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Category: Economics

  • MIL-OSI Economics: DG Okonjo-Iweala on World Cotton Day: Efforts yielding results, maintain momentum

    Source: World Trade Organization

    Held on African soil for the first time, this year’s World Cotton Day showcased Benin’s  economic successes under the leadership of President Guillaume Athanase Talon, said Director-General Okonjo-Iweala. She praised Benin for its strong economic performance and the prudent management of its economy.

    The Director-General emphasized the importance of cotton to the economies of West and Central Africa, particularly Benin, Burkina Faso, Chad, Mali and Côte d’Ivoire — collectively known as the Cotton4+ countries. As the largest cotton-producing region in Africa, these countries produce over 1 million tons of cotton annually, accounting for 50% of Africa’s total output and 4% of global production.

    In terms of cotton trade, West and Central Africa ranks as the third-largest exporter after the United States and Brazil, contributing significantly to global trade, which has grown from USD 8.2 billion in 2003 to USD 23 billion in 2022, she noted.

    Despite the high quality and environmentally friendly nature of African cotton, the sector faces significant challenges, from market distortions to climate change, DG Okonjo-Iweala said. She noted that 20 years ago, the Cotton4 countries made a call for action at the WTO against unfair trade practices in cotton. This led to cotton gaining a unique status within the WTO, with members regularly meeting to address both the trade and development aspects of the sector.

    Regarding cotton trade, the Director-General emphasized the importance of levelling the playing field by reducing subsidies, which currently amount to USD 8 billion, to allow developing countries greater market access and enable them to benefit more from trade. She noted that WTO members have worked hard and will continue advancing negotiations to achieve this goal.

    On the development front, she highlighted the significant progress made in supporting Cotton4 countries in enhancing their competitiveness and tapping into the vast potential of cotton markets, both in Africa and globally. “The African market for cotton alone is worth USD 12 billion. We are also exploring external opportunities, including the sports apparel value chain, which is expected to reach USD 250 billion by 2026,” she added.

    The Director-General highlighted that new WTO-led initiatives are helping African cotton unlock its full potential, with the milestone “Partenariat pour le Coton” initiative, launched in February 2024, serving as a key example.

    This initiative marks a significant step toward fostering public-private partnerships and empowering Cotton4+ countries to achieve sustainable transformation and advance up the value chain. The first phase of the initiative has already been completed, including a baseline study and thorough assessments of each country’s national priorities and challenges.

    The baseline study estimated that Cotton4+ countries need to attract USD 12 billion in investment over the next decade to unlock the full potential of the sector, which could create 500,000 direct jobs, especially for women and youth, DG Okonjo-Iweala said. 

    To facilitate this much-needed investment, the WTO has mobilized resources and called on partners to provide financial and technical support for African cotton. This includes the signing of a joint declaration with the Islamic Trade Finance Corporation, the African Finance Corporation, Afreximbank, United Nations Industrial Development Organization, and the International Trade Center.

    The Director-General also commended the regional textile and clothing industrial hubs established by Cotton4 governments and financial partners, highlighting the Glo-Djigbe industrial park in Benin, which “plays a crucial role in connecting Benin to global cotton value chains.”

    Looking ahead, the Director-General stated that the partners of the Partenariat pour le Coton will prioritize assisting governments and financial institutions in developing concrete investment projects aligned with each country’s national priorities. She emphasized the need for increased investment in infrastructure, capacity building, product certification, and logistics to support the sustainable growth of the cotton sector.

    The Director-General urged all partners of the Partenariat pour le Coton to seize the opportunity presented by the World Cotton Day event to strengthen cooperation and coordination, with the goal of delivering tangible improvements in the lives of cotton producers and traders.

    WTO’s activities on World Cotton Day

    WTO senior officials will be actively involved throughout the two-day event, contributing to thematic panel discussions and the Business Forum, which will focus on strengthening public-private partnerships to build a sustainable cotton-textile value chain.

    The WTO website features a dedicated page for the event, including news, videos, and the programme: WTO | World Cotton Day 2024. Additional information on the history of World Cotton Day and previous celebrations is also available here: WTO | World Cotton Day: Celebrating the global importance of cotton.

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    MIL OSI Economics –

  • MIL-OSI Economics: Thales to bring its expertise in advanced air mobility to the North Dakota Unmanned Autonomous Systems Council

    Source: Thales Group

    Headline: Thales to bring its expertise in advanced air mobility to the North Dakota Unmanned Autonomous Systems Council

    • Thales, the global high technology leader and integration partner of North Dakota’s system for advanced UAS operations, Vantis, will further collaboration with the UAS Council members and broader ecosystem to harmonize key state objectives.
    • North Dakota cements its leadership position as a global hub for autonomy and advanced air mobility.

    Thales, a global technology leader in Aerospace, Defense, Digital Identity & Security, has joined the North Dakota Unmanned Autonomous Systems (ND UAS) Council, further bolstering North Dakota’s leadership in the UAS industry.

    As part of this partnership, Thales will bring decades of experience in aerospace solutions and specific knowledge on advanced air mobility to the Council. The Group will provide cutting-edge solutions in air traffic management, relying on its expertise in digital technologies including sensors, AI, connectivity and cybersecurity. Thales will significantly contribute to the Council’s mission of advancing UAS technology in North Dakota, shaping supportive policies and fostering local workforce development. Additionally, Thales is the systems integration partner for Vantis, North Dakota’s system for beyond-visual-line-of-sight UAS operations. Vantis is administered by the Northern Plains UAS Test Site (NPUASTS).

    “We couldn’t be happier to welcome Thales to the ND UAS Council,” said Matt Dunlevy, President of the ND UAS Council. “Their global expertise and innovative approach to aerospace technology will be extremely valuable as we work to keep North Dakota at the forefront of the UAS industry. Together, we will seek to redefine the possibilities of unmanned systems, ensuring that North Dakota remains a leader in this rapidly evolving field.”

    The ND UAS Council is a leading organization dedicated to advancing UAS technology and operations in North Dakota. The Council brings together industry leaders, policymakers, and stakeholders to promote innovation, advocate for supportive policies, and drive workforce development in the UAS sector.

    The addition of Thales to the ND UAS Council marks a significant milestone in the ongoing effort to establish North Dakota as a global hub for UAS innovation and development. The Council is committed to fostering collaboration among industry leaders to ensure the state continues to lead in this dynamic and rapidly growing industry.

    “Joining the ND UAS Council is a strategic move for Thales as we continue to expand our footprint in the UAS domain,” said Frank Matus, Director of Digital Aviation Market Development for the Americas at Thales. “North Dakota is a key hub for UAS innovation, and we are eager to collaborate with the Council and its members to advance the industry and contribute to the development of next-generation unmanned systems.”

    About Thales

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

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

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

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

    About Thales in the U.S.

    In the United States, Thales has conducted significant research and development, manufacturing, and service capabilities for more than 130 years. ​ Today, Thales has 37 locations around the U.S., employing nearly 5,000 people. ​ Working closely with U.S. customers and local partners, Thales is able to meet the most complex requirements for every operating environment.

    MIL OSI Economics –

  • MIL-OSI Economics: Why we’re appealing the Epic Games verdict

    Source: Google

    Today, the court overseeing our ongoing U.S. legal proceedings with Epic Games ordered changes to Android and Google Play, requested by Epic. As we have already stated, these changes would put consumers’ privacy and security at risk, make it harder for developers to promote their apps, and reduce competition on devices. Ultimately, while these changes presumably satisfy Epic, they will cause a range of unintended consequences that will harm American consumers, developers and device makers.

    These Epic-requested changes stem from a decision that is completely contrary to another court’s rejection of similar claims Epic made against Apple — even though, unlike iOS, Android is an open platform that has always allowed for choice and flexibility like multiple app stores and sideloading.

    We are appealing that underlying decision and we will ask the courts to pause Epic’s requested changes, pending that appeal. Our appeal will show that:

    • Apple and Google compete directly for consumers: The decision rests on a flawed finding that Android is a market in itself. In contrast, the Apple decision, upheld on appeal, rightly found that Android and iOS compete in the same market. This is obvious to anyone who has bought a smartphone. Walk into a store that sells smartphones and you’ll see the options side-by-side — Android phones from companies like Samsung, Motorola and many others competing right next to Apple’s iPhone. People choose between these phones based on price, quality and security.
    • Google and Apple compete directly for app developers: The decision ignores what every developer in the world knows — they have to prioritize investing in developing for iPhones and Androids. Developers have finite resources and have to decide how much time and money to devote to building and updating their apps for each platform. Like any business, Google wants developers to offer their best features for Android and to release them on Android first. So we build tools, run training programs and invest in making it as easy as possible to develop for Android. Apple of course does the same — competing to convince developers to prioritize iOS.
    • Android is open and Google Play is not the only way to get apps: The decision fails to take into account that Android is an open platform and developers have always had many options in how to distribute their apps. In fact, most Android devices come preloaded with two or more app stores right out of the box. Developers have other options too, such as offering their apps directly to users from their websites. For example, Epic Games has made its popular Fortnite app available to Android users through the Samsung Galaxy Store, sideloading, and the Epic Games Store – all while Fortnite was not distributed through Google Play. These are options that developers have never been able to offer to their American users on iPhones.

    Android has helped expand choice, reduce prices and democratize access to smartphones and apps. The initial decision and today’s Epic-requested changes put that at risk and undercut Android’s ability to compete with Apple’s iOS.

    We look forward to continuing to make our case on appeal, and we will keep advocating for what is best for developers, device manufacturers and the billions of Android users around the world.

    MIL OSI Economics –

  • MIL-OSI Economics: Caribbean Sea

    Source: CAF Development Bank of Latin America

    The marine and coastal ecosystem of the Caribbean Sea includes coral reefs, mangroves, and seagrass beds, reaching an approximate area of 2.8 million km². These ecosystems are among the most diverse and productive in the world.

    They provide safety to coastal communities, acting as natural barriers that reduce the impact of floods and storms. Additionally, mangroves in this ecosystem filter and purify water, while coral reefs generate more sand for the pristine beaches of the Caribbean. Without coral reefs, it is estimated that 25% of all marine life would die.

    The loss of biodiversity in the Caribbean Sea is due to a lack of infrastructure and regulation for treating greywater and industrial waste that pollutes water sources (mainly from agribusiness), ocean pollution caused by shipping and plastic waste, poor planning in coastal and oceanic areas related to tourism, habitat loss and overexploitation of marine resources due to fishing, and conflicts of interest that limit the protection of ecologically valuable areas. It’s also important to mention that widespread deforestation in the Amazon contributes to the proliferation of invasive species like sargassum along Caribbean coasts (Berenguer et al., 2021).

