Category: Economics

  • MIL-OSI Economics: New Hope: Improving Livestock Business Models within and across Borders

    Source: Asia Development Bank

    The Asian Development Bank (ADB) and New Hope Liuhe, a leading livestock enterprise in the People’s Republic of China (PRC), are working together to focused on sustainable agribusiness and environmental protection. The partnership promotes circular agriculture and improves the whole industrial chain. By expanding into new markets such as Viet Nam, New Hope has replicated innovations from the PRC to help preserve local workers’ and farmers’ livelihoods and strengthen food security.

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on July 01, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,81,010.53 5.20 3.95-6.50
         I. Call Money 16,015.92 5.31 4.75-5.40
         II. Triparty Repo 4,61,298.45 5.19 4.50-5.30
         III. Market Repo 2,00,852.61 5.21 3.95-5.50
         IV. Repo in Corporate Bond 2,843.55 5.49 5.40-6.50
    B. Term Segment      
         I. Notice Money** 54.50 5.27 5.15-5.32
         II. Term Money@@ 1,110.50 5.60-6.00
         III. Triparty Repo 5,503.90 5.22 5.15-5.40
         IV. Market Repo 247.46 5.40 5.40-5.40
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 01/07/2025 1 Wed, 02/07/2025 1,233.00 5.75
    4. SDFΔ# Tue, 01/07/2025 1 Wed, 02/07/2025 2,55,381.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,54,148.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 27/06/2025 7 Fri, 04/07/2025 84,975.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,247.29  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -77,727.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,31,875.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 01, 2025 10,06,563.07  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 01, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/640

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on July 01, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,81,010.53 5.20 3.95-6.50
         I. Call Money 16,015.92 5.31 4.75-5.40
         II. Triparty Repo 4,61,298.45 5.19 4.50-5.30
         III. Market Repo 2,00,852.61 5.21 3.95-5.50
         IV. Repo in Corporate Bond 2,843.55 5.49 5.40-6.50
    B. Term Segment      
         I. Notice Money** 54.50 5.27 5.15-5.32
         II. Term Money@@ 1,110.50 5.60-6.00
         III. Triparty Repo 5,503.90 5.22 5.15-5.40
         IV. Market Repo 247.46 5.40 5.40-5.40
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 01/07/2025 1 Wed, 02/07/2025 1,233.00 5.75
    4. SDFΔ# Tue, 01/07/2025 1 Wed, 02/07/2025 2,55,381.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,54,148.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 27/06/2025 7 Fri, 04/07/2025 84,975.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,247.29  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -77,727.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,31,875.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 01, 2025 10,06,563.07  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 01, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/640

    MIL OSI Economics

  • MIL-OSI Economics: [Interview] Samsung Color E-Paper x NONO SHOP: Bringing a Sustainable Space to Life

    Source: Samsung

    Today’s consumers are redefining what it means to live well. Beyond simple consumption, they strive to make environmentally responsible choices throughout the entire purchasing journey. As a result, sustainability is no longer a trend — it has become a way of life. Brands are working to communicate their messages effectively while fully embracing and reflecting these eco-conscious values.
     
    Launched this year, Samsung Electronics’ Color E-Paper (EMDX model) is a next-generation signage solution that significantly reduces power consumption in digital content advertising. NONO SHOP, a zero-waste store and café in Seoul’s Itaewon neighborhood, has introduced Color E-Paper displays into its space — taking a proactive step toward more sustainable operations.
     
    ▲ Julian Quintart, Founder and Owner of NONO SHOP
     
    Samsung Newsroom visited NONO SHOP to explore how the space has become even more eco-conscious with the integration of Color E-Paper.
     
     
    Less Waste, More Flexibility
    NONO SHOP is a zero-waste store and vegan café offering plant-based beverages, desserts and groceries, along with a refill station to reduce single-use packaging. The shop promotes sustainability through customer engagement programs such as recycling campaigns and Climate Fresk workshops, where participants learn about climate change.
     
    Even with ongoing efforts to minimize waste, operating a store inevitably generates some trash. One example is printed promotional materials — including seasonal menus, event posters and schedule announcements — which must be updated frequently. As a result, a significant amount of paper-based signage was being discarded each month.
     
    ▲ Quintart shares the many advantages of Samsung Color E-Paper including reduced waste, power consumption and flexible installation options.
     
    By adopting Color E-Paper, NONO SHOP has significantly reduced waste from printed promotional materials. Images and text can be easily updated through a dedicated mobile app, eliminating the need to print and mount posters. The displays now allow for real-time content updates while delivering more impactful visuals.
     
    “Samsung Color E-Paper doesn’t feel like a digital screen,” said Julian Quintart, a Belgian entertainer and founder of NONO SHOP. “It looks so much like real printed material that, unless you look very closely, you’d think it was just an ordinary paper poster.”
     
    “The ability to instantly update images through the mobile app makes daily operations much more efficient,” added Juwon Shim, a manager at NONO SHOP. “It helps us save not only the resources and energy required for printing, but also time.”
     
    ▲ Samsung Color E-Paper offers simple hanging installation options thanks to its 2.5kg-light and 17.9-millimeter-slim profile.
     
     
    Sustainably Crafted From Packaging to Product
    Color E-Paper is highly effective in reducing the energy typically required to operate and maintain commercial spaces. By applying ink technology to digital paper and using ambient light to render images, the displays eliminate the need for a backlight unit — the component in traditional screens that consumes energy to emit light. As a result, power consumption drops to 0.00 watts1 when content remains static. Even during updates, Color E-Paper uses significantly less energy than conventional digital signage.
     
    “When introducing new devices into the store, it’s important to consider not just their power consumption, but also their overall environmental impact,” said Quintart. “Color E-Paper is especially appealing because its energy use is significantly lower than that of traditional digital displays.”
     
    ▲ The packaging of Color E-Paper also reflects a strong commitment to sustainability.
     
    The product’s design and packaging also reflect a strong commitment to sustainability. Color E-Paper features 100% paper-based packaging and incorporates recycled plastic in more than half of its cover.
     
    “Even the packaging was thoughtfully designed,” he emphasized. “All these small efforts add up and represent a meaningful step toward resource circulation.”
     
    ▲ Zoe McTackett, a regular customer at NONO SHOP, appreciates that the cover of Color E-Paper is made from recycled plastic.
     
    Reactions to the Color E-Paper signage have been positive.
     
    “I was really surprised to learn that recycled plastic was used in Color E-Paper,” said Zoe McTackett, a regular customer at NONO SHOP. “Knowing that Samsung values not just technology, but also the environment, makes me trust the brand even more.”
     
     
    Built To Fit Anywhere
    Color E-Paper effortlessly integrates into any space, preserving the aesthetic of existing interiors and resembling framed artwork. Equipped with a patent pending color imaging algorithm, the display optimizes content for enhanced visibility — delivering smooth edge rendering, seamless gradients and rich color expression for a look and feel strikingly similar to printed posters.
     
    ▲ NONO SHOP not only uses Color E-Paper for in-store displays but also uses it as versatile screens during workshops.
     
    “Even though it’s a digital screen, it doesn’t feel too sharp — it has a natural, paper-like quality,” said McTackett. She noted how comfortable it was to view, even in bright daylight or well-lit environments, thanks to its non-reflective surface.
     
    “I hope customers see the display not just as a digital device, but as a framed piece,” Quintart added. “Once they realize it’s actually digital paper, they focus more on the content and respond to the product more organically.”
     
    Weighing just 2.5 kilograms with the battery and measuring only 17.9 millimeters thick, Color E-Paper features an ultra-lightweight design with exceptional installation flexibility — easily mounted on walls, ceiling rails or stands without the need for additional structures.
     
    ▲ Color E-Paper can be installed almost anywhere thanks to its ultra-lightweight and ultra-slim design.
     
    “Depending on the setting, Color E-Paper can be used in various formats — on a stand, wall-mounted or hanging,” Shim explained. “One of its biggest advantages is that it can transform the store’s atmosphere without requiring major interior changes.”
     
    “When mounted on a movable stand, Color E-Paper is easy to reposition and can be set up near the entrance or beside the checkout counter,” she continued. “Hanging the display with wires is especially space-efficient since it takes up virtually no space.”
     
    Samsung’s Color E-Paper eliminates the trade-offs once associated with sustainable practices. Just as a single small action can spark meaningful change, Samsung remains committed to creating positive environmental impact — a mission now shared with NONO SHOP through Color E-Paper.
     
     
    1 According to International Electrotechnical Commission (IEC) 62301 standards, power consumption under 0.005 watts is displayed as 0.00 watts.

    MIL OSI Economics

  • MIL-OSI Economics: A Smarter, More Convenient Home Appliance: The Hidden Details of the Bespoke AI Laundry Combo

    Source: Samsung

    ▲ 2025 Bespoke AI Laundry Combo (Image simulated for illustrative purposes.)
     
    During the rainy season and sweltering summer heat, Samsung Electronics’ latest all-in-one washer-dryer becomes a household essential. With the Bespoke AI Laundry Combo,1 users can enjoy fresh, dry clothes every day. The 2025 model boasts the largest capacity available in Korea — 25 kilograms for washing and 18 kilograms for drying2 — along with a 79-minute Super Speed cycle3 enhanced by AI-powered functions.
     
    The Bespoke AI Laundry Combo is making waves with its thoughtful, user-centric features, further cementing Samsung’s leadership in home appliances. Samsung Newsroom takes a closer look at the subtle yet impactful details that set this model apart.
     
     
    No More Shrinkage With the Magic 60°C
    Anyone who has experienced heat-damaged or shrunken clothes knows the risks of high drying temperatures. The Bespoke AI Laundry Combo addresses this concern by keeping internal temperatures below 60°C,4 helping fabrics retain their original shape.

     
    ▲ The Bespoke AI Laundry Combo ensures that the internal temperature stays below 60°C, reducing the risk of fabric damage and shrinkage.
     
    AI detects the weight of each load and precisely adjusts the temperature — raising it for smaller loads to save time and lowering it for larger ones to ensure even drying. This prevents common issues like clothes feeling dry on the outside but remaining damp inside.
     
     
    Hassle-Free Heat Exchanger Maintenance With Auto Cleaning
    As a key component of the drying systems, the heat exchanger requires regular cleaning to prevent reduced performance. The Auto Condenser Cleaning5 feature takes care of this maintenance by spraying high-pressure water before each drying cycle, clearing out dust to maintain smooth operation.
     
    ▲ The Bespoke AI Laundry Combo has the Auto Condenser Cleaning feature that automatically cleans the heat exchanger.
     
    By eliminating buildup in advance, the feature helps ensure optimal drying — especially useful during summer when laundry loads are more frequent. Users can also clean the heat exchanger manually if needed.
     
     
    Designed To Minimize Dust
    The Bespoke AI Laundry Combo also helps minimize dust accumulation. By reducing airflow resistance in the duct and using a powerful fan, the machine generates strong air currents that effectively remove dust from fabrics. The back of the unit features multiple vents that allow dust to escape quickly, cutting down on residual particles.
     
     
    A Laundry Machine That Keeps Evolving
    Samsung continues to lead in AI-powered home appliances that evolve through regular software updates. The Bespoke AI Laundry Combo is no exception — last year’s model continues to receive ongoing upgrades to improve both functionality and performance.
     
    One notable update is the lint filter6 cleaning reminder, alerting users to clear out dust and debris collected during the wash and dry cycles. Previously, users had to check the filter manually. Starting this year, the machine automatically detects filter blockage levels and sends notifications for easier, more intuitive maintenance.
     
     
    Fresh, Odor-Free Laundry After Every Cycle
    ▲ The Bespoke AI Laundry Combo has the Auto Open Door+ feature that automatically opens the door to activate airflow and reduce internal moisture.
     
    Unable to unload laundry right after a cycle ends? The Auto Open Door+ feature helps by automatically opening the door once the cycle finishes, releasing heat and humidity from inside the machine. After a wash-only cycle, this function activates airflow once the door opens — reducing internal moisture by up to 40%.7
     
     
    1 All information regarding the Bespoke AI Laundry Combo in this article is based on products launched in South Korea. Product specifications may vary by country and region of release. For accurate information, please refer to the official sales outlet or the manufacturer’s website in your country.
    2 As of March 5, 2025, the 2025 Bespoke AI Laundry Combo’s 25-kilogram washing capacity is the largest among household washing machines registered with the Korea Energy Agency. The 18-kilogram drying capacity is the largest among drum-type dryers as of March 10, 2025.
    3 Tested using U.S. Department of Energy (DOE) standard fabric composed of 50% cotton and 50% polyester, using the Super Speed cycle. Actual results may vary depending on fabric type, moisture content, laundry characteristics and load size in real-world usage.
    4 Based on internal test results from August 2018, verified by the Korea Apparel Testing & Research Institute (KATRI). Drying at a maximum temperature of 60°C resulted in half the shrinkage compared to drying at 70°C. Shrinkage was measured after two hours of exposure at 50°C, 60°C and 70°C. Test samples were composed of 84% nylon and 16% polyurethane. Results may vary depending on actual usage conditions.
    5 The Auto Condenser Cleaning feature activates after the wash cycle and before the dry cycle in wash-and-dry programs. The function does not activate during wash-only cycles or if the drying time is under one hour. Cleaning of the heat exchanger is recommended every 180 cycles. Other internal components may also affect overall performance.
    6 A filter that clears out dust and debris collected from clothes.
    7 The Auto Open Door+ feature removes up to 40% more moisture after 24 hours compared to when the door remains closed. Test conducted under conditions of 25°C and 55% relative humidity, using a 1-kilogram International Electrotechnical Commission (IEC) load (standard course, spin level 4). Measurement based on a 10° door opening angle.

    MIL OSI Economics

  • MIL-OSI Economics: Samsung Galaxy and Dude Perfect Team Up for Nationwide Tour

    Source: Samsung

    Dude Perfect and Samsung Galaxy today announced that the 2025 Dude Perfect HERO Tour will be powered by Samsung Galaxy devices, including the Galaxy S25 Ultra. The Dudes will also leverage Google Gemini to enhance each show with interactive technology, immersive digital moments, and real-time fan engagement.
    In 21 shows across 20 U.S. cities, the Dudes will leverage the capabilities of Samsung Galaxy and Google Gemini to help plan and navigate their trip across the U.S. and capture unique moments. On July 9 Dude Perfect will also be flexing a new addition to their tour — unfolding the next wave of innovation from Samsung.
    Samsung’s Galaxy S25 Ultra — with its 200MP camera, vivid display, and long battery life — will be featured throughout the tour. Combined with support from Google Gemini, the partnership promotes new ways for creators and fans to connect through real-time interaction, personalized content, and shareable moments on and off the stage. Gemini will also be integrated directly into the live show, powering a new interactive trivia segment where it acts as the ultimate “phone-a-friend,” helping fans answer questions in real time.
    Founded in 2009 by five college friends making sports trickshot videos, Dude Perfect’s YouTube channel has become the biggest sports account on YouTube with more than 60 million subscribers. Dude Perfect has since expanded into a creator-led entertainment company focused on family-friendly sports and lifestyle content.

    At a time when audiences are seeking more authentic, interactive, and family-friendly entertainment, the HERO Tour is helping set the blueprint for live fan experiences in creator-led platforms. For the first time, Dude Perfect is introducing a pre-show outdoor Fan Activation Zone at every venue where fans can become the “sixth Dude” and try real trick shots for themselves, from a 12-foot water bottle flip to an impossible football throw challenge. The experience gives fans a rare chance to step into the world they’ve been watching for the past 16 years and try the very stunts that first drew them in. Samsung’s sponsorship will help bring this new interactive zone to life at no cost to attendees, ensuring local families can participate in the experience regardless of ticket level.
    “As the fandom for Dude Perfect continues to grow, we are excited to have partners that grow with us and support the essence of elevating the experience of our fans,” said Andrew Yaffe, CEO of Dude Perfect. “With Samsung, their phones will not only be a part of the HERO Tour but an active contributor of each and every show for both the Dudes on stage and the fans in the stands.”
    Samsung’s support comes as the HERO Tour evolves into a more immersive, fan-driven experience. Alongside fan-favorite segments like “Cool Not Cool,” live battles, and surprise athlete appearances, this year’s tour adds real-time voting, interactive digital elements, and expanded access points that connect fans to the action like never before, both inside the arena and out. The partnership also reflects the trust Dude Perfect has built with its community. Sponsors like Samsung help bring additional value to the tour — such as keeping the Fan Activation Zone free for families — while aligning with a brand that prioritizes meaningful, authentic fan engagement.

    “At Samsung, we champion those who dare to challenge convention and build communities that are accessible for technology users of all ages,” said Olga Suvorova, Vice President, Mobile eXperience Marketing at Samsung Electronics America. “Dude Perfect has been changing the game for more than 16 years through community and entertainment, and as the technology landscape has evolved, they have grown with us. We’re proud to partner with them to bring the Galaxy innovation to life on stage in fun and creative ways and we can’t wait to see them unfold the new addition to their tour on July 9.”
    As the presenting partner of the tour, Samsung and Google Gemini will be featured prominently across all signage, digital assets, and at the Fan Activation Zone through a custom co-branded HERO Tour logo. Additionally, behind-the-scenes social content spotlighting Samsung and Gemini will be released throughout the tour, giving fans a deeper look into the experience as it unfolds. This collaboration builds on an existing relationship, as Samsung Displays are already a key part of DPHQ3, Dude Perfect’s headquarters in Frisco, Texas.
    Dude Perfect’s HERO Tour launches July 2 in Colorado Springs and concludes August 3 in Nashville. For more information on tour dates, locations, and ticket availability, visit https://dudeperfect.com/tour. And don’t forget to tune in July 9 for Galaxy Unpacked beginning 10 a.m. ET. Visit to Samsung.com to learn more about Reserve offers — including how you can earn a $50 Samsung Credit towards the latest Galaxy device.1

    MIL OSI Economics

  • MIL-OSI Economics: Samsung Galaxy and Dude Perfect Team Up for Nationwide Tour

    Source: Samsung

    Dude Perfect and Samsung Galaxy today announced that the 2025 Dude Perfect HERO Tour will be powered by Samsung Galaxy devices, including the Galaxy S25 Ultra. The Dudes will also leverage Google Gemini to enhance each show with interactive technology, immersive digital moments, and real-time fan engagement.
    In 21 shows across 20 U.S. cities, the Dudes will leverage the capabilities of Samsung Galaxy and Google Gemini to help plan and navigate their trip across the U.S. and capture unique moments. On July 9 Dude Perfect will also be flexing a new addition to their tour — unfolding the next wave of innovation from Samsung.
    Samsung’s Galaxy S25 Ultra — with its 200MP camera, vivid display, and long battery life — will be featured throughout the tour. Combined with support from Google Gemini, the partnership promotes new ways for creators and fans to connect through real-time interaction, personalized content, and shareable moments on and off the stage. Gemini will also be integrated directly into the live show, powering a new interactive trivia segment where it acts as the ultimate “phone-a-friend,” helping fans answer questions in real time.
    Founded in 2009 by five college friends making sports trickshot videos, Dude Perfect’s YouTube channel has become the biggest sports account on YouTube with more than 60 million subscribers. Dude Perfect has since expanded into a creator-led entertainment company focused on family-friendly sports and lifestyle content.

