NewzIntel.com

Category: Economics

  • MIL-OSI Economics: Consumer demand for novelty and customization compels brands to explore new product segments in India, finds GlobalData

    Source: GlobalData

    Consumer demand for novelty and customization compels brands to explore new product segments in India, finds GlobalData

    Posted in Consumer

    Novelty and experimentation trends have changed the consumption patterns of consumers. Consequently, brands are continuously innovating in line with the growing personalization trend to maintain consumer interest while gaining a competitive edge over the rivals in India. New market disruption will help the brands tap into emerging markets and enhance their relevance, says GlobalData, a leading data and analytics company.

    Savitha Kruttiventi, Consumer Analyst at GlobalData, comments: “Brands need to ensure they meet consumers’ needs and expectations of novelty and uniqueness along with the important dietary considerations. In line with this, Keventers, an India-based milkshake and ice cream brand, launched waffles for the first time as part of its expansion strategy. These 100% vegetarian waffles are available in six different flavors and cater to consumers who have special dietary preferences such as vegetarians. The brand also allows consumers to customize their waffles with their favorite ice cream toppings. The manufacturer leveraged its brand image to enter a new product segment.”

    Francis Gabriel Godad, Consumer Business Development Manager, GlobalData India, notes: “In the current competitive landscape, it is extremely important to prioritize innovation to thrive. Manufacturers must focus on launching products that are innovative and align with consumers’ preferences to create deeper connections with them. In GlobalData’s 2024 Q2 consumer survey, 74% of Indian consumers admit that they find novelty/uniqueness to be an essential feature influencing purchase decisions^.

    “Consumers in India are actively on the lookout for the brands that give them options to customize according to their interest. 65% of Indian consumers admit that their purchase decisions are always or often influenced by products’ alignment with their needs and personality. Hence, brands need to embrace customization to have a higher chance of enhancing their customer satisfaction and brand loyalty among consumers.”

    Kruttiventi concludes: “Consumers are seeking novel products that align with customization and personalization trends. This highlights the need for the brands to adapt and innovate to retain their customer base. Brands that emphasize these factors tend to gain a competitive edge and attain success in the long run.”

    ^GlobalData 2024 Q2 Consumer Survey – India, published in July 2024, with 897 respondents

    MIL OSI Economics –

  • MIL-OSI Economics: APAC EV infrastructure market to expand at 13.5% CAGR over 2024-29, forecasts GlobalData

    Source: GlobalData

    APAC EV infrastructure market to expand at 13.5% CAGR over 2024-29, forecasts GlobalData

    Posted in Automotive

    Governments worldwide currently face the challenge of creating the strong infrastructure required to accelerate the shift toward electric vehicles (EVs). The Asia-Pacific (APAC) region is experiencing significant growth in this area, with China leading as a major EV market and boasting an extensive infrastructure. Government agencies and private entities in other nations in the region, such as South Korea, India, Japan, and Indonesia, are also actively participating and investing in the expansion of charging station networks. Against this backdrop, the APAC EV infrastructure market is expected to record a compound annual growth rate (CAGR) of 13.5% over 2024–29, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Global Sector Overview & Forecast: EV Infrastructure Q3 2024,” reveals that the automotive EV infrastructure market covering two types of charging stations, fast charging stations powered by direct current and slow charging stations powered by alternating current, is estimated at 3.3 million units in 2024 and is forecast to reach 6.2 million units by 2029 in the APAC region.

    Madhuchhanda Palit, Automotive Analyst at GlobalData, comments: “To facilitate the widespread adoption of EVs in the APAC region, it is critical to enhance the EV charging infrastructure. Considering that APAC is the most densely populated region in the world, the prospect of long wait times at charging stations may deter potential EV consumers. Therefore, to achieve the electrification goals set by the governments of APAC countries and to drive EV adoption, there is an urgent need to augment the quantity of EV charging stations, with a particular focus on fast charging stations.”

    Several initiatives are underway to address the need to expand EV infrastructure. For instance, Volt, an EV charging company within the infrastructure division of Singapore-based Keppel, announced in July 2024, the deployment of a new fast-charging hub in the country. This hub features ratings of 360 kilowatts and 120 kilowatts, enabling electric cars to be charged in as little as 10 minutes.

    Palit adds: “The expansion of fast-charging stations for EVs is essential, but there is also a pressing need to ensure equitable distribution across the nation. This distribution challenge has impeded EV adoption, even in countries like China, which is the world’s largest EV market. In China, the concentration of EV charging infrastructure in urban areas far exceeds that in rural areas. This disparity may discourage potential EV customers in rural areas and those planning longer journeys.”

    Additionally, the overabundance of chargers in urban areas can lead to underutilization, while those along highways and in rural areas may not meet peak demand during holidays, resulting in potential profit loss and job cuts for EV charging businesses in both urban and rural settings.

