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Category: Economics

  • MIL-OSI Economics: New duties to reduce competitiveness of European brandy in China, says GlobalData

    Source: GlobalData

    New duties to reduce competitiveness of European brandy in China, says GlobalData

    Posted in Consumer

    Trade wars between the West and China have been an ongoing affair for more than five years. In a fresh salvo, the European Union decided to impose anti-dumping duties on Chinese-origin electric vehicles (EVs). In return, China opened an anti-dumping case and has imposed additional import duties on European-origin brandies. The elevated tariffs, which came into effect on October 11, are expected to drastically reduce the competitiveness of EU brandy in China, leading to a potential decline in sales volume, says GlobalData, a leading data and analytics company.

    Bokkala Parthasaradhi Reddy, Consumer Lead Analyst at GlobalData, comments: “The higher prices resulting from the tariffs may deter Chinese consumers from purchasing EU brandy, which could result in a shift towards domestic or other non-EU brands that are more competitively priced. This shift could diminish the market share of EU brands in one of their key growth markets, as consumers may opt for alternatives that offer better value for money due to the increased costs associated with imported brandy. This will be detrimental to the global spirits business, and the Chinese market, in particular.

    “The imposition of tariffs could lead to a long-term shift in consumer sentiment towards EU brandy. If consumers perceive EU brandy as a luxury that is now out of reach due to high tariffs, they may become less inclined to purchase it, even if prices stabilize in the future. This shift in perception could have lasting effects on brand loyalty and market dynamics, as consumers may turn to other spirits that remain affordable.”

    Elyn Gao, Business Development Director, GlobalData China, adds: “The imposition of the new tariffs can lead to higher prices for consumers and businesses alike. Companies may struggle to absorb these costs, resulting in price increases for end consumers or reduced profit margins. This inflationary pressure can impact consumer spending and overall economic activity, affecting sectors like retail, manufacturing, and food services. The psychological impact of tariffs and trade conflicts can dampen consumer sentiment. For instance, the decline in housing prices in China has already affected consumer confidence, leading to reduced spending.”

    Reddy continues: “The impact will significantly impact the fortunes of leading brandy companies, especially French cognac producers, such as Remy Cointreau, LVMH, and Pernod Ricard. Remy Cointreau is expected to be the worst affected as it has a significant exposure to China. Meanwhile, Pernod Ricard is expected to face a lower impact as it expects the import duties to be lower for its products due to its cooperation with Chinese authorities.”

    Reddy concludes: “This situation is part of a larger pattern of trade disputes between China and Western countries, as seen in the previous tensions with Australia over wine imports, where similar accusations of dumping led to temporary tariffs of over 100%. In response to these challenges, EU brandy producers may need to reassess their strategies in the Chinese market. This could involve exploring cost-reduction measures, enhancing marketing efforts to emphasize the quality and heritage of EU brandy, or even considering partnerships with local distributors to navigate the new pricing landscape more effectively.

    “Additionally, producers might need to diversify their markets to reduce dependency on China, especially if the tariffs remain in place for the foreseeable future.”

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN provides briefing on the key outcomes of the 44th and 45th ASEAN Summits and Related Summits under Chairmanship of Lao PDR

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today highlighted the key outcomes of the 44th and 45th ASEAN Summits and Related Summits recently held in Vientiane, Lao PDR, to the diplomatic corps residing in Jakarta, Indonesia as well as to the media. The Secretary-General of ASEAN also took the opportunity to receive questions from Ambassadors and the media, which helped provide a better understanding on the work of ASEAN.

    The post Secretary-General of ASEAN provides briefing on the key outcomes of the 44th and 45th ASEAN Summits and Related Summits under Chairmanship of Lao PDR appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Media Registration for the 2024 APEC Economic Leaders’ Week Opens Singapore, Peru | 15 October 2024 APEC Secretariat APEC Secretariat

    Source: APEC – Asia Pacific Economic Cooperation

    Media registration is now open for the 2024 APEC Economic Leaders’ Week (AELW), which will be held in Lima, Peru, from 9 to 16 November 2024. Peru President Dina Boluarte will chair the APEC Economic Leaders’ Meeting on 16 November.

    Minister for Foreign Affairs of Peru Elmer Schialer and Minister of Foreign Trade and Tourism Úrsula León will host their foreign affairs and trade counterparts for the APEC Ministerial Meeting. The AELW will also include the 2024 APEC CEO Summit and the APEC Business Advisory Council (ABAC) Dialogue with Leaders.

    Media representatives are invited to apply for accreditation to cover these high-level meetings and associated events.

    Background

    APEC Peru 2024 is centered around the theme “Empower. Include. Grow.” This theme reflects Peru’s commitment to fostering inclusive growth and sustainable development across the Asia-Pacific region. The priorities for this year include:

     

    1. Trade and Investment for Inclusive and Interconnected Growth: This focus aims to strengthen open and inclusive trade policies that facilitate economic growth across diverse sectors of society, ensuring long-term sustainability.

       

    2. Innovation and Digitalization to Promote Transition to a Formal and Global Economy: This priority seeks to support vulnerable economic actors in their transition from informal to formal participation in the global economy through innovation and digital tools.

       

    3. Sustainable Growth for Resilient Development: This involves promoting energy transitions, decarbonization of economic activities, and enhancing food security to build resilience in the face of climate change and other challenges.

     The AELW schedule is as follows:

    • 10-12 November: 4th APEC Business Advisory Council (ABAC) Meeting
    • 11-12 November: Senior Officials’ Retreat and Concluding Senior Officials’ Meeting
    • 13 November: Dialogue on Indigenous Peoples: Indigenous Perspectives on Inclusive Growth and Economic Empowerment
    • 14 November: APEC Ministerial Meeting
    • 14-15 November: APEC CEO Summit
    • 15 November: APEC Economic Leaders’ Dialogue with ABAC
    • 16 November: APEC Economic Leaders’ Meeting

    Accreditation procedure

    Access to media facilities, services and specific events will only be available to accredited media representatives. Media badges will be issued for accredited media only. To be accredited for the AELW, media representatives need to submit a cover letter in PDF format to [email protected] that includes information outlined below:

     

    • Name of the media organization
    • Contact person responsible for the accreditation including their email and mobile number
    • Full name of team who will cover the AELW
    • Passport or ID of the team who will cover the AELW

    After the submission, the media accreditation officer will review the documents. The person responsible for the accreditation will then receive a user ID and password to initiate the registration process for the media team through the registration portal.

    Once the pre-registration process is completed, the verification stage will begin, which may take several days. A notification email with either confirmation or request for additional requirements will be sent to the contact person responsible for the accreditation process.

    Details regarding the date, time and place for credential pick-up will be provided via email. The deadline for the media registration is Monday, 4 November, Peru time. We strongly encourage media representative to register as soon as possible to allow sufficient time for visa arrangements, as needed, and the temporary importation of equipment.