    At a time when audiences are seeking more authentic, interactive, and family-friendly entertainment, the HERO Tour is helping set the blueprint for live fan experiences in creator-led platforms. For the first time, Dude Perfect is introducing a pre-show outdoor Fan Activation Zone at every venue where fans can become the “sixth Dude” and try real trick shots for themselves, from a 12-foot water bottle flip to an impossible football throw challenge. The experience gives fans a rare chance to step into the world they’ve been watching for the past 16 years and try the very stunts that first drew them in. Samsung’s sponsorship will help bring this new interactive zone to life at no cost to attendees, ensuring local families can participate in the experience regardless of ticket level.
    “As the fandom for Dude Perfect continues to grow, we are excited to have partners that grow with us and support the essence of elevating the experience of our fans,” said Andrew Yaffe, CEO of Dude Perfect. “With Samsung, their phones will not only be a part of the HERO Tour but an active contributor of each and every show for both the Dudes on stage and the fans in the stands.”
    Samsung’s support comes as the HERO Tour evolves into a more immersive, fan-driven experience. Alongside fan-favorite segments like “Cool Not Cool,” live battles, and surprise athlete appearances, this year’s tour adds real-time voting, interactive digital elements, and expanded access points that connect fans to the action like never before, both inside the arena and out. The partnership also reflects the trust Dude Perfect has built with its community. Sponsors like Samsung help bring additional value to the tour — such as keeping the Fan Activation Zone free for families — while aligning with a brand that prioritizes meaningful, authentic fan engagement.

    “At Samsung, we champion those who dare to challenge convention and build communities that are accessible for technology users of all ages,” said Olga Suvorova, Vice President, Mobile eXperience Marketing at Samsung Electronics America. “Dude Perfect has been changing the game for more than 16 years through community and entertainment, and as the technology landscape has evolved, they have grown with us. We’re proud to partner with them to bring the Galaxy innovation to life on stage in fun and creative ways and we can’t wait to see them unfold the new addition to their tour on July 9.”
    As the presenting partner of the tour, Samsung and Google Gemini will be featured prominently across all signage, digital assets, and at the Fan Activation Zone through a custom co-branded HERO Tour logo. Additionally, behind-the-scenes social content spotlighting Samsung and Gemini will be released throughout the tour, giving fans a deeper look into the experience as it unfolds. This collaboration builds on an existing relationship, as Samsung Displays are already a key part of DPHQ3, Dude Perfect’s headquarters in Frisco, Texas.
    Dude Perfect’s HERO Tour launches July 2 in Colorado Springs and concludes August 3 in Nashville. For more information on tour dates, locations, and ticket availability, visit https://dudeperfect.com/tour. And don’t forget to tune in July 9 for Galaxy Unpacked beginning 10 a.m. ET. Visit to Samsung.com to learn more about Reserve offers — including how you can earn a $50 Samsung Credit towards the latest Galaxy device.1

    MIL OSI Economics

  • MIL-OSI Economics: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    Source: Microsoft

    Headline: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President for Experiences and Devices. As a key figure at the helm of Microsoft’s product innovation, he leads a team of tens of thousands of people around the world who have worked to integrate AI into Windows and tools like Microsoft 365, Teams, and more. He’s also a key member of the company’s senior leadership team, which works directly for Microsoft Chairman and CEO Satya Nadella. In this episode, Jha shares his perspective on navigating the complexities of how AI is changing the way we work, and he offers actionable advice on how leaders have to adapt, compete, and bring their people along with them. And now my conversation with Rajesh. Rajesh, thank you so much for being on WorkLab today.  

    RAJESH JHA: Thank you, Molly, for hosting me. It’s a real pleasure to be here with you.  

    MOLLY WOOD: You have more than 30,000 employees, and you run a $100 billion business, which is more than most CEOs do. What are just some of the many lessons I’m sure you have learned from running such a huge organization? 

    RAJESH JHA: It’s been a real privilege to be at Microsoft through so many of the growth years. When I reflect back on my career, there are a few things that are enduring. The mission matters because through the ups and downs, if you have a sense of purpose, you have a North Star, that really does matter. And Microsoft has been really great to always be grounded in our customer successes, our success—this theme of empowerment, from Bill into Steve into Satya. So that was definitely number one. The second thing that I would say is, it seems very trite, but it has really worked for me specifically and my team, is, whenever we are looking at a hard strategic call, we start from, how would the customer react to the decision that we’re making, that has been incredibly grounding, so that’s been enduring. Of course, the team matters, the culture matters, because that’s where the work gets done. And then finally, managing a large business is about, literally, about figuring out how to make elephants dance, because you have a large-scale business, customers expect us to have a certain level of quality and continuity and predictability. At the same time, they take a bet on us to innovate. And so how do you stay nimble and innovate while also being predictable and trustworthy for customers? That is a hard thing to go do, but absolutely essential. It’s an and, it just can’t be an or.  

    MOLLY WOOD: Well, and Microsoft is an elephant that has danced, quite nimbly, for the last 50 years— 

    RAJESH JHA: Sometime clumsily, sometimes nimbly, yes. [laughter]  

    MOLLY WOOD: We’ll focus on the nimble—or not, right, based on your experience in bringing new technologies to market and helping to effectuate some pretty major technological innovations. What insights do you have for leaders who are now navigating this AI transformation?  

    RAJESH JHA: I mean, now is the time for leaders to really consider how their businesses, how their teams, how their skill set—how does that evolve in a world where we are looking at, you know, something at the peer of electricity coming into society, or the internet coming into society. And so it’s time to lean forward, and lean forward in a way that makes sense for their businesses or their business process. It is such a big change that it’s going to probably take a decade to play out, but there is no avoiding the sea change that’s underway now. So some bravery, but bravery on customers’ terms. 

    MOLLY WOOD: Yeah. I’m thinking of leaders who may be wary, who may need a dose of that courage. You’ve spoken about being asked by Steve Ballmer to bring Office to cloud, as one example of a transformation that maybe you were a little wary about. Can you walk us through that experience and how it might give a shot of courage for folks today. 

    RAJESH JHA: This was, you know, back maybe 15 years ago, Microsoft was incredibly profitable and the cloud was a question mark for many at Microsoft. A) would this technology be mature enough? B) is the business model, because the margins were going to be lower on the cloud than our old business model of being on premises. Number three, would we be able to transform fast enough? Because Microsoft had grown up being a server company, a client company, and would we be able to transcend that to be about cloud and mobile. And they were all very important questions. And there was a lot of, you know, let’s hold back. Let’s see if this trend is really real or not. And Steve showed incredible courage by going all in. What Steve did was he gave license to people to go and learn, even if we were not perfect on day one. And so the big lesson for me in how Steve started that journey was, leaders, if you have hesitation, whether it’s a business model hesitation or cultural hesitation, skill hesitation, it’s very hard for the teams to rally behind something where the leader themselves are half-hearted. So that was a very big moment for us, because he was unambiguous about, hey, this is the way that software is going to be delivered in the future. This is the way we can democratize the value we bring to customers. And there were a lot of benefits, and we are just going to go all in.  

    MOLLY WOOD: So leaders have to go all in. But I would imagine it’s not a—progress is not always a straight line. 

    RAJESH JHA: No, it wasn’t. And even with us in the cloud, it wasn’t. But the main thing is, leaders have to lead. And when you’re taking a look, the hard things are process, business model change, culture change, skill change. They’re all incredibly hard, and that’s why there has to be a commitment from the top that we are going to see this through. And then we were eyes wide open as what our deficiencies were. And so we didn’t have the right skill set. We trained people, we brought in new people, we embraced the red—all the things that we were not doing well in this new transformation. We were very open, very honest. It just takes leadership to set the tone here and to set the things in motion. 

    MOLLY WOOD: Right, and to your point, persistence and belief that it is the right direction so that you stay on that road even when it gets hard.  

    RAJESH JHA: That is correct, Molly, absolutely. And then one additional point I would make with persistence and belief is, it’s one thing to say it, it’s another thing to allocate resources to that belief. We have a quote, which is, if you really want to see the strategy of an organization, you’ve got to see where they’re allocating resources.  

    MOLLY WOOD: On the one hand, it sounds like you’re saying, get comfortable with chaos—  

    RAJESH JHA: Controlled chaos, Molly. Controlled chaos.   

    MOLLY WOOD: Then of course there’s the question of how not to break things. You know, security becomes a big concern with incorporating AI, doing it in a way that doesn’t introduce more problems. What is your advice for having proper guardrails in place as you transform in the AI age?  

    RAJESH JHA: So, I’m gonna answer that in two parts. Part one is, what do I mean by controlled chaos? So Satya invited Scott Guthrie, myself, Charlie [Bell] as the three big product leaders at Microsoft to go over to Bill’s house to see GPT-4, and Satya’s exact comment to me at that time was, I’ve gotta get you guys to be believers. And he had already seen it. And so he and Kevin Scott, they were already on board about the capabilities. So anyway, we go over to Bill’s house, it was in the kitchen area, where the OpenAI folks had put in a demo and they had a grader who grades AP biology there. The thing that really got me was it was not just the multiple choice questions that the model was doing a great job of, it was doing a great job on the written answers. There was some of the AP biology stuff, I’ve studied some biology, but they were far above my ability to understand. And so I look at all of that, I’m completely blown away. But then, for me, the big moment was when Bill asked the question, what would you say to the parent of a sick child, and the empathy or the humanity, almost, that it was able to convey in the answer was like, I would’ve felt proud to have written such a thoughtful note. And I was like, god, this is really, I mean, we are leaving behind the low-altitude handshake between computing and humanity. We are taking a look at something that can be almost at the pure level. And so now, fast-forward, it’s not that long, two years, and we are at the point where we are talking about agents and digital labor and people working together. 

    MOLLY WOOD: But that was it, that worked. You became believers. 

    RAJESH JHA: For me, that was it. I lead a large organization, and I see lots of cool stuff all the time, and part of my job is to make sure the trains keep running on time, but make sure I’m open-minded about big things. And when big things show up, I try to scope it and manage it. I have never in my 30 years ever gone to my team and said, drop all your plans. And for me, that was it. None of the existing plans matter anymore. I huddled all my senior leaders, and I said, Folks, I want you all to run a hundred miles an hour. It’s going to be very uncomfortable, because we’re going to unleash some amount of chaos, but let’s make sure we harden our processes that this chaos does not make its way to customers. So what I mean by controlled chaos is, if you’re unleashing a lot of activity all at once, you need to have the mitigating controls and the guardrails to make sure the chaos is controlled and managed. And so we huddled together to make sure our processes were hardened. So that’s one of the things with controlled chaos. But one of the guardrails that is not negotiable is security, as you correctly pointed out. So in our implementation of AI, we started very much from the mindset of, how does the AI inherit all the existing security and governance controls that an organization already has? It’s one thing to come and tell them, hey, rethink all your business process, rethink your scaling, rethink how work is done, and rethink your security and governance. It’s just not doable. And so we architected this from the ground up, that, for example, when you use Microsoft Copilot, it is using your permissions, so it only has access to what you have access to. It can never do any more than what you might do as a human. And then we also made sure that it was the mindset of a copilot, not an autopilot, and so the humans were always in control. So this way, whatever governance, data classification, permissions, you know, conditional access, retention policies—whatever a customer had, and how they managed human-to-human conversations, all of that accreted to human-to-AI conversation. That was a very hard guardrail we knew we just could not compromise.  

    MOLLY WOOD: But I want to go back to the example that you just gave, this moment of having this experience and realizing how— 

    RAJESH JHA: Profound. 

    MOLLY WOOD: Profound—exactly—and sophisticated these models were, because those are the kind of moments that give you the faith to go all in. 

    Rajesh Jha: Just to go back to that moment, Molly, I mean, to think as an engineer, as somebody who’s been in the tech industry a long time, who’s been through so many of the transformations, the big takeaway for me was, you know, for the first time computing, so far, human and machine interaction has been very much—machines are very low level. You know, we interact with pixels, we click on things, we read stuff. When I come in to work, I don’t come in to work thinking, oh, I should do 16 minutes of email and then read four documents and then, you know, open that spreadsheet, take a look at that budget. I come in thinking, I’ve got to work on budget today. So I think at a high level of intent, but then my intent to decompose is, either on my device, on a bunch of icons I’m swiping through, flipping from application to application, or going really low level—reading emails and then clicking a link. And so high-level intent gets reduced to low-level clerical work, almost. So when I saw this demo, I was like, Wow, the interaction is going to change. It is not going to be intent and then reduced to low-level stuff. AI is going to have the capability to have a human-to-human-like conversation. So intent, high-level intent to high-level intent, and that was what was the big takeaway for me. This is the computing for the last 35 years. One thing that hadn’t changed was a fundamental interaction pattern between people and their devices, and that was going to change, because now you could express, hey, I want to write a document that has the following three ideas, take a look at the relevant stuff in my enterprise and on the web—and can you compose a report for me? That is the kind of thing that I would tell another human being if there was a new hire in my team and, you know, I was thinking about a project to give them. This is the kind of way I might express the project to them, and then they will go in and do the work, check in with me, and we go back and forth. Now that was going to be possible.  

    MOLLY WOOD: Let’s keep talking about that idea of leveling up. We now live in a world where I may get an email from your account and I may not know if it was written by you or an AI, and that may not matter.  

    RAJESH JHA: You know, in some ways, it’s not that different from what happens for some of us. Let’s say I was to send a large piece of email to my team. I would actually work with my staff and my leadership team to get the latest status on a few things, and then I would put it in my words, and I would send it out. Now, everybody has that ability, because what the copilot does, you know, if I’m responding to a customer today, I go to my engineer who’s working on the customer issues, and say, hey, what is the latest status on this? And I would take a look at some of the other past conversations. I would try and respond to the customer that way. Now the copilot is doing that for me. It’s taking a look at my past emails. It reaches out to the customer service database. It tells me the latest status on this. It creates me a draft that I then go write and I send it out. And in some ways, I get reminded of, my dad used to run a large steel plant in India, and I visited him about 20 years ago. I walked into his office and he was very proud, because they had just gotten email, and I was working at Microsoft, and he had just gotten email. His secretary walked in at that time, and she said, Mr. Jha, I’ve got your morning messages for you, and here’s a message that I’m just going to go reach out to your technical assistant or respond to this person. This one, I know what to do already. This one, what would you like me to tell the customer, this person’s asking for dinner tomorrow. You’re free. And they were done in 15 minutes, and she left. And I looked at my dad, and I said, god, you’re so old-fashioned. Somebody’s actually printing your email, reading and coming and talking to you about it, whereas, look at me, I’m carrying it on my phone. I can get to it anywhere. But now, you know, I understand he was a smart guy, and I’m a digital clerk. I do all the clerical work myself. You know, I’m sorting messages. I’m replying to staff. I don’t come in to work thinking I should be a digital clerk. I come in to work because I want to lead a team, build products and value. That is what AI is now going to do. It’s going to take the clerical part for all of us, and will automate a lot of clerical parts to let the human ingenuity and the creativity and really let us focus on the intent and the meaning of our work.  

    MOLLY WOOD: We need help, Rajesh. We need help. [laughter] Well, speaking of delivering that help to customers, it’s been about a year, year and a half, since Microsoft 365 Copilot launched. Do you have stories from the trenches? Are there fun examples you can share about how this has gone?  

    RAJESH JHA: Really well. Ever since I came to Microsoft, this is the fastest adoption we’ve seen. When a customer buys a license and gives it to an end user, because the copilot is integrated into your user flows in Office, or Teams in a meeting, or so on and so forth, we see very good uptake in usage and retention. Some things that surprised me a little bit—and in hindsight, perhaps not so surprising—is the amount of customizations that customers do want for AI. I have feedback from some customers saying, hey, your AI, I want it to engage more because, you know, we build safety into our AI so it will not engage on some topics. Some customers want it to engage more, some want it to engage less. So they want to customize that. One of the things that some customers ask for is, hey, I would like your AI to not reach out to the web. I only want it to work with the stuff that’s in my enterprise. And I say, yeah, we’ve got that configuration for you. But can I ask you why? If you allow your employees to be able to use the browser and search the web as a part of their job, why is it not okay for the copilot that’s acting on their behalf to reach out on the web and assist them? So I’m surprised with the amount of configuration that enterprises want, which is, of course, enterprises have different business rules and process, so we built many more customizations in M365 Copilot than I had anticipated coming in. 

    MOLLY WOOD: I read some research recently where one of the AI firms said that they had done some analysis and found themselves really surprised at how long the long tail of interactions with AI are.  

    RAJESH JHA: So true. This generation of AI is about information work. It changes how people write, learn, collaborate, read, and so there’s a long tail. Not all of us triage information the same way.  

    MOLLY WOOD: What are some best practices that are starting to emerge? Because certainly every enterprise is going to adopt differently, interact differently, and then have different use cases that may or may not make their experience work.  

    RAJESH JHA: That’s a great question. I would say the successful implementations that we see are the first stage, of course, is to enable people to get productivity boosts with the AI, where the AI is really assisting you. And then the next most important thing that customers end up doing that gives them a real return on investment is to rethink their high-value business process or high-cost business processes, and figure out how to reconfigure that with agents that can automate a bunch of those processes to be either more effective or more efficient. That, I think, is changing the way work happens. For example, if you’re a lawyer and you’re working with a bunch of documents, instead of having—somebody spent a lot of time going through the past relevant briefs and composing a new template. How do you change a new brief creation? How do you change an approval process? How do you change a customer support ticket handling? How do you change a marketing campaign? How do you change a developer workflow? I see customers actually taking a business process, and they are rewiring that for a world where people and AI can work together to automate that, to make it more effective, more efficient. So that is a good best practice, is not trying to solve a hundred business processes, but taking a few and going really deep and measuring the ROI and tweaking that, because then the payoff is right there. 

