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Category: Economics

  • MIL-OSI Economics: WTO Fish Fund Steering Committee meeting focuses on preparing for full operations

    Source: WTO

    Headline: WTO Fish Fund Steering Committee meeting focuses on preparing for full operations

    The meeting brought together key stakeholders working for the operationalization of the Fish Fund in support of developing and least-developed country (LDC) members’ implementation of the Agreement on Fisheries Subsidies.
    “Last time we gathered in July for the Second Steering Committee meeting, I remarked how impressive it was that this Steering Committee had so quickly achieved tangible results and was about to deliberate on the framework documents that will enable the Fish Fund to begin its operations,” Deputy Director-General Angela Ellard said at the meeting. “Since then, I have been following the Committee’s work very closely, and I can see from today’s full agenda that your remarkable efforts are continuing to deliver results.”
    DDG Ellard reported that the Fund has received close to USD 12 million from donors and has signed contribution agreements for more than USD 3.5 million. The members that have contributed to the Fund thus far are Australia, Canada, the European Union, Finland, France, Germany, Iceland, Japan, the Republic of Korea, Liechtenstein, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, and most recently the United Arab Emirates. The United Kingdom has pledged GBP 1 million.
    “These resources will have a real impact, and members are waiting to put them to good use,” DDG Ellard said.
    The Secretariat updated the Steering Committee that the consulting firm Dalberg was selected through a procurement process to develop the Monitoring, Evaluation, and Learning (MEL) framework for the Fish Fund. The Manager of the Fish Fund reported on progress in planning for future calls for project proposals to be supported by the Fund and other updates on strategy, budget, staffing, and communications.
    The meeting also featured a presentation from the International Institute for Sustainable Development (IISD) on its Self-Assessment Tool for implementing the Fisheries Subsidies Agreement. Belize shared its experiences using this tool.  The Seychelles Fishing Authority unveiled a project to upgrade its fisheries management system.
    Because the new Agreement on Fisheries Subsidies will involve adjustments and enhancements to WTO members’ legislative and administrative frameworks, their transparency and notification obligations, and their fisheries management policies and practices, Article 7 of the Agreement provides for the creation of a voluntary funding mechanism to provide targeted technical assistance and capacity building to help developing and least developed country members with implementation. For the Agreement to enter into force, two-thirds of members have to deposit their “instruments of acceptance” with the WTO. Eighty-four WTO members have formally accepted the Agreement; twenty-seven more are needed for the Agreement to come into effect. Resources from the WTO Fish Fund will be available to members once they have deposited their instrument of acceptance.
    The list of members that have deposited their instruments of acceptance is available here. More information on the Fund is available here.

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    MIL OSI Economics –

  • MIL-OSI Economics: Verizon’s Value Brands offers support to customers impacted by Hurricane Milton

    Source: Verizon

    Headline: Verizon’s Value Brands offers support to customers impacted by Hurricane Milton

    ALPHARETTA, GA – In response to Hurricane Milton’s forecasted impact on Florida, Verizon’s Value brands, including Straight Talk, Tracfone, Total Wireless, Simple Mobile, Walmart Family Mobile, Net10, GoSmart, Page Plus, and Verizon Prepaid are providing an initial relief offer to help affected customers.

    We are extending service end dates to October 23, 2024 for customers in the following Florida counties using Straight Talk, Tracfone, Total Wireless, Simple Mobile, Walmart Family Mobile, Net10, GoSmart, and Page Plus:

    Alachua, Brevard, Charlotte, Citrus, Clay, DeSoto, Flagler, Gilchrist, Glades, Hardee, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Levy, Manatee, Marion, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Saint Johns, Saint Lucie, Sarasota, Seminole, Sumter, Volusia.

    Verizon will also waive domestic call, text, and data usage for Verizon Value Prepaid customers in the same counties.

    Customers do not have to take any action to take advantage of the offer.

    MIL OSI Economics –

  • MIL-OSI Economics: Gartner Says Worldwide PC Shipments Declined 1.3% in Third Quarter of 2024

    Source: Gartner – IT Research

    Headline: Gartner Says Worldwide PC Shipments Declined 1.3% in Third Quarter of 2024

    Worldwide PC shipments totaled 62.9 million units in the third quarter of 2024, a 1.3% decline from the third quarter of 2023, according to preliminary results by Gartner, Inc. This decline comes after three consecutive quarters of year-over-year growth for the PC market.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Publishes Sovereign Default and Loss Rates, Demonstrating Low Credit Risk in Sovereign Operations

    Source: Asia Development Bank

    News Release | 10 October 2024
    Read time: 2 mins

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    MANILA, PHILIPPINES (10 October 2024) — The Asian Development Bank (ADB) has published a comprehensive report detailing its sovereign default and loss rates over a 34-year period. This report is made in keeping with ADB’s commitment to data transparency and shows the remarkable credit performance of loans to its developing member countries (DMCs).

    The report reveals that ADB has not lost principal, interest, or fees on the more than $250 billion of loans it has extended in its sovereign operations since 1990.

    The report indicates that the average default rate on the ordinary capital resources sovereign portfolio is 0.54%. It further demonstrates that ADB experienced zero new defaults from 2010 to 2021. The low default rate confirms the strength of ADB’s relationship with its DMCs and the preferred creditor treatment accorded to ADB.

    “The average default rate of the sovereign operation is comparable to that of an investment grade portfolio. Compiling and making these data points available to the public will help build a better understanding of emerging market debt originated by multilateral development banks (MDBs),” ADB Vice-President for Finance and Risk Management Roberta Casali said. “It will also allow external parties to make more accurate assessments of the risks involved in investing through or with us.”

    ADB regularly contributes credit data to the Global Emerging Markets Risk Database Consortium (GEMs). The consortium, which includes data from 25 MDBs and development finance institutions, provides insights into the risks associated with investing in emerging markets. The transparency efforts of ADB and GEMs are in line with the recommendations from the Independent Expert Panel commissioned by the G20. These recommendations aim to enhance data transparency as part of an overall effort to optimize balance sheets and increase the lending capacity of MDBs.

    ADB continuously explores ways to effectively manage its capital to help the region address simultaneous crises. In 2023, it unlocked $100 billion in additional lending capacity over the next decade by updating its Capital Adequacy Framework. ADB is working with its development finance partners to mobilize investments in emerging markets through innovative solutions, including risk sharing and structured approaches.

    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.