    Media credentials will be available for pickup from 1-16 November at Prom Peru at Av. Jorge Basadre 610, San Isidro, Lima, Peru from 08:00 to 17:00. Please address all media-related inquiries to [email protected] and [email protected]. Read the full media accreditation details in this link.

    For further details, please contact:

    APEC Media at [email protected]

    Michael Chapnick +65 9647 4847 at [email protected]

    MIL OSI Economics –

  • MIL-OSI Economics: RBI to conduct 2-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 15, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 15, 2024, Tuesday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 50,000 2 11:00 AM to 11:30 AM October 17, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1292

    MIL OSI Economics –

  • MIL-OSI Economics: François Villeroy de Galhau: Fintechs – at the forefront of “new frontiers”

    Source: Bank for International Settlements

    Ladies and Gentlemen,

    I am delighted to welcome you to the Banque de France for this fifth annual Fintech Forum, organised jointly by the ACPR and AMF. I would like to extend a warm welcome to Marie-Anne Barbat-Layani, Chair of the AMF, and to thank Clara Chappaz, Secretary of State for Artificial Intelligence and Digital Technologies, for her presence at the close of this morning’s proceedings. We created this Forum with a simple aim: to show that the Banque de France, and our Authorities, are as much those of the fintechs as they are of the incumbent players, and that innovation and regulation do not necessarily constitute an odd couple.

    Today I would like to illustrate this with a continuity, a break with the past, and a challenge. First, the continuity: while the first few months of 2024 have witnessed a stabilisation of the amount of funds raised, the ACPR and the Banque de France remain resolutely committed to fintechs (I). The break with the past concerns the surge in artificial intelligence: the ACPR stands ready to assume the role of “market supervisor” for the French financial sector (II). Lastly, the challenge is one of balancing openness and trust: as from next January, DORA legislation will provide more trust – as well as more requirements (III).

    I. Continuity: the commitment of the Banque de France and the ACPR to the innovative ecosystem

    1. A stabilising financial environment

    After the heady years of 2021 and 2022, followed by a sharp downturn in 2023,i funds raised by French fintechs stabilised in the first half of 2024 at EUR 560 million, compared with EUR 568 million in the first half of 2023.ii Therefore France is still the EU’s biggest market, ahead of Germany (nearly EUR 500 million), but continues to lag well behind the United Kingdom (EUR 1.3 billion). This stabilisation is due in particular to the shift in monetary policy: the last increase in key rates was in September 2023, and since then we have cut rates twice by 25 basis points, in June and September, as a result of the sharp fall in inflation. I will refrain from saying any more as we are in a “silent period”.

    MIL OSI Economics –

  • MIL-OSI Economics: Asahi Noguchi: Economic activity, prices, and monetary policy in Japan

    Source: Bank for International Settlements

    I. Economic Activity and Prices

    A. Economic Developments at Home and Abroad

    I will begin my speech by talking about recent economic developments at home and abroad.

    In the wake of global inflation following the COVID-19 pandemic, Japan’s economy has been steadily shifting away from the deflation, or low inflation, that had continued from the late 1990s. It is approaching an extremely crucial turning point, in terms of whether the Bank of Japan’s price stability target of 2 percent will be achieved in a sustainable and stable manner. This depends on future economic developments at home and abroad and the underlying developments in policy conduct among the various authorities.

    Turning to overseas economies, many countries and regions have been increasingly shifting the focus of their policy conduct to maintaining economic growth, as the high inflation caused by the post-pandemic reopening of the economies has begun to subside. Major central banks in the United States and Europe maintained high policy interest rates until recently in order to contain inflation. Meanwhile, as their economies have started out on a slowing trend because of this sustained monetary tightening, some of the central banks have gradually begun to reduce their policy interest rates. That said, the degree of economic slowdown in many countries and regions is quite mild, excluding China, which is undergoing real estate adjustments, and high inflation has started to be subdued without an accompanying significant rise in the unemployment rate (Chart 1). In that sense, these countries and regions have come close to containing inflation with a very soft landing.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: What will tomorrow’s post-trading industry look like and what forms of cooperation will it deploy?

    Source: Bank for International Settlements

    Ladies and gentlemen,

    In a tougher and more fragmented world, an increasing body of analyses and reports are identifying Europe’s vulnerabilities – especially in the economic and financial sphere – and proposing ways of remedying these by leveraging and consolidating our key competitive advantages.

    These levers include Europe’s financial firepower, which is not currently commensurate with its economic heft, even though it has to contend with major investment requirements for two necessary transformations in the digital and climate spheres that hold immense promise for the future.

    From this perspective, the post-trading industry has a key role to play in harnessing these new digital technologies and processes which are developing before our eyes and transforming our financial system.

    From my perspective as a central banker, tasked with overseeing the efficiency and security of the post-trading infrastructures that are so crucial to the stability of our financial system, these innovations constitute both opportunities and risks. Their deployment therefore raises strategic and operational questions that we need to answer collectively if we are to ensure that tomorrow’s post-trading infrastructures safeguard the competitiveness and sovereignty of our financial system, while maintaining the stability that the legislator has tasked us with preserving. This raises the following two questions in particular:

    What will the post-trading services industry look like in the wake of these transformations?
     

    MIL OSI Economics –

  • MIL-OSI Economics: Philip N Jefferson: The Fed’s discount window – 1990 to the present

    Source: Bank for International Settlements

    Thank you, Steve, for that kind introduction and for the opportunity to talk to this group today. 

    Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region. My thoughts are with the people and communities affected. For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the financial services needs of their communities.

    Yesterday I shared my historical perspective on the discount window at Davidson College. In 1913, when the Federal Reserve was established, the discount window was the main tool it used to provide the nation with a safer, more flexible, and more stable monetary and financial system. More than 110 years later, the discount window continues to play an important role in supporting the liquidity and stability of the banking system, and the effective implementation of monetary policy.

    Today I would like to discuss with you how the discount window has evolved in the 21st century, including recent steps the Federal Reserve Board has taken to solicit feedback from the public on discount window operations. Before I address our most recent efforts, however, I will review some important episodes in discount window history that brought us to where we are today.

    MIL OSI Economics –

  • MIL-OSI Economics: Gabriel Makhlouf: Opening statement – joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

    Source: Bank for International Settlements

    Good afternoon Chair, Committee members.

    Thank you for the invitation to appear before you today. I am joined by Deputy Governors Vasileios Madouros and Derville Rowland.

    I will begin by giving a brief overview of the economic outlook in the EU and in Ireland, before I touch on some consumer protection issues.

    The economic outlook in the EU

    Turning to the outlook, growth in the euro area as a whole slowed in the second quarter of 2024, driven by weaker investment and consumption. Having said this, the latest projections are for a consumption-led growth recovery, albeit marginally weaker than what was previously expected. Employment growth is projected to be somewhat weaker than its pre-pandemic average.  

