Disability Answer Desk support experience to give customers more efficient technical support. Last year, Microsoft was the first to pilot their new ‘Be My AI’, with AI helping to solve technical support issues. Be My Eyes also recently developed a Windows app, available in the Microsoft Store. Collaborations like these allow us to improve representation and diversity of AI data and drive more authentic inclusion of disability in our technology.

    Responsible AI is inclusive AI

    In the last 18 months, we have been focused on understanding how generative AI can directly impact disabled people, but our history here goes back even further. We are principled in our approach to make sure we extend those benefits and mitigate potential harms of AI. Microsoft’s Responsible AI framework is how we do this. It includes fairness, reliability and safety, privacy and security, transparency, accountability, and inclusiveness including accessibility.

    AI innovations can reduce cognitive load through summarization, automate meeting notes, and provide detailed image descriptions. These innovations have so many positive implications for neurodiverse, deaf, and blind communities and more, and with 1+ billion people on the planet who experience some type of disability, the disability data desert is a crucial issue to address.

    Speech is one example of where we have been investing, and since 2022, we are proud to work with the University of Illinois Urbana-Champaign (UIUC) along with Apple, Google, Meta, and Amazon on the Speech Accessibility Project. The UIUC works with nonprofit organizations to collect data to improve speech recognition for individuals with diverse speech patterns such as those with ALS. This data helps AI models learn a broader understanding of the diversity of speech and expands scenarios where this technology can bring benefits – including accelerating non-standard speech data accuracy in mainstream speech platforms, like Azure Speech. The project is enhancing AI systems for people with disabilities by integrating diverse data and perspectives into the development process.

    Our commitment to inclusive AI

    At Microsoft, we are committed to building inclusive AI that is representative of all who use it, while also protecting marginalized members of society from proliferated bias that could impact education, employment, and civic engagement. We believe accessible technology is a fundamental right that can unlock opportunities in every part of society, and generative AI is one of the most powerful tools we have today to deliver on that potential when designed inclusively and responsibly. We are also committed to transparency and providing robust data protection for every individual. Today’s news with Be My Eyes builds on these commitments, and we will continue to seek out partnerships across the industry and community to create a more inclusive future.

    If you have questions or feedback on Accessibility at Microsoft, let us know at the Disability Answer Desk or try out the Bing AI-powered Ask Microsoft Accessibility tool.

    To learn more about Accessibility at Microsoft: Our Accessibility Approach | Microsoft Accessibility

    Read more on Be My Eyes privacy commitments.

    Tags: Accessibility, AI, AI for Accessibility, disabilities, disability, generative ai, inclusion, inclusiveness, neurodiversity, Responsible AI, Speech Accessibility Project, speech recognition

    MIL OSI Economics –

  • MIL-OSI Economics: CAF is the first multilateral financial institution to join the Global Alliance against Hunger and Poverty

    Source: CAF Development Bank of Latin America

    On the International Day for the Eradication of Poverty, CAF formally joined the Global Alliance against Hunger and Poverty, an initiative proposed by Brazil during its G20 Presidency, aimed at establishing an international union to combat hunger and poverty worldwide. The announcement was made today by the Executive President of the Institution, Sergio Díaz-Granados, who participated virtually in the event “Reimagining Solutions for Poverty,” held in New York in collaboration with UNDP (United Nations Development Programme). The Minister of Development and Social Assistance, Family, and Fight Against Hunger, Wellington Dias, was also present.

    CAF is the first multilateral financial institution to join the Alliance and, in doing so, commits to making its best efforts to improve the allocation, assignment, and alignment of its resources, including through the coordination and cooperation facilitated by the Global Alliance, to support member countries in the implementation, improvement, or expansion of the execution of selected programs or policy instruments in the Alliance’s reference framework, with the aim of boosting the fight against hunger and poverty in accordance with sustainable financing and implementation strategies led by the countries.

    “CAF is ready to act as a regional voice for the Global Alliance, advocating for Latin American and Caribbean solutions to the global challenges of hunger and poverty. We are committed to working closely with the governments of our member countries, including Brazil, to ensure that these initiatives are impactful and aligned with the strategic priorities of each government,” stated Díaz-Granados.