    MOLLY WOOD: Well, and to dig in a little further, it also sounds like what you’re saying is that companies and CIOs maybe need to commit. Like, if you don’t commit, if you don’t plug Copilot in, if you don’t enable the full Microsoft Graph, if you maybe don’t give access to the web, people are still going to find these tools and use some version of them that might not be as good as they could be if you really do go all in. 

    RAJESH JHA: Yeah, Molly, it’s exactly right. I mean, it goes back to the point we made, which is, leaders, have, you know, leaders have to lead. And the reason why they have to lead here in this transformation is, if a support organization, a marketing organization, engineering organization is wired to work the old way, they are not automatically going to rewire themselves for a world where AI can do a bunch of tasks and people’s tasks change. That’s not going to happen, bottom-up. It’s going to have to happen from the leaders leaning in and saying, okay, you know, am I sure that I have the right compliance and governance and security? Because those are non-negotiable. But once I have that, how do I lead the way where I empower and I get to a world where AI assisting, to agents and people working together? One of the concepts we’ve talked about, and it’s come out in the new Work Trend Index is, corporations, for the longest time, have had static org charts, and every once in a while you do a reorganization and you reconfigure teams for your new evolving business priorities. But those things are not very frequent, nor should they be very frequent, because there’s a huge lag to those things. The way work happens is people, it’s, teams are less static and they’re more outcome-driven. Some of this started to happen post-COVID also, where the fluidity of the team composition was not represented in the org chart. That thing is going to accelerate far more in a world where digital labor and people, agents and people, are going to work together as business processes get rewired. None of this is going to be possible without leaders committing to that. And the way you can commit to it is by taking a few processes that are incredibly important for your business’ top line or your profitability because it’s a high-cost thing, and trying to figure out how to reconfigure those things for people and agents working together in one team. 

    MOLLY WOOD: What do you wish business leaders understood about AI agents to help them make that commitment? 

    RAJESH JHA: The first thing I would just say is, like, it’s not some distant future, it’s happening now. My product management team, they ran a research today of a bunch of different organizations, and this time, you know, usually we talk to 30,000 people across different organizations, 30 different countries. This time, they also reached out to AI-native companies that have started to emerge, so-called frontier companies. And if you take a look at the frontier companies, it is very obvious that the way the distribution of human work and digital labor, how that gets constituted, there’s very interesting patterns that are starting to emerge. The first thing I would just tell leaders is—of established companies such as myself, my peers, and the rest of large organizations—it’s possible today to take full advantage of agents. The security model exists, the identity model exists, the user interface exists. The hard work here is to actually go pick the processes that give you the most bang for the buck and then be rigorous about measuring that. And this is why we invested in something called the Copilot Impact Dashboard, so customers can take their core KPIs and they can measure how the copilot is moving those KPIs. So be rigorous, but be forward-looking. It’s not, hey, let’s just take a leap of faith and let’s get agents everywhere. Be rigorous with security. Be rigorous with governance. Measure the ROI, but pick the processes that you’re going to go add agents to. 

    MOLLY WOOD: It seems like the other tension, in addition to going all in, right, in addition to commitment, is pace, the pace of introducing that change, going fast to keep up to, you know, be pushed properly by Frontier Firms, but not compromising security and guardrails. 

    RAJESH JHA: And so on the pace, it’s a super good tension that you pick up on, and we deal with the tension all the time ourselves at Microsoft. What is hard is to have pace at scale. But what’s not hard is to have pace at smaller scale. I’m not advocating for a large organization to go and say, go rewire all your business process, fast, into the frontier methodology. I’m saying, pick a few that are really important to you and go with base on those, learn from that. Meanwhile, invest in skilling. Meanwhile, invest in assistance for everybody else. And that’s what we do, too, in my team. We want to move very quickly, but we move very quickly in a scoped garden with a few processes, a few customers, and then once we are sure it is mature and it’s ready, do we then scale it out. So, moving fast doesn’t mean move fast all over, all at once, if you’re a large organization. It means you’re moving fast by having picked and assessed. And, you know, which way do you want to go fast and where do you want to go more cautiously, and then take the lessons from moving fast and more broadly. 

    MOLLY WOOD: Right. It’s so valuable to put a fine point on that, because any problem is manageable in component parts. 

    RAJESH JHA: Hundred percent. Hundred percent. And picking is the important thing. But if you pick something unimportant that you’re moving fast on, you’re not really learning a lot either. 

    MOLLY WOOD: Right. Then the other tension, the technology itself is moving really fast, so you might have incorporated something, you’re doing a great job measuring it, and now there’s a whole new tool. How do you advise business leaders to keep up?  

    RAJESH JHA: The playbook is still the same. You have to figure out how to move fast and stay predictable at the same time. And the way you do that is by managing where you move fast and by having rigorous measures of whether the ROI is working out or not. Because you’re a hundred percent right. I mean, the compression of innovation that I’m seeing in the AI wave is like nothing that we’ve seen before in the last 30 years. 

    MOLLY WOOD: So as we talk about committing, you know, it’s one thing to say, maybe give your model access to the web, but there’s this Microsoft Graph that it seems like really unlocks that power. 

    RAJESH JHA: The Microsoft Graph is really not Microsoft’s graph. It is a graph for the customer. It’s owned by the customer. And what it captures is how people inside of their organization work together—the meetings that are important, the documents that have been created, the chats and the projects that people are working on—the business processes that run in their organization, that is all a part of the Microsoft Graph. So you take the power of a reasoning model that now has access to the graph—remember again, the reasoning model has access to the same things that you would as an individual. So when I ask a reasoning model or an agent to work on my behalf on Microsoft Graph, it is working with my permissions. But now it has the ability to read far more, process far more than I would be able to. You take the unique intellectual property of the customer in the graph with all the right permissions overlaid, and then you let AI work on that, along with what’s available in the web, on the world knowledge, your enterprise knowledge—that is the real enabler. So what is great about the researcher in Microsoft 365 Copilot is that it works with your enterprise permissions and your enterprise data, everything that is in the graph. And that is what I think is a real breakthrough. Now you’ve got the makings of a digital employee, somebody who was able to come in, join an organization, and take advantage of all the intellectual property with all the permissioning honored, and take that and be a part of producing output for the company.  

    MOLLY WOOD: Right. I mean, it’s institutional knowledge, like, think about what a great employee I could be if I knew all the context and all the history that a company had gone through. 

    RAJESH JHA: Exactly. And all the relevant, you know, escalations, projects, all of that stuff. 

    MOLLY WOOD: Switching gears a little. You work very closely with Microsoft CEO Satya Nadella. Are there questions that he regularly asks you that you think all leaders should be asking their employees? 

    RAJESH JHA: I think fundamentally my boss, you know, Satya, I mean, he’s pushing me on exactly the set of questions you were asking, on my own organization. The way he describes the priorities that I have and my peer groups have, three priorities—quality, security, and AI transformation, are you moving fast? Fully understanding that quality and security and then moving fast, sometimes are intentions, but that’s what he’s saying. Are you doing your job to do all of these at the same time? A lot of the thrust of his conversations, questions are, are you evolving your own team to be frontier, and what’s getting in your way? Because whatever we learn then applies to our customers. So are we applying the same methodology to make your enterprise-grade securities non-negotiable. And then at the same time, are you moving fast to take full advantage? Are you really rethinking your production functions? So I would say all of his questions and interactions distill into these three things, and are we doing a good job balancing these three things.  

    MOLLY WOOD: This company has reinvented itself many times. What are the key lessons that we and all business leaders should take from those reinventions? 

    RAJESH JHA: I would say again, mission matters. Through those 50 years, our mission is a theme around empowerment, so number one. Number two, I would say is, team culture matters, of course, because the how and where the work—there’s no substitute for that. But then I would say you gotta do the and, it’s never an or. How do you stay scaled and perform while waiting and disrupting at the same time? That comes down to strong leadership, it comes down to good processes. Then, what you touched on that I want to reiterate is, you know, just resiliency. We didn’t get everything right in the last 50 years. We made mistakes, but being resilient, learning from the mistakes, embracing the red so we can do a better job the next time. I think those are all components that I would just say we benefited from having incredible CEOs from Bill and Steve and Satya, so that has been an amazing, you know, learning experience for me and many others to work with those three amazing individuals.  

    MOLLY WOOD: If our listeners could take away one actionable AI-related insight from you, what would it be? 

    RAJESH JHA: I would say, go embrace agents. Pick out your most important processes, reimagine them how agents and digital labor can rewire that. 

    MOLLY WOOD: We love to ask our WorkLab guests how they are using AI themselves, either at work or in your personal life. Are there use cases that have been really helpful for you that you’re willing to talk about? 

    RAJESH JHA: Yeah, the one thing we didn’t talk about that I feel is just mind-blowing, is this reasoning models. You know, today, Molly, you and I going back and forth, then you ask me a hard question, I’ll give you an answer off the cuff. But if you tell me, Rajesh, go think about it and come back to me. And, you know, I have a set of tools available to me and I come back to you, I’m going to give you a much better answer. And so with the reasoning model, that’s what’s happening. We are now letting the AI actually go reason over stuff, give it more time, more compute, and more tools. And so for me, the real breakthrough was every quarter I sit down with my leadership team to take a look at our plans for the next six months. So I ran the researcher model. The researcher model is a deep reasoning model in M365 Copilot that works with the graph and the web, and I asked it, hey, I’m about to have an off-site with my leadership team to take a look at the plans for the next six months, take a look at the competitive landscape, take a look at customer feedback, take a look at all the ideas that have been accumulating in the team, and try and give me a draft of what might be a good starting point for our off-site for the next six-month planning. It was incredible. It was able to get through my email and documents that I hadn’t fully read but my team was iterating on, it looked at the last year’s plans to take a look at the competitive landscape, gave me a great five-page, actually it was eight-page, document that I can now go and tweak and make it my own, and overlay my perspective and use as a starting point. The other one is, like, often I talk to customers, and before I get on the call, I ask my agent—it’s called a KYC agent that my team built, which is, know your customer—and so before I get on to a call with a customer, I go into that agent experience in M365 Copilot and say, can you bring me up to speed on this customer? And it’s able to get to the support tickets, their adoption, their past communications with me, all of that stuff. And I often end up showing the customer the output, and we walk through it, and their question is like, how did you generate that? And in personal life, you want to make a big purchase, you want to do a seven-day trip planning, you want to buy a new car. You know, instead of clicking on 40 links, they can do a lot of research for you and show you that. So I use it for a lot of that too. 

    MOLLY WOOD: Fast-forward for us, three to five years, if possible. What do you think could be the most profound change in the way we work? 

    RAJESH JHA: You know, I think it goes back to the reconstitution of the workforce between humans and digital labor. I think the way we think about org charts, the way we think about groups coming together, the way we think about production function. I mean, it is a big deal to have intelligence be abundant and for it to be affordable. At the same time, I feel very encouraged about what people can uniquely do when you take a lot of the grind and predictability and, you know, have a colleague that is intelligent. I mean, I feel very bullish about how the economy is going to evolve. It won’t be a straight line. There will be scale backs in some of the roles that we think about investing in today, but there will be new roles we’ll be creating. So it’s very hard to predict exactly how it’s going to play out or whether that’s a three-year horizon, five-year horizon, but I do think that is a very clear trend of where we are headed. 

    MOLLY WOOD: Rajesh Jha is Microsoft’s Executive Vice President of Experiences and Devices. Thank you so much for the time today. I couldn’t appreciate it more. 

    RAJESH JHA: Thank you, Molly. I really do appreciate the time as well. 

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President of Experiences and Devices. Thank you all so much for joining us on this final episode of this season of WorkLab. We’ll be back next season with more insights on how to stay ahead of the curve while the way we work is transforming so quickly. If you’ve got a question or a comment, please drop us an email at worklab@microsoft.com, and check out Microsoft’s Work Trend Indexes and the WorkLab digital publication, where you’ll find all our episodes along with thoughtful stories that explore how business leaders are thriving in today’s new world of work. You can find all of it at microsoft.com/worklab. As for this podcast, please, if you don’t mind, rate us, review us, and follow us wherever you listen. It helps us out a ton. The WorkLab podcast is a place for experts to share their insights and opinions. As students of the future of work, Microsoft values inputs from a diverse set of voices. That said, the opinions and findings of our guests are their own and they may not necessarily reflect Microsoft’s own research or positions. WorkLab is produced by Microsoft with Godfrey Dadich Partners and Reasonable Volume. I’m your host, Molly Wood. Sharon Kallander and Matthew Duncan produced this podcast. Jessica Voelker is the WorkLab editor. 

    MIL OSI Economics

  • MIL-OSI Economics: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    Source: Microsoft

    Headline: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President for Experiences and Devices. As a key figure at the helm of Microsoft’s product innovation, he leads a team of tens of thousands of people around the world who have worked to integrate AI into Windows and tools like Microsoft 365, Teams, and more. He’s also a key member of the company’s senior leadership team, which works directly for Microsoft Chairman and CEO Satya Nadella. In this episode, Jha shares his perspective on navigating the complexities of how AI is changing the way we work, and he offers actionable advice on how leaders have to adapt, compete, and bring their people along with them. And now my conversation with Rajesh. Rajesh, thank you so much for being on WorkLab today.  

    RAJESH JHA: Thank you, Molly, for hosting me. It’s a real pleasure to be here with you.  

    MOLLY WOOD: You have more than 30,000 employees, and you run a $100 billion business, which is more than most CEOs do. What are just some of the many lessons I’m sure you have learned from running such a huge organization? 

    RAJESH JHA: It’s been a real privilege to be at Microsoft through so many of the growth years. When I reflect back on my career, there are a few things that are enduring. The mission matters because through the ups and downs, if you have a sense of purpose, you have a North Star, that really does matter. And Microsoft has been really great to always be grounded in our customer successes, our success—this theme of empowerment, from Bill into Steve into Satya. So that was definitely number one. The second thing that I would say is, it seems very trite, but it has really worked for me specifically and my team, is, whenever we are looking at a hard strategic call, we start from, how would the customer react to the decision that we’re making, that has been incredibly grounding, so that’s been enduring. Of course, the team matters, the culture matters, because that’s where the work gets done. And then finally, managing a large business is about, literally, about figuring out how to make elephants dance, because you have a large-scale business, customers expect us to have a certain level of quality and continuity and predictability. At the same time, they take a bet on us to innovate. And so how do you stay nimble and innovate while also being predictable and trustworthy for customers? That is a hard thing to go do, but absolutely essential. It’s an and, it just can’t be an or.  

    MOLLY WOOD: Well, and Microsoft is an elephant that has danced, quite nimbly, for the last 50 years— 

    RAJESH JHA: Sometime clumsily, sometimes nimbly, yes. [laughter]  

    MOLLY WOOD: We’ll focus on the nimble—or not, right, based on your experience in bringing new technologies to market and helping to effectuate some pretty major technological innovations. What insights do you have for leaders who are now navigating this AI transformation?  

    RAJESH JHA: I mean, now is the time for leaders to really consider how their businesses, how their teams, how their skill set—how does that evolve in a world where we are looking at, you know, something at the peer of electricity coming into society, or the internet coming into society. And so it’s time to lean forward, and lean forward in a way that makes sense for their businesses or their business process. It is such a big change that it’s going to probably take a decade to play out, but there is no avoiding the sea change that’s underway now. So some bravery, but bravery on customers’ terms. 

    MOLLY WOOD: Yeah. I’m thinking of leaders who may be wary, who may need a dose of that courage. You’ve spoken about being asked by Steve Ballmer to bring Office to cloud, as one example of a transformation that maybe you were a little wary about. Can you walk us through that experience and how it might give a shot of courage for folks today. 

    RAJESH JHA: This was, you know, back maybe 15 years ago, Microsoft was incredibly profitable and the cloud was a question mark for many at Microsoft. A) would this technology be mature enough? B) is the business model, because the margins were going to be lower on the cloud than our old business model of being on premises. Number three, would we be able to transform fast enough? Because Microsoft had grown up being a server company, a client company, and would we be able to transcend that to be about cloud and mobile. And they were all very important questions. And there was a lot of, you know, let’s hold back. Let’s see if this trend is really real or not. And Steve showed incredible courage by going all in. What Steve did was he gave license to people to go and learn, even if we were not perfect on day one. And so the big lesson for me in how Steve started that journey was, leaders, if you have hesitation, whether it’s a business model hesitation or cultural hesitation, skill hesitation, it’s very hard for the teams to rally behind something where the leader themselves are half-hearted. So that was a very big moment for us, because he was unambiguous about, hey, this is the way that software is going to be delivered in the future. This is the way we can democratize the value we bring to customers. And there were a lot of benefits, and we are just going to go all in.  

    MOLLY WOOD: So leaders have to go all in. But I would imagine it’s not a—progress is not always a straight line. 

    RAJESH JHA: No, it wasn’t. And even with us in the cloud, it wasn’t. But the main thing is, leaders have to lead. And when you’re taking a look, the hard things are process, business model change, culture change, skill change. They’re all incredibly hard, and that’s why there has to be a commitment from the top that we are going to see this through. And then we were eyes wide open as what our deficiencies were. And so we didn’t have the right skill set. We trained people, we brought in new people, we embraced the red—all the things that we were not doing well in this new transformation. We were very open, very honest. It just takes leadership to set the tone here and to set the things in motion. 

    MOLLY WOOD: Right, and to your point, persistence and belief that it is the right direction so that you stay on that road even when it gets hard.  

    RAJESH JHA: That is correct, Molly, absolutely. And then one additional point I would make with persistence and belief is, it’s one thing to say it, it’s another thing to allocate resources to that belief. We have a quote, which is, if you really want to see the strategy of an organization, you’ve got to see where they’re allocating resources.  

    MOLLY WOOD: On the one hand, it sounds like you’re saying, get comfortable with chaos—  

    RAJESH JHA: Controlled chaos, Molly. Controlled chaos.   

    MOLLY WOOD: Then of course there’s the question of how not to break things. You know, security becomes a big concern with incorporating AI, doing it in a way that doesn’t introduce more problems. What is your advice for having proper guardrails in place as you transform in the AI age?  