    MIL OSI Economics –

  • MIL-OSI Economics: Atlantic Forests

    Source: CAF Development Bank of Latin America

    Also known as Mata Atlântica, this region covers over 1.2 million km² and is home to about 150 million people, stretching along Brazil’s eastern coast and extending inland to Argentina and Paraguay.

    This area is responsible for 70% of Brazil’s GDP and provides essential natural resources such as clean air, climate regulation, soil protection, pollination, food, medicine, and drinking water (60% of Brazil’s population relies on water from this region). The Atlantic Forest hosts hundreds of mammal and reptile species, over 1,300 bird species, more than 750 reptile and amphibian species, and 23,000 plant species, with 40% of the plants and 31% of the fauna being endemic.

    It is one of the world’s most threatened forest ecosystems due to biodiversity loss and deforestation, mainly driven by land-use changes caused by unsustainable cattle ranching and agriculture expansion, which introduce exotic species that alter soil characteristics, affecting the entire ecosystem. Additionally, the lack of proper infrastructure and regulation for treating greywater and industrial waste pollutes waterways. Combined with infrastructure construction without environmental safeguards, this results in biodiversity loss and landscape fragmentation.

    MIL OSI Economics –

  • MIL-OSI Economics: The CPR gathers in Vientiane, kick-starting the 44th and 45th ASEAN Summits and Related Summits

    Source: ASEAN

    The Committee of Permanent Representatives to ASEAN (CPR) gathered at the National Convention Center in Vientiane today for their tenth regular meeting of the year, signalling the start of the 44th and 45th ASEAN Summits and Related Summits series. During the session, the CPR engaged in in-depth discussions on matters related to ASEAN Community-building efforts and external relations issues, among others.

    The post The CPR gathers in Vientiane, kick-starting the 44th and 45th ASEAN Summits and Related Summits appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Rosneft Holds an IT-Marathon

    Source: Rosneft

    Headline: Rosneft Holds an IT-Marathon

    Moscow saw the finals of Rosneft IT-Marathon which is the biggest in Russia. The organizers and winners of the hackathons* presented their best solutions to experts from leading Russian companies and universities.

    Digitalization of business processes is one of the key objectives of Rosneft-2030 Strategy. The Company is persistently introducing advanced technological solutions to analyze large amounts of data for improving the efficiency in all its business areas. Specialized IT-Marathons help Rosneft address real operational tasks in co-operation with high-skilled people.

    In 2022 RN-BashNIPIneft Research Institute held four contests for students and IT specialists with a total of more than 2,300 people participating. This is twice as many as in 2021. The geography of the participants covers more than 130 cities and 12 countries.

    The priority of the IT-Marathon is to address problems using advanced digital technologies and artificial intelligence tools. The solutions gained at the contest are integrated into Rosneft software used for hydrocarbon exploration and production.

    As part of the country universities hackathon, its participants were doing correlation and cluster data analysis and making machine learning models. The obtained solutions will be used for making geological models and identifying methods of oil production. Daniil Raspopin, the winner of the hackathon from Kursk, got a job offer from RN-BashNIPIneft, and so now he is involved in the institute’s projects of data analysis and machine learning.

    Participants of the hackathon for robotics programmers were solving a task of robotizing the study of core, – which means “samples of rock”. The best approaches and methods used for solving this task are now planned to be employed in the modernization project of RN-BashNIPIneft laboratory complex.

    This year the tasks of the two biggest IT-Marathon contests – Rosneft Challenge I and Rosneft Challenge II – were around the subject of oilfield development optimization. Their first task was about predicting electrical submersible pump failures, and the second task was about optimizing well operations. The solutions presented by the participants will be used in the high-tech software line developed in the Company.

    Details about the IT-Marathon are available at: https://events.rn.digital/

    *Hackathon is a competition at which specialists from different software development areas together solve some problem for time.

    Note:

    RN-BashNIPIneft LLC is the Rosneft largest research and design institute and a center of the Company’s high-tech corporate software development.

    Rosneft
    Information Division
    December 5, 2022

    MIL OSI Economics –

  • MIL-OSI Economics: 4th Russian-Chinese Energy Business Forum brings together executives of major companies, government officials and industry experts

    Source: Rosneft

    Headline: 4th Russian-Chinese Energy Business Forum brings together executives of major companies, government officials and industry experts

    Government officials from the Russian Federation and the People’s Republic of China and executives from over 100 major Russian and Chinese companies have attended the 4th Russian-Chinese Energy Business Forum.

    The reports on the development of energy cooperation between the two countries at the Forum were presented by Igor Sechin, Executive Secretary of the Commission for the President of the Russian Federation on the strategy of development of the fuel and energy industry and environmental safety, Chief Executive Officer of Rosneft Oil Company; Alexander Novak, Deputy Prime Minister of the Russian Federation; Han Zheng, Vice Premier of the State Council of the People’s Republic of China; Dai Houliang, Chairman of the CNPC Board of Directors; CEOs of Russian and Chinese companies. The Forum was also attended by ministers and government officials from the two countries, as well as representatives of the scientific community.

    The strong participation once again confirmed the RCEBF’s status as the most important platform for shaping the key areas of energy dialogue between Russia and China.

    The Forum was held in a face-to-face distance format at two venues in Moscow and Beijing, with a video bridge between them.

    UPWARD DEVELOPMENT

    President Vladimir Putin of the Russian Federation and President Xi Jinping of the People’s Republic of China sent greetings to the Forum participants, in which they noted the positive dynamics of the development of Russian-Chinese energy cooperation.

    In particular, Vladimir Putin noted in his address that, despite the complexity of the international situation, relations between the Russian Federation and the People’s Republic of China continue to develop in an upward direction. The energy sector remains one of the key and most dynamic areas of economic cooperation between the two countries.

    “The Russian-Chinese Energy Business Forum plays an increasingly prominent role in expanding cooperation in such an important sector, facilitating regular dialogue between representatives of government agencies, leading industry corporations, banking institutions and expert circles of the two countries. One of the Forum’s most vital activities is the creation of the “Atlas of Russian-Chinese Energy Cooperation Investments”. There is no doubt that the development of this unique information and analysis platform opens up new opportunities for mutually beneficial commercial initiatives,” reads the address of the Russian President.

    CORNERSTONE OF CHINA-RUSSIA COOPERATION

    In his welcoming address to the Forum, China’s President Xi Jinping declared energy to be the cornerstone of cooperation between China and Russia.

    According to the PRC President, Beijing intends to build a closer partnership with Moscow in the energy sector. “The energy engagement between China and Russia is a cornerstone of practical cooperation between the two countries and also serves as an effective force for global energy security,” reads Xi Jinping’s address.

    Russia and China’s energy cooperation demonstrates sustainability despite external challenges, the PRC President said.

    “In the face of external risks and challenges, Russia and China are intensifying interaction and coordination, promoting major cooperation projects, demonstrating the high sustainability of Russian-Chinese energy cooperation,” reads Xi Jinping’s address.

    UNIQUE OPPORTUNITIES

    Igor Sechin, Executive Secretary of the Commission for the President of the Russian Federation on the strategy of development of the fuel and energy industry and environmental safety, Chief Executive Officer of Rosneft Oil Company, delivered an address at the opening of the 4th Russian-Chinese Energy Business Forum devoted to the development of the energy dialogue between the two countries.

    By the end of this year, the trade turnover between Russia and China may reach $180-190 billion, Rosneft CEO believes. According to him, the figure has already reached $153.9 billion in ten months.

    Thus, Igor Sechin added, the goal of reaching $200 billion in trade turnover may be achieved even earlier than in 2024, as previously planned.

    Igor Sechin noted that Xi Jingping’s 2015 proposal at the rostrum of the UN to create a “community of one destiny for the humankind”, which underlay Chinese foreign policy (as part of the preamble to China’s Constitution), was a worthy response to the challenges of the growing turbulence. “The Western opponents cannot or do not want to understand the great humanitarian meaning of this idea, rejecting the concept of common destiny because of certain ideological considerations,” Igor Sechin believes. “They do not want to understand that it is not about a uniformity, which is naturally alien to the Chinese cultural tradition.” “All phenomena develop together and do not impede one another, all principles are effected together and do not contradict one another,” says a Chinese wisdom. “China simply tells the world: “We are all in the same boat.” And it turns out that China is working to unite humanity, while the West is working to divide it,” Igor Sechin said.

    Rosneft CEO noted that China, like Russia, had always been against unilateral sanctions and economic pressure, which turned into selfish promotion of one’s own selfish interests, and had always advocated the universal and equal application of international law. “Nevertheless, we see that the PRC is subjected to commercial discrimination. The goal is openly set to stop China’s technological development and prevent China from becoming the Number 1 technological power,” the head of Rosneft believes. No wonder the 20th CPC Congress has paid so much attention to security, which is becoming a political priority.

    Rosneft CEO emphasised the unique opportunities that the cooperation offers in terms of ensuring China’s and Russia’s economic security in sensitive areas. “In the field of resource supply, including energy resources, Russia is a reliable supplier with a huge potential that is capable of expanding. As for production and technological logistics, our partnership here seems to be the most protected in terms of security,” Igor Sechin said.

    Russian energy companies, Sechin said, were ready to cooperate with Chinese partners in all areas—“in coal, in gas, in oil, in electricity and through Rosatom.”

    Rosneft CEO noted that the Company had always promoted integral cooperation with Chinese partners along the entire technological chain: that is exploration and production, refining, power generation, sales at potential markets, including retail sales. “As a rule, such cooperation implies exchange of shares, setup of joint ventures, supply of equipment, and technological partnership,” he said.

    POTENTIAL FOR GROWTH IN ENERGY EXPORTS

    Russia’s oil exports to China in January-October 2022 increased by 9.5% year-on-year to reach almost 72 million tonnes. This put Russia in second place among the suppliers of this fuel to Beijing, only slightly behind Saudi Arabia (73.8 million tonnes), Igor Sechin said.

    For his part, Russia’s Deputy Prime Minister Alexander Novak acknowledged the possibility of building new oil pipelines to China.

    Rosneft CEO also reminded the audience about the Vostok Oil project that “would provide long-term, reliable, and guaranteed energy supplies to Asia’s growing economies.” The project should produce 115 million tonnes of oil by 2033, equivalent to 2.5% of current world production.

    Russia also retains great potential for increasing hydrocarbon exports. For example, Sechin estimates that Rosneft alone has more than 2 trillion cubic metres of gas reserves in Eastern Siberia and the Far East that could be delivered to China.

    According to Igor Sechin, Russian pipeline gas deliveries could increase by 60% this year. The figure will exceed 100 billion cubic metres a year in the foreseeable future, and Rosneft CEO is confident that this is not even the limit.

    Executive Secretary of the Presidential Commission on the strategy of development of the fuel and energy industry Igor Sechin noted the prospects for liquefied natural gas: “Today Russia exports to China relatively small volumes of LNG, but in the future, the volume of LNG supplies may become comparable to our supplies from pipeline projects.”