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  • MIL-OSI Economics: Asian Development Blog: Key Strategies to Improve Mental Health Support Across Asia and the Pacific

    Source: Asia Development Bank

    World Mental Health Day is a timely reminder that integrating mental health care into schools, workplaces, and communities is critical for improving health outcomes and reducing costs. Expanding digital interventions and peer-support systems are also crucial, particularly in low- and middle-income countries.

    Mental health is crucial for ensuring the health and well-being of individuals and populations.  Integrating mental health care into homes, schools, workplaces, health care services, and elderly care facilities will improve health outcomes and reduce healthcare costs. 

    Good mental health may lead to improved academic performance and work productivity, and stronger interpersonal relationships and social connections. 

    We need to ensure that developing countries in Asia and the Pacific are addressing the increasing global burden of mental health issues and treatment gaps.

    It is important to integrate mental health support with other services and activities relevant to people’s life stage. In schools, this means school-based mental health programs. In workplaces, it includes incorporating mental health support in employment support programs.

    In communities, mental health services need to be part of primary care services, particularly those addressing the needs of pregnant women, new mothers, and older people.

    Mental health must be integrated into universal health coverage strategies to build resilient health systems and ensure equitable care for all.

    Mental health is complex and complicated but this should not mean that those suffering from poor mental health must accept limited lives. With effective treatment, they can live full and productive lives.

    Improved access to mental health care services, engaging people with lived experiences of mental health disorders, and support from families and friends all make a difference. Governments need to embed peer-support insights in addressing barriers to access to care and evaluating the effectiveness of mental health services.

    Governments also need to expand digital interventions for mental health as there is growing evidence that digital health interventions have the potential to improve the quality and cost-effectiveness of health service delivery and help deliver better health outcomes, particularly in low- and middle-income countries.

    Digital interventions for mental health can be used to increase mental health literacy. This can include using social media for public health communication aimed at supporting good mental health and destigmatizing discussions about mental health, for example through events like World Mental Health Day and R U OK? Day.  

    It can also facilitate engaging people with lived experiences through online communities to discuss various aspects of their lives, providing access to evidence-based information through trusted websites, and utilizing social media platforms to promote mental health and social connectedness in later years.  

    Digital tools can also support training with online self-training tools, and access to specialist training via webinars and other online training platforms.

    Promoting and protecting mental wellness throughout the lifespan should be part of universal health coverage strategies of developing member countries. Health promotion at primary health and community care levels should help educate about mental health.

    Clinical care pathways and treatment guidelines must be strengthened to ensure referral to specialist care. National health insurance systems should include mental health treatment as part of their benefits or covered health services.

    Indeed, addressing mental health serves as an important step towards building resilient health systems which will help people and communities adapt and mitigate climate change. We must step up efforts to protect mental health for all, placing it at the heart of universal health coverage, and leaving no one behind.

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei Austria Celebrates Five Years of TECH4ALL Nature Conservation at Biodiversity Forum Oct 10, 2024

    Source: Huawei

    Headline: Huawei Austria Celebrates Five Years of TECH4ALL Nature Conservation at Biodiversity Forum
    Oct 10, 2024

    [Vienna, Austria, October 10, 2024] Huawei hosted the Innovations for Biodiversity Forum this week to commemorate the fifth anniversary of Huawei’s TECH4ALL digital inclusion initiative and share insights into how technology is revolutionizing biodiversity protection.
    Launched in 2019 and aligned with the UN Sustainable Development Goals, TECH4ALL leverages technology and partnerships to create a positive impact in four domains: environment, education, health, and development. In the environment domain, Huawei TECH4ALL has run nature conservation projects in 53 protected areas with global and local partners in forest, wetland, and ocean ecosystems around the world.
    Media delegates at the TECH4ALL Innovations for Biodiversity Forum

    “Over the past five years, Huawei’s TECH4ALL program has demonstrated how technology can be a powerful force for good, addressing global challenges in environmental protection, education, and digital inclusion,” said Harvey Zhang, CEO of Huawei Austria.
    The Innovations for Biodiversity Forum focused on TECH4ALL nature conservation projects in Europe, including findings of biodiversity monitoring in the wetland ecosystem around Austria’s Lake Neusiedl.
    The quality of the reed bed habitats in this ecosystem is declining, negatively impacting amphibian species, mammals, and bird life. Since 2021, audio monitoring devices have collected more than 2 million individual audio files of 69 bird species.
    Wildlife in the reed beds of Lake Neusiedl in Austria

    This vast dataset will help develop a conservation management plan for the ecosystem, including controlled fire management to rejuvenate aging reed beds and strengthen overall biodiversity by understanding the habitat preferences of the individual species studied.
    “Hardly any reed harvesting has been done in recent decades, which has had a negative impact on the state of the reed belt. The study investigated whether targeted fires could have an effect similar to that of harvesting. To do this, areas that show different age conditions due to fires were compared,” said Dr. Christian Schulze from the Department of Biodiversity Research at the University of Vienna. “The research showed that older reed beds harbor the greatest diversity of bird species. However, the analysis of individual species also shows that controlled reed fires have positive aspects.”
    The forum explored a similar TECH4ALL monitoring project in Poland to build a more complete picture of biodiversity in the Białowieża National Park ecosystem, also with the aim of developing targeted conservation measures.
    Greek startup PROBOTEK introduced a forest fire-prevention solution that uses sensors, drones, AI, and 5G to detect and transmit real-time video-footage of fire risks, which are on the rise in parts of Europe due to climate change and rising temperatures. The project is designed to enable emergency response in the first ‘golden 15 minutes’ of a forest fire being detected, notify residents of evacuation routes, and plan routes for fire trucks and ambulances.
    The forum also looked at the success of an AI-based filtering system designed to protect Norway’s wild Atlantic salmon from possible extinction due to the invasive pink salmon species. The pilot project in 2023 successfully filtered out 6,000 invasive salmon, and expectations are high that the solution, the world’s first of its type, can be scaled out across Norway’s river systems.
    On day two of the forum, the media delegation in attendance visited Lake Neusiedl to learn how the TECH4ALL solution works in practice and the transformative effect that intelligent digital technologies can have on nature conservation.