    RAJESH JHA: So, I’m gonna answer that in two parts. Part one is, what do I mean by controlled chaos? So Satya invited Scott Guthrie, myself, Charlie [Bell] as the three big product leaders at Microsoft to go over to Bill’s house to see GPT-4, and Satya’s exact comment to me at that time was, I’ve gotta get you guys to be believers. And he had already seen it. And so he and Kevin Scott, they were already on board about the capabilities. So anyway, we go over to Bill’s house, it was in the kitchen area, where the OpenAI folks had put in a demo and they had a grader who grades AP biology there. The thing that really got me was it was not just the multiple choice questions that the model was doing a great job of, it was doing a great job on the written answers. There was some of the AP biology stuff, I’ve studied some biology, but they were far above my ability to understand. And so I look at all of that, I’m completely blown away. But then, for me, the big moment was when Bill asked the question, what would you say to the parent of a sick child, and the empathy or the humanity, almost, that it was able to convey in the answer was like, I would’ve felt proud to have written such a thoughtful note. And I was like, god, this is really, I mean, we are leaving behind the low-altitude handshake between computing and humanity. We are taking a look at something that can be almost at the pure level. And so now, fast-forward, it’s not that long, two years, and we are at the point where we are talking about agents and digital labor and people working together. 

    MOLLY WOOD: But that was it, that worked. You became believers. 

    RAJESH JHA: For me, that was it. I lead a large organization, and I see lots of cool stuff all the time, and part of my job is to make sure the trains keep running on time, but make sure I’m open-minded about big things. And when big things show up, I try to scope it and manage it. I have never in my 30 years ever gone to my team and said, drop all your plans. And for me, that was it. None of the existing plans matter anymore. I huddled all my senior leaders, and I said, Folks, I want you all to run a hundred miles an hour. It’s going to be very uncomfortable, because we’re going to unleash some amount of chaos, but let’s make sure we harden our processes that this chaos does not make its way to customers. So what I mean by controlled chaos is, if you’re unleashing a lot of activity all at once, you need to have the mitigating controls and the guardrails to make sure the chaos is controlled and managed. And so we huddled together to make sure our processes were hardened. So that’s one of the things with controlled chaos. But one of the guardrails that is not negotiable is security, as you correctly pointed out. So in our implementation of AI, we started very much from the mindset of, how does the AI inherit all the existing security and governance controls that an organization already has? It’s one thing to come and tell them, hey, rethink all your business process, rethink your scaling, rethink how work is done, and rethink your security and governance. It’s just not doable. And so we architected this from the ground up, that, for example, when you use Microsoft Copilot, it is using your permissions, so it only has access to what you have access to. It can never do any more than what you might do as a human. And then we also made sure that it was the mindset of a copilot, not an autopilot, and so the humans were always in control. So this way, whatever governance, data classification, permissions, you know, conditional access, retention policies—whatever a customer had, and how they managed human-to-human conversations, all of that accreted to human-to-AI conversation. That was a very hard guardrail we knew we just could not compromise.  

    MOLLY WOOD: But I want to go back to the example that you just gave, this moment of having this experience and realizing how— 

    RAJESH JHA: Profound. 

    MOLLY WOOD: Profound—exactly—and sophisticated these models were, because those are the kind of moments that give you the faith to go all in. 

    Rajesh Jha: Just to go back to that moment, Molly, I mean, to think as an engineer, as somebody who’s been in the tech industry a long time, who’s been through so many of the transformations, the big takeaway for me was, you know, for the first time computing, so far, human and machine interaction has been very much—machines are very low level. You know, we interact with pixels, we click on things, we read stuff. When I come in to work, I don’t come in to work thinking, oh, I should do 16 minutes of email and then read four documents and then, you know, open that spreadsheet, take a look at that budget. I come in thinking, I’ve got to work on budget today. So I think at a high level of intent, but then my intent to decompose is, either on my device, on a bunch of icons I’m swiping through, flipping from application to application, or going really low level—reading emails and then clicking a link. And so high-level intent gets reduced to low-level clerical work, almost. So when I saw this demo, I was like, Wow, the interaction is going to change. It is not going to be intent and then reduced to low-level stuff. AI is going to have the capability to have a human-to-human-like conversation. So intent, high-level intent to high-level intent, and that was what was the big takeaway for me. This is the computing for the last 35 years. One thing that hadn’t changed was a fundamental interaction pattern between people and their devices, and that was going to change, because now you could express, hey, I want to write a document that has the following three ideas, take a look at the relevant stuff in my enterprise and on the web—and can you compose a report for me? That is the kind of thing that I would tell another human being if there was a new hire in my team and, you know, I was thinking about a project to give them. This is the kind of way I might express the project to them, and then they will go in and do the work, check in with me, and we go back and forth. Now that was going to be possible.  

    MOLLY WOOD: Let’s keep talking about that idea of leveling up. We now live in a world where I may get an email from your account and I may not know if it was written by you or an AI, and that may not matter.  

    RAJESH JHA: You know, in some ways, it’s not that different from what happens for some of us. Let’s say I was to send a large piece of email to my team. I would actually work with my staff and my leadership team to get the latest status on a few things, and then I would put it in my words, and I would send it out. Now, everybody has that ability, because what the copilot does, you know, if I’m responding to a customer today, I go to my engineer who’s working on the customer issues, and say, hey, what is the latest status on this? And I would take a look at some of the other past conversations. I would try and respond to the customer that way. Now the copilot is doing that for me. It’s taking a look at my past emails. It reaches out to the customer service database. It tells me the latest status on this. It creates me a draft that I then go write and I send it out. And in some ways, I get reminded of, my dad used to run a large steel plant in India, and I visited him about 20 years ago. I walked into his office and he was very proud, because they had just gotten email, and I was working at Microsoft, and he had just gotten email. His secretary walked in at that time, and she said, Mr. Jha, I’ve got your morning messages for you, and here’s a message that I’m just going to go reach out to your technical assistant or respond to this person. This one, I know what to do already. This one, what would you like me to tell the customer, this person’s asking for dinner tomorrow. You’re free. And they were done in 15 minutes, and she left. And I looked at my dad, and I said, god, you’re so old-fashioned. Somebody’s actually printing your email, reading and coming and talking to you about it, whereas, look at me, I’m carrying it on my phone. I can get to it anywhere. But now, you know, I understand he was a smart guy, and I’m a digital clerk. I do all the clerical work myself. You know, I’m sorting messages. I’m replying to staff. I don’t come in to work thinking I should be a digital clerk. I come in to work because I want to lead a team, build products and value. That is what AI is now going to do. It’s going to take the clerical part for all of us, and will automate a lot of clerical parts to let the human ingenuity and the creativity and really let us focus on the intent and the meaning of our work.  

    MOLLY WOOD: We need help, Rajesh. We need help. [laughter] Well, speaking of delivering that help to customers, it’s been about a year, year and a half, since Microsoft 365 Copilot launched. Do you have stories from the trenches? Are there fun examples you can share about how this has gone?  

    RAJESH JHA: Really well. Ever since I came to Microsoft, this is the fastest adoption we’ve seen. When a customer buys a license and gives it to an end user, because the copilot is integrated into your user flows in Office, or Teams in a meeting, or so on and so forth, we see very good uptake in usage and retention. Some things that surprised me a little bit—and in hindsight, perhaps not so surprising—is the amount of customizations that customers do want for AI. I have feedback from some customers saying, hey, your AI, I want it to engage more because, you know, we build safety into our AI so it will not engage on some topics. Some customers want it to engage more, some want it to engage less. So they want to customize that. One of the things that some customers ask for is, hey, I would like your AI to not reach out to the web. I only want it to work with the stuff that’s in my enterprise. And I say, yeah, we’ve got that configuration for you. But can I ask you why? If you allow your employees to be able to use the browser and search the web as a part of their job, why is it not okay for the copilot that’s acting on their behalf to reach out on the web and assist them? So I’m surprised with the amount of configuration that enterprises want, which is, of course, enterprises have different business rules and process, so we built many more customizations in M365 Copilot than I had anticipated coming in. 

    MOLLY WOOD: I read some research recently where one of the AI firms said that they had done some analysis and found themselves really surprised at how long the long tail of interactions with AI are.  

    RAJESH JHA: So true. This generation of AI is about information work. It changes how people write, learn, collaborate, read, and so there’s a long tail. Not all of us triage information the same way.  

    MOLLY WOOD: What are some best practices that are starting to emerge? Because certainly every enterprise is going to adopt differently, interact differently, and then have different use cases that may or may not make their experience work.  

    RAJESH JHA: That’s a great question. I would say the successful implementations that we see are the first stage, of course, is to enable people to get productivity boosts with the AI, where the AI is really assisting you. And then the next most important thing that customers end up doing that gives them a real return on investment is to rethink their high-value business process or high-cost business processes, and figure out how to reconfigure that with agents that can automate a bunch of those processes to be either more effective or more efficient. That, I think, is changing the way work happens. For example, if you’re a lawyer and you’re working with a bunch of documents, instead of having—somebody spent a lot of time going through the past relevant briefs and composing a new template. How do you change a new brief creation? How do you change an approval process? How do you change a customer support ticket handling? How do you change a marketing campaign? How do you change a developer workflow? I see customers actually taking a business process, and they are rewiring that for a world where people and AI can work together to automate that, to make it more effective, more efficient. So that is a good best practice, is not trying to solve a hundred business processes, but taking a few and going really deep and measuring the ROI and tweaking that, because then the payoff is right there. 

    MOLLY WOOD: Well, and to dig in a little further, it also sounds like what you’re saying is that companies and CIOs maybe need to commit. Like, if you don’t commit, if you don’t plug Copilot in, if you don’t enable the full Microsoft Graph, if you maybe don’t give access to the web, people are still going to find these tools and use some version of them that might not be as good as they could be if you really do go all in. 

    RAJESH JHA: Yeah, Molly, it’s exactly right. I mean, it goes back to the point we made, which is, leaders, have, you know, leaders have to lead. And the reason why they have to lead here in this transformation is, if a support organization, a marketing organization, engineering organization is wired to work the old way, they are not automatically going to rewire themselves for a world where AI can do a bunch of tasks and people’s tasks change. That’s not going to happen, bottom-up. It’s going to have to happen from the leaders leaning in and saying, okay, you know, am I sure that I have the right compliance and governance and security? Because those are non-negotiable. But once I have that, how do I lead the way where I empower and I get to a world where AI assisting, to agents and people working together? One of the concepts we’ve talked about, and it’s come out in the new Work Trend Index is, corporations, for the longest time, have had static org charts, and every once in a while you do a reorganization and you reconfigure teams for your new evolving business priorities. But those things are not very frequent, nor should they be very frequent, because there’s a huge lag to those things. The way work happens is people, it’s, teams are less static and they’re more outcome-driven. Some of this started to happen post-COVID also, where the fluidity of the team composition was not represented in the org chart. That thing is going to accelerate far more in a world where digital labor and people, agents and people, are going to work together as business processes get rewired. None of this is going to be possible without leaders committing to that. And the way you can commit to it is by taking a few processes that are incredibly important for your business’ top line or your profitability because it’s a high-cost thing, and trying to figure out how to reconfigure those things for people and agents working together in one team. 

    MOLLY WOOD: What do you wish business leaders understood about AI agents to help them make that commitment? 

    RAJESH JHA: The first thing I would just say is, like, it’s not some distant future, it’s happening now. My product management team, they ran a research today of a bunch of different organizations, and this time, you know, usually we talk to 30,000 people across different organizations, 30 different countries. This time, they also reached out to AI-native companies that have started to emerge, so-called frontier companies. And if you take a look at the frontier companies, it is very obvious that the way the distribution of human work and digital labor, how that gets constituted, there’s very interesting patterns that are starting to emerge. The first thing I would just tell leaders is—of established companies such as myself, my peers, and the rest of large organizations—it’s possible today to take full advantage of agents. The security model exists, the identity model exists, the user interface exists. The hard work here is to actually go pick the processes that give you the most bang for the buck and then be rigorous about measuring that. And this is why we invested in something called the Copilot Impact Dashboard, so customers can take their core KPIs and they can measure how the copilot is moving those KPIs. So be rigorous, but be forward-looking. It’s not, hey, let’s just take a leap of faith and let’s get agents everywhere. Be rigorous with security. Be rigorous with governance. Measure the ROI, but pick the processes that you’re going to go add agents to. 

    MOLLY WOOD: It seems like the other tension, in addition to going all in, right, in addition to commitment, is pace, the pace of introducing that change, going fast to keep up to, you know, be pushed properly by Frontier Firms, but not compromising security and guardrails. 

    RAJESH JHA: And so on the pace, it’s a super good tension that you pick up on, and we deal with the tension all the time ourselves at Microsoft. What is hard is to have pace at scale. But what’s not hard is to have pace at smaller scale. I’m not advocating for a large organization to go and say, go rewire all your business process, fast, into the frontier methodology. I’m saying, pick a few that are really important to you and go with base on those, learn from that. Meanwhile, invest in skilling. Meanwhile, invest in assistance for everybody else. And that’s what we do, too, in my team. We want to move very quickly, but we move very quickly in a scoped garden with a few processes, a few customers, and then once we are sure it is mature and it’s ready, do we then scale it out. So, moving fast doesn’t mean move fast all over, all at once, if you’re a large organization. It means you’re moving fast by having picked and assessed. And, you know, which way do you want to go fast and where do you want to go more cautiously, and then take the lessons from moving fast and more broadly. 

    MOLLY WOOD: Right. It’s so valuable to put a fine point on that, because any problem is manageable in component parts. 

    RAJESH JHA: Hundred percent. Hundred percent. And picking is the important thing. But if you pick something unimportant that you’re moving fast on, you’re not really learning a lot either. 

    MOLLY WOOD: Right. Then the other tension, the technology itself is moving really fast, so you might have incorporated something, you’re doing a great job measuring it, and now there’s a whole new tool. How do you advise business leaders to keep up?  

    RAJESH JHA: The playbook is still the same. You have to figure out how to move fast and stay predictable at the same time. And the way you do that is by managing where you move fast and by having rigorous measures of whether the ROI is working out or not. Because you’re a hundred percent right. I mean, the compression of innovation that I’m seeing in the AI wave is like nothing that we’ve seen before in the last 30 years. 

    MOLLY WOOD: So as we talk about committing, you know, it’s one thing to say, maybe give your model access to the web, but there’s this Microsoft Graph that it seems like really unlocks that power. 

    RAJESH JHA: The Microsoft Graph is really not Microsoft’s graph. It is a graph for the customer. It’s owned by the customer. And what it captures is how people inside of their organization work together—the meetings that are important, the documents that have been created, the chats and the projects that people are working on—the business processes that run in their organization, that is all a part of the Microsoft Graph. So you take the power of a reasoning model that now has access to the graph—remember again, the reasoning model has access to the same things that you would as an individual. So when I ask a reasoning model or an agent to work on my behalf on Microsoft Graph, it is working with my permissions. But now it has the ability to read far more, process far more than I would be able to. You take the unique intellectual property of the customer in the graph with all the right permissions overlaid, and then you let AI work on that, along with what’s available in the web, on the world knowledge, your enterprise knowledge—that is the real enabler. So what is great about the researcher in Microsoft 365 Copilot is that it works with your enterprise permissions and your enterprise data, everything that is in the graph. And that is what I think is a real breakthrough. Now you’ve got the makings of a digital employee, somebody who was able to come in, join an organization, and take advantage of all the intellectual property with all the permissioning honored, and take that and be a part of producing output for the company.  

    MOLLY WOOD: Right. I mean, it’s institutional knowledge, like, think about what a great employee I could be if I knew all the context and all the history that a company had gone through. 

    RAJESH JHA: Exactly. And all the relevant, you know, escalations, projects, all of that stuff. 

    MOLLY WOOD: Switching gears a little. You work very closely with Microsoft CEO Satya Nadella. Are there questions that he regularly asks you that you think all leaders should be asking their employees? 

    RAJESH JHA: I think fundamentally my boss, you know, Satya, I mean, he’s pushing me on exactly the set of questions you were asking, on my own organization. The way he describes the priorities that I have and my peer groups have, three priorities—quality, security, and AI transformation, are you moving fast? Fully understanding that quality and security and then moving fast, sometimes are intentions, but that’s what he’s saying. Are you doing your job to do all of these at the same time? A lot of the thrust of his conversations, questions are, are you evolving your own team to be frontier, and what’s getting in your way? Because whatever we learn then applies to our customers. So are we applying the same methodology to make your enterprise-grade securities non-negotiable. And then at the same time, are you moving fast to take full advantage? Are you really rethinking your production functions? So I would say all of his questions and interactions distill into these three things, and are we doing a good job balancing these three things.  

    MOLLY WOOD: This company has reinvented itself many times. What are the key lessons that we and all business leaders should take from those reinventions? 

    RAJESH JHA: I would say again, mission matters. Through those 50 years, our mission is a theme around empowerment, so number one. Number two, I would say is, team culture matters, of course, because the how and where the work—there’s no substitute for that. But then I would say you gotta do the and, it’s never an or. How do you stay scaled and perform while waiting and disrupting at the same time? That comes down to strong leadership, it comes down to good processes. Then, what you touched on that I want to reiterate is, you know, just resiliency. We didn’t get everything right in the last 50 years. We made mistakes, but being resilient, learning from the mistakes, embracing the red so we can do a better job the next time. I think those are all components that I would just say we benefited from having incredible CEOs from Bill and Steve and Satya, so that has been an amazing, you know, learning experience for me and many others to work with those three amazing individuals.  

    MOLLY WOOD: If our listeners could take away one actionable AI-related insight from you, what would it be? 

    RAJESH JHA: I would say, go embrace agents. Pick out your most important processes, reimagine them how agents and digital labor can rewire that. 

    MOLLY WOOD: We love to ask our WorkLab guests how they are using AI themselves, either at work or in your personal life. Are there use cases that have been really helpful for you that you’re willing to talk about? 

    RAJESH JHA: Yeah, the one thing we didn’t talk about that I feel is just mind-blowing, is this reasoning models. You know, today, Molly, you and I going back and forth, then you ask me a hard question, I’ll give you an answer off the cuff. But if you tell me, Rajesh, go think about it and come back to me. And, you know, I have a set of tools available to me and I come back to you, I’m going to give you a much better answer. And so with the reasoning model, that’s what’s happening. We are now letting the AI actually go reason over stuff, give it more time, more compute, and more tools. And so for me, the real breakthrough was every quarter I sit down with my leadership team to take a look at our plans for the next six months. So I ran the researcher model. The researcher model is a deep reasoning model in M365 Copilot that works with the graph and the web, and I asked it, hey, I’m about to have an off-site with my leadership team to take a look at the plans for the next six months, take a look at the competitive landscape, take a look at customer feedback, take a look at all the ideas that have been accumulating in the team, and try and give me a draft of what might be a good starting point for our off-site for the next six-month planning. It was incredible. It was able to get through my email and documents that I hadn’t fully read but my team was iterating on, it looked at the last year’s plans to take a look at the competitive landscape, gave me a great five-page, actually it was eight-page, document that I can now go and tweak and make it my own, and overlay my perspective and use as a starting point. The other one is, like, often I talk to customers, and before I get on the call, I ask my agent—it’s called a KYC agent that my team built, which is, know your customer—and so before I get on to a call with a customer, I go into that agent experience in M365 Copilot and say, can you bring me up to speed on this customer? And it’s able to get to the support tickets, their adoption, their past communications with me, all of that stuff. And I often end up showing the customer the output, and we walk through it, and their question is like, how did you generate that? And in personal life, you want to make a big purchase, you want to do a seven-day trip planning, you want to buy a new car. You know, instead of clicking on 40 links, they can do a lot of research for you and show you that. So I use it for a lot of that too. 