    A significant percentage of EV charging stations still rely on electrical power produced using fossil fuels, which can limit the environmental benefits of EVs. However, the landscape has changed significantly in recent years, with multiple initiatives by both the public and private sectors to transition the power source to renewable energy. For example, in India, The Climate Pledge, co-founded by Amazon and Global Optimism, announced in September 2024, an investment of $2.7 million in a new project, the Joint Operation Unifying Last-mile Electrification (JOULE), to build a network of shared EV charging stations powered by renewable energy in Bengaluru.

    Recognizing the concerns and needs for growth in the sector, multiple innovations are being introduced at various stages of implementation. For instance, crowdsourced EV charging, V2G power management, and bidirectional charging are some of the innovations in the early stages of development with steadily rising adoption rates. Meanwhile, EV inductive charging and dual-voltage charging stations are examples of innovations in the maturing stage, which have become well-established within the industry.

    Palit concludes: “Establishing adequate infrastructure is a time-sensitive matter, and the pace of progress varies among different nations. The increasing demand for EVs, coupled with substantial investments and research and development efforts, is expected to drive significant growth in the EV infrastructure sector in the near future.”

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Advancing Uzbekistan’s Sustainable Development via PPP Road Projects

    Source: Asia Development Bank

    PPP progress

    The PPP Development Department (PPPDD), established in 2018 under the Ministry of Economy and Finance (MOEF), monitors PPP progress in Uzbekistan. As of 5 August 2024, the government had signed 973 PPPs, totaling about $2.152 billion. These include 463 water management projects, 220 heating system projects, 91 education projects, 52 healthcare projects, and only 2 in transportation. Most PPP projects are small, averaging about $2.2 million each. The benefits of PPPs are more tangible for large projects, such as roads. Currently, no road PPPs have been signed, but two are in the pipeline: the Tashkent-Andijan Road (TAR), estimated at $5.35 billion, and the Tashkent-Samarkand Road (TSR), estimated at $1.4 billion.

    Road construction and rehabilitation typically require higher investment than other infrastructure sectors. The World Bank estimates Uzbekistan’s Road Development Plan faces a $1.5 billion annual funding gap. Mobilizing private sector and external financiers is crucial to bridge this gap.

    PPP projects generally progress through six phases: project identification, appraisal, structuring, tendering, delivery, and operation. Both the TAR and TSR are at the structuring stage. For TAR, the World Bank funded a pre-investment study in 2015 at a cost of $2.85 million, building on a pre-feasibility study completed in 2020. An investment teaser was prepared in December 2023, and the government invited expressions of interest by March 2024, with prequalification expected later in the year. The TSR feasibility study, funded by the European Bank for Reconstruction and Development (EBRD), began in 2019 but remains incomplete.

    Besides TAR and TSR, other potential PPP road projects include the Kungrad-Daut-Ata A380 Highway (KDH) operations and maintenance, a nationwide electronic tolling system, real-time traffic monitoring, weigh-in-motion systems, the Takhtakaracha tunnel construction, and the development of a new road crash and vehicle operations and maintenance database.

    In December 2023, EBRD approved a €10 million loan to establish the Uzbekistan PPP Project Development Facility (UPDF), which will finance the preparation of priority PPP projects, including in the road sector.

    Uzbekistan’s PPP framework

    Uzbekistan’s PPP framework is built on the 2019 PPP Law (amended in 2021), Resolution 259 (2020), and a draft toll road law developed with World Bank support. The draft law aims to provide a foundation for tolling roads, complementing the existing PPP Law, and was expected to be submitted to Parliament by June 2024.

    The International Monetary Fund (IMF) recommended improving fiscal risk assessments, including for state-owned enterprises and PPPs, to better manage external borrowing and integrate investment planning into the medium-term budget. Uzbekistan’s public debt rose from 28% of GDP in 2019 to 36.8% in July 2023, reaching $31.5 billion. The Debt Law caps public debt at 60% of GDP, with policies tightening if debt reaches 50%. Attracting private sector financing for high-cost road projects is essential to avoid increasing the public debt burden.

    Tolling system for roads

    The government plans to introduce toll roads to ease budget constraints and improve road services. A draft toll law, prepared with World Bank assistance, aims to establish tolling mechanisms. Preliminary estimates suggest toll fees for the TAR route could be $5-7 for cars and $15 for trucks and buses. Tolling alone may not cover construction and operations and maintenance costs, requiring availability payments or co-funding from development partners.

    The ADB has supported road infrastructure in Uzbekistan with $1.3 billion from 2007 to 2022. The Ministry of Transport requested ADB’s assistance in introducing a tolling system, with the KDH project selected to pilot this system. The KDH could become the first ADB-supported PPP road project in Uzbekistan, with potential involvement in other PPP efforts, such as transforming State Unitary Entities (SUE) for road operations and maintenance and improving urban bus services in Karakalpakstan.