    For his part, China National Petroleum Corporation (CNPC) Chairman Dai Houliang pointed to the importance of proper operation of oil pipelines from Russia to China and the Yamal LNG project, in which CNPC has a stake.

    “The implementation of the Sino-Russian gas pipeline through the Far East route and the Arctic LNG-2 project should also be accelerated,” he added.

    Furthermore, according to Igor Sechin, Russia accounts for almost a quarter of China’s coal imports—53 million tonnes in the first ten months of this year. Only Indonesia supplies more coal to the PRC.

    China buys from Russia not only hydrocarbons, but also electricity. Between January and October, its supplies grew by 33% and set a new record.

    SETTLEMENTS IN NATIONAL CURRENCIES

    As Alexander Novak noted, Russia and China were switching to settlements in national currencies when trading energy resources: “This work helps to prevent risks and facilitate the transformation of the rouble and yuan to the status of world reserve currencies.” In addition, the two countries’ central banks are working on a settlement system outside SWIFT.

    A significant step in the development of settlement in national currencies was Rosneft’s 2022 placement of an issue of bonds in yuan totalling 15 billion. According to bank analysts, this was the largest corporate bond market placement in the Russian market ever.

    Executive Secretary of the Presidential Commission on the strategy of development of the fuel and energy industry Igor Sechin noted that settlements under foreign economic contracts, primarily for the supply of energy products, had been promptly adapted to the new conditions. “I consider it important to develop clearing payments between China and Russia, which could then be joined by other interested countries (EAEU, SCO, BRICS). The existence of an independent settlement system is an important component of financial sovereignty in the contemporary world,” the head of Rosneft said.

    INVESTMENT ATLAS

    A significant contribution to the development of energy cooperation between the two countries was the publication of the Atlas of Russian-Chinese Energy Cooperation Investments. This document is a comprehensive and practical guide to the implementation of joint projects. Its first part, presented at the previous Forum by the Russian side, was devoted to a review of the current state and prospects of development of the fuel and energy complex of the Russian Federation.

    During the 4th Russian-Chinese Energy Business Forum, Zhang Jianhua, Head of the State Energy Administration of the People’s Republic of China, gave a presentation on the Chinese part of the Atlas.

    The Forum brought together over 300 representatives of major Russian and Chinese companies in the oil and gas, power, coal, nuclear and renewable energy sectors, heads of federal executive authorities, power equipment manufacturers, and representatives of the financial and IT sectors. The participants discussed in detail the key issues of bilateral cooperation in the energy sector. On the sidelines of the Forum, contracts were discussed and concluded between Russian and Chinese partners on energy supply, technology development, joint research, personnel training, and involvement of Chinese companies in the procurement of goods, works and services for projects implemented in Russia.

    The Russian-Chinese Energy Business Forum has been held since 2018, in line with the agreements reached by President Vladimir Putin of the Russian Federation and President Xi Jinping of the People’s Republic of China. The two leaders outlined the main objective of the Forum, that is to expand cooperation, find new areas for investment and implement promising projects in the energy sphere in Russia and China.

    Since its inception, the Forum takes place under the auspices of the Commission for the President of the Russian Federation on the strategy of development of the fuel and energy industry and environmental safety and the State Energy Administration of the People’s Republic of China, and is co-organised by Rosneft and China National Petroleum Corporation.

    Rosneft
    Information Division
    November 29, 2022

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Approves Support to Strengthen Coastal Protection in India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (7 October 2024) — The Asian Development Bank (ADB) has approved a $42 million loan to provide coastal and riverbank protection to increase resilience of local communities and natural ecosystems in the state of Maharashtra, India. 

    The Maharashtra Sustainable Climate-Resilient Coastal Protection and Management Project will establish coastal erosion and riverbank protection solutions such as offshore reefs, sheet piles, beach nourishment, and vegetation planting to restore and stabilize the coastline. 

    “The project will demonstrate the benefits of adopting new engineering hybrid approaches such as offshore reefs construction and rock protection works, as well as soft nature-based solutions such as beach and dune nourishment,” said ADB Water Resources Specialist Marie L’Hostis. 

    “The project responds to Maharashtra’s climate adaptation needs as outlined in the state’s Shoreline Management Plan and address climate change threats as shown by increasing rates of sea-level rise and coastal erosion though flexible nature-based and hybrid solutions, which can adapt to different climate scenarios,” said ADB Senior Climate Change Specialist (Coastal Adaptation) Alessio Giardino.

    ADB will help build the capacity of the Maharashtra Maritime Board in shore management planning, including the establishment of a coastal infrastructure management unit. The project will support capacity building of stakeholders on gender equality and social inclusion, coastal management, and livelihood activities.  

    The project builds on the ADB-financed Sustainable Coastal Protection and Management Investment Program. It aims to enhance fisheries and tourism, while encouraging increased participation of women, youth, and vulnerable groups in coastal zone management.

    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: ADB Publications Catalog

    Source: Asia Development Bank

    Topics include agriculture, education, energy, environment, gender, governance, health, transport, urban development, and water. Most of these publications can be downloaded for free from the ADB Publications pages. Hard copies of listed titles can be ordered from Amazon online; or via the “Order print publication” button on the relevant web pages. Orders can also be placed through our commercial distributors, booksellers, and copublishers when indicated in the publication’s description.

    MIL OSI Economics –

  • MIL-OSI Economics: WTO-FIFA “Partenariat pour le Coton” initiative concludes national consultations

    Source: WTO

    Headline: WTO-FIFA “Partenariat pour le Coton” initiative concludes national consultations

    Launched in February 2024 following the WTO-FIFA Memorandum of Understanding (MoU) signed in 2022, the “Partenariat pour le Coton” initiative brings together public and private sector partners to support the C4+ countries in advancing along the cotton value chain and securing greater benefits for these nations.
    The consultations focused on building upon the baseline study conducted by the United Nations Industrial Development Organization (UNIDO) and the International Trade Centre (ITC) and implementing its recommendations on developing the cotton sector at the national level. The consultations have helped to ensure that national strategies align with the broader objectives of the “Partenariat pour le Coton.”
    Experts from the public and private sectors, as well as key stakeholders across the cotton value chain, took part in the consultations. The African Export-Import Bank (Afreximbank), the International Labour Organization (ILO) and the Enhanced Integrated Framework (EIF) provided financial support, while UNIDO and Gherzi, a textile management consulting company, offered technical expertise, presenting key findings from the baseline study and advising on concrete steps to transform national cotton sectors.
    Government trade officials reiterated their commitment to fostering an environment conducive to reforms and investment in value-added cotton production. They also emphasized the need for enhanced public-private sector cooperation and explored ways to ensure the sustainable development of the cotton industry.
    Private sector representatives, particularly from financial institutions, reaffirmed their support for value addition in the African cotton industry and pledged increased investment in the cotton-to-textile value chain. Participants also highlighted the need for stronger technical assistance to address capacity gaps identified in the baseline study.
    Looking ahead, the outcomes of each national consultation will be compiled into individual country reports, contributing to a comprehensive regional report. This report will serve as a foundation for attracting significant investment in C4+ countries.
    Participants hailed the successful conclusion of the consultation process and reiterated the importance of helping C4+ countries maximize the benefits of their cotton industries through the “Partenariat pour le Coton” initiative and other international partnerships.
    The partners of the “Partenariat pour le Coton” initiative will reconvene at the World Cotton Day 2024 event, scheduled for 6-8 October in Cotonou, Benin.

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  • MIL-OSI Economics: DDG Ellard emphasizes vital role of parliaments, provides update on WTO priorities

    Source: World Trade Organization

    DDG Ellard acknowledged the crucial role that parliaments play as the key link between international institutions and the public. She emphasized that parliamentary engagement on WTO issues is essential for ensuring that the Organization’s work is effective, tangible and meaningful.

    Turning to current priorities, DDG Ellard first stressed the importance of bringing into force the Agreement on Fisheries Subsidies, adopted in June 2022, to end the worst form of fisheries subsidies. To do this, 111 WTO members — two-thirds of the WTO membership — must accept the Agreement. At this point, 83 members have already done so, leaving 28 remaining for entry into force. She expressed gratitude to members that have accepted the Agreement, commending parliamentarians for their unwavering support and efforts toward swift ratification. She urged those who have not yet done so to take action promptly.

    DDG Ellard also highlighted significant progress made at MC13 on the second part of the Agreement on Fisheries Subsidies, aiming to address overcapacity and overfishing. While a final agreement is still pending, she noted that the negotiations have come closer to consensus than ever before, following more than 20 years of discussions. Since MC13, members have engaged intensively in efforts to conclude a comprehensive agreement on fisheries subsidies based on the revised text in document TN/RL/W/279, aiming to establish strong disciplines on major subsidizers and distant water fishing, while providing appropriate and effective flexibility for developing members.

    DDG Ellard described the extensive work in the lead up to the WTO’s July 2024 General Council meeting. “We are very close,” she emphasized, urging political leaders to engage actively in finalizing the Agreement by the end of the year.

    On the topic of dispute settlement reform, DDG Ellard commended Ambassador Usha Dwarka-Canabady of Mauritius and the six co-facilitator experts for their efforts in advancing the ongoing negotiations among WTO members towards achieving a fully and well-functioning dispute settlement system by 2024, as mandated by ministers at MC12 and MC13. The areas of particular focus are appeal/review and accessibility to developing members. 

    She emphasized that although the Appellate Body is not functioning, the system has not ground to a halt, with members continuing to bring disputes to the WTO. In 2024, members initiated seven new disputes, and there are seven panel proceedings under way, demonstrating ongoing confidence in the system. 

    She further emphasized the ongoing work to build the necessary multilateral consensus to incorporate the outcomes of the plurilateral initiatives of WTO members into the WTO rulebook, such as the Investment Facilitation for Development (IFD) Agreement and the outcomes of the Joint Statement Initiative on E-commerce. She pointed to the IFD Agreement as the first global accord on investment facilitation, with the support of two-thirds of WTO members, including developing members. 

    She also noted that the stabilized text on e-commerce (INF/ECOM/87) has garnered broad support, although some participants are still conducting internal consultations. The co-convenors of the e-commerce initiative are continuing to engage to determine next steps.