    MOLLY WOOD: Fast-forward for us, three to five years, if possible. What do you think could be the most profound change in the way we work? 

    RAJESH JHA: You know, I think it goes back to the reconstitution of the workforce between humans and digital labor. I think the way we think about org charts, the way we think about groups coming together, the way we think about production function. I mean, it is a big deal to have intelligence be abundant and for it to be affordable. At the same time, I feel very encouraged about what people can uniquely do when you take a lot of the grind and predictability and, you know, have a colleague that is intelligent. I mean, I feel very bullish about how the economy is going to evolve. It won’t be a straight line. There will be scale backs in some of the roles that we think about investing in today, but there will be new roles we’ll be creating. So it’s very hard to predict exactly how it’s going to play out or whether that’s a three-year horizon, five-year horizon, but I do think that is a very clear trend of where we are headed. 

    MOLLY WOOD: Rajesh Jha is Microsoft’s Executive Vice President of Experiences and Devices. Thank you so much for the time today. I couldn’t appreciate it more. 

    RAJESH JHA: Thank you, Molly. I really do appreciate the time as well. 

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President of Experiences and Devices. Thank you all so much for joining us on this final episode of this season of WorkLab. We’ll be back next season with more insights on how to stay ahead of the curve while the way we work is transforming so quickly. If you’ve got a question or a comment, please drop us an email at worklab@microsoft.com, and check out Microsoft’s Work Trend Indexes and the WorkLab digital publication, where you’ll find all our episodes along with thoughtful stories that explore how business leaders are thriving in today’s new world of work. You can find all of it at microsoft.com/worklab. As for this podcast, please, if you don’t mind, rate us, review us, and follow us wherever you listen. It helps us out a ton. The WorkLab podcast is a place for experts to share their insights and opinions. As students of the future of work, Microsoft values inputs from a diverse set of voices. That said, the opinions and findings of our guests are their own and they may not necessarily reflect Microsoft’s own research or positions. WorkLab is produced by Microsoft with Godfrey Dadich Partners and Reasonable Volume. I’m your host, Molly Wood. Sharon Kallander and Matthew Duncan produced this podcast. Jessica Voelker is the WorkLab editor. 

    MIL OSI Economics

  • MIL-OSI Economics: Consistent Global Pricing for Microsoft’s Commercial Cloud 

    Source: Microsoft

    Headline: Consistent Global Pricing for Microsoft’s Commercial Cloud 

    MIL OSI Economics

  • MIL-OSI Economics: We’re teaming up with the Premier League to bring one billion-plus fans closer than ever to the game they love.

    Source: Microsoft

    Headline: We’re teaming up with the Premier League to bring one billion-plus fans closer than ever to the game they love.

    The Premier League is entering a new era, powered by Microsoft. As the Official Cloud and AI Partner of the Premier League, we’re helping the world’s most-watched football league unlock new value on and off the pitch. With one intelligent platform powering everything from fan experiences to organizational productivity, this partnership is redefining what’s possible. https://msft.it/6002SFRcO

    MIL OSI Economics

  • MIL-OSI Economics: Jasper Sleet: North Korean remote IT workers’ evolving tactics to infiltrate organizations

    Source: Microsoft

    Headline: Jasper Sleet: North Korean remote IT workers’ evolving tactics to infiltrate organizations

    Since 2024, Microsoft Threat Intelligence has observed remote information technology (IT) workers deployed by North Korea leveraging AI to improve the scale and sophistication of their operations, steal data, and generate revenue for the Democratic People’s Republic of Korea (DPRK). Among the changes noted in the North Korean remote IT worker tactics, techniques, and procedures (TTPs) include the use of AI tools to replace images in stolen employment and identity documents and enhance North Korean IT worker photos to make them appear more professional. We’ve also observed that they’ve been utilizing voice-changing software.

    North Korea has deployed thousands of remote IT workers to assume jobs in software and web development as part of a revenue generation scheme for the North Korean government. These highly skilled workers are most often located in North Korea, China, and Russia, and use tools such as virtual private networks (VPNs) and remote monitoring and management (RMM) tools together with witting accomplices to conceal their locations and identities.

    Historically, North Korea’s fraudulent remote worker scheme has focused on targeting United States (US) companies in the technology, critical manufacturing, and transportation sectors. However, we’ve observed North Korean remote workers evolving to broaden their scope to target various industries globally that offer technology-related roles. Since 2020, the US government and cybersecurity community have identified thousands of North Korean workers infiltrating companies across various industries.

    Organizations can protect themselves from this threat by implementing stricter pre-employment vetting measures and creating policies to block unapproved IT management tools. For example, when evaluating potential employees, employers and recruiters should ensure that the candidates’ social media and professional accounts are unique and verify their contact information and digital footprint. Organizations should also be particularly cautious with staffing company employees, check for consistency in resumes, and use video calls to confirm a worker’s identity.

    Microsoft Threat Intelligence tracks North Korean IT remote worker activity as Jasper Sleet (formerly known as Storm-0287). We also track several other North Korean activity clusters that pursue fraudulent employment using similar techniques and tools, including Storm-1877 and Moonstone Sleet. To disrupt this activity and protect our customers, we’ve suspended 3,000 known Microsoft consumer accounts (Outlook/Hotmail) created by North Korean IT workers. We have also implemented several detections to alert our customers of this activity through Microsoft Entra ID Protection and Microsoft Defender XDR as noted at the end of this blog. As with any observed nation-state threat actor activity, Microsoft has directly notified targeted or compromised customers, providing them with important information needed to secure their environments. As we continue to observe more attempts by threat actors to leverage AI, not only do we report on them, but we also have principles in place to take action against them.

    This blog provides additional information on the North Korean remote IT worker operations we published previously, including Jasper Sleet’s usual TTPs to secure employment, such as using fraudulent identities and facilitators. We also provide recent observations regarding their use of AI tools. Finally, we share detailed guidance on how to investigate, monitor, and remediate possible North Korean remote IT worker activity, as well as detections and hunting capabilities to surface this threat.

    From North Korea to the world: The remote IT workforce

    Since at least early 2020, Microsoft has tracked a global operation conducted by North Korea in which skilled IT workers apply for remote job opportunities to generate revenue and support state interests. These workers present themselves as foreign (non-North Korean) or domestic-based teleworkers and use a variety of fraudulent means to bypass employment verification controls.

    North Korea’s fraudulent remote worker scheme has since evolved, establishing itself as a well-developed operation that has allowed North Korean remote workers to infiltrate technology-related roles across various industries. In some cases, victim organizations have even reported that remote IT workers were some of their most talented employees. Historically, this operation has focused on applying for IT, software development, and administrator positions in the technology sector. Such positions provide North Korean threat actors access to highly sensitive information to conduct information theft and extortion, among other operations.

    North Korean IT workers are a multifaceted threat because not only do they generate revenue for the North Korean regime, which violates international sanctions, they also use their access to steal sensitive intellectual property, source code, or trade secrets. In some cases, these North Korean workers even extort their employer into paying them in exchange for not publicly disclosing the company’s data.

    Between 2020 and 2022, the US government found that over 300 US companies in multiple industries, including several Fortune 500 companies, had unknowingly employed these workers, indicating the magnitude of this threat. The workers also attempted to gain access to information at two government agencies. Since then, the cybersecurity community has continued to detect thousands of North Korean workers. On January 3, 2025, the Justice Department released an indictment identifying two North Korean nationals and three facilitators responsible for conducting fraudulent work between 2018 and 2024. The indicted individuals generated a revenue of at least US$866,255 from only ten of the at least 64 infiltrated US companies.

    North Korean threat actors are evolving across the threat landscape to incorporate more sophisticated tactics and tools to conduct malicious employment-related activity, including the use of custom and AI-enabled software.

    Tactics and techniques

    The tactics and techniques employed by North Korean remote IT workers involve a sophisticated ecosystem of crafting fake personas, performing remote work, and securing payments. North Korean IT workers apply for remote roles, in various sectors, at organizations across the globe.

    They create, rent, or procure stolen identities that match the geo-location of their target organizations (for example, they would establish a US-based identity to apply for roles at US-based companies), create email accounts and social media profiles, and establish legitimacy through fake portfolios and profiles on developer platforms like GitHub and LinkedIn. Additionally, they leverage AI tools to enhance their operations, including image creation and voice-changing software. Facilitators play a crucial role in validating fraudulent identities and managing logistics, such as forwarding company hardware and creating accounts on freelance job websites. To evade detection, these workers use VPNs, virtual private servers (VPSs), and proxy services as well as RMM tools to connect to a device housed at a facilitator’s laptop farm located in the country of the job.

    Figure 1. The North Korean IT worker ecosystem

    Crafting fake personas and profiles

    The North Korean remote IT worker fraud scheme begins with the procurement of identities for the workers. These identities, which can be stolen or “rented” from witting individuals, include names, national identification numbers, and dates of birth. The workers might also leverage services that generate fraudulent identities, complete with seemingly legitimate documentation, to fabricate their personas. They then create email accounts and social media pages they use to apply for jobs, often indirectly through staffing or contracting companies. They also apply for freelance opportunities through freelancer sites as an additional avenue for revenue generation. Notably, they often use the same names/profiles repeatedly rather than creating unique personas for each successful infiltration.

    Additionally, the North Korean IT workers have used fake profiles on LinkedIn to communicate with recruiters and apply for jobs.

    Figure 2. An example of a North Korean IT worker LinkedIn profile that has since been taken down.

    The workers tailor their fake resumes and profiles to match the requirements for specific remote IT positions, thus increasing their chances of getting selected. Over time, we’ve observed these fake resumes and employee documents noticeably improving in quality, now appearing more polished and lacking grammatical errors facilitated by AI.

    After creating their fake personas, the North Korean IT workers then attempt to establish legitimacy by creating digital footprints for these fake personas. They typically leverage communication, networking, and developer platforms, (for example, GitHub) to showcase their supposed portfolio of previous work samples:

    Figure 3. Example profile used by a North Korean IT worker that has since been taken down.

    Using AI to improve operations

    Microsoft Threat intelligence has observed North Korean remote IT workers leveraging AI to improve the quantity and quality of their operations. For example, in October 2024, we found a public repository containing actual and AI-enhanced images of suspected North Korean IT workers:

    Figure 4. Photos of potential North Korean IT workers

    The repository also contained the resumes and email accounts used by the said workers, along with the following tools and resources they can use to secure employment and to do their work:

    • VPS and VPN accounts, along with specific VPS IP addresses
    • Playbooks on conducting identity theft and creating and bidding jobs on freelancer websites
    • Wallet information and suspected payments made to facilitators
    • LinkedIn, GitHub, Upwork, TeamViewer, Telegram, and Skype accounts
    • Tracking sheet of work performed, and payments received by the IT workers

    Image creation

    Based on our review of the repository mentioned previously, North Korean IT workers appear to conduct identity theft and then use AI tools like Faceswap to move their pictures over to the stolen employment and identity documents. The attackers also use these AI tools to take pictures of the workers and move them to more professional looking settings. The workers then use these AI-generated pictures on one or more resumes or profiles when applying for jobs.

    Figure 5. Use of AI apps to modify photos used for North Korean IT workers’ resumes and profiles
    Figure 6. Examples of resumes for North Korean IT workers. These two resumes use different versions of the same photo.

    Communications

    Microsoft Threat Intelligence has observed that North Korean IT workers are also experimenting with other AI technologies such as voice-changing software. While we haven’t observed threat actors using combined AI voice and video products as a tactic first hand, we do recognize that combining these technologies could allow future threat actor campaigns to trick interviewers into thinking they aren’t communicating with a North Korean IT worker. If successful, this tactic could allow the North Korean IT workers to do interviews directly and no longer rely on facilitators standing in for them on interviews or selling them account access.

    Facilitators for initial access

    North Korean Remote IT workers require assistance from a witting facilitator to help find jobs, pass the employment verification process, and once hired, successfully work remotely. We’ve observed Jasper Sleet advertising job opportunities for facilitator roles under the guise of partnering with a remote job candidate to help secure an IT role in a competitive market:

    Figure 7. Example of a job opportunity for a facilitator role

    The IT workers may have the facilitators assist in creating accounts on remote and freelance job websites. They might also ask the facilitator to perform the following tasks as their relationship builds:

    • Create a bank account for the North Korean IT worker, or lend their (the facilitator’s) own account to the worker
    • Purchase mobile phone numbers or SIM cards

    During the employment verification process, the witting accomplice helps the North Korean IT workers validate the latter’s fraudulent identities using online background check service providers. The documents submitted by the workers include fake or stolen drivers’ licenses, social security cards, passports, and permanent resident identification cards. Workers train using interview scripts, which include a justification for why the employee must work remotely.

    Once hired, the remote workers direct company laptops and hardware to be sent to the address of the accomplice. The accomplice then either runs a laptop farm that provides the laptops with an internet connection at the geo-location of the role or forwards the items internationally. For hardware that remain in the country of the role, the accomplice signs into the computers and installs software that enables the workers to connect remotely. Remote IT workers might also access devices remotely using IP-based KVM devices, like PiKVM or TinyPilot.

    Defense evasion and persistence

    To conceal their physical location as well as maintain persistence and blend into the target organization’s environment, the workers typically use VPNs (particularly Astrill VPN), VPSs, proxy services, and RMM tools. Microsoft Threat Intelligence has observed the persistent use of JumpConnect, TinyPilot, Rust Desk, TeamViewer, AnyViewer, and Anydesk. When an in-person presence or face-to-face meeting is required, for example to confirm banking information or attend a meeting, the workers have been known to pay accomplices to stand in for them. When possible, however, the workers eliminate all face-to-face contact, offering fraudulent excuses for why they are not on camera during video teleconferencing calls or speaking.

    Attribution

    Microsoft Threat Intelligence uses the name Jasper Sleet (formerly known as Storm-0287) to represent activity associated with North Korean’s remote IT worker program. These workers are primarily focused on revenue generation, use remote access tools, and likely fall under a particular leadership structure in North Korea. We also track several other North Korean activity clusters that pursue fraudulent employment using similar techniques and tools, including Storm-1877 and Moonstone Sleet.

    How Microsoft disrupts North Korean remote IT worker operations with machine learning

    Microsoft has successfully scaled analyst tradecraft to accelerate the identification and disruption of North Korean IT workers in customer environments by developing a custom machine learning solution. This has been achieved by leveraging Microsoft’s existing threat intelligence and weak signals generated by monitoring for many of the red flags listed in this blog, among others. For example, this solution uses impossible time travel risk detections, most commonly between a Western nation and China or Russia. The machine learning workflow uses these features to surface suspect accounts most likely to be North Korean IT workers for assessment by Microsoft Threat Intelligence analysts.

    Once Microsoft Threat Intelligence reviews and confirms that an account is indeed associated with a North Korean IT worker, customers are then notified with a Microsoft Entra ID Protection risk detection warning of a risky sign-in based on Microsoft’s threat intelligence. Microsoft Defender XDR customers also receive the alert Sign-in activity by a suspected North Korean entity in the Microsoft Defender portal.

    Defending against North Korean remote IT worker infiltration

    Defending against the threats from North Korean remote IT workers involves a threefold strategy:

    • Ensuring a proper vetting approach is in place for freelance workers and vendors
    • Monitoring for anomalous user activity
    • Responding to suspected Jasper Sleet signals in close coordination with your insider risk team

    Investigate

    How can you identify a North Korean remote IT worker in the hiring process?

    To protect your organization against a potential North Korean insider threat, it is important for your organization to prioritize a process for verifying employees to identify potential risks. The following can be used to assess potential employees:

    • Confirm the potential employee has a digital footprint and look for signs of authenticity. This includes a real phone number (not VoIP), a residential address, and social media accounts. Ensure the potential employee’s social media/professional accounts are not highly similar to the accounts of other individuals. In addition, check that the contact phone number listed on the potential employee’s account is unique and not also used by other accounts.
    • Scrutinize resumes and background checks for consistency of names, addresses, and dates. Consider contacting references by phone or video-teleconference rather than email only.
    • Exercise greater scrutiny for employees of staffing companies, since this is the easiest avenue for North Korean workers to infiltrate target companies.
    • Search whether a potential employee is employed at multiple companies using the same persona.
    • Ensure the potential employee is seen on camera during multiple video telecommunication sessions. If the potential employee reports video and/or microphone issues that prohibit participation, this should be considered a red flag.
    • During video verification, request individuals to physically hold driver’s licenses, passports, or identity documents up to camera.
    • Keep records, including recordings of video interviews, of all interactions with potential employees.
    • Require notarized proof of identity.

    Monitor

    How can your organization prevent falling victim to the North Korean remote IT worker technique?

    To prevent the risks associated with North Korean insider threats, it’s vital to monitor for activity typically associated with this fraudulent scheme.

    Monitor for identifiable characteristics of North Korean remote workers

    Microsoft has identified the following characteristics of a North Korean remote worker. Note that not all the criteria are necessarily required, and further, a positive identification of a remote worker doesn’t guarantee that the worker is North Korean.

    • The employee lists a Chinese phone number on social media accounts that is used by other accounts.
    • The worker’s work-issued laptop authenticates from an IP address of a known North Korean IT worker laptop farm, or from foreign—most commonly Chinese or Russian—IP addresses even though the worker is supposed to have a different work location.
    • The worker is employed at multiple companies using the same persona. Employees of staffing companies require heightened scrutiny, given this is the easiest way for North Korean workers to infiltrate target companies.
    • Once a laptop is issued to the worker, RMM software is immediately downloaded onto it and used in combination with a VPN.
    • The worker has never been seen on camera during a video telecommunication session or is only seen a few times. The worker may also report video and/or microphone issues that prohibit participation from the start.
    • The worker’s online activity doesn’t align with routine co-worker hours, with limited engagement across approved communication platforms.