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the 4-day Variable Rate Reverse Repo (VRRR) auction held on October 14, 2024

    Source: Reserve Bank of India

    Tenor 4-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 24,070
    Amount accepted (in ₹ crore) 24,070
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1283

    MIL OSI Economics –

  • MIL-OSI Economics: Whispers from the Dark Web Cave. Cyberthreats in the Middle East

    Source: Securelist – Kaspersky

    Headline: Whispers from the Dark Web Cave. Cyberthreats in the Middle East

    The Kaspersky Digital Footprint Intelligence team analyzed cybersecurity threats coming from dark web cybercriminals who targeted businesses and governments in the Middle East in H1 2024. Our research highlights the most severe and pervasive threats, and identifies potential risks and consequences as well as defensive strategies.

    The report covers threats that targeted entities in the following countries and territories:

    • Bahrain;
    • Egypt;
    • Iraq;
    • Jordan;
    • Kuwait;
    • Lebanon;
    • Oman;
    • Palestine;
    • Qatar;
    • Saudi Arabia;
    • Syria;
    • United Arab Emirates.

    The five prevalent cybersecurity threats in the Middle East covered in the report are related to:

    • The activities of ideological pirates, or hacktivists. The region has seen exponential growth in these due to the current geopolitical situation, and they are getting ever more destructive.
    • The shadow jewelry fair, or the initial access broker market. Initial access brokers deal in attack entry points for corporate networks, which attract hackers and cybercrime gangs.
    • Deadly sandworms, or ransomware gangs. At least 19 gangs were active in the Middle East in H1 2024, conducting multiple ransomware attacks that typically led to devastating consequences.
    • The ubiquity of malicious whistleblowers, or information stealers. They provide adversaries with up-to-date data for future attacks, especially valid credentials for corporate systems. Almost 10 million lines of stolen credentials belonging to Middle Eastern entities were published on the dark web in H1 2024 alone. The figure includes 4.4 million lines of access information stolen from key government agencies.
    • Cave raiders who steal sensitive data from corporations and other targets and distribute it among cybercriminals. A quarter of all data breaches affect various government organizations.

    Staying aware of all possible risks coming from the dark web helps organizations and governments to be one step ahead of cybercriminals and thus, to prevent attacks or fraud that could compromise their network infrastructure or operational integrity.

    Out report will be beneficial for:

    • C-level managers;
    • Corporate security employees;
    • Risk management professionals;
    • Cyberthreat Intelligence (CTI) and SOC analysts;
    • Incident response professionals;
    • OSINT and darknet researchers.

    The full version of the report is available on Kaspersky Digital Footprint Intelligence website.

    MIL OSI Economics –

  • MIL-OSI Economics: Identity fraud using the name of Blockchain Consulting GmbH

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services purportedly offered by the company Blockchain Consulting GmbH, based in Munich. Unknown perpetrators are using the company’s name without permission and are contacting consumers via telephone and e-mail. They are suspected of providing payment services.

    The perpetrators offer to enable purported trading profits to be paid out or to compensate for losses that have previously been incurred through investments on fraudulent trading platforms. In doing so, they attempt to persuade consumers to make payments for “taxes” or “fees” that are to be paid in advance. Based on the information currently available to BaFin, this is attempted fraud.

    Anyone wishing to conduct banking business or provide financial or investment services or payment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Economics: TOYOTA GAZOO Racing and MoneyGram Haas F1 Team Agree on Technical Partnership for the Future of the Automotive Industry

    Source: Toyota

    Headline: TOYOTA GAZOO Racing and MoneyGram Haas F1 Team Agree on Technical Partnership for the Future of the Automotive Industry

    TOYOTA GAZOO Racing (TGR) and MoneyGram Haas F1 Team announced today that they have concluded a basic agreement on entering a technical partnership concerning MoneyGram Haas F1 Team vehicle development and collaborative efforts. Through this partnership, the two sides aim to contribute to the development of the automotive industry by creating an environment in which young Japanese drivers, engineers, and mechanics can gain experience and grow in the FIA Formula One World Championship (F1), the pinnacle of motorsports.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB, Papua New Guinea Agree on Action Plan to Accelerate Project Implementation

    Source: Asia Development Bank

    PORT MORESBY, PAPUA NEW GUINEA (11 October 2024) — The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) today agreed on a timebound action plan to accelerate the implementation and improve the performance of ADB-financed projects at the 2024 Country Portfolio Review Mission Roundtable Meeting.

    Co-chaired by ADB Country Director for PNG Said Zaidansyah and the Department of National Planning and Monitoring Acting First Assistant Secretary Reichert Thanda and attended by government officials—including Department of Works and Highways Acting Secretary Gibson Holemba and Department of Treasury Deputy Secretary John Uware—project directors, and ADB staff, the hybrid meeting discussed the overall performance of the portfolio, reviewed projects, and delegated responsibilities with executing agencies and implementing agencies.

    “As the biggest multilateral development partner of PNG, ADB will continue to support diversified, sustained, and inclusive growth in the country,” said Mr. Zaidansyah. “The development impact and effectiveness of ADB’s support depend on the quality of the portfolio performance and we will continue to collaborate with the government to improve the portfolio performance and build the capacity of the relevant government agencies.”  