    MIL OSI Economics –

  • MIL-OSI Economics: Adaptive deep brain stimulation holds potential to transform Parkinson’s disease treatment, says GlobalData

    Source: GlobalData

    Adaptive deep brain stimulation holds potential to transform Parkinson’s disease treatment, says GlobalData

    Posted in Medical Devices

    Two recent UC San Francisco studies have shown that adaptive deep brain stimulation (aDBS) offers personalized, 24/7 care for Parkinson’s disease through an implanted device. Unlike regular DBS, which delivers constant pulses, aDBS uses AI to monitor brain activity and adjust treatment based on symptom fluctuations. This marks a major advancement in the management of Parkinson’s disease, reflecting the growing impact of digital health technologies on patient care, according to GlobalData, a leading data and analytics company.

    According to GlobalData, the global market for neurological devices was valued at $12.5 billion in 2023 and is expected to grow by a compound annual growth rate (CAGR) of 4.60% to reach $20.9 billion by 2033. This growth underscores the increasing importance and demand for advanced diagnostic and monitoring technologies in neurology, including those targeting Parkinson’s disease.

    Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, comments: “The market for neurological devices is witnessing significant growth and diversification. The increasing integration of advanced technology in the management of neurological disorders fits into the broader industry shift towards precision medicine, as reflected in the FDA’s recent push for innovative solutions in Parkinson’s disease management.”

    UC San Francisco studies from 2023 and 2024 show that aDBS, a self-adjusting brain implant, can improve movement and sleep for Parkinson’s patients. Using AI-driven technology, the device monitors brain activity and delivers precise electrical pulses to alleviate symptoms in real-time. In trials, it reduced symptoms by 50%, with results published in August 2024, highlighting its potential for long-term Parkinson’s management.

    GlobalData projects that with the continuous advancements in technology and the introduction of innovative therapies, the landscape of neurological devices is set to transform, offering new hope to millions affected by neurological diseases such as Parkinson’s.

    Stinchcombe adds: “The integration of innovative medical technologies emphasizes the crucial role of advancements in contemporary healthcare. As the landscape of medical treatment evolves, particularly with these sophisticated systems, a promising shift is being witnessed towards more personalized and effective treatment strategies for neurological conditions.”

    GlobalData’s analysis reflects the recent emphasis on wearable technologies and digital health apps—such as those leveraging Apple Watch data to monitor Parkinson’s symptoms—indicating a parallel innovation trajectory. While wearable technologies facilitate continuous monitoring outside clinical settings, sophisticated tools like Boston Scientific’s software enhance therapeutic interventions, offering a holistic approach to disease management.

    Stinchcombe concludes: “In the face of an aging population and a rising incidence of Parkinson’s disease, the advancements being witnessed are encouraging for those affected. As the industry continues to focus on both proven and novel solutions, emerging technologies are pivotal in broadening the horizons of neurology diagnostics and improving patient outcomes. Together with the FDA’s initiative to enhance AI-driven diagnostics, these advancements are poised to dramatically improve the landscape of neurology.”

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 09, 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) 5,23,711.57 6.27 3.00-6.60
         I. Call Money 9,077.67 6.43 5.10-6.60
         II. Triparty Repo 3,74,188.00 6.26 6.20-6.46
         III. Market Repo 1,39,458.90 6.28 3.00-6.60
         IV. Repo in Corporate Bond 987.00 6.41 6.40-6.60
    B. Term Segment      
         I. Notice Money** 244.10 6.40 5.90-6.50
         II. Term Money@@ 143.50 – 6.60-6.90
         III. Triparty Repo 495.00 6.38 6.33-6.45
         IV. Market Repo 302.19 6.56 6.54-6.65
         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# Wed, 09/10/2024 1 Thu, 10/10/2024 4,085.00 6.75
    4. SDFΔ# Wed, 09/10/2024 1 Thu, 10/10/2024 53,102.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -49,017.00  
    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 (-)]*     -1,29,032.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 09, 2024 10,00,239.84  
         (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 09, 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: 2024-2025/1258

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN joins the 27th ASEAN-China Summit

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, attended the 27th ASEAN-China Summit, which took place this morning in Vientiane, Lao PDR. The Summit was attended by the ASEAN Leaders or their representatives, the Premier of the State Council of China, and the Secretary-General of ASEAN. Timor-Leste attended as Observer.

    The Leaders reviewed the progress of ASEAN-China cooperation and discussed its future direction, particularly on advancing the ASEAN-China Comprehensive Strategic Partnership. The Leaders adopted a Joint Statement on Deepening Cooperation in People-to-People Exchanges, in line with the theme of the ASEAN-China Year of People-to-People Exchanges. The Leaders also exchanged views on regional and international issues of common interest and concern.

    The post Secretary-General of ASEAN joins the 27th ASEAN-China Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Electronics Ranked as a Top 5 Global Brand for the Fifth Consecutive Year with $100.8 Billion in Brand Value

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced it has been recognized by Interbrand, a global brand consultancy, as a “Global Top 5” brand for the fifth year in a row. Interbrand releases its list of “Best Global Brands” each year, and on this year’s list, it was revealed that Samsung’s brand value reached $100.8 billion and grew by 10% year-on-year.
    The significant increase of Samsung Electronics’ brand value was driven by growth in the AI industry, particularly its leadership in on-device AI and competitiveness in the semiconductor sector. Since its first top five ranking in 2020, Samsung Electronics has experienced an impressive 62% growth over four years and remains the only Asian business among the global top five brands.
    “This year’s substantial brand growth is a direct result of our holistic approach to AI and efforts to put this powerful technology into the hands of Samsung users around the world,” said YH Lee, President and Head of the Global Marketing Office at Samsung Electronics. “Moving forward, we will lean even further into the qualities that our users have come to both love and expect.”
    Company Recognized for On-Device AI, enhanced connected experiences and AI Leadership
    According to Interbrand, Samsung Electronics’ evaluation was positively influenced by the following:
    Deployment of AI technologies in key products and leadership in the on-device AI market
    Enhanced connected experiences through AI-enabled platforms and products
    AI leadership based on its competitiveness in the semiconductor sector
    Implementing a consistent brand strategy in the global market
    Ongoing commitment to a more sustainable future.
    This year, under the vision of AI for All, Samsung is expanding its portfolio of products infused with AI technologies to enhance customer experiences. With the release of the Galaxy S24 series, Samsung has been leading the mobile AI. It has also launched AI TVs equipped with AI processors and AI upscaling while introducing Bespoke AI appliances that empower user’s daily life.