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  • MIL-OSI Economics: Experts call for resilient and inclusive trade at WTO chairs conference in India

    Source: WTO

    Headline: Experts call for resilient and inclusive trade at WTO chairs conference in India

    Speaking at the opening of the conference in the presence of the IIFT Vice-Chancellor, Professor Rakesh Mohan Joshi, WTO Deputy Director-General Xiangchen Zhang stressed the importance of the WTO Chairs Programme (WCP) network in fortifying the multilateral trading system and guiding both current and future trade negotiations. “Trade negotiations cannot succeed if only a few voices are heard,” he said. “Every country, regardless of size or wealth, has a stake in the system and should actively shape its future. Universities and academic institutions such as the WTO Chairs have a critical role to play.”
    Ajay Bhadoo, Additional Secretary of the Department of Commerce in India, highlighted the rapid transformation of the global trade environment, driven by factors such as digital trade, sustainability goals, and supply chain resilience. “Asia and Africa are at the nexus of these changes,” he noted, emphasizing that these regions are pivotal in driving the next phase of global trade expansion, which must be inclusive, sustainable and equitable.
    Throughout the conference, participants engaged in discussions on critical issues, including regional approaches to international trade, with experts calling for stronger connections between regions to promote “re-globalization” in the face of current global challenges.
    Another key topic of discussion was the role of digital technology in empowering marginalized groups, including small businesses, women, and youth. Participants highlighted the WCP’s efforts in building resources to support this goal, stressing the need for inclusive digital policies.
    The conference also explored how international trade could support sustainable climate actions, particularly in the areas of clean energy, agricultural sustainability, and green industrial policies. The vital importance of minerals essential for the transition to net-zero emissions, as well as the need for climate-resilient agricultural trade policies, was also discussed.
    Ambassador Senthil Pandian, India’s Permanent Representative to the WTO, commended the WTO chairs’ efforts in advancing international trade knowledge across all regions. “This conference has underscored the immense potential within Asia and Africa and the opportunities to forge stronger partnerships to develop capacity in trade,” he said.
    France’s Permanent Representative to the WTO, Ambassador Emmanuelle Ivanov-Durand, also emphasized the value of knowledge exchange. “It is even more valuable between countries from different continents where interests can be understood differently but where strong partnerships can be found,” she said. France is the largest donor of the WCP.
    Ambassador Jung Sung Park, Deputy Permanent Representative of the Republic of Korea to the WTO, reaffirmed the importance of collaboration between Asia and Africa, which together account for approximately half of the WTO’s membership. He stressed that evidence-based research is crucial to shaping a more inclusive and sustainable global trade system, and praised the WCP for its role in bridging academia, policymakers and the public.
    Julian Storm, Economic Counsellor  at the Australian High Commission in India, represented Australia, a donor to the WCP, at the event. “Australia believes global trade must be inclusive, and growth must benefit developing economies,” he stated. “The best way to achieve this is by ensuring we have a WTO that is durable, fit for purpose, and works for all.”
    The conference concluded with remarks from Satya Srinivas, Additional Secretary of the Department of Commerce in India and chief negotiator for the India-European Union free trade agreement, who praised the event for encouraging critical discussions on governance and sustainable development, particularly within the context of the UN Sustainable Development Goals.
    The WTO Chairs Programme seeks to foster research, build capacity, and facilitate meaningful dialogue on international trade issues among policymakers and key stakeholders. This conference laid a robust foundation for future collaboration between the WTO, the Government of India and the wider regions of Asia and Africa, paving the way for strengthened partnerships and deeper engagement in shaping the global trade landscape.

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  • MIL-OSI Economics: Members underline need for services trade to be inclusive

    Source: World Trade Organization

    Follow-up to outcomes of ministerial conferences

    At the 13th Ministerial Conference (MC13) held in February 2024, ministers stressed that services generate more than two-thirds of global economic output and account for over half of all jobs. They also emphasized the importance of advancing work on trade in services at the WTO. Stemming from this, the Council agreed to hold an informal discussion on the WTO-World Bank report entitled “Trade in Services for Development“. The ministerial mandate on the WTO’s work on trade in services can be found in paragraph 18 of the MC13 Declaration.

    Several members also expressed an interest in exploring the interplay between services trade and the green transition. The WTO’s Organisation of African, Caribbean and Pacific States announced that it is working on updating the note entitled “Vulnerable ACP State services sectors impacted in the context of the COVID-19 Pandemic” submitted in 2021. A suggestion was made to hold a workshop on crisis preparedness in response to the MC13 mandate.

    Participation of LDCs in services trade

    The WTO LDC Group presented to the Council a new questionnaire that aims to assess how LDC services suppliers are working with consumers and enterprises, particularly in the member economies that have notified preferences for LDCs, with the aim of identifying the challenges they may face.

    Members reaffirmed their commitment to increasing the participation of LDCs in global services trade in line with the MC12 Outcome Document and the MC13 Declaration. They reiterated their continued support for putting the Services Waiver into practice as a means of reaching this goal. The waiver was formalized by a decision adopted at the 2011 Ministerial Conference. Preferences for LDC services and service suppliers have been notified by 51 WTO members under the waiver. Members’ notifications can be found here.

    A total of 35 WTO members are classified as LDCs.

    Work Programme on E-commerce

    Some members proposed that the Council complement the work done in the General Council’s dedicated discussions on e-commerce in light of its services-trade focus. Some of the issues suggested for discussion include trade in digitally delivered services, artificial intelligence, cloud computing and financial inclusion.

    The importance of making digital trade more inclusive and of boosting the participation of developing economies in e-commerce was also highlighted.

    Services trade concerns

    Members discussed three previously addressed specific trade concerns involving cybersecurity measures and mobile applications, among other services-related topics.

    Japan and the United States, supported by several other members, reiterated concerns about the cybersecurity measures of China and Viet Nam. China repeated concerns with certain services measures of the United States. China also reiterated its concerns regarding India’s measures in relation to mobile applications.

    Trade in financial services

    Crisis preparedness

    In the Committee on Trade and Financial Services, Pakistan underscored the important role played by financial services in supporting crisis management frameworks. It stressed that the capacities of developing economies in this area should be reinforced, as mandated by ministers at MC13 (see paragraph 21 of the Ministerial Declaration). Members expressed readiness to look into ways of discussing this.

    The Committee is one of the Services Council’s subsidiary bodies.

    Facilitating electronic payments

    Introducing a new proposal, China said that developing economies lack an effective infrastructure and regulatory framework to keep up with international organizations and governments in terms of making online payments more secure. Given that emerging technologies are heavily impacting international economic activities, China suggested a discussion on the WTO’s role in facilitating the expansion of electronic payments across economies.

    The proposal will be discussed at the next Committee meeting in December.

    Reducing the cost of remittance services

    Members were unable to reach consensus on establishing a work programme on reducing the cost of remittance services in the Committee – as proposed by India in a communication dated 8 March – but there was support among members for exploring how the WTO can complement discussions in other international fora.

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  • MIL-OSI Economics: Money Market Operations as on October 03, 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) 543,858.34 6.23 1.11-6.65
         I. Call Money 10,590.81 6.45 5.10-6.55
         II. Triparty Repo 375,564.65 6.17 5.60-6.45
         III. Market Repo 156,369.88 6.36 1.11-6.65
         IV. Repo in Corporate Bond 1,333.00 6.50 6.50-6.50
    B. Term Segment      
         I. Notice Money** 391.79 6.34 6.00-6.50
         II. Term Money@@ 1,187.75 – 6.60-7.30
         III. Triparty Repo 737.00 6.32 6.25-6.40
         IV. Market Repo 3,291.51 6.56 6.50-6.60
         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 Thu, 03/10/2024 1 Fri, 04/10/2024 48,120.00 6.49
    3. MSF# Thu, 03/10/2024 1 Fri, 04/10/2024 636.00 6.75
    4. SDFΔ# Thu, 03/10/2024 1 Fri, 04/10/2024 181,857.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -229,341.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 01/10/2024 3 Fri, 04/10/2024 93,815.00 6.49
      Mon, 30/09/2024 4 Fri, 04/10/2024 1,000.00 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$       7,249.79  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -59,023.21  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -288,364.21  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 03, 2024 986,487.06  
         (ii) Average daily cash reserve requirement for the fortnight ending October 04, 2024 1,005,433.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 03, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 06, 2024 427,689.00  
    @ 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: 2024-2025/1218

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 44th and 45th ASEAN Summits and Related Summits, hosted by Lao PDR

    Source: ASEAN

    At the invitation of H.E. Sonexay Siphandone, Chair of ASEAN for 2024 and Prime Minister of Lao People’s Democratic Republic (Lao PDR), Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat’s Delegation to participate in the 44th and 45th ASEAN Summits and Related Summits, including ASEAN Leaders’ Interface with Representatives of ASEAN Inter-Parliamentary Assembly (AIPA), ASEAN Leaders’ Interface with Representatives of ASEAN Business Advisory Council (ASEAN-BAC) and ASEAN Leaders’ Interface with Representatives of ASEAN Youth, which will convene in Vientiane, Lao PDR, on 8-11 October 2024, under the theme “ASEAN: Enhancing Connectivity and Resilience.” Prior to participating in the ASEAN Summits and Related Summits, Dr. Kao will also partake in the 24th ASEAN Economic Community (AEC) Council Meeting, ASEAN Investment Forum, ASEAN Foreign Ministers’ Meeting, 28th ASEAN Political-Security Community (APSC) Council Meeting, 35th ASEAN Coordinating Council (ACC) Meeting, ASEAN Business and Investment Summit and a Special Reception hosted by Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, on 7- 8 October 2024. During his stay in Vientiane, Dr. Kao is scheduled to meet bilaterally with leaders and heads of delegations of ASEAN’s external partners countries and international organizations in order to further strengthen existing cooperation, explore untapped areas of collaboration and advance ASEAN Community building goals. The series of meetings will serve as important platforms to take stock of the progress of ASEAN’s key initiatives, set future priorities and reaffirm ASEAN’s role in fostering regional peace, security, stability, and sustainable economic growth.
    The post Secretary-General of ASEAN to participate in the 44th and 45th ASEAN Summits and Related Summits, hosted by Lao PDR appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Sony Semiconductor Solutions to Release the Industry’s First CMOS Image Sensor for Automotive Cameras

    Source: Sony

    Atsugi, Japan — Sony Semiconductor Solutions Corporation (SSS) today announced the upcoming release of the ISX038 CMOS image sensor for automotive cameras, the industry’s first*1 product that can simultaneously process and output RAW*2 and YUV*3 images.

    The new sensor product has proprietary ISP*4 inside and can process and output RAW and YUV images simultaneously. RAW images are required for external environment detection and recognition in advanced driver-assistance systems (ADAS) and autonomous driving systems (AD), while the YUV images are provided for infotainment applications such as the drive recorder and augmented reality (AR).

    By expanding the applications a single camera can offer, the new product helps simplify automotive camera systems and saves space, cost, and power.

    *1  Among CMOS sensors for automotive cameras. According to SSS research (as of announcement on October 4, 2024).
    *2  Image for recognition on a computer.
    *3  Image for driver visual such as recording or displaying on a monitor.
    *4  Image signal processor – a circuit for image processing.