    ADB’s active program in PNG includes 15 loans and 6 grants with 10 projects amounting to $1.38 billion. The largest sectors ADB is supporting are transport (roads and civil aviation)—comprising 60% of the total active portfolio—and energy (20%) in response to the large infrastructure gap in the country. The human and social development sector, building resilience to climate and supporting gender equity, are also integral parts of ADB’s active portfolio. ADB is also actively working on public sector management, including state-owned enterprise reform.

    The action plan designed to improve the portfolio performance focuses on contract and project management, procurement, financial management, social and environmental safeguards, and gender equality. ADB and the government will closely monitor the progress of the agreed actions.  

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: 12th ASEAN-U

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, attended the 12th ASEAN-U.S. Summit held in Vientiane, Lao PDR, this morning. The Summit noted with satisfaction the robust progress made under ASEAN-U.S. Comprehensive Strategic Partnership. Recognising the significant potential for Artificial Intelligence to improve the lives of the peoples, including through the realisation of the Sustainable Development Goals, the Leaders of ASEAN and the US adopted the ASEAN-U.S. Leaders’ Statement on Promoting Safe, Secure, and Trustworthy Artificial Intelligence, with a view to unlocking the significant potential of Artificial Intelligence, while also mitigating its risks.

    The post 12th ASEAN-U.S. Summit convenes in Vientiane, Lao PDR appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 10, 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) 5,26,221.95 6.31 0.01-6.55
         I. Call Money 8,605.93 6.43 5.10-6.50
         II. Triparty Repo 3,70,072.45 6.30 6.20-6.45
         III. Market Repo 1,46,549.57 6.30 0.01-6.47
         IV. Repo in Corporate Bond 994.00 6.40 6.40-6.55
    B. Term Segment      
         I. Notice Money** 2,034.10 6.44 5.85-6.50
         II. Term Money@@ 386.00 – 6.60-6.90
         III. Triparty Repo 879.10 6.34 6.25-6.45
         IV. Market Repo 1,642.29 6.55 6.55-6.55
         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# Thu, 10/10/2024 1 Fri, 11/10/2024 2,180.00 6.75
    4. SDFΔ# Thu, 10/10/2024 1 Fri, 11/10/2024 56,656.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -54,476.00  
    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 Tue, 08/10/2024 3 Fri, 11/10/2024 9,398.00 6.49
      Mon, 07/10/2024 4 Fri, 11/10/2024 36,825.00 6.49
    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$       6,942.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -80,015.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,34,491.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 10, 2024 10,09,424.38  
         (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 10, 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: 2024-2025/1267

    MIL OSI Economics –

  • MIL-OSI Economics: School Closures, Shelter Use, and Learning Outcomes in the Philippines: Evidence from 2019 TIMSS

    Source: Asia Development Bank

    In many parts of the world, schools are often used as temporary shelters before, during, and after disasters that may prolong calamity-induced school closures. We combined student assessment data from the Philippine round of the 2019 Trends in International Mathematics and Science Study with school administrative records and area-level typhoon warnings to assess the impact of short school closures on learning outcomes. Results show that one school closure day induced by school-as-shelter use reduces student achievement by 12% to 14% of a standard deviation, equivalent to roughly half to a full year’s worth of learning. This is likely driven by a decline in student interest, rather than by a contraction in the breadth of topics covered in class or by poorer teaching quality. These findings highlight potential hidden disasters from seemingly benign but frequent hazards. 

    WORKING PAPER 1487

    MIL OSI Economics –

  • MIL-OSI Economics: Foreign Investment and Gender Equality in India: Competitive Pressures or Technology Transfer?

    Source: Asia Development Bank

    We examine the relationship between foreign direct investment (FDI) inflows into a large, emerging economy and advances in gender equality. Several studies have examined how competitive FDI pressures might lower gender inequality by reducing an employer’s ability to practice taste-based discrimination. Other studies examine how FDI-induced technology transfer reduces gender employment and gender wage gaps in developing countries. To the best of our knowledge, we are the first to consider the possibility that foreign investment both places strong competitive pressures on domestic industries and also allows for technology adoption. These ideas are particularly important in service-oriented sectors, where the highest values of foreign investments flow and the largest shares of women are employed. We expect increased competition associated with foreign investment to reduce gender inequality in occupations that suffer most from discrimination, while technology transfer serves to further reduce gender gaps in occupations for which automation reduces the demand for tasks. We use worker-level data from India to examine the differential effects on women relative to men of horizontal (measuring competition) and vertical (measuring technology transfer) FDI across occupational categories. Our findings suggest that competitive pressures associated with horizontal FDI narrow the gender employment gap in nonroutine cognitive occupations, while the technology transfer associated with vertical FDI supports increases in the relative demand for women in routine-manual occupations.

    WORKING PAPER 1486

    MIL OSI Economics –

  • MIL-OSI Economics: 19th East Asia Summit reviews cooperation and future direction

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in the 19th East Asia Summit (EAS), held in Vientiane, Lao PDR. The 19th EAS was attended by Heads of State/Government and High Representatives of the EAS participating countries, the Secretary-General of ASEAN and Timor-Leste as Observer. The President of the European Council and the Secretary-General of the Shanghai Cooperation Organisation attended the Open Session and briefed the Meeting on enhancing connectivity and on economic integration.