    In recent years, CAF has allocated approximately USD 1.6 billion to initiatives that directly contribute to the fight against hunger and poverty. Our actions have focused on critical areas such as reducing malnutrition, social protection systems, and sustainable rural development. We have also increased investments in sustainable infrastructure and climate-resilient agriculture, essential for promoting food security and economic opportunities for vulnerable communities.

    In the adhesion document, the institution acknowledges that hunger and poverty remain persistent challenges for humanity, which must be addressed through comprehensive and integrated approaches. Therefore, our bank remains committed to aligning its efforts with these specific needs in our region, offering our member countries customized solutions to address their development needs and challenges, including financial services, knowledge, and technical assistance.

    Global Alliance

    The mission of the Global Alliance will be, from its launch until 2030, to support and accelerate efforts to eradicate hunger and poverty, SDGs 1 and 2. Additionally, it will seek to reduce inequalities and contribute to revitalizing global partnerships for sustainable development and achieving other interconnected SDGs, advocating for sustainable, inclusive, and just transition pathways. The Alliance is open to governments, international organizations, knowledge institutions, funds and development banks, and philanthropic foundations.

    MIL OSI Economics –

  • MIL-OSI Economics: SmartThings Partners with Sapphire Connected Communities to Revolutionize Smart Apartment Living

    Source: Samsung

    SmartThings, Samsung’s global connected living platform, announces today a partnership with Sapphire Connected Communities, an enterprise software company which has built the first multifamily smart apartment solution on the SmartThings Pro B2B development platform. By leveraging the power of SmartThings Pro, Sapphire is able to offer apartment residents a familiar and feature-rich experience through the SmartThings app, while delivering an integrated management solution for property managers that improves operating efficiency across an entire portfolio of properties.
    “Together, SmartThings and Sapphire will redefine the apartment living experience,” said Mark Benson, Head of SmartThings US. “We’re not just offering a product; we’re delivering a lifestyle upgrade that enhances convenience, efficiency, and peace of mind for both residents and property managers.”

    With SmartThings Pro, SmartThings introduces a new platform for enterprises that builds on the strengths of the SmartThings ecosystem, offering new tools and capabilities for developing integrated, business-critical applications. The platform accelerates the development of applications in B2B sectors like multifamily housing, vacation rentals, hospitality, and healthcare, while also catering to consumer demand for a seamless, efficient, and scalable smart home experience.
    Sapphire is the first Multifamily Residential solution to leverage this platform, enabling them to offer their multifamily customers a standards-based, integrated solution that leverages the reliability, security, and global brand power of Samsung, with the innovative new capabilities available with SmartThings Pro, like smart appliance diagnostics and asset management.

    MIL OSI Economics –

  • MIL-OSI Economics: Every announcement and trailer from Xbox partners at Oct. 17 event

    Source: Microsoft

    Headline: Every announcement and trailer from Xbox partners at Oct. 17 event

    We got our first look at gameplay from The Lake House, the second expansion coming for Alan Wake 2 – and it looks like the Remedy Connected Universe is getting more connected than ever. Putting us in the shoes of an agent from the Federal Bureau of Control, we’ll be exploring an Overlap in the titular Lake House, filled with mysteries, a mysterious living painting, and the horrors it’s birthing. It’ll be fascinating to see how this bridges the gaps between Alan’s story and the events of Control.

    The doors of the Lake House will open on Xbox Series X|S from October 22 – and you can find out more about how this expansion takes us in an even darker direction than the main game on Xbox Wire.

    Animal Well Reveals Its Mysteries on Xbox Today

    Xbox Series X|S

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    This gorgeous mystery-platformer is rightfully seen as one of the biggest surprises of the year, blending pixel-perfect traversal with a gorgeous, inscrutable world packed with secrets. Taking elements from classic Metroidvanias and blowing them out into a world packed with unique puzzles, Animal Well gets deeper the closer you look. We’re delighted to say that it arrives on Xbox today.