    We remain on track to reach our 2 per cent inflation target in the fourth quarter of 2025, although some uncertainty remains around this baseline forecast. In particular more persistent services inflation and stronger than expected wage growth could impact the forecast.

    At the most recent ECB Governing Council meeting, my colleagues and I decided to lower the deposit facility rate by 25 basis points, to 3.5 per cent. This was informed by the euro area inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.

    Last month we also implemented changes we had announced in March to the operational framework for implementing monetary policy, which sees the spread between the main refinancing operations rate (MRO) and our main policy rate – the deposit facility rate – set at 15 basis points.

    The economic outlook in Ireland

    Turning to the Irish economy, it continues to grow at a strong pace supported by the buoyancy of domestic economic activity.  Our latest Quarterly Bulletin – published last month – paints a picture of a resilient domestic economy poised to grow in the region of 2.5 per cent annually through to 2026.  Headline inflation has eased considerably to below 2 per cent, and is expected to remain between 1.5 and 2 per cent out to 2026.

    However, challenges to maintaining such performance are becoming more evident. Stronger than expected growth, over and above the economy’s potential rate, has brought into sharp focus domestic supply and infrastructure constraints. These, in turn, present a situation where globally-determined inflation in Ireland is declining substantially, while more domestically-driven inflation, as reflected in services price inflation, remains significant at around 4 per cent.

    Given current conditions, the continued expansionary fiscal stance adds unnecessary stimulus to an economy at full employment. Against the current macroeconomic backdrop, increasing net spending in excess of 5 per cent over an extended period implies that the fiscal stance will aggravate price inflation and wage pressures, undermining competitiveness and creating risks that could damage sustainable economic growth.

    As my pre-Budget letter of 4 July to the Minister for Finance – and the paper on the housing market we published last month – observed, higher levels of public investment are likely to be required over the coming years given known deficits in housing and to meet longer term structural challenges linked to the climate transition.

    So while the projected increases in public investment are necessary, careful management of the overall fiscal stance is needed to avoid overheating. With the economy already at full employment, there is a risk that increasing public investment on the scale envisaged fuels overheating pressures and results in poor value for money. To avoid this outcome, it would have been preferable if the upward revisions to public investment had been accommodated while keeping overall net spending below 5 per cent. Undoubtedly, this would have presented difficult choices and trade-offs to be made in other areas of expenditure and on taxation.

    Furthermore, to ensure additional government expenditure yields real improvements in services and that infrastructure investment is delivered efficiently, essential change outside of fiscal measures is needed in broader public policy areas. This includes in particular addressing delays and bottlenecks in the planning system, in the building regulation process and in construction. Progress in these areas would also help to further incentivise and crowd-in private investment.

    Consumer protection

    Let me turn to consumer protection.  The Central Bank’s mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy. All of our work is aimed at serving the public interest and protecting consumers of financial services, whether it is through the Consumer Protection Code, the mortgage measures, monetary policy, our oversight of payments systems, or supervising to ensure firms are resilient and are acting in the best interests of their consumers.

    The environment in which we operate is changing rapidly, driven by technological change and by consumer preferences. The ways in which we as consumers buy, use and engage with financial services has changed hugely, leading to new risks in the financial sector we supervise and for the consumers we protect.

    As outlined in my two recent letters to yourselves, the Central Bank is making changes to the way we are organised to deliver our financial regulation responsibilities. Consumer protection remains a core part of those responsibilities. But in order to continue to deliver on our mandate both today and into the future, we are changing our approach to ensure that consumers of financial services are protected in an increasingly complex environment. This enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector. We are making the most fundamental strengthening of our consumer protection approach for more than a decade.

    In terms of frameworks, as you know, we will shortly be introducing an updated Consumer Protection Code. This follows the largest, most in-depth review of the Code since it was introduced to ensure that it is fit for purpose into the future, is reflective of the changed nature of financial services and strengthens protections for consumers. This is a tangible demonstration of our ongoing commitment to the protection of consumers of financial services right across the country, and we have consulted widely on it to ensure we hear consumers’ and other stakeholders’ views directly.

    To implement the rules we need the right operational approach internally. This includes moving to an integrated framework where, at an operational level, directorates with oversight of banks, insurance companies and capital markets will be responsible for the supervision of all the functions of their respective sectors (as opposed to separate directorates undertaking supervisory activities for consumer protection, prudential regulation and market supervision).  

    The new approach will make it easier to direct our supervisory resources to the areas of most risk to consumers or the system more widely. Importantly, we are taking the existing team that stood in a single consumer protection directorate and placing them where their expertise is most required, directly in supervisory directorates across banks, insurance and funds. ‘Mainstreaming’ consumer protection activity in this way will enable us to dedicate greater attention and resources to where the particular risk is at a point in time. The new approach will allow us to do more, not less, to protect consumers.

    Let me give an example of how we see the interconnections in our work in relation to consumer protection. Next week we will publish our analysis of the shortfall between the cost of flooding in Ireland and that portion of the cost which is not insured. We know that Ireland will face more frequent and severe floods as the effects of climate change continue to crystallise and as we approach critical tipping points in a range of significant areas that increasingly require urgent action. Climate change has implications for the economy and for the financial system and floods in particular will impact directly on communities and consumers as well as the balance sheets of insurance companies. We cannot require insurance companies to provide flood insurance cover but our analysis can help everyone to understand the risks and support the cooperation and coordination required from the many stakeholders involved in building flood resilience in Ireland.

    Finally, and as set out in my letter, the internal operational changes that we are making will not change the focus on consumer protection at the most senior levels of the Central Bank. Derville Rowland, as Deputy Governor (Consumer and Investor Protection), will continue to have consumer protection at the core of her responsibilities. The Central Bank Commission’s Consumer Advisory Group will also continue to operate as it does now. And the entire senior leadership team led by me will continue to have a focus on consumer protection.

    These changes will come into effect in January and we are convinced that they are the best way for the Central Bank to continue to deliver on its mission, ensuring the financial system continues to operate in the best interests of consumers and the wider economy.

    Conclusion

    We are happy to take your questions.

    MIL OSI Economics –

  • MIL-OSI Economics: [Unfolding Galaxy AI] How the Galaxy Z Fold6 and Flip6 Awaken Your Inner Creator

    Source: Samsung

    Anyone can be a creator with the Samsung Galaxy Z Fold6 and Z Flip6, foldables packed with features that let you easily create high-quality content, even if you don’t think you have the professional skills. And because your phone is a device you carry with you every day, you will always have an opportunity to use the world around you for inspiration.
     
    Here are just some of the ways in which the Galaxy Z Fold6 and Z Flip6 with Galaxy AI1 can enable you to be creative by seeing your drawings, photos and videos in a whole new way.
     
     
    Start With a Sketch, End With a Masterpiece
    We all take a lot of photos on vacation with friends, but there’s always one that stands out. Sometimes you want to do something special with it, like adding a crown to the head of the birthday girl, but you don’t have the expensive design apps, and anyway you don’t know how to use them. Fear not: Sketch to Image2 on the Galaxy Z Fold6 and Z Flip6 with Galaxy AI is here to help.
     