    The Leaders reaffirmed their commitment to further strengthening the EAS as the premier Leaders-led forum for dialogue and cooperation on broad strategic, political and economic issues of common interest and concern.

    The post 19th East Asia Summit reviews cooperation and future direction appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung’s AI-Powered Home Appliances Are Becoming More Secure With Knox Matrix

    Source: Samsung

    Samsung Electronics is taking protection to the next level with Samsung Knox, the proprietary security platform safeguarding its AI home appliances, alongside additional solutions. The company aims to strengthen the security of not only individual products but also interconnected devices, providing users with peace of mind when using AI home appliances.
     
    At Samsung Developer Conference 2024 (SDC24), Samsung announced plans to extend Knox Matrix from mobile devices and TVs to home appliances following Samsung Knox’s expansion. Knox Matrix provides integrated protection for interconnected devices, allowing them to mutually monitor for security threats and notify users of threat-blocking measures.
     
    ▲ Jong-Hee Han, Vice Chairman, CEO and Head of Device eXperience (DX) Division at Samsung Electronics, delivers the SDC24 keynote address.
     
    In addition, Samsung plans to introduce mobile biometric authentication to its home appliances next year — eliminating the need to enter IDs and passwords and preventing login information from being exposed.
     
     
    Detecting Security Threats and Notifying Users
    All Samsung smart home appliances1 are safeguarded by Samsung Knox, a holistic and multi-defense security platform that protects users’ data from external threats including malicious software. Nonetheless, Samsung set out to build a secure environment for interconnected devices since strong connectivity between devices creates an improved user experience and protection against data exposure in the age of AI home appliances.
     
    Knox Matrix is a security solution that comprehensively protects connected devices and networks using private blockchain technology. The system consists of Trust Chain, Cross Platform and Credential Sync.
     
    ▲ Knox Matrix is comprised of three main technical elements.
     
    Based on blockchain technology, Trust Chain allows connected devices to monitor each other for security threats and notifies users of threat-blocking measures if there is a problem with the security status. Cross Platform ensures consistent security standards are applied to connected devices, even if they run on different operating systems (OS) and platforms. Credential Sync encrypts data shared between devices and synchronizes credentials to maintain security.
     
    First introduced to the 2024 Bespoke 4-Door Refrigerator with AI Family Hub , Credential Sync uses end-to-end encryption (E2EE) technology to share data between devices on the server. Information can be safely shared between connected devices, and existing user data can be restored when a new product is purchased.
     
    Samsung plans to expand the application of Knox Matrix’s Trust Chain, Cross Platform and Credential Sync to major products such as the refrigerator with AI Family Hub beginning next year.
     
     
    Introducing Biometric Authentication
    At SDC24, Samsung also announced that Passkey will be introduced next year to the refrigerator with AI Family Hub as well as home appliances equipped with the 7-inch AI Home LCD screen. Part of Credential Sync, Passkey is a digital credential that allows users to log in to home appliance apps and websites2 using biometrics such as fingerprints on their smartphones.
     
    With the increasing use of apps and web services, the risk of password leaks is on the rise. Passkey alleviates this concern and eliminates the inconvenience of having to remember passwords for each login.
     
    Furthermore, Samsung is planning to apply Knox Vault to its AI home appliances starting next year to further improve hardware-based security. Samsung home appliances equipped with Knox Vault will store sensitive personal information such as passwords and biometric data on a separate hardware security chip — protecting sensitive information from OS-based security breaches or physical hacks.
     
     
    Expanding Recognition From Top-Tier Organizations
    Samsung is committed to improving the reliability of its AI home appliances by expanding security verification from authorized organizations. In February, the Bespoke 4-Door Flex Refrigerator with AI Family Hub + became the first in the global home appliance industry to receive the highest rating of Diamond in the IoT Security Rating conducted by leading certification company UL Solutions. Now, five products including the Bespoke AI Laundry Combo and the Bespoke Jet Bot Combo AI have received the same rating — setting an industry record.3
     
    ▲ The Bespoke AI Laundry Combo received the Diamond security rating from UL Solutions.
     
    UL Solutions’ IoT Security Rating uses a five-level rating system based on rigorous testing of hacking risks and the security capabilities of smart home appliances. The Diamond rating requires passing stringent evaluations including detecting malicious software tampering, preventing illegal access attempts and anonymizing user data. Samsung plans to expand Diamond certification to even more of its AI home appliances.
     
    Additionally, Samsung conducts internal cyberattack simulations at least once a quarter to verify the security of its AI home appliances. The company’s software developers perform these hacking tests on products and services to identify vulnerabilities and create updates to address any security flaws.
     
    “As the connected ecosystem of AI home appliances expands, the importance of security is growing exponentially,” said Miyoung Yoo, EVP and Head of the Software Development Team, Digital Appliances Business at Samsung Electronics. “Samsung will continue to develop security solutions and achieve new certifications to ensure that users can experience peace of mind when using AI home appliances and services in Samsung’s ecosystem.”
     