    ISX038 CMOS image sensor for automotive cameras

    Model name Sample shipment date

    Sample price
    (including tax)

    ISX038 1/1.7-type (9.30 mm diagonal)
    8.39- effective-megapixel*5
    CMOS image sensor

    		 October 2024 ¥15,000*6

    *5  Based on the image sensor effective pixel specification method.
    *6  May vary depending on the volume shipped and other conditions.

    The roles of automotive cameras continue to diversify in line with advances in ADAS and AD and increasing needs and requirements pertaining to the driver experience. On the other hand, there is limited space for installing such cameras, making it impossible to continue adding more indefinitely, which in turn has created a demand to do more with a single camera.

    The ISX038 is the industry’s first*1 CMOS image sensor for automotive cameras that can simultaneously process and output RAW and YUV images. It uses a stacked structure consisting of a pixel chip and a logic chip with signal processing circuit, with the SSS’ proprietary ISP on the logic chip. This design allows a single camera to provide high-precision detection and recognition capabilities of the environment outside the vehicle and visual information to assist the driver as infotainment applications. When compared with conventional methods such as a multi-camera system or a system that outputs RAW and YUV images using an external ISP, the new product helps simplify automotive camera systems, saving space, costs, and power.

    ISX038 will offer compatibility with the EyeQ 6 System-on-a-Chip (SoC) currently offered by Mobileye, for use in ADAS and AD technology.

    Main Features
    ■Industry’s first*1sensor capable of processing and outputting RAW and YUV images simultaneously
    The new sensor is equipped with dedicated ISPs for RAW and YUV images and is capable of outputting two types of images simultaneously with image quality optimized for each application on two independent interfaces. Expanding the applications a single camera can offer helps build systems that save space, costs, and power compared to multi-camera systems or systems with an external ISP.

    ■Wide dynamic range even during simultaneous use of HDR and LED flicker mitigation
    In automobile driving, objects must be precisely detected and recognized even in road environments with significant differences in brightness, such as tunnel entrances and exits. Automotive cameras are also required to suppress LED flicker, even while in HDR mode, to deal with the increasing prevalence of LED signals and other traffic devices. The proprietary pixel structure and unique exposure method of this product improves saturation illuminance, yielding a wide dynamic range of 106 dB even when simultaneously employing HDR and LED flicker mitigation (when using dynamic range priority mode, the range is even wider, at 130 dB). This design also helps reduce motion artifacts*7 generated when capturing moving subjects.

     *7  Noise generated when capturing moving subjects with HDR.

    ■Compatibility with conventional products*8
    This product shares the same compatibility with SSS’ conventional products,*8 which have already built a proven track record for ADAS and AD applications with multiple automobile manufacturers. The new product makes it possible to reuse data assets collected on previous products such as driving data from automotive cameras. This helps streamline ADAS and AD development for automobile manufacturers and partners.

    *8 SSS’ IMX728 1/1.7 type 8.39 effective megapixel CMOS image sensor.

    ■Compliant with standards required for automotive applications
    The product is qualified for AEC-Q100 Grade 2 automotive electronic component reliability tests by mass production. Also, SSS has introduced a development process compliant with the ISO 26262 road vehicle functional safety standard, at automotive safety integrity level ASIL-B(D). This contributes to improve automotive camera system reliability.

    Key Specifications
    Model name ISX038
    Effective pixels 3,857×2,177(H×V), approx. 8.39 megapixels
    Image size Diagonal 9.30 mm (1/1.72-type)
    Unit cell size 2.1 μm×2.1 μm (H×V)
    Frame rate (all pixels) 30 fps (RAW&YUV dual output)
    Sensitivity (standard value F5.6, 1/30 second cumulative) 880 mV (Green Pixel)
    Dynamic range (EMVA 1288 standard)

    106 dB (with LED flicker mitigation)
    130 dB (dynamic range priority)
    Interface MIPI CSI-2 serial output
    (Single port with 4-lanes / Dual port with 2-lanes per port)
    Package 192 pin BGA
    Package size 11.85 mm×8.60 mm (H×V)

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Empowering Communities: A Path to Resilience in Maldives

    Source: Asia Development Bank

    Grassroots organizations can help address fragility.
    The work of Villijoali highlights the critical role of grassroots organizations in fostering social inclusion and resilience, particularly in fragile contexts. By focusing on inclusive dialogue and empowering marginalized groups, they help strengthen social cohesion in communities facing fragility. Community engagement not only mitigates vulnerabilities but also enhances the community’s capacity to recover from societal disruptions, aligning closely with the Sustainable Development Goals.

    Development partners play an important supporting role.
    Without government support, Villijoali’s work remains limited in scale. CSOs need capacity-building support and partnerships with development organizations to expand their impact. Development actors can play a vital role by offering technical assistance and exposure to global best practices, empowering organizations to scale its efforts and collaborate with other grassroots movements. A notable example is the Australian High Commission’s support in helping Villijoali raise funds through community engagement. Additionally, the Commission invited Villijoali to participate in focus group discussions with persons with disabilities (PWDs) and allies, fostering collaboration on enhancing the inclusivity of Australia Awards scholarships for PWDs in Maldives.

    In this context, ADB’s fragility and resilience assessments under its Fragile and Small Island Developing States Approach (FSA) provides a comprehensive framework for engaging CSOs like Villijoali. These assessments emphasize the importance of resilience through community engagement, social cohesion, and the empowerment of marginalized groups. This engagement is essential in conflict contexts where the role of CSOs is crucial in service delivery and fostering social trust.

    Interconnected issues require a nexus approach. 
    Incorporating the Humanitarian–Development–Peace (HDP) nexus into CSO work could also significantly enhance its capacity to build resilience in fragile communities. The HDP nexus emphasizes the interconnectedness of humanitarian aid, long-term development, and peacebuilding. Through Villijoali’s ongoing efforts to empower local communities, the organization contributes to both immediate relief (such as support for disabled persons and migrant workers) and long-term development (such as youth empowerment and environmental advocacy). By engaging at-risk youth and promoting peaceful dialogue, Villijoali’s initiatives also play a critical role in preventing the escalation of conflict, a core tenet of the HDP approach.

    As the organization continues to flourish, its role in advancing social inclusion, environmental stewardship, and community resilience will be pivotal in shaping the future of Maldives.

    MIL OSI Economics –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 04, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 04, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.02% GS 2027 7,000 3,507 3,493 7,000 0.04
    New GS 2034 22,000 11,004 10,996 22,000 0.08
    7.46% GS 2073 10,000 5,019 4,981 10,000 0.10
    Auction for the sale of securities will be held on October 04, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1219

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the 14-day Variable Rate Reverse Repo (VRRR) auction held on October 04, 2024

    Source: Reserve Bank of India

    Tenor 14-day
    Notified Amount (in ₹ crore) 1,75,000
    Total amount of offers received (in ₹ crore) 44,275
    Amount accepted (in ₹ crore) 44,275
    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: 2024-2025/1220

    MIL OSI Economics –

  • MIL-OSI Economics: Lufthansa Technik equips LATAM’s 777 aircraft with AeroSHARK

    Source: Lufthansa Group

    In December 2023, LATAM had its first Boeing 777-300ER fitted with the bionic surface film in São Paulo, becoming the first airline outside the Lufthansa Group and in the Americas region to adopt this innovative CO₂-saving solution. Since then, the Latin American airline has been testing the sharkskin technology in daily operations. Given the proven results, LATAM has now decided to install the innovative film on four additional aircraft. Five AeroSHARK-modified aircraft operated by the subsidiary LATAM Airlines Brazil will soon be cruising the skies.

    “Our fleet modernization strategy is a cornerstone of our commitment to sustainability and our vision of achieving net zero by 2050. We remain focused on innovation and the adoption of cutting-edge technologies, ensuring our fleet evolves in line with our environmental goals,” said Sebastián Acuto, Director of Fleet and Projects at LATAM Airlines Group.

    Fuel savings confirmed: LATAM tests validate the effect of AeroSHARK

    AeroSHARK is a surface film that mimics the flow-optimized structure of sharkskin. Developed jointly by BASF and Lufthansa Technik, it features riblets measuring about 50 micrometers. When several hundred square meters of this film are applied to the fuselage and engine nacelles, it reduces drag, leading to a reduction in fuel consumption and CO₂ emissions by around one percent. For LATAM Airlines Brazil’s five Boeing 777-300ER that will be equipped with AeroSHARK, this translates to expected annual savings of up to 2,000 metric tons of kerosene and 6,000 metric tons of CO₂ emissions. This is equivalent to approximately 28 scheduled flights from São Paulo to Miami on a Boeing 777.

    “LATAM’s decision confirms once again: AeroSHARK works. This further encourages us to use our engineering skills and innovative strength to contribute to aviation with lower CO₂ emissions,” said Robin Johansson, Senior Director Sales Latin America and Caribbean at Lufthansa Technik. “We look forward to collaborating with more customers globally and applying our fuel-saving sharkskin technology to even more aircraft.”

    Lufthansa Technik’s goal is to support many more airlines around the world in achieving their sustainability goals. The global MRO market leader and BASF are consistently developing AeroSHARK further. Current areas of focus include approvals for ever larger areas on the Boeing 777-300ER and 777F as well as for further aircraft types. The company recently announced to extend the roll-out of the sharkskin technology to Boeing 777-200ER aircraft. Including LATAM’s first modified 777-300ER, a total of 21 aircraft from different airlines worldwide are now in service with the nature-inspired technology – and the number is steadily increasing. The next modification of an aircraft for LATAM is planned in November of this year.

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

    MIL OSI Economics –

  • MIL-OSI Economics: [SDC24] Keynote: A Decade of Innovation and a Journey Toward AI for All

    Source: Samsung

    Samsung Electronics showcased its vision and innovations in software, services and platforms during the Samsung Developer Conference 2024 (SDC24) on October 3 at the San Jose McEnery Convention Center in San Jose, California.
     
    Celebrating the tenth anniversary of Samsung Developer Conference, SDC24 welcomed approximately 3,000 developers, partners and media from around the world under the theme “AI for All — A Decade of Open Innovation and Beyond.”
     
    Samsung Newsroom attended SDC24 to observe the possibilities of a new future powered by AI.
     
     
    Personalized and Secure AI Experiences
    The event commenced with a keynote address by Jong-Hee (JH) Han, Vice Chairman, CEO and Head of Device eXperience (DX) Division at Samsung Electronics. During his speech, Han unveiled a vision of delivering more personalized and secure experiences through multi-device AI technology.
     
    “In the future, Samsung devices will recognize who is speaking and deliver a customized experience. What’s more, connected devices and sensors throughout the home will be able to recognize your location to provide another level of personalization,” he said. “As Samsung has the widest range of devices from mobile to TVs and home appliances, I believe we are best positioned to provide this customized AI experience.”
     