     
    Start with a quick and simple sketch of what you want to see on a photo you’ve taken. In seconds, it will be converted into a photorealistic object that matches the mood of the photo — right before your eyes.
     
    With Sketch to Image, your rough sketches are turned into stunning works of art. You can either layer them on top of an existing photo, like your favorite holiday pictures, or you can even start with a blank canvas and create something beautiful from scratch. There are even additional options to further customize your creations by selecting from different styles, such as watercolor or 3D cartoon.
     
    Sketch to Image can get you to a fully designed image that you and your friends will love.
     
     
    Let AI Remix Your Portrait
    Across the many different social media platforms we all use, one common element is the profile picture. With Portrait Studio,3 you can create a profile photo that stands out. Usually, the photo that you take of yourself is the end product but with Portrait Studio, it’s just the beginning. Whether you’d like to see yourself as a comic book character, a 3D cartoon, a watercolor painting or a sketch, Portrait Studio can create something truly unique.
     

     
    Start by taking a picture of yourself or anyone else you’d love to see transformed. Then select Portrait Studio, which you’ll find within Photo Assist in the Gallery app and choose the style of image you’d like the AI feature to create. From there, hit ‘Generate’ and let Galaxy AI make your photo instantly sharable. You’ll have a new and unique profile photo and everyone will be asking you how you did it.
     
     
    Slow Motion Without the Preparation
    We’re all used to taking pictures while on holiday or when hanging out with friends but sometimes you want to capture a moment in a way that a picture never can. A great video always catches people’s attention, and now you can use Instant Slow-Mo4 to give your clips an added sense of drama. That video of you pulling off an impossible trick at the skate park or gracefully waving a scarf in the sea breeze is much more fun when slowed down. Instant Slow-Mo makes it easy to create that effect in the videos you already have.
     
    Galaxy AI enables this feature to work well for the times when you forgot to film in slow motion in the first place. It uses AI Frame Rate Conversion (AI FRC) technology to generate intermediate frames of movement to fill in the gaps between frames already there, which helps maintain quality.
     

     
    To use Instant Slow-Mo, play a video in the Gallery app and tap and hold on the screen at the point you want to slow down. You can see the effect happen in real time, while also having access to additional options to perfect your video. To share the video with friends, it’s as simple as pressing the share button, viewing the preview, selecting to share the slow-mo clip, and using Quick Share to send it to your friends nearby.
     
    Instant Slow-Mo will give a new creative streak to your clips and make you want to press play again and again.
     
    With Galaxy AI on the Galaxy Z Fold6 and Z Flip6, you’re never short of ways to make your photos and videos look amazing. Your quick sketches become gorgeous 3D visuals, and you can give yourself a whole new look — whether that’s through AI generated accessories or by reimagining yourself as a cartoon. Your videos can look more like movies, complete with slow-mo.
     
    You’re already more creative than you think, and with the Galaxy Z Fold6 and Z Flip6, you now have the tools in your hand to express your creativity in new ways.
     

     
    1 Samsung Account login may be required to use certain Samsung AI features. Samsung does not make any promises, assurances or guarantees as to the accuracy, completeness or reliability of the output provided by AI features. Availability of Galaxy AI features may vary depending on the region/country, OS/One UI version, device model and phone carrier. Some function availability may vary by device model. Galaxy AI service may be limited for minors in certain regions with age restrictions over AI usage. Galaxy AI features will be provided for free until the end of 2025 on supported Samsung Galaxy devices. Different terms may apply for AI features provided by third parties.2 Sketch to image requires a network connection and Samsung Account login. Editing with Sketch to Image may result in a resized photo up to 12MP. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by AI. The accuracy and reliability of the generated output is not guaranteed.3 Portrait Studio requires a network connection and Samsung Account login. Supports JPG, HEIC (HEIF), BMP and PNG files. The background must not be transparent. Editing with Generative Portrait results in a resized photo up to 9MP. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by AI. The accuracy and reliability of the generated output is not guaranteed.4 Instant Slow-mo feature is available on Samsung Video Player and Samsung Gallery. May not be available on certain video file types. Accuracy of results not guaranteed.

    MIL OSI Economics –

  • MIL-OSI Economics: Gartner Survey Finds Leader and Manager Development Tops HR Leaders’ List of 2025 Priorities for Third Consecutive Year

    Source: Gartner – IT Research

    Headline: Gartner Survey Finds Leader and Manager Development Tops HR Leaders’ List of 2025 Priorities for Third Consecutive Year

    Leader and manager development remains the No. 1 priority in 2025 for HR leaders for the third consecutive year, according to a survey by Gartner, Inc. The continued focus on manager development comes as managers report feeling overwhelmed by their responsibilities.

    MIL OSI Economics –

  • MIL-OSI Economics: Asian Development Blog: Five Sustainable Solutions to Drive Armenia’s Crossroads of Peace Initiative

    Source: Asia Development Bank

    Armenia’s Crossroads of Peace initiative offers a vision of peace and stability through improved infrastructure and trade. It is also a great opportunity to build sustainable infrastructure, improve customs clearance, and promote green trade. Key reforms in road safety and foreign direct investment are essential for long-term success, positioning Armenia as a strategic hub for regional trade.

    Armenia, located in the South Caucasus between Europe and Asia, holds a strategic geographic position as a natural crossroads for east-west and north-south trade routes. 

    Despite closed borders with neighbors to the east and west, Armenia has outlined a vision of open borders through its “Crossroads of Peace” initiative. 

    Supported by investments in road, rail, and border checkpoints, the initiative envisions economic ties and peaceful relations with all neighbors. While improved rail networks and modern roads are a key focus, the initiative must address several factors to ensure long-term success: 

    Make the infrastructure sustainable. The infrastructure investments under the initiative represent a remarkable opportunity to incorporate sustainable infrastructure. Doing so would set a standard for future developments in Armenia and position the country as an early adopter of sustainable infrastructure in the region.

    This can be done through implementing green building standards in the roads, bridges, and related infrastructure, through the use of sustainable, recycled, or low-carbon materials along with enforcing emissions standards for equipment used in construction and maintenance.  

    LED streetlights, which last longer and reduce energy consumption, could be used. Border points can be built or refurbished to meet energy efficient standards and equipped with power supplied from renewable sources.  

    These interventions would limit the carbon footprint of the Crossroads initiative while, in the long run, reducing the overall costs for its implementation.   

    Streamline customs clearance processes. Freight typically follows the least time-consuming and cost-efficient way.  While better roads and rail networks are attractive for transit trade, customs processes need to be streamlined to truly deliver on the desired objective.

    Digitization is the backbone of modern logistics.  For customs processes, it reduces paperwork, corruption, and can drastically cut border wait times. Armenia’s adoption of the Electronic International Road Transport system is a needed advancement that would immediately improve customs clearance efficiency.  