     
    1 Samsung Knox is applied to select appliances launched in 2018 and later.2 Available on websites that support the international Fast Identity Online (FIDO) standard.3 As of August 2024.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI to conduct 3-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 11, 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 11, 2024, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 75,000 3 11:30 AM to 12:00 Noon October 14, 2024
    (Monday)

    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: 2024-2025/1269

    MIL OSI Economics –

  • MIL-OSI Economics: AIIB and AMRO Sign MOU to Strengthen Cooperation for Regional Economic Resilience and Sustainable Development 

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) and the ASEAN+3 Macroeconomic Research Office (AMRO) signed a memorandum of understanding (MOU) to enhance cooperation aimed at fostering regional macroeconomic resilience and sustainable development. This strategic partnership will leverage joint research, knowledge sharing, capacity building and staff exchanges to create a more robust economic landscape for the region.

    AMRO Director Kouqing Li and AIIB President Jin Liqun signed the three-year agreement in Vientiane, Lao PDR this week on the sidelines of the 2024 ASEAN Summit, marking a significant step forward in the two organizations’ shared commitment to addressing pressing economic challenges for their respective member economies.

    “Amid rising global uncertainty and increasing geoeconomic fragmentation, forging strategic partnerships is paramount to deepen our understanding of the challenges faced by the ASEAN+3 region,” Li said. “I am confident AMRO’s collaboration with AIIB will unlock synergies as we work toward securing the macroeconomic and financial resilience and stability of the region.”

    “This partnership reflects our shared vision of fostering sustainable, resilient growth in Southeast Asia,” Jin said. “AIIB is committed to financing Infrastructure for Tomorrow, underpinned by rigorous analysis of local conditions and strong cooperation with local and regional partners. By strengthening joint efforts with AMRO, we are building a solid foundation for a more prosperous and inclusive future for all.”

    The new partnership signifies both organizations’ commitment to enhancing their collaborative initiatives to generate enduring economic benefits for their respective member economies and to navigate the challenges of an evolving global economy.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity. 

    About AMRO

    AMRO is an international organization comprising the 10 members of the Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on October 11, 2024

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 45,260
    Amount accepted (in ₹ crore) 45,260
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1270

    MIL OSI Economics –

  • MIL-OSI Economics: ASEAN-China Joint Statement on Facilitating Cooperation in Building a Sustainable and Inclusive Digital Ecosystem

    Source: ASEAN – Association of SouthEast Asian Nations

    We, the Member States of the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China gathered at the 27th ASEAN-China Summit in Vientiane, The Lao People’s Democratic Republic, on 10 October 2024.

    Recognizing that the world is currently undergoing a rapid digital transformation, acknowledge that building an open, secure, inclusive and interoperable digital ecosystem will help accelerate the development of the digital economy, digital society, and digital government, and is therefore of great significance to the economic and social development of all Parties.

    Download the full statement here.
    The post ASEAN-China Joint Statement on Facilitating Cooperation in Building a Sustainable and Inclusive Digital Ecosystem appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: 14th ASEAN-UN Summit reinforces multilateralism, global resilience

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, attended the 14th ASEAN-UN Summit held in Vientiane, Lao PDR, today. The ASEAN-UN Summit underscored the significance of the ASEAN-UN Comprehensive Partnership in addressing global challenges and reaffirmed a shared commitment to uphold multilateralism, rule of law and a rules-based international order in responding to increasingly complex global challenges.

    The Meeting reiterated a shared commitment to further strengthening the ASEAN-UN Comprehensive Partnership by ensuring the effective implementation of the ASEAN-UN Plan of Action (2021-2025) and its successor document.

    The post 14th ASEAN-UN Summit reinforces multilateralism, global resilience appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: ASEAN-U

    Source: ASEAN

    WE, the Member States of the Association of Southeast Asian Nations (ASEAN) and the United States of America (United States), gathered on the occasion of the 12th ASEAN-United States (U.S.) Summit in Vientiane, Lao PDR, on 11 October 2024;

    HIGHLIGHTING our shared interest in unlocking the significant potential of artificial intelligence (AI) while also mitigating its risks;

    Download the full statement here.
    The post ASEAN-U.S. Leaders’ Statement on Promoting Safe, Secure, and Trustworthy Artificial Intelligence appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: ASEAN-U.S. Leaders’ Statement on Promoting Safe, Secure, and Trustworthy Artificial Intelligence

    Source: ASEAN – Association of SouthEast Asian Nations

    WE, the Member States of the Association of Southeast Asian Nations (ASEAN) and the United States of America (United States), gathered on the occasion of the 12th ASEAN-United States (U.S.) Summit in Vientiane, Lao PDR, on 11 October 2024;

    HIGHLIGHTING our shared interest in unlocking the significant potential of artificial intelligence (AI) while also mitigating its risks;

    Download the full statement here.
    The post ASEAN-U.S. Leaders’ Statement on Promoting Safe, Secure, and Trustworthy Artificial Intelligence appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: ADF-16: Benin to contribute $2 million to the African Development Fund