    ▲ Vice Chairman JH Han delivers his speech at SDC24.
     
    Daehyun Kim, Executive Vice President and Head of Global AI Center, Samsung Research, outlined the company’s AI research direction and security technology strategy.
     
    “We have more solutions that protect your privacy without compromising game-changing technology and experiences, for both on-device AI and cloud AI experiences,” he said. “Our generative AI for text, images and speech has come to life through work with our partners and plays a crucial role in shaping our vision for the future of AI.”
     
    ▲ EVP Daehyun Kim explains the intersection of AI and security.
     
     
    AI-Driven Innovations for Smarter Experiences
    Samsung is integrating AI across its portfolio to enhance customer experiences. The company announced plans to extend One UI beyond mobile devices to become the software experience for all Samsung consumer products.
     
    “As we want more people to benefit from AI experiences, we will be expanding a selection of these Galaxy AI experiences beyond our flagship devices into our A series and continue to bring Galaxy AI to the entire Galaxy ecosystem,” said Sally Hyesoon Jeong, Executive Vice President and Head of Framework R&D, Mobile eXperience (MX) Business.
     
    She also gave attendees a sneak peek into the forthcoming One UI 7. The beta version will be available to developers before the end of this year.
     
    “We’re exploring a brand new UX design,” Jeong added. “One UI 7 will bring a fresh new look to the entire interface.”
     
    ▲ EVP Sally Hyesoon Jeong previews One UI 7.
     
    “We’ve been working on new ways to integrate Bixby into our AI home to control appliances and improve experiences,” said Young Ah Lee, Vice President and Head of UX, Digital Appliances (DA) Business. “Our latest update for Bixby leverages AI technology to make your interactions with appliances as easy as talking to a friend.”
     
    ▲ VP Young Ah Lee discusses user experiences with Bespoke AI home appliances.
     
    Moon-soo Kim, Vice President and Head of Application S/W R&D, Visual Display (VD) Business, shared how the upgraded Bixby helps users find and enjoy tailored TV content with simple voice commands. Meanwhile, Samsung AI Cast allows AI-generated materials from mobile devices to be sent directly to Samsung TVs.
     
    “These kinds of interactions make Samsung TVs truly the best experience for AI interoperability,” he said.
     
    ▲ VP Moon-soo Kim highlights the new features of Samsung’s AI TVs.
     
    In January of this year, Samsung launched Samsung Visual eXperience Transformation (VXT) — a next-generation content management solution. Alex YW Lee, Executive Vice President and Head of Visual eXperience PM, Visual Display (VD) Business, showcased how users can create and organize B2B displays with AI and access a broad range of Pre-Integrated Repeatable Solutions from partners.
     
    “As we look ahead to the future of VXT, we’re continuing to find new ways to partner with developer communities,” he said. “Join us in shaping this new ecosystem and producing the world’s best apps and services on VXT.”
     
    ▲ EVP Alex YW Lee emphasizes the importance of AI in the B2B space.
     

    Platform Innovation and Responsible AI
    In addition, Samsung revealed the latest SmartThings updates that rely on open collaboration and AI to offer more personalized and seamless user experiences.
     
    “We just released Home Insight,” said Jaeyeon Jung, Executive Vice President and Head of SmartThings, Device Platform Center. “Designed to understand the way you live, it provides timely home reports and delivers recommendations tailored to your usage patterns, preferences and even the time of year.”
     
    ▲ EVP Jaeyeon Jung introduces the newest SmartThings services.
     
    Hobum Kwon, Vice President and Head of Platform, Samsung Research, highlighted how Tizen OS includes AI models powered by Samsung’s neural processing unit chips and offers improved connectivity with Galaxy devices.
     
    “Tizen’s clean software architecture ensures that Tizen devices receive OS upgrades for up to seven years,” he said.
     
    ▲ VP Hobum Kwon presents the newest features of Tizen OS.
     
    Platform innovation is propelled by advanced security technology.
     
    “Samsung is committed to advancing AI responsibly, and we have three core AI ethics principles — fairness, transparency and accountability — that guide everything we do,” said Shin Baik, Head of Security Assurance, Device Platform Center. “We believe that automating vulnerability detection is essential to keeping pace with this evolving threat landscape. This means that we use AI technology to conduct automated security checks on new products. You’ll see this first on Tizen products, and we’ll continue rolling this capability out across Samsung’s entire product and service portfolio.”
     
    ▲ Shin Baik, Head of Security Assurance, stresses the need for responsible AI innovation.
     
     
    Building Tomorrow With Developers and Partners
    Throughout the presentation, attendees witnessed Samsung’s latest software technologies and developer support initiatives. Samsung will continue growing its AI ecosystem through open collaboration with developers and partners to reinforce the company’s competitive edge in the AI era.
     
    ▲ Developers and partners watch the keynote at SDC24.

    MIL OSI Economics –

  • MIL-OSI Economics: ASEAN convenes 45th ASOD and Related Meetings

    Source: ASEAN

    The 45th ASEAN Senior Officials Meeting on Drug Matters (ASOD) and Its Related Meetings, which included six ASOD + Dialogue Partner(s) Consultations, namely with Australia, India, Japan, the Republic of Korea (ROK), Russia and Plus Three, were held via videoconference on 3-4 October 2024. The Meetings were attended by the ASOD Leaders of all ASEAN Member States, Dialogue Partners and the Deputy Secretary-General of ASEAN for ASEAN Political-Security Community. Timor-Leste attended as Observer. The Meetings were preceded by meetings of the five ASOD Working Groups (WG), namely on Preventive Education, Treatment and Rehabilitation, Law Enforcement, Research and Alternative Development, that were held on 2 October 2024. The series of meetings discussed, among others, the latest drug situation, emerging trends, best practices and potential cooperation against illicit drugs in the region.

    The post ASEAN convenes 45th ASOD and Related Meetings appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: San Marino: Staff Concluding Statement of the 2024 Article IV Mission

    Source: International Monetary Fund

    October 4, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – October 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Economics: Scam Information and Event Management

    Source: Securelist – Kaspersky

    Headline: Scam Information and Event Management

    While trying to deliver malware on victims’ devices and stay on them as long as they can, sometimes attackers are using quite unusual techniques. In a recent campaign starting in 2022, unknown malicious actors have been trying to mine cryptocurrency on victims’ devices without user consent; they’ve used large amounts of resources for distribution, but what’s more, used multiple unusual vectors for defense evasion and persistence. One of these vectors was abusing the open-source SIEM “Wazuh” agent.

    We are quite sure that this campaign was a global one, but in this article, we’ll focus on an infection chain that, according to our telemetry, was targeting mainly Russian-speaking users. The attackers distributed the malicious files using websites for downloading popular software (uTorrent, Microsoft Office, Minecraft, etc.) for free. These websites were shown to users in the top search results in Yandex. Malware was also distributed through Telegram channels targeted at crypto investors and in descriptions and comments on YouTube videos about cryptocurrency, cheats and gambling.

    Infection

    The attackers were advertising their websites in Yandex search results. Users would see these malicious sites in the top results when searching for resources freely distributing popular software like uTorrent, MS Excel, MS Word, Minecraft, Discord and so on.

    Links to malicious websites in Yandex search results

    The frontend of these websites is a copy of either the official software website or a known piracy website distributing this kind of software:

    Malicious websites

    The attackers are running multiple Telegram channels distributing the malware in question. These channels are most definitely targeted at cryptocurrency owners or cheating gamers: they are offered to download specific software that presumably might be of interest to them. To prevent anyone trying to disclose information about these channels and the fraudulent activity of their creators, the administrators disabled message forwarding, screenshots, and previews of these channels in the Telegram web-version.

    Malware in the attackers’ Telegram channel

    Even more, the malware was also distributed via YouTube. The attackers uploaded numerous videos in English from multiple accounts which were presumably stolen. It’s also possible that the video content was downloaded from other YouTube channels and reuploaded without the authors’ consent. In the video description and in the top comment the attackers left links to their resources and instructions on how to launch the malware. Some of these links redirected users immediately to malicious websites, while others led to the aforementioned Telegram channels. We have also seen links to known IP logging websites, allowing the malicious actors to collect the IP addresses of anyone who follows the link and gets redirected to the malware-carrying website.

    Examples of videos with malicious links in their description or comments

    Comment with a link to a malicious Telegram channel

    Persistence and defense evasion

    After visiting the attackers’ website or channel, users might download a ZIP file being falsely advertised as popular software. Inside the archive is an MSI file and a TXT file with a password required for installation. There are also instructions on how to install the software, in which the attackers recommend disabling any installed antivirus and Windows Defender beforehand. In many cases, the instructions and the password are also provided on the websites and channels from which the user downloaded the malicious archive.

    Content of text file

    When launched, the MSI file asks for the password from the TXT file, which is one of the first countermeasures against sandbox analysis. If the user specifies the right password, the CustomAction field value of the MSI file is executed — this is effectively a VB script. This script launches a BAT file which extracts the next element of the attack chain from an encrypted archive. The first step is to escalate privileges by adding another BAT file to autorun, granting SYSTEM privileges for a single execution. After that, the system reboots.

    CustomAction field value in the MSI file

    The BAT file from autorun extracts the encrypted RAR archive and runs the “start” command with two DLL files as arguments — these were previously extracted from the archive. One of these files is a legitimate AutoIt interpreter and the second is a legitimate dynamic library with a valid digital signature. The malicious payload is an A3X script which was compiled into an EXE file and injected right inside the second DLL file signature.

    Malicious payload hidden inside a legit dynamic library signature

    This technique is interesting for two reasons. First, the A3X script is added to the signature in such a way that its validity remains intact and the whole file is still considered as signed, even with the payload. Such a malicious addition is almost impossible to detect without file content analysis. Second, the AutoIt interpreter has an interesting way of reading files that were specified in its launch argument. The file is scanned for a specific AutoIt signature which is present only in compiled scripts, and all other contents of the file are ignored. This behavior allows the attackers to hide their malicious payload anywhere in the file where it won’t be harmful for the container itself.

    Signature at the beginning of the A3X script

    Placing malicious payloads in an arbitrary section of a file is not new. Such techniques have been used not only with AutoIt, but with other platforms too. But what makes this attack stand out is the bypass of signature verification, making it possible for the payload-bearing file to seem legitimate.

    File with payload successfully bypasses signature verification

    If the “start” command failed, the BAT file removes the entire directory with the installed files, including itself. Otherwise, the malicious A3X implant is launched, which checks all active processes in attempt to find anything related to debugging or anti-malware products. If anything is found, the script immediately exits, as you can see in the snippet of deobfuscated code below.