    The company is expanding the SmartThings ecosystem to provide a unified connectivity experience, enabling not just its own products, but also various third-party devices. This integration offers substantial benefits that go beyond more convenience, including energy conservation and family care.
    As a leader in the semiconductor industry, Samsung is making bold investments in R&D to meet rising AI demand and — with innovative memory products like DDR5, GDDR7, HBM3E, LPDDR5X, 9th Gen V-NAND, Exynos SoC, high resolution image sensor— is proactively addressing server and on-device AI needs.
    As for brand strategy, the company has been recognized for delivering consistent brand values and build authentic relationships with customers.
    Additionally, Samsung focuses on implementing environmentally conscious activities and initiatives by adopting various recycled materials across a wide range of product categories. It has participated in global initiatives and collaborated with industry leaders with focus on goals such as reducing carbon emissions associated with device usage. Samsung Electronics’ sustainability efforts as well as fostering a diverse corporate culture have also received positive evaluations.

    Samsung’s Recognized Efforts in Each Business Division
    Mobile
    Leading the mobile AI era with Galaxy AI following the release of the Galaxy S24 series
    Making the new Galaxy AI upleveled by the unique Galaxy Z Fold6 and Z Flip6 foldable experience
    Strengthening leadership in the health AI with the release of the Galaxy Ring and new Galaxy Watch series
    Networks
    Strengthening leadership in virtualized Radio Access Network (vRAN) and Open RAN
    Leading the technical standardization of 6G
    Consistently innovating technologies to support various 5G use cases, including streaming and gaming
    Enhancing partnerships with customer companies and communicating the sustainability aspects of Samsung’s network technology
    Visual Display
    Solidifying global leadership in the TV and soundbar markets
    Consistently innovating with products like AI TVs, MICRO LED displays, and the Music Frame
    Innovating the viewing experience with cutting-edge technologies, including AI upscaling and Active Voice Amplifier Pro
    Positioning itself as a core gaming partner through various partnerships
    Strengthening security and privacy through Samsung Knox

    MIL OSI Economics –

  • MIL-OSI Economics: The 25th ASEAN-ROK Summit agrees to establish ASEAN-ROK Comprehensive Strategic Partnership

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, participated in the 25th ASEAN-Republic of Korea (ROK) Summit to Commemorate the 35th anniversary of Dialogue Relations, held in Vientiane, Lao PDR, today. The Summit was attended by the ASEAN Leaders or their representatives, the President of the ROK and the Secretary-General of ASEAN. Timor-Leste attended as Observer.

    The Summit adopted a Joint Statement on the Establishment of ASEAN-ROK Comprehensive Strategic Partnership (CSP) that is meaningful, substantive and mutually beneficial. The meeting also reviewed the achievements of ASEAN-ROK relations and discussed its future direction under the newly-launched CSP.

    The post The 25th ASEAN-ROK Summit agrees to establish ASEAN-ROK Comprehensive Strategic Partnership appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Verifies that nanoe(TM) (Hydroxyl Radicals Contained in Water) Technology Inhibits Hazardous Substances Contained in Haze Caused by Air Pollution in Southeast Asia

    Source: Panasonic

    Headline: Panasonic Verifies that nanoe(TM) (Hydroxyl Radicals Contained in Water) Technology Inhibits Hazardous Substances Contained in Haze Caused by Air Pollution in Southeast Asia

    Osaka, Japan – Panasonic Corporation (https://www.panasonic.com/global/home.html) (hereinafter referred to as Panasonic) today announced that it has conducted joint research with the Malaysia-Japan International Institute of Technology (MJIIT), under the supervision of Professor Sheikh Ahmad Zaki, verifying that nanoe (hydroxyl radicals contained in water) technology inhibits up to 95% of polycyclic aromatic hydrocarbons (PAHs) contained in PM2.5, a component of smoke pollution (haze) that is worsening in Southeast Asia. In addition to the five types of PAHs already verified,*2 the inhibitory effects of nanoe (hydroxyl radicals contained in water) technology on three types of PAHs have been newly revealed.
    99% of the world’s population lives in areas that do not meet the World Health Organization’s (WHO) air quality guideline levels,*3 and the adverse health effects of air pollution have become a significant issue. In particular, urgent measures are needed to combat haze in Southeast Asian countries. Haze is caused by smoke pollution from large-scale slash-and-burn farming and forest fires in regions like Sumatra Island, and it contains hazardous substances known as PAHs. PAHs are difficult to decompose, making them prone to spread by wind, and it has been reported that they bioaccumulate in crops.*4Furthermore, numerous research findings indicate that certain PAHs can elevate the risk and incidence of adverse events, including reduced lung function, worsened asthma, cardiovascular diseases, and cancer.*5 Note that this joint verification was intended to examine the effects of nanoe on chemical substances that cause these symptoms and does not guarantee effects on the symptoms themselves.
    Under the supervision of Professor Sheikh from MJIIT, the Company conducted tests by irradiating nanoe (hydroxyl radicals contained in water) particles on three types of PAHs (naphthalene, fluorene, and acenaphthene),*6 which account for large proportions in the mass of haze. As a result, inhibitory effects were verified for all three types. Note that these verification results are based on the test conditions described below and do not demonstrate the effectiveness in a real-world environment.

    Panasonic aims to contribute to society by providing safe and secure spaces, and will continue to evolve nanoe (hydroxyl radicals contained in water) technology and pursue its future potential.

    ■Key points of this verification

    Aims to verify the inhibitory effects of nanoe (hydroxyl radicals contained in water) on the three types of PAHs that account for particularly large mass ratios in haze.

    ■Comments of Professor Sheikh Ahmad Zaki from Malaysia-Japan International Institute of Technology*8

    Haze is a serious social issue in Southeast Asia. As human activities, which had slowed down during the COVID-19 pandemic, begin to pick up again, there is a risk that damage will worsen due to increased haze emissions. Haze contains various substances, and PAHs are considered highly hazardous to both humans and the environment. In this verification, we were able to demonstrate the effectiveness of nanoe (hydroxyl radicals contained in water) technology against the three types of PAHs that are commonly found in haze. Based on these verification results, nanoe  (hydroxyl radicals contained in water) technology is anticipated to be a promising solution for enhancing the living environment in Southeast Asia, which is suffered by haze.

    ■Principle of nanoe (hydroxyl radicals contained in water) generation

    Figure 4 nanoe (hydroxyl radicals contained in water) generator

    nanoe  (hydroxyl radicals contained in water), which is approximately 5 to 20 nanometers in size and contains hydroxyl radicals, is generated by cooling the atomizing electrode with a Peltier element, creating water through the condensation of moisture in the air, and applying a high voltage between the atomizing electrode and the counter electrode (Figure 4).