    As Armenia’s neighbors have adopted the system as well, its geographic position along with digitally integrated customs procedures would make it the natural choice for freight movement. And with much of the legal framework agreed and a gap analysis already prepared by the United Nations Economic Commission for Europe, this would seem to be low-hanging fruit on the list to improve logistics and promote regional trade. 

    Armenia is at a critical point in its development trajectory and the Crossroads initiative could be the mechanism to propel it into a regional hub for trade and logistics.

    Promote Green Trade. The Crossroads initiative could be an enabler for Armenia to become an advocate for green trade to yield benefits to future generations. 

    This could be achieved through developing green logistics frameworks that incentivize low-emission transportation assets and eco-friendly packaging for goods. 

    Local campaigns to raise awareness of the benefits of green products and sustainable consumption can help instill these practices in Armenia, while eco-friendly labels on products can help consumers make smart choices when purchasing goods and services.

    Armenia has already renewed its commitment to the Paris Agreement and the government has demonstrated it takes the climate agenda seriously.  Promoting green trade will be another mark on the road to greater sustainability, competitiveness, export diversification, and generally improved value addition.   

    Become an enabling environment for foreign direct investment.  With open borders the Crossroads initiative can attract greater foreign direct investment, which would have sweeping benefits including job creation, greater productivity, increased government revenue, human capital development, and general technological advancements. 

    The regional stability offered by the initiative could be the trigger that entices foreign investors to consider Armenia as a new frontier for opportunity.

    Armenia has shown steady improvements in attracting new businesses, suggesting its legal and regulatory frameworks have become more attractive to foreign investors.  However, Armenia faces stiff regional competition in the South Caucasus from Georgia and will need to accelerate these reforms to redirect investment in the region. 

    The creation of more special economic zones is an important lever for the government to attract investment. Given the integral nature of transport and logistics to the initiative, more zones designed to support better logistics and simplified trade would be a meaningful step to attract the right firms and needed capacity to execute on the increased demand the Crossroads will bring to the region. 

    Create a culture of road safety. With significant investments in road infrastructure, the Crossroads initiative will offer drivers smoother and faster road surfaces. However, without stronger measures to promote a culture of road safety and enforced safety laws, improved conditions could lead to an increase in accidents. 

    Armenia has taken positive steps enacting legislation that requires seat belts and motorcycle helmets, yet on the road it is common to see drivers without either.  The legislation also does not specify restraints for child safety and children are allowed to be seated in the front, both drastically increasing the chances of injury or death in case of accident. 

    A coordinated countrywide awareness-raising campaign on the benefits of seat belts, helmets, and child restraints is necessary, along with legislative actions to identify standards and improve enforcement. 

    Armenia is at a critical point in its development trajectory and the Crossroads initiative could be the mechanism to propel it into a regional hub for trade and logistics.  However, it should not only be framed around building roads, rail, and bridges. It should also deliver on its broader ambitions and create lasting benefits for society.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales radios successfully tested by the German Armed Forces to be deployed within the NATO enhanced Forward Presence

    Source: Thales Group

    Headline: Thales radios successfully tested by the German Armed Forces to be deployed within the NATO enhanced Forward Presence

    • The German Armed Forces conducted operational tests with PR4G and SYNAPS-H Thales radios to demonstrate their suitability for the needs of the multinational Battalion Group deployed by NATO.
    • Within one year, Thales has successfully delivered to the German Armed Forces radio equipment for the NATO enhanced Forward Presence (eFP).
    • These 4-week operational tests demonstrated that Thales radios are interoperable and secure.
    @Thales

    Thales radios for use in NATO enhanced Forward Presence were tested in an intensive four-week operational trial under the direction of the Army Development Office. These tests were conducted with the participation of the Army Development Office, the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw), the German Army’s “Test and Trial” teams and Dutch and French Armed Forces.

    The particular focus of the procurement was to provide modern, encrypted, electronic counter countermeasure (ECCM)-capable command and control radios for the multinational deployment of the enhanced Forward Presence, which can transmit voice in parallel with data and their own position.

    “During the four-week operational test, Thales PR4G and SYNAPS-H radios met the requirements so effectively that the system is deemed suitable for introduction into the German Armed Forces.. We are very pleased that there are no more obstacles for the operational use of the radios in Lithuania, where the deployed forces will have protected, modern radios.” added Christoph Ruffner, CEO and Country Director, Thales Deutschland.

    Although the soldiers had not received any training, only a short briefing, it was possible to establish operational readiness in under an hour..The radios also impressed with a stable radio network and in the range tests.

    The purpose of NATO enhanced Forward Presence is to strengthen its defensive and deterrent posture on Europe’s eastern flank. NATO battlegroups are deployed to the Baltic states of Estonia, Latvia and Lithuania as well as to Poland and led by the United Kingdom, Canada, Germany and the United States respectively.

    MIL OSI Economics –

  • MIL-OSI Economics: KNDS selects Thales Power Systems Solution for the Leopard 2 A8

    Source: Thales Group

    Headline: KNDS selects Thales Power Systems Solution for the Leopard 2 A8

    • KNDS awarded Thales a contract to deliver compact, programable and scalable High-Power Solid-State Power Distribution Boards (SSPDB) for the Leopard 2 A8 platform.
    • The SSPDB developed by Thales is designed to provide overcurrent and short circuit protection, and to enable smart electrical power management of protected vehicles.
    • A first, short-term delivery of SSPDBs will already take place in Q3 2024, followed by several hundred units by 2027.

    In just a few months, KNDS and Thales engineering teams have jointly succeeded in adapting an SSPDB solution that meets the power management needs of the Leopard 2 A8. Thales will focus on making the High-Power SSPDB a successful product by concentrating on key performance areas of the SWaP (Size, Weight and Power) to meet the stringent and demanding power requirements.

    Rated up to 160A per channel and with integrated current, temperature and voltage sensing, the multi-channel SSPDBs are designed to protect against overcurrent and short circuits and offer the flexibility to use pre-programmed operating profiles or real-time selections to enable intelligent power management in a variety of mission scenarios.

    The first units will be integrated as early as Q3 2024. This time-critical collaboration demonstrates the ingenuity and agility of our two teams.

    Under the KNDS contract, Thales will build hundreds of SSPDBs by 2027, using customization, manufacturing and testing processes already in use for the Thales Power Systems product line.

    “With an expertise of more than 20 years, Thales is a global leader in the development and manufacture of Power Systems for protected vehicles. We are proud to have been awarded this contract by KNDS and are confident that this strong partnership will continue.” ​ Martin Bernhardsgrütter, Country Director, Thales Switzerland.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aeronautics & Space, and Cybersecurity & Digital identity.

    It develops products and solutions that help make the world safer, greener and more inclusive.