    Security process name check by malicious implant

    The compiled A3X script contains multiple FileInstall function calls. This function takes two arguments: a path to the file that will be installed, and its destination path. Before compilation, this call just copies the file from its source path to its destination, but during the compilation the interpreter stores the files for installation right inside the compiled script.

    The resulting file contains not only the executable code itself, but also additional malicious files which will be installed directly from the implant. These files are required for persistence and to execute the next steps of the infection chain. The files are installed to the following paths:

    For persistence purposes, the directories containing the installed files have system, hidden and read-only attributes. In addition, using the icacls utility, the implant forbids all users across all domains to remove these folders, change their permissions, own them, add any files or subdirectories, write to them any attributes (including extended ones), or remove files from them.

    Files are copied to directories with unusual names for a reason. For example, the folder name “Classic.{BB64F8A7-BEE7-4E1A-AB8D-7D8273F7FDB6}” is treated specially by Windows Shell: Explorer will find the GUID in its name and treat it as a link — in this case to the Action Center. As a result, the user will not be able to view the contents of the directory.

    Malicious directory in Explorer

    After installing all the necessary files, the implant establishes persistence using WMI by creating filters which are activated by common events — common enough to guarantee filter activation. For each created filter, a polling frequency is specified. When a filter is activated, a specific command is executed using the __FilterToConsumerBinding class.

    • Once every three minutes, the netcat utility masked as StartMenuExperienceHost.exe is launched with the C&C address of the attackers (sportjump[.]ru) and “-e cmd.exe” as its arguments. It is then used as a reverse shell by the attackers.
    • Once every five to ten minutes, files named “nun.bat” are executed. They are copies of the same file which starts the next step of the infection chain. The attackers created two copies to increase the chance of malware execution, but if there are no outages, both of them are launched.
    • Once every fifteen minutes, the next step of the infection chain is launched directly via the “start” command.

    All these methods are used again for a better persistence by launching the “insta.bat” file right before the end of the A3X implant execution.

    Launch of the netcat utility

    Persistence is established not only through WMI; the implant also directly starts netcat, the “nun.bat” files, and the “start” command. After that, it also abuses the registry keys “Image File Execution Options”, “Debugger” and “MonitorProcess” with the same goals.

    One of the most interesting things about some variants of the malware is the download and use of the Wazuh SIEM agent for remote access and telemetry harvesting. To ensure that the attackers can execute any arbitrary command on the victim’s device, during the agent installation, the “remote_commands” option is set.

    Installation and launch of the Wazuh agent

    The first stage of the A3X implant collects the following information: computer name, username, OS version and architecture, CPU name, data about the GPU and installed AV software. All this information along with the current time is sent to a special Telegram bot chat controlled by the attackers. We’ve also seen some of the malware variants sending a screenshot of the user’s desktop or installing a malicious browser extension, which may replace cryptocurrency wallets in the clipboard.

    Malicious browser extension

    The next stage of the infection chain consists of two DLL files, that use the same technique as the first stage: a legitimate AutoIt interpreter and another A3X implant, located in the signature of the legitimate dynamic library. This implant is the final payload in the malware variant described here. It injects into a newly created explorer.exe process memory an open-source miner named SilentCryptoMiner, which contains the URL of the attacker’s mining configuration. This configuration specifies the cryptocurrency to be mined, the wallet, and so on. In the analyzed variants, we could see that the attackers mostly use anonymous cryptocurrencies like Monero or Zephyr.

    Example of the miner configuration

    Aside from its main purpose of generating cryptocurrency, SilentCryptoMiner can also hide its own activity from the processes specified in the “stealth-targets” argument and stop processes from the “kill-targets” process names list.

    Attack geography

    Most of the attacks with this infection chain targeted Russian users (87.63%). After that, the other top ten countries with the highest number of users affected by these attacks were Belarus, India, Uzbekistan, Kazakhstan, Germany, Algeria, Czech Republic, Mozambique, and Turkey.

    TOP 10 countries where users were affected by the described infection chain, June — August 2024 (download)

    Conclusion

    The attack described in this article vividly illustrates the fact that even mass campaigns can be quite complex and open up a wide range of opportunities for attackers. As a result of the multistage infection chain, the attackers can establish persistence in users’ systems in multiple ways, gaining full access. Even though the main goal of the attackers is to make profit by stealthily mining cryptocurrency, some variants of the malware can perform additional malicious activity, such as replacing cryptocurrency wallets in the clipboard and taking screenshots. The most interesting action in this attack was the implementation of unusual techniques like using an SIEM agent as backdoor, adding the malicious payload to a legitimate digital signature, and hiding directories containing malicious files.

    It’s important to mention that the websites, videos, and Telegram channels created by the attackers primarily target users seeking free versions of popular software or videogame cheats. This audience makes an easy target for the attackers because they are open to installing unofficial software from obscure sources and disabling security measures.

    Our products detect this malware with the following names:

    • HEUR:Trojan-Dropper.OLE2.Agent.gen
    • HEUR:Trojan.BAT.Agent.gen
    • HEUR:Trojan.VBS.Agent.gen
    • Trojan.Script.AutoIt.ak
    • Trojan.BAT.Agent.cix
    • Trojan.BAT.Miner.id
    • HEUR:Trojan.Multi.Agent.gen
    • PDM:Trojan.Win32.Generic

    MITRE ATT&CK Matrix

    Tactic Technique ID Technique
    Resource Development T1608.006 Stage Capabilities: SEO Poisoning
    T1608.001 Stage Capabilities: Upload Malware
    Execution T1204.001 User Execution: Malicious Link
    T1204.002 User Execution: Malicious File
    T1059.010 Command and Scripting Interpreter: AutoHotKey & AutoIT
    T1059.003 Command and Scripting Interpreter: Windows Command Shell
    T1059.005 Command and Scripting Interpreter: Visual Basic
    Persistence T1546.012 Event Triggered Execution: Image File Execution Options Injection
    T1546.003 Event Triggered Execution: Windows Management Instrumentation Event Subscription
    Privilege Escalation T1053.005 Scheduled Task/Job: Scheduled Task
    Defense Evasion T1055 Process Injection
    T1562.001 Impair Defenses: Disable or Modify Tools
    T1497 Virtualization/Sandbox Evasion
    T1027.009 Obfuscated Files or Information: Embedded Payloads
    T1027.010 Obfuscated Files or Information: Command Obfuscation
    T1036.008 Masquerading: Masquerade File Type
    T1564.001 Hide Artifacts: Hidden Files and Directories
    Discovery T1518.001 Software Discovery: Security Software Discovery
    T1033 System Owner/User Discovery
    T1082 System Information Discovery
    T1497 Virtualization/Sandbox Evasion
    Collection T1113 Screen Capture
    Impact T1496 Resource Hijacking
    Exfiltration T1041 Exfiltration Over C2 Channel

    Indicators of compromise

    Hashes
    b5b323679524d52e4c058b1a3dd8dee7
    4efa8ca01d7c566ff1b72f4ebf57cf2c
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    2e4146c1a93c0bfe0f4e9ea53b8da7ee
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    e3b6142df6a7c73a99736082fbae2fa6
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    25b90fa3b21875157c6f33b7e1b6e8d7
    14b7429205955056f1763553f82fe244

    URL-addresses
    excel-ms.github[.]io/Windows/MS-Excel.zip
    utorrent-client.github[.]io
    gta-5rp.github[.]io/Windows/GTArp.zip
    mssg[.]me/eahcu
    linktr[.]ee/excel_ms
    linktr[.]ee/utorrent_client
    nyaera[.]ru/wp-includes/uploads/art/utorrent.zip
    nyaera[.]ru/wp-includes/uploads/My/MS-Excel.zip
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    MIL OSI Economics –

  • MIL-OSI Economics: AML Focus newsletter published

    Source: Isle of Man

    The Isle of Man Financial Services Authority has published the second edition of its AML Focus newsletter.

    The publication, which is available to view on the Authority’s website, showcases the many workstreams taking place in relation to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) supervision.

    An insight is provided into recent developments, including the findings of thematic reviews and questionnaires, details of forthcoming events, proposed legislative changes, and collaborations with UCM and compliance professionals.

    There is also an update on compliance matters in relation to beneficial ownership, and an article exploring the pros and cons of Artificial Intelligence (AI) in the workplace, particularly in relation to customer onboarding.

    We hope you find the contents of interest and please contact the team at aml@iomfsa.im with any ideas for future topics.

    Newsletter contents

    1 Welcome from the Head of AML/CFT Supervision

    2 Acting on your feedback

    3 Compliance forum / Countering Financial Crime Conference

    4&5 Summary of thematic reviews

    6 Introduced Business webinar / Human Trafficking factsheet

    7 Spotlight on beneficial ownership compliance

    8 Legislative updates / UCM collaboration

    9 National Risk Assessment

    10&11 Pros and cons of AI in the workplace

    12 Questions and Answers

    MIL OSI Economics –

  • MIL-OSI Economics: Households and non-financial corporations in the euro area: second quarter of 2024

    Source: European Central Bank

    4 October 2024

    • Households’ financial investment increased at higher annual rate of 2.1% in second quarter of 2024, after 1.9% in previous quarter
    • Non-financial corporations’ financing grew at higher annual rate of 1.0% (after 0.8%)
    • Non-financial corporations’ gross operating surplus decreased more slowly at annual rate of ‑3.5% (after -4.2%)

    Chart 1

    Household financing and financial and non-financial investment

    (annual growth rates)

    Sources: ECB and Eurostat.

    Data for household financing and financial and non-financial investment

    Chart 2

    NFC gross-operating surplus, non-financial investment and financing

    (annual growth rates)

    Source: ECB and Eurostat.

    Data for NFC gross-operating surplus, non-financial investment and financing

    Households

    Household gross disposable income increased in second quarter of 2024 at a lower annual rate of 4.8%, after 6.1% in the first quarter of 2024. The compensation of employees grew at a lower rate of 5.5% (after 6.0%), and gross operating surplus and mixed income of the self-employed increased at a lower rate of 4.6% (after 5.9%). Household consumption expenditure grew at a lower rate of 3.1% (after 4.2%).

    The household gross saving rate increased to 14.9% in the second quarter of 2024, compared with 14.5% in the previous quarter.

    Household gross non-financial investment (which refers mainly to housing) decreased at a lower annual rate of -1.7% in the second quarter of 2024 (after -3.2% ). Loans to households, the main component of household financing, increased at an unchanged rate of 0.5%.

    Household financial investment increased at a higher annual rate of 2.1% in the four quarters to the second quarter of 2024, after 1.9% in the four quarters to the first quarter of 2024. Among its components, currency and deposits grew at a higher rate of 2.3% (after 1.5%), while investment in debt securities increased at a lower rate (28.1% after 40.2%). Investment in shares and other equity grew at a higher rate of 0.3% (after 0.0%). This was due to unlisted shares and other equity decreasing more slowly (-0.3% after -0.9%), while investment fund shares grew at a broadly unchanged rate (1.9%). Investment in listed shares decreased faster (-0.9% after -0.6%). Life insurance decreased at a broadly unchanged rate (-0.2%) and pension schemes grew at a lower rate (2.2% after 2.4%).