    Blindfire Is a First-Person Shooter Set Entirely in the Dark – and It’s Available in Game Preview Today

    Xbox Series X|S, Windows PC (through Xbox Game Preview)

    [embedded content]

    The most important tool in an FPS isn’t your gun – it’s your eyes. So what happens in an FPS set entirely in inky-black arenas? Blindfire is here to answer that question. This fascinating new idea from Double Eleven got a world premiere and shadow drop during Partner Preview, showing off how you’ll need to use tools, traps, and echolocation to seek out your targets in this fast-paced shooter.

    You don’t need to wait to find out how it all works – Blindfire is available today on Xbox Series X|S and PC through the Xbox Game Preview program. Find out how the team came up with such a unique idea, exclusively on Xbox Wire.

    Cronos: The New Dawn Is a Mind-Bending Survival Horror from Bloober Team

    Xbox Series X|S

    [embedded content]

    Bloober Team (The Medium, Blair Witch, Layers of Fear) brought us this world premiere of a fascinating new game that takes us in a new direction for the studio. A third-person survival horror set across two distinct time periods, Cronos: The New Dawn introduced itself with an enticingly strange trailer involving a game of chess, a very big spacesuit, and some horrifying creatures.

    The game itself will place us in both 1980s Communist Poland, and a futuristic wasteland following a pandemic known only as The Change. A glimpse of gameplay showed us quite how spooky this is going to get – we can’t wait to see more before it arrives in 2025.

    Edens Zero Brings Anime Action to Xbox in 2025

    Xbox Series X|S, Windows PC

    [embedded content]

    Based on the Hiro Mashima manga and the anime series of the same name, Edens Zero is a third-person action game that saw its world premiere during the show. Set in the unique sci-fi universe of the manga, you’ll take hero Shiki Granbell across the universe in search of the cosmic entity, Mother – gathering new characters, each with their own abilities, as you go. Edens Zero will be released in 2025.

    Eternal Strands Casts Its Unique Magic on Game Pass

    Xbox Series X|S, Windows PC, or play it day one with Game Pass

    [embedded content]

    This systemic action-RPG from a team of developers who’ve worked on Dragon Age, Assassin’s Creed and more already had our attention. With a unique magic system that allows you to combine spells (freezing a flying dragon’s wings so it falls to the ground, anyone?), in-depth crafting systems, and titanic, climbable bosses, it’s a beautiful combination already. But add to that mix that it’s coming to Game Pass on day one? It just makes the wait for its release in early 2025 so much harder.

    FBC: Firebreak – the Co-op Control Spin-off – Gets a Gameplay Reveal

    Xbox Series X|S, Windows PC, or play it day one with Game Pass

    [embedded content]

    Remedy is known for its single-player masterpieces, but it’s going in a different direction with FBC: Firebreak. We brought you a world-first look at this spin-off from the beloved Control – a first-person, multiplayer, PvE game, placing you in the ranks of the Federal Bureau of Control’s agents. Take on the horrors of the Oldest House, using a variety of appropriately weird weaponry, in this exciting co-op experience. FBC: Firebreak arrives in 2025, and it’s coming day one to Game Pass. Find out more about how Remedy made its first ever multiplayer game on Xbox Wire.

    The Legend of Baboo Is a Brutal Action-Adventure (With an Adorable Dog)

    Xbox Series X|S

    [embedded content]

    In a world premiere, we were introduced to The Legend of Baboo, an action-adventure set across a magical island, sending a child hero,Sepehr into the fray with only their wits, weapons, and an absolutely gorgeous dog called Baboo to protect them. And yes, you did see the dog being used as a mount.

    Like a Dragon: Pirate Yakuza in Hawaii Shows Off Its Naval Battles, and Gets a New Release Date

    Xbox Series X|S, Xbox One, Windows PC

    [embedded content]

    Like a Dragon: Pirate Yakuza in Hawaii was an unexpected surprise from Ryu Ga Gotoku Studio – and we’re delighted to say it’s arriving even earlier than expected, on February 21, 2025. Featuring ex-yakuza Goro Majima getting wrapped up in an adventure on the high seas, it’s a truly over-the-top follow-up to this year’s Infinite Wealth.