    Monitor for activity associated with Jasper Sleet access

    • If RMM tools are used in your environment, enforce security settings where possible, to implement MFA:
      • If an unapproved installation is discovered, reset passwords for accounts used to install the RMM services. If a system-level account was used to install the software, further investigation may be warranted.
    • Monitor for impossible travel—for example, a supposedly US-based employee signing in from China or Russia.
    • Monitor for use of public VPNs such as Astrill. For example, IP addresses associated with VPNs known to be used by Jasper Sleet can be added to Sentinel watchlists. Or, Microsoft Defender for Identity can integrate with your VPN solution to provide more information about user activity, such as extra detection for abnormal VPN connections.
    • Monitor for signals of insider threats in your environment. Microsoft Purview Insider Risk Management can help identify potentially malicious or inadvertent insider risks.
    • Monitor for consistent user activity outside of typical working hours.

    Remediate

    What are the next steps if you positively identify a North Korean remote IT worker employed at your company?

    Because Jasper Sleet activity follows legitimate job offers and authorized access, Microsoft recommends approaching confirmed or suspected Jasper Sleet intrusions with an insider risk approach using your organization’s insider risk response plan or incident response provider like Microsoft Incident Response. Some steps might include:

    • Restrict response efforts to a small, trusted insider risk working group, trained in operational security (OPSEC) to avoid tipping off subjects and potential collaborators.
    • Rapidly evaluate the subject’s proximity to critical assets, such as:
      • Leadership or sensitive teams
      • Direct reports or vendor staff the subject has influence over
      • Suppliers or vendors
      • People/non-people accounts, production/pre-production environments, shared accounts, security groups, third-party accounts, security groups, distribution groups, data clusters, and more
    • Conduct preliminary link analysis to:
      • Detect relationships with potential collaborators, supporters, or other potential aliases operated by the same actor
      • Identify shared indicators (for example, shared IP addresses, behavioral overlap)
      • Avoid premature action that might alert other Jasper Sleet operators
    • Conduct a risk-based prioritization of efforts, informed by:
      • Placement and access to critical assets (not necessarily where you identified them)
      • Stakeholder insight from potentially impacted business units
      • Business impact considerations of containment (which might support additional collection/analysis) or mitigation (for example, eviction)
    • Conduct open-source intelligence (OSINT) collection and analysis to:
      • Determine if the identity associated with the threat actor is associated with a real person. For example, North Korean IT workers have leveraged stolen identities of real US persons to facilitate their fraud. Conduct OSINT on all available personally identifiable information (PII) provided by the actor (name, date of birth, SSN, home of record, phone number, emergency contact, and others) and determine if these items are linked to additional North Korean actors, and/or real persons’ identities.
      • Gather all known external accounts operated by the alias/persona (for example, LinkedIn, GitHub, freelance working sites, bug bounty programs).
      • Perform analysis on account images using open-source tools such as FaceForensics++ to determine prevalence of AI-generated content. Detection opportunities within video and imagery include: 
        • Temporal consistency issues: Rapid movements cause noticeable artifacts in video deepfakes as the tracking system struggles to maintain accurate landmark positioning. 
        • Occlusion handling: When objects pass over the AI-generated content such as the face, deepfake systems tend to fail at properly reconstructing the partially obscured face.
        • Lighting adaptation: Changes in lighting conditions might reveal inconsistencies in the rendering of the face
        • Audio-visual synchronization: Slight delays between lip movements and speech are detectable under careful observation
          • Exaggerated facial expressions. 
          • Duplicative or improperly placed appendages.
          • Pixelation or tearing at edges of face, eyes, ears, and glasses.
    • Engage counterintelligence or insider risk/threat teams to:
      • Understand tradecraft and likely next steps
      • Gain national-level threat context, if applicable
    • Make incremental, risk-based investigative and response decisions with the support of your insider threat working group and your insider threat stakeholder group; one providing tactical feedback and the other providing risk tolerance feedback.
    • Preserve evidence and document findings.
    • Share lessons learned and increase awareness.
    • Educate employees on the risks associated with insider threats and provide regular security training for employees to recognize and respond to threats, including a section on the unique threat posed by North Korean IT workers.

    After an insider risk response to Jasper Sleet, it might be necessary to also conduct a thorough forensic investigation of all systems that the employee had access to for indicators of persistence, such as RMM tools or system/resource modifications.

    For additional resources, refer to CISA’s Insider Threat Mitigation Guide. If you suspect your organization is being targeted by nation-state cyber activity, report it to the appropriate national authority. For US-based organizations, the Federal Bureau of Investigation (FBI) recommends reporting North Korean remote IT worker activity to the Internet Crime Complaint Center (IC3).

    Microsoft Defender XDR detections

    Microsoft Defender XDR customers can refer to the list of applicable detections below. Microsoft Defender XDR coordinates detection, prevention, investigation, and response across endpoints, identities, email, apps to provide integrated protection against attacks like the threat discussed in this blog.

    Customers with provisioned access can also use Microsoft Security Copilot in Microsoft Defender to investigate and respond to incidents, hunt for threats, and protect their organization with relevant threat intelligence.

    Microsoft Defender XDR

    Alerts with the following titles in the security center can indicate threat activity on your network:

    • Sign-in activity by a suspected North Korean entity

    Microsoft Defender for Endpoint

    Alerts with the following titles in the security center can indicate Jasper Sleet RMM activity on your network. These alerts, however, can be triggered by unrelated threat activity.

    • Suspicious usage of remote management software
    • Suspicious connection to remote access software

    Microsoft Defender for Identity

    Alerts with the following titles in the security center can indicate atypical identity access on your network. These alerts, however, can be triggered by unrelated threat activity.

    • Atypical travel
    • Suspicious behavior: Impossible travel activity

    Microsoft EntraID Protection

    Microsoft Entra ID Protection risk detections inform Entra ID user risk events and can indicate associated threat activity, including unusual user activity consistent with known patterns identified by Microsoft Threat Intelligence research. Note, however, that these alerts can be also triggered by unrelated threat activity.

    • Microsoft Entra threat intelligence (sign-in): (RiskEventType: investigationsThreatIntelligence)

    Microsoft Defender for Cloud Apps

    Alerts with the following titles in the security center can indicate atypical identity access on your network. These alerts, however, can be triggered by unrelated threat activity.

    • Impossible travel activity

    Microsoft Security Copilot

    Security Copilot customers can use the standalone experience to create their own prompts or run the following pre-built promptbooks to automate incident response or investigation tasks related to this threat:

    • Incident investigation
    • Microsoft User analysis
    • Threat actor profile

    Note that some promptbooks require access to plugins for Microsoft products such as Microsoft Defender XDR or Microsoft Sentinel.

    Hunting queries

    Microsoft Defender XDR

    Because organizations might have legitimate and frequent uses for RMM software, we recommend using the Microsoft Defender XDR advanced hunting queries available on GitHub to locate RMM software that hasn’t been endorsed by your organization for further investigation. In some cases, these results might include benign activity from legitimate users. Regardless of use case, all newly installed RMM instances should be scrutinized and investigated.

    If any queries have high fidelity for discovering unsanctioned RMM instances in your environment, and don’t detect benign activity, you can create a custom detection rule from the advanced hunting query in the Microsoft Defender portal. 

    Microsoft Sentinel

    The alert Insider Risk Sensitive Data Access Outside Organizational Geo-locationjoins Azure Information Protection logs (InformationProtectionLogs_CL) with Microsoft Entra ID sign-in logs (SigninLogs) to provide a correlation of sensitive data access by geo-location. Results include:

    • User principal name
    • Label name
    • Activity
    • City
    • State
    • Country/Region
    • Time generated

    The recommended configuration is to include (or exclude) sign-in geo-locations (city, state, country and/or region) for trusted organizational locations. There is an option for configuration of correlations against Microsoft Sentinel watchlists. Accessing sensitive data from a new or unauthorized geo-location warrants further review.

    References

    Acknowledgments

    For more information on North Korean remote IT worker operations, we recommend reviewing DTEX’s in-depth analysis in the report Exposing DPRK’s Cyber Syndicate and IT Workforce.

    Learn more

    Meet the experts behind Microsoft Threat Intelligence, Incident Response, and the Microsoft Security Response Center at our VIP Mixer at Black Hat 2025. Discover how our end-to-end platform can help you strengthen resilience and elevate your security posture.

    For the latest security research from the Microsoft Threat Intelligence community, check out the Microsoft Threat Intelligence Blog. 

    To get notified about new publications and to join discussions on social media, follow us on LinkedIn, X (formerly Twitter), and Bluesky. 

    To hear stories and insights from the Microsoft Threat Intelligence community about the ever-evolving threat landscape, listen to the Microsoft Threat Intelligence podcast. 

    MIL OSI Economics

  • MIL-OSI Economics: ICC Principles for Sustainable Trade and Trade Finance

    Source: International Chamber of Commerce

    Headline: ICC Principles for Sustainable Trade and Trade Finance

    Trade underpins economic growth, connects markets and supports development. But if global trade is to continue delivering these benefits in the long term, and ensure resilient global economies and a healthy planet, it must also support sustainability.  

    Yet, assessing sustainability within international trade and trade finance remains a major challenge. Trade transactions – which connect numerous parties across the globe – remain highly fragmented and complex in nature. This is further compounded by a lack of consistent, standardised definitions across countries for assessing the sustainability of transactions. Without clarity, efforts to promote sustainable trade risks being undermined. Crucially, it also makes it more difficult to align global trade with the goals of the Paris Agreement and mobilise the finance needed to deliver them.  

    The growing interest in environmental, social and corporate governance (ESG) provides a beacon of hope for change. Yet, interest alone isn’t enough – clear, consistent definitions on sustainable international trade and trade finance are needed to turn ambition into action.  

    With this in mind, the ICC, together with input and endorsement from major trade banks, have developed the Principles for Sustainable Trade and Trade Finance, providing the clarity and common ground needed to help global trade play its part in delivering on sustainability goals and in meeting the Paris Agreement’s 1.5°C target.  

    The Sustainable Trade Finance Principles sit under the broader Trade, which provide a frame to assess both the environmental sustainability of a transaction, and how it supports socio-economically sustainable development. 

    The first sustainability framework for the trade finance market

    The ICC Principles for Sustainable Trade 

    The Sustainable Trade Principles, currently in its third iteration (Wave 3), aim to define standards for sustainable trade to accelerate the shift to a more sustainable economy. It provides a framework to assess sustainability of trade across four key components – the ‘use of proceeds’, ‘seller’, ‘buyer’, and ‘distribution’ – against two critical dimensions, namely environmental and socio-economically sustainable development.  

    The ICC Principles for Sustainable Trade include:  

    • High-level principles for banks to utilise and base their internal methodologies on  
    • Guidance on methodology for how the principles can best be utilised in a common framework, with practical advice on assessments across different components  
    • A framework providing nuanced sustainability assessments based on sector-specific evidence  
    • A Sustainable Credential Library to consolidate recognised standards, conventions, and ESG scorers  
    • Clear guidance on acceptable forms of evidence, to ensure the framework is more accessible and less burdensome, including for SMEs  
    • The integration of any regional taxonomies, where appropriate, allowing for greater applicability across diverse markets  
    • The Principles for Sustainable Trade Finance (PSTF), which enhance the Use of Proceeds assessment of the Principles for Sustainable for Trade by setting thresholds and assessments within trade finance to ensure alignment with established frameworks whilst enabling more flexibility in evidencing sustainability  

    The Sustainable Trade Finance Principles 

    Together with industry leaders, ICC further developed the Sustainable Trade Finance Principles, currently in its second iteration (Wave 2). The Principles include a sub-set of principles and guidelines, including:  

    1. The Principles for Green Trade Finance (PGTF)  

    Set of detailed, fully implementable principles that provide a common language and set of processes for banks to utilise when conducting a Use of Proceeds-based assessment for green-labelled Trade Finance products. These principles are closely aligned with the Loan Market Association (LMA) Green Loan Principles (GPLs) but allow assessment based on the purpose of a transaction or its goods in addition to purpose-based evaluations. 

    What has been newly added in the Sustainable Trade Finance Principles (Wave 2)? 

    1. ICC’s Principles for Social Trade Finance (PSoTF) 

    Comprehensive framework for Use of Proceeds-based assessment for socially sustainable-labelled TF products, aligned to the LMA Social Loan Principles.  

    1. ICC’s guidance on Sustainability-linked Trade Finance  

    Tailored advice for sustainability linked assessments in trade finance, aligned to LMA Sustainability-Linked Loan Principles.  

    1. ICC’s guidance on Sustainability-linked Supply Chain Finance  

    Additional clarity on Sustainability-Linked Supply Chain Finance programmes, aligned to LMA SLLPs 

    Previous milestones 

    Principles for Sustainable Trade Finance (2024) 

    ICC developed the first-ever industry taxonomy to define what constitutes a sustainable trade finance transaction — filling a major gap in existing practice within the financial sector. The Standards for Sustainable Trade and Sustainable Trade Finance positioning paper was launched in 2021 as an initial step to developing a tool that is both robust and workable from an industry perspective.  

    Learn more

    Principles

    Principles for Sustainable Trade: Wave 2 (2023) 

    A minimum viable ‘Wave 1’ framework was launched in November 2022 and assessed both the environmental sustainability of a transaction, and how it supports socio-economically sustainable development. In tandem, a pilot scheme was launched in the textiles industry, with participants applying the framework to real transactions to understand what works and what could be improved in future versions of the framework. 

    Learn more

    Principles

    Wave 1 Framework for Sustainable Trade and Sustainable Trade Finance (2022) 

    The Wave 2 Principles were designed with usability in mind, while simultaneously improving reach, applicability, and rigour. Relative to Wave 1, Wave 2 has focused on expanding the scope to include three new sectors, adding rigour through a more granular grading system, allowing easier automation, by incorporating machine-readable sources of evidence and including a “distribution” component. 

    Learn more

    Principles

    Positioning paper on Standards for Sustainable Trade and Trade Finance (2021) 

    Developed in collaboration with BCG and leading trade banks in 2024, ICC provides a consensus set of principles that define sustainable trade finance products, offering clear, transparent, and consistent guidelines to enable banks, corporates and investors to effectively channel capital towards sustainable and inclusive trade finance facilities while mitigating the risks associated with greenwashing. These principles fit within the broader Principles for Sustainable Trade. 

    Learn more

    Positioning paper

    What’s next? 

    Alongside the launch of the Principles, ICC is launching a consultation where participants are invited to pilot and test the principles in their trade finance operation, and provide feedback and contributions.  This collaborative approach collaborative approach will ensure that the principles remain practical, scalable, and reflective of industry needs.  

    Industry professionals may provide their further insights and feedback in the survey link provided.  

    Please  reach out to the ICC team for further details.  

    MIL OSI Economics

  • MIL-OSI Economics: 5 ways AI is supercharging research in financial services

    Source: Microsoft

    Headline: 5 ways AI is supercharging research in financial services

    As the capital markets industry has expanded both in scope and complexity, research has only become more essential. Since the late twentieth century, globalization, specialization, and increasingly complex regulatory frameworks have all elevated research from an interesting competitive differentiator to a competitive imperative. Now, with the application of increasingly powerful AI solutions, research is poised to become the defining factor in determining winners and losers in a rapidly shifting landscape.  

    At Microsoft, we develop highly tailored, long-term technology partnerships with financial services firms around the world. Increasingly, this includes co-innovating with AI to help unlock new business value and deepen customer relationships. At present, enhancing research and analytics with AI is one of the primary transformation levers for investment banks, asset management firms, and financial data and analytics providers. In many cases, it is helping to solve longstanding challenges around deriving greater value from data and rapidly converting insights into competitive advantage. 

    Explore AI solutions with Microsoft for financial services

    Realizing the promise of data-driven research through AI 

    AI is rapidly changing the nature and value of advanced analytics in research. Traditional analytics have long helped firms understand what happened and why—but AI is helping them predict what will happen next and prescribe optimal courses of action in real time.

    This shift from retrospective analysis to proactive intelligence can help firms unlock new sources of value and ultimately develop groundbreaking new products that redefine the competitive landscape. 

    As innovative firms recognize the potential of AI, they also see the opportunity to address longstanding challenges that hinder effective research. Among these:  

    • Data overload and complexity
      Financial markets are inundated with massive volumes of data from diverse, often siloed sources that can be difficult to integrate and synthesize. This makes it hard to access the right data at the right time, which can slow decision-making and heighten risk. As data requirements become more complex, solutions are needed that can unify, structure, and analyze data at scale to deliver timely, actionable insights.
    • Fragmented workflows across user journeys
      Research analysts frequently struggle to navigate large volumes of disparate data housed in disconnected systems, tools, and formats, leading to time-consuming manual data compilation and synthesis. The increase in non-integrated tools, applications, and data structures disrupts business workflows and can lead to inefficiencies, duplication of effort, errors of omission, and delays in decision-making.
    • Dependency on traditional data sources
      Many firms and analysts rely heavily on conventional market reference data, company fundamentals, industry reports, and databases, which often lack real-time insights and limit the speed and accuracy of market predictions. As new opportunities arise, firms need solutions that can extract more value out of existing sources while also making it easy to incorporate alternative and real-time sources—enhancing both predictive accuracy and responsiveness to market shifts.
    • Information overload and time constraints
      Research and analyst professionals are always challenged to keep up with reports, emails, meetings, and chats. The overload tends to slow decision-making and increases the risk of missed opportunities. Stringent regulatory compliance requirements add additional demands.  

    Five ways AI redefines the value of research in financial services 

    AI gives financial services firms new solutions to these longstanding barriers and opportunities to use data in new ways that can differentiate their offerings. Here are five important areas where AI can change the game: 

    1. Advance analysis with AI-powered analytics 

    AI-powered analytics empower research analysts to cut through the noise of information overload and extract valuable insights with unprecedented speed and precision. The combination of AI with predictive analytics empowers researchers to analyze historical patterns more deeply, identify emerging trends, and make more informed investment decisions. This can ultimately help to improve engagement and win rates. 

    A prime example of this is our partnership with Moody’s where we co-developed innovative solutions for research and risk assessment. Moody’s Research Assistant significantly increases productivity and effectiveness, with users reporting up to 80% time savings on data collection and 50% on analysis during the pilot phase.1  

    2. Accelerate operational efficiency through intelligent automation 

    Traditional research processes—such as manual data compilation, synthesis, and report generation—are time-consuming and error-prone. AI-powered automation transforms them by integrating data sources, automating repetitive tasks, and promoting seamless collaboration across teams, which results in faster turnaround times, reduced operational costs, and improved operational efficiency.  

    With tools like Microsoft Copilot, Researcher agent, and Analyst agent, firms can significantly boost productivity and operational efficiency. These AI-powered assistants can handle such tasks as summarizing investor reports and earnings calls, creating presentation-ready visualizations from raw data, and drafting research documents and client-ready insights quickly. This frees up valuable time for analysts to focus on higher-value activities, such as strategic analysis and client engagement. 