    Notes:*1: The eight types of PAHs include benzo[a]pyrene, benz[a]anthracene, benzo[b]fluoranthene, indeno[1,2,3-cd]pyrene, and dibenz[a,h]anthracene, which were previously tested, along with naphthalene, fluorene, and acenaphthene, which were tested this time.*2: [Press release] “Nanoe” effectively breaks down PM2.5 components and inhibits growth of fungi attached to Yellow Sand (January 16, 2014)”Nanoe” effectively breaks down PM2.5 components and inhibits growth of fungi attached to Yellow Sand | Appliances | Products & Solutions | Feature Story | Panasonic Newsroom Global https://news.panasonic.com/global/stories/668*3: Reference: Ambient (outdoor) air pollution. WHO. 2024-09-13*4: Reference: WHO Regional Office for Europe, “Human health effects of polycyclic aromatic hydrocarbons as ambient air pollutants: report of the Working Group on Polycyclic Aromatic Hydrocarbons of the Joint Task Force on the Health Aspects of Air Pollution.”, 2021.*5: Reference: Nor Azura Sulong et al. “Distribution, sources and potential health risks of polycyclic aromatic hydrocarbons (PAHs) in PM2.5 collected during different monsoon seasons and haze episode in Kuala Lumpur,” Chemospher, vol.219, pp. 1-14, 2019.*6: Reference: Jiraporn Chomanee et al. “Physicochemical and toxicological characteristics of nanoparticles in aerosols in southern Thailand during recent haze episodes in lower southeast Asia,” Journal of environmental sciences, vol.94, pp. 72-80, 2020.*7: Calculated by Panasonic*8: Panasonic requested the Professor to provide comments on nanoe (hydroxyl radicals contained in water), which were posted after editing.

    Inquiries:

    Living Appliances and Solutions Company, Panasonic CorporationDevices Products Business Unit, Beauty and Personal Care Business DivisionTelephone: +81-(0)749-27-0485 (available 9:30 a.m. to 5:00 p.m. excluding Saturdays, Sundays, and public holidays)

    About Panasonic Corporation
    Panasonic Corporation offers products and services for a variety of living environments, ranging from homes to stores to offices and cities. There are five businesses at the core of Panasonic Corporation: Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, Electric Works Company and China and Northeast Asia Company. The operating company reported consolidated net sales of 3,494.4 billion yen for the year ended March 31, 2024. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the wellbeing of people, society and the planet, and embraces the vision of becoming the best partner of your life with human-centric technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/

    MIL OSI Economics –

  • MIL-OSI Economics: Georgia Exports and Value Chain Study

    Source: Asia Development Bank

    Based on stakeholder interviews, it considers the trends, value chains, and opportunities for each of the high potential sectors and explores how Georgia can leverage its location, favorable business environment, and free-trade agreements. Emphasizing the need for greater innovation and strong government support, it recommends taking a “Team Georgia” approach that centers on building an ecosystem to improve export promotion, increase target market access, and support exporters.

    MIL OSI Economics –

  • MIL-OSI Economics: Fostering Inclusive Trade: Leveraging Free Trade Agreements to Protect Indigenous Peoples’ Rights in Asia and the Pacific

    Source: Asia Development Bank

    The brief highlights the substantial presence of Indigenous Peoples in Asia and the Pacific and the importance of traditional knowledge and genetic resources for climate action, food security, and medicine, as well as language diversity and cultural heritage. It explains the shortfalls of existing FTAs and why they should be based on informed consent, equitable benefit sharing, and full source disclosure in patents. It details how some FTAs have included traditional knowledge and genetic resources and shows how trade deals can help Indigenous Peoples benefit from greater regional cooperation.

    MIL OSI Economics –

  • MIL-OSI Economics: MILOS study highlights potential of bempedoic acid to advance dyslipidemia treatment, says GlobalData

    Source: GlobalData

    MILOS study highlights potential of bempedoic acid to advance dyslipidemia treatment, says GlobalData

    Posted in Pharma

    Daiichi Sankyo has recently announced the final two-year follow-up data from the German cohort of the MILOS study. The MILOS study is a real-world investigation into the use of bempeodoic acid for managing high cholesterol levels. Bempedoic acid and its fixed dose combination with ezetimibe, with or without other lipid therapies, have been shown to significantly reduce low-density lipoprotein cholesterol (LDL) levels in patients with hypercholesterolemia or mixed dyslipidaemia. Hence, bempedoic acid in combination can advance dyslipidemia treatment, says GlobalData, a leading data and analytics company.

    Conducted across Germany, patients LDL-C levels were measured at pre-treatment, year one, and year two. Over the two-year period, LDL-C levels showed a mean reduction from 3.1 mmol/L at pre-treatment to 2.0 mmol/L at year two, representing an average decrease of 30.3%. The safety profile of bempedoic acid observed in this real-world population was consistent with that seen in the CLEAR clinical trials.

    Dr Shireen Mohammad, Senior Cardiovascular & Metabolic Disorders Analyst at GlobalData, comments: “The market for bempedoic acid in the dyslipidemia space is highly competitive, with several established players such as statins and PCSK9 inhibitors. However, bempedoic acid offers several advantages over these therapies, including a different mechanism of action and a lower risk of adverse effects such as muscle pain and liver toxicity. As such, bempedoic acid is expected to see significant growth in the dyslipidemia market, particularly in patients who are unable to tolerate or do not respond to other lipid-lowering therapies.”

    Several Key Opinion Leaders (KOLs) from GlobalData have expressed that the combination of bempedoic acid and ezetimibe has the potential to become a widely used treatment option. Particularly in patients with statin intolerance, this may lead to the consideration of combining bempedoic acid with ezetimibe as an alternative treatment option.

    KOLs from GlobalData have also highlighted the unmet need for effective triglyceride-lowering therapies in the field of dyslipidemia. High triglyceride levels are a common lipid abnormality that is associated with an increased risk of cardiovascular disease. While current standard-of-care therapies for dyslipidemia, such as statins, are effective at lowering LDL cholesterol levels, they have limited efficacy in lowering triglyceride levels.

    Dr Mohammad concludes: “There is an unmet need for better therapies to specially target high triglyceride levels, and this study offers promising prospects for effective dyslipidemia treatments.”