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

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

    MIL OSI Economics –

  • MIL-OSI Economics: October 2024 euro area bank lending survey

    Source: European Central Bank

    15 October 2024

    • Credit standards remained unchanged for firms in the third quarter of 2024, after more than two years of consecutive tightening
    • Credit standards eased for loans to households for house purchases but tightened for consumer credit
    • Housing loan demand rebounded strongly on the back of expected interest rate cuts and improving housing market prospects
    • Impact of policy rate decisions on bank net interest income turned negative for the first time since the end of 2022

    According to the October 2024 bank lending survey (BLS), euro area banks reported unchanged credit standards – banks’ internal guidelines or loan approval criteria – for loans or credit lines to enterprises in the third quarter of 2024 (net percentage of banks of 0%; Chart 1). Banks also reported a further net easing of their credit standards for loans to households for house purchase (net percentage of -3%), whereas credit standards for consumer credit and other lending to households tightened further (net percentage of 6%). For firms, the net percentage was lower than expected by banks in the previous survey round, although risk perceptions continued to have a small tightening effect. For households, credit standards eased somewhat more than expected for housing loans, primarily because of competition from other banks, and tightened more than expected for consumer credit, mainly owing to additional perceived risks. For the fourth quarter of 2024, banks expect a net tightening of credit standards for loans to firms and consumer credit and a net easing for housing loans.

    Banks’ overall terms and conditions – the actual terms and conditions agreed in loan contracts – eased strongly for housing loans and slightly for loans to firms, while moderately tightening for consumer credit. Lending rates and margins on average loans were the main drivers of the net easing for loans to firms and housing loans, whereas tighter consumer credit terms and conditions were mainly attributable to margins on both riskier and average loans.

    For the first time since the third quarter of 2022, banks reported a moderate net increase in demand from firms for loans or drawing of credit lines (Chart 2), while remaining weak overall. Net demand for housing loans rebounded strongly, while demand for consumer credit and other lending to households increased more moderately. Lower interest rates drove firms’ loan demand, while fixed investment had a muted effect. For housing loans, the net increase in housing loan demand was mainly driven by declining interest rates and improving housing market prospects, whereas consumer confidence and spending on durables supported demand for consumer credit. In the fourth quarter of 2024 banks expect net demand to increase across all loan segments, especially for housing loans.

    Euro area banks reported a moderate improvement in access to funding for retail funding, money markets and debt securities in the third quarter of 2024. Access to short-term retail funding improved, whereas access to long-term retail funding remained broadly unchanged. For the fourth quarter of 2024, banks expect access to funding to remain broadly unchanged across market segments.

    The reduction in the ECB’s monetary policy asset portfolio had a slightly negative impact on euro area banks’ market financing conditions over the last six months, which banks expect to continue over the next six months. In addition, banks reported that the ECB’s reduction of its monetary policy asset portfolio had an overall contained effect on their lending conditions, which they expect to continue in the coming six months, reflecting the gradual and predictable nature of the adjustment to the ECB’s portfolio.

    The phasing-out of TLTRO III continued to negatively affect bank liquidity positions. However, in light of the small remaining outstanding amounts of TLTRO III, banks reported a broadly neutral impact on their overall funding conditions and neutral effects on lending conditions and loan volumes.

    Euro area banks reported the first negative impact of the ECB interest rate decisions on their net interest margins since the end of 2022, while the impact via volumes of interest-bearing assets and liabilities remained negative. Banks expect the negative net impact on margins associated with ECB rate policy to deepen and to result in a decline in overall profitability from the high levels reached during the 2022-2023 tightening cycle. Banks expect the impact of provisions and impairments on profitability to remain slightly negative.

    The quarterly BLS was developed by the Eurosystem to improve its understanding of bank lending behaviour in the euro area. The results reported in the October 2024 survey relate to changes observed in the third quarter of 2024 and changes expected in the fourth quarter of 2024, unless otherwise indicated. The October 2024 survey round was conducted between 6 and 23 September 2024. A total of 156 banks were surveyed in this round, with a response rate of 99%.

    Chart 1

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

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

    Source: ECB (BLS).

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

    Chart 2

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

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

    Source: ECB (BLS).

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

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

    Notes

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

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of the 25th ASEAN-Republic of Korea (ROK) Summit to Commemorate the 35th Anniversary of Dialogue Relations

    Source: ASEAN

    The 25th ASEAN-Republic of Korea (ROK) Summit to Commemorate the 35th Anniversary of Dialogue Relations was held on 10 October 2024, in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, H.E. Mr. Yoon Suk-yeol, President of the ROK, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s priorities for its ASEAN Chairmanship 2024 under the theme “ASEAN: Enhancing Connectivity and Resilience,” which reaffirmed ASEAN’s commitment to strengthening the ASEAN Community through intensifying ASEAN cooperation under the three community pillars, promoting infrastructure connectivity, narrowing the development gap, enhancing economic integration and people-to-people exchanges, and further strengthening ASEAN’s relations with external partners, while maintaining ASEAN’s relevance and Centrality in the evolving regional architecture. We applauded the Lao PDR for successfully convening the 57 ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings in July 2024, in Vientiane, Lao PDR.Download the full statement here.
    The post Chairman’s Statement of the 25th ASEAN-Republic of Korea (ROK) Summit to Commemorate the 35th Anniversary of Dialogue Relations appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of the 27th ASEAN-China Summit

    Source: ASEAN

    The 27th ASEAN-China Summit was held on 10 October 2024, in Vientiane. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, H.E. Mr. Li Qiang, Premier of the State Council of the People’s Republic of China, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s priorities for its ASEAN Chairmanship 2024 under the theme “ASEAN: Enhancing Connectivity and Resilience,” which reaffirmed ASEAN’s commitment to strengthening the ASEAN Community through intensifying ASEAN cooperation under the three community pillars, promoting infrastructure connectivity, narrowing the development gap, enhancing economic integration and people-to-people exchanges, and further strengthening ASEAN’s relations with external partners, while maintaining ASEAN’s relevance and ASEAN Centrality in the evolving regional architecture. We congratulated Lao PDR on the successful convening of the 57th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings, from 21 to 27 July 2024, in Vientiane, Lao PDR.Download the full statement here.

    The post Chairman’s Statement of the 27th ASEAN-China Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of The 27th ASEAN Plus Three Summit

    Source: ASEAN

    The 27th ASEAN Plus Three (APT) Summit was held on 10 October 2024 in Vientiane. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic, and attended by ASEAN Member States, the People’s Republic of China, Japan, and the Republic of Korea,
    as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN, the Director of ASEAN+3
    Macroeconomic Research Office (AMRO), the 2024 Chair of the East Asia Business Council (EABC), and the Secretary-General of the Trilateral Cooperation
    Secretariat (TCS) were also in attendance. Review and Future Direction of APT Cooperation
    We noted with satisfaction the progress in APT cooperation over the past years and discussed its future direction. We reaffirmed our commitment to further strengthening and deepening the APT process, which plays a key role and as a main vehicle in regional community-building efforts and in promoting peace, stability, and security in the East Asian region with ASEAN as the driving force. We also recognised the importance of the APT to ASEAN’s efforts towards realizing the ASEAN Community Vision 2025, the Master Plan on ASEAN Connectivity (MPAC) 2025, the Initiative for ASEAN Integration (IAI) Work Plan IV
    (2021 -2025), and deeper regional integration in East Asia.