    3. Deliver real-time insights 

    To help meet the accelerating pace of business, AI-powered applications empower financial services firms to surface real-time insights from a variety of sources including market news, earnings reports, and social media.  

    Bridging knowledge across platforms helps analysts identify emerging trends faster and develop better investment strategies. For example, AI can continuously monitor global news sources and sentiment signals to identify early indicators of market shifts and potential disruptions. Firms can then use this information to react swiftly and make proactive investment decisions ahead of competitors. 

    Firms can build new AI-powered solutions that incorporate real-time data into advanced searches, personalization, and recommendations, using innovations like the powerful vector database built by KX—essentially, a specialized system that understands the meaning and context of a huge set of data types such as text, images, or PDFs. It aims to help financial institutions seize opportunities faster by turning real-time data into real-time action. 

    4. Empower employees with high-value experiences 

    AI-powered tools can transform how financial services professionals work with tools and solutions that support the most critical research functions, such as financial modeling and pitchbook preparation. Processes can be significantly streamlined while remaining interoperable, secure, and compliant.  

    A good example of this is the innovation resulting from our long-term strategic partnership with LSEG (London Stock Exchange Group) to transform data with next-generation productivity and analytics solutions. One recent advancement is the launch of the LSEG Workspace Add-in, which integrates AI-powered insights into Excel and PowerPoint. With features like contextual data discovery and interactive charting, the add-in can help financial professionals work faster and more insightfully. 

    Reducing the burden of manual tasks can also help boost job satisfaction. The integration of AI into daily workflows helps people focus on more intellectually stimulating activities, freeing up time for higher-value analysis and strategic thinking, and helping to attract and retain top talent. 

    5. Deepen market understanding 

    AI-powered analytics are transforming how analysts understand markets and convert insights into action. By processing vast amounts of financial data in real-time, AI can uncover complex patterns and correlations that were previously undetectable, such as market sentiment from news articles and social media or a real-time pulse on investor sentiment or market dynamics. Machine learning models can predict stock price movements with greater accuracy by integrating diverse data sources, including economic indicators and company performance metrics. 

    A richer view of market forces and dynamics translates into better decision-making and sharper investment strategies. It helps firms anticipate emerging risks and opportunities sooner, enabling them to respond faster and more confidently in an increasingly volatile market landscape. 

    Now is the time for agentic AI 

    A new class of AI tools will soon deliver the ability to plan, reason, and take actions to achieve goals. In financial services, they will be able to gather, analyze, and contextualize information autonomously from diverse sources and proactively surface relevant insights—or even suggest strategic actions based on real-time developments. 

    On the near horizon, advanced “orchestrator” agents will focus on new capabilities in distinct functional areas such as market intelligence, data aggregation, strategy simulation, reporting, and compliance. This holds the potential for powerful competitive advantages, helping analysts to stay ahead of market shifts, make more accurate predictions, and deliver higher-impact recommendations. 

    Learn more 

    Microsoft for financial services

    Unlock business value and deepen customer relationships in the era of AI


    1 Moody’s Investor Relations, “Moody’s Launches Moody’s Research Assistant,” December 2023.

    MIL OSI Economics

  • MIL-OSI Economics: 5 ways AI is supercharging research in financial services

    Source: Microsoft

    Headline: 5 ways AI is supercharging research in financial services

    As the capital markets industry has expanded both in scope and complexity, research has only become more essential. Since the late twentieth century, globalization, specialization, and increasingly complex regulatory frameworks have all elevated research from an interesting competitive differentiator to a competitive imperative. Now, with the application of increasingly powerful AI solutions, research is poised to become the defining factor in determining winners and losers in a rapidly shifting landscape.  

    At Microsoft, we develop highly tailored, long-term technology partnerships with financial services firms around the world. Increasingly, this includes co-innovating with AI to help unlock new business value and deepen customer relationships. At present, enhancing research and analytics with AI is one of the primary transformation levers for investment banks, asset management firms, and financial data and analytics providers. In many cases, it is helping to solve longstanding challenges around deriving greater value from data and rapidly converting insights into competitive advantage. 

    Explore AI solutions with Microsoft for financial services

    Realizing the promise of data-driven research through AI 

    AI is rapidly changing the nature and value of advanced analytics in research. Traditional analytics have long helped firms understand what happened and why—but AI is helping them predict what will happen next and prescribe optimal courses of action in real time.

    This shift from retrospective analysis to proactive intelligence can help firms unlock new sources of value and ultimately develop groundbreaking new products that redefine the competitive landscape. 

    As innovative firms recognize the potential of AI, they also see the opportunity to address longstanding challenges that hinder effective research. Among these:  

    • Data overload and complexity
      Financial markets are inundated with massive volumes of data from diverse, often siloed sources that can be difficult to integrate and synthesize. This makes it hard to access the right data at the right time, which can slow decision-making and heighten risk. As data requirements become more complex, solutions are needed that can unify, structure, and analyze data at scale to deliver timely, actionable insights.
    • Fragmented workflows across user journeys
      Research analysts frequently struggle to navigate large volumes of disparate data housed in disconnected systems, tools, and formats, leading to time-consuming manual data compilation and synthesis. The increase in non-integrated tools, applications, and data structures disrupts business workflows and can lead to inefficiencies, duplication of effort, errors of omission, and delays in decision-making.
    • Dependency on traditional data sources
      Many firms and analysts rely heavily on conventional market reference data, company fundamentals, industry reports, and databases, which often lack real-time insights and limit the speed and accuracy of market predictions. As new opportunities arise, firms need solutions that can extract more value out of existing sources while also making it easy to incorporate alternative and real-time sources—enhancing both predictive accuracy and responsiveness to market shifts.
    • Information overload and time constraints
      Research and analyst professionals are always challenged to keep up with reports, emails, meetings, and chats. The overload tends to slow decision-making and increases the risk of missed opportunities. Stringent regulatory compliance requirements add additional demands.  

    Five ways AI redefines the value of research in financial services 

    AI gives financial services firms new solutions to these longstanding barriers and opportunities to use data in new ways that can differentiate their offerings. Here are five important areas where AI can change the game: 

    1. Advance analysis with AI-powered analytics 

    AI-powered analytics empower research analysts to cut through the noise of information overload and extract valuable insights with unprecedented speed and precision. The combination of AI with predictive analytics empowers researchers to analyze historical patterns more deeply, identify emerging trends, and make more informed investment decisions. This can ultimately help to improve engagement and win rates. 

    A prime example of this is our partnership with Moody’s where we co-developed innovative solutions for research and risk assessment. Moody’s Research Assistant significantly increases productivity and effectiveness, with users reporting up to 80% time savings on data collection and 50% on analysis during the pilot phase.1  

    2. Accelerate operational efficiency through intelligent automation 

    Traditional research processes—such as manual data compilation, synthesis, and report generation—are time-consuming and error-prone. AI-powered automation transforms them by integrating data sources, automating repetitive tasks, and promoting seamless collaboration across teams, which results in faster turnaround times, reduced operational costs, and improved operational efficiency.  

    With tools like Microsoft Copilot, Researcher agent, and Analyst agent, firms can significantly boost productivity and operational efficiency. These AI-powered assistants can handle such tasks as summarizing investor reports and earnings calls, creating presentation-ready visualizations from raw data, and drafting research documents and client-ready insights quickly. This frees up valuable time for analysts to focus on higher-value activities, such as strategic analysis and client engagement. 

    3. Deliver real-time insights 

    To help meet the accelerating pace of business, AI-powered applications empower financial services firms to surface real-time insights from a variety of sources including market news, earnings reports, and social media.  

    Bridging knowledge across platforms helps analysts identify emerging trends faster and develop better investment strategies. For example, AI can continuously monitor global news sources and sentiment signals to identify early indicators of market shifts and potential disruptions. Firms can then use this information to react swiftly and make proactive investment decisions ahead of competitors. 

    Firms can build new AI-powered solutions that incorporate real-time data into advanced searches, personalization, and recommendations, using innovations like the powerful vector database built by KX—essentially, a specialized system that understands the meaning and context of a huge set of data types such as text, images, or PDFs. It aims to help financial institutions seize opportunities faster by turning real-time data into real-time action. 

    4. Empower employees with high-value experiences 

    AI-powered tools can transform how financial services professionals work with tools and solutions that support the most critical research functions, such as financial modeling and pitchbook preparation. Processes can be significantly streamlined while remaining interoperable, secure, and compliant.  

    A good example of this is the innovation resulting from our long-term strategic partnership with LSEG (London Stock Exchange Group) to transform data with next-generation productivity and analytics solutions. One recent advancement is the launch of the LSEG Workspace Add-in, which integrates AI-powered insights into Excel and PowerPoint. With features like contextual data discovery and interactive charting, the add-in can help financial professionals work faster and more insightfully. 

    Reducing the burden of manual tasks can also help boost job satisfaction. The integration of AI into daily workflows helps people focus on more intellectually stimulating activities, freeing up time for higher-value analysis and strategic thinking, and helping to attract and retain top talent. 

    5. Deepen market understanding 

    AI-powered analytics are transforming how analysts understand markets and convert insights into action. By processing vast amounts of financial data in real-time, AI can uncover complex patterns and correlations that were previously undetectable, such as market sentiment from news articles and social media or a real-time pulse on investor sentiment or market dynamics. Machine learning models can predict stock price movements with greater accuracy by integrating diverse data sources, including economic indicators and company performance metrics. 

    A richer view of market forces and dynamics translates into better decision-making and sharper investment strategies. It helps firms anticipate emerging risks and opportunities sooner, enabling them to respond faster and more confidently in an increasingly volatile market landscape. 

    Now is the time for agentic AI 

    A new class of AI tools will soon deliver the ability to plan, reason, and take actions to achieve goals. In financial services, they will be able to gather, analyze, and contextualize information autonomously from diverse sources and proactively surface relevant insights—or even suggest strategic actions based on real-time developments. 

    On the near horizon, advanced “orchestrator” agents will focus on new capabilities in distinct functional areas such as market intelligence, data aggregation, strategy simulation, reporting, and compliance. This holds the potential for powerful competitive advantages, helping analysts to stay ahead of market shifts, make more accurate predictions, and deliver higher-impact recommendations. 

    Learn more 

    Microsoft for financial services

    Unlock business value and deepen customer relationships in the era of AI


    1 Moody’s Investor Relations, “Moody’s Launches Moody’s Research Assistant,” December 2023.

    MIL OSI Economics

  • MIL-OSI Economics: Premier League and Microsoft announce five-year strategic partnership to personalize the fan experience with AI for 1.8 billion people

    Source: Microsoft

    Headline: Premier League and Microsoft announce five-year strategic partnership to personalize the fan experience with AI for 1.8 billion people

    The Premier League is also migrating its core technology infrastructure to Microsoft Azure, unlocking scalability, security and agility across its digital ecosystem. This foundation will enable faster innovation, seamless integration of AI services, and a unified platform for the league.

    Microsoft 365, Power Platform, and Dynamics 365 Finance and Operations will modernize the League’s internal operations, streamlining workflows, enhancing collaboration, and enabling data-driven decision-making across departments.

    This partnership sets a new global benchmark for how technology can elevate sport, entertainment and fan culture, making the Premier League more accessible, immersive and future-ready than ever before. Whether you are a lifelong fan or new to the Premier League, the Premier League Companion powered by Copilot can help you discover more. With only 47 days to go to the beginning of the new Premier League season, try it for yourself at http://www.premierleague.com.

    [embedded content]

     Premier League & Microsoft: transforming football experience with AI

    About The Premier League

    The Premier League produces some of the most competitive and compelling football in the world. The League and its clubs use the power and popularity of the competition to inspire fans, communities and partners in the UK and across the world. The Premier League brings people together from all backgrounds. It is a competition for everyone, everywhere and is available to watch in 900 million homes in 189 countries.

    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

    Premier League

    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: Premier League and Microsoft join forces to create fan-friendly digital platforms

    Source: Microsoft

    Headline: Premier League and Microsoft join forces to create fan-friendly digital platforms

    “For one example, moving the historic Premier League archive onto Azure, that’s all part of our ability to both curate content for our own channels but also to better serve our broadcast licensees around the world,” Brass says. “It ensures that content, which is rich and exciting and historic, is as readily available as can be, both to ourselves and our partners. It’s of enormous strategic value. And so it’s reflective, I think, of the importance of this relationship with Microsoft that they are such a critical part of the infrastructure that is not only for the Premier League but for our ecosystem of partners and licensees.”

    And while the new Premier League platforms have just launched, there are already future goals in sight, including open-ended natural language queries, increased translation/subtitling across several languages and audio summaries of match weekends.

    “It’s very important to us and the broader partnership that we don’t just do one thing and that’s it,” Willis said. “We want the products to evolve as the technology evolves and also as we understand more of the benefits that Copilot and the other tools can bring to us.”

    Everton supporters can take solace in the fact that Doucoure’s goal last year was the fourth-fastest in Premier League history, with Southampton’s Shane Long setting the bar at 7.69 seconds in 2019. That’s just one example of the plethora of information that’s just a simple prompt away for football fans and will transform the way matchday is consumed when the season kicks off in August.

    “The magical thing about sport is that it’s live and you have to be in the moment to experience it in the best possible way,” Willis said. “And we have become attuned to wanting to complement the live experience with additional information – the concept of the second screen came about for that reason. So, making sure we’re able to provide that information so that it is contextual and it is relevant is really important.

    “The Premier League is a football competition proudly staged in England but globally loved and admired. So, we want to make sure that we’re providing something for everyone.”

    MIL OSI Economics

  • MIL-OSI Economics: Jordan: Third Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Jordan

    Source: International Monetary Fund

    International Monetary Fund. Middle East and Central Asia Dept. “Jordan: Third Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Jordan”, IMF Staff Country Reports 2025, 155 (2025), accessed July 1, 2025, https://doi.org/10.5089/9798229014342.002

    MIL OSI Economics

  • MIL-OSI Economics: Ukraine: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine

    Source: International Monetary Fund

    Summary

    Over three years of Russia’s war in Ukraine have taken a staggering social, humanitarian, and economic toll. Despite efforts for a ceasefire, the evolution of the war remains subject to exceptionally high uncertainty. Nevertheless, the authorities’ commitment to reforms and fulfillment of all necessary Fund policies support completion of the review. First, despite some structural reform delays, the authorities have met all quantitative conditionality for this review and remain committed to the overall program objectives of restoring sustainability. Second, the program remains fully financed. Looking ahead, despite the authorities’ program implementation and the large-scale external support, the program has limited space to absorb any further shocks, including from a more prolonged and intense war, while achieving the restoration of external viability by the end of the program.

    MIL OSI Economics

  • MIL-Evening Report: Micronesian Summit in Majuro this week aims to be ‘one step ahead’

    By Giff Johnson, editor, Marshall Islands Journal/RNZ Pacific correspondent in Majuro

    The Micronesian Islands Forum cranks up with officials meetings this week in Majuro, with the official opening for top leadership from the islands tomorrow morning.

    Marshall Islands leaders are being joined at this summit by their counterparts from Kiribati, Nauru, Federated States of Micronesia, Guam, Commonwealth of the Northern Mariana Islands, and Palau.

    “At this year’s Leaders Forum, I hope we can make meaningful progress on resolving airline connectivity issues — particularly in Micronesia — so our region remains connected and one step ahead,” President Hilda Heine said on the eve of this subregional summit.

    The Marshall Islands and the Federated States of Micronesia have been negotiating with Nauru Airlines over the past two years to extend the current island hopper service with a link to Honolulu.

    “Equally important,” said President Heine, “the Forum offers a vital platform to strengthen regional solidarity and build common ground on key issues such as climate, ocean health, security, trade, and other pressing challenges.

    “Ultimately, our shared purpose must be to work together in support of the communities we represent.”

    Monday and Tuesday featured official-level meetings at the International Conference Center in Majuro. Tomorrow will be the official opening of the Forum and will feature statements from each of the islands represented.

    Handing over chair
    Outgoing Micronesian Island Forum chair Guam Governor Lourdes Leon Guerrero is expected to hand over the chair post to President Heine tomorrow morning.

    Other top island leaders expected to attend the summit: FSM President Wesley Simina, Kiribati President Taneti Maamau, Nauru Deputy Speaker Isabela Dageago, Palau Minister Steven Victor, Chuuk Governor Alexander Narruhn, Pohnpei Governor Stevenson Joseph, Kosrae Governor Tulensa Palik, Yap Acting Governor Francis Itimai, and CNMI Lieutenant-Governor David Apatang.

    Pacific Islands Forum Secretary-General Baron Waqa is also expected to participate.

    Pretty much every subject of interest to the Pacific Islands will be on the table for discussions, including presentations on education, health and transportation. The latter will include a presentation by the Marshall Islands Aviation Task Force that has been meeting extensively with Nauru Airlines.

    In addition, Pacific Ocean Commissioner Dr Filimon Manoni will deliver a presentation, gender equality will be on the table, as will updates on the SPC and Secretariat of the Pacific Region Environment Programme North Pacific offices, and the United Nations multi-country office.

    The Micronesia Challenge environmental programme will get focus during a luncheon for the leaders hosted by the Marshall Islands Marine Resources Authority on Thursday at its new headquarters annex.

    Bank presentations
    Pacific Island Development Bank and the Bank of Guam will make presentations, as will the recently established Pacific Center for Island Security.

    A special night market at the Marshall Islands Resort parking lot will be featured Wednesday evening.

    Friday will feature a leaders retreat on Bokanbotin, a small resort island on Majuro Atoll’s north shore. While the leaders gather, other Forum participants will join a picnic or fishing tournament.

    Friday evening is to feature the closing event to include the launching of the Marshall Islands’ Green Growth Initiative and the signing of the Micronesian Island Forum communique.

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

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Resilient by design: why strong rules still matter

    Source: Bank for International Settlements

    The title of the forum today – “financial regulation in a changing environment” – could not be timelier. We are living through a period of profound change. From the accelerating pace of technological innovation, to shifts in the structure and shape of the financial system, to increasing geopolitical fragmentation, the environment in which banks operate is evolving rapidly and often unpredictable.

    So it is natural to ask if existing regulations are “fit-for-purpose” or whether they need to evolve. The phrase “fit-for-purpose” is an appealing one. It connotates adaptability, agility and appropriateness. What’s not to like? But as with most appealing phrases, it’s worth asking: fit for whose purpose? And fit for what kind of future?