    MIL OSI Economics –

  • MIL-OSI Economics: Epigenetic drugs witness 375% growth in series A venture financing in 2024YTD, reveals GlobalData

    Source: GlobalData

    Epigenetic drugs witness 375% growth in series A venture financing in 2024YTD, reveals GlobalData

    Posted in Business Fundamentals

    Advances in gene editing, such as the FDA approval of Vertex Pharmaceuticals’ Casgevy (exagamglogene autotemcel) in December 2023 for the treatment of beta thalassemia and sickle cell disease, have fueled significant interest in innovative epigenetic drugs. Against this backdrop, the total value of series A venture financing for epigenetic drugs almost doubled from $172 million in 2019 to $342 million in 2024 year-to-date (YTD)  and observed a 375% increase from 2023, reveals GlobalData, a leading data and analytics company.

    GlobalData’s Pharma Intelligence Center Deals Database reveals that companies developing epigenetic drugs received over $1 billion in total series A venture financing from 2019 to 2024YTD. Over half of these companies are headquartered in the US.

    Epigenetic drugs modify genetic material, resulting in heritable changes in gene expression without altering the DNA sequence. Current marketed epigenetic drugs in blood cancers include Celgene’s Vidaza (azacitidine), Eisai’s Dacogen (decitabine) and Merck & Co’s Zolinza (vorinostat). However, these drugs act in a genome- and tissue-wide manner, resulting in off-target effects and subsequent toxicity.

    Alison Labya, Business Fundamentals Analyst at GlobalData, comments: “Biotech startups are developing a new generation of epigenetic drugs with improved gene specificity to enhance efficacy, tolerability, and target indications beyond oncology. These drugs aim to provide safer alternatives to other methods of gene editing, such as clustered regularly interspaced short palindromic repeats (CRISPR), by not cutting into the DNA.”

    The 2024YTD already witnessed most of series A venture financing for epigenetic drugs within the last five years. In March 2024, Avenzo Therapeutics raised $150 million in the largest round of series A financing for epigenetic drugs in the last five years to develop its CDK2 inhibitor ARTS-021, currently in Phase I/II for solid tumors and HR+/HER2- metastatic breast cancer.

    In January 2024, Moonwalk Biosciences secured $57 million in seed and series A financing to develop its epigenetic discovery platform technology. In July 2022, Epicrispr Biotechnologies raised $55 million in series A financing to advance its preclinical pipeline and further drug discovery, using its CRISPR-based epigenetic platform technology with adeno-associated virus (AAV) as a delivery vector.

    Labya concludes: “Epigenetic drugs are key to precision medicine, offering tailored treatments with improved patient outcomes and reduced off-target effects. Investors are demonstrating a focus on precision medicine, leading to an increase in early-stage investment in epigenetic drug development.

    “However, companies developing innovative epigenetic drugs must overcome challenges including maintaining durable effects on gene expression, delivery of large drug components to target tissues, and demonstrating safety and efficacy in clinical trials to enable market success.”

    Note: Data in the chart includes all announced and completed series A venture financing deals globally from 2019 to 2024 YTD.  It includes deals where at least one drug involved in the deal is an epigenetic drug with an innovator drug type, where discovery, preclinical, phase I, phase II, phase III, pre-registration, and marketed development stages are considered. Includes deals that have disclosed their deal value in the public domain.

    MIL OSI Economics –

  • MIL-OSI Economics: PEEK interbody devices set to lead spinal fusion market, says GlobalData

    Source: GlobalData

    PEEK interbody devices set to lead spinal fusion market, says GlobalData

    Posted in Medical Devices

    Innovation in the global spinal fusion market is driven largely by advancements in navigation and imaging technologies. These innovations have enhanced surgeons’ abilities to accurately identify the source of back pain and to visualize the surgical area during a procedure, improving the precision of spinal fusion operations. Currently, pedicle screw systems hold the largest share of the global spinal fusion market. However, interbody devices, particularly those made from PEEK (polyether ether ketone), are quickly catching up and set to dominate the spinal fusion market, says GlobalData, a leading data and analytics company.

    According to GlobalData, interbody devices have shown steady growth in recent years, with devices using PEEK technology showing the strongest growth. This trend is expected to continue, with the global PEEK interbody market registering a compound annual growth rate (CAGR) of 5.9% during 2023-33.

    Thomas Fleming, Medical Analyst at GlobalData, comments: “In comparison, the overall global spinal fusion market is predicted to experience a CAGR of 2.3% over the same period, indicating relatively strong growth for PEEK interbody devices. These projections suggest that while traditional devices maintain their impact on the market, interbody devices will play an increasingly significant role in shaping the future of spinal fusion.”

    Spinal fusion is primarily used to decompress and stabilize the spine, in the lumbar, cervical, and thoracic regions. Indications for spinal fusion include conditions such as degenerative disc disease, spondylolisthesis, spinal stenosis, scoliosis, trauma, and spinal tumors. Lumbar fusions dominate the market, with more than half of the patients being over the age of 50.

    Fleming concludes: “The growth in the global spinal fusion market is driven by the increase in the elderly population, particularly in North America. In the US, around 35% of the population is over the age of 50, and spinal fusion procedures are most prevalent among this demographic. With evolving demographics driving the spinal fusion market, developing technologies will define the leading devices in the market.”

    MIL OSI Economics –

  • MIL-OSI Economics: Luxury beauty brands refocus on brick-and-mortar retail in Southeast Asia, says GlobalData

    Source: GlobalData

    Luxury beauty brands refocus on brick-and-mortar retail in Southeast Asia, says GlobalData

    Posted in Consumer

    Despite the phenomenal growth of ecommerce during and after the COVID-19 pandemic, the premium beauty sector in Southeast Asia is experiencing notable growth within physical retail environments, through collaboration with omnichannel brand-builders. Companies can adapt to this trend and position beauty as a significant driver of revenue in their retail strategy, says GlobalData, a leading data and analytics company.

    Jaya Dandey, Consumer Analyst at GlobalData, comments: “The premium beauty sector in Asia’s physical retail is thriving, driven by a combination of strong consumer demand, innovative retail strategies, and an increasing emphasis on personalized shopping experiences. The high single-digit growth rates of prestige beauty categories is notable even in the context of broader retail performance, where beauty products are often seen as high-margin categories that outperform other areas such as food sales.”