    Source: African Development Bank Group
    Benin has pledged $2 million to the next replenishment of the African Development Fund, the concessional window of the African Development Bank Group.
    The country’s Minister of Economy and Finance, Romuald Wadagni, made the announcement in Cotonou, at the opening session of the Mid-Term Review of the 16th Replenishment of the…

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Secretary-General of Shanghai Cooperation Organisation

    Source: ASEAN

    Secretary-General of ASEAN, Dr Kao Kim Hourn today held a bilateral meeting with Secretary-General of the Shanghai Cooperation Organisation (SCO), Zhang Ming, on the margins of the 19th East Asia Summit (EAS) in Vientiane, Lao PDR. Both sides exchanged views on ways to enhance ASEAN-SCO relations, among others.

    The post Secretary-General of ASEAN meets with Secretary-General of Shanghai Cooperation Organisation appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era

    Source: Huawei

    Headline: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era

    [Seoul, Republic of Korea, October 11, 2024] During GSMA Mobile 360 (M360) Asia Pacific 2024 in Seoul, Korea, Huawei won a Digital Nation Award for ‘Excellence in Innovation Video’ for “Smart 5G Warehouse – Future of Logistics,” a short video showing how 5G technology is driving digital transformation across multiple industries, including logistics. At the event, a senior Huawei leader also described various new pathways for carriers to monetize the vast new markets that 5G and AI open up.
    A screenshot from the video showcasing the 5G warehouse

    “Smart 5G Warehouse” was shot at the Indonesia’s First 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java, Indonesia. It highlights how 5G enhances operational efficiency and creates new growth opportunities, contributing to Indonesia’s Golden Vision 2045 of a modern digital economy.
    In a keynote to the M360 audience, James Chen, President of Huawei Carrier Business, emphasized the pivotal role AI will play in shaping the future of the mobile industry. With the convergence of 5G-A and AI, operators are entering an era where personalized services can be delivered at scale, unlocking new opportunities for growth.
    James Chen delivering his keynote speech

    Exploring Large-Scale Personalization in Carrier Services
    Chen further highlighted the new possibilities that 5G opens up for carriers. 5G New Calling uses AI technology to provide a rich, personalized experience for users. Powered by AI large models, it can be upgraded to a personal intelligent assistant, providing real-time suggestions during conversations and supporting intent recognition across various scenarios. As of September 2024, over 22 million users in China had subscribed to this service.
    In the Asia-Pacific region, Chen noted, Huawei has partnered with local carriers in Hong Kong to test new AI applications, including real-time digital humans. In Thailand, Huawei collaborated with carriers to trial real-time multilingual translation, with the Thai language translation already meeting business requirements.
    Another product that 5G enables is Cloud Phone, Chen said. Leveraging the advantages of network, cloud, and computing power, Cloud Phone delivers a near-real device experience while addressing key pain points such as insufficient storage, fast data consumption in gaming, and the inability of low-end phones to support high-quality games. Enhanced by AI, Cloud Phone is being revitalized, allowing each user to set up their own unique AI assistant, precisely accessing more third-party AI applications, and gradually becoming the gateway to personal AI in the future.
    A New Era of 5G/5G-A and AI Integration
    “We are still in the early stages of the AI revolution, and the impact of generative AI on the future is beyond imagination,” said Chen. Chen predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while AI robots, numbering between 1 and 3 billion, will play a critical role in industries like manufacturing, inspection, and research and development. He urged telecom operators to explore new business models, turning personalized user experiences into new commercial value.
    “We are still in the early stages of the AI revolution, and the opportunities that generative AI will bring to the future are beyond imagination,” said Chen. He predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while the number of AI robots will range between 1 and 3 billion. AI will play a pivotal role in industries such as manufacturing, inspection, and research and development. Chen encouraged telecom operators to collaboratively explore new business models, turning personalized user experiences into new commercial value.

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era Oct 11, 2024

    Source: Huawei

    Headline: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era
    Oct 11, 2024

    [Seoul, Republic of Korea, October 11, 2024] During GSMA Mobile 360 (M360) Asia Pacific 2024 in Seoul, Korea, Huawei won a Digital Nation Award for ‘Excellence in Innovation Video’ for “Smart 5G Warehouse – Future of Logistics,” a short video showing how 5G technology is driving digital transformation across multiple industries, including logistics. At the event, a senior Huawei leader also described various new pathways for carriers to monetize the vast new markets that 5G and AI open up.
    A screenshot from the video showcasing the 5G warehouse

    “Smart 5G Warehouse” was shot at the Indonesia’s First 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java, Indonesia. It highlights how 5G enhances operational efficiency and creates new growth opportunities, contributing to Indonesia’s Golden Vision 2045 of a modern digital economy.
    In a keynote to the M360 audience, James Chen, President of Huawei Carrier Business, emphasized the pivotal role AI will play in shaping the future of the mobile industry. With the convergence of 5G-A and AI, operators are entering an era where personalized services can be delivered at scale, unlocking new opportunities for growth.
    James Chen delivering his keynote speech