    Household net worth increased at an annual rate of 2.8% in the second quarter of 2024, after 2.1% in the previous quarter. Net financial and non-financial assets grew due to valuation gains in addition to investments. Housing wealth, the main component of non-financial assets, increased (0.5%) after decreasing in the previous quarter (-1.3%). The household debt-to-income ratio decreased to 83.1% in the second quarter of 2024 from 87.5% in the second quarter of 2023.

    Non-financial corporations

    Net value added by NFCs grew at a higher annual rate of 1.6% in the second quarter of 2024 (after 1.2% in the previous quarter). The negative growth rate of gross operating surplus decreased (-3.5% after -4.2%), while the growth rate of net property income – defined in this context as property income receivable minus interest and rent payable – increased (4.2% after 0.7%). As a result gross entrepreneurial income (broadly equivalent to cash flow) decreased at a lower rate of -1.3% (after ‑3.7%).[1]

    NFCs’ gross non-financial investment decreased at a faster annual rate of -7.0% (after -5.8% in the previous quarter).[2] NFCs’ financial investment grew at a higher rate of 2.2% (after 1.9%) in the four quarters to the second quarter of 2024. Among its components, currency and deposits grew at a higher rate (2.5% after 0.4%), while loans granted increased at a lower rate (3.8% after 4.2%). Investment in shares and other equity grew at an unchanged rate of 1.6%.

    Financing of NFCs increased at a higher annual rate of 1.0% (after 0.8%), as financing via debt securities (3.1% after 2.2%), shares and other equity (0.8% after 0.4%) and trade credits (2.1% after 0.4%) all grew at higher rates. Loan financing grew at a lower rate of 0.8% (after 1.2%).[3]

    NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 66.7% in the second quarter of 2024, from 69.2% in the same quarter of the previous year; the non-consolidated, wider debt measure decreased to 128.2% from 131.3%.

    For queries, please use the Statistical information request form.

    Notes

    • This statistical release incorporates revisions to the data since the first quarter of 2020.
    • Revisions of the entire time series may be more pronounced in this and the following release as in 2024 EU countries implement a benchmark revision in national accounts statistics. For further information see also: https://ec.europa.eu/eurostat/web/esa-2010/data-revision.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • The euro area and national financial accounts data of non-financial corporations and households are available in an interactive dashboard.
    • Hyperlinks in the main body of the statistical release are dynamic. The data they lead to may therefore change with subsequent data releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The ECB publishes experimental Distributional Wealth Accounts (DWA), which provide additional breakdowns for the household sector. The release of results for 2024 Q2 is planned for 29 November 2024 (tentative date).

    MIL OSI Economics –

  • MIL-OSI Economics: Euro area quarterly balance of payments and international investment position: second quarter of 2024

    Source: European Central Bank

    04 October 2024

    • Current account surplus at €381 billion (2.6% of euro area GDP) in four quarters to second quarter of 2024, after a €76 billion surplus (0.5% of GDP) a year earlier.
    • Geographical counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€215 billion) and Switzerland (€79 billion) and largest deficits vis-à-vis China (€78 billion) and United States (€18 billion).
    • International investment position showed net assets of €1.2 trillion (8.0% of euro area GDP) at end of second quarter of 2024.

    Current account

    The current account of the euro area recorded a surplus of €381 billion (2.6% of euro area GDP) in the four quarters to the second quarter of 2024, following a €76 billion surplus (0.5% of GDP) a year earlier (Table 1). This development was mainly driven by a larger surplus for goods (from €72 billion to €358 billion) and, to a lesser extent, by widening surpluses for services (from €134 billion to €149 billion) and for primary income (from €34 billion to €37 billion). Moreover, the deficit for secondary income decreased slightly from €164 billion to €163 billion.

    The estimates on goods trade broken down by product group show that, in the four quarters to the second quarter of 2024, the increase in the goods surplus was mainly due to a smaller deficit in energy products (from €454 billion to €275 billion). In addition, the surplus for machinery and manufactured products increased from €240 billion to €318 billion, while the balance for other products switched from a €28 billion deficit to a €2 billion surplus.

    The higher surplus for services in the four quarters to the second quarter of 2024 was mainly due to larger surpluses for telecommunication, computer and information (from €159 billion to €184 billion) and for travel (from €47 billion to €57 billion), and a lower deficit for other business services (from €54 billion to €42 billion). This was partly offset by a widening deficit for other services (from €55 billion to €75 billion) and a decreasing surplus for transport (from €16 billion to €1 billion).

    The increase in the primary income surplus in the four quarters to the second quarter of 2024 was mainly due to larger surpluses in direct investment (from €73 billion to €100 billion) and other primary income (from €5 billion to €14 billion), partly offset by a larger deficit in portfolio equity (from €143 billion to €182 billion).

    Table 1

    Current account of the euro area

    (EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Goods by product group is an estimated breakdown using a method based on statistics on international trade in goods. Discrepancies between totals and their components may arise from rounding.

    Data for the current account of the euro area

    Data on the geographical counterparts of the euro area current account (Chart 1) show that in the four quarters to the second quarter of 2024, the euro area recorded its largest bilateral surpluses vis-à-vis the United Kingdom (€215 billion, up from €184 billion a year earlier) and Switzerland (€79 billion, down from €89 billion). The euro area also recorded a surplus vis-à-vis the residual group of other countries of €96 billion, after a €21 billion deficit a year earlier. The largest bilateral deficits were recorded vis-à-vis China (€78 billion, down from €135 billion a year earlier) and the United States (€18 billion, down from €32 billion).

    The most significant changes in the geographical components of the current account relative to the previous year were as follows: the goods deficit vis-à-vis China declined from €166 billion to €105 billion, while the balance vis-à-vis Russia shifted from a deficit (€41 billion) to a surplus (€3 billion). Furthermore, the balance vis-à-vis the residual group of Other countries shifted from a deficit (€104 billion) to a surplus (€39 billion), which was partly explained by a smaller deficit vis-à-vis Norway (from €39 billion to €21 billion) and a shift from a deficit (€6 billion) to a surplus (€5 billion) vis-à-vis Saudi Arabia. The goods surplus increased vis-à-vis the United Kingdom (from €116 billion to €148 billion) and vis-à-vis the United States (from €169 billion to €191 billion). In services, the deficit vis-à-vis the United States increased (from €117 billion to €141 billion), which was more than offset by a shift from a deficit (€15 billion) to a surplus (€18 billion) vis-à-vis Offshore centres. In primary income, the deficit vis-à-vis Offshore centres (€11 billion) turned to a surplus (€21 billion), while a smaller deficit is recorded vis-à-vis the United States (from €82 billion to €67 billion). The deficit in secondary income vis-à-vis the EU Member States and EU institutions outside the euro area decreased (from €77 billion to €71 billion).

    Chart 1

    Geographical breakdown of the euro area current account balance

    (four-quarter moving sums in EUR billions; non-seasonally adjusted)

    Source: ECB.
    Note: “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. “Other countries” includes all countries and country groups not shown in the chart, as well as unallocated transactions.

    international investment position of the euro area recorded its largest net assets on record, increasing to €1.18 trillion vis-à-vis the rest of the world (8.0% of euro area GDP), up from €0.76 trillion in the previous quarter (Chart 2 and Table 2).

    Chart 2

    Net international investment position of the euro area

    (net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)

    Source: ECB.

    The €423 billion increase in net assets was mainly driven by lower net liabilities in other investment (down from €0.76 trillion to €0.63 trillion) and in portfolio equity (from €3.31 trillion to €3.19 trillion), as well as larger net assets in direct investment (up from €2.41 trillion to €2.52 trillion) and in reserve assets (up from €1.22 trillion to €1.27 trillion).

    Table 2

    International investment position of the euro area

    (EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Net financial derivatives are reported under assets. “Other volume changes” mainly reflect reclassifications and data enhancements. Discrepancies between totals and their components may arise from rounding.

    Note: “Other volume changes” mainly reflect reclassifications and data enhancements. 

    MIL OSI Economics –

  • MIL-OSI Economics: The next step in Bing generative search

    Source: Microsoft

    Headline: The next step in Bing generative search

    In July, we introduced an early view of generative search in Bing, and today we’re taking the next step as we continue to evolve our vision of the future of search.

    With the introduction of generative search, Bing utilizes AI to deliver a truly unique experience by not only optimizing the search results but also how those results appear in a cohesive layout. This transformation is more than aesthetic; it’s about creating a seamless experience that empowers you to explore, learn, and find information in new ways.

    The search engine has also remained at the core of where humans turn to answer a question. That’s why today we’re rolling out an expansion of generative search to cover informational queries such as “how to effectively run a one on one” and “how can I remove background noise from my podcast recordings.” Whether you’re looking for a detailed explanation, solving a complex problem, or doing deep research, generative AI helps deliver a more profound level of answers that goes beyond surface-level results.

    You can explore the look, feel, and capabilities of generative search in Bing in the US by simply typing “Bing generative search” into the search bar. You’ll be met with a carousel of queries to select and demo, allowing you to experience how generative search can deliver more relevant and comprehensive answers for a wide range of topics.

    You can also try generative search for other queries through the “Deep search” button on the results page. While we’re excited to give you this opportunity to explore generative search firsthand, this experience is still being rolled out in beta. You may notice a bit of loading time as we work to ensure generative search results are shown when we’re confident in their accuracy and relevancy, and when it makes sense for the given query. You will generally see generative search results for informational and complex queries, and it will be indicated under the search box with the sentence “Results enhanced with Bing generative search” as you can see in the GIF below.

    Bing generative search is just the first step in upcoming improvements to define the future of search. We’re continuing to roll this experience out slowly to ensure we deliver a quality experience before making this broadly available. We also continue to ensure there are additional citations and links that enable users to explore further and check accuracy, which in turn will send more traffic to publishers to maintain a healthy web ecosystem.

    Please let us know what you think by utilizing the thumbs up and thumbs down icons at the top of the generative search results or click the Feedback icon at the bottom of the search results page to provide further comments.

    We look forward to sharing more updates in the coming months.

    MIL OSI Economics –

  • MIL-OSI Economics: Burundi: Electricity from the Rusumo Falls power station, built with support from the African Development Bank, is saving the lives of hospital…

    Source: African Development Bank Group
    “One day, in the operating theatre, there was a power cut́ in the middle of a laparotomy [opening of the abdomen] for a case of pelvic peritonitis. We had to finish the operation using a torch. It was very hard.”

    MIL OSI Economics –