    History suggests that “fit-for-purpose” has often been a euphemism to trim, loosen and “modernise” regulation. For rolling back hard-won safeguards under the banner of efficiency or innovation. For favouring short-term gains at the expense of medium-term prosperity. I do not think that we should pursue such a path. The financial system does not become resilient by cutting corners. It becomes resilient by preparing for storms.

    To be clear, “fit-for-purpose” should not mean “fit-for-the-past”. A regulatory framework that does not evolve becomes an artefact and not a safeguard. We cannot sail tomorrow’s storms using yesterday’s charts. The 50-year history of the Basel Committee has been one of adapting to a changing financial landscape, learning lessons from banking crises and building trust by engaging with a wide range of stakeholders across jurisdictions and sectors.

    Hence, the Basel Committee has a forward-looking approach to identify and analyse risks and vulnerabilities to the banking system to safeguard resilience. In particular, the Committee is investigating banks’ interconnections with non-bank financial firms and is taking note of the rapid growth of private credit in some jurisdictions. In addition, the Committee is also analysing the implications of the ongoing digitalisation of finance –something which is becoming increasingly important in many economies.

    And, as policymakers, we should remain humble and open to empirical evidence. When designing the Basel III standards, the Committee made no fewer than 35 key adjustments to the reforms relative to the original proposals, including in areas related to specialised lending and small- and medium-sized enterprises. We also conducted a thorough evaluation of the Basel III standards that have already been implemented.

    So what does the Basel III experience suggest for “fit-for-purpose” regulation, including when it comes to the important topic of development finance? I’ll draw three takeaways.

    First, the true purpose of prudential regulation is to serve the real economy. It’s about having a healthy and resilient banking system that can absorb shocks and lend to households and businesses in both good and bad times. Strong rules are not a constraint. They are an investment in confidence, trust and long-term growth.

    There is now unquestionably strong empirical evidence that shows that it is strong banks – those that are well capitalised and have robust liquidity levels – that can support the economy and contribute to its medium-term prosperity.

    There have been over a dozen episodes of market dislocations over the past decade. Unlike the Great Financial Crisis, the banking system was not at the heart of these gyrations and did not amplify them. This was not a coincidence, but a direct reflection of the stability brought by Basel III. What this means is that financial stability is a foundation, and not a constraint, for development finance. Sustainable development finance depends on a resilient banking system. If we undermine that resilience in the name of development, we risk repeating past mistakes that hurt the very countries that we are trying to support.

    The Basel Framework already provides a risk-sensitive approach to development finance. No fewer than 16 multilateral development banks (MDBs) benefit from a 0% capital risk weight. Any MDB is free to apply to the Committee for it to consider whether it meets the criteria to benefit from such a treatment. In a similar vein, the Basel III standards set out a more granular and risk sensitive approach relative to Basel II when it comes to project finance. So it is in banks’ and MDB’s own interest for all member jurisdictions to implement Basel III in full and consistently.

    The Basel Framework also recognises the risk-reducing effects of mitigants such as insurance or guarantees, subject to meeting certain criteria. These criteria are risk-sensitive by design, as the objective of the framework is to reflect the actual riskiness of a bank exposures. For example, if there is a possibility that a guarantee will not cover or absorb losses unconditionally for a bank, then it is not prudent, nor risk sensitive, for a bank to assume that the risk has actually been transferred.

    Second, financial stability demands global solutions, not national shortcuts. In banking regulation, geographic borders may exist, but risks don’t respect them. This is why the work of the Committee is a team sport, one of cross-border collaboration and cooperation. Having a global level-playing field goes a long way to ensuring that bank regulation is fit for purpose. We either strengthen together or weaken apart.       

    The Committee is always ready to engage constructively with external stakeholders. But any dialogue must be evidence-based, globally consistent and avoid creating fragmentation or regulatory arbitrage. Our responsibility is to safeguard financial stability for all jurisdictions – developed and developing alike.

    Third, regulation, no matter how fit for purpose, can only take you so far. The first and most important source of resilience comes from banks’ own risk management practices and governance arrangements. And regulation must be complemented with strong and effective forward-looking supervision.

     So in the context of development finance, let’s not make Basel III the scapegoat for deeper challenges. Often, what limits banks’ co-investment with multilateral development banks isn’t capital rules. Other factors – such as the pipeline of viable projects, banks’ own risk appetite and national infrastructures – are likely to be more important in driving banks’ lending decisions.

    Let us therefore make sure that we cast a wide net and pursue a holistic approach to promoting sustainable development finance.

    MIL OSI Economics

  • MIL-OSI Economics: BOBC Auction Results – 30 June 2025

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 9 July 2025.  The summarised results of the auction held on 30 June 2025, are attached below:

    BOBC Results 30 June 2025.pdf

    MIL OSI Economics

  • MIL-OSI Economics: Danish households buy European stocks

    Source: Danmarks Nationalbank

    Investments in defense stocks are significant

    Defense stocks account for 32 per cent of Danish households’ total purchases of European stocks in the first five months of 2025. At the top of the list are Rheinmetall and Saab. In May, for the first time, Rheinmetall became the European stock in which Danish households have the largest investment. This is primarily driven by price increases and, to a lesser extent, new purchases. Although Danish households have sold American stocks and bought European ones in 2025, American stocks still make up 29 per cent of the total stock portfolio as of May. In comparison, European stocks account for 16 per cent, Danish stocks 48 per cent, and other listed stocks 7 per cent.

    MIL OSI Economics

  • MIL-OSI Economics: Danish households buy European stocks

    Source: Danmarks Nationalbank

    Investments in defense stocks are significant

    Defense stocks account for 32 per cent of Danish households’ total purchases of European stocks in the first five months of 2025. At the top of the list are Rheinmetall and Saab. In May, for the first time, Rheinmetall became the European stock in which Danish households have the largest investment. This is primarily driven by price increases and, to a lesser extent, new purchases. Although Danish households have sold American stocks and bought European ones in 2025, American stocks still make up 29 per cent of the total stock portfolio as of May. In comparison, European stocks account for 16 per cent, Danish stocks 48 per cent, and other listed stocks 7 per cent.

    MIL OSI Economics

  • MIL-OSI Economics: Multi-purpose Arena in Odaiba Aomi Area TOYOTA ARENA TOKYO Construction Completed

    Source: Toyota

    Headline: Multi-purpose Arena in Odaiba Aomi Area TOYOTA ARENA TOKYO Construction Completed

    Toyota Fudosan Co., Ltd. (Toyota Fudosan), the owner of TOYOTA ARENA TOKYO (the Arena), held a construction completion ceremony on June 30. The arena project is being developed in collaboration with Toyota Motor Corporation (Toyota) and Toyota Alvark Tokyo Corporation (Toyota Alvark Tokyo).

    MIL OSI Economics

  • MIL-OSI Economics: Multi-purpose Arena in Odaiba Aomi Area TOYOTA ARENA TOKYO Construction Completed

    Source: Toyota

    Headline: Multi-purpose Arena in Odaiba Aomi Area TOYOTA ARENA TOKYO Construction Completed

    Toyota Fudosan Co., Ltd. (Toyota Fudosan), the owner of TOYOTA ARENA TOKYO (the Arena), held a construction completion ceremony on June 30. The arena project is being developed in collaboration with Toyota Motor Corporation (Toyota) and Toyota Alvark Tokyo Corporation (Toyota Alvark Tokyo).

    MIL OSI Economics

  • MIL-OSI Economics: Lufthansa Group appoints Kevin Markette as Senior Director – Regional Sales South Asia

    Source: Lufthansa Group

    Lufthansa Group is pleased to announce the appointment of Kevin Markette as Senior Director – Regional Sales South Asia. Based in New Delhi, Kevin will oversee all commercial activities across the South Asia region, including the strategically important Indian market.

    A seasoned aviation executive, Kevin brings over 20 years of leadership experience within Lufthansa Group, having successfully managed commercial, customer, and operational teams across Africa, the Middle East, and the Americas. Raised in Spain and South Africa and trained as a Commercial Pilot, Kevin offers a truly global perspective and strong intercultural fluency.

    Kevin began his career with Lufthansa in South Africa in 2000, eventually managing Pricing, Reservations, and Ticketing for Southern Africa. In 2008, he moved to Dubai to lead Marketing and Business Development for the Gulf States, and later became Country Manager for Ghana, where he was responsible for Lufthansa’s operations in Accra.

    From 2016 to 2020, Kevin served as Head of Sales for the Southeast USA, based in Atlanta, overseeing six major gateways operated by four Lufthansa Group airlines. He was subsequently promoted to Head of Customer Relations for the Americas, based in New York, where he managed service recovery, customer feedback strategy, and commercial insights across North and South America until the end of 2022.

    Since 2022, Kevin has been based in Nairobi as General Manager for East Africa, leading the Group’s commercial strategy and partnerships across Kenya, Uganda, Rwanda, Burundi, and Tanzania. In this role, he spearheaded digital transformation initiatives, supported Brussels Airlines’ regional expansion, and championed sustainability efforts.

    According to Lufthansa Group Vice President Asia Pacific and Joint Ventures East, Felipe Bonifatti:

    “With over two decades at Lufthansa Group, Kevin brings extensive international experience to the Asia Pacific region. His sharp commercial insight and passion for our industry make him an invaluable addition. I am delighted to welcome him to Delhi, where he will lead all commercial activities for the Lufthansa Group in this strategically important market.”

    Kevin is passionate about building high-performing, cross-cultural teams and cultivating long-term partnerships with customers and stakeholders. Outside of work, he and his wife Jolene enjoy traveling, culinary adventures, and spending time outdoors.

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees from 164 nations worldwide, Lufthansa Group generated revenue of €37.6bn in the financial year 2024. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complementary components of the Group. All airlines and business segments play leading roles in their respective markets.

     

    MIL OSI Economics

  • MIL-OSI Economics: Joint Statement: Heads of Multilateral Development Banks commit to strong joint action on development priorities

    Source: New Development Bank

    PARIS (28 June) – The Heads of Multilateral Development Banks (MDBs) met today in Paris, hosted by the Council of Europe Development Bank (CEB), which currently chairs the Heads of MDBs Group. The meeting focused on advancing their joint efforts to address  development priorities.

    Amid rising global uncertainty, the Heads reaffirmed their commitment to working as a system to deliver greater impact and scale, in line with their Viewpoint Note and the recommendations of the G20 Roadmap towards Better, Bigger, and More Effective MDBs.  The Roadmap outlines an ambitious vision for MDB reform to better address regional and global challenges, support job creation, and help countries achieve their development aspirations.

    The Heads welcomed ongoing efforts to improve the way MDBs work with clients through operational efficiency and enhanced coordination. In 2025 alone, five mutual reliance agreements  have been signed, helping streamline the preparation and implementation of  co-financed projects across institutions.

    Private capital mobilization remains a system-wide priority, with the last joint report of the MDBs reflecting a positive trend in volumes mobilized. To build on this momentum, the Heads reaffirmed their commitment to developing local currency lending and foreign exchange solutions. They also reaffirmed  the importance of adequate risk assessment for private sector investment in emerging markets and developing economies; in this context, the valuable contribution of disaggregated statistics on credit risk published through the Global Emerging Markets Risk Database (GEMs) was recognized.

    The Heads reiterated their continued commitment to implementing the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks (CAF).  Further reform efforts by MDBs since mid-2024 have increased the additional lending headroom for development projects in all countries of operation, including high-income ones, over the next decade by more than US$250 billion, thus reaching a total of over US$650 billion.

    The publication in the coming weeks of the Comparison Report by the MDBs’ Global Risk and Finance Forum (GRaFF) will provide metrics and data relating to MDBs’ financial positions, promoting a better understanding of their financial models and supporting both balance sheet optimization and private sector mobilization.

    The Heads also agreed to continue advancing promising initiatives already underway to strengthen system-wide impact. These include: 1) Mission 300, which aims to connect 300 million people in Africa to electricity by 2030 through public and private collaboration;  2) Association of South East Asian Nations (ASEAN) Power Grid, which aims to boost energy security, strengthen resilience, and promote decarbonization for the region’s 670 million people by connecting its electricity systems; and 3) Digital Transformation in Education in Latin America and the Caribbean, which aims to connect 3.5 million students and train over 250,000 teachers.

    In addition, MDBs are exploring joint actions to scale up investments in social infrastructure, including health, education, housing, and water and sanitation. Building on structured dialogue led by the CEB, the Heads welcomed progress made through recent cross-MDB consultations and recognized the key role these sectors play in enabling jobs, productivity, and inclusive growth, while noting persistent financing and delivery challenges that constrain impact.

    Meeting in advance of the Fourth International Conference on Financing for Development (FfD4), which will take place in Sevilla, Spain, from 30 June to 3 July, MDBs remain committed to working better as a system, in alignment with country-led development priorities and strategies to promote jobs and prosperity. In view of water’s role in human development, MDBs committed to significantly increasing collective support for global water security by 2030, and will launch the first “Joint Annual MDB Water Security Financing Report” at FfD4. Heads noted the importance of the upcoming COP30 in Belem, Brazil, in November 2025.

    Today’s meeting in Paris marks a significant step toward effective collaboration and scaled-up collective action for development priorities. MDB reforms are advancing, moving from concept to execution.

    With streamlined operations, better risk tools, and growing financial capacity, MDBs are delivering real impact – from expanding energy access and digital education to scaling investment in water security.

    MIL OSI Economics

  • MIL-OSI Economics: Morocco: African Development Bank approves over €300 million to improve competitiveness, strengthen resilience and create jobs

    Source: African Development Bank Group

    The Board of Directors of the African Development Bank Group has approved approximately €301 million to support Morocco’s economic resilience and drive job creation. The funding will back two key initiatives: the Entrepreneurship Support and Financing Programme for Job Creation (PAFE-Emplois) and the second phase of Economic Governance and Climate Resilience (PGRCC II).

    With €181.8 million in funding, PGRCC II aims to boost the Moroccan economy and strengthen its resilience to external shocks, particularly climate change. It will support competitiveness, private investment and economic resilience by modernizing the water and energy sectors. This programme will also contribute to consolidating Morocco’s new development model, in particular by promoting investment under the new Investment Charter.

    The PAFE-Emplois programme, backed by €119 million, will promote job creation by developing entrepreneurship and very small and medium-sized enterprises (VSEMEs). It will help establish a results-oriented culture, particularly in terms of employment impact. Its objectives are to support public support mechanisms for entrepreneurs, finance inclusive entrepreneurship, strengthen incentive mechanisms for VSEs and support innovative operational approaches to employment. This project will support the new roadmap for employment to promote job creation and entrepreneurship.

    ‘Together, these two new operations work in synergy and complement each other to strengthen their impact,’ said Achraf Tarsim, Country Manager for Morocco at the African Development Bank Group. They combine their objectives to consolidate the economy’s competitiveness, strengthen its resilience to shocks and boost investment and entrepreneurship. These are all levers for creating opportunities and jobs for young people and women. “

    For more than half a century, the African Development Bank Group has mobilised nearly €15 billion to finance more than 150 projects and programmes in the Kingdom. Its interventions cover strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance and the financial sector.

    MIL OSI Economics

  • MIL-OSI Economics: Heads of Multilateral Development Banks commit to strong joint action on development priorities

    Source: African Development Bank Group

    The Heads of Multilateral Development Banks (MDBs) met today in Paris, hosted by the Council of Europe Development Bank (CEB), which currently chairs the Heads of MDBs Group. The meeting focused on advancing their joint efforts to address development priorities.

    Amid rising global uncertainty, the Heads reaffirmed their commitment to working as a system to deliver greater impact and scale, in line with their Viewpoint Note and the recommendations of the G20 Roadmap towards Better, Bigger, and More Effective MDBs. The Roadmap outlines an ambitious vision for MDB reform to better address regional and global challenges, support job creation, and help countries achieve their development aspirations.

    The Heads welcomed ongoing efforts to improve the way MDBs work with clients through operational efficiency and enhanced coordination. In 2025 alone, five mutual reliance agreements have been signed, helping streamline the preparation and implementation of co-financed projects across institutions.

    Private capital mobilization remains a system-wide priority, with the last joint report of the MDBs reflecting a positive trend in volumes mobilized. To build on this momentum, the Heads reaffirmed their commitment to developing local currency lending and foreign exchange solutions. They also reaffirmed the importance of adequate risk assessment for private sector investment in emerging markets and developing economies; in this context, the valuable contribution of disaggregated statistics on credit risk published through the Global Emerging Markets Risk Database (GEMs) was recognized.

    The Heads reiterated their continued commitment to implementing the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks (CAF).  Further reform efforts by MDBs since mid-2024 have increased the additional lending headroom for development projects in all countries of operation, including high-income ones, over the next decade by more than US$250 billion, thus reaching a total of over US$650 billion.

    The publication in the coming weeks of the Comparison Report by the MDBs’ Global Risk and Finance Forum (GRaFF) will provide metrics and data relating to MDBs’ financial positions, promoting a better understanding of their financial models and supporting both balance sheet optimization and private sector mobilization. 

    The Heads also agreed to continue advancing promising initiatives already underway to strengthen system-wide impact. These include: 1) Mission 300, which aims to connect 300 million people in Africa to electricity by 2030 through public and private collaboration; 2) Association of South East Asian Nations (ASEAN) Power Grid, which aims to boost energy security, strengthen resilience, and promote decarbonization for the region’s 670 million people by connecting its electricity systems; and 3) Digital Transformation in Education in Latin America and the Caribbean, which aims to connect 3.5 million students and train over 250,000 teachers. 

    In addition, MDBs are exploring joint actions to scale up investments in social infrastructure, including health, education, housing, and water and sanitation. Building on structured dialogue led by the CEB, the Heads welcomed progress made through recent cross-MDB consultations and recognized the key role these sectors play in enabling jobs, productivity, and inclusive growth, while noting persistent financing and delivery challenges that constrain impact.

    Meeting in advance of the Fourth International Conference on Financing for Development (FfD4), which will take place in Sevilla, Spain, from 30 June to 3 July, MDBs remain committed to working better as a system, in alignment with country-led development priorities and strategies to promote jobs and prosperity. In view of water’s role in human development, MDBs committed to significantly increasing collective support for global water security by 2030, and will launch the first “Joint Annual MDB Water Security Financing Report” at FfD4. Heads noted the importance of the upcoming COP30 in Belem, Brazil, in November 2025.

    Today’s meeting in Paris marks a significant step toward effective collaboration and scaled-up collective action for development priorities. MDB reforms are advancing, moving from concept to execution.

    With streamlined operations, better risk tools, and growing financial capacity, MDBs are delivering real impact – from expanding energy access and digital education to scaling investment in water security.

    MIL OSI Economics