    Exploring Large-Scale Personalization in Carrier Services
    Chen further highlighted the new possibilities that 5G opens up for carriers. 5G New Calling uses AI technology to provide a rich, personalized experience for users. Powered by AI large models, it can be upgraded to a personal intelligent assistant, providing real-time suggestions during conversations and supporting intent recognition across various scenarios. As of September 2024, over 22 million users in China had subscribed to this service.
    In the Asia-Pacific region, Chen noted, Huawei has partnered with local carriers in Hong Kong to test new AI applications, including real-time digital humans. In Thailand, Huawei collaborated with carriers to trial real-time multilingual translation, with the Thai language translation already meeting business requirements.
    Another product that 5G enables is Cloud Phone, Chen said. Leveraging the advantages of network, cloud, and computing power, Cloud Phone delivers a near-real device experience while addressing key pain points such as insufficient storage, fast data consumption in gaming, and the inability of low-end phones to support high-quality games. Enhanced by AI, Cloud Phone is being revitalized, allowing each user to set up their own unique AI assistant, precisely accessing more third-party AI applications, and gradually becoming the gateway to personal AI in the future.
    A New Era of 5G/5G-A and AI Integration
    “We are still in the early stages of the AI revolution, and the impact of generative AI on the future is beyond imagination,” said Chen. Chen predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while AI robots, numbering between 1 and 3 billion, will play a critical role in industries like manufacturing, inspection, and research and development. He urged telecom operators to explore new business models, turning personalized user experiences into new commercial value.
    “We are still in the early stages of the AI revolution, and the opportunities that generative AI will bring to the future are beyond imagination,” said Chen. He predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while the number of AI robots will range between 1 and 3 billion. AI will play a pivotal role in industries such as manufacturing, inspection, and research and development. Chen encouraged telecom operators to collaboratively explore new business models, turning personalized user experiences into new commercial value.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN grants interview to CCTV on the sidelines of 44th and 45th ASEAN Summits and Related Summits

    Source: ASEAN

    Following the conclusion of the 44th and 45th ASEAN Summits and Related Meetings in Vientiane, Lao PDR, Secretary-General of ASEAN, Dr. Kao Kim Hourn, spoke with China Central Television (CCTV), focusing on the progress made in ASEAN-China relations.

    The post Secretary-General of ASEAN grants interview to CCTV on the sidelines of 44th and 45th ASEAN Summits and Related Summits appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Phillips 66 Appoints Grace Puma Whiteford to Board of Directors

    Source: Phillips

    HOUSTON–(BUSINESS WIRE)– The board of directors of Phillips 66 (NYSE: PSX) has appointed Grace Puma Whiteford to serve on the company’s board, effective Oct. 10. She will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee of the board.
    “Phillips 66 is pleased to welcome Grace to the board of directors as a highly qualified independent director. We will benefit from her broad experience in operations, procurement, and safety as well as her leadership and perspectives,” said Mark Lashier, chairman and CEO.
    Puma Whiteford currently serves on the boards of Target Corporation and Organon & Co. and previously served on the board of Williams-Sonoma, Inc. Puma Whiteford retired in 2022 as executive vice president and chief operations officer at PepsiCo where she led global operations, global procurement, employee health and safety, global security and holistic cost management. Prior to that, she held numerous executive leadership roles, including senior vice president, chief supply officer and senior vice president, global chief procurement officer. Prior to PepsiCo, Puma Whiteford served as senior vice president and global chief procurement officer at United Airlines.
    Puma Whiteford was included on the Most Powerful Latina list by Fortune magazine in 2017, 2018 and 2019, and she was named to the inaugural Most Powerful Latinas Hall of Fame by the Association of Latino Professionals in 2021.
    With her appointment, the board of Phillips 66 consists of 14 directors, 13 of whom are independent.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

    Source: Phillips 66

    MIL OSI Economics –

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

    Source: Reserve Bank of India

    The Reserve Bank of India, vide directive CO.DOS.SED.No.S370/45-11-001/2024-2025 dated April 15, 2024, had placed Sarvodaya Co-operative Bank Ltd., Mumbai under Directions for a period of six months up to the close of business on October 15, 2024.

    2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank from close of business on October 15, 2024 till close of business on January 15, 2025 as per the directive DOR.MON/D-59/12.21.158/2024-25 dated October 09, 2024, subject to review.

    3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 09, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of public.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1275

    MIL OSI Economics –

  • MIL-OSI Economics: SOA Investments Limited

    Source: Isle of Man

    Notice is hereby given that SOA Investments Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 10/10/2024.

    Isle of Man Financial Services Authority

    10/10/2024.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Mansing Co-operative Bank Limited, Dudhondi, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated September 26, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Mansing Co-operative Bank Limited, Dudhondi (the bank) for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters- UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the charge of failure to classify certain loan accounts as non-performing assets and to provide for the same, in terms of Income Recognition, Asset classification and Provisioning norms was sustained, warranting imposition of monetary penalty.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1265

    MIL OSI Economics –