    Tim Hill, Key Account Director, SE Asia, GlobalData, notes: “Consumers are becoming more discerning, not only regarding product quality, but also in terms of the shopping experience. They like to try multiple products in person before making an informed choice, especially in the premium domain where prices can run high. Though companies are eager to leverage these consumer preferences and enter the market, they sometimes face infrastructural challenges. A key strategy to overcome this is to partner with omnichannel players such as beauty ecommerce giants, which are increasingly moving into the physical retail space. Individual consultation stalls in these stores promote customer engagement with a wide variety of brands.

    “The ability to integrate online and offline experiences will be vital for survival in this rapidly changing landscape. Maintaining a robust omnichannel presence allows retailers to connect with consumers across various platforms, including online and physical stores. This strategy not only caters to different shopping preferences but also ensures that brands remain accessible to a wider audience. A hybrid approach allows these companies to leverage their online success while maintaining a physical presence, creating a seamless shopping experience for consumers.

    “Southeast Asia is home to a burgeoning upper middle class, who are eager to splurge on luxury beauty. They are more aware of international brands, and given their higher disposable incomes, they are willing to spend on premium beauty products. GlobalData 2024 Q2 Consumer Survey reflects this, wherein about 25% of respondents deemed low price as good value for money while purchasing beauty and grooming products, and a much higher 34% responded that high-quality ingredients represent more value for money^.”

    Luxasia, Southeast Asia’s leading network in beauty and luxury, has enabled market entry and penetration for several brands. It recently captured the Vietnamese market by launching escentials, an omni-retail concept for luxury fragrances, in one of the country’s prestigious malls. Similarly, premium skincare brand SK-II launched a unique concept store at the Mid Valley Megamall in Kuala Lumpur, Malaysia. Indian beauty ecommerce giant Nykaa is actively expanding its physical retail spaces across the nation.

    Dandey concludes: “By returning to the essentials of the beauty industry—where sensorial experiences are paramount—brands can cultivate customer loyalty in a competitive market. As the premium beauty sector evolves, embracing omnichannel strategies and personalizing experiences will not only ensure success but also foster enduring relationships with discerning consumers, shaping a vibrant future for beauty retail.”

    ^GlobalData 2024 Q2 Consumer Survey – Asia and Australasia, published in July 2024, with 6,506 respondents

    MIL OSI Economics –

  • MIL-OSI Economics: The 27th ASEAN-Japan Summit discusses progress of partnership

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, participated in the 27th ASEAN-Japan Summit, which was held in Vientiane earlier today, and attended by the ASEAN Leaders or their representatives and the Prime Minister of Japan. Timor-Leste attended as Observer.

    The Summit reaffirmed both sides’ commitment to further advancing the ASEAN-Japan Comprehensive Strategic Partnership (CSP) established last year, and discussed future direction of the relations based on mutual trust, respect, benefit, win-win cooperation and equal partnership.

    The post The 27th ASEAN-Japan Summit discusses progress of partnership appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Record-high direct investments abroad

    Source: Danmarks Nationalbank

    The value of investments in Europe will make up 60 percent of total outward investments in 2023. This is a smaller share than 5 years ago, as Danish companies have invested heavily in the USA and Asia in recent years. The value of Danish investments in the USA was kr. 274 billion in 2023, which is almost twice the amount of 2018. The USA is the largest investment country, followed by Great Britain, Germany and Sweden.

    The USA is the largest investor country in Denmark

    Foreign direct investments in Denmark often pass through one or more transit countries before they reach Denmark. This is due, among other things, to complicated ownership structures, where investments from the country of origin are made via holding companies, often based in transit countries such as Luxembourg, the Netherlands and Ireland.

    The complexity of the global organization of companies can make it difficult to identify where economic activity takes place and which countries ultimately bear the risk and get the return on the investment. Therefore, the investments are also compiled based on the ultimate investor country, where there is look through of ownership structures and the country from which the investments are controlled is identified. Based on this approach the USA is clearly the country that ultimately invests the most in Denmark, but Sweden and Great Britain are also major investor countries. Part of the foreign direct investment in Denmark also comes from Danish companies – known as round tripping. This occurs when Danish companies and foundations invest in Denmark through a foreign subsidiary.

    MIL OSI Economics –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹29,000 crore on October 11, 2024

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 11, 2024.

    As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
    7.04% GS 2029 14,000 334 334
    7.34% GS 2064 15,000 358 358

    The underwriting auction will be conducted through multiple price-based method on October 11, 2024 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1260

    MIL OSI Economics –

  • MIL-OSI Economics: BaFin warns consumers about the website green-vest.net

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the website green-vest.net. According to information available to BaFin, Green-Vest Investment Company, Dallas, USA, offers financial and investment services there without authorization.

    On 25 April 2024, BaFin issued a warning about the identical website green-vest.io, which was allegedly also operated by Green-Vest Investment Company.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation 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: Secretary-General of ASEAN meets with Prime Minister of Canada

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the Prime Minister of Canada, The Right Honorable Justin Trudeau, on the sidelines of the 44th and 45th ASEAN Summits and Related Summits in Vientiane, Lao PDR. They discussed, among others, ways to enhance ASEAN-Canada Strategic Partnership.

    The post Secretary-General of ASEAN meets with Prime Minister of Canada appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN briefs the 27th ASEAN Plus Three Summit on the progress of ASEAN Plus Three Cooperation

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today briefed the 27th ASEAN Plus Three (APT) Summit on the progress of APT Cooperation. The APT countries reaffirmed their commitment to further strengthening and deepening the APT framework, which plays a key role in fostering regional cooperation and addressing emerging issues. The Meeting also welcomed the progress of APT cooperation and discussed enhancing cooperation across various sectors. The Leaders adopted an APT Statement on Strengthening the Connectivity of Regional Supply Chains in support of Lao PDR’s ASEAN Chairmanship theme this year.

    The post Secretary-General of ASEAN briefs the 27th ASEAN Plus Three Summit on the progress of ASEAN Plus Three Cooperation appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Secretary-General of Trilateral Cooperation Secretariat

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Secretary-General of the Trilateral Cooperation Secretariat (TCS), Lee Hee-Sup, in a pull-aside meeting on the margins of the 27th ASEAN Plus Three (APT) Summit held in Vientiane. They exchanged views on the collaboration between the ASEAN Secretariat and the TCS to further contribute to APT cooperation.