    Download the full statement here.

    The post Chairman’s Statement of The 27th ASEAN Plus Three Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of The 4th ASEAN-Australia Summit

    Source: ASEAN

    The 4th ASEAN-Australia Summit was held on 10 October 2024 in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, the Honourable Anthony Albanese MP, Prime Minister of Australia, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.
    We reiterated our support for Lao PDR’s priorities for its ASEAN Chairmanship 2024 under the theme “ASEAN: Enhancing Connectivity and Resilience”, which reaffirmed ASEAN’s commitment to strengthening the ASEAN Community through intensifying ASEAN cooperation under the three community pillars, promoting infrastructure connectivity, narrowing the development gaps, enhancing economic integration and people-to-people exchanges, and further strengthening ASEAN’s relations with external partners, while maintaining ASEAN’s relevance and ASEAN Centrality in the evolving regional architecture. We applauded Lao PDR for successfully convening the 57th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings in July 2024 in Vientiane, Lao PDR.
    Download the full statement here.

    The post Chairman’s Statement of The 4th ASEAN-Australia Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of ASEAN-Canada Special Summit on Enhancing ASEAN Connectivity and Resilience

    Source: ASEAN

    The ASEAN-Canada Special Summit on Enhancing ASEAN Connectivity and Resilience was held in Vientiane, Lao PDR, on 10 October 2024. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by the ASEAN Member States, the Honourable Justin Trudeau, Prime Minister of Canada, as well as Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s ASEAN Chairmanship under the theme “ASEAN: Enhancing Connectivity and Resilience,” which aims to enhance ASEAN connectivity and resilience through intensifying ASEAN cooperation under the three Community pillars; promoting infrastructure connectivity, narrowing development gaps, promoting greater economic integration and people-to-people exchanges; and further strengthening ASEAN’s relations with external partners, while maintaining ASEAN’s relevance and ASEAN Centrality in the evolving regional architecture. In this regard, we adopted the ASEAN-Canada Joint Leaders’ Statement on Enhancing ASEAN Connectivity and Resilience. We congratulated the Lao PDR on the successful convening of the 57th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings, from 24 to 27 July 2024, in Vientiane, Lao PDR.

    Download the full statement here.

    The post Chairman’s Statement of ASEAN-Canada Special Summit on Enhancing ASEAN Connectivity and Resilience appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of The 21st ASEAN-India Summit

    Source: ASEAN – Association of SouthEast Asian Nations

    The 21st ASEAN-India Summit was held on 10 October 2024, in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, Hon. Narendra Modi, Prime Minister of the Republic of India, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s ASEAN Chairmanship under the theme “ASEAN: Enhancing Connectivity and Resilience,” which reaffirmed ASEAN’s commitment to strengthening the ASEAN Community through intensifying ASEAN cooperation across the three Community pillars, promoting infrastructure connectivity, narrowing development gaps, enhancing economic integration, promoting people-to-people exchanges, and strengthening capacity and institutional effectiveness. We congratulated the Lao PDR for the successful convening of the 57th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings, from 21 to 27 July 2024, in Vientiane, Lao PDR.

    Download the full statement here.

    The post Chairman’s Statement of The 21st ASEAN-India Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of The 12th ASEAN-United States Summit

    Source: ASEAN

    The 12th ASEAN-United States (U.S.) Summit was held on 11 October 2024, in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, the Honourable Antony Blinken, Secretary of State of the United States of America, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s priorities for its ASEAN Chairmanship 2024 under the theme “ASEAN: Enhancing Connectivity and Resilience,” which reaffirmed ASEAN’s commitment to strengthening ASEAN Community through intensifying ASEAN cooperation under the three Community pillars, promoting infrastructure connectivity, narrowing development gaps, enhancing economic integration and people-to-people exchanges, and further strengthening ASEAN’s relations with external partners, while maintaining ASEAN’s relevance and ASEAN Centrality in the evolving regional architecture. We congratulated the Lao PDR on the successful convening of the 57th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings, from 21 to 27 July 2024, in Vientiane, Lao PDR.

    Download the full statement here.

    The post Chairman’s Statement of The 12th ASEAN-United States Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of The 19th East Asia Summit (EAS)

    Source: ASEAN

    The 19th East Asia Summit (EAS) was held on 11 October 2024 in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, Australia, the People’s Republic of China, the Republic of India, Japan, New Zealand, the Republic of Korea (ROK), the Russian Federation, and the United States of America (U.S.), as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance. The President of the European Council and Secretary-General of the Shanghai Cooperation Organisation, as Guests of the Chair, briefed the 19 EAS on enhancing connectivity and economic integration.Review and Future Direction of the EAS
    We reaffirmed our commitment to further strengthening the EAS as a premier Leaders-led forum for dialogue and cooperation on broad strategic, political, and economic issues of common interest and concern with the aim of promoting peace, stability and economic prosperity in East Asia in line with the EAS fundamental documents and based on the established principles, objectives and modalities of the EAS.

    Download the full statement here.

    The post Chairman’s Statement of The 19th East Asia Summit (EAS) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of The 14th ASEAN-United Nations Summit

    Source: ASEAN

    The 14th ASEAN-United Nations (UN) Summit was held on 11 October 2024 in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic, and attended by the ASEAN Member States, H.E. Mr. António Guterres, Secretary-General of the UN, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s ASEAN Chairmanship under the theme “ASEAN: Enhancing Connectivity and Resilience,” which aims to ensure ASEAN collective efforts in the strengthening of the ASEAN Community to seize opportunities as well as address present and emerging challenges effectively.
    Download the full statement here.

    The post Chairman’s Statement of The 14th ASEAN-United Nations Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Chairman’s Statement of the 44th and 45th ASEAN Summits

    Source: ASEAN

    We, the Member States of the Association of Southeast Asian Nations (ASEAN), gathered in Vientiane, Lao People’s Democratic Republic (Lao PDR), on 9 October 2024, for the 44th and 45th ASEAN Summits under the Chairmanship of the Lao PDR. The Summits were chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao PDR, and convened in accordance with the ASEAN Charter.We reaffirmed our support for Lao PDR’s ASEAN Chairmanship under the theme ASEAN: Enhancing Connectivity and Resilience, which focuses on enhancing connectivity through integrating economies, forging an inclusive and sustainable future, and transforming for the digital era, and strengthening resilience by supporting the development of the ASEAN Community Vision 2045 and its Strategic Plans, strengthening ASEAN Centrality, promoting environmental cooperation, addressing issues related to women and children, and bolstering health systems. We emphasised the importance of these efforts in building a more connected and resilient ASEAN Community that is prepared to seize future opportunities and to overcome challenges. We underscored the significance of maintaining and promoting cooperation and collaboration within ASEAN and with external partners to achieve these objectivesDownload the full statement here.
    The post Chairman’s Statement of the 44th and 45th ASEAN Summits appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Gender Equality and Water Security: A Conceptual Framework and Practical Strategies to Accelerate Progress

    Source: Asia Development Bank

    Highlighting how women are underrepresented in the management and delivery of water, the report recommends setting targets, monitoring progress toward gender equality, and promoting gender-inclusive practices in water security initiatives. It shows how water-related organizations alongside governance and management institutions can take measures to boost women’s water access, reduce vulnerability, and increase employment to drive transformational change.