    In a new trailer, we got to see the game’s exhilarating naval battles for the first time, with you taking the helm of a ship in pirate-ridden waters, before boarding to take on treasure-seeking rivals in all-out brawls. We even got a glimpse of battles in the Pirate Coliseum of a secret island hideout, Madlantis. Learn more about the naval battles, exclusively on Xbox Wire.

    Mistfall Hunter Mixes Soulslikes and Extraction Games

    Xbox Series X|S, Windows PC

    [embedded content]

    A fascinating mixture of Soulslike combat and extraction-action mechanics, Mistfall Hunter got a world premiere in today’s show. Showing off a wealth of approaches – from beefy warriors to spell-packed mages, this will pit you against monsters and men in a mysterious new fantasy world. Coming to Xbox Series X|S and Windows PC, you can apply for an upcoming closed beta now – and you can find out more about this unique proposition in an exclusive article on Xbox Wire.

    Mouse: P.I. For Hire Brings Cartoon Chaos to Xbox

    Xbox Series X|S

    [embedded content]

    Blending old-school FPS gameplay with even older-school cartoon looks, Mouse: P.I. For Hire is a truly unique proposition. You’ll be investigating crimes in a world of cartoon animals, and taking down criminals with a variety of adorable-but-deadly weaponry, all set amid a noir-inspired, jazz-infused world. We’re delighted to say that Mouse: P.I. For Hire is coming in 2025.

    Phasmophobia Introduces Co-op Terror to Xbox This Month

    Xbox Series X|S

    [embedded content]

    Regarded as one of the scariest games of recent years, we’re excited to announce that Phasmophobia makes its Xbox debut on October 29. Casting you and a group of friends as ghost hunters, you’ll set off on missions to haunted locations to investigate, draw out, and survive ghostly encounters. Use a variety of tools to discover exactly what it is you’re dealing with, then get out alive. But be warned, not only can your team hear you over comms, so can the ghosts…

    Subnautica 2 Enters Early Access in 2025 – Explore the Deep in Optional Co-Op

    Xbox Series X|S and Windows PC (through Xbox Game Preview), or play it day one with Game Pass

    [embedded content]

    The acclaimed underwater survival-crafting game Subnautica taught us to love, fear, and explore the deep oceans of an alien world, and its sequel will get an -Early Access release on Xbox Series X|S and Windows PC through the Game Preview program. This world premiere trailer gave us a sense of how beautiful and terrifying this will be – and also confirmed that a much-requested co-op mode is coming in the sequel. Subnautica 2 will launch into Xbox Game Preview on Xbox Series X|S and Windows PC in 2025. Find out more, exclusively on Xbox Wire.

    Wheel World Is Pedalling Onto Game Pass

    Xbox Series X|S, Windows PC, or play it day one with Game Pass

    [embedded content]

    Previously known as Ghost Bike, we got a new trailer and a new name for this beautiful, relaxing, bike-loving exploration-racing game. Wheel World sees you retrieving and fixing the last of the Ghost Bikes, which can travel between the worlds of the living and the dead. Mixing open world exploration as you repair and upgrade your bike with the treasures you find, and races set across the map, it’s a game designed to be taken at your own pace – all set to an original soundtrack from artists on the Italians Do It Better music label. Wheel World will arrive day one on Game Pass when it launches in early 2025.

    Wuchang: Fallen Feathers Offers a Fresh Look at Its Story and Bosses

    Xbox Series X|S, Windows PC, or play it day one with Game Pass

    [embedded content]

    After a reveal at Xbox Games Showcase earlier this year, we got a new look at Wuchang: Fallen Feathers. Offering new hints to its dark fantasy storyline set in the late Ming Dynasty, the new trailer showed us a lot of action, including against multiple bosses – from a horrifying, centipede-like monster, to a woman who can transform into what appears to be a living scarf made from the skin of an arctic fox. It’s shaping up to be quite the journey. Wuchang: Fallen Feathers arrives in 2025.

    MIL OSI Economics –