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

    MIL OSI Economics –

  • MIL-OSI Economics: SEACOR Marine Wins Third Annual NOIA ESG Excellence Award 

    Source: National Ocean Industries Association – NOIA

    Headline: SEACOR Marine Wins Third Annual NOIA ESG Excellence Award 

    For Immediate Release: Thursday, October 10, 2024NOIA .org
    SEACOR Marine Wins Third Annual NOIA ESG Excellence Award
    Washington, D.C. – The National Ocean Industries Association has named SEACOR Marine as the winner of the third annual NOIA Environmental, Social, & Governance (ESG) Excellence Award. The NOIA ESG Excellence Award highlights and recognizes those who, by their actions, design, or influence, are contributing to the advancement of the ideals embodied by the NOIA ESG Principles:
    NOIA President Erik Milito congratulates SEACOR Marine, saying, “SEACOR Marine exemplifies the NOIA ESG Principles in virtually every aspect of its operations. Their unwavering commitment to ESG performance has significantly strengthened and enhanced the company. The breadth and diversity of their initiatives are truly remarkable. SEACOR Marine’s achievements exemplify the offshore energy industry’s leadership in advancing technologies and projects to reduce emissions missions and in shaping the workforce of tomorrow.  We commend SEACOR Marine not only for their substantial and measurable progress but also for their willingness to share their operational efficiencies with the broader industry.
    “The dedication to ESG performance demonstrated by all applicants for this award, and the industry as a whole, is truly impressive. The NOIA ESG Excellence Award is a testament to the innovative spirit of our industry and its contributions to community betterment. We extend our gratitude to our members for consistently setting the gold standard in the offshore energy sector.”
    SEACOR Marine Chief Executive Officer John Gellert commented, “We are honored to receive this award, which highlights our commitment to sustainability and innovation in the offshore energy sector. As operators of one of the youngest fleets in the industry, we are proud to be at the forefront of the transition to cleaner, more efficient operations. Our investments in green technology, like hybrid battery power systems, reduce fuel consumption and emissions. By 2025, over 50% of our platform supply vessels (PSVs) will be hybrid powered. We are also proud of our broader ESG efforts, including waste reduction and our ongoing focus on prioritizing the safety and well-being of our employees.”
    ##
    SEACOR Marine is recognized for its comprehensive commitment to ESG performance across nearly every operational aspect of the company. Their entry highlighted a diverse array of initiatives, including ocean protection through extensive pollution and waste prevention measures, and enhancing employee well-being with robust safety and mental health programs. Furthermore, SEACOR Marine is at the forefront of the industry’s transition to digitization and automation, leveraging advanced technologies to boost efficiency and reduce emissions, including the global deployment of hybrid PSVs.
    The award-winning entry from SEACOR Marine was evaluated by an independent panel of experts from Pickering Energy Partners, Cornerstone Government Affairs, and an independent industry expert. NOIA received applications from a diverse cross-section of NOIA membership, highlighting the support for ESG performance among the full ecosystem of companies involved in the offshore energy sector.
    2024 marks the third year of the NOIA ESG Excellence Award competition. The NOIA ESG Excellence Award competition is open to any offshore service or supply company that is in good standing with NOIA.
    NOIA President Erik Milito (R) presented the award to SEACOR Marine CEO John Gellert (L) at the in-person NOIA Fall Meeting.

    About SEACOR MarineSEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
    For further information about SEACOR Marine’s sustainability practices and ESG initiatives, or to view its diverse energy-efficient fleet of offshore support vessels, please visit http://www.seacormarine.com.

    About NOIA The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    About the NOIA ESG NetworkThe National Ocean Industries Association (NOIA) Environmental, Social & Governance (ESG) Program is a programmatic effort to share and develop best practices across the offshore energy industry. From top to bottom, NOIA members are already embracing ESG principles as dedicated stewards of the environment and of local communities, and the ESG Program unifies and align their efforts. Through innovation, best ESG practices and new technology, our can industry can solve environmental and climate challenges facing society.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra, Uttar Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 01, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

    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 contravention of the statutory provision 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 statutory provision. After considering the bank’s reply to the notice and oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the charge of not transferring the eligible amounts to the Depositor Education and Awareness Fund within the prescribed period 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 this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1264

    MIL OSI Economics –

  • MIL-OSI Economics: The 4th ASEAN-Australia Summit reaffirms commitment to enhancing partnership

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in the 4th ASEAN-Australia Summit, in Vientiane, Lao PDR. The Summit was attended by the ASEAN Leaders or their representatives, the Prime Minister of Australia, and the Secretary-General of ASEAN. Timor-Leste attended as Observer.

    The Meeting underlined the significance of the ASEAN-Australia Comprehensive Strategic Partnership (CSP) and reaffirmed both sides’ commitment to further strengthening the partnership in line with the Vision Statement and Melbourne Declaration adopted at the ASEAN-Australia Special Summit held in March earlier this year. The Meeting also welcomed the new Plan of Action (2025-2029) and looked forward to its effective implementation.

    The post The 4th ASEAN-Australia Summit reaffirms commitment to enhancing partnership appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Parwanoo Urban Co-operative Bank Limited, Parwanoo, Himachal Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 01, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Parwanoo Urban Co-operative Bank Limited, Parwanoo (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI instructions issued under SAF 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 by it during the personal hearing, RBI found, inter alia, that the charge of payment of dividend in violation of the directions issued under SAF, was sustained, warranting imposition of monetary penalty.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1263

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Celebrates ENERGY STAR Day with Facility Efficiency & Green Shipping

    Source: Samsung

    As we celebrate the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR Day on October 9 and Energy Awareness Month throughout October, Samsung Electronics America is proud to spotlight two significant milestones that reflect our unwavering commitment to sustainability. From energy-efficient operations to greener transportation methods, Samsung continues to lead by example in reducing our environmental impact. Our Logan, Utah facility recently earned the EPA’s ENERGY STAR Challenge for Industry recognition, and we’ve also joined the EPA’s SmartWay® Transport Partnership, both reflecting our dedication to creating a more sustainable future.
    Leading by Example: EPA Recognition for Energy Efficiency at Logan, Utah Facility
    In a major achievement aligned with the spirit of Energy Awareness Month, the Prismview – A Samsung Electronics Company commercial display manufacturing facility based in Logan, Utah, was recognized by the EPA for reducing its energy intensity by 10% in just one year, earning the prestigious ENERGY STAR Challenge for Industry designation. This challenge encourages industrial sites worldwide to reduce their energy intensity by 10% over five years. Samsung’s Logan site accomplished this goal far ahead of schedule, thanks to the efforts of our Workplace Operations and Facility Management teams, who developed and implemented energy demand mitigation strategies across our enterprise.

    MIL OSI Economics –