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 11, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,28,791.33 6.27 5.00-6.50
         I. Call Money 7,782.39 6.43 5.10-6.50
         II. Triparty Repo 3,67,217.50 6.25 5.50-6.39
         III. Market Repo 1,52,769.44 6.32 5.00-6.45
         IV. Repo in Corporate Bond 1,022.00 6.41 6.40-6.45
    B. Term Segment      
         I. Notice Money** 15.60 6.34 6.20-6.35
         II. Term Money@@ 56.00 – 6.80-6.85
         III. Triparty Repo 0.00 – –
         IV. Market Repo 0.00 – –
         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 Fri, 11/10/2024 3 Mon, 14/10/2024 45,260.00 6.49
    3. MSF# Fri, 11/10/2024 1 Sat, 12/10/2024 47.00 6.75
      Fri, 11/10/2024 2 Sun, 13/10/2024 0.00 6.75
      Fri, 11/10/2024 3 Mon, 14/10/2024 1,256.00 6.75
    4. SDFΔ# Fri, 11/10/2024 1 Sat, 12/10/2024 79,778.00 6.25
      Fri, 11/10/2024 2 Sun, 13/10/2024 53.00 6.25
      Fri, 11/10/2024 3 Mon, 14/10/2024 22,855.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,46,643.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,217.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -33,517.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,80,160.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 11, 2024 9,90,369.35  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 11, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ 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. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1279

    MIL OSI Economics –

  • MIL-OSI Economics: RBI to conduct 4-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 14, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 14, 2024, Monday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 75,000 4 12:00 Noon to 12:30 PM October 18, 2024
    (Friday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1280

    MIL OSI Economics –

  • MIL-OSI Economics: India coronary stent market set for 4% CAGR growth during 2024-2033, forecasts GlobalData

    Source: GlobalData

    India coronary stent market set for 4% CAGR growth during 2024-2033, forecasts GlobalData

    Posted in Medical Devices

    As coronary artery disease (CAD) cases continue to rise in India, the demand for advanced treatment options such as drug-eluting stents (DES) is gaining momentum. Against this backdrop, India coronary drug eluting stent market is expected to grow at a compound annual growth rate (CAGR) of 4% from 2024 to 2033, forecasts GlobalData, a leading data and analytics company.

    GlobalData’s latest report “Coronary Stents Market Size by Segments, Share, Regulatory, Reimbursement, Procedures and Forecast to 2033” reveals that India’s coronary drug eluting stent market accounts for around 32% of the Asia-Pacific market in 2024.

    Sahajanand Medical Technologies (SMT), an India-based developer and manufacturer of minimally invasive coronary stent systems, has recently received approval from the Australian Therapeutic Goods Administration (TGA) for its flagship drug-eluting stent, Supraflex Cruz. This approval enables SMT to expand into the highly regulated Australian market, highlighting India’s growing influence in the global medical device sector.

    Kanchan Chauhan, Medical Devices Analyst at GlobalData, comments: “While drug eluting stents have significantly improved patient outcomes, treating tortuous and calcified lesions remains a challenge due to the complex structure of the vessels. Stents with enhanced flexibility, ultrathin struts, and lower crossing profiles are designed to address these challenges more effectively by reducing complications such as restenosis and promoting faster recovery. Increasing the availability of such advanced solutions is crucial for enhancing cardiovascular care.”

    Supraflex Cruz delivers a combination of the sirolimus drug and a biodegradable polymer promoting faster vessel healing and reducing the risk of restenosis. The stent has been approved in over 80 countries, and with the recent TGA approval, it is set to be introduced in Australia, further solidifying its reputation for safety and efficacy.

    Chauhan concludes: “As India continues to innovate in the cardiovascular space, the international success of devices such as Supraflex Cruz highlights the country’s growing presence in cardiovascular market. With increasing foreign interest and a developing domestic market, India has the potential to enhance its role in the global medical device industry.”

    MIL OSI Economics –

  • MIL-OSI Economics: MiniMed recall could erode patient trust in Medtronic’s diabetes care offerings, says GlobalData

    Source: GlobalData

    MiniMed recall could erode patient trust in Medtronic’s diabetes care offerings, says GlobalData

    Posted in Medical Devices

    Medtronic has recently announced an FDA class I recall of its MiniMed insulin pump system.  A defect relating to battery life and pumps being dropped or hit was identified by Medtronic, leading to a recall of approximately 785,000 devices. The company has already reported 181 adverse events because of the defect. This announcement comes during continued weak performance from Medtronic’s diabetes care division, and could adversely affect patient trust in its diabetes care offerings, says GlobalData, a leading data and analytics company.

    The recall affects pump systems from both the MiniMed 600 and 700 lines of insulin pumps manufactured by Medtronic. Most insulin pumps, including Medtronic’s, are powered by an AA battery. If there is any damage to the battery casing, the insulin pump may fail to warn the user about a low battery, which can result in a lack of insulin being delivered to the patient if the pump is not receiving power.

    David Beauchamp, Medical Analyst at GlobalData, comments: “Lack of insulin in a diabetic patient can result in hyperglycemia and diabetic ketoacidosis, both of which can be life-threatening. As such, ensuring that insulin pumps do not have these points of failure is very important. The FDA recall is a logical step to prevent any more adverse events.”

    According to the GlobalData Medical Intelligence Center, the US traditional insulin pump market is worth $953 million in 2024, growing at a compound annual growth rate (CAGR) of 3.19% from 2024 to 2033. The global traditional pump market is valued at approximately $2.6 billion and is growing at a CAGR of 7.12% in the same period. Medtronic holds a significant amount of market share within this market; however, they face competition from other diabetes device manufacturers, such as Tandem Diabetes Care. This recall could cause patients to lose trust with Medtronic, potentially reducing their market share.

    Beauchamp concludes: “This recall has already had effects on Medtronic’s stock performance. Due to the danger to patients posed by this failure of Medtronic’s insulin pump, the company could be facing a loss of trust. Since 2022, Medtronic’s diabetes division has been performing poorly, as its own devices fail to meet patient expectations and the competition has intensified its own research and development to market superior products.”

    MIL OSI Economics –